<PAGE> 1
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (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
---------- ---------- ------------ ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $147,422 $188,133 $6,400,969 $9,693,011 $289,688 $15,695,389 $1,391,171
======== ======== ========== ========== ======== =========== ==========
Investments in MONY Series Fund,
Inc., at net asset value
(Note 2)........................ $230,115 $262,575 $6,445,901 $9,780,871 $344,677 $15,695,389 $1,388,577
Amount due from MONY.............. 0 0 20 0 0 286,901 0
Amount due from MONY
Series Fund, Inc................ 0 0 3,480 1,506 0 52,265 0
-------- -------- ---------- ---------- -------- ----------- ----------
Total assets............. 230,115 262,575 6,449,401 9,782,377 344,677 16,034,555 1,388,577
-------- -------- ---------- ---------- -------- ----------- ----------
LIABILITIES
Amount due to MONY................ 0 0 3,480 1,506 0 52,265 0
Amount due to MONY Series
Fund, Inc....................... 0 0 20 0 0 286,901 0
-------- -------- ---------- ---------- -------- ----------- ----------
Total liabilities........ 0 0 3,500 1,506 0 339,166 0
-------- -------- ---------- ---------- -------- ----------- ----------
Net assets........................ $230,115 $262,575 $6,445,901 $9,780,871 $344,677 $15,695,389 $1,388,577
======== ======== ========== ========== ======== =========== ==========
Net assets consist of:
Contractholders' net payments... $ 64,801 $ 37,969 $5,117,687 $7,172,808 $142,882 $13,951,892 $1,362,769
Undistributed net investment
income........................ 31,108 99,233 1,304,108 2,238,991 98,450 1,743,497 17,174
Accumulated net realized gains
(losses) on investments....... 51,513 50,931 (20,826) 281,212 48,356 0 11,228
Unrealized appreciation
(depreciation) of
investments................... 82,693 74,442 44,932 87,860 54,989 0 (2,594)
-------- -------- ---------- ---------- -------- ----------- ----------
Net assets........................ $230,115 $262,575 $6,445,901 $9,780,871 $344,677 $15,695,389 $1,388,577
======== ======== ========== ========== ======== =========== ==========
Number of units outstanding*...... 8,004 10,174 391,273 503,258 15,561 1,099,929 127,356
-------- -------- ---------- ---------- -------- ----------- ----------
Net asset value per unit
outstanding..................... $ 28.75 $ 25.81 $ 16.47 $ 19.44 $ 22.15 $ 14.27 $ 10.90
======== ======== ========== ========== ======== =========== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
42
<PAGE> 2
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
---------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4).............. $22,107,314 $19,597,027 $144,263,188 $3,710,511 $1,709,216
=========== =========== ============ ========== ==========
Investments in Enterprise Accumulation
Trust at net asset value (Note 2)....... $27,897,817 $22,266,000 $184,843,049 $3,964,494 $1,693,214
Amount due from MONY...................... 59,658 5,096 67,440 750 249
Amount due from Enterprise Accumulation
Trust................................... 5,090 47,049 219,958 3 0
----------- ----------- ------------ ---------- ----------
Total assets.................... 27,962,565 22,318,145 185,130,447 3,965,247 1,693,463
----------- ----------- ------------ ---------- ----------
LIABILITIES
Amount due to MONY........................ 5,090 47,049 219,958 3 0
Amount due to Enterprise Accumulation
Trust................................... 59,658 5,096 67,440 750 249
----------- ----------- ------------ ---------- ----------
Total liabilities............... 64,748 52,145 287,398 753 249
----------- ----------- ------------ ---------- ----------
Net assets................................ $27,897,817 $22,266,000 $184,843,049 $3,964,494 $1,693,214
=========== =========== ============ ========== ==========
Net assets consist of:
Contractholders' net payments........... $18,389,365 $16,885,683 $115,151,474 $3,605,244 $1,598,982
Undistributed net investment income..... 1,183,465 1,707,924 11,705,319 62,405 92,041
Accumulated net realized gains on
investments.......................... 2,534,484 1,003,420 17,406,395 42,862 18,193
