As Filed with the Securities and Exchange Commission on May 14, 2004

Registration No. 333-01581

Registration No. 811-06215

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OF SECURITIES OF UNIT	x
INVESTMENT TRUSTS REGISTERED ON FORM N-8B-2
Pre-Effective Amendment No.
Post-Effective Amendment No. 10

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)

Arthur D. Woods, Esq.

Vice President — Variable Products — 

Broker-Dealer Operations Counsel

MONY Life Insurance Company

1740 Broadway

New York, New York 10019

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)

¨ immediately upon filing pursuant to paragraph (b) of Rule 485

x on May 14, 2004 pursuant to paragraph (b) of Rule 485

¨ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

¨ on              pursuant to paragraph (a)(1) of Rule 485

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment

Title of Securities Being Registered:    Flexible Premium Variable Universal Life Insurance Policies.

Prospectus

Dated May 14, 2004

Variable Universal Life Insurance Policy

MONY Life Insurance Company (the “Company”) issues a variable universal life insurance policy described in this Prospectus. We do not currently offer this policy for sale to new purchasers. Among the policy’s many terms are:

Allocation of Premiums and Fund Values:

Ÿ 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.

Ÿ You can tell us to place them into a separate account. That separate account is called MONY Variable Account L.

Ÿ If you do, you can also tell us to place your premium payments and fund values into any of the 28 different subaccounts of MONY Variable Account L. 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.

Ÿ 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:

Ÿ 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:

Ÿ 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:

Ÿ The policy allows us to deduct certain charges from the cash value. These charges are detailed in the policy and in this prospectus.

Ÿ It may not be advantageous to replace existing life insurance coverage.

These are only some of the terms of the policy.

Please read the prospectus carefully for more complete details of the policy.

An investment in the policy is not a bank deposit. Neither the U.S. government nor any governmental agency guarantees your investment in the policy.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these contracts 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, The Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Fund, Fidelity Variable Insurance Products Fund II, Fidelity Variable Insurance Products Fund III 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

TABLE OF CONTENTS

	Page
Summary of the Policy	1
Important Policy Terms	1
Purpose of the Policy	1
Policy Premium Payments and Values	2
Charges and Deductions	3
Fees and Expenses of the Funds	4
The Death Benefit	5
Premium Features	6
MONY Variable Account L	6
Allocation Options	6
Transfer of Fund Value	7
Policy Loans	7
Full Surrender	7
Partial Surrender	7
Preferred Partial Surrender	7
Free Look Period	7
Grace Period and Lapse	8
Tax Treatment of Increases in Fund Value	8
Tax Treatment of Death Benefit	8
Riders	8
Contacting the Company	8
Illustrations	9
Detailed Information about the Company and MONY Variable Account L	9
MONY Life Insurance Company	9
MONY Variable Account L	9
The Funds	10
Purchase of Portfolio Shares by MONY Variable Account L	12
Detailed Information About The Policy	13
Application for a Policy	13
Right to Examine a Policy — Free Look Period	15
Premiums	15
Allocation of Net Premiums	17
Death Benefits under the Policy	17
Changes in Specified Amount	19
Other Optional Insurance Benefits	21
Benefits at Maturity	22
Policy Values	22
Determination of Fund Value	23
Calculating Fund Value	24
Calculating Unit Values for Each Subaccount	24
Transfer of Fund Value	25
Right to Exchange Policy	25
Policy Loans	25
Full Surrender	27
Partial Surrender	27

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	Page
Preferred Partial Surrender	28
Grace Period and Lapse	28
Charges and Deductions	30
Deductions from Premiums	31
Daily Deduction from MONY Variable Account L	32
Deductions from Fund Value	32
Fund Charges	33
Transaction and Other Charges	35
Fees and Expenses of the Funds	36
Guarantee of Certain Charges	36
Other Information	36
Federal Income Tax Considerations	36
Charge for Company Income Taxes	40
Voting of Fund Shares	40
Disregard of Voting Instructions	41
Report to Policy Owners	41
Substitution of Investments and Right to Change Operations	42
Changes to Comply with Law	42
The Guaranteed Interest Account	42
General Description	43
Limitations on Amounts in the Guaranteed Interest Account	43
Death Benefit	43
Policy Charges	44
Transfers	44
Surrenders and Policy Loans	44
More About the Policy	45
Ownership	45
Beneficiary	45
Notification and Claims Procedures	45
Payments	46
Payment Plan/Settlement Provisions	46
Payment in Case of Suicide	46
Assignment	46
Errors on the Application	47
Incontestability	47
Policy Illustrations	47
Distribution of the Policy	47
More About the Company	48
Management	48
State Regulation	51
Telephone Transfer Privileges	51
Legal Proceedings	51
Legal Matters	52
Registration Statement	52
Independent Accountants	52
Financial Statements	52
Index to Financial Statements	F-1
Appendix A	A-1

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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 Section. 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 58.)

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. A Valuation Date ends at 4:00 p.m. Eastern Time.

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.

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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 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 under 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.

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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. For more information, see “Charges and Deductions.”

Deductions from Premiums
Sales Charge Varies based on number of years the policy has been in effect. It is a % of Premium paid.	Premiums paid during first ten policy years — 4% 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%
Daily Deduction from MONY Variable Account L
Mortality & Expense Risk Charge Maximum Annual Rate	.75% of subaccount value (0.002055% daily) Reduces after 10th policy year
Deductions from Fund Value
Cost of Insurance Charge	Current cost of insurance rate x net amount at risk at the beginning of the policy month

	Specified Amount	Each of 1st 12 Policy Months			Each Month Thereafter
Administrative Charge Monthly charge based on Specified Amount of policy.	Less than $250,000	$	31.50	*	$	6.50
	$250,000–$499,999	$	28.50	*	$	3.50
	$500,000 or more	$	25.00	*		None
	*  Reduced by $5.00 for issue ages 0 through 17

Optional Insurance Benefits Charge Monthly Deduction for any other Optional Insurance Benefits added by rider.	As applicable.
Transaction and Other Charges •   Partial Surrender Fee •   Transfer of Fund Value (at Company’s Option)	The lesser of 2% of the amount surrendered or $25. Maximum $25 on each Transfer in a policy year exceeding four.1

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Fund Charges
	Issue Age*	Administrative Fund Charge
Administrative Fund Charge	0-25	$2.50
Over 14 years based on a schedule. Factors per $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
	Issue Age	Percentage
Sales Fund Charge	0-17	50%
Percentage of premiums paid in the first 5 years, up to a maximum amount of premiums called the target premium.	18-65	75
	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.
Policy Illustration Fee	Up to $25

1 Currently no charge on any transfer.

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 Funds and each of their portfolios incur certain charges including the investment advisory fee and certain operating expenses. These fees and expenses vary by portfolio and are set forth below. Their Boards govern the Funds. The advisory fees are summarized below. Fees and expenses of the Funds are described in more detail in the Funds’ prospectuses.

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Information contained in the following table was provided by the respective Funds and has not been independently verified by us.

Annual Portfolio Operating Expenses for the Year

Ended December 31, 2003

(as a percentage of average net assets)

	Management Fees		Distribution and Service (12b-1) Fees		Other Expenses		Gross Total Annual Expenses
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio	0.50	%	N/A		0.16	%	0.66	%
Long Term Bond Portfolio	0.50	%	N/A		0.16	%	0.66	%
Government Securities Portfolio	0.50	%	N/A		0.16	%	0.66	%
Money Market Portfolio	0.40	%	N/A		0.12	%	0.52	%
Enterprise Accumulation Trust
Equity Portfolio	0.80	%	0.30	%	0.08	%	1.18	%
Small Company Value Portfolio	0.80	%	0.30	%	0.08	%	1.18	%
Managed Portfolio	0.79	%	0.30	%	0.06	%	1.15	%
International Growth Portfolio	0.85	%	0.30	%	0.13	%	1.28	%
High Yield Bond Portfolio	0.60	%	0.15	%	0.09	%	0.84	%
Small Company Growth Portfolio	1.00	%	0.30	%	0.09	%	1.39	%
Equity Income Portfolio	0.75	%	0.30	%	0.11	%	1.16	%
Capital Appreciation Portfolio	0.75	%	0.30	%	0.10	%	1.15	%
Growth and Income Portfolio	0.75	%	0.30	%	0.08	%	1.13	%
Growth Portfolio	0.75	%	0.30	%	0.08	%	1.13	%
Multi-Cap Growth Portfolio	1.00	%	0.30	%	0.10	%	1.40	%
Dreyfus Stock Index Fund, Inc.	0.25	%	N/A		0.03	%	0.28	%
The Dreyfus Socially Responsible Growth Fund, Inc. — Initial Shares	0.75	%	N/A		0.09	%	0.84	%
Fidelity Variable Insurance Products (VIP) — Service Class
Growth Portfolio	0.58	%	0.10	%	0.09	%	0.77	%
ContraFund® Portfolio	0.58	%	0.10	%	0.09	%	0.77	%
Growth Opportunities Portfolio	0.58	%	0.10	%	0.14	%	0.82	%
Janus Aspen Series — Institutional Shares
Balanced Portfolio	0.65	%	N/A		0.02	%	0.67	%
Capital Appreciation Portfolio	0.65	%	N/A		0.03	%	0.68	%
Worldwide Growth Portfolio	0.65	%	N/A		0.06	%	0.71	%
Mid Cap Growth Portfolio	0.65	%	N/A		0.02	%	0.67	%

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 in force on the date of death, plus the increase in Fund Value since the last Monthly Anniversary Day, or

(b)  Fund Value on the date of death, multiplied by a death benefit percentage required by the federal tax law definition of life insurance.

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If you choose Option I, favorable investment performance will reduce the cost you pay for the death benefit. This reduction will decrease the deduction from Fund Value.

Option II — The death benefit equals the greater of:

(a)  The Specified Amount in force on the date of death , 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.

You may change the death benefit option and increase or decrease the Specified Amount, subject to certain conditions. See “Death Benefits Under the Policy.”

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.”

The payment of premiums you specified on the application will not guarantee that your policy will remain in effect. See “Grace Period and Lapse.” 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.”

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

6

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 the “Funds.”

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.”

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.”

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.” Outstanding Debt may also affect the continuation of the policy. See “Grace Period and Lapse.” The Company charges interest on policy loans. If you do not pay the interest when due, the amount due will be borrowed from the policy’s Cash Value and will become part of the Outstanding Debt.

Full Surrender

You can surrender the policy during the insured’s lifetime and receive its Cash Value, which equals (a) Fund Value, minus (b) any surrender charge, and minus (c) any Outstanding Debt plus any unearned loan interest. See “Full Surrender.”

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.”

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.”

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.”

7

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.”

You must understand that after the first two policy years, the policy can lapse even if the scheduled premium payments are made.

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 Considerations.”

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.”

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

ILLUSTRATIONS

Upon request, the Company will send you an illustration of future benefits under the Policy based on both guaranteed and current cost assumptions. You should obtain a personalized illustration before purchasing a Policy.

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 is obligated to pay all amounts promised under the Contract.

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.

On September 17, 2003, MONY Group, Inc. (“MONY Group”), the ultimate parent of the Company, entered into an Agreement and Plan of Merger with AXA Financial, Inc. (“AXA Financial”) and AIMA Acquisition Co., which was subsequently amended on February 22, 2004 (hereafter referred to collectively as the “AXA Agreement”), pursuant to which MONY Group will become a wholly owned subsidiary of AXA Financial in a cash transaction valued at approximately $1.5 billion. Under the terms of the AXA Agreement, which has been approved by the boards of directors of AXA Financial and MONY Group, MONY Group’s shareholders will receive $31.00 for each share of MONY Group’s common stock. The acquisition contemplated by the Agreement is subject to various regulatory approvals and other customary conditions, including the approval of MONY Group’s shareholders. A special meeting of MONY Group’s shareholders is scheduled for May 18, 2004 to vote on the proposed acquisition of MONY Group by AXA Financial. The transaction is expected to close in the second quarter of 2004.

MONY Securities Corporation, a wholly-owned subsidiary of the Company, is the principal underwriter for the policies.

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.

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

9

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.

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 FUNDS

The Funds (except for the Janus Aspen Series Aggressive Growth and Capital Appreciation portfolios) are diversified, open-end management investment companies. The Janus Aspen Series Aggressive Growth and Capital Appreciation portfolios are non-diversified, open-end management investment companies. The Funds are registered with the SEC under the Investment Company Act of 1940.

Although the investment objectives and policies of certain Funds or their portfolios are similar to the investment objectives and policies of other Funds or portfolios that may be managed or sponsored by the same investment adviser, manager, or sponsor, we do not represent or assure that the investment results will be comparable to any other Fund or portfolio, even where the investment adviser or manager is the same. Differences in portfolio size, actual investments held, expenses, and other factors all contribute to differences in performance. For all of these reasons, you should expect investment results to differ. In particular, certain Funds or portfolios available through the policy may have names similar to Funds or portfolios not available through the policy. The performance of any Fund or portfolio not available through the policy is not indicative of performance of the similarly named Fund or portfolio available through the policy.

During extended periods of low interest rates, the yields of the MONY Money Market Subaccount may become extremely low and possibly negative.

The following table lists the subaccounts of MONY Variable Account L that are available to you under the policy, their respective types, and the names of the portfolio investment adviser and subadvisers, as applicable. Before you choose a subaccount to which to allocate your net premium payments and to transfer Fund Value, carefully read the prospectus for each Fund, along with this prospectus. Please call your agent [or our Operations Center] to obtain Fund prospectuses. There is no assurance that any of the portfolios will meet objectives. We do not guarantee any minimum value for amounts allocated to MONY Variable Account L. You bear the investment risk of investing in the portfolios.

Subaccount	Fund/Type of Portfolio	Adviser (and Sub-Adviser, as applicable)
MONY SERIES FUND, INC.
MONY Intermediate Term Bond Subaccount	Intermediate-Term Bond	MONY Life Insurance Company of America

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Subaccount	Fund/Type of Portfolio	Adviser (and Sub-Adviser, as applicable)
MONY Long Term Bond Subaccount	Long-Term Bond	MONY Life Insurance Company of America
MONY Government Securities Subaccount	Short Government	MONY Life Insurance Company of America
MONY Money Market Subaccount	Money Market	MONY Life Insurance Company of America
ENTERPRISE ACCUMULATION TRUST
Enterprise Equity Subaccount	Large Growth	Enterprise Capital Management, Inc. (subadvised by TCW Investment Management Company)
Enterprise Small Company Value Subaccount	Small Value	Enterprise Capital Management, Inc. (subadvised by Gabelli Asset Management Company)
Enterprise Managed Subaccount	Large Value	Enterprise Capital Management, Inc. (subadvised by Wellington Management Company, LLP)
Enterprise International Growth Subaccount	Foreign Large Blend	Enterprise Capital Management, Inc. (subadvised by Vontobel Asset Management Inc.)
Enterprise High-Yield Bond Subaccount	High-Yield Bond	Enterprise Capital Management, Inc. (subadvised by Caywood-Scholl Capital Management)
Enterprise Small Company Growth Subaccount	Small Growth	Enterprise Capital Management, Inc. (subadvised by William D. Witter, Inc.)
Enterprise Equity Income Subaccount	Large Value	Enterprise Capital Management, Inc. (subadvised by Boston Advisers, Inc.)
Enterprise Capital Appreciation Subaccount	Large Growth	Enterprise Capital Management, Inc. (subadvised Marsico Capital Management, LLC)
Enterprise Growth and Income Subaccount	Large Blend	Enterprise Capital Management, Inc. (subadvised by UBS Global Asset Management (Americas) Inc.)
Enterprise Growth Subaccount	Large Growth	Enterprise Capital Management, Inc. (subadvised by Montag & Caldwell, Inc.)
Enterprise Multi-Cap Growth Subaccount	Mid-Cap Growth	Enterprise Capital Management, Inc. (subadvised Fred Alger Management Inc.)

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Subaccount	Fund/Type of Portfolio	Adviser (and Sub-Adviser, as applicable)
DREYFUS STOCK INDEX FUND, INC.—INITIAL SHARES
Dreyfus Stock Index Subaccount	Large Blend	The Dreyfus Corporation (subadvised by Mellon Equity Associates)
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
Dreyfus Socially Responsible Growth Subaccount—Initial Shares	Large Growth	The Dreyfus Corporation
FIDELITY VARIABLE INSURANCE PRODUCTS (VIP)—SERVICE CLASS
Fidelity VIP Growth Subaccount	Large Growth	Fidelity Management & Research Company (subadvised by FMR Co., Inc.)
Fidelity VIP ContraFund® Subaccount	Large Blend	Fidelity Management & Research Company (subadvised by FMR Co., Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Far East) Inc., and Fidelity Investments Japan Limited)
Fidelity VIP Growth Opportunities Subaccount	Large Blend	Fidelity Management & Research Company (subadvised by FMR Co., Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Far East) Inc., and Fidelity Investments Japan Limited)
JANUS ASPEN SERIES—INSTITUTIONAL SHARES
Janus Aspen Series Balanced Subaccount	Conservative Allocation	Janus Capital Management LLC
Janus Aspen Series Capital Appreciation Subaccount	Large Growth	Janus Capital Management LLC
Janus Aspen Series Worldwide Growth Subaccount	World Stock	Janus Capital Management LLC
Janus Aspen Series Mid Cap Growth Subaccount	Mid-Cap Growth	Janus Capital Management LLC

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.

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The investment adviser of a Fund (or its affiliate) may pay compensation to the Company, which may be significant, in connection with administration, distribution, or other services provided with respect to the Funds and their availability through the policies. The amount of this compensation is based upon a percentage of the assets of the Fund attributable to the policies and other variable annuity or life insurance policies that the Company issues. These percentages differ, and some advisers (or affiliates) may pay more than others. The amounts we receive under these agreements may be significant. In addition, our affiliate, MONY Securities Corporation, the principal underwriter for the policies, will receive 12b-1 fees deducted from portfolio assets of certain Funds for providing distribution and shareholder support services to the portfolios.

Fund shares are offered only to insurance company separate accounts. The insurance companies may or may not be affiliated with the Company or with each other. This is called “shared funding.” Shares may also be sold to separate accounts to serve as the underlying investments for variable life insurance policies, variable annuity policies and qualified plans. This is called “mixed funding.” Currently, the Company does not foresee any disadvantages to policy owners due to mixed or shared funding. However, differences in tax treatment or other considerations may at some time create conflict of interests between owners of various contracts. The Company and the Boards of Directors of the Funds, and any other insurance companies that participate in the Funds are required to monitor events to identify material conflicts. If there is a conflict because of mixed or shared funding, the Company might be required to 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 14-18. 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 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. 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

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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.”

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 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

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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 — Free Look,” 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 Free Look Period starts with the delivery of the Policy and ends on the latest of: (a) 10 days after its delivery to you; (b) 45 days after you sign Part I of the application; and (c) 10 days after we mail or deliver a Notice of Withdrawal Right. During this period, you may cancel the policy and receive a refund of the full amount of the premium paid. Your premiums will be allocated to the Money Market Subaccount until the end of the Free Look Period.

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,”), and

d)  underwriting class.

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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” are met. See also “Grace Period and Lapse.”

We reserve the right to reject all or a portion of any premium payment if part (b) (Fund Value on the date of the Insured’s death multiplied by a death benefit percentage) under either Death Benefit Option 1 or Death Benefit Option 2 is in effect.

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. 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.”)

Modified Endowment Contracts

The amount, frequency and period of time over which you pay premiums may affect whether your policy will be classified as a modified endowment contract. A modified endowment contract is a type of life insurance policy subject to different tax treatment than that given to a conventional life insurance policy. The difference in tax treatment occurs when you take certain pre-death distributions from your policy. See “Federal Income Tax Considerations — Modified Endowment Contracts.”

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 30 and “Federal Income Tax Considerations — Definition of Life Insurance.” 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.

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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.”

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 available subaccounts and to the Guaranteed Interest Account. Allocations must be in whole percentages, and no allocation may be for less than 5% 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 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.” Whether you give us instructions in writing or by telephone, the revised allocation percentages will be effective within seven days from receipt of notification.

Unscheduled premium payments may be allocated either by percentage or by dollar amount. If the allocation is expressed in dollar amounts, the 10% limit on allocation percentages does not apply.

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), less

(4)  if death occurs during a period for which a monthly deduction has not been made, any monthly deduction that may apply to that period, including a deduction for the month of death.

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.

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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 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 51. 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.

	Policy 1			Policy 2			Policy 3
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

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).

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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 44. If the policy’s death benefit is not based on the death benefit percentage under Option I or II, changing from Option II to Option I will 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. 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.

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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 44. 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.

If your monthly deductions are being waived under the Waiver of Monthly Deduction Benefit Rider (See “Other Optional Insurance Benefits”), an increase in Specified Amount is not allowed.

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 Charges 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 Charges.” 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;

(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; or

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(3)  That decrease would result in a Specified Amount which is less than the Specified Amount we then allow or if the resulting Fund Value would be less than the product of: (a) the number of months to the next policy anniversary, times (b) the monthly deduction.

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.”

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.” 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 53. 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, 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.

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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 the 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. If the monthly deductions are being waived under this rider, Death Benefit Option 1 is not available

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.” Premiums will not be accepted, nor will monthly deductions be made, after the maturity date.

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”. 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 the Fund charge. Thus, the Fund Value exceeds your policy’s Cash Value by the amount of the fund charge. Once the fund charge expires, the Cash Value equals the Fund Value.

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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 value of units credited to the policy for that subaccount. (See “Calculating Unit Values for Each Subaccount.”) 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 fund charges.

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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 Fund Value

The Fund Value of your policy on the policy date is:

(a)  the net premiums received by us on or before the policy date; less

(b)  the monthly deduction due on the policy date.

After that, we make Fund Value calculations on Valuation Dates. On any Valuation Date, we determine the Fund Value of a policy as follows:

(a)  determine the policy’s Fund Value in each subaccount (see below) on that Valuation Date;

(b)  total the Fund Value in each subaccount on that Valuation Date;

(c)  add the Fund Value in the Guaranteed Interest Account on that Valuation Date; this is the accumulated value with interest of the net premiums allocated, and amounts transferred, to the Guaranteed Interest Account before that Valuation Date, decreased by any allocations against the Guaranteed Interest Account before that Valuation Date;

(d)  add any amounts in the Loan Account on that Valuation Date;

(e)  add interest credited on that Valuation Date on the amounts in the Loan Account since the last monthly anniversary day;

(f)  add any net premiums received on that Valuation Date;

(g)  deduct any partial surrender, and its fee, made on that Valuation Date; and

(h)  deduct any monthly deduction to be made on that Valuation Date.

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.” If the previous day was not a Valuation Date, then the charge is adjusted for the additional days between valuations.

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(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.

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.” 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.” No charges are currently imposed upon 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.

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.”

We did not design the policy’s transfer privilege to give you a way to speculate on short-term market movements. To prevent excessive transfers that could disrupt the management of the Funds and increase transaction costs, we may adopt procedures to limit excessive transfer activity. For example, we may impose conditions and limits on, or refuse to accept, transfer requests that we receive from third parties. Third parties include investment advisers or registered representatives acting under power(s) of attorney from one or more policy owners. In addition, the Funds may restrict or refuse transactions as a result of certain market timing activities. You should read the Funds’ prospectuses for more details. We will mail notification to you within one Valuation Date if we do not execute a transfer request.

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.” 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.

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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 (described in your policy), 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 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, your policy will lapse when (1) Cash Value less outstanding debt 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.”

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.”

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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 Charges, and (2) any Outstanding Debt reduced by any unearned loan interest (the “Surrender Value”).

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.” For information on the tax effects of surrender of a policy, see “Federal Income Tax Consideration.”

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 may not result in a Specified Amount in force less than the minimum we then allow.

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. However, partial surrenders from the Guaranteed Interest Account are subject to certain limitations. You can only make a partial surrender of amounts in the Guaranteed Interest Account to a maximum amount which bears the same proportion to the total amount being surrendered as the amount of Fund Value being surrendered as the amount of Fund Value held in the Guaranteed Interest Account and all subaccounts on the date of the partial surrender.

You may make a partial surrender by submitting a proper written request to the Company’s home office. Partial surrender allocations may be by either amount or percentage. Allocations by percentage must be in whole percentages and at least 10% of the partial surrender must be allocated against the Guaranteed Interest Account or any subaccount included in the allocation. We will not accept an allocation request that is incorrect or if there is insufficient Fund Value in the Guaranteed Interest Account or subaccount to provide the requested allocation allocation against it. But, if an allocation is not requested, then the entire amount of the partial surrender will be allocated against the Guaranteed Interest Account and each subaccount in the same proportion that the Fund Value held in the Guaranteed Interest Account and each subaccount bears to the Fund Value in the Guaranteed Interest Account and all Subaccounts. 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 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.”

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A fee for each Partial Surrender will be assessed. See “Charges and Deductions — Transaction and Other Charges.” In addition, a portion of the Fund Charges may be assessed if the Specified Amount is reduced as a result of the Partial Surrender. See “Charges and Deductions — Fund Charges.”

For information on the tax treatment of partial surrenders, see “Federal Income Tax Considerations.”

Preferred Partial Surrender

Fund Charges 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 less outstanding debt 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 less debt 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

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

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• 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”).

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.

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 Charges will be equal to the Fund Charges 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 Charges 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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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
Sales Charge Varies based on number of years the policy has been in effect. It is a % of Premium paid.	Premiums paid during first ten policy years — 4% 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%
Daily Deduction from MONY Variable Account L
Mortality & Expense Risk Charge Maximum Annual Rate	.75% of subaccount value (0.002055% daily) Reduces after 10th policy year
Deductions from Fund Value
Cost of Insurance Charge	Current cost of insurance rate x net amount at risk at the beginning of the policy month.

	Specified Amount	Each of 1st 12 Policy Months			Each Month Thereafter
Administrative Charge Monthly charge based on Specified Amount of policy.	Less than $250,000	$	31.50	*	$	6.50
	$250,000-$499,999	$	28.50	*	$	3.50
	$500,000 or more	$	25.00	*		None
	*  Reduced by $5.00 for issue ages 0 through 17

Optional Insurance Benefits Charge Monthly Deduction for any other Optional Insurance Benefits added by rider.	As applicable.
Transaction and Other Charges •  Partial Surrender Fee •  Transfer of Fund Value (at Company’s Option)	The lesser of 2% of the amount surrendered or $25. Maximum $25 on each Transfer in a policy year exceeding four.1

1 Currently no charge on any transfer.

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Fund Charges
	Issue Age*	Administrative Fund Charge
Administrative Fund Charge	0-25	$2.50
Over 14 years based on a schedule. Factors per $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
	Issue Age	Percentage
Sales Fund Charge	0-17	50%
Percentage of premiums paid in the first 5 years, up to a maximum amount of premiums called the target premium.	18-65	75
	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.
Policy Illustration Fee	Up to $25

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.

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%

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 fund 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%

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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 is expected to be effectively reduced after the tenth policy anniversary. Each month after said date, an expected amount equal to .04167% of the subaccount value will be credited to the Fund Value allocated to the subaccounts. This is equivalent to 0.5% on an annualized basis. This amount is not guaranteed. The allocation among subaccounts will be done proportionately on each monthly anniversary following the tenth policy anniversary.

This charge compensates us for assuming mortality and expense risks under the policies. The mortality risk assumed is that insureds, as a group, may live for a shorter period of time than estimated. Therefore, the cost of insurance charges specified in the policy will not be enough to meet our actual claims. We assume an expense risk that other expenses incurred in issuing and administering the policies 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 factors that affect the net amount at risk include investment performance, payment of premiums, and charges to the policy.

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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) at most ages than the guaranteed rates, and depend on our expectation of future experience with respect to investment earnings, mortality, expenses, persistency, and taxes. A change in rates will apply to all persons of the same age, gender (where applicable), and risk class and whose policies have been in effect for the same amount of time. 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.

You should refer to your policy to determine your Specified Amount and the amount of any Term Life Term Insurance in force.

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.

	First 12 Policy Months			Each Policy Month Thereafter
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

* Reduced by $5.00 for issue ages 0 through 17.

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 Charges

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 Charges, which are contingent deferred loads. They are contingent loads because they are assessed only if the policy is surrendered, if the policy lapses, or if the Specified Amount of the policy is decreased. They are deferred loads because they are not deducted from the

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premiums paid. The Fund Charges consist of two charges: an Administrative Fund Charge and a Sales Fund Charge. The Company will assess the Fund Charges 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:

Issue Age	Administrative Fund Charge
0-25	$	2.50
26		3.00
27		3.50
28		4.00
29		4.50
30 or higher		5.00

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.

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:

Age	Percentage of Premiums Paid
0-17	50	%
18-65	75
66	70
67	65
68	60
69	55
70 or higher	50

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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 Charges

The Fund Charges will increase when a new coverage segment of Specified Amount is created due to a requested increase in coverage. The Fund Charges related to the increase will be calculated in the same manner as the Fund Charges for the original Specified Amount, and will be reduced over the 15 year period following the increase. For purposes of calculating the sales Fund Charges, 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 Charges for the policy will equal the remaining portion of the Fund Charges for the original Specified Amount, plus the Fund Charges related to the increase.

A portion of the Fund Charges 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 Charges, 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 Charges that apply to the policy will be reduced proportionately for the amount of the Fund Charges that were assessed against the Fund Value.

Transaction and Other Charges

• Partial Surrender Fee — The lesser of 2% of the partial surrender amount or $25.

• Transfer of Fund Value — Maximum of $25 on transfers exceeding 4, 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”.

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.

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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 in “Fees and Expenses of the Funds.” The Boards of Directors or Trustees of the Funds govern the Funds. Fees and expenses of the Funds are described in more detail in the Funds’ prospectuses.

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”

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Your policy is tested under the Guideline Premium/Cash Value Corridor Test. This test provides for, among other things:

(1)  A maximum allowable premium per thousand dollars of death benefit, known as the “guideline annual premium,” and

(2)  A minimum ongoing “corridor” of death benefit in relation to the Fund Value of the policy, known as the “death benefit percentage.”

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

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the policy matures, unless the policy is surrendered before it matures. Interest paid (or accrued by an accrual basis taxpayer) on a loan under a policy that is not a modified endowment contract may be deductible. Deductibility will be subject to several limitations, depending upon (1) the use to which the proceeds are put and (2) the tax rules applicable to the policy owner. If, for example, an individual who uses the proceeds of a loan for business or investment purposes, may be able to deduct all or part of the interest expense. Generally, if an individual uses the policy loan for personal purposes, the interest expense is not deductible. The deductibility of loan interest (whether incurred under a policy loan or other indebtedness) also may be subject to other limitations.

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.

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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 52.)

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,

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(2)  No more than 70% can be represented by any two investments,

(3)  No more than 80% can be represented by any three investments, and

(4)  No more than 90% can be represented by any four investments.

Securities of a single issuer generally are treated for purposes of Section 817(h) as a single investment. However, for this purpose, each U.S. Government agency or instrumentality is treated as a separate issuer. Any security issued, guaranteed, or insured (to the extent guaranteed and insured) by the U.S. or by an 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

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(2)  The present interpretation of the Act should change, and

(3)  As a result we determine that it is permitted to vote the shares of the Funds in our right.

The person having the voting interest under a policy is the policy owner. Unless otherwise required by applicable law, a policy owner will have the right to instruct for the number of votes of any portfolio determined by dividing his or her Fund Value in the subaccount that corresponds to the portfolio by $100. Fractional votes will be counted. The number policy owner votes will be determined as of the date set by 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.

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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 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.

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

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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 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 than the rate applicable to policies of the same type that have not reached their tenth policy anniversary. Neither increase is guaranteed.

Although there can be different rates of interest for different portions of the fund value in the Guaranteed Interest Account, any change in interest rate will be on a uniform basis for insureds of the same class and will be determined in accordance with procedures and standards on file with the Superintendent of Insurance of the State of New York.

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.”

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

43

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.”

Policy Charges

Deductions from premium, monthly deductions from the Fund Value, and Fund charges will be the same if you allocate net premiums or transfer Fund Value to the Guaranteed Interest Account or allocate net premiums to the subaccounts. These charges include the sales and tax charges; the charges for the cost of insurance, administrative charge, the charge for any optional insurance benefits added by Rider, and administrative Fund Charge and sales Fund Charge. Fees for partial surrenders and, if applicable, transfer charges, will also be deducted from the Guaranteed Interest Account.

You will not directly or indirectly pay charges applicable to the portfolios, including the operating expenses of the portfolios, and the investment advisory fee charged by the portfolio managers if your Fund Value is allocated to the Guaranteed Interest Account. Likewise, the mortality and expense risk charge applicable to the Fund Value allocated to the subaccounts is not deducted from Fund Value allocated to the Guaranteed Interest Account. Any amounts that the Company pays for income taxes allocable to the subaccounts will not be charged against the Guaranteed Interest Account. However, it is important to remember that you will not participate in the investment experience of the subaccounts to the extent that Fund Values are allocated to the Guaranteed Interest Account.

Transfers

Amounts may be transferred after the Free Look Period from the subaccounts to the Guaranteed Interest Account and from the Guaranteed Interest Account to the subaccounts, subject to the following limitations.

• 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.”

• 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

44

“Full Surrender” and “Partial Surrender.” 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.

MORE ABOUT THE POLICY

Ownership

The policy owner is the individual named as such in the application or in any later change shown in the Company’s records. While the insured is living, the policy owner alone has the right to receive all benefits and exercise all rights that the policy grants or the Company allows.

Joint Owners

If more than one person is named as policy owner, they are joint owners. Any policy transaction requires the signature of all persons named jointly. Unless otherwise provided, if a joint owner dies, ownership passes to the surviving joint owner(s). When the last joint owner dies, ownership passes through that person’s estate, unless otherwise provided.

Beneficiary

The beneficiary is the individual named as such in the application or any later change shown in the Company’s records. The policy owner may change the beneficiary at any time during the life of the insured by written request on forms provided by the Company. The Company must receive the request at its administrative office. The change will be effective as of the date this form is signed. Contingent and/or 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. Living means living on the earlier of: (a) the day due proof of the insured’s death is received by us at our Home Office; and (b) the 14^th day after the Insured’s death.

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.

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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.

Interest, at a rate of not less than 2 ³/4% per year, will be paid on death proceeds paid in one sum. Interest will be paid from the date of death to the date of payment.

Federal laws designed to counter terrorism and prevent money laundering by criminals might, in certain circumstances, require us to reject a premium payment and/or block or “freeze” your policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, surrenders, or death benefits, make transfers, or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about your account to government regulators.

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

46

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”.)

Errors on the Application

If the age or gender of the insured has been misstated, the death benefit under this policy will be the sum of (a) and (b), where:

(a)  is the Fund Value on the date of death; and

(b)  is the amount at risk on the last monthly anniversary day, multiplied by the ratio of the insurance rate on the last monthly anniversary day based on the incorrect age or sex to the insurance rate that would have applied on that monthly anniversary day based on the correct age and sex.

Incontestability

The Company may contest the validity of this policy if any material misstatements are made in the application. However, the policy will be incontestable as follows:

(1)  The initial Specified Amount cannot be contested after the policy has been in force during the insured’s lifetime for two years from the policy date; and

(2)  An increase in the Specified Amount or any reinstatement cannot be contested after the increase or the reinstated policy has been in force during an Insured’s lifetime for two years from its effective date.

Policy Illustrations

Upon written request after the first policy anniversary, the Company will send you an illustration of future benefits under the policy based on both guaranteed and current cost assumptions. We charge a fee of up to $25 for this service.

Distribution of the Policy

We have entered into a distribution agreement with MONY Securities Corporation (“MSC”), a wholly owned subsidiary of MONY Life Insurance Company, to act as principal underwriter and for the distribution and sale of the Policies. MSC is registered as a broker dealer under the Securities Exchange Commission under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates, and is a member of the National Association of Securities Dealers, Inc. (“NASD”). 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.

MSC offers the Policies through its registered representatives who are registered with the NASD and with the states in which they do business. More information about MSC and its registered persons is available at http://www.nasdr.com or by calling 1-800-289-9999. You also can obtain an investor brochure from NASD Regulation describing its Public Disclosure Program.

Compensation payable to MSC’s sales representatives for the sale of the Policies will be based upon the following schedule. After issue of the Policy, commissions will equal at most 50% of premiums paid up to a

47

maximum amount. Thereafter, commissions will equal at most 3.8% of any additional premiums plus, beginning in the second Policy Year on each succeeding quarterly anniversary for so long as the policy shall remain in effect, an annualized rate of 0.25% of the Fund Value of the Policy. Upon any subsequent increase in Specified Amount, commissions will equal at most 50% of premiums paid on or after the increase up to a maximum amount. Thereafter, commissions will return to no more than the 3.8% level. Further, registered representatives may be eligible to receive certain bonuses and other benefits based on the amount of earned commissions.

In addition, registered representatives who meet specified production levels may qualify, under sales incentive programs adopted by the Company, to receive non-cash compensation such as expense-paid trips, expense-paid educational seminars and merchandise. The Company makes no separate deductions, other than previously described, from premiums to pay sales commissions or sales expenses.

MSC will receive 12b-1 fees from certain of the Funds as compensation for providing certain distribution and shareholder support services.

MSC may enter into selling agreements with other broker dealers that are members of the NASD and whose representatives are authorized by applicable law to sell variable life insurance policies. Commissions paid to these broker dealers for their representatives will not exceed the commissions described above. The selling agreement does not restrict these broker dealers from retaining a portion of commissions.

Commissions or overrides may also be paid to broker-dealers providing wholesaling services such as sales support and training for sales representatives who sell the Policies. MSC may pay certain selling firms additional amounts for sales promotions relating to the Policies and costs associated with sales conferences and educational seminars for their sales representatives. The terms of any particular agreement governing the payments may vary among selling broker-dealers.

We intend to recapture commissions and other sales expenses through fees and charges imposed under the Policy. Commissions paid on the Policy, including other incentives or payments, are not charged directly to the Policy owners or the Variable Account.

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:

TOM H. BARRETT, age 73, has been a director of MONY Group since August 1998*. He has also been a director of MONY Life since July 1990. Mr. Barrett is a Partner in American Industrial Partners, a private investment partnership, since 1992. Mr. Barrett retired from The Goodyear Tire & Rubber Company in December 1993, after serving as Chairman of the Board, President & Chief Executive Officer of The Goodyear Tire & Rubber Company from April 1989 to July 1991 and President & Chief Executive Officer from December 1988 to April 1989.

DAVID L. CALL, age 72, has been a director of MONY Group since August 1998*. He has also been a director of MONY Life since January 1993. Dr. Call joined the faculty of Cornell University in 1963. He became Dean of the College of Agriculture and Life Sciences in 1978. Dr. Call has been Dean Emeritus since his retirement in 1995. He also serves as a small business consultant.

G. ROBERT DURHAM, age 75, has been a director of MONY Group since August 1998*. He has also been a director of MONY Life since June 1988. Mr. Durham retired from Walter Industries, Inc., a home building and financing, natural resources and industrial manufacturing company, in May 1996, after serving as Chairman of the Board and Chief Executive Officer from June 1991 to May 1996. He is a director of The FINOVA Group, Inc.

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MARGARET M. FORAN, age 49, has been a director of MONY Group since February 2003. She has also been a director of MONY Life since February 2003. Ms. Foran has been Vice President, Corporate Governance and Secretary of Pfizer Inc., the world’s largest pharmaceutical company, since July 2002. She joined Pfizer Inc. in 1997 as Senior Corporate Counsel and Assistant Secretary and was named Vice President in 1999. Ms. Foran is a member of the Council of Institutional Investors.

ROBERT HOLLAND, JR., age 63, has been a director of MONY Group since August 1998*. He has also been director of MONY Life since May 1990. Mr. Holland is a business consultant. Mr. Holland was the owner and Chief Executive Officer of WorkPlace Integrators, an office furniture dealership in Southeast Michigan, from December 1996 to April 2001. Prior to that time, Mr. Holland was the President and Chief Executive Officer of Ben & Jerry’s Homemade, Inc., an ice cream company, from February 1995 to October 1996. Mr. Holland is a director of Lexmark International Group Inc., Carver Bancorp Inc., YUM! Brands Inc., and Neptune Orient Lines. He also serves on the Ethnic Advisory Board of PepsiCo and the Advisory Board of Boardroom Consultants.

JAMES L. JOHNSON, age 76, has been a director of MONY Group since August 1998*. He has also been a director of MONY Life since October 1986. Mr. Johnson is Chairman Emeritus of GTE Corporation (presently known as Verizon Communications, Inc.), a telecommunications company, having served as Chairman and Chief Executive Officer from April 1988 to May 1992. He is also Non-Executive Chairman of the Board of CellStar Corporation, a wireless communications company, since July 2001. Prior to that time, Mr. Johnson held various executive management positions with GTE Corporation. Mr. Johnson is a director of CellStar Corporation and Harte-Hanks Communications, Inc.

FREDERICK W. KANNER, age 60, has been a director of MONY Group since March 2000. He has also been a director of MONY Life since March 2000. Mr. Kanner is a member of the firm of Dewey Ballantine LLP, an international law firm headquartered in New York City, since October 1976. He serves on the Board of Trustees of the Lawyers’ Alliance for New York and the Lawyers’ Committee for Civil Rights Under Law.

ROBERT R. KILEY, age 68, has been a director of MONY Group since August 1998*. He has also been director of MONY Life since November 1995. Mr. Kiley has been the Commissioner of Transport for London since January 2001. Prior to that time, Mr. Kiley was President and Chief Executive Officer of the New York City Partnership and Chamber of Commerce, Inc. from May 1995 to January 2001. Mr. Kiley had been a Principal of Kohlberg & Co. from April 1994 to April 1999.

JANE C. PFEIFFER, age 71, has been a director of MONY Group since August 1998*. She has also been a director of MONY Life since November 1988. Mrs. Pfeiffer is an independent management consultant. Mrs. Pfeiffer was Chairman of NBC from 1978 to 1981. Prior to that time, Mrs. Pfeiffer held various positions with IBM, including the position of Vice President of Communications and Government Relations. Mrs. Pfeiffer is a director of Ashland, Inc., International Paper Company and J.C. Penney Company, Inc. She is a trustee of the University of Notre Dame, a member of The Council on Foreign Relations and an International Counselor of The Conference Board.

THOMAS C. THEOBALD, age 66, has been a director of MONY Group since August 1998*. He has also been a director of MONY Life since May 1990. Mr. Theobald is a managing director of William Blair Capital Partners, L.L.C., a private equity group, since September 1994. Mr. Theobald is a director of Anixter International, Inc., Jones Lang LaSalle, Inc., Ventas, Inc. and Columbia Funds.

DAVID M. THOMAS, age 54, has been a director of MONY Group since March 2002. He has also been a director of MONY Life since March 2002. Mr. Thomas is Chairman and Chief Executive Officer of IMS Health, a leading provider of information solutions to the pharmaceutical and healthcare industries, since November 2000. From 1998 to 2000, Mr. Thomas served as Senior Vice President and Group Executive at IBM, an information technologies company. Prior to that time, Mr. Thomas held various management positions with IBM since 1972. Mr. Thomas is a director of IMS Health, Fortune Brands, Inc., and Trizetto Corporation.

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All of the officers have held their respective positions listed below for five or more years except as noted.

Current Officer — Directors of the Company are:

Name	Position and Offices with Depositor
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

Other Officers of the Company are:

Name	Office with Depositor
Lee M. Smith	Corporate Secretary and Vice President, Government Relations
Richard E. Connors	Senior Vice President
Evelyn L. Peos	Senior Vice President (Since 2002)
Richard Daddario	Executive Vice President and Chief Financial Officer
David V. Weigel	Treasurer

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.

Mr. Roth is Chairman of the Board and Chief Executive Officer (since August 1998) and Director (since September 1997) of The MONY Group, Inc. Chairman of the Board and Chief Executive Officer (since July 1991) and Director (since June 1991) of MONY Life Insurance Company of America. Director of MONY subsidiaries: 1740 Advisers, Inc. (since December 1992), MONY Benefits Management Corp. (since March 1999). Serves on the board of directors of Enterprise Group of Funds, Inc. and Enterprise Accumulation Trust.

Mr. Foti is President and Chief Operating Officer (since August 1998) and Director (since September 1997) of The MONY Group, Inc. President and Chief Operating Officer of MONY Life Insurance Company of America (since February 1994) and Director (since September 1989). Director of MONY subsidiaries: MONY Brokerage, Inc. (since January 1990), MONY International Holdings, Inc. (since October 1994), MONY Life Insurance Company of the Americas, Ltd. (since December 1994). Serves on the board of directors of Enterprise Group of Funds, Inc. and Enterprise Accumulation Trust.

Mr. Levine is Executive Vice President and Chief Investment Officer (since August 1998) and Director (since September 1997) of The MONY Group Inc. Chairman of the Board (since December 1991) and President (since June 1992) of MONY Series Fund, Inc. Director of MONY subsidiaries: MONY Life Insurance Company of America (since July 1991), 1740 Advisers, Inc. (since December 1989), MONY Benefits Management Corp. (since October 1991), MONY Realty Partners, Inc. (since October 1991) and 1740 Ventures, Inc. (since October 1991).

Mr. Daddario is Executive Vice President and Chief Financial Officer (since August 1998) of The MONY Group, Inc. Vice President and Controller of MONY Life Insurance Company of America (since September 1989). Director of MONY subsidiaries: MONY International Holdings, Inc. (since 1998), MONY Brokerage, Inc. (since June 1997) and MONY Life Insurance Company of the Americas, Ltd. (since December 1997).

Mr. Smith is Vice President and Secretary (since September 1999) of The MONY Group Inc. Vice President — Government Relations and Industry Affairs.

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Mr. Connors is Director of MONY Life Insurance Company of America (since June 1994). Director of MONY subsidiary: MONY Brokerage, Inc. (since May 1994).

Ms. Peos is Director of MONY Life Insurance Company of America (since 2002) and Vice President (since 1990). Ms. Peos was Vice President (from 1993 to 2002) of MONY Life Insurance Company and has been with the Company since 1978.

Mr. Weigel is Vice President-Treasurer of The MONY Group Inc. (since August 1998). Treasurer of MONY Life Insurance Company of America (since July 1991).

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 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 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 Free Look 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 Operations Center before telephone transfers will be accepted.

Legal Proceedings

The Company, like all other companies, is involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurance companies, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, we believe that at the present time there are no pending or threatened lawsuits that are reasonably likely to have a material adverse impact on the Company or MONY Variable Account L.

Recently, there has been a significant increase in federal and state regulatory activity in the financial services industry relating to numerous issues, including market timing and late trading of mutual fund and

51

variable insurance products. The Company, like many others in the financial services industry, has received requests for information from the SEC seeking documentation and other information relating to these issues. In addition, the SEC recently conducted an on-site examination of the Company’s variable separate accounts. The Company has been responding to these requests and continues to cooperate fully with the regulators.

Legal Matters

Legal matters have been passed on by Arthur D. Woods, Esq., Vice President — Variable Products and Broker — Dealer Operations Counsel of MONY Life Insurance Company in connection with:

(1)  The issue and sale of the policies described in this prospectus,

(2)  The organization of the Company,

(3)  The Company’s authority to issue the policies under Arizona law, and

(4)  The validity of the forms of the policies under Arizona law.

Robert Levy, Esq., Vice President — Chief Tax Counsel of MONY Life Insurance Company has passed upon legal matters relating to the federal income tax laws.

Registration Statement

A Registration Statement under the Securities Act of 1933 has been filed with the SEC relating to the offering described in this Prospectus. This Prospectus does not include all of the information set forth in the Registration Statement, as portions have been omitted pursuant to the rules and regulations of the SEC. The omitted information may be obtained at the SEC’s principal office in Washington, D.C., upon payment of the SEC’s prescribed fees, or by accessing the SEC’s website at http://www.sec.gov.

Independent Accountants

The audited financial statements for the MONY Variable Account L and 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 and the Company are set forth herein.

The financial statements of MONY Variable Account L and of the Company have been audited by PricewaterhouseCoopers LLP. The financial statements of the Company should be considered only as bearing upon the ability of the Company to meet its obligations under the Policies.

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FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

	Page
With respect to MONY Variable Account L
Report of Independent Auditors	F-3
Statement of assets and liabilities as of December 31, 2003	F-4
Statement of operations for the period ended December 31, 2003	F-14
Statement of changes in net assets for the periods ended December 31, 2003 and December 31, 2002	F-24
Notes to financial statements	F-42
With respect to MONY Variable Account L (MONY Variable Universal Life)
Report of Independent Accountants	F-64
Statement of assets and liabilities as of December 31, 2002	F-65
Statement of operations for the period ended December 31, 2002	F-70
Statement of changes in net assets for the period ended December 31, 2002	F-76
Notes to financial statements	F-82
With respect to MONY Variable Account L (MONY Survivorship Variable Universal Life)
Report of Independent Accountants	F-87
Statement of assets and liabilities as of December 31, 2002	F-89
Statement of operations for the period ended December 31, 2002	F-94
Statement of changes in net assets for the period ended December 31, 2002	F-100
Notes to financial statements	F-105
With respect to MONY Variable Account L (MONY Custom Equity Master)
Report of Independent Accountants	F-111
Statement of assets and liabilities as of December 31, 2002	F-112
Statement of operations for the period ended December 31, 2002	F-118
Statement of changes in net assets for the years ended December 31, 2002 and December 31, 2001	F-124
Notes to financial statements	F-134
With respect to MONY Variable Account L (MONY Custom Estate Master)
Report of Independent Accountants	F-141
Statement of assets and liabilities as of December 31, 2002	F-142
Statement of operations for the period ended December 31, 2002	F-148
Statement of changes in net assets for the years ended December 31, 2002 and December 31, 2001	F-154
Notes to financial statements	F-164
With respect to MONY Variable Account L (Strategist and MONYEquity Master)
Report of Independent Accountants	F-169
Statement of assets and liabilities as of December 31, 2002	F-170
Statement of operations for the year ended December 31, 2002	F-176
Statement of changes in net assets for the years ended December 31, 2002 and December 31, 2001	F-182
Notes to financial statements	F-192
With respect to MONY Variable Account L (Combined)
Report of Independent Accountants	F-199
Combined statement of assets and liabilities as of December 31, 2002	F-200
Combined statement of operations for the year ended December 31, 2002	F-201
Combined statement of changes in net assets for the years ended December 31, 2002 and December 31, 2001	F-202
Notes to combined financial statements	F-203
With respect to MONY Variable Account L (MONY Custom Equity Master)
Report of Independent Accountants	F-207
Statement of assets and liabilities as of December 31, 2001	F-208
Statement of operations for the period ended December 31, 2001	F-212
Statement of changes in net assets for the years ended December 31, 2001 and December 31, 2000	F-216
Notes to financial statements	F-225

F-1

FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS

INDEX TO FINANCIAL STATEMENTS

	Page
With respect to MONY Variable Account L (MONY Custom Estate Master)
Report of Independent Accountants	F-229
Statement of assets and liabilities as of December 31, 2001	F-231
Statement of operations for the period ended December 31, 2001	F-236
Statement of changes in net assets for the years ended December 31, 2001 and December 31, 2000	F-240
Notes to financial statements	F-248
With respect to MONY Variable Account L (Strategist and MONYEquity Master)
Report of Independent Accountants	F-253
Statement of assets and liabilities as of December 31, 2001	F-255
Statement of operations for the period ended December 31, 2001	F-260
Statement of changes in net assets for the years ended December 31, 2001 and December 31, 2000	F-267
Notes to financial statements	F-276
With respect to MONY Account L (Combined)
Report of Independent Auditors	F-282
Combined statement of assets and liabilities as of December 31, 2001	F-283
Combined statement of operations for the period ended December 31, 2001	F-284
Combined statement of changes in net assets for the periods ended December 31, 2001 and December 31, 2000	F-285
Notes to financial statements	F-286
With respect to MONY Life Insurance Company
Report of Independent Auditors	F-289
Balance Sheets as of December 31, 2003 and 2002	F-290
Statements of Income and Comprehensive Income for the Years Ended December 31, 2003, 2002 and 2001	F-291
Statements of Changes in Shareholder’s Equity for the Years Ended December 31, 2003, 2002 and 2001	F-292
Statements of Cash Flows for the Years Ended December 31, 2003, 2002 and 2001	F-293
Notes to Financial Statements	F-295

F-2

Report of Independent Auditors

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of Subaccounts of MONY Variable Account L

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the Subaccounts of MONY Variable Account L at December 31, 2003, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2003 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 14, 2004

F-3

MONY

Variable Account L

STATEMENT OF ASSETS & LIABILITIES

December 31, 2003

	Enterprise Capital Appreciation Portfolio		Enterprise Equity Portfolio		Enterprise Equity Income Portfolio		Enterprise Growth and Income Portfolio
Assets
Shares held in respective Funds		126,860		470,908		69,804		331,567
Investments at cost	$	702,730	$	10,414,324	$	328,201	$	1,641,087
Investments in respective Funds, at net asset value	$	797,952		$8,815,392	$	367,867	$	1,654,520
Amount due from MONY		279		2,029		66		625
Amount due from respective Funds		928		6,449		228		1,130
Total Assets		799,159		8,823,870		368,161		1,656,275
Liabilities
Amount due to MONY		928		6,449		228		1,130
Amount due to respective Funds		279		2,029		66		625
Total Liabilities		1,207		8,478		294		1,755
Net Assets	$	797,952	$	8,815,392	$	367,867	$	1,654,520
Unit Values:
MONY Strategist
MONY Equity Master	$	8.08	$	12.73	$	9.95	$	8.03
MONY Custom Equity Master		8.40		7.33		9.88		8.25
MONY Variable Universal Life Option 1						10.73		10.04
MONY Variable Universal Life Option 2						11.20		10.96
MONY Custom Estate Master		8.02		8.71		10.41		8.15
MONY Survivorship Variable Universal Life								10.06
Units Outstanding:*
MONY Strategist
MONY Equity Master		19,862		593,208		1,801		67,414
MONY Custom Equity Master		64,698		161,723		25,646		105,519
MONY Variable Universal Life Option 1						6,098		19,335
MONY Variable Universal Life Option 2						136		277
MONY Custom Estate Master		11,702		8,683		2,855		3,767
MONY Survivorship Variable Universal Life								1,459

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-4

Enterprise Growth Portfolio		Enterprise Global Socially Responsive Portfolio		Enterprise High-Yield Portfolio		Enterprise International Growth Portfolio		Enterprise Multi-Cap Growth Portfolio		Enterprise Managed Portfolio		Enterprise Small Company Growth Portfolio
	459,324		3,862		211,344		364,064		96,246		484,772		103,178
$	2,104,349	$	35,422	$	945,403	$	1,899,093	$	695,745	$	11,015,879	$	690,741
$	2,131,263	$	41,823	$	1,018,679	$	1,641,927	$	713,181	$	8,856,789	$	759,393
	492		2		467		308		182		3,019		144
	1,334		22		810		1,442		447		6,781		448
	2,133,089		41,847		1,019,956		1,643,677		713,810		8,866,589		759,985
	1,334		22		810		1,442		447		6,781		448
	492		2		467		308		182		3,019		144
	1,826		24		1,277		1,750		629		9,800		592
$	2,131,263	$	41,823	$	1,018,679	$	1,641,927	$	713,181	$	8,856,789	$	759,393
$	7.49			$	15.06	$	10.32	$	7.59	$	12.73	$	9.68
	7.52				12.80		6.79		5.55		8.63		9.00
	9.30	$	10.95						9.40		10.03		9.84
	10.56								10.44		10.63		10.54
	7.49				12.51		6.35		5.04		8.40		9.05
	11.01		10.49						9.74		10.84		9.48
	42,532				49,685		136,526		3,846		644,342		6,367
	152,225				18,617		28,667		98,377		60,391		49,163
	46,650		2,996						5,994		10,254		17,779
	2,336								571		139		136
	26,880				2,552		6,112		13,306		2,960		3,747
	787		858						860		534		4,774

F-5

MONY

Variable Account L

STATEMENT OF ASSETS & LIABILITIES (continued)

December 31, 2003

	Enterprise Small Company Value Portfolio		Enterprise Total Return Portfolio		Enterprise Short Duration Bond Portfolio		MONY Series Fund, Inc. Diversified Portfolio		MONY Series Fund, Inc. Equity Growth Portfolio
Assets
Shares held in respective Funds		291,717		14,315		40		9,027		2,715
Investments at cost	$	6,398,137	$	148,208	$	402	$	132,235	$	48,905
Investments in respective Funds, at net asset value	$	6,872,856	$	147,874	$	401	$	93,608	$	44,090
Amount due from MONY		1,658		87		0		0		0
Amount due from respective Funds		4,600		90		6		50		23
Total Assets		6,879,114		148,051		407		93,658		44,113
Liabilities
Amount due to MONY		4,600		90		6		50		23
Amount due to respective Funds		1,658		87		0		0		0
Total Liabilities		6,258		177		6		50		23
Net Assets	$	6,872,856	$	147,874	$	401	$	93,608	$	44,090
Unit Values:
MONY Strategist							$	45.49	$	54.65
MONY Equity Master	$	26.05
MONY Custom Equity Master		13.66	$	10.98
MONY Variable Universal Life Option 1		12.75		11.12
MONY Variable Universal Life Option 2		11.11		10.17	$	10.03
MONY Custom Estate Master		13.05		11.00
MONY Survivorship Variable Universal Life		11.65
Units Outstanding:*
MONY Strategist								2,058		807
MONY Equity Master		213,034
MONY Custom Equity Master		54,796		814
MONY Variable Universal Life Option 1		29,493		12,132
MONY Variable Universal Life Option 2		1,792		366		40
MONY Custom Estate Master		12,282		24
MONY Survivorship Variable Universal Life		1,506

* Units have been rounded for presentation purposes.

See notes to financial statements.

F-6

MONY Series Fund, Inc. Equity Income Portfolio		MONY Series Fund, Inc. Government Securities Portfolio		MONY Series Fund, Inc. Intermediate Term Bond Portfolio		MONY Series Fund, Inc. Money Market Portfolio		MONY Series Fund, Inc. Long Term Bond Portfolio		AIM Basic Value Fund— Series I		AIM Mid Cap Core Equity Fund— Series I		Alger American Balanced Portfolio— Class O
	3,127		70,238		31,312		3,344,474		51,046		700		29		8,854
$	52,381	$	816,099	$	358,755	$	3,344,474	$	688,289	$	6,902	$	343	$	106,997
$	48,722	$	821,785	$	364,163	$	3,344,474	$	733,535	$	7,462	$	355	$	116,524
	0		20		188		0		165		19		0		84
	25		565		280		2,008		487		12		0		104
	48,747		822,370		364,631		3,346,482		734,187		7,493		355		116,712
	25		565		280		2,008		487		12		0		104
	0		20		188		0		165		19		0		84
	25		585		468		2,008		652		31		0		188
$	48,722	$	821,785	$	364,163	$	3,344,474	$	733,535	$	7,462	$	355	$	116,524
$	53.77			$	29.36	$	20.75	$	37.59
		$	13.81		14.56		12.53		15.97
			12.44		12.70		10.82		13.76
			10.62				10.10		11.54					$	10.78
			10.03				10.01		10.19	$	10.93	$	10.68		10.45
			11.20		11.79		11.06		13.36
			10.60				10.11		11.23						10.70
	906				525		836		434
			19,247		12,074		48,499		22,263
			18,011		13,506		87,165		14,703
			23,154				102,670		9,387						8,992
			177				4,476		392		683		33		480
			1,651		119		51,485		2,251
			6,215				12,364		1,495						1,364

F-7

MONY

Variable Account L

STATEMENT OF ASSETS & LIABILITIES (continued)

December 31, 2003

	Alger American Mid Cap Growth Portfolio— Class O		Dreyfus Socially Responsible Growth Fund— Initial Class		Dreyfus Stock Index Portfolio— Initial Class		Dreyfus IP Small Cap Stock Index Portfolio— Service Class		Fidelity VIP Growth Portfolio— Service Class		Fidelity VIP II ContraFund Portfolio— Service Class
Assets
Shares held in respective Funds		14,445		7,776		57,421		80		33,727		37,706
Investments at cost	$	210,980	$	177,641	$	1,550,332	$	1,035	$	1,009,835	$	755,524
Investments in respective Funds, at net asset value	$	265,793	$	184,990	$	1,631,909	$	1,047	$	1,042,834	$	869,499
Amount due from MONY		0		276		688		0		394		75
Amount due from respective Funds		139		111		1,654		0		681		537
Total Assets		265,932		185,377		1,634,251		1,047		1,043,909		870,111
Liabilities
Amount due to MONY		139		111		1,654		0		681		537
Amount due to respective Funds		0		276		688		0		394		75
Total Liabilities		139		387		2,342		0		1,075		612
Net Assets	$	265,793	$	184,990	$	1,631,909	$	1,047	$	1,042,834	$	869,499
Unit Values:
MONY Strategist
MONY Equity Master			$	7.56	$	7.82			$	6.85	$	9.40
MONY Custom Equity Master	$	11.22		6.23		8.09				6.71		9.62
MONY Variable Universal Life Option 1		11.12
MONY Variable Universal Life Option 2		10.83					$	10.90
MONY Custom Estate Master		14.54		5.98		8.11				6.99		9.46
MONY Survivorship Variable Universal Life		10.99
Units Outstanding:*
MONY Strategist
MONY Equity Master				273		34,877				42,046		24,107
MONY Custom Equity Master		6,300		23,794		149,493				95,204		56,841
MONY Variable Universal Life Option 1		10,964
MONY Variable Universal Life Option 2		166						96
MONY Custom Estate Master		3,401		5,816		18,503				16,570		10,139
MONY Survivorship Variable Universal Life		1,993

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-8

Fidelity VIP III Growth Opportunities Portfolio— Service Class		Franklin Income Securities Fund—Class 2		Franklin Rising Dividends Securities Fund—Class 2		Franklin Zero Coupon 2010 Fund—Class 2		INVESCO VIF Financial Services Portfolio		INVESCO VIF Health Sciences Portfolio		INVESCO VIF Telecommunications Portfolio		Janus Aspen Series Mid Cap Growth Portfolio— Institutional Class
	10,524		23		79		4		2,618		3,260		5,711		38,059
$	143,241	$	324	$	1,225	$	72	$	30,431	$	48,793	$	17,002	$	730,983
$	158,495	$	328	$	1,263	$	72	$	35,441	$	57,272	$	21,018	$	814,465
	53		0		0		0		0		0		0		8
	94		0		0		0		52		41		30		927
	158,642		328		1,263		72		35,493		57,313		21,048		815,400
	94		0		0		0		52		41		30		927
	53		0		0		0		0		0		0		8
	147		0		0		0		52		41		30		935
$	158,495	$	328	$	1,263	$	72	$	35,441	$	57,272	$	21,018	$	814,465
$	9.25													$	7.71
	7.91														4.27
								$	11.21	$	10.29	$	8.51
		$	10.85	$	10.73	$	10.05
	7.42														3.56
									10.76		10.73
	1,273														2,485
	15,751														174,064
									2,362		4,986		2,469
			30		118		7
	2,980														14,389
									833		557

F-9

MONY

Variable Account L

STATEMENT OF ASSETS & LIABILITIES (continued)

December 31, 2003

	Janus Aspen Series Balanced Portfolio— Institutional Class		Janus Aspen Series Capital Appreciation Portfolio— Institutional Class		Janus Aspen Series Capital Appreciation Portfolio— Service Class		Janus Aspen Series Flexible Income Portfolio— Service Class		Janus Aspen Series International Growth Portfolio— Service Class		Janus Aspen Series WorldWide Growth Portfolio— Institutional Class
Assets
Shares held in respective Funds		25,546		39,739		3,550		5,467		6,155		45,916
Investments at cost	$	559,367	$	826,171	$	65,894	$	70,612	$	117,400	$	1,200,332
Investments in respective Funds, at net asset value	$	587,041	$	828,162	$	73,407	$	71,732	$	140,877	$	1,185,540
Amount due from MONY		407		50		12		82		71		111
Amount due from respective Funds		356		944		101		40		99		906
Total Assets		587,804		829,156		73,520		71,854		141,047		1,186,557
Liabilities
Amount due to MONY		356		944		101		40		99		906
Amount due to respective Funds		407		50		12		82		71		111
Total Liabilities		763		994		113		122		170		1,017
Net Assets	$	587,041	$	828,162	$	73,407	$	71,732	$	140,877	$	1,185,540
Unit Values:
MONY Strategist
MONY Equity Master	$	10.29	$	6.47							$	5.63
MONY Custom Equity Master		9.88		6.54								5.83
MONY Variable Universal Life Option 1					$	10.69	$	11.43	$	10.70
MONY Variable Universal Life Option 2						10.59		10.14		10.98
MONY Custom Estate Master		10.14		5.83								6.14
MONY Survivorship Variable Universal Life						10.47		11.62		10.62
Units Outstanding:*
MONY Strategist
MONY Equity Master		7,635		52,356								57,282
MONY Custom Equity Master		45,928		67,868								126,465
MONY Variable Universal Life Option 1						5,613		5,242		11,043
MONY Variable Universal Life Option 2						173		168		394
MONY Custom Estate Master		5,387		7,805								20,469
MONY Survivorship Variable Universal Life						1,105		871		1,732

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-10

Lord Abbett Bond- Debenture Portfolio— Class VC		Lord Abbett Growth and Income Portfolio— Class VC		Lord Abbett Mid-Cap Value Portfolio— Class VC		MFS Mid Cap Growth Portfolio— Initial Class		MFS New Discovery Portfolio— Initial Class		MFS Total Return Portfolio— Initial Class		MFS Utilities Portfolio— Initial Class		UIF Emerging Markets Equity Portfolio— Class I		UIF Global Value Equity Portfolio— Class I
	6,434		16,507		20,144		15,213		7,085		9,700		3,365		5,942		1,660
$	72,275	$	336,122	$	286,146	$	76,191	$	83,802	$	170,572	$	44,079	$	41,438	$	17,256
$	76,567	$	404,747	$	343,260	$	94,019	$	98,902	$	189,932	$	53,675	$	53,715	$	21,067
	13		238		186		4		0		217		0		0		41
	40		225		201		88		71		116		43		56		12
	76,620		405,210		343,647		94,111		98,973		190,265		53,718		53,771		21,120
	40		225		201		88		71		116		43		56		12
	13		238		186		4		0		217		0		0		41
	53		463		387		92		71		333		43		56		53
$	76,567	$	404,747	$	343,260	$	94,019	$	98,902	$	189,932	$	53,675	$	53,715	$	21,067
		$	10.83	$	10.77
$	12.56		10.55		11.04	$	8.85	$	9.76	$	11.09	$	11.72	$	12.70	$	10.59
	10.45		10.98		10.92		10.57				10.55		10.87
			11.17		13.63
	12.25		10.57		12.08				10.43		10.73				12.10
			7,239		11,722
	4,912		18,273		11,028		10,093		7,553		15,703		4,367		3,245		1,988
	815		2,469		563		445				300		228
			6,347		5,470
	519		3,357		1,207				2,414		1,181				1,032

F-11

MONY

Variable Account L

STATEMENT OF ASSETS & LIABILITIES (continued)

December 31, 2003

	UIF U.S. Real Estate Portfolio— Class I		Oppenheimer Global Securities Portfolio— Service Class		Oppenheimer Main Street Portfolio— Service Class		PBHG Mid-Cap Portfolio		PBHG Select Value Portfolio
Assets
Shares held in respective Funds		12,666		136		49		17,454		4,012
Investments at cost	$	160,684	$	3,164	$	896	$	205,333	$	49,154
Investments in respective Funds, at net asset value	$	197,332	$	3,390	$	930	$	255,524	$	55,484
Amount due from MONY		163		0		0		41		143
Amount due from respective Funds		111		1		13		143		39
Total Assets		197,606		3,391		943		255,708		55,666
Liabilities
Amount due to MONY		111		1		13		143		39
Amount due to respective Funds		163		0		0		41		143
Total Liabilities		274		1		13		184		182
Net Assets	$	197,332	$	3,390	$	930	$	255,524	$	55,484
Unit Values:
MONY Strategist
MONY Equity Master
MONY Custom Equity Master	$	12.40
MONY Variable Universal Life Option 1		13.23					$	11.54	$	9.37
MONY Variable Universal Life Option 2		10.54	$	11.25	$	10.79		11.07		11.17
MONY Custom Estate Master
MONY Survivorship Variable Universal Life		12.44						11.26
Units Outstanding:*
MONY Strategist
MONY Equity Master
MONY Custom Equity Master		2,573
MONY Variable Universal Life Option 1		9,129						17,672		5,625
MONY Variable Universal Life Option 2		1,000		301		86		318		246
MONY Custom Estate Master
MONY Survivorship Variable Universal Life		2,741						4,266

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-12

PIMCO Global Bond Portfolio— Administrative Class		PIMCO Real Return Portfolio— Administrative Class		PIMCO StocksPLUS Growth and Income Portfolio— Administrative Class
	9,469		34,569		35,787
$	110,901	$	417,315	$	286,199
$	123,387	$	427,275	$	331,383
	163		166		12
	81		279		227
	123,631		427,720		331,622
	81		279		227
	163		166		12
	244		445		239
$	123,387	$	427,275	$	331,383
$	12.88	$	12.11
	13.53		12.45	$	10.70
	10.57		10.30		10.83
			11.93
	12.97		12.49		10.41
	2,861		9,024
	5,806		18,778		24,152
	170		417		1,380
			3,325
	475		3,229		5,571

F-13

MONY

Variable Account L

STATEMENT OF OPERATIONS

	Enterprise Balanced Portfolio			Enterprise Capital Appreciation Portfolio			Enterprise Equity Portfolio			Enterprise Emerging Countries Portfolio			Enterprise Equity Income Portfolio			Enterprise Growth and Income Portfolio
	For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2003			For the year ended December 31, 2003			For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2003			For the year ended December 31, 2003
Income:
Dividend income	$	2,697		$	0		$	0		$	0		$	3,829		$	13,845
Expenses:
Mortality and expense risk charges		(105	)		(3,886	)		(53,035	)		(6	)		(1,500	)		(8,635	)
Net investment income (loss)		2,592			(3,886	)		(53,035	)		(6	)		2,329			5,210
Realized gain (loss) on investments:
Net realized gain (loss) on sale of fund shares		(202	)		(15,470	)		(544,069	)		302			(2,466	)		(60,440	)
Realized gain distributions		0			0			0			0			0			0
Realized gain (loss)		(202	)		(15,470	)		(544,069	)		302			(2,466	)		(60,440	)
Change in unrealized appreciation (depreciation)		(4,616	)		193,773			3,550,450			(76	)		65,550			377,193
Net increase (decrease) in net assets from operations	$	(2,226	)	$	174,417		$	2,953,346		$	220		$	65,413		$	321,963

*** Termination of subaccount.

See notes to financial statements.

F-14

Enterprise Growth Portfolio			Enterprise Global Socially Responsive Portfolio			Enterprise High- Yield Portfolio			Enterprise International Growth Portfolio			Enterprise Mid-Cap Growth Portfolio			Enterprise Multi-Cap Growth Portfolio			Enterprise Managed Portfolio			Enterprise Small Company Growth Portfolio
For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
$	7,440		$	117		$	23,914		$	6,537		$	0		$	0		$	93,953		$	0
	(10,291	)		(179	)		(6,691	)		(9,711	)		(48	)		(3,473	)		(58,801	)		(3,628	)
	(2,851	)		(62	)		17,223			(3,174	)		(48	)		(3,473	)		35,152			(3,628	)
	(43,170	)		(1,055	)		(4,483	)		(158,796	)		(238	)		(24,714	)		(541,675	)		(20,595	)
	0			0			0			0			0			0			0			0
	(43,170	)		(1,055	)		(4,483	)		(158,796	)		(238	)		(24,714	)		(541,675	)		(20,595	)
	310,794			9,034			169,329			534,519			(578	)		186,203			1,982,838			154,270
$	264,773		$	7,917		$	182,069		$	372,549		$	(864	)	$	158,016		$	1,476,315		$	130,047

F-15

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	Enterprise Small Company Value Portfolio			Enterprise Total Return Portfolio			Enterprise WorldWide Growth Portfolio			Enterprise Short Duration Bond Portfolio			MONY Series Fund, Inc. Diversified Portfolio			MONY Series Fund, Inc. Equity Growth Portfolio
	For the year ended December 31, 2003			For the year ended December 31, 2003			For the period January 1, 2003 through February 28, 2003***			For the period November 3, 2003** through December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
Income:
Dividend income	$	5,846		$	2,834		$	0		$	2		$	895		$	129
Expenses:
Mortality and expense risk charges		(39,595	)		(592	)		(10	)		(0	)		(481	)		(258	)
Net investment income (loss)		(33,749	)		2,242			(10	)		2			414			(129	)
Realized gain (loss) on investments:
Net realized gain (loss) on sale of fund shares		(181,742	)		629			(82	)		0			(2,133	)		(8,106	)
Realized gain distributions		0			2,160			0			0			0			0
Realized gain (loss)		(181,742	)		2,789			(82	)		0			(2,133	)		(8,106	)
Change in unrealized appreciation (depreciation)		2,005,150			(825	)		(469	)		(1	)		22,698			19,827
Net increase (decrease) in net assets from operations	$	1,789,659		$	4,206		$	(561	)	$	1		$	20,979		$	11,592

** Commencement of operations

*** Termination of subaccount

See notes to financial statements.

F-16

MONY Series Fund, Inc. Equity Income Portfolio			MONY Series Fund, Inc. Government Securities Portfolio			MONY Series Fund, Inc. Intermediate Term Bond Portfolio			MONY Series Fund, Inc. Money Market Portfolio			MONY Series Fund, Inc. Long Term Bond Portfolio			AIM Basic Value Fund—Series I			AIM Mid Cap Core Equity Fund—Series I			Alger American Balanced Portfolio— Class O
For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the period October 20, 2003** through December 31, 2003			For the period October 21, 2003** through December 31, 2003			For the year ended December 31, 2003
$	763		$	21,691		$	17,728		$	28,877		$	39,508		$	2		$	0		$	1,062
	(255	)		(4,973	)		(2,599	)		(19,579	)		(4,659	)		(5	)		(0	)		(392	)
	508			16,718			15,129			9,298			34,849			(3	)		0			670
	(3,846	)		11,810			10,896			0			12,883			5			1			284
	0			0			0			0			273			0			2			0
	(3,846	)		11,810			10,896			0			13,156			5			3			284
	13,991			(20,856	)		(16,847	)		0			(20,217	)		560			12			10,027
$	10,653		$	7,672		$	9,178		$	9,298		$	27,788		$	562		$	15		$	10,981

F-17

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	Alger American Mid Cap Growth Portfolio— Class O			Dreyfus Socially Responsible Growth Fund— Initial Class			Dreyfus Stock Index Portfolio— Initial Class			Dreyfus IP Small Cap Stock Index Portfolio— Service Class			Fidelity VIP Growth Portfolio— Service Class			Fidelity VIP II ContraFund Portfolio— Service Class
	For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the period October 30, 2003** through December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
Income:
Dividend income	$	0		$	187		$	19,404		$	0		$	1,461		$	2,255
Expenses:
Mortality and expense risk charges		(909	)		(880	)		(7,987	)		(0	)		(5,302	)		(4,436	)
Net investment income (loss)		(909	)		(693	)		11,417			0			(3,841	)		(2,181	)
Realized gain (loss) on investments:
Net realized gain (loss) on sale of fund shares		(1,193	)		(8,215	)		(29,144	)		(1	)		(48,466	)		(4,017	)
Realized gain distributions		0			0			0			1			0			0
Realized gain (loss)		(1,193	)		(8,215	)		(29,144	)		0			(48,466	)		(4,017	)
Change in unrealized appreciation (depreciation)		66,602			43,490			337,620			12			285,688			183,276
Net increase (decrease) in net assets from operations	$	64,500		$	34,582		$	319,893		$	12		$	233,381		$	177,078

** Commencement of operations

See notes to financial statements.

