MONY SERIES FUND, INC.
Dear Shareholder,
Propelled by declining long term interest rates and evidence of the
hoped-for economic soft landing, the U.S. stock market continued to advance to
new highs in the second quarter. The market has assumed that the Federal
Reserve's pre-emptive strike against economic overheating and a potential rise
in inflation is working. The evidence to date supports this view, economic
growth is slowing and inflation remains subdued. In a move on July 6 that was
somewhat of a surprise, the Federal Funds rate was cut by 25 basis points giving
the soft landing case further support.
Everything has been going right for the market from an economic, political,
and financial point of view. Growth had slowed, but corporate profits thus far
seem to be only slightly affected. The debate about the Federal deficit concerns
how much to cut, not whether to cut. Recently, the President entered the debate
with his own reduction plan. Long term interest rates are lower as a result of
the economic and inflation news and the possibility of fiscal responsibility.
The markets have recognized all this good news, of course, and both bonds
and stocks have enjoyed substantial gains in 1995. There have been some "this
time it's different" arguments put forth to support the case for continuing
market gains. These include the improved earnings outlook for U.S. companies as
a result of rising productivity, the changed policital environment, and the
better demand outlook for financial assets as a result of baby boomers moving
into the saving and investment age. All of these factors are important and the
arguments are valid, especially for the longer term. Combined with a possible
extended economic cycle, they make the longer term outlook for stocks very
positive.
In the near term, however, valuations are stretched, expectations are high
and there is little room for disappointment coming from any direction. If any of
the above positive trends turn out to be less than expected in the immediate
future, the market's reaction would likely be a sharp correction given current
extended levels. An economy that looked too strong or too weak,a stronger dollar
that hurt multinational earnings, or the slower economy's uneven impact on
corporate profits could cause a five to ten percent decline. Investors have
substantial profits to protect in both the stock and bond markets.
Any decline is not expected to be long term, unless current conditions
change substantially for the worse. The Federal Reserve is neutral and is
trending toward stimulation, not tightness. Inflation and interest rate trends
are positive. Many major foreign economies look weak, but some are beginning to
stimulate, enhancing the trade outlook. Some market sectors are extended, but
rotation continues as sectors become overvalued. At the moment, interest seems
to be swinging back toward cyclical and industrial stocks and away from the
consumer names. After such a strong first half, it would not be surprising for
the market to pull back or consolidate as it waits to see if the positive events
it expects actually occur. The background environment for both stocks and bonds
looks better today than it has for many years, but prices reflect at least some
of the improved outlook.
Sincerely,
/s/ Kenneth M. Levine
Kenneth M. Levine
Chairman
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.--(FLEXIBLE PREMIUM VARIABLE LIFE SUBACCOUNTS)
------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series Fund,
Inc. at net asset value (Notes
2 and 4) (total cost
$2,102,754)................... $491,037 $565,952 $176,796 $106,812 $ 933,547 $ 91,009 $2,365,153
Amount due from MONY Series
Fund, Inc. ................... 171 297 260 10 179 162 1,079
---------- ---------- ------------ ---------- ---------- ---------- ----------
Total assets................ 491,208 566,249 177,056 106,822 933,726 91,171 2,366,232
---------- ---------- ------------ ---------- ---------- ---------- ----------
LIABILITIES
Amount due to MONY America...... 171 297 260 10 179 162 1,079
---------- ---------- ------------ ---------- ---------- ---------- ----------
Net assets...................... $491,037 $565,952 $176,796 $106,812 $ 933,547 $ 91,009 $2,365,153
---------- ---------- ------------ ---------- ---------- ---------- ----------
---------- ---------- ------------ ---------- ---------- ---------- ----------
Net assets consist of:
Contractholders' net
payments.................. $515,685 $607,777 $202,665 $129,453 $1,048,481 $189,283 $2,693,344
Cost of insurance
withdrawals (Note 3)...... (311,187) (395,861) (167,339) (123,786) (750,318) (165,597) (1,914,088)
Accumulated net investment
income.................... 83,965 224,390 145,851 90,121 412,561 67,323 1,024,211
Accumulated net realized
gain (loss) on
investments............... 154,061 50,924 (9,954) 1,029 103,227 0 299,287
Unrealized appreciation of
investments............... 48,513 78,722 5,573 9,995 119,596 0 262,399
---------- ---------- ------------ ---------- ---------- ---------- ----------
Net assets...................... $491,037 $565,952 $176,796 $106,812 $ 933,547 $ 91,009 $2,365,153
---------- ---------- ------------ ---------- ---------- ---------- ----------
---------- ---------- ------------ ---------- ---------- ---------- ----------
Number of units outstanding*.... 15,585 17,767 8,658 4,276 36,815 5,679
---------- ---------- ------------ ---------- ---------- ----------
Net asset value per unit
outstanding................... $ 31.51 $ 31.85 $ 20.42 $ 24.98 $ 25.36 $ 16.03
---------- ---------- ------------ ---------- ---------- ----------
---------- ---------- ------------ ---------- ---------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.--(VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
--------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------ ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series Fund, Inc. at net asset
value (Notes 2 and 4) (total cost $362,318)....... $1,484 $2,181 $ 10,713 $347,959 $362,337
Amount due from MONY America........................ 0 0 0 16,961 16,961
------ ---------- ---------- ---------- --------
Total assets.................................... 1,484 2,181 10,713 364,920 379,298
------ ---------- ---------- ---------- --------
LIABILITIES
Amount due to MONY Series Fund, Inc................. 0 0 0 16,961 16,961
------ ---------- ---------- ---------- --------
Net assets.......................................... $1,484 $2,181 $ 10,713 $347,959 $362,337
------ ---------- ---------- ---------- --------
------ ---------- ---------- ---------- --------
Net assets consist of:
Contractholders' net payments................... $1,535 $2,285 $ 11,042 $348,671 $363,533
Cost of insurance withdrawals (Note 3).......... (49) (156) (336) (2,777) (3,318)
Accumulated net investment income (loss)........ 0 (1) (5) 2,065 2,059
Accumulated net realized gain on investments.... 1 32 11 0 44
Unrealized appreciation (depreciation) of
investments................................... (3) 21 1 0 19
------ ---------- ---------- ---------- --------
Net assets.......................................... $1,484 $2,181 $ 10,713 $347,959 $362,337
------ ---------- ---------- ---------- --------
------ ---------- ---------- ---------- --------
Number of units outstanding*........................ 143 196 1,034 34,241
------ ---------- ---------- ----------
Net asset value per unit outstanding................ $10.37 $11.11 $ 10.36 $ 10.16
------ ---------- ---------- ----------
------ ---------- ---------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST--(VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Enterprise Accumulation
Trust at net asset value (Notes 2 and
4) (total cost $1,411,268)........... $163,611 $ 97,858 $1,114,030 $57,251 $ 31,594 $1,464,344
Amount due from (to) MONY America...... 294 81 1,298 (24) 110 1,759
---------- ---------- ---------- ------------- ---------- ----------
Total assets....................... 163,905 97,939 1,115,328 57,227 31,704 1,466,103
---------- ---------- ---------- ------------- ---------- ----------
LIABILITIES
Amount due to (from) Enterprise
Accumulation Trust..................... 294 81 1,298 (24) 110 1,759
---------- ---------- ---------- ------------- ---------- ----------
Net assets............................. $163,611 $ 97,858 $1,114,030 $57,251 $ 31,594 $1,464,344
---------- ---------- ---------- ------------- ---------- ----------
---------- ---------- ---------- ------------- ---------- ----------
Net assets consist of:
Contractholders' net payments...... $161,848 $ 99,198 $1,097,440 $60,224 $ 32,612 $1,451,322
Cost of insurance withdrawals
(Note 3)......................... (7,143) (5,732) (31,493) (2,912) (1,519) (48,799)
Accumulated net investment income
(loss)........................... (192) (105) (749) (62) 401 (707)
Accumulated net realized gain on
investments...................... 812 587 7,685 167 201 9,452
Unrealized appreciation
(depreciation) of investments.... 8,286 3,910 41,147 (166) (101) 53,076
---------- ---------- ---------- ------------- ---------- ----------
Net assets............................. $163,611 $ 97,858 $1,114,030 $57,251 $ 31,594 $1,464,344
---------- ---------- ---------- ------------- ---------- ----------
---------- ---------- ---------- ------------- ---------- ----------
Number of units outstanding*........... 14,355 9,067 93,085 5,448 2,991
---------- ---------- ---------- ------------- ----------
Net asset value per unit outstanding... $ 11.40 $ 10.79 $ 11.97 $ 10.51 $ 10.56
---------- ---------- ---------- ------------- ----------
---------- ---------- ---------- ------------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.-- (FLEXIBLE PREMIUM VARIABLE LIFE SUBACCOUNTS)
----------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 3,736 $ 3,736
Mortality and expense risk charges
(Note 3)......................... (1,223) (1,568) (507) (308) (2,606) (403) (6,615)
---------- ---------- ------------ ---------- ---------- ---------- --------
Net investment income (loss)....... (1,223) (1,568) (507) (308) (2,606) 3,333 (2,879)
---------- ---------- ------------ ---------- ---------- ---------- --------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.............. 131,807 65,305 16,056 16,239 79,117 199,441 507,965
Cost of shares sold.............. 115,161 56,293 15,619 15,042 66,967 199,441 468,523
---------- ---------- ------------ ---------- ---------- ---------- --------
Net realized gain on investments... 16,646 9,012 437 1,197 12,150 0 39,442
Net increase in unrealized
appreciation of investments...... 48,297 61,893 14,918 16,097 110,653 0 251,858
---------- ---------- ------------ ---------- ---------- ---------- --------
Net realized and unrealized gain on
investments...................... 64,943 70,905 15,355 17,294 122,803 0 291,300
---------- ---------- ------------ ---------- ---------- ---------- --------
Net increase in net assets
resulting from operations........ $ 63,720 $ 69,337 $ 14,848 $ 16,986 $120,197 $ 3,333 $288,421
---------- ---------- ------------ ---------- ---------- ---------- --------
---------- ---------- ------------ ---------- ---------- ---------- --------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.-- (VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
-----------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------- -------------- -------------- ----------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 20, 1995 MARCH 31, 1995 MARCH 20, 1995 FEBRUARY 27, 1995
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT (COMMENCEMENT FOR THE
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS) OF OPERATONS) VARIOUS PERIODS
THROUGH THROUGH THROUGH THROUGH ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1995 1995 1995 1995
------------- -------------- -------------- ----------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Dividend income............... $ 0 $ 0 $ 0 $ 2,382 $ 2,382
Mortality and expense risk
charges (Note 3)............. 0 (1) (5) (317) (323)
-- --- --- ----------------- ---------------
Net investment income (loss).. 0 (1) (5) 2,065 2,059
-- --- --- ----------------- ---------------
Realized and unrealized gain
(loss) on investments (Note 2):
Proceeds from sales.......... 62 842 764 1,347,621 1,349,289
Cost of shares sold.......... 61 810 753 1,347,621 1,349,245
-- --- --- ----------------- ---------------
Net realized gain on
investments.................. 1 32 11 0 44
Net increase (decrease) in
unrealized
appreciation of
investments.................. (3) 21 1 0 19
-- --- --- ----------------- ---------------
Net realized and unrealized
gain
(loss) on investments........ (2) 53 12 0 63
-- --- --- ----------------- ---------------
Net increase (decrease) in net
assets
resulting from operations.... ($2) $ 52 $ 7 $ 2,065 $ 2,122
-- --- --- ----------------- ---------------
-- --- --- ----------------- ---------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS (CONTINUED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST-- (VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------- ------------- ------------- ------------- -------------- ---------------
FOR THE FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD PERIOD
MARCH 8, 1995 MARCH 9, 1995 MARCH 8, 1995 MARCH 8, 1995 FOR THE PERIOD
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT (COMMENCEMENT MARCH 20, 1995
OF OF OF OF (COMMENCEMENT FOR THE
OPERATIONS) OPERATIONS) OPERATIONS) OPERATIONS) OF OPERATIONS) VARIOUS PERIODS
THROUGH THROUGH THROUGH THROUGH THROUGH ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1995 1995 1995 1995 1995
------------- ------------- ------------- ------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Dividend income................... $ 0 $ 0 $ 0 $ 0 $ 438 $ 438
Mortality and expense risk charges
(Note 3)........................ (192) (105) (749) (62) (37) (1,145)
------- ------- ------- ------- -------- ---------
Net investment income (loss)...... (192) (105) (749) (62) 401 (707)
------- ------- ------- ------- -------- ---------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.............. 15,596 13,322 75,178 7,209 30,251 141,556
Cost of shares sold.............. 14,784 12,735 67,493 7,042 30,050 132,104
------- ------- ------- ------- -------- ---------
Net realized gain on
investments...................... 812 587 7,685 167 201 9,452
Net increase (decrease) in
unrealized appreciation of
investments...................... 8,286 3,910 41,147 (166) (101) 53,076
------- ------- ------- ------- -------- ---------
Net realized and unrealized gain
on investments................... 9,098 4,497 48,832 1 100 62,528
------- ------- ------- ------- -------- ---------
Net increase (decrease) in net
assets resulting from
operations....................... $ 8,906 $ 4,392 $48,083 ($ 61) $ 501 $ 61,821
------- ------- ------- ------- -------- ---------
------- ------- ------- ------- -------- ---------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
MONY SERIES FUND, INC.--(FLEXIBLE PREMIUM VARIABLE LIFE SUBACCOUNTS)
-------------------------------------------------------------------------------------------------------
LONG TERM
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT SUBACCOUNT
--------------------------- ---------------------------- --------------------------- ------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995 1994 1995
------------ ------------ ------------- ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income
(loss)........ ($ 1,223) $ 6,953 ($ 1,568) $ 29,418 ($ 507) $ 8,849 ($ 308)
Net realized
gain on
investments... 16,646 9,428 9,012 11,825 437 765 1,197
Net increase
(decrease) in
unrealized
appreciation of
investments... 48,297 (10,655) 61,893 (40,147) 14,918 (13,415) 16,097
------- ------- ------- ------- ------- ------- -------
Net increase
(decrease) in net
assets resulting
from operations.. 63,720 5,726 69,337 1,096 14,848 (3,801) 16,986
------- ------- ------- ------- ------- ------- -------
From unit
transactions:
Net proceeds
from the
issuance of
units......... 209,573 40,449 32,356 49,919 6,549 12,962 2,680
Net asset value
of units
redeemed or
used to meet
contract
obligations... 129,867 118,555 61,297 79,426 15,114 21,236 14,194
------- ------- ------- ------- ------- ------- -------
Net increase
(decrease) from
unit
transactions.... 79,706 (78,106) (28,941) (29,507) (8,565) (8,274) (11,514)
------- ------- ------- ------- ------- ------- -------
Net increase
(decrease) in net
assets........... 143,426 (72,380) 40,396 (28,411) 6,283 (12,075) 5,472
Net assets
beginning of
period........... 347,611 419,991 525,556 553,967 170,513 182,588 101,340
------- ------- ------- ------- ------- ------- -------
Net assets end of
period*.......... $491,037 $347,611 $ 565,952 $525,556 $176,796 $170,513 $106,812
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
Units outstanding
beginning of
period........... 12,809 15,712 18,826 19,878 9,112 9,552 4,777
Units issued
during the
period........... 7,133 1,506 1,066 1,767 335 692 120
Units redeemed
during the
period........... 4,357 4,409 2,125 2,819 789 1,132 621
------- ------- ------- ------- ------- ------- -------
Units outstanding
end of period.... 15,585 12,809 17,767 18,826 8,658 9,112 4,276
------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- -------
- ---------
*Includes
undistributed net
investment income
of: $ 83,965 $ 85,188 $ 224,390 $225,958 $145,851 $146,358 $ 90,121
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT TOTALS
--------------------------- --------------------------- ---------------------------
FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income
(loss)........ $ 6,859 ($ 2,606) $ 23,875 $ 3,333 $ 5,483 ($ 2,879) $ 81,437
Net realized
gain on
investments... 1,489 12,150 17,533 0 0 39,442 41,040
Net increase
(decrease) in
unrealized
appreciation
of investments. (16,392) 110,653 (38,475) 0 0 251,858 (119,084)
-------- ------- -------- -------- -------- --------- ----------
Net increase
(decrease) in net
assets resulting
from operations.. (8,044) 120,197 2,933 3,333 5,483 288,421 3,393
-------- ------- -------- -------- -------- --------- ----------
From unit
transactions:
Net proceeds
from the
issuance of
units......... 6,144 46,166 95,640 104,404 93,348 401,728 298,462
Net asset value
of units
redeemed or
used to meet
contract
obligations... 18,657 69,378 148,999 199,015 18,485 488,865 405,358
-------- ------- -------- -------- -------- --------- ----------
Net increase
(decrease) from
unit transactions. (12,513) (23,212) (53,359) (94,611) 74,863 (87,137) (106,896)
-------- ------- -------- -------- -------- --------- ----------
Net increase
(decrease) in net
assets........... (20,557) 96,985 (50,426) (91,278) 80,346 201,284 (103,503)
Net assets
beginning of
period........... 121,897 836,562 886,988 182,287 101,941 2,163,869 2,267,372
-------- ------- -------- -------- -------- --------- ----------
Net assets end of
period*........... $101,340 $933,547 $836,562 $ 91,009 $182,287 $2,365,153 $2,163,869
-------- ------- -------- -------- -------- --------- ----------
-------- ------- -------- -------- -------- --------- ----------
Units outstanding
beginning of
period........... 5,361 37,807 40,254 11,659 6,734 94,990 97,491
Units issued
during the
period........... 290 1,983 4,346 6,554 6,128 17,191 14,729
Units redeemed
during the
period........... 874 2,975 6,793 12,534 1,203 23,401 17,230
-------- ------- -------- -------- -------- --------- ----------
Units outstanding
end of period.... 4,777 36,815 37,807 5,679 11,659 88,780 94,990
-------- ------- -------- -------- -------- --------- ----------
-------- ------- -------- -------- -------- --------- ----------
- ---------
*Includes
undistributed net
investment income
of: $ 90,429 $412,561 $415,167 $ 67,323 $ 63,990 $1,024,211 $1,027,090
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.--(VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
-------------------------------------------------------------------------------------
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------- -------------- -------------- ----------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
APRIL 20, 1995 MARCH 31, 1995 MARCH 20, 1995 FEBRUARY 27, 1995
(COMMENCMENT (COMMENCEMENT (COMMENCEMENT (COMMENCEMENT FOR THE
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS) OF OPERATIONS) VARIOUS PERIODS
THROUGH THROUGH THROUGH THROUGH ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1995 1995 1995 1995
------------- -------------- -------------- ----------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ 0 ($ 1) ($ 5) $ 2,065 $ 2,059
Net realized gain on
investments................... 1 32 11 0 44
Net increase (decrease) in
unrealized appreciation of
investments................... (3) 21 1 0 19
------------- ------- -------------- ----------------- ---------------
Net increase (decrease) in net
assets resulting from
operations........................ (2) 52 7 2,065 2,122
------------- ------- -------------- ----------------- ---------------
From unit transactions:
Net proceeds from the issuance
of units........................ 1,535 2,285 11,042 1,393,718 1,408,580
Net asset value of units
redeemed or used to meet
contract obligations.......... 49 156 336 1,047,824 1,048,365
------------- ------- -------------- ----------------- ---------------
Net increase from unit
transactions...................... 1,486 2,129 10,706 345,894 360,215
------------- ------- -------------- ----------------- ---------------
Net increase in net assets.......... 1,484 2,181 10,713 347,959 362,337
Net assets beginning of period...... 0 0 0 0 0
------------- ------- -------------- ----------------- ---------------
Net assets end of period*........... $ 1,484 2,181$ 10,713$ $ 347,959 $ 362,337
------------- ------- -------------- ----------------- ---------------
------------- ------- -------------- ----------------- ---------------
Units outstanding beginning of
period............................ 0 0 0 0 0
Units issued during the period...... 147 197 1,066 137,810 139,220
Units redeemed during the period.... 4 1 32 103,569 103,606
------------- ------- -------------- ----------------- ---------------
Units outstanding end of period..... 143 196 1,034 34,241 35,614
------------- ------- -------------- ----------------- ---------------
------------- ------- -------------- ----------------- ---------------
- ---------
*Includes undistributed net
investment income (loss) of: $ 0 ($ 1) ($ 5) $ 2,065 $ 2,059
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST--(VARIABLE UNIVERSAL LIFE SUBACCOUNTS)
------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------- ------------- ------------- ------------- -------------- ---------------
FOR THE FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD PERIOD
MARCH 8, 1995 MARCH 9, 1995 MARCH 8, 1995 MARCH 8, 1995 FOR THE PERIOD
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT (COMMENCEMENT MARCH 20, 1995
OF OF OF OF (COMMENCEMENT FOR THE
OPERATIONS) OPERATIONS) OPERATIONS) OPERATIONS) OF OPERATIONS) VARIOUS PERIODS
THROUGH THROUGH THROUGH THROUGH THROUGH ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1995 1995 1995 1995 1995
------------- ------------- ------------- ------------- -------------- ---------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)............. ($ 192) ($ 105) ($ 749) ($ 62) $ 401 ($ 707)
Net realized gain on
investments........ 812 587 7,685 167 201 9,452
Net increase
(decrease) in
unrealized
appreciation of
investments........ 8,286 3,910 41,147 ( 166) (101) 53,076
------------- ------------- ------------- ------------- -------------- ---------------
Net increase (decrease)
in net assets resulting
from operations........ 8,906 4,392 48,083 ( 61) 501 61,821
------------- ------------- ------------- ------------- -------------- ---------------
From unit transactions:
Net proceeds from the
issuance of
units.............. 163,202 100,501 1,101,156 60,224 32,624 1,457,707
Net asset value of
units redeemed or
used to meet
contract
obligations........ 8,497 7,035 35,209 2,912 1,531 55,184
------------- ------------- ------------- ------------- -------------- ---------------
Net increase from unit
transactions........... 154,705 93,466 1,065,947 57,312 31,093 1,402,523
------------- ------------- ------------- ------------- -------------- ---------------
Net increase in net
assets................. 163,611 97,858 1,114,030 57,251 31,594 1,464,344
Net assets beginning of
period................. 0 0 0 0 0 0
------------- ------------- ------------- ------------- -------------- ---------------
Net assets end of
period*................ $ 163,611 $ 97,858 $ 1,114,030 $ 57,251 $ 31,594 $ 1,464,344
------------- ------------- ------------- ------------- -------------- ---------------
------------- ------------- ------------- ------------- -------------- ---------------
Units outstanding
beginning of period.... 0 0 0 0 0 0
Units issued during the
period................. 15,119 9,737 96,139 5,723 3,137 129,855
Units redeemed during the
period................. 764 670 3,054 275 146 4,909
------------- ------------- ------------- ------------- -------------- ---------------
Units outstanding end of
period................. 14,355 9,067 93,085 5,448 2,991 124,946
------------- ------------- ------------- ------------- -------------- ---------------
------------- ------------- ------------- ------------- -------------- ---------------
- ---------
*Includes undistributed
net investment income
(loss) of: ($ 192) ($ 105) ($ 749) ($ 62) $ 401 ($ 707)
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account L (the "Variable Account") is a separate
investment account established on February 19, 1985 by MONY Life Insurance
Company of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used to support Flexible Premium Variable Life Insurance and
Variable Universal Life Insurance Policies. These policies are issued by MONY
America, which is a wholly-owned subsidiary of The Mutual Life Insurance Company
of New York ("MONY"). MONY America is currently taxed as a life insurance
company and will include the Variable Account's operations in its tax return.
MONY America does not expect based on current tax law, to incur any income tax
burden upon the earnings or realized capital gains attributable to the Variable
Account. Based on this expectation, no charges are currently being deducted from
the Variable Account for Federal income tax purposes.
There are currently fifteen subaccounts within the Variable Account, each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund") or the Enterprise Accumulation Trust (the "Trust") collectively, the
"Funds". The Funds are registered under the 1940 Act as an open-end,
diversified, management investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Investment:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset values of the Fund. Except for the Money Market
Portfolio, as noted below, net asset values are based upon market quotations of
the securities held in each of the corresponding portfolios. Significant
accounting policies of the Funds are as follows:
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Securities held for investment in the other portfolios are valued as
follows:
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
Foreign securities are valued on the basis of independent pricing services
approved by the Board of Trustees of the Trust, and such pricing services
generally follow the same procedures in valuing foreign equity securities as
they value domestic equity securities.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Boards of the Funds.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
C. Other Information
A full presentation of the related Financial Statements and Footnotes of the
MONY Series Fund, Inc. and the Enterprise Accumulation Trust can be found on
pages 60 to 118 and 120 to 158, respectively.
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY America by the Variable Account represent
gross policy premiums recorded by MONY America less deductions retained as
compensation for certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted on each monthly date from
the cash value of the contract to compensate MONY America. These deductions are
treated as contractholder redemptions by the Variable Account. The amount
deducted for 1995 aggregated $139,745.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of .60 percent (for the Flexible
Premium Variable Life Subaccounts) and .75 percent (for the Variable Universal
Life Subaccounts) of aggregate average daily net assets. As investment adviser
to the Fund, it receives amounts paid by the Fund for those services. MONY
America is the legal holder of the assets held by the Variable Account.