Unrealized appreciation (depreciation)
of investments....................... 5,790,503 2,668,973 40,579,861 253,983 (16,002)
----------- ----------- ------------ ---------- ----------
Net assets................................ $27,897,817 $22,266,000 $184,843,049 $3,964,494 $1,693,214
=========== =========== ============ ========== ==========
Number of units outstanding*.............. 938,328 847,818 4,827,806 332,170 143,265
----------- ----------- ------------ ---------- ----------
Net asset value per unit outstanding...... $ 29.73 $ 26.26 $ 38.29 $ 11.94 $ 11.82
=========== =========== ============ ========== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
43
<PAGE> 3
MONY
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
---------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............ $441,688 $562,519 $245,935 $265,794 $ 8,445,806
======== ======== ======== ======== ===========
Investments in OCC Accumulation Trust at
net asset value (Note 2).............. $441,688 $561,657 $339,037 $314,154 $12,049,907
Dividends receivable.................... 525 958 0 0 0
Amount due from OCC Accumulation
Trust................................. 0 0 0 0 1,207
-------- -------- -------- -------- -----------
Total assets.................. 442,213 562,615 339,037 314,154 12,051,114
-------- -------- -------- -------- -----------
LIABILITIES
Amount due to MONY...................... 0 0 0 0 1,207
-------- -------- -------- -------- -----------
Net assets.............................. $442,213 $562,615 $339,037 $314,154 $12,049,907
======== ======== ======== ======== ===========
Net assets consist of:
Contractholders' net payments......... $414,085 $478,764 $237,770 $230,126 $ 8,159,571
Undistributed net investment income... 28,128 81,549 3,452 13,753 75,427
Accumulated net realized gains on
investments........................ 0 3,164 4,713 21,915 210,808
Unrealized appreciation (depreciation)
of investments..................... 0 (862) 93,102 48,360 3,604,101
-------- -------- -------- -------- -----------
Net assets.............................. $442,213 $562,615 $339,037 $314,154 $12,049,907
======== ======== ======== ======== ===========
Number of units outstanding*............ 33,456 35,793 11,457 11,925 319,542
-------- -------- -------- -------- -----------
Net asset value per unit outstanding.... $ 13.22 $ 15.72 $ 29.59 $ 26.34 $ 37.71
======== ======== ======== ======== ===========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
44
<PAGE> 4
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (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
---------- ---------- ------------ ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income.................. $ 0 $ 494 $ 0 $ 0 $ 0 $ 377,453 $ 0
Mortality and expense risk
charges (Note 3)............... 1,385 1,619 42,532 61,670 2,046 94,810 7,784
-------- -------- ---------- ---------- -------- ----------- --------
Net investment income (loss)..... (1,385) (1,125) (42,532) (61,670) (2,046) 282,643 (7,784)
-------- -------- ---------- ---------- -------- ----------- --------
Realized and unrealized gains
(losses) on investments
(Note 2):
Proceeds from sales............ 3,792 6,254 2,270,959 1,909,449 6,986 35,486,973 395,279
Cost of shares sold............ 1,817 3,819 2,364,066 2,004,245 5,439 35,486,973 397,647
-------- -------- ---------- ---------- -------- ----------- --------
Net realized gains (losses) on
investments.................... 1,975 2,435 (93,107) (94,796) 1,547 0 (2,368)
Net increase (decrease) in
unrealized appreciation of
investments.................... 21,896 15,567 61,825 (563,422) 17,279 0 7,138
-------- -------- ---------- ---------- -------- ----------- --------
Net realized and unrealized gains
(losses) on investments........ 23,871 18,002 (31,282) (658,218) 18,826 0 4,770
-------- -------- ---------- ---------- -------- ----------- --------
Net increase (decrease) in net
assets resulting from
operations..................... $ 22,486 $ 16,877 $ (73,814) $ (719,888) $ 16,780 $ 282,643 $ (3,014)
======== ======== ========== ========== ======== =========== ========
</TABLE>
See notes to financial statements.