F-18

Fidelity VIP III Growth Opportunities Portfolio—Service Class			Franklin Income Securities Fund— Class 2			Franklin Rising Dividends Securities Fund—Class 2			Franklin Zero Coupon 2010 Fund— Class 2			INVESCO VIF Financial Services Portfolio			INVESCO VIF Health Sciences Portfolio			INVESCO VIF Telecommunications Portfolio			Janus Aspen Series Mid Cap Growth Portfolio— Institutional Class
For the year ended December 31, 2003			For the period November 6, 2003** through December 31, 2003			For the period November 20, 2003** through December 31, 2003			For the period November 26, 2003** through December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
$	727		$	0		$	0		$	0		$	162		$	0		$	0		$	0
	(787	)		(0	)		(0	)		(0	)		(133	)		(226	)		(97	)		(3,970	)
	(60	)		0			0			0			29			(226	)		(97	)		(3,970	)
	(3,828	)		2			0			0			(152	)		(246	)		(1,511	)		(30,740	)
	0			0			0			0			0			0			0			0
	(3,828	)		2			0			0			(152	)		(246	)		(1,511	)		(30,740	)
	37,468			4			38			0			6,743			9,910			6,357			224,103
$	33,580		$	6		$	38		$	0		$	6,620		$	9,438		$	4,749		$	189,393

F-19

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	Janus Aspen Series Balanced Portfolio— Institutional Class			Janus Aspen Series Capital Appreciation Portfolio— Institutional Class			Janus Aspen Series Capital Appreciation Portfolio— Service Class			Janus Aspen Series Flexible Income Portfolio— Service Class			Janus Aspen Series International Growth Portfolio— Service Class			Janus Aspen Series WorldWide Growth Portfolio— Institutional Class			Lord Abbett Bond- Debenture Portfolio— Class VC
	For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
Income:
Dividend income	$	11,534		$	3,471		$	133		$	2,283		$	952		$	10,768		$	2,892
Expenses:
Mortality and expense risk charges		(3,114	)		(4,719	)		(270	)		(306	)		(559	)		(6,058	)		(288	)
Net investment income (loss)		8,420			(1,248	)		(137	)		1,977			393			4,710			2,604
Realized gain (loss) on investments:
Net realized gain (loss) on sale of fund shares		(5,372	)		(36,634	)		(544	)		372			(2,515	)		(63,218	)		300
Realized gain distributions		0			0			0			0			0			0			628
Realized gain (loss)		(5,372	)		(36,634	)		(544	)		372			(2,515	)		(63,218	)		928
Change in unrealized appreciation (depreciation)		61,583			169,083			10,169			245			35,023			270,849			3,955
Net increase (decrease) in net assets from operations	$	64,631		$	131,201		$	9,488		$	2,594		$	32,901		$	212,341		$	7,487

See notes to financial statements.

F-20

Lord Abbett Growth and Income Portfolio— Class VC			Lord Abbett Mid-Cap Value Portfolio— Class VC			MFS Mid Cap Growth Portfolio— Initial Class			MFS New Discovery Portfolio— Initial Class			MFS Total Return Portfolio— Initial Class			MFS Utilities Portfolio— Initial Class			UIF Emerging Markets Equity Portfolio— Class I			UIF Global Value Equity Portfolio— Class I
For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
$	2,381		$	1,583		$	0		$	0		$	1,831		$	729		$	0		$	0
	(1,302	)		(1,146	)		(396	)		(378	)		(765	)		(197	)		(205	)		(72	)
	1,079			437			(396	)		(378	)		1,066			532			(205	)		(72	)
	(236	)		(220	)		(3,071	)		(987	)		(339	)		(59	)		(149	)		(256	)
	0			3,274			0			0			0			0			0			0
	(236	)		3,054			(3,071	)		(987	)		(339	)		(59	)		(149	)		(256	)
	73,948			59,223			23,371			21,541			19,343			9,929			16,663			4,163
$	74,791		$	62,714		$	19,904		$	20,176		$	20,070		$	10,402		$	16,309		$	3,835

F-21

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	UIF U.S. Real Estate Portfolio— Class I			Oppenheimer Global Securities Portfolio— Service Class			Oppenheimer Main Street Portfolio— Service Class			PBHG Mid-Cap Portfolio			PBHG Select Value Portfolio
	For the year ended December 31, 2003			For the period October 7, 2003** through December 31, 2003			For the period November 6, 2003** through December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
Income:
Dividend income	$	0		$	0		$	0		$	0		$	996
Expense:
Mortality and expense risk charges		(730	)		(1	)		(0	)		(921	)		(209	)
Net investment income (loss)		(730	)		(1	)		0			(921	)		787
Realized gain (loss) on investments:
Net realized gain (loss) on sale of fund shares		(570	)		2			1			(477	)		(761	)
Realized gain distributions		0			0			0			0			0
Realized gain (loss)		(570	)		2			1			(477	)		(761	)
Change in unrealized appreciation (depreciation)		41,432			226			34			54,298			7,494
Net increase (decrease) in net assets from operations	$	40,132		$	227		$	35		$	52,900		$	7,520

** Commencement of operations

See notes to financial statements.

F-22

PIMCO Global Bond Portfolio— Administrative Class			PIMCO Real Return Portfolio— Administrative Class			PIMCO StocksPLUS Growth and Income Portfolio— Administrative Class
For the year ended December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2003
$	1,752		$	6,849		$	5,435
	(532	)		(1,847	)		(1,327	)
	1,220			5,002			4,108
	2,204			4,657			(2,835	)
	697			8,531			0
	2,901			13,188			(2,835	)
	7,774			5,335			61,159
$	11,895		$	23,525		$	62,432

F-23

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	Enterprise Balanced Portfolio						Enterprise Capital Appreciation Portfolio						Enterprise Equity Portfolio
	For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
From operations:
Net investment income (loss)	$	2,592		$	1,284		$	(3,886	)	$	(2,455	)	$	(53,035	)	$	(44,608	)
Net realized gain (loss)		(202	)		(1,775	)		(15,470	)		(18,425	)		(544,069	)		(933,238	)
Net change in unrealized appreciation (depreciation)		(4,616	)		(9,424	)		193,773			(61,071	)		3,550,450			(1,257,989	)
Net increase (decrease) in net assets from operations		(2,226	)		(9,915	)		174,417			(81,951	)		2,953,346			(2,235,835	)
Contract transactions:
Payments received from contract owners		8,919			75,396			235,414			242,448			1,580,394			1,946,552
Transfers between subaccounts, net		(100,172	)		(744	)		85,885			(2,430	)		(54,623	)		(86,676	)
Transfers for contract benefits and terminations		(4,496	)		(27,863	)		(120,352	)		(108,937	)		(1,281,435	)		(1,074,547	)
Net increase (decrease) from contract transactions		(95,749	)		46,789			200,947			131,081			244,336			785,329
Net increase (decrease) in net assets		(97,975	)		36,874			375,364			49,130			3,197,682			(1,450,506	)
Net assets beginning of period		97,975			61,101			422,588			373,458			5,617,710			7,068,216
Net assets end of period	$	0		$	97,975		$	797,952		$	422,588		$	8,815,392		$	5,617,710
Units issued during the period		1,365			9,296			49,424			34,685			184,559			235,624
Units redeemed during the period		(12,973	)		(4,105	)		(20,346	)		(16,661	)		(150,817	)		(138,161	)
Net units issued (redeemed) during period		(11,608	)		5,191			29,078			18,024			33,742			97,463

*** Termination of subaccount

See notes to financial statements.

F-24

Enterprise Emerging Countries Portfolio						Enterprise Equity Income Portfolio						Enterprise Growth and Income Portfolio						Enterprise Growth Portfolio
For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
$	(6	)	$	(14	)	$	2,329		$	1,255		$	5,210		$	6,641		$	(2,851	)	$	(1,521	)
	302			859			(2,466	)		(3,966	)		(60,440	)		(64,755	)		(43,170	)		(41,889	)
	(76	)		(618	)		65,550			(22,165	)		377,193			(265,529	)		310,794			(232,645	)
	220			227			65,413			(24,876	)		321,963			(323,643	)		264,773			(276,055	)
	633			3,210			136,635			130,670			540,533			587,067			850,513			679,058
	(4,946	)		379			45,399			5,627			7,567			(22,987	)		259,232			25,118
	(190	)		(1,164	)		(52,168	)		(40,066	)		(266,004	)		(258,111	)		(338,022	)		(230,150	)
	(4,503	)		2,425			129,866			96,231			282,096			305,969			771,723			474,026
	(4,283	)		2,652			195,279			71,355			604,059			(17,674	)		1,036,496			197,971
	4,283			1,631			172,588			101,233			1,050,461			1,068,135			1,094,767			896,796
$	0		$	4,283		$	367,867		$	172,588		$	1,654,520		$	1,050,461		$	2,131,263		$	1,094,767
	1,557			9,124			22,951			16,206			76,957			80,858			156,600			95,842
	(2,094	)		(8,756	)		(7,969	)		(5,522	)		(40,405	)		(42,072	)		(51,384	)		(35,628	)
	(537	)		368			14,982			10,684			36,552			38,786			105,216			60,214

F-25

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Enterprise Global Socially Responsive Portfolio						Enterprise High-Yield Portfolio						Enterprise International Growth Portfolio
	For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
From operations:
Net investment income (loss)	$	(62	)	$	(2	)	$	17,223		$	60,446		$	(3,174	)	$	(574	)
Net realized gain (loss)		(1,055	)		(718	)		(4,483	)		(16,524	)		(158,796	)		(146,613	)
Net change in unrealized appreciation (depreciation)		9,034			(2,635	)		169,329			(36,249	)		534,519			(137,565	)
Net increase (decrease) in net assets from operations		7,917			(3,355	)		182,069			7,673			372,549			(284,752	)
Contract transactions:
Payments received from contract owners		24,701			28,224			178,724			244,140			379,305			455,084
Transfers between subaccounts, net		1,285			131			14,977			10,502			7,540			(20,819	)
Transfers for contract benefits and terminations		(10,859	)		(6,221	)		(172,666	)		(134,631	)		(323,470	)		(230,875	)
Net increase (decrease) from contract transactions		15,127			22,134			21,035			120,011			63,375			203,390
Net increase (decrease) in net assets		23,044			18,779			203,104			127,684			435,924			(81,362	)
Net assets beginning of period		18,779			0			815,575			687,891			1,206,003			1,287,365
Net assets end of period	$	41,823		$	18,779		$	1,018,679		$	815,575		$	1,641,927		$	1,206,003
Units issued during the period		2,828			2,876			16,013			23,817			55,155			57,463
Units redeemed during the period		(1,169	)		(680	)		(13,759	)		(12,589	)		(45,650	)		(31,736	)
Net units issued (redeemed) during period		1,659			2,196			2,254			11,228			9,505			25,727

** Commencement of operations

*** Termination of subaccount

See notes to financial statements.

F-26

Enterprise Mid-Cap Growth Portfolio						Enterprise Multi-Cap Growth Portfolio						Enterprise Managed Portfolio						Enterprise Small Company Growth Portfolio
For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
$	(48	)	$	(235	)	$	(3,473	)	$	(2,363	)	$	35,152		$	16,951		$	(3,628	)	$	(2,032	)
	(238	)		(1,175	)		(24,714	)		(42,645	)		(541,675	)		(875,208	)		(20,595	)		(11,145	)
	(578	)		(13,148	)		186,203			(148,961	)		1,982,838			(1,132,490	)		154,270			(93,771	)
	(864	)		(14,558	)		158,016			(193,969	)		1,476,315			(1,990,747	)		130,047			(106,948	)
	4,373			50,712			253,710			342,270			1,738,451			1,996,432			305,893			315,947
	(44,672	)		(36	)		13,773			(43,958	)		(120,883	)		(96,327	)		16,639			13,216
	(1,146	)		(9,187	)		(134,244	)		(125,822	)		(1,517,527	)		(1,497,330	)		(137,208	)		(98,509	)
	(41,445	)		41,489			133,239			172,490			100,041			402,775			185,324			230,654
	(42,309	)		26,931			291,255			(21,479	)		1,576,356			(1,587,972	)		315,371			123,706
	42,309			15,378			421,926			443,405			7,280,433			8,868,405			444,022			320,316
$	0		$	42,309		$	713,181		$	421,926		$	8,856,789		$	7,280,433		$	759,393		$	444,022
	993			7,109			53,904			63,509			178,693			183,613			41,606			40,502
	(8,276	)		(1,672	)		(29,960	)		(34,520	)		(162,875	)		(145,717	)		(18,962	)		(14,047	)
	(7,283	)		5,437			23,944			28,989			15,818			37,896			22,644			26,455

F-27

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Enterprise Small Company Value Portfolio						Enterprise Total Return Portfolio						Enterprise WorldWide Growth Portfolio
	For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the period March 5, 2002** through December 31, 2002			For the period January 1, 2003 through February 28, 2003***			For the year ended December 31, 2002
From operations:
Net investment income (loss)	$	(33,749	)	$	(16,956	)	$	2,242		$	479		$	(10	)	$	(38	)
Net realized gain (loss)		(181,742	)		(112,651	)		2,789			633			(82	)		(115	)
Net change in unrealized appreciation (depreciation)		2,005,150			(367,170	)		(825	)		491			(469	)		(1,754	)
Net increase (decrease) in net assets from operations		1,789,659			(496,777	)		4,206			1,603			(561	)		(1,907	)
Contract transactions:
Payments received from contract owners		1,290,109			1,338,218			131,260			42,592			1,213			9,442
Transfers between subaccounts, net		30,349			(26,004	)		2,632			274			(9,020	)		436
Transfers for contract benefits and terminations		(916,191	)		(774,591	)		(27,238	)		(7,455	)		(606	)		(3,067	)
Net increase (decrease) from contract transactions		404,267			537,623			106,654			35,411			(8,413	)		6,811
Net increase (decrease) in net assets		2,193,926			40,846			110,860			37,014			(8,974	)		4,904
Net assets beginning of period		4,678,930			4,638,084			37,014			0			8,974			4,070
Net assets end of period	$	6,872,856		$	4,678,930		$	147,874		$	37,014		$	0		$	8,974
Units issued during the period		99,466			91,646			12,990			4,464			189			1,287
Units redeemed during the period		(58,930	)		(51,109	)		(3,147	)		(971	)		(1,544	)		(395	)
Net units issued (redeemed) during period		40,536			40,537			9,843			3,493			(1,355	)		892

** Commencement of operations

*** Termination of subaccount

See notes to financial statements.

F-28

Enterprise Short Duration Bond Portfolio			MONY Series Fund, Inc. Diversified Portfolio						MONY Series Fund, Inc. Equity Growth Portfolio						MONY Series Fund, Inc. Equity Income Portfolio
For the period November 3, 2003** through December 31, 2003			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
$	2		$	414		$	1,167		$	(129	)	$	(5	)	$	508		$	475
	0			(2,133	)		7,812			(8,106	)		(13,729	)		(3,846	)		334
	(1	)		22,698			(23,719	)		19,827			(2,496	)		13,991			(9,074	)
	1			20,979			(14,740	)		11,592			(16,230	)		10,653			(8,265	)
	519			1,684			1,684			10,501			24,604			9,475			15,356
	0			1,700			0			0			(14,301	)		1,700			0
	(119	)		(2,739	)		(2,739	)		(20,892	)		(8,445	)		(13,324	)		(7,815	)
	400			645			(1,055	)		(10,391	)		1,858			(2,149	)		7,541
	401			21,624			(15,795	)		1,201			(14,372	)		8,504			(724	)
	0			71,984			87,779			42,889			57,261			40,218			40,942
$	401		$	93,608		$	71,984		$	44,090		$	42,889		$	48,722		$	40,218
	52			84			44			229			501			247			328
	(12	)		(69	)		(72	)		(449	)		(528	)		(291	)		(193	)
	40			15			(28	)		(220	)		(27	)		(44	)		135

F-29

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Series Fund, Inc. Government Securities Portfolio						MONY Series Fund, Inc. Intermediate Term Bond Portfolio						MONY Series Fund, Inc. Money Market Portfolio
	For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
From operations:
Net investment income (loss)	$	16,718		$	8,004		$	15,129		$	7,989		$	9,298		$	22,270
Net realized gain (loss)		11,810			4,496			10,896			1,654			0			0
Net change in unrealized appreciation (depreciation)		(20,856	)		16,282			(16,847	)		14,866			0			0
Net increase (decrease) in net assets from operations		7,672			28,782			9,178			24,509			9,298			22,270
Contract transactions:
Payments received from contract owners		402,534			324,790			68,301			133,714			1,376,693			1,286,299
Transfers between subaccounts, net		(29,774	)		110,461			(4,952	)		44,258			(574,828	)		66,645
Transfers for contract benefits and terminations		(205,555	)		(124,698	)		(56,489	)		(43,819	)		(778,594	)		(296,704	)
Net increase (decrease) from contract transactions		167,205			310,553			6,860			134,153			23,271			1,056,240
Net increase (decrease) in net assets		174,877			339,335			16,038			158,662			32,569			1,078,510
Net assets beginning of period		646,908			307,573			348,125			189,463			3,311,905			2,233,395
Net assets end of period	$	821,785		$	646,908		$	364,163		$	348,125		$	3,344,474		$	3,311,905
Units issued during the period		40,333			40,772			10,663			16,150			149,526			161,105
Units redeemed during the period		(23,623	)		(13,639	)		(9,866	)		(5,625	)		(143,976	)		(58,778	)
Net units issued (redeemed) during period		16,710			27,133			797			10,525			5,550			102,327

** Commencement of operations

See notes to financial statements.

F-30

MONY Series Fund, Inc. Long Term Bond Portfolio						AIM Basic Value Fund—Series I			AIM Mid Cap Core Equity Fund—Series I			Alger American Balanced Portfolio—Class O						Alger American Mid Cap Growth Portfolio—Class O
For the year ended December 31, 2003			For the year ended December 31, 2002			For the period October 20, 2003** through December 31, 2003			For the period October 21, 2003** through December 31, 2003			For the year ended December 31, 2003			For the period February 21, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 26, 2002** through December 31, 2002
$	34,849		$	17,342		$	(3	)	$	0		$	670		$	39		$	(909	)	$	(205	)
	13,156			5,491			5			3			284			(368	)		(1,193	)		(1,476	)
	(20,217	)		45,059			560			12			10,027			(500	)		66,602			(11,789	)
	27,788			67,892			562			15			10,981			(829	)		64,500			(13,470	)
	218,046			255,592			7,189			405			71,881			39,686			107,099			69,159
	1,969			5,356			0			0			17,961			(28	)		67,599			13,126
	(122,546	)		(99,323	)		(289	)		(65	)		(16,469	)		(6,659	)		(31,027	)		(11,193	)
	97,469			161,625			6,900			340			73,373			32,999			143,671			71,092
	125,257			229,517			7,462			355			84,354			32,170			208,171			57,622
	608,278			378,761			0			0			32,170			0			57,622			0
$	733,535		$	608,278		$	7,462		$	355		$	116,524		$	32,170		$	265,793		$	57,622
	19,058			23,232			716			39			9,375			4,309			18,635			9,364
	(10,122	)		(9,427	)		(33	)		(6	)		(2,074	)		(773	)		(3,426	)		(1,748	)
	8,936			13,805			683			33			7,301			3,536			15,209			7,616

F-31

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Dreyfus Socially Responsible Growth Fund— Initial Class						Dreyfus Stock Index Portfolio—Initial Class						Dreyfus IP Small Cap Stock Index Portfolio—Service Class
	For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the period October 30, 2003** through December 31, 2003
From operations:
Net investment income (loss)	$	(693	)	$	(256	)	$	11,417		$	8,322		$	0
Net realized gain (loss)		(8,215	)		(8,863	)		(29,144	)		(56,270	)		0
Net change in unrealized appreciation (depreciation)		43,490			(28,960	)		337,620			(202,111	)		12
Net increase (decrease) in net assets from operations		34,582			(38,079	)		319,893			(250,059	)		12
Contract transactions:
Payments received from contract owners		70,506			92,074			506,909			589,290			402
Transfers between subaccounts, net		(4,114	)		(990	)		20,001			5,269			768
Transfers for contract benefits and terminations		(34,554	)		(32,229	)		(231,716	)		(213,664	)		(135	)
Net increase (decrease) from contract transactions		31,838			58,855			295,194			380,895			1,035
Net increase (decrease) in net assets		66,420			20,776			615,087			130,836			1,047
Net assets beginning of period		118,570			97,794			1,016,822			885,986			0
Net assets end of period	$	184,990		$	118,570		$	1,631,909		$	1,016,822		$	1,047
Units issued during the period		13,388			16,607			77,648			91,230			109
Units redeemed during the period		(7,480	)		(6,611	)		(35,982	)		(38,508	)		(13	)
Net units issued (redeemed) during period		5,908			9,996			41,666			52,722			96

** Commencement of operations

See notes to financial statements.

F-32

Fidelity VIP Growth Portfolio—Service Class						Fidelity VIP II Contrafund Portfolio—Service Class						Fidelity VIP III Growth Opportunities Portfolio—Service Class						Franklin Income Securities Fund— Class 2			Franklin Rising Dividends Securities Fund— Class 2
For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the period beginning November 6, 2003** through December 31, 2003			For the period beginning November 20, 2003** through December 31, 2003
$	(3,841	)	$	(3,070	)	$	(2,181	)	$	339		$	(60	)	$	229		$	0		$	0
	(48,466	)		(70,431	)		(4,017	)		(17,186	)		(3,828	)		(3,485	)		2			0
	285,688			(178,604	)		183,276			(41,754	)		37,468			(20,325	)		4			38
	233,381			(252,105	)		177,078			(58,601	)		33,580			(23,581	)		6			38
	327,846			418,627			234,803			279,615			54,003			65,676			452			1,262
	10,604			(13,620	)		17,983			(13,103	)		7,683			839			0			0
	(199,185	)		(176,348	)		(128,041	)		(112,642	)		(37,967	)		(25,090	)		(130	)		(37	)
	139,265			228,659			124,745			153,870			23,719			41,425			322			1,225
	372,646			(23,446	)		301,823			95,269			57,299			17,844			328			1,263
	670,188			693,634			567,676			472,407			101,196			83,352			0			0
$	1,042,834		$	670,188		$	869,499		$	567,676		$	158,495		$	101,196		$	328		$	1,263
	61,023			73,018			32,115			37,183			9,312			9,941			42			122
	(37,599	)		(36,288	)		(16,831	)		(18,169	)		(5,953	)		(3,967	)		(12	)		(4	)
	23,424			36,730			15,284			19,014			3,359			5,974			30			118

F-33

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Franklin Zero Coupon 2010 Fund—Class 2			INVESCO VIF Financial Services Portfolio						INVESCO VIF Health Sciences Portfolio
	For the period November 26, 2003** through December 31, 2003			For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	0		$	29		$	59		$	(226	)	$	(53	)
Net realized gain (loss)		0			(152	)		(119	)		(246	)		(109	)
Net change in unrealized appreciation (depreciation)		(0	)		6,743			(1,733	)		9,910			(1,430	)
Net increase (decrease) in net assets from operations		(0	)		6,620			(1,793	)		9,438			(1,592	)
Contract transactions:
Payments received from contract owners		85			19,731			18,151			37,268			20,923
Transfers between subaccounts, net		0			27			372			(496	)		4,061
Transfers for contract benefits and terminations		(13	)		(5,551	)		(2,116	)		(8,924	)		(3,406	)
Net increase (decrease) from contract transactions		72			14,207			16,407			27,848			21,578
Net increase (decrease) in net assets		72			20,827			14,614			37,286			19,986
Net assets beginning of period		0			14,614			0			19,986			0
Net assets end of period	$	72		$	35,441		$	14,614		$	57,272		$	19,986
Units issued during the period		8			2,074			1,944			4,207			2,865
Units redeemed during the period		(1	)		(591	)		(233	)		(1,131	)		(398	)
Net units issued (redeemed) during period		7			1,483			1,711			3,076			2,467

** Commencement of operations

See notes to financial statements.

F-34

INVESCO VIF Telecommunications Portfolio						Janus Aspen Series Mid Cap Growth Portfolio—Institutional Class						Janus Aspen Series Balanced Portfolio—Institutional Class						Janus Aspen Series Capital Appreciation Portfolio— Institutional Class						Janus Aspen Series Capital Appreciation Portfolio— Service Class
For the year ended December 31, 2003			For the period February 15, 2002** through December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002			For the year ended December 31, 2003			For the period February 22, 2002** through December 31, 2002
$	(97	)	$	(41	)	$	(3,970	)	$	(2,425	)	$	8,420		$	8,039		$	(1,248	)	$	(116	)	$	(137	)	$	(10	)
	(1,511	)		(1,309	)		(30,740	)		(73,572	)		(5,372	)		(9,198	)		(36,634	)		(59,659	)		(544	)		(179	)
	6,357			(2,341	)		224,103			(73,689	)		61,583			(25,010	)		169,083			(50,360	)		10,169			(2,656	)
	4,749			(3,691	)		189,393			(149,686	)		64,631			(26,169	)		131,201			(110,135	)		9,488			(2,845	)
	16,250			16,738			298,048			510,138			170,903			230,162			259,698			319,433			48,912			34,545
	0			(47	)		8,305			(13,798	)		14,825			11,082			(6,526	)		(37,513	)		1,886			(105	)
	(7,200	)		(5,781	)		(174,102	)		(293,246	)		(92,793	)		(83,410	)		(183,113	)		(148,098	)		(14,408	)		(4,066	)
	9,050			10,910			132,251			203,094			92,935			157,834			70,059			133,822			36,390			30,374
	13,799			7,219			321,644			53,408			157,566			131,665			201,260			23,687			45,878			27,529
	7,219			0			492,821			439,413			429,475			297,810			626,902			603,215			27,529			0
$	21,018		$	7,219		$	814,465		$	492,821		$	587,041		$	429,475		$	828,162		$	626,902		$	73,407		$	27,529
	2,336			1,917			86,138			150,520			22,735			31,254			46,985			58,173			5,390			3,579
	(999	)		(785	)		(51,909	)		(93,982	)		(12,709	)		(13,964	)		(35,244	)		(35,682	)		(1,601	)		(477	)
	1,337			1,132			34,229			56,538			10,026			17,290			11,741			22,491			3,789			3,102

F-35

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Janus Aspen Series Flexible Income Portfolio—Service Class						Janus Aspen Series International Growth Portfolio—Service Class						Janus Aspen Series WorldWide Growth Portfolio—Institutional Class
	For the year ended December 31, 2003			For the period February 21, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 21, 2002** through December 31, 2002			For the year ended December 31, 2003			For the year ended December 31, 2002
From operations:
Net investment income (loss)	$	1,977		$	586		$	393		$	119		$	4,710		$	3,320
Net realized gain (loss)		372			201			(2,515	)		(931	)		(63,218	)		(69,523	)
Net change in unrealized appreciation (depreciation)		245			874			35,023			(11,545	)		270,849			(171,410	)
Net increase (decrease) in net assets from operations		2,594			1,661			32,901			(12,357	)		212,341			(237,613	)
Contract transactions:
Payments received from contract owners		47,686			36,488			75,736			74,522			385,074			479,522
Transfers between subaccounts, net		41			(3,074	)		4,840			183			(30,168	)		(19,431	)
Transfers for contract benefits and terminations		(9,552	)		(4,112	)		(26,443	)		(8,505	)		(188,923	)		(175,801	)
Net increase (decrease) from contract transactions		38,175			29,302			54,133			66,200			165,983			284,290
Net increase (decrease) in net assets		40,769			30,963			87,034			53,843			378,324			46,677
Net assets beginning of period		30,963			0			53,843			0			807,216			760,539
Net assets end of period	$	71,732		$	30,963		$	140,877		$	53,843		$	1,185,540		$	807,216
Units issued during the period		4,358			4,132			9,583			7,763			81,897			92,303
Units redeemed during the period		(932	)		(1,277	)		(3,143	)		(1,033	)		(49,112	)		(40,643	)
Net units issued (redeemed) during period		3,426			2,855			6,440			6,730			32,785			51,660

** Commencement of operations

See notes to financial statements.

F-36

Lord Abbett Bond-Debenture Portfolio—Class VC						Lord Abbett Growth and Income Portfolio—Class VC						Lord Abbett Mid-Cap Value Portfolio—Class VC						MFS Mid Cap Growth Portfolio—Initial Class
For the year ended December 31, 2003			For the period February 21, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 27, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period March 1, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 15, 2002** through December 31, 2002
$	2,604		$	372		$	1,079		$	232		$	437		$	198		$	(396	)	$	(92	)
	928			64			(236	)		(611	)		3,054			(371	)		(3,071	)		(1,719	)
	3,955			337			73,948			(5,323	)		59,223			(2,109	)		23,371			(5,544	)
	7,487			773			74,791			(5,702	)		62,714			(2,282	)		19,904			(7,355	)
	54,997			24,177			179,383			89,444			142,497			44,872			65,851			44,285
	466			131			113,801			2,719			100,982			27,873			562			228
	(8,926	)		(2,538	)		(40,021	)		(9,668	)		(27,409	)		(5,987	)		(20,338	)		(9,118	)
	46,537			21,770			253,163			82,495			216,070			66,758			46,075			35,395
	54,024			22,543			327,954			76,793			278,784			64,476			65,979			28,040
	22,543			0			76,793			0			64,476			0			28,040			0
$	76,567		$	22,543		$	404,747		$	76,793		$	343,260		$	64,476		$	94,019		$	28,040
	4,933			2,353			32,889			10,700			25,700			8,233			8,937			5,681
	(793	)		(247	)		(4,651	)		(1,252	)		(2,995	)		(950	)		(2,714	)		(1,366	)
	4,140			2,106			28,238			9,448			22,705			7,283			6,223			4,315

F-37

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MFS New Discovery Portfolio—Initial Class						MFS Total Return Portfolio—Initial Class						MFS Utilities Portfolio—Initial Class
	For the year ended December 31, 2003			For the period February 15, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 15, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	(378	)	$	(115	)	$	1,066		$	(49	)	$	532		$	46
Net realized gain (loss)		(987	)		(588	)		(339	)		(410	)		(59	)		(48	)
Net change in unrealized appreciation (depreciation)		21,541			(6,441	)		19,343			17			9,929			(333	)
Net increase (decrease) in net assets from operations		20,176			(7,144	)		20,070			(442	)		10,402			(335	)
Contract transactions:
Payments received from contract owners		51,408			41,008			99,968			93,095			34,005			11,093
Transfers between subaccounts, net		6,975			8,094			21,181			(12,681	)		5,686			0
Transfers for contract benefits and terminations		(14,943	)		(6,672	)		(23,729	)		(7,530	)		(4,814	)		(2,362	)
Net increase (decrease) from contract transactions		43,440			42,430			97,420			72,884			34,877			8,731
Net increase (decrease) in net assets		63,616			35,286			117,490			72,442			45,279			8,396
Net assets beginning of period		35,286			0			72,442			0			8,396			0
Net assets end of period	$	98,902		$	35,286		$	189,932		$	72,442		$	53,675		$	8,396
Units issued during the period		7,062			5,546			12,163			9,900			4,354			1,216
Units redeemed during the period		(1,819	)		(821	)		(2,565	)		(2,314	)		(726	)		(249	)
Net units issued (redeemed) during period		5,243			4,725			9,598			7,586			3,628			967

** Commencement of operations

See notes to financial statements.

F-38

UIF Emerging Markets Equity Portfolio—Class I						UIF Global Value Equity Portfolio—Class I						UIF U.S. Real Estate Portfolio—Class I						Oppenheimer Global Securities Portfolio— Service Class			Oppenheimer Main Street Portfolio— Service Class
For the year ended December 31, 2003			For the period February 15, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 28, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 26, 2002** through December 31, 2002			For the period October 7, 2003** through December 31, 2003			For the period November 6, 2003** through December 31, 2003
$	(205	)	$	(93	)	$	(72	)	$	29		$	(730	)	$	1,867		$	(1	)	$	0
	(149	)		(227	)		(256	)		(56	)		(570	)		654			2			1
	16,663			(4,386	)		4,163			(353	)		41,432			(4,784	)		226			34
	16,309			(4,706	)		3,835			(380	)		40,132			(2,263	)		227			35
	17,353			33,842			12,271			4,589			111,135			58,759			3,379			1,049
	3,164			12			4,313			463			(313	)		17,783			0			0
	(7,828	)		(4,431	)		(3,169	)		(855	)		(21,503	)		(6,398	)		(216	)		(154	)
	12,689			29,423			13,415			4,197			89,319			70,144			3,163			895
	28,998			24,717			17,250			3,817			129,451			67,881			3,390			930
	24,717			0			3,817			0			67,881			0			0			0
$	53,715		$	24,717		$	21,067		$	3,817		$	197,332		$	67,881		$	3,390		$	930
	2,145			3,422			1,998			569			10,810			8,118			325			101
	(805	)		(485	)		(471	)		(107	)		(2,578	)		(905	)		(24	)		(15	)
	1,340			2,937			1,527			462			8,232			7,213			301			86

F-39

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	PBHG Mid-Cap Portfolio						PBHG Select Value Portfolio
	For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 8, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	(921	)	$	(242	)	$	787		$	70
Net realized gain (loss)		(477	)		(3,702	)		(761	)		384
Net change in unrealized appreciation (depreciation)		54,298			(4,107	)		7,494			(1,164	)
Net increase (decrease) in net assets from operations		52,900			(8,051	)		7,520			(710	)
Contract transactions:
Payments received from contract owners		147,361			98,551			38,319			28,183
Transfers between subaccounts, net		10,829			(1,715	)		1,544			(7,563	)
Transfers for contract benefits and terminations		(33,164	)		(11,187	)		(8,354	)		(3,455	)
Net increase (decrease) from contract transactions		125,026			85,649			31,509			17,165
Net increase (decrease) in net assets		177,926			77,598			39,029			16,455
Net assets beginning of period		77,598			0			16,455			0
Net assets end of period	$	255,524		$	77,598		$	55,484		$	16,455
Units issued during the period		17,025			11,801			4,892			3,186
Units redeemed during the period		(3,788	)		(2,783	)		(1,084	)		(1,123	)
Net units issued (redeemed) during period		13,237			9,018			3,808			2,063

** Commencement of operations

See notes to financial statements.

F-40

PIMCO Global Bond Portfolio— Administrative Class						PIMCO Real Return Portfolio— Administrative Class						PIMCO StocksPLUS Growth and Income Portfolio— Administrative Class
For the year ended December 31, 2003			For the period February 22, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period March 1, 2002** through December 31, 2002			For the year ended December 31, 2003			For the period February 22, 2002** through December 31, 2002
$	1,220		$	505		$	5,002		$	1,794		$	4,108		$	2,114
	2,901			447			13,188			2,026			(2,835	)		(3,909	)
	7,774			4,713			5,335			4,625			61,159			(15,974	)
	11,895			5,665			23,525			8,445			62,432			(17,769	)
	74,852			38,419			264,225			106,630			189,845			176,315
	(346	)		17,709			48,027			41,917			5,133			3,686
	(19,860	)		(4,947	)		(47,853	)		(17,641	)		(60,088	)		(28,171	)
	54,646			51,181			264,399			130,906			134,890			151,830
	66,541			56,846			287,924			139,351			197,322			134,061
	56,846			0			139,351			0			134,061			0
$	123,387		$	56,846		$	427,275		$	139,351		$	331,383		$	134,061
	6,626			5,354			30,979			16,520			21,440			20,701
	(2,199	)		(470	)		(8,453	)		(4,283	)		(6,633	)		(4,406	)
	4,427			4,884			22,526			12,237			14,807			16,295

F-41

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (MONY Strategist), Variable Universal Life (MONY Equity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life), and MONY Survivorship Variable Universal Life, collectively, the Variable Life Insurance Policies. These policies are issued by MONY.

There are sixty-one MONY Life subaccounts within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Alger American Fund, INVESCO Variable Investment Funds, Lord Abbett Series Fund, MFS Variable Insurance Trust, PIMCO Variable Insurance Trust, PBHG Insurance Series Fund, AIM Variable Insurance Funds, Franklin Templeton Variable Insurance Products Trust, Oppenheimer Variable Account Funds, Fidelity Variable Insurance Products, Dreyfus Socially Responsible Growth Fund, Inc., Dreyfus Stock Index Fund, Dreyfus Investment Portfolios, The Universal Institutional Funds, or Janus Aspen Series (collectively, the “Funds). The Funds are registered under the 1940 Act as open-end, management investment companies. The Fund and Enterprise are affiliated with MONY.

During the year ended December 31, 2003, the Variable Account combined all subaccounts investing in the same class of the same portfolio of the Funds. The financial statements for the years ended December 31, 2003 and 2002 are presented for each portfolio of the Funds rather than for each Variable Life Insurance Policy as if the subaccounts were combined on January 1, 2002. Combining these subaccounts had no effect on the net assets of the subaccounts or unit values of the Variable Life Insurance Policies.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds which were distributed by MONY to the Policyholders.

2.  Significant Accounting Policies

The preparation of financial statements in accordance with accordance with accounting principles generally accepted in the United States of America 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 the 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on ex-dividend date. Dividends and distributions received are reinvested in additional shares of the respective portfolios of the Funds.

F-42

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

2.  Significant Accounting Policies (continued)

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 on current tax law, to incur any income tax burden upon the earnings or realized 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 held by 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 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 the Variable Account for the year ended December 31, 2003 aggregated $7,156,247.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% to 0.75% of average daily net assets of each of the MONY Variable Life subaccounts.

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.

MONY and MONY Life Insurance Company of America (“MONY America”), a wholly-owned subsidiary of MONY, receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the year ended December 31, 2003, MONY received $13,628 in aggregate from certain Funds in connection with MONY Life subaccounts.

MONY America acts as investment adviser to the Fund and receives amounts paid by the Fund for those services.

On September 17, 2003, The MONY Group, Inc. (“MONY Group,” the ultimate parent of MONY and MONY America) entered into an Agreement and Plan of Merger with AXA Financial, Inc. (“AXA Financial”), and AIMA Acquisition Co. (“AIMA”), which was subsequently amended on February 22, 2004 (hereafter referred to collectively as the “AXA Agreement”), pursuant to which MONY Group will become a wholly owned subsidiary of AXA Financial. The acquisition contemplated by the AXA Agreement is subject to various regulatory approvals and other customary conditions, including the approval of MONY Group’s shareholders. A special meeting of MONY Group’s shareholders is scheduled for May 18, 2004 to vote on the proposed acquisition of MONY Group by AXA Financial. The transaction is expected to close in the second quarter of 2004.

On January 13, 2004 and February 4, 2004 the Board of Trustees of Enterprise and the Board of Directors of the Fund (collectively “the Trusts”), respectively, approved resolutions to merge the Trusts into the EQ Advisors Trust, a registered investment company managed by the Equitable Life Assurance Society of the United States, a subsidiary of AXA Financial. These mergers are subject to the approvals of the shareholders of each of the Trusts and are conditional upon completion of the proposed acquisition of MONY Group by AXA Financial.

F-43

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the year ended December 31, 2003 were as follows:

MONY Variable Account L Subaccounts	Cost of Shares Acquired		Proceeds from Shares Redeemed
Enterprise Balanced Portfolio	$	8,222	$	1,906
Enterprise Capital Appreciation Portfolio		281,578		84,766
Enterprise Equity Portfolio		1,014,761		827,292
Enterprise Emerging Countries Portfolio		12,237		10,820
Enterprise Equity Income Portfolio		174,423		46,149
Enterprise Growth and Income Portfolio		434,285		161,461
Enterprise Growth Portfolio		827,106		168,469
Enterprise Global Socially Responsive Portfolio		23,903		8,964
Enterprise High-Yield Portfolio		144,542		130,715
Enterprise International Growth Portfolio		13,122		246,193
Enterprise Mid-Cap Growth Portfolio		5,212		1,958
Enterprise Multi-Cap Growth Portfolio		213,152		83,621
Enterprise Managed Portfolio		1,046,235		1,054,030
Enterprise Small Company Growth Portfolio		265,975		84,514
Enterprise Small Company Value Portfolio		1,025,480		663,843
Enterprise Total Return Portfolio		123,426		17,385
Enterprise WorldWide Growth Portfolio		837		244
Enterprise Short Duration Bond Portfolio		451		51
MONY Series Fund, Inc. Diversified Portfolio		3,385		3,259
MONY Series Fund, Inc. Equity Growth Portfolio		7,411		18,083
MONY Series Fund, Inc. Equity Income Portfolio		8,379		10,804
MONY Series Fund, Inc. Government Securities Portfolio		373,445		211,595
MONY Series Fund, Inc. Intermediate Term Bond Portfolio		122,739		118,688
MONY Series Fund, Inc. Money Market Portfolio		1,346,154		1,344,160
MONY Series Fund, Inc. Long Term Bond Portfolio		189,698		97,255
AIM Basic Value Fund—Series I		7,131		236
AIM Mid Cap Core Equity Fund—Series I		399		59
Alger American Balanced Portfolio—Class O		81,342		8,374
Alger American Mid Cap Growth Portfolio—Class O		159,471		16,739
Dreyfus Socially Responsible Growth Fund—Initial Class		54,939		24,047
Dreyfus Stock Index Portfolio—Initial Class		401,410		114,778
Dreyfus IP Small Cap Stock Index Portfolio—Service Class		1,107		73
Fidelity VIP Growth Portfolio—Service Class		264,290		130,712
Fidelity VIP II Contrafund Portfolio—Service Class		198,094		78,099
Fidelity VIP III Growth Opportunities Portfolio—Service Class		49,533		26,654
Franklin Income Securities Fund—Class 2		444		122
Franklin Rising Dividends Securities Fund—Class 2		1,239		14
Franklin Zero Coupon 2010 Fund—Class 2		73		0

F-44

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions (continued)

MONY Variable Account L Subaccounts	Cost of Shares Acquired		Proceeds from Shares Redeemed
INVESCO VIF Financial Services Portfolio	$	16,141	$	2,075
INVESCO VIF Health Sciences Portfolio		31,367		3,755
INVESCO VIF Telecommunications Portfolio		15,225		6,276
Janus Aspen Series Mid Cap Growth Portfolio—Institutional Class		228,567		100,555
Janus Aspen Series Balanced Portfolio—Institutional Class		162,914		73,315
Janus Aspen Series Capital Appreciation Portfolio—Institutional Class		196,077		131,108
Janus Aspen Series Capital Appreciation Portfolio—Service Class		44,412		8,304
Janus Aspen Series Flexible Income Portfolio—Service Class		42,396		4,544
Janus Aspen Series International Growth Portfolio—Service Class		67,302		13,758
Janus Aspen Series WorldWide Growth Portfolio—Institutional Class		299,455		139,986
Lord Abbett Bond-Debenture Portfolio—Class VC		49,773		3,535
Lord Abbett Growth and Income Portfolio—Class VC		272,038		20,219
Lord Abbett Mid-Cap Value Portfolio—Class VC		231,473		16,582
MFS Mid-Cap Growth Portfolio—Initial Class		55,400		9,736
MFS New Discovery Portfolio—Initial Class		49,724		6,680
MFS Total Return Portfolio—Initial Class		106,689		10,071
MFS Utilities Portfolio—Initial Class		38,186		3,511
UIF Emerging Markets Equity Portfolio—Class I		16,954		4,483
UIF Global Value Equity Portfolio—Class I		15,438		2,098
UIF U.S. Real Estate Portfolio—Class I		104,194		15,638
Oppenheimer Global Securities Portfolio—Service Class		3,276		115
Oppenheimer Main Street Portfolio—Service Class		950		55
PBHG Mid-Cap Portfolio		139,646		15,581
PBHG Select Value Portfolio		34,512		3,222
PIMCO Global Bond Portfolio—Administrative Class		69,319		15,234
PIMCO Real Return Portfolio—Administrative Class		333,769		71,284
PIMCO StocksPLUS Growth and Income Portfolio—Administrative Class		158,744		25,253

F-45

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights

The Variable Life Insurance Policies have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns.

Effective for the year ended December 31, 2003, the Variable Account has adopted the provisions of AICPA Statement of Position 03-5 Financial Highlights of Separate Accounts: An Amendment to the Audit and Accounting Guide Audits of Investment Companies, which requires the disclosure of ranges for certain financial highlights information. The following table was developed by determining which Variable Life Insurance Policies funded by the Variable Account have the lowest and highest expense ratio. Only product designs within each subaccount that had units outstanding throughout the year ended December 31, 2003 were considered when determining the lowest and highest expense ratio. The summary may not reflect the minimum and maximum contract charges offered by MONY as contract owners may not have selected all available and applicable contract options discussed in Note 1. The ranges for the total return ratio and unit value correspond to the product groupings that produced the lowest and highest expense ratios.

	At December 31, 2003					For the period ended December 31, 2003
	Units Outstanding	Unit Value Lowest to Highest		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio** Lowest to Highest		Total Return*** Lowest to Highest
Enterprise Balanced Portfolio (6)	0	$	8.25 to 9.14	$	0	16.67	%(^)	0.35%(^) to 0.65	%(^)	(2.25)% to (2.24	)%
Enterprise Capital Appreciation Portfolio	96,262		8.02 to 8.08		798	0.00		0.35 to 0.75		32.03 to 32.56
Enterprise Equity Portfolio	763,614		8.71 to 12.73		8,815	0.00		0.35 to 0.75		51.73 to 52.27
Enterprise Emerging Countries Portfolio (6)	0		7.81		0	0.00		0.65	(^)	(1.88	)
Enterprise Equity Income Portfolio	36,536		9.95 to 10.41		368	1.57		0.35 to 0.75		25.79 to 26.18
Enterprise Growth and Income Portfolio	197,771		8.03 to 8.15		1,655	1.09		0.35 to 0.75		26.66 to 27.15
Enterprise Growth Portfolio	271,410		7.49 to 7.49		2,131	0.46		0.35 to 0.75		16.12 to 16.49
Enterprise Global Socially Responsive Portfolio	3,854		10.49 to 10.95		42	0.38		0.35 to 0.65		25.86 to 26.23
Enterprise High-Yield Portfolio	70,854		12.51 to 15.06		1,019	2.56		0.35 to 0.75		21.75 to 22.29
Enterprise International Growth Portfolio	171,305		6.35 to 10.32		1,642	0.49		0.35 to 0.75		29.97 to 30.39
Enterprise Mid Cap Growth Portfolio (6)	0		5.35 to 7.07		0	0.00		0.35(^) to 0.65	(^)	(2.90) to (2.88	)
Enterprise Multi-Cap Growth Portfolio	122,954		5.04 to 7.59		713	0.00		0.35 to 0.75		33.63 to 34.04
Enterprise Managed Portfolio	718,620		8.40 to 12.73		8,857	1.19		0.35 to 0.75		20.09 to 20.52
Enterprise Small Company Growth Portfolio	81,966		9.05 to 9.68		759	0.00		0.35 to 0.75		22.07 to 22.63
Enterprise Small Company Value Portfolio	312,903		11.65 to 26.05		6,873	0.11		0.35 to 0.75		36.39 to 37.06
Enterprise Total Return Portfolio	13,336		11.00 to 11.12		148	3.06		0.35 to 0.65		4.91 to 5.26
Enterprise WorldWide Growth Portfolio (6)	0		6.20		0	0.00		0.65	(^)	(5.92	)

F-46

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2003						For the period ended December 31, 2003
	Units Outstanding	Unit Value Lowest to Highest		Net Assets (000’s)			Investment Income Ratio*		Expense Ratio** Lowest to Highest		Total Return*** Lowest to Highest
Enterprise Short Duration Bond Portfolio (1)	40	$	10.03	$	0	(^^)	2.97	%(^)	0.35	%(^)	0.30	%
MONY Series Fund, Inc. Diversified Portfolio	2,058		45.49		94		1.12		0.60		29.09
MONY Series Fund, Inc. Equity Growth Portfolio	807		54.65		44		0.30		0.60		30.87
MONY Series Fund, Inc. Equity Income Portfolio	906		53.77		49		1.79		0.60		26.97
MONY Series Fund, Inc. Government Securities Portfolio	68,455		10.60 to 13.81		822		2.88		0.35 to 0.75		0.95 to 1.34
MONY Series Fund, Inc. Intermediate Term Bond Portfolio	26,224		11.79 to 14.56		364		4.77		0.35 to 0.75		2.46 to 2.88
MONY Series Fund, Inc. Money Market Portfolio	307,495		10.11 to 12.53		3,344		0.88		0.35 to 0.75		0.16 to 0.60
MONY Series Fund, Inc. Long Term Bond Portfolio	50,925		11.23 to 15.97		734		5.77		0.35 to 0.75		3.97 to 4.37
AIM Basic Value Fund—Series I (7)	683		10.93		7		0.06	(^)	0.35	(^)	9.30
AIM Mid Cap Core Equity Fund—Series I (8)	33		10.68		0	(^^)	0.00		0.35	(^)	6.80
Alger American Balanced Portfolio—Class O	10,836		10.70 to 10.78		117		1.62		0.35 to 0.65		18.33 to 18.63
Alger American Mid Cap Growth Portfolio—Class O	22,824		10.99 to 11.22		266		0.00		0.35 to 0.65		46.86 to 47.32
Dreyfus Socially Responsible Growth Fund—Initial Class	29,883		5.98 to 7.56		185		0.13		0.35 to 0.75		25.17 to 25.63
Dreyfus Stock Index Portfolio—Initial Class	202,873		7.82 to 8.11		1,632		1.55		0.35 to 0.75		27.36 to 27.92
Dreyfus IP Small Cap Stock Index Portfolio—Service Class (9)	96		10.90		1		0.00		0.35	(^)	9.00
Fidelity VIP Growth Portfolio—Service Class	153,820		6.85 to 6.99		1,043		0.18		0.35 to 0.75		31.73 to 32.39
Fidelity VIP II Contrafund Portfolio—Service Class	91,087		9.40 to 9.46		869		0.33		0.35 to 0.75		27.37 to 27.84
Fidelity VIP III Growth Opportunities Portfolio—Service Class	20,004		7.42 to 9.25		158		0.56		0.35 to 0.75		28.65 to 29.27
Franklin Income Securities Fund—Class 2 (2)	30		10.85		0	(^^)	0.00		0.35	(^)	8.50
Franklin Rising Dividends Securities Fund—Class 2 (3)	118		10.73		1		0.00		0.35	(^)	7.30
Franklin Zero Coupon 2010 Fund—Class 2 (4)	7		10.05		0	(^^)	0.00		0.35	(^)	0.50
INVESCO VIF Financial Services Portfolio	3,195		10.76 to 11.21		35		0.67		0.35 to 0.65		28.70 to 29.02

F-47

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2003					For the period ended December 31, 2003
	Units Outstanding	Unit Value Lowest to Highest		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio** Lowest to Highest		Total Return*** Lowest to Highest
INVESCO VIF Health Sciences Portfolio	5,543	$	10.29	$	57	0.00	%	0.65	%	27.04	%
INVESCO VIF Telecommunications Portfolio	2,469		8.51		21	0.00		0.65		33.39
Janus Aspen Series Mid Cap Growth Portfolio—Institutional Class	190,938		3.56 to 7.71		814	0.00		0.35 to 0.75		34.09 to 34.85
Janus Aspen Series Balanced Portfolio—Institutional Class	58,950		10.14 to 10.29		587	2.33		0.35 to 0.75		13.20 to 13.68
Janus Aspen Series Capital Appreciation Portfolio—Institutional Class	128,029		5.83 to   6.47		828	0.49		0.35 to 0.	65	19.59 to 19.96
Janus Aspen Series Capital Appreciation Portfolio—Service Class	6,891		11.04 to 10.69		73	0.28		0.35 to 0.65		19.44 to 19.79
Janus Aspen Series Flexible Income Portfolio—Service Class	6,281		11.43 to 11.62		72	4.48		0.35 to 0.65		5.54 to   5.83
Janus Aspen Series International Growth Portfolio—Service Class	13,169		10.62 to 10.70		141	1.02		0.35 to 0.65		33.75 to 34.09
Janus Aspen Series Worldwide Growth Portfolio—Institutional Class	204,216		5.63 to 6.14		1,186	1.15		0.35 to 0.65		23.19 to 23.54
Lord Abbett Bond-Debenture Portfolio—Class VC	6,246		12.25 to 12.56		77	5.56		0.35 to 0.65		17.27 to 17.56
Lord Abbett Growth and Income Portfolio—Class VC	37,685		10.57 to 10.83		405	1.00		0.35 to 0.65		30.17 to 30.66
Lord Abbett Mid-Cap Value Portfolio— Class VC	29,990		11.04 to 12.08		343	0.78		0.35 to 0.65		24.04 to 24.41
MFS Mid-Cap Growth Portfolio—Initial Class	10,538		8.85		94	0.00		0.65		36.15
MFS New Discovery Portfolio—Initial Class	9,967		9.76 to 10.43		99	0.00		0.35 to 0.65		32.79 to 33.21
MFS Total Return Portfolio—Initial Class	17,184		10.73 to 11.09		190	1.48		0.35 to 0.65		15.64 to 16.00
MFS Utilities Portfolio—Initial Class	4,595		11.72		54	2.35		0.65		35.02
UIF Emerging Markets Equity Portfolio—Class I	4,277		12.10 to 12.70		54	0.00		0.35 to 0.65		48.71 to 49.20
UIF Global Value Equity Portfolio—Class I	1,988		10.59		21	0.00		0.65		28.05
UIF U.S. Real Estate Portfolio—Class I	15,443		12.44 to 13.23		197	0.00		0.35 to 0.65		36.67 to 37.00
Oppenheimer Global Securities Portfolio—Service Class (5)	301		11.25		3	0.00		0.35	(^)	12.50
Oppenheimer Main Street Portfolio—Service Class (2)	86		10.79		1	0.00		0.35	(^)	7.90
PBHG Mid-Cap Portfolio	22,256		11.26 to 11.54		256	0.00		0.35 to 0.65		33.41 to 33.89
PBHG Select Value Portfolio	5,871		9.37		55	3.01		0.65		17.42

F-48

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2003					For the period ended December 31, 2003
	Units Outstanding	Unit Value Lowest to Highest		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio** Lowest to Highest		Total Return*** Lowest to Highest
PIMCO Global Bond Portfolio—Administrative Class	9,312	$	12.97 to $13.53	$	123	2.05	%	0.35% to 0.65	%	13.70% to 14.07	%
PIMCO Real Return Portfolio—Administrative Class	34,773		11.93 to 12.45		427	2.19		0.35 to 0.65		8.17 to 8.45
PIMCO StocksPLUS Growth and Income Portfolio—Administrative Class	31,103		10.41 to 10.70		331	2.33		0.35 to 0.65		29.54 to 29.96

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized. The Total Return is calculated for the year ended December 31, 2003 or from the commencement of operations of the Subaccount.

(_^) Annualized.

(_^^) Amounts round to less than one thousand.

(1) For the period November 3, 2003 (commencement of operations) through December 31, 2003.

(2) For the period November 6, 2003 (commencement of operations) through December 31, 2003.

(3) For the period November 20, 2003 (commencement of operations) through December 31, 2003.

(4) For the period November 26, 2003 (commencement of operations) through December 31, 2003.

(5) For the period October 7, 2003 (commencement of operations) through December 31, 2003.

(6) For the period January 1, 2003 through February 28, 2003 (termination of subaccount).

(7) For the period October 20, 2003 (commencement of operations) through December 31, 2003.

(8) For the period October 21, 2003 (commencement of operations) through December 31, 2003.

(9) For the period October 30, 2003 (commencement of operations) through December 31, 2003.

F-49

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Equity Growth Subaccount	1,027	$	41.76	$	43	0.59	%	0.60	%	(23.15	)%
Equity Income Subaccount	950		42.35		40	1.70		0.60		(15.65	)
Intermediate Term Bond Subaccount	544		28.59		16	2.91		0.60		8.67
Long Term Bond Subaccount	626		36.08		23	3.97		0.60		13.39
Diversified Subaccount	2,043		35.24		72	2.07		0.60		(16.87	)
Money Market Subaccount	877		20.69		18	1.49		0.60		0.93
MONY Equity Master Subaccounts
MONY Series Fund, Inc.
Government Securities Subaccount	22,488		13.68		308	2.82		0.75		5.80
Intermediate Term Bond Subaccount	13,508		14.21		192	3.32		0.75		8.56
Long Term Bond Subaccount	22,745		15.36		349	4.32		0.75		13.27
Money Market Subaccount	53,939		12.51		675	1.48		0.75		0.72
Enterprise Accumulation Trust
Equity Subaccount	585,851		8.39		4,913	0.00		0.75		(29.91	)
Small Company Value Subaccount	216,070		19.10		4,127	0.37		0.75		(9.91	)

F-50

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Managed Subaccount	652,248	$	10.60	$	6,916	0.95	%	0.75	%	(21.83	)%
International Growth Subaccount	133,659		7.94		1,061	0.68		0.75		(20.04	)
High Yield Bond Subaccount	51,078		12.37		632	8.66		0.75		0.73
Growth Subaccount	33,150		6.45		214	0.41		0.75		(23.76	)
Growth and Income Subaccount	68,556		6.34		435	1.22		0.75		(26.54	)
Capital Appreciation Subaccount	15,482		6.12		95	0.00		0.75		(17.52	)
Balanced Subaccount	149		8.47		1	2.10		0.75		(7.73	)
Equity Income Subaccount	638		7.91		5	1.66		0.75		(15.40	)
Multi-Cap Growth Subaccount	1,337		5.68		8	0.00		0.75		(35.16	)
Small Company Growth Subaccount	3,613		7.93		29	0.00		0.75		(24.55	)
Mid-Cap Growth Subaccount	1,874		6.50		12	0.00		0.75		(31.51	)
Worldwide Growth Subaccount	57		7.42		426	0.00		0.75		(25.87	)
Emerging Countries Subaccount	0		0		0	0.00		0.75		(21.50	)
Dreyfus
Dreyfus Stock Index Subaccount	26,426		6.14		162	1.42		0.75		(22.56	)
Dreyfus Socially Responsible Growth Subaccount	154		6.04		1	0.21		0.75		(29.52	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	35,429		5.20		184	0.13		0.75		(30.76	)
VIP II Contrafund Subaccount	18,390		7.38		136	0.64		0.75		(10.11	)
VIP III Growth Opportunities Subaccount	251		7.19		2	0.80		0.75		(22.44	)
Janus Aspen Series
Aggressive Growth Subaccount	729		5.75		4	0.00		0.75		(28.48	)
Balanced Subaccount	4,496		9.09		41	4.15		0.75		(7.15	)
Capital Appreciation Subaccount	46,743		5.41		253	0.60		0.75		(16.25	)
Worldwide Growth Subaccount	51,123		4.57		234	1.00		0.75		(26.17	)

For a unit outstanding throughout the period ended December 31, 2001:

	At December 31, 2001					For the period ended December 31, 2001
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Equity Growth Subaccount	1,054	$	54.34	$	57	0.00	%	0.60	%	(19.79	)%
Equity Income Subaccount	815		50.21		41	1.71		0.60		(11.52	)
Intermediate Term Bond Subaccount	295		26.31		8	5.27		0.60		7.87
Long Term Bond Subaccount	478		31.82		15	5.16		0.60		5.68
Diversified Subaccount	2,071		42.39		88	1.13		0.60		(15.93	)
Money Market Subaccount	2,246		20.50		46	3.44		0.60		3.17

F-51

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

	At December 31, 2001					For the period ended December 31, 2001
MONYEquity Master Subaccounts	Units		Unit Values	Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Government Securities Subaccount	16,863		12.93	218		4.35		0.75		5.81
Intermediate Term Bond Subaccount	9,128		13.09	119		4.84		0.75		7.74
Long Term Bond Subaccount	21,528		13.56	292		4.92		0.75		5.53
Money Market Subaccount	40,522		12.42	503		3.59		0.75		3.07
Enterprise Accumulation Trust
Equity Subaccount	532,023		11.97	6,370		0.00		0.75		(19.45	)
Small Company Value Subaccount	204,616		21.20	4,339		0.26		0.75		4.33
Managed Subaccount	631,443		13.56	8,562		2.19		0.75		(11.83	)
International Growth Subaccount	117,820		9.93	1,170		0.68		0.75		(28.41	)
High Yield Bond Subaccount	48,673		12.28	598		8.85		0.75		5.14
Growth Subaccount	28,653		8.46	243		0.48		0.75		(13.23	)
Growth and Income Subaccount	65,041		8.63	561		0.89		0.75		(12.56	)
Capital Appreciation Subaccount	11,976		7.42	89		0.70		0.75		(19.78	)
Balanced Subaccount (1)	0	(^^)	9.18	0	(^^^)	4.18	(^)	0.75	(^)	(8.20	)
Equity Income Subaccount (2)	231		9.35	2		1.66	(^)	0.75	(^)	(6.50	)
Multi-Cap Growth Subaccount (3)	572		8.76	5		0.00	(^)	0.75	(^)	(12.40	)
Small Company Growth Subaccount (4)	476		10.51	5		0.00	(^)	0.75	(^)	5.10
Mid-Cap Growth Subaccount (4)	379		9.49	4		0.00	(^)	0.75	(^)	(5.10	)
Worldwide Growth Subaccount (5)	0	(^^)	10.01	0	(^^^)	0.00	(^)	0.75	(^)	0.10
Dreyfus
Dreyfus Stock Index Subaccount	19,709		7.96	157		0.51		0.75		(12.91	)
Dreyfus Socially Responsible Growth Subaccount (6)	44		8.57	0	(^^^)	0.00	(^)	0.75	(^)	(14.30	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	26,701		7.51	200		0.00		0.75		(18.37	)
VIP II Contrafund Subaccount	13,866		8.21	114		0.59		0.75		(13.03	)
VIP III Growth Opportunities Subaccount (6)	199		9.27	2		0.00	(^)	0.75	(^)	(7.30	)
Janus Aspen Series
Aggressive Growth Subaccount (6)	413		8.04	3		0.00	(^)	0.75	(^)	(19.60	)
Balanced Subaccount (5)	1,435		9.79	14		4.93	(^)	0.75	(^)	(2.10	)
Capital Appreciation Subaccount	39,919		6.46	258		1.34		0.75		(22.36	)
Worldwide Growth Subaccount	38,546		6.19	238		0.53		0.75		(23.01	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized.

(^^) Amounts round to less than one.

(^^^) Amounts round to less than one thousand.

(1) For the period May 4, 2001 (commencement of operations) through December 31, 2001.

(2) For the period June 19, 2001 (commencement of operations) through December 31, 2001.

(3) For the period May 18, 2001 (commencement of operations) through December 31, 2001.

(4) For the period August 8, 2001 (commencement of operations) through December 31, 2001.

(5) For the period June 13, 2001 (commencement of operations) through December 31, 2001.

(6) For the period May 15, 2001 (commencement of operations) through December 31, 2001.

F-52

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	11,293	$	12.37	$	140	2.26	%	0.35	%	8.70	%
Long Term Bond Subaccount	12,772		13.21		169	2.50		0.35		13.39
Government Securities Subaccount	17,384		12.31		214	1.41		0.35		5.94
Money Market Subaccount	96,370		10.80		1,041	0.97		0.35		0.93
Enterprise Accumulation Trust
Equity Subaccount	132,826		4.82		641	0.00		0.35		(29.84	)
Small Company Value Subaccount	38,844		10.00		389	0.26		0.35		(9.75	)
Managed Subaccount	46,292		7.19		333	0.66		0.35		(21.59	)
International Growth Subaccount	22,624		5.22		118	0.46		0.35		(19.94	)
High Yield Bond Subaccount	15,634		10.50		164	5.40		0.35		0.96
Growth Subaccount	105,572		6.46		682	0.27		0.35		(23.74	)
Growth and Income Subaccount	81,345		6.51		530	0.81		0.35		(26.36	)
Small Company Growth Subaccount	42,606		7.36		313	0.00		0.35		(24.36	)
Equity Income Subaccount	15,612		7.85		123	0.84		0.35		(15.23	)
Capital Appreciation Subaccount	48,771		6.36		310	0.00		0.35		(17.30	)
Multi-Cap Growth Subaccount	83,320		4.16		346	0.00		0.35		(34.90	)
Balanced Subaccount	11,429		8.44		96	1.35		0.35		(11.34	)
Emerging Countries Subaccount	537		7.96		4	0.13		0.35		(17.17	)
Worldwide Growth Subaccount	1,298		6.59		9	0.00		0.35		(25.11	)
Mid-Cap Growth Subaccount	5,215		5.51		29	0.00		0.35		(31.38	)
Total Return Subaccount (1)	21		10.46		0	1.92	(^)	0.35	(^)	4.60
Dreyfus
Dreyfus Stock Index Subaccount	119,048		6.34		755	0.92		0.35		(22.78	)
Dreyfus Socially Responsible Growth Subaccount	19,929		4.97		99	0.18		0.35		(29.40	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	79,727		5.09		406	0.08		0.35		(30.56	)
VIP II Contrafund Subaccount	49,502		7.55		374	0.40		0.35		(9.90	)
VIP III Growth Opportunities Subaccount	13,189		6.14		81	0.47		0.35		(22.38	)
Janus Aspen Series
Aggressive Growth Subaccount	141,118		3.18		449	0.00		0.35		(28.38	)
Balanced Subaccount	38,530		8.72		336	1.71		0.35		(6.94	)
Capital Appreciation Subaccount	60,226		5.46		329	0.38		0.35		(16.13	)
Worldwide Growth Subaccount	103,472		4.73		490	0.64		0.35		(25.98	)

F-53

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Alger American Fund
Mid Cap Growth Subaccount (2)	1,148	$	7.64	$	9	0.00	%	0.35	%(^)	(23.60	)%
Lord Abbett Series Funds
Growth and Income Subaccount (3)	1,005		8.32		8	0.92	(^)	0.35	(^)	(16.80	)
Mid-Cap Value Subaccount (2)	3,695		8.69		32	0.77	(^)	0.35	(^)	(13.10	)
The Universal Institutional Funds, Inc.
U.S. Real Estate Subaccount (3)	1,536		9.08		14	4.42	(^)	0.35	(^)	(9.20	)
PIMCO Variable Insurance Trust
Global Bond Subaccount (3)	1,866		11.33		21	1.42	(^)	0.35	(^)	13.30
Real Return Subaccount (2)	4,960		11.20		56	2.16	(^)	0.35	(^)	12.00

For a unit outstanding throughout the period ended December 31, 2001:

	At December 31, 2001			For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value	Net Assets (000’s)	Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	5,383	11.38	61	2.71		0.35		8.17
Long Term Bond Subaccount	5,166	11.65	60	3.22		0.35		5.91
Government Securities Subaccount	7,316	11.62	85	1.52		0.35		6.22
Money Market Subaccount	121,626	10.70	1,301	3.02		0.35		3.48
Enterprise Accumulation Trust
Equity Subaccount	93,665	6.87	643	0.00		0.35		(19.08	)
Small Company Value Subaccount	22,978	11.08	255	0.31		0.35		4.82
Managed Subaccount	31,845	9.17	292	2.72		0.35		(11.49	)
International Growth Subaccount	14,206	6.52	93	0.82		0.35		(28.04	)
High Yield Bond Subaccount	7,695	10.40	80	8.81		0.35		5.48
Growth Subaccount	70,201	8.47	594	0.56		0.35		(12.86	)
Growth and Income Subaccount	53,806	8.84	476	1.16		0.35		(12.21	)
Small Company Growth Subaccount	29,439	9.73	287	0.00		0.35		(4.23	)
Equity Income Subaccount	9,356	9.26	87	1.30		0.35		(11.05	)
Capital Appreciation Subaccount	33,465	7.69	257	0.74		0.35		(19.39	)
Multi-Cap Growth Subaccount	60,270	6.39	385	0.00		0.35		(17.34	)
Balanced Subaccount	6,380	9.52	61	2.07		0.35		(4.13	)
Emerging Countries Subaccount (4)	169	9.61	2	0.00	(^)	0.35	(^)	(3.90	)
Worldwide Growth Subaccount (4)	463	8.80	4	0.00	(^)	0.35	(^)	(12.00	)
Mid-Cap Growth Subaccount (4)	1,466	8.03	12	0.00	(^)	0.35	(^)	(19.70	)

F-54

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Dreyfus
Dreyfus Stock Index Subaccount	78,584	$	8.21	$	645	1.28	%	0.35	%	(12.57	)%
Dreyfus Socially Responsible Growth Subaccount	11,748		7.04		83	0.09		0.35		(22.89	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	57,776		7.33		423	0.00		0.35		(18.01	)
VIP II Contrafund Subaccount	37,789		8.38		317	0.51		0.35		(12.62	)
VIP III Growth Opportunities Subaccount	8,012		7.91		63	0.16		0.35		(14.76	)
Janus Aspen Series
Aggressive Growth Subaccount	90,311		4.44		401	0.00		0.35		(39.76	)
Balanced Subaccount	26,527		9.37		249	3.19		0.35		(5.07	)
Capital Appreciation Subaccount	46,253		6.51		301	1.41		0.35		(21.94	)
Worldwide Growth Subaccount	71,160		6.39		455	0.59		0.35		(22.73	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(_^) Annualized

(1) For the period June 12, 2002 (commencement of operations) through December 31, 2002

(2) For the period May 6, 2002 (commencement of operations) through December 31, 2002

(3) For the period May 31, 2002 (commencement of operations) through December 31, 2002

(4) For the period June 8, 2001 (commencement of operations) through December 31, 2001.

F-55

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
Alger American Fund
Balanced Subaccount (1)	3,008	$	9.11	$	27	0.84	%	0.65	%	(8.90	)%
Mid Cap Growth Subaccount (2)	5,358		7.57		41	0.00		0.65		(24.30	)
Enterprise Accumulation Trust
Equity Income Subaccount (3)	2,679		8.53		23	1.88		0.65		(14.70	)
Growth and Income Subaccount (4)	8,201		7.92		65	2.01		0.65		(20.80	)
Growth Subaccount (4)	13,686		8.00		109	0.61		0.65		(20.00	)
Global Socially Responsive Subaccount (4)	1,385		8.70		12	0.50		0.65		(13.00	)
Managed Subaccount (5)	1,521		8.35		13	1.58		0.65		(16.50	)
Multi-Cap Growth Subaccount (3)	3,463		7.03		24	0.00		0.65		(29.70	)
Small Company Growth Subaccount (4)	6,471		8.05		52	0.00		0.65		(19.50	)
Small Company Value Subaccount (4)	10,407		9.34		97	0.67		0.65		(6.60	)
Total Return Bond Subaccount (10)	3,459		10.60		37	3.52		0.65		6.00
INVESCO Variable Investment Funds
Financial Services Subaccount (4)	925		8.71		8	1.44		0.65		(12.90	)
Health Sciences Subaccount (4)	2,467		8.10		20	0.00		0.65		(19.00	)
Telecommunications Subaccount (3)	1,132		6.38		7	0.00		0.65		(36.20	)
Janus Aspen Series
Capital Appreciation Subaccount (5)	1,990		8.95		18	0.45		0.65		(10.50	)
Flexible Income Subaccount (1)	2,536		10.83		27	4.92		0.65		8.30
International Growth Subaccount (1)	6,455		8.00		52	0.97		0.65		(20.00	)
Lord Abbett Series Funds
Bond Debenture Subaccount (1)	2,017		10.71		22	3.98		0.65		7.10
Growth and Income Subaccount (6)	7,720		8.11		63	1.31		0.65		(18.90	)
Mid-Cap Value Subaccount (7)	3,087		8.90		27	1.52		0.65		(11.00	)
MFS Variable Insurance Trust
Mid Cap Growth Subaccount (3)	4,315		6.50		28	0.00		0.65		(35.00	)
New Discovery Subaccount (3)	3,522		7.35		26	0.00		0.65		(26.50	)
Total Return Subaccount (4)	6,621		9.59		64	0.51		0.65		(4.10	)
Utilities Subaccount (3)	967		8.68		8	1.80		0.65		(13.20	)
MONY Series Fund, Inc.
Government Securities Subaccount (1)	9,287		10.51		98	0.12		0.65		5.10
Long Term Bond Subaccount (5)	4,206		11.09		47	0.05		0.65		10.90
Money Market Subaccount (8)	78,518		10.08		791	1.42		0.65		0.80

F-56

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
The Universal Institutional Funds, Inc.
Emerging Markets Equity Subaccount (3)	2,063	$	8.54	$	18	0.00	%	0.65	%	(14.60	)%
Global Value Equity Subaccount (9)	462		8.27		4	2.47		0.65		(17.30	)
U.S. Real Estate Subaccount (2)	4,010		9.68		39	7.04		0.65		(3.20	)
PBHG Insurance Series Fund
Mid-Cap Value Subaccount (4)	7,346		8.65		64	0.00		0.65		(13.50	)
Select Value Subaccount (4)	2,063		7.98		16	1.85		0.65		(20.20	)
PIMCO Variable Insurance Trust
Global Bond Subaccount (5)	2,562		11.90		31	2.68		0.65		19.00
Real Return Subaccount (7)	5,050		11.51		58	4.48		0.65		15.10
StocksPlus Growth and Income Subaccount (5)	14,127		8.26		117	3.37		0.65		(17.40	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

_^ Annualized

(1) For the period February 21, 2002 (commencement of operations) through December 31, 2002

(2) For the period February 26, 2002 (commencement of operations) through December 31, 2002

(3) For the period February 15, 2002 (commencement of operations) through December 31, 2002

(4) For the period February 8, 2002 (commencement of operations) through December 31, 2002

(5) For the period February 22, 2002 (commencement of operations) through December 31, 2002

(6) For the period February 27, 2002 (commencement of operations) through December 31, 2002

(7) For the period March 1, 2002 (commencement of operations) through December 31, 2002

(8) For the period February 6, 2002 (commencement of operations) through December 31, 2002

(9) For the period February 28, 2002 (commencement of operations) through December 31, 2002

(10) For the period March 5, 2002 (commencement of operations) through December 31, 2002

F-57

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Survivorship Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
Alger American Fund
Balanced Subaccount (1)	528	$	9.02	$	5	1.46	%	0.35	%	(9.80	)%
Mid-Cap Growth Subaccount (2)	1,110		7.46		8	0.00		0.35		(25.40	)
Enterprise Accumulation Trust
Equity Income Subaccount (3)	816		8.88		7	2.55		0.35		(11.20	)
Growth and Income Subaccount (4)	809		7.91		6	2.18		0.35		(20.90	)
Growth Subaccount (5)	319		9.44		3	1.75		0.35		(5.60	)
Global Socially Responsive Subaccount (2)	811		8.31		7	0.67		0.35		(16.90	)
Multi-Cap Growth Subaccount (2)	810		7.27		6	0.00		0.35		(27.30	)
Small Company Growth Subaccount (2)	2,865		7.73		22	0.00		0.35		(22.70	)
Small Company Value Subaccount (1)	747		8.50		6	0.89		0.35		(15.00	)
INVESCO Variable Investment Fund
Financial Services Subaccount (2)	786		8.34		7	1.16		0.35		(16.60	)
Janus Aspen Series
Capital Appreciation Subaccount (2)	1,112		8.74		10	0.51		0.35		(12.60	)
Flexible Income Subaccount (1)	319		10.98		4	3.15		0.35		9.80
International Growth Subaccount (6)	275		7.92		2	1.19		0.35		(20.80	)
Lord Abbett Series Funds
Bond Debenture Subaccount (7)	89		10.42		1	6.65		0.35		4.20
Growth and Income Subaccount (1)	708		8.09		6	1.05		0.35		(19.10	)
Mid-Cap Value Subaccount (7)	501		9.71		5	1.63		0.35		(2.90	)
MFS Variable Insurance Trust
New Discovery Subaccount (6)	1,203		7.83		9	0.00		0.35		(21.70	)
Total Return Subaccount (2)	965		9.25		9	0.00		0.35		(7.50	)
MONY Series Fund, Inc.
Government Securities Subaccount (6)	1,509		10.46		16	0.00		0.35		4.60
Long Term Bond Subaccount (8)	0		10.76		0	0.00		0.35		7.60
Money Market Subaccount	7,843		10.05		79	1.42		0.35		0.50
The Universal Institutional Funds, Inc.
Emerging Markets Equity Subaccount (2)	874		8.11		7	0.00		0.35		(18.90	)
U.S. Real Estate Subaccount (6)	1,667		9.08		15	7.60		0.35		(9.20	)
PBHG Insurance Series Funds
Mid Cap Value Subaccount (6)	1,672		8.41		14	0.00		0.35		(15.90	)
Select Value Subaccount (8)	0		10.18		0	0.00		0.35		1.80

F-58

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Survivorship Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
PIMCO Variable Insurance Trust
Global Bond Subaccount (6)	456	$	11.37	$	5	2.73	%	0.35	%	13.70	%
Real Return Subaccount (1)	2,219		11.51		26	3.94		0.35		15.10
StocksPlus Growth and Income Subaccount (1)	2,168		8.01		17	3.31		0.35		(19.90	)

*       This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

**     This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

***   Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

**** Commencement of operations

_^     Annualized

(1)   For the period April 3, 2002**** through December 31, 2002

(2)   For the period May 2, 2002**** through December 31, 2002

(3)   For the period July 5, 2002**** through December 31, 2002

(4)   For the period May 5, 2002**** through December 31, 2002

(5)   For the period September 10, 2002**** through December 31, 2002

(6)   For the period May 29, 2002**** through December 31, 2002

(7)   For the period August 21, 2002**** through December 31, 2002

(8)   For the period August 5, 2002**** through December 31, 2002

F-59

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2002.

