MONY Variable Account L

 

Financial Statements

Year Ended December 31, 2023

(With Report of Independent Registered Public Accounting Firm Thereon)

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Policy Owners of MONY Variable Account L and the Board of Directors of

MONY Life Insurance Company:

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in Appendix A that comprise MONY Variable Account L (the Separate Account) as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

 

These financial statements and financial highlights are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

 

   

/s/ KPMG LLP

   

 

We have served as the auditor of one or more MONY Life Insurance Company Separate Accounts since 2019.

 

Birmingham, Alabama
April 18, 2024

 

1

 

 

Appendix A

 

The subaccounts that comprise MONY Variable Account L Separate Account were audited according to varying periods as defined in the table below:

 

Subaccount Statement of Assets
and Liabilities
Statement of Operations Statements of Changes in
Net Assets
1290 VT Equity Income Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
1290 VT Equity Income Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
1290 VT GAMCO Small Company Value Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
1290 VT Socially Responsible Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
1290 VT Socially Responsible Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
BNY Mellon Stock Index Fund, Initial Shares As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/AB Small Cap Growth Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Aggressive Allocation Portfolio, Class B As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/All Asset Growth Allocation Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Capital Group Research Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023

 

2

 

 

EQ/Conservative Allocation Portfolio, Class B As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Conservative-Plus Allocation Portfolio, Class B As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Core Bond Index Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Core Plus Bond Portfolio, Class A As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Global Equity Managed Volatility Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Intermediate Government Bond Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Janus Enterprise Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/JPMorgan Growth Allocation Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Large Cap Growth Managed Volatility Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Large Cap Value Index Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Large Cap Value Managed Volatility Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023

 

3

 

 

EQ/Loomis Sayles Growth Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/MFS International Growth Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Mid Cap Index Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Mid Cap Value Managed Volatility Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Moderate Allocation Portfolio, Class B As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Moderate-Plus Allocation Portfolio, Class B As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Money Market Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Morgan Stanley Small Cap Growth Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/PIMCO Ultra Short Bond Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Quality Bond PLUS Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Small Company Index Portfolio, Class IA As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
EQ/Value Equity Portfolio, Class IB As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023

 

4

 

 

Fidelity VIP Contrafund Portfolio, Service Class As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Franklin Income VIP Fund, Class 2 As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Franklin Rising Dividends VIP Fund, Class 2 As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Diversified Dividend Fund, Series I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Global Core Equity Fund As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Global Fund, Series II As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Health Care Fund, Series I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Invesco V.I. Technology Fund, Series I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Janus Henderson Balanced Fund, Class I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Janus Henderson Enterprise Fund, Class I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Janus Henderson Forty Fund, Class I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Janus Henderson Forty Fund, Class S As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023

 

5

 

 

Janus Henderson Global Research Fund, Class I As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
Janus Henderson Overseas Fund, Class S As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
MFS Utilities Series, Initial Class As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class As of December 31, 2023 For the year then ended December 31, 2023 For each of the years in the two-year period then ended December 31, 2023

 

6

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   1290 VT
Equity
Income
Portfolio,
Class IA
   1290 VT
Equity
Income
Portfolio,
Class IB
   1290 VT
GAMCO
Small
Company
Value
Portfolio,
Class IB
   1290 VT
Socially
Responsible
Portfolio,
Class IA
   1290 VT
Socially
Responsible
Portfolio,
Class IB
   BNY Mellon
Stock Index
Fund,
Initial
Shares
   EQ/AB
Small Cap
Growth
Portfolio,
Class IA
 
                                    
ASSETS:                                   
Investments at fair value (1)  $15,465   $1,479,251   $10,384,358   $275,796   $23,962   $2,945,059   $171,365 
Receivable from the Policies   -    -    -    47    55    40    - 
Receivable from the fund manager   -    58    5,496    -    -    -    2 
Receivable from the Company   -    -    104,588    -    -    -    - 
Total assets   15,465    1,479,309    10,494,442    275,843    24,017    2,945,099    171,367 
                                    
LIABILITIES:                                   
Payable to the Policies   -    58    5,496    -    -    -    2 
Payable to the fund manager   -    -    -    47    55    40    - 
Payable to the Company   263    20,787    -    4,020    341    15,918    2,770 
Total liabilities   263    20,845    5,496    4,067    396    15,958    2,772 
                                    
NET ASSETS  $15,202   $1,458,464   $10,488,946   $271,776   $23,621   $2,929,141   $168,595 
                                    
Fair value per share (NAV)  $4.80   $4.85   $69.97   $20.08   $19.63   $69.08   $16.68 
Shares outstanding in the Separate Account   3,220    305,061    148,422    13,736    1,220    42,633    10,273 
                                    
(1) Investments in mutual fund shares, at cost  $15,701   $1,544,171   $7,111,263   $142,749   $14,404   $1,872,573   $188,620 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
 
 (Continued)

 

See accompanying notes to financial statements. 

 

7

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Aggressive
Allocation
Portfolio,
Class B
   EQ/All
Asset
Growth
Allocation
Portfolio,
Class IB
   EQ/Capital
Group
Research
Portfolio,
Class IA
   EQ/Conservative
Allocation
Portfolio,
Class B
   EQ/Conservative-
Plus Allocation
Portfolio,
Class B
   EQ/Core
Bond Index
Portfolio,
Class IA
   EQ/Core
Plus Bond
Portfolio,
Class A
 
                                    
ASSETS:                                   
Investments at fair value (1)  $246,531   $4,220,108   $3,426,011   $24,792   $      570   $1,327,250   $204,127 
Receivable from the Policies   -    -    -    -    -    -    - 
Receivable from the fund manager   5    107    22    -    -    148    80 
Receivable from the Company   5,205    105,946    -    -    6    -    - 
Total assets   251,741    4,326,161    3,426,033    24,792    576    1,327,398    204,207 
                                    
LIABILITIES:                                   
Payable to the Policies   5    107    22    -    -    148    80 
Payable to the fund manager   -    -    -    -    -    -    - 
Payable to the Company   -    -    45,325    421    -    13,716    3,467 
Total liabilities   5    107    45,347    421    -    13,864    3,547 
                                    
NET ASSETS  $251,736   $4,326,054   $3,380,686   $24,371   $576   $1,313,534   $200,660 
                                    
Fair value per share (NAV)  $9.86   $17.73   $29.67   $8.18   $8.21   $9.20   $3.50 
Shares outstanding in the Separate Account   24,999    238,063    115,458    3,032    69    144,198    58,312 
                                    
(1) Investments in mutual fund shares, at cost  $266,562   $4,480,906   $2,933,969   $27,278   $576   $1,434,038   $223,519 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                           
                           (Continued)

 

See accompanying notes to financial statements. 

 

8

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Global
Equity
Managed
Volatility
Portfolio,
Class IA
   EQ/Intermediate
Government
Bond
Portfolio,
Class IA
   EQ/Janus
Enterprise
Portfolio,
Class IA
   EQ/JPMorgan
Growth
Allocation
Portfolio,
Class IB
   EQ/Large
Cap Growth
Managed
Volatility
Portfolio,
Class IB
   EQ/Large
Cap Value
Index
Portfolio,
Class IA
   EQ/Large
Cap Value
Managed
Volatility
Portfolio,
Class IA
 
                                    
ASSETS:                                   
Investments at fair value (1)  $89,440   $579,009   $1,151,358   $7,857,533   $1,660,064   $2,117,163   $281,454 
Receivable from the Policies   3    -    -    -    -    137    76 
Receivable from the fund manager   -    160    32    4,106    5,970    -    - 
Receivable from the Company   -    -    -    211,377    -    -    - 
Total assets   89,443    579,169    1,151,390    8,073,016    1,666,034    2,117,300    281,530 
                                    
LIABILITIES:                                   
Payable to the Policies   -    160    32    4,106    5,970    -    - 
Payable to the fund manager   3    -    -    -    -    137    76 
Payable to the Company   1,355    6,664    19,054    -    10,630    35,601    4,747 
Total liabilities   1,358    6,824    19,086    4,106    16,600    35,738    4,823 
                                    
NET ASSETS  $88,085   $572,345   $1,132,304   $8,068,910   $1,649,434   $2,081,562   $276,707 
                                    
Fair value per share (NAV)  $16.13   $9.50   $20.44   $56.15   $29.25   $9.98   $17.79 
Shares outstanding in the Separate Account   5,545    60,924    56,315    139,935    56,760    212,114    15,825 
                                    
(1) Investments in mutual fund shares, at cost  $82,793   $618,278   $1,031,273   $5,339,667   $1,580,803   $1,705,482   $242,476 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

9

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Loomis
Sayles
Growth
Portfolio,
Class IB
   EQ/MFS
International
Growth
Portfolio,
Class IB
   EQ/Mid
Cap Index
Portfolio,
Class IA
   EQ/Mid
Cap Value
Managed
Volatility
Portfolio,
Class IA
   EQ/Moderate
Allocation
Portfolio,
Class B
   EQ/Moderate-Plus
Allocation
Portfolio,
Class B
   EQ/Money
Market
Portfolio,
Class IA
 
                                    
ASSETS:                                   
Investments at fair value (1)  $7,487,118   $1,751,755   $783,774   $1,883,942   $152,853   $279,878   $2,160,058 
Receivable from the Policies   -    -    -    53    -    -    - 
Receivable from the fund manager   6,428    40    103    -    2    4    130 
Receivable from the Company   -    25,560    -    -    -    -    - 
Total assets   7,493,546    1,777,355    783,877    1,883,995    152,855    279,882    2,160,188 
                                    
LIABILITIES:                                   
Payable to the Policies   6,428    40    103    -    2    4    130 
Payable to the fund manager   -    -    -    53    -    -    - 
Payable to the Company   104,839    -    13,002    29,094    526    1,475    117,457 
Total liabilities   111,267    40    13,105    29,147    528    1,479    117,587 
                                    
NET ASSETS  $7,382,279   $1,777,315   $770,772   $1,854,848   $152,327   $278,403   $2,042,601 
                                    
Fair value per share (NAV)  $10.32   $7.30   $15.57   $16.25   $11.82   $9.33   $1.00 
Shares outstanding in the Separate Account   725,801    240,093    50,327    115,969    12,927    30,005    2,158,468 
                                    
(1) Investments in mutual fund shares, at cost  $5,704,419   $1,696,856   $647,431   $1,574,111   $173,732   $314,952   $2,159,822 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

10

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Morgan
Stanley
Small Cap
Growth
Portfolio,
Class IB
   EQ/PIMCO
Ultra Short
Bond
Portfolio,
Class IB
   EQ/Quality
Bond PLUS
Portfolio,
Class IB
   EQ/Small
Company
Index
Portfolio,
Class IA
   EQ/Value
Equity
Portfolio,
Class IB
   Fidelity VIP
Contrafund
Portfolio,
Service
Class
   Franklin
Income
VIP Fund,
Class 2
 
                                    
ASSETS:                                   
Investments at fair value (1)  $1,159,424   $258,656   $477,062   $140,213   $184,741   $4,438,952   $1,168,791 
Receivable from the Policies   -    -    6    -    -    -    209 
Receivable from the fund manager   40    90    -    1    30    6,177    - 
Receivable from the Company   -    -    -    -    -    -    - 
Total assets   1,159,464    258,746    477,068    140,214    184,771    4,445,129    1,169,000 
                                    
LIABILITIES:                                   
Payable to the Policies   40    90    -    1    30    6,177    - 
Payable to the fund manager   -    -    6    -    -    -    209 
Payable to the Company   16,925    4,361    1,020    2,382    3,138    5,405    19,628 
Total liabilities   16,965    4,451    1,026    2,383    3,168    11,582    19,837 
                                    
NET ASSETS  $1,142,499   $254,295   $476,042   $137,831   $181,603   $4,433,547   $1,149,163 
                                    
Fair value per share (NAV)  $7.22   $9.74   $7.68   $11.06   $22.01   $48.30   $14.20 
Shares outstanding in the Separate Account   160,500    26,546    62,079    12,675    8,393    91,904    82,309 
                                    
(1) Investments in mutual fund shares, at cost  $1,816,091   $263,033   $535,919   $138,426   $156,771   $2,930,606   $1,198,827 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

11

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   Franklin
Rising
Dividends
VIP Fund,
Class 2
   Invesco V.I.
Diversified
Dividend
Fund,
Series I
   Invesco V.I.
Global Core
Equity Fund
   Invesco V.I.
Global Fund,
Series II
   Invesco V.I.
Health Care
Fund,
Series I
   Invesco V.I.
Technology
Fund,
Series I
   Janus
Henderson
Balanced
Fund,
Class I
 
                                    
ASSETS:                                   
Investments at fair value (1)  $144,397   $121,782   $115,067   $497,590   $269,494   $19,326   $1,003,948 
Receivable from the Policies   -    -    112    -    -    -    4 
Receivable from the fund manager   3    2    -    28    5    -    - 
Receivable from the Company   -    -    -    -    -    -    - 
Total assets   144,400    121,784    115,179    497,618    269,499    19,326    1,003,952 
                                    