45
<PAGE> 5
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income................................... $ 0 $ 0 $ 0 $ 0 $ 57,476
Mortality and expense risk charges (Note 3)....... 155,554 128,206 1,056,469 18,473 8,995
---------- ---------- ----------- --------- --------
Net investment income (loss)...................... (155,554) (128,206) (1,056,469) (18,473) 48,481
---------- ---------- ----------- --------- --------
Realized and unrealized gains on investments (Note
2):
Proceeds from sales............................. 2,009,600 1,686,563 11,422,169 174,921 440,450
Cost of shares sold............................. 1,349,617 1,575,177 7,607,271 149,199 431,771
---------- ---------- ----------- --------- --------
Net realized gains on investments................. 659,983 111,386 3,814,898 25,722 8,679
Net increase (decrease) in unrealized appreciation
of investments.................................. 1,920,401 1,816,566 10,965,350 174,976 (28,464)
---------- ---------- ----------- --------- --------
Net realized and unrealized gains (losses) on
investments..................................... 2,580,384 1,927,952 14,780,248 200,698 (19,785)
---------- ---------- ----------- --------- --------
Net increase in net assets resulting from
operations...................................... $2,424,830 $1,799,746 $13,723,779 $ 182,225 $ 28,696
========== ========== ============ ========= ========
</TABLE>
See notes to financial statements.
46
<PAGE> 6
MONY
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
--------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income...................................... $9,585 $ 34,314 $ 8,381 $ 20,173 $247,649
Mortality and expense risk charges (Note 3).......... 2,740 4,938 1,978 2,213 73,318
------ -------- -------- -------- --------
Net investment income................................ 6,845 29,376 6,403 17,960 174,331
------ -------- -------- -------- --------
Realized and unrealized gains (losses) on investments
(Note 2):
Proceeds from sales................................ 7,793 265,168 2,122 169,711 368,452
Cost of shares sold................................ 7,793 265,487 1,481 151,567 252,774
------ -------- -------- -------- --------
Net realized gains (losses) on investments........... 0 (319) 641 18,144 115,678
Net increase (decrease) in unrealized appreciation of
investments........................................ 0 (48,805) 22,878 (9,511) 620,364
------ -------- -------- -------- --------
Net realized and unrealized gains (losses) on
investments........................................ 0 (49,124) 23,519 8,633 736,042
------ -------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations......................................... $6,845 $(19,748) $ 29,922 $ 26,593 $910,373
====== ======== ======== ======== ========
</TABLE>
See notes to financial statements.
47
<PAGE> 7
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
------------------------------------------------------------------------
INTERMEDIATE
EQUITY GROWTH EQUITY INCOME TERM BOND
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,
1996 1995 1996 1995 1996
------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)................. $ (1,385) $ 11,524 $ (1,125) $ 9,964 $ (42,532)
Net realized gains (losses) on investments... 1,975 6,495 2,435 9,575 (93,107)
Net increase (decrease) in unrealized
appreciation of investments................ 21,896 27,822 15,567 43,846 61,825
-------- -------- -------- -------- ----------
Net increase (decrease) in net assets resulting
from operations.............................. 22,486 45,841 16,877 63,385 (73,814)
-------- -------- -------- -------- ----------
From unit transactions:
Net proceeds from the issuance of units...... 0 14,140 528 0 1,679,151
Net asset value of units redeemed or used to
meet contract obligations.................. 2,407 13,354 4,635 41,390 1,780,765
-------- -------- -------- -------- ----------
Net increase (decrease) from unit
transactions................................. (2,407) 786 (4,107) (41,390) (101,614)
-------- -------- -------- -------- ----------
Net increase (decrease) in net assets.......... 20,079 46,627 12,770 21,995 (175,428)
Net assets beginning of period................. 210,036 163,409 249,805 227,810 6,621,329
-------- -------- -------- -------- ----------
Net assets end of period*...................... $230,115 $210,036 $262,575 $249,805 $6,445,901
======== ======== ======== ======== ==========
Units outstanding beginning of period.......... 8,091 8,121 10,336 12,401 398,283
Units issued during the period................. 0 602 20 0 101,610