	At December 31, 2002						For the period ended December 31, 2002
MONY Custom Estate Master Subaccounts	Units	Unit Values		Net Assets (000s)			Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	79	$	11.46	$	1		3.33	%	0.35	%	8.94	%
Long Term Bond Subaccount	1,639		12.79		21		4.58		0.35		13.59
Government Securities Subaccount	1,078		11.06		12		2.68		0.35		6.24
Money Market Subaccount	64,399		11.00		708		1.48		0.35		1.10
Enterprise Accumulation Trust
Equity Subaccount	11,200		5.72		64		0.00		0.35		(29.64	)
Small Company Value Subaccount	6,299		9.53		60		0.40		0.35		(9.58	)
Managed Subaccount	2,740		6.97		19		0.86		0.35		(21.50	)
International Growth Subaccount	5,517		4.87		27		0.61		0.35		(19.64	)
High Yield Bond Subaccount	1,888		10.23		19		8.60		0.35		1.09
Growth Subaccount	13,466		6.43		87		0.44		0.35		(23.45	)
Growth and Income Subaccount	2,309		6.41		15		1.32		0.35		(26.24	)
Small Company Growth Subaccount	3,764		7.38		28		0.00		0.35		(24.23	)
Equity Income Subaccount	1,808		8.25		15		1.15		0.35		(15.04	)
Capital Appreciation Subaccount	2,933		6.05		18		0.00		0.35		(17.24	)
Multi-Cap Growth Subaccount	10,082		3.76		38		0.00		0.35		(34.84	)
Balanced Subaccount	30		9.35		0	(^^)	1.81		0.35		(11.04	)
Mid-Cap Growth Subaccount	194		7.28		1		0.00		0.35		(31.19	)
Total Return Subaccount (1)	13		10.45		0	(^^)	3.35	(^)	0.35	(^)	4.50
Dreyfus
Dreyfus Stock Index Subaccount	15,730		6.34		100		1.45		0.35		(22.68	)
Dreyfus Socially Responsible Growth Fund Subaccount	3,895		4.76		19		0.31		0.35		(29.17	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	15,240		5.28		81		0.12		0.35		(30.53	)
VIP II Contrafund Subaccount	7,909		7.40		58		0.70		0.35		(9.65	)
VIP III Growth Opportunities Subaccount	3,204		5.74		18		0.85		0.35		(22.22	)
Janus Aspen Series
Aggressive Growth Subaccount	14,864		2.64		39		0.00		0.35		(28.26	)
Balanced Subaccount	5,897		8.92		53		2.80		0.35		(6.79	)
Capital Appreciation Subaccount	9,317		4.86		45		0.59		0.35		(15.92	)
Worldwide Growth Subaccount	16,837		4.97		84		1.04		0.35		(25.71	)
Lord Abbett Series Funds
Growth and Income Subaccount (1)	15		8.56		0	(^^)	1.94	(^)	0.35	(^)	(14.40	)
PIMCO Variable Insurance Trust
Real Return Subaccount (1)	8		11.00		0	(^^)	2.88	(^)	0.35	(^)	10.00

(_^) Annualized

(_^^) Amounts round to less than one thousand

(1) For the period June 17, 2002 (commencement of operations) through December 31, 2002.

F-60

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

For a unit outstanding throughout the period ended December 31, 2001.

	At December 31, 2001						For the period ended December 31, 2001
MONY Custom Estate Master Subaccounts	Units	Unit Values		Net Assets (000s)			Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	93	$	10.52	$	1		0.00	%(^)	0.35	%(^)	5.20	%
Long Term Bond Subaccount	1,011		11.26		11		5.15		0.35		5.93
Government Securities Subaccount	434		10.41		5		0.60	(^)	0.35	(^)	4.10
Money Market Subaccount	35,225		10.88		383		3.23		0.35		3.52
Enterprise Accumulation Trust
Equity Subaccount	6,726		8.13		55		0.00		0.35		(19.10	)
Small Company Value Subaccount	4,236		10.54		45		0.30		0.35		4.88
Managed Subaccount	1,617		8.88		14		2.76		0.35		(11.38	)
International Growth Subaccount	4,047		6.06		25		0.71		0.35		(28.11	)
High Yield Bond Subaccount	1,004		10.12		10		8.79		0.35		5.53
Growth Subaccount	7,125		8.40		60		0.51		0.35		(12.86	)
Growth and Income Subaccount	3,587		8.69		31		1.09		0.35		(12.13	)
Small Company Growth Subaccount	2,949		9.74		29		0.00		0.35		(4.23	)
Equity Income Subaccount	1,282		9.71		12		0.81		0.35		(11.08	)
Capital Appreciation Subaccount	3,721		7.31		27		0.72		0.35		(19.40	)
Multi-Cap Growth Subaccount	9,181		5.77		53		0.00		0.35		(17.34	)
Balanced Subaccount	37		10.51		0	(^^)	2.77	(^)	0.35	(^)	5.10
Mid-Cap Growth Subaccount	1		10.58		0	(^^)	0.00	(^)	0.35	(^)	5.80
Dreyfus
Dreyfus Stock Index Subaccount	10,189		8.20		84		0.49		0.35		(12.49	)
Dreyfus Socially Responsible Growth Subaccount .	2,190		6.72		15		0.10		0.35		(22.94	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	9,189		7.60		70		0.00		0.35		(18.02	)
VIP II Contrafund Subaccount	5,132		8.19		42		0.56		0.35		(12.69	)
VIP III Growth Opportunities Subaccount	2,459		7.38		18		0.17		0.35		(14.78	)
Janus Aspen Series
Aggressive Growth Subaccount	9,449		3.68		35		0.00		0.35		(39.67	)
Balanced Subaccount	3,671		9.57		35		3.12		0.35		(4.97	)
Capital Appreciation Subaccount	7,623		5.78		44		1.57		0.35		(22.00	)
Worldwide Growth Subaccount	10,066		6.69		67		0.64		0.35		(22.75	)

(_^) Annualized

(_^^) Amounts round to less than one thousand

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

F-61

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights (continued)

	Current Annual Charge+
Mortality & Expense Risk Charge
Basic charges are assessed through reduction of unit values	0.35% to 0.75%
Sales Charge
It is a percentage of premium paid	0%-9.0%
Tax Charge
It is a percentage of premium paid
State and local	0.8%
Federal	1.25%-1.50%
Cost of Insurance Charge
Cost of Insurance rate times the net amount of risk at the beginning of the policy month. This charge is assessed through the redemption of units	Varies by gender, policy duration and underwriting class.
Administrative Charge—Monthly
Charge based on specific amount of the policy and is assessed through the redemption of units	$5-$31.50
Transfer Charge
A charge imposed on Contract holders who make transfers in excess of amount specified per contract and assessed through the redemption of units	$0
Partial Surrender Charge
To obtain a part of cash value of your policy without having to surrender the policy in full and assessed through the redemption of units	$10-$25
Sales Fund Charge
It is a percentage of premium paid	0%-75%
Monthly Expense Charge/Administrative Fund Charge
This charge is deducted during the specified years and is charged per $1,000 of the Specified Amount. This charge is assessed through redemption of unit values	Varies with insured’s age, gender, smoking status and Specified Amount.
Surrender charge
This charge is assessed against Fund Value and is imposed upon full surrender of the Policy. It is based on a factor per $1000 of Initial Specified Amount (or on an increase in specified amount). The factors per $1000 vary by issue age, gender and risk class.
Optional Insurance Benefits Charges
These are charges for optional riders elected and are determined in accordance with the specific terms of the relevant rider.

+ Higher charges may be permitted under the contract.

F-62

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-63

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L – MONY Variable Universal Life

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the MONY Variable Universal Life’s Subaccounts of MONY Variable Account L at December 31, 2002, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-64

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

	MONY Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			MidCap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount			Growth Subaccount			Global Socially Responsive Subaccount
ASSETS
Shares held in respective Funds		2,428			3,261			5,416			16,449			27,514			1,406
Investments at cost	$	27,729		$	48,473		$	25,894		$	73,276		$	122,191		$	13,847
Investments in respective Funds, at net asset value	$	27,417		$	40,595		$	22,855		$	64,973		$	109,506		$	12,052
Amount due from MONY		110			14			0			825			134			0
Amount due from respective Funds		4			2			24			14			23			1
Total assets		27,531			40,611			22,879			65,812			109,663			12,053
LIABILITIES
Amount due to MONY		17			26			37			50			80			8
Amount due to respective Funds		110			14			0			825			134			0
Total liabilities		127			40			37			875			214			8
Net assets	$	27,404		$	40,571		$	22,842		$	64,937		$	109,449		$	12,045
Net assets consist of:
Contractholders’ net payments	$	28,039		$	49,893		$	26,296		$	75,578		$	123,802		$	14,527
Undistributed net investment income (loss)		20			(155	)		167			445			(21	)		(14	)
Accumulated net realized (loss) on investments		(343	)		(1,289	)		(582	)		(2,783	)		(1,647	)		(673	)
Net unrealized (depreciation) of investments		(312	)		(7,878	)		(3,039	)		(8,303	)		(12,685	)		(1,795	)
Net assets	$	27,404		$	40,571		$	22,842		$	64,937		$	109,449		$	12,045
Number of units outstanding*		3,008			5,358			2,679			8,201			13,686			1,385
Net asset value per unit outstanding*	$	9.11		$	7.57		$	8.53		$	7.92		$	8.00		$	8.70

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-65

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Variable Universal Life
	Enterprise Accumulation Trust
	Managed Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Small Company Value Subaccount			Total Return Subaccount
ASSETS
Shares held in respective Funds		832			4,422			8,710			5,666			3,599
Investments at cost	$	13,261		$	29,951		$	60,868		$	103,169		$	36,186
Investments in respective Funds, at net asset value	$	12,711		$	24,367		$	52,086		$	97,227		$	36,673
Amount due from MONY		0			5			0			0			949
Amount due from respective Funds		8			8			15			17			3
Total assets		12,719			24,380			52,101			97,244			37,625
LIABILITIES
Amount due to MONY		15			21			45			68			22
Amount due to respective Funds		0			5			0			0			949
Total liabilities		15			26			45			68			971
Net assets	$	12,704		$	24,354		$	52,056		$	97,176		$	36,654
Net assets consist of:
Contractholders’ net payments	$	13,592		$	30,914		$	62,328		$	102,813		$	35,066
Undistributed net investment income (loss)		50			(90	)		(196	)		1,913			1,014
Accumulated net realized gain (loss) on investments		(388	)		(886	)		(1,294	)		(1,608	)		87
Net unrealized appreciation (depreciation) of investments		(550	)		(5,584	)		(8,782	)		(5,942	)		487
Net assets	$	12,704		$	24,354		$	52,056		$	97,176		$	36,654
Number of units outstanding*		1,521			3,463			6,471			10,407			3,459
Net asset value per unit outstanding*	$	8.35		$	7.03		$	8.05		$	9.34		$	10.60

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-66

MONY Variable Universal Life
INVESCO Variable Investment Fund									Janus Aspen Series								Lord Abbett Series Fund
Financial Services Subaccount			Health Sciences Subaccount			Telecommunications Subaccount			Capital Appreciation Subaccount			Flexible Income Subaccount		International Growth Subaccount			Bond Debenture Subaccount		Growth and Income Subaccount			Mid-Cap Value Subaccount
	768			1,454			2,636			1,034			2,143		3,009			2,044		3,325			1,984
$	8,748		$	21,427		$	9,564		$	19,442		$	26,661	$	62,656		$	21,303	$	66,980		$	28,180
$	8,062		$	19,997		$	7,223		$	17,819		$	27,474	$	51,693		$	21,624	$	62,611		$	27,500
	0			0			5			73			0		10			0		187			6
	11			10			8			25			3		5			1		2			2
	8,073			20,007			7,236			17,917			27,477		51,708			21,625		62,800			27,508
	16			21			12			35			18		34			13		38			15
	0			0			5			73			0		10			0		187			6
	16			21			17			108			18		44			13		225			21
$	8,057		$	19,986		$	7,219		$	17,809		$	27,459	$	51,664		$	21,612	$	62,575		$	27,487
$	8,795		$	21,578		$	10,910		$	19,575		$	25,980	$	63,377		$	20,876	$	67,216		$	28,295
	29			(53	)		(41	)		(18	)		539		106			404		193			76
	(81	)		(109	)		(1,309	)		(125	)		127		(856	)		11		(465	)		(204	)
	(686	)		(1,430	)		(2,341	)		(1,623	)		813		(10,963	)		321		(4,369	)		(680	)
$	8,057		$	19,986		$	7,219		$	17,809		$	27,459	$	51,664		$	21,612	$	62,575		$	27,487
	925			2,467			1,132			1,990			2,536		6,455			2,017		7,720			3,087
$	8.71		$	8.10		$	6.38		$	8.95		$	10.83	$	8.00		$	10.71	$	8.11		$	8.90

F-67

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Variable Universal Life
	MFS Variable Insurance Trust												MONY Series Fund, Inc.
	Mid Cap Growth Subaccount			New Discovery Subaccount			Total Return Subaccount			Utilities Subaccount			Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount
ASSETS
Shares held in respective Funds		6,221			2,479			3,707			698			8,259			3,212			791,559
Investments at cost	$	33,598		$	31,253		$	63,128		$	8,733		$	94,801		$	43,143		$	791,559
Investments in respective Funds, at net asset value	$	28,055		$	25,882		$	63,546		$	8,400		$	97,621		$	46,664		$	791,559
Amount due from MONY		10			0			33			10			947			163			8,359
Amount due from respective Funds		9			13			16			11			23			9			86
Total assets		28,074			25,895			63,595			8,421			98,591			46,836			800,004
LIABILITIES
Amount due to MONY		24			28			51			15			74			34			517
Amount due to respective Funds		10			0			33			10			947			163			8,359
Total liabilities		34			28			84			25			1,021			197			8,876
Net assets	$	28,040		$	25,867		$	63,511		$	8,396		$	97,570		$	46,639		$	791,128
Net assets consist of:
Contractholders’ net payments	$	35,394		$	31,717		$	63,509		$	8,731		$	94,459		$	42,739		$	789,294
Undistributed net investment income (loss)		(92	)		(98	)		62			46			(242	)		(138	)		1,834
Accumulated net realized gain (loss) on investments		(1,719	)		(381	)		(478	)		(48	)		533			517			0
Net unrealized appreciation (depreciation) of investments		(5,543	)		(5,371	)		418			(333	)		2,820			3,521			0
Net assets	$	28,040		$	25,867		$	63,511		$	8,396		$	97,570		$	46,639		$	791,128
Number of units outstanding*		4,315			3,522			6,621			967			9,287			4,206			78,518
Net asset value per unit outstanding*	$	6.50		$	7.35		$	9.59		$	8.68		$	10.51		$	11.09		$	10.08

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-68

MONY Variable Universal Life
The Universal Institutional Funds, Inc.									PBHG Insurance Series Funds						PIMCO Variable Insurance Trust
Emerging Markets Equity Subaccount			Global Value Equity Subaccount			U.S. Real Estate Subaccount			Mid-Cap Value Subaccount			Select Value Subaccount			Global Bond Subaccount		Real Return Subaccount		StocksPlus Growth and Income Subaccount			Total
	2,920			388			3,426			5,832			1,372			2,611		4,888		16,105
$	20,715		$	4,172		$	41,694		$	66,674		$	17,628		$	27,790	$	56,231	$	132,489		$	2,253,414
$	17,637		$	3,819		$	38,819		$	63,570		$	16,464		$	30,519	$	58,171	$	116,761		$	2,151,952
	0			0			101			6			163			54		248		181			12,593
	13			0			10			13			10			9		9		37			454
	17,650			3,819			38,930			63,589			16,637			30,582		58,428		116,979			2,164,999
	23			2			29			49			19			24		37		104			1,621
	0			0			101			6			163			54		248		181			12,593
	23			2			130			55			182			78		285		285			14,214
$	17,627		$	3,817		$	38,800		$	63,534		$	16,455		$	30,504	$	58,143	$	116,694		$	2,150,785
$	20,939		$	4,198		$	40,321		$	70,300		$	17,849		$	27,245	$	54,312	$	133,486		$	2,263,943
	(79	)		72			1,698			(216	)		72			391		969		1,835			10,482
	(155	)		(100	)		(344	)		(3,446	)		(302	)		139		922		(2,899	)		(22,178	)
	(3,078	)		(353	)		(2,875	)		(3,104	)		(1,164	)		2,729		1,940		(15,728	)		(101,462	)
$	17,627		$	3,817		$	38,800		$	63,534		$	16,455		$	30,504	$	58,143	$	116,694		$	2,150,785
	2,063			462			4,010			7,346			2,063			2,562		5,050		14,127
$	8.54		$	8.27		$	9.68		$	8.65		$	7.98		$	11.90	$	11.51	$	8.26

F-69

MONY

Variable Account L

STATEMENT OF OPERATIONS

	MONY Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			Mid Cap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount			Growth Subaccount			Global Socially Responsive Subaccount
	For the period February 21, 2002** through December 31, 2002			For the period February 26, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002
Dividend income	$	87		$	0		$	255		$	657		$	305		$	45
Distribution from net realized gains		0			0			0			0			0			0
Mortality and expense risk charges		(67	)		(155	)		(88	)		(212	)		(326	)		(59	)
Net investment income (loss)		20			(155	)		167			445			(21	)		(14	)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(343	)		(1,289	)		(582	)		(2,783	)		(1,647	)		(673	)
Net change in unrealized appreciation (depreciation) of investments		(312	)		(7,878	)		(3,039	)		(8,303	)		(12,685	)		(1,795	)
Net realized and unrealized gain (loss) on investments		(655	)		(9,167	)		(3,621	)		(11,086	)		(14,332	)		(2,468	)
Net increase (decrease) in net assets resulting from operations	$	(635	)	$	(9,322	)	$	(3,454	)	$	(10,641	)	$	(14,353	)	$	(2,482	)

**  Commencement of operations

See notes to financial statements.

F-70

MONY Variable Universal Life
Enterprise Accumulation Trust															INVESCO Variable Investment Funds
Managed Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Small Company Value Subaccount			Total Return Subaccount			Financial Services Subaccount			Health Sciences Subaccount			Telecommunications Subaccount
For the period February 22, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period March 5, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002
$	85		$	0		$	0		$	252		$	580		$	53		$	0		$	0
	0			0			0			1,904			541			0			0			0
	(35	)		(90	)		(196	)		(243	)		(107	)		(24	)		(53	)		(41	)
	50			(90	)		(196	)		1,913			1,014			29			(53	)		(41	)
	(388	)		(886	)		(1,294	)		(1,608	)		87			(81	)		(109	)		(1,309	)
	(550	)		(5,584	)		(8,782	)		(5,942	)		487			(686	)		(1,430	)		(2,341	)
	(938	)		(6,470	)		(10,076	)		(7,550	)		574			(767	)		(1,539	)		(3,650	)
$	(888	)	$	(6,560	)	$	(10,272	)	$	(5,637	)	$	1,588		$	(738	)	$	(1,592	)	$	(3,691	)

F-71

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Variable Universal Life
	Janus Aspen Series									Lord Abbett Series Fund
	Capital Appreciation Subaccount			Flexible Income Subaccount			International Growth Subaccount			Bond Debenture Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount
	For the period February 22, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 27, 2002** through December 31, 2002			For the period March 1, 2002** through December 31, 2002
Dividend income	$	41		$	621		$	324		$	423		$	366		$	133
Distribution from net realized gains		0			0			0			50			8			0
Mortality and expense risk charges		(59	)		(82	)		(218	)		(69	)		(181	)		(57	)
Net investment income (loss)		(18	)		539			106			404			193			76
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(125	)		127			(856	)		11			(465	)		(204	)
Net change in unrealized appreciation (depreciation) of investments		(1,623	)		813			(10,963	)		321			(4,369	)		(680	)
Net realized and unrealized gain (loss) on investments		(1,748	)		940			(11,819	)		332			(4,834	)		(884	)
Net increase (decrease) in net assets resulting from operations	$	(1,766	)	$	1,479		$	(11,713	)	$	736		$	(4,641	)	$	(808	)

**  Commencement of operations

See notes to financial statements.

F-72

MONY Variable Universal Life
MFS Variable Insurance Trust												MONY Series Fund, Inc.
Mid Cap Growth Subaccount			New Discovery Subaccount			Total Return Subaccount			Utilities Subaccount			Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount
For the period February 15, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period February 6, 2002** through December 31, 2002
$	0		$	0		$	121		$	72		$	53		$	11		$	3,388
	0			0			96			0			0			0			0
	(92	)		(98	)		(155	)		(26	)		(295	)		(149	)		(1,554	)
	(92	)		(98	)		62			46			(242	)		(138	)		1,834
	(1,719	)		(381	)		(478	)		(48	)		533			517			0
	(5,543	)		(5,371	)		418			(333	)		2,820			3,521			0
	(7,262	)		(5,752	)		(60	)		(381	)		3,353			4,038			0
$	(7,354	)	$	(5,850	)	$	2		$	(335	)	$	3,111		$	3,900		$	1,834

F-73

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Variable Universal Life
	The Universal Institutional Funds, Inc.									PBHG Insurance Series Funds
	Emerging Markets Equity Subaccount			Global Value Equity Subaccount			U.S. Real Estate Subaccount			Mid-Cap Value Subaccount
	For the period February 15, 2002** through December 31, 2002			For the period February 28, 2002** through December 31, 2002			For the period February 26, 2002 through December 31, 2002			For the period February 8, 2002** through December 31, 2002
Dividend income	$	0		$	38		$	1,105		$	0
Distribution from net realized gains		0			44			695			0
Mortality and expense risk charges		(79	)		(10	)		(102	)		(216	)
Net investment income (loss)		(79	)		72			1,698			(216	)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(155	)		(100	)		(344	)		(3,446	)
Net change in unrealized appreciation (depreciation) of investments		(3,078	)		(353	)		(2,875	)		(3,104	)
Net realized and unrealized gain (loss) on investments		(3,233	)		(453	)		(3,219	)		(6,550	)
Net increase (decrease) in net assets resulting from operations	$	(3,312	)	$	(381	)	$	(1,521	)	$	(6,766	)

** Commencement of operations

See notes to financial statements.

F-74

MONY Variable Universal Life
PBHG Insurance Series Funds			PIMCO Variable Insurance Trust
Select Value       Subaccount			Global Bond Subaccount			Real Return Subaccount			StocksPlus Growth and Income Subaccount			Total
For the period February 8, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period March 1, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period ended December 31, 2002
$	111		$	371		$	1,020		$	2,273		$	12,790
	0			110			97			0			3,545
	(39	)		(90	)		(148	)		(438	)		(5,853	)
	72			391			969			1,835			10,482
	(302	)		139			922			(2,899	)		(22,178	)
	(1,164	)		2,729			1,940			(15,728	)		(101,462	)
	(1,466	)		2,868			2,862			(18,627	)		(123,640	)
$	(1,394	)	$	3,259		$	3,831		$	(16,792	)	$	(113,158	)

F-75

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			Mid Cap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount			Growth Subaccount			Global Socially Responsive Subaccount
	For the period February 21, 2002** through December 31, 2002			For the period February 26, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	20		$	(155	)	$	167		$	445		$	(21	)	$	(14	)
Net realized gain (loss) on investments		(343	)		(1,289	)		(582	)		(2,783	)		(1,647	)		(673	)
Net change in unrealized appreciation (depreciation) of investments		(312	)		(7,878	)		(3,039	)		(8,303	)		(12,685	)		(1,795	)
Net increase (decrease) in net assets resulting from operations		(635	)		(9,322	)		(3,454	)		(10,641	)		(14,353	)		(2,482	)
From unit transactions:
Net proceeds from the issuance of units		34,722			59,872			34,559			93,312			151,596			20,345
Net asset value of units redeemed or used to meet contract obligations		(6,683	)		(9,979	)		(8,263	)		(17,734	)		(27,794	)		(5,818	)
Net increase from unit transactions		28,039			49,893			26,296			75,578			123,802			14,527
Net increase in net assets		27,404			40,571			22,842			64,937			109,449			12,045
Net assets beginning of period		0			0			0			0			0			0
Net assets end of period*	$	27,404		$	40,571		$	22,842		$	64,937		$	109,449		$	12,045
Unit transactions:
Units outstanding beginning of period		0			0			0			0			0			0
Units issued during the period		3,753			6,717			3,589			10,631			17,144			2,021
Units redeemed during the period		(745	)		(1,359	)		(910	)		(2,430	)		(3,458	)		(636	)
Units outstanding end of period		3,008			5,358			2,679			8,201			13,686			1,385
*Includes undistributed net investment income (loss) of:	$	20		$	(155	)	$	167		$	445		$	(21	)	$	(14	)

** Commencement of operations

See notes to financial statements.

F-76

MONY Variable Universal Life
Enterprise Accumulation Trust															INVESCO Variable Investment Funds
Managed Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Small Company Value Subaccount			Total Return Subaccount			Financial Services Subaccount			Health Sciences Subaccount			Telecommunications Subaccount
For the period February 22, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period March 5, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002
$	50		$	(90	)	$	(196	)	$	1,913		$	1,014		$	29		$	(53	)	$	(41	)
	(388	)		(886	)		(1,294	)		(1,608	)		87			(81	)		(109	)		(1,309	)
	(550	)		(5,584	)		(8,782	)		(5,942	)		487			(686	)		(1,430	)		(2,341	)
	(888	)		(6,560	)		(10,272	)		(5,637	)		1,588			(738	)		(1,592	)		(3,691	)
	16,968			39,484			75,500			128,327			42,445			10,526			24,988			16,775
	(3,376	)		(8,570	)		(13,172	)		(25,514	)		(7,379	)		(1,731	)		(3,410	)		(5,865	)
	13,592			30,914			62,328			102,813			35,066			8,795			21,578			10,910
	12,704			24,354			52,056			97,176			36,654			8,057			19,986			7,219
	0			0			0			0			0			0			0			0
$	12,704		$	24,354		$	52,056		$	97,176		$	36,654		$	8,057		$	19,986		$	7,219
	0			0			0			0			0			0			0			0
	1,964			4,495			8,147			13,130			4,423			1,115			2,865			1,917
	(443	)		(1,032	)		(1,676	)		(2,723	)		(964	)		(190	)		(398	)		(785	)
	1,521			3,463			6,471			10,407			3,459			925			2,467			1,132
$	50		$	(90	)	$	(196	)	$	1,913		$	1,014		$	29		$	(53	)	$	(41	)

F-77

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Variable Universal Life
	Janus Aspen Series									Lord Abbett Series Fund
	Capital Appreciation Subaccount			Flexible Income Subaccount			International Growth Subaccount			Bond Debenture Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount
	For the period February 22, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 27, 2002** through December 31, 2002			For the period March 1, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	(18	)	$	539		$	106		$	404		$	193		$	76
Net realized gain (loss) on investments		(125	)		127			(856	)		11			(465	)		(204	)
Net change in unrealized appreciation (depreciation) of investments		(1,623	)		813			(10,963	)		321			(4,369	)		(680	)
Net increase (decrease) in net assets resulting from operations		(1,766	)		1,479			(11,713	)		736			(4,641	)		(808	)
From unit transactions:
Net proceeds from the issuance of units		23,115			29,884			71,554			23,371			75,609			32,145
Net asset value of units redeemed or used to meet contract obligations		(3,540	)		(3,904	)		(8,177	)		(2,495	)		(8,393	)		(3,850	)
Net increase from unit transactions		19,575			25,980			63,377			20,876			67,216			28,295
Net increase in net assets		17,809			27,459			51,664			21,612			62,575			27,487
Net assets beginning of period		0			0			0			0			0			0
Net assets end of period*	$	17,809		$	27,459		$	51,664		$	21,612		$	62,575		$	27,487
Unit transactions:
Units outstanding beginning of period		0			0			0			0			0			0
Units issued during the period		2,395			3,120			7,448			2,260			8,825			3,533
Units redeemed during the period		(405	)		(584	)		(993	)		(243	)		(1,105	)		(446	)
Units outstanding end of period		1,990			2,536			6,455			2,017			7,720			3,087
*  Includes undistributed net investment income (loss) of:	$	(18	)	$	539		$	106		$	404		$	193		$	76

** Commencement of operations

See notes to financial statements.

F-78

MONY Variable Universal Life
MFS Variable Insurance Trust												MONY Series Fund, Inc.
Mid Cap Growth Subaccount			New Discovery Subaccount			Total Return Subaccount			Utilities Subaccount			Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount
For the period February 15, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 15, 2002** through December 31, 2002			For the period February 21, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period February 6, 2002** through December 31, 2002
$	(92	)	$	(98	)	$	62		$	46		$	(242	)	$	(138	)	$	1,834
	(1,719	)		(381	)		(478	)		(48	)		533			517			0
	(5,543	)		(5,371	)		418			(333	)		2,820			3,521			0
	(7,354	)		(5,850	)		2			(335	)		3,111			3,900			1,834
	44,470			37,517			83,121			11,102			116,848			53,372			909,463
	(9,076	)		(5,800	)		(19,612	)		(2,371	)		(22,389	)		(10,633	)		(120,169	)
	35,394			31,717			63,509			8,731			94,459			42,739			789,294
	28,040			25,867			63,511			8,396			97,570			46,639			791,128
	0			0			0			0			0			0			0
$	28,040		$	25,867		$	63,511		$	8,396		$	97,570		$	46,639		$	791,128
	0			0			0			0			0			0			0
	5,681			4,233			8,882			1,216			11,840			5,396			90,903
	(1,366	)		(711	)		(2,261	)		(249	)		(2,553	)		(1,190	)		(12,385	)
	4,315			3,522			6,621			967			9,287			4,206			78,518
$	(92	)	$	(98	)	$	62		$	46		$	(242	)	$	(138	)	$	1,834

F-79

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Variable Universal Life
	The Universal Institutional Funds, Inc.
	Emerging  Markets Equity Subaccount			Global Value Equity Subaccount			U.S. Real Estate Subaccount
	For the period February 15, 2002** through December 31, 2002			For the period February 28, 2002** through December 31, 2002			For the period February 26, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	(79	)	$	72		$	1,698
Net realized gain (loss) on investments		(155	)		(100	)		(344	)
Net change in unrealized appreciation (depreciation) of investments		(3,078	)		(353	)		(2,875	)
Net increase (decrease) in net assets resulting from operations		(3,312	)		(381	)		(1,521	)
From unit transactions:
Net proceeds from the issuance of units		24,887			5,052			44,693
Net asset value of units redeemed or used to meet contract obligations		(3,948	)		(854	)		(4,372	)
Net increase from unit transactions		20,939			4,198			40,321
Net increase in net assets		17,627			3,817			38,800
Net assets beginning of period		0			0			0
Net assets end of period*	$	17,627		$	3,817		$	38,800
Unit transactions:
Units outstanding beginning of period		0			0			0
Units issued during the period		2,491			569			4,674
Units redeemed during the period		(428	)		(107	)		(664	)
Units outstanding end of period		2,063			462			4,010
*      Includes undistributed net investment income (loss) of:	$	(79	)	$	72		$	1,698

** Commencement of operations

See notes to financial statements.

F-80

MONY Variable Universal Life
PBHG Insurance Series Funds						PIMCO Variable Insurance Trust
Mid-Cap Value Subaccount			Select Value Subaccount			Global Bond Subaccount			Real Return Subaccount			StocksPlus Growth and Income Subaccount			Total
For the period February 8, 2002** through December 31, 2002			For the period February 8, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period March 1, 2002** through December 31, 2002			For the period February 22, 2002** through December 31, 2002			For the period ended December 31, 2002
$	(216	)	$	72		$	391		$	969		$	1,835		$	10,482
	(3,446	)		(302	)		139			922			(2,899	)		(22,178	)
	(3,104	)		(1,164	)		2,729			1,940			(15,728	)		(101,462	)
	(6,766	)		(1,394	)		3,259			3,831			(16,792	)		(113,158	)
	92,582			21,101			30,678			80,313			159,685			2,719,981
	(22,282	)		(3,252	)		(3,433	)		(26,001	)		(26,199	)		(456,038	)
	70,300			17,849			27,245			54,312			133,486			2,263,943
	63,534			16,455			30,504			58,143			116,694			2,150,785
	0			0			0			0			0			0
$	63,534		$	16,455		$	30,504		$	58,143		$	116,694		$	2,150,785
	0			0			0			0			0
	9,975			2,476			2,889			7,603			17,379
	(2,629	)		(413	)		(327	)		(2,553	)		(3,252	)
	7,346			2,063			2,562			5,050			14,127
$	(216	)	$	72		$	391		$	969		$	1,835		$	10,482

F-81

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life) and MONY Survivorship Variable Universal Life. These policies are issued by MONY.

For presentation purposes, the information related only to the MONY Variable Universal Life Insurance policies is presented here.

There are thirty-five MONY Variable Universal Life subaccounts within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Alger American Fund, INVESCO Variable Investment Funds, Lord Abbett Series Fund, MFS Variable Insurance Trust, PIMCO Variable Insurance Trust, PBHG Insurance Series Funds, The Universal Institutional Funds, Inc., or Janus Aspen Series (collectively, the “Funds”). The Funds are registered under the 1940 Act as open end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds which were distributed by MONY to the Policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 value is 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 the 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains from Portfolios of the Funds are recorded on ex-dividend date. Investment income includes dividends from net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains

F-82

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

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 held by 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, mortality and expense risk 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 the MONY Variable Universal Life Subaccounts for the period ended December 31, 2002 aggregated $288,347.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.65% of average daily net assets of each of the MONY Variable Universal Life subaccounts. MONY Life Insurance Company of America (MONY America), a wholly-owned subsidiary of MONY, acts as investment adviser to the Fund and 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the period ended December 31, 2002, MONY received $288 in aggregate from certain Funds in connection with MONY Variable Universal Life subaccounts.

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the period ended December 31, 2002 were as follows:

	Cost of Shares Acquired		Proceeds from Shares Redeemed
MONY Variable Universal Life Subaccounts	(Excludes Reinvestments)
Alger American Fund
Balanced Portfolio	$	31,737	$	3,752
Mid Cap Growth Portfolio		55,015		5,253
Enterprise Accumulation Trust
Equity Income Portfolio		31,082		4,861
Growth and Income Portfolio		86,461		11,059
Growth Portfolio		133,882		10,349
Global Socially Responsive Portfolio		19,598		5,123
Managed Portfolio		15,170		1,606
Multi-Cap Growth Portfolio		35,338		4,501

F-83

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)

	Cost of Shares Acquired		Proceeds from Shares Redeemed
MONY Variable Universal Life Subaccounts	(Excludes Reinvestments)
Small Company Growth Portfolio	$	66,772	$	4,610
Small Company Value Portfolio		111,073		8,452
Total Return Bond Portfolio		40,767		5,789
INVESCO Variable Insurance Funds
Financial Services Portfolio		9,330		554
Health Sciences Portfolio		22,306		770
Telecommunications Portfolio		14,947		4,074
Janus Aspen Series
Capital Appreciation Portfolio		20,662		1,136
Flexible Income Portfolio		29,320		3,407
International Growth Portfolio		66,616		3,428
Lord Abbett Series Fund
Bond Debenture Portfolio		21,608		789
Growth and Income Portfolio		69,144		2,073
Mid-Cap Value Portfolio		29,390		1,139
MFS Variable Insurance Trust
Mid Cap Growth Portfolio		40,135		4,818
New Discovery Portfolio		33,090		1,456
Total Return Portfolio		67,374		3,985
Utilities Portfolio		8,999		290
MONY Series Fund, Inc.
Government Securities Portfolio		108,189		13,974
Long Term Bond Portfolio		50,229		7,614
Money Market Portfolio		880,328		92,157
The Universal Institutional Funds, Inc.
Emerging Markets Equity Portfolio		22,151		1,281
Global Value Equity Portfolio		4,747		557
U.S. Real Estate Portfolio		43,387		3,149
PBHG Insurance Series Funds
Mid-Cap Value Portfolio		85,030		14,910
Select Value Portfolio		18,961		1,142
PIMCO Variable Insurance Trust
Global Bond Portfolio		28,632		1,462
Real Return Portfolio		72,667		18,475
StocksPlus Growth and Income Portfolio		145,383		12,268

F-84

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
Alger American Fund
Balanced Subaccount (1)	3,008	$	9.11	$	27	0.84	%	0.65	%	(8.90	)%
Mid Cap Growth Subaccount (2)	5,358		7.57		41	0.00		0.65	%	(24.30	)
Enterprise Accumulation Trust
Equity Income Subaccount (3)	2,679		8.53		23	1.88		0.65	%	(14.70	)
Growth and Income Subaccount (4)	8,201		7.92		65	2.01		0.65	%	(20.80	)
Growth Subaccount (4)	13,686		8.00		109	0.61		0.65	%	(20.00	)
Global Socially Responsive Subaccount (4)	1,385		8.70		12	0.50		0.65	%	(13.00	)
Managed Subaccount (5)	1,521		8.35		13	1.58		0.65	%	(16.50	)
Multi-Cap Growth Subaccount (3)	3,463		7.03		24	0.00		0.65	%	(29.70	)
Small Company Growth Subaccount (4)	6,471		8.05		52	0.00		0.65	%	(19.50	)
Small Company Value Subaccount (4)	10,407		9.34		97	0.67		0.65	%	(6.60	)
Total Return Bond Subaccount (10)	3,459		10.60		37	3.52		0.65	%	6.00
INVESCO Variable Investment Funds
Financial Services Subaccount (4)	925		8.71		8	1.44		0.65	%	(12.90	)
Health Sciences Subaccount (4)	2,467		8.10		20	0.00		0.65	%	(19.00	)
Telecommunications Subaccount (3)	1,132		6.38		7	0.00		0.65	%	(36.20	)
Janus Aspen Series
Capital Appreciation Subaccount (5)	1,990		8.95		18	0.45		0.65	%	(10.50	)
Flexible Income Subaccount (1)	2,536		10.83		27	4.92		0.65	%	8.30
International Growth Subaccount (1)	6,455		8.00		52	0.97		0.65	%	(20.00	)
Lord Abbett Series Funds
Bond Debenture Subaccount (1)	2,017		10.71		22	3.98		0.65	%	7.10
Growth and Income Subaccount (6)	7,720		8.11		63	1.31		0.65	%	(18.90	)
Mid-Cap Value Subaccount (7)	3,087		8.90		27	1.52		0.65	%	(11.00	)
MFS Variable Insurance Trust
Mid Cap Growth Subaccount (3)	4,315		6.50		28	0.00		0.65	%	(35.00	)
New Discovery Subaccount (3)	3,522		7.35		26	0.00		0.65	%	(26.50	)
Total Return Subaccount (4)	6,621		9.59		64	0.51		0.65	%	(4.10	)
Utilities Subaccount (3)	967		8.68		8	1.80		0.65	%	(13.20	)
MONY Series Fund, Inc.
Government Securities Subaccount (1)	9,287		10.51		98	0.12		0.65	%	5.10
Long Term Bond Subaccount (5)	4,206		11.09		47	0.05		0.65	%	10.90
Money Market Subaccount (8)	78,518		10.08		791	1.42		0.65	%	0.80

F-85

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
The Universal Institutional Funds, Inc.
Emerging Markets Equity Subaccount (3)	2,063	$	8.54	$	18	0.00	%	0.65	%	(14.60	)%
Global Value Equity Subaccount (9)	462		8.27		4	2.47		0.65	%	(17.30	)
U.S. Real Estate Subaccount (2)	4,010		9.68		39	7.04		0.65	%	(3.20	)
PBHG Insurance Series Fund
Mid-Cap Value Subaccount (4)	7,346		8.65		64	0.00		0.65	%	(13.50	)
Select Value Subaccount (4)	2,063		7.98		16	1.85		0.65	%	(20.20	)
PIMCO Variable Insurance Trust
Global Bond Subaccount (5)	2,562		11.90		31	2.68		0.65	%	19.00
Real Return Subaccount (7)	5,050		11.51		58	4.48		0.65	%	15.10
StocksPlus Growth and Income Subaccount (5)	14,127		8.26		117	3.37		0.65	%	(17.40	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund's investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

_^ Annualized

(1) For the period February 21, 2002 (commencement of operations) through December 31, 2002

(2) For the period February 26, 2002 (commencement of operations) through December 31, 2002

(3) For the period February 15, 2002 (commencement of operations) through December 31, 2002

(4) For the period February 8, 2002 (commencement of operations) through December 31, 2002

(5) For the period February 22, 2002 (commencement of operations) through December 31, 2002

(6) For the period February 27, 2002 (commencement of operations) through December 31, 2002

(7) For the period March 1, 2002 (commencement of operations) through December 31, 2002

(8) For the period February 6, 2002 (commencement of operations) through December 31, 2002

(9) For the period February 28, 2002 (commencement of operations) through December 31, 2002

(10) For the period March 5, 2002 (commencement of operations) through December 31, 2002

F-86

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L – MONY Survivorship Variable Universal Life

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the MONY Survivorship Variable Universal Life’s Subaccounts of MONY Variable Account L at December 31, 2002, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-87

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F-88

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

	MONY Survivorship Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			Mid Cap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount
ASSETS
Shares held in respective Funds		422			665			1,718			1,622
Investments at cost	$	4,955		$	10,160		$	7,128		$	6,195
Investments in respective Funds, at net asset value	$	4,767		$	8,277		$	7,251		$	6,407
Total assets		4,767			8,277			7,251			6,407
LIABILITIES
Amount due to MONY		1			3			2			2
Total liabilities		1			3			2			2
Net assets	$	4,766		$	8,274		$	7,249		$	6,405
Net assets consist of:
Contractholders’ net payments	$	4,960		$	10,281		$	7,443		$	6,777
Undistributed net investment income (loss)		19			(16	)		88			73
Accumulated net realized loss on investments		(25	)		(108	)		(405	)		(657	)
Net unrealized appreciation (depreciation) of investments		(188	)		(1,883	)		123			212
Net assets	$	4,766		$	8,274		$	7,249		$	6,405
Number of units outstanding*		528			1,110			816			809
Net asset value per unit outstanding*	$	9.02		$	7.46		$	8.88		$	7.91

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-89

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Survivorship Variable Universal Life
	Enterprise AccumulationTrust
	Growth Subaccount			Global Socially Responsive Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount
ASSETS
Shares held in respective Funds		758			786			1,068			3,705
Investments at cost	$	3,206		$	7,576		$	7,548		$	24,646
Investments in respective Funds, at net asset value	$	3,018		$	6,736		$	5,886		$	22,155
Total assets		3,018			6,736			5,886			22,155
LIABILITIES
Amount due to MONY		1			2			2			7
Total liabilities		1			2			2			7
Net assets	$	3,017		$	6,734		$	5,884		$	22,148
Net assets consist of:
Contractholders’ net payments	$	3,205		$	7,607		$	7,620		$	25,045
Undistributed net investment income (loss)		12			12			(12	)		(41	)
Accumulated net realized gain (loss) on investments		(12	)		(45	)		(62	)		(365	)
Net unrealized appreciation (depreciation) of investments		(188	)		(840	)		(1,662	)		(2,491	)
Net assets	$	3,017		$	6,734		$	5,884		$	22,148
Number of units outstanding*		319			811			810			2,865
Net asset value per unit outstanding*	$	9.44		$	8.31		$	7.27		$	7.73

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-90

MONY Survivorship Variable Universal Life
Enterprise Accumulation Trust			INVESCO Variable Investment Fund			Janus Aspen Series								Lord Abbett Series Fund
Small Company Value Subaccount			Financial Services Subaccount			Capital Appreciation Subaccount			Flexible Income Subaccount		International Growth Subaccount			Bond Debenture Subaccount		Growth and Income Subaccount			Mid-Cap Value Subaccount
	370			625			564			273		127			87		304			351
$	6,630		$	7,606		$	10,756		$	3,444	$	2,761		$	914	$	6,312		$	5,000
$	6,352		$	6,559		$	9,723		$	3,505	$	2,179		$	931	$	5,731		$	4,875
	6,352			6,559			9,723			3,505		2,179			931		5,731			4,875
	2			2			3			1		0			0		1			2
	2			2			3			1		0			0		1			2
$	6,350		$	6,557		$	9,720		$	3,504	$	2,179		$	931	$	5,730		$	4,873
$	6,125		$	7,611		$	10,799		$	3,321	$	2,824		$	894	$	6,377		$	4,992
	186			30			8			48		12			20		17			22
	317			(37	)		(54	)		74		(75	)		0		(83	)		(16	)
	(278	)		(1,047	)		(1,033	)		61		(582	)		17		(581	)		(125	)
$	6,350		$	6,557		$	9,720		$	3,504	$	2,179		$	931	$	5,730		$	4,873
	747			786			1,112			319		275			89		708			501
$	8.50		$	8.34		$	8.74		$	10.98	$	7.92		$	10.42	$	8.09		$	9.71

F-91

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Survivorship Variable Universal Life
	MFS Variable Insurance Trust						MONY Series Fund, Inc.
	New Discovery Subaccount			Total Return Subaccount			Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount
ASSETS
Shares held in respective Funds		902			521			1,336			0	**		78,884
Investments at cost	$	10,492		$	9,336		$	15,358		$	0		$	78,884
Investments in respective Funds, at net asset value	$	9,422		$	8,934		$	15,791		$	0		$	78,884
Total assets		9,422			8,934			15,791			0			78,884
LIABILITIES
Amount due to MONY		3			3			5			0			24
Total liabilities		3			3			5			0			24
Net assets	$	9,419		$	8,931		$	15,786		$	0		$	78,860
Net assets consist of:
Contractholders’ net payments	$	10,713		$	9,376		$	15,195		$	(131	)	$	78,566
Undistributed net investment income (loss)		(17	)		(16	)		(30	)		(1	)		294
Accumulated net realized gain (loss) on investments		(207	)		(27	)		188			132			0
Net unrealized appreciation (depreciation) of investments		(1,070	)		(402	)		433			0			0
Net assets	$	9,419		$	8,931		$	15,786		$	0		$	78,860
Number of units outstanding*		1,203			965			1,509			0	**		7,843
Net asset value per unit outstanding*	$	7.83		$	9.25		$	10.46		$	10.76		$	10.05

* Units outstanding have been rounded for presentation purposes.

** Rounds to less than one.

See notes to financial statements.

F-92

MONY Survivorship Variable Universal Life
The Universal Institutional Funds, Inc.						PBHG Insurance Series Funds						PIMCO Variable Insurance Trust
Emerging Markets Equity Subaccount			U.S. Real Estate Subaccount			Mid-Cap Value Subaccount			Select Value Subaccount			Global Bond Subaccount		Real Return Subaccount		StocksPlus Growth and Income Subaccount			Total
	1,174			1,336			1,291			0	**		444		2,147		2,396
$	8,400		$	16,221		$	15,071		$	0		$	4,877	$	24,691	$	17,618		$	315,785
$	7,092		$	15,139		$	14,068		$	0		$	5,194	$	25,547	$	17,372		$	301,795
	7,092			15,139			14,068			0			5,194		25,547		17,372			301,795
	2			4			4			0			1		7		5			89
	2			4			4			0			1		7		5			89
$	7,090		$	15,135		$	14,064		$	0		$	5,193	$	25,540	$	17,367		$	301,706
$	8,484		$	15,659		$	15,348		$	(684	)	$	4,787	$	23,495	$	18,344		$	315,033
	(14	)		724			(25	)		(1	)		56		445		279			2,172
	(72	)		(166	)		(256	)		685			33		744		(1,010	)		(1,509	)
	(1,308	)		(1,082	)		(1,003	)		0			317		856		(246	)		(13,990	)
$	7,090		$	15,135		$	14,064		$	0		$	5,193	$	25,540	$	17,367		$	301,706
	874			1,667			1,672			0	**		456		2,219		2,168
$	8.11		$	9.08		$	8.41		$	10.18		$	11.37	$	11.51	$	8.01

F-93

MONY

Variable Account L

STATEMENT OF OPERATIONS

	MONY Survivorship Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			Mid Cap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount			Growth Subaccount
	For the period April 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period July 5, 2002** through December 31, 2002			For the period May 5, 2002** through December 31, 2002			For the period September 10, 2002** through December 31, 2002
Dividend income	$	25		$	0		$	102		$	87		$	15
Distribution from net realized gains		0			0			0			0			0
Mortality and expense risk charges		(6	)		(16	)		(14	)		(14	)		(3	)
Net investment income (loss)		19			(16	)		88			73			12
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(25	)		(108	)		(405	)		(657	)		(12	)
Net change in unrealized appreciation (depreciation) of investments		(188	)		(1,883	)		123			212			(188	)
Net realized and unrealized gain (loss) on investments		(213	)		(1,991	)		(282	)		(445	)		(200	)
Net increase (decrease) in net assets resulting from operations	$	(194	)	$	(2,007	)	$	(194	)	$	(372	)	$	(188	)

** Commencement of operations

See notes to financial statements.

F-94

MONY Survivorship Variable Universal Life
Enterprise Accumulation Trust												INVESCO Variable Investment Fund			Janus Aspen Series
Global Socially Responsive Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Small Company Value Subaccount			Financial Services Subaccount			Capital Appreciation Subaccount			Flexible Income Subaccount			International Growth Subaccount
For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002
$	25		$	0		$	0		$	23		$	43		$	25		$	54		$	17
	0			0			0			172			0			0			0			0
	(13	)		(12	)		(41	)		(9	)		(13	)		(17	)		(6	)		(5	)
	12			(12	)		(41	)		186			30			8			48			12
	(45	)		(62	)		(365	)		317			(37	)		(54	)		74			(75	)
	(840	)		(1,662	)		(2,491	)		(278	)		(1,047	)		(1,033	)		61			(582	)
	(885	)		(1,724	)		(2,856	)		39			(1,084	)		(1,087	)		135			(657	)
$	(873	)	$	(1,736	)	$	(2,897	)	$	225		$	(1,054	)	$	(1,079	)	$	183		$	(645	)

F-95

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Survivorship Variable Universal Life
	Lord Abbett Series Fund									MFS Variable Insurance Trust
	Bond Debenture Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount			New Discovery Subaccount			Total Return Subaccount
	For the period August 21, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period August 21, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002
Dividend income	$	19		$	24		$	28		$	0		$	0
Distribution from net realized gains		2			1			0			0			0
Mortality and expense risk charges		(1	)		(8	)		(6	)		(17	)		(16	)
Net investment income (loss)		20			17			22			(17	)		(16	)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		0			(83	)		(16	)		(207	)		(27	)
Net change in unrealized appreciation (depreciation) of investments		17			(581	)		(125	)		(1,070	)		(402	)
Net realized and unrealized gain (loss) on investments		17			(664	)		(141	)		(1,277	)		(429	)
Net increase (decrease) in net assets resulting from operations	$	37		$	(647	)	$	(119	)	$	(1,294	)	$	(445	)

** Commencement of operations

See notes to financial statements.

F-96

MONY Survivorship Variable Universal Life
MONY Series Fund, Inc.									The Universal Institutional Funds, Inc.						PBHG Insurance Series Funds
Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount			Emerging Markets Equity Subaccount			U.S. Real Estate Subaccount			Mid-Cap Value Subaccount			Select Value Subaccount
For the period May 29, 2002** through December 31, 2002			For the period August 5, 2002** through December 31, 2002			For the period July 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period August 5, 2002** through December 31, 2002
$	0		$	0		$	390		$	0		$	478		$	0		$	0
	0			0			0			0			268			0			0
	(30	)		(1	)		(96	)		(14	)		(22	)		(25	)		(1	)
	(30	)		(1	)		294			(14	)		724			(25	)		(1	)
	188			132			0			(72	)		(166	)		(256	)		685
	433			0			0			(1,308	)		(1,082	)		(1,003	)		0
	621			132			0			(1,380	)		(1,248	)		(1,259	)		685
$	591		$	131		$	294		$	(1,394	)	$	(524	)	$	(1,284	)	$	684

F-97

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Survivorship Variable Universal Life
	PIMCO Variable Insurance Trust
	Global Bond Subaccount			Real Return Subaccount			StocksPlus Growth and Income Subaccount			Total
	For the period May 29, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period ended December 31, 2002
Dividend income	$	39		$	439		$	312		$	2,145
Distribution from net realized gains		22			45			0			510
Mortality and expense risk charges		(5	)		(39	)		(33	)		(483	)
Net investment income		56			445			279			2,172
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		33			744			(1,010	)		(1,509	)
Net change in unrealized appreciation (depreciation) of investments		317			856			(246	)		(13,990	)
Net realized and unrealized gain (loss) on investments		350			1,600			(1,256	)		(15,499	)
Net increase (decrease) in net assets resulting from operations	$	406		$	2,045		$	(977	)	$	(13,327	)

** Commencement of operations

See notes to financial statements.

F-98

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F-99

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Survivorship Variable Universal Life
	Alger American Fund						Enterprise Accumulation Trust
	Balanced Subaccount			Mid Cap Growth Subaccount			Equity Income Subaccount			Growth and Income Subaccount			Growth Subaccount
	For the period April 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period July 5, 2002** through December 31, 2002			For the period May 5, 2002** through December 31, 2002			For the period September 10, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	19		$	(16	)	$	88		$	73		$	12
Net realized gain (loss) on investments		(25	)		(108	)		(405	)		(657	)		(12	)
Net change in unrealized appreciation (depreciation) of investments		(188	)		(1,883	)		123			212			(188	)
Net increase (decrease) in net assets resulting from operations		(194	)		(2,007	)		(194	)		(372	)		(188	)
From unit transactions:
Net proceeds from the issuance of units		5,220			10,848			15,676			14,835			3,467
Net asset value of units redeemed or used to meet contract obligations		(260	)		(567	)		(8,233	)		(8,058	)		(262	)
Net increase from unit transactions		4,960			10,281			7,443			6,777			3,205
Net increase in net assets		4,766			8,274			7,249			6,405			3,017
Net assets beginning of period		0			0			0			0			0
Net assets end of period*	$	4,766		$	8,274		$	7,249		$	6,405		$	3,017
Unit transactions:
Units outstanding beginning of period		0			0			0			0			0
Units issued during the period		556			1,179			1,711			1,793			346
Units redeemed during the period		(28	)		(69	)		(895	)		(984	)		(27	)
Units outstanding end of period		528			1,110			816			809			319
*      Includes undistributed net investment income (loss) of:	$	19		$	(16	)	$	88		$	73		$	12

** Commencement of operations

See notes to financial statements.

F-100

MONY Survivorship Variable Universal Life
Enterprise Accumulation Trust												INVESCO Variable Investment Fund			Janus Aspen Series
Global Socially Responsive Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Small Company Value Subaccount			Financial Services Subaccount			Capital Appreciation Subaccount			Flexible Income Subaccount			International Growth Subaccount
For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002
$	12		$	(12	)	$	(41	)	$	186		$	30		$	8		$	48		$	12
	(45	)		(62	)		(365	)		317			(37	)		(54	)		74			(75	)
	(840	)		(1,662	)		(2,491	)		(278	)		(1,047	)		(1,033	)		61			(582	)
	(873	)		(1,736	)		(2,897	)		225			(1,054	)		(1,079	)		183			(645	)
	7,996			7,997			26,609			13,989			7,996			11,465			10,617			3,150
	(389	)		(377	)		(1,564	)		(7,864	)		(385	)		(666	)		(7,296	)		(326	)
	7,607			7,620			25,045			6,125			7,611			10,799			3,321			2,824
	6,734			5,884			22,148			6,350			6,557			9,720			3,504			2,179
	0			0			0			0			0			0			0			0
$	6,734		$	5,884		$	22,148		$	6,350		$	6,557		$	9,720		$	3,504		$	2,179
	0			0			0			0			0			0			0			0
	855			854			3,067			1,669			829			1,184			1,012			315
	(44	)		(44	)		(202	)		(922	)		(43	)		(72	)		(693	)		(40	)
	811			810			2,865			747			786			1,112			319			275
$	12		$	(12	)	$	(41	)	$	186		$	30		$	8		$	48		$	12

F-101

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Survivorship Variable Universal Life
	Lord Abbett Series Fund									MFS Variable Insurance Trust
	Bond Debenture Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount			New Discovery Subaccount			Total Return Subaccount
	For the period August 21, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period August 21, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	20		$	17		$	22		$	(17	)	$	(16	)
Net realized gain (loss) on investments		0			(83	)		(16	)		(207	)		(27	)
Net change in unrealized appreciation (depreciation) of investments		17			(581	)		(125	)		(1,070	)		(402	)
Net increase (decrease) in net assets resulting from operations		37			(647	)		(119	)		(1,294	)		(445	)
From unit transactions:
Net proceeds from the issuance of units		938			6,790			5,343			11,594			9,871
Net asset value of units redeemed or used to meet contract obligations		(44	)		(413	)		(351	)		(881	)		(495	)
Net increase (decrease) from unit transactions		894			6,377			4,992			10,713			9,376
Net increase in net assets		931			5,730			4,873			9,419			8,931
Net assets beginning of period		0			0			0			0			0
Net assets end of period*	$	931		$	5,730		$	4,873		$	9,419		$	8,931
Unit transactions:
Units outstanding beginning of period		0			0			0			0			0
Units issued during the period		93			758			538			1,313			1,018
Units redeemed during the period		(4	)		(50	)		(37	)		(110	)		(53	)
Units outstanding end of period		89			708			501			1,203			965
*      Includes undistributed net investment income (loss) of:	$	20		$	17		$	22		$	(17	)	$	(16	)

** Commencement of operations

See notes to financial statements.

F-102

MONY Survivorship Variable Universal Life
MONY Series Fund, Inc.									The Universal Institutional Funds, Inc.						PBHG Insurance Series Funds
Government Securities Subaccount			Long Term Bond Subaccount			Money Market Subaccount			Emerging Markets Equity Subaccount			U.S. Real Estate Subaccount			Mid-Cap Value Subaccount			Select Value Subaccount
For the period May 29, 2002** through December 31, 2002			For the period August 5, 2002** through December 31, 2002			For the period July 3, 2002** through December 31, 2002			For the period May 2, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period May 29, 2002** through December 31, 2002			For the period August 5, 2002** through December 31, 2002
$	(30	)	$	(1	)	$	294		$	(14	)	$	724		$	(25	)	$	(1	)
	188			132			0			(72	)		(166	)		(256	)		685
	433			0			0			(1,308	)		(1,082	)		(1,003	)		0
	591			131			294			(1,394	)		(524	)		(1,284	)		684
	23,732			7,019			161,405			8,977			16,983			16,633			6,896
	(8,537	)		(7,150	)		(82,839	)		(493	)		(1,324	)		(1,285	)		(7,580	)
	15,195			(131	)		78,566			8,484			15,659			15,348			(684	)
	15,786			0			78,860			7,090			15,135			14,064			0
	0			0			0			0			0			0			0
$	15,786		$	0		$	78,860		$	7,090		$	15,135		$	14,064		$	0
	0			0			0			0			0			0			0
	2,340			710			16,122			931			1,816			1,826			710
	(831	)		(710	)		(8,279	)		(57	)		(149	)		(154	)		(710	)
	1,509			0			7,843			874			1,667			1,672			0
$	(30	)	$	(1	)	$	294		$	(14	)	$	724		$	(25	)	$	(1	)

F-103

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Survivorship Variable Universal Life
	PIMCO Variable Insurance Trust
	Global Bond Subaccount			Real Return Subaccount			StocksPlus Growth and Income Subaccount			Total
	For the period May 29, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period April 3, 2002** through December 31, 2002			For the period ended December 31, 2002
From operations:
Net investment income	$	56		$	445		$	279		$	2,172
Net realized gain (loss) on investments		33			744			(1,010	)		(1,509	)
Net change in unrealized appreciation (depreciation) of investments		317			856			(246	)		(13,990	)
Net increase (decrease) in net assets resulting from operations		406			2,045			(977	)		(13,327	)
From unit transactions:
Net proceeds from the issuance of units		5,331			39,864			27,562			488,803
Net asset value of units redeemed or used to meet contract obligations		(544	)		(16,369	)		(9,218	)		(173,770	)
Net increase from unit transactions		4,787			23,495			18,344			315,033
Net increase in net assets		5,193			25,540			17,367			301,706
Net assets beginning of period		0			0			0			0
Net assets end of period*	$	5,193		$	25,540		$	17,367		$	301,706
Unit transactions:
Units outstanding beginning of period		0			0			0
Units issued during the period		507			3,707			3,322
Units redeemed during the period		(51	)		(1,488	)		(1,154	)
Units outstanding end of period		456			2,219			2,168
*      Includes undistributed net investment income of:	$	56		$	445		$	279		$	2,172

** Commencement of operations

See notes to financial statements.

F-104

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life) and MONY Survivorship Variable Universal Life. These policies are issued by MONY. For presentation purposes, the information related only to the MONY Survivorship Variable Universal Life Insurance policies is presented here.

There are thirty-five MONY Survivorship Variable Universal Life subaccounts available within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Alger American Fund, INVESCO Variable Investment Fund, Lord Abbett Series Fund, MFS Variable Insurance Trust, PIMCO Variable Insurance Trust, PBHG Insurance Series Funds, The Universal Institutional Funds, Inc. or Janus Aspen Series (collectively, the “Funds”). The Funds are registered under the 1940 Act as open end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Fund, which were distributed by MONY to the Policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 value is based upon market or fair valuations of the securities held in each of the corresponding portfolios of the Funds. For the Money Market Portfolios, the net asset value is based on the 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains from Portfolios of the Funds are recorded on ex-dividend date. Investment income includes net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-105

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

3.  Related Party Transactions:

MONY is the legal owner of the assets held by 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, mortality and expense risk 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 the MONY Survivorship Variable Universal Life Subaccounts for the period ended December 31, 2002 aggregated $18,435.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% of average daily net assets of each of the MONY Survivorship Variable Universal Life subaccounts. MONY Life Insurance Company of America (MONY America), a wholly-owned subsidiary of MONY, acts as investment adviser to the Fund and 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the period ended December 31, 2002, MONY received $54 in aggregate from certain Funds in connection with MONY Survivorship Variable Universal Life subaccounts.

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the period ended December 31, 2002 were as follows:

MONY Survivorship Variable Universal Life Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Alger American Fund
Balanced Portfolio	$	5,220	$	265
Mid-Cap Growth Portfolio		10,805		537
Enterprise Accumulation Trust
Equity Income Portfolio		15,778		8,347
Growth and Income Portfolio		15,051		8,286
Growth Portfolio		3,468		265
Global Socially Responsive Portfolio		7,954		358
Multi-Cap Growth Portfolio		7,954		344
Small Company Growth Portfolio		26,527		1,516
Small Company Value Portfolio		14,105		7,987
INVESCO Variable Insurance Fund
Financial Services Portfolio		7,953		353

F-106

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)

MONY Survivorship Variable Universal Life Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Janus Aspen Series
Capital Appreciation Portfolio	$	11,422	$	637
Flexible Income Portfolio		10,633		7,317
International Growth Portfolio		3,150		331
Lord Abbett Series Funds
Bond Debenture Portfolio		938		45
Growth and Income Portfolio		6,790		420
Mid-Cap Value Portfolio		5,343		355
MFS Variable Insurance Trust
New Discovery Portfolio		11,595		896
Total Return Portfolio		9,828		465
MONY Series Fund, Inc.
Government Securities Portfolio		23,731		8,561
Long Term Bond Portfolio		7,097		7,229
Money Market Portfolio		161,405		82,911
The Universal Institutional Funds, Inc.
Emerging Markets Equity Portfolio		8,930		458
U.S. Real Estate Portfolio		16,982		1,341
PBHG Insurance Series Funds
Mid-Cap Value Portfolio		16,633		1,306
Select Value Portfolio		7,098		7,783
PIMCO Variable Insurance Trust
Global Bond Portfolio		5,331		548
Real Return Portfolio		39,836		16,374
StocksPlus Growth and Income Portfolio		27,910		9,594

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Survivorship Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
Alger American Fund
Balanced Subaccount (1)	528	$	9.02	$	5	1.46	%	0.35	%	(9.80	)%
Mid-Cap Growth Subaccount (2)	1,110		7.46		8	0.00		0.35	%	(25.40	)

F-107

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Survivorship Variable Universal Life Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*^		Expense Ratio**^		Total Return***
Enterprise Accumulation Trust
Equity Income Subaccount (3)	816	$	8.88	$	7	2.55	%	0.35	%	(11.20	)%
Growth and Income Subaccount (4)	809		7.91		6	2.18		0.35	%	(20.90	)
Growth Subaccount (5)	319		9.44		3	1.75		0.35	%	(5.60	)
Global Socially Responsive Subaccount (2)	811		8.31		7	0.67		0.35	%	(16.90	)
Multi-Cap Growth Subaccount (2)	810		7.27		6	0.00		0.35	%	(27.30	)
Small Company Growth Subaccount (2)	2,865		7.73		22	0.00		0.35	%	(22.70	)
Small Company Value Subaccount (1)	747		8.50		6	0.89		0.35	%	(15.00	)
INVESCO Variable Investment Fund
Financial Services Subaccount (2)	786		8.34		7	1.16		0.35	%	(16.60	)
Janus Aspen Series
Capital Appreciation Subaccount (2)	1,112		8.74		10	0.51		0.35	%	(12.60	)
Flexible Income Subaccount (1)	319		10.98		4	3.15		0.35	%	9.80
International Growth Subaccount (6)	275		7.92		2	1.19		0.35	%	(20.80	)
Lord Abbett Series Funds
Bond Debenture Subaccount (7)	89		10.42		1	6.65		0.35	%	4.20
Growth and Income Subaccount (1)	708		8.09		6	1.05		0.35	%	(19.10	)
Mid-Cap Value Subaccount (7)	501		9.71		5	1.63		0.35	%	(2.90	)
MFS Variable Insurance Trust
New Discovery Subaccount (6)	1,203		7.83		9	0.00		0.35	%	(21.70	)
Total Return Subaccount (2)	965		9.25		9	0.00		0.35	%	(7.50	)
MONY Series Fund, Inc.
Government Securities Subaccount (6)	1,509		10.46		16	0.00		0.35	%	4.60
Long Term Bond Subaccount (8)	0		10.76		0	0.00		0.35	%	7.60
Money Market Subaccount	7,843		10.05		79	1.42		0.35	%	0.50
The Universal Institutional Funds, Inc.
Emerging Markets Equity Subaccount (2)	874		8.11		7	0.00		0.35	%	(18.90	)
U.S. Real Estate Subaccount (6)	1,667		9.08		15	7.60		0.35	%	(9.20	)
PBHG Insurance Series Funds
Mid Cap Value Subaccount (6)	1,672		8.41		14	0.00		0.35	%	(15.90	)
Select Value Subaccount (8)	0		10.18		0	0.00		0.35	%	1.80
PIMCO Variable Insurance Trust
Global Bond Subaccount (6)	456		11.37		5	2.73		0.35	%	13.70
Real Return Subaccount (1)	2,219		11.51		26	3.94		0.35	%	15.10
StocksPlus Growth and Income Subaccount (1)	2,168		8.01		17	3.31		0.35	%	(19.90	)

F-108

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

*       This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

**     This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

***   Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

**** Commencement of operations

_^     Annualized

(1)   For the period April 3, 2002**** through December 31, 2002

(2)   For the period May 2, 2002**** through December 31, 2002

(3)   For the period July 5, 2002**** through December 31, 2002

(4)   For the period May 5, 2002**** through December 31, 2002

(5)   For the period September 10, 2002**** through December 31, 2002

(6)   For the period May 29, 2002**** through December 31, 2002

(7)   For the period August 21, 2002**** through December 31, 2002

(8)   For the period August 5, 2002**** through December 31, 2002

F-109

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-110

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L — MONY Custom Equity Master

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of MONY Custom Equity Master’s Subaccounts of MONY Variable Account L at December 31, 2002, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-111

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

	MONY Custom Equity Master
	MONY Series Fund, Inc.								Enterprise Accumulation Trust
	Intermediate Term Bond Subaccount		Long Term Bond Subaccount		Government Securities Subaccount		Money Market Subaccount		Equity Subaccount			Small Company Value Subaccount
ASSETS
Shares held in respective Funds		11,820		11,622		18,118		1,041,173		52,361			22,655
Investments at cost	$	132,042	$	155,328	$	207,425	$	1,041,173	$	911,680		$	445,415
Investments in respective Funds, at net asset value	$	139,827	$	168,860	$	214,154	$	1,041,173	$	640,894		$	388,752
Amount due from MONY		4		3		14		0		74			52
Amount due from respective Funds		38		4		16		40		2,586			47
Total assets		139,869		168,867		214,184		1,041,213		643,554			388,851
LIABILITIES
Amount due to MONY		116		98		137		624		2,969			269
Amount due to respective Funds		4		3		14		0		74			52
Total liabilities		120		101		151		624		3,043			321
Net assets	$	139,749	$	168,766	$	214,033	$	1,040,589	$	640,511		$	388,530
Net assets consist of:
Contractholders’ net payments	$	126,355	$	148,476	$	202,340	$	1,013,454	$	963,642		$	418,553
Undistributed net investment income		4,531		5,621		3,263		27,135		99,885			57,151
Accumulated net realized gain (loss) on investments		1,078		1,137		1,701		0		(152,230	)		(30,511	)
Net unrealized appreciation (depreciation) of investments		7,785		13,532		6,729		0		(270,786	)		(56,663	)
Net assets	$	139,749	$	168,766	$	214,033	$	1,040,589	$	640,511		$	388,530
Number of units outstanding*		11,293		12,772		17,384		96,370		132,826			38,844
Net asset value per unit outstanding*	$	12.37	$	13.21	$	12.31	$	10.80	$	4.82		$	10.00

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-112

MONY Custom Equity Master
Enterprise Accumulation Trust
Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount
	21,784			34,157			40,679			171,492			134,165			52,438			29,052			65,586
$	426,340		$	149,632		$	173,132		$	849,103		$	680,044		$	380,623		$	142,329		$	373,727
$	332,858		$	118,185		$	164,341		$	682,539		$	529,952		$	313,577		$	122,597		$	310,224
	21			2			0			90			42			25			11			14
	12			13			11			51			6,453			1,374			14			29
	332,891			118,200			164,352			682,680			536,447			314,976			122,622			310,267
	198			81			103			446			6,760			1,553			83			209
	21			2			0			90			42			25			11			14
	219			83			103			536			6,802			1,578			94			223
$	332,672		$	118,117		$	164,249		$	682,144		$	529,645		$	313,398		$	122,528		$	310,044
$	422,203		$	161,815		$	160,848		$	885,426		$	714,565		$	393,362		$	144,770		$	405,549
	24,344			11,327			14,514			607			6,014			6,368			1,355			1,950
	(20,393	)		(23,578	)		(2,322	)		(37,325	)		(40,842	)		(19,286	)		(3,865	)		(33,952	)
	(93,482	)		(31,447	)		(8,791	)		(166,564	)		(150,092	)		(67,046	)		(19,732	)		(63,503	)
$	332,672		$	118,117		$	164,249		$	682,144		$	529,645		$	313,398		$	122,528		$	310,044
	46,292			22,624			15,634			105,572			81,345			42,606			15,612			48,771
$	7.19		$	5.22		$	10.50		$	6.46		$	6.51		$	7.36		$	7.85		$	6.36

F-113

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Balanced Subaccount			Emerging Countries Subaccount			Worldwide Growth Subaccount			Mid-Cap Growth Subaccount			Total Return Subaccount
ASSETS
Shares held in respective Funds		62,868			22,757			542			1,273			5,421			21
Investments at cost	$	487,310		$	104,854		$	4,752		$	10,064		$	35,945		$	216
Investments in respective Funds, at net asset value	$	346,401		$	96,489		$	4,286		$	8,553		$	28,733		$	219
Amount due from MONY		57			26			0			0			4			0
Amount due from respective Funds		27			15			0			0			3			0
Total assets		346,485			96,530			4,286			8,553			28,740			219
LIABILITIES
Amount due to MONY		227			68			3			5			20			0
Amount due to respective Funds		57			26			0			0			4			0
Total liabilities		284			94			3			5			24			0
Net assets	$	346,201		$	96,436		$	4,283		$	8,548		$	28,716		$	219
Net assets consist of:
Contractholders’ net payments	$	567,657		$	105,381		$	4,796		$	10,303		$	37,171		$	210
Undistributed net investment income (loss)		(3,058	)		1,856			(12	)		(38	)		(144	)		6
Accumulated net realized gain (loss) on investments		(77,489	)		(2,436	)		(35	)		(206	)		(1,099	)		0
Net unrealized appreciation (depreciation) of investments		(140,909	)		(8,365	)		(466	)		(1,511	)		(7,212	)		3
Net assets	$	346,201		$	96,436		$	4,283		$	8,548		$	28,716		$	219
Number of units outstanding*		83,320			11,429			537			1,298			5,215			21
Net asset value per unit outstanding*	$	4.16		$	8.44		$	7.96		$	6.59		$	5.51		$	10.46

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-114

MONY Custom Equity Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount
	33,615			5,247			17,384			20,717			6,926			28,383			16,329			18,940			23,280
$	938,896		$	129,677		$	544,870		$	415,980		$	97,899		$	586,839		$	363,292		$	397,506		$	659,528
$	755,334		$	99,160		$	405,745		$	373,730		$	81,039		$	449,590		$	336,204		$	328,985		$	490,036
	87			0			0			11			4			8			29			9			6
	73			1,259			1,280			23			8			51			15			15			46
	755,494			100,419			407,025			373,764			81,051			449,649			336,248			329,009			490,088
	511			1,318			1,517			232			55			306			205			205			324
	87			0			0			11			4			8			29			9			6
	598			1,318			1,517			243			59			314			234			214			330
$	754,896		$	99,101		$	405,508		$	373,521		$	80,992		$	449,335		$	336,014		$	328,795		$	489,758
$	987,737		$	145,457		$	620,059		$	443,552		$	106,035		$	736,450		$	364,344		$	450,645		$	739,543
	17,270			(243	)		8,408			5,384			40			(1,007	)		12,803			3,231			5,248
	(66,549	)		(15,596	)		(83,834	)		(33,165	)		(8,223	)		(148,859	)		(14,045	)		(56,560	)		(85,541	)
	(183,562	)		(30,517	)		(139,125	)		(42,250	)		(16,860	)		(137,249	)		(27,088	)		(68,521	)		(169,492	)
$	754,896		$	99,101		$	405,508		$	373,521		$	80,992		$	449,335		$	336,014		$	328,795		$	489,758
	119,048			19,929			79,727			49,502			13,189			141,118			38,530			60,226			103,472
$	6.34		$	4.97		$	5.09		$	7.55		$	6.14		$	3.18		$	8.72		$	5.46		$	4.73

F-115

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Custom Equity Master
	Alger American Fund			Lord Abbett Series Funds						The Universal Institutional Funds, Inc.			PIMCO Variable Insurance Trust
	Mid-Cap Growth Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount			U.S. Real Estate Subaccount			Global Bond Subaccount		Real Return Subaccount		Total
ASSETS
Shares held in respective Funds		705			444			2,318			1,232			1,810		4,673
Investments at cost	$	10,809		$	8,731		$	33,438		$	14,782		$	19,495	$	53,785	$	10,986,661
Investments in respective Funds, at net asset value	$	8,782		$	8,368		$	32,134		$	13,954		$	21,161	$	55,608	$	9,112,444
Amount due from MONY		0			0			4			0			0		0		597
Amount due from respective Funds		0			0			0			0			0		0		13,503
Total assets		8,782			8,368			32,138			13,954			21,161		55,608		9,126,544
LIABILITIES
Amount due to MONY		5			5			18			8			12		31		18,721
Amount due to respective Funds		0			0			4			0			0		0		597
Total liabilities		5			5			22			8			12		31		19,318
Net assets	$	8,777		$	8,363		$	32,116		$	13,946		$	21,149	$	55,577	$	9,107,226
Net assets consist of:
Contractholders’ net payments	$	10,917		$	8,766		$	33,472		$	14,167		$	19,149	$	53,014	$	11,620,183
Undistributed net investment income (loss)		(34	)		32			99			665			278		629		315,478
Accumulated net realized gain (loss) on investments		(79	)		(72	)		(151	)		(58	)		56		111		(954,218	)
Net unrealized appreciation (depreciation) of investments		(2,027	)		(363	)		(1,304	)		(828	)		1,666		1,823		(1,874,217	)
Net assets	$	8,777		$	8,363		$	32,116		$	13,946		$	21,149	$	55,577	$	9,107,226
Number of units outstanding*		1,148			1,005			3,695			1,536			1,866		4,960
Net asset value per unit outstanding*	$	7.64		$	8.32		$	8.69		$	9.08		$	11.33	$	11.20

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-116

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F-117

MONY

Variable Account L

STATEMENT OF OPERATIONS

For the year ended December 31, 2002

	MONY Custom Equity Master
	MONY Series Fund, Inc.												Enterprise Accumulation Trust
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Government Securities Subaccount			Money Market Subaccount			Equity Subaccount			Small Company Value Subaccount
Dividend income	$	4,388		$	5,408		$	3,799		$	15,715		$	0		$	1,404
Distribution from net realized gains		0			0			0			0			0			10,605
Mortality and expense risk charges		(680	)		(756	)		(941	)		(5,650	)		(3,413	)		(1,911	)
Net investment income (loss)		3,708			4,652			2,858			10,065			(3,413	)		10,098
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		568			709			1,297			0			(55,839	)		(18,089	)
Net change in unrealized appreciation (depreciation) of investments		6,169			12,853			5,984			0			(165,340	)		(31,375	)
Net realized and unrealized gain (loss) on investments		6,737			13,562			7,281			0			(221,179	)		(49,464	)
Net increase (decrease) in net assets resulting from operations	$	10,445		$	18,214		$	10,139		$	10,065		$	(224,592	)	$	(39,366	)

See notes to financial statements.