LIABILITIES:                                   
Payable to the Policies   3    2    -    28    5    -    - 
Payable to the fund manager   -    -    112    -    -    -    4 
Payable to the Company   2,453    1,992    1,951    8,452    4,490    297    14,358 
Total liabilities   2,456    1,994    2,063    8,480    4,495    297    14,362 
                                    
NET ASSETS  $141,944   $119,790   $113,116   $489,138   $265,004   $19,029   $989,590 
                                    
Fair value per share (NAV)  $26.93   $24.24   $9.67   $35.50   $25.91   $18.50   $45.28 
Shares outstanding in the Separate Account   5,362    5,024    11,900    14,017    10,401    1,045    22,172 
                                    
(1) Investments in mutual fund shares, at cost  $130,407   $106,837   $101,289   $477,448   $272,820   $19,330   $703,054 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

12

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF ASSETS AND LIABILITIES                          
AS OF DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   Janus
Henderson
Enterprise
Fund,
Class I
   Janus
Henderson
Forty Fund,
Class I
   Janus
Henderson
Forty Fund,
Class S
   Janus
Henderson
Global
Research
Fund,
Class I
   Janus
Henderson
Overseas
Fund,
Class S
   MFS
Utilities
Series,
Initial
Class
   PIMCO
Global Bond
Opportunities
Portfolio
(Unhedged),
Admin
Class
 
                                    
ASSETS:                                   
Investments at fair value (1)  $2,506,264   $1,538,347   $514,960   $1,960,547   $407,358   $268,981   $214,399 
Receivable from the Policies   -    -    -    -    3    -    - 
Receivable from the fund manager   6,618    117    48    4,459    -    22    90 
Receivable from the Company   -    30,100    -    4,668    -    -    - 
Total assets   2,512,882    1,568,564    515,008    1,969,674    407,361    269,003    214,489 
                                    
LIABILITIES:                                   
Payable to the Policies   6,618    117    48    4,459    -    22    90 
Payable to the fund manager   -    -    -    -    3    -    - 
Payable to the Company   16,427    -    8,499    -    6,600    4,482    3,558 
Total liabilities   23,045    117    8,547    4,459    6,603    4,504    3,648 
                                    
NET ASSETS  $2,489,837   $1,568,447   $506,461   $1,965,215   $400,758   $264,499   $210,841 
                                    
Fair value per share (NAV)  $76.52   $47.35   $42.49   $61.10   $40.08   $32.25   $9.62 
Shares outstanding in the Separate Account   32,753    32,489    12,120    32,088    10,164    8,340    22,287 
                                    
(1) Investments in mutual fund shares, at cost  $1,970,801   $1,245,029   $450,028   $1,292,980   $353,119   $246,865   $265,906 

 

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.                          
                             
                             (Concluded)

 

See accompanying notes to financial statements. 

 

13

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   1290 VT
Equity
Income
Portfolio,
Class IA
   1290 VT
Equity
Income
Portfolio,
Class IB
   1290 VT
GAMCO
Small
Company
Value
Portfolio,
Class IB
   1290 VT
Socially
Responsible
Portfolio,
Class IA
   1290 VT
Socially
Responsible
Portfolio,
Class IB
   BNY Mellon
Stock Index
Fund, Initial
Shares
   EQ/AB
Small Cap
Growth
Portfolio,
Class IA
 
                                    
INVESTMENT INCOME:                                   
Dividend income  $306   $29,704   $60,622   $1,840   $163   $38,123   $391 
                                    
EXPENSES:                                   
Mortality and expense risk   83    7,871    61,849    1,674    140    17,068    1,088 
                                    
NET INVESTMENT INCOME (LOSS)   223    21,833    (1,227)   166    23    21,055    (697)
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   (328)   (3,652)   202,595    13,563    635    69,274    (5,998)
Capital gain distributions   899    87,915    681,818    5,562    492    97,554    247 
                                    
Net realized gain (loss) on investments   571    84,263    884,413    19,125    1,127    166,828    (5,751)
                                    
Change in net unrealized appreciation (depreciation) on investments   (70)   (39,082)   904,621    41,864    3,991    412,550    32,807 
                                    
Net realized and unrealized gain (loss) on investments   501    45,181    1,789,034    60,989    5,118    579,378    27,056 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $724   $67,014   $1,787,807   $61,155   $5,141   $600,433   $26,359 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

14

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Aggressive
Allocation
Portfolio,
Class B
   EQ/All
Asset
Growth
Allocation
Portfolio,
Class IB
   EQ/Capital
Group
Research
Portfolio,
Class IA
   EQ/Conservative
Allocation
Portfolio,
Class B
   EQ/Conservative-Plus
Allocation
Portfolio,
Class B
   EQ/Core
Bond Index
Portfolio,
Class IA
   EQ/Core
Plus Bond
Portfolio,
Class A
 
                                    
INVESTMENT INCOME:                                   
Dividend income  $3,189   $75,353   $10,888   $573   $12   $27,541   $4,686 
                                    
EXPENSES:                                   
Mortality and expense risk   1,595    29,139    18,604    143                         4    7,580    1,095 
                                    
NET INVESTMENT INCOME (LOSS)   1,594    46,214    (7,716)   430    8    19,961    3,591 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   (1,188)   (38,416)   14,917    (1,475)   (41)   (8,983)   (1,281)
Capital gain distributions   6,779    69,088    157,380    208    14    -    - 
                                    
Net realized gain (loss) on investments   5,591    30,672    172,297    (1,267)   (27)   (8,983)   (1,281)
                                    
Change in net unrealized appreciation (depreciation) on investments   29,753    433,132    469,677    2,617    76    39,666    5,353 
                                    
Net realized and unrealized gain (loss) on investments   35,344    463,804    641,974    1,350    49    30,683    4,072 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $36,938   $510,018   $634,258   $1,780   $57   $50,644   $7,663 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

15

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Global
Equity
Managed
Volatility
Portfolio,
Class IA
   EQ/Intermediate
Government
Bond
Portfolio,
Class IA
   EQ/Janus
Enterprise
Portfolio,
Class IA
   EQ/JPMorgan
Growth
Allocation
Portfolio,
Class IB
   EQ/Large
Cap Growth
Managed
Volatility
Portfolio,
Class IB
   EQ/Large
Cap Value
Index
Portfolio,
Class IA
   EQ/Large
Cap Value
Managed
Volatility
Portfolio,
Class IA
 
                             
INVESTMENT INCOME:                                   
Dividend income  $737   $15,426   $354   $-   $6,158   $32,893   $4,345 
                                    
EXPENSES:                                   
Mortality and expense risk   541    3,085    5,603    49,716    9,116    10,746    1,272 
                                    
NET INVESTMENT INCOME (LOSS)   196    12,341    (5,249)   (49,716)   (2,958)   22,147    3,073 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   198    (2,968)   9,731    160,749    (36)   25,300    2,080 
Capital gain distributions   3,476    -    75,586    1,063,676    134,461    60,046    14,608 
                                    
Net realized gain (loss) on investments   3,674    (2,968)   85,317    1,224,425    134,425    85,346    16,688 
                                    
Change in net unrealized appreciation (depreciation) on investments   11,720    9,207    88,834    1,334,798    344,254    91,297    13,945 
                                    
Net realized and unrealized gain (loss) on investments   15,394    6,239    174,151    2,559,223    478,679    176,643    30,633 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $15,590   $18,580   $168,902   $2,509,507   $475,721   $198,790   $33,706 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

16

 

  

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Loomis
Sayles
Growth
Portfolio,
Class IB
   EQ/MFS
International
Growth
Portfolio,
Class IB
   EQ/Mid
Cap Index
Portfolio,
Class IA
   EQ/Mid
Cap Value
Managed
Volatility
Portfolio,
Class IA
   EQ/Moderate
Allocation
Portfolio,
Class B
   EQ/Moderate-
Plus
Allocation
Portfolio,
Class B
   EQ/Money
Market
Portfolio,
Class IA
 
                             
INVESTMENT INCOME:                                   
Dividend income  $-   $21,104   $7,357   $25,656   $2,848   $4,377   $94,479 
                                    
EXPENSES:                                   
Mortality and expense risk   37,108    11,488    3,768    9,790    806    1,519    12,567 
                                    
NET INVESTMENT INCOME (LOSS)   (37,108)   9,616    3,589    15,866    2,042    2,858    81,912 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   72,019    1,540    6,229    23,576    (798)   (6,897)   40 
Capital gain distributions   299,619    63,703    29,020    87,127    3,212    7,983    - 
                                    
Net realized gain (loss) on investments   371,638    65,243    35,249    110,703    2,414    1,086    40 
                                    
Change in net unrealized appreciation (depreciation) on investments   1,963,809    139,820    65,779    89,150    11,630    34,154    236 
                                    
Net realized and unrealized gain (loss) on investments   2,335,447    205,063    101,028    199,853    14,044    35,240    276 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $2,298,339   $214,679   $104,617   $215,719   $16,086   $38,098   $82,188 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

17

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   EQ/Morgan
Stanley
Small Cap
Growth
Portfolio,
Class IB
   EQ/PIMCO
Ultra Short
Bond
Portfolio,
Class IB
   EQ/Quality
Bond
PLUS
Portfolio,
Class IB
   EQ/Small
Company
Index
Portfolio,
Class IA
   EQ/Value
Equity
Portfolio,
Class IB
   Fidelity VIP
Contrafund
Portfolio,
Service
Class
   Franklin
Income
VIP Fund,
Class 2
 
                                    
INVESTMENT INCOME:                                   
Dividend income  $16   $10,290   $10,104   $1,496   $1,965   $15,840   $57,836 
                                    
EXPENSES:                                   
Mortality and expense risk   6,052    1,300    2,772    442    581    26,234    5,762 
                                    
NET INVESTMENT INCOME (LOSS)   (6,036)   8,990    7,332    1,054    1,384    (10,394)   52,074 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   (72,486)   (15)   (3,768)   (174)   372    65,311    (1,274)
Capital gain distributions   -    -    -    4,320    299    143,183    70,116 
                                    
Net realized gain (loss) on investments   (72,486)   (15)   (3,768)   4,146    671    208,494    68,842 
                                    
Change in net unrealized appreciation (depreciation) on investments   377,880    3,579    13,094    14,698    27,844    913,554    (32,410)
                                    
Net realized and unrealized gain (loss) on investments   305,394    3,564    9,326    18,844    28,515    1,122,048    36,432 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $299,358   $12,554   $16,658   $19,898   $29,899   $1,111,654   $88,506 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Continued)

 

See accompanying notes to financial statements. 

 

18

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   Franklin
Rising
Dividends
VIP Fund,
Class 2
   Invesco V.I.
Diversified
Dividend
Fund,
Series I
   Invesco V.I.
Global Core
Equity
Fund
   Invesco V.I.
Global Fund,
Series II
   Invesco V.I.
Health Care
Fund,
Series I
   Invesco V.I.
Technology
Fund,
Series I
   Janus
Henderson
Balanced
Fund,
Class I
 
                                    
INVESTMENT INCOME:                                   
Dividend income  $1,275   $2,321   $619   $-   $-   $-   $20,091 
                                    
EXPENSES:                                   
Mortality and expense risk   485    742    695    1,546    1,617    128    5,967 
                                    
NET INVESTMENT INCOME (LOSS)   790    1,579    (76)   (1,546)   (1,617)   (128)   14,124 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   940    800    266    301    (1,626)   (2,924)   19,395 
Capital gain distributions   14,637    9,558    80    53,240    -    -    - 
                                    
Net realized gain (loss) on investments   15,577    10,358    346    53,541    (1,626)   (2,924)   19,395 
                                    
Change in net unrealized appreciation (depreciation) on investments   (837)   (2,560)   20,054    76,124    10,581    10,403    98,198 
                                    
Net realized and unrealized gain (loss) on investments   14,740    7,798    20,400    129,665    8,955    7,479    117,593 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $15,530   $9,377   $20,324   $128,119   $7,338   $7,351   $131,717 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                           
                           (Continued)

 

See accompanying notes to financial statements. 