Units redeemed during the period............... 87 632 182 2,065 108,620
-------- -------- -------- -------- ----------
Units outstanding end of period................ 8,004 8,091 10,174 10,336 391,273
======== ======== ======== ======== ==========
- ---------------
*Includes undistributed net investment income
of: $ 31,108 $ 32,493 $ 99,233 $100,358 $1,304,108
<CAPTION>
LONG TERM BOND
SUBACCOUNT
---------------------------
FOR THE FOR THE SIX FOR THE
YEAR ENDED MONTHS ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995
------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)................. $ 292,565 $ (61,670) $ 446,952
Net realized gains (losses) on investments... (25,477) (94,796) (2,381)
Net increase (decrease) in unrealized
appreciation of investments................ 502,043 (563,422) 1,758,079
---------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations.............................. 769,131 (719,888) 2,202,650
---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units...... 1,002,924 1,888,083 1,593,024
Net asset value of units redeemed or used to
meet contract obligations.................. 993,119 1,705,099 1,201,141
---------- ----------- -----------
Net increase (decrease) from unit
transactions................................. 9,805 182,984 391,883
---------- ----------- -----------
Net increase (decrease) in net assets.......... 778,936 (536,904) 2,594,533
Net assets beginning of period................. 5,842,393 10,317,775 7,723,242
---------- ----------- -----------
Net assets end of period*...................... $6,621,329 $ 9,780,871 $10,317,775
========== =========== ===========
Units outstanding beginning of period.......... 398,645 495,169 476,335
Units issued during the period................. 62,985 95,214 86,051
Units redeemed during the period............... 63,347 87,125 67,217
---------- ----------- -----------
Units outstanding end of period................ 398,283 503,258 495,169
========== =========== ===========
- ---------------
*Includes undistributed net investment income
of: $1,346,640 $ 2,238,991 $ 2,300,661
</TABLE>
See notes to financial statements.
48
<PAGE> 8
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC. (CONTINUED)
---------------------------------------------------------------------------------------
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
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,
1996 1995 1996 1995 1996 1995
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss).......... $ (2,046) $ 9,883 $ 282,643 $ 534,253 $ (7,784) $ 24,828
Net realized gains (losses) on
investments......................... 1,547 19,241 0 0 (2,368) 13,596
Net increase (decrease) in unrealized
appreciation of investments......... 17,279 34,672 0 0 7,138 (9,571)
-------- -------- ----------- ----------- ---------- --------
Net increase (decrease) in net assets
resulting from operations............. 16,780 63,796 282,643 534,253 (3,014) 28,853
-------- -------- ----------- ----------- ---------- --------
From unit transactions:
Net proceeds from the issuance of
units............................... 77,904 26,476 31,990,535 45,186,737 788,724 905,752
Net asset value of units redeemed or
used to meet contract obligations... 4,940 116,344 33,773,836 40,234,100 311,349 46,064
-------- -------- ----------- ----------- ---------- --------
Net increase (decrease) from unit
transactions.......................... 72,964 (89,868) (1,783,301) 4,952,637 477,375 859,688
-------- -------- ----------- ----------- ---------- --------
Net increase (decrease) in net assets... 89,744 (26,072) (1,500,658) 5,486,890 474,361 888,541
Net assets beginning of period.......... 254,933 281,005 17,196,047 11,709,157 914,216 25,675
-------- -------- ----------- ----------- ---------- --------
Net assets end of period*............... $344,677 $254,933 $15,695,389 $17,196,047 $1,388,577 $914,216
======== ======== =========== =========== ========== ========
Units outstanding beginning of period... 12,152 16,718 1,227,811 872,441 83,571 2,571
Units issued during the period.......... 3,635 1,375 2,262,499 3,284,314 72,579 85,300
Units redeemed during the period........ 226 5,941 2,390,381 2,928,944 28,794 4,300
-------- -------- ----------- ----------- ---------- --------
Units outstanding end of period......... 15,561 12,152 1,099,929 1,227,811 127,356 83,571
======== ======== =========== =========== ========== ========
- ---------------
*Includes undistributed net investment
income of: $ 98,450 $100,496 $ 1,743,497 $ 1,460,854 $ 17,174 $ 24,958
</TABLE>
See notes to financial statements.
