--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 11-K
Annual Report
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996]
For the fiscal year ended December 31, 2002
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________ to ______________
Commission file number: 1-14603
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Investment Plan Supplement for
Employees and Field Underwriters of
MONY Life Insurance Company
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
THE MONY GROUP INC.
1740 Broadway
New York, New York 10019
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
INDEX
Page(s)
-------
Independent Auditors' Report 1
Financial Statements:
Statements of Net Assets Available for Benefits
as of December 31, 2002 and 2001 2
Statement of Changes in Net Assets Available for
Benefits for the year ended December 31, 2002 3
Notes to Financial Statements 4-13
Supplemental Schedules*:
Schedule of Assets (Held at End of Year)
as of December 31, 2002 14
Schedule of Series of Reportable Transactions for the
year ended December 31, 2002 15
Signature
Exhibit Index 16
Exhibit 23.1 17
Exhibit 99.1 18
Exhibit 99.2 19
* All other schedules required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 have been omitted because there is no
information to report.
INDEPENDENT AUDITORS' REPORT
To the Benefits Committee of the Board of Directors of
MONY Life Insurance Company:
We have audited the accompanying statements of net assets available for benefits
of the Investment Plan Supplement for Employees and Field Underwriters of MONY
Life Insurance Company (the "Plan") as of December 31, 2002 and 2001, and the
related statement of changes in net assets available for benefits for the year
ended December 31, 2002. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 2002 and 2001, and the changes in net assets available for benefits
for the year ended December 31, 2002 in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
(held at end of year), as of December 31, 2002, and series of reportable
transactions for the year ended December 31, 2002 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the Plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Mitchell & Titus LLP
New York, New York
May 23, 2003
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Statements of Net Assets Available for Benefits
As of December 31,
2002 2001
------------ ------------
ASSETS
Investments, at fair value:
MONY's Pooled Accounts $226,137,234 $274,424,306
MONY's Guaranteed Interest Contracts 40,656,367 33,809,410
Mutual Funds 40,663,355 50,298,468
Common Stock Fund 11,998,122 11,724,156
------------ ------------
Total Investments 319,455,078 370,256,340
Participants' Loans 12,339,088 13,209,148
------------ ------------
Net Assets Available for Benefits $331,794,166 $383,465,488
============ ============
The accompanying notes are an integral part of these financial statements.
-2-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31,
2002
------------
Net Assets Available for Benefits, beginning of year $383,465,488
------------
Additions:
Participants' Contributions 13,874,440
MONY's Contributions 4,898,207
Interest Income 4,000,845
------------
Total Additions 22,773,492
------------
Deductions:
Net change in the fair value of investments in MONY's
Pooled Accounts, Mutual Funds and Common Stock Fund 47,038,724
Participants' Benefits 26,836,190
Administrative Expenses 569,900
------------
Total Deductions 74,444,814
------------
Net Decrease 51,671,322
------------
Net Assets Available for Benefits, end of year $331,794,166
============
The accompanying notes are an integral part of these financial statements.
-3-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 1. DESCRIPTION OF THE PLAN:
The following description is provided for general information purposes
only. Participants should refer to the plan document for complete
information.
A. General
The Investment Plan Supplement for Employees and Field Underwriters of
MONY Life Insurance Company (the "Plan") is a defined-contribution
profit-sharing plan, with a 401(k) feature, providing for contributions
from the employer, MONY Life Insurance Company ("MONY" or the
"Company"), and from participating employees and Field Underwriters.
All Plan contributions are placed in the MONY Investment Plan and
Retirement Plan Trust (the "Trust").
The assets of the Plan are invested in the following ten funds
administered through the Trust: The Money Market Fund (invested in
MONY's Pooled Account No. 4), the Special Equity Fund (invested in the
Special Equity Fund subaccount of MONY's Pooled Account No. 10B), the
Government Fixed Fund ("GFF", invested in MONY's Pooled Account No.
16-'99), the Public Bond Fund (invested in MONY's Pooled Account No.