 

19

 

 

MONY VARIABLE ACCOUNT L                          
                             
STATEMENTS OF OPERATIONS                          
FOR THE YEAR ENDED DECEMBER 31, 2023                          

 

   SUBACCOUNTS 
   Janus
Henderson
Enterprise
Fund,
Class I
   Janus
Henderson
Forty Fund,
Class I
   Janus
Henderson
Forty Fund,
Class S
   Janus
Henderson
Global
Research
Fund,
Class I
   Janus
Henderson
Overseas
Fund,
Class S
   MFS
Utilities
Series,
Initial
Class
   PIMCO
Global Bond
Opportunities
Portfolio
(Unhedged),
Admin
Class
 
                                    
INVESTMENT INCOME:                                   
Dividend income  $3,808   $2,649   $570   $16,675   $5,627   $9,417   $4,709 
                                    
EXPENSES:                                   
Mortality and expense risk   15,905    9,198    2,535    11,146    1,909    1,113    1,019 
                                    
NET INVESTMENT INCOME (LOSS)   (12,097)   (6,549)   (1,965)   5,529    3,718    8,304    3,690 
                                    
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:                                   
Net realized gain (loss) on redemption of investments   54,651    3,068    (995)   35,478    3,749    4,264    (7,380)
Capital gain distributions   172,236    -    -    50,487    -    14,571    2,254 
                                    
Net realized gain (loss) on investments   226,887    3,068    (995)   85,965    3,749    18,835    (5,126)
                                    
Change in net unrealized appreciation (depreciation) on investments   176,285    438,568    148,755    321,122    31,064    (34,693)   11,249 
                                    
Net realized and unrealized gain (loss) on investments   403,172    441,636    147,760    407,087    34,813    (15,858)   6,123 
                                    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $391,075   $435,087   $145,795   $412,616   $38,531   $(7,554)  $9,813 

 

Note: Totals may not appear to foot/crossfoot due to rounding.                          
                             
                             (Concluded)

 

See accompanying notes to financial statements. 

 

20

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023   

 

   SUBACCOUNTS 
    1290 VT
Equity
Income
Portfolio,
Class IA
    1290 VT
Equity
Income
Portfolio,
Class IB
    1290 VT
GAMCO
Small
Company
Value
Portfolio,
Class IB
    1290 VT
Socially
Responsible
Portfolio,
Class IA
    1290 VT
Socially
Responsible
Portfolio,
Class IB
    BNY
Mellon
Stock
Index
Fund,
Initial
Shares
    EQ/AB
Small Cap
Growth
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $223   $21,833   $(1,227)  $166   $23   $21,055   $(697)
Net realized gain (loss) on investments   571    84,263    884,413    19,125    1,127    166,828    (5,751)
Change in net unrealized appreciation (depreciation) on investments   (70)   (39,082)   904,621    41,864    3,991    412,550    32,807 
                                    
Net increase (decrease) in net assets resulting from operations   724    67,014    1,787,807    61,155    5,141    600,433    26,359 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   24,105    50,936    238,087    55,377    868    69,681    4,468 
Policy maintenance charges   (62)   (1,880)   (11,560)   (684)   (91)   (3,829)   (323)
Policy owners' benefits   -    (47,859)   (310,726)   (17,191)   (1,239)   (162,102)   (5,998)
Net transfers (to) from the Company and/or Subaccounts   (24,548)   (101,392)   (189,030)   (65,634)   (1,059)   (103,290)   (25,974)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (505)   (100,195)   (273,229)   (28,132)   (1,521)   (199,540)   (27,827)
                                    
Total increase (decrease) in net assets   219    (33,181)   1,514,578    33,023    3,620    400,893    (1,468)
                                    
NET ASSETS:                                   
Beginning of period   14,983    1,491,645    8,974,368    238,753    20,001    2,528,248    170,063 
                                    
End of period  $15,202   $1,458,464   $10,488,946   $271,776   $23,621   $2,929,141   $168,595 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

21

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

 

   SUBACCOUNTS 
    EQ/Aggressive
Allocation
Portfolio,
Class B
    EQ/All
Asset
Growth
Allocation
Portfolio,
Class IB
    EQ/Capital
Group
Research
Portfolio,
Class IA
    EQ/Conservative
Allocation
Portfolio,
Class B
    EQ/Conservative-
Plus Allocation
Portfolio, Class B
    EQ/Core
Bond
Index
Portfolio,
Class IA
    EQ/Core
Plus Bond
Portfolio,
Class A
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $1,594   $46,214   $(7,716)  $430   $8   $19,961   $3,591 
Net realized gain (loss) on investments   5,591    30,672    172,297    (1,267)   (27)   (8,983)   (1,281)
Change in net unrealized appreciation (depreciation) on investments   29,753    433,132    469,677    2,617    76    39,666    5,353 
                                    
Net increase (decrease) in net assets resulting from operations   36,938    510,018    634,258    1,780    57    50,644    7,663 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   6,262    208,160    92,572    10,198    464    90,035    10,388 
Policy maintenance charges   (568)   (10,289)   (4,959)   (71)   (12)   (2,732)   (321)
Policy owners' benefits   -    (166,158)   (70,137)   -    -    (18,527)   (492)
Net transfers (to) from the Company and/or Subaccounts   (643)   (91,230)   (201,159)   (12,543)   (432)   (112,826)   (7,937)
                                    
Increase (decrease) in net assets resulting from Policy transactions   5,051    (59,517)   (183,683)   (2,416)   20    (44,050)   1,638 
                                    
Total increase (decrease) in net assets   41,989    450,501    450,575    (636)   77    6,594    9,301 
                                    
NET ASSETS:                                   
Beginning of period   209,747    3,875,553    2,930,111    25,007    499    1,306,940    191,359 
                                    
End of period  $251,736   $4,326,054   $3,380,686   $24,371   $576   $1,313,534   $200,660 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

22

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

 

   SUBACCOUNTS 
    EQ/Global
Equity
Managed
Volatility
Portfolio,
Class IA
    EQ/Intermediate
Government
Bond Portfolio,
Class IA
    EQ/Janus
Enterprise
Portfolio,
Class IA
    EQ/JPMorgan
Growth
Allocation
Portfolio,
Class IB
    EQ/Large
Cap
Growth
Managed
Volatility
Portfolio,
Class IB
    EQ/Large
Cap Value
Index
Portfolio,
Class IA
    EQ/Large
Cap Value
Managed
Volatility
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $196   $12,341   $(5,249)  $(49,716)  $(2,958)  $22,147   $3,073 
Net realized gain (loss) on investments   3,674    (2,968)   85,317    1,224,425    134,425    85,346    16,688 
Change in net unrealized appreciation (depreciation) on investments   11,720    9,207    88,834    1,334,798    344,254    91,297    13,945 
                                    
Net increase (decrease) in net assets resulting from operations   15,590    18,580    168,902    2,509,507    475,721    198,790    33,706 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   3,181    44,002    28,770    199,944    39,472    65,180    8,756 
Policy maintenance charges   (257)   (1,593)   (1,575)   (10,486)   (2,100)   (2,262)   (438)
Policy owners' benefits   (2,215)   (7,469)   (19,176)   (209,801)   (40,001)   (16,653)   (2,598)
Net transfers (to) from the Company and/or Subaccounts   (5,344)   (48,352)   (106,824)   (35,978)   (101,212)   (152,962)   (7,260)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (4,635)   (13,412)   (98,805)   (56,321)   (103,841)   (106,697)   (1,540)
                                    
Total increase (decrease) in net assets   10,955    5,168    70,097    2,453,186    371,880    92,093    32,166 
                                    
NET ASSETS:                                   
Beginning of period   77,130    567,177    1,062,207    5,615,724    1,277,554    1,989,469    244,541 
                                    
End of period  $88,085   $572,345   $1,132,304   $8,068,910   $1,649,434   $2,081,562   $276,707 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

23

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

 

   SUBACCOUNTS 
    EQ/Loomis
Sayles
Growth
Portfolio,
Class IB
    EQ/MFS
International
Growth
Portfolio,
Class IB
    EQ/Mid
Cap Index
Portfolio,
Class IA
    EQ/Mid
Cap Value
Managed
Volatility
Portfolio,
Class IA
    EQ/Moderate
Allocation
Portfolio,
Class B
    EQ/Moderate-Plus
Allocation
Portfolio,
Class B
    EQ/Money
Market
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(37,108)  $9,616   $3,589   $15,866   $2,042   $2,858   $81,912 
Net realized gain (loss) on investments   371,638    65,243    35,249    110,703    2,414    1,086    40 
Change in net unrealized appreciation (depreciation) on investments   1,963,809    139,820    65,779    89,150    11,630    34,154    236 
                                    
Net increase (decrease) in net assets resulting from operations   2,298,339    214,679    104,617    215,719    16,086    38,098    82,188 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   185,735    63,334    22,841    61,616    3,028    37,072    162,448 
Policy maintenance charges   (10,263)   (2,653)   (1,149)   (2,893)   (256)   (521)   (4,130)
Policy owners' benefits   (236,358)   (83,956)   (7,826)   (12,536)   -    -    (19,718)
Net transfers (to) from the Company and/or Subaccounts   (306,362)   (21,116)   (4,570)   (190,782)   (3,608)   (72,181)   (401,893)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (367,248)   (44,391)   9,296    (144,595)   (836)   (35,630)   (263,293)
                                    
Total increase (decrease) in net assets   1,931,091    170,288    113,913    71,124    15,250    2,468    (181,105)
                                    
NET ASSETS:                                   
Beginning of period   5,451,188    1,607,027    656,859    1,783,724    137,077    275,935    2,223,706 
                                    
End of period  $7,382,279   $1,777,315   $770,772   $1,854,848   $152,327   $278,403   $2,042,601 

 

Note: Totals may not appear to foot/crossfoot due to rounding.  

 

(Continued)  

 

See accompanying notes to financial statements.

 

24

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

 

   SUBACCOUNTS 
    EQ/Morgan
Stanley
Small Cap
Growth
Portfolio,
Class IB
    EQ/PIMCO
Ultra Short
Bond
Portfolio,
Class IB
    EQ/Quality
Bond
PLUS
Portfolio,
Class IB
    EQ/Small
Company
Index
Portfolio,
Class IA
    EQ/Value
Equity
Portfolio,
Class IB
    Fidelity
VIP
Contrafund
Portfolio,
Service
Class
    Franklin
Income
VIP Fund,
Class 2
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(6,036)  $8,990   $7,332   $1,054   $1,384   $(10,394)  $52,074 
Net realized gain (loss) on investments   (72,486)   (15)   (3,768)   4,146    671    208,494    68,842 
Change in net unrealized appreciation (depreciation) on investments   377,880    3,579    13,094    14,698    27,844    913,554    (32,410)
                                    
Net increase (decrease) in net assets resulting from operations   299,358    12,554    16,658    19,898    29,899    1,111,654    88,506 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   38,774    27,345    28,696    4,065    1,866    123,591    43,181 
Policy maintenance charges   (2,547)   (926)   (1,126)   (292)   (252)   (4,785)   (2,383)
Policy owners' benefits   (41,623)   (391)   (10,064)   (1,289)   (1,321)   (82,061)   (19,566)
Net transfers (to) from the Company and/or Subaccounts   (68,106)   (29,246)   (24,203)   (5,998)   (8,395)   (206,411)   (84,651)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (73,502)   (3,218)   (6,697)   (3,514)   (8,102)   (169,666)   (63,419)
                                    
Total increase (decrease) in net assets   225,856    9,336    9,961    16,384    21,797    941,988    25,087 
                                    
NET ASSETS:                                   
Beginning of period   916,643    244,959    466,081    121,447    159,806    3,491,559    1,124,076 
                                    
End of period  $1,142,499   $254,295   $476,042   $137,831   $181,603   $4,433,547   $1,149,163 

 

Note: Totals may not appear to foot/crossfoot due to rounding.  

 

(Continued)

 

See accompanying notes to financial statements.