F-118

MONY Custom Equity Master
Enterprise Accumulation Trust
Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount
$	3,095		$	803		$	11,604		$	2,751		$	6,447		$	0		$	1,447		$	0
	0			0			0			0			0			0			0			0
	(1,645	)		(608	)		(752	)		(3,562	)		(2,786	)		(1,640	)		(601	)		(1,659	)
	1,450			195			10,852			(811	)		3,661			(1,640	)		846			(1,659	)
	(10,527	)		(10,444	)		(2,008	)		(17,507	)		(24,837	)		(8,667	)		(2,863	)		(10,517	)
	(62,457	)		(14,653	)		(7,004	)		(158,204	)		(134,560	)		(74,921	)		(16,411	)		(46,727	)
	(72,984	)		(25,097	)		(9,012	)		(175,711	)		(159,397	)		(83,588	)		(19,274	)		(57,244	)
$	(71,534	)	$	(24,902	)	$	1,840		$	(176,522	)	$	(155,736	)	$	(85,228	)	$	(18,428	)	$	(58,903	)

F-119

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Balanced Subaccount			Emerging Countries Subaccount			Worldwide Growth Subaccount			Mid-Cap Growth Subaccount			Total Return Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the period June 12, 2002** through December 31, 2002
Dividend income	$	0		$	1,714		$	6		$	0		$	0		$	3
Distribution from net realized gains		0			0			0			0			0			3
Mortality and expense risk charges		(2,039	)		(444	)		(16	)		(35	)		(135	)		0
Net investment income (loss)		(2,039	)		1,270			(10	)		(35	)		(135	)		6
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(33,783	)		(1,712	)		5			(108	)		(806	)		0
Net change in unrealized appreciation (depreciation) of investments		(127,114	)		(9,419	)		(618	)		(1,641	)		(8,113	)		3
Net realized and unrealized gain (loss) on investments		(160,897	)		(11,131	)		(613	)		(1,749	)		(8,919	)		3
Net increase (decrease) in net assets resulting from operations	$	(162,936	)	$	(9,861	)	$	(623	)	$	(1,784	)	$	(9,054	)	$	9

** Commencement of operations

See notes to financial statements.

F-120

MONY Custom Equity Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002
$	10,204		$	265		$	534		$	2,301		$	551		$	0		$	7,968		$	1,915		$	4,827
	0			0			0			0			0			0			0			0			0
	(3,897	)		(509	)		(2,271	)		(1,990	)		(411	)		(2,264	)		(1,632	)		(1,780	)		(2,614	)
	6,307			(244	)		(1,737	)		311			140			(2,264	)		6,336			135			2,213
	(34,665	)		(7,099	)		(37,715	)		(12,307	)		(3,020	)		(53,423	)		(7,684	)		(20,138	)		(31,051	)
	(154,812	)		(24,802	)		(115,214	)		(28,488	)		(15,805	)		(79,345	)		(20,090	)		(36,615	)		(115,176	)
	(189,477	)		(31,901	)		(152,929	)		(40,795	)		(18,825	)		(132,768	)		(27,774	)		(56,753	)		(146,227	)
$	(183,170	)	$	(32,145	)	$	(154,666	)	$	(40,484	)	$	(18,685	)	$	(135,032	)	$	(21,438	)	$	(56,618	)	$	(144,014	)

F-121

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Equity Master
	Alger American Fund			Lord Abbett Series Funds						The Universal Institutional Funds, Inc.			PIMCO Variable Insurance Trust
	Mid-Cap Growth Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount			U.S. Real Estate Subaccount			Global Bond Subaccount			Real Return Subaccount			Total
	For the period May 06, 2002** through December 31, 2002			For the period May 31, 2002** through December 31, 2002			For the period May 06, 2002** through December 31, 2002			For the period May 31, 2002** through December 31, 2002			For the period May 31, 2002** through December 31, 2002			For the period May 06, 2002** through December 31, 2002
Dividend income	$	0		$	50		$	181		$	442		$	252		$	623		$	88,697
Distribution from net realized gains		0			1			0			258			88			107			11,062
Mortality and expense risk charges		(34	)		(19	)		(82	)		(35	)		(62	)		(101	)		(46,974	)
Net investment income (loss)		(34	)		32			99			665			278			629			52,785
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(79	)		(72	)		(151	)		(58	)		56			111			(402,423	)
Net change in unrealized appreciation (depreciation) of investments		(2,027	)		(363	)		(1,304	)		(828	)		1,666			1,823			(1,424,928	)
Net realized and unrealized gain (loss) on investments		(2,106	)		(435	)		(1,455	)		(886	)		1,722			1,934			(1,827,351	)
Net increase (decrease) in net assets resulting from operations	$	(2,140	)	$	(403	)	$	(1,356	)	$	(221	)	$	2,000		$	2,563		$	(1,774,566	)

** Commencement of operations

See notes to financial statements.

F-122

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F-123

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Custom Equity Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount						Long Term Bond Subaccount						Government Securities Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	3,708		$	836		$	4,652		$	976		$	2,858		$	409
Net realized gain (loss) on investments		568			481			709			412			1,297			383
Net change in unrealized appreciation (depreciation) of investments		6,169			1,137			12,853			301			5,984			594
Net increase (decrease) in net assets resulting from operations		10,445			2,454			18,214			1,689			10,139			1,386
From unit transactions:
Net proceeds from the issuance of units		104,183			54,847			126,307			65,177			189,064			93,798
Net asset value of units redeemed or used to meet contract obligations		(36,129	)		(12,148	)		(35,923	)		(17,053	)		(70,155	)		(16,515	)
Net increase (decrease) from unit transactions		68,054			42,699			90,384			48,124			118,909			77,283
Net increase (decrease) in net assets		78,499			45,153			108,598			49,813			129,048			78,669
Net assets beginning of period		61,250			16,097			60,168			10,355			84,985			6,316
Net assets end of period*	$	139,749		$	61,250		$	168,766		$	60,168		$	214,033		$	84,985
Unit transactions:
Units outstanding beginning of period		5,383			1,530			5,166			942			7,316			577
Units issued during the period		9,741			4,957			11,093			5,723			16,047			8,191
Units redeemed during the period		(3,831	)		(1,104	)		(3,487	)		(1,499	)		(5,979	)		(1,452	)
Units outstanding end of period		11,293			5,383			12,772			5,166			17,384			7,316
*      Includes undistributed net investment income of:	$	4,531		$	823		$	5,621		$	969		$	3,263		$	405

See notes to financial statements.

F-124

MONY Custom Equity Master
MONY Series Fund, Inc.						Enterprise Accumulation Trust
Money Market Subaccount						Equity Subaccount						Small Company Value Subaccount						Managed Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	10,065		$	16,021		$	(3,413	)	$	89,438		$	10,098		$	42,604		$	1,450		$	18,358
	0			0			(55,839	)		(89,824	)		(18,089	)		(10,977	)		(10,527	)		(7,992	)
	0			0			(165,340	)		(68,120	)		(31,375	)		(22,560	)		(62,457	)		(32,257	)
	10,065			16,021			(224,592	)		(68,506	)		(39,366	)		9,067			(71,534	)		(21,891	)
	(148,738	)		1,828,369			372,048			614,166			295,382			237,430			170,342			226,381
	(121,785	)		(584,681	)		(150,431	)		(125,139	)		(122,150	)		(53,014	)		(58,173	)		(40,330	)
	(270,523	)		1,243,688			221,617			489,027			173,232			184,416			112,169			186,051
	(260,458	)		1,259,709			(2,975	)		420,521			133,866			193,483			40,635			164,160
	1,301,047			41,338			643,486			222,965			254,664			61,181			292,037			127,877
$	1,040,589		$	1,301,047		$	640,511		$	643,486		$	388,530		$	254,664		$	332,672		$	292,037
	121,626			3,997			93,665			26,254			22,978			5,789			31,845			12,345
	(14,438	)		172,939			68,153			85,417			28,247			22,117			23,023			23,812
	(10,818	)		(55,310	)		(28,992	)		(18,006	)		(12,381	)		(4,928	)		(8,576	)		(4,312	)
	96,370			121,626			132,826			93,665			38,844			22,978			46,292			31,845
$	27,135		$	17,070		$	99,885		$	103,298		$	57,151		$	47,053		$	24,344		$	22,894

F-125

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	International Growth Subaccount						High Yield Bond Subaccount						Growth Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	195		$	8,494		$	10,852		$	3,504		$	(811	)	$	832
Net realized loss on investments		(10,444	)		(12,259	)		(2,008	)		(279	)		(17,507	)		(18,278	)
Net change in unrealized appreciation (depreciation) of investments		(14,653	)		(13,112	)		(7,004	)		(1,717	)		(158,204	)		(12,826	)
Net increase (decrease) in net assets resulting from operations		(24,902	)		(16,877	)		1,840			1,508			(176,522	)		(30,272	)
From unit transactions:
Net proceeds from the issuance of units		79,488			86,356			115,592			76,810			417,458			515,492
Net asset value of units redeemed or used to meet contract obligations		(29,079	)		(24,672	)		(33,251	)		(12,573	)		(153,222	)		(117,820	)
Net increase from unit transactions		50,409			61,684			82,341			64,237			264,236			397,672
Net increase in net assets		25,507			44,807			84,181			65,745			87,714			367,400
Net assets beginning of period		92,610			47,803			80,068			14,323			594,430			227,030
Net assets end of period*	$	118,117		$	92,610		$	164,249		$	80,068		$	682,144		$	594,430
Unit transactions:
Units outstanding beginning of period		14,206			5,274			7,695			1,453			70,201			23,359
Units issued during the period		13,854			12,354			11,819			7,462			58,110			60,795
Units redeemed during the period		(5,436	)		(3,422	)		(3,880	)		(1,220	)		(22,739	)		(13,953	)
Units outstanding end of period		22,624			14,206			15,634			7,695			105,572			70,201
*      Includes undistributed net investment income of:	$	11,327		$	11,132		$	14,514		$	3,662		$	607		$	1,418

See notes to financial statements.

F-126

MONY Custom Equity Master
Enterprise Accumulation Trust
Growth and Income Subaccount						Small Company Growth Subaccount						Equity Income Subaccount						Capital Appreciation Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	3,661		$	2,339		$	(1,640	)	$	7,842		$	846		$	511		$	(1,659	)	$	715
	(24,837	)		(15,933	)		(8,667	)		(10,901	)		(2,863	)		(1,072	)		(10,517	)		(22,752	)
	(134,560	)		(14,041	)		(74,921	)		9,613			(16,411	)		(4,337	)		(46,727	)		(7,298	)
	(155,736	)		(27,635	)		(85,228	)		6,554			(18,428	)		(4,898	)		(58,903	)		(29,335	)
	371,505			521,272			201,240			238,098			84,394			80,770			203,522			223,818
	(161,896	)		(105,992	)		(89,189	)		(54,202	)		(30,063	)		(18,589	)		(91,952	)		(54,654	)
	209,609			415,280			112,051			183,896			54,331			62,181			111,570			169,164
	53,873			387,645			26,823			190,450			35,903			57,283			52,667			139,829
	475,772			88,127			286,575			96,125			86,625			29,342			257,377			117,548
$	529,645		$	475,772		$	313,398		$	286,575		$	122,528		$	86,625		$	310,044		$	257,377
	53,806			8,752			29,439			9,464			9,356			2,818			33,465			12,316
	50,826			56,790			24,798			25,927			9,862			8,493			28,041			28,080
	(23,287	)		(11,736	)		(11,631	)		(5,952	)		(3,606	)		(1,955	)		(12,735	)		(6,931	)
	81,345			53,806			42,606			29,439			15,612			9,356			48,771			33,465
$	6,014		$	2,353		$	6,368		$	8,008		$	1,355		$	509		$	1,950		$	3,609

F-127

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount						Balanced Subaccount						Emerging Countries Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the period June 8, 2001** through December 31, 2001
From operations:
Net investment income (loss)	$	(2,039	)	$	(907	)	$	1,270		$	569		$	(10	)	$	(2	)
Net realized gain (loss) on investments		(33,783	)		(41,378	)		(1,712	)		(612	)		5			(40	)
Net change in unrealized appreciation (depreciation) of investments		(127,114	)		9,788			(9,419	)		825			(618	)		152
Net increase (decrease) in net assets resulting from operations		(162,936	)		(32,497	)		(9,861	)		782			(623	)		110
From unit transactions:
Net proceeds from the issuance of units		274,466			343,187			78,731			76,777			4,444			1,757
Net asset value of units redeemed or used to meet contract obligations		(150,728	)		(77,595	)		(33,143	)		(23,620	)		(1,169	)		(236	)
Net increase from unit transactions		123,738			265,592			45,588			53,157			3,275			1,521
Net increase (decrease) in net assets		(39,198	)		233,095			35,727			53,939			2,652			1,631
Net assets beginning of period		385,399			152,304			60,709			6,770			1,631			0
Net assets end of period*	$	346,201		$	385,399		$	96,436		$	60,709		$	4,283		$	1,631
Unit transactions:
Units outstanding beginning of period		60,270			19,707			6,380			682			169			0
Units issued during the period		53,725			52,586			9,057			8,226			511			197
Units redeemed during the period		(30,675	)		(12,023	)		(4,008	)		(2,528	)		(143	)		(28	)
Units outstanding end of period		83,320			60,270			11,429			6,380			537			169
*      Includes undistributed net investment income (loss) of:	$	(3,058	)	$	(1,019	)	$	1,856		$	586		$	(12	)	$	(2	)

** Commencement of operations

See notes to financial statements.

F-128

MONY Custom Equity Master
Enterprise Accumulation Trust
Worldwide Growth Subaccount						Mid-Cap Growth Subaccount						Total Return Subaccount			Dreyfus Stock Index Subaccount						Dreyfus Socially Responsible Growth Subaccount
For the year ended December 31, 2002			For the period June 8, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period June 8, 2001** through December 31, 2001			For the period June 12, 2002** through December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	(35	)	$	(3	)	$	(135	)	$	(9	)	$	6		$	6,307		$	7,130		$	(244	)	$	(140	)
	(108	)		(98	)		(806	)		(293	)		0			(34,665	)		(30,637	)		(7,099	)		(8,248	)
	(1,641	)		130			(8,113	)		901			3			(154,812	)		(15,177	)		(24,802	)		(3,277	)
	(1,784	)		29			(9,054	)		599			9			(183,170	)		(38,684	)		(32,145	)		(11,665	)
	9,275			4,723			34,891			12,526			244			497,379			587,939			79,660			91,828
	(3,013	)		(682	)		(8,888	)		(1,358	)		(34	)		(204,778	)		(123,130	)		(31,107	)		(18,864	)
	6,262			4,041			26,003			11,168			210			292,601			464,809			48,553			72,964
	4,478			4,070			16,949			11,767			219			109,431			426,125			16,408			61,299
	4,070			0			11,767			0			0			645,465			219,340			82,693			21,394
$	8,548		$	4,070		$	28,716		$	11,767		$	219		$	754,896		$	645,465		$	99,101		$	82,693
	463			0			1,466			0			0			78,584			23,366			11,748			2,344
	1,225			542			5,261			1,643			24			70,821			69,968			14,024			11,940
	(390	)		(79	)		(1,512	)		(177	)		(3	)		(30,357	)		(14,750	)		(5,843	)		(2,536	)
	1,298			463			5,215			1,466			21			119,048			78,584			19,929			11,748
$	(38	)	$	(3	)	$	(144	)	$	(9	)	$	6		$	17,270		$	10,963		$	(243	)	$	1

F-129

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Mony Custom Equity Master
	Fidelity Variable Insurance Products Funds
	VIP Growth Subaccount						VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	(1,737	)	$	10,264		$	311		$	5,232		$	140		$	(77	)
Net realized loss on investments		(37,715	)		(45,170	)		(12,307	)		(20,592	)		(3,020	)		(4,908	)
Net change in unrealized appreciation (depreciation) of investments		(115,214	)		(7,814	)		(28,488	)		(7,442	)		(15,805	)		1,115
Net decrease in net assets resulting from operations		(154,666	)		(42,720	)		(40,484	)		(22,802	)		(18,685	)		(3,870	)
From unit transactions:
Net proceeds from the issuance of units		282,608			434,904			212,751			241,564			59,511			54,447
Net asset value of units redeemed or used to meet contract obligations		(145,854	)		(102,004	)		(115,312	)		(65,363	)		(23,198	)		(15,463	)
Net increase from unit transactions		136,754			332,900			97,439			176,201			36,313			38,984
Net increase (decrease) in net assets		(17,912	)		290,180			56,955			153,399			17,628			35,114
Net assets beginning of period		423,420			133,240			316,566			163,167			63,364			28,250
Net assets end of period*	$	405,508		$	423,420		$	373,521		$	316,566		$	80,992		$	63,364
Unit transactions:
Units outstanding beginning of period		57,776			14,902			37,789			17,007			8,012			3,045
Units issued during the period		48,166			56,380			26,645			28,573			8,705			6,917
Units redeemed during the period		(26,215	)		(13,506	)		(14,932	)		(7,791	)		(3,528	)		(1,950	)
Units outstanding end of period		79,727			57,776			49,502			37,789			13,189			8,012
*      Includes undistributed net investment income (loss) of:	$	8,408		$	10,145		$	5,384		$	5,073		$	40		$	(100	)

See accompanying notes to financial statements.

F-130

Mony Custom Equity Master
Janus Aspen Series
Aggressive Growth Subaccount						Balanced Subaccount						Capital Appreciation Subaccount						Worldwide Growth Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	(2,264	)	$	(951	)	$	6,336		$	4,996		$	135		$	2,383		$	2,213		$	838
	(53,423	)		(89,137	)		(7,684	)		(5,465	)		(20,138	)		(34,995	)		(31,051	)		(50,896	)
	(79,345	)		(23,785	)		(20,090	)		(5,338	)		(36,615	)		(13,217	)		(115,176	)		(28,133	)
	(135,032	)		(113,873	)		(21,438	)		(5,807	)		(56,618	)		(45,829	)		(144,014	)		(78,191	)
	335,141			465,872			185,882			228,701			195,615			273,738			314,097			404,800
	(152,073	)		(99,638	)		(77,079	)		(54,763	)		(111,324	)		(69,512	)		(135,019	)		(102,101	)
	183,068			366,234			108,803			173,938			84,291			204,226			179,078			302,699
	48,036			252,361			87,365			168,131			27,673			158,397			35,064			224,508
	401,299			148,938			248,649			80,518			301,122			142,725			454,694			230,186
$	449,335		$	401,299		$	336,014		$	248,649		$	328,795		$	301,122		$	489,758		$	454,694
	90,311			20,212			26,527			8,160			46,253			17,106			71,160			27,835
	96,423			90,124			25,226			24,202			34,143			39,167			58,155			58,551
	(45,616	)		(20,025	)		(13,223	)		(5,835	)		(20,170	)		(10,020	)		(25,843	)		(15,226	)
	141,118			90,311			38,530			26,527			60,226			46,253			103,472			71,160
$	(1,007	)	$	1,257		$	12,803		$	6,467		$	3,231		$	3,096		$	5,248		$	3,035

F-131

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
	Alger American Fund			Lord Abbett Series Funds
	Mid-Cap Growth Subaccount			Growth and Income Subaccount			Mid-Cap Value Subaccount
	For the period May 06, 2002** through December 31, 2002			For the period May 31, 2002** through December 31, 2002			For the period May 06, 2002** through December 31, 2002
From operations:
Net investment income (loss)	$	(34	)	$	32		$	99
Net realized gain (loss) on investments		(79	)		(72	)		(151	)
Net change in unrealized appreciation (depreciation) of investments		(2,027	)		(363	)		(1,304	)
Net increase (decrease) in net assets resulting from operations		(2,140	)		(403	)		(1,356	)
From unit transactions:
Net proceeds from the issuance of units		11,513			9,456			35,121
Net asset value of units redeemed or used to meet contract obligations		(596	)		(690	)		(1,649	)
Net increase from unit transactions		10,917			8,766			33,472
Net increase in net assets		8,777			8,363			32,116
Net assets beginning of period		0			0			0
Net assets end of period*	$	8,777		$	8,363		$	32,116
Unit transactions:
Units outstanding beginning of period		0			0			0
Units issued during the period		1,468			1,090			4,162
Units redeemed during the period		(320	)		(85	)		(467	)
Units outstanding end of period		1,148			1,005			3,695
*      Includes undistributed net investment income (loss) of:	$	(34	)	$	32		$	99

** Commencement of operations

See notes to financial statements.

F-132

MONY Custom Equity Master
The Universal Institutional Funds, Inc.			PIMCO Variable Insurance Trust
U.S. Real Estate Subaccount			Global Bond Subaccount			Real Return Subaccount			Total
For the period May 31, 2002** through December 31, 2002			For the period May 31, 2002** through December 31, 2002			For the period May 06, 2002** through December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2001
$	665		$	278		$	629		$	52,785		$	222,202
	(58	)		56			111			(402,423	)		(521,460	)
	(828	)		1,666			1,823			(1,424,928	)		(255,895	)
	(221	)		2,000			2,563			(1,774,566	)		(555,153	)
	14,983			20,122			55,591			5,293,268			8,085,547
	(816	)		(973	)		(2,577	)		(2,383,418	)		(1,991,711	)
	14,167			19,149			53,014			2,909,850			6,093,836
	13,946			21,149			55,577			1,135,284			5,538,683
	0			0			0			7,971,942			2,433,259
$	13,946		$	21,149		$	55,577		$	9,107,226		$	7,971,942
	0			0			0
	1,628			1,958			5,200
	(92	)		(92	)		(240	)
	1,536			1,866			4,960
$	665		$	278		$	629		$	315,478		$	262,693

F-133

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life), and MONY Survivorship Variable Universal Life. These policies are issued by MONY. For presentation purposes, the information related only to the Variable Universal Life Insurance policies (MONY Custom Equity Master) is presented here.

There are thirty-five MONY Custom Equity Master Subaccounts within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, The Universal Institutional Funds, Inc., the Alger American Fund, Lord Abbett Series Fund, PIMCO Variable Insurance Trust, or Janus Aspen Series (collectively, the “Funds”). The subaccounts of MONY Custom Equity Master commenced operations during the years 2000 through 2002. The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds, which were distributed by MONY to the policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distribution of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-134

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

3.  Related Party Transactions:

MONY is the legal owner of the assets held by 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 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 such purposes for all of the MONY Custom Equity Master Subaccounts for the period ended December 31, 2002 aggregated $1,644,980.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% of the average daily net assets of each of the MONY Custom Equity Master subaccounts. MONY Life Insurance Company of America (MONY America), a wholly-owned subsidiary of MONY, acts as investment adviser to the Fund and 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.

MONY and MONY America receive fees directly from certain funds for maintaining and servicing policyholders’ accounts. During the period ended December 31, 2002, MONY received $4,483 in connection with MONY Custom Equity Master subaccounts.

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the year ended December 31, 2002 were as follows:

MONY Custom Equity Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio	$	103,239	$	35,798
Long Term Bond Portfolio		120,845		31,133
Government Securities Portfolio		173,875		55,800
Money Market Portfolio		1,672,022		1,947,822
Enterprise Accumulation Trust
Equity Portfolio		309,141		90,664
Small Company Value Portfolio		247,622		76,120
Managed Portfolio		148,921		38,260
International Growth Portfolio		72,144		22,290
High Yield Bond Portfolio		108,761		27,094
Growth Portfolio		360,544		99,576
Growth and Income Portfolio		312,128		105,077
Small Company Growth Portfolio		162,115		51,572

F-135

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.    Investment Transactions: (continued)

MONY Custom Equity Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Equity Income Portfolio	$	78,017	$	24,232
Capital Appreciation Portfolio		168,316		58,269
Multi-Cap Growth Portfolio		223,283		101,449
Balanced Portfolio		80,176		34,989
Emerging Countries Portfolio		4,293		1,031
Worldwide Growth Portfolio		8,516		2,285
Mid-Cap Growth Portfolio		34,933		9,049
Total Return Portfolio		241		31
Dreyfus
Dreyfus Stock Index Fund		423,812		134,779
Dreyfus Socially Responsible Growth Fund, Inc.		70,241		22,152
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio		239,414		104,766
VIP II Contrafund Portfolio		174,504		78,899
VIP III Growth Opportunities Portfolio		49,654		13,716
Janus Aspen Series
Aggressive Growth Portfolio		271,329		90,337
Balanced Portfolio		195,672		88,353
Capital Appreciation Portfolio		155,629		72,979
Worldwide Growth Portfolio		258,444		81,777
Alger American Fund
Mid-Cap Growth Portfolio		13,375		2,487
Lord Abbett Series Fund
Growth and Income Portfolio		9,147		395
Mid-Cap Value Portfolio		36,819		3,411
The Universal Institutional Funds, Inc.
U.S. Real Estate Portfolio		14,627		487
PIMCO Variable Insurance Trust
Global Bond Portfolio		20,034		935
Real Return Portfolio		54,973		2,029

F-136

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	11,293	$	12.37	$	140	2.26	%	0.35	%	8.70	%
Long Term Bond Subaccount	12,772		13.21		169	2.50		0.35		13.39	%
Government Securities Subaccount	17,384		12.31		214	1.41		0.35		5.94	%
Money Market Subaccount	96,370		10.80		1,041	0.97		0.35		0.93	%
Enterprise Accumulation Trust
Equity Subaccount	132,826		4.82		641	0.00		0.35		(29.84	)%
Small Company Value Subaccount	38,844		10.00		389	0.26		0.35		(9.75	)%
Managed Subaccount	46,292		7.19		333	0.66		0.35		(21.59	)%
International Growth Subaccount	22,624		5.22		118	0.46		0.35		(19.94	)%
High Yield Bond Subaccount	15,634		10.50		164	5.40		0.35		0.96	%
Growth Subaccount	105,572		6.46		682	0.27		0.35		(23.74	)%
Growth and Income Subaccount	81,345		6.51		530	0.81		0.35		(26.36	)%
Small Company Growth Subaccount	42,606		7.36		313	0.00		0.35		(24.36	)%
Equity Income Subaccount	15,612		7.85		123	0.84		0.35		(15.23	)%
Capital Appreciation Subaccount	48,771		6.36		310	0.00		0.35		(17.30	)%
Multi-Cap Growth Subaccount	83,320		4.16		346	0.00		0.35		(34.90	)%
Balanced Subaccount	11,429		8.44		96	1.35		0.35		(11.34	)%
Emerging Countries Subaccount	537		7.96		4	0.13		0.35		(17.17	)%
Worldwide Growth Subaccount	1,298		6.59		9	0.00		0.35		(25.11	)%
Mid-Cap Growth Subaccount	5,215		5.51		29	0.00		0.35		(31.38	)%
Total Return Subaccount (1)	21		10.46		0	1.92	(^)	0.35	(^)	4.60	%
Dreyfus
Dreyfus Stock Index Subaccount	119,048		6.34		755	0.92		0.35		(22.78	)%
Dreyfus Socially Responsible Growth Subaccount	19,929		4.97		99	0.18		0.35		(29.40	)%
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	79,727		5.09		406	0.08		0.35		(30.56	)%
VIP II Contrafund Subaccount	49,502		7.55		374	0.40		0.35		(9.90	)%
VIP III Growth Opportunities Subaccount	13,189		6.14		81	0.47		0.35		(22.38	)%
Janus Aspen Series
Aggressive Growth Subaccount	141,118		3.18		449	0.00		0.35		(28.38	)%
Balanced Subaccount	38,530		8.72		336	1.71		0.35		(6.94	)%
Capital Appreciation Subaccount	60,226		5.46		329	0.38		0.35		(16.13	)%
Worldwide Growth Subaccount	103,472		4.73		490	0.64		0.35		(25.98	)%

F-137

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2002					For the period ended December 31, 2002
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Alger American Fund
Mid Cap Growth Subaccount (2)	1,148	$	7.64	$	9	0.00	%	0.35	%(^)	(23.60	)%
Lord Abbett Series Funds
Growth and Income Subaccount (3)	1,005		8.32		8	0.92	(^)	0.35	(^)	(16.80	)%
Mid-Cap Value Subaccount (2)	3,695		8.69		32	0.77	(^)	0.35	(^)	(13.10	)%
The Universal Institutional Funds, Inc.
U.S. Real Estate Subaccount (3)	1,536		9.08		14	4.42	(^)	0.35	(^)	(9.20	)%
PIMCO Variable Insurance Trust
Global Bond Subaccount (3)	1,866		11.33		21	1.42	(^)	0.35	(^)	13.30	%
Real Return Subaccount (2)	4,960		11.20		56	2.16	(^)	0.35	(^)	12.00	%
For a unit outstanding throughout the period ended December 31, 2001:
	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	5,383		11.38		61	2.71		0.35		8.17
Long Term Bond Subaccount	5,166		11.65		60	3.22		0.35		5.91
Government Securities Subaccount	7,316		11.62		85	1.52		0.35		6.22
Money Market Subaccount	121,626		10.70		1,301	3.02		0.35		3.48
Enterprise Accumulation Trust
Equity Subaccount	93,665		6.87		643	0.00		0.35		(19.08	)
Small Company Value Subaccount	22,978		11.08		255	0.31		0.35		4.82
Managed Subaccount	31,845		9.17		292	2.72		0.35		(11.49	)
International Growth Subaccount	14,206		6.52		93	0.82		0.35		(28.04	)
High Yield Bond Subaccount	7,695		10.40		80	8.81		0.35		5.48
Growth Subaccount	70,201		8.47		594	0.56		0.35		(12.86	)
Growth and Income Subaccount	53,806		8.84		476	1.16		0.35		(12.21	)
Small Company Growth Subaccount	29,439		9.73		287	0.00		0.35		(4.23	)
Equity Income Subaccount	9,356		9.26		87	1.30		0.35		(11.05	)
Capital Appreciation Subaccount	33,465		7.69		257	0.74		0.35		(19.39	)
Multi-Cap Growth Subaccount	60,270		6.39		385	0.00		0.35		(17.34	)
Balanced Subaccount	6,380		9.52		61	2.07		0.35		(4.13	)
Emerging Countries Subaccount (4)	169		9.61		2	0.00	(^)	0.35	(^)	(3.90	)
Worldwide Growth Subaccount (4)	463		8.80		4	0.00	(^)	0.35	(^)	(12.00	)
Mid-Cap Growth Subaccount (4)	1,466		8.03		12	0.00	(^)	0.35	(^)	(19.70	)

F-138

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000’s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Dreyfus
Dreyfus Stock Index Subaccount	78,584	$	8.21	$	645	1.28	%	0.35	%	(12.57	)%
Dreyfus Socially Responsible Growth Subaccount	11,748		7.04		83	0.09		0.35		(22.89	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	57,776		7.33		423	0.00		0.35		(18.01	)
VIP II Contrafund Subaccount	37,789		8.38		317	0.51		0.35		(12.62	)
VIP III Growth Opportunities Subaccount	8,012		7.91		63	0.16		0.35		(14.76	)
Janus Aspen Series
Aggressive Growth Subaccount	90,311		4.44		401	0.00		0.35		(39.76	)
Balanced Subaccount	26,527		9.37		249	3.19		0.35		(5.07	)
Capital Appreciation Subaccount	46,253		6.51		301	1.41		0.35		(21.94	)
Worldwide Growth Subaccount	71,160		6.39		455	0.59		0.35		(22.73	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized

(1) For the period June 12, 2002 (commencement of operations) through December 31, 2002

(2) For the period May 6, 2002 (commencement of operations) through December 31, 2002

(3) For the period May 31, 2002 (commencement of operations) through December 31, 2002

(4) For the period June 8, 2001 (commencement of operations) through December 31, 2001.

F-139

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F-140

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L — MONY Custom Estate Master

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of MONY Custom Estate Master’s Subaccounts of MONY Variable Account L at December 31, 2002, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principals generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-141

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

	MONY Custom Estate Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount		Long Term Bond Subaccount		Government Securities Subaccount		Money Market Subaccount
ASSETS
Shares held in respective Funds		77		1,444		1,008		708,558
Investments at cost	$	856	$	19,058	$	11,512	$	708,558
Investments in respective Funds, at net asset value	$	910	$	20,977	$	11,913	$	708,558
Amount due from respective Funds		0		0		0		145
Total assets		910		20,977		11,913		708,703
LIABILITIES
Amount due to MONY		0		6		3		355
Total liabilities		0		6		3		355
Net assets	$	910	$	20,971	$	11,910	$	708,348
Net assets consist of:
Contractholders’ net payments	$	816	$	17,717	$	11,283	$	694,208
Undistributed net investment income		33		1,249		198		14,140
Accumulated net realized gain (loss) on investments		7		86		28		0
Net unrealized appreciation (depreciation) of investments		54		1,919		401		0
Net assets	$	910	$	20,971	$	11,910	$	708,348
Number of units outstanding*		79		1,639		1,078		64,399
Net asset value per unit outstanding*	$	11.46	$	12.79	$	11.06	$	11.00

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-142

MONY Custom Estate Master
Enterprise Accumulation Trust
Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount
	5,234			3,497			1,250			7,759			4,784			21,742			3,747			4,647			3,536
$	80,099		$	72,237		$	23,366		$	36,586		$	21,086		$	104,057		$	18,450		$	33,813		$	17,620
$	64,061		$	60,016		$	19,107		$	26,847		$	19,329		$	86,534		$	14,800		$	27,790		$	14,923
	0			0			0			0			0			0			0			0			0
	64,061			60,016			19,107			26,847			19,329			86,534			14,800			27,790			14,923
	21			18			6			8			6			26			5			9			5
	21			18			6			8			6			26			5			9			5
$	64,040		$	59,998		$	19,101		$	26,839		$	19,323		$	86,508		$	14,795		$	27,781		$	14,918
$	95,014		$	64,204		$	23,495		$	38,446		$	18,912		$	116,075		$	24,869		$	33,905		$	17,324
	10,644			13,223			1,785			2,927			2,363			334			388			747			196
	(25,580	)		(5,208	)		(1,920	)		(4,795	)		(195	)		(12,378	)		(6,812	)		(848	)		95
	(16,038	)		(12,221	)		(4,259	)		(9,739	)		(1,757	)		(17,523	)		(3,650	)		(6,023	)		(2,697	)
$	64,040		$	59,998		$	19,101		$	26,839		$	19,323		$	86,508		$	14,795		$	27,781		$	14,918
	11,200			6,299			2,740			5,517			1,888			13,466			2,309			3,764			1,808
$	5.72		$	9.53		$	6.97		$	4.87		$	10.23		$	6.43		$	6.41		$	7.38		$	8.25

F-143

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Capital Appreciation Subaccount			Multi-Cap Growth Subaccount			Balanced Subaccount			Mid-Cap Growth Subaccount			Total Return Subaccount
ASSETS
Shares held in respective Funds		3,754			6,880			66			267			14
Investments at cost	$	22,601		$	56,520		$	311		$	1,904		$	140
Investments in respective Funds, at net asset value	$	17,758		$	37,909		$	280		$	1,417		$	142
Amount due from respective Funds		0			0			0			0			0
Total assets		17,758			37,909			280			1,417			142
LIABILITIES
Amount due to MONY		6			12			0			0			0
Total liabilities		6			12			0			0			0
Net assets	$	17,752		$	37,897		$	280		$	1,417		$	142
Net assets consist of:
Contractholders’ net payments	$	26,747		$	68,366		$	301		$	1,927		$	136
Undistributed net investment income (loss)		469			(337	)		12			(4	)		4
Accumulated net realized gain (loss) on investments		(4,621	)		(11,521	)		(2	)		(19	)		0
Net unrealized appreciation (depreciation) of investments		(4,843	)		(18,611	)		(31	)		(487	)		2
Net assets	$	17,752		$	37,897		$	280		$	1,417		$	142
Number of units outstanding*		2,933			10,082			30			194			13
Net asset value per unit outstanding*	$	6.05		$	3.76		$	9.35		$	7.28		$	10.45

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-144

MONY Custom Estate Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount
	4,439			981			3,451			3,243			1,573			2,481			2,555			2,606
$	120,314		$	23,948		$	105,642		$	64,931		$	23,192		$	41,680		$	57,253		$	52,752
$	99,753		$	18,546		$	80,540		$	58,509		$	18,404		$	39,306		$	52,607		$	45,273
	0			0			0			0			0			0			0			0
	99,753			18,546			80,540			58,509			18,404			39,306			52,607			45,273
	30			6			25			17			6			12			16			14
	30			6			25			17			6			12			16			14
$	99,723		$	18,540		$	80,515		$	58,492		$	18,398		$	39,294		$	52,591		$	45,259
$	132,988		$	27,070		$	116,615		$	66,490		$	24,206		$	70,727		$	57,144		$	64,702
	2,389			14			1,439			824			167			671			2,042			674
	(15,093	)		(3,142	)		(12,437	)		(2,400	)		(1,187	)		(29,730	)		(1,949	)		(12,638	)
	(20,561	)		(5,402	)		(25,102	)		(6,422	)		(4,788	)		(2,374	)		(4,646	)		(7,479	)
$	99,723		$	18,540		$	80,515		$	58,492		$	18,398		$	39,294		$	52,591		$	45,259
	15,730			3,895			15,240			7,909			3,204			14,864			5,897			9,317
$	6.34		$	4.76		$	5.28		$	7.40		$	5.74		$	2.64		$	8.92		$	4.86

F-145

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONY Custom Estate Master
	Janus Aspen Series			Lord Abbett Series Funds			PIMCO Variable Insurance Trust		Total
	Worldwide Growth Subaccount			Growth and Income Subaccount			Real Return Subaccount
ASSETS
Shares held in respective Funds		3,975			7			8
Investments at cost	$	103,228		$	134		$	86	$	1,821,934
Investments in respective Funds, at net asset value	$	83,669		$	125		$	91	$	1,630,094
Amount due from respective Funds		0			0			0		145
Total assets		83,669			125			91		1,630,239
LIABILITIES
Amount due to MONY		26			0			0		638
Total liabilities		26			0			0		638
Net assets	$	83,643		$	125		$	91	$	1,629,601
Net assets consist of:
Contractholders’ net payments	$	120,945		$	134		$	85	$	1,934,851
Undistributed net investment income		1,498			1			1		58,091
Accumulated net realized gain (loss) on investments		(19,241	)		(1	)		0		(171,501	)
Net unrealized appreciation (depreciation) of investments		(19,559	)		(9	)		5		(191,840	)
Net assets	$	83,643		$	125		$	91	$	1,629,601
Number of units outstanding*		16,837			15			8
Net asset value per unit outstanding*	$	4.97		$	8.56		$	11.00

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-146

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F-147

MONY

Variable Account L

STATEMENT OF OPERATIONS

For the year ended December 31, 2002

	MONY Custom Estate Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Government Securities Subaccount			Money Market Subaccount
Dividend income	$	38		$	824		$	222		$	7,258
Distribution from net realized gains		0			0			0			0
Mortality and expense risk charges		(4	)		(63	)		(29	)		(1,719	)
Net investment income (loss)		34			761			193			5,539
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		4			46			25			0
Net change in unrealized appreciation (depreciation) of investments		41			1,594			307			0
Net realized and unrealized gain (loss) on investments		45			1,640			332			0
Net increase (decrease) in net assets resulting from operations	$	79		$	2,401		$	525		$	5,539

See notes to financial statements.

F-148

MONY Custom Estate Master
Enterprise Accumulation Trust
Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount
$	0		$	218		$	132		$	169		$	1,450		$	356		$	297		$	0		$	171
	0			1,648			0			0			0			0			0			0			0
	(221	)		(193	)		(54	)		(97	)		(59	)		(284	)		(79	)		(95	)		(52	)
	(221	)		1,673			78			72			1,391			72			218			(95	)		119
	(19,435	)		(2,139	)		(1,029	)		(3,488	)		(143	)		(9,532	)		(6,199	)		(675	)		(100	)
	(5,488	)		(4,962	)		(2,810	)		(2,189	)		(1,149	)		(14,330	)		(1,307	)		(6,193	)		(2,199	)
	(24,923	)		(7,101	)		(3,839	)		(5,677	)		(1,292	)		(23,862	)		(7,506	)		(6,868	)		(2,299	)
$	(25,144	)	$	(5,428	)	$	(3,761	)	$	(5,605	)	$	99		$	(23,790	)	$	(7,288	)	$	(6,963	)	$	(2,180	)

F-149

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Capital Appreciation Subaccount			Multi-Cap Growth Subaccount			Balanced Subaccount			Mid-Cap Growth Subaccount			Total Return Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the period June 17, 2002** through Deccember 31, 2002
Dividend income	$	0		$	0		$	6		$	0		$	2
Distribution from net realized gains		0			0			0			0			2
Mortality and expense risk charges		(87	)		(167	)		0			(4	)		0
Net investment income (loss)		(87	)		(167	)		6			(4	)		4
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(3,281	)		(7,322	)		(3	)		(19	)		0
Net change in unrealized appreciation (depreciation) of investments		(961	)		(12,734	)		(43	)		(487	)		2
Net realized and unrealized gain (loss) on investments		(4,242	)		(20,056	)		(46	)		(506	)		2
Net increase (decrease) in net assets resulting from operations	$	(4,329	)	$	(20,223	)	$	(40	)	$	(510	)	$	6

** Commencement of operations

See notes to financial statements.

F-150

MONY Custom Estate Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002
$	1,272		$	49		$	86		$	335		$	148		$	0		$	1,273		$	290
	0			0			0			0			0			0			0			0
	(308	)		(56	)		(253	)		(168	)		(61	)		(142	)		(159	)		(173	)
	964			(7	)		(167	)		167			87			(142	)		1,114			117
	(12,844	)		(1,566	)		(8,926	)		(1,310	)		(424	)		(19,922	)		(1,470	)		(9,616	)
	(13,092	)		(3,944	)		(18,553	)		(3,494	)		(4,095	)		6,337			(3,305	)		453
	(25,936	)		(5,510	)		(27,479	)		(4,804	)		(4,519	)		(13,585	)		(4,775	)		(9,163	)
$	(24,972	)	$	(5,517	)	$	(27,646	)	$	(4,637	)	$	(4,432	)	$	(13,727	)	$	(3,661	)	$	(9,046	)

F-151

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Estate Master
	Janus Aspen Series			Lord Abbett Series Fund			PIMCO Variable Insurance Trust
	Worldwide Growth Subaccount			Growth and Income Subaccount			Real Return Subaccount		Total
	For the year ended December 31, 2002			For the period ended June 17, 2002** through December 31, 2002			For the period ended June 17, 2002** through December 31, 2002		For the period ended December 31, 2002
Dividend income	$	800		$	1		$	1	$	15,398
Distribution from net realized gains		0			0			0		1,650
Mortality and expense risk charges		(270	)		0			0		(4,797	)
Net investment income (loss)		530			1			1		12,251
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(12,935	)		(1	)		0		(122,304	)
Net change in unrealized appreciation (depreciation) of investments		(11,190	)		(9	)		5		(103,795	)
Net realized and unrealized gain (loss) on investments		(24,125	)		(10	)		5		(226,099	)
Net increase (decrease) in net assets resulting from operations	$	(23,595	)	$	(9	)	$	6	$	(213,848	)

** Commencement of operations

See notes to financial statements.

F-152

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-153

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Custom Estate Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount						Long Term Bond Subaccount
	For the year ended December 31, 2002			For the period April 2, 2001** through December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	34		$	(1	)	$	761		$	494
Net realized gain (loss) on investments		4			3			46			37
Net change in unrealized appreciation (depreciation) of investments		41			13			1,594			60
Net increase (decrease) in net assets resulting from operations		79			15			2,401			591
From unit transactions:
Net proceeds from the issuance of units		0			1,045			8,248			2,505
Net asset value of units redeemed or used to meet contract obligations		(144	)		(85	)		(1,060	)		(593	)
Net increase (decrease) from unit transactions		(144	)		960			7,188			1,912
Net increase (decrease) in net assets		(65	)		975			9,589			2,503
Net assets beginning of period		975			0			11,382			8,879
Net assets end of period*	$	910		$	975		$	20,971		$	11,382
Unit transactions:
Units outstanding beginning of period		93			0			1,011			835
Units issued during the period		0			101			718			230
Units redeemed during the period		(14	)		(8	)		(90	)		(54	)
Units outstanding end of period		79			93			1,639			1,011
*      Includes undistributed net investment income (loss) of:	$	33		$	(1	)	$	1,249		$	488

** Commencement of operations

See notes to financial statements.

F-154

MONY Custom Estate Master
MONY Series Fund, Inc.												Enterprise Accumulation Trust
Government Securities Subaccount						Money Market Subaccount						Equity Subaccount						Small Company Value Subaccount
For the year ended December 31, 2002			For the period March 14, 2001** through December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	193		$	5		$	5,539		$	5,827		$	(221	)	$	8,648		$	1,673		$	9,514
	25			3			0			0			(19,435	)		(3,785	)		(2,139	)		(804	)
	307			94			0			0			(5,488	)		(9,555	)		(4,962	)		(7,126	)
	525			102			5,539			5,827			(25,144	)		(4,692	)		(5,428	)		1,584
	7,982			5,006			402,375			356,079			43,966			56,343			26,253			31,688
	(1,116	)		(589	)		(82,635	)		(67,279	)		(9,462	)		(6,293	)		(5,449	)		(4,129	)
	6,866			4,417			319,740			288,800			34,504			50,050			20,804			27,559
	7,391			4,519			325,279			294,627			9,360			45,358			15,376			29,143
	4,519			0			383,069			88,442			54,680			9,322			44,622			15,479
$	11,910		$	4,519		$	708,348		$	383,069		$	64,040		$	54,680		$	59,998		$	44,622
	434			0			35,225			8,412			6,726			928			4,236			1,541
	748			492			36,717			33,096			6,161			6,560			2,654			3,125
	(104	)		(58	)		(7,543	)		(6,283	)		(1,687	)		(762	)		(591	)		(430	)
	1,078			434			64,399			35,225			11,200			6,726			6,299			4,236
$	198		$	5		$	14,140		$	8,601		$	10,644		$	10,865		$	13,223		$	11,550

F-155

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Managed Subaccount						International Growth Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	78		$	1,030		$	72		$	2,336
Net realized loss on investments		(1,029	)		(835	)		(3,488	)		(1,178	)
Net change in unrealized appreciation (depreciation) of investments		(2,810	)		(846	)		(2,189	)		(6,782	)
Net increase (decrease) in net assets resulting from operations		(3,761	)		(651	)		(5,605	)		(5,624	)
From unit transactions:
Net proceeds from the issuance of units		9,711			17,719			10,542			17,902
Net asset value of units redeemed or used to meet contract obligations		(1,203	)		(5,076	)		(2,629	)		(1,581	)
Net increase (decrease) from unit transactions		8,508			12,643			7,913			16,321
Net increase (decrease) in net assets		4,747			11,992			2,308			10,697
Net assets beginning of year		14,354			2,362			24,531			13,834
Net assets end of year*	$	19,101		$	14,354		$	26,839		$	24,531
Unit transactions:
Units outstanding beginning of year		1,617			236			4,047			1,641
Units issued during the year		1,281			1,912			1,928			2,656
Units redeemed during the year		(158	)		(531	)		(458	)		(250	)
Units outstanding end of year		2,740			1,617			5,517			4,047
*      Includes undistributed net investment income of:	$	1,785		$	1,707		$	2,927		$	2,855

See notes to financial statements.

F-156

MONY Custom Estate Master
Enterprise Accumulation Trust
High Yield Bond Subaccount						Growth Subaccount						Growth and Income Subaccount						Small Company Growth Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	1,391		$	820		$	72		$	68		$	218		$	164		$	(95	)	$	808
	(143	)		(47	)		(9,532	)		(2,634	)		(6,199	)		(617	)		(675	)		(201	)
	(1,149	)		(290	)		(14,330	)		(2,248	)		(1,307	)		(2,117	)		(6,193	)		299
	99			483			(23,790	)		(4,814	)		(7,288	)		(2,570	)		(6,963	)		906
	10,181			1,541			72,346			45,363			11,659			26,778			9,325			19,290
	(1,117	)		(520	)		(21,908	)		(11,723	)		(20,735	)		(4,593	)		(3,317	)		(2,384	)
	9,064			1,021			50,438			33,640			(9,076	)		22,185			6,008			16,906
	9,163			1,504			26,648			28,826			(16,364	)		19,615			(955	)		17,812
	10,160			8,656			59,860			31,034			31,159			11,544			28,736			10,924
$	19,323		$	10,160		$	86,508		$	59,860		$	14,795		$	31,159		$	27,781		$	28,736
	1,004			903			7,125			3,218			3,587			1,167			2,949			1,074
	996			153			9,496			5,303			1,601			2,935			1,224			2,140
	(112	)		(52	)		(3,155	)		(1,396	)		(2,879	)		(515	)		(409	)		(265	)
	1,888			1,004			13,466			7,125			2,309			3,587			3,764			2,949
$	2,363		$	972		$	334		$	262		$	388		$	170		$	747		$	842

F-157

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Equity Income Subaccount						Capital Appreciation Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	119		$	56		$	(87	)	$	82
Net realized gain (loss) on investments		(100	)		171			(3,281	)		(1,204	)
Net change in unrealized appreciation (depreciation) of investments		(2,199	)		(1,073	)		(961	)		(2,724	)
Net increase (decrease) in net assets resulting from operations		(2,180	)		(846	)		(4,329	)		(3,846	)
From unit transactions:
Net proceeds from the issuance of units		5,369			8,126			6,516			21,985
Net asset value of units redeemed or used to meet contract obligations		(720	)		(9,172	)		(11,624	)		(3,056	)
Net increase (decrease) from unit transactions		4,649			(1,046	)		(5,108	)		18,929
Net increase (decrease) in net assets		2,469			(1,892	)		(9,437	)		15,083
Net assets beginning of period		12,449			14,341			27,189			12,106
Net assets end of period*	$	14,918		$	12,449		$	17,752		$	27,189
Unit transactions:
Units outstanding beginning of period		1,282			1,313			3,721			1,335
Units issued during the period		606			839			920			2,811
Units redeemed during the period		(80	)		(870	)		(1,708	)		(425	)
Units outstanding end of period		1,808			1,282			2,933			3,721
*      Includes undistributed net investment income (loss) of:	$	196		$	77		$	469		$	556

** Commencement of operations

See notes to financial statements.

F-158

MONY Custom Estate Master
Enterprise Accumulation Trust
Multi-Cap Growth Subaccount						Balanced Subaccount						Mid-Cap Growth Subaccount						Total Return Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the period April 2, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period November 21, 2001** through December 31, 2001			For the period June 17, 2002** through December 31, 2002
$	(167	)	$	(146	)	$	6		$	6		$	(4	)	$	0		$	4
	(7,322	)		(3,729	)		(3	)		1			(19	)		0			0
	(12,734	)		(1,686	)		(43	)		12			(487	)		0			2
	(20,223	)		(5,561	)		(40	)		19			(510	)		0			6
	15,395			44,917			0			434			2,047			28			173
	(10,270	)		(6,053	)		(71	)		(62	)		(134	)		(14	)		(37	)
	5,125			38,864			(71	)		372			1,913			14			136
	(15,098	)		33,303			(111	)		391			1,403			14			142
	52,995			19,692			391			0			14			0			0
$	37,897		$	52,995		$	280		$	391		$	1,417		$	14		$	142
	9,181			2,823			37			0			1			0			0
	3,372			7,402			0			43			209			2			17
	(2,471	)		(1,044	)		(7	)		(6	)		(16	)		(1	)		(4	)
	10,082			9,181			30			37			194			1			13
$	(337	)	$	(170	)	$	12		$	6		$	(4	)	$	0		$	4

F-159

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Dreyfus Stock Index Subaccount						Dreyfus Socially Responsible Growth Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income (loss)	$	964		$	936		$	(7	)	$	(24	)
Net realized loss on investments		(12,844	)		(2,187	)		(1,566	)		(1,078	)
Net change in unrealized appreciation (depreciation) of investments		(13,092	)		(4,494	)		(3,944	)		(998	)
Net decrease in net assets resulting from operations		(24,972	)		(5,745	)		(5,517	)		(2,100	)
From unit transactions:
Net proceeds from the issuance of units		63,088			69,752			12,092			12,202
Net asset value of units redeemed or used to meet contract obligations		(21,894	)		(7,098	)		(2,762	)		(1,622	)
Net increase (decrease) from unit transactions		41,194			62,654			9,330			10,580
Net increase in net assets		16,222			56,909			3,813			8,480
Net assets beginning of year		83,501			26,592			14,727			6,247
Net assets end of year*	$	99,723		$	83,501		$	18,540		$	14,727
Unit transactions:
Units outstanding beginning of year		10,189			2,839			2,190			717
Units issued during the year		8,938			8,193			2,341			1,698
Units redeemed during the year		(3,397	)		(843	)		(636	)		(225	)
Units outstanding end of year		15,730			10,189			3,895			2,190
*      Includes undistributed net investment income of:	$	2,389		$	1,425		$	14		$	21

See notes to financial statements.

F-160

MONY Customer Estate Master
Fidelity Variable Insurance Products Funds																		Janus Aspen Series
VIP Growth Subaccount						VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount						Aggressive Growth Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	(167	)	$	1,459		$	167		$	672		$	87		$	(22	)	$	(142	)	$	(96	)
	(8,926	)		(3,339	)		(1,310	)		(855	)		(424	)		(730	)		(19,922	)		(9,172	)
	(18,553	)		(5,686	)		(3,494	)		(2,521	)		(4,095	)		(392	)		6,337			(3,445	)
	(27,646	)		(7,566	)		(4,637	)		(2,704	)		(4,432	)		(1,144	)		(13,727	)		(12,713	)
	49,176			77,497			25,593			34,282			7,376			16,439			176,121			40,375
	(10,821	)		(8,000	)		(4,516	)		(3,472	)		(2,691	)		(1,440	)		(157,890	)		(5,189	)
	38,355			69,497			21,077			30,810			4,685			14,999			18,231			(35,186	)
	10,709			61,931			16,440			28,106			253			13,855			4,504			22,473
	69,806			7,875			42,052			13,946			18,145			4,290			34,790			12,317
$	80,515		$	69,806		$	58,492		$	42,052		$	18,398		$	18,145		$	39,294		$	34,790
	9,189			850			5,132			1,486			2,459			496			9,449			2,017
	8,031			9,350			3,353			4,057			1,164			2,154			53,687			8,696
	(1,980	)		(1,011	)		(576	)		(411	)		(419	)		(191	)		(48,272	)		(1,264	)
	15,240			9,189			7,909			5,132			3,204			2,459			14,864			9,449
	1,439		$	1,606		$	824		$	657		$	167		$	80		$	671		$	813

F-161

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Janus Aspen Series
	Balanced Subaccount						Capital Appreciation Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net investment income	$	1,114		$	713		$	117		$	454
Net realized gain (loss) on investments		(1,470	)		(456	)		(9,616	)		(2,907	)
Net change in unrealized appreciation (depreciation) of investments		(3,305	)		(1,161	)		453			(5,696	)
Net increase (decrease) in net assets resulting from operations		(3,661	)		(904	)		(9,046	)		(8,149	)
From unit transactions:
Net proceeds from the issuance of units		27,380			34,764			22,149			45,861
Net asset value of units redeemed or used to meet contract obligations		(6,241	)		(4,874	)		(11,908	)		(5,894	)
Net increase from unit transactions		21,139			29,890			10,241			39,967
Net increase in net assets		17,478			28,986			1,195			31,818
Net assets beginning of period		35,113			6,127			44,064			12,246
Net assets end of period*	$	52,591		$	35,113		$	45,259		$	44,064
Unit transactions:
Units outstanding beginning of period		3,671			608			7,623			1,653
Units issued during the period		2,913			3,571			4,119			6,927
Units redeemed during the period		(687	)		(508	)		(2,425	)		(957	)
Units outstanding end of period		5,897			3,671			9,317			7,623
*    Includes undistributed net investment income of:	$	2,042		$	928		$	674		$	557
**    Commencement of operations

See notes to financial statements.

F-162

MONY Custom Estate Master
Janus Aspen Series						Lord Abbett Series Fund			PIMCO Variable Insurance Products
Worldwide Growth Subaccount						Growth and Income Subaccount			Real Return Subaccount			Total
For the year ended December 31, 2002			For the year ended December 31, 2001			For the period June 17, 2002** through December 31, 2002			For the period June 17, 2002** through December 31, 2002			For the Period ended December 31, 2002			For the Period ended December 31, 2001
$	530		$	131		$	1		$	1		$	12,251		$	33,934
	(12,935	)		(4,931	)		(1	)		0			(122,304	)		(40,474	)
	(11,190	)		(5,308	)		(9	)		5			(103,795	)		(63,670	)
	(23,595	)		(10,108	)		(9	)		6			(213,848	)		(70,210	)
	55,454			62,365			166			109			1,080,792			1,050,286
	(15,582	)		(7,786	)		(32	)		(24	)		(407,992	)		(168,577	)
	39,872			54,579			134			85			672,800			881,709
	16,277			44,471			125			91			458,952			811,499
	67,366			22,895			0			0			1,170,649			359,150
$	83,643		$	67,366		$	125		$	91		$	1,629,601		$	1,170,649
	10,066			2,643			0			0
	9,837			8,523			27			10
	(3,066	)		(1,100	)		(12	)		(2	)
	16,837			10,066			15			8
$	1,498		$	968		$	1		$	1		$	58,091		$	45,840

F-163

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life) and MONY Survivorship Variable Universal Life. These policies are issued by MONY. For presentation purposes, the information related only to the Variable Universal Life Insurance policies (MONY Custom Estate Master) is presented here.

There are thirty-five MONY Custom Estate Master Subaccounts available within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, Janus Aspen Series, Lord Abbett Series Fund, or PIMCO Variable Insurance Trust (collectively, the “Funds”). The subaccounts of MONY Custom Estate Master commenced operations during the years ended December 31, 2000, through 2002. The Funds are registered under the 1940 Act as open end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds which were distributed by MONY to the policy holders.

2.    Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investments:

The investment in shares of each of the respective Funds’ portfolio is stated at value which is the net asset value of the respective portfolio as reported by such portfolio. Net asset values are based upon market or fair valuations of the securities held in each of the corresponding portfolios of the Funds. For the Money Market Portfolio, the net asset value is based on amortized cost of the securities held, which approximates market value.

Investment Transactions and Investment Income:

Investments in the portfolios of the Funds are recorded on the trade date. Realized gains and losses on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distribution of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-164

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

3.    Related Party Transactions:

MONY is the legal owner of the assets held by 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 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 such purposes for all of the MONY Custom Estate Master Subaccounts for the period ended December 31, 2002 aggregated $263,558.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% of the average daily net assets of each of the MONY Custom Estate Master subaccounts. MONY Life Insurance Company of America, (MONY America) a wholly-owned subsidiary of MONY, acts as investment adviser to the Fund and 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the period ended December 31, 2002, MONY received $679 in aggregate from certain Funds in connection with MONY Custom Estate Master subaccounts.

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the period ended December 31, 2002 were as follows:

MONY Custom Estate Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio	(0	)	148
Long Term Bond Portfolio	8,241		1,112
Government Securities Portfolio	7,815		976
Money Market Portfolio	359,468		41,302
Enterprise Accumulation Trust
Equity Portfolio	72,745		38,451
Small Company Value Portfolio	29,854		9,233
Managed Portfolio	13,165		4,707
International Growth Portfolio	13,913		6,093
High Yield Bond Portfolio	10,180		1,171
Growth Portfolio	101,816		51,646
Growth and Income Portfolio	11,841		20,996
Small Company Growth Portfolio	9,429		3,512
Equity Income Portfolio	5,360		760
Capital Appreciation Portfolio	6,561		11,755

F-165

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)

MONY Custom Estate Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)	Proceeds from Shares Redeemed
Multi-Cap Growth Portfolio	17,780	12,819
Balanced Portfolio	0	71
Mid-Cap Growth Portfolio	2,024	115
Total Return Portfolio	142	6
Dreyfus
Dreyfus Stock Index Fund	76,918	36,016
Dreyfus Socially Responsible Growth Fund, Inc.	13,218	3,940
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio	65,161	27,045
VIP II Contrafund Portfolio	28,650	7,731
VIP III Growth Opportunities Portfolio	6,758	2,131
Janus Aspen Series
Aggressive Growth Portfolio	469,573	451,478
Balanced Portfolio	42,701	21,711
Capital Appreciation Portfolio	37,454	27,380
Worldwide Growth Portfolio	73,802	34,185
Lord Abbett Series Fund
Growth and Income Portfolio	218	84
PIMCO Variable Insurance Trust
Real Return Portfolio	89	4

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2002.

	At December 31, 2002					For the period ended December 31, 2002
MONY Custom Estate Master Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	79	$	11.46	$	1	3.33	%	0.35	%	8.94	%
Long Term Bond Subaccount	1,639		12.79		21	4.58		0.35		13.59
Government Securities Subaccount	1,078		11.06		12	2.68		0.35		6.24
Money Market Subaccount	64,399		11.00		708	1.48		0.35		1.10
Enterprise Accumulation Trust
Equity Subaccount	11,200		5.72		64	0.00		0.35		(29.64	)
Small Company Value Subaccount	6,299		9.53		60	0.40		0.35		(9.58	)
Managed Subaccount	2,740		6.97		19	0.86		0.35		(21.50	)
International Growth Subaccount	5,517		4.87		27	0.61		0.35		(19.64	)
High Yield Bond Subaccount	1,888		10.23		19	8.60		0.35		1.09
Growth Subaccount	13,466		6.43		87	0.44		0.35		(23.45	)
Growth and Income Subaccount	2,309		6.41		15	1.32		0.35		(26.24	)

F-166

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2002				For the period ended December 31, 2002
MONY Custom Estate Master Subaccounts	Units	Unit Values	Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Small Company Growth Subaccount	3,764	7.38	28		0.00		0.35		(24.23	)
Equity Income Subaccount	1,808	8.25	15		1.15		0.35		(15.04	)
Capital Appreciation Subaccount	2,933	6.05	18		0.00		0.35		(17.24	)
Multi-Cap Growth Subaccount	10,082	3.76	38		0.00		0.35		(34.84	)
Balanced Subaccount	30	9.35	0	(^^)	1.81		0.35		(11.04	)
Mid-Cap Growth Subaccount	194	7.28	1		0.00		0.35		(31.19	)
Total Return Subaccount(1)	13	10.45	0	(^^)	3.35	(^)	0.35	(^)	4.50
Dreyfus
Dreyfus Stock Index Subaccount	15,730	6.34	100		1.45		0.35		(22.68	)
Dreyfus Socially Responsible Growth Fund Subaccount	3,895	4.76	19		0.31		0.35		(29.17	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	15,240	5.28	81		0.12		0.35		(30.53	)
VIP II Contrafund Subaccount	7,909	7.40	58		0.70		0.35		(9.65	)
VIP III Growth Opportunities Subaccount	3,204	5.74	18		0.85		0.35		(22.22	)
Janus Aspen Series
Aggressive Growth Subaccount	14,864	2.64	39		0.00		0.35		(28.26	)
Balanced Subaccount	5,897	8.92	53		2.80		0.35		(6.79	)
Capital Appreciation Subaccount	9,317	4.86	45		0.59		0.35		(15.92	)
Worldwide Growth Subaccount	16,837	4.97	84		1.04		0.35		(25.71	)
Lord Abbett Series Funds
Growth and Income Subaccount(1)	15	8.56	0	(^^)	1.94	(^)	0.35	(^)	(14.40	)
PIMCO Variable Insurance Trust
Real Return Subaccount(1)	8	11.00	0	(^^)	2.88	(^)	0.35	(^)	10.00

(_^) Annualized

(_^^) Amounts round to less than one thousand

(1) For the period June 17, 2002 (commencement of operations) through December 31, 2002.

For a unit outstanding throughout the period ended December 31, 2001.

	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Estate Master Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	93	$	10.52	$	1	0.00	%(^)	0.35	%(^)	5.20	%
Long Term Bond Subaccount	1,011		11.26		11	5.15		0.35		5.93
Government Securities Subaccount	434		10.41		5	0.60	(^)	0.35	(^)	4.10
Money Market Subaccount	35,225		10.88		383	3.23		0.35		3.52

F-167

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

	At December 31, 2001				For the period ended December 31, 2001
MONY Custom Estate Master Subaccounts	Units	Unit Values	Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Enterprise Accumulation Trust
Equity Subaccount	6,726	8.13	55		0.00		0.35		(19.10	)
Small Company Value Subaccount	4,236	10.54	45		0.30		0.35		4.88
Managed Subaccount	1,617	8.88	14		2.76		0.35		(11.38	)
International Growth Subaccount	4,047	6.06	25		0.71		0.35		(28.11	)
High Yield Bond Subaccount	1,004	10.12	10		8.79		0.35		5.53
Growth Subaccount	7,125	8.40	60		0.51		0.35		(12.86	)
Growth and Income Subaccount	3,587	8.69	31		1.09		0.35		(12.13	)
Small Company Growth Subaccount	2,949	9.74	29		0.00		0.35		(4.23	)
Equity Income Subaccount	1,282	9.71	12		0.81		0.35		(11.08	)
Capital Appreciation Subaccount	3,721	7.31	27		0.72		0.35		(19.40	)
Multi-Cap Growth Subaccount	9,181	5.77	53		0.00		0.35		(17.34	)
Balanced Subaccount	37	10.51	0	(^^)	2.77	(^)	0.35	(^)	5.10
Mid-Cap Growth Subaccount	1	10.58	0	(^^)	0.00	(^)	0.35	(^)	5.80
Dreyfus
Dreyfus Stock Index Subaccount	10,189	8.20	84		0.49		0.35		(12.49	)
Dreyfus Socially Responsible Growth Subaccount .	2,190	6.72	15		0.10		0.35		(22.94	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	9,189	7.60	70		0.00		0.35		(18.02	)
VIP II Contrafund Subaccount	5,132	8.19	42		0.56		0.35		(12.69	)
VIP III Growth Opportunities Subaccount	2,459	7.38	18		0.17		0.35		(14.78	)
Janus Aspen Series
Aggressive Growth Subaccount	9,449	3.68	35		0.00		0.35		(39.67	)
Balanced Subaccount	3,671	9.57	35		3.12		0.35		(4.97	)
Capital Appreciation Subaccount	7,623	5.78	44		1.57		0.35		(22.00	)
Worldwide Growth Subaccount	10,066	6.69	67		0.64		0.35		(22.75	)

(_^) Annualized

(_^^) Amounts round to less than one thousand

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

F-168

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 statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights 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, 2002, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-169

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount			Equity Income Subaccount			Intermediate Term Bond Subaccount		Long Term Bond Subaccount			Diversified Subaccount			Money Market Subaccount			Total
ASSETS
Shares held in respective Funds		3,466			3,237			1,315		1,556			8,925			18,146
Investments at cost	$	67,554		$	57,890		$	14,520	$	19,642		$	133,348		$	18,146		$	311,100
Investments in respective Funds, at net asset value	$	42,912		$	40,239		$	15,556	$	22,613		$	72,023		$	18,146		$	211,489
Amount due from MONY		0			0			0		0			0			0			0
Amount due from respective Funds		0			0			0		0			0			0			0
Total assets		42,912			40,239			15,556		22,613			72,023			18,146			211,489
LIABILITIES
Amount due to MONY		23			21			8		12			39			10			113
Amount due to respective Funds		0			0			0		0			0			0			0
Total liabilities		23			21			8		12			39			10			113
Net assets	$	42,889		$	40,218		$	15,548	$	22,601		$	71,984		$	18,136		$	211,376
Net assets consist of:
Contractholders’ net payments	$	(25,449	)	$	12,762		$	2,469	$	(16,789	)	$	15,687		$	(12,066	)	$	(23,386	)
Undistributed net investment income		99,661			44,843			10,771		30,430			109,521			30,202			325,428
Accumulated net realized gain (loss) on investments		(6,681	)		264			1,272		5,989			8,101			0			8,945
Net unrealized appreciation (depreciation) of investments		(24,642	)		(17,651	)		1,036		2,971			(61,325	)		0			(99,611	)
Net assets	$	42,889		$	40,218		$	15,548	$	22,601		$	71,984		$	18,136		$	211,376
Number of units outstanding*		1,027			950			544		626			2,043			877
Net asset value per unit outstanding*	$	41.76		$	42.35		$	28.59	$	36.08		$	35.24		$	20.69

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-170

MONYEquity Master
MONY Series Fund, Inc.									Enterprise Accumulation Trust
Government Securities Subaccount		Intermediate Term Bond Subaccount		Long Term Bond Subaccount			Money Market Subaccount		Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount
	26,041		16,234		24,056			675,285		401,682			240,654			452,916			306,867
$	291,653	$	178,663	$	306,012		$	675,285	$	9,779,145		$	5,584,946		$	10,951,246		$	1,809,622
$	307,810	$	192,043	$	349,530		$	675,285	$	4,916,588		$	4,129,619		$	6,920,563		$	1,061,761
	0		184		0			0		1,246			1,040			1,239			419
	0		0		6			268		1,103			685			1,406			303
	307,810		192,227		349,536			675,553		4,918,937			4,131,344			6,923,208			1,062,483
	201		125		235			712		4,532			3,428			6,013			1,017
	0		184		0			0		1,246			1,040			1,239			419
	201		309		235			712		5,778			4,468			7,252			1,436
$	307,609	$	191,918	$	349,301		$	674,841	$	4,913,159		$	4,126,876		$	6,915,956		$	1,061,047
$	267,881	$	165,266	$	268,980		$	607,883	$	7,886,268		$	3,878,265		$	8,914,424		$	1,635,345
	21,300		12,831		44,166			66,958		3,534,535			2,024,352			5,110,510			297,310
	2,271		441		(7,363	)		0		(1,645,087	)		(320,414	)		(3,078,295	)		(123,747	)
	16,157		13,380		43,518			0		(4,862,557	)		(1,455,327	)		(4,030,683	)		(747,861	)
$	307,609	$	191,918	$	349,301		$	674,841	$	4,913,159		$	4,126,876		$	6,915,956		$	1,061,047
	22,488		13,508		22,745			53,939		585,851			216,070			652,248			133,659
$	13.68	$	14.21	$	15.36		$	12.51	$	8.39		$	19.10		$	10.60		$	7.94

F-171

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONYEquity Master
	Enterprise Accumulation Trust
	High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Capital Appreciation Subaccount			Balanced Subaccount			Equity Income Subaccount
ASSETS
Shares held in respective Funds		156,540			53,717			110,119			20,054			297			1,198
Investments at cost	$	717,927		$	287,741		$	636,894		$	125,061		$	1,221		$	5,593
Investments in respective Funds, at net asset value	$	632,422		$	213,793		$	434,968		$	94,856		$	1,260		$	5,054
Amount due from MONY		8			102			0			10			0			0
Amount due from respective Funds		145			16			5			9			0			0
Total assets		632,575			213,911			434,973			94,875			1,260			5,054
LIABILITIES
Amount due to MONY		564			160			294			73			1			3
Amount due to respective Funds		8			102			0			10			0			0
Total liabilities		572			262			294			83			1			3
Net assets	$	632,003		$	213,649		$	434,679		$	94,792		$	1,259		$	5,051
Net assets consist of:
Contractholders’ net payments	$	595,403		$	346,126		$	675,825		$	136,704		$	1,479		$	5,816
Undistributed net investment income (loss)		188,619			3,220			1,914			2,526			41			51
Accumulated net realized gain (loss) on investments		(66,514	)		(61,749	)		(41,134	)		(14,233	)		(300	)		(277	)
Net unrealized appreciation (depreciation) of investments		(85,505	)		(73,948	)		(201,926	)		(30,205	)		39			(539	)
Net assets	$	632,003		$	213,649		$	434,679		$	94,792		$	1,259		$	5,051
Number of units outstanding*		51,078			33,150			68,556			15,482			149			638
Net asset value per unit outstanding*	$	12.37		$	6.45		$	6.34		$	6.12		$	8.47		$	7.91

  * Units outstanding have been rounded for presentation purposes.

** Rounds to less than one.

See notes to financial statements.

F-172

MONYEquity Master
Enterprise Accumulation Trust
Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Mid-Cap Growth Subaccount			Worldwide Growth Subaccount			Emerging Countries Subaccount			Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount
	1,379			4,791			2,299			63			0	**		7,223			49
$	9,600		$	29,924		$	16,860		$	539		$	0		$	214,231		$	1,152
$	7,597		$	28,649		$	12,183		$	427		$	0		$	162,310		$	930
	0			0			0			0			0			17			0
	0			0			0			0			0			5			0
	7,597			28,649			12,183			427			0			162,332			930
	4			10			7			1			0			112			1
	0			0			0			0			0			17			0
	4			10			7			1			0			129			1
$	7,593		$	28,639		$	12,176		$	426		$	0		$	162,203		$	929
$	10,286		$	30,036		$	17,324		$	549		$	(850	)	$	229,000		$	1,364
	(55	)		40			(103	)		(4	)		(4	)		4,134			(6	)
	(635	)		(162	)		(368	)		(7	)		854			(19,010	)		(207	)
	(2,003	)		(1,275	)		(4,677	)		(112	)		0			(51,921	)		(222	)
$	7,593		$	28,639		$	12,176		$	426		$	0		$	162,203		$	929
	1,337			3,613			1,874			57			0	**		26,426			154
$	5.68		$	7.93		$	6.50		$	7.42		$	0.00		$	6.14		$	6.04

F-173

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2002

	MONYEquity Master
	Fidelity Variable Insurance Products Funds
	VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount
ASSETS
Shares held in respective Funds		7,896			7,525			154
Investments at cost	$	272,749		$	156,380		$	2,373
Investments in respective Funds, at net asset value	$	184,288		$	135,751		$	1,807
Amount due from MONY		9			7			0
Amount due from respective Funds		10			13			0
Total assets		184,307			135,771			1,807
LIABILITIES
Amount due to MONY		133			101			1
Amount due to respective Funds		9			7			0
Total liabilities		142			108			1
Net assets	$	184,165		$	135,663		$	1,806
Net assets consist of:
Contractholders’ net payments	$	315,759		$	164,598		$	2,429
Undistributed net investment income (loss)		9,159			1,628			(6	)
Accumulated net realized loss on investments		(52,292	)		(9,934	)		(51	)
Net unrealized depreciation of investments		(88,461	)		(20,629	)		(566	)
Net assets	$	184,165		$	135,663		$	1,806
Number of units outstanding*		35,429			18,390			251
Net asset value per unit outstanding*	$	5.20		$	7.38		$	7.19

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-174

MONYEquity Master
Janus Aspen Series
Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
	265			1,986			14,566			11,115
$	5,191		$	43,061		$	344,108		$	330,559		$	32,777,736
$	4,194		$	40,886		$	253,016		$	233,967		$	21,001,557
	0			0			52			42			4,375
	0			0			8			10			3,992
	4,194			40,886			253,076			234,019			21,009,924
	2			16			176			163			18,085
	0			0			52			42			4,375
	2			16			228			205			22,460
$	4,192		$	40,870		$	252,848		$	233,814		$	20,987,464
$	5,489		$	42,247		$	395,337		$	396,007		$	26,995,240
	(29	)		901			2,570			8,294			11,334,852
	(271	)		(103	)		(53,967	)		(73,895	)		(5,566,449	)
	(997	)		(2,175	)		(91,092	)		(96,592	)		(11,776,179	)
$	4,192		$	40,870		$	252,848		$	233,814		$	20,987,464
	729			4,496			46,743			51,123
$	5.75		$	9.09		$	5.41		$	4.57

F-175

MONY

Variable Account L

STATEMENT OF OPERATIONS

For the year ended December 31, 2002

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount			Equity Income Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Diversified Subaccount			Money Market Subaccount			Total
Dividend income	$	328		$	734		$	306		$	714		$	1,642		$	441		$	4,165
Distribution from net realized gains		0			3,871			0			0			9,810			0			13,681
Mortality and expense risk charges		(333	)		(259	)		(63	)		(108	)		(475	)		(177	)		(1,415	)
Net investment income (loss)		(5	)		4,346			243			606			10,977			264			16,431
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(13,729	)		(3,537	)		50			349			(1,998	)		0			(18,865	)
Net change in unrealized appreciation (depreciation) of investments		(2,496	)		(9,074	)		585			1,344			(23,719	)		0			(33,360	)
Net realized and unrealized gain (loss) on investments		(16,225	)		(12,611	)		635			1,693			(25,717	)		0			(52,225	)
Net increase (decrease) in net assets resulting from operations	$	(16,230	)	$	(8,265	)	$	878		$	2,299		$	(14,740	)	$	264		$	(35,794	)

See notes to financial statements.