38), the Equity Income Fund (invested in MONY's Pooled Account No. 40),
and the Guaranteed Interest Contract ("GIC Fund", invested in GICs
issued by MONY), the Managed/Balanced Fund (invested in the Dodge & Cox
Balanced Fund*), and the International Growth and Growth Funds (both
invested in the Enterprise Group of Funds, Inc., a family of mutual
funds sponsored by Enterprise Capital Management, Inc., which is a
wholly owned subsidiary of MONY), and the MONY Company Stock Fund
(invested primarily in MONY Group Inc. common stock). The Plan's share
of the net assets of each of the funds comprising the Trust is
determined in proportion to its ownership interest in the outstanding
shares of such funds. The accompanying financial statements reflect the
Plan's allocated share of the net assets and changes in net assets of
the Trust, based on the application of such method.
On April 17, 2000, MONY began offering a Company stock fund (The
"Common Stock Fund") as an investment option. The Common Stock Fund
uses "unit" accounting. As a unitized stock fund, the Common Stock Fund
holds primarily MONY Group Inc. common stock and a small percentage of
cash and short-term instruments, while members hold units of the Common
Stock Fund.
-----------------
* Prior to May 20, 2002, the assets invested in the Dodge & Cox
Balanced Fund were invested in the Enterprise Managed Fund.
-4-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 1. DESCRIPTION OF THE PLAN: (Continued)
B. Contributions
All Salaried employees and Career Contract Field Underwriters are
eligible to participate in the Plan. The Plan has an Internal Revenue
Code (the "Code") section 401(k) feature which allows employees and
Field Underwriters to elect to have MONY contribute a percentage of
their annual benefits bearing compensation to the Plan on the
employee's behalf on a pre-tax basis. Participants may elect to defer
up to 25% of annual benefits bearing compensation. The Plan also allows
for additional, "catch up contributions" of $1,000 in 2002, for all
participants age 50 or older, in accordance with IRS code, section 414
(v). These "catch up" contributions must be made via payroll deduction,
and are not eligible for company matching.
The Plan provides that the total contribution by MONY in any one
calendar year cannot exceed 5% of its prior year's income from
operations before dividends to policyholders and federal income taxes,
excluding capital gains and losses. MONY matches 100% of the first 3%
of employee contributions and the first 2% of Field Underwriter
contributions to the Plan. All MONY matching contributions will be
allocated to the Common Stock Fund. For employees/Field Underwriters
who choose to direct their contributions to the Common Stock Fund, MONY
will make an additional .15% match on the first 3% of employee
contributions, and the first 2% for Field Underwriters contributions,
directed to this Fund.
MONY provides a profit-sharing contribution for eligible salaried
employees. This contribution ranges from 0% to 6% of each eligible
employee's salary. The Board of Directors approves this contribution on
the basis of recommendations of the Benefits Committee of The Board of
Directors of MONY Life Insurance Company.
All participant contributions are used to purchase shares in the funds
described in (A), as elected by the participant. A Plan participant is
entitled to the vested value of accumulated shares credited to the
participant's account, including any earnings therefrom. All company
matching contributions will be allocated to the Common Stock Fund.
-5-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 1. DESCRIPTION OF THE PLAN: (Continued)
For all funds other than the GFF, GIC Fund (see below) and the Common
Stock Fund, a member may make unlimited transfers. For the Common Stock
Fund, member contributions which were credited with matching
contributions of 1.15%, may not be transferred from the Common Stock
Fund until 3 years from the date of the contribution. MONY matching
contributions are not eligible for transfer from the Common Stock Fund
until the later of: (i) participant's 50/th/ birthday, (ii) April 28,
2005, or (iii) the 5/th/ anniversary of an employee's employment or
re-employment date. Money transferred from the GIC Fund, cannot be
transferred back into the GIC Fund for 90 days. The GFF maintains
balances from prior transfers and deposits; however, transfers and
contributions are no longer permitted into this fund.
C. Vesting
The Plan describes procedures for withdrawal of accumulated shares by
participants during their active service with MONY. Participating
employees and Field Underwriters become vested under the following
schedule:
Years of Vesting Service
------------------------
Less than 2 years of service 0%
2 to 3 years of service 25%
3 to 4 years of service 50%
4 to 5 years of service 75%
Over 5 years of service 100%
All shares purchased with MONY contributions are also fully vested upon
termination of service for, early, normal or postponed retirement as
defined in the Retirement Income Security Plan for Employees of MONY
Life Insurance Company ("RISPE") and upon death while employed by MONY.