 

25

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023

 

   SUBACCOUNTS 
    Franklin
Rising
Dividends
VIP Fund,
Class 2
    Invesco
V.I.
Diversified
Dividend
Fund,
Series I
    Invesco
V.I. Global
Core
Equity
Fund
    Invesco
V.I. Global
Fund,
Series II
    Invesco
V.I. Health
Care Fund,
Series I
    Invesco V.I.
Technology
Fund,
Series I
    Janus
Henderson
Balanced
Fund,
Class I
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $790   $1,579   $(76)  $(1,546)  $(1,617)  $(128)  $14,124 
Net realized gain (loss) on investments   15,577    10,358    346    53,541    (1,626)   (2,924)   19,395 
Change in net unrealized appreciation (depreciation) on investments   (837)   (2,560)   20,054    76,124    10,581    10,403    98,198 
                                    
Net increase (decrease) in net assets resulting from operations   15,530    9,377    20,324    128,119    7,338    7,351    131,717 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   3,230    4,491    2,256    7,703    10,805    993    34,428 
Policy maintenance charges   (294)   (200)   (161)   (699)   (373)   (59)   (1,524)
Policy owners' benefits   (5,166)   (2,105)   (2,460)   (5,486)   (3,904)   -    (39,812)
Net transfers (to) from the Company and/or Subaccounts   (8,062)   (5,870)   (5,376)   (21,998)   15,542    (11,209)   (61,129)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (10,292)   (3,684)   (5,741)   (20,480)   22,070    (10,275)   (68,037)
                                    
Total increase (decrease) in net assets   5,238    5,693    14,583    107,639    29,408    (2,924)   63,680 
                                    
NET ASSETS:                                   
Beginning of period   136,706    114,097    98,533    381,499    235,596    21,953    925,910 
                                    
End of period  $141,944   $119,790   $113,116   $489,138   $265,004   $19,029   $989,590 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

26

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2023 

 

   SUBACCOUNTS 
    Janus
Henderson
Enterprise
Fund,
Class I
    Janus
Henderson
Forty
Fund,
Class I
    Janus
Henderson
Forty
Fund,
Class S
    Janus
Henderson
Global
Research
Fund,
Class I
    Janus
Henderson
Overseas
Fund,
Class S
    MFS
Utilities
Series,
Initial
Class
    PIMCO
Global Bond
Opportunities
Portfolio
(Unhedged),
Admin Class
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(12,097)  $(6,549)  $(1,965)  $5,529   $3,718   $8,304   $3,690 
Net realized gain (loss) on investments   226,887    3,068    (995)   85,965    3,749    18,835    (5,126)
Change in net unrealized appreciation (depreciation) on investments   176,285    438,568    148,755    321,122    31,064    (34,693)   11,249 
                                    
Net increase (decrease) in net assets resulting from operations   391,075    435,087    145,795    412,616    38,531    (7,554)   9,813 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   64,334    24,137    11,868    97,019    19,820    11,727    17,528 
Policy maintenance charges   (2,922)   (2,111)   (909)   (2,208)   (876)   (734)   (694)
Policy owners' benefits   (229,822)   (490)   (8,750)   (37,152)   (6,895)   (20,686)   (13,177)
Net transfers (to) from the Company and/or Subaccounts   (93,045)   (13,292)   (23,370)   (116,874)   (37,481)   (11,745)   (19,999)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (261,455)   8,244    (21,161)   (59,215)   (25,432)   (21,438)   (16,342)
                                    
Total increase (decrease) in net assets   129,620    443,331    124,634    353,401    13,099    (28,992)   (6,529)
                                    
NET ASSETS:                                   
Beginning of period   2,360,217    1,125,116    381,827    1,611,814    387,659    293,491    217,370 
                                    
End of period  $2,489,837   $1,568,447   $506,461   $1,965,215   $400,758   $264,499   $210,841 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

27

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022 

 

   SUBACCOUNTS 
    1290 VT
Equity
Income
Portfolio,
Class IA
    1290 VT
Equity
Income
Portfolio,
Class IB
    1290 VT
GAMCO
Small
Company
Value
Portfolio,
Class IB
    1290 VT
Socially
Responsible
Portfolio,
Class IA
    1290 VT
Socially
Responsible
Portfolio,
Class IB
    BNY
Mellon
Stock
Index
Fund,
Initial
Shares
    EQ/AB
Small Cap
Growth
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $179   $18,493   $(11,389)  $(95)  $(16)  $19,336   $(1,029)
Net realized gain (loss) on investments   1,077    81,820    714,447    10,612    2,071    313,870    3,415 
Change in net unrealized appreciation (depreciation) on investments   (980)   (64,239)   (1,926,141)   (83,736)   (8,900)   (953,506)   (77,589)
                                    
Net increase (decrease) in net assets resulting from operations   276    36,074    (1,223,083)   (73,219)   (6,845)   (620,300)   (75,203)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   17,759    76,384    280,259    43,119    1,112    79,327    4,363 
Policy maintenance charges   (46)   (2,071)   (11,959)   (720)   (108)   (4,095)   (351)
Policy owners' benefits   (12,425)   (20,682)   (364,897)   (7,163)   (2,041)   (126,886)   (1,925)
Net transfers (to) from the Company and/or Subaccounts   (5,937)   (73,615)   (465,677)   (56,499)   (3,867)   (136,065)   (22,575)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (649)   (19,984)   (562,274)   (21,263)   (4,904)   (187,719)   (20,488)
                                    
Total increase (decrease) in net assets   (373)   16,090    (1,785,357)   (94,482)   (11,749)   (808,019)   (95,691)
                                    
NET ASSETS:                                   
Beginning of period   15,356    1,475,555    10,759,725    333,235    31,750    3,336,267    265,754 
                                    
End of period  $14,983   $1,491,645   $8,974,368   $238,753   $20,001   $2,528,248   $170,063 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

28

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

 

   SUBACCOUNTS 
    EQ/Aggressive
Allocation
Portfolio,
Class B
    EQ/All
Asset
Growth
Allocation
Portfolio,
Class IB
    EQ/Capital
Group
Research
Portfolio,
Class IA
    EQ/Conservative
Allocation
Portfolio,
Class B
    EQ/Conservative-
Plus
Allocation
Portfolio,
Class B
    EQ/Core
Bond
Index
Portfolio,
Class IA
    EQ/Core
Plus Bond
Portfolio,
Class A
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $407   $23,298   $(13,382)  $11   $4   $14,127   $3,805 
Net realized gain (loss) on investments   28,187    273,504    393,086    (5,312)   5    (3,258)   (657)
Change in net unrealized appreciation (depreciation) on investments   (77,551)   (1,017,181)   (1,104,706)   (3,561)   (78)   (145,882)   (30,747)
                                    
Net increase (decrease) in net assets resulting from operations   (48,957)   (720,379)   (725,002)   (8,862)   (69)   (135,013)   (27,599)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   6,238    253,966    129,955    13,642    464    121,742    21,074 
Policy maintenance charges   (569)   (10,995)   (5,236)   (101)   (12)   (2,953)   (358)
Policy owners' benefits   (57)   (193,677)   (59,972)   (27,459)   -    (19,727)   (512)
Net transfers (to) from the Company and/or Subaccounts   (6,381)   (304,637)   (151,288)   (27,239)   (283)   (114,336)   (5,430)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (769)   (255,343)   (86,541)   (41,157)   169    (15,274)   14,774 
                                    
Total increase (decrease) in net assets   (49,726)   (975,722)   (811,543)   (50,019)   100    (150,287)   (12,825)
                                    
NET ASSETS:                                   
Beginning of period   259,473    4,851,275    3,741,654    75,026    399    1,457,227    204,184 
                                    
End of period  $209,747   $3,875,553   $2,930,111   $25,007   $499   $1,306,940   $191,359 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

29

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022 

 

   SUBACCOUNTS 
    EQ/Global
Equity
Managed
Volatility
Portfolio,
Class IA
    EQ/Intermediate
Government
Bond
Portfolio,
Class IA
    EQ/Janus
Enterprise
Portfolio,
Class IA
    EQ/JPMorgan
Growth
Allocation
Portfolio,
Class IB
    EQ/Large
Cap
Growth
Managed
Volatility
Portfolio,
Class IB
    EQ/Large
Cap Value
Index
Portfolio,
Class IA
    EQ/Large
Cap Value
Managed
Volatility
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(250)  $2,322   $(5,772)  $(49,953)  $(8,161)  $18,989   $2,172 
Net realized gain (loss) on investments   2,011    (1,723)   79,970    428,807    183,916    63,117    12,472 
Change in net unrealized appreciation (depreciation) on investments   (23,407)   (51,754)   (299,278)   (4,165,286)   (773,725)   (273,807)   (45,337)
                                    
Net increase (decrease) in net assets resulting from operations   (21,646)   (51,155)   (225,080)   (3,786,432)   (597,970)   (191,701)   (30,693)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   3,211    49,209    32,088    226,531    42,930    98,990    31,205 
Policy maintenance charges   (257)   (1,793)   (1,657)   (10,999)   (2,162)   (2,441)   (472)
Policy owners' benefits   (760)   (11,045)   (3,581)   (397,525)   (38,162)   (10,588)   (2,343)
Net transfers (to) from the Company and/or Subaccounts   (3,980)   (52,845)   (70,686)   (330,142)   (100,313)   (100,112)   (4,250)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (1,786)   (16,474)   (43,836)   (512,135)   (97,707)   (14,151)   24,140 
                                    
Total increase (decrease) in net assets   (23,432)   (67,629)   (268,916)   (4,298,567)   (695,677)   (205,852)   (6,553)
                                    
NET ASSETS:                                   
Beginning of period   100,562    634,806    1,331,123    9,914,291    1,973,231    2,195,321    251,094 
                                    
End of period  $77,130   $567,177   $1,062,207   $5,615,724   $1,277,554   $1,989,469   $244,541 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

30

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022 

 

   SUBACCOUNTS 
    EQ/Loomis
Sayles
Growth
Portfolio,
Class IB
    EQ/MFS
International
Growth
Portfolio,
Class IB
    EQ/Mid
Cap Index
Portfolio,
Class IA
    EQ/Mid
Cap Value
Managed
Volatility
Portfolio,
Class IA
    EQ/Moderate
Allocation
Portfolio,
Class B
    EQ/Moderate-
Plus
Allocation
Portfolio,
Class B
    EQ/Money
Market
Portfolio,
Class IA
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(34,352)  $2,994   $2,935   $7,310   $807   $1,467   $11,186 
Net realized gain (loss) on investments   746,888    64,917    48,720    65,586    6,105    26,855    13 
Change in net unrealized appreciation (depreciation) on investments   (2,942,656)   (382,420)   (162,805)   (396,005)   (39,224)   (91,900)   - 
                                    
Net increase (decrease) in net assets resulting from operations   (2,230,120)   (314,509)   (111,150)   (323,109)   (32,312)   (63,578)   11,199 
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   208,228    74,712    27,894    71,820    7,491    37,147    191,129 
Policy maintenance charges   (10,248)   (2,735)   (1,209)   (3,106)   (280)   (522)   (4,660)
Policy owners' benefits   (134,685)   (25,519)   (6,326)   (8,119)   (29,633)   (49)   (39,470)
Net transfers (to) from the Company and/or Subaccounts   (325,795)   (124,071)   (40,626)   (120,826)   (19,228)   (66,452)   (152,688)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (262,500)   (77,613)   (20,267)   (60,231)   (41,650)   (29,876)   (5,689)
                                    
Total increase (decrease) in net assets   (2,492,620)   (392,122)   (131,417)   (383,340)   (73,962)   (93,454)   5,510 
                                    
NET ASSETS:                                   
Beginning of period   7,943,808    1,999,149    788,276    2,167,064    211,039    369,389    2,218,196 
                                    
End of period  $5,451,188   $1,607,027   $656,859   $1,783,724   $137,077   $275,935   $2,223,706 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

31

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022 

 

   SUBACCOUNTS 
    EQ/Morgan
Stanley
Small Cap
Growth
Portfolio,
Class IB
    EQ/PIMCO
Ultra Short
Bond
Portfolio,
Class IB
    EQ/Quality
Bond
PLUS
Portfolio,
Class IB
    EQ/Small
Company
Index
Portfolio,
Class IA
    EQ/Value
Equity
Portfolio,
Class IB
    Fidelity
VIP
Contrafund
Portfolio,
Service
Class
    Franklin
Income
VIP Fund,
Class 2
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(6,468)  $2,112   $342   $730   $1,196   $(10,384)  $50,298 
Net realized gain (loss) on investments   (40,381)   (283)   836    4,368    3,852    269,350    24,465 
Change in net unrealized appreciation (depreciation) on investments   (702,979)   (4,667)   (57,772)   (36,082)   (34,606)   (1,609,937)   (147,118)
                                    
Net increase (decrease) in net assets resulting from operations   (749,828)   (2,838)   (56,594)   (30,984)   (29,558)   (1,350,971)   (72,355)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   40,374    27,737    31,988    3,902    2,262    120,444    43,888 
Policy maintenance charges   (2,857)   (912)   (1,168)   (326)   (255)   (5,039)   (2,516)
Policy owners' benefits   (21,063)   (4,799)   (9,226)   (1,595)   (68)   (176,862)   (2,085)
Net transfers (to) from the Company and/or Subaccounts   (44,500)   (26,254)   (24,527)   (4,237)   (5,150)   (177,563)   (62,496)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (28,046)   (4,228)   (2,933)   (2,256)   (3,211)   (239,020)   (23,209)
                                    
Total increase (decrease) in net assets   (777,874)   (7,066)   (59,527)   (33,240)   (32,769)   (1,589,991)   (95,564)
                                    
NET ASSETS:                                   
Beginning of period   1,694,517    252,025    525,608    154,687    192,575    5,081,550    1,219,640 
                                    
End of period  $916,643   $244,959   $466,081   $121,447   $159,806   $3,491,559   $1,124,076 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued) 

 

See accompanying notes to financial statements.