Enterprise Capital Management, Inc., ("Enterprise") a wholly-owned
subsidiary of MONY, acts as investment adviser to the Trust, and it receives
amounts paid by the Trust for those services.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in MONY Series Fund, Inc. (Flexible Premium Variable Life) at
cost, at June 30, 1995 (unaudited) consist of the following:
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ --------- ----------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares.................... 16,883 33,841 17,489 9,679 63,665 182,287 323,844
Amount.................... $ 347,395 $ 508,727 $179,858 $107,442 $ 827,619 $ 182,287 $2,153,328
Shares acquired:
Shares.................... 9,412 2,047 683 384 3,783 104,426 120,735
Amount.................... $ 210,290 $ 34,796 $ 6,984 $ 4,417 $ 53,299 $ 104,426 $ 414,212
Shares received for
reinvestment of dividends:
Shares.................... 0 0 0 0 0 3,737 3,737
Amount.................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 3,737 $ 3,737
Shares redeemed:
Shares.................... 5,809 4,038 1,603 1,421 5,624 199,441 217,936
Amount.................... $ 115,161 $ 56,293 $ 15,619 $ 15,042 $ 66,967 $ 199,441 $ 468,523
--------- --------- ------------ --------- ----------- --------- ----------
Net change:
Shares.................... 3,603 (1,991) (920) (1,037 ) (1,841) (91,278) (93,464)
Amount.................... $ 95,129 ($ 21,497) ($ 8,635) ($10,625 ) ($ 13,668) ($ 91,278) ($ 50,574)
--------- --------- ------------ --------- ----------- --------- ----------
Shares end of period:
Shares.................... 20,486 31,850 16,569 8,642 61,824 91,009 230,380
Amount.................... $ 442,524 $ 487,230 $171,223 $ 96,817 $ 813,951 $ 91,009 $2,102,754
--------- --------- ------------ --------- ----------- --------- ----------
--------- --------- ------------ --------- ----------- --------- ----------
</TABLE>
Investments in MONY Series Fund, Inc. (Variable Universal Life) at cost, at
June 30, 1995 (unaudited) consist of the following:
<TABLE><CAPTION>
INTERMEDIATE LONG TERM GOVERNMENT MONEY
TERM BOND BOND SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
------------ --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares................................... 0 0 0 0 0
Amount................................... $ 0 $ 0 $ 0 $ 0 $ 0
Shares acquired:
Shares................................... 145 248 1,133 1,693,198 1,694,724
Amount................................... $1,548 $ 2,970 $ 11,465 $1,693,198 $1,709,181
Shares received for reinvestment of
dividends:
Shares................................... 0 0 0 2,382 2,382
Amount................................... $ 0 $ 0 $ 0 $ 2,382 $ 2,382
Shares redeemed:
Shares................................... 6 71 76 1,347,621 1,347,774
Amount................................... $ 61 $ 810 $ 753 $1,347,621 $1,349,245
------ --------- ---------- ---------- ----------
Net change:
Shares................................... 139 177 1,057 347,959 349,332
Amount................................... $1,487 $ 2,160 $ 10,712 $ 347,959 $ 362,318
------ --------- ---------- ---------- ----------
Shares end of period:
Shares................................... 139 177 1,057 347,959 349,332
Amount................................... $1,487 $ 2,160 $ 10,712 $ 347,959 $ 362,318
------ --------- ---------- ---------- ----------
------ --------- ---------- ---------- ----------
</TABLE>
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS--(CONTINUED)
Investments in Enterprise Accumulation Trust (Variable Universal Life) at
cost, at June 30, 1995 (unaudited) consist of the following:
<TABLE>
<CAPTION>
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ---------- ------------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares........................... 0 0 0 0 0 0
Amount........................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Shares acquired:
Shares........................... 8,536 6,273 46,261 13,032 11,669 85,771
Amount........................... $ 170,109 $ 106,683 $1,140,376 $64,459 $ 61,307 $1,542,934
Shares received for reinvestment of
dividends:
Shares........................... 0 0 0 0 83 83
Amount........................... $ 0 $ 0 $ 0 $ 0 $ 438 $ 438
Shares redeemed:
Shares........................... 767 772 3,014 1,443 5,746 11,742
Amount........................... $ 14,784 $ 12,735 $ 67,493 $ 7,042 $ 30,050 $ 132,104
--------- --------- ---------- ------------- ---------- ----------
Net change:
Shares........................... 7,769 5,501 43,247 11,589 6,006 74,112
Amount........................... $ 155,325 $ 93,948 $1,072,883 $57,417 $ 31,695 $1,411,268
--------- --------- ---------- ------------- ---------- ----------
Shares end of period:
Shares........................... 7,769 5,501 43,247 11,589 6,006 74,112
Amount........................... $ 155,325 $ 93,948 $1,072,883 $57,417 $ 31,695 $1,411,268
--------- --------- ---------- ------------- ---------- ----------
--------- --------- ---------- ------------- ---------- ----------
</TABLE>
<PAGE>
MONY
VARIABLE ACCOUNT L
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series
Fund, Inc. at net asset
value (Notes 2 and 4) (cost
$167,196).................. $ 41,412 $ 13,228 $ 6,187 $ 52,074 $ 40,303 $ 31,642 $184,846
Amount due from MONY Series
Fund, Inc. ................ 68 66 0 66 0 19 219
---------- ---------- ------------ ---------- ---------- ---------- --------
Total assets............. 41,480 13,294 6,187 52,140 40,303 31,661 185,065
---------- ---------- ------------ ---------- ---------- ---------- --------
LIABILITIES
Amount due to MONY........... 68 66 0 66 0 19 219
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets................... $ 41,412 $ 13,228 $ 6,187 $ 52,074 $ 40,303 $ 31,642 $184,846
---------- ---------- ------------ ---------- ---------- ---------- --------
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets consist of:
Contractholders' net
payments............... $ 58,110 $ 24,526 $ 8,140 $ 56,265 $ 46,756 $ 50,008 $243,805
Cost of insurance
withdrawals (Note 3)... (39,833) (23,611) (11,662) (32,460) (29,089) (40,096) (176,751)
Accumulated net
investment income...... 5,728 7,500 8,503 25,394 15,244 21,730 84,099
Accumulated net realized
gain (loss) on
investments............ 12,069 3,991 1,015 (2,922) 1,890 0 16,043
Unrealized appreciation
of investments......... 5,338 822 191 5,797 5,502 0 17,650
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets................... $ 41,412 $ 13,228 $ 6,187 $ 52,074 $ 40,303 $ 31,642 $184,846
---------- ---------- ------------ ---------- ---------- ---------- --------
---------- ---------- ------------ ---------- ---------- ---------- --------
Number of units
outstanding*............... 1,662 533 334 2,451 1,835 2,056
---------- ---------- ------------ ---------- ---------- ----------
Net asset value per unit
outstanding................ $ 24.92 $ 24.83 $ 18.50 $ 21.24 $ 21.96 $ 15.39
---------- ---------- ------------ ---------- ---------- ----------
---------- ---------- ------------ ---------- ---------- ----------
- ------------
</TABLE>
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT L
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income..................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 878 $ 878
Mortality and expense risk charges
(Note 3).......................... (115) (39) (18) (145) (110) (94) (521)
---------- ---------- ------ ---------- ---------- ---------- -------
Net investment income (loss)........ (115) (39) (18) (145) (110) 784 357
---------- ---------- ------ ---------- ---------- ---------- -------
Realized and unrealized gain (loss)
on investments (Note 2):
Proceeds from sales............. 6,320 4,574 225 1,796 1,205 1,282 15,402
Cost of shares sold............. 5,437 4,654 237 1,663 1,047 1,282 14,320
---------- ---------- ------ ---------- ---------- ---------- -------
Net realized gain (loss) on
investments....................... 883 (80) (12) 133 158 0 1,082
Net increase in unrealized
appreciation of investments....... 5,010 1,814 541 7,963 5,045 0 20,373
---------- ---------- ------ ---------- ---------- ---------- -------
Net realized and unrealized gain on
investments....................... 5,893 1,734 529 8,096 5,203 0 21,455
---------- ---------- ------ ---------- ---------- ---------- -------
Net increase in net assets resulting
from operations................... $5,778 $1,695 $ 511 $7,951 $5,093 $ 784 $21,812
---------- ---------- ------ ---------- ---------- ---------- -------
---------- ---------- ------ ---------- ---------- ---------- -------
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... ($ 115) $ 733 ($ 39) $ 685 ($ 18) $ 293
Net realized gain (loss) on
investments.................. 883 1,650 (80) 471 (12) (10)
Net increase (decrease) in
unrealized appreciation of
investments.................. 5,010 (1,721) 1,814 (1,034) 541 (403)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations....................... 5,778 662 1,695 122 511 (120)
------------ ------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units..................... 4,421 8,872 3,234 6,536 268 456
Net asset value of units
redeemed or used to meet
contract obligations......... 5,389 11,608 3,989 8,665 208 413
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) from unit
transactions..................... (968) (2,736) (755) (2,129) 60 43
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in
net assets....................... 4,810 (2,074) 940 (2,007) 571 (77)
Net assets beginning of period..... 36,602 38,676 12,288 14,295 5,616 5,693
------------ ------------ ------------ ------------ ------------ ------------
Net assets end of period*.......... $ 41,412 $ 36,602 $ 13,228 $ 12,288 $6,187 $5,616
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding beginning of
period........................... 1,705 1,829 565 658 331 329
Units issued during the period..... 193 419 139 297 15 27
Units redeemed during the period... 236 543 171 390 12 25
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding end of period.... 1,662 1,705 533 565 334 331
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
- ------------
*Includes undistributed net
investment income of: $ 5,728 $ 5,843 $ 7,500 $ 7,539 $8,503 $8,521
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT L
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
LONG TERM BOND DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTALS
-------------------------- -------------------------- -------------------------- -------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss).... ($ 145) $ 3,093 ($ 110) $ 976 $ 784 $ 1,323 $ 357 $ 7,103
Net realized gain
on investments... 133 233 158 438 0 0 1,082 2,782
Net increase
(decrease) in
unrealized
appreciation of
investments...... 7,963 (6,749) 5,045 (1,347) 0 0 20,373 (11,254)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Net increase
(decrease) in net
assets resulting from
operations........... 7,951 (3,423) 5,093 67 784 1,323 21,812 (1,369)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
From unit
transactions:
Net proceeds from
the issuance of
units............ 293 578 1,709 3,644 168 1,542 10,093 21,628
Net asset value of
units redeemed or
used to meet
contract
obligations...... 1,651 3,199 1,095 6,126 1,186 16,104 13,518 46,115
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Net increase
(decrease) from unit
transactions......... (1,358) (2,621) 614 (2,482) (1,018) (14,562) (3,425) (24,487)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Net increase
(decrease) in net
assets............... 6,593 (6,044) 5,707 (2,415) (234) (13,239) 18,387 (25,856)
Net assets beginning
of period............ 45,481 51,525 34,596 37,011 31,876 45,115 166,459 192,315
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Net assets end of
period*.............. $ 52,074 $ 45,481 $ 40,303 $ 34,596 $ 31,642 $ 31,876 $184,846 $166,459
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Units outstanding
beginning of period.. 2,521 2,664 1,805 1,939 2,123 3,103 9,050 10,522
Units issued during
the period........... 15 31 84 191 11 108 457 1,073
Units redeemed during
the period........... 85 174 54 325 78 1,088 636 2,545
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
Units outstanding end
of period............ 2,451 2,521 1,835 1,805 2,056 2,123 8,871 9,050
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ----------
*Includes
undistributed
net investment
income of: $ 25,394 $ 25,539 $ 15,244 $ 15,354 $ 21,730 $ 20,946 $ 84,099 $ 83,742
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY Variable Account L (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY 's other assets and, at present, is
used only to support Flexible Premium Variable Life Insurance Policies. These
policies are issued by MONY. MONY is currently taxed as a life insurance company
and will include the Variable Account's operations in its tax return. MONY does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
There are currently six subaccounts within the Variable Account, and each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"). The Fund is registered under the 1940 Act as an open-end, diversified,
management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Investments:
The investment in shares of each of the respective portfolios of the Fund is
stated at value which is the net asset value of the Fund. Net asset values are
based upon market valuations, as described below, of the securities held in each
of the corresponding portfolios.
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors of the
Fund.
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
<PAGE>
MONY
VARIABLE ACCOUNT L
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained as compensation for
certain sales distribution expenses and premium taxes.
The cost of insurance, administration charges, and, if applicable, the cost
of any optional benefits added by riders are deducted monthly from the cash
value of the contract to compensate MONY. These dedections are treated as
contractholder redemptions by the Variable Account. The amount deducted for 1995
aggregated $7,686.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.60 percent of aggregate average daily
net assets. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services. MONY is the legal holder of the assets of the Variable Account.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1995 (unaudited)
consist of the following:
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ --------- ----------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares........................... 1,777 791 576 4,344 2,633 31,876 41,997
Amount........................... $ 36,274 $ 13,280 $5,966 $47,647 $34,139 $ 31,876 $169,182
Shares acquired:
Shares........................... 237 226 26 26 122 170 807
Amount........................... $ 5,237 $ 3,780 $ 267 $ 293 $ 1,709 170 $ 11,456
Shares received for reinvestment of
dividends:
Shares........................... 0 0 0 0 0 878 878
Amount........................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 878 $ 878
Shares redeemed:
Shares........................... 287 273 22 157 86 1,282 2,107
Amount........................... $ 5,437 $ 4,654 $ 237 $ 1,663 $ 1,047 $ 1,282 $ 14,320
--------- --------- ------ --------- ----------- --------- --------
Net change:
Shares........................... (50) (47) 4 (131) 36 (234) (422)
Amount........................... ($ 200) ($ 874) $ 30 ($1,370) $ 662 ($ 234) ($ 1,986)
--------- --------- ------ --------- ----------- --------- --------
Shares end of period:
Shares........................... 1,727 744 580 4,213 2,669 31,642 41,575
Amount........................... $ 36,074 $ 12,406 $5,996 $46,277 $34,801 $ 31,642 $167,196
--------- --------- ------ --------- ----------- --------- --------
--------- --------- ------ --------- ----------- --------- --------
</TABLE>
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series Fund,
Inc. at net asset value (Notes 2
and 4) (cost $309,179)............. $ 76,160 $ 82,877 $ 42,008 $ 8,505 $ 93,991 $ 59,763 $363,304
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets.......................... $ 76,160 $ 82,877 $ 42,008 $ 8,505 $ 93,991 $ 59,763 $363,304
---------- ---------- ------------ ---------- ---------- ---------- --------
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets consist of:
Contractholders' net payments.... $ 24,759 $ 18,256 $ 55,709 ($11,267) $ 33,512 $ 47,784 $168,753
Cost of insurance withdrawals
(Note 3)....................... (7,190) (11,246) (31,825) (4,532) (11,885) (3,184) (69,862)
Accumulated net investment
income......................... 10,813 43,853 18,738 20,454 42,490 15,163 151,511
Accumulated net realized gain
(loss) on investments.......... 29,276 15,001 (692) 3,144 12,048 0 58,777
Unrealized appreciation of
investments.................... 18,502 17,013 78 706 17,826 0 54,125
---------- ---------- ------------ ---------- ---------- ---------- --------
Net assets.......................... $ 76,160 $ 82,877 $ 42,008 $ 8,505 $ 93,991 $ 59,763 $363,304
---------- ---------- ------------ ---------- ---------- ---------- --------
---------- ---------- ------------ ---------- ---------- ---------- --------
Number of units outstanding*........ 3,042 3,621 2,452 428 4,440 4,187
---------- ---------- ------------ ---------- ---------- ----------
Net asset value per unit
outstanding....................... $ 25.03 $ 22.89 $ 17.13 $ 19.88 $ 21.17 $ 14.27
---------- ---------- ------------ ---------- ---------- ----------
---------- ---------- ------------ ---------- ---------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income..................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,769 $ 1,769
Mortality and expense risk charges
(Note 3).......................... (297) (330) (191) (33) (369) (270) (1,490)
---------- ---------- ------------ ---------- ---------- ---------- -------
Net investment income (loss)........ (297) (330) (191) (33) (369) 1,499 279
---------- ---------- ------------ ---------- ---------- ---------- -------
Realized and unrealized gain (loss)
on investments (Note 2):
Proceeds from sales.............. 1,053 1,795 28,851 738 1,281 28,391 62,109
Cost of shares sold.............. 552 1,456 29,847 724 1,071 28,391 62,041
---------- ---------- ------------ ---------- ---------- ---------- -------
Net realized gain (loss) on
investments....................... 501 339 (996) 14 210 0 68
Net increase in unrealized
appreciation of investments....... 10,331 10,201 5,094 1,299 12,083 0 39,008
---------- ---------- ------------ ---------- ---------- ---------- -------
Net realized and unrealized gain on
investments....................... 10,832 10,540 4,098 1,313 12,293 0 39,076
---------- ---------- ------------ ---------- ---------- ---------- -------
Net increase in net assets resulting
from operations................... $ 10,535 $ 10,210 $ 3,907 $1,280 $ 11,924 $ 1,499 $39,355
---------- ---------- ------------ ---------- ---------- ---------- -------
---------- ---------- ------------ ---------- ---------- ---------- -------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... ($ 297) $ 1,175 ($ 330) $ 3,858 ($ 191) $ 3,297
Net realized gain (loss) on
investments...................... 501 1,269 339 4,494 (996) 28
Net increase (decrease) in
unrealized appreciation of
investments...................... 10,331 (1,589) 10,201 (8,142) 5,094 (4,953)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations........... 10,535 855 10,210 210 3,907 (1,628)
------------ ------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance of
units............................ 0 0 311 1,590 0 0
Net asset value of units redeemed
or used to meet contract
obligations....................... 756 1,221 1,459 22,244 28,660 961
------------ ------------ ------------ ------------ ------------ ------------
Net decrease from unit transactions... (756) (1,221) (1,148) (20,654) (28,660) (961)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets.............................. 9,779 (366) 9,062 (20,444) (24,753) (2,589)
Net assets beginning of period........ 66,381 66,747 73,815 94,259 66,761 69,350
------------ ------------ ------------ ------------ ------------ ------------
Net assets end of period*............. $ 76,160 $ 66,381 $ 82,877 $ 73,815 $ 42,008 $ 66,761
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding beginning of
period.............................. 3,075 3,131 3,676 4,690 4,247 4,308
Units issued during the period........ 0 0 14 72 0 0
Units redeemed during the period...... 33 56 69 1,086 1,795 61
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding end of period....... 3,042 3,075 3,621 3,676 2,452 4,247
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
- ------------
*Includes undistributed net investment
income of: $ 10,813 $ 11,110 $ 43,853 $ 44,183 $ 18,738 $ 18,929
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
LONG TERM BOND DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTALS
-------------------------- -------------------------- -------------------------- --------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss).. ($ 33) $ 439 ($ 369) $ 2,144 $ 1,499 $ 2,543 $ 279 $ 13,456
Net realized gain
on investments. 14 859 210 343 0 0 68 6,993
Net increase
(decrease) in
unrealized
appreciation of
investments.... 1,299 (2,744) 12,083 (2,346) 0 0 39,008 (19,774)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease)
in net assets
resulting
from operations.... 1,280 (1,446) 11,924 141 1,499 2,543 39,355 675
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
From unit
transactions:
Net proceeds from
the issuance of
units.......... 308 1,183 141 0 0 0 760 2,773
Net asset value
of units
redeemed or
used to meet
contract
obligations.... 696 14,232 894 1,355 28,121 573 60,586 40,586
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net decrease from
unit
transactions....... (388) (13,049) (753) (1,355) (28,121) (573) (59,826) (37,813)
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets............. 892 (14,495) 11,171 (1,214) (26,622) 1,970 (20,471) (37,138)
Net assets beginning
of period.......... 7,613 22,108 82,820 84,034 86,385 84,415 383,775 420,913
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Net assets end of
period*............ $ 8,505 $ 7,613 $ 93,991 $ 82,820 $ 59,763 $ 86,385 $363,304 $383,775
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Units outstanding
beginning of
period............. 450 1,217 4,478 4,551 6,196 6,238 22,122 24,135
Units issued during
the period......... 17 58 8 0 0 0 39 130
Units redeemed
during the
period............. 39 825 46 73 2,009 42 3,991 2,143
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Units outstanding
end of period...... 428 450 4,440 4,478 4,187 6,196 18,170 22,122
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
- ------------
*Includes
undistributed net
investment income
of: $ 20,454 $ 20,487 $ 42,490 $ 42,859 $ 15,163 $ 13,664 $151,511 $151,232
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account S (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Variable Life Insurance with Additional Premium
Option Policies. These policies are issued by MONY America, which is a
wholly-owned subsidiary of The Mutual Life Insurance Company of New York
("MONY"). MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
There are currently six subaccounts within the Variable Account, and each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"). The Fund is registered under the 1940 Act as an open-end, diversified,
management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Investments:
The investment in shares of the respective portfolios is stated at value
which is the net asset value of the Fund. Except for the Money Market Portfolio,
as noted below, net asset values are based upon market quotations of the
securities held in each of the corresponding portfolios.
Portfolio Valuations:
Short-term securities at amortized cost. The amortized cost of a security is
determined by valuing it at original cost and thereafter amortizing any discount
or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors of the
Fund.
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY America by the Variable Account represent
gross policy premiums recorded by MONY America less deductions retained for any
premium taxes.
The cost of insurance, administration charges, and, if applicable, deferred
premium taxes are deducted monthly from the cash value of the contract to
compensate MONY America. These deductions are treated as contractholder
redemptions by the Variable Account. The amount deducted for 1995 aggregated
$4,762.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.85 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services. MONY America is the legal holder of the
assets held by the Variable Account.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1995 (unaudited)
consist of the following:
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ --------- ----------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares........................... 3,224 4,753 6,847 727 6,304 86,385 108,240
Amount........................... $ 58,210 $ 67,003 $ 71,777 $ 8,206 $77,077 $ 86,385 $368,658
Shares acquired:
Shares........................... 0 18 0 27 10 0 55
Amount........................... $ 0 $ 317 $ 0 $ 317 $ 159 $ 0 $ 793
Shares received for reinvestment of
dividends:
Shares........................... 0 0 0 0 0 1,769 1,769
Amount........................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,769 $ 1,769
Shares redeemed:
Shares........................... 47 107 2,910 66 89 28,391 31,610
Amount........................... $ 552 $ 1,456 $ 29,847 $ 724 $ 1,071 $ 28,391 $ 62,041
--------- --------- ------------ --------- ----------- --------- --------
Net change:
Shares........................... (47) (89) (2,910) (39) (79) (26,622) (29,786)
Amount........................... ($ 552) ($ 1,139) ($29,847) ($ 407) ($ 912) ($26,622) ($59,479)
--------- --------- ------------ --------- ----------- --------- --------
Shares end of period:
Shares........................... 3,177 4,664 3,937 688 6,225 59,763 78,454
Amount........................... $ 57,658 $ 65,864 $ 41,930 $ 7,799 $76,165 $ 59,763 $309,179
--------- --------- ------------ --------- ----------- --------- --------
--------- --------- ------------ --------- ----------- --------- --------
</TABLE>
<PAGE>
MONY
VARIABLE ACCOUNT S
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- --------
ASSETS
<S> <C> <C> <C>
Investments in MONY Series Fund, Inc. at net asset value
(Notes 2 and 4) (cost $75,981)............................ $ 33,293 $ 56,137 $ 89,430
---------- ---------- --------
Net assets.................................................. $ 33,293 $ 56,137 $ 89,430
---------- ---------- --------
---------- ---------- --------
Net assets consist of:
Contractholders' net payments........................... $ 16,698 ($141,488) ($124,790)
Cost of insurance withdrawals (Note 3).................. (1,600) (65,092) (66,692)
Accumulated net investment income....................... 9,484 142,958 152,442
Accumulated net realized gain on investments............ 2,262 112,759 115,021
Unrealized appreciation of investments.................. 6,449 7,000 13,449
---------- ---------- --------
Net assets.................................................. $ 33,293 $ 56,137 $ 89,430
---------- ---------- --------
---------- ---------- --------
Number of units outstanding*................................ 1,540 2,836
---------- ----------
Net asset value per unit outstanding........................ $ 21.62 $ 19.80
---------- ----------
---------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT S
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- -------
<S> <C> <C> <C>
Dividend income.............................................. $ 0 $ 0 $ 0
Mortality and expense risk charges (Note 3).................. (132) (220) (352)
---------- ---------- -------
Net investment loss.......................................... (132) (220) (352)
---------- ---------- -------
Realized and unrealized gain on investments (Note 2):
Proceeds from sales...................................... 251 519 770
Cost of shares sold...................................... 199 460 659
---------- ---------- -------
Net realized gain on investments............................. 52 59 111
Net increase in unrealized appreciation of investments....... 4,168 7,270 11,438
---------- ---------- -------
Net realized and unrealized gain on investments.............. 4,220 7,329 11,549
---------- ---------- -------
Net increase in net assets resulting from operations......... $4,088 $7,109 $11,197
---------- ---------- -------
---------- ---------- -------
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT S
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
EQUITY INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT TOTALS
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)... ($ 132) $ 1,569 ($ 220) $ 1,278 ($ 352) $ 2,847
Net realized gain on
investments.................. 52 96 59 58 111 154
Net increase (decrease) in
unrealized appreciation of
investments.................. 4,168 (1,685) 7,270 (1,255) 11,438 (2,940)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets resulting from
operations....................... 4,088 (20) 7,109 81 11,197 61
------------ ------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units..................... 0 0 0 0 0 0
Net asset value of units
redeemed or used to meet
contract obligations......... 119 281 299 564 418 845
------------ ------------ ------------ ------------ ------------ ------------
Net decrease from unit
transactions..................... (119) (281) (299) (564) (418) (845)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets........................... 3,969 (301) 6,810 (483) 10,779 (784)
Net assets beginning of period..... 29,324 29,625 49,327 49,810 78,651 79,435
------------ ------------ ------------ ------------ ------------ ------------
Net assets end of period*.......... $ 33,293 $ 29,324 $ 56,137 $ 49,327 $ 89,430 $ 78,651
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding beginning of
period........................... 1,546 1,560 2,852 2,885 4,398 4,445
Units issued during the period..... 0 0 0 0 0 0
Units redeemed during the period... 6 14 16 33 22 47
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding end of period.... 1,540 1,546 2,836 2,852 4,376 4,398
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
- ------------
*Includes undistributed net
investment income of: $ 9,484 $ 9,616 $142,958 $143,178 $152,442 $152,794
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY Variable Account S (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Variable Life Insurance with Additional Premium Option
Policies. These policies are issued by MONY. MONY is currently taxed as a life
insurance company and will include the Variable Account operations in its tax
return. MONY does not expect, based upon current tax law, to incur any income
tax burden upon the earnings or realized capital gains attributable to the
Variable Account. Based on this expectation, no charges are currently deducted
from the Variable Account for Federal income tax purposes.
There are currently six subaccounts available within the Variable Account.
Four of the subaccounts have no assets and two invest only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"). The Fund is registered
under the 1940 Act as an open-end, diversified, management investment company.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Investments:
The investment in shares of each of the respective portfolios is stated at
value which is the net asset value of the Fund. Net asset values are based upon
market valuations, as described below, of the securities held in each of the
corresponding portfolios.
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium value at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors of the
Fund.
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
<PAGE>
MONY
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. RELATED PARTY TRANSACTIONS
Policy premiums received from MONY by the Variable Account represent gross
policy premiums recorded by MONY less deductions retained for any premium taxes.
The cost of insurance, administration charges, and, if applicable, deferred
premium taxes are deducted monthly from the cash value of the contract to
compensate MONY. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for 1995 aggregated $412.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 0.85 percent of aggregate average daily
net assets. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services. MONY is the legal holder of the assets of the Variable Account.
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1995 (unaudited)
consist of the following:
<TABLE><CAPTION>
EQUITY
INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO TOTAL
--------- ----------- -------
<S> <C> <C> <C>
Shares beginning of period:
Shares..................................................... 1,888 3,754 5,642
Amount..................................................... $ 27,043 $49,597 $76,640
Shares acquired:
Shares..................................................... 0 0 0
Amount..................................................... $ 0 $ 0 $ 0
Shares received for reinvestment of dividends:
Shares..................................................... 0 0 0
Amount..................................................... $ 0 $ 0 $ 0
Shares redeemed:
Shares..................................................... 14 36 50
Amount..................................................... $ 199 $ 460 $ 659
--------- ----------- -------
Net change:
Shares..................................................... (14) (36) (50)
Amount..................................................... ($ 199) ($ 460) ($ 659)
--------- ----------- -------
Shares end of period:
Shares..................................................... 1,874 3,718 5,592
Amount..................................................... $ 26,844 $49,137 $75,981
--------- ----------- -------
--------- ----------- -------
</TABLE>
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
MONY SERIES FUND, INC.
-----------------------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments in MONY
Series Fund, Inc.,
at net asset value
(Notes 2 and 4)
(total cost
$142,735,633)...... $1,031,267 $1,120,625 $ 27,771,264 $41,373,110 $1,752,211 $69,344,346 $3,156,768 $145,549,591
Amount due from (to)
MONY America....... 0 (19) (188,718) (15,957) (60) 826,860 1,190 623,296
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
Total assets..... 1,031,267 1,120,606 27,582,546 41,357,153 1,752,151 70,171,206 3,157,958 146,172,887
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
LIABILITIES
Amount due to (from)
MONY Series Fund,
Inc................ 0 (19) (188,718) (15,957) (60) 826,860 1,190 623,296
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
Net assets.......... $1,031,267 $1,120,625 $ 27,771,264 $41,373,110 $1,752,211 $69,344,346 $3,156,768 $145,549,591
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
Net assets consist
of:
Contractholders'
net payments... $ 443,290 $ 447,291 $ 24,273,713 $33,330,036 $ 795,008 $63,717,426 $3,049,546 $126,056,310
Accumulated net
investment
income (loss).. 94,970 349,670 3,418,146 6,679,707 546,280 5,626,920 (10,179) 16,705,514
Accumulated net
realized gain
(loss) on
investments.... 292,685 146,611 (121,619) (515,321) 160,772 0 10,681 (26,191)
Unrealized
appreciation of
investments.... 200,322 177,053 201,024 1,878,688 250,151 0 106,720 2,813,958
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
Net assets.......... $1,031,267 $1,120,625 $ 27,771,264 $41,373,110 $1,752,211 $69,344,346 $3,156,768 $145,549,591
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
---------- ---------- ------------ ----------- ---------- ----------- ---------- ------------
Number of units
outstanding*...... 44,347 51,866 1,708,096 2,190,341 88,493 5,046,586 296,706
---------- ---------- ------------ ----------- ---------- ----------- ----------
Net asset value per
unit outstanding.. $ 23.25 $ 21.61 $ 16.26 $ 18.89 $ 19.80 $ 13.74 $ 10.64
---------- ---------- ------------ ----------- ---------- ----------- ----------
---------- ---------- ------------ ----------- ---------- ----------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
------------ ------------ ------------ ------------- ---------- --------------
ASSETS
<S> <C> <C> <C> <C> <C> <C>
Investments in Enterprise
Accumulation Trust at net
asset value (Notes 2 and 4)
(total cost $944,566,326)..... $106,432,426 $131,045,029 $860,849,724 $ 8,947,319 $6,257,156 $1,113,531,654
Amount due from MONY America... 12,355 12,361 17,882 1,401 11,611 55,610
------------ ------------ ------------ ------------- ---------- --------------
Total assets................ 106,444,781 131,057,390 860,867,606 8,948,720 6,268,767 1,113,587,264
------------ ------------ ------------ ------------- ---------- --------------
LIABILITIES
Amount due to Enterprise
Accumulation Trust............. 12,355 12,361 17,882 1,401 11,611 55,610
------------ ------------ ------------ ------------- ---------- --------------
Net assets..................... $106,432,426 $131,045,029 $860,849,724 $ 8,947,319 $6,257,156 $1,113,531,654
------------ ------------ ------------ ------------- ---------- --------------
------------ ------------ ------------ ------------- ---------- --------------
Net assets consist of:
Contractholders' net
payments.................. $ 78,780,313 $113,256,144 $600,459,792 $ 8,853,514 $5,950,453 807,300,216
Accumulated net investment
income (loss)............. 5,171,346 10,932,125 56,404,177 (34,543) 134,964 72,608,069
Accumulated net realized
gain (loss) on
investments............... 7,458,632 4,736,571 52,460,943 (17,539) 19,434 64,658,041
Unrealized appreciation of
investments............... 15,022,135 2,120,189 151,524,812 145,887 152,305 168,965,328
------------ ------------ ------------ ------------- ---------- --------------
Net assets..................... $106,432,426 $131,045,029 $860,849,724 $ 8,947,319 $6,257,156 $1,113,531,654
------------ ------------ ------------ ------------- ---------- --------------
------------ ------------ ------------ ------------- ---------- --------------
Number of units outstanding*... 4,492,132 5,782,960 27,376,573 909,970 568,964
------------ ------------ ------------ ------------- ----------
Net asset value per unit
outstanding.................. $ 23.69 $ 22.66 $ 31.44 $ 9.83 $ 11.00
------------ ------------ ------------ ------------- ----------
------------ ------------ ------------ ------------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
-----------------------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ---------- ----------- -----------
ASSETS
<S> <C> <C> <C> <C> <C> <C>
Investments in Quest for Value
Accumulation Trust at net asset value
(Notes 2 and 4) (total cost
$44,703,122).......................... $3,075,879 $2,033,135 $2,805,236 $3,510,037 $41,751,138 $53,175,425
Dividends receivable................... 4,472 3,311 0 0 0 7,783
---------- ---------- ---------- ---------- ----------- -----------
Net assets............................. $3,080,351 $2,036,446 $2,805,236 $3,510,037 $41,751,138 $53,183,208
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
Net assets consist of:
Contractholders' net payments....... $2,998,722 $1,815,901 $2,325,751 $3,361,272 $33,551,403 $44,053,049
Accumulated net investment income
(loss)............................ 81,629 105,583 (14,003) (15,347) (143,995) 13,867
Accumulated net realized gain on
investments....................... 0 30,846 34,072 4,279 574,792 643,989
Unrealized appreciation of
investments....................... 0 84,116 459,416 159,833 7,768,938 8,472,303
---------- ---------- ---------- ---------- ----------- -----------
Net assets............................. $3,080,351 $2,036,446 $2,805,236 $3,510,037 $41,751,138 $53,183,208
---------- ---------- ---------- ---------- ----------- -----------
---------- ---------- ---------- ---------- ----------- -----------
Number of units outstanding*........... 240,277 132,095 116,650 154,971 1,335,586
---------- ---------- ---------- ---------- -----------
Net asset value per unit outstanding... $ 12.82 $ 15.42 $ 24.05 $ 22.65 $ 31.26
---------- ---------- ---------- ---------- -----------
---------- ---------- ---------- ---------- -----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
MONY SERIES FUND, INC.