F-176

MONYEquity Master
MONY Series Fund, Inc.												Enterprise Accumulation Trust
Government Securities Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Money Market Subaccount			Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount
$	7,121		$	5,172		$	13,869		$	8,657		$	0		$	16,024		$	72,064		$	7,740
	0			0			0			0			0			121,076			0			0
	(1,897	)		(1,169	)		(2,407	)		(4,385	)		(40,974	)		(32,520	)		(56,691	)		(8,582	)
	5,224			4,003			11,462			4,272			(40,974	)		104,580			15,373			(842	)
	2,454			1,031			3,739			0			(857,964	)		(226,536	)		(863,263	)		(132,682	)
	6,736			8,073			25,745			0			(1,087,161	)		(324,615	)		(1,066,672	)		(120,722	)
	9,190			9,104			29,484			0			(1,945,125	)		(551,151	)		(1,929,935	)		(253,404	)
$	14,414		$	13,107		$	40,946		$	4,272		$	(1,986,099	)	$	(446,571	)	$	(1,914,562	)	$	(254,246	)

F-177

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Capital Appreciation Subaccount			Balanced Subaccount			Equity Income Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002
Dividend income	$	52,769		$	909		$	5,857		$	0		$	14		$	62
Distribution from net realized gains		0			0			0			0			0			0
Mortality and expense risk charges		(4,568	)		(1,682	)		(3,615	)		(709	)		(5	)		(28	)
Net investment income (loss)		48,201			(773	)		2,242			(709	)		9			34
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(14,373	)		(13,190	)		(30,279	)		(4,626	)		(61	)		(16	)
Net change in unrealized appreciation (depreciation) of investments		(28,095	)		(47,239	)		(121,571	)		(13,383	)		39			(639	)
Net realized and unrealized gain (loss) on investments		(42,468	)		(60,429	)		(151,850	)		(18,009	)		(22	)		(655	)
Net increase (decrease) in net assets resulting from operations	$	5,733		$	(61,202	)	$	(149,608	)	$	(18,718	)	$	(13	)	$	(621	)

** Commencement of operations

See notes to financial statements.

F-178

MONYEquity Master
Enterprise Accumulation Trust
Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Mid-Cap Growth Subaccount			Worldwide Growth Subaccount			Emerging Countries Subaccount			Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002			For the period July 24, 2002** through December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2002
$	0		$	0		$	0		$	0		$	0		$	2,229		$	2
	0			0			0			0			0			0			0
	(42	)		(60	)		(96	)		(3	)		(4	)		(1,178	)		(7	)
	(42	)		(60	)		(96	)		(3	)		(4	)		1,051			(5	)
	(594	)		(144	)		(350	)		(7	)		854			(8,761	)		(198	)
	(1,869	)		(1,383	)		(4,547	)		(112	)		0			(34,207	)		(214	)
	(2,463	)		(1,527	)		(4,897	)		(119	)		854			(42,968	)		(412	)
$	(2,505	)	$	(1,587	)	$	(4,993	)	$	(122	)	$	850		$	(41,917	)	$	(417	)

F-179

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

For the year ended December 31, 2002

	MONYEquity Master
	Fidelity Variable Insurance Products Funds
	VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount
Dividend income	$	246		$	804		$	15
Distribution from net realized gains		0			0			0
Mortality and expense risk charges		(1,412	)		(944	)		(14	)
Net investment income (loss)		(1,166	)		(140	)		1
Realized and unrealized gain (loss) on investments:
Net realized loss on investments		(23,790	)		(3,569	)		(41	)
Net change in unrealized depreciation of investments		(44,839	)		(9,772	)		(426	)
Net realized and unrealized loss on investments		(68,629	)		(13,341	)		(467	)
Net decrease in net assets resulting from operations	$	(69,795	)	$	(13,481	)	$	(466	)

See notes to financial statements.

F-180

MONYEquity Master
Janus Aspen Series
Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
$	0		$	719		$	1,507		$	2,306		$	198,086
	0			0			0			0			121,076
	(20	)		(130	)		(1,875	)		(1,730	)		(166,747	)
	(20	)		589			(368	)		576			152,415
	(228	)		(44	)		(29,905	)		(25,537	)		(2,228,080	)
	(680	)		(1,614	)		(14,198	)		(45,044	)		(2,928,409	)
	(908	)		(1,658	)		(44,103	)		(70,581	)		(5,156,489	)
$	(928	)	$	(1,069	)	$	(44,471	)	$	(70,005	)	$	(5,004,074	)

F-181

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount						Equity Income Subaccount						Intermediate Term Bond Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net Investment income (loss)	$	(5	)	$	39,337		$	4,346		$	4,823		$	243		$	358
Net realized gain (loss) on investments		(13,729	)		(42,503	)		(3,537	)		(5,128	)		50			27
Net change in unrealized appreciation (depreciation) of investments		(2,496	)		(14,629	)		(9,074	)		(5,340	)		585			194
Net increase (decrease) in net assets resulting from operations		(16,230	)		(17,795	)		(8,265	)		(5,645	)		878			579
From unit transactions:
Net proceeds from the issuance of units		24,753			10,837			15,496			9,400			7,558			407
Net asset value of units redeemed or used to meet contract obligations		(22,895	)		(37,289	)		(7,955	)		(9,050	)		(644	)		(684	)
Net increase (decrease) from unit transactions		1,858			(26,452	)		7,541			350			6,914			(277	)
Net increase (decrease) in net assets		(14,372	)		(44,247	)		(724	)		(5,295	)		7,792			302
Net assets beginning of year		57,261			101,508			40,942			46,237			7,756			7,454
Net assets end of year*	$	42,889		$	57,261		$	40,218		$	40,942		$	15,548		$	7,756
Unit transactions:
Units outstanding beginning of year		1,054			1,498			815			815			295			306
Units issued during the year		501			189			328			185			273			16
Units redeemed during the year		(528	)		(633	)		(193	)		(185	)		(24	)		(27	)
Units outstanding end of year		1,027			1,054			950			815			544			295
*      Includes undistributed net investment income of:	$	99,661		$	99,666		$	44,843		$	40,497		$	10,771		$	10,528

See notes to financial statements.

F-182

Strategist
MONY Series Fund, Inc.
Long Term Bond Subaccount						Diversified Subaccount						Money Market Subaccount						Total
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	606		$	707		$	10,977		$	25,714		$	264		$	1,132		$	16,431		$	72,071
	349			140			(1,998	)		(771	)		0			0			(18,865	)		(48,235	)
	1,344			0			(23,719	)		(42,095	)		0			0			(33,360	)		(61,870	)
	2,299			847			(14,740	)		(17,152	)		264			1,132			(35,794	)		(38,034	)
	7,861			695			1,684			1,816			273			26,387			57,625			49,542
	(2,785	)		(1,469	)		(2,739	)		(4,976	)		(28,450	)		(3,158	)		(65,468	)		(56,626	)
	5,076			(774	)		(1,055	)		(3,160	)		(28,177	)		23,229			(7,843	)		(7,084	)
	7,375			73			(15,795	)		(20,312	)		(27,913	)		24,361			(43,637	)		(45,118	)
	15,226			15,153			87,779			108,091			46,049			21,688			255,013			300,131
$	22,601		$	15,226		$	71,984		$	87,779		$	18,136		$	46,049		$	211,376		$	255,013
	478			503			2,071			2,144			2,246			1,091
	230			22			44			41			13			1,312
	(82	)		(47	)		(72	)		(114	)		(1,382	)		(157	)
	626			478			2,043			2,071			877			2,246
$	30,430		$	29,824		$	109,521		$	98,544		$	30,202		$	29,938		$	325,428		$	308,997

F-183

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	MONY Series Fund, Inc.
	Government Securities Subaccount						Intermediate Term Bond Subaccount						Long Term Bond Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net Investment income (loss)	$	5,224		$	7,101		$	4,003		$	4,146		$	11,462		$	11,265
Net realized gain (loss) on investments		2,454			1,848			1,031			373			3,739			3,331
Net change in unrealized appreciation (depreciation) of investments		6,736			1,700			8,073			2,572			25,745			(686	)
Net increase (decrease) in net assets resulting from operations		14,414			10,649			13,107			7,091			40,946			13,910
From unit transactions:
Net proceeds from the issuance of units		128,886			80,538			79,225			41,738			70,999			86,596
Net asset value of units redeemed or used to meet contract obligations		(53,760	)		(43,706	)		(19,896	)		(15,441	)		(54,629	)		(52,289	)
Net increase from unit transactions		75,126			36,832			59,329			26,297			16,370			34,307
Net increase (decrease) in net assets		89,540			47,481			72,436			33,388			57,316			48,217
Net assets beginning of year		218,069			170,588			119,482			86,094			291,985			243,768
Net assets end of year*	$	307,609		$	218,069		$	191,918		$	119,482		$	349,301		$	291,985
Unit transactions:
Units outstanding beginning of year		16,863			13,956			9,128			7,085			21,528			18,963
Units issued during the year		9,797			6,354			6,136			3,258			5,085			6,605
Units redeemed during the year		(4,172	)		(3,447	)		(1,756	)		(1,215	)		(3,868	)		(4,040	)
Units outstanding end of year		22,488			16,863			13,508			9,128			22,745			21,528
*      Includes undistributed net investment income of:	$	21,300		$	16,076		$	12,831		$	8,828		$	44,166		$	32,704

See notes to financial statements.

F-184

MONYEquity Master
MONY Series Fund, Inc.						Enterprise Accumulation Trust
Money Market Subaccount						Equity Subaccount						Small Company Value Subaccount						Managed Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	4,272		$	12,101		$	(40,974	)	$	1,065,812		$	104,580		$	1,043,032		$	15,373		$	570,036
	0			0			(857,964	)		(863,163	)		(226,536	)		(200,237	)		(863,263	)		(1,347,132	)
	0			0			(1,087,161	)		(1,586,564	)		(324,615	)		(673,717	)		(1,066,672	)		(296,366	)
	4,272			12,101			(1,986,099	)		(1,383,915	)		(446,571	)		169,078			(1,914,562	)		(1,073,462	)
	396,455			227,921			1,539,453			1,703,994			934,482			1,037,221			1,823,189			2,046,956
	(229,116	)		(110,374	)		(1,010,245	)		(969,103	)		(699,833	)		(572,189	)		(1,554,685	)		(1,270,158	)
	167,339			117,547			529,208			734,891			234,649			465,032			268,504			776,798
	171,611			129,648			(1,456,891	)		(649,024	)		(211,922	)		634,110			(1,646,058	)		(296,664	)
	503,230			373,582			6,370,050			7,019,074			4,338,798			3,704,688			8,562,014			8,858,678
$	674,841		$	503,230		$	4,913,159		$	6,370,050		$	4,126,876		$	4,338,798		$	6,915,956		$	8,562,014
	40,522			30,993			532,023			472,274			204,616			182,442			631,443			575,976
	31,788			18,556			161,310			139,694			45,946			50,013			157,345			146,154
	(18,371	)		(9,027	)		(107,482	)		(79,945	)		(34,492	)		(27,839	)		(136,540	)		(90,687	)
	53,939			40,522			585,851			532,023			216,070			204,616			652,248			631,443
$	66,958		$	62,686		$	3,534,535		$	3,575,509		$	2,024,352		$	1,919,772		$	5,110,510		$	5,095,137

F-185

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	International Growth Subaccount						High Yield Bond Subaccount						Growth Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
From operations:
Net Investment income (loss)	$	(842	)	$	128,013		$	48,201		$	46,007		$	(773	)	$	(575	)
Net realized loss on investments		(132,682	)		(98,675	)		(14,373	)		(18,199	)		(13,190	)		(4,515	)
Net change in unrealized appreciation (depreciation) of investments		(120,722	)		(445,255	)		(28,095	)		(1,547	)		(47,239	)		(22,821	)
Net increase (decrease) in net assets resulting from operations		(254,246	)		(415,917	)		5,733			26,261			(61,202	)		(27,911	)
From unit transactions:
Net proceeds from the issuance of units		367,258			432,230			130,510			145,404			73,555			81,619
Net asset value of units redeemed or used to meet contract obligations		(222,189	)		(234,412	)		(101,903	)		(82,820	)		(41,210	)		(19,913	)
Net increase from unit transactions		145,069			197,818			28,607			62,584			32,345			61,706
Net increase (decrease) in net assets		(109,177	)		(218,099	)		34,340			88,845			(28,857	)		33,795
Net assets beginning of period		1,170,224			1,388,323			597,663			508,818			242,506			208,711
Net assets end of period*	$	1,061,047		$	1,170,224		$	632,003		$	597,663		$	213,649		$	242,506
Unit transactions:
Units outstanding beginning of period		117,820			100,108			48,673			43,551			28,653			21,398
Units issued during the period		41,681			39,323			11,002			12,128			10,746			9,662
Units redeemed during the period		(25,842	)		(21,611	)		(8,597	)		(7,006	)		(6,249	)		(2,407	)
Units outstanding end of period		133,659			117,820			51,078			48,673			33,150			28,653
*      Includes undistributed net investment income of:	$	297,310		$	298,152		$	188,619		$	140,418		$	3,220		$	3,993

** Commencement of operations

*** Amounts round to less than one.

See notes to financial statements.

F-186

MONYEquity Master
Enterprise Accumulation Trust
Growth and Income Subaccount						Capital Appreciation Subaccount						Balanced Subaccount						Equity Income Subaccount
For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the period May 4, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period June 19, 2001** through December 31, 2001
$	2,242		$	769		$	(709	)	$	(46	)	$	9		$	32		$	34		$	17
	(30,279	)		(10,658	)		(4,626	)		(9,362	)		(61	)		(239	)		(16	)		(261	)
	(121,571	)		(65,635	)		(13,383	)		(9,232	)		39			0			(639	)		100
	(149,608	)		(75,524	)		(18,718	)		(18,640	)		(13	)		(207	)		(621	)		(144	)
	111,651			131,912			39,892			49,649			2,038			2,610			3,772			5,300
	(88,568	)		(71,399	)		(15,274	)		(27,711	)		(767	)		(2,402	)		(259	)		(2,997	)
	23,083			60,513			24,618			21,938			1,271			208			3,513			2,303
	(126,525	)		(15,011	)		5,900			3,298			1,258			1			2,892			2,159
	561,204			576,215			88,892			85,594			1			0			2,159			0
$	434,679		$	561,204		$	94,792		$	88,892		$	1,259		$	1		$	5,051		$	2,159
	65,041			58,400			11,976			9,254			0			0			231			0
	16,007			14,623			5,724			6,340			239			263			438			556
	(12,492	)		(7,982	)		(2,218	)		(3,618	)		(90	)		(263	)		(31	)		(325	)
	68,556			65,041			15,482			11,976			149			0	***		638			231
$	1,914		$	(328	)	$	2,526		$	3,235		$	41		$	32		$	51		$	17

F-187

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount						Small Company Growth Subaccount						Mid-Cap Growth Subaccount
	For the year ended December 31, 2002			For the period May 18, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period August 8, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period August 8, 2001** through December 31, 2001
From operations:
Net Investment income (loss)	$	(42	)	$	(13	)	$	(60	)	$	100		$	(96	)	$	(7	)
Net realized gain (loss) on investments		(594	)		(41	)		(144	)		(18	)		(350	)		(18	)
Net change in unrealized appreciation (depreciation) of investments		(1,869	)		(134	)		(1,383	)		108			(4,547	)		(130	)
Net increase (decrease) in net assets resulting from operations		(2,505	)		(188	)		(1,587	)		190			(4,993	)		(155	)
From unit transactions:
Net proceeds from the issuance of units		7,011			5,378			26,266			4,941			14,570			3,876
Net asset value of units redeemed or used to meet contract obligations		(1,924	)		(179	)		(1,045	)		(126	)		(998	)		(124	)
Net increase (decrease) from unit transactions		5,087			5,199			25,221			4,815			13,572			3,752
Net increase (decrease) in net assets		2,582			5,011			23,634			5,005			8,579			3,597
Net assets beginning of period		5,011			0			5,005			0			3,597			0
Net assets end of period*	$	7,593		$	5,011		$	28,639		$	5,005		$	12,176		$	3,597
Unit transactions:
Units outstanding beginning of period		572			0			476			0			379			0
Units issued during the period		1,063			594			3,266			490			1,639			393
Units redeemed during the period		(298	)		(22	)		(129	)		(14	)		(144	)		(14	)
Units outstanding end of period		1,337			572			3,613			476			1,874			379
*      Includes undistributed net investment income (loss) of:	$	(55	)	$	(13	)	$	40		$	100		$	(103	)	$	(7	)

** Commencement of operations

*** Amounts round to less than one.

See notes to financial statements.

F-188

MONYEquity Master
Enterprise Accumulation Trust																					Fidelity Variable Insurance Products Funds
Worldwide Growth Subaccount						Emerging Countries Subaccount			Dreyfus Stock Index Subaccount						Dreyfus Socially Responsible Growth Subaccount						VIP Growth Subaccount
For the year ended December 31, 2002			For the period June 13, 2001** through December 31, 2001			For the period July 24, 2002** through December 31, 2002			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the period May 15, 2001** through December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	(3	)	$	(1	)	$	(4	)	$	1,051		$	1,376		$	(5	)	$	(1	)	$	(1,166	)	$	10,867
	(7	)		0			854			(8,761	)		(9,710	)		(198	)		(9	)		(23,790	)		(28,799	)
	(112	)		0			0			(34,207	)		(8,258	)		(214	)		(8	)		(44,839	)		(18,560	)
	(122	)		(1	)		850			(41,917	)		(16,592	)		(417	)		(18	)		(69,795	)		(36,492	)
	588			1			69,048			78,362			103,848			1,810			469			101,516			109,238
	(40	)		0			(69,898	)		(31,262	)		(35,305	)		(838	)		(77	)		(47,964	)		(54,494	)
	548			1			(850	)		47,100			68,543			972			392			53,552			54,744
	426			0			0			5,183			51,951			555			374			(16,243	)		18,252
	0			0			0			157,020			105,069			374			0			200,408			182,156
$	426		$	0		$	0		$	162,203		$	157,020		$	929		$	374		$	184,165		$	200,408
	0			0			0			19,709			11,492			44			0			26,701			19,810
	62			0	***		8,613			11,471			12,533			242			53			16,821			13,854
	(5	)		0			(8,613	)		(4,754	)		(4,316	)		(132	)		(9	)		(8,093	)		(6,963	)
	57			0	***		0			26,426			19,709			154			44			35,429			26,701
$	(4	)	$	(1	)	$	(4	)	$	4,134		$	3,083		$	(6	)	$	(1	)	$	9,159		$	10,325

F-189

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Fidelity Variable Insurance Products Funds												Janus Aspen Series
	VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount						Aggressive Growth Subaccount
	For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the period May 15, 2001** through December 31, 2001			For the year ended December 31, 2002			For the period May 15, 2001** through December 31, 2001
From operations:
Net investment income (loss)	$	(140	)	$	2,023		$	1		$	(7	)	$	(20	)	$	(9	)
Net realized loss on investments		(3,569	)		(6,246	)		(41	)		(10	)		(228	)		(43	)
Net change in unrealized depreciation of investments		(9,772	)		(7,106	)		(426	)		(140	)		(680	)		(317	)
Net decrease in net assets resulting from operations		(13,481	)		(11,329	)		(466	)		(157	)		(928	)		(369	)
From unit transactions:
Net proceeds from the issuance of units		55,949			66,691			586			2,088			2,403			3,879
Net asset value of units redeemed or used to meet contract obligations		(20,594	)		(23,568	)		(157	)		(88	)		(607	)		(186	)
Net increase from unit transactions		35,355			43,123			429			2,000			1,796			3,693
Net increase (decrease) in net assets		21,874			31,794			(37	)		1,843			868			3,324
Net assets beginning of period		113,789			81,995			1,843			0			3,324			0
Net assets end of period*	$	135,663		$	113,789		$	1,806		$	1,843		$	4,192		$	3,324
Unit transactions:
Units outstanding beginning of period		13,866			8,689			199			0			413			0
Units issued during the period		7,185			8,027			72			208			410			437
Units redeemed during the period		(2,661	)		(2,850	)		(20	)		(9	)		(94	)		(24	)
Units outstanding end of period		18,390			13,866			251			199			729			413
*      Includes undistributed net investment income (loss) of:	$	1,628		$	1,768		$	(6	)	$	(7	)	$	(29	)	$	(9	)

See notes to financial statements.

F-190

MONYEquity Master
Janus Aspen Series
Balanced Subaccount						Capital Appreciation Subaccount						Worldwide Growth Subaccount						Total
For the year ended December 31, 2002			For the period June 13, 2001** through December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001			For the year ended December 31, 2002			For the year ended December 31, 2001
$	589		$	312		$	(368	)	$	1,386		$	576		$	(469	)	$	152,415		$	2,903,267
	(44	)		(59	)		(29,905	)		(23,108	)		(25,537	)		(45,597	)		(2,228,080	)		(2,660,547	)
	(1,614	)		(561	)		(14,198	)		(36,977	)		(45,044	)		(9,729	)		(2,928,409	)		(3,179,263	)
	(1,069	)		(308	)		(44,471	)		(58,699	)		(70,005	)		(55,795	)		(5,004,074	)		(2,936,543	)
	28,369			14,889			114,798			126,828			124,702			150,378			6,327,343			6,666,192
	(478	)		(533	)		(75,508	)		(50,973	)		(59,362	)		(68,469	)		(4,403,009	)		(3,709,036	)
	27,891			14,356			39,290			75,855			65,340			81,909			1,924,334			2,957,156
	26,822			14,048			(5,181	)		17,156			(4,665	)		26,114			(3,079,740	)		20,613
	14,048			0			258,029			240,873			238,479			212,365			24,067,204			24,046,591
$	40,870		$	14,048		$	252,848		$	258,029		$	233,814		$	238,479		$	20,987,464		$	24,067,204
	1,435			0			39,919			28,955			38,546			26,409
	3,115			1,491			19,911			18,374			24,311			22,493
	(54	)		(56	)		(13,087	)		(7,410	)		(11,734	)		(10,356	)
	4,496			1,435			46,743			39,919			51,123			38,546
$	901		$	312		$	2,570		$	2,938		$	8,294		$	7,718		$	11,334,852		$	11,182,437

F-191

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), Variable Universal Life Insurance policies (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life) and MONY Survivorship Variable Universal Life These policies are issued by MONY. For presentation purposes, the information related to the Variable Life (Strategist) and Variable Universal Life (MONYEquity Master) Insurance policies is presented here.

There are currently six Strategist subaccounts and twenty-eight MONYEquity Master subaccounts available within the Variable Account each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen Series (collectively, the “Funds”). The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds, which were distributed by MONY to the policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-192

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

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 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 such purposes from all Strategist and MONYEquity Master subaccounts for the year ended December 31, 2002 aggregated $ 3,281,655.

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. MONY Life Insurance Company of America (MONY America), a wholly-owned subsidiary of MONY, acts as investment adviser to the Fund and 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the year ended December 31, 2002, MONY received $1,430 in aggregate from certain Funds in connection with Strategist and MONYEquity Master subaccounts.

4.  Investment Transactions:

Cost of shares acquired and proceeds from shares redeemed by each subaccount during the period ended December 31, 2002 were as follows:

	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Strategist Subaccounts
MONY Series Fund, Inc.
Equity Growth Portfolio	$	23,048	$	21,517
Equity Income Portfolio		13,909		6,618
Intermediate Term Bond Portfolio		7,558		701
Long Term Bond Portfolio		7,635		2,660
Diversified Portfolio		1,686		3,203
Money Market Portfolio		182		28,540
MONYEquity Master Subaccounts
MONY Series Fund, Inc.
Government Securities Portfolio		125,042		51,692
Intermediate Term Bond Portfolio		79,918		21,677
Long Term Bond Portfolio		62,795		48,710
Money Market Portfolio		365,088		201,876
Enterprise Accumulation Trust
Equity Portfolio		1,225,587		736,308
Small Company Value Portfolio		759,698		556,400

F-193

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Managed Portfolio	$	1,415,801	$	1,202,526
International Growth Portfolio		309,760		172,984
High Yield Bond Portfolio		108,228		83,990
Growth Portfolio		69,719		39,001
Growth and Income Portfolio		101,804		82,252
Capital Appreciation Portfolio		37,393		13,452
Balanced Portfolio		1,944		677
Equity Income Portfolio		3,687		200
Multi-Cap Growth Portfolio		6,698		1,651
Small Company Growth Portfolio		26,149		979
Mid-Cap Growth Portfolio		14,440		958
Worldwide Growth Portfolio		589		44
Emerging Countries Portfolio		69,047		69,901
Dreyfus
Dreyfus Stock Index Fund		69,638		23,665
Dreyfus Socially Responsible Growth Fund, Inc.		1,657		692
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio		92,163		39,973
VIP II Contrafund Portfolio		51,014		16,556
VIP III Growth Opportunities Portfolio		578		163
Janus Aspen Series
Aggressive Growth Portfolio		2,389		612
Balanced Portfolio		28,255		483
Capital Appreciation Portfolio		103,355		65,865
Worldwide Growth Portfolio		108,935		45,257

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2002:

	At December 31, 2002					For the period ended December 31, 2002
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Equity Growth Subaccount	1,027	$	41.76	$	43	0.59	%	0.60	%	(23.15	)%
Equity Income Subaccount	950		42.35		40	1.70		0.60		(15.65	)
Intermediate Term Bond Subaccount	544		28.59		16	2.91		0.60		8.67
Long Term Bond Subaccount	626		36.08		23	3.97		0.60		13.39
Diversified Subaccount	2,043		35.24		72	2.07		0.60		(16.87	)
Money Market Subaccount	877		20.69		18	1.49		0.60		0.93
MONYEquity Master Subaccounts
MONY Series Fund, Inc.
Government Securities Subaccount	22,488		13.68		308	2.82		0.75		5.80
Intermediate Term Bond Subaccount	13,508		14.21		192	3.32		0.75		8.56
Long Term Bond Subaccount	22,745		15.36		349	4.32		0.75		13.27
Money Market Subaccount	53,939		12.51		675	1.48		0.75		0.72

F-194

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)	At December 31, 2002					For the period ended December 31, 2002
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
Enterprise Accumulation Trust
Equity Subaccount	585,851	$	8.39	$	4,913	0.00	%	0.75	%	(29.91	)%
Small Company Value Subaccount	216,070		19.10		4,127	0.37		0.75		(9.91	)
Managed Subaccount	652,248		10.60		6,916	0.95		0.75		(21.83	)
International Growth Subaccount	133,659		7.94		1,061	0.68		0.75		(20.04	)
High Yield Bond Subaccount	51,078		12.37		632	8.66		0.75		0.73
Growth Subaccount	33,150		6.45		214	0.41		0.75		(23.76	)
Growth and Income Subaccount	68,556		6.34		435	1.22		0.75		(26.54	)
Capital Appreciation Subaccount	15,482		6.12		95	0.00		0.75		(17.52	)
Balanced Subaccount	149		8.47		1	2.10		0.75		(7.73	)
Equity Income Subaccount	638		7.91		5	1.66		0.75		(15.40	)
Multi-Cap Growth Subaccount	1,337		5.68		8	0.00		0.75		(35.16	)
Small Company Growth Subaccount	3,613		7.93		29	0.00		0.75		(24.55	)
Mid-Cap Growth Subaccount	1,874		6.50		12	0.00		0.75		(31.51	)
Worldwide Growth Subaccount	57		7.42		426	0.00		0.75		(25.87	)
Emerging Countries Subaccount	0		0		0	0.00		0.75		(21.50	)
Dreyfus
Dreyfus Stock Index Subaccount	26,426		6.14		162	1.42		0.75		(22.56	)
Dreyfus Socially Responsible Growth Subaccount	154		6.04		1	0.21		0.75		(29.52	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	35,429		5.20		184	0.13		0.75		(30.76	)
VIP II Contrafund Subaccount	18,390		7.38		136	0.64		0.75		(10.11	)
VIP III Growth Opportunities Subaccount	251		7.19		2	0.80		0.75		(22.44	)
Janus Aspen Series
Aggressive Growth Subaccount	729		5.75		4	0.00		0.75		(28.48	)
Balanced Subaccount	4,496		9.09		41	4.15		0.75		(7.15	)
Capital Appreciation Subaccount	46,743		5.41		253	0.60		0.75		(16.25	)
Worldwide Growth Subaccount	51,123		4.57		234	1.00		0.75		(26.17	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized.

(^^) Amounts round to less than one thousand.

F-195

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

For a unit outstanding throughout the period ended December 31, 2001:

	At December 31, 2001							For the period ended December 31, 2001
Strategist Subaccounts	Units		Unit Values		Net Assets (000s)			Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Equity Growth Subaccount	1,054		$	54.34	$	57		0.00	%	0.60	%	(19.79	)%
Equity Income Subaccount	815			50.21		41		1.71		0.60		(11.52	)
Intermediate Term Bond Subaccount	295			26.31		8		5.27		0.60		7.87
Long Term Bond Subaccount	478			31.82		15		5.16		0.60		5.68
Diversified Subaccount	2,071			42.39		88		1.13		0.60		(15.93	)
Money Market Subaccount	2,246			20.50		46		3.44		0.60		3.17
MONYEquity Master Subaccounts
MONY Series Fund, Inc.
Government Securities Subaccount	16,863			12.93		218		4.35		0.75		5.81
Intermediate Term Bond Subaccount	9,128			13.09		119		4.84		0.75		7.74
Long Term Bond Subaccount	21,528			13.56		292		4.92		0.75		5.53
Money Market Subaccount	40,522			12.42		503		3.59		0.75		3.07
Enterprise Accumulation Trust
Equity Subaccount	532,023			11.97		6,370		0.00		0.75		(19.45	)
Small Company Value Subaccount	204,616			21.20		4,339		0.26		0.75		4.33
Managed Subaccount	631,443			13.56		8,562		2.19		0.75		(11.83	)
International Growth Subaccount	117,820			9.93		1,170		0.68		0.75		(28.41	)
High Yield Bond Subaccount	48,673			12.28		598		8.85		0.75		5.14
Growth Subaccount	28,653			8.46		243		0.48		0.75		(13.23	)
Growth and Income Subaccount	65,041			8.63		561		0.89		0.75		(12.56	)
Capital Appreciation Subaccount	11,976			7.42		89		0.70		0.75		(19.78	)
Balanced Subaccount (1)	0	(^^)		9.18		0	(^^^)	4.18	(^)	0.75	(^)	(8.20	)
Equity Income Subaccount (2)	231			9.35		2		1.66	(^)	0.75	(^)	(6.50	)
Multi-Cap Growth Subaccount (3)	572			8.76		5		0.00	(^)	0.75	(^)	(12.40	)
Small Company Growth Subaccount (4)	476			10.51		5		0.00	(^)	0.75	(^)	5.10
Mid-Cap Growth Subaccount (4)	379			9.49		4		0.00	(^)	0.75	(^)	(5.10	)
Worldwide Growth Subaccount (5)	0	(^^)		10.01		0	(^^^)	0.00	(^)	0.75	(^)	0.10
Dreyfus
Dreyfus Stock Index Subaccount	19,709			7.96		157		0.51		0.75		(12.91	)
Dreyfus Socially Responsible Growth Subaccount (6)	44			8.57		0	(^^^)	0.00	(^)	0.75	(^)	(14.30	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	26,701			7.51		200		0.00		0.75		(18.37	)
VIP II Contrafund Subaccount	13,866			8.21		114		0.59		0.75		(13.03	)
VIP III Growth Opportunities Subaccount (6)	199			9.27		2		0.00	(^)	0.75	(^)	(7.30	)
Janus Aspen Series
Aggressive Growth Subaccount (6)	413			8.04		3		0.00	(^)	0.75	(^)	(19.60	)
Balanced Subaccount (5)	1,435			9.79		14		4.93	(^)	0.75	(^)	(2.10	)
Capital Appreciation Subaccount	39,919			6.46		258		1.34		0.75		(22.36	)
Worldwide Growth Subaccount	38,546			6.19		238		0.53		0.75		(23.01	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser

F-196

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflects deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized.

(^^) Amounts round to less than one.

(^^^) Amounts round to less than one thousand.

(1) For the period May 4, 2001 (commencement of operations) through December 31, 2001.

(2) For the period June 19, 2001 (commencement of operations) through December 31, 2001.

(3) For the period May 18, 2001 (commencement of operations) through December 31, 2001.

(4) For the period August 8, 2001 (commencement of operations) through December 31, 2001.

(5) For the period June 13, 2001 (commencement of operations) through December 31, 2001.

(6) For the period May 15, 2001 (commencement of operations) through December 31, 2001.

F-197

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-198

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of Subaccounts of MONY Variable Account L

In our opinion, the accompanying combined statements of assets and liabilities and the related combined statements of operations and of changes in net assets present fairly, in all material respects, the combined financial position of Subaccounts of MONY Variable Account L at December 31, 2002, and the combined results of their operations and the changes in their combined net assets for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These combined financial statements are the responsibility of MONY Life Insurance Company’s management; our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits of these combined financial statements in accordance with auditing standards generally accepted in the United States of America, 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 investments at December 31, 2002 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 8, 2003

F-199

MONY

Variable Account L

COMBINED STATEMENT OF ASSETS AND LIABILITIES

December 31, 2002

ASSETS
Investments at cost	$	48,466,630
Investments in Funds, at net asset value	$	34,409,331
Amounts due from MONY		17,565
Amounts due from Funds		18,094
Total assets		34,444,990
LIABILITIES
Amounts due to MONY		39,267
Amounts due to Funds		17,565
Total liabilities		56,832
Net assets	$	34,388,158
Net assets consist of:
Contractholders’ net payments	$	43,105,864
Undistributed net investment income		12,046,503
Accumulated net realized loss on investments		(6,706,910	)
Net unrealized depreciation of investments		(14,057,299	)
Net assets	$	34,388,158

See notes to combined financial statements.

F-200

MONY

Variable Account L

COMBINED STATEMENT OF OPERATIONS

For the year ended December 31, 2002

Dividend income	$	321,281
Distributions from net realized gains		151,524
Mortality and expense risk charges		(226,269	)
Net investment income		246,536
Realized and unrealized loss on investments:
Net realized loss on investments		(2,795,359	)
Net change in unrealized depreciation of investments		(4,605,944	)
Net realized and unrealized loss on investments		(7,401,303	)
Net decrease in net assets resulting from operations	$	(7,154,767	)

See notes to combined financial statements.

F-201

MONY

Variable Account L

COMBINED STATEMENT OF CHANGES IN NET ASSETS

For the years ended December 31,

	2002			2001
From operations:
Net investment income	$	246,536		$	3,231,474
Net realized loss on investments		(2,795,359	)		(3,270,716	)
Net change in unrealized depreciation of investments		(4,605,944	)		(3,560,698	)
Net decrease in net assets resulting from operations		(7,154,767	)		(3,599,940	)
From unit transactions:
Net proceeds from the issuance of units of subaccounts		15,967,812			15,851,567
Net asset value of units redeemed or used to meet contract obligations of subaccounts		(7,889,695	)		(5,925,950	)
Net increase from unit transactions of subaccounts		8,078,117			9,925,617
Net increase in net assets		923,350			6,325,677
Net assets beginning of year		33,464,808			27,139,131
Net assets end of year*	$	34,388,158		$	33,464,808
*  Includes undistributed net investment income of:	$	12,046,503		$	11,799,967

See notes to combined financial statements.

F-202

MONY

Variable Account L

NOTES TO COMBINED 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 Flexible Payment Variable Life Insurance Policies (Strategist), Variable Universal Life Insurance policies (MONYEquity Master, MONY Custom Equity Master, MONY Custom Estate Master and MONY Variable Universal Life), and Survivorship Variable Universal Life Insurance policies, collectively, the “Variable Life Insurance Policies”. These policies are issued by MONY. For presentation purposes, the information related to all Variable Life Insurance policies issued under the Variable Account is presented for the Variable Account as a whole.

There are currently available twenty-eight MONYEquity Master subaccounts, six Strategist subaccounts, thirty-five MONY Custom Equity Master subaccounts, thirty-five MONY Custom Estate Master subaccounts, thirty-five Variable Universal Life subaccounts, and thirty-five Survivorship Universal Life subaccounts within the Variable Account (each hereafter referred to as a “subaccount”). Each subaccount holds assets that are segregated from all other subaccounts within the Variable Account.

Each subaccount invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, Janus Aspen Series, Alger American Fund, INVESCO Variable Investment Funds, Inc., PIMCO Variable Insurance Trust, MFS Variable Insurance Trust, Lord Abbett Series Funds, PBHG Insurance Series Funds and The Universal Institutional Funds Inc. (collectively, the “Funds”). The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These combined financial statements should be read in conjunction with the separate financial statements and footnotes of each of the Variable Insurance Policies which are presented on pages before these combined financial statements.

2.  Significant Accounting Policies:

The preparation of the combined financial statements in accordance with accounting principles generally accepted in the United States of America 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 held by each subaccount in the 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 the amortized cost of the securities held, which approximates market value. For the purposes of presentation of the combined financial statements, investments held at December 31, 2002 by all of the subaccounts within the Variable Account have been aggregated.

Investment Transactions and Investment Income:

Investments made by the subacccounts in the portfolios of the Funds are recorded on the trade date. Realized gains and losses on redemption of investments by the subaccounts in the portfolios of the Funds are determined on the identified cost-basis. Dividend income and distributions of net realized gains are recorded by the respective subaccount on ex-dividend date. Investment

F-203

MONY

Variable Account L

NOTES TO COMBINED FINANCIAL STATEMENTS (continued)

2.  Significant Accounting Policies: (continued)

income includes dividends from net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received by the subaccounts are 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 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 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 by the Variable Account as contractholder redemptions. For the period ended December 31, 2002 the aggregate amount deducted for such purposes for all subaccounts within the Variable Account was $5,496,975.

MONY receives from the subaccounts within the Variable Account amounts deducted for mortality and expense risks at annual rates ranging from .35% to .75% of the average daily net assets of each of the respective subaccounts within the Variable Account. MONY Life Insurance Company of America (MONY America), a wholly-owned subsidiary of MONY acts as investment adviser to the Fund and 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.

MONY America and MONY receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the year ended December 31, 2002, MONY received $6,934 in aggregate from certain Funds in connection with the subaccounts within the Variable Account.

4.  Other:

At December 31, 2002, the aggregate net assets of all subaccounts within the Variable Account investing in a portfolio of the Funds were as follows:

MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	$	348,125
Long Term Bond Subaccount		608,278
Government Securities Subaccount		646,908
Money Market Subaccount		3,311,902
Equity Growth Subaccount		42,889
Equity Income Subaccount		40,218
Diversified Subaccount		71,984

F-204

MONY

Variable Account L

NOTES TO COMBINED FINANCIAL STATEMENTS (continued)

4.  Other: (continued)

Enterprise Accumulation Trust
Equity Subaccount	$	5,617,710
Small Company Value Subaccount		4,678,930
Managed Subaccount		7,280,433
International Growth Subaccount		1,206,003
High Yield Bond Subaccount		815,575
Growth Subaccount		1,094,767
Growth and Income Subaccount		1,050,461
Small Company Growth Subaccount		444,022
Equity Income Subaccount		172,588
Capital Appreciation Subaccount		422,588
Multi-Cap Growth Subaccount		421,929
Balanced Subaccount		97,975
Worldwide Growth Subaccount		8,974
Emerging Countries Subaccount		4,283
Mid-Cap Growth Subaccount		42,309
Global Socially Responsive Subaccount		18,779
Total Return Subaccount		37,015
Dreyfus
Dreyfus Stock Index Subaccount		1,016,822
Dreyfus Socially Responsible Growth Subaccount		118,570
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount		670,188
VIP II Contrafund Subaccount		567,676
VIP III Growth Opportunities Subaccount		101,196
Janus Aspen Series
Aggressive Growth Subaccount		492,821
Balanced Subaccount		429,475
Capital Appreciation Subaccount		654,431
Flexible Income Subaccount		30,963
International Growth Subaccount		53,843
Worldwide Growth Subaccount		807,215
Strategic Value Subaccount
The Alger American Funds
Balanced Subaccount		32,170
Mid Cap Growth Subaccount		57,622

F-205

MONY

Variable Account L

NOTES TO COMBINED FINANCIAL STATEMENTS (continued)

4.  Other: (continued)

Invesco Variable Investment Fund
Financial Services Subaccount	$	14,614
Health Services Subaccount		19,986
Telecommunications Subaccount		7,219
MFS Variable Insurance Trust
Mid Cap Growth Subaccount		28,040
New Discovery Series Subaccount		35,286
Total Return Series Subaccount		72,442
Utilities Series Subaccount		8,396
The Universal Institutional Funds, Inc.
Emerging Equities Subaccount		24,717
Global Value Equity Subaccount		3,817
U.S. Real Estate Subaccount		67,881
Lord Abbett Series Funds
Bond Debenture Subaccount		22,543
Growth and Income Subaccount		76,793
Mid-Cap Value Subaccount		64,476
PIMCO Variable Insurance Trust
Global Bond Subaccount		56,846
Real Return Subaccount		139,351
StocksPlus Growth and Income Subaccount		134,061
PBHG Insurance Series Funds
Mid-Cap Value Subaccount		77,598
Select Value Subaccount		16,455
Total Net Asset—Combined Variable Account L		34,388,158

During the year ended December 31, 2002, the aggregate cost of shares purchased (excluding reinvestments) and the aggregate proceeds from shares redeemed of the portfolios of the Funds by all the subaccounts within the Variable Account were $16,166,059 and $8,303,496 respectively.

F-206

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L — MONY Custom Equity Master

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of MONY Custom Equity Master’s Subaccounts of MONY Variable Account L at December 31, 2001, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2001 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 12, 2002

F-207

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2001

	MONY Custom Equity Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount		Long Term Bond Subaccount		Government Securities Subaccount		Money Market Subaccount
ASSETS
Shares held in respective Funds		5,436		4,498		7,417		1,301,258
Investments at cost	$	59,645	$	59,499	$	84,254	$	1,301,258
Investments in respective Funds, at net asset value	$	61,261	$	60,178	$	84,999	$	1,301,258
Amount due from MONY		0		0		361		0
Amount due from respective Funds		0		0		0		801
Total assets		61,261		60,178		85,360		1,302,059
LIABILITIES
Amount due to MONY		11		10		14		1,012
Amount due to respective Funds		0		0		361		0
Total liabilities		11		10		375		1,012
Net assets	$	61,250	$	60,168	$	84,985	$	1,301,047
Net assets consist of:
Contractholders’ net payments	$	58,301	$	58,092	$	83,431	$	1,283,977
Undistributed net investment income		823		969		405		17,070
Accumulated net realized gain (loss) on investments		510		428		404		0
Net unrealized appreciation (depreciation) of investments		1,616		679		745		0
Net assets	$	61,250	$	60,168	$	84,985	$	1,301,047
Number of units outstanding*		5,383		5,166		7,316		121,626
Net asset value per unit outstanding*	$	11.38	$	11.65	$	11.62	$	10.70

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-208

MONY Custom Equity Master
Enterprise Accumulation Trust
Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount
	37,116			13,002			14,902			21,392			18,452			114,113			87,958			36,420			17,259			45,241
$	749,042		$	279,993		$	323,111		$	109,419		$	81,869		$	602,891		$	491,383		$	278,747		$	89,960		$	274,197
$	643,596		$	254,705		$	292,086		$	92,625		$	80,082		$	594,531		$	475,851		$	286,622		$	86,639		$	257,421
	1,661			2,902			3,628			244			0			4,743			3,478			1,547			0			1,675
	1,409			503			331			176			0			541			352			167			0			173
	646,666			258,110			296,045			93,045			80,082			599,815			479,681			288,336			86,639			259,269
	1,519			544			380			191			14			642			431			214			14			217
	1,661			2,902			3,628			244			0			4,743			3,478			1,547			0			1,675
	3,180			3,446			4,008			435			14			5,385			3,909			1,761			14			1,892
$	643,486		$	254,664		$	292,037		$	92,610		$	80,068		$	594,430		$	475,772		$	286,575		$	86,625		$	257,377
$	742,025		$	245,321		$	310,034		$	111,406		$	78,507		$	621,190		$	504,956		$	281,311		$	90,439		$	293,979
	103,298			47,053			22,894			11,132			3,662			1,418			2,353			8,008			509			3,609
	(96,391	)		(12,422	)		(9,866	)		(13,134	)		(314	)		(19,818	)		(16,005	)		(10,619	)		(1,002	)		(23,435	)
	(105,446	)		(25,288	)		(31,025	)		(16,794	)		(1,787	)		(8,360	)		(15,532	)		7,875			(3,321	)		(16,776	)
$	643,486		$	254,664		$	292,037		$	92,610		$	80,068		$	594,430		$	475,772		$	286,575		$	86,625		$	257,377
	93,665			22,978			31,845			14,206			7,695			70,201			53,806			29,439			9,356			33,465
$	6.87		$	11.08		$	9.17		$	6.52		$	10.40		$	8.47		$	8.84		$	9.73		$	9.26		$	7.69

F-209

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2001

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Balanced Subaccount			Emerging Countries Subaccount			Worldwide Growth Subaccount			Mid-Cap Growth Subaccount
ASSETS
Shares held in respective Funds		45,725			12,494			171			456			1,532
Investments at cost	$	399,259		$	59,665		$	1,479		$	3,941		$	10,868
Investments in respective Funds, at net asset value	$	385,464		$	60,719		$	1,631		$	4,071		$	11,769
Amount due from MONY		1,798			1,120			0			0			0
Amount due from respective Funds		248			108			0			0			0
Total assets		387,510			61,947			1,631			4,071			11,769
LIABILITIES
Amount due to MONY		313			118			0			1			2
Amount due to respective Funds		1,798			1,120			0			0			0
Total liabilities		2,111			1,238			0			1			2
Net assets	$	385,399		$	60,709		$	1,631		$	4,070		$	11,767
Net assets consist of:
Contractholders’ net payments	$	443,919		$	59,793		$	1,521		$	4,041		$	11,168
Undistributed net investment income (loss)		(1,019	)		586			(2	)		(3	)		(9	)
Accumulated net realized loss on investments		(43,706	)		(724	)		(40	)		(98	)		(293	)
Net unrealized appreciation (depreciation) of investments		(13,795	)		1,054			152			130			901
Net assets	$	385,399		$	60,709		$	1,631		$	4,070		$	11,767
Number of units outstanding*		60,270			6,380			169			463			1,466
Net asset value per unit outstanding*	$	6.39		$	9.52		$	9.61		$	8.80		$	8.03

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-210

MONY Custom Equity Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
	21,988			3,101			12,649			15,784			4,194			18,261			11,019			14,535			15,934
$	674,324		$	88,422		$	447,403		$	330,381		$	64,430		$	459,270		$	255,689		$	333,079		$	509,085		$	8,422,563
$	645,574		$	82,707		$	423,492		$	316,619		$	63,375		$	401,366		$	248,691		$	301,173		$	454,769		$	7,973,274
	1,699			764			1,884			2,081			335			1,937			3,020			772			2,107			37,756
	1,499			64			667			367			69			1,358			159			459			301			9,752
	648,772			83,535			426,043			319,067			63,779			404,661			251,870			302,404			457,177			8,020,782
	1,608			78			739			420			80			1,425			201			510			376			11,084
	1,699			764			1,884			2,081			335			1,937			3,020			772			2,107			37,756
	3,307			842			2,623			2,501			415			3,362			3,221			1,282			2,483			48,840
$	645,465		$	82,693		$	423,420		$	316,566		$	63,364		$	401,299		$	248,649		$	301,122		$	454,694		$	7,971,942
$	695,136		$	96,904		$	483,305		$	346,113		$	69,722		$	553,382		$	255,541		$	366,354		$	560,465		$	8,710,333
	10,963			1			10,145			5,073			(100	)		1,257			6,467			3,096			3,035			262,693
	(31,884	)		(8,497	)		(46,119	)		(20,858	)		(5,203	)		(95,436	)		(6,361	)		(36,422	)		(54,490	)		(551,795	)
	(28,750	)		(5,715	)		(23,911	)		(13,762	)		(1,055	)		(57,904	)		(6,998	)		(31,906	)		(54,316	)		(449,289	)
$	645,465		$	82,693		$	423,420		$	316,566		$	63,364		$	401,299		$	248,649		$	301,122		$	454,694		$	7,971,942
	78,584			11,748			57,776			37,789			8,012			90,311			26,527			46,253			71,160
$	8.21		$	7.04		$	7.33		$	8.38		$	7.91		$	4.44		$	9.37		$	6.51		$	6.39

F-211

MONY

Variable Account L

STATEMENT OF OPERATIONS

For the year ended December 31, 2001

	MONY Custom Equity Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Government Securities Subaccount			Money Market Subaccount
Dividend income	$	960		$	1,095		$	531		$	18,123
Distribution from net realized gains		0			0			0			0
Mortality and expense risk charges		(124	)		(119	)		(122	)		(2,102	)
Net investment income		836			976			409			16,021
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		481			412			383			0
Net change in unrealized appreciation (depreciation) of investments		1,137			301			594			0
Net realized and unrealized gain (loss) on investments		1,618			713			977			0
Net increase (decrease) in net assets resulting from operations	$	2,454		$	1,689		$	1,386		$	16,021

See notes to financial statements.

F-212

MONY Custom Equity Master
Enterprise Accumulation Trust
Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount
$	0		$	422		$	5,625		$	529		$	3,649		$	2,213		$	3,348		$	0		$	699		$	1,353
	90,967			42,654			13,457			8,192			0			0			0			8,469			0			0
	(1,529	)		(472	)		(724	)		(227	)		(145	)		(1,381	)		(1,009	)		(627	)		(188	)		(638	)
	89,438			42,604			18,358			8,494			3,504			832			2,339			7,842			511			715
	(89,824	)		(10,977	)		(7,992	)		(12,259	)		(279	)		(18,278	)		(15,933	)		(10,901	)		(1,072	)		(22,752	)
	(68,120	)		(22,560	)		(32,257	)		(13,112	)		(1,717	)		(12,826	)		(14,041	)		9,613			(4,337	)		(7,298	)
	(157,944	)		(33,537	)		(40,249	)		(25,371	)		(1,996	)		(31,104	)		(29,974	)		(1,288	)		(5,409	)		(30,050	)
$	(68,506	)	$	9,067		$	(21,891	)	$	(16,877	)	$	1,508		$	(30,272	)	$	(27,635	)	$	6,554		$	(4,898	)	$	(29,335	)

F-213

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Balanced Subaccount			Emerging Countries Subaccount			Worldwide Growth Subaccount			Mid-Cap Growth Subaccount			Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount
	For the year ended December 31, 2001			For the year ended December 31, 2001			For the period June 8, 2001** through December 31, 2001			For the period June 8, 2001** through December 31, 2001			For the period June 8, 2001** through December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001
Dividend income	$	0		$	685		$	0		$	0		$	0		$	5,230		$	51
Distribution from net realized gains		0			0			0			0			0			3,330			0
Mortality and expense risk charges		(907	)		(116	)		(2	)		(3	)		(9	)		(1,430	)		(191	)
Net investment income (loss)		(907	)		569			(2	)		(3	)		(9	)		7,130			(140	)
Realized and unrealized gain (loss) on investments:
Net realized loss on investments		(41,378	)		(612	)		(40	)		(98	)		(293	)		(30,637	)		(8,248	)
Net change in unrealized appreciation (depreciation) of investments		9,788			825			152			130			901			(15,177	)		(3,277	)
Net realized and unrealized gain (loss) on investments		(31,590	)		213			112			32			608			(45,814	)		(11,525	)
Net increase (decrease) in net assets resulting from operations	$	(32,497	)	$	782		$	110		$	29		$	599		$	(38,684	)	$	(11,665	)

** Commencement of operations

See notes to financial statements.

F-214

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

For the year ended December 31, 2001

	MONY Custom Equity Master
	Fidelity Variable Insurance Products Funds									Janus Aspen Series
	VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
Dividend income	$	0		$	1,212		$	68		$	0		$	5,611		$	3,168		$	2,042		$	56,614
Distribution from net realized gains		11,254			4,848			0			0			0			0			0			183,171
Mortality and expense risk charges		(990	)		(828	)		(145	)		(951	)		(615	)		(785	)		(1,204	)		(17,583	)
Net investment income (loss)		10,264			5,232			(77	)		(951	)		4,996			2,383			838			222,202
Realized and unrealized gain (loss) on investments:
Net realized loss on investments		(45,170	)		(20,592	)		(4,908	)		(89,137	)		(5,465	)		(34,995	)		(50,896	)		(521,460	)
Net change in unrealized appreciation (depreciation) of investments		(7,814	)		(7,442	)		1,115			(23,785	)		(5,338	)		(13,217	)		(28,133	)		(255,895	)
Net realized and unrealized loss on investments		(52,984	)		(28,034	)		(3,793	)		(112,922	)		(10,803	)		(48,212	)		(79,029	)		(777,355	)
Net decrease in net assets resulting from operations	$	(42,720	)	$	(22,802	)	$	(3,870	)	$	(113,873	)	$	(5,807	)	$	(45,829	)	$	(78,191	)	$	(555,153	)

See notes to financial statements.

F-215

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Custom Equity Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount						Long Term Bond Subaccount
	For the year ended December 31, 2001			For the period June 9, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period June 9, 2000** through December 31, 2000
From operations:
Net investment income (loss)	$	836		$	(13	)	$	976		$	(7	)
Net realized gain (loss) on investments		481			29			412			16
Net change in unrealized appreciation (depreciation) of investments		1,137			479			301			378
Net increase (decrease) in net assets resulting from operations		2,454			495			1,689			387
From unit transactions:
Net proceeds from the issuance of units		54,847			16,418			65,177			10,427
Net asset value of units redeemed or used to meet contract obligations		(12,148	)		(816	)		(17,053	)		(459	)
Net increase from unit transactions		42,699			15,602			48,124			9,968
Net increase in net assets		45,153			16,097			49,813			10,355
Net assets beginning of period		16,097			0			10,355			0
Net assets end of period*	$	61,250		$	16,097		$	60,168		$	10,355
Unit transactions:
Units outstanding beginning of period		1,530			0			942			0
Units issued during the period		4,957			1,609			5,723			985
Units redeemed during the period		(1,104	)		(79	)		(1,499	)		(43	)
Units outstanding end of period		5,383			1,530			5,166			942
*       Includes undistributed net investment income (loss) of:	$	823		$	(13	)	$	969		$	(7	)

** Commencement of operations

See notes to financial statements.

F-216

MONY Custom Equity Master
MONY Series Fund, Inc.												Enterprise Accumulation Trust
Government Securities Subaccount						Money Market Subaccount						Equity Subaccount						Small Company Value Subaccount
For the year ended December 31, 2001			For the period May 18, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period June 8, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 5, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000
$	409		$	(4	)	$	16,021		$	1,049		$	89,438		$	13,860		$	42,604		$	4,449
	383			21			0			0			(89,824	)		(6,567	)		(10,977	)		(1,445	)
	594			151			0			0			(68,120	)		(37,326	)		(22,560	)		(2,728	)
	1,386			168			16,021			1,049			(68,506	)		(30,033	)		9,067			276
	93,798			6,616			1,828,369			420,053			614,166			265,821			237,430			64,812
	(16,515	)		(468	)		(584,681	)		(379,764	)		(125,139	)		(12,823	)		(53,014	)		(3,907	)
	77,283			6,148			1,243,688			40,289			489,027			252,998			184,416			60,905
	78,669			6,316			1,259,709			41,338			420,521			222,965			193,483			61,181
	6,316			0			41,338			0			222,965			0			61,181			0
$	84,985		$	6,316		$	1,301,047		$	41,338		$	643,486		$	222,965		$	254,664		$	61,181
	577			0			3,997			0			26,254			0			5,789			0
	8,191			621			172,939			41,193			85,417			27,602			22,117			6,158
	(1,452	)		(44	)		(55,310	)		(37,196	)		(18,006	)		(1,348	)		(4,928	)		(369	)
	7,316			577			121,626			3,997			93,665			26,254			22,978			5,789
$	405		$	(4	)	$	17,070		$	1,049		$	103,298		$	13,860		$	47,053		$	4,449

F-217

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (Continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Managed Subaccount						International Growth Subaccount
	For the year ended December 31, 2001			For the period May 5, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000
From operations:
Net investment income	$	18,358		$	4,536		$	8,494		$	2,638
Net realized gain (loss) on investments		(7,992	)		(1,874	)		(12,259	)		(875	)
Net change in unrealized appreciation (depreciation) of investments		(32,257	)		1,232			(13,112	)		(3,682	)
Net increase (decrease) in net assets resulting from operations		(21,891	)		3,894			(16,877	)		(1,919	)
From unit transactions:
Net proceeds from the issuance of units		226,381			128,670			86,356			55,852
Net asset value of units redeemed or used to meet contract obligations		(40,330	)		(4,687	)		(24,672	)		(6,130	)
Net increase from unit transactions		186,051			123,983			61,684			49,722
Net increase in net assets		164,160			127,877			44,807			47,803
Net assets beginning of period		127,877			0			47,803			0
Net assets end of period*	$	292,037		$	127,877		$	92,610		$	47,803
Unit transactions:
Units outstanding beginning of period		12,345			0			5,274			0
Units issued during the period		23,812			12,801			12,354			5,933
Units redeemed during the period		(4,312	)		(456	)		(3,422	)		(659	)
Units outstanding end of period		31,845			12,345			14,206			5,274
*       Includes undistributed net investment income of:	$	22,894		$	4,536		$	11,132		$	2,638

** Commencement of operations

See notes to financial statements.

F-218

MONY Custom Equity Master
Enterprise Accumulation Trust
High Yield Bond Subaccount						Growth Subaccount						Growth and Income Subaccount						Small Company Growth Subaccount
For the year ended December 31, 2001			For the period June 8, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000
$	3,504		$	158		$	832		$	586		$	2,339		$	14		$	7,842		$	166
	(279	)		(35	)		(18,278	)		(1,540	)		(15,933	)		(72	)		(10,901	)		282
	(1,717	)		(70	)		(12,826	)		4,466			(14,041	)		(1,491	)		9,613			(1,738	)
	1,508			53			(30,272	)		3,512			(27,635	)		(1,549	)		6,554			(1,290	)
	76,810			15,182			515,492			240,695			521,272			100,715			238,098			105,946
	(12,573	)		(912	)		(117,820	)		(17,177	)		(105,992	)		(11,039	)		(54,202	)		(8,531	)
	64,237			14,270			397,672			223,518			415,280			89,676			183,896			97,415
	65,745			14,323			367,400			227,030			387,645			88,127			190,450			96,125
	14,323			0			227,030			0			88,127			0			96,125			0
$	80,068		$	14,323		$	594,430		$	227,030		$	475,772		$	88,127		$	286,575		$	96,125
	1,453			0			23,359			0			8,752			0			9,464			0
	7,462			1,543			60,795			25,155			56,790			9,822			25,927			10,293
	(1,220	)		(90	)		(13,953	)		(1,796	)		(11,736	)		(1,070	)		(5,952	)		(829	)
	7,695			1,453			70,201			23,359			53,806			8,752			29,439			9,464
$	3,662		$	158		$	1,418		$	586		$	2,353		$	14		$	8,008		$	166

F-219

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
	Enterprise Accumulation Trust
	Equity Income Subaccount						Capital Appreciation Subaccount
	For the year ended December 31, 2001			For the period May 18, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 4, 2000** through December 31, 2000
From operations:
Net investment income (loss)	$	511		$	(2	)	$	715		$	2,894
Net realized gain (loss) on investments		(1,072	)		70			(22,752	)		(683	)
Net change in unrealized appreciation (depreciation) of investments		(4,337	)		1,016			(7,298	)		(9,478	)
Net increase (decrease) in net assets resulting from operations		(4,898	)		1,084			(29,335	)		(7,267	)
From unit transactions:
Net proceeds from the issuance of units		80,770			30,826			223,818			136,240
Net asset value of units redeemed or used to meet contract obligations		(18,589	)		(2,568	)		(54,654	)		(11,425	)
Net increase from unit transactions		62,181			28,258			169,164			124,815
Net increase in net assets		57,283			29,342			139,829			117,548
Net assets beginning of period		29,342			0			117,548			0
Net assets end of period*	$	86,625		$	29,342		$	257,377		$	117,548
Unit transactions:
Units outstanding beginning of period		2,818			0			12,316			0
Units issued during the period		8,493			3,077			28,080			13,448
Units redeemed during the period		(1,955	)		(259	)		(6,931	)		(1,132	)
Units outstanding end of period		9,356			2,818			33,465			12,316
*       Includes undistributed net investment income (loss) of:	$	509		$	(2	)	$	3,609		$	2,894

** Commencement of operations

See notes to financial statements.

F-220

MONY Custom Equity Master
Enterprise Accumulation Trust
Multi-Cap Growth Subaccount						Balanced Subaccount						Emerging Countries Subaccount			Worldwide Growth Subaccount			Mid-Cap Growth Subaccount			Dreyfus Stock Index Subaccount
For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 16, 2000** through December 31, 2000			For the period June 8, 2001** through December 31, 2001			For the period June 8, 2001** through December 31, 2001			For the period June 8, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000
$	(907	)	$	(112	)	$	569		$	17		$	(2	)	$	(3	)	$	(9	)	$	7,130		$	3,833
	(41,378	)		(2,328	)		(612	)		(112	)		(40	)		(98	)		(293	)		(30,637	)		(1,247	)
	9,788			(23,583	)		825			229			152			130			901			(15,177	)		(13,573	)
	(32,497	)		(26,023	)		782			134			110			29			599			(38,684	)		(10,987	)
	343,187			195,640			76,777			7,677			1,757			4,723			12,526			587,939			248,777
	(77,595	)		(17,313	)		(23,620	)		(1,041	)		(236	)		(682	)		(1,358	)		(123,130	)		(18,450	)
	265,592			178,327			53,157			6,636			1,521			4,041			11,168			464,809			230,327
	233,095			152,304			53,939			6,770			1,631			4,070			11,767			426,125			219,340
	152,304			0			6,770			0			0			0			0			219,340			0
$	385,399		$	152,304		$	60,709		$	6,770		$	1,631		$	4,070		$	11,767		$	645,465		$	219,340
	19,707			0			682			0			0			0			0			23,366			0
	52,586			21,605			8,226			789			197			542			1,643			69,968			25,237
	(12,023	)		(1,898	)		(2,528	)		(107	)		(28	)		(79	)		(177	)		(14,750	)		(1,871	)
	60,270			19,707			6,380			682			169			463			1,466			78,584			23,366
$	(1,019	)	$	(112	)	$	586		$	17		$	(2	)	$	(3	)	$	(9	)	$	10,963		$	3,833

F-221

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
							Fidelity Variable Insurance Products Funds
	Dreyfus Socially Responsible Growth Subaccount						VIP Growth Subaccount
	For the year ended December 31, 2001			For the period May 11, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000
From operations:
Net investment income (loss)	$	(140	)	$	141		$	10,264		$	(119	)
Net realized loss on investments		(8,248	)		(249	)		(45,170	)		(949	)
Net change in unrealized appreciation (depreciation) of investments		(3,277	)		(2,438	)		(7,814	)		(16,097	)
Net decrease in net assets resulting from operations		(11,665	)		(2,546	)		(42,720	)		(17,165	)
From unit transactions:
Net proceeds from the issuance of units		91,828			26,874			434,904			161,406
Net asset value of units redeemed or used to meet contract obligations		(18,864	)		(2,934	)		(102,004	)		(11,001	)
Net increase from unit transactions		72,964			23,940			332,900			150,405
Net increase in net assets		61,299			21,394			290,180			133,240
Net assets beginning of period		21,394			0			133,240			0
Net assets end of period*	$	82,693		$	21,394		$	423,420		$	133,240
Unit transactions:
Units outstanding beginning of period		2,344			0			14,902			0
Units issued during the period		11,940			2,640			56,380			16,021
Units redeemed during the period		(2,536	)		(296	)		(13,506	)		(1,119	)
Units outstanding end of period		11,748			2,344			57,776			14,902
*       Includes undistributed net investment income (loss) of:	$	1		$	141		$	10,145		$	(119	)

** Commencement of operations

See notes to financial statements.

F-222

MONY Custom Equity Master
Fidelity Variable Insurance Products Funds												Janus Aspen Series
VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount						Aggressive Growth Subaccount						Balanced Subaccount
For the year ended December 31, 2001			For the period May 17, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 11, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 5, 2000** through December 31, 2000
$	5,232		$	(159	)	$	(77	)	$	(23	)	$	(951	)	$	2,208		$	4,996		$	1,471
	(20,592	)		(266	)		(4,908	)		(295	)		(89,137	)		(6,299	)		(5,465	)		(896	)
	(7,442	)		(6,320	)		1,115			(2,170	)		(23,785	)		(34,119	)		(5,338	)		(1,660	)
	(22,802	)		(6,745	)		(3,870	)		(2,488	)		(113,873	)		(38,210	)		(5,807	)		(1,085	)
	241,564			179,578			54,447			33,729			465,872			206,852			228,701			87,686
	(65,363	)		(9,666	)		(15,463	)		(2,991	)		(99,638	)		(19,704	)		(54,763	)		(6,083	)
	176,201			169,912			38,984			30,738			366,234			187,148			173,938			81,603
	153,399			163,167			35,114			28,250			252,361			148,938			168,131			80,518
	163,167			0			28,250			0			148,938			0			80,518			0
$	316,566		$	163,167		$	63,364		$	28,250		$	401,299		$	148,938		$	248,649		$	80,518
	17,007			0			3,045			0			20,212			0			8,160			0
	28,573			17,987			6,917			3,345			90,124			22,314			24,202			8,768
	(7,791	)		(980	)		(1,950	)		(300	)		(20,025	)		(2,102	)		(5,835	)		(608	)
	37,789			17,007			8,012			3,045			90,311			20,212			26,527			8,160
$	5,073		$	(159	)	$	(100	)	$	(23	)	$	1,257		$	2,208		$	6,467		$	1,471

F-223

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Equity Master
	Janus Aspen Series
	Capital Appreciation Subaccount						Worldwide Growth Subaccount						Total
	For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period ended December 31, 2000
From operations:
Net investment income	$	2,383		$	713		$	838		$	2,197		$	222,202		$	40,491
Net realized loss on investments		(34,995	)		(1,427	)		(50,896	)		(3,594	)		(521,460	)		(30,335	)
Net change in unrealized depreciation of investments		(13,217	)		(18,689	)		(28,133	)		(26,183	)		(255,895	)		(193,394	)
Net decrease in net assets resulting from operations		(45,829	)		(19,403	)		(78,191	)		(27,580	)		(555,153	)		(183,238	)
From unit transactions:
Net proceeds from the issuance of units		273,738			177,591			404,800			273,335			8,085,547			3,197,418
Net asset value of units redeemed or used to meet contract obligations		(69,512	)		(15,463	)		(102,101	)		(15,569	)		(1,991,711	)		(580,921	)
Net increase from unit transactions		204,226			162,128			302,699			257,766			6,093,836			2,616,497
Net increase in net assets		158,397			142,725			224,508			230,186			5,538,683			2,433,259
Net assets beginning of period		142,725			0			230,186			0			2,433,259			0
Net assets end of period*	$	301,122		$	142,725		$	454,694		$	230,186		$	7,971,942		$	2,433,259
Unit transactions:
Units outstanding beginning of period		17,106			0			27,835			0
Units issued during the period		39,167			18,775			58,551			29,513
Units redeemed during the period		(10,020	)		(1,669	)		(15,226	)		(1,678	)
Units outstanding end of period		46,253			17,106			71,160			27,835
*       Includes undistributed net investment income of:	$	3,096		$	713		$	3,035		$	2,197		$	262,693		$	40,491

** Commencement of operations

See notes to financial statements.

F-224

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master). These policies are issued by MONY. For presentation purposes, the information related only to the Variable Universal Life Insurance policies (MONY Custom Equity Master) is presented here.

There are twenty-eight MONY Custom Equity Master Subaccounts within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen Series (collectively, the “Funds”). Certain subaccounts of MONY Custom Equity Master commenced operations during the year ended December 31, 2000, and the remaining subaccounts commenced operations during the period ended December 31, 2001. The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds, which were distributed by MONY to the policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investments:

The investment in shares of each of the respective Funds’ portfolio is stated at value which is the net asset value of the respective portfolio as reported by such portfolio. Net asset values are based upon market or fair valuations of the securities held in each of the corresponding portfolios of the Funds. For the Money Market Portfolio, the net asset value is based on amortized cost of the securities held, which approximates market value.

Investment Transactions and Investment Income:

Investments in the portfolios of the Funds are recorded on the trade date. Realized gains and losses on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distribution of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-225

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

3.  Related Party Transactions:

MONY is the legal owner of the assets held by 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 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 such purposes for all of the MONY Custom Equity Master Subaccounts for the period ended December 31, 2001 aggregated $1,649,039.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% of the average daily net assets of each of the MONY Custom Equity Master subaccounts. As MONY Life Insurance Company of 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the period ended December 31, 2001, MONY received $2,565 in connection with MONY Custom Equity Master subaccounts.

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the period ended December 31, 2001 were as follows:

MONY Custom Equity Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio	$	55,653	$	13,077
Long Term Bond Portfolio		72,394		24,385
Government Securities Portfolio		96,470		19,299
Money Market Portfolio		2,861,073		1,619,324
Enterprise Accumulation Trust
Equity Portfolio		646,196		158,729
Small Company Value Portfolio		247,004		63,061
Managed Portfolio		231,817		46,517
International Growth Portfolio		89,632		28,195
High Yield Bond Portfolio		78,829		14,728
Growth Portfolio		541,332		145,080
Growth and Income Portfolio		541,854		127,555
Small Company Growth Portfolio		246,690		63,433

F-226

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)

MONY Custom Equity Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Equity Income Portfolio	$	95,983	$	33,987
Capital Appreciation Portfolio		231,402		62,913
Multi-Cap Growth Portfolio		357,422		92,771
Balanced Portfolio		93,193		40,147
Emerging Countries Portfolio		1,922		403
Worldwide Growth Portfolio		4,780		741
Mid-Cap Growth Portfolio		13,175		2,014
Dreyfus
Dreyfus Stock Index Fund		621,460		158,101
Dreyfus Socially Responsible Growth Fund, Inc.		113,557		40,786
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio		456,240		124,055
VIP II Contrafund Portfolio		261,609		86,299
VIP III Growth Opportunities Portfolio		62,330		23,498
Janus Aspen Series
Aggressive Growth Portfolio		496,559		131,304
Balanced Portfolio		241,901		68,586
Capital Appreciation Portfolio		301,538		98,151
Worldwide Growth Portfolio		432,038		130,624

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2001:

	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000's)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	5,383	$	11.38	$	61	2.71	%	0.35	%	8.17	%
Long Term Bond Subaccount	5,166		11.65		60	3.22		0.35		5.91
Government Securities Subaccount	7,316		11.62		85	1.52		0.35		6.22
Money Market Subaccount	121,626		10.70		1,301	3.02		0.35		3.48
Enterprise Accumulation Trust
Equity Subaccount	93,665		6.87		643	0.00		0.35		(19.08	)
Small Company Value Subaccount	22,978		11.08		255	0.31		0.35		4.82
Managed Subaccount	31,845		9.17		292	2.72		0.35		(11.49	)
International Growth Subaccount	14,206		6.52		93	0.82		0.35		(28.04	)
High Yield Bond Subaccount	7,695		10.40		80	8.81		0.35		5.48
Growth Subaccount	70,201		8.47		594	0.56		0.35		(12.86	)
Growth and Income Subaccount	53,806		8.84		476	1.16		0.35		(12.21	)
Small Company Growth Subaccount	29,439		9.73		287	0.00		0.35		(4.23	)
Equity Income Subaccount	9,356		9.26		87	1.30		0.35		(11.05	)

F-227

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

	At December 31, 2001					For the period ended December 31, 2001
MONY Custom Equity Master Subaccounts	Units	Unit Value		Net Assets (000's)		Investment Income Ratio*		Expense Ratio**		Total Return***
Capital Appreciation Subaccount	33,465	$	7.69	$	257	0.74	%	0.35	%	(19.39	)%
Multi-Cap Growth Subaccount	60,270		6.39		385	0.00		0.35		(17.34	)
Balanced Subaccount	6,380		9.52		61	2.07		0.35		(4.13	)
Emerging Countries Subaccount (1)	169		9.61		2	0.00	(^)	0.35	(^)	(3.90	)
Worldwide Growth Subaccount (1)	463		8.80		4	0.00	(^)	0.35	(^)	(12.00	)
Mid-Cap Growth Subaccount (1)	1,466		8.03		12	0.00	(^)	0.35	(^)	(19.70	)
Dreyfus
Dreyfus Stock Index Subaccount	78,584		8.21		645	1.28		0.35		(12.57	)
Dreyfus Socially Responsible Growth Subaccount	11,748		7.04		83	0.09		0.35		(22.89	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	57,776		7.33		423	0.00		0.35		(18.01	)
VIP II Contrafund Subaccount	37,789		8.38		317	0.51		0.35		(12.62	)
VIP III Growth Opportunities Subaccount	8,012		7.91		63	0.16		0.35		(14.76	)
Janus Aspen Series
Aggressive Growth Subaccount	90,311		4.44		401	0.00		0.35		(39.76	)
Balanced Subaccount	26,527		9.37		249	3.19		0.35		(5.07	)
Capital Appreciation Subaccount	46,253		6.51		301	1.41		0.35		(21.94	)
Worldwide Growth Subaccount	71,160		6.39		455	0.59		0.35		(22.73	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund's investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized

(1) For the period June 8, 2001 (commencement of operations) through December 31, 2001.