D. Disability Benefits
Participants entitled to receive long-term disability benefits under
MONY's 1946 Security Plan for Employees are precluded from continuing
to make employee contributions to the Plan once the participants are
determined to have incurred a total disability. Field Underwriters
continue to have 401(k) contributions deducted from career contract
earnings they generated prior to becoming disabled.
-6-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 1. DESCRIPTION OF THE PLAN: (Continued)
E. Loans
The Plan includes a 401(k) loan feature. Participants may generally
borrow the lesser of $50,000 or 50% of their vested account balances
contained in their 401(k) account. The Employee Retirement Plan Account
(414 (k)) is also included to calculate the amount available, but is
excluded from loan depletion. Loans are not to exceed five years, and
interest is charged at rates equivalent to secured lines of credit
through JPMorgan Chase & Co. and MONY Federal Credit Union, Syracuse,
New York. Participant loans had an applicable rate ranging from 6.50%
to 11.75% in 2002 and 2001. Interest and principal payments are made
through periodic payroll deductions.
F. Forfeited Accounts
At December 31, 2002 and 2001, forfeited nonvested accounts totaled
$579,590 and $525,278, respectively. These accounts will be used to
reduce future MONY contributions, except as defined in the Plan. These
amounts are reflected in the accompanying financial statements.
G. Payment of Benefits
Upon termination, retirement or death, a participant or beneficiary
generally may elect to receive either a lump-sum amount, installment
payments or any other optional income arrangement permitted by the
Plan, equal to the value of the vested shares allocated to the account.
Accumulated shares credited to participants electing a non-installment
optional income arrangement are withdrawn from the Plan. The
accompanying financial statements include net assets available for
active employees currently participating in the Plan and terminated or
retired participants who have elected installment payments, or a
deferred settlement.
An employee may elect to roll over a lump-sum distribution from RISPE
into the Plan.
A Field Underwriter may elect to roll over a lump-sum distribution from
the Field Underwriter Retirement Plan into the Plan.
-7-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 1. DESCRIPTION OF THE PLAN: (Continued)
H. Plan Termination
MONY may amend or modify the Plan. Moreover, MONY may terminate the
Plan, although management has no present intention of terminating the
Plan. In the event the Plan is terminated, participants' accounts
become fully vested.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
The Plan's financial statements are prepared on the accrual basis of
accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make significant estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Investment Valuation and Income Recognition
Interest income is accrued as earned.
Short-term securities other than money market instruments, with 60 days
or less to maturity at the time of purchase, are valued at amortized
cost, which approximates fair value. Money market instruments are
valued at cost, which approximates fair value; all other short-term
securities are valued at fair value.
Common stocks are valued at the closing market prices for securities
traded on national securities exchanges, or at the last "bid" prices
for "over-the-counter" securities.
Bonds actively traded on a national securities exchange are valued at
the last reported sales prices. Bonds traded "over-the-counter" are
valued at the last reported "bid" prices.
-8-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
The Plan's investments in MONY's Pooled Accounts Nos. 4, 10B, 38 and
40, the Common Stock Fund, and Mutual Funds are valued at quoted market
values. Purchases and sales of shares of ownership in MONY's Pooled
Accounts and Mutual Funds are recorded on a trade date basis. Realized
gains and losses on disposition of shares are determined on the
first-in/first-out basis.
The Plan's investments in MONY's GIC Fund and the GFF are stated at
contract value, including accrued interest, which approximates fair
value.
The Plan presents in the statement of changes in net assets available
for benefits the net change in the fair value of its investments in
MONY's Pooled Accounts, Common Stock Fund, and Mutual Funds, which
consists of realized gains or losses and the unrealized appreciation or
depreciation on those investments for the year.
Participants' loans are recorded as unpaid principal balance.
The Plan provides for various investment options in any combination of
stocks, bonds, mutual funds, guaranteed interest contracts, and other
investment securities, through pooled separate accounts. Investment
securities are exposed to various risks, such as interest rate, market
and credit. Due to the level of risk associated with certain investment
securities and the level of uncertainty related to changes in the value
of investment securities, it is at least reasonably possible that
changes in risk in the near term would materially affect participants'
account balances and the amounts reported in the statements of net
assets available for benefits and the statement of changes in net
assets available for benefits.