----------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,703,697 $ 0 $ 1,703,697
Mortality and expense risk
charges (Note 3).............. (6,023) (6,497) (166,194) (237,157) (10,292) (381,012) (11,007) (818,182)
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
Net investment income (loss)... (6,023) (6,497) (166,194) (237,157) (10,292) 1,322,685 (11,007) 885,515
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
Realized and unrealized gain
(loss) on investments (Note
2):
Proceeds from sales......... 73,293 13,384 3,620,397 6,246,986 78,384 162,756,626 332,661 173,121,731
Cost of shares sold......... 52,242 11,481 3,837,905 7,151,842 63,812 162,756,626 321,980 174,195,888
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
Net realized gain (loss) on
investments................... 21,051 1,903 (217,508) (904,856) 14,572 0 10,681 (1,074,157)
Net increase in unrealized
appreciation of investments... 128,780 139,493 2,639,548 7,273,452 218,900 0 107,624 10,507,797
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
Net realized and unrealized
gain on
investments................... 149,831 141,396 2,422,040 6,368,596 233,472 0 118,305 9,433,640
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
Net increase in net assets
resulting from operations..... $143,808 $134,899 $ 2,255,846 $6,131,439 $ 223,180 $ 1,322,685 $107,298 $ 10,319,155
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
---------- ---------- ------------ ---------- ----------- ------------ ---------- ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
----------- ----------- ------------ ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Dividend income...................... $ 3,806,326 $ 4,387,292 $ 35,377,800 $ 2,940 $155,214 $ 43,729,572
Mortality and expense risk charges
(Note 3)........................... (560,114) (788,780) (4,456,747) (36,259) (21,659) (5,863,559)
----------- ----------- ------------ ------------- ---------- ------------
Net investment income (loss)......... 3,246,212 3,598,512 30,921,053 (33,319) 133,555 37,866,013
----------- ----------- ------------ ------------- ---------- ------------
Realized and unrealized gain (loss)
on investments (Note 2):
Proceeds from sales.............. 7,631,990 21,540,455 56,336,973 1,467,659 537,215 87,514,292
Cost of shares sold.............. 6,256,829 21,725,572 45,990,414 1,485,005 517,780 75,975,600
----------- ----------- ------------ ------------- ---------- ------------
Net realized gain (loss) on
investments........................ 1,375,161 (185,117) 10,346,559 (17,346) 19,435 11,538,692
Net increase in unrealized
appreciation of investments........ 12,393,837 1,841,693 145,558,406 126,662 151,903 160,072,501
----------- ----------- ------------ ------------- ---------- ------------
Net realized and unrealized gain on
investments........................ 13,768,998 1,656,576 155,904,965 109,316 171,338 171,611,193
----------- ----------- ------------ ------------- ---------- ------------
Net increase in net assets resulting
from operations.................... $17,015,210 $ 5,255,088 $186,826,018 $ 75,997 $304,893 $209,477,206
----------- ----------- ------------ ------------- ---------- ------------
----------- ----------- ------------ ------------- ---------- ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
----------------------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income............................ $ 75,778 $ 80,960 $ 11,915 $ 24,232 $ 228,055 $ 420,940
Mortality and expense risk charges
(Note 3)................................. (18,613) (16,348) (16,695) (24,612) (242,823) (319,091)
---------- ---------- ---------- ---------- ---------- -----------
Net investment income (loss)............... 57,165 64,612 (4,780) (380) (14,768) 101,849
---------- ---------- ---------- ---------- ---------- -----------
Realized and unrealized gain on
investments (Note 2):
Proceeds from sales.................... 1,676,568 1,135,778 371,809 1,013,294 4,755,533 8,952,982
Cost of shares sold.................... 1,676,568 1,102,766 336,471 1,006,567 4,159,315 8,281,687
---------- ---------- ---------- ---------- ---------- -----------
Net realized gain on investments........... 0 33,012 35,338 6,727 596,218 671,295
Net increase in unrealized appreciation of
investments.............................. 0 143,166 521,304 182,545 9,396,408 10,243,423
---------- ---------- ---------- ---------- ---------- -----------
Net realized and unrealized gain on
investments.............................. 0 176,178 556,642 189,272 9,992,626 10,914,718
---------- ---------- ---------- ---------- ---------- -----------
Net increase in net assets resulting from
operations............................... $ 57,165 $ 240,790 $551,862 $ 188,892 $9,977,858 $11,016,567
---------- ---------- ---------- ---------- ---------- -----------
---------- ---------- ---------- ---------- ---------- -----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
MONY SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
LONG TERM
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995 1994 1995
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss).... ($ 6,023) $ 12,588 ($ 6,497) $ 47,982 ($ 166,194) $ 1,182,720 ($ 237,157)
Net realized gain
(loss) on
investments...... 21,051 36,154 1,903 22,326 (217,508) (282,740) (904,856)
Net increase
(decrease) in
unrealized
appreciation of
investments...... 128,780 (41,034) 139,493 (76,424) 2,639,548 (1,651,723) 7,273,452
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets resulting
from operations... 143,808 7,708 134,899 (6,116) 2,255,846 (751,743) 6,131,439
------------ ------------ ------------ ------------ ------------ ------------ ------------
From unit
transactions:
Net proceeds from
the issuance of
units............ 9,846 59,762 17,590 78,166 2,426,457 9,508,436 4,108,129
Net asset value of
units redeemed or
used to meet
contract
obligations...... 65,125 135,671 6,887 106,044 3,121,905 8,268,006 5,005,969
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease) from
unit
transactions...... (55,279) (75,909) 10,703 (27,878) (695,448) 1,240,430 (897,840)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets............ 88,529 (68,201) 145,602 (33,994) 1,560,398 488,687 5,233,599
Net assets
beginning of
period............ 942,738 1,010,939 975,023 1,009,017 26,210,866 25,722,179 36,139,511
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net assets end of
period*........... $1,031,267 $ 942,738 $1,120,625 $ 975,023 $ 27,771,264 $ 26,210,866 $ 41,373,110
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
Units outstanding
beginning of
period............ 46,927 50,759 51,336 52,872 1,753,781 1,673,790 2,245,807
Units issued during
the period........ 475 2,986 869 4,033 155,788 629,461 235,187
Units redeemed
during the
period............ 3,055 6,818 339 5,569 201,473 549,470 290,653
------------ ------------ ------------ ------------ ------------ ------------ ------------
Units outstanding
end of period..... 44,347 46,927 51,866 51,336 1,708,096 1,753,781 2,190,341
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
- ---------
*Includes
undistributed net
investment income
of: $ 94,970 $ 100,993 $ 349,670 $ 356,167 $ 3,418,146 $ 3,584,340 $ 6,679,707
<CAPTION>
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ----------------------------
FOR THE
PERIOD
NOVEMBER 22,
1994
(COMMENCEMENT
OF
FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX OPERATIONS)
YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss).... $ 2,155,360 ($ 10,292) $ 34,425 $ 1,322,685 $ 1,352,440 ($ 11,007) $ 828
Net realized gain
(loss) on
investments...... (833,747) 14,572 19,183 0 0 10,681 0
Net increase
(decrease) in
unrealized
appreciation of
investments...... (4,797,147) 218,900 (58,060) 0 0 107,624 (904)
------------ ------------ ------------ ------------ ------------ ------------ ------
Net increase
(decrease) in net
assets resulting
from operations... (3,475,534) 223,180 (4,452) 1,322,685 1,352,440 107,298 (76)
------------ ------------ ------------ ------------ ------------ ------------ ------
From unit
transactions:
Net proceeds from
the issuance of
units............ 15,748,446 16,009 102,471 152,164,246 321,019,860 3,054,709 174,231
Net asset value of
units redeemed or
used to meet
contract
obligations...... 21,824,839 62,366 143,496 155,485,612 299,495,468 179,394 0
------------ ------------ ------------ ------------ ------------ ------------ ------
Net increase
(decrease) from
unit
transactions...... (6,076,393) (46,357) (41,025) (3,321,366) 21,524,392 2,875,315 174,231
------------ ------------ ------------ ------------ ------------ ------------ ------
Net increase
(decrease) in net
assets............ (9,551,927) 176,823 (45,477) (1,998,681) 22,876,832 2,982,613 174,155
Net assets
beginning of
period............ 45,691,438 1,575,388 1,620,865 71,343,027 48,466,195 174,155 0
------------ ------------ ------------ ------------ ------------ ------------ ------
Net assets end of
period*........... $ 36,139,511 $1,752,211 $1,575,388 $ 69,344,346 $ 71,343,027 $3,156,768 $ 174,155
------------ ------------ ------------ ------------ ------------ ------------ ------
------------ ------------ ------------ ------------ ------------ ------------ ------
Units outstanding
beginning of
period............ 2,631,575 90,907 93,312 5,304,884 3,698,103 17,347 0
Units issued during
the period........ 943,142 908 5,848 11,166,287 24,225,370 296,574 17,347
Units redeemed
during the
period............ 1,328,910 3,322 8,253 11,424,585 22,618,589 17,215 0
------------ ------------ ------------ ------------ ------------ ------------ ------
Units outstanding
end of period..... 2,245,807 88,493 90,907 5,046,586 5,304,884 296,706 17,347
------------ ------------ ------------ ------------ ------------ ------------ ------
------------ ------------ ------------ ------------ ------------ ------------ ------
- ---------
*Includes
undistributed net
investment income
of: $ 6,916,864 $ 546,280 $ 556,572 $ 5,626,920 $ 4,304,235 ($ 10,179) $ 828
<CAPTION>
TOTAL
------------------------------
FOR THE
FOR THE SIX VARIOUS PERIODS
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ---------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment
income (loss)...... $ 885,515 $ 4,786,343
Net realized gain
(loss) on
investments...... (1,074,157) (1,038,824)
Net increase
(decrease) in
unrealized
appreciation of
investments...... 10,507,797 (6,625,292)
------------ ---------------
Net increase
(decrease) in net
assets resulting
from operations... 10,319,155 (2,877,773)
------------ ---------------
From unit
transactions:
Net proceeds from
the issuance of
units............ 161,796,986 346,691,372
Net asset value of
units redeemed or
used to meet
contract
obligations...... 163,927,258 329,973,524
------------ ---------------
Net increase
(decrease) from
unit
transactions...... (2,130,272) 16,717,848
------------ ---------------
Net increase
(decrease) in net
assets............ 8,188,883 13,840,075
Net assets
beginning of
period............ 137,360,708 123,520,633
------------ ---------------
Net assets end of
period*........... $145,549,591 $ 137,360,708
------------ ---------------
------------ ---------------
Units outstanding
beginning of
period............ 9,510,989 8,200,411
Units issued during
the period........ 11,856,088 25,828,187
Units redeemed
during the
period............ 11,940,642 24,517,609
------------ ---------------
Units outstanding
end of period..... 9,426,435 9,510,989
------------ ---------------
------------ ---------------
- ---------
*Includes
undistributed net
investment income
of: $ 16,705,514 $ 15,819,999
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------------------------
EQUITY GROWTH SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)......... $ 3,246,212 $ 835,913 $ 3,598,512 $ 4,864,392 $ 30,921,053 $ 17,502,663
Net realized gain (loss) on
investments......................... 1,375,161 2,580,938 (185,117) 2,054,819 10,346,559 20,641,817
Net increase (decrease) in unrealized
appreciation of investments......... 12,393,837 (1,808,298) 1,841,693 (8,145,294) 145,558,406 (32,810,120)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations............ 17,015,210 1,608,553 5,255,088 (1,226,083) 186,826,018 5,334,360
------------ ------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance of
units............................... 19,634,748 29,386,142 16,371,416 66,054,130 115,591,706 237,090,207
Net asset value of units redeemed or
used to meet contract obligations... 5,996,552 11,715,014 19,342,979 29,598,056 45,234,958 92,203,422
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) from unit
transactions......................... 13,638,196 17,671,128 (2,971,563) 36,456,074 70,356,748 144,886,785
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets............ 30,653,406 19,279,681 2,283,525 35,229,991 257,182,766 150,221,145
Net assets beginning of period........ 75,779,020 56,499,339 128,761,504 93,531,513 603,666,958 453,445,813
------------ ------------ ------------ ------------ ------------ ------------
Net assets end of period*............. $106,432,426 $ 75,779,020 $131,045,029 $128,761,504 $860,849,724 $603,666,958
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding beginning of
period............................... 3,865,965 2,956,822 5,924,266 4,249,653 24,924,610 18,964,250
Units issued during the period........ 902,009 1,509,820 761,778 3,073,217 4,108,269 9,679,254
Units redeemed during the period...... 275,842 600,677 903,084 1,398,604 1,656,306 3,718,894
------------ ------------ ------------ ------------ ------------ ------------
Units outstanding end of period....... 4,492,132 3,865,965 5,782,960 5,924,266 27,376,573 24,924,610
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 5,171,346 $ 1,925,134 $ 10,932,125 $ 7,333,613 $ 56,404,177 $ 25,483,124
<CAPTION>
INTERNATIONAL GROWTH HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT TOTAL
---------------------------- ---------------------------- --------------
FOR THE FOR THE
PERIOD PERIOD
NOVEMBER 23, NOVEMBER 28,
1994 1994
(COMMENCEMENT (COMMENCEMENT
OF OF
FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS) FOR THE SIX
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995
------------ ------------- ------------ ------------- --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)......... ($ 33,319) ($ 1,224) $ 133,555 $ 1,409 $ 37,866,013
Net realized gain (loss) on
investments......................... (17,346) (193) 19,435 (1) 11,538,692
Net increase (decrease) in unrealized
appreciation of investments......... 126,662 19,225 151,903 402 160,072,501
------------ ------------- ------------ ------ --------------
Net increase (decrease) in net assets
resulting from operations............ 75,997 17,808 304,893 1,810 209,477,206
------------ ------------- ------------ ------ --------------
From unit transactions:
Net proceeds from the issuance of
units............................... 7,806,805 2,044,932 5,817,080 268,256 165,221,755
Net asset value of units redeemed or
used to meet contract obligations... 998,133 90 134,879 4 71,707,501
------------ ------------- ------------ ------ --------------
Net increase (decrease) from unit
transactions......................... 6,808,672 2,044,842 5,682,201 268,252 93,514,254
------------ ------------- ------------ ------ --------------
Net increase in net assets............ 6,884,669 2,062,650 5,987,094 270,062 302,991,460
Net assets beginning of period........ 2,062,650 0 270,062 0 810,540,194
------------ ------------- ------------ ------ --------------
Net assets end of period*............. $8,947,319 $ 2,062,650 $6,257,156 $ 270,062 $1,113,531,654
------------ ------------- ------------ ------ --------------
------------ ------------- ------------ ------ --------------
Units outstanding beginning of
period............................... 208,202 0 26,870 0 34,949,913
Units issued during the period........ 805,713 208,211 554,768 26,870 7,132,537
Units redeemed during the period...... 103,945 9 12,674 0 2,951,851
------------ ------------- ------------ ------ --------------
Units outstanding end of period....... 909,970 208,202 568,964 26,870 39,130,599
------------ ------------- ------------ ------ --------------
------------ ------------- ------------ ------ --------------
- ---------
*Includes undistributed net investment
income (loss) of: ($ 34,543) ($ 1,224) $ 134,964 $ 1,409 $ 72,608,069
<CAPTION>
FOR THE
VARIOUS PERIODS
ENDED
DECEMBER 31,
1994
---------------
<S> <C>
From operations:
Net investment income (loss)......... $ 23,203,153
Net realized gain (loss) on
investments......................... 25,277,380
Net increase (decrease) in unrealized
appreciation of investments......... (42,744,085)
---------------
Net increase (decrease) in net assets
resulting from operations............ 5,736,448
---------------
From unit transactions:
Net proceeds from the issuance of
units............................... 334,843,667
Net asset value of units redeemed or
used to meet contract obligations... 133,516,586
---------------
Net increase (decrease) from unit
transactions......................... 201,327,081
---------------
Net increase in net assets............ 207,063,529
Net assets beginning of period........ 603,476,665
---------------
Net assets end of period*............. $ 810,540,194
---------------
---------------
Units outstanding beginning of
period............................... 26,170,725
Units issued during the period........ 14,497,372
Units redeemed during the period...... 5,718,184
---------------
Units outstanding end of period....... 34,949,913
---------------
---------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 34,742,056
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
--------------------------------------------------------------------------
MONEY MARKET BOND EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ------------
FOR THE FOR THE
PERIOD PERIOD
SEPTEMBER 17, SEPTEMBER 17,
1994 1994
(COMMENCEMENT (COMMENCEMENT
OF OF
FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS) FOR THE SIX
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995
------------ ------------- ------------ ------------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............ $ 57,165 $ 24,464 $ 64,612 $ 40,971 ($ 4,780)
Net realized gain (loss) on
investments............................ 0 0 33,012 (2,166) 35,338
Net increase (decrease) in unrealized
appreciation of investments............ 0 0 143,166 (59,050) 521,304
------------ ------------- ------------ ------------- ------------
Net increase (decrease) in net assets
resulting from operations............... 57,165 24,464 240,790 (20,245) 551,862
------------ ------------- ------------ ------------- ------------
From unit transactions:
Net proceeds from the issuance of
units.................................. 1,735,314 3,150,273 121,784 2,975,062 66,911
Net asset value of units redeemed or
used to meet contract obligations...... 1,656,225 230,640 1,123,057 157,888 354,311
------------ ------------- ------------ ------------- ------------
Net increase (decrease) from unit
transactions............................ 79,089 2,919,633 (1,001,273) 2,817,174 (287,400)
------------ ------------- ------------ ------------- ------------
Net increase (decrease) in net assets.... 136,254 2,944,097 (760,483) 2,796,929 264,462
Net assets beginning of period........... 2,944,097 0 2,796,929 0 2,540,774
------------ ------------- ------------ ------------- ------------
Net assets end of period*................ $3,080,351 $ 2,944,097 $2,036,446 $ 2,796,929 $2,805,236
------------ ------------- ------------ ------------- ------------
------------ ------------- ------------ ------------- ------------
Units outstanding beginning of period.... 234,062 0 198,239 0 129,693
Units issued during the period........... 136,345 252,462 7,955 209,397 2,967
Units redeemed during the period......... 130,130 18,400 74,099 11,158 16,010
------------ ------------- ------------ ------------- ------------
Units outstanding end of period.......... 240,277 234,062 132,095 198,239 116,650
------------ ------------- ------------ ------------- ------------
------------ ------------- ------------ ------------- ------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 81,629 $ 24,464 $ 105,583 $ 40,971 ($ 14,003)
<CAPTION>
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT
---------------------------- ----------------------------
FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD
SEPTEMBER 17, SEPTEMBER 17, SEPTEMBER 17,
1994 1994 1994
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OF OF
OPERATIONS) FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS)
THROUGH MONTHS ENDED THROUGH MONTHS ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1995 1994 1995 1994
------------- ------------ ------------- ------------ -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............ ($ 9,223) ($ 380) ($ 14,967) ($ 14,768) ($ 129,227)
Net realized gain (loss) on
investments............................ (1,266) 6,727 (2,448) 596,218 (21,426)
Net increase (decrease) in unrealized
appreciation of investments............ (61,888) 182,545 (22,712) 9,396,408 (1,627,470)
------------- ------------ ------------- ------------ -------------
Net increase (decrease) in net assets
resulting from operations............... (72,377) 188,892 (40,127) 9,977,858 (1,778,123)
------------- ------------ ------------- ------------ -------------
From unit transactions:
Net proceeds from the issuance of
units.................................. 2,631,427 56,092 4,342,410 1,119,623 37,312,175
Net asset value of units redeemed or
used to meet contract obligations...... 18,276 973,743 63,487 4,477,303 403,092
------------- ------------ ------------- ------------ -------------
Net increase (decrease) from unit
transactions............................ 2,613,151 (917,651) 4,278,923 (3,357,680) 36,909,083
------------- ------------ ------------- ------------ -------------
Net increase (decrease) in net assets.... 2,540,774 (728,759) 4,238,796 6,620,178 35,130,960
Net assets beginning of period........... 0 4,238,796 0 35,130,960 0
------------- ------------ ------------- ------------ -------------
Net assets end of period*................ $ 2,540,774 $3,510,037 $ 4,238,796 $ 41,751,138 $35,130,960
------------- ------------ ------------- ------------ -------------
------------- ------------ ------------- ------------ -------------
Units outstanding beginning of period.... 0 197,050 0 1,449,807 0
Units issued during the period........... 130,630 1,888 200,054 40,947 1,466,229
Units redeemed during the period......... 937 43,967 3,004 155,168 16,422
------------- ------------ ------------- ------------ -------------
Units outstanding end of period.......... 129,693 154,971 197,050 1,335,586 1,449,807
------------- ------------ ------------- ------------ -------------
------------- ------------ ------------- ------------ -------------
- ---------
*Includes undistributed net investment
income (loss) of: ($ 9,223) ($ 15,347) ($ 14,967) ($ 143,995) ($ 129,227)
<CAPTION>
TOTAL
----------------------------
FOR THE
PERIOD
SEPTEMBER 17,
1994
(COMMENCEMENT
OF
FOR THE SIX OPERATIONS)
MONTHS ENDED THROUGH
JUNE 30, DECEMBER 31,
1995 1994
------------ -------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)............ $ 101,849 ($ 87,982)
Net realized gain (loss) on
investments............................ 671,295 (27,306)
Net increase (decrease) in unrealized
appreciation of investments............ 10,243,423 (1,771,120)
------------ -------------
Net increase (decrease) in net assets
resulting from operations............... 11,016,567 (1,886,408)
------------ -------------
From unit transactions:
Net proceeds from the issuance of
units.................................. 3,099,724 50,411,347
Net asset value of units redeemed or
used to meet contract obligations...... 8,584,639 873,383
------------ -------------
Net increase (decrease) from unit
transactions............................ (5,484,915) 49,537,964
------------ -------------
Net increase (decrease) in net assets.... 5,531,652 47,651,556
Net assets beginning of period........... 47,651,556 0
------------ -------------
Net assets end of period*................ $ 53,183,208 $47,651,556
------------ -------------
------------ -------------
Units outstanding beginning of period.... 2,208,851 0
Units issued during the period........... 190,102 2,258,772
Units redeemed during the period......... 419,374 49,921
------------ -------------
Units outstanding end of period.......... 1,979,579 2,208,851
------------ -------------
------------ -------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 13,867 ($ 87,982)
</TABLE>
See notes to financial statements.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account A (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Flexible Payment Variable Annuity Policies.
These policies are issued by MONY America, which is a wholly-owned subsidiary of
The Mutual Life Insurance Company of New York ("MONY"). MONY America is
currently taxed as a life insurance company and will include the Variable
Account's operations in its tax return. MONY America does not expect, based upon
current tax law, to incur any income tax burden upon the earnings or realized
capital gains attributable to the Variable Account. Based on this expectation,
no charges are currently being deducted from the Variable Account for Federal
income tax purposes.
There are currently seventeen subaccounts within the Variable Account, and
each invests only in a corresponding portfolio of the MONY Series Fund, Inc.
(the "Fund"), the Enterprise Accumulation Trust (the "Trust") or the Quest for
Value Accumulation Trust ("Quest") collectively, the Funds. The Funds are
registered under the 1940 Act as open-end, diversified, management investment
companies.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. Investments:
The investment in shares of each of the respective portfolios is stated at
the net asset value of each portfolio. Except for the Money Market Portfolio, as
noted below, net asset values are based upon market quotations of the securities
held in each of the corresponding portfolios. Significant accounting policies of
the Funds are as follows:
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Securities held for investment in other portfolios are valued as follows:
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices.
Foreign securities are valued on the basis of independent pricing services
approved by the Board of Trustees of the Trust, and such pricing services
generally follow the same procedures in valuing foreign equity securities as
they value domestic equity securities.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Boards of the Funds.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED):
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
C. Other Information:
A full presentation of the related Financial Statements and Footnotes of the
MONY Series Fund Inc., the Enterprise Accumulation Trust, and the Quest for
Value Accumulation Trust can be found on pages 60 to 118; 120 to 158; and 160 to
207; respectively.
3. RELATED PARTY TRANSACTIONS:
Purchase payments received from MONY America by the Variable Account
represent gross purchase payments recorded by MONY America less deductions
retained for any premium taxes.
A periodic deduction is made from the cash value of the contract for the
Annual Contract Charge. The deduction is for the expenses of administration and
is treated by the Variable Account as a contractholder redemption. The amount
deducted for 1995 was $701,976.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 1.25 percent of aggregate
average daily net assets. As investment adviser to the Series Fund, it receives
amounts paid by the Series Fund for those services. MONY America is the legal
holder of the assets of the Variable Account.
Enterprise Capital Management, Inc.,("Enterprise") a wholly-owned subsidiary
of MONY, acts as investment adviser to the Trust, and it receives amounts paid
by the Trust for those services.
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS:
Investment In MONY Series Fund, Inc. at cost, at June 30, 1995 (unaudited)
consist of the following:
<TABLE><CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ ----------- ----------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares beginning
of period:
Shares........ 45,786 62,783 2,688,294 3,451,720 119,893 71,343,027 18,313 77,729,816
Amount........ $ 871,196 $ 937,463 $ 28,649,390 $41,534,275 $ 1,544,137 $ 71,343,027 $ 175,059 $145,054,547
Shares acquired:
Shares........ 551 1,060 269,922 448,776 1,583 159,054,248 326,782 160,102,922
Amount........ $ 11,991 $ 17,590 $ 2,758,755 $ 5,111,989 $ 21,735 $159,054,248 $3,196,969 $170,173,277
Shares received
for reinvestment
of dividends:
Shares........ 0 0 0 0 0 1,703,697 0 1,703,697
Amount........ $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,703,697 $ 0 $ 1,703,697
Shares redeemed:
Shares........ 3,314 780 355,474 553,157 5,435 162,756,626 33,777 163,708,563
Amount........ $ 52,242 $ 11,481 $ 3,837,905 $ 7,151,842 $ 63,812 $162,756,626 $ 321,980 $174,195,888
--------- --------- ------------ ----------- ----------- ------------ ---------- ------------
Net change:
Shares........ (2,763) 280 (85,552) (104,381) (3,852) (1,998,681) 293,005 (1,901,944)
Amount........ ($ 40,251) $ 6,109 ($ 1,079,150) ($2,039,853) ($ 42,077) ($ 1,998,681) $2,874,989 ($ 2,318,914)
--------- --------- ------------ ----------- ----------- ------------ ---------- ------------
Shares end of
period:
Shares........ 43,023 63,063 2,602,742 3,347,339 116,041 69,344,346 311,318 75,827,872
Amount........ $ 830,945 $ 943,572 $ 27,570,240 $39,494,422 $ 1,502,060 $ 69,344,346 $3,050,048 $142,735,633
--------- --------- ------------ ----------- ----------- ------------ ---------- ------------
--------- --------- ------------ ----------- ----------- ------------ ---------- ------------
</TABLE>
Investment in Enterprise Accumulation Trust at cost, at June 30, 1995
(unaudited) consists of the following:
<TABLE><CAPTION>
INTERNATIONAL
EQUITY SMALL CAP MANAGED GROWTH HIGH YIELD
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
----------- ------------ ------------ ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares......................... 4,179,758 7,332,660 28,994,571 416,697 54,229 40,977,915
Amount......................... $73,150,722 $128,483,008 $597,700,552 $ 2,043,425 $ 269,660 $801,647,367
Shares acquired:
Shares......................... 1,057,737 1,041,936 5,244,082 1,697,638 1,209,181 10,250,574
Amount......................... $20,710,072 $ 17,780,112 $122,236,974 $ 8,240,072 $6,197,757 $175,164,987
Shares received for reinvestment
of dividends:
Shares......................... 203,983 263,818 1,622,091 623 30,075 2,120,590
Amount......................... $ 3,806,326 $ 4,387,292 $ 35,377,800 $ 2,940 $ 155,214 $ 43,729,572
Shares redeemed:
Shares......................... 387,707 1,272,195 2,442,664 303,760 103,912 4,510,238
Amount......................... $ 6,256,829 $ 21,725,572 $ 45,990,414 $ 1,485,005 $ 517,780 $ 75,975,600
----------- ------------ ------------ ------------- ---------- ------------
Net change:
Shares......................... 874,013 33,559 4,423,509 1,394,501 1,135,344 7,860,926
Amount......................... $18,259,569 $ 441,832 $111,624,360 $ 6,758,007 $5,835,191 $142,918,959
----------- ------------ ------------ ------------- ---------- ------------
Shares end of period:
Shares......................... 5,053,771 7,366,219 33,418,080 1,811,198 1,189,573 48,838,841
Amount......................... $91,410,291 $128,924,840 $709,324,912 $ 8,801,432 $6,104,851 $944,566,326
----------- ------------ ------------ ------------- ---------- ------------
----------- ------------ ------------ ------------- ---------- ------------
</TABLE>
<PAGE>
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS--(CONTINUED):
Investment in Quest for Value Accumulation Trust at cost, at June 30, 1995
(unaudited) consists of the following:
<TABLE>
<CAPTION>
MONEY MARKET BOND EQUITY SMALL CAP MANAGED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
------------ ---------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares........................... 2,944,097 304,014 140,219 243,889 1,686,556 5,318,775
Amount........................... $2,944,097 $2,856,880 $2,602,662 $4,261,508 $36,758,430 $49,423,577
Shares acquired:
Shares........................... 1,737,044 13,242 3,252 4,043 48,608 1,806,189
Amount........................... $1,737,044 $ 117,256 $ 67,714 $ 71,031 $ 1,155,030 $ 3,148,075
Shares received for reinvestment of
dividends:
Shares........................... 71,306 7,311 613 1,424 10,029 90,683
Amount........................... $ 71,306 $ 77,649 $ 11,915 $ 24,232 $ 228,055 $ 413,157
Shares redeemed:
Shares........................... 1,676,568 117,315 18,119 57,551 190,794 2,060,347
Amount........................... $1,676,568 $1,102,766 $ 336,471 $1,006,567 $ 4,159,315 $ 8,281,687
------------ ---------- ---------- ---------- ----------- -----------
Net change:
Shares........................... 131,782 (96,762) (14,254) (52,084) (132,157) (163,475)
Amount........................... $ 131,782 ($ 907,861) ($ 256,842) ($ 911,304) ($2,776,230) ($4,720,455)
------------ ---------- ---------- ---------- ----------- -----------
Shares end of period:
Shares........................... 3,075,879 207,252 125,965 191,805 1,554,399 5,155,300
Amount........................... $3,075,879 $1,949,019 $2,345,820 $3,350,204 $33,982,200 $44,703,122
------------ ---------- ---------- ---------- ----------- -----------
------------ ---------- ---------- ---------- ----------- -----------
</TABLE>
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in MONY Series Fund, Inc.,
at net asset value (Notes 2 and 4)
(cost $28,284,370)................. $180,076 $226,503 $ 6,146,668 $8,851,755 $288,513 $12,793,016 $301,449 $28,787,980
Amount due from (to) MONY........... 0 0 (33) (49) 0 60,869 0 60,787
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Total assets.................. 180,076 226,503 6,146,635 8,851,706 288,513 12,853,885 301,449 28,848,767
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
LIABILITIES
Amount due to (from) MONY Series
Fund, Inc.,........................ 0 0 (33) (49) 0 60,869 0 60,787
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net assets.......................... $180,076 $226,503 $ 6,146,668 $8,851,755 $288,513 $12,793,016 $301,449 $28,787,980
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net assets consist of:
Contractholders' net payments.... $ 58,397 $ 52,975 $ 5,005,663 $6,399,096 $131,185 $11,619,473 $294,187 $23,560,976
Accumulated net investment income
(loss).......................... 19,930 88,987 1,016,687 1,802,601 88,932 1,173,543 (647) 4,190,033
Accumulated net realized gain on
investments..................... 48,368 44,510 68,034 340,618 29,578 0 2,253 533,361
Unrealized appreciation of
investments..................... 53,381 40,031 56,284 309,440 38,818 0 5,656 503,610
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net assets.......................... $180,076 $226,503 $ 6,146,668 $8,851,755 $288,513 $12,793,016 $301,449 $28,787,980
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Number of units outstanding*........ 7,731 10,838 385,529 465,101 15,023 932,919 28,480
---------- ---------- ------------ ---------- ---------- ----------- ----------
Net asset value per unit
outstanding........................ $ 23.29 $ 20.90 $ 15.94 $ 19.03 $ 19.20 $ 13.71 $ 10.58
---------- ---------- ------------ ---------- ---------- ----------- ----------
---------- ---------- ------------ ---------- ---------- ----------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
----------- ----------- ------------ ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Enterprise
Accumulation Trust at net
asset value (Notes 2 and 4)
(cost $132,299,419)............. $16,934,094 $17,198,095 $120,750,192 $ 934,170 $ 547,724 $156,364,275
Amount due from (to) MONY......... 12,820 (2,242) 13,569 500 0 24,647
----------- ----------- ------------ ------------- ---------- ------------
Total assets................ 16,946,914 17,195,853 120,763,761 934,670 547,724 156,388,922
----------- ----------- ------------ ------------- ---------- ------------
LIABILITIES
Amount due to (from) Enterprise
Accumulation Trust.............. 12,820 (2,242) 13,569 500 0 24,647
----------- ----------- ------------ ------------- ---------- ------------
Net assets........................ $16,934,094 $17,198,095 $120,750,192 $ 934,170 $ 547,724 $156,364,275
----------- ----------- ------------ ------------- ---------- ------------
----------- ----------- ------------ ------------- ---------- ------------
Net assets consist of:
Contractholders' net payments... $12,188,397 $14,745,994 $ 79,760,496 $ 929,084 $ 518,689 $108,142,660
Accumulated net investment
income (loss)................. 893,894 1,376,907 8,848,543 (3,093) 12,954 11,129,205
Accumulated net realized gain
(loss) on investments......... 1,435,523 775,341 10,817,039 (623) 274 13,027,554
Unrealized appreciation of
investments................... 2,416,280 299,853 21,324,114 8,802 15,807 24,064,856
----------- ----------- ------------ ------------- ---------- ------------
Net assets........................ $16,934,094 $17,198,095 $120,750,192 $ 934,170 $ 547,724 $156,364,275
----------- ----------- ------------ ------------- ---------- ------------
----------- ----------- ------------ ------------- ---------- ------------
Number of units outstanding*...... 714,601 760,672 3,841,431 95,012 49,717
----------- ----------- ------------ ------------- ----------
Net asset value per unit
outstanding..................... $ 23.70 $ 22.61 $ 31.43 $ 9.83 $ 11.02
----------- ----------- ------------ ------------- ----------
----------- ----------- ------------ ------------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
----------------------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Quest for Value Accumulation
at net asset value (Notes 2 and 4)
(cost $9,928,906)........................ $ 473,889 $ 839,591 $ 236,887 $ 459,350 $9,855,558 $11,865,275
Dividend receivable........................ 588 1,369 0 0 0 1,957
Amount due from MONY....................... 47,538 0 0 0 0 47,538
---------- ---------- ---------- ---------- ---------- -----------
Total assets....................... 522,015 840,960 236,887 459,350 9,855,558 11,914,770
---------- ---------- ---------- ---------- ---------- -----------
LIABILITIES
Amount due to Quest for Value
Accumulated Trust........................ 47,538 0 0 0 0 47,538
---------- ---------- ---------- ---------- ---------- -----------
Net assets................................. $ 474,477 $ 840,960 $ 236,887 $ 459,350 $9,855,558 $11,867,232
---------- ---------- ---------- ---------- ---------- -----------
---------- ---------- ---------- ---------- ---------- -----------
Net assets consist of:
Contractholders' net payments.......... $ 461,152 $ 771,574 $ 195,476 $ 436,477 $8,015,116 $ 9,879,795
Accumulated net investment income
(loss)............................... 13,325 33,077 (1,216) (1,451) (32,344) 11,391
Accumulated net realized gain on
investments.......................... 0 1,151 3,424 385 34,717 39,677
Unrealized appreciation of
investments.......................... 0 35,158 39,203 23,939 1,838,069 1,936,369
---------- ---------- ---------- ---------- ---------- -----------
Net assets................................. $ 474,477 $ 840,960 $ 236,887 $ 459,350 $9,855,558 $11,867,232
---------- ---------- ---------- ---------- ---------- -----------
---------- ---------- ---------- ---------- ---------- -----------
Number of units outstanding*............... 37,122 54,566 9,849 20,328 315,391
---------- ---------- ---------- ---------- ----------
Net asset value per unit outstanding....... $ 12.78 $ 15.41 $ 24.05 $ 22.60 $ 31.25
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
</TABLE>
- ------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
MONY SERIES FUND, INC.