F-228

REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of MONY Variable Account L — MONY Custom Estate Master

In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of MONY Custom Estate Master’s Subaccounts of MONY Variable Account L at December 31, 2001, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2001 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 12, 2002

F-229

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F-230

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2001

	MONY Custom Estate Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount		Government Securities Subaccount		Money Market Subaccount
ASSETS
Shares held in respective Funds		87			851		394		383,134
Investments at cost	$	962		$	11,059	$	4,426	$	383,134
Investments in respective Funds, at net asset value	$	975		$	11,384	$	4,520	$	383,134
Amount due from MONY		0			0		0		0
Total assets		975			11,384		4,520		383,134
LIABILITIES
Amount due to respective Funds		0			0		0		0
Amount due to MONY		0			2		1		65
Total liabilities		0			2		1		65
Net assets	$	975		$	11,382	$	4,519	$	383,069
Net assets consist of:
Contractholders’ net payments	$	960		$	10,529	$	4,417	$	374,468
Undistributed net investment income (loss)		(1	)		488		5		8,601
Accumulated net realized gain on investments		3			40		3		0
Net unrealized appreciation of investments		13			325		94		0
Net assets	$	975		$	11,382	$	4,519	$	383,069
Number of units outstanding*		93			1,011		434		35,225
Net asset value per unit outstanding*	$	10.52		$	11.26	$	10.41	$	10.88

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-231

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2001

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Equity Subaccount			Small Company Value Subaccount			Managed Subaccount			International Growth Subaccount
ASSETS
Shares held in respective Funds		3,154			2,278			732			5,666
Investments at cost	$	65,240		$	51,889		$	15,805		$	32,085
Investments in respective Funds, at net asset value	$	54,690		$	44,630		$	14,356		$	24,535
Amount due from MONY		0			6			0			6
Total assets		54,690			44,636			14,356			24,541
LIABILITIES
Amount due to respective Funds		0			6			0			6
Amount due to MONY		10			8			2			4
Total liabilities		10			14			2			10
Net assets	$	54,680		$	44,622		$	14,354		$	24,531
Net assets consist of:
Contractholders’ net payments	$	60,510		$	43,400		$	14,987		$	30,533
Undistributed net investment income (loss)		10,865			11,550			1,707			2,855
Accumulated net realized gain (loss) on investments		(6,145	)		(3,069	)		(891	)		(1,307	)
Net unrealized appreciation (depreciation) of investments		(10,550	)		(7,259	)		(1,449	)		(7,550	)
Net assets	$	54,680		$	44,622		$	14,354		$	24,531
Number of units outstanding*		6,726			4,236			1,617			4,047
Net asset value per unit outstanding*	$	8.13		$	10.54		$	8.88		$	6.06

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-232

MONY Custom Estate Master
Enterprise Accumulation Trust
High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount			Multi-Cap Growth Subaccount
	2,342			11,491			5,761			3,652			2,480			4,779			6,288
$	10,770		$	63,063		$	33,507		$	28,571		$	12,949		$	31,076		$	58,881
$	10,162		$	59,870		$	31,164		$	28,741		$	12,451		$	27,194		$	53,004
	0			0			0			6			0			6			6
	10,162			59,870			31,164			28,747			12,451			27,200			53,010
	0			0			0			6			0			6			6
	2			10			5			5			2			5			9
	2			10			5			11			2			11			15
$	10,160		$	59,860		$	31,159		$	28,736		$	12,449		$	27,189		$	52,995
$	9,848		$	65,637		$	33,945		$	27,897		$	12,675		$	31,855		$	63,241
	972			262			170			842			77			556			(170	)
	(52	)		(2,846	)		(613	)		(173	)		195			(1,340	)		(4,199	)
	(608	)		(3,193	)		(2,343	)		170			(498	)		(3,882	)		(5,877	)
$	10,160		$	59,860		$	31,159		$	28,736		$	12,449		$	27,189		$	52,995
	1,004			7,125			3,587			2,949			1,282			3,721			9,181
$	10.12		$	8.40		$	8.69		$	9.74		$	9.71		$	7.31		$	5.77

F-233

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2001

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Balanced Subaccount		Mid-Cap Growth Subaccount		Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount
ASSETS
Shares held in respective Funds		80		2		2,844			552
Investments at cost	$	379	$	14	$	90,984		$	16,187
Investments in respective Funds, at net asset value	$	391	$	14	$	83,515		$	14,729
Amount due from MONY		0		0		0			0
Total assets		391		14		83,515			14,729
LIABILITIES
Amount due to respective Funds		0		0		0			0
Amount due to MONY		0		0		14			2
Total liabilities		0		0		14			2
Net assets	$	391	$	14	$	83,501		$	14,727
Net assets consist of:
Contractholders’ net payments	$	372	$	14	$	91,794		$	17,740
Undistributed net investment income		6		0		1,425			21
Accumulated net realized gain (loss) on investments		1		0		(2,249	)		(1,576	)
Net unrealized appreciation (depreciation) of investments		12		0		(7,469	)		(1,458	)
Net assets	$	391	$	14	$	83,501		$	14,727
Number of units outstanding*		37		1		10,189			2,190
Net asset value per unit outstanding*	$	10.51	$	10.58	$	8.20		$	6.72

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-234

MONY Custom Estate Master
Fidelity Variable Insurance Products Funds									Janus Aspen Series
VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
	2,085			2,097			1,201			1,583			1,556			2,127			2,361
$	76,366		$	44,987		$	18,841		$	43,507		$	36,460		$	52,004		$	75,746		$	1,258,892
$	69,817		$	42,059		$	18,148		$	34,796		$	35,119		$	44,072		$	67,377		$	1,170,847
	0			6			6			6			0			6			6			60
	69,817			42,065			18,154			34,802			35,119			44,078			67,383			1,170,907
	0			6			6			6			0			6			6			60
	11			7			3			6			6			8			11			198
	11			13			9			12			6			14			17			258
$	69,806		$	42,052		$	18,145		$	34,790		$	35,113		$	44,064		$	67,366		$	1,170,649
$	78,260		$	45,413		$	19,521		$	52,496		$	36,005		$	54,461		$	81,073		$	1,262,051
	1,606			657			80			813			928			557			968			45,840
	(3,511	)		(1,090	)		(763	)		(9,808	)		(479	)		(3,022	)		(6,306	)		(49,197	)
	(6,549	)		(2,928	)		(693	)		(8,711	)		(1,341	)		(7,932	)		(8,369	)		(88,045	)
$	69,806		$	42,052		$	18,145		$	34,790		$	35,113		$	44,064		$	67,366		$	1,170,649
	9,189			5,132			2,459			9,449			3,671			7,623			10,066
$	7.60		$	8.19		$	7.38		$	3.68		$	9.57		$	5.78		$	6.69

F-235

MONY

Variable Account L

STATEMENT OF OPERATIONS

	MONY Custom Estate Master
	MONY Series Fund, Inc.												Enterprise Accumulation Trust
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Government Securities Subaccount			Money Market Subaccount			Equity Subaccount			Small Company Value Subaccount			Managed Subaccount
	For the period April 2, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period March 14, 2001** through December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001
Dividend income	$	0		$	530		$	12		$	6,535		$	0		$	94		$	315
Distribution from net realized gains		0			0			0			0			8,790			9,531			755
Mortality and expense risk charges		(1	)		(36	)		(7	)		(708	)		(142	)		(111	)		(40	)
Net investment income (loss)		(1	)		494			5			5,827			8,648			9,514			1,030
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		3			37			3			0			(3,785	)		(804	)		(835	)
Net change in unrealized appreciation (depreciation) of investments		13			60			94			0			(9,555	)		(7,126	)		(846	)
Net realized and unrealized gain (loss) on investments		16			97			97			0			(13,340	)		(7,930	)		(1,681	)
Net increase (decrease) in net assets resulting from operations	$	15		$	591		$	102		$	5,827		$	(4,692	)	$	1,584		$	(651	)

** Commencement of operations

See notes to financial statements.

F-236

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

For the year ended December 31, 2001

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Small Company Growth Subaccount			Equity Income Subaccount			Capital Appreciation Subaccount
Dividend income	$	146		$	854		$	219		$	242		$	0		$	99		$	160
Distribution from net realized gains		2,262			0			0			0			883			0			0
Mortality and expense risk charges		(72	)		(34	)		(151	)		(78	)		(75	)		(43	)		(78	)
Net investment income		2,336			820			68			164			808			56			82
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(1,178	)		(47	)		(2,634	)		(617	)		(201	)		171			(1,204	)
Net change in unrealized appreciation (depreciation) of investments		(6,782	)		(290	)		(2,248	)		(2,117	)		299			(1,073	)		(2,724	)
Net realized and unrealized gain (loss) on investments		(7,960	)		(337	)		(4,882	)		(2,734	)		98			(902	)		(3,928	)
Net increase (decrease) in net assets resulting from operations	$	(5,624	)	$	(483	)	$	(4,814	)	$	(2,570	)	$	906		$	(846	)	$	(3,846	)

See notes to financial statements.

F-237

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Balanced Subaccount		Mid-Cap Growth Subaccount		Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount
	For the year ended December 31, 2001			For the period April 2, 2001** through December 31, 2001		For the period November 21, 2001** through December 31, 2001		For the year ended December 31, 2001			For the year ended December 31, 2001
Dividend income	$	0		$	6	$	0	$	259		$	9
Distribution from net realized gains		0			0		0		863			0
Mortality and expense risk charges		(146	)		0		0		(186	)		(33	)
Net investment income (loss)		(146	)		6		0		936			(24	)
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(3,729	)		1		0		(2,187	)		(1,078	)
Net change in unrealized appreciation (depreciation) of investments		(1,686	)		12		0		(4,494	)		(998	)
Net realized and unrealized gain (loss) on investments		(5,415	)		13		0		(6,681	)		(2,076	)
Net increase (decrease) in net assets resulting from operations	$	(5,561	)	$	19	$	0	$	(5,745	)	$	(2,100	)

** Commencement of operations

See notes to financial statements.

F-238

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

For the year ended December 31, 2001

	MONY Custom Estate Master
	Fidelity Variable Insurance Products Funds									Janus Aspen Series
	VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
Dividend income	$	0		$	154		$	20		$	0		$	803		$	584		$	290		$	11,331
Distribution from net realized gains		1,639			614			0			0			0			0			0			25,337
Mortality and expense risk charges		(180	)		(96	)		(42	)		(96	)		(90	)		(130	)		(159	)		(2,734	)
Net investment income (loss)		1,459			672			(22	)		(96	)		713			454			131			33,934
Realized and unrealized gain (loss) on investments:
Net realized loss on investments		(3,339	)		(855	)		(730	)		(9,172	)		(456	)		(2,907	)		(4,931	)		(40,474	)
Net change in unrealized depreciation of investments		(5,686	)		(2,521	)		(392	)		(3,445	)		(1,161	)		(5,696	)		(5,308	)		(63,670	)
Net realized and unrealized loss on investments		(9,025	)		(3,376	)		(1,122	)		(12,617	)		(1,617	)		(8,603	)		(10,239	)		(104,144	)
Net decrease in net assets resulting from operations	$	(7,566	)	$	(2,704	)	$	(1,144	)	$	(12,713	)	$	(904	)	$	(8,149	)	$	(10,108	)	$	(70,210	)

See notes to financial statements.

F-239

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

	MONY Custom Estate Master
	MONY Series Fund, Inc.
	Intermediate Term Bond Subaccount			Long Term Bond Subaccount						Government Securities Subaccount
	For the period April 2, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period August 8, 2000** through December 31, 2000			For the period March 14, 2001** through December 31, 2001
From operations:
Net investment income (loss)	$	(1	)	$	494		$	(6	)	$	5
Net realized gain (loss) on investments		3			37			3			3
Net change in unrealized appreciation (depreciation) of investments		13			60			265			94
Net increase (decrease) in net assets resulting from operations		15			591			262			102
From unit transactions:
Net proceeds from the issuance of units		1,045			2,505			8,905			5,006
Net asset value of units redeemed or used to meet contract obligations		(85	)		(593	)		(288	)		(589	)
Net increase from unit transactions		960			1,912			8,617			4,417
Net increase in net assets		975			2,503			8,879			4,519
Net assets beginning of period		0			8,879			0			0
Net assets end of period*	$	975		$	11,382		$	8,879		$	4,519
Unit transactions:
Units outstanding beginning of period		0			835			0			0
Units issued during the period		101			230			864			492
Units redeemed during the period		(8	)		(54	)		(29	)		(58	)
Units outstanding end of period		93			1,011			835			434
*      Includes undistributed net investment income (loss) of:	$	(1	)	$	488		$	(6	)	$	5

** Commencement of operations

See notes to financial statements.

F-240

MONY Custom Estate Master
MONY Series Fund, Inc.						Enterprise Accumulation Trust
Money Market Subaccount						Equity Subaccount						Small Company Value Subaccount						Managed Subaccount
For the year ended December 31, 2001			For the period February 11, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period April 10, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period April 10, 2000** through December 31, 2000
$	5,827		$	2,774		$	8,648		$	2,217		$	9,514		$	2,036		$	1,030		$	677
	0			0			(3,785	)		(2,360	)		(804	)		(2,265	)		(835	)		(56	)
	0			0			(9,555	)		(995	)		(7,126	)		(133	)		(846	)		(603	)
	5,827			2,774			(4,692	)		(1,138	)		1,584			(362	)		(651	)		18
	356,079			94,370			56,343			11,044			31,688			16,452			17,719			2,563
	(67,279	)		(8,702	)		(6,293	)		(584	)		(4,129	)		(611	)		(5,076	)		(219	)
	288,800			85,668			50,050			10,460			27,559			15,841			12,643			2,344
	294,627			88,442			45,358			9,322			29,143			15,479			11,992			2,362
	88,442			0			9,322			0			15,479			0			2,362			0
$	383,069		$	88,442		$	54,680		$	9,322		$	44,622		$	15,479		$	14,354		$	2,362
	8,412			0			928			0			1,541			0			236			0
	33,096			9,254			6,560			978			3,125			1,602			1,912			258
	(6,283	)		(842	)		(762	)		(50	)		(430	)		(61	)		(531	)		(22	)
	35,225			8,412			6,726			928			4,236			1,541			1,617			236
$	8,601		$	2,774		$	10,865		$	2,217		$	11,550		$	2,036		$	1,707		$	677

F-241

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	International Growth Subaccount						High Yield Bond Subaccount
	For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period August 8, 2000** through December 31, 2000
From operations:
Net investment income	$	2,336		$	519		$	820		$	152
Net realized gain (loss) on investments		(1,178	)		(129	)		(47	)		(5	)
Net change in unrealized appreciation (depreciation) of investments		(6,782	)		(768	)		(290	)		(318	)
Net increase (decrease) in net assets resulting from operations		(5,624	)		(378	)		483			(171	)
From unit transactions:
Net proceeds from the issuance of units		17,902			14,909			1,541			9,116
Net asset value of units redeemed or used to meet contract obligations		(1,581	)		(697	)		(520	)		(289	)
Net increase (decrease) from unit transactions		16,321			14,212			1,021			8,827
Net increase (decrease) in net assets		10,697			13,834			1,504			8,656
Net assets beginning of period		13,834			0			8,656			0
Net assets end of period*	$	24,531		$	13,834		$	10,160		$	8,656
Unit transactions:
Units outstanding beginning of period		1,641			0			903			0
Units issued during the period		2,656			1,720			153			932
Units redeemed during the period		(250	)		(79	)		(52	)		(29	)
Units outstanding end of period		4,047			1,641			1,004			903
*      Includes undistributed net investment income of:	$	2,855		$	519		$	972		$	152

** Commencement of operations

See notes to financial statements.

F-242

MONY Custom Estate Master
Enterprise Accumulation Trust
Growth Subaccount						Growth and Income Subaccount						Small Company Growth Subaccount						Equity Income Subaccount
For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 30, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 14, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period April 10, 2000** through December 31, 2000
$	68		$	194		$	164		$	6		$	808		$	34		$	56		$	21
	(2,634	)		(212	)		(617	)		4			(201	)		28			171			24
	(2,248	)		(945	)		(2,117	)		(226	)		299			(129	)		(1,073	)		575
	(4,814	)		(963	)		(2,570	)		(216	)		906			(67	)		(846	)		620
	45,363			34,869			26,778			12,945			19,290			11,855			8,126			14,497
	(11,723	)		(2,872	)		(4,593	)		(1,185	)		(2,384	)		(864	)		(9,172	)		(776	)
	33,640			31,997			22,185			11,760			16,906			10,991			(1,046	)		13,721
	28,826			31,034			19,615			11,544			17,812			10,924			(1,892	)		14,341
	31,034			0			11,544			0			10,924			0			14,341			0
$	59,860		$	31,034		$	31,159		$	11,544		$	28,736		$	10,924		$	12,449		$	14,341
	3,218			0			1,167			0			1,074			0			1,313			0
	5,303			3,517			2,935			1,285			2,140			1,158			839			1,388
	(1,396	)		(299	)		(515	)		(118	)		(265	)		(84	)		(870	)		(75	)
	7,125			3,218			3,587			1,167			2,949			1,074			1,282			1,313
$	262		$	194		$	170		$	6		$	842		$	34		$	77		$	21

F-243

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Enterprise Accumulation Trust
	Capital Appreciation Subaccount						Multi-Cap Growth Subaccount
	For the year ended December 31, 2001			For the period January 14, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 14, 2000** through December 31, 2000
From operations:
Net investment income (loss)	$	82		$	474		$	(146	)	$	(24	)
Net realized gain (loss) on investments		(1,204	)		(136	)		(3,729	)		(470	)
Net change in unrealized appreciation (depreciation) of investments		(2,724	)		(1,158	)		(1,686	)		(4,191	)
Net increase (decrease) in net assets resulting from operations		(3,846	)		(820	)		(5,561	)		(4,685	)
From unit transactions:
Net proceeds from the issuance of units		21,985			14,168			44,917			25,784
Net asset value of units redeemed or used to meet contract obligations		(3,056	)		(1,242	)		(6,053	)		(1,407	)
Net increase from unit transactions		18,929			12,926			38,864			24,377
Net increase in net assets		15,083			12,106			33,303			19,692
Net assets beginning of period		12,106			0			19,692			0
Net assets end of period*	$	27,189		$	12,106		$	52,995		$	19,692
Unit transactions:
Units outstanding beginning of period		1,335			0			2,823			0
Units issued during the period		2,811			1,465			7,402			2,987
Units redeemed during the period		(425	)		(130	)		(1,044	)		(164	)
Units outstanding end of period		3,721			1,335			9,181			2,823
*      Includes undistributed net investment income (loss) of:	$	556		$	474		$	(170	)	$	(24	)

** Commencement of operations

See notes to financial statements.

F-244

MONY Custom Estate Master
Enterprise Accumulation Trust																		Fidelity Variable Insurance Products Funds
Balanced Subaccount			Mid-Cap Growth Subaccount			Dreyfus Stock Index Subaccount						Dreyfus Socially Responsible Growth Subaccount						VIP Growth Subaccount
For the period April 2, 2001** through December 31, 2001			For the period November 21, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period May 3, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period September 13, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000
$	6		$	0		$	936		$	489		$	(24	)	$	45		$	1,459		$	147
	1			0			(2,187	)		(62	)		(1,078	)		(498	)		(3,339	)		(172	)
	12			0			(4,494	)		(2,975	)		(998	)		(460	)		(5,686	)		(863	)
	19			0			(5,745	)		(2,548	)		(2,100	)		(913	)		(7,566	)		(888	)
	434			28			69,752			31,078			12,202			7,427			77,497			9,608
	(62	)		(14	)		(7,098	)		(1,938	)		(1,622	)		(267	)		(8,000	)		(845	)
	372			14			62,654			29,140			10,580			7,160			69,497			8,763
	391			14			56,909			26,592			8,480			6,247			61,931			7,875
	0			0			26,592			0			6,247			0			7,875			0
$	391		$	14		$	83,501		$	26,592		$	14,727		$	6,247		$	69,806		$	7,875
	0			0			2,839			0			717			0			850			0
	43			2			8,193			3,033			1,698			746			9,350			931
	(6	)		(1	)		(843	)		(194	)		(225	)		(29	)		(1,011	)		(81	)
	37			1			10,189			2,839			2,190			717			9,189			850
$	6		$	0		$	1,425		$	489		$	21		$	45			1,606		$	147

F-245

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONY Custom Estate Master
	Fidelity Variable Insurance Products Funds
	VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount
	For the year ended December 31, 2001			For the period July 6, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000
From operations:
Net investment income (loss)	$	672		$	(15	)	$	(22	)	$	102
Net realized loss on investments		(855	)		(235	)		(730	)		(33	)
Net change in unrealized depreciation of investments		(2,521	)		(407	)		(392	)		(301	)
Net increase (decrease) in net assets resulting from operations		(2,704	)		(657	)		(1,144	)		(232	)
From unit transactions:
Net proceeds from the issuance of units…		34,282			15,297			16,439			4,853
Net asset value of units redeemed or used to meet contract obligations		(3,472	)		(694	)		(1,440	)		(331	)
Net increase from unit transactions		30,810			14,603			14,999			4,522
Net increase in net assets		28,106			13,946			13,855			4,290
Net assets beginning of period		13,946			0			4,290			0
Net assets end of period*	$	42,052		$	13,946		$	18,145		$	4,290
Unit transactions:
Units outstanding beginning of period		1,486			0			496			0
Units issued during the period		4,057			1,558			2,154			530
Units redeemed during the period		(411	)		(72	)		(191	)		(34	)
Units outstanding end of period		5,132			1,486			2,459			496
*      Includes undistributed net investment income (loss) of:	$	657		$	(15	)	$	80		$	102

** Commencement of operations

See notes to financial statements.

F-246

MONY Custom Estate Master
Janus Aspen Series
Aggressive Growth Subaccount						Balanced Subaccount						Capital Appreciation Subaccount						Worldwide Growth Subaccount						Total
For the year ended December 31, 2001			For the period April 7, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period April 7, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period January 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period ended December 31, 2000
$	(96	)	$	909		$	713		$	215		$	454		$	103		$	131		$	837		$	33,934		$	11,906
	(9,172	)		(636	)		(456	)		(23	)		(2,907	)		(115	)		(4,931	)		(1,375	)		(40,474	)		(8,723	)
	(3,445	)		(5,266	)		(1,161	)		(180	)		(5,696	)		(2,236	)		(5,308	)		(3,061	)		(63,670	)		(24,375	)
	(12,713	)		(4,993	)		(904	)		12			(8,149	)		(2,248	)		(10,108	)		(3,599	)		(70,210	)		(21,192	)
	40,375			18,599			34,764			6,569			45,861			15,710			62,365			28,087			1,050,286			408,705
	(5,189	)		(1,289	)		(4,874	)		(454	)		(5,894	)		(1,216	)		(7,786	)		(1,593	)		(168,577	)		(28,363	)
	35,186			17,310			29,890			6,115			39,967			14,494			54,579			26,494			881,709			380,342
	22,473			12,317			28,986			6,127			31,818			12,246			44,471			22,895			811,499			359,150
	12,317			0			6,127			0			12,246			0			22,895			0			359,150			0
$	34,790		$	12,317		$	35,113		$	6,127		$	44,064		$	12,246		$	67,366		$	22,895		$	1,170,649		$	359,150
	2,017			0			608			0			1,653			0			2,643			0
	8,696			2,178			3,571			652			6,927			1,798			8,523			2,807
	(1,264	)		(161	)		(508	)		(44	)		(957	)		(145	)		(1,100	)		(164	)
	9,449			2,017			3,671			608			7,623			1,653			10,066			2,643
$	813		$	909		$	928		$	215		$	557		$	103		$	968		$	837		$	45,840		$	11,906

F-247

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 to support Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist), Variable Universal Life (MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master). These policies are issued by MONY. For presentation purposes, the information related only to the Variable Universal Life Insurance policies (MONY Custom Estate Master) is presented here.

There are twenty-six MONY Custom Estate Master Subaccounts within the Variable Account, each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen Series (collectively, the “Funds”). Certain subaccounts of MONY Custom Estate Master commenced operations during the year ended December 31, 2000 and the remaining subaccounts commenced operations during the period ended December 31, 2001. The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds, which were distributed by MONY to the policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investments:

The investment in shares of each of the respective Funds’ portfolio is stated at value which is the net asset value of the respective portfolio as reported by such portfolio. Net asset values are based upon market or fair valuations of the securities held in each of the corresponding portfolios of the Funds. For the Money Market Portfolio, the net asset value is based on amortized cost of the securities held, which approximates market value.

Investment Transactions and Investment Income:

Investments in the portfolios of the Funds are recorded on the trade date. Realized gains and losses on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distribution of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 on current tax law, to incur any income tax burden upon the earnings or realized gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-248

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

3.  Related Party Transactions:

MONY is the legal owner of the assets held by 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 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 such purposes for all of the MONY Custom Estate Master Subaccounts for the period ended December 31, 2001 aggregated $116,337.

MONY receives from the Variable Account the amounts deducted for mortality and expense risks at an annual rate of 0.35% of the average daily net assets of each of the MONY Custom Estate Master Subaccounts. As MONY Life Insurance Company of 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders' accounts. During the period ended December 31, 2001, MONY received $371 in aggregate from certain Funds in connection with MONY Custom Estate Master subaccounts.

F-249

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions:

Cost of shares acquired and the proceeds from redemption of shares by each subaccount during the period ended December 31, 2001 were as follows:

MONY Custom Estate Master Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
MONY Series Fund, Inc.
Intermediate Term Bond Portfolio	$	1,044	$	85
Long Term Bond Portfolio		2,514		640
Government Securities Portfolio		5,006		595
Money Market Portfolio		356,503		68,408
Enterprise Accumulation Trust
Equity Portfolio		58,316		8,405
Small Company Value Portfolio		33,678		6,231
Managed Portfolio		17,727		5,124
International Growth Portfolio		17,939		1,693
High Yield Bond Portfolio		1,540		555
Growth Portfolio		48,473		14,999
Growth and Income Portfolio		26,778		4,675
Small Company Growth Portfolio		19,324		2,497
Equity Income Portfolio		8,126		9,222
Capital Appreciation Portfolio		22,021		3,175
Multi-Cap Growth Portfolio		45,755		7,043
Balanced Portfolio		434		62
Mid-Cap Growth Portfolio		36		22
Dreyfus
Dreyfus Stock Index Fund		70,836		8,377
Dreyfus Socially Responsible Growth Fund, Inc.		13,794		3,250
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio		79,466		10,144
VIP II Contrafund Portfolio		34,319		3,609
VIP III Growth Opportunities Portfolio		17,538		2,580
Janus Aspen Series
Aggressive Growth Portfolio		43,057		7,973
Balanced Portfolio		34,771		4,969
Capital Appreciation Portfolio		46,357		6,523
Worldwide Growth Portfolio		65,154		10,742

F-250

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights:

For a unit outstanding throughout the period ended December 31, 2001:

MONY Custom Estate Master Subaccounts	At December 31, 2001						For the period ended December 31, 2001
	Units	Unit Values		Net Assets (000s)			Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Intermediate Term Bond Subaccount (1)	93	$	10.52	$	1		0.00	%(^)	0.35	%(^)	5.20	%
Long Term Bond Subaccount	1,011		11.26		11		5.15		0.35		5.93
Government Securities Subaccount (2)	434		10.41		5		0.60	(^)	0.35	(^)	4.10
Money Market Subaccount	35,225		10.88		383		3.23		0.35		3.52
Enterprise Accumulation Trust
Equity Subaccount	6,726		8.13		55		0.00		0.35		(19.10	)
Small Company Value Subaccount	4,236		10.54		45		0.30		0.35		4.88
Managed Subaccount	1,617		8.88		14		2.76		0.35		(11.38	)
International Growth Subaccount	4,047		6.06		25		0.71		0.35		(28.11	)
High Yield Bond Subaccount	1,004		10.12		10		8.79		0.35		5.53
Growth Subaccount	7,125		8.40		60		0.51		0.35		(12.86	)
Growth and Income Subaccount	3,587		8.69		31		1.09		0.35		(12.13	)
Small Company Growth Subaccount	2,949		9.74		29		0.00		0.35		(4.23	)
Equity Income Subaccount	1,282		9.71		12		0.81		0.35		(11.08	)
Capital Appreciation Subaccount	3,721		7.31		27		0.72		0.35		(19.40	)
Multi-Cap Growth Subaccount	9,181		5.77		53		0.00		0.35		(17.34	)
Balanced Subaccount (1)	37		10.51		0	(^^)	2.77	(^)	0.35	(^)	5.10
Mid-Cap Growth Subaccount (3)	1		10.58		0	(^^)	0.00	(^)	0.35	(^)	5.80
Dreyfus
Dreyfus Stock Index Subaccount	10,189		8.20		84		0.49		0.35		(12.49	)
Dreyfus Socially Responsible Growth Subaccount	2,190		6.72		15		0.10		0.35		(22.94	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	9,189		7.60		70		0.00		0.35		(18.02	)
VIP II Contrafund Subaccount	5,132		8.19		42		0.56		0.35		(12.69	)
VIP III Growth Opportunities Subaccount	2,459		7.38		18		0.17		0.35		(14.78	)
Janus Aspen Series
Aggressive Growth Subaccount	9,449		3.68		35		0.00		0.35		(39.67	)
Balanced Subaccount	3,671		9.57		35		3.12		0.35		(4.97	)
Capital Appreciation Subaccount	7,623		5.78		44		1.57		0.35		(22.00	)
Worldwide Growth Subaccount	10,066		6.69		67		0.64		0.35		(22.75	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The

F-251

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.  Financial Highlights: (continued)

recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^)   Annualized

(^^) Amounts round to less than one thousand dollars

(1)  For the period April 2, 2001 (commencement of operations) through December 31, 2001.

(2)  For the period March 14, 2001 (commencement of operations) through December 31, 2001.

(3)  For the period November 21, 2001 (commencement of operations) through December 31, 2001.

F-252

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 statements of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights 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, 2001, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “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 of America, 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 investments at December 31, 2001 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 12, 2002

F-253

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F-254

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2001

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount			Equity Income Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Diversified Subaccount			Money Market Subaccount		Total
ASSETS
Shares held in respective Funds		3,558			2,503			688			1,138			7,918			46,063
Investments at cost	$	79,424		$	49,531		$	7,307		$	13,604		$	125,411		$	46,063	$	321,340
Investments in respective Funds, at net asset value	$	57,278		$	40,954		$	7,758		$	15,231		$	87,805		$	46,063	$	255,089
Amount due from MONY		7			7			0			7			0			2		23
Amount due from respective Funds		123			8			0			8			1,722			3		1,864
Total assets		57,408			40,969			7,758			15,246			89,527			46,068		256,976
LIABILITIES
Amount due to MONY		140			20			2			13			1,748			17		1,940
Amount due to respective Funds		7			7			0			7			0			2		23
Total liabilities		147			27			2			20			1,748			19		1,963
Net assets	$	57,261		$	40,942		$	7,756		$	15,226		$	87,779		$	46,049	$	255,013
Net assets consist of:
Contractholders’ net payments	$	(27,307	)	$	5,221		$	(4,445	)	$	(21,865	)	$	16,742		$	16,111	$	(15,543	)
Undistributed net investment income		99,666			40,497			10,528			29,824			98,544			29,938		308,997
Accumulated net realized gain on investments		7,048			3,801			1,222			5,640			10,099			0		27,810
Net unrealized appreciation (depreciation) of investments		(22,146	)		(8,577	)		451			1,627			(37,606	)		0		(66,251	)
Net assets	$	57,261		$	40,942		$	7,756		$	15,226		$	87,779		$	46,049	$	255,013
Number of units outstanding*		1,054			815			295			478			2,071			2,246
Net asset value per unit outstanding*	$	54.34		$	50.21		$	26.31		$	31.82		$	42.39		$	20.50

* Units outstanding have been rounded for presentation purposes.

See notes to financial statements.

F-255

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2001

	MONYEquity Master
	MONY Series Fund, Inc.											Enterprise Accumulation Trust
	Government Securities Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Money Market Subaccount		Equity Subaccount			Small Company Value Subaccount
ASSETS
Shares held in respective Funds		19,036			10,606			21,831			503,416		367,499			221,561
Investments at cost	$	208,728		$	114,219		$	274,319		$	503,416	$	10,147,830		$	5,471,084
Investments in respective Funds, at net asset value	$	218,149		$	119,526		$	292,092		$	503,416	$	6,372,434		$	4,340,372
Amount due from MONY		0			0			101			1,281		6,877			5,011
Amount due from respective Funds		35			15			68			135		3,239			2,333
Total assets		218,184			119,541			292,261			504,832		6,382,550			4,347,716
LIABILITIES
Amount due to MONY		115			59			175			321		5,623			3,907
Amount due to respective Funds		0			0			101			1,281		6,877			5,011
Total liabilities		115			59			276			1,602		12,500			8,918
Net assets	$	218,069		$	119,482		$	291,985		$	503,230	$	6,370,050		$	4,338,798
Net assets consist of:
Contractholders’ net payments	$	192,755		$	105,937		$	252,610		$	440,544	$	7,357,060		$	3,643,616
Undistributed net investment income (loss)		16,076			8,828			32,704			62,686		3,575,509			1,919,772
Accumulated net realized gain (loss) on investments		(183	)		(590	)		(11,102	)		0		(787,123	)		(93,878	)
Net unrealized appreciation (depreciation) of investments		9,421			5,307			17,773			0		(3,775,396	)		(1,130,712	)
Net assets	$	218,069		$	119,482		$	291,985		$	503,230	$	6,370,050		$	4,338,798
Number of units outstanding*		16,863			9,128			21,528			40,522		532,023			204,616
Net asset value per unit outstanding*	$	12.93		$	13.09		$	13.56		$	12.42	$	11.97		$	21.20

* Units outstanding have been rounded for presentation purposes.

** Amounts round to less than one.

See notes to financial statements.

F-256

MONYEquity Master
Enterprise Accumulation Trust
Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount			Growth and Income Subaccount			Capital Appreciation Subaccount			Balanced Subaccount			Equity Income Subaccount
	436,998			270,358			137,761			46,563			103,772			15,628			0	**		430
$	11,529,170		$	1,797,787		$	655,293		$	269,304		$	641,764		$	105,746		$	1		$	2,060
$	8,565,159		$	1,170,648		$	597,883		$	242,595		$	561,409		$	88,924		$	1		$	2,160
	8,316			60			28			0			0			0			0			0
	4,342			736			319			0			0			0			0			0
	8,577,817			1,171,444			598,230			242,595			561,409			88,924			1			2,160
	7,487			1,160			539			89			205			32			0			1
	8,316			60			28			0			0			0			0			0
	15,803			1,220			567			89			205			32			0			1
$	8,562,014		$	1,170,224		$	597,663		$	242,506		$	561,204		$	88,892		$	1		$	2,159
$	8,645,920		$	1,490,276		$	566,796		$	313,781		$	652,742		$	112,086		$	208		$	2,303
	5,095,137			298,152			140,418			3,993			(328	)		3,235			32			17
	(2,215,032	)		8,935			(52,141	)		(48,559	)		(10,855	)		(9,607	)		(239	)		(261	)
	(2,964,011	)		(627,139	)		(57,410	)		(26,709	)		(80,355	)		(16,822	)		0			100
$	8,562,014		$	1,170,224		$	597,663		$	242,506		$	561,204		$	88,892		$	1		$	2,159
	631,443			117,820			48,673			28,653			65,041			11,976			0	**		231
$	13.56		$	9.93		$	12.28		$	8.46		$	8.63		$	7.42		$	9.18		$	9.35

F-257

MONY

Variable Account L

STATEMENT OF ASSETS AND LIABILITIES (continued)

December 31, 2001

	MONYEquity Master
	Enterprise Accumulation Trust
	Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Mid-Cap Growth Subaccount			Worldwide Growth Subaccount
ASSETS
Shares held in respective Funds		595			636			469			0	**
Investments at cost	$	5,147		$	4,898		$	3,728		$	1
Investments in respective Funds, at net asset value	$	5,013		$	5,006		$	3,598		$	1
Amount due from MONY		0			0			0			0
Amount due from respective Funds		0			0			0			0
Total assets		5,013			5,006			3,598			1
LIABILITIES
Amount due to MONY		2			1			1			1
Amount due to respective Funds		0			0			0			0
Total liabilities		2			1			1			1
Net assets	$	5,011		$	5,005		$	3,597		$	0	**
Net assets consist of:
Contractholders’ net payments	$	5,199		$	4,815		$	3,752		$	1
Undistributed net investment income (loss)		(13	)		100			(7	)		(1	)
Accumulated net realized loss on investments		(41	)		(18	)		(18	)		0
Net unrealized appreciation (depreciation) of investments		(134	)		108			(130	)		0
Net assets	$	5,011		$	5,005		$	3,597		$	0	**
Number of units outstanding*		572			476			379			0	**
Net asset value per unit outstanding*	$	8.76		$	10.51		$	9.49		$	10.01

* Units outstanding have been rounded for presentation purposes.

** Amounts round to less than one.

See notes to financial statements.

F-258

MONYEquity Master
						Fidelity Variable Insurance Products Funds									Janus Aspen Series
Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
	5,350			14			5,988			5,675			122			151			623			12,458			8,359
$	174,790		$	383		$	244,103		$	124,687		$	1,984		$	3,642		$	14,614		$	335,016		$	290,112		$	32,923,826
$	157,076		$	375		$	200,481		$	113,830		$	1,844		$	3,325		$	14,053		$	258,122		$	238,564		$	24,076,056
	0			0			0			0			0			0			0			0			0			21,674
	0			0			0			0			0			0			0			0			0			11,222
	157,076			375			200,481			113,830			1,844			3,325			14,053			258,122			238,564			24,108,952
	56			1			73			41			1			1			5			93			85			20,074
	0			0			0			0			0			0			0			0			0			21,674
	56			1			73			41			1			1			5			93			85			41,748
$	157,020		$	374		$	200,408		$	113,789		$	1,843		$	3,324		$	14,048		$	258,029		$	238,479		$	24,067,204
$	181,900		$	392		$	262,207		$	129,243		$	2,000		$	3,693		$	14,356		$	356,047		$	330,667		$	25,070,906
	3,083			(1	)		10,325			1,768			(7	)		(9	)		312			2,938			7,718			11,182,437
	(10,249	)		(9	)		(28,502	)		(6,365	)		(10	)		(43	)		(59	)		(24,062	)		(48,358	)		(3,338,369	)
	(17,714	)		(8	)		(43,622	)		(10,857	)		(140	)		(317	)		(561	)		(76,894	)		(51,548	)		(8,847,770	)
$	157,020		$	374		$	200,408		$	113,789		$	1,843		$	3,324		$	14,048		$	258,029		$	238,479		$	24,067,204
	19,709			44			26,701			13,866			199			413			1,435			39,919			38,546
$	7.96		$	8.57		$	7.51		$	8.21		$	9.27		$	8.04		$	9.79		$	6.46		$	6.19

F-259

MONY

Variable Account L

STATEMENT OF OPERATIONS

For the year ended December 31, 2001

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount			Equity Income Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount
Dividend income	$	0		$	745		$	404		$	800
Distribution from net realized gains		39,765			4,339			0			0
Mortality and expense risk charges		(428	)		(261	)		(46	)		(93	)
Net investment income		39,337			4,823			358			707
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(42,503	)		(5,128	)		27			140
Net change in unrealized appreciation (depreciation) of investments		(14,629	)		(5,340	)		194			0
Net realized and unrealized gain (loss) on investments		(57,132	)		(10,468	)		221			140
Net increase (decrease) in net assets resulting from operations	$	(17,795	)	$	(5,645	)	$	579		$	847

See notes to financial statements.

F-260

Strategist									MONYEquity Master
MONY Series Fund, Inc.									MONY Series Fund, Inc.												Enterprise Accumulation Trust
Diversified Subaccount			Money Market Subaccount			Total			Government Securities Subaccount			Intermediate Term Bond Subaccount			Long Term Bond Subaccount			Money Market Subaccount			Equity Subaccount			Small Company Value Subaccount
$	1,084		$	1,371		$	4,404		$	8,580		$	4,906		$	13,289		$	15,293		$	0		$	10,504
	25,206			0			69,310			0			0			0			0			1,112,840			1,063,087
	(576	)		(239	)		(1,643	)		(1,479	)		(760	)		(2,024	)		(3,192	)		(47,028	)		(30,559	)
	25,714			1,132			72,071			7,101			4,146			11,265			12,101			1,065,812			1,043,032
	(771	)		0			(48,235	)		1,848			373			3,331			0			(863,163	)		(200,237	)
	(42,095	)		0			(61,870	)		1,700			2,572			(686	)		0			(1,586,564	)		(673,717	)
	(42,866	)		0			(110,105	)		3,548			2,945			2,645			0			(2,449,727	)		(873,954	)
$	(17,152	)	$	1,132		$	(38,034	)	$	10,649		$	7,091		$	13,910		$	12,101		$	(1,383,915	)	$	169,078

F-261

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	Managed Subaccount			International Growth Subaccount			High Yield Bond Subaccount			Growth Subaccount
	For the year ended December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001
Dividend income	$	186,893		$	8,316		$	50,265		$	1,010
Distribution from net realized gains		447,182			128,816			0			0
Mortality and expense risk charges		(64,039	)		(9,119	)		(4,258	)		(1,585	)
Net investment income (loss)		570,036			128,013			46,007			(575	)
Realized and unrealized gain (loss) on investments:
Net realized loss on investments		(1,347,132	)		(98,675	)		(18,199	)		(4,515	)
Net change in unrealized appreciation (depreciation) of investments		(296,366	)		(445,255	)		(1,547	)		(22,821	)
Net realized and unrealized gain (loss) on investments		(1,643,498	)		(543,930	)		(19,746	)		(27,336	)
Net increase (decrease) in net assets resulting from operations	$	(1,073,462	)	$	(415,917	)	$	26,261		$	(27,911	)

** Commencement of operations.

See notes to financial statements.

F-262

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

MONYEquity Master
Enterprise Accumulation Trust
Growth and Income Subaccount			Capital Appreciation Subaccount			Balanced Subaccount			Equity Income Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount			Mid-Cap Growth Subaccount			Worldwide Growth Subaccount
For the year ended December 31, 2001			For the year ended December 31, 2001			For the period May 4, 2001** through December 31, 2001			For the period June 19, 2001** through December 31, 2001			For the period May 18, 2001** through December 31, 2001			For the period August 8, 2001** through December 31, 2001			For the period August 8, 2001** through December 31, 2001			For the period June 13, 2001** through December 31, 2001
$	4,977		$	588		$	39		$	31		$	0		$	0		$	0		$	0
	0			0			0			0			0			108			0			0
	(4,208	)		(634	)		(7	)		(14	)		(13	)		(8	)		(7	)		(1	)
	769			(46	)		32			17			(13	)		100			(7	)		(1	)
	(10,658	)		(9,362	)		(239	)		(261	)		(41	)		(18	)		(18	)		0
	(65,635	)		(9,232	)		0			100			(134	)		108			(130	)		0
	(76,293	)		(18,594	)		(239	)		(161	)		(175	)		90			(148	)		0
$	(75,524	)	$	(18,640	)	$	(207	)	$	(144	)	$	(188	)	$	190		$	(155	)	$	(1	)

F-263

MONY

Variable Account L

STATEMENT OF OPERATIONS (continued)

	MONYEquity Master
							Fidelity Variable Insurance Products Funds
	Dreyfus Stock Index Subaccount			Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount			VIP II Contrafund Subaccount			VIP III Growth Opportunities Subaccount
	For the year ended December 31, 2001			For the period May 15, 2001** through December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001			For the period May 15, 2001** through December 31, 2001
Dividend income	$	650		$	0		$	0		$	543		$	0
Distribution from net realized gains		1,684			0			12,260			2,172			0
Mortality and expense risk charges		(958	)		(1	)		(1,393	)		(692	)		(7	)
Net investment income (loss)		1,376			(1	)		10,867			2,023			(7	)
Realized and unrealized loss on investments:
Net realized loss on investments		(9,710	)		(9	)		(28,799	)		(6,246	)		(10	)
Net change in unrealized depreciation of investments		(8,258	)		(8	)		(18,560	)		(7,106	)		(140	)
Net realized and unrealized loss on investments		(17,968	)		(17	)		(47,359	)		(13,352	)		(150	)
Net decrease in net assets resulting from operations	$	(16,592	)	$	(18	)	$	(36,492	)	$	(11,329	)	$	(157	)

** Commencement of operations.

See notes to financial statements.

F-264

MONYEquity Master
Janus Aspen Series
Aggressive Growth Subaccount			Balanced Subaccount			Capital Appreciation Subaccount			Worldwide Growth Subaccount			Total
For the period May 15, 2001** through December 31, 2001			For the period June 13, 2001** through December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001			For the year ended December 31, 2001
$	0		$	368		$	3,159		$	1,160		$	310,571
	0			0			0			0			2,768,149
	(9	)		(56	)		(1,773	)		(1,629	)		(175,453	)
	(9	)		312			1,386			(469	)		2,903,267
	(43	)		(59	)		(23,108	)		(45,597	)		(2,660,547	)
	(317	)		(561	)		(36,977	)		(9,729	)		(3,179,263	)
	(360	)		(620	)		(60,085	)		(55,326	)		(5,839,810	)
$	(369	)	$	(308	)	$	(58,699	)	$	(55,795	)	$	(2,936,543	)

F-265

[THIS PAGE INTENTIONALLY LEFT BLANK]

F-266

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS

For the years ended December 31,

	Strategist
	MONY Series Fund, Inc.
	Equity Growth Subaccount						Equity Income Subaccount						Intermediate Term Bond Subaccount
	2001			2000			2001			2000			2001			2000
From operations:
Net investment income	$	39,337		$	25,674		$	4,823		$	7,622		$	358		$	392
Net realized gain (loss) on investments		(42,503	)		7,207			(5,128	)		(4,520	)		27			12
Net change in unrealized appreciation (depreciation) of investments		(14,629	)		(42,699	)		(5,340	)		(787	)		194			108
Net increase (decrease) in net assets resulting from operations		(17,795	)		(9,818	)		(5,645	)		2,315			579			512
From unit transactions:
Net proceeds from the issuance of units.		10,837			9,102			9,400			8,068			407			407
Net asset value of units redeemed or used to meet contract obligations		(37,289	)		(19,117	)		(9,050	)		(13,604	)		(684	)		(655	)
Net increase (decrease) from unit transactions		(26,452	)		(10,015	)		350			(5,536	)		(277	)		(248	)
Net increase (decrease) in net assets		(44,247	)		(19,833	)		(5,295	)		(3,221	)		302			264
Net assets beginning of year		101,508			121,341			46,237			49,458			7,454			7,190
Net assets end of year*	$	57,261		$	101,508		$	40,942		$	46,237		$	7,756		$	7,454
Unit transactions:
Units outstanding beginning of year		1,498			1,629			815			919			306			316
Units issued during the year		189			126			185			157			16			18
Units redeemed during the year		(633	)		(257	)		(185	)		(261	)		(27	)		(28	)
Units outstanding end of year		1,054			1,498			815			815			295			306
*      Includes undistributed net investment income of:	$	99,666		$	60,329		$	40,497		$	35,674		$	10,528		$	10,170

See notes to financial statements.

F-267

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

For the years ended December 31,

	Strategist
	MONY Series Fund, Inc.
	Long Term Bond Subaccount						Diversified Subaccount						Money Market Subaccount						Total
	2001			2000			2001			2000			2001			2000			2001			2000
From operations:
Net investment income	$	707		$	892		$	25,714		$	18,903		$	1,132		$	1,204		$	72,071		$	54,687
Net realized gain (loss) on investments		140			42			(771	)		1,306			0			0			(48,235	)		4,047
Net change in unrealized appreciation (depreciation) of investments		0			1,085			(42,095	)		(28,524	)		0			0			(61,870	)		(70,817	)
Net increase (decrease) in net assets resulting from operations		847			2,019			(17,152	)		(8,315	)		1,132			1,204			(38,034	)		(12,083	)
From unit transactions:
Net proceeds from the issuance of units		695			662			1,816			1,816			26,387			225			49,542			20,280
Net asset value of units redeemed or used to meet contract obligations		(1,469	)		(1,395	)		(4,976	)		(3,147	)		(3,158	)		(3,045	)		(56,626	)		(40,963	)
Net increase (decrease) from unit transactions		(774	)		(733	)		(3,160	)		(1,331	)		23,229			(2,820	)		(7,084	)		(20,683	)
Net increase (decrease) in net assets		73			1,286			(20,312	)		(9,646	)		24,361			(1,616	)		(45,118	)		(32,766	)
Net assets beginning of year		15,153			13,867			108,091			117,737			21,688			23,304			300,131			332,897
Net assets end of year*	$	15,226		$	15,153		$	87,779		$	108,091		$	46,049		$	21,688		$	255,013		$	300,131
Unit transactions:
Units outstanding beginning of year		503			529			2,144			2,169			1,091			1,237
Units issued during the year		22			24			41			34			1,312			12
Units redeemed during the year		(47	)		(50	)		(114	)		(59	)		(157	)		(158	)
Units outstanding end of year		478			503			2,071			2,144			2,246			1,091
*      Includes undistributed net investment income of:	$	29,824		$	29,117		$	98,544		$	72,830		$	29,938		$	28,806		$	308,997		$	236,926

See notes to financial statements.

F-268

MONYEquity Master
MONY Series Fund, Inc.
Government Securities Subaccount						Intermediate Term Bond Subaccount						Long Term Bond Subaccount						Money Market Subaccount
2001			2000			2001			2000			2001			2000			2001			2000
$	7,101		$	6,723		$	4,146		$	3,492		$	11,265		$	11,033		$	12,101		$	18,236
	1,848			(2,432	)		373			(1,282	)		3,331			(13,149	)		0			0
	1,700			8,747			2,572			3,205			(686	)		30,688			0			0
	10,649			13,038			7,091			5,415			13,910			28,572			12,101			18,236
	80,538			95,228			41,738			58,601			86,596			90,649			227,921			813,712
	(43,706	)		(62,590	)		(15,441	)		(18,396	)		(52,289	)		(40,413	)		(110,374	)		(958,404	)
	36,832			32,638			26,297			40,205			34,307			50,236			117,547			(144,692	)
	47,481			45,676			33,388			45,620			48,217			78,808			129,648			(126,456	)
	170,588			124,912			86,094			40,474			243,768			164,960			373,582			500,038
$	218,069		$	170,588		$	119,482		$	86,094		$	291,985		$	243,768		$	503,230		$	373,582
	13,956			11,129			7,085			3,569			18,963			14,728			30,993			43,698
	6,354			8,301			3,258			5,116			6,605			7,682			18,556			69,880
	(3,447	)		(5,474	)		(1,215	)		(1,600	)		(4,040	)		(3,447	)		(9,027	)		(82,585	)
	16,863			13,956			9,128			7,085			21,528			18,963			40,522			30,993
$	16,076		$	8,975		$	8,828		$	4,682		$	32,704		$	21,439		$	62,686		$	50,585

F-269

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	Equity Subaccount						Small Company Value Subaccount						Managed Subaccount
	For the year ended December 31, 2001			For the year ended December 31, 2000			For the year ended December 31, 2001			For the year ended December 31, 2000			For the year ended December 31, 2001			For the year ended December 31, 2000
From operations:
Net investment income (loss)	$	1,065,812		$	1,968,620		$	1,043,032		$	652,884		$	570,036		$	2,809,371
Net realized gain (loss) on investments		(863,163	)		35,077			(200,237	)		89,030			(1,347,132	)		(852,352	)
Net change in unrealized depreciation of investments		(1,586,564	)		(2,557,368	)		(673,717	)		(677,429	)		(296,366	)		(1,901,207	)
Net increase (decrease) in net assets resulting from operations		(1,383,915	)		(553,671	)		169,078			64,485			(1,073,462	)		55,812
From unit transactions:
Net proceeds from the issuance of units		1,703,994			2,597,938			1,037,221			1,558,529			2,046,956			2,866,619
Net asset value of units redeemed or used to meet contract obligations		(969,103	)		(1,243,143	)		(572,189	)		(710,983	)		(1,270,158	)		(2,636,000	)
Net increase from unit transactions		734,891			1,354,795			465,032			847,546			776,798			230,619
Net increase (decrease) in net assets		(649,024	)		801,124			634,110			912,031			(296,664	)		286,431
Net assets beginning of period		7,019,074			6,217,950			3,704,688			2,792,657			8,858,678			8,572,247
Net assets end of period*	$	6,370,050		$	7,019,074		$	4,338,798		$	3,704,688		$	8,562,014		$	8,858,678
Unit transactions:
Units outstanding beginning of period		472,274			393,602			182,442			139,911			575,976			561,265
Units issued during the period		139,694			150,855			50,013			78,023			146,154			191,987
Units redeemed during the period		(79,945	)		(72,183	)		(27,839	)		(35,492	)		(90,687	)		(177,276	)
Units outstanding end of period		532,023			472,274			204,616			182,442			631,443			575,976
*      Includes undistributed net investment income (loss) of:	$	3,575,509		$	2,509,697		$	1,919,772		$	876,740		$	5,095,137		$	4,525,101

** Commencement of operations

See notes to financial statements.

F-270

MONYEquity Master
Enterprise Accumulation Trust
International Growth Subaccount						High Yield Bond Subaccount						Growth Subaccount						Growth and Income Subaccount
For the year ended December 31, 2001			For the year ended December 31, 2000			For the year ended December 31, 2001			For the year ended December 31, 2000			For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000
$	128,013		$	123,699		$	46,007		$	42,778		$	(575	)	$	4,568		$	769		$	(1,097	)
	(98,675	)		44,665			(18,199	)		(25,732	)		(4,515	)		(44,044	)		(10,658	)		(197	)
	(445,255	)		(436,907	)		(1,547	)		(33,467	)		(22,821	)		(3,888	)		(65,635	)		(14,720	)
	(415,917	)		(268,543	)		26,261			(16,421	)		(27,911	)		(43,364	)		(75,524	)		(16,014	)
	432,230			732,612			145,404			224,131			81,619			791,837			131,912			610,914
	(234,412	)		(337,855	)		(82,820	)		(152,327	)		(19,913	)		(539,762	)		(71,399	)		(18,685	)
	197,818			394,757			62,584			71,804			61,706			252,075			60,513			592,229
	(218,099	)		126,214			88,845			55,383			33,795			208,711			(15,011	)		576,215
	1,388,323			1,262,109			508,818			453,435			208,711			0			576,215			0
$	1,170,224		$	1,388,323		$	597,663		$	508,818		$	242,506		$	208,711		$	561,204		$	576,215
	100,108			74,758			43,551			37,549			21,398			0			58,400			0
	39,323			48,113			12,128			18,734			9,662			78,119			14,623			60,269
	(21,611	)		(22,763	)		(7,006	)		(12,732	)		(2,407	)		(56,721	)		(7,982	)		(1,869	)
	117,820			100,108			48,673			43,551			28,653			21,398			65,041			58,400
$	298,152		$	170,139		$	140,418		$	94,411		$	3,993		$	4,568		$	(328	)	$	(1,097	)

F-271

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Enterprise Accumulation Trust
	Capital Appreciation Subaccount						Balanced Subaccount			Equity Income Subaccount			Multi-Cap Growth Subaccount			Small Company Growth Subaccount
	For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000			For the period May 4, 2001** through December 31, 2001			For the period June 19, 2001** through December 31, 2001			For the period May 18, 2001** through December 31, 2001			For the period August 8, 2001** through December 31, 2001
From operations:
Net investment income (loss)	$	(46	)	$	3,281		$	32		$	17		$	(13	)	$	100
Net realized gain (loss) on investments		(9,362	)		(245	)		(239	)		(261	)		(41	)		(18	)
Net change in unrealized appreciation (depreciation) of investments		(9,232	)		(7,590	)		0			100			(134	)		108
Net increase (decrease) in net assets resulting from operations		(18,640	)		(4,554	)		(207	)		(144	)		(188	)		190
From unit transactions:
Net proceeds from the issuance of units		49,649			98,634			2,610			5,300			5,378			4,941
Net asset value of units redeemed or used to meet contract obligations		(27,711	)		(8,486	)		(2,402	)		(2,997	)		(179	)		(126	)
Net increase from unit transactions		21,938			90,148			208			2,303			5,199			4,815
Net increase in net assets		3,298			85,594			1			2,159			5,011			5,005
Net assets beginning of period		85,594			0			0			0			0			0
Net assets end of period*	$	88,892		$	85,594		$	1		$	2,159		$	5,011		$	5,005
Unit transactions:
Units outstanding beginning of period		9,254			0			0			0			0			0
Units issued during the period		6,340			10,125			263			556			594			490
Units redeemed during the period		(3,618	)		(871	)		(263	)		(325	)		(22	)		(14	)
Units outstanding end of period		11,976			9,254			0	***		231			572			476
*      Includes undistributed net investment income (loss) of:	$	3,235		$	3,281		$	32		$	17		$	(13	)	$	100
**    Commencement of operations ***  Amounts round to less than one

See notes to financial statements.

F-272

MONYEquity Master
Enterprise Accumulation Trust															Fidelity Variable Insurance Products Funds
Mid-Cap Growth Subaccount			Worldwide Growth Subaccount			Dreyfus Stock Index Subaccount						Dreyfus Socially Responsible Growth Subaccount			VIP Growth Subaccount
For the period August 8, 2001** through December 31, 2001			For the period June 13, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000			For the period May 15, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period May 11, 2000** through December 31, 2000
$	(7	)	$	(1	)	$	1,376		$	1,707		$	(1	)	$	10,867		$	(542	)
	(18	)		0			(9,710	)		(539	)		(9	)		(28,799	)		297
	(130	)		0			(8,258	)		(9,456	)		(8	)		(18,560	)		(25,062	)
	(155	)		(1	)		(16,592	)		(8,288	)		(18	)		(36,492	)		(25,307	)
	3,876			1			103,848			121,260			469			109,238			222,452
	(124	)		0			(35,305	)		(7,903	)		(77	)		(54,494	)		(14,989	)
	3,752			1			68,543			113,357			392			54,744			207,463
	3,597			0	***		51,951			105,069			374			18,252			182,156
	0			0			105,069			0			0			182,156			0
$	3,597		$	0	***	$	157,020		$	105,069		$	374		$	200,408		$	182,156
	0			0			11,492			0			0			19,810			0
	393			0	***		12,533			12,300			53			13,854			21,273
	(14	)		0			(4,316	)		(808	)		(9	)		(6,963	)		(1,463	)
	379			0	***		19,709			11,492			44			26,701			19,810
$	(7	)	$	(1	)	$	3,083		$	1,707		$	(1	)	$	10,325		$	(542	)

F-273

MONY

Variable Account L

STATEMENT OF CHANGES IN NET ASSETS (continued)

	MONYEquity Master
	Fidelity Variable Insurance Products Funds									Janus Aspen Series
	VIP II Contrafund Subaccount						VIP III Growth Opportunities Subaccount			Aggressive Growth Subaccount
	For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000			For the period May 15, 2001** through December 31, 2001			For the period May 15, 2001** through December 31, 2001
From operations:
Net investment income (loss)	$	2,023		$	(255	)	$	(7	)	$	(9	)
Net realized loss on investments		(6,246	)		(119	)		(10	)		(43	)
Net change in unrealized depreciation of investments		(7,106	)		(3,751	)		(140	)		(317	)
Net decrease in net assets resulting from operations		(11,329	)		(4,125	)		(157	)		(369	)
From unit transactions:
Net proceeds from the issuance of units		66,691			92,416			2,088			3,879
Net asset value of units redeemed or used to meet contract obligations		(23,568	)		(6,296	)		(88	)		(186	)
Net increase from unit transactions		43,123			86,120			2,000			3,693
Net increase in net assets		31,794			81,995			1,843			3,324
Net assets beginning of period		81,995			0			0			0
Net assets end of period*	$	113,789		$	81,995		$	1,843		$	3,324
Unit transactions:
Units outstanding beginning of period		8,689			0			0			0
Units issued during the period		8,027			9,334			208			437
Units redeemed during the period		(2,850	)		(645	)		(9	)		(24	)
Units outstanding end of period		13,866			8,689			199			413
*      Includes undistributed net investment income (loss) of:	$	1,768		$	(255	)	$	(7	)	$	(9	)

** Commencement of operations

See notes to financial statements.

F-274

MONYEquity Master
Janus Aspen Series
Balanced Subaccount			Capital Appreciation Subaccount						Worldwide Growth Subaccount						Total
For the period June 13, 2001** through December 31, 2001			For the year ended December 31, 2001			For the period May 4, 2000** through December 31, 2000			For the year ended December 31, 2001			For the period May 2, 2000** through December 31, 2000			For the year ended December 31, 2001			For the year ended December 31, 2000
$	312		$	1,386		$	1,552		$	(469	)	$	8,187		$	2,903,267		$	5,654,237
	(59	)		(23,108	)		(954	)		(45,597	)		(2,761	)		(2,660,547	)		(774,737	)
	(561	)		(36,977	)		(39,917	)		(9,729	)		(41,819	)		(3,179,263	)		(5,709,941	)
	(308	)		(58,699	)		(39,319	)		(55,795	)		(36,393	)		(2,936,543	)		(830,441	)
	14,889			126,828			299,970			150,378			265,449			6,666,192			11,540,951
	(533	)		(50,973	)		(19,778	)		(68,469	)		(16,691	)		(3,709,036	)		(6,792,701	)
	14,356			75,855			280,192			81,909			248,758			2,957,156			4,748,250
	14,048			17,156			240,873			26,114			212,365			20,613			3,917,809
	0			240,873			0			212,365			0			24,046,591			20,128,782
$	14,048		$	258,029		$	240,873		$	238,479		$	212,365		$	24,067,204		$	24,046,591
	0			28,955			0			26,409			0
	1,491			18,374			31,067			22,493			28,254
	(56	)		(7,410	)		(2,112	)		(10,356	)		(1,845	)
	1,435			39,919			28,955			38,546			26,409
$	312		$	2,938		$	1,552		$	7,718		$	8,187		$	11,182,437		$	8,279,170

F-275

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 Flexible Premium Variable Life Insurance policies, which include Variable Life (Strategist) and Variable Universal Life (MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master). These policies are issued by MONY. For presentation purposes, the information related to the Variable Life (Strategist) and Variable Universal Life (MONYEquity Master) Insurance policies is presented here.

There are currently six Strategist subaccounts and twenty-seven MONYEquity Master subaccounts within the Variable Account each of which invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen Series (collectively, the “Funds”). The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These financial statements should be read in conjunction with the financial statements and footnotes of the Funds, which were distributed by MONY to the policyholders.

2.  Significant Accounting Policies:

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 on redemption of investments in the portfolios of the Funds are determined on the identified cost basis. Dividend income and distributions of net realized gains are recorded on the ex-dividend date. Investment income includes dividends from net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received are 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 gains attributable to the Variable Account. Based on this expectation, no charges are currently being deducted from the Variable Account for Federal income tax purposes.

F-276

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

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 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 such purposes from all Strategist and MONYEquity Master subaccounts for the period ended December 31, 2001 aggregated $2,939,342.

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 Life Insurance Company of 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.

MONY and MONY America receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the year ended December 31, 2001, MONY received $1,736 in aggregate from certain Funds in connection with Strategist and MONYEquity Master subaccounts.

F-277

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions:

Cost of shares acquired and proceeds from shares redeemed by each subaccount during the period ended December 31, 2001 were as follows:

Strategist Subaccounts	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
MONY Series Fund, Inc.
Equity Growth Portfolio	$	12,238	$	39,124
Equity Income Portfolio		10,350		10,259
Intermediate Term Bond Portfolio		407		730
Long Term Bond Portfolio		708		1,574
Diversified Portfolio		1,815		5,550
Money Market Portfolio		26,406		3,407
MONYEquity Master
MONY Series Fund, Inc.
Government Securities Portfolio		85,513		50,129
Intermediate Term Bond Portfolio		43,741		18,185
Long Term Bond Portfolio		91,385		59,065
Money Market Portfolio		230,323		115,888
Enterprise Accumulation Trust
Equity Portfolio		1,753,946		1,065,700
Small Company Value Portfolio		1,073,856		638,842
Managed Portfolio		2,118,159		1,404,745
International Growth Portfolio		444,264		255,530
High Yield Bond Portfolio		153,164		94,765
Growth Portfolio		82,504		22,352
Growth and Income Portfolio		132,772		76,425
Capital Appreciation Portfolio		51,811		30,499
Balanced Portfolio		2,631		2,430
Equity Income Portfolio		5,299		3,009
Multi-Cap Growth Portfolio		5,389		201
Small Company Growth Portfolio		4,952		144
Mid-Cap Growth Portfolio		3,876		130
Worldwide Growth Portfolio		5,936		5,935
Dreyfus
Dreyfus Stock Index Fund		105,958		38,346
Dreyfus Socially Responsible Growth Fund, Inc.		490		98

F-278

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

4.  Investment Transactions: (continued)
MONYEquity Master	Cost of Shares Acquired (Excludes Reinvestments)		Proceeds from Shares Redeemed
Fidelity Variable Insurance Products Funds
VIP Growth Portfolio	$	115,349	$	61,976
VIP II Contrafund Portfolio		68,918		26,467
VIP III Growth Opportunities Portfolio		2,088		94
Janus Aspen Series
Aggressive Growth Portfolio		3,898		213
Balanced Portfolio		28,855		14,550
Capital Appreciation Portfolio		128,140		54,034
Worldwide Growth Portfolio		162,650		82,345

5.  Financial Highlights

For a unit outstanding throughout the period ended December 31, 2001:

	At December 31, 2001					For the period ended December 31, 2001
Strategist Subaccounts	Units	Unit Values		Net Assets (000s)		Investment Income Ratio*		Expense Ratio**		Total Return***
MONY Series Fund, Inc.
Equity Growth Subaccount	1,054	$	54.34	$	57	0.00	%	0.60	%	(19.79	)%
Equity Income Subaccount	815		50.21		41	1.71		0.60		(11.52	)
Intermediate Term Bond Subaccount	295		26.31		8	5.27		0.60		7.87
Long Term Bond Subaccount	478		31.82		15	5.16		0.60		5.68
Diversified Subaccount	2,071		42.39		88	1.13		0.60		(15.93	)
Money Market Subaccount	2,246		20.50		46	3.44		0.60		3.17
MONYEquity Master Subaccounts
MONY Series Fund, Inc.
Government Securities Subaccount	16,863		12.93		218	4.35		0.75		5.81
Intermediate Term Bond Subaccount	9,128		13.09		119	4.84		0.75		7.74
Long Term Bond Subaccount	21,528		13.56		292	4.92		0.75		5.53
Money Market Subaccount	40,522		12.42		503	3.59		0.75		3.07

F-279

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.    Financial Highlights: (continued)	At December 31, 2001							For the period ended December 31, 2001
MONYEquity Master Subaccounts	Units		Unit Values		Net Assets (000s)			Investment Income Ratio*		Expense Ratio**		Total Return***
Enterprise Accumulation Trust
Equity Subaccount	532,023		$	11.97	$	6,370		0.00	%	0.75	%	(19.45	)%
Small Company Value Subaccount	204,616			21.20		4,339		0.26		0.75		4.33
Managed Subaccount	631,443			13.56		8,562		2.19		0.75		(11.83	)
International Growth Subaccount	117,820			9.93		1,170		0.68		0.75		(28.41	)
High Yield Bond Subaccount	48,673			12.28		598		8.85		0.75		5.14
Growth Subaccount	28,653			8.46		243		0.48		0.75		(13.23	)
Growth and Income Subaccount	65,041			8.63		561		0.89		0.75		(12.56	)
Capital Appreciation Subaccount	11,976			7.42		89		0.70		0.75		(19.78	)
Balanced Subaccount (1)	0	(^^)		9.18		0	(^^^)	4.18	(^)	0.75	(^)	(8.20	)
Equity Income Subaccount (2)	231			9.35		2		1.66	(^)	0.75	(^)	(6.50	)
Multi-Cap Growth Subaccount (3)	572			8.76		5		0.00	(^)	0.75	(^)	(12.40	)
Small Company Growth Subaccount (4)	476			10.51		5		0.00	(^)	0.75	(^)	5.10
Mid-Cap Growth Subaccount (4)	379			9.49		4		0.00	(^)	0.75	(^)	(5.10	)
Worldwide Growth Subaccount (5)	0	(^^)		10.01		0	(^^^)	0.00	(^)	0.75	(^)	0.10
Dreyfus
Dreyfus Stock Index Subaccount	19,709			7.96		157		0.51		0.75		(12.91	)
Dreyfus Socially Responsible Growth Subaccount (6)	44			8.57		0	(^^^)	0.00	(^)	0.75	(^)	(14.30	)
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount	26,701			7.51		200		0.00		0.75		(18.37	)
VIP II Contrafund Subaccount	13,866			8.21		114		0.59		0.75		(13.03	)
VIP III Growth Opportunities Subaccount (6)	199			9.27		2		0.00	(^)	0.75	(^)	(7.30	)
Janus Aspen Series
Aggressive Growth Subaccount (6)	413			8.04		3		0.00	(^)	0.75	(^)	(19.60	)
Balanced Subaccount (5)	1,435			9.79		14		4.93	(^)	0.75	(^)	(2.10	)
Capital Appreciation Subaccount	39,919			6.46		258		1.34		0.75		(22.36	)
Worldwide Growth Subaccount	38,546			6.19		238		0.53		0.75		(23.01	)

* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the subaccount from the underlying fund, net of investment advisory fees assessed by the underlying fund’s investment adviser and other expenses of the underlying fund, divided by the average net assets of the subaccount. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the net asset value per Unit. The recognition of dividend income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

** This ratio represents the annual contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to net asset value per Unit. Charges made directly to contractholder accounts by redemption of Units and expenses of the respective underlying fund are excluded from this ratio.

F-280

MONY

Variable Account L

NOTES TO FINANCIAL STATEMENTS (continued)

5.    Financial Highlights: (continued)

*** Represents the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the Expense Ratio. The Total Return does not include any expenses assessed through the redemption of Units; the Total Return would have been lower had such expenses been included in the calculation. Total returns for periods less than one year are not annualized.

(^) Annualized

(^^) Amounts round to less than one

(^^^) Amounts round to less than one thousand dollars

(1) For the period May 4, 2001 (commencement of operations) through December 31, 2001.

(2) For the period June 19, 2001 (commencement of operations) through December 31, 2001.

(3) For the period May 18, 2001 (commencement of operations) through December 31, 2001.

(4) For the period August 8, 2001 (commencement of operations) through December 31, 2001.

(5) For the period June 13, 2001 (commencement of operations) through December 31, 2001.

(6) For the period May 15, 2001 (commencement of operations) through December 31, 2001.

F-281

Report of Independent Accountants

To the Board of Directors of

MONY Life Insurance Company and the

Contractholders of Subaccounts of MONY Variable Account L

In our opinion, the accompanying combined statements of assets and liabilities and the related combined statements of operations and of changes in net assets present fairly, in all material respects, the combined financial position of Subaccounts of MONY Variable Account L at December 31, 2001, and the combined results of their operations and the changes in their combined net assets for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These combined financial statements are the responsibility of MONY Life Insurance Company’s management; our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits of these combined financial statements in accordance with auditing standards generally accepted in the United States of America, 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 investments at December 31, 2001 by correspondence with the underlying funds’ transfer agents, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 12, 2002

F-282

MONY

Variable Account L

COMBINED STATEMENT OF ASSETS & LIABILITIES

December 31, 2001

ASSETS
Investments at cost	$	42,926,621
Investments in Funds, at net asset value	$	33,475,266
Amounts due from MONY		59,513
Amounts due from Funds		22,838
Total assets		33,557,617
LIABILITIES
Amounts due to MONY		33,296
Amounts due to Funds		59,513
Total liabilities		92,809
Net assets	$	33,464,808
Net assets consist of:
Contractholders' net payments	$	35,027,747
Undistributed net investment income		11,799,967
Accumulated net realized loss on investments		(3,911,551	)
Net unrealized depreciation of investments		(9,451,355	)
Net assets	$	33,464,808

See notes to combined financial statements.

F-283

MONY

Variable Account L

COMBINED STATEMENT OF OPERATIONS

For the year ended December 31, 2001

Dividend income	$	382,920
Distributions from net realized gains		3,045,967
Mortality and expense risk charges		(197,413	)
Net investment income		3,231,474
Realized and unrealized loss on investments:
Net realized loss on investments		(3,270,716	)
Net change in unrealized depreciation of investments		(3,560,698	)
Net realized and unrealized loss on investments		(6,831,414	)
Net decrease in net assets resulting from operations	$	(3,599,940	)

See notes to combined financial statements.

F-284

MONY

Variable Account L

COMBINED STATEMENT OF CHANGES IN NET ASSETS

For the years ended December 31,

	2001			2000
From operations:
Net investment income	$	3,231,474		$	5,761,321
Net realized loss on investments		(3,270,716	)		(809,748	)
Net change in unrealized depreciation of investments		(3,560,698	)		(5,998,527	)
Net decrease in net assets resulting from operations		(3,599,940	)		(1,046,954	)
From unit transactions:
Net proceeds from the issuance of units of subaccounts		15,851,567			15,167,354
Net asset value of units redeemed or used to meet contract obligations of subaccounts		(5,925,950	)		(7,442,948	)
Net increase from unit transactions of subaccounts		9,925,617			7,724,406
Net increase in net assets		6,325,677			6,677,452
Net assets beginning of year		27,139,131			20,461,679
Net assets end of year*	$	33,464,808		$	27,139,131
*  Includes undistributed net investment income of:	$	11,799,967		$	8,568,493

See notes to combined financial statements.

F-285

MONY

Variable Account L

NOTES TO COMBINED 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 Flexible Premium Variable Life Insurance policies (Strategist) and Variable Universal Life Insurance policies (MONYEquity Master, MONY Custom Equity Master and MONY Custom Estate Master) (collectively, the “Variable Life Insurance Policies”). These policies are issued by MONY. For presentation purposes, the information related to all Variable Life Insurance Policies issued under the Variable Account are presented for the Variable Account as a whole.

There are currently twenty-seven MONYEquity Master subaccounts, six Strategist subaccounts, twenty-eight MONY Custom Equity Master subaccounts and twenty-six MONY Custom Estate Master subaccounts within the Variable Account (each hereafter referred to as a “subaccount”). Each subaccount holds assets that are segregated from all other subaccounts within the Variable Account.

Each subaccount invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the “Fund”), the Enterprise Accumulation Trust (“Enterprise”), Dreyfus Stock Index Fund, Dreyfus Socially Responsible Growth Fund, Inc., Fidelity Variable Insurance Products Funds, or Janus Aspen Series (collectively, the “Funds”). The Funds are registered under the 1940 Act as open-end, diversified, management investment companies. The Fund and Enterprise are affiliated with MONY.

These combined financial statements should be read in conjunction with the separate financial statements and footnotes of each of the Variable Life Insurance Policies which are presented on pages before these combined financial statements.

2.  Significant Accounting Policies:

The preparation of the combined financial statements in accordance with accounting principles generally accepted in the United States of America 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 held by each subaccount in the 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 the amortized cost of the securities held, which approximates market value. For the purposes of presentation of the combined financial statements, investments held at December 31, 2001 by all of the subaccounts within the Variable Account have been aggregated.

Investment Transactions and Investment Income:

Investments made by the subacccounts in the portfolios of the Funds are recorded on the trade date. Realized gains and losses on redemption of investments by the subaccounts in the portfolios of the Funds are determined on the identified cost-basis. Dividend income and distributions of net realized gains are recorded by the respective subaccount on ex-dividend date. Investment income includes dividends from net investment income and distributions of net realized gains received from the respective portfolios of the Funds. Dividends and distributions received by the subaccounts are reinvested in additional shares of the respective portfolios of the Funds.

F-286

MONY

Variable Account L

NOTES TO COMBINED FINANCIAL STATEMENTS (continued)

2.  Significant Accounting Policies: (continued)

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 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 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 by the Variable Account as contractholder redemptions. For the year ended December 31, 2001, the aggregate amount deducted for such purposes for all subaccounts within the Variable Account was $4,704,718.

MONY receives from the subaccounts within the Variable Account amounts deducted for mortality and expense risks at annual rates ranging from 0.35% to 0.75% of the average daily net assets of each of the respective subaccounts within the Variable Account. 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.

MONY America and MONY receive fees directly from certain Funds for maintaining and servicing policyholders’ accounts. During the year ended December 31, 2001, MONY received $4,672 in aggregate from certain Funds in connection with the subaccounts within the Variable Account.

4.  Other:

At December 31, 2001, the aggregate net assets of all subaccounts within the Variable Account investing in a portfolio of the Funds were as follows:

MONY Series Fund, Inc.
Intermediate Term Bond Subaccount	$	189,463
Long Term Bond Subaccount		378,761
Government Securities Subaccount		307,573
Money Market Subaccount		2,233,395
Equity Growth Subaccount		57,261
Equity Income Subaccount		40,942
Diversified Subaccount		87,779

F-287

MONY

Variable Account L

NOTES TO COMBINED FINANCIAL STATEMENTS (continued)

4.  Other: (continued)

Enterprise Accumulation Trust
Equity Subaccount	$	7,068,216
Small Company Value Subaccount		4,638,084
Managed Subaccount		8,868,405
International Growth Subaccount		1,287,365
High Yield Bond Subaccount		687,891
Growth Subaccount		896,796
Growth and Income Subaccount		1,068,135
Small Company Growth Subaccount		320,316
Equity Income Subaccount		101,233
Capital Appreciation Subaccount		373,458
Multi-Cap Growth Subaccount		443,405
Balanced Subaccount		61,101
Emerging Countries Subaccount		1,631
Worldwide Growth Subaccount		4,070
Mid-Cap Growth Subaccount		15,378
Dreyfus
Dreyfus Stock Index Subaccount		885,986
Dreyfus Socially Responsible Growth Subaccount		97,794
Fidelity Variable Insurance Products Funds
VIP Growth Subaccount		693,634
VIP II Contrafund Subaccount		472,407
VIP III Growth Opportunities Subaccount		83,352
Janus Aspen Series
Aggressive Growth Subaccount		439,413
Balanced Subaccount		297,810
Capital Appreciation Subaccount		603,215
Worldwide Growth Subaccount		760,539
Total Net Assets—Combined Variable Account L	$	33,464,808

During the year ended December 31, 2001, the aggregate cost of shares purchased and the aggregate proceeds from shares redeemed of the portfolios of the Funds by all of the subaccounts within the Variable Account were $17,522,350 and $7,792,102, respectively.

F-288

REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Shareholder of

MONY Life Insurance Company:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income and comprehensive income, statements of changes in shareholder’s equity and statements of cash flows present fairly, in all material respects, the financial position of MONY Life Insurance Company and Subsidiaries (the “Company”) at December 31, 2003 and 2002, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 4 to the consolidated financial statements, the Company changed its method of accounting for intangible and long-lived assets in 2002.

PricewaterhouseCoopers LLP

New York, New York

February 4, 2004, except for matters described as subsequent events in Note 18, to which the date is March 9, 2004.

F-289

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2003 and 2002

	2003		2002
	($ in millions)
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value (Note 6)	$	8,396.3	$	7,828.2
Fixed maturity securities, trading (Note 6)		78.3		—
Equity securities available-for-sale, at fair value (Note 6)		251.7		247.7
Mortgage loans on real estate (Note 8)		1,782.4		1,877.4
Policy loans		1,180.0		1,212.5
Real estate to be disposed of		—		26.8
Real estate held for investment		174.1		180.2
Other invested assets		99.5		97.3
	$	11,962.3	$	11,470.1
Cash and cash equivalents		350.8		223.7
Accrued investment income		204.4		204.0
Amounts due from reinsurers		605.0		695.2
Deferred policy acquisition costs (Note 10)		1,325.4		1,226.4
Other assets		542.2		535.9
Separate account assets		4,854.9		4,140.6
Total assets	$	19,845.0	$	18,495.9
LIABILITIES AND SHAREHOLDERS’ EQUITY
Future policy benefits	$	8,041.5	$	7,949.9
Policyholders’ account balances		3,265.8		2,779.7
Other policyholders’ liabilities		268.0		289.2
Amounts due to reinsurers		71.7		67.7
Accounts payable and other liabilities		768.6		735.8
Long term debt (Note 16)		216.9		216.9
Current federal income taxes payable		142.4		106.1
Deferred federal income taxes		179.2		239.1
Separate account liabilities		4,851.9		4,137.6
Total liabilities	$	17,806.0	$	16,522.0
Commitments and contingencies (Note 18)
Common stock, $1.00 par value; 2.5 million shares authorized; 2.5 million shares issued and outstanding at December 31, 2003 and 2002, respectively		2.5		2.5
Capital in excess of par		1,796.7		1,753.6
Retained earnings		169.0		137.8
Accumulated other comprehensive income		70.8		80.0
Total shareholders’ equity		2,039.0		1,973.9
Total liabilities and shareholders’ equity	$	19,845.0	$	18,495.9

See accompanying notes to consolidated financial statements.