 

32

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

 

   SUBACCOUNTS 
    Franklin
Rising
Dividends
VIP Fund,
Class 2
    Invesco
V.I.
Diversified
Dividend
Fund,
Series I
    Invesco
V.I.
Global
Core
Equity
Fund
    Invesco
V.I.
Global
Fund, Series II
    Invesco
V.I.
Health
Care Fund,
Series I
    Invesco
V.I.
Technology
Fund,
Series I
    Janus
Henderson
Balanced
Fund,
Class I
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $631   $1,393   $(317)  $(1,485)  $(1,505)  $(175)  $7,656 
Net realized gain (loss) on investments   18,765    17,497    7,513    75,789    33,397    10,228    52,387 
Change in net unrealized appreciation (depreciation) on investments   (36,740)   (22,041)   (35,900)   (257,161)   (69,551)   (25,010)   (253,804)
                                    
Net increase (decrease) in net assets resulting from operations   (17,344)   (3,151)   (28,704)   (182,857)   (37,659)   (14,957)   (193,761)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   3,531    4,879    2,159    8,892    16,004    1,000    45,009 
Policy maintenance charges   (327)   (225)   (155)   (717)   (411)   (45)   (1,577)
Policy owners' benefits   (2,037)   (8,417)   -    (5,394)   (5,021)   -    (16,378)
Net transfers (to) from the Company and/or Subaccounts   (5,852)   (5,038)   (4,361)   (6,249)   (10,025)   (1,174)   (67,551)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (4,685)   (8,801)   (2,357)   (3,468)   547    (219)   (40,497)
                                    
Total increase (decrease) in net assets   (22,029)   (11,952)   (31,061)   (186,325)   (37,112)   (15,176)   (234,258)
                                    
NET ASSETS:                                   
Beginning of period   158,735    126,049    129,594    567,824    272,708    37,129    1,160,168 
                                    
End of period  $136,706   $114,097   $98,533   $381,499   $235,596   $21,953   $925,910 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Continued)

 

See accompanying notes to financial statements.

 

33

 

 

MONY VARIABLE ACCOUNT L

 

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

 

   SUBACCOUNTS 
    Janus
Henderson
Enterprise
Fund,
Class I
    Janus
Henderson
Forty
Fund,
Class I
    Janus
Henderson
Forty
Fund,
Class S
    Janus
Henderson
Global
Research
Fund,
Class I
    Janus
Henderson
Overseas
Fund,
Class S
    MFS
Utilities
Series,
Initial
Class
    PIMCO
Global Bond
Opportunities
Portfolio
(Unhedged),
Admin Class
 
                                    
INCREASE (DECREASE) IN NET ASSETS:                                   
                                    
OPERATIONS:                                   
Net investment income (loss)  $(6,861)  $(6,651)  $(2,230)  $17,524   $4,653   $5,817   $2,223 
Net realized gain (loss) on investments   429,366    206,924    72,519    228,108    298    13,691    806 
Change in net unrealized appreciation (depreciation) on investments   (898,947)   (818,255)   (269,352)   (663,470)   (45,117)   (18,888)   (30,811)
                                    
Net increase (decrease) in net assets resulting from operations   (476,442)   (617,982)   (199,063)   (417,838)   (40,166)   620    (27,782)
                                    
POLICY TRANSACTIONS:                                   
Policy owners' net payments   62,847    25,407    12,487    89,373    20,099    12,310    19,000 
Policy maintenance charges   (3,094)   (2,165)   (953)   (2,241)   (865)   (791)   (714)
Policy owners' benefits   (21,214)   (65,237)   (714)   (67,509)   (2,300)   (8,017)   (1,812)
Net transfers (to) from the Company and/or Subaccounts   (107,557)   (53,803)   (15,186)   (112,281)   (17,854)   (9,114)   (13,056)
                                    
Increase (decrease) in net assets resulting from Policy transactions   (69,018)   (95,798)   (4,366)   (92,658)   (920)   (5,612)   3,418 
                                    
Total increase (decrease) in net assets   (545,460)   (713,780)   (203,429)   (510,496)   (41,086)   (4,992)   (24,364)
                                    
NET ASSETS:                                   
Beginning of period   2,905,677    1,838,896    585,256    2,122,310    428,745    298,483    241,734 
                                    
End of period  $2,360,217   $1,125,116   $381,827   $1,611,814   $387,659   $293,491   $217,370 

 

Note: Totals may not appear to foot/crossfoot due to rounding.

 

(Concluded)

 

See accompanying notes to financial statements.

 

34

 

 

MONY VARIABLE ACCOUNT L

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023

 

1. ORGANIZATION

 

The MONY Variable Account L (the “Separate Account”), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by MONY Life Insurance Company, and exists in accordance with the regulations of the New York Department of Financial Services. MONY Life Insurance Company was acquired by AXA Financial, Inc., which made MONY Life Insurance Company a wholly owned subsidiary of AXA Financial, Inc. MONY Life Insurance Company was later acquired by Protective Life Insurance Company (the “Company”), which made MONY Life Insurance Company a wholly owned subsidiary of Protective Life Insurance Company. Protective Life Insurance Company is a wholly owned subsidiary of Protective Life Corporation (“PLC”). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan.

 

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life policies (the “Policies”) is not chargeable with liabilities arising out of any other business the Company may conduct.

 

The Separate Account is a funding vehicle for individual variable life insurance Policies; it consists of a number of subaccounts (the “Subaccounts”), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Policy owners based on the number and value of their accumulation units representing their interest in the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.

 

Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy value to the Company’s guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.

 

Policy owners' net payments are allocated to the Subaccounts in accordance with Policy owner instructions and are recorded as Policy owners’ net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Policy values under the Policies. New Policies are no longer being sold under the products in the Separate Account, but owners of existing Policies may make additional deposits.

 

The following is a list of the variable life insurance products funded by the Separate Account:

 

MONY Custom Equity Master MONY Survivorship VUL
MONY Custom Estate Master MONY VUL I
MONY Equity Master MONY VUL II
MONY Strategist  

 

35

 

 

For the years ended December 31, 2023 and 2022, the Separate Account was invested in up to 49 Subaccounts, as follows:

 

1290 VT Equity Income Portfolio, Class IA EQ/Moderate Allocation Portfolio, Class B
1290 VT Equity Income Portfolio, Class IB EQ/Moderate-Plus Allocation Portfolio, Class B
1290 VT GAMCO Small Company Value Portfolio, Class IB EQ/Money Market Portfolio, Class IA
1290 VT Socially Responsible Portfolio, Class IA EQ/Morgan Stanley Small Cap Growth Portfolio, Class IB
1290 VT Socially Responsible Portfolio, Class IB EQ/PIMCO Ultra Short Bond Portfolio, Class IB
BNY Mellon Stock Index Fund, Initial Shares EQ/Quality Bond PLUS Portfolio, Class IB
EQ/AB Small Cap Growth Portfolio, Class IA EQ/Small Company Index Portfolio, Class IA
EQ/Aggressive Allocation Portfolio, Class B EQ/Value Equity Portfolio, Class IB
EQ/All Asset Growth Allocation Portfolio, Class IB Fidelity VIP Contrafund Portfolio,Service Class
EQ/Capital Group Research Portfolio, Class IA Franklin Income VIP Fund, Class 2
EQ/Conservative Allocation Portfolio, Class B Franklin Rising Dividends VIP Fund, Class 2
EQ/Conservative-Plus Allocation Portfolio, Class B Invesco V.I. Diversified Dividend Fund, Series I
EQ/Core Bond Index Portfolio, Class IA Invesco V.I. Global Core Equity Fund
EQ/Core Plus Bond Portfolio, Class A Invesco V.I. Global Fund, Series II
EQ/Global Equity Managed Volatility Portfolio, Class IA Invesco V.I. Health Care Fund, Series I
EQ/Intermediate Government Bond Portfolio, Class IA Invesco V.I. Technology Fund, Series I
EQ/Janus Enterprise Portfolio, Class IA Janus Henderson Balanced Fund, Class I
EQ/JPMorgan Growth Allocation Portfolio, Class IB Janus Henderson Enterprise Fund, Class I
EQ/Large Cap Growth Managed Volatility Portfolio, Class IB Janus Henderson Forty Fund, Class I
EQ/Large Cap Value Index Portfolio, Class IA Janus Henderson Forty Fund, Class S
EQ/Large Cap Value Managed Volatility Portfolio, Class IA Janus Henderson Global Research Fund, Class I
EQ/Loomis Sayles Growth Portfolio, Class IB Janus Henderson Overseas Fund, Class S
EQ/MFS International Growth Portfolio, Class IB MFS Utilities Series, Initial Class
EQ/Mid Cap Index Portfolio, Class IA PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class
EQ/Mid Cap Value Managed Volatility Portfolio, Class IA  

 

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services — Investment Companies".

 

36

 

 

2.SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of the significant accounting policies of the Separate Account.

 

Investment valuation

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

 

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

 

Level 1 – Unadjusted quoted prices for identical securities in active markets.

 

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

 

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.

 

The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value (“NAV”) of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

 

Receivables and payables from (to) the Policies and the fund manager

Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy level from the last business day of the year that has not yet been settled with the fund manager.

 

Receivables and payables from (to) the Company

Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.

 

Dividend income and capital gain distributions

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

 

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts’ shares (determined for each product using a weighted average cost basis) and capital gain distributions from the mutual funds.

 

Net transfers (to) from the Company and/or Subaccounts

Net transfers (to) from the Company and Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

 

37

 

 

Federal income taxes

The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2023. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Policies.

 

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

 

Risks and uncertainties

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.

 

38

 

 

3. PURCHASES AND SALES OF INVESTMENTS
   
  The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:

 

Subaccount  Purchases   Sales 
         
1290 VT Equity Income Portfolio, Class IA  $21,668   $20,814 
1290 VT Equity Income Portfolio, Class IB   154,810    127,002 
1290 VT GAMCO Small Company Value Portfolio, Class IB   926,641    639,105 
1290 VT Socially Responsible Portfolio, Class IA   36,504    55,293 
1290 VT Socially Responsible Portfolio, Class IB   1,153    1,853 
BNY Mellon Stock Index Fund, Initial Shares   170,116    239,422 
EQ/AB Small Cap Growth Portfolio, Class IA   2,345    28,140 
EQ/Aggressive Allocation Portfolio, Class B   15,852    7,989 
EQ/All Asset Growth Allocation Portfolio, Class IB   305,282    362,025 
EQ/Capital Group Research Portfolio, Class IA   210,646    204,315 
EQ/Conservative Allocation Portfolio, Class B   11,323    12,722 
EQ/Conservative-Plus Allocation Portfolio, Class B   481    447 
EQ/Core Bond Index Portfolio, Class IA   85,957    98,548 
EQ/Core Plus Bond Portfolio, Class A   19,201    10,830 
EQ/Global Equity Managed Volatility Portfolio, Class IA   6,422    6,161 
EQ/Intermediate Government Bond Portfolio, Class IA   44,676    40,046 
EQ/Janus Enterprise Portfolio, Class IA   90,701    101,919 
EQ/JPMorgan Growth Allocation Portfolio, Class IB   1,168,176    431,448 
EQ/Large Cap Growth Managed Volatility Portfolio, Class IB   158,491    122,368 
EQ/Large Cap Value Index Portfolio, Class IA   146,179    138,460 
EQ/Large Cap Value Managed Volatility Portfolio, Class IA   41,547    21,072 
EQ/Loomis Sayles Growth Portfolio, Class IB   467,192    476,346 
EQ/MFS International Growth Portfolio, Class IB   111,731    111,092 
EQ/Mid Cap Index Portfolio, Class IA   99,357    45,565 
EQ/Mid Cap Value Managed Volatility Portfolio, Class IA   143,971    159,507 
EQ/Moderate Allocation Portfolio, Class B   9,206    4,496 
EQ/Moderate-Plus Allocation Portfolio, Class B   17,358    41,141 
EQ/Money Market Portfolio, Class IA   796,411    864,111 
EQ/Morgan Stanley Small Cap Growth Portfolio, Class IB   25,017    89,186 
EQ/PIMCO Ultra Short Bond Portfolio, Class IB   28,168    18,451 
EQ/Quality Bond PLUS Portfolio, Class IB   30,131    29,266 
EQ/Small Company Index Portfolio, Class IA   8,400    4,363 
EQ/Value Equity Portfolio, Class IB   3,453    7,006 
Fidelity VIP Contrafund Portfolio, Service Class   205,617    243,018 
Franklin Income VIP Fund, Class 2   144,475    67,984 
Franklin Rising Dividends VIP Fund, Class 2   18,046    10,688 
Invesco V.I. Diversified Dividend Fund, Series I   14,526    5,275 
Invesco V.I. Global Core Equity Fund   2,590    6,538 
Invesco V.I. Global Fund, Series II   56,811    17,793 
Invesco V.I. Health Care Fund, Series I   58,487    33,937 
Invesco V.I. Technology Fund, Series I   204    10,347 
Janus Henderson Balanced Fund, Class I   33,915    75,042 
Janus Henderson Enterprise Fund, Class I   214,977    303,873 
Janus Henderson Forty Fund, Class I   19,810    50,126 
Janus Henderson Forty Fund, Class S   6,107    21,383 

 

39

 

 

Subaccount  Purchases   Sales 
         
Janus Henderson Global Research Fund, Class I  $114,227   $124,831 
Janus Henderson Overseas Fund, Class S   16,885    32,657 
MFS Utilities Series, Initial Class   31,778    26,357 
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class   18,084    25,294 

 

40

 

 

4. CHANGES IN UNITS OUTSTANDING
   
  The changes in units outstanding for the years or periods ended December 31, 2023 and 2022 were as follows:

 

   2023   2022 
Subaccount  Units
Issued
   Units
Redeemed
   Net
Increase
(Decrease)
   Units
Issued
   Units
Redeemed
   Net
Increase
(Decrease)
 