-------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Dividend income................ $ 0 $ 0 $ 0 $ 0 $ 0 $ 318,085 $ 0 $ 318,085
Mortality and expense risk
charges (Note 3).............. (1,039) (1,407) (37,388) (51,108) (1,681) (71,143) (777) (164,543)
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net investment income (loss)... (1,039) (1,407) (37,388) (51,108) (1,681) 246,942 (777) 153,542
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Realized and unrealized gains
(loss) on investments (Note 2):
Proceeds from sales......... 13,298 31,898 677,356 927,432 40,161 19,491,992 43,306 21,225,443
Cost of shares sold......... 7,973 26,309 707,080 965,203 38,151 19,491,992 41,053 21,277,761
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net realized gain (loss) on
investments................... 5,325 5,589 (29,724) (37,771) 2,010 0 2,253 (52,318)
Net increase in unrealized
appreciation of investments... 20,406 25,002 575,220 1,416,237 35,780 0 5,817 2,078,462
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net realized and unrealized
gain on investments........... 25,731 30,591 545,496 1,378,466 37,790 0 8,070 2,026,144
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
Net increase in net assets
resulting from operations..... $ 24,692 $ 29,184 $508,108 $1,327,358 $ 36,109 $ 246,942 $ 7,293 $ 2,179,686
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
---------- ---------- ------------ ---------- ---------- ----------- ---------- -----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income......................... $ 623,502 $ 535,255 $ 4,967,273 $ 230 $ 13,986 $ 6,140,246
Mortality and expense risk charges
(Note 3).............................. (90,839) (99,392) (628,482) (3,201) (1,954) (823,868)
---------- ---------- ----------- ------------- ---------- -----------
Net investment income (loss)............ 532,663 435,863 4,338,791 (2,971) 12,032 5,316,378
---------- ---------- ----------- ------------- ---------- -----------
Realized and unrealized gain (loss) on
investments (Note 2):
Proceeds from sales................. 1,602,586 1,823,457 7,503,404 83,962 5,827 11,019,236
Cost of shares sold................. 1,338,521 1,790,075 6,059,359 84,127 5,553 9,277,635
---------- ---------- ----------- ------------- ---------- -----------
Net realized gain (loss) on
investments........................... 264,065 33,382 1,444,045 (165) 274 1,741,601
Net increase in unrealized appreciation
of investments........................ 1,960,908 233,430 20,570,086 6,663 15,270 22,786,357
---------- ---------- ----------- ------------- ---------- -----------
Net realized and unrealized gain on
investments........................... 2,224,973 266,812 22,014,131 6,498 15,544 24,527,958
---------- ---------- ----------- ------------- ---------- -----------
Net increase in net assets resulting
from operations....................... $2,757,636 $ 702,675 $26,352,922 $ 3,527 $ 27,576 $29,844,336
---------- ---------- ----------- ------------- ---------- -----------
---------- ---------- ----------- ------------- ---------- -----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
---------------------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT TOTAL
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income............................... $ 12,046 $ 26,056 $ 982 $ 2,460 $ 50,106 $ 91,650
Mortality and expense risk charges (Note 3)... (2,958) (5,275) (1,431) (2,642) (54,295) (66,601)
---------- ---------- ---------- ---------- ---------- ----------
Net investment income (loss).................. 9,088 20,781 (449) (182) (4,189) 25,049
---------- ---------- ---------- ---------- ---------- ----------
Realized and unrealized gain on investments
(Note 2):
Proceeds from sales....................... 381,730 100,613 21,413 16,704 372,697 893,157
Cost of shares sold....................... 381,730 99,321 17,977 16,267 331,677 846,972
---------- ---------- ---------- ---------- ---------- ----------
Net realized gain on investments.............. 0 1,292 3,436 437 41,020 46,185
Net increase in unrealized appreciation of
investments................................. 0 53,234 44,331 24,084 2,191,151 2,312,800
---------- ---------- ---------- ---------- ---------- ----------
Net realized and unrealized gain on
investments................................. 0 54,526 47,767 24,521 2,232,171 2,358,985
---------- ---------- ---------- ---------- ---------- ----------
Net increase in net assets resulting from
operations.................................. $ 9,088 $ 75,307 $ 47,318 $ 24,339 $2,227,982 $2,384,034
---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
MONY SERIES FUND, INC.
------------------------------------------------------------------------------------------------------
LONG TERM
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- --------------------------- ------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995 1994 1995
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss)..... ($ 1,039) $ 2,161 ($ 1,407) $ 11,145 ($ 37,388) $ 267,069 ($ 51,108)
Net realized gain
(loss) on
investments...... 5,325 8,883 5,589 5,284 (29,724) (36,270) (37,771)
Net increase
(decrease) in
unrealized
appreciation of
investments...... 20,406 (10,106) 25,002 (17,480) 575,220 (390,623) 1,416,237
------ ------ ------ ------ ------------ ------------ ------------
Net increase
(decrease) in net
assets resulting
from operations... 24,692 938 29,184 (1,051) 508,108 (159,824) 1,327,358
------ ------ ------ ------ ------------ ------------ ------------
From unit
transactions:
Net proceeds from
the issuance of
units............ 4,234 931 (41) 1,308 384,256 2,137,359 642,843
Net asset value of
units redeemed or
used to meet
contract
obligations...... 12,259 17,715 30,450 25,568 588,089 1,484,343 841,688
------ ------ ------ ------ ------------ ------------ ------------
Net increase
(decrease) from
unit
transactions...... (8,025) (16,784) (30,491) (24,260) (203,833) 653,016 (198,845)
------ ------ ------ ------ ------------ ------------ ------------
Net increase
(decrease) in net
assets............ 16,667 (15,846) (1,307) (25,311) 304,275 493,192 1,128,513
Net assets
beginning of
period............ 163,409 179,255 227,810 253,121 5,842,393 5,349,201 7,723,242
------ ------ ------ ------ ------------ ------------ ------------
Net assets end of
period*........... $180,076 $163,409 $226,503 $227,810 $6,146,668 $5,842,393 $8,851,755
------ ------ ------ ------ ------------ ------------ ------------
------ ------ ------ ------ ------------ ------------ ------------
Units outstanding
beginning of
period............ 8,121 8,985 12,401 13,713 398,645 354,965 476,335
Units issued during
the period........ 198 43 0 69 25,042 144,778 37,206
Units redeemed
during the
period............ 588 907 1,563 1,381 38,158 101,098 48,440
------ ------ ------ ------ ------------ ------------ ------------
Units outstanding
end of period..... 7,731 8,121 10,838 12,401 385,529 398,645 465,101
------ ------ ------ ------ ------------ ------------ ------------
------ ------ ------ ------ ------------ ------------ ------------
- ---------
*Includes
undistributed net
investment income
of: $ 19,930 $ 20,969 $ 88,987 $ 90,394 $1,016,687 $1,054,075 $1,802,601
<CAPTION>
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ----------------------------
FOR THE
PERIOD
DECEMBER 16,
1994
(COMMENCEMENT
OF
FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX OPERATIONS)
YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ------------ ------------ ------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment
income (loss).... $ 466,439 ($ 1,681) $ 5,772 $ 246,942 $ 232,930 ($ 777) $ 130
Net realized gain
(loss) on
investments...... 23,548 2,010 4,941 0 0 2,253 0
Net increase
(decrease) in
unrealized
appreciation of
investments...... (1,185,741) 35,780 (11,623) 0 0 5,817 (161)
------------ ------ ------ ------------ ------------ ------ -----
Net increase
(decrease) in net
assets resulting
from operations... (695,754) 36,109 (910) 246,942 232,930 7,293 (31)
------------ ------ ------ ------------ ------------ ------ -----
From unit
transactions:
Net proceeds from
the issuance of
units............ 2,625,849 9,879 8,628 17,876,951 42,507,931 290,731 25,706
Net asset value of
units redeemed or
used to meet
contract
obligations...... 2,942,799 38,480 47,110 17,040,034 39,141,870 22,250 0
------------ ------ ------ ------------ ------------ ------ -----
Net increase
(decrease) from
unit
transactions...... (316,950) (28,601) (38,482) 836,917 3,366,061 268,481 25,706
------------ ------ ------ ------------ ------------ ------ -----
Net increase
(decrease) in net
assets............ (1,012,704) 7,508 (39,392) 1,083,859 3,598,991 275,774 25,675
Net assets
beginning of
period............ 8,735,946 281,005 320,397 11,709,157 8,110,166 25,675 0
------------ ------ ------ ------------ ------------ ------ -----
Net assets end of
period*........... $ 7,723,242 $288,513 $281,005 $ 12,793,016 $ 11,709,157 $301,449 $25,675
------------ ------ ------ ------------ ------------ ------ -----
------------ ------ ------ ------------ ------------ ------ -----
Units outstanding
beginning of
period............ 499,364 16,718 19,018 872,441 620,100 2,571 0
Units issued during
the period........ 156,210 553 526 1,315,606 3,214,369 27,983 2,571
Units redeemed
during the
period............ 179,239 2,248 2,826 1,255,128 2,962,028 2,074 0
------------ ------ ------ ------------ ------------ ------ -----
Units outstanding
end of period..... 476,335 15,023 16,718 932,919 872,441 28,480 2,571
------------ ------ ------ ------------ ------------ ------ -----
------------ ------ ------ ------------ ------------ ------ -----
- ---------
*Includes
undistributed net
investment income
of: $ 1,853,709 $ 88,932 $ 90,613 $ 1,173,543 $ 926,601 ($ 647) $ 130
<CAPTION>
TOTAL
------------------------------
FOR THE
FOR THE SIX VARIOUS PERIODS
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ---------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment
income (loss).... $ 153,542 $ 985,646
Net realized gain
(loss) on
investments...... (52,318) 6,386
Net increase
(decrease) in
unrealized
appreciation of
investments...... 2,078,462 (1,615,734)
------------ -------
Net increase
(decrease) in net
assets resulting
from operations... 2,179,686 (623,702)
------------ -------
From unit
transactions:
Net proceeds from
the issuance of
units............ 19,208,853 47,307,712
Net asset value of
units redeemed or
used to meet
contract
obligations...... 18,573,250 43,659,405
------------ -------
Net increase
(decrease) from
unit
transactions...... 635,603 3,648,307
------------ -------
Net increase
(decrease) in net
assets............ 2,815,289 3,024,605
Net assets
beginning of
period............ 25,972,691 22,948,086
------------ -------
Net assets end of
period*........... $ 28,787,980 $25,972,691
------------ -------
------------ -------
Units outstanding
beginning of
period............ 1,787,232 1,516,145
Units issued during
the period........ 1,406,588 3,518,566
Units redeemed
during the
period............ 1,348,199 3,247,479
------------ -------
Units outstanding
end of period..... 1,845,621 1,787,232
------------ -------
------------ -------
- ---------
*Includes
undistributed net
investment income
of: $ 4,190,033 $ 4,036,491
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
ENTERPRISE ACCUMULATION TRUST
--------------------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------------------- ----------------------------- ------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1995 1994 1995 1994 1995
------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............... $ 532,663 $ 139,265 $ 435,863 $ 577,930 $ 4,338,791
Net realized gain (loss) on investments.... 264,065 266,597 33,382 295,680 1,444,045
Net increase (decrease) in unrealized
appreciation of investments................ 1,960,908 (140,222) 233,430 (993,907) 20,570,086
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations.................. 2,757,636 265,640 702,675 (120,297) 26,352,922
------------ ------------ ------------ ------------ ------------
From unit transactions:
Net proceeds from the issuance of units.... 2,674,453 4,393,632 1,953,232 7,123,098 14,456,984
Net asset value of units redeemed or used
to meet contract obligations.............. 1,262,774 1,388,936 1,555,854 2,524,254 5,491,503
------------ ------------ ------------ ------------ ------------
Net increase from unit transactions......... 1,411,679 3,004,696 397,378 4,598,844 8,965,481
------------ ------------ ------------ ------------ ------------
Net increase in net assets.................. 4,169,315 3,270,336 1,100,053 4,478,547 35,318,403
Net assets beginning of period.............. 12,764,779 9,494,443 16,098,042 11,619,495 85,431,789
------------ ------------ ------------ ------------ ------------
Net assets end of period*................... $ 16,934,094 $ 12,764,779 $ 17,198,095 $ 16,098,042 $120,750,192
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
Units outstanding beginning of period....... 651,102 496,795 742,341 529,142 3,528,618
Units issued during the period.............. 121,579 223,727 90,676 330,290 511,893
Units redeemed during the period............ 58,080 69,420 72,345 117,091 199,080
------------ ------------ ------------ ------------ ------------
Units outstanding end of period............. 714,601 651,102 760,672 742,341 3,841,431
------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 893,894 $ 361,231 $ 1,376,907 $ 941,044 $ 8,848,543
<CAPTION>
INTERNATIONAL HIGH YIELD
GROWTH BOND
SUBACCOUNT SUBACCOUNT
------------------------------ ------------------------------
FOR THE FOR THE
PERIOD PERIOD
NOVEMBER 22, NOVEMBER 22,
1994 1994
(COMMENCEMENT (COMMENCEMENT
OF OF
FOR THE FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS)
YEAR ENDED MONTHS ENDED THROUGH MONTHS ENDED THROUGH
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1995 1994 1995 1994
------------ ------------ ------------- ------------ -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............... $ 2,697,195 ($ 2,971) ($ 122) $ 12,032 $ 922
Net realized gain (loss) on investments.... 4,500,670 (165) (458) 274 0
Net increase (decrease) in unrealized
appreciation of investments............... (6,171,838) 6,663 2,139 15,270 537
------------ ------ ------ ------ ------
Net increase (decrease) in net assets
resulting from operations.................. 1,026,027 3,527 1,559 27,576 1,459
------------ ------ ------ ------ ------
From unit transactions:
Net proceeds from the issuance of units.... 29,888,848 767,606 195,813 338,848 145,312
Net asset value of units redeemed or used
to meet contract obligations.............. 15,783,741 27,136 7,199 (34,536) 7
------------ ------ ------ ------ ------
Net increase from unit transactions......... 14,105,107 740,470 188,614 373,384 145,305
------------ ------ ------ ------ ------
Net increase in net assets.................. 15,131,134 743,997 190,173 400,960 146,764
Net assets beginning of period.............. 70,300,655 190,173 0 146,764 0
------------ ------ ------ ------ ------
Net assets end of period*................... $ 85,431,789 $934,170 $ 190,173 $547,724 $ 146,764
------------ ------ ------ ------ ------
------------ ------ ------ ------ ------
Units outstanding beginning of period....... 2,941,211 19,197 0 14,621 0
Units issued during the period.............. 1,208,188 78,564 19,940 31,806 14,622
Units redeemed during the period............ 620,781 2,749 743 (3,290) 1
------------ ------ ------ ------ ------
Units outstanding end of period............. 3,528,618 95,012 19,197 49,717 14,621
------------ ------ ------ ------ ------
------------ ------ ------ ------ ------
- ---------
*Includes undistributed net investment
income (loss) of: $ 4,509,752 ($ 3,093) ($ 122) $ 12,954 $ 922
<CAPTION>
TOTAL
--------------------------------
FOR THE
FOR THE SIX VARIOUS PERIODS
MONTHS ENDED ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ---------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income (loss)............... $ 5,316,378 $ 3,415,190
Net realized gain (loss) on investments.... 1,741,601 5,062,489
0 0
Net increase (decrease) in unrealized
appreciation of investments............... 22,786,357 (7,303,291)
------------ ---------------
Net increase (decrease) in net assets
resulting from operations.................. 29,844,336 1,174,388
------------ ---------------
From unit transactions:
Net proceeds from the issuance of units.... 20,191,123 41,746,703
Net asset value of units redeemed or used
to meet contract obligations.............. 8,302,731 19,704,137
------------ ---------------
Net increase from unit transactions......... 11,888,392 22,042,566
------------ ---------------
Net increase in net assets.................. 41,732,728 23,216,954
Net assets beginning of period.............. 114,631,547 91,414,593
------------ ---------------
Net assets end of period*................... $156,364,275 $ 114,631,547
------------ ---------------
------------ ---------------
Units outstanding beginning of period....... 4,955,879 3,967,148
Units issued during the period.............. 834,518 1,796,767
Units redeemed during the period............ 328,964 808,036
------------ ---------------
Units outstanding end of period............. 5,461,433 4,955,879
------------ ---------------
------------ ---------------
- ---------
*Includes undistributed net investment
income (loss) of: $ 11,129,205 $ 5,812,827
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE><CAPTION>
QUEST FOR VALUE ACCUMULATION TRUST
------------------------------------------------------------------------------------------
MONEY MARKET BOND EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- ----------------------------
FOR THE FOR THE FOR THE
PERIOD PERIOD PERIOD
SEPTEMBER 17, SEPTEMBER 17, SEPTEMBER 17,
1994 1994 1994
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OF OF
FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS)
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED THROUGH
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------- ------------ ------------- ------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... $ 9,088 $ 4,237 $ 20,781 $ 12,296 ($ 449) ($ 767)
Net realized gain (loss) on
investments.................... 0 0 1,292 (141) 3,436 (12)
Net increase (decrease) in
unrealized appreciation of
investments.................... 0 0 53,234 (18,076) 44,331 (5,128)
------ ------ ------ ------ ------ ------
Net increase (decrease) in net
assets resulting from
operations...................... 9,088 4,237 75,307 (5,921) 47,318 (5,907)
------ ------ ------ ------ ------ ------
From unit transactions:
Net proceeds from the issuance
of units....................... 344,885 641,363 1,990 866,925 1,951 218,605
Net asset value of units
redeemed or used to meet
contract obligations........... 353,720 171,376 95,183 2,158 19,933 5,147
------ ------ ------ ------ ------ ------
Net increase (decrease) from unit
transactions.................... (8,835) 469,987 (93,193) 864,767 (17,982) 213,458
------ ------ ------ ------ ------ ------
Net increase (decrease) in net
assets.......................... 253 474,224 (17,886) 858,846 29,336 207,551
Net assets beginning of period... 474,224 0 858,846 0 207,551 0
------ ------ ------ ------ ------ ------
Net assets end of period*........ $474,477 $ 474,224 $840,960 $ 858,846 $236,887 $ 207,551
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
Units outstanding beginning of
period.......................... 37,816 0 60,890 0 10,593 0
Units issued during the period... 27,289 51,569 136 61,044 92 10,848
Units redeemed during the
period.......................... 27,983 13,753 6,460 154 836 255
------ ------ ------ ------ ------ ------
Units outstanding end of
period.......................... 37,122 37,816 54,566 60,890 9,849 10,593
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
- ---------
*Includes undistributed net
investment income (loss) of: $ 13,325 $ 4,237 $ 33,077 $ 12,296 ($ 1,216) ($ 767)
<CAPTION>
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT TOTAL
---------------------------- ---------------------------- ---------------------------
FOR THE FOR THE
PERIOD PERIOD
SEPTEMBER 17, SEPTEMBER 17,
1994 1994
(COMMENCEMENT (COMMENCEMENT FOR THE
OF OF VARIOUS
FOR THE SIX OPERATIONS) FOR THE SIX OPERATIONS) FOR THE SIX PERIODS
MONTHS ENDED THROUGH MONTHS ENDED THROUGH MONTHS ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1994 1995 1994 1995 1994
------------ ------------- ------------ ------------- ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).... ($ 182) ($ 1,269) ($ 4,189) ($ 28,155) $ 25,049 ($ 13,658)
Net realized gain (loss) on
investments.................... 437 (52) 41,020 (6,303) 46,185 (6,508)
Net increase (decrease) in
unrealized appreciation of
investments.................... 24,084 (145) 2,191,151 (353,082) 2,312,800 (376,431)
------ ------ ------------ ------------- ------------ ------------
Net increase (decrease) in net
assets resulting from
operations...................... 24,339 (1,466) 2,227,982 (387,540) 2,384,034 (396,597)
------ ------ ------------ ------------- ------------ ------------
From unit transactions:
Net proceeds from the issuance
of units........................ 56,948 396,030 291,769 8,148,593 697,543 10,271,516
Net asset value of units
redeemed or used to meet
contract obligations........... 14,067 2,434 305,319 119,927 788,222 301,042
------ ------ ------------ ------------- ------------ ------------
Net increase (decrease) from unit
transactions................... 42,881 393,596 (13,550) 8,028,666 (90,679) 9,970,474
------ ------ ------------ ------------- ------------ ------------
Net increase (decrease) in net
assets......................... 67,220 392,130 2,214,432 7,641,126 2,293,355 9,573,877
Net assets beginning of period... 392,130 0 7,641,126 0 9,573,877 0
------ ------ ------------ ------------- ------------ ------------
Net assets end of period*........ $459,350 $ 392,130 $9,855,558 $ 7,641,126 $ 11,867,232 $9,573,877
------ ------ ------------ ------------- ------------ ------------
------ ------ ------------ ------------- ------------ ------------
Units outstanding beginning of
period.......................... 18,271 0 315,452 0 443,022 0
Units issued during the period... 2,692 18,384 11,192 320,287 41,401 462,132
Units redeemed during the
period.......................... 635 113 11,253 4,835 47,167 19,110
------ ------ ------------ ------------- ------------ ------------
Units outstanding end of
period.......................... 20,328 18,271 315,391 315,452 437,256 443,022
------ ------ ------------ ------------- ------------ ------------
------ ------ ------------ ------------- ------------ ------------
- ---------
*Includes undistributed net
investment income (loss) of: ($ 1,451) ($ 1,269) ($ 32,344) ($ 28,155) $ 11,391 ($ 13,658)
</TABLE>
See notes to financial statements.
<PAGE>
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS:
MONY Variable Account A (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY's other assets and, at present, is
used only to support Flexible Payment Variable Annuity Policies. These policies
are issued by MONY. MONY is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY does not
expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for Federal income tax purposes.
There are currently seventeen subaccounts within the Variable Account, each
invests only in a corresponding portfolio of the MONY Series Fund, Inc. (the
"Fund"), Enterprise Accumulation Trust (the "Trust") or the Quest for Value
Accumulation Trust ("Quest") collectively the "Funds". The Funds are registered
under the 1940 Act as open-end, diversified, management investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES:
A. Investments:
The investment in shares of each of the respective portolios is stated at
the net asset values of each portfolio. Except for the Money Market Portfolios,
as noted below, net assets values are based upon market quotations of the
securities held in each of the corresponding portfolios. Significant accounting
policies of the Funds are as follows:
Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Securities held for investment in the other portfolios are valued as
follows:
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
securities valuation company for securities traded on a national securities
exchange. Bonds that are listed on a national securities exchange but are not
traded and bonds that are regularly traded in the over-the-counter market are
valued at the mean of the last available bid and asked prices.
Foreign securities are valued on the basis of independent pricing services
approved by the Board of Trustees of the Trust, and such pricing services
generally follow the same procedures in valuing foreign equity securities as
they value domestic equity securities.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Boards of the Funds.
<PAGE>
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES:--(CONTINUED)
B. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
C. Other Information
A full presentation of the related Financial Statements and Footnotes of the
MONY Series Fund, Inc., the Enterprise Accumulation Trust, and the Quest for
Value Accumulation Trust can be found on pages 60 to 118; 120 to 158; and 160 to
207; respectively.
3. RELATED PARTY TRANSACTIONS:
Purchase payments received from MONY by the Variable Account represent gross
purchase payments recorded by MONY less deductions retained for any premium
taxes.
A periodic deduction is made from the Cash Value of the Contract for the
Annual Contract Charge. The deduction is for the expenses of administration and
is treated by the Variable Account as a contractholder redemption. The amount
deducted for 1995 was $83,070.
MONY receives from the Variable Account the amounts deducted for mortality
and expense risks at an annual rate of 1.25 percent of aggregate average daily
net assets. As MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Series Fund, it receives amounts paid by the Series
Fund for those services. MONY is the legal holder of the assets held by the
Variable Account.
Enterprise Capital Management, Inc., ("Enterprise") a wholly-owned
subsidiary of MONY, acts as investment adviser to the Trust, and it receives
amounts paid by the Trust for those services.
4. INVESTMENTS:
Investments in MONY Series Fund, Inc. at cost, at June 30, 1995 (unaudited)
consist of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
--------- --------- ------------ ---------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of
period:
Shares................ 7,936 14,669 599,220 737,654 21,385 11,709,157 2,700 13,092,721
Amount................ $ 130,434 $ 212,781 $6,361,329 $8,830,039 $ 277,967 $11,709,157 $ 25,836 $27,547,543
Shares acquired:
Shares................ 192 0 42,592 59,779 704 20,257,766 31,328 20,392,361
Amount................ $ 4,234 $ 0 $ 436,135 $ 677,479 $ 9,879 $20,257,766 $311,010 $21,696,503
Shares received for
reinvestment of
dividends:
Shares................ 0 0 0 0 0 318,085 0 318,085
Amount................ $ 0 $ 0 $ 0 $ 0 $ 0 $ 318,085 $ 0 $ 318,085
Shares redeemed:
Shares................ 616 1,923 65,742 81,272 2,983 19,491,992 4,299 19,648,827
Amount................ $ 7,973 $ 26,309 $ 707,080 $ 965,203 $ 38,151 $19,491,992 $ 41,053 $21,277,761
--------- --------- ------------ ---------- ----------- ----------- ---------- -----------
Net change:
Shares................ (424) (1,923) (23,150) (21,493) (2,279) 1,083,859 27,029 1,061,619
Amount................ ($ 3,739) ($ 26,309) ($ 270,945) ($ 287,724) ($ 28,272) $ 1,083,859 $269,957 $ 736,827
--------- --------- ------------ ---------- ----------- ----------- ---------- -----------
Shares end of period:
Shares................ 7,512 12,746 576,070 716,161 19,106 12,793,016 29,729 14,154,340
Amount................ $ 126,695 $ 186,472 $6,090,384 $8,542,315 $ 249,695 $12,793,016 $295,793 $28,284,370
--------- --------- ------------ ---------- ----------- ----------- ---------- -----------
--------- --------- ------------ ---------- ----------- ----------- ---------- -----------
</TABLE>
<PAGE>
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS:--(CONTINUED)
Investments in Enterprise Accumulation Trust, Inc. at cost, at June 30, 1995
(unaudited) consist of the following:
<TABLE>
<CAPTION>
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
----------- ----------- ----------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares............................ 704,069 916,745 4,103,352 38,419 29,471 5,792,056
Amount............................ $12,309,407 $16,031,619 $84,677,761 $ 188,034 $146,227 $113,353,048
Shares acquired:
Shares............................ 148,454 124,359 677,838 167,822 73,079 1,191,552
Amount............................ $ 2,923,426 $ 2,121,443 $15,840,403 $ 821,231 $377,257 $ 22,083,760
Shares received for reinvestment of
dividends:
Shares............................ 33,414 32,186 227,752 49 2,693 296,094
Amount............................ $ 623,502 $ 535,255 $ 4,967,273 $ 230 $ 13,986 $ 6,140,246
Shares redeemed:
Shares............................ 81,849 106,562 321,434 17,186 1,113 528,144
Amount............................ $ 1,338,521 $ 1,790,075 $ 6,059,359 $ 84,127 $ 5,553 $ 9,277,635
----------- ----------- ----------- ------------- ---------- ------------
Net change:
Shares............................ 100,019 49,983 584,156 150,685 74,659 959,502
Amount............................ $ 2,208,407 $ 866,623 $14,748,317 $ 737,334 $385,690 $ 18,946,371
----------- ----------- ----------- ------------- ---------- ------------
Shares end of period:
Shares............................ 804,088 966,728 4,687,508 189,104 104,130 6,751,558
Amount............................ $14,517,814 $16,898,242 $99,426,078 $ 925,368 $531,917 $132,299,419
----------- ----------- ----------- ------------- ---------- ------------
----------- ----------- ----------- ------------- ---------- ------------
</TABLE>
Investments in Quest for Value Accumulation Trust, Inc. at cost, at June 30,
1995 (unaudited) consist of the following:
<TABLE>
<CAPTION>
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO TOTAL
------------ --------- --------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares................................. 474,224 93,353 11,454 22,562 366,833 968,426
Amount................................. $474,224 $ 877,067 $ 212,679 $ 392,275 $7,994,208 $9,950,453
Shares acquired:
Shares................................. 369,937 211 100 3,324 13,102 386,674
Amount................................. $369,937 $ 2,000 $ 2,000 $ 56,943 $ 304,852 $ 735,732
Shares received for reinvestment of
dividends:
Shares................................. 11,458 2,587 51 145 2,203 16,444
Amount................................. $ 11,458 $ 24,687 $ 982 $ 2,460 $ 50,106 $ 89,693
Shares redeemed:
Shares................................. 381,730 10,566 968 930 15,215 409,409
Amount................................. $381,730 $ 99,321 $ 17,977 $ 16,267 $ 331,677 $ 846,972
------------ --------- --------- --------- ---------- ----------
Net change:
Shares................................. (335) (7,768) (817) 2,539 90 (6,291)
Amount................................. ($ 335) ($ 72,634) ($ 14,995) $ 43,136 $ 23,281 ($ 21,547)
------------ --------- --------- --------- ---------- ----------
Shares end of period:
Shares................................. 473,889 85,585 10,637 25,101 366,923 962,135
Amount................................. $473,889 $ 804,433 $ 197,684 $ 435,411 $8,017,489 $9,928,906
------------ --------- --------- --------- ---------- ----------
------------ --------- --------- --------- ---------- ----------
</TABLE>
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
As a result of the stock market's dramatic first half advance to new highs,
the level of overall market risk has increased. The strategy for the Equity
Growth Portfolio recognizes this higher risk level with a higher level of cash
reserves. This should provide some cushion against a general market decline, as
well as providing an opportunity to take advantage of reinvesting the cash at
more attractive buy points.
