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SUPPLEMENT DATED AUGUST 7, 1996 TO
PROSPECTUS DATED MAY 1, 1996 FOR
GROUP FLEXIBLE PAYMENT
VARIABLE ANNUITY CONTRACTS
ISSUED BY
MONY VARIABLE ACCOUNT A
AND
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
This supplement updates certain information contained in the Prospectus
and, to the extent inconsistent, it supersedes it. You should attach this
supplement to the Prospectus and retain it with the Prospectus for future
reference. You may obtain an additional copy of the Prospectus, free of charge,
by writing to The Mutual Life Insurance Company of New York ("MONY") at the
address set out below.
The purpose of this supplement is to notify you of a proposal to substitute
shares of the U.S. Government Income Series ("U.S. Government Portfolio") of OCC
Accumulation Trust ("Trust") for shares of the Bond Series ("Bond Portfolio") of
the Trust.
On August 7, 1996, MONY filed an application with the Securities and
Exchange Commission ("Commission") requesting an order approving the
Substitution. Upon obtaining the order from the Commission approving the
Substitution, and subject to any prior approval by applicable insurance
authorities, MONY and MONY Variable Account A ("MONY Account") propose to effect
the Substitution as soon as is practicable, preferably no later than December
31, 1996.
MONY has proposed the Substitution to provide a transfer of the assets of
the Bond Portfolio that currently and in the future may be expected to be of
insufficient size to promote consistent investment performance or to reduce
operating expenses. The transfer of assets is also expected to assist MONY in
further expanding assets with resulting benefits to Contractowners.
A Contractowner, prior to the date of Substitution, may transfer his or her
Bond Portfolio Sub-Account value to any other sub-account of the MONY Account
without any limitation or charge being imposed. Moreover, following the
Substitution for a period of 30 days, MONY will permit transfers from the U.S.
Government Portfolio Sub-Account to any other sub-account of the MONY Account
without any limitation or charge being imposed. After 30 days, any transfers
from the U.S. Government Portfolio Sub-Account will be subject to the
restrictions described in the Prospectus.
A complete list of all Portfolios of the Trust in which the MONY Account
invests is set forth in the Prospectus. You may obtain a Prospectus by writing
to the Company at the address or telephone number set out below.
MONY believes, based on its review of existing federal income tax laws and
regulations, that the Substitution will not have any tax consequences to
Contractowners.
MONY will effect the Substitution by simultaneously placing an order to
redeem the shares of the Bond Portfolio and an order to purchase shares of the
U.S. Government Portfolio of the Trust. OpCap Advisors, the Trust's Manager,
will bear any expenses attributable to the Substitution. MONY will send affected
Contractowners a notice within five days after the Substitution.
ISSUED BY: THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DISTRIBUTED BY: MONY SECURITIES CORP.
1740 BROADWAY
NEW YORK, N.Y. 10019
1-800-487-6669