                         
1290 VT Equity Income Portfolio, Class IA   721    730    (9)   719    744    (25)
1290 VT Equity Income Portfolio, Class IB   1,052    3,304    (2,252)   2,026    2,592    (566)
1290 VT GAMCO Small Company Value Portfolio, Class IB   2,145    5,643    (3,498)   2,757    7,822    (5,065)
1290 VT Socially Responsible Portfolio, Class IA   1,167    2,147    (980)   527    1,374    (847)
1290 VT Socially Responsible Portfolio, Class IB   14    49    (35)   19    161    (142)
BNY Mellon Stock Index Fund, Initial Shares   893    6,100    (5,207)   737    5,871    (5,134)
EQ/AB Small Cap Growth Portfolio, Class IA   46    726    (680)   37    565    (528)
EQ/Aggressive Allocation Portfolio, Class B   308    335    (27)   321    333    (12)
EQ/All Asset Growth Allocation Portfolio, Class IB   5,956    12,373    (6,417)   5,104    14,290    (9,186)
EQ/Capital Group Research Portfolio, Class IA   1,713    5,346    (3,633)   3,484    5,532    (2,048)
EQ/Conservative Allocation Portfolio, Class B   819    974    (155)   987    4,177    (3,190)
EQ/Conservative-Plus Allocation Portfolio, Class B   32    31    1    32    20    12 
EQ/Core Bond Index Portfolio, Class IA   4,261    6,546    (2,285)   5,550    6,630    (1,080)
EQ/Core Plus Bond Portfolio, Class A   975    654    321    1,645    662    983 
EQ/Global Equity Managed Volatility Portfolio, Class IA   42    105    (63)   39    74    (35)
EQ/Intermediate Government Bond Portfolio, Class IA   2,083    2,703    (620)   1,784    2,882    (1,098)
EQ/Janus Enterprise Portfolio, Class IA   342    2,438    (2,096)   390    1,515    (1,125)
EQ/JPMorgan Growth Allocation Portfolio, Class IB   2,252    8,939    (6,687)   3,022    14,720    (11,698)
EQ/Large Cap Growth Managed Volatility Portfolio, Class IB   442    2,721    (2,279)   724    3,112    (2,388)
EQ/Large Cap Value Index Portfolio, Class IA   1,555    3,632    (2,077)   2,515    2,801    (286)
EQ/Large Cap Value Managed Volatility Portfolio, Class IA   879    731    148    1,765    769    996 
EQ/Loomis Sayles Growth Portfolio, Class IB   3,611    10,418    (6,807)   2,841    9,640    (6,799)
EQ/MFS International Growth Portfolio, Class IB   1,024    3,887    (2,863)   1,606    4,335    (2,729)
EQ/Mid Cap Index Portfolio, Class IA   1,521    962    559    388    861    (473)
EQ/Mid Cap Value Managed Volatility Portfolio, Class IA   930    4,439    (3,509)   999    2,679    (1,680)
EQ/Moderate Allocation Portfolio, Class B   207    239    (32)   476    3,228    (2,752)
EQ/Moderate-Plus Allocation Portfolio, Class B   283    2,208    (1,925)   292    1,975    (1,683)
EQ/Money Market Portfolio, Class IA   64,465    78,484    (14,019)   45,014    44,915    99 

 

41

 

 

   2023   2022 
Subaccount  Units
Issued
   Units
Redeemed
   Net
Increase
(Decrease)
   Units
Issued
   Units
Redeemed
   Net
Increase
(Decrease)
 
                         
EQ/Morgan Stanley Small Cap Growth Portfolio, Class IB   1,660    6,468    (4,808)   2,125    4,195    (2,070)
EQ/PIMCO Ultra Short Bond Portfolio, Class IB   1,351    1,289    62    1,301    1,590    (289)
EQ/Quality Bond PLUS Portfolio, Class IB   1,126    1,512    (386)   1,248    1,353    (105)
EQ/Small Company Index Portfolio, Class IA   61    90    (29)   49    97    (48)
EQ/Value Equity Portfolio, Class IB   36    193    (157)   52    141    (89)
Fidelity VIP Contrafund Portfolio, Service Class   871    4,161    (3,290)   945    5,847    (4,902)
Franklin Income VIP Fund, Class 2   681    2,621    (1,940)   565    1,550    (985)
Franklin Rising Dividends VIP Fund, Class 2   42    197    (155)   41    133    (92)
Invesco V.I. Diversified Dividend Fund, Series I   150    258    (108)   153    661    (508)
Invesco V.I. Global Core Equity Fund   88    268    (180)   84    179    (95)
Invesco V.I. Global Fund, Series II   78    352    (274)   217    293    (76)
Invesco V.I. Health Care Fund, Series I   1,497    811    686    343    314    29 
Invesco V.I. Technology Fund, Series I   6    301    (295)   5    10    (5)
Janus Henderson Balanced Fund, Class I   349    1,751    (1,402)   840    1,817    (977)
Janus Henderson Enterprise Fund, Class I   992    8,702    (7,710)   1,151    3,200    (2,049)
Janus Henderson Forty Fund, Class I   358    871    (513)   245    2,444    (2,199)
Janus Henderson Forty Fund, Class S   74    259    (185)   99    150    (51)
Janus Henderson Global Research Fund, Class I   2,436    6,090    (3,654)   2,468    7,754    (5,286)
Janus Henderson Overseas Fund, Class S   314    867    (553)   375    400    (25)
MFS Utilities Series, Initial Class   119    386    (267)   98    179    (81)
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class   604    1,310    (706)   636    425    211 
                               
Note: Units may not foot/crossfoot due to rounding.       

 

42

 

 

5.EXPENSES AND RELATED PARTY TRANSACTIONS

 

The fees and charges below are the current expenses deducted by Subaccount from either the net unit value or from the Policy as a redemption of units. Fees and charges may vary based on factors such as product purchased, face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Policies in accordance with the terms which govern each life insurance policy, as set forth in the Policy.

 

Expense Type Range
Mortality and Expense Risk Fee  
This fee is assessed to reimburse the Company for assuming mortality and expense risks. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as Mortality and expense risk in the Statements of Operations. a daily fee amounting to a per annum aggregate of 0.35% - 0.75% of the unit value of each Subaccount
   
Deductions for State Premium Taxes  
This deduction is to comply with any applicable state premium and/or retaliatory taxes. The mandated amount is deducted from each premium payment when it is processed; this deduction in turn reduces Policy owners' net payments on the Statements of Changes in Net Assets. The Company reserves the right to increase or decrease the charge for taxes due to any change in tax law. 0.00% - 0.80% of each premium payment
   
Deductions for Federal Premium Taxes  
This deduction is to reimburse the Company for federal tax expenses. The amount is deducted from each premium payment when it is processed; this deduction in turn reduces Policy owners' net payments on the Statements of Changes in Net Assets. The Company reserves the right to increase or decrease the charge for taxes due to any change in tax law or due to any change in costs incurred by the Company. 0.00% - 1.50% of each premium payment
   
Monthly Administrative Charge  
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. Up to $7.50
   
Sales Charge  
This charge is assessed to reimburse the Company for expenses incurred associated with the sales and distribution of the Policies. The charge is assessed on each premium payment received, deducted through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.

0.00% - 6.00% of each premium payment received

 

   
Loan Interest Rate Spread  
The loan interest rate spread is the difference between the amount of interest charged on outstanding loan balances and the amount of interest credited to amounts held in the guaranteed account that secures the loans. The deduction is withdrawn annually, assessed through a redemption of units, and recorded net Policy owners’ benefits within the Statements of Changes in Net Assets. 0.00% - 0.60% of the loan balance
   

 

43

 

 

Expense Type Range
Partial Surrender Charge  
This charge is assessed to reimburse the Company for the costs incurred when processing partial surrenders. The charge is deducted at surrender, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the Statements of Changes in Net Assets. $10 - $25 per partial surrender
   
Full Surrender Charge  
This charge is assessed to reimburse the Company for the costs incurred when processing full surrenders. The charge is deducted at surrender, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the Statements of Changes in Net Assets.

Percentage varies based

on a factor per $1,000

of the initial specified

amount (or increases in

the specified amount)

   
Transfer Charge  
Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the Statements of Changes in Net Assets. $0 - $25 per transfer, after the first 12 transfers in any Policy year
   
Cost of Insurance Charge (COI)  

This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's monthly anniversary, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the Statements of Changes in Net Assets.

$0.01 - $83.33 per $1,000 of net amount at risk per month
   
Illustration Projection Report  
This charge is assessed to reimburse the Company for costs incurred from producing the requested illustration report which shows projected future benefits and Policy values. The charge can be deducted upon each request, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the Statements of Changes in Net Assets. $0 - $25 per report
   
Monthly Administrative Charge per $1,000 Specified Amount  

This charge is assessed during the first 4 to 15 Policy years after the initial purchase or the first 4 to 15 years from the date of any increase in specified amount, depending on the provisions of the Policy, to reimburse the Company for administrative costs. The charge is deducted monthly, assessed through a redemption of units, and recorded net with Policy owners’ benefits within the

Statements of Changes in Net Assets.

$0.06- $0.26 per $1,000 of specified amount
   

 

The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy’s value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.

 

44

 

 

6. FINANCIAL HIGHLIGHTS

 

The Company sold a number of variable life products that are funded by the Separate Account. These products have unique combinations of features and expenses that are charged against the Policy owner’s account. Differences in the expense structures result in a variety of unit values, expense ratios and total returns. The following tables were developed by determining which products offered by the Company and funded by the Separate Account have the highest and lowest expense ratios. The summaries may not reflect or directly equate to the minimum and maximum Policy expenses offered by the Company, as Policy owners may not have selected all available and applicable Policy options for or during the periods presented.

 

A summary of the units outstanding, unit fair values, net assets for variable Policies, investment income ratios, the expense ratios, excluding expenses of the underlying Subaccounts, and total returns for each of the five years or periods ended December 31, 2023 is as follows:

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
1290 VT Equity Income Portfolio, Class IA       
2023   1   30.05    $30.05   15    2.20%   0.60%   0.60%   4.78%   4.78%
2022   1    28.68    28.68    15    1.79%   0.60%   0.60%   2.47%   2.47%
2021   1    27.99    27.99    15    1.87%   0.60%   0.60%   25.63%   25.63%
2020   0 *   22.28    22.28    8    1.38%   0.60%   0.60%   (5.11)%   (5.11)%
2019   1    23.48    23.48    13    1.96%   0.60%   0.60%   23.47%   23.47%
1290 VT Equity Income Portfolio, Class IB            
2023   39    39.69    34.99    1,458    2.10%   0.35%   0.75%   5.05%   4.63%
2022   42    37.78    33.44    1,492    1.79%   0.35%   0.75%   2.73%   2.32%
2021   42    36.78    32.69    1,476    1.54%   0.35%   0.75%   25.95%   25.44%
2020   45    29.20    26.06    1,245    1.70%   0.35%   0.75%   (4.87)%   (5.25)%
2019   48    30.70    27.50    1,411    2.36%   0.35%   0.75%   23.78%   23.29%
1290 VT GAMCO Small Company Value Portfolio, Class IB       
2023   93    74.98    162.35    10,489    0.63%   0.35%   0.75%   20.63%   20.15%
2022   97    62.16    135.12    8,974    0.50%   0.35%   0.75%   (10.98)%   (11.34)%
2021   102    69.83    152.40    10,760    0.64%   0.35%   0.75%   24.20%   24.70%
2020   111    56.00    122.70    9,524    0.64%   0.35%   0.75%   8.69%   9.13%
2019   118    51.31    112.89    9,254    0.61%   0.35%   0.75%   22.43%   22.92%

 

* The Subaccount has units and/or dollars that round to less than one thousand.