F-290

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Years Ended December 31, 2003, 2002, and 2001

	2003			2002			2001
	($ in millions)
Revenues:
Premiums	$	705.2		$	690.4		$	695.3
Universal life and investment-type product policy fees		210.9			200.5			207.2
Net investment income (Note 5)		724.2			725.4			676.9
Net realized gains/(losses) on investments (Note 5)		46.4			(151.1	)		(12.3	)
Group Pension Profits (Note 13)		—			82.3			30.7
Other income		226.6			169.3			189.1
		1,913.3			1,716.8			1,786.9
Benefits and expenses:
Benefits to policyholders		841.5			803.1			814.7
Interest credited to policyholders’ account balances		139.4			119.3			110.5
Amortization of deferred policy acquisition costs		120.0			156.1			158.8
Dividends to policyholders		224.3			188.0			236.6
Other operating costs and expenses		517.3			459.4			519.4
		1,842.5			1,725.9			1,840.0
Income/(loss) from continuing operations before income taxes		70.8			(9.1	)		(53.1	)
Income tax expense/(benefit)		20.5			(6.0	)		(19.1	)
Income/(loss) from continuing operations		50.3			(3.1	)		(34.0	)
Discontinued operations: income/(loss) from real estate to be disposed of, net of income tax expense/(benefit) of $3.1 million and ($1.4) million for the years ended December 31, 2003 and 2002, respectively.		5.9			(2.5	)		—
Net income/(loss)		56.2			(5.6	)		(34.0	)
Other comprehensive (loss)/income, net (Note 5)		(9.2	)		41.9			25.1
Comprehensive income/(loss)	$	47.0		$	36.3		$	(8.9	)

See accompanying notes to consolidated financial statements.

F-291

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY

Years Ended December 31, 2003, 2002, and 2001

	Common Stock		Capital In Excess of Par		Retained Earnings			Accumulated Other Comprehensive Income			Total Shareholders’ Equity
	($ in millions)
Balance, December 31, 2000	$	2.5	$	1,628.6	$	382.4		$	13.0		$	2,026.5
Dividends						(115.0	)					(115.0	)
Comprehensive income:
Net loss						(34.0	)					(34.0	)
Other comprehensive income:
Unrealized gains on investments, net of unrealized losses, reclassification adjustments, and taxes (Note 5)									36.6			36.6
Minimum pension liability adjustment									(11.5	)		(11.5	)
Other comprehensive income									25.1			25.1
Comprehensive Loss												(8.9	)
Balance, December 31, 2001	$	2.5	$	1,628.6	$	233.4		$	38.1		$	1,902.6
Dividends						(90.0	)					(90.0	)
Capital Contribution				125.0								125.0
Comprehensive income:
Net loss						(5.6	)					(5.6	)
Other comprehensive income:
Unrealized gains on investments, net of unrealized losses, reclassification adjustments, and taxes (Note 5)									43.8			43.8
Minimum pension liability adjustment									(1.9	)		(1.9	)
Other Comprehensive Income									41.9			41.9
Comprehensive Income												36.3
Balance, December 31, 2002	$	2.5	$	1,753.6	$	137.8		$	80.0		$	1,973.9
Unamortized restricted stock compensation				3.1								3.1
Dividends						(25.0	)					(25.0	)
Capital Contribution				40.0								40.0
Comprehensive income:
Net income						56.2						56.2
Other comprehensive income:
Unrealized losses on investments, net of unrealized gains, reclassification adjustments, and taxes (Note 5)									(10.4	)		(10.4	)
Minimum pension liability adjustment									1.2			1.2
Other Comprehensive Loss									(9.2	)		(9.2	)
Comprehensive income												47.0
Balance, December 31, 2003	$	2.5	$	1,796.7	$	169.0		$	70.8		$	2,039.0

See accompanying notes to consolidated financial statements.

F-292

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2003, 2002, and 2001

	2003			2002			2001
	($ in millions)
Cash flows from operating activities (Note 4):
Net income/(loss)	$	56.2		$	(5.6	)	$	(34.0	)
Adjustments to reconcile net income/(loss) income to net cash provided by operating activities:
Interest credited to policyholders’ account balances		119.7			103.1			92.0
Universal life and investment-type product policy fee income		(117.2	)		(112.4	)		(117.8	)
Capitalization of deferred policy acquisition costs		(233.7	)		(213.1	)		(194.5	)
Amortization of deferred policy acquisition costs		120.0			156.1			158.8
Provision for depreciation and amortization		35.7			36.5			64.9
Provision for deferred federal income taxes		(44.6	)		31.6			(6.4	)
Net realized losses (gains) on investments		(46.4	)		151.1			12.3
Non-cash distributions from investments		5.6			(14.9	)		52.9
Change in other assets and accounts payable and other liabilities		110.2			(142.2	)		(55.1	)
Change in future policy benefits		91.6			79.9			75.5
Change in other policyholders’ liabilities		(21.3	)		8.1			(14.8	)
Change in current federal income taxes payable		36.3			(3.0	)		(12.2	)
(Income)/loss on discontinued real estate operations		(9.0	)		3.9			—
Net cash provided by operating activities	$	103.1		$	79.1		$	21.6
Cash flows from investing activities:
Sales, maturities or repayments of:
Fixed maturity securities	$	1,864.8		$	1,161.3		$	1,275.7
Equity securities		50.2			11.1			39.9
Mortgage loans on real estate		538.8			423.2			341.6
Policy loans, net		32.6			16.4			35.7
Other invested assets		82.3			39.3			57.9
Acquisitions of investments:
Fixed maturity securities		(2,499.4	)		(1,722.7	)		(1,398.0	)
Equity securities		(42.3	)		(28.5	)		(51.4	)
Mortgage loans on real estate		(423.5	)		(503.4	)		(405.3	)
Property & equipment, net		(24.3	)		(25.5	)		(41.2	)
Other invested assets		(53.8	)		(18.5	)		(127.5	)
Net cash used in investing activities	$	(474.6	)	$	(647.3	)	$	(272.6	)

See accompanying notes to consolidated financial statements.

F-293

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

Years Ended December 31, 2003, 2002, and 2001

	2003			2002			2001
	($ in millions)
Cash flows from financing activities:
Repayments of debt	$	—		$	—		$	(0.1	)
Proceeds of demand note payable to affiliate		—			121.0			—
Repayment of demand note payable to affiliate		—			(121.0	)		—
Receipts from annuity and universal life policies credited to policyholders’ account balances		1,219.6			1,179.2			1,150.9
Return of policyholders’ account balances on annuity policies and universal life policies		(736.0	)		(727.3	)		(979.3	)
Capital contribution		40.0			125.0			—
Dividends paid to shareholder		(25.0	)		(90.0	)		(115.0	)
Net cash provided by financing activities		498.6			486.9			56.5
Net increase/(decrease) in cash and cash equivalents		127.1			(81.3	)		(194.5	)
Cash and cash equivalents, beginning of year		223.7			305.0			499.5
Cash and cash equivalents, end of year	$	350.8		$	223.7		$	305.0
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Income taxes	$	30.6		$	(27.5	)	$	5.9
Interest	$	19.4		$	19.4		$	19.8

See accompanying notes to consolidated financial statements.

F-294

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.  Organization and Description of Business:

MONY Life Insurance Company (“MONY Life”) and its subsidiaries (MONY Life and its subsidiaries are collectively referred to herein as the “Company”), provide life insurance, annuities, corporate-owned and bank-owned life insurance (“COLI and BOLI”), mutual funds, securities brokerage, securities trading, business and estate planning and trust services. The Company distributes its products and services through Retail and Wholesale distribution channels. The Company’s Retail distribution channels are comprised of (i) the career agency sales force operated by MONY Life, and (ii) financial advisors and account executives of the Company’s securities broker dealer subsidiary. The Company’s Wholesale distribution channel is comprised of (i) MONY Partners, a division of MONY Life, (ii) independent third party insurance brokerage general agencies and securities broker dealers and (iii) its corporate marketing team which markets COLI and BOLI products. For the year ended December 31, 2003, Retail distribution accounted for approximately 17.6% and 42.6% of sales of protection and accumulation products, respectively, while Wholesale distribution accounted for 82.4% and 57.4% of sales of protection and accumulation products, respectively. The Company principally sells its products in all 50 of the United States, the District of Columbia, the U.S. Virgin Islands, Guam and the Commonwealth of Puerto Rico, and currently insures or provides other financial services to more than one million individuals.

MONY Life’s principal wholly owned direct and indirect operating subsidiaries include: (i) MONY Life Insurance Company of America (“MLOA”), an Arizona domiciled life insurance company, (ii) Enterprise Capital Management (“Enterprise”), a distributor of both proprietary and non-proprietary mutual funds, (iii) U.S. Financial Life Insurance Company (“USFL”), an Ohio domiciled insurer underwriting specialty risk life insurance business, (iv) MONY Securities Corporation (“MSC”), a registered securities broker-dealer and investment advisor whose products and services are distributed through MONY Life’s career agency sales force as well as through a network of accounting professionals, (v) MONY Brokerage, Inc. (“MBI”), a licensed insurance broker, which principally provides MONY Life’s career agency sales force with access to life, annuity, small group health, and specialty insurance products written by other insurance companies so they can meet the insurance and investment needs of their customers, (vi) MONY Consultoria e Corretagem de Seguros Ltda., a Brazilian domiciled insurance brokerage subsidiary, which principally provides insurance brokerage services to unaffiliated third party insurance companies in Brazil, (vii) MONY Bank & Trust Company of the Americas, Ltd. (“MBT”), a Cayman Islands bank and trust company, which provides investment and trust services to nationals of certain Latin American countries, and (viii) MONY Life Insurance Company of the Americas, Ltd. (“MLICA”), a Cayman Islands based insurance company, which provides life insurance and annuity products to nationals of certain Latin American countries.

On February 27, 2002, The MONY Group Inc. (“MONY Group”), MONY Life’s ultimate parent, formed MONY Holdings, LLC (“MONY Holdings”) as a downstream, wholly-owned holding company of the MONY Group. MONY Group formed MONY Holdings for the purpose of issuing debt tied to the performance of the Closed Block Business within MONY Life (see Note 21). On April 30, 2002, MONY Holdings commenced its operations and through a structured financing tied to the performance of the Closed Block Business within MONY Life, issued $300.0 million of floating rate insured debt securities (the “Insured Notes”) in a private placement. In addition, MONY Group, pursuant to the terms of the structured financing, transferred all of its ownership interest in MONY Life to MONY Holdings. Other than activities related to servicing the Insured Notes in accordance with the Insured Notes indenture and its ownership interest in MONY Life, MONY Holdings has no operations and engages in no other activities.

Proceeds to MONY Holdings from the issuance of the Insured Notes, after all offering and other related expenses, were approximately $292.6 million. Of this amount, $60.0 million was deposited in a debt service coverage account (the “DSCA”), pursuant to the terms of the note indenture, to provide collateral for the payment of interest and principal on the Insured Notes and the balance of approximately $232.6 million was distributed to MONY Group in the form of a dividend. The Insured Notes mature on January 21, 2017. The Insured Notes pay interest only through January 21, 2008 at which time principal payments will begin to be made pursuant to an amortization schedule. Interest on the Insured Notes is payable quarterly at an annual rate equal to three month LIBOR plus 0.55%. Concurrent with the issuance of the Insured Notes, MONY Holdings entered into an interest rate swap contract (the “Swap”), which locked in a fixed rate of interest on the Insured Notes at 6.44%. Including debt issuance costs of $7.4 million and the cost of the insurance policy (75 basis points per annum) (the “Insurance Policy”), which guarantees the scheduled principal and interest payments on the Insured Notes, the all-in cost of the indebtedness is 7.36%. See Note 22 for further information regarding the Insured Notes.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

2.  Proposed Merger with AXA Financial, Inc.:

On September 17, 2003, MONY Group entered into an Agreement and Plan of Merger with AXA Financial, Inc. (“AXA Financial”), and AIMA Acquisition Co. (“AIMA”), which was subsequently amended on February 22, 2004 (hereafter referred to collectively as the “AXA Agreement”), pursuant to which MONY Group will become a wholly owned subsidiary of AXA Financial in a cash transaction valued at approximately $1.5 billion. Under the terms of the AXA Agreement, which has been approved by the boards of directors of AXA Financial and MONY Group, MONY Group’s shareholders will receive $31.00 for each share of MONY Group’s common stock. The acquisition contemplated by the AXA Agreement is subject to various regulatory approvals and other customary conditions, including the approval of MONY Group’s shareholders. A special meeting of MONY Group’s shareholders is scheduled for May 18, 2004 to vote on the proposed acquisition of MONY Group by AXA Financial. The transaction is expected to close in the second quarter of 2004. See Note 18 for further information regarding the pending merger transaction.

The Company incurred merger related expenses totaling $0.8 million for the year ended December 31, 2003 in connection with MONY Group’s pending merger transaction with AXA Financial. These expenses are reflected under the caption “other operating costs and expenses” in the Company’s statement of income and comprehensive income.

3.  The Closed Block:

On November 16, 1998, the Company, pursuant to the New York Insurance Law, established a closed block (the “Closed Block”) of certain participating insurance policies (the “Closed Block in force business”) as defined in its plan of demutualization (the “Plan”). In conjunction therewith, the Company allocated assets to the Closed Block that are expected to produce cash flows which, together with anticipated revenues from the Closed Block in force business, are expected to be sufficient to support the Closed Block in force business, including but not limited to the payment of claims and surrender benefits, certain expenses and taxes, and for the continuation of dividend scales in effect at the date of the Company’s demutualization (assuming the experience underlying such dividend scales continues), and for appropriate adjustments in such scales if the experience changes. To determine the amount of assets to allocate to the Closed Block in order to provide sufficient funding for the aforementioned payments, the Company forecasted the expected cash flows from the Closed Block in force business and mathematically determined the cash flows that would need to be provided from assets allocated to the Closed Block to fully fund the aforementioned payments. Assets were then allocated to the Closed Block accordingly. The aforementioned forecast consists of a cash flow projection for each year over the estimated life of the policies in the Closed Block. The earnings from such expected cash flows from the Closed Block in force business and the assets allocated to the Closed Block are referred to as the “glide path earnings”.

All the cash flows from the assets allocated to the Closed Block and the Closed Block in force business inure solely to the benefit of the owners of policies included in the Closed Block. The assets and liabilities allocated to the Closed Block at the date of its formation (November 16, 1998, which was the effective date of the Company’s demutualization) were recorded in the Company’s financial statements at their historical carrying values. The carrying value of the assets allocated to the Closed Block is less than the carrying value of the Closed Block liabilities at the effective date of the Company’s demutualization. The excess of the Closed Block liabilities over the Closed Block assets at the effective date of the Company’s demutualization represents the total estimated future post-tax contribution expected to emerge from the operation of the Closed Block, which will be recognized in the Company’s income over the period the policies and the contracts in the Closed Block remain in force.

To the extent that the actual cash flows, subsequent to the effective date of the Company’s demutualization, from the assets allocated to the Closed Block and the Closed Block in force business are, in the aggregate, more favorable than assumed in establishing the Closed Block, total dividends paid to the Closed Block policyholders in future years will be greater than the total dividends that would have been paid to such policyholders if dividend scales used to determine Closed Block cash flows had been continued. Conversely, to the extent that the actual cash flows, subsequent to the effective date of the Company’s demutualization, from the assets allocated to the Closed Block and the Closed Block in force business are, in the aggregate, less favorable than assumed in establishing the Closed Block, total dividends paid to the Closed Block policyholders in future years will be less than the total dividends that would have been paid to such policyholders if dividend scales used to determine Closed Block cash flows

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

3.  The Closed Block: (continued)

had been continued. Accordingly, the recognition of the estimated ultimate aggregate future post-tax contribution expected to emerge from the operation of the Closed Block is not affected by the ultimate aggregate actual experience of the Closed Block assets and the Closed Block in force business subsequent to the effective date of the Company’s demutualization, except in the event that the actual experience of the Closed Block assets and the Closed Block in force business subsequent to the effective date of the Company’s demutualization is not sufficient to pay the guaranteed benefits on the policies in the Closed Block, in which case the Company will be required to fund any such deficiency from its general account assets outside of the Closed Block.

However, because the decision to increase or decrease dividend scales is based on revised estimates as to the ultimate profitability of the Closed Block such actions will not necessarily coincide with periodic reports of the results of the Closed Block. Accordingly, actual earnings that emerge from the Closed Block may either be more or less than the expected Closed Block earnings (or “glide path earnings”). In accordance with American Institute of Certified Public Accountants (“AICPA”) Statement of Position 00-3 “Accounting by Insurance Enterprises for Demutualizations and Formations of Mutual Insurance Holding Companies and for Certain Long-Duration Participating Contracts”, actual Closed Block earnings in excess of expected Closed Block earnings (or the “glide path earnings”) in any period are recorded as an additional liability to Closed Block policyholders (referred to as the “deferred dividend liability”) because such excess earnings inure solely to the benefit of the policyholders in the Closed Block. If actual Closed Block earnings are less than expected Closed Block earnings (or the “glide path earnings”) in any period the difference is charged against the balance of any existing deferred dividend liability. If the deferred dividend liability is not sufficient to absorb the difference, any such remaining amount, not absorbed, will remain in earnings for the period and an adjustment will be made to get back on the glide path when earnings emerge in future periods that are sufficient to offset such remaining accumulated difference or through a subsequent reduction in dividend scales. As of December 31, 2003 and 2002, the deferred dividend liability was $65.7 million and $33.2 million, respectively.

Since the Closed Block has been funded to provide for payment of guaranteed benefits and the continuation of current payable dividends on the policies included therein, it will not be necessary to use general funds to pay guaranteed benefits unless the in force business in the Closed Block experiences very substantial ongoing adverse experience in investment, mortality, persistency or other experience factors. The Company regularly (at least quarterly) monitors the experience from the Closed Block and may make changes to the dividend scale, when appropriate, to ensure that the profits are distributed to the Closed Block policyholders in a fair and equitable manner. In addition, annually the New York Insurance Department requires the filing of an independent auditor’s report on the operations of the Closed Block.

4.  Summary of Significant Accounting Policies:

Basis of Presentation —

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. The most significant estimates made in conjunction with the preparation of the Company’s financial statements include those used in determining (i) deferred policy acquisition costs, (ii) the liability for future policy benefits, (iii) valuation allowances for mortgage loans and charges for the impairment of invested assets, (iv) pension costs, (v) costs associated with contingencies, (vi) litigation and restructuring charges and (vii) income taxes. Certain reclassifications have been made in the amounts presented for prior years to conform those years to the current year’s presentation.

Principles of Consolidation —

The accompanying consolidated financial statements include the accounts of MONY Life and its subsidiaries. All significant intercompany accounts and transactions have been eliminated.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

Valuation of Investments and Realized Gains and Losses —

The Company’s fixed maturity securities are classified as available-for-sale and trading and are reported at estimated fair value. The Company’s equity securities are comprised of investments in common stocks and venture capital limited partnerships. The Company’s investments in common stocks are classified as available-for-sale and are reported at estimated fair value. The Company’s investments in venture capital limited partnerships are accounted for in accordance with the equity method of accounting or at estimated fair value (with changes in fair value recorded in other comprehensive income) depending upon the Company’s percentage ownership of the partnership and the date it was acquired. In general, partnership interests acquired after May 18, 1995 are accounted for in accordance with the equity method of accounting if the Company’s ownership interest in the partnership exceeds three percent, whereas, if the partnership was acquired prior to May 18, 1995, the equity method would be applied only if the Company’s ownership interest is 20 percent or greater. In the unlikely event that the Company’s ownership interest in a partnership exceeded 50 percent the partnership would be consolidated. In all other circumstances, the Company accounts for its investments in venture capital limited partnerships at estimated fair value. Because the underlying partnerships are required under GAAP to mark their investment portfolios to market and report changes in such market value through their earnings, the Company’s earnings will reflect its pro rata share of such mark to market adjustment if it accounts for the partnership investment under the equity method. With respect to partnerships accounted for at fair value, there will be no impact on the Company’s earnings until: (i) the underlying investments held by the partnership are distributed to the Company, or (ii) the underlying investments held by the partnership are sold by the partnership and the proceeds distributed to the Company, or (iii) an impairment of the Company’s investment in the partnership is determined to exist. Unrealized gains and losses on fixed maturity securities available-for-sale and common stocks are reported as a separate component of other comprehensive income, net of deferred income taxes and an adjustment for the effect on deferred policy acquisition costs that would have occurred if such gains and losses had been realized. Unrealized gains and losses on fixed maturity securities classified as trading securities are reflected in current period earnings. The cost of all fixed maturity securities and common stock is adjusted for impairments in value deemed to be other than temporary. Fixed maturity securities deemed to be other than temporarily impaired are analyzed to assess whether such investments should be placed on non-accrual status. A fixed maturity security would be placed on non-accrual status when management believes it will not receive all principal and interest payments according to the original terms. Any cash received on non-accrual status securities is applied against the outstanding principal. These adjustments are reflected as realized losses on investments. Realized gains and losses on sales of investments are determined on the basis of specific identification.

Mortgage loans on real estate are stated at their unpaid principal balances, net of valuation allowances. Valuation allowances are established for the excess of the carrying value of a mortgage loan over its estimated fair value when the loan is considered to be impaired. Mortgage loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Estimated fair value is based on either the present value of expected future cash flows discounted at the loan’s original effective interest rate, or the loan’s observable market price (if considered to be a practical expedient), or the fair value of the collateral if the loan is collateral dependent and if foreclosure of the loan is considered probable. The provision for loss is reported as a realized loss on investment. Loans in foreclosure and loans considered to be impaired, other than restructured loans, are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in investment income in the period received. Interest income on restructured mortgage loans is accrued at the restructured loans’ respective interest rates.

Real estate held for investment, as well as related improvements, is generally stated at cost less depreciation. Depreciation is determined using the straight-line method over the estimated useful life of the asset, which may range from 5 to 40 years. Cost is adjusted for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Impairment losses are based on the estimated fair value of the real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks. Impairment losses on real estate held for investment are reported as realized losses on investments.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

Real estate investments meeting the following criteria are classified as “real estate to be disposed of” in the Company’s consolidated balance sheet and the results therefrom are reported as “discontinued operations” in the Company’s consolidated statement of income and comprehensive income as a result of the Company’s adoption in 2002 of Financial Accounting Standard Board’s (“FASB”) Statement of Financial Accounting Standards (“SFAS”) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS 144”):

• Management, having the authority to approve the action, commits the organization to a plan to sell the property;

• The property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

• An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing;

• The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year;

• The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Real estate to be disposed of is carried at the lower of its carrying value at the time of classification as “to be disposed of” or fair value less estimated selling costs.

Policy loans are carried at their unpaid principal balances.

Cash and cash equivalents include cash on hand, amounts due from banks and highly liquid debt instruments with an original maturity of three months or less.

Collateralized Financing Transactions —

Securities loaned and borrowed are accounted for as collateralized financing transactions and are recorded at the amount of cash collateral received or advanced. The fee received or paid by the Company is recorded as interest revenue or expense and is reflected in other income and other operating costs and expenses, respectively, in the consolidated statement of income and comprehensive income. The initial collateral advanced or received has a higher market value than the underlying securities. The Company monitors the market value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded, as necessary.

The Company utilizes short-term repurchase agreements as supplementary short-term financing and delivers U.S. Treasury securities as collateral for cash received. These repurchase agreements are accounted for as collateralized financings. The fee paid by the Company is recorded as interest. The Company monitors the market value of securities transferred on a daily basis, and provides additional collateral as necessary.

Recognition of Insurance Revenue and Related Benefits —

Premiums from participating and non-participating traditional life, health and annuity policies with life contingencies are recognized as premium income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

Premiums from universal life and investment-type contracts are reported as deposits to policyholders’ account balances. Revenue from these types of products consists of amounts assessed during the period against policyholders’ account balances for policy administration charges, cost of insurance and surrender charges, and mortality and expense charges on variable contracts. Policy benefits charged to expense include benefit claims incurred in the period in excess of the related policyholders’ account balance.

Commissions —

The Company earns commissions from clients for execution of securities, mutual funds, and insurance transactions. Commission income and related expenses are recorded on a trade-date basis.

Deferred Sales Commissions —

The Company, through Enterprise, sells Class B and C shares, which are subject to a contingent deferred sales charge (“CDSC”). At the time of sale, the Company pays commissions to brokers and dealers for sales of Enterprise Group of Funds Class B and C shares. Class B commissions paid are deferred and amortized on the lesser of six years straight-line, or the period during which related distribution and CDSC revenues are earned. The Company evaluates recoverability through ongoing estimates of future revenues from Class B shares. Class C share commissions are expensed when paid.

Deferred Policy Acquisition Costs (“DPAC”) —

The costs of acquiring new business, principally commissions, underwriting, agency, and policy issue expenses, all of which vary with and are primarily related to the production of new insurance business, are deferred.

For participating traditional life policies, DPAC is amortized over the expected life of the contracts (30 years) as a constant percentage based on the present value of estimated gross margins expected to be realized over the life of the contracts using discount rates that grade down from 7.22% in 2004 to 6.97% in the year 2026. Estimated gross margins include anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends.

For universal life products and investment-type products, DPAC is amortized over the expected life of the contracts (ranging from 15 to 30 years) as a constant percentage based on the present value of estimated gross profits expected to be realized over the life of the contracts using the initial locked in discount rate. For non-participating term policies, DPAC is amortized over the expected life of the contracts (ranging from 10 to 20 years) in proportion to premium revenue recognized. The discount rate for all products is 8.0%. Estimated gross profits arise principally from investment results, mortality and expense margins and surrender charges.

The Company conducts programs from time-to-time that allow annuity contract holders to exchange older annuity contracts for new annuity products sold at no cost. The Company has determined that the old and new products are substantially similar and, as such, the Company retains previously recorded DPAC related to the exchanged contract.

DPAC is subject to recoverability testing at the time of policy issuance and loss recognition testing at the end of each accounting period. The effect on the amortization of DPAC of revisions in estimated experience is reflected in earnings in the period such estimates are revised. In addition, the effect on the DPAC asset that would result from the realization of unrealized gains (losses) is recognized through an offset to other comprehensive income as of the balance sheet date.

Future Policy Benefits and Policyholders’ Account Balances —

Future policy benefit liabilities for participating traditional life policies are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Dividend fund interest assumptions range from 2.0% to 5.5%.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

Policyholders’ account balances for universal life and investment-type contracts represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. The weighted average interest crediting rate for universal life products was approximately 5.5%, 5.6% and 5.9% for the years ended December 31, 2003, 2002, and 2001, respectively. The weighted average interest crediting rate for investment-type products was approximately 4.2%, 4.3% and 4.5% for the years ended December 31, 2003, 2002, and 2001, respectively.

Dividends to Policyholders —

Dividends to policyholders reflected on the consolidated statement of income and comprehensive income is comprised of policyholder dividends payable in the current year and the change in the deferred dividend liability. Dividends payable to policyholders are determined annually by the board of directors of MONY Life. All but a de minimus amount of dividends paid to policyholders are on policies in the Closed Block. Refer to Note 3 for a more detailed explanation of policyholder dividends, as well as the deferred dividend liability. The change in the deferred dividend liability recognized in the consolidated statement of income and comprehensive income was $23.7 million, $(14.6) million and $21.2 million for the years ended December 31, 2003, 2002, and 2001, respectively.

Participating Business —

At December 31, 2003 and 2002, participating business, substantially all of which is in the Closed Block, represented approximately 28.7% and 34.0% of the Company’s life insurance in force, and 70.2% and 73.7% of the number of life insurance policies in force, respectively. For each of the years ended December 31, 2003, 2002, and 2001, participating business represented approximately 79.0%, 82.5%, and 83.5%, respectively, of life insurance premiums.

Stock-Based Compensation —

FASB Statement No. 123, Accounting for Stock-Based Compensation (“SFAS 123”), issued in October 1995, prescribes accounting and reporting standards for employee stock-based compensation plans, as well as transactions in which an entity issues equity instruments to acquire goods or services from non-employees. However, for employee stock based compensation plans, SFAS 123 permits companies, at their election, to continue to apply the accounting prescribed by Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees (“APB 25”), which was issued and effective since 1972. SFAS 123 provides no similar election with respect to transactions in which an entity issues equity instruments to acquire goods or services from non-employees. For companies electing to apply the accounting prescribed by APB 25 to their employee stock-based compensation plans, SFAS 123 requires that pro forma disclosure be made of net income and earnings per share as if the fair value accounting prescribed by SFAS 123 had been adopted. The Company elected to apply the accounting prescribed by APB 25 to option grants to employees and, accordingly, make the aforementioned pro forma disclosures. Based on the definition of an “employee” prescribed in the Internal Revenue Code, the Company’s career financial professionals do not qualify as employees. See Note 23 for further discussion of the Company’s stock based compensation plans.

The following table reflects the effect on the Company’s net income as if the accounting prescribed by SFAS 123 had been applied to the options granted to employees and outstanding as at December 31, 2003, 2002 and 2001:

	For the Years Ended December 31
	2003			2002			2001
	($ in millions)
Net income/(loss), as reported	$	56.2		$	(5.6	)	$	(34.0	)
Less: Total stock-based employee compensation determined under the fair value method of accounting, net of tax		(5.4	)		(5.2	)		(4.3	)
Pro forma net income/(loss)	$	50.8		$	(10.8	)	$	(38.3	)

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

The fair value of each option outstanding is estimated using the Black-Scholes option pricing model with the following assumptions: exercise prices ranging from $20.90 to $44.25, dividend yields ranging from 1.02% to 2.37%, expected volatility ranging from 23.5% to 44.4%, and a range of interest rates from 3.3% to 6.7%. The fair value of options determined using the Black-Scholes pricing model ranged from $6.30 to $18.92 per share at December 31, 2003.

The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s employee and career financial professional options have characteristics different than those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its stock options.

Federal Income Taxes —

The Company files a consolidated federal income tax return with its ultimate parent, the MONY Group and its other subsidiaries, as well as the Company’s life and non-life affiliates except Sagamore Financial Corporation, the parent holding company of USFL. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws.

Reinsurance —

The Company has reinsured certain of its life insurance and investment contracts with other insurance companies under various agreements. Amounts due from reinsurers are estimated based on assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Policy and contract liabilities are reported gross of reinsurance reserve credits. Gains on reinsurance are deferred and amortized into income over the remaining life of the underlying reinsured contracts.

In determining whether a reinsurance contract qualifies for reinsurance accounting, SFAS No. 113 “Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts” requires that there be a “reasonable possibility” that the reinsurer may realize a “significant loss” from assuming insurance risk under the contract. In making this assessment, the Company projects the results of the policies reinsured under the contract under various scenarios and assesses the probability of such results actually occurring. The projected results represent the present value of all the cash flows under the reinsurance contract. The Company generally defines a “reasonable possibility” as having a probability of at least 10%. In assessing whether the projected results of the reinsured business constitute a “significant loss”, the Company considers: (i) the ratio of the aggregate projected loss, discounted at an appropriate rate of interest (the “aggregate projected loss”), to an estimate of the reinsurer’s investment in the contract, as hereafter defined, and (ii) the ratio of the aggregate projected loss to an estimate of the total premiums to be received by the reinsurer under the contract discounted at an appropriate rate of interest.

The reinsurer’s investment in a reinsurance contract consists of amounts paid to the ceding company at the inception of the contract (e.g. expense allowances and the excess of liabilities assumed by the reinsurer over the assets transferred to the reinsurer under the contract) plus the amount of capital required to support such business consistent with prudent business practices, regulatory requirements, and the reinsurer’s credit rating. The Company estimates the capital required to support such business based on what it considers to be an appropriate level of risk-based capital in light of regulatory requirements and prudent business practices.

Separate Accounts —

Separate accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent that the

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

4.  Summary of Significant Accounting Policies: (continued)

value of such assets exceeds the separate account liabilities. Investments held in separate accounts and liabilities of the separate accounts are reported separately as assets and liabilities. Substantially all separate account assets are reported at estimated fair value. Investment income and gains or losses on the investments of separate accounts accrue directly to contract holders and, accordingly, are not reflected in the Company’s consolidated statements of income and comprehensive income and cash flows. Fees charged to the separate accounts by the Company (including mortality charges, policy administration fees and surrender charges) are reflected in the Company’s revenues.

Consolidated Statements of Cash Flows — Non-cash Transactions —

For the years ended December 31, 2003, 2002, and 2001, respectively, real estate of $0.0 million, $12.0 million, and $18.0 million was acquired in satisfaction of debt. At December 31, 2003 and 2002, the Company owned real estate acquired in satisfaction of debt of $28.2 million and $33.1 million, respectively. Other non-cash transactions, which are reflected in the statement of cash flows as a reconciling item from net income to net cash provided by operating activities, consisted primarily of stock distributions from the Company’s partnership investments and payment-in-kind for interest due on certain fixed maturity securities.

New Accounting Pronouncements Adopted as of December 31, 2003 —

On January 1, 2001 the Company adopted SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”). SFAS 133 requires all derivatives to be recognized in the statement of financial position as either assets or liabilities and measured at fair value. The corresponding derivative gains and losses are reported based on the hedge relationship that exists, if there is one. Changes in the fair value of derivatives that are not designated as hedges or that do not meet the hedge accounting criteria in SFAS 133, are required to be reported in earnings. The Company’s use of derivative instruments is not significant and accordingly, adoption of the standard did not have a material effect on the Company’s results of operations or financial position.

On January 1, 2001 the Company adopted SFAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, a replacement of SFAS No. 125 (“SFAS 140”). SFAS No. 140 specifies the accounting and reporting requirements for securitizations and other transfers of financial assets and collateral, recognition and measurement of servicing assets and liabilities, and the extinguishment of liabilities. Adoption of the new requirements did not have a material effect on the Company’s results of operations or financial position.

Effective July 1, 2001, the Company adopted SFAS No. 141, Business Combinations (“SFAS 141”). SFAS 141 addresses the financial accounting and reporting for all business combinations. This statement requires that all business combinations be accounted for under the purchase method of accounting, abolishes the use of the pooling-of-interest method, requires separate recognition of intangible assets that can be identified and named, and expands required disclosures. All of the Company’s past business combinations have been accounted for under the purchase accounting method. The provisions of this statement apply to all business combinations initiated after June 30, 2001. The adoption of SFAS 141 did not have a material effect on the Company’s results of operations or financial position.

On January 1, 2002, the Company adopted SFAS No. 142, Goodwill and Other Intangible Assets (“SFAS 142”). SFAS 142 provides that goodwill and intangible assets that have indefinite useful lives will not be amortized but rather will be tested at least annually for impairment. This Statement provides specific guidance for testing the impairment of goodwill and intangible assets. As a result of adopting this standard, the Company no longer recognizes goodwill amortization of approximately $1.3 million on an annualized basis. In addition, since the adoption of this standard, based on the Company’s estimate of its reporting units, the Company has determined that none of its goodwill is impaired (see Note 24).

On January 1, 2002, the Company adopted SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (“SFAS 144”). This statement establishes a single accounting model for the impairment or disposal of long-lived assets, including

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4.  Summary of Significant Accounting Policies: (continued)

assets to be held and used, assets to be disposed of by other than sale, and assets to be disposed of by sale. SFAS 144 retains many of the same provisions as SFAS 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of (“SFAS 121”). In addition to retaining the SFAS 121 requirements, SFAS 144 requires companies to present the results of operations of components of the entity that are held for sale as discontinued operations in the consolidated statement of income and comprehensive income. The Company had real estate that meets the definition of a component of the entity. Substantially all of the Company’s real estate to be disposed of resulted from disposal activities initiated prior to the effective date of SFAS 144. The carrying value of real estate to be disposed of at December 31, 2003 and 2002 was $0.0 million and $26.8 million, respectively. The Company’s pretax income/(loss) from real estate to be disposed of for the years ended December 31, 2003 and 2002, which is reported in the Company’s consolidated statement of income and comprehensive income as a discontinued operation, was $9.0 million and $(3.9) million, respectively.

In December 2002, the FASB issued SFAS No. 148 Accounting for Stock-Based Compensation — Transition and Disclosure and amendment of FASB Statement No. 123 (“SFAS 148”). This Statement amends SFAS 123, to provide alternative methods of transition for an entity that voluntarily changes to the fair value based method of accounting for stock-based employee compensation. It also amends the disclosure provisions of that Statement to require prominent disclosure about the effects on reported net income of an entity’s accounting policy decisions with respect to stock-based employee compensation. Finally, SFAS 148 amends APB Opinion No. 28, Interim Financial Reporting, to require disclosure about those effects in interim financial information. The disclosure provisions for SFAS 148 were effective for interim periods beginning after December 15, 2002. The transition provisions of SFAS 148 were effective for financial statements for fiscal years ending after December 31, 2002. As of December 31, 2003, the Company has not adopted the fair value based method of accounting for stock based compensation.

In April 2003, the FASB issued SFAS 133 Implementation Issue B36, Embedded Derivatives: Modified Coinsurance Arrangements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (“DIG B36”). DIG B36 addresses the need to separately account for an embedded derivative within a reinsurer’s receivable and ceding company’s payable arising from modified coinsurance or similar arrangements. Paragraph 12(a) of SFAS 133 indicates that an embedded derivative must be separated from the host contract (“bifurcated”) if the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract. DIG B36 concludes that bifurcation is necessary in a modified coinsurance arrangement because the yield on the receivable and payable is based on a specified proportion of the ceding company’s return on either its general account assets or a specified block of those assets, rather than the overall creditworthiness of the ceding company. The effective date of implementation was the first day of the first fiscal quarter beginning after September 15, 2003, with earlier application as of the beginning of a fiscal quarter permitted. The adoption of DIG B36 did not have a material impact on the Company’s results of operations and financial position.

In May 2003, the FASB issued SFAS No. 150 Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity (“SFAS 150”). SFAS 150 changes the accounting for certain financial instruments that, under previous guidance, could be classified as equity or “mezzanine” equity, by now requiring those instruments to be classified as liabilities (or assets in some circumstances) in the statement of financial position. Further, SFAS 150 requires disclosure regarding the terms of those instruments and settlement alternatives. SFAS 150 affects an entity’s classification of the following free-standing instruments: (i) mandatory redeemable instruments, (ii) financial instruments to repurchase an entity’s own equity instruments, and (iii) financial instruments embodying obligations that the issuer must or could choose to settle by issuing a variable number of its shares or other equity instruments based solely on (a) a fixed monetary amount known at inception or (b) something other than changes in its own equity instruments. SFAS 150 does not apply to features embedded in a financial instrument that is not a derivative in its entirety. The guidance in SFAS 150 was generally effective for all financial instruments entered into or modified after May 31, 2003, and was otherwise effective at the beginning of the first interim period beginning after June 15, 2003. The adoption of SFAS 150 did not have a material impact on the Company’s results of operations and financial position.

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4.  Summary of Significant Accounting Policies: (continued)

In October 2003, the FASB finalized the proposed FASB Staff Position 46-e Effective Date of Interpretation 46 (“FIN 46”), for Certain Interests Held by a Public Entity (“Staff Position 46-e”). Staff Position 46-e defers the latest date by which all public entities must apply SFAS Interpretation No. 46 Consolidation of Variable Interest Entities (“Interpretation 46”), to the first reporting period ending after December 15, 2003. Interpretation 46 represents an interpretation of Accounting Research Bulletin No. 51, Consolidated Financial Statements (“ARB 51”). ARB 51 requires that a company’s consolidated financial statements include subsidiaries in which the company has a majority voting interest. However, the voting interest approach is not effective in identifying controlling financial interests in entities (referred to as “variable interest entities”) that are not controllable through voting interests or in which the equity investors do not bear the residual economic risks. Interpretation 46 provides guidance on identifying variable interest entities and on assessing whether a company’s investment in a variable interest entity requires consolidation thereof. Interpretation 46 was initially effective in January 2003 for investments made in variable interest entities after January 31, 2003 and it was effective in the first fiscal year or interim period beginning after June 15, 2003 for investments in variable interest entities made prior to February 1, 2003. The deferral applied to all variable interest entities and potential variable interest entities, both financial and non-financial in nature. Variable interest entities that were previously consolidated in issued financial statements under Interpretation 46 were not unconsolidated. The adoption of Interpretation 46 did not have a material impact on the Company’s results of operations and financial position.

In December 2003, the FASB issued SFAS No. 132 (revised 2003) Employers’ Disclosures about Pensions and Other Postretirement Benefits (“SFAS 132–2003”). SFAS 132-2003 improves the financial statement disclosures for defined benefit plans contained in SFAS No. 132 Employers’ Disclosures about Pensions and Other Postretirement Benefits (“SFAS 132”), which it replaces, and requires additional disclosures about the assets, obligations, cash flows, and net periodic benefit cost of defined benefit pension plans and other defined benefit postretirement plans. The additional disclosures include information describing the types of plan assets, investment strategy, measurement date(s), plan obligations, cash flows, and components of net periodic benefit cost recognized during interim periods. SFAS 132-2003 does not change the measurement or recognition of pension plans and other postretirement benefit plans required by SFAS 87 Employers’ Accounting for Pensions, SFAS 88 Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits and SFAS 106 Employers’ Accounting for Postretirement Benefits Other Than Pensions. The disclosure provisions for SFAS 132-2003 are effective for financial statements with fiscal years ending after December 15, 2003.

New Accounting Pronouncements Not Yet Adopted as of December 31, 2003 —

In July 2003 the American Institute of Certified Public Accountants issued Statement of Position 03-1 Accounting and Reporting by Insurance Enterprises for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts (“SOP 03-1”). SOP 03-1 provides guidance relating to (i) separate account presentation, (ii) accounting for an insurance enterprise’s interest in separate accounts, (iii) gains and losses on the transfer of assets from the general account, (iv) liability valuation, (v) return based on a contractually referenced pool of assets or index, (vi) determining the significance of mortality and morbidity risk and classification of contracts that contain death or other insurance benefit features, (vii) accounting for contracts that contain death or other insurance benefit features, (viii) accounting for reinsurance and other similar contracts, (ix) accounting for annuitization benefits, (x) sales inducements to contract holders, and (xi) disclosures in the financial statements of an insurance enterprise regarding (a) separate account assets and liabilities, (b) the insurance enterprise’s accounting policy for sales inducements, and (c) the nature of the liabilities and methods and assumptions used in estimating any contract benefits recognized in excess of the account balance. SOP 03-1 is effective for financial statements for fiscal years beginning after December 15, 2003, with earlier adoption encouraged. The adoption of SOP 03-1 will result in the Company having to establish an additional liability for Guaranteed Minimum Death Benefits of approximately $0.8 million at January 1, 2004. This increase in reserves will be partially offset by a decrease in DPAC amortization due to lower profit margins as a result of the increased reserves. The adoption of SOP 03-1 is not expected to have any other material impact on the Company’s results of operations and financial position.

In December 2003, the FASB issued SFAS Interpretation No. 46-Revised Consolidation of Variable Interest Entities (“Interpretation 46R”), which incorporates a number of modifications and changes to Interpretation 46 (see — New Accounting

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4.  Summary of Significant Accounting Policies: (continued)

Pronouncements Adopted as of December 31, 2003, above). Interpretation 46R clarifies some of the requirements of Interpretation 46, eases some of its implementation problems, and adds new scope exceptions and applicability judgments. Interpretation 46R is effective for reporting periods ending after December 15, 2003 for investments in variable interest entities considered to be special-purpose entities. The implementation of Interpretation 46R for all other investments in variable interest entities is required for reporting periods ending after March 15, 2004, with early adoption permitted. The adoption of FIN 46R is not expected to have a material impact on the Company’s results of operations and financial position.

5.  Investment Income, Realized and Unrealized Investment Gains/(Losses), and Comprehensive Income:

Net investment income for the years ended December 31, 2003, 2002, and 2001 was derived from the following sources:

	2003		2002		2001
	($ in millions)
Net Investment Income
Fixed maturity securities	$	498.9	$	486.7	$	484.4
Equity securities		12.7		7.8		(33.9	)
Mortgage loans		143.4		138.9		139.8
Other investments (including cash and short-term)		104.2		126.3		132.7
Total investment income		759.2		759.7		723.0
Investment expenses		35.0		34.3		46.1
Net investment income	$	724.2	$	725.4	$	676.9

Net realized gains/(losses) on investments for the years ended December 31, 2003, 2002, and 2001 are summarized as follows:

	2003			2002			2001
	($ in millions)
Net Realized Gains (Losses) on Investments
Fixed maturity securities	$	50.0		$	(79.5	)	$	(2.6	)
Equity securities		(9.1	)		(38.7	)		(7.8	)
Mortgage loans		18.6			(3.0	)		9.3
Other invested assets		(13.1	)		(29.9	)		(11.2	)
Net realized gains/(losses) on investments	$	46.4		$	(151.1	)	$	(12.3	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

5.  Investment Income, Realized and Unrealized Investment Gains/(Losses), and Comprehensive Income: (continued)

Following is a summary of the change in unrealized investment gains/(losses), net of related deferred income taxes and the adjustment for DPAC (see Note 10), which are reflected in accumulated other comprehensive income for the periods presented. The net change in unrealized investment gains/(losses) and the change in the Company’s minimum pension liability represent the only components of other comprehensive income for the years ended December 31, 2003, 2002, and 2001 as presented below:

	2003			2002			2001
	($ in millions)
Other Comprehensive Income
Change in unrealized gains/(losses):
Fixed maturity securities	$	(43.2	)	$	360.5		$	156.7
Equity securities		14.9			2.2			(3.4	)
Interest rate swap		(2.8	)		12.4			—
Other		0.7			—			—
Subtotal		(30.4	)		362.7			153.3
AEGON Portfolio (See Note 13)		—			(29.3	)		31.0
Subtotal		(30.4	)		333.4			184.3
Effect on unrealized gains/(losses) on investments attributable to:
DPAC		(12.2	)		(67.4	)		(30.3	)
Deferred federal income taxes		15.2			(92.4	)		(48.2	)
Net unrealized gains/(losses) and DPAC transferred to the Closed Block		17.0			(129.8	)		(69.2	)
Change in unrealized gains/(losses) on investments, net		(10.4	)		43.8			36.6
Minimum pension liability adjustment		1.2			(1.9	)		(11.5	)
Other comprehensive income/(loss)	$	(9.2	)	$	41.9		$	25.1

The following table sets forth the reclassification adjustments required for the years ended December 31, 2003, 2002, and 2001 to avoid double-counting in comprehensive income items that are included as part of net income for a period that also had been part of other comprehensive income in earlier periods:

	2003			2002			2001
	($ in millions)
Reclassification Adjustments
Unrealized gains/(losses) on investments	$	(21.2	)	$	83.7		$	34.6
Reclassification adjustment for gains included in net income		10.8			(39.9	)		2.0
Unrealized gains/(losses) on investments, net of reclassification adjustments	$	(10.4	)	$	43.8		$	36.6

Unrealized gains/(losses) on investments, excluding net unrealized gains/(losses) on assets allocated to the Closed Block, reported in the above table for the years ended December 31, 2003, 2002, and 2001 are net of income tax (benefit)/expense of $(21.6) million, $115.0 million and $43.2 million, respectively, and $9.1 million, $(71.4) million and $(32.1) million, respectively, relating to the effect of such unrealized gains/(losses) on DPAC.

Reclassification adjustments, excluding net unrealized gains/(losses) on assets allocated to the Closed Block, reported in the above table for the years ended December 31, 2003, 2002, and 2001 are net of income tax expense (benefit) of $6.5 million, $(22.5) million and $5.1 million, respectively, and $(3.1) million, $4.1 million and $1.8 million, respectively, relating to the effect of such amounts on DPAC.

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6.  Fixed Maturity and Equity Securities:

Fixed Maturity Securities —

The following table presents the amortized cost, gross unrealized gains and losses, and estimated fair value of fixed maturity securities, including amounts relating to certain invested assets held pursuant to a reinsurance arrangement whereby all the experience from such assets is passed to the reinsurer, as of December 31, 2003 and 2002.

	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
	2003		2002		2003		2002		2003		2002		2003		2002
	($ in millions)
U.S. Treasury securities and Obligations of U.S. Government agencies	$	1,622.6	$	847.2	$	41.2	$	66.7	$	17.9	$	0.2	$	1,645.9	$	913.7
Collateralized mortgage obligations:
Government agency-backed		95.2		169.3		1.8		8.4		0.4		—		96.6		177.7
Non-agency backed		6.5		92.8		0.2		3.4		—		—		6.7		96.2
Other asset-backed securities:
Government agency-backed		6.7		121.9		0.4		5.9		—		—		7.1		127.8
Non-agency backed		314.8		582.1		24.2		34.7		1.5		4.6		337.5		612.2
Foreign governments		52.3		42.5		6.6		6.1		0.2		0.3		58.7		48.3
Utilities		526.5		546.1		39.6		37.1		1.8		7.2		564.3		576.0
Corporate bonds		5,341.6		4,871.4		397.5		385.1		22.5		30.7		5,716.6		5,225.8
Total bonds		7,966.2		7,273.3		511.5		547.4		44.3		43.0		8,433.4		7,777.7
Redeemable preferred stocks		37.0		47.0		4.2		3.5		—		—		41.2		50.5
Total	$	8,003.2	$	7,320.3	$	515.7	$	550.9	$	44.3	$	43.0	$	8,474.6	$	7,828.2

The carrying value of the Company’s fixed maturity securities at December 31, 2003 and 2002 is net of adjustments for impairments in value deemed to be other than temporary of $113.5 million and $124.4 million, respectively.

At December 31, 2003 and 2002, there was $23.4 million and $6.7 million, respectively, of fixed maturity securities which had been non-income producing for the twelve months preceding such dates. Interest income that would have been recognized on these fixed maturity securities was $2.8 million and $1.5 million for the years ended December 31, 2003 and 2002, respectively.

The Company classifies fixed maturity securities which: (i) are in default as to principal or interest payments; (ii) are to be restructured pursuant to commenced negotiations; (iii) went into bankruptcy subsequent to acquisition; or (iv) are deemed to have other than temporary impairments to value as “problem fixed maturity securities.” At December 31, 2003 and 2002, the carrying value of problem fixed maturity securities held by the Company was $240.4 million and $274.7 million, respectively. The Company defines potential problem securities in the fixed maturity category as securities that are deemed to be experiencing significant operating problems or difficult industry conditions. At December 31, 2003 and 2002, the carrying value of potential problem fixed maturity securities held by the Company was $4.9 million and $8.5 million, respectively. In addition, at December 31, 2003 and 2002, the Company had no fixed maturity securities which had been restructured.

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6.  Fixed Maturity and Equity Securities: (continued)

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity dates (excluding scheduled sinking funds) as of December 31, 2003, are as follows:

	Amortized Cost		Estimated Fair Value
	($ in millions)
Due in one year or less	$	265.7	$	276.4
Due after one year through five years		2,139.4		2,312.7
Due after five years through ten years		2,998.3		3,193.6
Due after ten years		1,644.0		1,699.1
Subtotal		7,047.4		7,481.8
Mortgage-and asset-backed securities		955.8		992.8
Total	$	8,003.2	$	8,474.6

Fixed maturity securities that are not due at a single maturity date have been included in the preceding table in the year of final maturity. Actual maturity dates may differ from contractual maturity dates because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Proceeds from sales of fixed maturity securities during 2003, 2002, and 2001 were $1,844.2 million, $468.1 million and $479.4 million, respectively. Gross gains of $70.3 million, $35.1 million and $21.3 million and gross losses of $0.4 million, $6.6 million and $8.3 million were realized on these sales in 2003, 2002, and 2001, respectively.

Equity Securities —

The cost, gross unrealized gains and losses, and estimated fair value of marketable and non-marketable equity securities at December 31, 2003 and 2002 are as follows:

	Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
	2003		2002		2003		2002		2003		2002		2003		2002
	($ in millions)
Marketable equity securities	$	65.6	$	59.9	$	8.7	$	3.3	$	0.9	$	2.3	$	73.4	$	60.9
Non-marketable equity securities		178.0		192.8		16.6		29.5		16.3		35.5		178.3		186.8
	$	243.6	$	252.7	$	25.3	$	32.8	$	17.2	$	37.8	$	251.7	$	247.7

Proceeds from sales of equity securities during 2003, 2002, and 2001 were $16.9 million, $16.5 million and $31.0 million, respectively. Gross gains of $5.4 million, $2.7 million and $3.1 million and gross losses of $0.5 million, $2.8 million and $9.5 million were realized on these sales during 2003, 2002, and 2001, respectively.

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7.  Other Than Temporary Impairments:

The following table presents certain information by type of investment with respect to the Company’s gross unrealized losses on fixed maturity and equity securities at December 31, 2003, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. This table excludes amounts relating to certain invested assets held pursuant to a reinsurance agreement whereby all the experience from such assets is passed to the reinsurer.

	Less Than 12 Months					Greater Than 12 Months					Total
	Total Market Value		Gross Unrealized Losses			Total Market Value		Gross Unrealized Losses			Total Market Value		Gross Unrealized Losses
	($ in millions)
U.S. Treasury securities and Obligations of U.S. Government Agencies	$	877.7	$	(17.9	)	$	0.3	$	—		$	878.0	$	(17.9	)
Collateralized mortgage obligations:
Government agency-backed		43.0		(0.3	)		—		—			43.0		(0.3	)
Non government agency-backed		—		—			—		—			—		—
Other asset-backed securities:
Government agency-backed		—		—			—		—			—		—
Non government agency-backed		1.0		—			35.1		(1.5	)		36.1		(1.5	)
Foreign governments		12.5		(0.2	)		—		—			12.5		(0.2	)
Utilities		62.4		(1.8	)		—		—			62.4		(1.8	)
Corporate bonds		628.7		(21.1	)		49.0		(1.1	)		677.7		(22.2	)
Total bonds		1,625.5		(41.3	)		81.4		(2.6	)		1,709.9		(43.9	)
Common stocks		5.7		(0.9	)		—		—			5.7		(0.9	)
Total temporarily impaired securities	$	1,631.2	$	(42.2	)	$	84.4	$	(2.6	)	$	1,715.6	$	(44.8	)

There were 19 investment grade fixed maturity security positions that have been in an unrealized loss position for more than 12 months as of December 31, 2003. The aggregate gross pre-tax unrealized loss relating to these positions was $2.6 million ($1.7 million after-tax) as of such date. Of these positions: (i) eight comprising approximately $1.8 million ($1.2 million after-tax) of the aforementioned aggregate unrealized loss, were not considered “other than temporarily impaired” principally because of the issuer’s financial strength as indicated by the fact that all such securities were rated “A” or better, (ii) eight comprising approximately $0.8 million ($0.5 million after-tax) of the aforementioned unrealized loss were not considered “other than temporarily impaired” because management is of the opinion that the unrealized loss position was primarily attributable to temporary market conditions affecting the related industry sectors, as well as the fact that management’s analysis of the issuer’s financial strength supported the conclusion that the security was not “other than temporarily impaired”, and (iii) three positions with negligible unrealized losses were U.S. Government securities.

There were no common stock positions that have been in an unrealized loss position for more than 12 months as at December 31,2003.

8.  Mortgage Loans on Real Estate:

Mortgage loans on real estate at December 31, 2003 and 2002 consist of the following:

	2003			2002
	($ in millions)
Commercial and residential mortgage loans	$	1,452.9		$	1,592.3
Agricultural mortgage loans		349.5			307.8
Total loans		1,802.4			1,900.1
Less: valuation allowances		(20.0	)		(22.7	)
Mortgage loans, net of valuation allowances	$	1,782.4		$	1,877.4

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

8.  Mortgage Loans on Real Estate: (continued)

An analysis of the valuation allowances for 2003, 2002, and 2001 is as follows:

	2003			2002			2001
	($ in millions)
Balance, beginning of year	$	22.7		$	28.5		$	32.2
Increase/(decrease) in allowance		0.9			0.7			(0.8	)
Reduction due to paydowns, payoffs, and writeoffs		(3.6	)		(2.1	)		(0.2	)
Transfers to real estate		—			(4.4	)		(2.7	)
Balance, end of year	$	20.0		$	22.7		$	28.5

Impaired mortgage loans along with related valuation allowances as of December 31, 2003 and 2002 are as follows:

	2003			2002
	($ in millions)
Investment in impaired mortgage loans (before valuation allowances):
Loans that have valuation allowances	$	14.3		$	66.7
Loans that do not have valuation allowances		30.2			90.3
Subtotal		44.5			157.0
Valuation allowances		(3.2	)		(14.7	)
Impaired mortgage loans, net of valuation allowances	$	41.3		$	142.3

During 2003, 2002, and 2001, the Company recognized $4.1 million, $11.3 million and $12.8 million, respectively, of interest income on impaired loans.

At December 31, 2003 and 2002, the carrying value of mortgage loans which were non-income producing for the twelve months preceding such dates was $0.0 million and $13.8 million, respectively. Interest income that would have been recognized on these mortgage loans was $2.2 million for the year ended December 31, 2002.

At December 31, 2003 and 2002, the Company had restructured mortgage loans of $15.3 million and $29.8 million, respectively. Interest income of $1.3 million, $1.5 million and $4.3 million was recognized on restructured mortgage loans in 2003, 2002, and 2001, respectively. Gross interest income on these loans that would have been recorded in accordance with the original terms of such loans amounted to approximately $1.6 million, $4.0 million and $7.2 million in 2003, 2002, and 2001, respectively.

9.  Segment Information:

The Company’s business activities consist of the following: protection product operations, accumulation product operations, mutual fund operations, securities broker-dealer operations, insurance brokerage operations, and certain insurance lines of business no longer written by the Company (the “run-off businesses”). These business activities represent the Company’s operating segments. Except as discussed below, these segments are managed separately because they either provide different products or services, are subject to different regulation, require different strategies, or have different technology requirements.

Management considers the Company’s mutual fund operations to be an integral part of the products offered by the Company’s Accumulation Products segment. Accordingly, for management purposes (including performance assessment and making decisions regarding the allocation of resources), the Company aggregates its mutual fund operations with its Accumulation Products segment.

F-311

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

9.  Segment Information: (continued)

Of the aforementioned segments, only the Protection Products segment and the Accumulation Products segment qualify as reportable segments in accordance with SFAS No.131, Disclosures about Segments of an Enterprise and Related Information. All of the Company’s other segments are combined and reported in the Other Products segment.

Products comprising the Protection Products segment primarily include a wide range of individual life insurance products, including: whole life, term life, universal life, variable universal life, corporate-owned life, last survivor universal life, last survivor variable universal life, group universal life and special-risk products. In addition, included in the Protection Products segment are: (i) the assets and liabilities transferred pursuant to the Group Pension Transaction (which ceased as of December 31, 2002 – see Note 13), as well as the Group Pension Profits derived therefrom, (ii) the Closed Block assets and liabilities, as well as the revenues and expenses relating thereto (See Notes 3 and 20), and (iii) the Company’s disability income insurance products (which are 100% reinsured and no longer offered by the Company).

The Accumulation Products segment primarily includes flexible premium variable annuities, single and flexible premium deferred annuities, single premium immediate annuities, proprietary mutual funds, investment management services, and certain other financial services products.

The Company’s Other Products segment primarily consists of a securities broker-dealer operation, an insurance brokerage operation, and the run-off businesses. The securities broker-dealer operation markets the Company’s proprietary investment products and, in addition, provides customers of the Company’s protection and accumulation products access to other non-proprietary investment products (including stocks, bonds, limited partnership interests, tax-exempt unit investment trusts and other investment securities). The insurance brokerage operation provides the Company’s career agency sales force with access to variable life, annuity, small group health and specialty insurance products written by other carriers to meet the insurance and investment needs of its customers. The run-off businesses primarily consist of group life and health business, as well as group pension business that was not included in the Group Pension Transaction (See Note 13).

Set forth in the table below is certain financial information with respect to the Company’s reportable segments as of and for each of the years ended December 31, 2003, 2002, and 2001, as well as amounts not allocated to the segments. Except for various allocations discussed below, the accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 4). The Company evaluates the performance of each operating segment based on profit or loss from operations before income taxes and nonrecurring items (e.g., items of an unusual or infrequent nature). The Company does not allocate certain non-recurring items to the segments. In addition, unless otherwise noted, all segment revenues are from external customers.

Assets have been allocated to the segments in amounts sufficient to support the associated liabilities of each segment and maintain a separately calculated regulatory risk-based capital (“RBC”) level for each segment. Allocations of the net investment income and net realized gains (losses) on investments were based on the amount of assets allocated to each segment. Other costs and operating expenses were allocated to each of the segments based on: (i) a review of the nature of such costs, (ii) time studies analyzing the amount of employee compensation costs incurred by each segment, and (iii) cost estimates included in the Company’s product pricing. Substantially all non-cash transactions and impaired real estate (including real estate acquired in satisfaction of debt) have been allocated to the Protection Products segment.

Amounts reported as “reconciling amounts” in the table below primarily relate to: (i) contracts issued by the MONY Life relating to its employee benefit plans, (ii) interest expense associated with the surplus and intercompany surplus notes, (iii) charges totaling $5.8 million, $7.2 million and $56.8 million in 2003, 2002 and 2001, respectively, associated with the Company’s reorganization activities (see Note 25), (iv) a $1.5 million decrease in 2002 in certain reserves established in connection with the reorganization charge recorded in 2001 (see Note 25) and (v) merger related expenses totaling $0.8 million in 2003 incurred in connection with MONY Group’s pending merger transaction with AXA Financial (see Note 2).

F-312

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

9.  Segment Information: (continued)

Segment Summary Financial Information

	2003(4)			2002(5)		2001(3)(6)
	($ in millions)
Premiums:
Protection Products	$	667.9		$	662.9	$	675.5
Accumulation Products		21.2			11.6		5.3
Other Products		16.1			15.9		14.5
	$	705.2		$	690.4	$	695.3
Universal life and investment-type product policy fees:
Protection Products	$	170.4		$	152.1	$	151.6
Accumulation Products		40.6			46.8		54.7
Other Products		(0.1	)		1.6		0.9
	$	210.9		$	200.5	$	207.2
Net investment income and net realized gains/(losses) on investments (7)(8):
Protection Products	$	648.9		$	474.7	$	559.4
Accumulation Products		101.4			59.9		68.6
Other Products		20.1			18.9		17.9
Reconciling amounts		9.2			24.7		18.7
	$	779.6		$	578.2	$	664.6
Other income:
Protection Products (1)	$	33.6		$	84.0	$	46.8
Accumulation Products		105.7			96.1		107.4
Other Products		79.9			60.7		57.5
Reconciling amounts		7.4			10.8		8.1
	$	226.6		$	251.6	$	219.8
Amortization of deferred policy acquisition costs:
Protection Products	$	114.8		$	110.3	$	115.7
Accumulation Products		5.2			45.8		26.1
Reconciling amounts		—			—		17.0
	$	120.0		$	156.1	$	158.8
Benefits to policyholders and interest credited to policyholders’ account balances:
Protection Products	$	837.6		$	794.2	$	815.1
Accumulation Products		106.0			87.9		75.4
Other Products		31.8			30.4		29.2
Reconciling amounts		5.5			9.9		5.5
	$	980.9		$	922.4	$	925.2

F-313

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

9.  Segment Information: (continued)

	2003(4)			2002(5)			2001(3)(6)
	($ in millions)
Other operating costs and expenses:
Protection Products	$	268.7		$	226.6		$	245.5
Accumulation Products		125.1			119.4			127.2
Other Products		96.3			83.3			87.3
Reconciling amounts		27.2			30.1			59.4
	$	517.3		$	459.4		$	519.4
Income/(loss) before income taxes (7)(8):
Protection Products	$	77.6		$	57.0		$	23.1
Accumulation Products		31.4			(39.9	)		5.7
Other Products		(13.1	)		(17.8	)		(27.3	)
Reconciling amounts		(16.1	)		(4.5	)		(54.6	)
	$	79.8		$	(5.2	)	$	(53.1	)
Assets:
Protection Products (10)	$	12,956.9		$	12,258.0		$	16,212.9
Accumulation Products		5,235.6			4,521.8			5,077.7
Other Products		767.0			988.2			1,125.7
Reconciling amounts		885.5			727.9			994.8
	$	19,845.0		$	18,495.9		$	23,411.1
Deferred policy acquisition costs:
Protection Products	$	1,153.4		$	1,093.3		$	1,087.0
Accumulation Products		172.0			133.1			146.8
	$	1,325.4		$	1,226.4		$	1,233.8
Future policy benefits:
Protection Products	$	7,626.3		$	7,543.3		$	7,467.2
Accumulation Products		207.7			188.6			173.5
Other Products		192.3			203.1			213.9
Reconciling amounts		15.2			14.9			15.4
	$	8,041.5		$	7,949.9		$	7,870.0
Unearned premiums:
Protection Products	$	58.2		$	54.7		$	53.1
Accumulation Products		—			—			—
Other Products		—			2.6			2.8
Reconciling amounts		—			—			—
	$	58.2		$	57.3		$	55.9

F-314

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

9.  Segment Information: (continued)

	2003(4)		2002(5)		2001(3)(6)
	($ in millions)
Policyholders’ balances and other policyholders’ liabilities:
Protection Products	$	1,831.1	$	1,629.8	$	2,845.9
Accumulation Products		1,491.3		1,225.5		969.0
Other Products		152.4		155.7		145.3
Reconciling amounts		0.8		0.6		0.9
	$	3,475.6	$	3,011.6	$	3,961.1
Separate account liabilities (2)(9):
Protection Products (10)	$	826.9	$	604.6	$	3,783.7
Accumulation Products		3,143.5		2,699.0		3,464.3
Other Products		302.3		298.1		429.7
Reconciling amounts		579.2		535.9		694.1
	$	4,851.9	$	4,137.6	$	8,371.8

(1) Includes Group Pension Profits in 2002 and 2001 (see Note 13).

(2) Each segment includes separate account assets in an amount not less than the corresponding liability reported.

(3) See Note 25 for details regarding the allocation of Reorganization and Other Charges to segments.

(4) Amounts reported as “reconciling” in 2003 primarily related to (i) contracts issued by MONY Life relating to its employee benefit plans, (ii) interest expense associated with the surplus and intercompany surplus notes (see Note 16), (iii) charges totaling $5.8 million pre-tax relating to the Company’s reorganization activities (see Note 25) and (iv) merger related expenses totaling $0.8 million incurred in connection with MONY Group’s pending merger with AXA Financial (see Note 2).

(5) Amounts reported as “reconciling” in 2002 primarily relate to: (i) contracts issued by MONY Life relating to its employee benefit plans, (ii) interest expense associated with the surplus and intercompany surplus notes (see Note 16), (iii) charges totaling $7.2 million pre-tax relating to the Company’s 2003 reorganization activities (see Note 25), and (iv) a $1.5 million decrease in certain reserves associated with the Company’s 2001 reorganization charge (see Note 25).

(6) Amounts reported as “reconciling” in 2001 primarily relate to: (i) contracts issued by MONY Life relating to its employee benefit plans, (ii) interest expense associated with the surplus and intercompany surplus notes (see Note 16) and (iii) charges totaling $56.8 million pre-tax relating to the Company’s reorganization activities (see Note 25).

(7) Amounts reported in 2002 include a loss of $3.9 million pre-tax from discontinued operations, of which $3.3 million, $0.4 million, and $0.2 million, has been allocated to the Protection Products, Accumulation Products and Other Products segments, respectively.

(8) Amounts reported in 2003 include a gain of $9.0 million pre-tax from discontinued operations, of which $7.7 million, $0.9 million and $0.4 million, has been allocated to the Protection Products, Accumulation Products and Other Products segments, respectively.

(9) Includes separate account liabilities relating to the Group Pension Transaction of $3,179.5 million as of December 31, 2001 (see Note 13).

(10) As explained in Note 13, in accordance with GAAP, the Group Pension Transaction did not constitute a sale because the Company retained substantially all the risks and rewards associated with the business transferred to Aegon USA, Inc. (“AEGON”). Accordingly, over the life of the transaction the Company was required to reflect the transferred assets and liabilities on its balance sheet under separate captions entitled “Assets transferred in Group Pension Transaction” and “Liabilities transferred in Group Pension Transaction”. As a result of the expiration of the transaction at December 31, 2002 and the recognition of earnings from the Final Value Payment from AEGON the Company has no further interest in the transferred assets and liabilities and, accordingly, such assets and liabilities are no longer reflected on its balance sheet.

F-315

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

9.  Segment Information: (continued)

Substantially all of the Company’s revenues are derived in the United States. Revenue derived from outside the United States is not material and revenue derived from any single customer does not exceed 10.0% of total consolidated revenues.

Following is a summary of revenues by product for the years ended December 31, 2003, 2002, and 2001:

	2003		2002		2001
	($ in millions)
Premiums:
Individual life	$	667.6	$	662.6	$	675.1
Disability income insurance		0.3		0.3		0.4
Group insurance		16.1		15.9		14.5
Other		21.2		11.6		5.3
Total	$	705.2	$	690.4	$	695.3

	2003			2002		2001
	($ in millions)
Universal life and investment-type product policy fees:
Universal life	$	76.9		$	64.8	$	68.8
Variable universal life		84.0			78.1		73.4
Group universal life		9.5			9.2		9.4
Individual variable annuities		40.6			46.8		54.7
Individual fixed annuities		(0.1	)		1.6		0.9
Total	$	210.9		$	200.5	$	207.2

10.  Deferred Policy Acquisition Costs:

Policy acquisition costs deferred and amortized in 2003, 2002, and 2001 are as follows:

	2003			2002			2001
	($ in millions)
Balance, beginning of the year	$	1,226.4		$	1,233.8		$	1,209.7
Costs deferred during the year		233.7			213.1			209.1
Amortized to expense during the year		(120.0	)		(156.1	)		(158.8	)
Effect on DPAC from unrealized (gains)/losses		(14.7	)		(64.4	)		(26.2	)
Balance, end of the year	$	1,325.4		$	1,226.4		$	1,233.8

11.  Pension Plans and Other Postretirement Benefits:

Pension Plans —

The Company has a qualified pension plan covering substantially all of MONY Life’s salaried employees. The provisions of the plan provide both (a) defined benefit accruals based on: (i) years of service, (ii) the employee’s final average annual compensation and (iii) wage bases or benefits under Social Security, and (b) defined contribution accruals based on a Company matching contribution equal to 100% of the employee’s elective deferrals under the incentive savings plan for employees up to 3% of the employee’s eligible compensation and an additional 2% of eligible compensation for each active participant. Effective

F-316

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

11.  Pension Plans and Other Postretirement Benefits: (continued)

June 15, 1999, prospective defined contribution accruals in the defined benefit plan ceased and were redirected to the Investment Plan Supplement for Employees of MONY Life. The Company did not make any contribution in the current or prior year under Section 404 of the Internal Revenue Code (“IRC”) because the plan was fully funded under Section 412 of the IRC.

During 2002, the Company amended its Qualified Pension plan, which increased certain benefit liabilities payable thereunder. The amendment resulted in an increase of $3.7 million in the plan’s projected benefit obligation.

The assets of the qualified pension plan are primarily invested in MONY Pooled Accounts which include common stock, real estate, and public and private fixed maturity securities. At December 31, 2003 and 2002, $312.0 million and $304.7 million, respectively, were invested in the MONY Pooled Accounts. Benefits of $34.0 million, $30.2 million and $27.9 million were paid by this plan for the years ended December 31, 2003, 2002 and 2001, respectively.

MONY Life also sponsors a non-qualified employee excess pension plan, which provides both defined benefits and defined contribution accruals in excess of Internal Revenue Service (“IRS”) limits to certain employees. The benefits are based on years of service and the employee’s final average annual compensation. Pension benefits are paid from the Company’s general account.

Postretirement Benefits —

The Company provides certain health care and life insurance benefits for retired employees and field underwriters of MONY Life. The Company amortizes its postretirement transition obligation over a period of twenty years.

Assumed health care cost trend rates typically have a significant effect on the amounts reported for health care plans, however, under the Company’s postretirement healthcare plan, there is a per capita limit on the Company’s healthcare costs. As a result, a one-percentage point change in the assumed healthcare cost trend rates would have an immaterial effect on amounts reported.

On December 8, 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) was signed into law. The Act introduces a prescription drug benefit under Medicare Part D as well as a Federal subsidy to employers who provide an “actuarial equivalent” prescription drug benefit to employees. The requirements under the Act are not expected to have a material impact on the Company’s results of operations and financial position.

F-317

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

11.  Pension Plans and Other Postretirement Benefits: (continued)

The following presents the change in the benefit obligation, change in plan assets and other information with respect to the Company’s qualified and non-qualified defined benefit pension plans and other benefits which represent the Company’s postretirement benefit obligation:

	Pension Benefits						Other Benefits
	2003			2002			2003			2002
	($ in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	431.4		$	411.5		$	102.1		$	104.7
Service cost		6.9			5.9			1.7			1.5
Interest cost		27.8			29.2			6.4			6.7
Plan amendment		—			3.7			—			—
Actuarial loss		29.5			18.0			4.4			(0.9	)
Benefits paid		(44.1	)		(36.9	)		(7.7	)		(9.9	)
Benefit obligation at end of year		451.5			431.4			106.9			102.1
Change in plan assets:
Fair value of plan assets at beginning of year		354.9			419.5			—			—
Actual return on plan assets		68.2			(32.6	)		—			—
Employer contribution		10.2			6.7			7.7			9.9
Benefits and expenses paid		(45.7	)		(38.7	)		(7.7	)		(9.9	)
Fair value of plan assets at end of year		387.6			354.9			—			—
Funded status		(63.9	)		(76.5	)		(106.9	)		(102.1	)
Unrecognized actuarial loss		149.0			176.6			16.3			12.1
Unamortized transition obligation		1.0			1.7			27.5			30.6
Unrecognized prior service cost		2.2			1.5			(0.6	)		(0.7	)
Net amount recognized	$	88.3		$	103.3		$	(63.7	)	$	(60.1	)
Amounts recognized in the statement of financial position consist of the following:
Prepaid benefit cost	$	132.5		$	151.0		$	—		$	—
Accrued benefit liability		(61.1	)		(66.6	)		(63.7	)		(60.1	)
Intangible asset		1.0			1.7			—			—
Accumulated other comprehensive income		15.9			17.2			—			—
Net amount recognized	$	88.3		$	103.3		$	(63.7	)	$	(60.1	)

The Company’s qualified plan had assets of $387.6 million and $354.9 million at December 31, 2003 and 2002, respectively. The projected benefit obligation and accumulated benefit obligation for the qualified plan were $385.6 million and $354.3 million at December 31, 2003 and $365.2 million and $338.9 million at December 31, 2002, respectively.

The projected benefit obligation and accumulated benefit obligation for the non-qualified defined benefit pension plan, which is unfunded, were $65.9 million and $61.1 million at December 31, 2003 and $68.2 million and $66.6 million at December 31, 2002, respectively.

F-318

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

11.  Pension Plans and Other Postretirement Benefits: (continued)

Components of net periodic benefit cost for the pension and other post-retirement plans are as follows:

	Pension Benefits									Other Benefits
	2003			2002			2001			2003			2002			2001
	($ in millions)
Components of net periodic benefit cost
Service cost	$	6.9		$	5.9		$	8.3		$	1.7		$	1.5		$	1.5
Interest cost		27.8			29.2			30.9			6.4			6.7			7.2
Expected return on plan assets		(26.9	)		(39.8	)		(45.5	)		—			—			—
Amortization of prior service cost		(0.3	)		(0.3	)		(0.8	)		(0.1	)		(0.1	)		(0.2	)
Recognized net actuarial loss/(gain)		17.2			4.6			1.1			0.1			—			—
Amortization of transition items		0.3			0.3			(7.5	)		3.1			3.1			3.1
Net periodic benefit cost	$	25.0		$	(0.1	)	$	(13.5	)	$	11.2		$	11.2		$	11.6

	Pension Benefits				Other Benefits
	2003		2002		2003		2002
Weighted-average assumptions for the year ended December 31:
Discount rate	6.1	%	6.6	%	6.1	%	6.6	%
Expected return on plan assets	8.0	%	10.0	%	—		—
Rate of compensation increase (1)	—		—		5.0	%	5.0	%

(1) For MONY Life, no benefits bearing incentive compensation is assumed for 2003. Otherwise, benefits bearing compensation is assumed to increase by 4% for all participants eligible for incentive compensation and by 5% for all others. Benefits bearing incentive compensation for the top four officers is assumed to be 50% of base salary after 2003.