-9-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
Investments in MONY's Pooled Accounts, Mutual Funds, Company Stock, and
MONY's Guaranteed Interest Contracts:
The shares and unit values of the Plan's investments in MONY's Pooled
Accounts, Mutual Funds, Company stock, and MONY's GICs, which represent
rounded amounts, reflected above as of December 31, 2002 and 2001, are
as follows:
December 31, 2002 December 31, 2001
----------------- -----------------
Unit Unit
Number Value Number Value
of Per of Per
Shares Share Shares Share
------ ----- ------ -----
Pooled Accounts:
No. 4 1,619,776 $25.04 1,612,086 $24.66
No. 10B 956,554 64.88 1,077,995 85.87
No. 16 -'99 693,905 12.13 817,708 11.54
No. 38 768,559 38.40 735,585 34.63
No. 40 1,679,862 50.95 1,781,014 60.19
Guaranteed Interest Contracts:
GIC 23 - - 109,525 13.12
GIC 24 - - 178,060 13.16
GIC 25 143,213 13.07 156,355 12.39
GIC 26 136,288 12.62 165,468 11.98
GIC 27 120,907 11.96 133,205 11.43
GIC 28 2,923,702 12.18 2,127,928 11.55
Mutual Funds:
Managed/Balanced 2,763,576 7.93 2,958,396 8.78
International 601,271 11.96 614,435 14.87
Growth 713,993 16.17 708,648 21.02
Company Stock:
Common Stock Fund 1,606,604 7.47 1,089,251 10.76
-10-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
MONY's Pooled Accounts are separate accounts whose assets and
liabilities are segregated from the other assets and liabilities of
MONY. Management believes these pooled account assets and liabilities
will not be affected by liabilities that may arise out of any other
business that MONY may conduct.
Pooled Account No. 4, the Money Market Account, is a separate account
primarily invested in commercial paper. Its objectives are to obtain a
high level of current income consistent with the preservation of
capital and to maintain a quality portfolio of short-term money market
instruments.
Pooled Account No. 10B, the Special Equity Account, is a separate
account invested in securities of small-to-medium size market
capitalization companies.
Pooled Account No. 16-'99, the Government Fixed Fund, is a separate
account that provides for guaranteed rates of return on principal and
interest. The Fund is invested solely in obligations of the U.S.
Government and U.S. Government Agencies, which include Treasury Bonds,
Bills, Notes and Agency Obligations.
Pooled Account No. 38, the Public Bond Account, is a separate account
primarily invested in a diversified portfolio of publicly traded
corporate bonds, concentrated in investment-grade issues in the four
highest major-ranking categories established by Moody's or Standard &
Poor's.
Pooled Account No. 40, the Equity Income Account, is a separate account
primarily invested in common stock with relatively high current yields.
Its objective is to offer above-average current income and the
opportunity for capital appreciation.
Managed/Balanced Fund is a portfolio consisting of common stocks, bonds
and cash equivalents. Assets of the Managed/Balanced Fund are allocated
among stocks, bonds and cash equivalents based upon the portfolio
manager's evaluation of economic and market trends and the manager's
perception of the relative values available from such types of
securities. There is neither a minimum nor a maximum percentage of
portfolio assets that must be invested in a specific investment
category.
International Fund is a diversified international asset management
mutual fund that seeks capital appreciation primarily through a
portfolio of non-U.S. equities.
-11-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Continued)
Growth Fund invests in the stocks of companies with long-term earnings
potential but which are currently selling at a discount to their
estimated long term value. The Fund's equity selection process is
generally lower risk than a typical growth stock approach.
Common Stock Fund invests in MONY Group Inc. common stock, with the
portion of the Fund not invested in common stock invested in cash and
short-term investments.
Guaranteed Interest Contracts are contracts with MONY that provide for
guaranteed rates of return on principal invested over specified time
periods. The assets supporting these contracts are invested with the
general assets of MONY. Loans are not permitted from the GIC Fund or
GFF. A market value adjustment may apply if the participant elects a
withdrawal or transfer from a GIC Fund or GFF outside an established
period.