 

45

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
1290 VT Socially Responsible Portfolio, Class IA       
2023   10   28.19   32.90   272    0.71%   0.35%   0.75%   27.06%   26.55%
2022   11    22.19    26.00    239    0.57%   0.35%   0.75%   (22.36)%   (22.67)%
2021   12    28.58    33.61    333    0.42%   0.35%   0.75%   29.86%   29.34%
2020   15    22.01    25.99    325    0.70%   0.35%   0.75%   19.54%   19.06%
2019   16    18.41    21.83    298    0.84%   0.35%   0.75%   29.81%   29.29%
1290 VT Socially Responsible Portfolio, Class IB       
2023   1    40.58    40.58    24    0.75%   0.65%   0.65%   26.68%   26.68%
2022   1    32.04    32.04    20    0.54%   0.65%   0.65%   (22.61)%   (22.61)%
2021   1    41.40    41.40    32    0.47%   0.65%   0.65%   29.47%   29.47%
2020   1    31.98    31.98    25    0.67%   0.65%   0.65%   19.18%   19.18%
2019   1    26.83    26.83    26    0.86%   0.65%   0.65%   29.42%   29.42%
BNY Mellon Stock Index Fund, Initial Shares       
2023   69    45.96    40.91    2,929    1.42%   0.35%   0.75%   25.49%   24.99%
2022   74    36.62    32.73    2,528    1.27%   0.35%   0.75%   (18.60)%   (18.93)%
2021   79    44.99    40.38    3,336    1.13%   0.35%   0.75%   27.45%   27.96%
2020   85    31.68    35.16    2,830    1.46%   0.35%   0.75%   17.13%   17.60%
2019   141    27.05    29.90    3,989    1.74%   0.35%   0.75%   30.20%   30.73%
EQ/AB Small Cap Growth Portfolio, Class IA       
2023   4    41.04    41.04    169    0.23%   0.65%   0.65%   16.97%   16.97%
2022   5    35.08    35.08    170    0.11%   0.65%   0.65%   (28.92)%   (28.92)%
2021   5    49.36    49.36    266    0.00%   0.65%   0.65%   12.19%   12.19%
2020   7    44.00    44.00    290    0.07%   0.65%   0.65%   35.18%   35.18%
2019   7    32.55    32.55    240    0.16%   0.65%   0.65%   26.97%   26.97%

 

46

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Aggressive Allocation Portfolio, Class B       
2023   12   22.03   20.62   252    1.42%   0.35%   0.75%   18.02%   17.55%
2022   12    18.66    17.54    210    0.84%   0.35%   0.75%   (18.64)%   (18.97)%
2021   12    22.94    21.64    259    4.27%   0.35%   0.75%   16.31%   16.77%
2020   12    18.61    19.65    223    2.62%   0.35%   0.75%   14.54%   14.99%
2019   12    16.25    17.08    195    1.61%   0.35%   0.75%   23.56%   24.05%
EQ/All Asset Growth Allocation Portfolio, Class IB       
2023   149    21.44    29.98    4,326    1.86%   0.35%   0.75%   13.76%   13.31%
2022   155    18.85    26.46    3,876    1.22%   0.35%   0.75%   (14.77)%   (15.11)%
2021   164    22.11    31.17    4,851    3.91%   0.35%   0.75%   10.10%   10.54%
2020   178    19.54    28.31    4,768    1.44%   0.35%   0.75%   11.45%   11.89%
2019   193    17.51    25.41    4,617    1.74%   0.35%   0.75%   18.21%   18.68%
EQ/Capital Group Research Portfolio, Class IA       
2023   91    43.52    50.08    3,381    0.35%   0.35%   0.75%   22.56%   22.07%
2022   95    35.51    41.02    2,930    0.16%   0.35%   0.75%   (19.25)%   (19.57)%
2021   94    43.97    51.01    3,472    0.00%   0.35%   0.75%   22.14%   22.63%
2020   106    12.96    48.97    3,243    0.16%   0.35%   0.75%   -    - 
2019   27    29.19    39.86    836    0.59%   0.35%   0.75%   31.89%   32.42%
EQ/Conservative Allocation Portfolio, Class B       
2023   2    14.17    13.26    24    2.30%   0.35%   0.75%   7.57%   7.15%
2022   2    13.18    12.38    25    0.76%   0.35%   0.75%   (12.90)%   (13.25)%
2021   5    15.13    14.27    75    1.32%   0.35%   0.75%   1.94%   2.35%
2020   6    14.00    14.78    87    1.76%   0.35%   0.75%   6.51%   6.94%
2019   7    13.14    13.82    87    1.65%   0.35%   0.75%   8.42%   8.86%

 

47

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Conservative-Plus Allocation Portfolio, Class B       
2023   0 *  15.26   15.26   1    2.69%   0.75%   0.75%   10.10%   10.10%
2022   0 *   13.86    13.86    0 *   1.61%   0.75%   0.75%   (15.19)%   (15.19)%
2021   0 *   16.34    16.34    -    1.70%   0.75%   0.75%   5.94%   5.94%
2020   0 *   15.43    15.43    1    2.24%   0.75%   0.75%   9.17%   9.17%
2019   0 *   14.13    14.13    -    1.38%   0.75%   0.75%   12.63%   12.63%
EQ/Core Bond Index Portfolio, Class IA       
2023   93    13.38    11.49    1,314    2.11%   0.35%   0.75%   4.19%   3.78%
2022   95    12.84    11.08    1,307    1.59%   0.35%   0.75%   (9.06)%   (9.42)%
2021   96    14.12    12.23    1,457    1.37%   0.35%   0.75%   (2.83)%   (2.44)%
2020   102    12.58    17.55    1,599    1.39%   0.35%   0.75%   5.27%   5.70%
2019   120    11.95    16.60    1,785    1.94%   0.35%   0.75%   5.47%   5.89%
EQ/Core Plus Bond Portfolio, Class A       
2023   13    13.95    15.79    201    2.40%   0.35%   0.65%   4.16%   3.85%
2022   13    13.39    15.20    191    2.46%   0.35%   0.65%   (13.24)%   (13.50)%
2021   12    15.43    17.57    204    1.28%   0.35%   0.65%   (2.32)%   (2.03)%
2020   13    15.75    18.46    225    2.05%   0.35%   0.65%   14.12%   14.46%
2019   14    13.76    16.13    213    2.09%   0.35%   0.65%   6.22%   6.54%
EQ/Global Equity Managed Volatility Portfolio, Class IA       
2023   2    58.55    58.55    88    0.88%   0.65%   0.65%   20.55%   20.55%
2022   2    48.57    48.57    77    0.32%   0.65%   0.65%   (21.46)%   (21.46)%
2021   2    61.84    61.84    101    0.92%   0.65%   0.65%   15.14%   15.14%
2020   2    53.71    53.71    88    0.55%   0.65%   0.65%   13.54%   13.54%
2019   2    47.30    47.30    93    1.41%   0.65%   0.65%   24.46%   24.46%

 

* The Subaccount has units and/or dollars that round to less than one thousand.

 

48

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Intermediate Government Bond Portfolio, Class IA       
2023   41   12.98   16.51   572    2.71%   0.35%   0.75%   3.51%   3.10%
2022   42    12.54    16.01    567    0.92%   0.35%   0.75%   (7.97)%   (8.33)%
2021   43    13.63    17.46    635    0.70%   0.35%   0.75%   (2.86)%   (2.47)%
2020   44    13.97    17.98    677    0.96%   0.35%   0.75%   3.52%   3.94%
2019   47    13.44    17.37    693    1.57%   0.35%   0.75%   3.39%   3.80%
EQ/Janus Enterprise Portfolio, Class IA       
2023   26    44.66    54.66    1,132    0.03%   0.35%   0.65%   16.61%   16.26%
2022   28    38.30    47.02    1,062    0.00%   0.35%   0.65%   (16.86)%   (17.11)%
2021   29    46.06    56.72    1,331    0.09%   0.35%   0.65%   16.08%   16.43%
2020   31    31.46    66.62    1,216    0.00%   0.35%   0.65%   18.05%   18.40%
2019   34    26.65    56.27    1,104    0.02%   0.35%   0.65%   35.58%   35.98%
EQ/JPMorgan Growth Allocation Portfolio, Class IB       
2023   149    44.39    59.86    8,069    0.00%   0.35%   0.75%   45.81%   45.23%
2022   155    30.44    41.22    5,616    0.00%   0.35%   0.75%   (38.85)%   (39.10)%
2021   167    49.78    67.68    9,914    0.00%   0.35%   0.75%   12.98%   13.43%
2020   181    35.07    59.90    9,542    0.00%   0.35%   0.75%   35.53%   36.08%
2019   197    25.85    44.20    7,545    0.00%   0.35%   0.75%   30.12%   30.64%
EQ/Large Cap Growth Managed Volatility Portfolio, Class IB       
2023   35    49.83    46.31    1,649    0.41%   0.35%   0.75%   38.50%   37.95%
2022   37    35.98    33.57    1,278    0.06%   0.35%   0.75%   (30.82)%   (31.10)%
2021   40    52.01    48.73    1,973    0.00%   0.35%   0.75%   23.45%   23.94%
2020   44    39.47    41.97    1,770    0.08%   0.35%   0.75%   31.03%   31.55%
2019   53    30.13    31.90    1,623    0.46%   0.35%   0.75%   32.72%   33.25%

 

49

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Large Cap Value Index Portfolio, Class IA       
2023   56   38.46   37.12   2,082    1.63%   0.35%   0.65%   10.34%   10.02%
2022   58    34.85    33.74    1,989    1.42%   0.35%   0.65%   (8.54)%   (8.82)%
2021   58    38.11    37.00    2,195    1.39%   0.35%   0.65%   23.47%   23.85%
2020   51    29.20    32.54    1,568    1.64%   0.35%   0.65%   1.55%   1.85%
2019   57    28.75    31.95    1,700    2.31%   0.35%   0.65%   24.81%   25.19%
EQ/Large Cap Value Managed Volatility Portfolio, Class IA       
2023   9    35.50    28.05    277    1.68%   0.35%   0.65%   13.57%   13.24%
2022   9    31.25    24.77    245    1.33%   0.35%   0.65%   (11.89)%   (12.16)%
2021   8    35.47    28.30    251    0.98%   0.35%   0.65%   24.02%   24.39%
2020   8    22.74    28.52    211    1.44%   0.35%   0.65%   5.00%   5.31%
2019   8    21.66    27.08    206    1.97%   0.35%   0.65%   24.63%   25.00%
EQ/Loomis Sayles Growth Portfolio, Class IB       
2023   148    48.17    44.43    7,382    0.00%   0.35%   0.75%   43.24%   42.67%
2022   155    33.63    31.14    5,451    0.00%   0.35%   0.75%   (28.23)%   (28.51)%
2021   162    46.85    43.56    7,944    0.00%   0.35%   0.75%   15.31%   15.77%
2020   172    37.78    57.02    7,307    0.00%   0.35%   0.75%   29.94%   30.46%
2019   192    29.07    45.58    6,268    0.03%   0.35%   0.75%   30.36%   30.88%
EQ/MFS International Growth Portfolio, Class IB       
2023   65    21.29    31.95    1,777    1.23%   0.35%   0.75%   13.98%   13.53%
2022   68    18.68    28.14    1,607    0.79%   0.35%   0.75%   (15.48)%   (15.82)%
2021   71    22.10    33.43    1,999    0.23%   0.35%   0.75%   8.61%   9.04%
2020   75    20.27    30.78    1,949    0.38%   0.35%   0.75%   14.48%   14.94%
2019   102    17.63    26.88    2,200    1.34%   0.35%   0.75%   26.29%   26.80%

 

50

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Mid Cap Index Portfolio, Class IA       
2023   16   47.98   47.10   771    1.04%   0.35%   0.65%   15.35%   15.00%
2022   16    41.60    40.95    657    0.91%   0.35%   0.65%   (13.90)%   (14.16)%
2021   16    48.32    47.71    788    0.65%   0.35%   0.65%   23.08%   23.45%
2020   17    38.76    39.80    660    0.91%   0.35%   0.65%   12.12%   12.46%
2019   19    34.57    35.39    662    1.15%   0.35%   0.65%   24.57%   24.94%
EQ/Mid Cap Value Managed Volatility Portfolio, Class IA      
2023   51    37.86    36.27    1,855    1.42%   0.35%   0.65%   12.80%   12.46%
2022   55    33.57    32.25    1,784    0.90%   0.35%   0.65%   (14.86)%   (15.12)%
2021   56    39.43    37.99    2,167    0.57%   0.35%   0.65%   26.58%   26.96%
2020   62    30.01    31.05    1,894    0.94%   0.35%   0.65%   4.29%   4.60%
2019   72    28.78    29.69    2,081    1.45%   0.35%   0.65%   25.77%   26.14%
EQ/Moderate Allocation Portfolio, Class B       
2023   9    17.05    15.96    152    1.98%   0.35%   0.75%   11.96%   11.51%
2022   9    15.23    14.31    137    1.06%   0.35%   0.75%   (15.76)%   (16.10)%
2021   12    18.08    17.06    211    2.47%   0.35%   0.75%   7.61%   8.04%
2020   14    15.85    16.73    231    2.13%   0.35%   0.75%   10.43%   10.87%
2019   15    14.35    15.09    215    1.66%   0.35%   0.75%   14.67%   15.13%
EQ/Moderate-Plus Allocation Portfolio, Class B       
2023   15    19.70    18.44    278    1.58%   0.35%   0.75%   14.92%   14.47%
2022   17    17.14    16.11    276    0.97%   0.35%   0.75%   (17.35)%   (17.68)%
2021   18    20.74    19.57    369    3.32%   0.35%   0.75%   11.83%   12.28%
2020   22    17.50    18.47    388    2.33%   0.35%   0.75%   13.25%   13.70%
2019   23    15.45    16.25    365    1.59%   0.35%   0.75%   19.10%   19.57%

 