The offensive part of the Portfolio strategy continues to emphasize economy
sensitive sectors and industries. Thus far, it appears that the Federal
Reserve's induced soft landing for the economy is occurring. If this happens,
then both the near term and longer term outlook for cyclical stocks should be
very attractive. In the near term, they should benefit from an economy that has
slowed but not stopped; and in the longer term, they will be helped by the
possibility of higher peak earnings in an extended economic cycle.
The Portfolio's heaviest emphasis is in the technology sector. This area,
which includes semiconductors, software, communications and personal computers,
has had a spectacular first half. Investors have been attracted to these stocks
due to the outlook for sustained above average earnings growth as a result of a
new product cycle and the emphasis on productivity enhancement in general. These
stocks are currently quite extended and it would not be surprising at all to see
them correct or consolidate after their very strong move. The longer term
outlook still appears quite positive.
The outlook for other economy sensitive areas such as capital spending and
basic materials also continues to be bright. The Portfolio maintains an
overweight in capital goods including machinery, construction equipment and
electrical equipment. The basic materials sector has been cut back, but is still
an important segment of the Portfolio. The emphasis here is on paper and forest
products.
The final area of emphasis is finance; the Portfolio has important holdings
in money center banks and insurance. Energy has been reduced to an underweight
verus the averages. The stocks did well last year and during the early part of
1995, but the oil price has been weak recently and upside progress looks limited
for now. There is no real negative for the group, but other sectors such as
airlines or communications equipment simply look more attractive for the near
future.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $1,493,753) (Note 2)................................ $1,806,159
Cash........................................................................... 25,989
Receivable for fund shares sold................................................ 24
Receivable for securities sold................................................. 13,968
Dividends receivable........................................................... 2,026
Prepaid expense................................................................ 1,373
----------
Total assets........................................................... 1,849,539
----------
LIABILITIES
Payable for fund shares redeemed............................................... 263
Payable for securities purchased............................................... 11,000
Accrued expenses:
Investment advisory fees................................................... 585
Custodian fees............................................................. 11,353
Professional fees.......................................................... 6,353
Miscellaneous fee.......................................................... 400
----------
Total liabilities...................................................... 29,954
----------
Net assets..................................................................... $1,819,585
----------
----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 75,926 shares............................................... $ 759
Additional paid-in capital................................................. 1,501,113
Undistributed net investment income........................................ 11,919
Accumulated net realized loss on investments............................... (6,612)
Net unrealized appreciation of investments................................. 312,406
----------
Total net assets....................................................... $1,819,585
----------
----------
Net asset value per share of outstanding capital stock
($1,819,585/75,926 shares)................................................... $23.97
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Dividends.................................................................... $ 12,352
Interest..................................................................... 10,660
Other income................................................................. 3,046
--------
Total investment income.................................................. 26,058
--------
Expenses:
Investment advisory fees (Note 3)............................................ 3,300
Custodian fees............................................................... 9,681
Professional fees............................................................ 1,029
Miscellaneous fees........................................................... 194
--------
Total expenses........................................................... 14,204
--------
Net investment income............................................................ 11,854
--------
Realized and unrealized gain on investments (Note 2):
Realized gain from security transactions (excluding short-term securities):
Proceeds from sales...................................................... 196,928
Cost of securities sold.................................................. 203,486
--------
Net realized loss on investments................................................. (6,558)
Net increase in unrealized appreciation of investments........................... 251,773
--------
Net realized and unrealized gain on investments.................................. 245,215
--------
Net increase in net assets resulting from operations............................. $257,069
--------
--------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income........................................ $ 11,854 $ 623,681
Net realized gain (loss) on investments (Note 2)............. (6,558) 3,590,837
Net increase (decrease) in unrealized appreciation of
investments................................................ 251,773 (6,489,649)
------------ ------------
Net increase (decrease) in net assets resulting from
operations....................................................... 257,069 (2,275,131)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $.36 per share) (Note 4)..... 0 (26,307)
Net realized gain from investment transactions ($.00 and $.20
per share)................................................. 0 (14,490)
------------ ------------
Total increase (decrease)................................ 257,069 (2,315,928)
------------ ------------
From share transactions:
Proceeds from issuance of shares (10,392 and 725,845 shares)
(Note 5)................................................... 231,752 14,972,346
Proceeds from dividends reinvested (0 and 1,981 shares)
(Note 4)................................................... 0 40,797
Net asset value of shares redeemed (10,072 and 3,500,693
shares).................................................... (225,772) (70,104,135)
------------ ------------
Net increase (decrease) in net assets resulting from share
transactions................................................... 5,980 (55,090,992)
------------ ------------
Net increase (decrease) in net assets............................ 263,049 (57,406,920)
Net assets beginning of period................................... 1,556,536 58,963,456
------------ ------------
Net assets end of period (including undistributed net investment
income of $11,919 and $65, respectively)....................... $1,819,585 $ 1,556,536
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
COMMON STOCK--80.3%
AUTOMOBILES--4.0%
300 AMR Corp............................................................ $ 22,388
300 Delta Airlines Inc. ................................................ 22,125
200 UAL................................................................. 28,050
----------
72,563
----------
AUTOMOBILES--2.2%
400 Chrysler Corp. ..................................................... 19,150
400 Ford Motor Company.................................................. 11,900
200 General Motors Corp. ............................................... 9,375
----------
40,425
----------
BANKS/MAJOR--3.1%
400 Bankamerica Corp. .................................................. 21,050
600 Citicorp............................................................ 34,725
----------
55,775
----------
BANKS/REGIONAL--1.6%
400 Banc One, Corp. .................................................... 12,900
200 First Interstate Bancorp............................................ 16,050
----------
28,950
----------
BEVERAGES--1.4%
400 Coca-Cola, Company.................................................. 25,500
----------
BIOTECHNOLOGY--1.2%
200 Amgen, Inc.*+....................................................... 16,087
100 Genentech Inc.*..................................................... 4,863
----------
20,950
----------
CABLETELEVISION--1.5%
700 Comcast Corp. +..................................................... 12,994
600 Tele Communications, Inc. *+........................................ 14,062
----------
27,056
----------
CHEMICALS--4.0%
200 Dow Chemical Co. ................................................... 14,375
300 duPont (E.I.) de Nemours & Co. ..................................... 20,625
400 Hercules, Inc. ..................................................... 19,500
200 Monsanto, Co. ...................................................... 18,025
----------
72,525
----------
COSMETICS--1.0%
400 Gillette Company.................................................... 17,850
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
DRUGS--6.0%
500 Merck & Co., Inc. .................................................. $ 24,500
300 Pfizer Inc. ........................................................ 27,713
600 Schering-Plough Corp. .............................................. 26,475
300 Smithkline-Beecham, PLC............................................. 13,575
200 Warner Lambert Co. ................................................. 17,275
----------
109,538
----------
ELECTRIC--2.3%
200 Emerson Electric Co. ............................................... 14,300
500 General Electric, Co. .............................................. 28,188
----------
42,488
----------
ELECTRONICS--10.9%
600 AMP, Inc. .......................................................... 25,350
400 Applied Materials, Inc. *+.......................................... 34,650
400 Globalstar Telecommunication, LTD................................... 5,300
400 Hewlett-Packard Co.................................................. 29,800
400 Intel Corp. +....................................................... 25,325
400 Motorola, Inc....................................................... 26,850
600 Silicon Graphics, Inc. *............................................ 23,925
200 Texas Instruments, Inc.............................................. 26,775
----------
197,975
----------
ENGINEERING & CONSTRUCTION--1.6%
300 Fluor, Corp. ....................................................... 15,600
400 Foster Wheeler Corp. ............................................... 14,100
----------
29,700
----------
ENTERTAINMENT--3.6%
400 Disney (Walt) Co. .................................................. 22,250
500 Time Warner, Inc. .................................................. 20,562
500 Viacom, Inc. Class (B) *............................................ 23,188
----------
66,000
----------
FINANCIAL SERVICES--2.3%
200 Federal Home Loan Mortgage.......................................... 13,750
300 Federal National Mortgage Assoc. ................................... 28,313
----------
42,063
----------
FOREST PRODUCTS--1.0%
200 Georgia-Pacific Corp. .............................................. 17,350
----------
HOSPITAL MANAGEMENT--2.2%
400 Columbia/ HCA Healthcare Corp. ..................................... 17,300
100 Oxford Health Plans Inc. *+......................................... 4,725
200 United Healthcare Corp. ............................................ 8,275
300 U.S. Healthcare, Inc. +............................................. 9,188
----------
39,488
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
HOSPITAL SUPPLIES--1.1%
300 Johnson & Johnson................................................... $ 20,288
----------
INSURANCE--2.0%
200 American International Group, Inc. ................................. 22,800
100 General Re Corp. ................................................... 13,388
----------
36,188
----------
MACHINERY--2.7%
200 Caterpillar, Inc. .................................................. 12,850
200 Deere & Co. ........................................................ 17,125
500 Ingersoll-Rand Co. ................................................. 19,125
----------
49,100
----------
METALS--1.7%
600 Aluminum Company of America......................................... 30,075
----------
NATURAL GAS--.6%
300 Enron Corp. ........................................................ 10,538
----------
OFFICE & BUSINESS EQUIPMENT--6.4%
400 Compaq Computer Corp.*.............................................. 18,150
200 General Motors, Corp. Class (E)..................................... 8,700
1,000 Inference Corp. .................................................... 14,125
200 International Business Machines Corp. .............................. 19,200
100 Lotus Development, Corp. *+......................................... 6,375
300 Microsoft, Corp. *+................................................. 27,113
600 Oracle Systems Corp. *+............................................. 23,175
----------
116,838
----------
OIL--DOMESTIC--1.8%
200 Anadarko Petroleum Corp. ........................................... 8,625
200 Apache Corp. ....................................................... 5,475
100 Atlantic Richfield Co. ............................................. 10,975
200 Burlington Resources, Inc. ......................................... 7,375
----------
32,450
----------
OIL--INTERNATIONAL--4.5%
100 Amoco, Corp. ....................................................... 6,663
100 British Petroleum, PLC.............................................. 8,563
300 Chevron, Corp. ..................................................... 13,988
200 Exxon Corp. ........................................................ 14,125
200 Mobil Corp. ........................................................ 19,200
100 Royal Dutch Petroleum Co. .......................................... 12,188
100 Texaco, Inc. ....................................................... 6,563
----------
81,290
----------
OIL--SERVICE & DRILLING--.4%
1,000 Maverick Tube, Corp.*............................................... 7,625
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
PAPER--1.9%
400 Fort Howard Corp. .................................................. $ 5,650
200 International Paper Co. ............................................ 17,150
200 Mead Corp. ......................................................... 11,875
----------
34,675
----------
POLLUTION CONTROL--1.9%
500 Browning-Ferris Inds., Inc. ........................................ 18,063
600 WMX Technologies, Inc. ............................................. 17,025
----------
35,088
----------
RESTURANTS--.9%
400 McDonalds Corp. .................................................... 15,650
----------
RETAIL SALES--.8%
200 Borders Inc. ....................................................... 2,875
300 Home Depot, Inc. ................................................... 12,188
----------
15,063
----------
TELECOMMUNICATIONS--2.1%
300 Cabletron Systems, Inc.*............................................ 15,974
400 Cisco Systems, Inc. *+.............................................. 20,224
100 Maxis Inc. ......................................................... 2,662
----------
38,860
----------
TOBACCO--1.6%
400 Philip Morris Cos., Inc. ........................................... 29,744
----------
Total Common Stocks (cost $1,147,262)........................... 1,459,668
----------
<CAPTION>
PRINCIPAL
AMOUNT
- ---------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS--19.0%
$ 100,000 Fannie Mae Discount, 5.82%, due 07/13/95............................ 99,806
250,000 Fannie Mae Discount, 5.55%, due 09/25/95............................ 246,685
----------
Total U.S. Government Agency Obligations (cost $346,491)............ 346,491
----------
Total Investments (cost $1,493,753)......................... 99.3% 1,806,159
Other Assets less Liabilities............................... 0.7% 13,426
------ ----------
Net Assets.................................................. 100.0% $1,819,585
------
------ ----------
----------
</TABLE>
<TABLE><CAPTION>
The aggregate cost of securities for Federal income tax purposes at June 30, 1995, is
$1,493,753.
The following amounts are based on costs for Federal income tax purposes.
<S> <C>
Aggregate gross unrealized appreciation................................ $ 321,652
Aggregate gross unrealized depreciation................................ 9,300
----------
Net unrealized appreciation............................................ $ 312,352
----------
----------
</TABLE>
- ---------
<TABLE>
<C> <S>
* Non-income producing security as defined by the Investment Company Act of 1940.
+ Over-the-counter security.
Percentages are based on net assets.
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
The Portfolio strategy currently in use for the Equity Income Portfolio has
both defensive and offensive aspects. With a more cautious view of the stock
market near term, we have a somewhat more defensive overall strategy. This means
higher than normal cash reserves and high weights in telephone and electric
utilities. This should provide a cushion against a general market decline as
well as providing the opportunity to take advantage of reinvesting at more
attractive levels.
At the same time, there are areas of the market that still look attractive
from both a valuation and fundamental earnings outlook. These are industries
that have already experienced a correction over the past year, which has
restored some value, as well as increasing their relative valuation versus other
sectors which have been rising with the market. In some cases, the stocks have
been flat or only slightly up in a strongly rising market. If the entire market
sells off, these names will also decline, but the extent of the decline should
be cushioned by the fact that their valuations are not as extended as the rest
of the market.
One of these sectors is capital spending related: machinery, diversified
manufacturing, electrical equipment and industrial conglomerates. These stocks
were market leaders early in 1994, then weakened as the Federal Reserve began
tightening credit to reduce the pace of economic growth. Now with the
possibility of a soft landing near term and an extended recovery longer term,
companies in these sectors again look attractive. We have had relatively large
holdings in this sector. We maintain these overweights and have added to our
holdings in some cases.
Another area that fits these criteria is the financial sector. As interest
rates rose last year, banks, savings and loans, and insurance stocks weakened on
a relative basis. Now with rates declining, and the Fed at least neutral and
possibly stimulative, many of the banks and financials look attractive again. We
have been increasing our holdings in the whole area including American Express
and Federal National Mortgage, as well as banks and savings and loans.
The energy sector, which had been an overweighted area in the Portfolio, has
been reduced to an underweight. The stocks did relatively well in 1994 and
during this years first quarter. The price of oil has been weakening and the
upside looks limited at this time. Oil service stocks have also been reduced in
weight.
This strategy should position the Portfolio to participate in what we feel
will be a resurgence of interest in stocks that are tied more closely to the
economy. They should benefit from a soft landing near term and from the
possibility of higher peak earnings in an extended economic cycle. We would use
a market correction as an opportunity to become more fully invested in these
sectors.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $15,194,721) (Note 2).............................. $17,295,335
Cash.......................................................................... 41,057
Receivable for fund shares sold............................................... 30
Receivable for securities sold................................................ 74,360
Dividends receivable.......................................................... 41,240
-----------
Total assets.......................................................... 17,452,022
-----------
LIABILITIES
Payable for fund shares redeemed.............................................. 412
Accrued expenses:
Investment advisory fees.................................................. 5,678
Custodian fees............................................................ 12,564
Professional fees......................................................... 16,602
Miscellaneous fees........................................................ 138,315
-----------
Total liabilities..................................................... 173,571
-----------
Net assets.................................................................... $17,278,451
-----------
-----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 972,122 shares............................................. $ 9,721
Additional paid-in capital................................................ 14,678,009
Undistributed net investment income....................................... 305,007
Accumulated undistributed net realized gain on investments................ 185,100
Net unrealized appreciation of investments................................ 2,100,614
-----------
Total net assets...................................................... $17,278,451
-----------
-----------
Net asset value per share of outstanding capital capital stock
($17,278,451/972,122 shares)................................................ $17.77
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Dividends.................................................................. $ 257,568
Interest................................................................... 92,964
Other income............................................................... 4,524
----------
Total investment income................................................ 355,056
----------
Expenses:
Investment advisory fees (Note 3).......................................... 33,238
Custodian fees............................................................. 12,111
Professional fees.......................................................... 3,957
Miscellaneous fees......................................................... 743
----------
Total expenses......................................................... 50,049
----------
Net investment income.......................................................... 305,007
----------
Realized and unrealized gain on investments (Note 2):
Realized gain from security transactions (excluding short-term securities):
Proceeds from sales.................................................... 2,386,869
Cost of securities sold................................................ 2,196,739
----------
Net realized gain on investments............................................... 190,130
Net increase in unrealized appreciation of investments......................... 1,767,773
----------
Net realized and unrealized gain on investments................................ 1,957,903
----------
Net increase in net assets resulting from operations........................... $2,262,910
----------
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income...................................... $ 305,007 $ 2,839,111
Net realized gain on investments (Note 2).................. 190,130 18,303,505
Net increase (decrease) in unrealized appreciation of
investments.............................................. 1,767,773 (21,708,034)
------------ ------------
Net increase (decrease) in net assets resulting from
operations................................................... 2,262,910 (565,418)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $.64 per share) (Note 4)... 0 (628,966)
Net realized gain from investment transactions ($.00 and
$.39 per share).......................................... 0 (377,073)
------------ ------------
Total increase (decrease).............................. 2,262,910 (1,571,457)
------------ ------------
From share transactions:
Proceeds from issuance of shares (9,625 and 1,068,394
shares) (Note 5)......................................... 161,216 17,693,623
Proceeds from dividends reinvested (0 and 64,780 shares)
(Note 4)................................................. 0 1,006,039
Net asset value of shares redeemed (81,206 and 9,301,832
shares).................................................. (1,350,600) (152,253,591)
------------ ------------
Net decrease in net assets resulting from share transactions... (1,189,384) (133,553,929)
------------ ------------
Net increase (decrease) in net assets.......................... 1,073,526 (135,125,386)
Net assets beginning of period................................. 16,204,925 151,330,311
------------ ------------
Net assets end of period (including undistributed net
investment income of $305,007 and $0, respectively)........ $ 17,278,451 $ 16,204,925
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- ---------- -----------
<C> <S> <C>
COMMON STOCK--80.4%
AEROSPACE/DEFENSE--1.8%
3,000 Northrop Grumman Corp. .......................................... $ 156,375
2,000 United Technologies.............................................. 156,250
-----------
312,625
-----------
AUTOMOBILES--1.2%
2,000 Chrysler Corp. .................................................. 95,750
4,000 Ford Motor Corp. ................................................ 119,000
-----------
214,750
-----------
AUTO PARTS--1.3%
8,000 Dana Corp. ...................................................... 229,000
-----------
BANKS--3.3%
3,000 Bank of New York Inc. ........................................... 121,125
3,000 Bankamerica Corp. ............................................... 157,875
3,000 Chase Manhattan.................................................. 141,000
3,000 Chemical Banking Corp. .......................................... 141,750
-----------
561,750
-----------
BANK/REGIONAL--2.0%
4,000 Banc One Corp. .................................................. 129,000
1,500 First Interstate Bank............................................ 120,375
1,000 First Union Corp. ............................................... 45,250
1,000 Nationsbank Corp. ............................................... 53,625
-----------
348,250
-----------
CHEMICALS--3.4%
2,000 Dow Chemical Co. ................................................ 143,750
2,500 duPont (E.I.) de Nemours & Co. .................................. 171,875
2,000 Monsanto Co. .................................................... 180,250
3,000 Witco Corp. ..................................................... 96,750
-----------
592,625
-----------
CONGLOMERATES--4.7%
3,000 Gatx Corp. ...................................................... 141,375
4,000 General Signal Corp. ............................................ 159,000
3,000 Harsco Corp. .................................................... 158,250
8,000 Ogden Corp. ..................................................... 175,000
3,000 Textron Inc. .................................................... 174,375
-----------
808,000
-----------
COSMETICS--.8%
2,000 Avon Products.................................................... 134,000
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- ---------- -----------
<C> <S> <C>
DRUGS--8.2%
2,500 American Home Products Corp. .................................... $ 193,438
5,000 Baxter International............................................. 181,875
2,000 Bristol-Myers Squibb Co. ........................................ 136,250
4,000 Merck and Co. Inc. .............................................. 196,000
2,000 Pfizer Inc....................................................... 184,750
4,000 Schering Plough Corp. ........................................... 176,500
4,000 Smithkline Beecham Inc. ......................................... 181,000
2,000 Warner Lambert Co. .............................................. 172,750
-----------
1,422,563
-----------
ELECTRICAL EQUIPMENT--2.7%
3,000 Emerson Electric Co. ............................................ 214,500
4,500 General Electric Co. ............................................ 253,688
-----------
468,188
-----------
ELECTRONICS--2.6%
3,000 Harris Corp. .................................................... 154,875
3,000 Honeywell Inc. .................................................. 129,375
2,500 Thomas & Betts Corp. ............................................ 170,938
-----------
455,188
-----------
FOREST PRODUCTS--.8%
3,000 Weyerhaeuser Co. ................................................ 141,375
-----------
HOSPITAL MANAGEMENT--.5%
3,000 U S Health Care Systems.......................................... 91,875
-----------
INSURANCE--3.0%
3,000 Aetna Life & Casualty Co. ....................................... 188,625
2,000 CIGNA Corp. ..................................................... 155,250
4,000 Lincoln National Corp. .......................................... 175,000
-----------
518,875
-----------
MACHINERY--3.6%
3,000 Cooper Industries................................................ 118,500
2,500 Deere & Co. ..................................................... 214,063
4,000 Goulds Pumps Inc. ............................................... 87,000
1,000 Hardinge......................................................... 19,125
4,000 Timken Co. ...................................................... 184,500
-----------
623,188
-----------
METALS--1.4%
2,000 Carpenter Technology............................................. 136,250
5,000 Freeport McMoRan Copper and Gold,Inc. ........................... 103,125
-----------
239,375
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- ---------- -----------
<C> <S> <C>
MISCELLANEOUS--3.4%
4,000 Minnesota Mining & Manufacturing Co. ............................ $ 229,000
3,000 Tenneco, Inc. ................................................... 138,000
3,500 W.R. Grace & Co. ................................................ 214,813
-----------
581,813
-----------
MISCELLANEOUS FINANCE--2.1%
5,000 American Express Co. ............................................ 175,625
2,000 Federal National Mortgage Association............................ 188,750
-----------
364,375
-----------
NATURAL GAS--.8%
3,000 Panhandle Eastern................................................ 73,125
2,000 Sonat Inc. ...................................................... 61,000
-----------
134,125
-----------
OFFICE & BUSINESS EQUIPMENT--2.0%
1,500 Shared Medical Systems Corp.+.................................... 60,188
2,500 Xerox Corp. ..................................................... 293,125
-----------
353,313
-----------
OIL--DOMESTIC--1.6%
1,000 Amoco Corp. ..................................................... 66,625
1,000 Atlantic Richfield Co. .......................................... 109,750
4,000 Occidental Petroleum Co. ........................................ 91,500
-----------
267,875
-----------
OIL--INTERNATIONAL--3.6%
500 British Petroleum................................................ 42,813
2,500 Chevron Corp. ................................................... 116,563
1,500 Exxon Corporation................................................ 105,938
1,500 Mobil Corp. ..................................................... 144,000
1,000 Royal Dutch Petroleum Co. ....................................... 121,875
1,500 Texaco, Inc. .................................................... 98,436
-----------
629,625
-----------
OIL--SERVICE & DRILLING--2.5%
3,000 Dresser Industries Inc. ......................................... 66,750
2,500 Halliburton Co. ................................................. 89,375
4,000 McDermott International Inc. .................................... 96,500
5,000 Williams Cos. Inc. .............................................. 174,375
-----------
427,000
-----------
PAPER--1.5%
4,000 Federal Paper Board Co., Inc. ................................... 141,500
2,000 Union Camp Corporation........................................... 115,750
-----------
257,250
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- ---------- -----------
<C> <S> <C>
PHOTOGRAPHY--1.1%
3,000 Eastman Kodak Co. ............................................... $ 181,875
-----------
PUBLISHING--2.9%
3,000 Dun & Bradstreet Corporation..................................... 157,500
3,000 McGraw Hill Inc. ................................................ 227,625
2,500 Readers Digest Association....................................... 110,313
-----------
495,438
-----------
RAILROADS--1.5%
1,500 Conrail Inc. .................................................... 83,438
2,500 Norfolk Southern Corp. .......................................... 168,437
-----------
251,875
-----------
REAL ESTATE--3.4%
2,000 Avalon Properties Inc. .......................................... 39,750
2,000 Bay Apartment Co. ............................................... 39,000
700 Camden Properties Trust,......................................... 15,313
2,000 Developers Diversified Realty.................................... 57,500
2,000 Equity Residential Properties.................................... 55,750
2,000 Evans Withycombe Realty.......................................... 40,750
2,000 Felcor Suite Hotels.............................................. 51,000
5,200 Healthcare Property Inc. ........................................ 166,400
1,600 Healthcare Realty................................................ 32,400
2,000 Horizon Outlets Centers Inc. .................................... 46,500
2,000 Irvine Apartment Communities Inc. ............................... 34,500
-----------
578,863
-----------
RETAIL SALES--.6%
1,000 Penney (J.C.) Co., Inc. ......................................... 48,000
1,000 Sears Roebuck & Co. ............................................. 59,875
-----------
107,875
-----------
SAVINGS & LOANS--1.6%
6,000 Ahmanson (H.F.) & Co. ........................................... 132,000
7,000 Great Western Financial Corp. ................................... 144,374
-----------
276,374
-----------
TOBACCO--1.8%
2,000 American Brands Inc. ............................................ 79,500
3,000 Philip Morris Cos., Inc. ........................................ 223,124
-----------
302,624
-----------
UTILITIES--ELECTRIC--2.6%
3,000 American Electric Power.......................................... 105,375
4,000 Carolina Power & Light Company................................... 121,000
3,000 FPL Group Inc. .................................................. 115,875
5,000 Southern Co. .................................................... 111,874
-----------
454,124
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES (NOTE 2)
- ---------- -----------
<C> <S> <C>
UTILITIES--TELEPHONE--6.1%
2,500 Ameritech Corp. ................................................. $ 110,000
2,000 Bell Atlantic Corporation........................................ 112,000
2,000 Bellsouth Corporation............................................ 127,000
4,000 GTE Corp. ....................................................... 136,500
2,000 NYNEX Corporation................................................ 80,500
4,000 Pacific Telesis Group............................................ 107,000
3,000 Southwestern Bell Co. ........................................... 142,875
3,300 Sprint Corp. .................................................... 110,962
3,000 U.S. West Inc. .................................................. 124,874
-----------
1,051,711
-----------
Total Common Stocks (cost $11,777,148)....................... 13,877,762
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
- ---------
<C> <S> <C>
COMMERCIAL PAPER--13.5%
$150,000 Associates Corp. of North America, 5.97%, due 07/21/95............. 149,503
350,000 Associates Corp. of North America, 5.96%, due 08/11/95............. 347,624
300,000 Bell Atlantic Corp., 6.00%, due 07/25/95........................... 298,800
150,000 CIT Group Holdings Inc., 5.93%, due 08/07/95....................... 149,086
200,000 Ford Motor Co., 5.96%, due 07/28/95................................ 199,106
375,000 General Electric Co., 5.95%, due 07/18/95.......................... 373,946
150,000 General Electric Co., 5.85%, due 09/25/95.......................... 147,905
675,000 Sanwa Business Credit, 5.95%, due 07/10/95......................... 673,996
----------
Total Commercial Paper (cost $2,339,966)....................... 2,339,966
----------
U.S. GOVERNMENT AGENCY OBLIGATIONS--6.2%
120,000 Fannie Mae Discount Notes, 5.87%, due 07/11/95..................... 119,804
400,000 Fannie Mae Discount Notes, 5.82%, due 07/13/95..................... 399,225
250,000 Fannie Mae Discount Notes, 5.86%, due 07/31/95..................... 248,779
310,000 Freddie Mac Discount Notes, 5.83%, due 07/05/95.................... 309,799
----------
Total U.S. Government Agency Obligations (cost $1,077,607)..... 1,077,607
----------
</TABLE>
<TABLE>
<S> <C> <C>
Total Investments (cost $15,194,721)................... 100.1% 17,295,335
Other Assets less Liabilities.......................... (.1)% (16,884)
----- -----------
Net Assets............................................. 100.0% $17,278,451
----- -----------
----- -----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
The aggregate cost of securities for Federal income tax purpose at June 30,
1995, is $15,199,751.