MONY Life uses a December 31 measurement date for its pension plans and other postretirement benefits.

For measurement purposes, a 10% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2004. The rate was assumed to decrease gradually to 6% for 2010 and remain at that level thereafter.

Plan Assets —

The Company’s assumption with respect to the future return on pension plan assets, which at January 1, 2003 was determined to be 8%, is made by management after taking into consideration historic returns on such assets (generally the geometric annual rate of return over at least a ten year period), the actual mix of the pension plan’s invested assets at the valuation date (which is assumed to be consistent in future periods), management’s outlook for future returns on such asset types, and the long-term outlook for such returns in the marketplace. At December 31, 2003 and 2002, the fair value of the pension plan invested assets were comprised of the following:

	Pension Benefits
	2003		2002
Public common stocks	61.5	%	49.4	%
Public and private fixed maturity securities	29.0	%	43.8	%
Real estate	4.0	%	4.3	%
Cash and cash equivalents	5.5	%	2.5	%
	100.0	%	100.0	%

F-319

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

11.  Pension Plans and Other Postretirement Benefits: (continued)

The fair value of pension plan assets is determined as follows:

• Public and Private Fixed Maturity Securities — The estimated fair values of public fixed maturity securities are based upon quoted market prices, where available. The fair values of private fixed maturity securities or public fixed maturity securities which are not actively traded are estimated using values obtained from independent pricing services or, in the case of private placements, by discounting expected future cash flows using a current market interest rate commensurate with the credit quality and term of the investments.

• Public common stock — The fair values of public common stock investments are determined based on quoted market prices.

• Real estate — The estimated fair value of real estate is generally computed using the present value of expected future cash flows from the real estate, discounted at a rate commensurate with the underlying risks.

The Company also has a qualified money purchase pension plan covering substantially all career field underwriters. Company contributions of 5% of earnings plus an additional 2% of such earnings in excess of the social security wage base are made each year. At December 31, 2003 and 2002, the fair value of plan assets was $188.2 million and $165.1 million, respectively. For the years ended December 31, 2003, 2002, and 2001, the Company contributed $2.2 million, $2.8 million and $3.2 million to the plan, respectively, which amounts are reflected in “other operating costs and expenses” in the Company’s consolidated statement of income and comprehensive income.

The Company has a non-qualified defined contribution plan, which is unfunded. The non-qualified defined contribution plan projected benefit obligation, which equaled the accumulated benefit obligation, was $61.2 million and $52.9 million as of December 31, 2003 and 2002, respectively. The non-qualified defined contribution plan’s net periodic expense was $11.1 million, $(2.7) million and $(0.2) million for the years ended December 31, 2003, 2002 and 2001, respectively.

The Company also has incentive savings plans in which substantially all employees and career field underwriters of MONY Life are eligible to participate. The Company matches field underwriter contributions up to 2% of eligible compensation and may also make an additional profit sharing contribution for non-officer employees. As with the employee excess plan, the Company also sponsors non-qualified excess defined contribution plans for both the field underwriter retirement plan and the incentive savings plan for field underwriters of MONY Life. The Company also sponsors several other 401(k) plans for its smaller subsidiaries which the Company considers immaterial.

12.  Income Taxes:

The Company files a consolidated federal income tax return with its ultimate parent, MONY Group, and its other subsidiaries, as well as the Company’s life and non-life affiliates except Sagamore Financial Corporation and its subsidiaries (see Note 4).

Federal income taxes have been calculated in accordance with the provisions of the Internal Revenue Code of 1986, as amended. A summary of the income tax expense/(benefit) is presented below:

	2003			2002			2001
	($ in millions)
Income tax expense/(benefit):
Current	$	68.3		$	(39.0	)	$	11.6
Deferred		(47.8	)		33.0			(7.5	)
Income tax expense/(benefit) from continuing operations		20.5			(6.0	)		(19.1	)
Discontinued operations		3.1			(1.4	)		—
Total	$	23.6		$	(7.4	)	$	(19.1	)

F-320

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

12.  Income Taxes: (continued)

Federal income taxes reported in the consolidated statements of income and comprehensive income for the years ended December 31, 2003, 2002 and 2001 are different from the amounts determined by multiplying the earnings before federal income taxes by the statutory federal income tax rate of 35%. The sources of the difference and the tax effects of each for the years ended December 31, 2003, 2002 and 2001 are as follows:

	2003			2002			2001
	($ in millions)
Tax at statutory rate	$	24.8		$	(7.4	)	$	(19.1	)
Dividends received deduction		(6.0	)		(1.2	)		—
Foreign loss disallowance		4.3			—			—
Tax settlements/accrual adjustments		(4.2	)		(11.9	)		(16.3	)
Meals and entertainment		1.3			1.5			(0.4	)
Officers’ life insurance		(2.5	)		3.7			1.2
Other		2.8			9.3			15.5
Federal Income tax expense/(benefit) from continuing operations		20.5			(6.0	)		(19.1	)
Federal income tax expense/(benefit) from discontinued operations		3.1			(1.4	)		—
Provision for income tax expense/(benefit)	$	23.6		$	(7.4	)	$	(19.1	)

MONY Group’s income tax returns for years through 1993 have been examined by the IRS. No material adjustments were proposed by the IRS as a result of these examinations. In the opinion of management, adequate provision has been made for any additional taxes which may become due with respect to open years.

The components of deferred tax liabilities and assets at December 31, 2003 and 2002 are as follows:

	2003			2002
	($ in millions)
Deferred policy acquisition costs	$	334.6		$	134.1
Fixed maturity securities and equity securities		118.0			187.5
Other, net		(11.0	)		82.6
Nonlife subsidiaries		(42.0	)		(10.4	)
Total deferred tax liabilities		399.6			393.8
Reserves		122.5			133.0
Accrued expenses		59.6			(8.6	)
Deferred compensation and benefits		28.9			25.6
Policyholder dividends		35.0			(5.2	)
Real estate and mortgages		(25.6	)		9.9
Total deferred tax assets		220.4			154.7
Net deferred tax liability	$	179.2		$	239.1

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that management believes will not be realized. In the opinion of management, it is more likely than not that it will realize the benefit of the deferred tax assets; therefore, no such valuation allowance has been established.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

13.  The Group Pension Transaction:

On December 31, 1993 (the “Group Pension Transaction Date”), the Company entered into an agreement (the “Agreement”) with AEGON USA, Inc. (“AEGON”) under which the Company transferred a substantial portion of its group pension business (hereafter referred to as the “Group Pension Transaction”), including its full service group pension contracts, consisting primarily of tax-deferred annuity, 401(k) and managed funds lines of business, to AEGON’s wholly-owned subsidiary, AUSA Life Insurance Company, Inc. (“AUSA”). The Company also transferred to AUSA the corporate infrastructure supporting the group pension business, including data processing systems, facilities and regional offices. AUSA was newly formed by AEGON solely for the purpose of facilitating this transaction. In connection with the transaction, the Company and AEGON entered into certain service agreements. These agreements, among other things, provided that the Company would continue to manage the transferred assets, and that AUSA would continue to provide certain administrative services to the Company’s remaining group pension contracts not included in the transfer.

Pursuant to the Agreement, the Company agreed to make a $200 million capital investment in AEGON by purchasing $150 million face amount of Series A Notes and $50 million face amount of Series B Notes (hereinafter referred to as the “Notes”). The Series A Notes pay interest at 6.44% per annum and the Series B Notes pay interest at 6.24% per annum. The Series B Notes matured on December 31, 2002 and the Series A Notes matured on April 7, 2003. The Company’s investment in the Series A Notes was intended to provide AEGON with the funding necessary to capitalize AUSA.

In accordance with GAAP, the transaction did not constitute a sale because the Company retained substantially all the risks and rewards associated with the existing deposits on the transferred business (the “Existing Deposits”). Accordingly, the Company reflected the transferred assets and liabilities on its balance sheet under separate captions entitled “Assets transferred in Group Pension Transaction” and “Liabilities transferred in Group Pension Transaction” until the expiration of the agreement, December 31, 2002. In addition, the Company reported in its GAAP earnings the profits from the Existing Deposits as discussed below.

Pursuant to the Agreement, which expired on December 31, 2002, the Company received from AUSA: (i) payments on an annual basis through December 31, 2002 (the “Group Pension Payments”) equal to all of the earnings from the Existing Deposits, (ii) a final payment (the “Final Value Payment”) at December 31, 2002 based on the remaining fair value of the Existing Deposits, and (iii) a contingent payment (the “New Business Growth Payment”) at December 31, 2002 based on new business growth subsequent to the Transaction Date.

With respect to the Group Pension Payments, the annual results from the Existing Deposits were measured on a basis in accordance with the Agreement (such basis hereafter referred to as the “Earnings Formula”) which was substantially the same as GAAP, except that: (i) asset impairments on fixed maturity securities were only recognized when such securities were designated with an NAIC rating of “6”, and (ii) no impairment losses were recognized on mortgage loans until such loans were disposed of, or at the time and in the calculation, of the Final Value Payment. All mortgage loans had been disposed of prior to the calculation of the Final Payment.

Earnings which emerged from the Existing Deposits pursuant to the application of the Earnings Formula were recorded in the Company’s financial statements only after adjustments (primarily to recognize asset impairments in accordance with SFAS Nos. 114 and 115) to reflect such earnings on a basis entirely in accordance with GAAP (such earnings hereafter referred to as the “Group Pension Profits”). Losses which arose from the application of the Earnings Formula for any annual period were reflected in the Company’s results of operations (after adjustments to reflect such losses in accordance with GAAP) only up to the amount for which the Company is at risk (as described below), which at any time is equal to the then outstanding principal amount of the Series A Notes.

Operating losses reported in any annual period pursuant to the Earnings Formula were carried forward to reduce any earnings in subsequent years reported pursuant to the Earnings Formula. Any resultant deficit remaining at December 31, 2002 would be deducted from the Final Value Payment and New Business Growth Payment, if any, due to the Company. If a deficit still remained, it would be applied (as provided for in the Agreement) as an offset against the principal payment due to the Company upon maturity of the Series A Notes. As of December 31, 2002, there were no operating losses reported in any annual period during the term of the agreement, nor was the Company eligible for any New Business Growth payment.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

13.  The Group Pension Transaction: (continued)

For the years ended December 31, 2002 and 2001, AUSA reported earnings to the Company pursuant to the application of the Earnings Formula of $19.1 million and $27.4 million, respectively, and the Company recorded Group Pension Profits of $28.2 million and $30.7 million, respectively. In addition, the Company earned $12.8 million of interest income on the Notes in each of the aforementioned years. In addition, the Company recorded earnings from the Final Value Payment of $54.1 million (before expenses of approximately $6.0 million relating thereto, which are recorded in “other operating costs and expenses” in the 2002 consolidated statement of income and comprehensive income), on December 31, 2002.

The following sets forth certain summarized financial information relating to the Group Pension Transaction for the periods indicated, including information regarding the components of revenue and expense comprising the Group Pension Profits. In accordance with GAAP, the Group Pension Transaction did not constitute a sale because the Company retained substantially all the risks and rewards associated with the business transferred to Aegon. Accordingly, over the life of the transaction the Company was required to reflect the transferred assets and liabilities on its balance sheet under separate captions entitled “Assets transferred in Group Pension Transaction” and “Liabilities transferred in Group Pension Transaction”. As a result of the expiration of the transaction at December 31, 2002 and the recognition of earnings from the Final Value Payment from Aegon, the Company has no further interest in the transferred assets and liabilities and, accordingly, such assets and liabilities are no longer reflected on the Company’s balance sheet.

	For the Year Ended December 31,
	2003		2002		2001
	($ in millions)
Revenues:
Product policy fees	$	—	$	18.3	$	19.6
Net investment income		—		88.2		102.0
Net realized gains (losses) on investments (2)		—		0.8		1.5
Total revenues				107.3		123.1
Benefits and Expenses:
Interest credited to policyholders’ account balances		—		63.5		74.8
Other operating costs and expenses		—		15.6		17.6
Total benefits and expenses		—		79.1		92.4
Group Pension Profits		—		28.2		30.7
Final Value Payment (1)		—		54.1		—
Total	$	—	$	82.3	$	30.7

(1) Expenses of approximately $6.0 million relating to the Final Value Payment are recorded in “other operating costs and expenses” on the Company’s consolidated statement of income and comprehensive income for 2002.

(2) Includes in 2001 $2.5 million of pretax realized losses ($1.6 million after-tax) relating to the impairment of certain investments which was included in the fourth quarter 2001 Other Charges (see Note 25).

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

14.  Estimated Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments approximate their carrying amounts, except for mortgage loans, long-term debt and investment-type contracts. The methods and assumptions utilized in estimating the fair values of the Company’s financial instruments are summarized as follows:

Fixed Maturity and Equity Securities —

The estimated fair values of fixed maturity securities are based upon quoted market prices, where available. The fair values of fixed maturity securities not actively traded and other non-publicly traded securities are estimated using values obtained from independent pricing services or, in the case of private placements, by discounting expected future cash flows using a current market interest rate commensurate with the credit quality and term of the investments. Equity securities primarily consist of investments in common stocks and limited partnership interests. The fair value of the Company’s investments in common stocks is determined based on quoted market prices, where available. The fair value of the Company’s investments in limited partnership interests is based on amounts reported by such partnerships to the Company.

Mortgage Loans —

The fair value of mortgage loans is estimated by discounting expected future cash flows, using current interest rates for similar loans to borrowers with similar credit risk. Loans with similar characteristics are aggregated for purposes of the calculations. The fair value of mortgages in process of foreclosure is the estimated fair value of the underlying collateral. At December 31, 2003 and 2002, the fair value of mortgage loans was $1,926.9 million and $2,065.5 million, respectively.

Policy Loans —

Policy loans are an integral component of insurance contracts and have no maturity dates. Management has determined that it is not practicable to estimate the fair value of policy loans.

Long-term Debt —

The fair value of long-term debt is determined based on contractual cash flows discounted at market rates. The carrying value and fair value of long-term debt at December 31, 2003 were $216.9 million and $244.3 million, respectively. The carrying value and fair value of long-term debt at December 31, 2002 were $216.9 million and $234.1 million, respectively.

Separate Account Assets and Liabilities —

The estimated fair value of assets and liabilities held in separate accounts is based on quoted market prices.

Investment-Type Contracts —

The fair values of annuities are based on estimates of the value of payments available upon full surrender. The carrying value and fair value of annuities at December 31, 2003 were $1,727.4 million and $1,701.1 million, respectively. The carrying value and fair value of annuities at December 31, 2002 were $1,459.2 million and $1,439.4 million, respectively.

15.  Reinsurance:

Life insurance business is primarily ceded on a yearly renewable term basis under various reinsurance contracts except for the level term product which utilizes a coinsurance agreement. The Company’s general practice is to retain no more than $4.0 million of risk on any one person for individual products and $6.0 million for last survivor products.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

15.  Reinsurance: (continued)

The Company has entered into coinsurance agreements with other insurers related to a portion of its extended term insurance, guaranteed interest contract and long-term disability claim liabilities, and reinsures approximately 50% of its block of paid-up life insurance policies.

The following table summarizes the effect of reinsurance for the years indicated:

	2003			2002			2001
	($ in millions)
Direct premiums (includes $61.4 million, $65.0 million and $68.3 million of accident and health premiums for 2003, 2002, and 2001, respectively)	$	821.6		$	801.7		$	803.6
Reinsurance assumed		8.0			7.2			6.0
Reinsurance ceded (includes $(61.1) million, ($64.6) million and ($67.8) million of accident and health premiums for 2003, 2002, and 2001, respectively)		(124.4	)		(118.5	)		(114.3	)
Net premiums	$	705.2		$	690.4		$	695.3
Universal life and investment type product policy fee income ceded	$	38.0		$	34.5		$	27.7
Policyholders’ benefits ceded	$	150.5		$	129.0		$	126.4
Interest credited to policyholders’ account balances ceded	$	2.4		$	2.9		$	3.7

The Company is primarily liable with respect to ceded insurance should any reinsurer be unable to meet its obligations under these agreements. To limit the possibility of such losses, the Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk.

16.  Long Term Debt:

The Company’s long term debt at December 31, 2003 and 2002 consists of the following:

	2003		2002
	($ in millions)
Surplus notes	$	1.9	$	1.9
Intercompany Surplus Notes		215.0		215.0
Total long term debt	$	216.9	$	216.9

Surplus and Senior Notes —

On January 12, 2000, the MONY Group filed a registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) to register certain securities. This registration, known as a “Shelf Registration”, provides the Company with the ability to offer various securities to the public, when it deems appropriate, to raise proceeds up to an amount not to exceed $1.0 billion in the aggregate for all issuances of securities thereunder. It is the intention of the Company to use this facility to raise proceeds for mergers and acquisitions and for other general corporate matters, as it considers necessary.

On March 8, 2000, the MONY Group issued $300.0 million principal amount of senior notes (the “$300 million Senior Notes”) pursuant to the aforementioned Shelf Registration. The $300 million Senior Notes mature on March 15, 2010 and bear interest at 8.35% per annum. The principal amount of the $300 million Senior Notes is payable at maturity and interest is payable semi-annually. The net proceeds to the MONY Group from the issuance of the $300 million Senior Notes, after deducting underwriting commissions and other expenses (primarily legal and accounting fees), were approximately $296.6 million. Approximately $280.0 million of the net proceeds from the issuance of the Senior Notes was used by the MONY Group to finance

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

16.  Long Term Debt: (continued)

MONY Life’s repurchase, on March 8, 2000, of all of its outstanding $115.0 million face amount 9.5% coupon surplus notes, and $116.5 million face amount of its $125.0 million face amount 11.25% coupon surplus notes (hereafter referred to as the “9.5% Notes” and the “11.25% Notes”, respectively), which were previously outstanding. The balance of the net proceeds from the issuance of the Senior Notes was retained by the MONY Group for general corporate purposes. In the third quarter of 2000 and first quarter of 2001, the Company repurchased another $6.5 million and $0.1 million face amount of the 11.25% Notes, respectively, resulting in a remaining balance of $1.9 million at December 31, 2002. MONY Group’s financing of MONY Life’s repurchase of its 9.5% Notes and 11.25% Notes consisted of a capital contribution by MONY Group to MONY Life of $65.0 million and the purchase by MONY Group from MONY Life of two separate newly issued “intercompany” surplus notes. The intercompany surplus note issued to replace the 9.5% Notes has a par value of $115.0 million, a coupon rate of interest of 8.65%, and matures on December 31, 2012. The intercompany surplus note issued to replace the 11.25% Notes has a par value of $100.0 million, a coupon rate of interest of 8.65%, and matures on August 15, 2024. Principal on the intercompany surplus notes is payable at maturity and interest is payable semi-annually.

17.  Securities Lending and Concentration of Credit Risk:

Securities Lending Risk: —

Pursuant to a securities lending agreement with a major financial institution, the Company from time to time lends securities to approved borrowers. At December 31, 2003 and 2002, securities loaned by the Company under this agreement had a fair value of approximately $405.3 million and $351.8 million, respectively. The minimum collateral on securities loaned is 102 percent of the market value of the loaned securities. Such securities are marked to market on a daily basis; the collateral is increased or decreased in accordance with the Company’s agent agreement.

Concentration of Credit Risk: —

At December 31, 2003 and 2002, the Company had no single investment or series of investments with a single issuer (excluding U.S. Treasury securities and obligations of U.S. government agencies) exceeding 1.0% and 1.3%, respectively, of total cash and invested assets.

The Company’s fixed maturity securities are diversified by industry type. The industries (excluding U.S. Treasury securities and obligations of U.S. government agencies) that comprise 10.0% or more of the carrying value of the fixed maturity securities at December 31, 2003 are Consumer Goods of $1,698.1 million (20.0%).

The Company’s fixed maturity securities are diversified by industry type. The industries (excluding U.S. Treasury securities and obligations of U.S. government agencies) that comprise 10.0% or more of the carrying value of the fixed maturity securities at December 31, 2002 are Consumer Goods of $1,444.8 million (18.3%), Non-Government Asset/Mortgage Backed securities of $1,031.9 million (13.0%) and Other Manufacturing of $848.0 million (10.8%).

The Company held below investment grade fixed maturity securities with a carrying value of $824.9 million at December 31, 2003. These investments consist mostly of privately issued bonds which are monitored by the Company through extensive internal analysis of the financial condition of the issuers and which generally include protective debt covenants. At December 31, 2002, the carrying value of the Company’s investments in below investment grade fixed maturity securities amounted to $892.7 million.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

17.  Securities Lending and Concentration of Credit Risk: (continued)

The Company has significant investments in commercial and agricultural mortgage loans and real estate (including joint ventures and partnerships). The locations of property collateralizing mortgage loans and real estate investment carrying values at December 31, 2003 and 2002 are as follows:

	2003				2002
	($ in millions)
Geographic Region
Mountain	$	376.9	19.3	%	$	392.4	18.8	%
Southeast		456.6	23.3			457.2	21.9
Midwest		382.5	19.6			367.8	17.7
West		344.8	17.6			367.1	17.6
Northeast		158.1	8.1			261.9	12.6
Southwest		237.6	12.1			238.0	11.4
Total	$	1,956.5	100.0	%	$	2,084.4	100.0	%

The states with the largest concentrations of mortgage loans and real estate investments at December 31, 2003 are: California, $220.1 million (11.3%); Arizona, $206.3 million (10.5%); Texas, $179.0 million (9.2%); Virginia, $130.3 million (6.7%); Georgia, $111.5 million (5.7%); Washington, $96.1 million (4.9%); and, the District of Columbia, $93.2 million (4.8%).

As of December 31, 2003 and 2002, the real estate and mortgage loan portfolio was also diversified by property type as follows:

	2003				2002
	($ in millions)
Property Type
Office buildings	$	845.6	43.2	%	$	924.2	44.3	%
Agricultural		347.9	17.8			308.3	14.8
Hotel		267.3	13.7			274.3	13.2
Retail		143.7	7.3			142.9	6.9
Other		104.4	5.3			123.2	5.9
Industrial		163.5	8.4			188.2	9.0
Apartment buildings		84.1	4.3			123.3	5.9
Total	$	1,956.5	100.0	%	$	2,084.4	100.0	%

18.  Commitments and Contingencies:

(i) Since late 1995 a number of purported class actions have been commenced in various state and federal courts against MONY Life and MLOA alleging that they engaged in deceptive sales practices in connection with the sale of whole and universal life insurance policies from the early 1980s through the mid 1990s. Although the claims asserted in each case are not identical, they seek substantially the same relief under essentially the same theories of recovery (i.e., breach of contract, fraud, negligent misrepresentation, negligent supervision and training, breach of fiduciary duty, unjust enrichment and violation of state insurance and/or deceptive business practice laws). Plaintiffs in these cases seek primarily equitable relief (e.g., reformation, specific performance, mandatory injunctive relief prohibiting MONY Life and MLOA from canceling policies for failure to make required premium payments, imposition of a constructive trust and creation of a claims resolution facility to adjudicate any individual issues remaining after resolution of all class-wide issues) as opposed to compensatory damages, although they also seek compensatory damages in unspecified amounts. MONY Life and MLOA have answered the complaints in each action (except for one being voluntarily held in abeyance). MONY Life and MLOA have denied any wrongdoing and have asserted numerous affirmative defenses.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

18.  Commitments and Contingencies: (continued)

On June 7, 1996, the New York State Supreme Court certified one of those cases, Goshen v. The Mutual Life Insurance Company of New York and MONY Life Insurance Company of America (now known as DeFilippo, et al v. The Mutual Life Insurance Company of New York and MONY Life Insurance Company of America), the first of the class actions filed, as a nationwide class consisting of all persons or entities who have, or at the time of the policy’s termination had, an ownership interest in a whole or universal life insurance policy issued by MONY Life and MLOA and sold on an alleged “vanishing premium” basis during the period January 1, 1982 to December 31, 1995. On March 27, 1997, MONY Life and MLOA filed a motion to dismiss or, alternatively, for summary judgment on all counts of the complaint. All of the other putative class actions have been consolidated and transferred by the Judicial Panel on Multidistrict Litigation to the United States District Court for the District of Massachusetts. While most of the cases before the District Court have been held in abeyance pending the outcome in Goshen, in June 2003, the Court granted plaintiffs in two of the constituent cases (the McLean and Snipes cases) leave to amend their complaints to delete all class action claims and allegations other than (in the case of McLean) those predicated on alleged violations of the Massachusetts and Illinois consumer protection statutes. On November 19, 2003, the Court in McLean entered an order granting defendants dispositive motion seeking dismissal of the individual claims of the proposed class representatives of the putative statewide class comprised of Massachusetts purchasers, but denying that motion as to the individual claims of the proposed class representatives of the putative state-wide class of Illinois purchasers only. The order is now on appeal to the United States Court of Appeals for the First Circuit.

On October 21, 1997, the New York State Supreme Court granted MONY Life’s and MLOA’s motion for summary judgment and dismissed all claims filed in the Goshen case against MONY Life and MLOA. On December 20, 1999, the New York State Court of Appeals affirmed the dismissal of all but one of the claims in the Goshen case (a claim under New York’s General Business Law), which has been remanded back to the New York State Supreme Court for further proceedings consistent with the opinion. The New York State Supreme Court subsequently reaffirmed that, for purposes of the remaining New York General Business Law claim, the class is now limited to New York purchasers only. On July 2, 2002, the New York Court of Appeals affirmed the New York State Supreme Court’s decision limiting the class to New York purchasers. In addition, the New York State Supreme Court has further held that the New York General Business Law claims of all class members whose claims accrued prior to November 29, 1992 are barred by the applicable statute of limitations. On September 25, 2002 in light of the New York Court of Appeals’ decision, MONY Life and MLOA filed a motion to decertify the class with respect to the sole remaining claim in the case. By orders dated April 16, and May 6, 2003, the New York State Supreme Court denied preliminarily the motion for decertification, but held the issue of decertification in obeyance pending appeals by plaintiffs in related cases and a hearing on whether the present class, or a modified class, can satisfy the requirements of the class action statute in New York. MONY Life and MLOA have appealed from the denial of their motion for decertification, which appeal is presently pending in the Appellate Division, First Department. MONY Life and MLOA intend to defend themselves vigorously the sole remaining claim. There can be no assurance, however, that the present litigation relating to sales practices will not have a material adverse effect on them.

(ii) Between September 22 and October 8, 2003, ten substantially similar putative class action lawsuits were filed against MONY Group, its directors, AXA Financial and/or AIMA in the Court of Chancery of the State of Delaware in and for New Castle County, entitled Beakovitz v. AXA Financial, Inc., et al., C.A. No. 20559-NC (Sept. 22, 2003); Belodoff v. The MONY Group Inc., et al., C.A. No. 20558-NC (Sept. 22, 2003); Brian v. The MONY Group Inc., et al., C.A. No. 20567-NC (Sept. 23, 2003); Bricklayers Local 8 and Plasterers Local 233 Pension Fund v. The MONY Group Inc., et al., C.A. No. 20599-NC (Oct. 8, 2003); Cantor v. The MONY Group Inc., et al., C.A. No. 20556-NC (Sept. 22, 2003); E.M. Capital, Inc. v. The MONY Group Inc., et al., C.A. No. 20554-NC (Sept. 22, 2003); Garrett v. The MONY Group Inc., et al., C.A. No. 20577-NC (Sept. 25, 2003); Lebedda v. The MONY Group Inc., et al., C.A. No. 20590-NC (Oct. 3, 2003); Martin v. Roth, et al., C.A. No. 20555-NC (Sept. 22, 2003); and Muskal v. The MONY Group Inc., et al., C.A. No. 20557-NC (Sept. 22, 2003).

By order dated November 4, 2003, Vice Chancellor Stephen P. Lamb, to whom the cases had been assigned, consolidated all ten actions under the caption In re The MONY Group Inc., Shareholders Litigation, Consolidated C.A. No. 20554-NC, and ordered plaintiffs to file a consolidated amended complaint. On or about November 5, 2003, plaintiffs filed a Consolidated Class Action Complaint on behalf of a putative class consisting of all MONY Group stockholders, excluding the defendants and their affiliates.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

18.  Commitments and Contingencies: (continued)

The consolidated complaint alleges that the $31.00 cash price per share to be paid to MONY Group stockholders in connection with the proposed merger is inadequate and that MONY Group’s directors breached their fiduciary duties in negotiating and approving the merger agreement by, among other things, (i) failing to maximize stockholder value, (ii) improperly diverting merger consideration from MONY Group’s stockholders to MONY Group’s management by amending and extending management’s change-in-control agreements, (iii) failing to comply with Delaware law in determining the “fair value” of MONY Group’s stock and (iv) disseminating incomplete and inaccurate information regarding the proposed merger. The consolidated amended complaint alleges that AXA Financial and AIMA aided and abetted the alleged breaches of fiduciary duty by MONY Group and its directors. The complaint seeks various forms of relief, including damages and injunctive relief that would, if granted in its entirety, prevent completion of the merger. Defendants served and filed their answers to the consolidated amended complaints on December 29, 2003.

In addition, MONY Group, its directors and AXA Financial have been named in two putative class action lawsuits filed in New York State Supreme Court in Manhattan, entitled Laufer v. The MONY Group, et al., Civ. No. 602957-2003 (Sept. 19, 2003) and North Border Investments v. Barrett, et al., Civ. No. 602984-2003 (Sept. 22, 2003). The complaints in these actions contain allegations substantially similar to those in the original consolidated complaint in the Delaware cases, and likewise purport to assert claims against MONY Group and its directors for breach of fiduciary duty and against AXA Financial for aiding and abetting a breach of fiduciary duty. The Laufer and North Border complaints also seek various forms of relief, including damages and injunctive relief that would, if granted, prevent the completion of the merger. On December 29 and 30, 2003, respectively, defendants served their answers to the Laufer and North Border complaints. MONY Group has denied the material allegations of the complaints and intends to vigorously defend the actions.

Subsequent Events —

On January 16, 2004, after the filing and mailing of the definitive proxy statement on January 8, 2004, plaintiffs sought and were granted leave to further amend their complaint to include additional allegations relating to the accuracy and/or completeness of information provided by the MONY Group in such proxy statement. Thereafter, plaintiffs requested a hearing on their motion for a preliminary injunction to enjoin the stockholder vote which had been scheduled to occur at the special meeting on February 24, 2004. A hearing on plaintiffs’ motion for a preliminary injunction was held on February 13, 2004. By order dated March 1, 2004, and an opinion released on February 17, 2004, Vice Chancellor Lamb granted plaintiffs’ motion to the limited extent of enjoining MONY Group from proceeding with the special meeting until MONY Group provides supplemental disclosure to its stockholders relating to the amount of the benefits that the MONY Group executives would receive under the change-in-control agreements relative to the amounts received by executives in the other transactions the independent directors and their advisors had considered at least ten days before the special meeting. Vice Chancellor Lamb otherwise rejected plaintiffs’ arguments in support of an injunction based on the directors’ purported breach of fiduciary duty, the associated aiding and abetting claims and plaintiffs’ other disclosure claims.

On March 9, 2004, plaintiffs filed a second amended complaint which included, among other things, allegations that (i) the MONY Group’s board of directors decision to reschedule the special meeting and set a new record date reflects an attempt by MONY Group to manipulate the vote by disenfranchising its long-term stockholders, (ii) MONY Group selectively communicated its intent to change the record date to certain investors so as to enable them to acquire voting power prior to the public announcement of the new record date, (iii) the press release issued in connection with the board’s decision to reschedule the meeting and record dates was materially false and misleading in that it failed to disclose and/or misrepresented the manipulation of the voting process and the true reason for the changing of such dates and (iv) the rescheduling of the meeting and record dates constitutes a breach of fiduciary duty by the MONY Group’s defendants. The second amended complaint seeks an order directing that MONY Group reinstate the record date of January 2, 2004 or, alternatively, denying voting power with respect to MONY Group shares allegedly purchased with knowledge of the prospect of a new record date.

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MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

18.  Commitments and Contingencies: (continued)

(iii) On February 3, 2004, MONY Group commenced an action in the United States District Court for the Southern District of New York, entitled The MONY Group Inc. v. Highfields Capital Management LP, Longleaf Partners Small-Cap Fund and Southeastern Asset Management, No. 04 Civ. 00916. MONY Group’s complaint alleges, among other things, that: (i) the furnishing by defendants, in solicitation materials sent to MONY Group’s stockholders, of a duplicate copy of MONY Group’s proxy voting card, without first filing a proxy statement and making the requisite disclosures in connection therewith, violates the federal proxy rules; (ii) certain of defendants’ solicitation materials contained false and misleading statements; and (iii) the defendants are acting as members of a “group” under Section 13(d) of the Securities Exchange Act and the rules promulgated thereunder in opposing the proposed merger, requiring the defendants to make certain securities filings and disclosures regarding their holdings, plans and intentions before engaging in a solicitation of MONY Group’s stockholders.

Subsequent Events —

Based on the first of these allegations, on February 3, 2004, Judge Loretta Preska granted MONY Group’s request for a temporary restraining order and prohibited defendants from enclosing any proxy voting card, including a duplicate copy of MONY Group’s proxy voting card, in their solicitation materials, pending a determination on whether a preliminary injunction should be issued. By order dated February 11, 2004, Judge Richard Holwell denied MONY Group’s motion for a preliminary injunction and dissolved the temporary restraining order. Later that day, MONY Group filed a notice of appeal from Judge Holwell’s order and made an emergency application to the United States Court of Appeals for the Second Circuit, seeking an expedited appeal from the denial of the preliminary injunction, as well as a stay of Judge Holwell’s order dissolving the temporary restraining order or a preliminary injunction pending appeal. A single judge of the Second Circuit denied MONY Group’s request for a stay or injunction pending appeal, but the Court granted MONY Group’s motion for an expedited appeal, which is now pending.

On February 20, 2004 defendants Southeastern Asset Management and Longleaf Partners Small-Cap Fund served a joint answer to the complaint. Discovery in the litigation is currently proceeding with respect to MONY Group’s 13(d) and proxy disclosure claims.

(iv) In July 2002, pursuant to a jury verdict, the Company was found liable and ordered to pay a former joint venture partner some of the proceeds distributed to the Company from the disposition of a real estate asset in 1999, which was formerly owned by the joint venture. As a result of the verdict, which the Company appealed, the Company recorded a charge aggregating $13.7 million pre-tax in its results of operations for the quarter ended June 30, 2002. Approximately, $6.8 million of this charge was reflected in the income statement caption entitled “net realized gains/(losses) on investments” because it represented the return of proceeds originally included in the determination of the realized gain recognized by the Company in 1999 upon receipt of the aforementioned distribution. The balance of the charge, which was reflected in the income statement caption entitled “other operating costs and expenses” represented management’s best estimate of the interest that the court would have required the Company to pay its former joint venture partner, as well as legal costs. In the first quarter of 2003, the Company settled the litigation for approximately $4.3 million less than the provision previously recorded. Accordingly, during the first quarter of 2003, the Company reversed such over-accrual to income, approximately $3.0 million of which was recorded as realized gains and $1.0 million as a reduction to other expenses. The Company’s appeal was subsequently withdrawn.

(v) In December 2002 the SEC and self-regulatory organizations (National Association of Securities Dealers, Inc. (“NASD”)) directed all broker-dealers, including the Company, to evaluate their procedures with respect to mutual fund sales charge breakpoints. The outcome of the Company’s evaluation, including any determination it made with respect to sales charges paid by its customers, did not have a material adverse effect on the Company’s results of operations, cash flows, or financial position.

(vi) Recently, there has been a significant increase in federal and state regulatory activity in the financial services industry relating to numerous issues, including market timing and late trading of mutual fund and variable insurance products. The Company, like many others in the financial services industry, has received requests for information from the SEC and the NASD

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

18.  Commitments and Contingencies: (continued)

seeking documentation and other information relating to these issues. In addition, the SEC recently advised the Company of its plan to conduct an on-site examination of the Company’s variable annuities separate account. The Company has been responding to these requests and continues to cooperate fully with the regulators.

(vii) It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of the settlement, or re-evaluation of, the matters discussed above. Management believes, however, that the ultimate payments in connection with such matters should not have a material adverse affect on the Company’s financial statements. In addition to the matters discussed above, the Company is involved in various other legal actions and proceedings (some of which involve demands for unspecified damages) in connection with its business. In the opinion of management of the Company, resolution of contingent liabilities, income taxes and other matters will not have a material adverse effect on the Company’s financial position or results of operations.

(viii) At December 31, 2003, the Company had commitments to fund the following: $96.4 million of equity partnership investments, $5.0 million private fixed maturity security with an interest rate of 5.7%, $3.2 million of fixed rate agricultural loans with periodic interest rate reset dates with initial rates ranging from 5.25% to 6.35%, $132.7 million fixed and floating rate commercial mortgages with interest rates ranging from 3.67% to 8.0%.

(ix) The Company has entered into various operating lease agreements for office space, furniture and equipment. These leases have remaining non-cancelable lease terms in excess of one year. Total rental expense for these operating leases, which includes lease abandonment charges taken in connection with the Company’s reorganization activities (see Note 25), amounted to $25.6 million in 2003, $32.6 million in 2002, and $44.0 million in 2001. The future minimum rental obligations for the next five years and thereafter under these leases are: $30.4 million for 2004, $27.1 million for 2005, $23.8 million for 2006, $22.1 million for 2007, $20.7 million for 2008, and $86.7 million for the years thereafter.

In 1988, the Company financed one of its real estate properties under a sale/leaseback arrangement with the proceeds received from the sale, amortized into income over the life of the lease. The lease has a term of 20 years beginning December 21, 1988 and requires minimum annual rental payments of $7.9 million in 2004, $8.0 million in 2005, $8.2 million in 2006, $8.4 million for 2007 and $8.5 million for 2007. The Company has the option to renew the lease at the end of the lease term.

19.  Statutory Financial Information and Regulatory Risk-Based Capital:

The combined statutory net loss reported by the Company for the years ended December 31, 2003, 2002, and 2001 was $38.5 million, $83.5 million, and $30.2 million, respectively. The combined statutory surplus of the Company as of December 31, 2003 and 2002 was $926.8 million and $906.4 million, respectively. Each of MONY Life, MLOA and USFL exceeds the minimum risk based capital requirements imposed by their respective state of domicile.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

20.  Closed Block — Summary Financial Information:

Summarized financial information of the Closed Block as of and for the years ended December 31, 2003 and 2002 is presented below.

	December 31, 2003		December 31, 2002
	($ in millions)
Assets:
Fixed maturity securities:
Available-for-sale, at estimated fair value (amortized cost, $4,087.4 and $3,873.2)	$	4,348.9	$	4,160.9
Mortgage loans on real estate		593.6		633.6
Real estate		10.7		8.3
Other invested assets		9.8		0.9
Policy loans		1,078.0		1,119.0
Cash and cash equivalents		33.6		59.2
Premiums receivable		9.7		11.1
Deferred policy acquisition costs		368.8		430.5
Other assets		206.9		210.5
Total Closed Block assets	$	6,660.0	$	6,634.0
Liabilities:
Future policy benefits	$	6,930.9	$	6,901.4
Policyholders’ account balances		290.2		291.6
Other policyholders’ liabilities		140.9		159.1
Other liabilities		326.9		328.0
Total Closed Block liabilities	$	7,688.9	$	7,680.1

	For the Years Ended December 31,
	2003		2002			2001
	($ in millions)
Revenues:
Premiums	$	479.2	$	509.1		$	551.4
Net investment income		393.5		396.5			397.6
Net realized gains/(losses) on investments		12.2		(51.4	)		6.0
Other income		1.9		2.2			2.4
Total revenues		886.8		856.4			957.4
Benefits and Expenses:
Benefits to policyholders		562.6		566.8			606.9
Interest credited to policyholders’ account balances		8.8		8.6			8.9
Amortization of deferred policy acquisition costs		45.2		49.1			59.4
Dividends to policyholders		220.7		185.5			233.1
Other operating costs and expenses		6.5		6.1			7.0
Total benefits and expenses		843.8		816.1			915.3
Contribution from the Closed Block	$	43.0	$	40.3		$	42.1

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

20.  Closed Block—Summary Financial Information: (continued)

The carrying value of fixed maturity securities in the Closed Block at December 31, 2003 and 2002 is net of “other than temporary impairment” adjustments of $56.4 million and $60.5 million, respectively.

At December 31, 2003 and 2002, there were $15.1 million and $0.6 million of fixed maturity securities in the Closed Block which have been non-income producing for the twelve months preceding such dates.

At December 31, 2003 and 2002, there were problem fixed maturity securities in the Closed Block of $129.9 million and $123.3 million, respectively. There were no potential problem or restructured fixed maturity securities at December 31, 2003 and 2002.

The amortized cost and estimated fair value of fixed maturity securities in the Closed Block, by contractual maturity dates, excluding scheduled sinking funds, as of December 31, 2003 are as follows:

	Amortized Cost		Estimated Fair Value
	($ in millions)
Due in one year or less	$	130.3	$	134.0
Due after one year through five years		1,007.7		1,097.1
Due after five years through ten years		1,496.5		1,612.1
Due after ten years		1,054.1		1,083.1
Subtotal		3,688.6		3,926.3
Mortgage and asset-backed securities		398.8		422.6
	$	4,087.4	$	4,348.9

Fixed maturity securities that are not due at a single maturity date have been included in the preceding table in the year of final maturity. Actual maturity dates may differ from contractual maturity dates because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Mortgage loans on real estate in the Closed Block at December 31, 2003 and 2002 consist of the following:

	2003			2002
	($ in millions)
Commercial mortgage loans	$	556.1		$	599.4
Agricultural and other loans		44.8			42.7
Subtotal		600.9			642.1
Less: valuation allowances		(7.4	)		(8.6	)
Mortgage loans, net of valuation allowances	$	593.5		$	633.5

An analysis of the valuation allowances for the years ended December 31, 2003 and 2002 is as follows:

	2003			2002
	($ in millions)
Beginning balance	$	8.6		$	12.3
(Decrease)/increase in allowance		(1.2	)		0.8
Reduction due to paydowns, payoffs, and writeoffs		—			(1.3	)
Transfer to real estate — foreclosures		—			(3.2	)
Valuation allowances	$	7.4		$	8.6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

20.  Closed Block—Summary Financial Information: (continued)

Impaired mortgage loans along with related valuation allowances as of December 31, 2003 and 2002 were as follows:

	2003			2002
	($ in millions)
Investment in impaired mortgage loans (before valuation allowances):
Loans that have valuation allowances	$	9.5		$	47.4
Loans that do not have valuation allowances		14.2			73.2
Subtotal		23.7			120.6
Valuation allowances		(2.6	)		(10.7	)
Impaired mortgage loans, net of valuation allowances	$	21.1		$	109.9

For the years ended December 31, 2003 and 2002, the Closed Block recognized $1.8 million and $9.9 million, respectively, of interest income on impaired loans.

At December 31, 2003 and 2002, there were $0.0 million and $0.1 million, respectively, of mortgage loans in the Closed Block which were non-income producing for the twelve months preceding such dates.

At December 31, 2003 and 2002, the Closed Block had restructured mortgage loans of $4.7 million and $8.5 million, respectively. Interest income of $0.4 million and $0.6 million was recognized on such loans for the years ended December 31, 2003 and 2002, respectively. Gross interest income on these loans that would have been recorded in accordance with the original terms of such loans amounted to approximately $0.6 million and $1.0 million for the respective periods.

The pre-tax Contribution from the Closed Block includes only those revenues, benefit payments, dividends, premium taxes, state guaranty fund assessments, and investment expenses considered in funding the Closed Block. However, many expenses associated with operating the Closed Block and administering the policies included therein were excluded from and, accordingly, are not funded in the Closed Block. These expenses are reported in the Company’s statement of income and comprehensive income in the separate line items to which they apply based on the nature of such expenses. Federal income taxes applicable to the Closed Block, which are funded in the Closed Block, are reflected as a component of federal income tax expense in the Company’s statement of income and comprehensive income. Since many expenses related to the Closed Block are funded outside the Closed Block, operating costs and expenses outside the Closed Block are disproportionate to the level of business outside the Closed Block.

21.  The Closed Block Business:

The Closed Block Business (“CBB”) is comprised of certain amounts within MONY Holdings and MONY Life. Within MONY Holdings, the CBB includes: (i) the Insured Notes, (ii) the capitalized costs of issuing the Insured Notes, (iii) the DSCA Sub-account CBB (see Note 22), (iv) the Swap, and (v) the Insurance Policy (see Note 1). Within MONY Life, the CBB includes: (i) the Closed Block discussed in Notes 3 and 20 and (ii) an amount of capital (hereafter referred to as “Surplus and Related Assets”) outside the Closed Block, but within MONY Life, that when aggregated with the assets and liabilities in the Closed Block results in an aggregate carrying value of assets in the CBB within MONY Life in excess of the carrying value of the liabilities in the CBB within MONY Life. The amount by which the assets in the CBB within MONY Life exceed the liabilities in the CBB within MONY Life represents a sufficient amount of capital based on regulatory standards to support the CBB within MONY Life. All business of MONY Holdings and its subsidiary, consolidated, other than the CBB is defined in the Insured Notes indenture as the Ongoing Business (“OB”). The determination of the amount of Surplus and Related Assets was based on Statutory Accounting Practices as required by the Insured Notes indenture. As the Closed Block’s results of operations emerge, an equal amount of the Surplus and Related Assets is intended to become available to the OB. The investment of the Surplus and Related Assets is restricted to permitted investments and subject to certain concentration limitations as outlined in the Insured Note indenture (see Note 1).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21.  The Closed Block Business: (continued)

The following tables set forth certain summarized financial information attributable to the OB and the CBB of MONY Holdings and its subsidiary, MONY Life, as of and for the years ended December 31, 2003 and 2002:

	As of December 31, 2003
	Ongoing Business		Closed Block Business(1)		Total
	($ in millions)
Assets:
Fixed maturity securities available-for-sale, at fair value	$	2,589.6	$	5,806.7	$	8,396.3
Fixed maturity securities, trading		78.3		—		78.3
Equity securities available-for-sale, at fair value		251.7		—		251.7
Mortgage loans on real restate		918.9		863.5		1,782.4
Real estate held for investment		163.4		10.7		174.1
Other invested assets		77.3		22.2		99.5
Policy loans		102.0		1,078.0		1,180.0
Debt service coverage account — OB		66.9		—		66.9
Debt service coverage account — CBB		—		7.5		7.5
Cash and cash equivalents		289.9		60.9		350.8
Accrued investment income		55.2		149.2		204.4
Amounts due from reinsurers		516.4		88.6		605.0
Deferred policy acquisition costs		956.6		368.8		1,325.4
Other assets		532.5		17.3		549.8
Separate account assets		4,854.9		—		4,854.9
Total assets	$	11,453.6	$	8,473.4	$	19,927.0
Liabilities:
Future policy benefits	$	1,110.6	$	6,930.9	$	8,041.5
Policyholders’ account balances		2,975.6		290.2		3,265.8
Other policyholders’ liabilities		127.0		140.9		267.9
Other liabilities		793.5		394.9		1,188.4
Long term debt		216.9		300.0		516.9
Separate account liabilities		4,851.9		—		4,851.9
Total liabilities	$	10,075.5	$	8,056.9	$	18,132.4

(1) Includes the assets and liabilities of MONY Holdings as of December 31, 2003.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21.  The Closed Block Business: (continued)

	As of December 31, 2002
	Ongoing Business		Closed Block Business(1)		Total
	($ in millions)
Assets:
Fixed maturity securities available-for-sale, at fair value	$	2,248.4	$	5,579.8	$	7,828.2
Equity securities available-for-sale, at fair value		247.7		—		247.7
Mortgage loans on real restate		927.0		950.4		1,877.4
Real estate to be disposed of		26.8		—		26.8
Real estate held for investment		171.9		8.3		180.2
Other invested assets		82.9		14.4		97.3
Policy loans		93.5		1,119.0		1,212.5
Debt service coverage account — OB		64.7		—		64.7
Debt service coverage account — CBB		—		9.4		9.4
Cash and cash equivalents		128.7		95.0		223.7
Accrued investment income		54.3		149.7		204.0
Amounts due from reinsurers		602.5		92.7		695.2
Deferred policy acquisition costs		795.9		430.5		1,226.4
Other assets		526.1		17.7		543.8
Separate account assets		4,140.6		—		4,140.6
Total assets	$	10,111.0	$	8,466.9	$	18,577.9
Liabilities:
Future policy benefits	$	1,048.5	$	6,901.4	$	7,949.9
Policyholders’ account balances		2,488.1		291.6		2,779.7
Other policyholders’ liabilities		130.1		159.1		289.2
Other liabilities		761.5		421.2		1,182.7
Long term debt		216.9		300.0		516.9
Separate account liabilities		4,137.6		—		4,137.6
Total liabilities	$	8,782.7	$	8,073.3	$	16,856.0

(1) Includes the assets and liabilities of MONY Holdings as of December 31, 2002.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21.  The Closed Block Business: (continued)

	For the Year Ended December 31, 2003
	Ongoing Business		Closed Block Business(1)		Total
	($ in millions)
Revenues:
Premiums	$	226.0	$	479.2	$	705.2
Universal life and investment-type product policy fees		210.9		—		210.9
Net investment income		231.2		495.7		726.9
Net realized losses on investments		25.4		21.0		46.4
Other income		224.6		2.0		226.6
Total revenues		918.1		997.9		1,916.0
Benefits and Expenses:
Benefits to policyholders		278.9		562.6		841.5
Interest credited to policyholders’ account balances		130.6		8.8		139.4
Amortization of deferred policy acquisition cost		74.8		45.2		120.0
Dividends to policyholders		3.6		220.7		224.3
Other operating costs and expenses		424.6		115.7		540.3
Total benefits and expenses		912.5		953.0		1,865.5
Net income from continuing operations before income taxes	$	5.6	$	44.9	$	50.5

(1) Includes: (i) revenues and expenses associated with the DSCA, the Insured Notes and the Swap (ii) the net contribution to income from the Surplus and Related Assets, and (iii) the results of operations from the Closed Block.

	For the Year Ended December 31, 2002
	Ongoing Business			Closed Block Business(1)			Total
	($ in millions)
Revenues:
Premiums	$	181.3		$	509.1		$	690.4
Universal life and investment-type product policy fees		200.5			—			200.5
Net investment income		247.0			480.1			727.1
Net realized losses on investments		(76.8	)		(74.2	)		(151.0	)
Group Pension Profits		82.3			—			82.3
Other income		167.0			2.3			169.3
Total revenues		801.3			917.3			1,718.6
Benefits and Expenses:
Benefits to policyholders		236.3			566.8			803.1
Interest credited to policyholders’ account balances		110.7			8.6			119.3
Amortization of deferred policy acquisition cost		107.0			49.1			156.1
Dividends to policyholders		2.5			185.5			188.0
Other operating costs and expenses		393.3			81.4			474.7
Total benefits and expenses		849.8			891.4			1,741.2
Net (loss)/income from continuing operations before income taxes	$	(48.5	)	$	25.9		$	(22.6	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

21.  The Closed Block Business: (continued)

(1) Includes: (i) revenues and expenses associated with the DSCA, the Insured Notes and the Swap for the period from April 30, 2002 (the date of MONY Holdings’ commencement of operations) through December 31, 2002, (ii) the net contribution to income from the Surplus and Related Assets from April 30, 2002 (the date of MONY Holdings’ commencement of operations) through December 31, 2002, and (iii) the results of operations from the Closed Block from January 1, 2002 through December 31, 2002.

The statutory surplus of MONY Life as of December 31, 2003 and 2002 was $926.8 million and $906.4 million, respectively, of which $436.8 million and $409.8 million, respectively, was attributable to the OB and $490.0 million and $496.6 million, respectively, was attributable to the CBB. The statutory net gain from operations of MONY Life for the years ended December 31, 2003 and 2002 was $87.4 million and $154.6 million, respectively, of which $9.2 million and $59.3 million, respectively, was attributable to the OB and $78.2 million and $95.3 million, respectively, was attributable to the CBB. The net gain from operations attributable to the CBB includes: (i) the net contribution to income from the Surplus and Related Assets and (ii) the results of operations from the Closed Block.

22.  The Insured Notes:

Dividends from MONY Life are the principal source of cash inflow, which will enable MONY Holdings to meet its obligations under the Insured Notes. The ability of MONY Life to declare and pay MONY Holdings a dividend is governed by the Insurance Law of the State of New York. The Insurance Law of the State of New York permits a stock life insurance company to pay dividends each calendar year, without the prior approval of the superintendent of the insurance department, in an amount equal to the lesser of (a) ten percent of its “policyholders’ surplus” as of the end of the preceding calendar year or (b) the company’s “net gain from operations” for the preceding calendar year (not including realized capital gains), as determined in accordance with Statutory Accounting Practices prescribed or permitted by the Insurance Department of the State of New York (hereafter referred to as the “NY Dividend Statute”).

In addition, pursuant to the Note indenture, dividends to MONY Holdings from MONY Life are required to be allocated between the OB and the CBB. This allocation, while principally based on separately applying the NY Dividend Statute to the “policyholders’ surplus” and “net gain from operations” attributable to the OB and the CBB, is subject to certain adjustments described in the Note indenture. The amount of the dividend attributable to the CBB is required to be deposited in the DSCA — Subaccount CBB. As described in the Note indenture, the amount of the dividend deposited in the DSCA — Subaccount CBB will not generally be available for dividend to the MONY Group until all the obligations to pay principal, interest and other amounts on the Insured Notes are fully extinguished. Under limited circumstances, if the fair value of the DSCA exceeds amounts set forth in the Note indenture, such excess can become available earlier for dividend to the MONY Group. The amount of such dividend attributable to the OB will generally be available to MONY Holdings to pay dividends to the MONY Group. See Note 1 for additional information regarding the Insured Notes.

In 2003, MONY Life paid a dividend to MONY Holdings in the amount of $25.0 million, of which $13.8 million was retained by MONY Holdings in its DSCA Sub-account CBB and $11.2 million was paid by MONY Holdings in the form of a dividend to MONY Group. In 2002, MONY Life paid a dividend to MONY Holdings in the amount of $90.0 million, of which $15.6 million was retained by MONY Holdings in the DSCA Sub-account CBB and $74.4 million was paid by MONY Holdings in the form of a dividend to MONY Group.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

23.  Stock-Based Compensation:

Stock Incentive Plans —

1998 Stock Incentive Plan and 2002 Stock Option Plan

In November 1998, upon approval of the New York Insurance Department, MONY Group adopted the 1998 Stock Incentive Plan (the “1998 SIP”) for employees of the Company and certain of its career financial professionals, as well as certain employees of other subsidiaries of the MONY Group. As a condition for its approval of the 1998 SIP, the New York Insurance Department restricted options under the plan to no more than five percent of the shares of MONY Group’s common stock outstanding as of the date of its initial public offering (2,361,908 shares). Options granted under the 1998 SIP may be Incentive Stock Options (“ISOs”) qualifying under Section 422(a) of the Internal Revenue Code or Non-Qualified Stock Options (“NQSOs”).

Pursuant to the 1998 SIP, options may be granted at a price not less than 100% of the fair value of MONY Group’s common stock as determined on the date of grant. In addition, one-third of each option granted pursuant to the 1998 SIP shall become exercisable on each of the first three anniversaries following the date such option is granted and will remain exercisable for a period not to exceed 10 years from the date of grant. As of December 31, 2003, options to acquire 2,404,138 common shares of the MONY Group had been issued to employees and certain career financial professionals of the Company under the 1998 SIP. Options to acquire 1,627,782 of these common shares remained outstanding as of December 31, 2003.

In May 2002, MONY Group’s shareholders approved the 2002 Stock Option Plan (the “2002 SOP”) and the allocation of 5,000,000 shares of MONY Group common stock for grants under that 2002 SOP Plan. Options granted under the plan may not be exercised, transferred or otherwise disposed of by the grantee prior to December 24, 2003, even if vested. Options granted under the 2002 SOP are NQSOs. Options may be granted at a price not less than 100% of the fair value of MONY Group’s common stock as determined on the date of grant, and vesting provisions are determined at the discretion of the MONY Group’s board of directors. As of December 31, 2003, options to acquire 1,881,425 common shares of the MONY Group had been issued to employees and certain career financial professionals of the Company and 1,881,425 of these options were outstanding under the 2002 SOP. All options granted through December 31, 2003 under the 2002 SOP vest one-third ratably on the December 31st after each of the first three anniversaries following the date such option was granted, and will remain exercisable for a period not to exceed 10 years from the date of grant.

A summary of the Company’s activity under these stock incentive plans for the years ended December 31, 2003, 2002 and 2001 is presented below:

	Number of Shares		Weighted Average Exercise Price
Outstanding, December 31, 2000	1,684,008		$	31.34
Granted	327,093		$	35.78
Exercised	(17,031	)	$	30.10
Forfeited, expired or cancelled	(71,749	)	$	33.80
Outstanding, December 31, 2001	1,922,321		$	32.02
Granted	1,405,495		$	35.77
Exercised	(33,114	)	$	30.85
Forfeited, expired or cancelled	(166,319	)	$	33.68
Outstanding, December 31, 2002	3,128,383		$	33.60
Granted	836,025		$	21.96
Exercised	(327,327	)	$	30.19
Forfeited, expired or cancelled	(127,874	)	$	33.17
Outstanding, December 31, 2003	3,509,207		$	31.17

F-339

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

23.  Stock-Based Compensation: (continued)

During 2003 there were 836,025 options granted with a weighted average exercise price of $21.96 and a weighted average fair value of $7.59.

As of December 31, 2003 there were 1,729,280 options exercisable, with exercise prices ranging from $27.06 to $44.25, and a weighted average remaining contractual life of 6.7 years.

At December 31, 2003 there were 3,509,207 options outstanding with exercise prices ranging from $20.90 to $44.25, and a weighted average remaining contractual life of approximately 7.7 years. Approximately 28.4% or 996,940 of the options outstanding at December 31, 2003 had an exercise price of $30.50. These options had a remaining contractual life of approximately 5.9 years.

At the effective date of the initial grants of options pursuant to the 1998 SIP, the Company elected to apply the accounting prescribed by APB 25 to option grants to employees and, accordingly, make the required pro forma disclosures of net income and earnings per share as if the fair value accounting prescribed by SFAS 123 had been adopted (see Note 4). Pursuant to the requirements of APB 25, the options granted by the Company under the 1998 SIP and the 2002 SOP to employees qualify as non-compensatory. Accordingly, the Company is not required to recognize any compensation expense with respect to such option grants. Based on the definition of an “employee” prescribed in the Internal Revenue Code, the Company’s career financial professionals do not qualify as employees. Accordingly, with respect to grants of options under both the SIP and the SOP to career financial professionals, the Company adopted the accounting provisions of SFAS 123. Pursuant to the guidance in SFAS 123 and related interpretations, vesting provisions attached to stock based compensation issued to non-employees constitute a performance based condition which requires variable plan accounting. Under variable plan accounting, the fair value of the option grant must be re-measured at the end of each accounting period, until the options are 100 percent vested. Accordingly, the compensation cost charged to expense during any particular accounting period represents the difference between the vested percentage of the fair value of the options at the end of the accounting period and the cumulative compensation cost charged to expense in prior periods. Compensation cost is determined based on the fair value of such options using a Black-Scholes option-pricing model. Such compensation cost is required to be recognized over the vesting period. The compensation expense related to options granted to career financial professionals varies with and primarily relates to the production of business and as such is recognized as DPAC and is amortized on a basis consistent with how earnings emerge from the underlying products that gave rise to such DPAC. The deferred expense amount relating to options granted to career financial professionals which were outstanding was $0.5 million and $0.0 million for the years ended December 31, 2003 and 2002, respectively.

Restricted Stock Plan —

In May 2001, MONY Group shareholders approved The MONY Group Inc. Restricted Stock Ownership Plan (the “Plan”). Pursuant to the terms of the Plan, management has the authority to grant up to 1,000,000 restricted shares of MONY Group common stock to eligible employees, as defined in the Plan, and to establish vesting and forfeiture conditions relating thereto. During 2002 and 2001, MONY Group granted 97,143 and 352,050 restricted shares, respectively, to certain members of management pursuant to the Plan. The 2002 and 2001 awards made under the Plan are conditioned on: (i) the expiration of a vesting period and (ii) an increase in the average per share price of MONY Group common stock above specified targets. In accordance with APB No. 25, compensation expense is recognized on the awards proportionally over the vesting period of the award provided that the condition with respect to the average price of MONY Group common stock is satisfied at the end of any period. In March 2003, MONY Group granted 334,050 restricted shares to certain members of management under the Plan. The 2003 awards made under the Plan are conditioned only on the expiration of a vesting period.

F-340

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

24.  Goodwill and Other Intangible Assets

In accordance with the adoption of SFAS No. 142, Goodwill and Other Intangible Assets (“SFAS 142”) goodwill is periodically tested for impairment and is no longer amortized. The following tables set forth the impact of the adoption of SFAS 142 on the Company’s net income for the years ended December 31, 2003, 2002 and 2001. In addition, as required by SFAS 142, management tested the carrying value of the Company’s goodwill at December 31, 2003 and determined that no impairment exists.

	For the Years Ended December 31,
	2003		2002			2001
	($ in millions)
Reported net income/(loss)	$	56.2	$	(5.6	)	$	(34.0	)
Add back: goodwill amortization		—		—			1.3
Adjusted net income/(loss)	$	56.2	$	(5.6	)	$	32.7

The goodwill amortization recorded for the year ended December 31, 2001 was included in the Protection Products and Other Products segments as follows:

	For the Year Ended December 31, 2001
	($ in millions)
Protection Products	$	1.1
Other Products		0.2
Total	$	1.3

The following table summarizes the significant components of goodwill, and the related amortization, by segment for the periods presented. Goodwill is reflected under the caption “other assets” in the Company’s balance sheet.

	2003				2002
	Protection Products Segment		Other Products Segment		Protection Products Segment		Other Products Segment
	($ in millions)
Beginning Balance	$	17.9	$	1.3	$	17.9	$	1.3
Amortization		—		—		—		—
Ending Balance	$	17.9	$	1.3	$	17.9	$	1.3

25.  Reorganization and Other Charges:

During 2003, the Company recorded charges aggregating $5.8 million as part of the Company’s continuing initiative to enhance operating efficiency and effectively allocate resources. These charges consisted of: (i) severance and related benefits of $1.1 million incurred in connection with the merger of MONY Asset Management, Inc.’s (“MAM”) operations into Boston Advisors, a subsidiary of The Advest Group, Inc., and the resulting termination of certain employees of MONY Life that provided professional services to MAM pursuant to a service agreement between MAM and MONY Life; (ii) losses from the abandonment of leased offices of $1.3 million; (iii) losses from the abandonment of leased space in the Company’s home office of $2.0 million; (iv) write-offs of unused furniture and equipment in certain abandoned agency offices of $1.3 million; and (v) moving and alteration costs incurred in connection with the consolidation of leased space in the Company’s home office of $0.2 million. The severance actions were substantially completed during the fourth quarter of 2003. The reserves established for the abandonment of leased agency offices and leased space in the Company’s home office are expected to run-off through 2008 and 2016, respectively. All of the charges recorded in 2003 represent “costs associated with exit or disposal activities” as described in SFAS 146, Accounting for Costs Associated with Exit or Disposal Activities (“SFAS 146”).

F-341

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

25.  Reorganization and Other Charges: (continued)

During the fourth quarter of 2002 and 2001, the Company recorded reorganization and other charges aggregating approximately $7.2 million and $144.4 million, respectively, as part of the Company’s initiative to enhance operating efficiency, more effectively allocate resources and capital, and discontinue certain non-core operations. Of these charges, $7.2 million and $19.0 million, respectively, met the definition of “restructure charges” as defined by Emerging Issues Task Force Consensus 94-3, “Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred in a Restructuring)”. The 2002 restructure charge consisted of severance and related benefits resulting from headcount reductions of 161 and 26, respectively, in the Company’s home office and career agency system, as well as losses from the abandonment of certain leased offices and equipment. The 2001 restructure charge consisted of severance and related benefits of $10.3 million resulting from headcount reductions of 117 and 240, in the Company’s home office and career agency system, respectively, and $8.7 million of other miscellaneous items. These actions were substantially completed in 2002. The remaining restructuring reserves primarily relate to lease abandonment costs and are expected to run-off through 2007. The balance of the charge in 2001, $125.4 million, was unrelated to the Company’s restructure activities and consisted of: (i) impairments of certain invested assets and valuation related write -downs of private equity securities held in the Company’s equity method venture capital portfolio, (ii) the write-off of deferred sales charges in the Company’s mutual fund business to reflect revised estimates of recoverability which are principally due to the decline in the value of the Company’s internet funds, (iii) write-downs of certain information technology assets, and (iv) other miscellaneous items.

The following tables summarize the components of the aforementioned charges recorded in 2003, 2002 and 2001, respectively. None of the charges referred to below as “Reorganization Charges” have been allocated to the Company’s operating segments, however, the charges in 2001 referred to as “Other Charges” have been allocated to the Company’s operating segments. All Reorganization Charges incurred in 2003, 2002 and 2001 are reported as reconciling items.

2003:

	Operating		Net Realized Losses		Total
	($ in millions)
Reorganization Charges (1):
Severance benefits and incentive compensation	$	1.1	$	—	$	1.1
Leased offices and equipment		2.5		—		2.5
Lease abandonment and other		2.2		—		2.2
Total Reorganization Charges before tax	$	5.8	$	—	$	5.8
Total Reorganization Charges after tax	$	3.8	$	—	$	3.8

(1) All of the reorganization charges recorded in 2003 are “costs associated with exit or disposal activities” as described in SFAS 146.

F-342

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

25.  Reorganization and Other Charges: (continued)

2002:

	Operating		Net Realized Losses		Total
	($ in millions)
Reorganization Charges (1):
Severance benefits and incentive compensation	$	6.1	$	—	$	6.1
Leased offices and equipment		1.1		—		1.1
Total Reorganization Charges before tax	$	7.2	$	—	$	7.2
Total Reorganization Charges after tax	$	4.7	$	—	$	4.7

(1) All of the reorganization charges recorded in 2002 meet the definition of “restructuring charges” as defined by EITF 94-3.

2001:

	Operating		Net Realized Losses		Total
	($ in millions)
Reorganization Charges:
Severance benefits and incentive compensation	$	22.8	$	—	$	22.8
Leased offices and equipment		8.7		—		8.7
Deferred policy acquisition costs		17.0		—		17.0
Other		8.3		—		8.3
Subtotal — Reorganization Charges		56.8		—		56.8
Other Charges:
Asset impairments and valuation related write-downs		29.9		20.1		50.0
Deferred sales charges		7.0		—		7.0
Information technology assets		9.4		—		9.4
Other		21.2		—		21.2
Subtotal — Other Charges		67.5		20.1		87.6
Total — Reorganization and Other Charges before tax	$	124.3	$	20.1	$	144.4
Total — Reorganization and Other Charges after tax	$	80.8	$	13.1	$	93.9

All charges referred to as Reorganization Charges included in the tables above, except $17.0 million related to DPAC in 2001 and $5.3 million related to investment expenses in 2001, are included in “other operating costs and expenses” in the Company’s 2001 consolidated statement of income and comprehensive income.

F-343

MONY LIFE INSURANCE COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

25.  Reorganization and Other Charges: (continued)

The following table indicates the line items in the Company’s consolidated and segmented income statements for the year ended December 31, 2001 that the Other Charges in the table above are reflected in.

	Protection		Accumulation		Other		Reconciling		Total
	($ in millions)
Premiums	$	1.0	$	—	$	—	$	—	$	1.0
Net investment income		20.3		3.8		3.3		5.3		32.7
Group pension profit		2.5		—		—		—		2.5
Benefits to policyholders		1.8		3.9		—		—		5.7
Amortization of deferred policy acquisition costs		—		2.0		—		17.0		19.0
Other operating costs and expenses		17.6		10.3		1.0		34.5		63.4
Total Other Operating Charges		43.2		20.0		4.3		56.8		124.3
Net realized losses on investments		14.9		2.8		2.4		—		20.1
Total Reorganization and Other Charges	$	58.1	$	22.8	$	6.7	$	56.8	$	144.4

Set forth below is certain information regarding the liability recorded in connection with the Company’s restructuring actions, as well as the changes therein during the year ended December 31, 2003. Such liability is reflected in “accounts payable and other liabilities” on the Company’s consolidated statement of financial position.

	December 31, 2002		Charges		Cash Payments			Change in Reserve Estimates			December 31, 2003
	($ in millions)
Restructuring Charges Liability:
Severance benefits	$	7.8	$	1.1	$	(7.3	)	$	(0.7	)	$	0.9
Other restructure charges (1)		4.4		4.7		(5.5	)		—			3.6
Total Restructuring Charges Liability	$	12.2	$	5.8	$	(12.8	)	$	(0.7	)	$	4.5

(1) Cash payments include in 2003 the non-cash write-off of $1.3 million in unused equipment in certain abandoned leased offices.

F-344

Appendix A

DEATH BENEFIT PERCENTAGE FOR

GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST

Attained Age	Applicable Percentage
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

A-1

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.

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement comprises the following papers and documents:

The Facing Sheet.

The Prospectus.

The undertaking to file reports.

The signatures.

II-1

Written consents of the following persons:

a. Arthur D. Woods, Esq.

b. Robert Levy, Esq.

c. PricewaterhouseCoopers LLP, Independent Accountants

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. (3)

(2) Not applicable.

(3)    (a) Underwriting Agreement between The Mutual Life Insurance Company of New York, MONY Series Fund, Inc., and MONY Securities Corp. (4)

(b) Specimen agreement between MONY Securities Corp. and registered representatives. (5)

(c) Specimen commission schedule (Career Contract Schedule). (6)

(4) Not applicable.

(5) Form of policy and application form for flexible premium variable universal life insurance policy. (7)

(6) Amended and Restated Charter, and Amended and Restated By-Laws of MONY Life Insurance Company. (9)

(7) Not applicable.

(8)    (a) Form of agreement to purchase shares. [See item (3)(a) above].

(b) Investment Advisory Agreement between MONY Life Insurance Company of America and MONY Series Fund, Inc. (1)

(c) Services Agreement between The Mutual Life Insurance Company of New York and MONY Life Insurance Company of America. (2).

(d) Fund Participation Agreement among Enterprise Accumulation Trust, MONY Life Insurance Company of America and MONY Life Insurance Company. (10)

(e) Participation Agreement among the Dreyfus Variable Investment Fund, The Dreyfus Socially Responsible Growth Fund, Inc., Dreyfus Life and Annuity Index Fund, Inc. (d/b/a Dreyfus Stock Index Fund), Dreyfus Investment Portfolios, MONY Life Insurance Company of America, and MONY Life Insurance Company (4)

(i) Amended Participation Agreement among the Dreyfus Variable Investment Fund, The Dreyfus Socially Responsible Growth Fund, Inc., Dreyfus Life and Annuity Index Fund, Inc. (d/b/a Dreyfus Stock Index Fund), Dreyfus Investment Portfolios, MONY Life Insurance Company of America, and MONY Life Insurance Company (4)

(f) Participation Agreement among Fidelity Distributors Corporation, Variable Insurance Products Fund and MONY Life Insurance Company. (12)

(g) Participation Agreement among Fidelity Distributors Corporation, Variable Insurance Products Fund II and MONY Life Insurance Company. (12)

(h) Participation Agreement among Fidelity Distributors Corporation, Variable Insurance Products Fund III and MONY Life Insurance Company. (12)

(i) Participation Agreement between Janus Aspen Series and MONY Life Insurance Company of America (11)

(i) Form of amendment dated September 1, 2003. (4)

II-2

(9) Not applicable.

(10) Application Form for Flexible Premium Variable Universal Life Insurance Policy. [See item (5) above]

(11) Code of Ethics for Operation of MONY Life Insurance Company and its Subsidiaries. (8)

2.       (a) Opinion and consent of Arthur D. Woods, Esq. (14)

(b) Opinion and consent of Robert Levy, Esq. (14)

(c) Opinion and consent of Evelyn L. Peos, FSA, as to actuarial matters filed. (7)

3. No financial statements have been omitted from the prospectus.

4. Not applicable.

5. Powers of Attorney.

(a) Michael I. Roth, Director, Chairman of the Board and Chief Executive Officers (Principal Executive Officer) (5)

(b) Samuel J. Foti, Director, President and Chief Operating Officer (5)

(c) Kenneth M. Levine, Director and Executive Vice President (5)

(d) Richard Daddario, Executive Vice President and Chief Financial Officer (5)

(e) Tom H. Barrett, Director (5)

(f) David L. Call, Director (5)

(g) G. Robert Durham, Director (5)

(h) Margaret M. Foran (4)

(i) Robert Holland, Jr., Director (5)

(j) James L. Johnson, Director (5)

(k) Frederick W. Kanner, Director (5)

(l) Robert R. Kiley, Director (5)

(m) Jane C. Pfeiffer, Director (5)

(n) Thomas C. Theobald, Director (5)

(o) David M. Thomas, Director (5)

6. Consent of PricewaterhouseCooopers LLP, Independent Accountants. (14)

(1) Incorporated herein by reference to post-effective amendment no. 14 to registration statement on Form N1-A (File No. 2-95501) filed on February 27, 1998.

(2) Incorporated herein by reference to post-effective amendment no. 22 to the registration statement on Form N-6 (File No. 333-06071) filed on April 30, 2003.

(3) Incorporated herein by reference to pre-effective amendment no. 1 to registration statement on Form S-6 (File No. 33-37719) filed on December 17, 1990.

(4) Incorporated herein by reference to pre-effective amendment no. 1 to the registration statement on Form N-6 (File No. 333-104156) filed on May 29, 2003.

(5) Incorporated herein by reference to post-effective amendment no. 5 to the registration statement on Form N-6 (File No. 333-06071) filed on April 30, 2003.

(6) Incorporated herein by reference to pre-effective amendment no. 1 to the registration statement on Form S-6 (File No. 333-72596) filed on December 7, 2001.

II-3

(7) Incorporated herein by reference to the initial registration statement on Form S-6 (File No. 333-01581) filed on March 8, 1996.

(8) Incorporated herein by reference to post-effective amendment no. 12 to registration statement on Form S-6 (File No. 33-82570) filed on February 27, 2002.

(9) Incorporated herein by reference to the initial registration statement on Form S-6 (File No. 333-71417) filed on January 29, 1999.

(10) Incorporated herein by reference to post-effective amendment no. 7 to the registration statement on Form N-4 (File No. 333-72259) filed on April 18, 2001.

(11) Incorporated herein by reference to pre-effective amendment no. 1 to the registration statement on Form N-4 (File No. 333-92320) filed on September 17, 2002.

(12) Incorporated herein by reference to pre-effective amendment no. 2 to the registration statement on Form S-6 (File No. 333-40554) filed on October 11, 2002.

(13) Incorporated herein by reference to post-effective amendment no. 1 to the registration statement on Form S-6 (File No. 333-40554) filed on March 3, 2003.

(14) Filed herewith.

II-4

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, MONY Variable Account L and MONY Life Insurance Company certify that they meet the requirements of the Securities Act for effectiveness of this Registration Statement and have duly caused Post-Effective Amendment No. 10 to this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City of New York, State of New York, on this 14th day of May, 2004.

MONY Variable Account L (Registrant)
By:	*
	Michael I. Roth, Director, Chairman of the Board, and Chief Executive Officer of MONY Life Insurance Company

MONY Life Insurance Company (Depositor)
By:	*
	Michael I. Roth, Director, Chairman of the Board, and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, Post-Effective Amendment No. 10 to this Registration Statement has been signed below by the following persons in the capacities indicated on May 14, 2004.

Signature	Title
* Michael I. Roth	Director, Chairman of the Board, and Chief Executive Officer
* Samuel J. Foti	Director, President, and Chief Operating Officer
* Kenneth M. Levine	Director, Executive Vice President and Chief Investment Officer
* Richard Daddario	Executive Vice President and Chief Financial Officer
* Tom H. Barrett	Director
* David L. Call	Director

Signature	Title
* G. Robert Durham	Director
* Margaret M. Foran	Director
* Robert Holland, Jr.	Director
* James L. Johnson	Director
* Frederick W. Kanner	Director
* Robert R. Kiley	Director
* Jane C. Pfeiffer	Director
* Thomas C. Theobald	Director
* David M. Thomas	Director

*By:	/s/ LEE M. SMITH
	Lee M. Smith Attorney-In-Fact Pursuant to Power of Attorney

2

EXHIBIT INDEX

2.(a)	Opinion and consent of Arthur D. Woods, Esq.
2.(b)	Opinion and consent of Robert Levy, Esq.
6	Consent of PricewaterhouseCoopers LLP