51

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Money Market Portfolio, Class IA       
2023   192   11.72   10.89   2,043    4.36%   0.35%   0.75%   4.09%   3.67%
2022   206    11.26    10.51    2,224    1.07%   0.35%   0.75%   0.74%   0.34%
2021   206    11.18    10.47    2,218    0.00%   0.35%   0.75%   (0.56)%   (0.16)%
2020   221    10.53    11.20    2,388    0.20%   0.35%   0.75%   (0.55)%   (0.15)%
2019   240    10.59    11.22    2,603    1.47%   0.35%   0.75%   0.76%   1.16%
EQ/Morgan Stanley Small Cap Growth Portfolio, Class IB       
2023   79    14.34    35.99    1,142    0.00%   0.35%   0.75%   33.93%   33.40%
2022   84    10.70    26.98    917    0.01%   0.35%   0.75%   (44.32)%   (44.54)%
2021   86    19.22    48.65    1,695    0.00%   0.35%   0.75%   1.91%   2.31%
2020   100    18.75    47.74    1,955    0.00%   0.35%   0.75%   74.75%   75.14%
EQ/PIMCO Ultra Short Bond Portfolio, Class IB       
2023   19    13.45    13.86    254    4.07%   0.35%   0.65%   5.26%   4.95%
2022   19    12.77    13.20    245    1.36%   0.35%   0.65%   (0.95)%   (1.25)%
2021   19    12.90    13.37    252    0.39%   0.35%   0.65%   (1.10)%   (0.80)%
2020   22    13.00    13.52    290    0.76%   0.35%   0.65%   0.46%   0.76%
2019   22    12.90    13.46    290    2.11%   0.35%   0.65%   1.89%   2.19%
EQ/Quality Bond PLUS Portfolio, Class IB       
2023   26    17.86    19.85    476    2.16%   0.35%   0.75%   3.86%   3.44%
2022   26    17.20    19.19    466    0.66%   0.35%   0.75%   (10.52)%   (10.88)%
2021   26    19.22    21.54    526    0.76%   0.35%   0.75%   (2.85)%   (2.46)%
2020   27    19.16    22.17    550    1.27%   0.35%   0.75%   5.18%   5.60%
2019   32    18.20    21.07    626    1.66%   0.35%   0.75%   4.84%   5.26%

 

52

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
EQ/Small Company Index Portfolio, Class IA       
2023   3   48.12   48.12   138    1.18%   0.35%   0.35%   16.40%   16.40%
2022   3    41.34    41.34    121    0.86%   0.35%   0.35%   (20.09)%   (20.09)%
2021   3    51.73    51.73    155    0.66%   0.35%   0.35%   14.66%   14.66%
2020   3    45.12    45.12    145    0.90%   0.35%   0.35%   19.31%   19.31%
2019   3    37.81    37.81    121    1.15%   0.35%   0.35%   24.78%   24.78%
EQ/Value Equity Portfolio, Class IB       
2023   5    37.67    37.67    182    1.18%   0.35%   0.35%   19.10%   19.10%
2022   5    31.63    31.63    160    1.01%   0.35%   0.35%   (15.40)%   (15.40)%
2021   5    37.38    37.38    193    0.71%   0.35%   0.35%   24.93%   24.93%
2020   5    29.92    29.92    156    1.67%   0.35%   0.35%   2.46%   2.46%
2019   5    29.20    29.20    159    1.90%   0.35%   0.35%   23.00%   23.00%
Fidelity VIP Contrafund Portfolio, Service Class       
2023   75    62.67    57.48    4,434    0.40%   0.35%   0.75%   32.87%   32.35%
2022   78    47.17    43.43    3,492    0.37%   0.35%   0.75%   (26.64)%   (26.93)%
2021   83    64.30    59.44    5,082    0.05%   0.35%   0.75%   26.76%   27.26%
2020   88    46.89    50.52    4,258    0.14%   0.35%   0.75%   29.46%   29.97%
2019   97    36.22    38.87    3,618    0.37%   0.35%   0.75%   30.47%   30.99%
Franklin Income VIP Fund, Class 2       
2023   47    33.04    20.72    1,149    5.13%   0.35%   0.65%   8.24%   7.92%
2022   49    30.53    19.20    1,124    4.80%   0.35%   0.65%   (5.80)%   (6.09)%
2021   50    32.41    20.44    1,220    4.76%   0.35%   0.65%   16.00%   16.35%
2020   54    17.62    27.85    1,136    5.39%   0.35%   0.65%   0.04%   0.34%
2019   57    17.62    27.76    1,190    5.70%   0.35%   0.65%   15.31%   15.65%

 

53

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
Franklin Rising Dividends VIP Fund, Class 2       
2023   3   55.10   55.10   142    0.92%   0.35%   0.35%   11.68%   11.68%
2022   3    49.34    49.34    137    0.75%   0.35%   0.35%   (10.88)%   (10.88)%
2021   3    55.36    55.36    159    0.83%   0.35%   0.35%   26.35%   26.35%
2020   3    43.82    43.82    136    1.13%   0.35%   0.35%   15.57%   15.57%
2019   3    37.92    37.92    104    1.32%   0.35%   0.35%   28.78%   28.78%
Invesco V.I. Diversified Dividend Fund, Series I       
2023   6    18.88    18.88    120    2.03%   0.65%   0.65%   8.34%   8.34%
2022   7    17.42    17.42    114    1.80%   0.65%   0.65%   (2.32)%   (2.32)%
2021   7    17.84    17.84    126    2.21%   0.65%   0.65%   18.12%   18.12%
2020   7    15.10    15.10    108    2.82%   0.65%   0.65%   (0.51)%   (0.51)%
2019   7    15.18    15.18    110    2.90%   0.65%   0.65%   24.28%   24.28%
Invesco V.I. Global Core Equity Fund       
2023   5    23.84    23.84    113    0.58%   0.65%   0.65%   20.94%   20.94%
2022   5    19.71    19.71    99    0.33%   0.65%   0.65%   (22.38)%   (22.38)%
2021   5    25.40    25.40    130    0.97%   0.65%   0.65%   15.22%   15.22%
2020   6    22.04    22.04    122    1.22%   0.65%   0.65%   12.49%   12.49%
2019   6    19.59    19.59    113    1.44%   0.65%   0.65%   24.39%   24.39%
Invesco V.I. Global Fund, Series II       
2023   9    52.66    52.66    489    0.00%   0.35%   0.35%   33.98%   33.98%
2022   10    39.30    39.30    381    0.00%   0.35%   0.35%   (32.17)%   (32.17)%
2021   10    57.95    57.95    568    0.00%   0.35%   0.35%   14.77%   14.77%
2020   10    50.49    50.49    515    0.41%   0.35%   0.35%   26.89%   26.89%
2019   10    39.79    39.79    417    0.64%   0.35%   0.35%   30.99%   30.99%

 

54

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
Invesco V.I. Health Care Fund, Series I       
2023   7   40.74   40.74   265    0.00%   0.65%   0.65%   2.36%   2.36%
2022   6    39.80    39.80    236    0.00%   0.65%   0.65%   (13.88)%   (13.88)%
2021   6    46.21    46.21    273    0.21%   0.65%   0.65%   11.57%   11.57%
2020   6    41.42    41.42    244    0.29%   0.65%   0.65%   13.72%   13.72%
2019   9    36.42    39.85    323    0.05%   0.35%   0.65%   31.65%   32.04%
Invesco V.I. Technology Fund, Series I       
2023   0 *   43.27    43.27    19    0.00%   0.65%   0.65%   45.99%   45.99%
2022   1    29.64    29.64    22    0.00%   0.65%   0.65%   (40.34)%   (40.34)%
2021   1    49.68    49.68    37    0.00%   0.65%   0.65%   13.67%   13.67%
2020   1    43.70    43.70    33    0.00%   0.65%   0.65%   45.17%   45.17%
2019   1    30.10    30.10    25    0.00%   0.65%   0.65%   35.00%   35.00%
Janus Henderson Balanced Fund, Class I       
2023   23    46.58    43.66    990    2.10%   0.35%   0.75%   15.01%   14.55%
2022   25    40.50    38.11    926    1.33%   0.35%   0.75%   (16.69)%   (17.02)%
2021   26    48.62    45.93    1,160    0.90%   0.35%   0.75%   16.32%   16.79%
2020   28    38.57    41.63    1,074    1.76%   0.35%   0.75%   13.46%   13.91%
2019   30    33.96    36.55    1,024    1.95%   0.35%   0.75%   21.67%   22.16%
Janus Henderson Enterprise Fund, Class I       
2023   68    30.69    61.35    2,490    0.16%   0.35%   0.75%   17.66%   17.19%
2022   75    26.09    52.35    2,360    0.35%   0.35%   0.75%   (16.23)%   (16.57)%
2021   78    31.14    62.75    2,906    0.31%   0.35%   0.75%   15.96%   16.42%
2020   82    26.75    54.11    2,609    0.06%   0.35%   0.75%   18.58%   19.06%
2019   88    22.47    45.63    2,371    0.21%   0.35%   0.75%   34.47%   35.01%

 

* The Subaccount has units and/or dollars that round to less than one thousand.

 

55

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
Janus Henderson Forty Fund, Class I       
2023   28   52.22   53.48   1,568    0.20%   0.35%   0.75%   39.47%   38.92%
2022   29    37.44    38.49    1,125    0.17%   0.35%   0.75%   (33.78)%   (34.05)%
2021   31    56.55    58.37    1,839    0.00%   0.35%   0.75%   22.47%   21.98%
2020   33    46.17    47.85    1,581    0.27%   0.35%   0.75%   38.91%   38.36%
2019   37    33.24    34.58    1,279    0.16%   0.35%   0.75%   36.68%   36.14%
Janus Henderson Forty Fund, Class S       
2023   6    90.21    85.75    506    0.13%   0.35%   0.65%   39.17%   38.75%
2022   6    64.82    61.80    382    0.05%   0.35%   0.65%   (33.96)%   (34.16)%
2021   6    98.16    93.87    585    0.00%   0.35%   0.65%   22.17%   21.81%
2020   6    80.34    77.06    496    0.16%   0.35%   0.65%   38.55%   38.13%
2019   7    57.99    55.79    374    0.02%   0.35%   0.65%   36.37%   35.97%
Janus Henderson Global Research Fund, Class I       
2023   96    22.89    19.38    1,965    0.93%   0.35%   0.75%   26.34%   25.83%
2022   99    18.12    15.40    1,612    1.53%   0.35%   0.75%   (19.69)%   (20.01)%
2021   104    22.56    19.25    2,122    0.53%   0.35%   0.75%   17.21%   17.68%
2020   109    16.43    19.17    1,882    0.65%   0.35%   0.75%   19.16%   19.64%
2019   124    13.78    16.03    1,800    1.02%   0.35%   0.75%   28.08%   28.59%
Janus Henderson Overseas Fund, Class S       
2023   11    37.97    36.03    401    1.41%   0.35%   0.65%   10.20%   9.87%
2022   11    34.46    32.79    388    1.60%   0.35%   0.65%   (9.15)%   (9.43)%
2021   11    37.93    36.20    429    1.06%   0.35%   0.65%   12.55%   12.89%
2020   12    32.16    34.72    387    1.05%   0.35%   0.65%   15.27%   15.62%
2019   12    27.90    30.03    344    1.85%   0.35%   0.65%   25.89%   26.26%

 

56

 

 

   As of December 31   For the period ended December 31 
Subaccount  Units
(000's)
   Unit Fair Value
Corresponding
to the Lowest
and Highest
Expense Ratios
   Net Assets
(000's)
   Investment
Income
Ratio (a)
   Expense Ratios (b)   Total Return (c)
Corresponding to
the Lowest and
Highest Expense
Ratios
 
       Low   High           Low   High   Low   High 
                                     
MFS Utilities Series, Initial Class       
2023   4   66.38   67.41   264    3.49%   0.35%   0.65%   (2.45)%   (2.74)%
2022   4    68.04    69.31    293    2.37%   0.35%   0.65%   0.40%   0.10%
2021   4    67.77    69.24    298    1.70%   0.35%   0.65%   13.35%   13.69%
2020   5    59.61    61.08    280    2.26%   0.35%   0.65%   5.22%   5.53%
2019   5    56.48    58.05    295    4.13%   0.35%   0.65%   24.26%   24.63%
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class       
2023   11    16.70    21.41    211    2.25%   0.35%   0.65%   4.89%   4.58%
2022   12    15.92    20.47    217    1.44%   0.35%   0.65%   (11.31)%   (11.58)%
2021   12    17.96    23.15    242    4.93%   0.35%   0.65%   (4.78)%   (4.49)%
2020   12    18.80    24.52    262    2.10%   0.35%   0.65%   9.40%   9.73%
2019   17    17.13    22.34    353    2.50%   0.35%   0.65%   5.44%   5.75%

 

(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. These ratios exclude expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.

 

(b) These ratios represent the annualized Policy expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Policy owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

 

(c) These amounts represent the total return for the periods indicated, are not annualized, include changes in the value of the underlying mutual fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.

 

57

 

 

7.SUBSEQUENT EVENTS

 

The Separate Account has evaluated the effects of events subsequent to December 31, 2023, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.

 

58