<TABLE><CAPTION>
The following amounts are based on costs for Federal income tax purposes:
<S> <C>
Aggregate gross unrealized appreciation............................... $ 2,395,533
Aggregate gross unrealized depreciation............................... 299,949
-----------
Net unrealized appreciation........................................... $ 2,095,584
-----------
-----------
</TABLE>
- ---------
+ Over-the-counter security.
Percentages are based on net assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
The Intermediate Term Bond Portfolio is a diversified U.S. Treasury and
corporate bond account that seeks to maximize income and capital appreciation
through the investment in bonds with maturities averaging between four and eight
years. The Portfolio's performance is expected to be less volatile than fixed
income accounts with longer average maturities. The Portfolio had an average
maturity of 4.7 years as of June 30, 1995.
The second quarter of 1995 continued, and even accelerated the strong bond
market rally that began in the first quarter. Intermediate maturity bonds rose
sharply in price as interest rates dropped steadily. Yields on the benchmark
5-year U.S. Treasury Note declined to 5.97% by June 30, down over 1.00% from the
7.07% yield at the end of March. Corporate securities also performed well,
reflecting a climate of improving balance sheets and strong equity valuations.
The impetus for this strong interest rate performance was clear signs that
economic growth was cooling from the torrid pace seen in 1994, and that
inflation would not re-emerge as a threat to fixed income investors. In
recognition of easing inflationary pressures, the Federal Reserve Bank cut its
benchmark short-term interest rate by 0.25%, to 5.75% on July 6.
Looking forward, current economic data continues to be mixed, indicating
growth, but at a tepid level compared to last year. The stock market remains
buoyant, which gives us some comfort that the current slowdown will not
degenerate into a full recession. We think that with ecomonic growth slowing,
and inflation subdued, there is room for additional interest rate declines by
year end. While most of the gains are behind us, our outlook is still positive
for the remainder of 1995.
The Portfolio is currently invested in 10 corporate issuers, comprising 30%
of total invested assets. U.S. Treasuries make up 38% of the Portfolio, with 13%
in mortgage backed securities, and the balance in cash-equivalents. The average
Moody's rating on issues in the Portfolio is AA2, reflecting emphasis on higher
quality debt issuers.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $33,781,308) (Note 2).............................. $33,873,241
Cash.......................................................................... 28,791
Interest receivable........................................................... 475,623
Receivable for fund shares sold............................................... 12,854
-----------
Total assets.......................................................... 34,390,509
-----------
LIABILITIES
Payable for fund shares redeemed.............................................. 208,294
Accrued expenses:
Investment advisory fees.................................................. 11,303
Custodian fees............................................................ 5,088
Professional fees......................................................... 21,892
Miscellaneous fees........................................................ 12,392
-----------
Total liabilities..................................................... 258,969
-----------
Net assets.................................................................... $34,131,540
-----------
-----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 3,200,039 shares........................................... $ 32,000
Additional paid-in capital................................................ 32,969,764
Undistributed net investment income....................................... 1,028,235
Accumulated undistributed net realized gain on investments................ 9,608
Net unrealized appreciation of investments................................ 91,933
-----------
Total net assets...................................................... $34,131,540
-----------
-----------
Net asset value per share of outstanding capital stock ($34,131,540/3,200,039
shares)..................................................................... $10.67
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest................................................................... $1,110,733
Other income............................................................... 3,741
----------
Total investment income................................................ 1,114,474
----------
Expenses:
Investment advisory fees (Note 3).......................................... 65,784
Custodian fees............................................................. 4,334
Professional fees.......................................................... 7,658
Miscellaneous fees......................................................... 8,463
----------
Total expenses......................................................... 86,239
----------
Net investment income.......................................................... 1,028,235
----------
Realized and unrealized gain on investments (Note 2):
Realized gain from security transactions (excluding short-term securities):
Proceeds from sales...................................................... 5,205,655
Cost of securities sold.................................................. 5,162,322
----------
Net realized gain on investments............................................... 43,333
Net increase in unrealized appreciation of investments......................... 1,915,538
----------
Net realized and unrealized gain on investments................................ 1,958,871
----------
Net increase in net assets resulting from operations........................... $2,987,106
----------
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income........................................ $ 1,028,235 $ 1,874,728
Net realized gain (loss) on investments (Note 2)............. 43,333 (33,725)
Net increase (decrease) in unrealized appreciation
of investments............................................. 1,915,538 (2,355,107)
------------ ------------
Net increase (decrease) in net assets resulting from
operations..................................................... 2,987,106 (514,104)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $.60 per share) (Note 4)..... 0 (1,874,852)
------------ ------------
Total increase (decrease)................................ 2,987,106 (2,388,956)
------------ ------------
From share transactions:
Proceeds from issuance of shares (313,369 and 1,275,956
shares) (Note 5)........................................... 3,203,689 13,233,728
Proceeds from dividends reinvested (0 and 192,293 shares)
(Note 4)................................................... 0 1,874,852
Net asset value of shares redeemed (425,756 and 1,136,700
shares).................................................... (4,342,948) (11,762,099)
------------ ------------
Net increase (decrease) in net assets resulting from share
transactions................................................... (1,139,259) 3,346,481
------------ ------------
Net increase in net assets....................................... 1,847,847 957,525
Net assets beginning of period................................... 32,283,693 31,326,168
------------ ------------
Net assets end of period (including undistributed net investment
income of $1,028,235 and $0, respectively)...................... $ 34,131,540 $ 32,283,693
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ----------- -----------
CORPORATE BONDS AND NOTES--29.9%
<C> <S> <C>
$ 1,000,000 Associates Corp. of North America, 7.50%, due 05/15/99........... $ 1,035,180
1,000,000 Chase Manhattan Corp., 6.75%, due 08/15/08....................... 950,000
1,000,000 Connecticut Light & Power Co., 7.25%, due 07/01/99............... 1,014,320
1,000,000 First Chicago Corp., 9.00%, due 06/15/99......................... 1,081,270
1,000,000 General Electric Capital Co., 8.65%, due 05/01/18................ 1,018,890
1,000,000 Hertz Corp., senior sub., 10.125%, due 03/01/97.................. 1,058,610
1,000,000 Laidlaw Inc., 7.70%, due 08/15/02................................ 1,033,320
1,000,000 Morgan (J.P.) & Co., Sub callable, 9.625%,due 12/15/98........... 1,016,440
1,000,000 Potomac Edison Co., 8.00%, due 06/01/06.......................... 1,056,270
1,000,000 Provident Savings Bank, 6.375%, due 01/15/04..................... 948,300
-----------
Total Corporate Bonds and Notes (cost $10,051,868)........... 10,212,600
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS--16.2%
300,000 Fannie Mae Discount Notes, 5.86%, due 07/31/95................... 298,535
2,000,000 Federal Home Loan Mortgage Corp., 6.50%, due 02/15/21............ 1,950,800
1,000,000 Federal National Mortgage Association, 7.00%, due 01/25/03....... 1,007,650
1,460,841 First Boston Collateral Mortgage Securities Trust, 5.00%, due
10/01/16....................................................... 1,427,051
850,000 Freddie Mac Discount Notes, 5.80%, due 07/10/95.................. 848,769
-----------
Total U.S. Government Agency Obligations (cost $5,489,139)... 5,532,805
-----------
U.S. TREASURY OBLIGATIONS--38.4%
2,000,000 U.S. Treasury Notes, 6.125%, due 05/31/97........................ 2,010,620
2,000,000 U.S. Treasury Notes, 4.750%, due 09/30/98........................ 1,931,240
1,000,000 U.S. Treasury Notes, 4.750%, due 10/31/98........................ 964,060
2,000,000 U.S. Treasury Notes, 6.875%, due 07/31/99........................ 2,063,740
1,000,000 U.S. Treasury Notes, 7.125%, due 02/29/00........................ 1,044,680
2,000,000 U.S. Treasury Notes, 6.375%, due 08/15/02........................ 2,021,860
2,000,000 U.S. Treasury Notes, 6.250%, due 02/15/03........................ 2,004,360
1,000,000 U.S. Treasury Notes, 7.125%, due 02/15/23........................ 1,055,620
-----------
Total U.S. Treasury Obligations (cost $13,208,645)........... 13,096,180
-----------
COMMERCIAL PAPER--14.7%
1,350,000 Associates Corp. of NA, 6.00%, due 07/17/95...................... 1,346,400
700,000 CIT Group Holdings Inc., 6.00%, due 08/31/95..................... 692,884
100,000 Ford Motor Co., 5.96%, due 07/28/95.............................. 99,553
110,000 Ford Motor Co., 5.90%, due 08/28/95.............................. 108,955
550,000 Ford Motor Co., 5.92%, due 08/03/95.............................. 547,015
270,000 General Electric Co., 5.95%, due 07/18/95........................ 269,242
1,000,000 Heller International, 6.00%, due 07/28/95........................ 995,500
300,000 Metropolitan Life Insurance Co., 5.97%, due 07/05/95............. 299,801
575,000 Prudential Life Insurance Co. of America, 5.95%, due 07/24/95.... 572,814
100,000 Prudential Life Insurance Co. of America, 5.90%, due 08/01/95.... 99,492
-----------
Total Commercial Paper (cost $5,031,656)..................... 5,031,656
-----------
Total Investments (cost $33,781,308).................. 99.2% $33,873,241
Other Assets less Liabilities......................... .8% 258,299
----- -----------
Net Assets............................................ 100.0% $34,131,540
----- -----------
----- -----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
The aggregate cost of securities for Federal income tax purposes at June 30, 1995, is
$33,798,183.
The following amounts are based on costs for Federal income tax purposes:
<S> <C>
Aggregate gross unrealized appreciation............................... $ 418,230
Aggregate gross unrealized depreciation............................... 343,172
-----------
Net unrealized appreciation........................................... $ 75,058
-----------
-----------
</TABLE>
- ---------
Percentages are based on net assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
THE LONG TERM BOND PORTFOLIO
The Long Term Bond Portfolio is a diversified U.S. Treasury and corporate
bond account that seeks to maximize income and capital appreciation through the
investment in bonds with maturities generally longer than eight years. The
Portfolio's performance is expected to be more volatile than other fixed income
accounts with shorter average maturities, with both the Portfolio's risk and
ultimate return expected to be greater. The Portfolio had an average maturity of
20.9 years and a duration of 10.2 years as of June 30, 1995.
The bond market rally which commenced early this year extended well into the
second quarter. The yield on the long bond fell from 7.43% at March 31st to
6.61% by June 30, 1995. The strong performance was indicative of the steady
signs that economic growth was moderating from the torrid pace seen in 1994, and
that inflation would not accelerate to unfavorable levels. Corporate bonds
displayed surprising strength as this sector outperformed Government bonds by
almost 1.25% for the second quarter. While the Portfolio remains overweighted in
the corporate bond sector we continue to posture the Portfolio in a defensive
position (less cyclical companies) in view of increased merger and acquisition
activity and other perceived event risks. For example, we sold our position in
Western Atlas, Inc., an oilfield services and industrial automation company
which was recently upgraded by S&P. We replaced this position with a higher
quality, less cyclical security named Carolina Telephone & Telegraph. This
company, which provides telecommunications services within a niche service
territory, has strong fundamentals and is less prone to economic cylces.
Over the next half of 1995 our outlook for bonds continues to remain
positive. Though current economic data continues to be mixed, growth and
inflation should remain moderate. There is still more upside left in the bond
market and, assuming steady equity valuations, corporate bonds should perform
well due to healthy corporate balance sheets, strong earnings, and low supply of
new bonds, net of refinancing. We will remain overweighted in the corporate
sector with emphasis on utilities and non-cyclical industries with less event
risk.
The Portfolio is currently invested in 18 corporate issuers, comprising 46%
of total invested assets; U.S. Treasuries make up 46% of the Portfolio, with 6%
in mortgage-backed securities, and the balance in cash-equivalents. The average
Moody's rating on issues in the Portfolio is AA2, reflecting emphasis on higher
quality debt issuers.
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
ASSETS
<S> <C>
Securities, at value (cost $46,539,109) (Note 2).............................. $49,472,909
Cash.......................................................................... 24,783
Interest receivable........................................................... 962,852
Receivable for fund shares sold............................................... 44,790
-----------
Total assets.......................................................... 50,505,334
-----------
LIABILITIES
Payable for fund shares redeemed.............................................. 48,526
Accrued expenses:
Investment advisory fees.................................................. 16,670
Custodian fees............................................................ 5,903
Professional fees......................................................... 26,576
Miscellaneous fees........................................................ 13,742
-----------
Total liabilities..................................................... 111,417
-----------
Net assets.................................................................... $50,393,917
-----------
-----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 4,077,220 shares........................................... $ 40,772
Additional paid-in capital................................................ 47,109,012
Undistributed net investment income....................................... 1,619,400
Accumulated net realized loss on investments.............................. (1,309,067)
Net unrealized appreciation of investments................................ 2,933,800
-----------
Total net assets...................................................... $50,393,917
-----------
-----------
Net asset value per share of outstanding capital stock
($50,393,917/4,077,220 shares).............................................. $12.36
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
STATEMENT OF OPERATIONS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest.................................................................. $ 1,734,235
Other income.............................................................. 4,350
-----------
Total investment income............................................... 1,738,585
-----------
Expenses:
Investment advisory fees (Note 3)......................................... 92,832
Custodian fees............................................................ 5,514
Professional fees......................................................... 11,251
Miscellaneous fees........................................................ 9,588
-----------
Total expenses........................................................ 119,185
-----------
Net investment income......................................................... 1,619,400
-----------
Realized and unrealized gain on investments (Note 2):
Realized gain from security transactions (excluding short-term securities)
Proceeds from sales................................................... 26,429,421
Cost of securities sold............................................... 25,850,501
-----------
Net realized gain on investments.............................................. 578,920
Net increase in unrealized appreciation of investments........................ 5,579,837
-----------
Net realized and unrealized gain on investments............................... 6,158,757
-----------
Net increase in net assets resulting from operations.......................... $ 7,778,157
-----------
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income....................................... $ 1,619,400 $ 3,493,194
Net realized gain (loss) on investments (Note 2)............ 578,920 (2,067,863)
Net increase (decrease) in unrealized appreciation of
investments............................................... 5,579,837 (5,494,123)
------------ ------------
Net increase (decrease) in net assets resulting from
operations.................................................... 7,778,157 (4,068,792)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $.84 per share)(Note 4)..... 0 (3,261,315)
------------ ------------
Total increase (decrease)........................... 7,778,157 (7,330,107)
------------ ------------
From share transactions:
Proceeds from the issuance of shares (509,239 and 2,098,280
shares)(Note 5)........................................... 5,797,464 24,365,436
Proceeds from dividends reinvested (0 and 311,492 shares)
(Note 4).................................................. 0 3,261,315
Net asset value of shares redeemed (636,144 and 3,436,005
shares)................................................... (7,194,033) (39,328,934)
------------ ------------
Net decrease in net assets resulting from share transactions.... (1,396,569) (11,702,183)
------------ ------------
Net increase (decrease) in net assets........................... 6,381,588 (19,032,290)
Net assets beginning of period.................................. 44,012,329 63,044,619
------------ ------------
Net assets end of period (including undistributed net investment
income of $1,619,400 and $0, respectively).................... $ 50,393,917 $ 44,012,329
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ------------ -----------
CORPORATE BONDS AND NOTES--44.9%
<C> <S> <C>
$ 1,000,000 Banc One Corp., 9.875%, due 03/01/09............................ $ 1,230,820
1,000,000 Boeing Co., 8.625%, due 11/1/31................................. 1,147,500
1,000,000 Canadian Pacific Ltd., 9.45%, due 08/01/21...................... 1,212,170
1,000,000 Carolina Telephone & Telegraph, 6.75%, due 08/15/13............. 940,820
1,000,000 Chase Manhattan Corp., 6.75%, due 08/15/08...................... 950,000
2,000,000 Dow Chemical BV, 9.20%, due 06/01/10............................ 2,370,740
1,000,000 General Electric Capital Corp., 8.50%, due 07/24/08............. 1,143,600
1,000,000 General Motors Corp., 7.00%, due 06/15/03....................... 999,960
1,000,000 Hydro-Quebec, 8.50%, due 12/01/29............................... 1,080,350
1,000,000 Inter-American Development Bank, 8.40%, due 09/01/09............ 1,184,290
1,000,000 International Bank for Reconstruction & Development, 8.875%, due
03/01/26...................................................... 1,220,400
1,000,000 Legrand, 8.50%, due 02/15/25.................................... 1,108,680
2,000,000 Loral Corp., 9.125%, due 02/01/22............................... 2,294,060
1,000,000 Provident Bank Cincinnati, 6.375%, due 01/15/04................. 948,300
1,000,000 Rohm & Haas Co., 9.50%, due 04/01/21............................ 1,146,320
1,000,000 Seagram's (J.E) & Sons Inc., 9.65%, due 08/15/18................ 1,257,440
1,000,000 Texaco Capital, Inc., 9.75%, due 03/15/20....................... 1,270,130
1,000,000 Weyerhaeuser Co., 7.50%, due 03/01/13........................... 1,131,020
-----------
Total Corporate Bonds and Notes (cost $21,077,840).......... 22,636,600
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS--6.6%
125,000 Fannie Mae Discount, 5.86%, due 07/31/95........................ 124,390
200,000 Fannie Mae Discount, 5.55%, due 09/25/95........................ 197,349
1,000,000 Federal Home Loan Mortgage Corp., 6.85%, due 01/15/22........... 995,890
2,000,000 Federal National Mortgage Association, 7.50%, due 09/25/22...... 1,996,940
-----------
Total U.S. Government Agency Obligations (cost
$3,066,689)............................................... 3,314,569
-----------
U.S. TREASURY OBLIGATIONS--45.0%
1,000,000 U.S. Treasury Notes, 7.50%, due 11/15/01........................ 1,072,810
1,000,000 U.S. Treasury Notes, 7.25%, due 08/15/04........................ 1,067,810
1,000,000 U.S. Treasury Notes, 7.50%, due 02/15/05........................ 1,089,370
12,900,000 U.S. Treasury Notes, 0.00%, due 05/15/18........................ 2,657,271
3,600,000 U.S. Treasury Notes, 9.00%, due 11/15/18........................ 4,560,732
2,000,000 U.S. Treasury Notes, 8.75%, due 08/15/20........................ 2,486,240
3,000,000 U.S. Treasury Notes, 7.875%, due 02/15/21....................... 3,416,250
3,000,000 U.S. Treasury Notes, 8.125%, due 08/15/21....................... 3,510,930
2,500,000 U.S. Treasury Notes, 7.625%, due 02/15/25....................... 2,820,300
-----------
Total U.S. Treasury Obligations (cost $21,554,553).......... 22,681,713
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1995
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ------------ -----------
<C> <S> <C>
COMMERCIAL PAPER--1.7%
$ 100,000 American Express Credit Corp., 5.90%, due 07/25/95............... $ 99,607
270,000 Associates Corp of North America, 5.97%, due 07/21/95............ 269,105
100,000 Cooperative Finance Corp., 5.92%, due 08/08/95................... 99,375
250,000 General Motors Acceptance Corp., 5.95%, due 08/11/95............. 248,306
125,000 U.S. West Communication Group, 5.70%, due 09/08/95............... 123,634
-----------
Total Commercial Paper (cost $840,027)....................... 840,027
-----------
</TABLE>
<TABLE>
<S> <C> <C>
Total Investments (cost $46,539,109)................. 98.2% 49,472,909
Other Assets less Liabilities........................ 1.8% 921,008
----- -----------
Net Assets........................................... 100.0% $50,393,917
----- -----------
----- -----------
</TABLE>
The aggregate cost of securities for Federal income tax purposes at June 30,
1995 is $46,849,714.
<TABLE><CAPTION>
The following amounts are based on costs for Federal income tax puposes:
<S> <C>
Aggregate gross unrealized appreciation................................ $ 3,078,124
Aggregate gross unrealized depreciation................................ 454,929
-----------
Net unrealized appreciation............................................ $ 2,623,195
-----------
-----------
</TABLE>
- ---------
Percentages are based on net assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
The financial markets roared in the second quarter, compounding on earlier
gains that resulted in one of the best six-month periods in recent history. The
equity markets led the way, with the S&P 500 up 9.55% in the quarter, for a
first half gain of 20.21%. The benchmark Lehman Brothers Aggregate Bond Index
(an unmanaged index comprised of over 5,000 Government, Corporate,
Mortgage-Backed, and Asset-Backed securities) was up 6.09% in the quarter, for a
year-to-date gain of 11.44%.
Both markets were given their strong tones by an economy that seemed to
navigate a perfect course towards moderate, low-inflation economic growth.
Earlier perceived threats of economic overheating leading to renewed inflation
quickly dissipated with a mid-spring slowing in automobile and housing activity,
yet strong underlying fundamental kept any recession threat at a distance.
Easing interest rates boosted financial and utility stocks, and the technology
sector, especially anything tied to personal computers, seemed unstoppable.
The economy remains in a good position to maintain its moderate upward
growth path, and the financial markets should benefit longer term. For the third
quarter, our expectation is for consolidation, and perhaps a correction of
first-half gains, and a cautious stance is warranted.
As of June 30, 1995, the Diversified Portfolio was invested 64% in common
stocks, 17% in bonds, and 19% in money market equivalents.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $2,627,672) (Note 2)................................ $3,081,464
Cash........................................................................... 83,023
Interest receivable............................................................ 4,792
Receivable for fund shares sold................................................ 17
Receivable for securities sold................................................. 18,236
Dividends receivable........................................................... 2,771
Prepaid expenses............................................................... 555
----------
Total assets.......................................................... 3,190,858
----------
LIABILITIES
Payable for fund shares redeemed............................................... 256
Accrued expenses:
Investment advisory fees................................................... 1,036
Custodian fees............................................................. 11,279
Professional fees.......................................................... 12,795
Miscellaneous fees......................................................... 114
----------
Total liabilities...................................................... 25,480
----------
Net assets..................................................................... $3,165,378
----------
----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 209,582 shares.............................................. $ 2,096
Additional paid-in capital................................................. 2,679,329
Undistributed net investment income........................................ 41,003
Accumulated undistributed net realized loss on investments................. (10,842)
Net unrealized appreciation of investments................................. 453,792
----------
Total net assets....................................................... $3,165,378
----------
----------
Net asset value per share of outstanding capital stock ($3,165,378/209,582
shares)...................................................................... $15.10
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest..................................................................... $ 37,302
Dividends.................................................................... 17,854
Other income................................................................. 2,325
--------
Total investment income.................................................. 57,481
--------
Expenses:
Investment advisory fees (Note 3)............................................ 5,934
Custodian fees............................................................... 8,609
Professional fees............................................................ 1,701
Miscellaneous fees........................................................... 234
--------
Total expenses........................................................... 16,478
--------
Net investment income............................................................ 41,003
--------
Realized and unrealized gain (loss) on investments (Note 2):
Realized gain from security transactions (excluding short-term securities):
Proceeds from sales...................................................... 263,365
Cost of securities sold.................................................. 274,183
--------
Net realized loss on investments................................................. (10,818)
Net increase in unrealized appreciation of investments........................... 388,379
--------
Net realized and unrealized gain on investments.................................. 377,561
--------
Net increase in net assets resulting from operations............................. $418,564
--------
--------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income......................................... $ 41,003 $ 590,543
Net realized gain (loss) on investments (Note 2).............. (10,818) 2,121,738
Net increase (decrease) in unrealized appreciation of
investments................................................. 388,379 (3,761,408)
------------ ------------
Net increase (decrease) in net assets resulting from operations... 418,564 (1,049,127)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $38.per share) (Note 4)....... 0 (80,596)
Net realized gain from investment transactions ($.00 and $.18
per share) (Note 4)......................................... 0 (18,004)
Distribution in excess of realized capital gain ($.00 and
$.00* per share) (Note 4)................................... 0 (24)
------------ ------------
Total increase (decrease)................................. 418,564 (1,147,751)
------------ ------------
From share transactions:
Proceeds from the issuance of shares (6,203 and 1,137,106
shares) (Note 5)............................................ 86,781 10,047,407
Proceeds from dividends reinvested (0 and 99,514 shares)
(Note 4).................................................... 0 98,624
Net asset value of shares redeemed (14,254 and 502,308
shares)..................................................... (200,667) (40,214,078)
------------ ------------
Net decrease in net assets resulting from share transactions...... (113,886) (30,068,047)
------------ ------------
Net increase (decrease) in net assets............................. 304,678 (31,215,798)
Net assets beginning of period.................................... 2,860,700 34,076,498
------------ ------------
Net assets end of period (including undistributed net investment
income of $41,003 and $0 respectively).......................... $ 3,165,378 $ 2,860,700
------------ ------------
------------ ------------
</TABLE>
- ---------
* Less than $.01 per share.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- --------- ----------
<C> <S> <C>
U.S. TREASURY OBLIGATION--17.0%
$ 500,000 U.S. Treasury Note, 7.50%, due 05/15/02 (cost $523,569)............. $ 537,810
----------
COMMERCIAL PAPER--3.1%
100,000 Ford Motor Co., 5.96%, due 07/31/95 (cost $99,503).................. 99,503
----------
U.S. GOVERNMENT AGENCY OBLIGATION--13.4%
425,000 Freddie Mac Discount Notes, 5.85%, due 08/02/95 (cost $422,790)..... 422,790
----------
<CAPTION>
SHARES
- ---------
<C> <S> <C>
COMMON STOCK--63.8%
AIR TRANSPORTATION--2.7%
400 AMR Corp. .......................................................... 29,850
400 Delta Airlines Inc. ................................................ 29,500
200 UAL Corporation..................................................... 28,050
----------
87,400
----------
AUTOMOBILES--1.9%
500 Chrysler Corp. ..................................................... 23,938
700 Ford Motor Company.................................................. 20,825
300 General Motors Corp. ............................................... 14,063
----------
58,826
----------
BANKS/MAJOR--2.6%
500 Bankamerica Corp. .................................................. 26,313
1,000 Citicorp............................................................ 57,875
----------
84,188
----------
BANKS/REGIONAL--1.2%
500 Banc One Corp. ..................................................... 24,131
300 First Interstate Bancorp............................................ 14,588
----------
38,719
----------
BIOTECHNOLOGIES--1.3%
300 Amgen Inc.*+........................................................ 16,125
300 Genentech*.......................................................... 24,075
----------
40,200
----------
CABLE TELEVISION--0.9%
700 Comcast Corp. Class "K"............................................. 12,993
700 Tele Communications Inc.*+.......................................... 16,406
----------
29,399
----------
CHEMICALS--3.9%
300 Dow Chemical Company................................................ 21,563
400 duPont (E.I.) de Nemours & Co. ..................................... 27,500
1,000 Hercules Inc. ...................................................... 48,750
300 Monsanto Co. ....................................................... 27,038
----------
124,851
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
COSMETICS--0.5%
400 Gillette Company.................................................... $ 17,850
----------
DRUGS--5.1%
200 Bristol-Meyers Squibb Co. .......................................... 13,625
800 Merck & Co., Inc. .................................................. 39,200
300 Pfizer Inc. ........................................................ 27,713
600 Schering--Plough Corp. ............................................. 26,475
600 Smithkline Beecham, PLC............................................. 27,150
300 Warner-Lambert Co. ................................................. 25,913
----------
160,076
----------
ELECTRIC EQUIPMENT--2.0%
400 Emerson Electric Co. ............................................... 28,600
600 General Electric Co. ............................................... 33,825
----------
62,425
----------
ELECTRONICS--8.9%
1,000 AMP Inc. ........................................................... 42,250
500 Applied Materials Inc.*+............................................ 43,313
600 Globalstar Telecommunications, LTD. ................................ 7,950
400 Hewlett-Packard Co. ................................................ 29,800
600 Intel Corp.+........................................................ 37,987
600 Motorola, Inc. ..................................................... 40,275
700 Silicon Graphics Inc.*.............................................. 27,913
400 Texas Instruments Inc. ............................................. 53,550
----------
283,038
----------
ENTERTAINMENT--2.1%
500 Time Warner Inc. ................................................... 20,563
500 Viacom Inc. Class "B"*.............................................. 23,188
400 Walt Disney Company................................................. 22,250
----------
66,001
----------
FINANCIAL SERVICES--1.5%
300 Federal Home Loan Mortgage.......................................... 20,625
300 Federal National Mortgage Assoc. ................................... 28,313
----------
48,938
----------
FOREST PRODUCTS--1.1%
400 Georgia-Pacific Corp. .............................................. 34,700
----------
HOSPITAL MANAGEMENT--2.1%
700 Columbia/HCA Healthcare Corp. ...................................... 30,275
200 Oxford Health Plans Inc.*+.......................................... 9,450
200 United Healthcare Corp. ............................................ 8,275
600 U S Health Care Systems Inc.+....................................... 18,375
----------
66,375
----------
HOSPITAL SUPPLIES--0.9%
400 Johnson & Johnson Inc. ............................................. 27,050
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
INSURANCE--1.9%
300 American International Group, Inc. ................................. $ 34,200
200 General Re Corp. ................................................... 26,775
----------
60,975
----------
MACHINERY--2.6%
400 Caterpillar Tractor Inc. ........................................... 25,700
300 Deere & Co. ........................................................ 25,688
800 Ingersoll Rand Co. ................................................. 30,600
----------
81,988
----------
MACHINERY & CONSTRUCTION--1.6%
500 Fluor Corp. ........................................................ 26,000
700 Foster Wheeler Corp. ............................................... 24,675
----------
50,675
----------
METALS--1.6%
1,000 Aluminum Company of America......................................... 50,125
----------
NATURAL GAS DIVERSIFIED--0.6%
500 Enron Corp. ........................................................ 17,563
----------
OFFICE & BUSINESS EQUIPMENT--4.3%
500 Compaq Computer Corp.*.............................................. 22,688
400 General Motors Class "E"............................................ 17,400
300 International Business Machines Corp. .............................. 28,800
100 Lotus Development Corp.*+........................................... 6,375
400 Microsoft Corp.*+................................................... 36,150
600 Oracle Systems Corp.*+.............................................. 23,175
----------
134,588
----------
OIL--DOMESTIC--2.2%
200 AMOCO Corp. ........................................................ 13,325
300 Anadarko Petroleum Corp. ........................................... 12,938
400 Apache Corp. ....................................................... 10,950
200 Atlantic Richfield Co. ............................................. 21,950
300 Burlington Resources Inc. .......................................... 11,063
----------
70,226
----------
OIL--INTERNATIONAL--3.9%
200 British Petroleum PLC ADR........................................... 17,125
400 Chevron Corp. ...................................................... 18,650
300 Exxon Corporation................................................... 21,187
300 Mobil Corp. ........................................................ 28,800
200 Royal Dutch Petroleum Co. .......................................... 24,375
200 Texaco, Inc. ....................................................... 13,125
----------
123,262
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
VALUE
SHARES (NOTE 2)
- --------- ----------
<C> <S> <C>
PAPER--1.1%
600 Fort Howard Corporation............................................. $ 8,474
300 International Paper Co. ............................................ 25,724
----------
34,198
----------
POLLUTION CONTROL--1.5%
600 Browning-Ferris Industries Inc. .................................... 21,674
900 WMX Technologies, Inc. ............................................. 25,537
----------
47,211
----------
RESTAURANTS--0.6%
500 McDonald's Corp. ................................................... 19,562
----------
RETAIL STORES--0.8%
300 Borders Group, Inc. ................................................ 4,312
300 Home Depot Inc. .................................................... 20,312
----------
24,624
----------
TELECOMMUNICATIONS--1.5%
400 Cabletron Systems Inc.*............................................. 21,299
500 Cisco Systems Inc.*+................................................ 25,280
----------
46,579
----------
TOBACCO--0.9%
400 Philip Morris Companies, Inc. ...................................... 29,748
----------
Total Common Stocks (cost $1,581,810)........................... 2,021,361
----------
</TABLE>
<TABLE>
<S> <C> <C>
Total investments (cost $2,627,672)..................... 97.3% 3,081,464
Other Assets less Liabilities........................... 2.7% 83,914
----- ----------
Net Assets.............................................. 100% $3,165,378
----- ----------
----- ----------
</TABLE>
<TABLE><CAPTION>
The aggregate cost of securities for Federal income tax purposes at June 30,
1995, is $2,627,696.