NOTE 3. INVESTMENTS:
The following represents investments with fair values of 5% or more of
the Plan's net assets as of December 31, 2002 and 2001:
Issuer/Description 2002 2001
------------------ ---- ----
MONY's Pooled Accounts:
No. 4 $ 40,562,114 $ 39,758,183
No. 10B 62,057,561 92,567,150
No. 38 29,514,774 25,471,447
No. 40 85,587,270 107,191,073
GIC 28 (no maturity date at 5.60 %) 35,619,258 24,586,448
Managed/Balanced Fund 21,928,375 26,263,156
-12-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Notes to Financial Statements
As of and for the years ended December 31, 2002 and 2001
NOTE 4. TAX STATUS:
The Internal Revenue Service ("IRS") has determined and informed the
Company by a letter dated February 9, 1996, that the Plan and related
trust are designed in accordance with applicable sections of the Code.
The Plan has been amended since receiving the determination letter.
However, the Plan administrator and the Plan's tax counsel believe that
the Plan is designed and is currently being operated in compliance with
the applicable requirements of the Code.
NOTE 5. ADMINISTRATIVE FEES:
All usual and reasonable expenses of the Plan and the Plan
administrator are paid by the Company but an amount approximating to
.15% of the net asset values is reimbursed to the Company. The Plan's
reimbursement to the Company for the year ended December 31, 2002 was
$569,898.
NOTE 6. TRANSACTIONS WITH PARTIES IN INTEREST:
Fees paid during the year for trustee, recordkeeping, accounting and
other professional services rendered by parties-in-interest were based
on customary and reasonable rates for such services.
-13-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Schedule of Assets (Held at End of Year)
As of December 31, 2002
Issuer/Description Historical Cost Fair Value
------------------ --------------- ----------
MONY's Pooled Accounts:
No. 4 $ 40,251,491 $ 40,562,114
No. 10B 77,876,254 62,057,561
No. 16 - `99 at 5.25% 8,415,515 8,415,515
No. 38 21,336,892 29,514,774
No. 40 96,782,830 85,587,270
------------ ------------
244,662,982 226,137,234
------------ ------------
MONY's Guaranteed Interest Contracts:
GIC 25 matures January 1, 2003 at 5.65% 1,872,013 1,872,013
GIC 26 matures July 1, 2003 at 5.45% 1,719,472 1,719,472
GIC 27 matures January 1, 2004 at 4.75% 1,445,625 1,445,625
GIC 28 no maturity date at 5.60% 35,619,257 35,619,257
------------ ------------
40,656,367 40,656,367
------------ ------------
Mutual Funds:
Managed/Balanced 20,430,506 21,928,375
International Growth 7,542,508 7,190,987
Growth 13,712,977 11,543,993
------------ ------------
47,346,603 40,663,355
------------ ------------
Company Stock:
Common Stock Fund 16,818,737 11,998,122
------------ ------------
Participants Loans 12,339,088 12,339,088
------------ ------------
Total $356,193,165 $331,794,166
============ ============
-14-
Investment Plan Supplement for Employees and
Field Underwriters of MONY Life Insurance Company
Schedule of Series of Reportable Transactions
For the year ended December 31, 2002
Number of Total Value of Number of Total Value of Cost of Assets Net Realized
Description of Investment Purchases Purchases Sales Sales Sold Gain/(Loss)
Money Market Account 385 $ 46,152,236 1,047 $46,015,567 $ 45,172,922 $ 842,645
Stock (Equity) Income Account 351 12,661,644 801 18,206,382 23,692,850 (5,486,469)
Special Equity Account 377 13,350,106 937 22,269,858 23,582,461 (1,312,603)
Managed / Balance Fund 301 29,692,287 1701 31,300,907 33,950,247 (2,649,340)
-15-
Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees (or other persons who administer
the Plan) have duly caused this Annual Report to be signed
by the undersigned hereunto duly authorized.
INVESTMENT PLAN SUPPLEMENT FOR
EMPLOYEES AND FIELD
UNDERWRITERS OF MONY LIFE
INSURANCE COMPANY
Date: June 27, 2003 /s/ Robert M. Beecroft
-------------------------------
Robert M. Beecroft
Secretary -
Benefit Plan
Administration Committee,
as Plan Administrator