The following amounts are based on costs for Federal income tax purposes:
<S> <C>
Aggregate gross unrealized appreciation................................ $ 467,470
Aggregate gross unrealized depreciation................................ 13,702
----------
Net unrealized appreciation............................................ $ 453,768
----------
----------
</TABLE>
- ---------
* Non-income producing security as defined by the Investment Company Act of
1940.
+ Over-the-counter security.
Percentages are based on net assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
The Government Securities Portfolio is a bond account that seeks to maximize
income and capital appreciation through the investment in high quality debt
obligations issued or guaranteed by the U.S. Government, its Agencies, and
instrumentalities. The Portfolio is expected to have a dollar weighted average
life between one and five years under most circumstances. The Portfolio had an
average maturity of 4.2 years as of June 30, 1995.
The outlook for fixed income markets continued to improve in the second
quarter, as signs appeared that economic growth would moderate enough so as to
lead the Federal Reserve Bank to begin a gradual lowering of interest rates in
the second half. Yields declined across the maturity spectrum during the period,
from over 7.00% to below 6.00% on the benchmark 5-year U.S. Treasury.
As the environment for bond investors improved, the Portfolio added several
issues, extending the average maturity to lock-in higher yield levels. Purchases
included a 10-year maturity issue of the Tennessee Valley Authority (an agency
of the U.S. Government), and a mortgage-backed security guaranteed by the
Federal National Mortgage Association. Given the trend to lower yields, we
placed emphasis on structures that gave protection against early calls by the
issuer.
With the economy at crossroads as we enter the second half, we will be
paying close attention to economic data, looking for signs of either a strong
rebound, continued gliding, or a drift into a recession. Finally, we'll be
keeping an eye on Washington, D.C., where the budget process for the new year
will require real deficit reduction choices to back up the political promises
made early in the spring.
The Portfolio is currently invested 100% in U.S. Treasury and Agency
obligations. Investments made in the Government Securities Portfolio are not
insured or guaranteed by the U.S. government.
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $4,351,152) (Note 2)................................ $4,457,977
Cash........................................................................... 43,259
Interest receivable............................................................ 23,335
Receivable for fund shares sold................................................ 23,792
----------
Total assets........................................................... 4,548,363
----------
LIABILITIES
Accrued expenses:
Investment advisory fees................................................... 1,423
Custodian fees............................................................. 366
Professional fees.......................................................... 6,636
Miscellaneous fees......................................................... 693
----------
Total liabilities...................................................... 9,118
----------
Net assets..................................................................... $4,539,245
----------
----------
Net assets consist of:
Capital stock--authorized 150,000,000 shares of $.01 par value;
outstanding, 447,733 shares.............................................. $ 4,477
Additional paid-in capital................................................. 4,344,714
Undistributed net investment income........................................ 83,219
Undistributed capital gains................................................ 10
Net unrealized appreciation of investments................................. 106,825
----------
Total net assets....................................................... $4,539,245
----------
----------
Net asset value per share of outstanding capital stock ($4,539,245/447,733
shares)...................................................................... $10.14
------
------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
STATEMENT OF OPERATIONS
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest.................................................................. $ 96,387
-----------
Expenses:
Investment advisory fees (Note 3)......................................... 5,838
Custodian fees............................................................ 1,253
Professional fees......................................................... 5,037
Miscellaneous fees........................................................ 1,040
-----------
Total expenses........................................................ 13,168
-----------
Net investment income......................................................... 83,219
-----------
Realized and unrealized gain on investments (Note 2)
Realized gain from security transactions (excluding short-term securities)
Proceeds from sales................................................... 488
Cost of securities sold............................................... 478
-----------
Net realized gain on investments.............................................. 10
Net increase in unrealized appreciation of investments........................ 109,072
-----------
Net realized and unrealized gain on investments............................... 109,082
-----------
Net increase in net assets resulting from operations.......................... $ 192,301
-----------
-----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
------------ ------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net investment income........................................ $ 83,219 $ 475,252
Net realized gain (loss) on investments (Note 2)............. 10 (225,417)
Net increase (decrease) in unrealized appreciation of
investments................................................ 109,072 (636,335)
------------ ------------
Net increase (decrease) in net assets resulting from
operations..................................................... 192,301 (386,500)
Dividends and distributions to shareholders from:
Net investment income ($.00 and $.05 per share) (Note 4)..... 0 (6,626)
------------ ------------
Total increase (decrease)................................ 192,301 (393,126)
------------ ------------
From share transactions:
Proceeds from the issuance of shares (359,243 and 314,744
shares) (Note 5)........................................... 3,519,445 3,013,018
Proceeds from dividends reinvested (0 and 696 shares)
(Note 4)................................................... 0 6,626
Net asset value of shares redeemed (38,152 and 2,250,535
shares).................................................... (376,732) (21,458,384)
------------ ------------
Net increase (decrease) in net assets resulting from share
transactions................................................... 3,142,713 (18,438,740)
------------ ------------
Net increase (decrease) in net assets............................ 3,335,014 (18,831,866)
Net assets beginning of period................................... 1,204,231 20,036,097
------------ ------------
Net assets end of period (including undistributed net investment
income of $83,219 and $0, respectively)........................ $4,539,245 $ 1,204,231
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ----------- ----------
<C> <S> <C>
U.S. TREASURY NOTE--23.5%
$ 1,000,000 U.S. Treasury Note, 7.75%, due 11/30/99 (cost $998,649)............ $1,067,180
----------
U.S. GOVERNMENT AGENCY OBLIGATIONS--74.7%
285,000 Federal National Mortgage Association, 7.00%, due 01/25/03......... 287,180
500,000 Federal National Mortgage Association REMIC, 5.75%, due 08/25/18... 482,475
150,000 Freddie Mac Discount, 5.85%, due 07/17/95.......................... 149,610
150,000 Freddie Mac Discount, 5.90%, due 07/24/95.......................... 149,435
475,000 Freddie Mac Discount, 5.83%, due 08/02/95.......................... 472,538
150,000 Freddie Mac Discount, 5.85%, due 08/02/95.......................... 149,220
100,000 Freddie Mac Discount, 5.75%, due 09/05/95.......................... 98,946
200,000 Freddie Mac Discount, 5.82%, due 08/07/95.......................... 198,804
100,000 Freddie Mac Discount, 5.55%, due 09/25/95.......................... 98,675
296,829 Government National Mortgage Association, 7.50%, due 10/15/24...... 298,219
500,000 Student Loan Marketing Association, 7.44%, due 03/28/00............ 512,400
500,000 Tennessee Valley Authority, 7.75%, due 06/15/05.................... 493,295
----------
Total U.S. Government Agency Obligations (cost $3,352,503)..... 3,390,797
----------
</TABLE>
<TABLE>
<S> <C> <C>
Total Investments (cost $4,351,152).................... 98.2% 4,457,977
Other Assets less Liabilities.......................... 1.8% 81,268
----- ----------
Net Assets............................................. 100.0% $4,539,245
----- ----------
----- ----------
</TABLE>
<TABLE><CAPTION>
The aggregate cost of securities for Federal income tax purposes at June 30, 1995
is $4,351,152.
The following amounts are based on costs for Federal income tax purposes:
<S> <C>
Aggregate gross unrealized appreciation................................. $ 116,567
Aggregate gross unrealized depreciation................................. 9,742
----------
Net unrealized appreciation............................................. $ 106,825
----------
----------
</TABLE>
- ------------
Percentages are based on net assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
The second quarter of 1995 saw investor perception switch from inflation
fears to recession fears. A belief that the Federal Reserve would cut interest
rates to proactively address a recession gained increasing support over the
quarter. Investors pushed the flat interest rate curve into an inverted one,
pricing in expectations of a July ease followed by a series of easings through
the next 12 months.
As anticipated, on July 6th the Federal Reserve reduced the Fed Funds target
rate by 25 basis points to 5.75%. This was done to signal a change in policy
away from a restrictive mode, now that it seems that inflationary pressures have
been lessened and signs of recession loom larger. The small 25 basis point move
creates the expectation that further easings will occur over the course of the
year, leaving the short term interest rate curve inverted. Contrary to the more
typical structure, short, one month maturity investments now yield more than six
month or even one year maturity investments as the expected rate cuts are
factored into current market interest rates.
The fear of further interest rate reductions creates the need to manage the
Portfolio on a balanced basis. Short maturity investments take advantage of
current higher interest rates, while longer term investments, when not fully
pricing in the expected Fed ease, are purchased to protect against interest
rates falling even more precipitously. The Portfolio has extended in average
maturity to 34.1 days as of June 30, 1995.
The Portfolio continues to be invested in high quality short-term
instruments, principally commercial paper. Our investment strategy is to
emphasize purchases of 30 to 90 day maturities to provide flexibility to respond
to any changes in the marketplace without sacrificing current income.
Investments made into the Money Market Portfolio are not insured nor
guaranteed by the U.S. government. There is no assurance that the Portfolio will
maintain a steady net asset value.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Securities, at value (cost $82,952,120) (Note 2).............................. $82,952,120
Cash.......................................................................... 34,297
Interest receivable........................................................... 8,971
Receivable for fund shares sold............................................... 1,321,361
-----------
Total assets.......................................................... 84,316,749
-----------
LIABILITIES
Payable for fund shares redeemed.............................................. 1,563,579
Accrued expenses:
Investment advisory fees.................................................. 26,064
Custodian fees............................................................ 8,983
Professional fees......................................................... 27,758
Miscellaneous fees........................................................ 22,654
-----------
Total liabilities..................................................... 1,649,038
-----------
Net assets.................................................................... $82,667,711
-----------
-----------
Net assets consist of:
Capital stock--authorized 250,000,000 shares of $.01 par value;
outstanding, 82,667,711 shares.......................................... $ 826,677
Additional paid-in capital................................................ 81,841,034
-----------
Total net assets...................................................... $82,667,711
-----------
-----------
Net asset value per share of outstanding capital stock
($82,667,711/82,667,711 shares)............................................. $1.00
-----
-----
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C>
Investment income:
Interest................................................................... $2,210,718
Other income............................................................... 5,568
----------
Total investment income................................................ 2,216,286
----------
Expenses:
Investment advisory fees (Note 3).......................................... 145,747
Custodian fees............................................................. 9,284
Professional fees.......................................................... 13,615
Miscellaneous fees......................................................... 17,115
----------
Total expenses......................................................... 185,761
----------
Net investment income.......................................................... 2,030,525
----------
Net increase in net assets resulting from operations........................... $2,030,525
----------
----------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
---------------- -------------
(UNAUDITED)
<S> <C> <C>
From operations:
Net increase in net assets resulting from operations..... $ 2,030,525 $ 2,471,131
Dividends to shareholders from:
Net investment income.................................... (2,030,525) (2,471,131)
---------------- -------------
Total increase....................................... 0 0
---------------- -------------
From share transactions:
Proceeds from issuance of shares (181,109,087 and
385,400,102 shares) (Note 5)........................... 181,109,087 385,400,102
Proceeds from dividends reinvested (2,030,525 and
2,471,131 shares) (Note 4)............................. 2,030,525 2,471,131
Net asset value of shares redeemed (183,824,632 and
369,993,362 shares).................................... (183,824,632) (369,993,362)
---------------- -------------
Net increase (decrease) in net assets resulting from share
transactions............................................... (685,020) 17,877,871
Net assets beginning of period............................... 83,352,731 65,474,860
---------------- -------------
Net assets end of period..................................... $ 82,667,711 $ 83,352,731
---------------- -------------
---------------- -------------
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ----------- -----------
<C> <S> <C>
COMMERCIAL PAPER--100.3%
$ 750,000 American Express Credit Corp., 5.93%, due 07/07/95............... $ 749,259
200,000 American Express Credit Corp., 5.90%, due 07/25/95............... 199,213
500,000 American Express Credit Corp., 6.00%, due 08/01/95............... 497,417
1,200,000 American Express Credit Corp., 6.11%, due 08/02/95............... 1,193,483
900,000 Associates Corp. of NA, 6.02%, due 07/13/95...................... 898,194
600,000 Associates Corp. of NA, 6.00%, due 07/17/95...................... 598,400
1,425,000 Associates Corp. of NA, 6.00%, due 07/19/95...................... 1,420,725
1,120,000 Associates Corp. of NA, 5.96%, due 08/11/95...................... 1,112,398
1,000,000 Avco Financial Services--Canada, 6.10%, due 07/11/95............. 998,306
2,000,000 Avco Financial Services--Canada, 6.00%, due 08/16/95............. 1,984,667
2,000,000 Bank of New York, 5.95%, due 08/07/95............................ 1,987,769
1,000,000 Bank of Nova Scotia, 5.98%, due 08/22/95......................... 991,362
3,000,000 Bank of Nova Scotia, 5.90%, due 09/20/95......................... 2,960,175
1,500,000 Bell Atlantic Corp., 5.92%, due 07/14/95......................... 1,496,793
2,700,000 Bell Atlantic Corp., 6.00%, due 07/25/95......................... 2,689,200
1,500,000 Canadian Imperial Bank, 5.93%, due 08/16/95...................... 1,488,634
2,460,000 CIT Group Holdings Inc., 5.93%, due 08/07/95..................... 2,445,007
405,000 CIT Group Holdings Inc., 6.00%, due 08/31/95..................... 400,883
2,235,000 Colonial Pipeline Co., 5.95%, due 07/14/95....................... 2,230,197
1,250,000 Consolidation Coal Co., 5.84%, due 09/15/95...................... 1,234,589
3,500,000 du Pont (EI) de Nemours & Co., 6.00%, due 07/18/95............... 3,490,084
700,000 Ford Motor Credit Co., 5.95%, due 07/28/95....................... 696,876
1,200,000 Ford Motor Credit Co., 5.96%, due 07/28/95....................... 1,194,636
375,000 Ford Motor Credit Co., 5.96%, due 07/31/95....................... 373,138
525,000 Ford Motor Credit Co., 5.90%, due 08/28/95....................... 520,010
1,250,000 General Electric Capital Corp., 6.01%, due 07/24/95.............. 1,245,200
725,000 General Electric Capital Corp., 5.95%, due 07/18/95.............. 722,962
550,000 General Electric Capital Corp., 5.85%, due 09/25/95.............. 542,314
2,650,000 General Motors Corp., 5.84%, due 09/01/95........................ 2,623,347
900,000 General Motors Corp., 5.95%, due 08/11/95........................ 893,901
2,400,000 Goldman Sachs Group, L.P., 5.85%, due 08/25/95................... 2,378,550
2,000,000 Heller International Inc., 5.99%, due 07/14/95................... 1,995,674
1,000,000 Heller International Inc., 6.00%, due 07/28/95................... 995,500
1,000,000 Heller International Inc., 5.98%, due 08/04/95................... 994,353
500,000 Household International Corp., 5.92%, due 07/24/95............... 498,109
2,000,000 Mellon Bank Corp., 6.08%, due 11/22/95........................... 2,012,160
3,500,000 Merrill Lynch and Co. Inc., 6.00%, due 07/24/95.................. 3,486,584
425,000 Metropolitan Life Insurance Co., 5.85%, due 07/05/95............. 424,724
1,860,000 Midwest Funding Corp., 6.07%, due 07/03/95 (a)................... 1,860,619
2,000,000 National Rural Utilities, 6.00%, due 07/18/95.................... 1,994,334
200,000 National Rural Utilities, 5.92%, due 08/08/95.................... 198,750
3,000,000 Norfolk Southern Corp., 6.00%, due 07/13/95...................... 2,994,000
1,475,000 PHH Corp., 5.97%, due 08/04/95................................... 1,466,683
145,000 Prudential Home Mortgage Corp., 5.93%, due 07/10/95.............. 144,785
</TABLE>
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (CONTINUED)
JUNE 30, 1995
<TABLE><CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 2)
- ----------- -----------
COMMERCIAL PAPER (CONTINUED)
<C> <S> <C>
$ 2,300,000 Prudential Home Mortgage Corp., 5.95%, due 07/24/95.............. $ 2,291,257
1,000,000 Sanwa Business Credit, 5.95%, due 07/10/95....................... 923,624
925,000 Sanwa Business Credit, 6.00%, due 07/21/95....................... 996,667
2,100,000 Sanwa Business Credit, 5.97%, due 08/01/95....................... 2,089,205
3,500,000 Toronto Dominion Bank, 5.99%, due 07/17/95....................... 3,490,682
3,400,000 Transamerica Corp., 6.00%, due 07/27/95.......................... 3,385,267
3,000,000 U.S. West Capital Funding, 5.65%, due 09/08/95................... 2,967,513
650,000 U.S. West Capital Funding, 5.70%, due 09/08/95................... 642,899
1,600,000 Weyerhauser Co., 5.96%, due 07/26/95............................. 1,593,378
1,000,000 Whirlpool Corp., 6.00%, due 07/14/95............................. 997,834
2,260,000 Whirlpool Corp., 6.00%, due 07/28/95............................. 2,249,830
-----------
</TABLE>
<TABLE>
<S> <C> <C>
Total Investments (cost $82,952,120).................. 100.3% $82,952,120
Other Assets less Liabilities......................... (.3)% (284,409)
----- -----------
Net Assets............................................ 100.0% $82,667,711
----- -----------
----- -----------
</TABLE>
- ---------
(a) The interest rate is subject to change periodically based on the greater
of the 30 or 90-day Federal composite rate. This instrument resets on a
weekly basis. The rate shown was in effect as of June 30, 1995.
Percentages are based on Net Assets.
See notes to financial statements.
<PAGE>
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
The MONY Series Fund, Inc. (the "Fund"), a Maryland corporation organized on
December 14, 1984, is composed of seven different portfolios that are, in
effect, separate investment funds: the Equity Income Portfolio, the Equity
Growth Portfolio, the Intermediate Term Bond Portfolio, the Long Term Bond
Portfolio, the Government Securities Portfolio (formerly the Intermediate
Government Bond Portfolio), the Money Market Portfolio, and the Diversified
Portfolio. The Fund issues a separate class of capital stock for each portfolio.
Each share of capital stock issued with respect to a portfolio will have a
pro-rata interest in the assets of that portfolio and will have no interest in
the assets of any other portfolio. Each portfolio bears its own liabilities and
also its proportionate share of the general liabilities of the Fund. The Fund is
registered under the Investment Company Act of 1940 (the "1940 Act") as an
open-end, diversified, management investment company. This registration does not
imply any supervision by the Securities and Exchange Commission over the Fund's
management.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Portfolio Valuations:
Short-term securities are valued at amortized cost. The amortized cost of a
security is determined by valuing it at original cost and thereafter amortizing
any discount or premium at a constant rate until maturity.
Common stocks traded on national securities exchanges are valued at the last
sales price as of the close of the New York Stock Exchange or at the last bid
price for over-the-counter securities.
Bonds are valued at the last available price provided by an independent
pricing service for securities traded on a national securities exchange. Bonds
that are listed on a national securities exchange but are not traded and bonds
that are regularly traded in the over-the-counter market are valued at the mean
of the last available bid and asked prices by an independent pricing service.
Original issue discounts on investments purchased are amortized over their
respective lives using the yield-to-maturity method.
All other securities, including any restricted securities, will be valued at
their fair value as determined in good faith by the Board of Directors.
B. Federal Income Taxes:
Each portfolio of the Fund is a separate entity for Federal income tax
purposes and intends to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to its shareholders. Therefore, no Federal income tax provision
is required.
C. Security Transactions and Investment Income:
Security transactions are recorded as of the trade date.
Dividend income is recorded on the ex-dividend date, income from other
investments is accrued as earned.
Realized gains and losses from investments sold are determined on the basis
of identified cost for accounting and tax purposes.
<PAGE>
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENT ADVISORY FEES AND RELATED PARTY TANSACTIONS
Under an investment Advisory Agreement between the Fund and MONY Life
Insurance Company of America ("Investment Adviser"), a wholly-owned subsidiary
of The Mutual Life Insurance Company of New York ("MONY"), the Investment
Adviser provides investment advice and related services for each of the Fund's
portfolios, administers the overall day-to-day affairs of the Fund, bears all
expenses associated with calculating net asset values of the portfolios and
compensates the directors, officers and employees of the Fund who are affiliated
with the Investment Adviser.
For these services, the Investment Adviser receives an investment management
fee. The fee is a daily charge equal to an annual rate of .40% of the first
$400,000,000 of the aggregate average daily net assets of the portfolios, .35%
of the next $400,000,000 and .30% over $800,000,000. Each daily charge is
divided among the portfolios in proportion to their net assets on that date. The
Investment Adviser will reimburse the portfolios for investment management fees
charged to the extent that any portfolio's aggregate ordinary operating expense
(excluding interest, taxes, brokerage fees and commissions, and extraordinary
expenses) exceeds in any fiscal year 2.5% of the first $30,000,000 of average
daily net assets of such portfolio, 2.0% of the next $70,000,000 of average
daily net assets of such portfolio, and 1.5% of the average daily net assets of
the portfolio in excess of $100,000,000. For the six months ended June 30, 1995,
the fees incurred by the Fund were $352,674.
The Investment Adviser has a service agreement with MONY to provide it with
personnel, services, facilities, supplies and equipment in order to carry out
its duties to provide investment management services under the Investment
Advisory Agreement. The Investment Adviser will pay MONY for its services.
Aggregate remuneration incurred to non-affiliated Directors of the Fund for
the six months ended June 30, 1995, amounted to $22,789.
4. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Dividends from net investment income (including realized gains and losses
on portfolio securities) of the Money Market Portfolio are declared and
reinvested each business day in additional full and fractional shares of the
portfolio. This policy enables the Money Market Portfolio to maintain a net
asset value of $1.00 per share.
Dividends from investment income of the other portfolios will normally be
declared and reinvested annually in additional full and fractional shares.
The Fund will declare and distribute annually, before the close of its
fiscal year, dividends from net realized capital gains, if any, of each
portfolio, other than the Money Market Portfolio.
Distributions differ from net investment income and net realized capital
gains due to timing differences, primarily the deferral of wash sales, and
Post-October losses.
5. CAPITAL STOCK
A. Authorized Capital Stock:
The Fund has 2 billion authorized shares of capital stock with a par value
of $.01 per share. 1.15 billion shares are reserved for issuance and divided
into seven classes as follows: Equity Growth Portfolio (150 million shares);
Equity Income Portfolio (150 million shares); Intermediate Term Bond Portfolio
(150 million shares); Long Term Bond Portfolio (150 million shares); Government
Securities Portfolio (150 million shares); Money Market Portfolio (250 million
shares); and Diversified Portfolio
<PAGE>
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. CAPITAL STOCK--(CONTINUED)
(150 million shares). The remaining shares will be issued to any new or existing
class upon approval of the Board of Directors.
Each outstanding share of stock has a pro-rata interest in the assets of the
Portfolio to which the stock of that class relates and has no interest in the
assets of any other portfolio.
B. Purchases of Fund Shares:
Shares of the Fund are sold to MONY Life Insurance Company of America ("MONY
America"), a wholly owned subsidiary of MONY, and MONY for allocation to MONY
America Variable Account L and MONY Variable Account L to fund benefits under
Flexible Premium Variable Life Insurance Contracts and Variable Universal Life
Insurance Contracts; to MONY America Variable; Account S and MONY Variable
Account S to fund benefits under Variable Life Insurance with Additional Premium
Option Contracts; and to MONY America Variable Account A and MONY Variable
Account A, to fund benefits under Flexible Payment Variable Annuity Contracts
issued by those companies. Shares of the Fund are also sold to MONY for
allocation to the Keynote Series Account ("Keynote") to fund benefits under
Individual Plans issued by MONY.
6. FEDERAL INCOME TAX--CAPITAL LOSS CARRY-FORWARD
At December 31, 1994, the following portfolios of the Fund have capital loss
carry-forwards available to offset future capital gains for Federal income tax
purposes:
<TABLE><CAPTION>
PORTFOLIO AMOUNT EXPIRATION DATE
- ----------------------------------------------------------- ---------- -----------------
<S> <C> <C>
Long Term Bond............................................. $1,577,383 December 31, 2002
----------
----------
Intermediate Term Bond..................................... $ 16,850 December 31, 2002
----------
----------
</TABLE>
7. PURCHASES AND SALES OF INVESTMENTS
The aggregate cost of investments purchased and proceeds from sales or
maturities, other than short-terms, for the period ended June 30, 1995 were as
follows:
<TABLE><CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C> <C>
Equity Growth Portfolio........................ Common Stocks $ 288,981 $ 196,927
Equity Income Portfolio........................ Common Stocks 1,573,028 2,386,869
Intermediate Term Bond Portfolio............... U.S. Government
Obligations 4,017,031 4,189,635
Other 0 1,016,020
Long Term Bond Portfolio....................... U.S. Government
Obligations 18,308,822 17,127,391
Other 7,162,140 9,302,030
Diversified Portfolio.......................... U.S. Government
Obligations 0 0
Other 424,227 263,429
Government Securities Portfolio................ U.S. Government
Obligations 2,035,123 488
</TABLE>
<PAGE>
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE SIX FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MONTHS ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period.............. $ 20.59 $ 20.70 $ 19.68 $ 20.25 $ 15.38 $ 15.90 $ 12.78
------------ ------------ ------------ ------------ ------------ ------------ ------------
Income from investment
operations
Net investment
income........... 0.16 0.36 0.33 0.29 0.25 0.27 0.28
Net gain (loss) on
securities (both
realized and
unrealized)...... 3.22 0.09 1.59 (0.46) 5.08 (0.50) 3.66
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total from
investment
operations .. 3.38 0.45 1.92 (0.17) 5.33 (0.23) 3.94
Less distributions
Dividends (from net
investment income) 0.00 (0.36) (0.33) (0.29) (0.25) (0.29) (0.27)
Distributions (from
capital gain).... 0.00 (0.20) (0.57) (0.04) (0.17) 0.00 (0.55)
Distributions (from
additional
paid-in
capital)......... 0.00 0.00 0.00 (0.03) (0.04) 0.00 0.00
Distributions (in
excess of
realized capital
gain)............ 0.00 0.00 0.00 (0.04) 0.00 0.00 0.00
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total
distributions 0.00 (0.56) (0.90) (0.40) (0.46) (0.29) (0.82)
Net asset value, end
of period........... $ 23.97 $ 20.59 $ 20.70 $ 19.68 $ 20.25 $ 15.38 $ 15.90
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total return... 35.87%+ 2.15% 9.71% (.84%) 34.66% (1.45%) 30.83%
Ratios/Supplemental
Data
Net assets, end of
period.............. $1,819,585 $ 1,556,536 $ 58,963,456 $ 39,979,012 $ 26,219,999 $7,163,679 $5,672,894
Ratio of net income to
average net assets.. 0.72% 2.15% 1.79% 1.72% 2.09% 2.42% 2.00%
Ratio of expenses to
average net assets.. 0.86% 0.66% 0.50% 0.53% 0.59% 0.77% 0.96%
Portfolio turnover
rate................ 145.65% 55.09% 59.15% 39.93% 32.33% 31.21% 29.91%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1988 1987 1986
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value,
beginning of
period.............. $ 11.81 $ 12.07 $ 11.07
------------ ------------ ------------
Income from investment
operations
Net investment
income........... 0.22 0.15 0.18
Net gain (loss) on
securities (both
realized and
unrealized)...... 1.20 0.93 0.98
------------ ------------ ------------
Total from
investment
operations... 1.42 1.08 1.16
Less distributions
Dividends (from net
investment income) (0.21) (0.42) (0.16)
Distributions (from
capital gain).... (0.24) (0.92) 0.00
Distributions (from
additional
paid-in
capital)......... 0.00 0.00 0.00
Distributions (in
excess of
realized capital
gain)............ 0.00 0.00 0.00
------------ ------------ ------------
Total
distributions (0.45) (1.34) (0.16)
Net asset value, end
of period........... $ 12.78 $ 11.81 $ 12.07
------------ ------------ ------------
------------ ------------ ------------
Total return... 12.02% 8.95% 10.48%
Ratios/Supplemental
Data
Net assets, end of
period.............. $3,957,234 $2,934,478 $2,539,872
Ratio of net income to
average net assets.. 1.70% 1.04% 1.51%
Ratio of expenses to
average net assets.. 1.04% 1.50% 1.50%
Portfolio turnover
rate................ 9.51% 18.13% 55.46%
</TABLE>
- --------------------------------------------------------------------------------
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE SIX FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MONTHS ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period........... $ 15.53 $ 16.43 $ 15.56 $ 14.64 $ 12.70 $ 14.26 $ 12.67
------------ ------------ ------------ ------------ ------------ ------------ ------------
Income from
investment
operations
Net investment
income........ 0.31 0.64 0.52 0.59 0.64 0.54 0.64
Net gain (loss)
on securities
(both realized
and
unrealized)... 1.93 (0.51) 1.68 0.92 1.94 (1.50) 2.20
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total from
investment
operations. 2.24 0.13 2.20 1.51 2.58 (0.96) 2.84
Less distributions
Dividends (from
net investment
income)....... 0.00 (0.64) (0.52) (0.59) (0.64) (0.60) (0.64)
Distributions
(from capital
gain)......... 0.00 (0.39) (0.81) 0.00* 0.00* 0.00 (0.61)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total
distributions 0.00 (1.03) (1.33) (0.59) (0.64) (0.60) (1.25)
Net asset value,
end of period.... $ 17.77 $ 15.53 $ 16.43 $ 15.56 $ 14.64 $ 12.70 $ 14.26
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total
return..... 31.24%+ 0.78% 14.14% 10.31% 20.31% (6.73%) 22.42%
Ratios/Supplemental
Data
Net assets, end of
period........... $ 17,278,451 $ 16,204,925 $151,330,311 $121,540,392 $118,114,947 $ 99,878,151 $6,185,876
Ratio of net income
to average net
assets........... 1.82% 3.53% 3.22% 3.68% 4.46% 5.39% 4.66%
Ratio of expenses
to average net
assets........... 0.30% 0.48% 0.46% 0.46% 0.49% 0.52% 0.88%
Portfolio turnover
rate............. 11.58% 32.48% 28.48% 35.62% 25.84% 8.89% 19.55%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1988 1987 1986
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value,
beginning of
period........... $ 12.03 $ 13.03 $ 11.30
------------ ------------ ------------
Income from
investment
operations
Net investment
income........ 0.70 0.44 0.42
Net gain (loss)
on securities
(both realized
and
unrealized)... 1.64 0.54 1.74
------------ ------------ ------------
Total from
investment
operations. 2.34 0.98 2.16
Less distributions
Dividends (from
net investment
income)....... (0.66) (0.77) (0.43)
Distributions
(from capital
gain)......... (1.04) (1.21) 0.00
------------ ------------ ------------
Total
distributions (1.70) (1.98) (0.43)
Net asset value,
end of period.... $ 12.67 $ 12.03 $ 13.03
------------ ------------ ------------
------------ ------------ ------------
Total
return..... 19.45% 7.52% 19.12%
Ratios/Supplemental
Data
Net assets, end of
period........... $5,054,514 $2,945,497 $2,776,312
Ratio of net income
to average net
assets........... 5.24% 3.02% 3.30%
Ratio of expenses
to average net
assets........... 0.91% 1.50% 1.50%
Portfolio turnover
rate............. 22.70% 13.73% 25.70%
</TABLE>
- --------------------------------------------------------------------------------
* Less than $.01 per share.
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE SIX FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MONTHS ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990
------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 9.75 $ 10.51 $ 10.33 $ 10.22 $ 9.69 $ 9.85
------------- ------------ ------------ ------------ ------------ ------------
Income from investment
operations
Net investment
income.............. 0.32 0.60 0.47 0.59 0.77 0.84
Net gain (loss) on
securities (both
realized and
unrealized)......... 0.60 (0.76) 0.34 0.11 0.71 (0.16)
------------- ------------ ------------ ------------ ------------ ------------
Total from
investment
operations....... 0.92 (0.16) 0.81 0.70 1.48 0.68
Less distributions
Dividends (from net
investment income).. 0.00 (0.60) (0.47) (0.59) (0.77) (0.84)
Distributions (from
capital gain)....... 0.00 0.00 (0.16) 0.00* 0.00 0.00
Distributions (from
additional paid-in
capital)............ 0.00 0.00 0.00 0.00 (0.18) 0.00
------------- ------------ ------------ ------------ ------------ ------------
Total
distributions.... 0.00 (0.60) (0.63) (0.59) (0.95) (0.84)
Net asset value, end of
period................. $ 10.67 $ 9.75 $ 10.51 $ 10.33 $ 10.22 $ 9.69
------------- ------------ ------------ ------------ ------------ ------------
------------- ------------ ------------ ------------ ------------ ------------
Total return....... 19.99%+ (1.52%) 7.84% 6.85% 15.27% 6.90%
Ratios/Supplemental Data
Net assets, end of
period................. $34,131,540 $ 32,283,693 $ 31,326,168 $ 20,911,161 $ 22,005,519 $ 20,260,361
Ratio of net income to
average net assets..... 3.10% 5.66% 5.26% 6.24% 7.88% 8.52%
Ratio of expenses to
average net assets..... 0.26% 0.52% 0.52% 0.53% 0.51% 0.54%
Portfolio turnover
rate................... 23.08% 25.41% 50.61% 62.27% 55.03% 20.06%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1989 1988 1987 1986
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 9.63 $ 9.93 $ 12.15 $ 11.92
------------ ------------ ------------ ------------
Income from investment
operations
Net investment
income.............. 0.90 0.86 0.89 0.98
Net gain (loss) on
securities (both
realized and
unrealized)......... 0.22 (0.29) (0.88) 0.47
------------ ------------ ------------ ------------
Total from
investment
operations....... 1.12 0.57 0.01 1.45
Less distributions
Dividends (from net
investment income).. (0.90) (0.87) (1.59) (1.12)
Distributions (from
capital gain)....... 0.00 0.00 (0.64) (0.10)
Distributions (from
additional paid-in
capital)............ 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------
Total
distributions.... (0.90) (0.87) (2.23) (1.22)
Net asset value, end of
period................. $ 9.85 $ 9.63 $ 9.93 $ 12.15
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Total return....... 11.63% 5.74% 0.08% 12.16%
Ratios/Supplemental Data
Net assets, end of
period................. $ 20,419,237 $ 23,192,883 $ 25,217,761 $ 27,051,933
Ratio of net income to
average net assets..... 8.67% 8.43% 8.18% 8.34%
Ratio of expenses to
average net assets..... 0.60% 0.55% 0.60% 0.60%
Portfolio turnover
rate................... 30.99% 24.77% 32.23% 81.92%
</TABLE>
- --------------------------------------------------------------------------------
* Less than $.01 per share.
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE SIX FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
MONTH ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990
----------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 10.47 $ 12.05 $ 11.19 $ 11.03 $ 10.47 $ 10.70
----------- ------------ ------------ ------------ ------------ ------------
Income from investment
operations
Net investment
income.............. 0.40 0.84 0.50 0.81 0.72 0.90
Net gain (loss) on
securities (both
realized and
unrealized)......... 1.49 (1.58) 1.09 0.16 1.12 (0.23)
----------- ------------ ------------ ------------ ------------ ------------
Total from
investment
operations....... 1.89 (0.74) 1.59 0.97 1.84 0.67
Less distributions
Dividends (from net
investment income).. 0.00 (0.84) (0.50) (0.74) (0.72) (0.90)
Distributions (from
capital gain)....... 0.00 0.00 (0.23) 0.00* (0.37) 0.00
Distributions (from
additional paid-in
capital)............ 0.00 0.00 0.00 (0.07) (0.19) 0.00
----------- ------------ ------------ ------------ ------------ ------------
Total
distributions.... 0.00 (0.84) (0.73) (0.81) (1.28) (0.90)
Net asset value, end of
period................. $ 12.36 $ 10.47 $ 12.05 $ 11.19 $ 11.03 $ 10.47
----------- ------------ ------------ ------------ ------------ ------------
----------- ------------ ------------ ------------ ------------ ------------
Total return....... 39.74%+ (6.14%) 14.21% 8.79% 17.57% 6.26%
Ratios/Supplemental Data
Net assets, end of
period................. $50,393,917 $ 44,012,329 $ 63,044,619 $ 29,564,159 $ 23,207,734 $ 20,532,817
Ratio of net income to
average net assets..... 3.46% 6.45% 5.69% 7.71% 8.12% 8.72%
Ratio of expenses to
average net assets..... 0.26% 0.49% 0.48% 0.51% 0.51% 0.53%
Portfolio turnover
rate................... 56.72% 110.19% 45.93% 0.17% 63.68% 27.49%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1989 1988 1987 1986
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 9.97 $ 10.28 $ 12.87 $ 12.32
------------ ------------ ------------ ------------
Income from investment
operations
Net investment
income.............. 0.96 0.96 0.92 1.02
Net gain (loss) on
securities (both
realized and
unrealized)......... 0.73 (0.10) (1.11) 0.81
------------ ------------ ------------ ------------
Total from
investment
operations....... 1.69 0.86 (0.19) 1.83
Less distributions
Dividends (from net
investment income).. (0.96) (1.17) (1.58) (0.91)
Distributions (from
capital gain)....... 0.00 0.00 (0.82) (0.37)
Distributions (from
additional paid-in
capital)............ 0.00 0.00 0.00 0.00
------------ ------------ ------------ ------------
Total
distributions.... (0.96) (1.17) (2.40) (1.28)
Net asset value, end of
period................. $ 10.70 $ 9.97 $ 10.28 $ 12.87
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Total return....... 16.95% 8.37% (1.48%) 14.85%
Ratios/Supplemental Data
Net assets, end of
period................. $ 20,770,552 $ 23,840,760 $ 26,798,016 $ 28,623,485
Ratio of net income to
average net assets..... 8.54% 9.04% 8.44% 8.27%
Ratio of expenses to
average net assets..... 0.64% 0.54% 0.60% 0.60%
Portfolio turnover
rate................... 36.00% 42.79% 128.24% 68.77%
</TABLE>
- --------------------------------------------------------------------------------
* Less than $.01 per share.
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE
SIX MONTHS FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989
----------- ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period............ $ 13.14 $ 13.47 $ 12.64 $ 13.13 $ 11.75 $ 12.27 $ 11.26
----------- ------------ ------------ ------------ ------------ ------------ ------------
Income from
investment
operations
Net investment
income......... 0.19 0.38 0.37 0.42 0.53 0.70 0.75
Net gain (loss)
on securities
(both realized
and
unrealized).... 1.77 (0.24) 1.01 (0.29) 1.86 (0.40) 1.74
----------- ------------ ------------ ------------ ------------ ------------ ------------
Total from
investment
operations. 1.96 0.14 1.38 0.13 2.39 0.30 2.49
Less distributions
Dividends (from
net investment
income)........ 0.00 (0.38) (0.37) (0.42) (0.53) (0.71) (0.75)
Distributions
(from capital
gain).......... 0.00 (0.09) (0.18) (0.20) (0.48) (0.11) (0.73)
Distributions (in
excess of
realized
capital gain).. 0.00 0.00 0.00* 0.00* 0.00 0.00 0.00
----------- ------------ ------------ ------------ ------------ ------------ ------------
Total
distributions 0.00 (0.47) (0.55) (0.62) (1.01) (0.82) (1.48)
Net asset value, end
of period......... $ 15.10 $ 13.14 $ 13.47 $ 12.64 $ 13.13 $ 11.75 $ 12.27
----------- ------------ ------------ ------------ ------------ ------------ ------------
----------- ------------ ------------ ------------ ------------ ------------ ------------
Total
return..... 32.36%+ 1.03% 10.92% 0.99% 20.34% 2.44% 22.11%
Ratios/Supplemental
Data
Net assets, end of
period............ $ 3,165,378 $2,860,700 $ 34,076,498 $ 22,704,133 $ 16,829,653 $ 10,373,263 $ 12,319,454
Ratio of net income
to average net
assets............ 1.37% 3.19% 3.13% 3.68% 4.72% 6.04% 5.86%
Ratio of expenses to
average net
assets............ 0.55% 0.57% 0.53% 0.57% 0.60% 0.63% 0.67%
Portfolio turnover
rate.............. 11.94% 51.38% 28.98% 26.44% 22.03% 11.49% 8.06%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1988 1987 1986
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value,
beginning of
period............ $ 11.00 $ 12.18 $ 11.23
------------ ------------ ------------
Income from
investment
operations
Net investment
income......... 0.71 0.69 0.69
Net gain (loss)
on securities
(both realized
and
unrealized).... 0.36 (0.21) 0.82
------------ ------------ ------------
Total from
investment
operations. 1.07 0.48 1.51
Less distributions
Dividends (from
net investment
income)........ (0.70) (1.33) (0.56)
Distributions
(from capital
gain).......... (0.11) (0.33) 0.00
Distributions (in
excess of
realized
capital gain).. 0.00 0.00 0.00
------------ ------------ ------------
Total
distributions (0.81) (1.66) (0.56)
Net asset value, end
of period......... $ 11.26 $ 11.00 $ 12.18
------------ ------------ ------------
------------ ------------ ------------
Total
return..... 9.73% 3.94% 13.45%
Ratios/Supplemental
Data
Net assets, end of
period............ $ 16,050,117 $ 13,039,577 $ 13,076,156
Ratio of net income
to average net
assets............ 6.10% 5.35% 5.85%
Ratio of expenses to
average net
assets............ 0.62% 0.75% 0.84%
Portfolio turnover
rate.............. 4.46% 12.31% 17.11%
</TABLE>
- --------------------------------------------------------------------------------
* Less than $.01 per share.
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE
SIX MONTH FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992 1991 1990 1989
----------- ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ------------ ------------ ------------ ------------ ------------ ------------
Income from
investment
operations
Net investment
income........ 0.03 0.03 0.01 0.03 0.06 0.07 0.08
Less distributions
Dividends (from
net investment
income)....... (0.03) (0.03) (0.01) (0.03) (0.06) (0.07) (0.08)
----------- ------------ ------------ ------------ ------------ ------------ ------------
Net asset value,
end of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ------------ ------------ ------------ ------------ ------------ ------------
----------- ------------ ------------ ------------ ------------ ------------ ------------
Total
return.... 5.09%+ 5.33% 2.75% 3.31% 5.60% 7.22% 8.20%
Ratios/Supplemental
Data
Net assets, end of
period........... $82,667,711 $ 83,352,731 $ 65,474,860 $ 50,892,593 $ 34,642,974 $ 26,924,389 $ 10,817,623
Ratio of net income
to average net
assets........... 2.67% 3.77% 2.62% 3.17% 5.80% 7.63% 8.06%
Ratio of expenses
to average net
assets........... 0.24% 0.49% 0.46% 0.48% 0.54% 0.54% 0.92%
<CAPTION>
FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1988 1987 1986
------------ ------------ ------------
<S> <C> <C> <C>
Net asset value,
beginning of
period........... $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
Income from
investment
operations
Net investment
income........ 0.07 0.05 0.05
Less distributions
Dividends (from
net investment
income)....... (0.07) (0.05) (0.05)
------------ ------------ ------------
Net asset value,
end of period.... $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
------------ ------------ ------------
Total
return.... 6.56% 5.34% 5.26%
Ratios/Supplemental
Data
Net assets, end of
period........... $4,552,241 $2,883,644 $2,271,034
Ratio of net income
to average net
assets........... 6.77% 5.36% 5.23%
Ratio of expenses
to average net
assets........... 1.08% 1.50% 1.50%
</TABLE>
- --------------------------------------------------------------------------------
+ Annualized
<PAGE>
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR ONE AVERAGE SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE><CAPTION>
FOR THE SIX FOR THE YEAR FOR THE YEAR FOR THE YEAR
MONTH ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1995 1994 1993 1992
----------- --------------- --------------- ---------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 9.51 $ 9.72 $ 9.66 $ 10.70
----------- --------------- --------------- ---------------
Income from investment operations
Net investment income................................ 0.18 0.05 0.52 1.00
Net gain (loss) on securities (both realized and
unrealized)........................................ 0.45 (0.21) 0.27 (0.25)
----------- --------------- --------------- ---------------
Total from investment operations................. 0.63 (0.16) 0.79 0.75
Less distributions
Dividends (from net investment income)............... 0.00 (0.05) (0.52) (1.00)
Distributions (from capital gain).................... 0.00 0.00 (0.21) (0.79)
Distributions (in excess of realized capital
gains)............................................. 0.00 0.00 0.00* 0.00
----------- --------------- --------------- ---------------
Total distributions.............................. 0.00 (0.05) (0.73) (1.79)
Net asset value, end of period........................... $ 10.14 $ 9.51 $ 9.72 $ 9.66
----------- --------------- --------------- ---------------
----------- --------------- --------------- ---------------
Total return..................................... 13.85+ (2.68%)++ 8.18% 7.01%
Ratios/Supplemental Data
Net assets, end of period................................ $ 4,539,245 $ 1,204,231 $ 20,036,097 $ 19,096,791
Ratio of net income to average net assets................ 2.88% 5.43%++ 5.06% 6.25%
Ratio of expenses to average net assets.................. 0.46% 0.57%++ 0.53% 0.50%
Portfolio turnover rate.................................. 0.00% 7.82% 41.01% 28.28%
<CAPTION>
FOR THE
PERIOD
MAY 1, 1991
(COMMENCEMENT
OF
OPERATIONS)
THROUGH
DECEMBER 31,
1991
-------------
<S> <C>
Net asset value, beginning of period..................... $ 10.00
-------------
Income from investment operations
Net investment income................................ 0.27
Net gain (loss) on securities (both realized and
unrealized)........................................ 0.70
-------------
Total from investment operations................. 0.97
Less distributions
Dividends (from net investment income)............... (0.27)
Distributions (from capital gain).................... 0.00
Distributions (in excess of realized capital
gains)............................................. 0.00
-------------
Total distributions.............................. (0.27)
Net asset value, end of period........................... $ 10.70
-------------
-------------
Total return..................................... 9.70%+
Ratios/Supplemental Data
Net assets, end of period................................ $42,235,195
Ratio of net income to average net assets................ 5.75%
Ratio of expenses to average net assets.................. 0.43%
Portfolio turnover rate.................................. 151.81%
</TABLE>
- ---------
* Less than $.01 per share.
+ Annualized
++ Annualized since Portfolio was dormant from June 24, 1994 to November
18,1994.
<PAGE>
<TABLE><CAPTION>
MONY Life of America
MONYMASTER
Flexible Payment Variable Annuity
Historical Return Data as of June 30, 1995
Subaccount Year-to-Date Previous Average Annual Return
----------------------------------------------
12 Months 5 Year Period 10 Year Period
1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
$1,000 $25,000 $1,000 $25,000 $1,000 $25,000 $1,000 $25,000
Investment Investment* Investment Investment* Investment Investment* Investment Investment*
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Equity (8/25/88)
without surrender charge 20.87% 20.87% 23.89% 24.56% 12.81% 13.36% N/A N/A
with surrender charge 14.02% 14.69% 17.76% 18.43% 12.30% 12.87% N/A N/A
Managed (8/25/88)
without surrender charge 29.83% 29.83% 28.24% 29.89% 16.49% 17.62% N/A N/A
with surrender charge 22.02% 23.67% 22.14% 23.80% 15.96% 17.21% N/A N/A
Small Cap (9/14/88)
without surrender charge 4.26% 4.26% 10.84% 11.66% 13.04% 13.67% N/A N/A
with surrender charge -2.87% -2.04% 4.61% 5.44% 12.54% 13.18% N/A N/A
International Growth (11/18/94)
without surrender charge -0.75% -0.75% N/A N/A N/A N/A N/A N/A
with surrender charge -7.26% -7.07% N/A N/A N/A N/A N/A N/A
High Yield Bond (11/18/94)
without surrender charge 9.43% 9.43% N/A N/A N/A N/A N/A N/A
with surrender charge 2.91% 3.18% N/A N/A N/A N/A N/A N/A
S & P 500** 1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
---------------- ---------------- ---------------- ----------------
20.2% 26.1% 12.1% N/A
Government Securities (5/1/91)
without surrender charge 5.98% 5.98% 5.81% 5.98% N/A N/A N/A N/A
with surrender charge -0.45% -0.29% -0.45% -0.28% N/A N/A N/A N/A
Intermediate Term Bond (3/1/85)
without surrender charge 8.79% 8.79% 8.44% 9.03% 6.49% 7.00% 6.64% 7.08%
with surrender charge 1.93% 2.52% 2.20% 2.79% 5.81% 6.34% 6.64% 7.08%
Long Term Bond (3/20/85)
without surrender charge 17.38% 17.38% 17.04% 17.67% 9.36% 9.89% 8.97% 9.41%
with surrender charge 10.55% 11.18% 10.86% 11.49% 8.77% 9.31% 8.97% 9.41%
Money Market*** (7/29/85) 7 Day Yield 7 Day Effective Yield
----------- ---------------------
4.33% 4.42%
1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
---------------- ---------------- ---------------- ----------------
LBG/CI**** 11.80% 12.76% 9.61% 9.96%
LLG/CI**** 17.72% 19.28% 11.66% 12.01%
<CAPTION>
Subaccount Average Annual Return
------------------------------
Life of Fund
Since Inception - 6/30/95
$1,000 $25,000
Investment Investment*
---------- -----------
<S> <C> <C>
Equity (8/25/88)
without surrender charge 12.95% 13.40%
with surrender charge 12.73% 13.24%
Managed (8/25/88)
without surrender charge 17.15% 18.17%
with surrender charge 16.93% 18.05%
Small Cap (9/14/88)
without surrender charge 12.22% 12.77%
with surrender charge 11.97% 12.60%
International Growth (11/18/94)
without surrender charge -1.68% -1.68%
with surrender charge -8.19% -8.00%
High Yield Bond (11/18/94)
without surrender charge 9.97% 9.97%
with surrender charge 3.46% 3.73%
S & P 500** 9/1/88 - 6/30/95
----------------
14.9%
Government Securities (5/1/91)
without surrender charge 5.58% 5.72%
with surrender charge 4.65% 4.83%
Intermediate Term Bond (3/1/85)
without surrender charge 7.32% 7.71%
with surrender charge 7.32% 7.71%
Long Term Bond (3/20/85)
without surrender charge 9.82% 10.21%
with surrender charge 9.82% 10.21%
Money Market*** (7/29/85)
3/1/85 - 6/30/95
----------------
LBG/CI**** 10.67%
LLG/CI**** 13.09%
</TABLE>
The Performance data quoted represents past performance. The investment returns
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
For more information about MONYMaster ask your MONY Securities Registered
Representative for a Prospectus which includes charges and expenses. Please read
the Prospectus carefully before investing or sending money.
Total returns with surrender charges include deductions for all separate account
charges and contingent deferred sales charges. Total returns without surrender
charges reflect all charges except surrender charges. Maximum surrender charge
is 7%.
*Parallel numbers shown for a $25,000 investment, representing an average
purchase payment for the MONYMaster contract issued during this period.
<PAGE>
These returns represent Mutual of New York's U.I.T. returns and were calculated
according to SEC rules. Returns include capital appreciation (depreciation),
realized gains (losses), plus dividend or interest income and do not take into
account personal income taxes or penalty taxes which may become payable under
federal, state and local tax laws. All inception dates of the subaccounts are
listed in parentheses.
**STANDARD & POOR'S 500 STOCK INDEX DATA USED WAS OBTAINED THROUGH EVALUATION
ASSOCIATES, INC. THIS IS AN UNMANAGED GROUP OF SECURITIES LISTED TO PROVIDE A
BASIS FOR COMPARISON ONLY, AND DO NOT REFLECT CHARGES AND EXPENSES OF THE TYPE
CHARGED TO THE PURCHASE OF THE MONYMASTER.
***Investments made into the Money Market subaccount and Government Securities
subaccount are not insured or guaranteed by the U.S. Government. There is no
assurance that the Money Market fund will maintain a steady net asset value.
****LEHMAN BROTHERS GOVERNMENT/CORPORATE INDEX AND LEHMAN LONG
GOVERNMENT/CORPORATE INDEX DATA USED WAS OBTAINED THROUGH LEHMAN BROTHERS "THE
BOND MARKET REPORT." THE ANNUAL TOTAL RATE OF RETURN WAS CALCULATED BY MONY
CAPITAL MANAGEMENT BASED ON LBG/CI AND LLG/CI FOR THE INDICATED PERIODS. THIS
IS AN UNMANAGED GROUP OF SECURITIES LISTED TO PROVIDE A BASIS FOR COMPARISON
ONLY, AND DO NOT REFLECT CHARGES AND EXPENSES OF THE TYPE CHARGED TO THE
PURCHASE OF THE MONYMASTER.
MONYMaster is a flexible payment variable annuity issued by the Mutual Life
Insurance Company of New York.
Securities offered through MONY Securities Corporation, (Member NASD/SIPC),
1740 Broadway, New York, New York 10019. 1-800-736-0166.
<PAGE>
<TABLE><CAPTION>
Mutual of New York
MONYMASTER
Flexible Payment Variable Annuity
Historical Return Data as of June 30, 1995
Subaccount Year-to-Date Previous Average Annual Return
----------------------------------------------
12 Months 5 Year Period 10 Year Period
1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
$1,000 $25,000 $1,000 $25,000 $1,000 $25,000 $1,000 $25,000
Investment Investment* Investment Investment* Investment Investment* Investment Investment*
---------- ----------- ---------- ----------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Equity (8/25/88)
without surrender charge 20.87% 20.87% 23.88% 24.56% 12.81% 13.36% N/A N/A
with surrender charge 14.01% 14.69% 17.75% 18.43% 12.30% 12.87% N/A N/A
Managed (8/29/88)
without surrender charge 29.83% 29.83% 28.35% 29.89% 16.58% 17.62% N/A N/A
with surrender charge 22.13% 23.68% 22.25% 23.80% 16.07% 17.22% N/A N/A
Small Cap (9/22/88)
without surrender charge 4.26% 4.26% 10.92% 11.67% 13.11% 13.68% N/A N/A
with surrender charge -2.79% -2.04% 4.69% 5.45% 12.61% 13.19% N/A N/A
International Growth (11/18/94)
without surrender charge -0.75% -0.75% N/A N/A N/A N/A N/A N/A
with surrender charge -7.23% -7.06% N/A N/A N/A N/A N/A N/A
High Yield Bond (11/18/94)
without surrender charge 9.75% 9.75% N/A N/A N/A N/A N/A N/A
with surrender charge 3.17% 3.51% N/A N/A N/A N/A N/A N/A
S & P 500** 1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
---------------- ---------------- ---------------- ----------------
20.2% 26.1% 12.1% N/A
Government Securities (5/1/91)
without surrender charge 5.98% 5.98% 5.67% 5.79% N/A N/A N/A N/A
with surrender charge -0.41% -0.29% -0.59% -0.47% N/A N/A N/A N/A
Intermediate Term Bond (3/1/85)
without surrender charge 8.79% 8.79% 8.40% 9.03% 6.46% 7.00% 6.61% 7.08%
with surrender charge 1.90% 2.52% 2.16% 2.79% 5.78% 6.33% 6.61% 7.08%
Long Term Bond (3/20/85)
without surrender charge 17.38% 17.38% 16.93% 17.66% 9.27% 9.89% 8.89% 9.40%
with surrender charge 10.44% 11.17% 10.75% 11.49% 8.67% 9.31% 8.89% 9.40%
Money Market*** (7/29/85) 7 Day Yield 7 Day Effective Yield
----------- ---------------------
4.34% 4.43%
1/1/95 - 6/30/95 7/1/94 - 6/30/95 7/1/90 - 6/30/95 7/1/85 - 6/30/95
---------------- ---------------- ---------------- ----------------
LBG/CI**** 11.80% 12.76% 9.61% 9.96%
LLG/CI**** 17.72% 19.28% 11.66% 12.01%
<CAPTION>
Subaccount
Average Annual Return
------------------------------
Life of Fund
Since Inception - 6/30/95
$1,000 $25,000
Investment Investment*
<S> ---------- -----------
Equity (8/25/88) <C> <C>
without surrender charge 12.97% 13.43%
with surrender charge 12.76% 13.27%
Managed (8/29/88)
without surrender charge 17.25% 18.19%
with surrender charge 17.04% 18.08%
Small Cap (9/22/88)
without surrender charge 12.27% 12.78%
with surrender charge 12.03% 12.61%
International Growth (11/18/94)
without surrender charge -1.68% -1.68%
with surrender charge -8.16% -8.00%
High Yield Bond (11/18/94)
without surrender charge 10.17% 10.17%
with surrender charge 3.58% 3.92%
S & P 500** 9/1/88 - 6/30/95
----------------
14.9%
Government Securities (5/1/91)
without surrender charge 5.57% 5.68%
with surrender charge 4.65% 4.78%
Intermediate Term Bond (3/1/85)
without surrender charge 7.29% 7.71%
with surrender charge 7.29% 7.71%
Long Term Bond (3/20/85)
without surrender charge 9.75% 10.21%
with surrender charge 9.75% 10.21%
Money Market*** (7/29/85)
3/1/85 - 6/30/95
----------------
LBG/CI**** 10.67%
LLG/CI**** 13.09%
</TABLE>
The Performance data quoted represents past performance. The investment returns
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
For more information about MONYMaster ask your MONY Securities Registered
Representative for a Prospectus which includes charges and expenses. Please read
the Prospectus carefully before investing or sending money.
Total returns with surrender charges include deductions for all separate account
charges and contingent deferred sales charges. Total returns without surrender
charges reflect all charges except surrender charges. Maximum surrender charge
is 7%.
*Parallel numbers shown for a $25,000 investment, representing an average
purchase payment for the MONYMaster contract issued during this period.
<PAGE>
These returns represent MONY Life of America's U.I.T. returns and were
calculated according to SEC rules. Returns include capital appreciation
(depreciation), realized gains (losses), plus dividend or interest income and
do not take into account personal income taxes or penalty taxes which may
become payable under federal, state and local tax laws. All inception dates of
the subaccounts are listed in parentheses.
**STANDARD & POOR'S 500 STOCK INDEX DATA USED WAS OBTAINED THROUGH EVALUATION
ASSOCIATES, INC. THIS IS AN UNMANAGED GROUP OF SECURITIES LISTED TO PROVIDE A
BASIS FOR COMPARISON ONLY, AND DO NOT REFLECT CHARGES AND EXPENSES OF THE TYPE
CHARGED TO THE PURCHASE OF THE MONYMASTER.
***Investments made into the Money Market subaccount and Government Securities
subaccount are not insured or guaranteed by the U.S. Government. There is no
assurance that the Money Market fund will maintain a steady net asset value.
****LEHMAN BROTHERS GOVERNMENT/CORPORATE INDEX AND LEHMAN LONG
GOVERNMENT/CORPORATE INDEX DATA USED WAS OBTAINED THROUGH LEHMAN BROTHERS "THE
BOND MARKET REPORT." THE ANNUAL TOTAL RATE OF RETURN WAS CALCULATED BY MONY
CAPITAL MANAGEMENT BASED ON LBG/CI AND LLG/CI FOR THE INDICATED PERIODS. THIS
IS AN UNMANAGED GROUP OF SECURITIES LISTED TO PROVIDE A BASIS FOR COMPARISON
ONLY, AND DO NOT REFLECT CHARGES AND EXPENSES OF THE TYPE CHARGED TO THE
PURCHASE OF THE MONYMASTER.
MONYMaster is a flexible payment variable annuity issued by MONY Life Insurance
Company of America, an Arizona stock company not licensed to solicit or transact
business in New York.
Securities offered through MONY Securities Corporation, (Member NASD/SIPC),
1740 Broadway, New York, New York 10019. 1-800-736-0166.
<PAGE>
MONY SERIES FUND, INC.
1740 BROADWAY
NEW YORK, NEW YORK 10019
DIRECTORS AND PRINCIPAL OFFICERS
Kenneth M. Levine Chairman, President and Director
Joel Davis Director
Michael J. Drabb Director
Alan J. Hartnick Director
Floyd L. Smith Director
Edward E. Hill Vice President-Compliance
David V. Weigel Treasurer
John P. Keller Controller
Frederick C. Tedeschi Secretary
INVESTMENT ADVISER
MONY Life Insurance Co. of America
1740 Broadway
New York, New York 10019
PRINCIPAL UNDERWRITER AND DISTRIBUTOR
MONY Securities Corp.
1740 Broadway
New York, New York 10019
CUSTODIAN
Chemical Bank
277 Park Avenue
New York, New York 10172
TRANSFER AGENT
The Mutual Life Insurance Co. of New York
1740 Broadway
New York, New York 10019
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
1301 Avenue of the Americas
New York, New York 10019