49
<PAGE> 9
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------------------------------------
INTERNATIONAL
EQUITY SMALL CAP MANAGED GROWTH
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,
1996 1995 1996 1995 1996 1995 1996
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (155,554) $ 977,788 $ (128,206) $ 895,086 $ (1,056,469) $ 8,252,036 $ (18,473)
Net realized gains on
investments..................... 659,983 703,043 111,386 150,075 3,814,898 4,218,503 25,722
Net increase (decrease) in
unrealized appreciation of
investments..................... 1,920,401 3,414,730 1,816,566 785,984 10,965,350 28,860,483 174,976
----------- ----------- ----------- ----------- ------------ ------------ ----------
Net increase in net assets
resulting from operations......... 2,424,830 5,095,561 1,799,746 1,831,145 13,723,779 41,331,022 182,225
----------- ----------- ----------- ----------- ------------ ------------ ----------
From unit transactions:
Net proceeds from the issuance of
units........................... 5,179,944 5,740,714 2,184,804 4,091,027 29,738,526 35,331,913 1,960,876
Net asset value of units redeemed
or used to meet contract
obligations..................... 1,126,607 2,181,404 1,141,520 2,597,244 8,152,264 12,561,716 52,828
----------- ----------- ----------- ----------- ------------ ------------ ----------
Net increase from unit
transactions...................... 4,053,337 3,559,310 1,043,284 1,493,783 21,586,262 22,770,197 1,908,048
----------- ----------- ----------- ----------- ------------ ------------ ----------
Net increase in net assets......... 6,478,167 8,654,871 2,843,030 3,324,928 35,310,041 64,101,219 2,090,273
Net assets beginning of period..... 21,419,650 12,764,779 19,422,970 16,098,042 149,533,008 85,431,789 1,874,221
----------- ----------- ----------- ----------- ------------ ------------ ----------
Net assets end of period*.......... $27,897,817 $21,419,650 $22,266,000 $19,422,970 $184,843,049 $149,533,008 $3,964,494
=========== =========== =========== =========== ============ ============ ==========
Units outstanding beginning of
period............................ 798,552 651,102 807,452 742,341 4,253,824 3,528,618 167,074
Units issued during the period..... 178,869 242,264 86,395 182,069 794,925 1,137,075 169,716
Units redeemed during the period... 39,093 94,814 46,029 116,958 220,943 411,869 4,620
----------- ----------- ----------- ----------- ------------ ------------ ----------
Units outstanding end of period.... 938,328 798,552 847,818 807,452 4,827,806 4,253,824 332,170
=========== =========== =========== =========== ============ ============ ==========
- ---------------
*Includes undistributed net
investment income of: $ 1,183,465 $ 1,339,019 $ 1,707,924 $ 1,836,130 $ 11,705,319 $ 12,761,788 $ 52,405
<CAPTION>
HIGH YIELD
BOND
SUBACCOUNT
--------------------------
FOR THE FOR THE SIX FOR THE
YEAR ENDED MONTHS ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995
------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C>
From operations:
Net investment income (loss)...... $ 81,000 $ 48,481 $ 42,638
Net realized gains on
investments..................... 17,598 8,679 9,514
Net increase (decrease) in
unrealized appreciation of
investments..................... 76,868 (28,464) 11,925
---------- ---------- ----------
Net increase in net assets
resulting from operations......... 175,466 28,696 64,077
---------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of
units........................... 1,635,614 823,654 870,043
Net asset value of units redeemed
or used to meet contract
obligations..................... 127,032 227,001 13,019
---------- ---------- ----------
Net increase from unit
transactions...................... 1,508,582 596,653 857,024
---------- ---------- ----------
Net increase in net assets......... 1,684,048 625,349 921,101
Net assets beginning of period..... 190,173 1,067,865 146,764
---------- ---------- ----------
Net assets end of period*.......... $1,874,221 $1,693,214 $1,067,865
========== ========== ==========
Units outstanding beginning of
period............................ 19,197 92,358 14,621
Units issued during the period..... 160,171 70,365 78,634
Units redeemed during the period... 12,294 19,458 897
---------- ---------- ----------
Units outstanding end of period.... 167,074 143,265 92,358
========== ========== ==========
- ---------------
*Includes undistributed net
investment income of: $ 80,878 $ 92,041 $ 43,560
</TABLE>
See notes to financial statements.
50
<PAGE> 10
MONY
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
----------------------------------------------------------------------------------
MONEY MARKET BOND EQUITY
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,
1996 1995 1996 1995 1996 1995
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 6,845 $ 17,046 $ 29,376 $ 39,877 $ 6,403 $ (2,184)
Net realized gains (losses) on
investments...................... 0 0 (319) 3,624 641 4,084
Net increase (decrease) in
unrealized appreciation of
investments...................... 0 0 (48,805) 66,019 22,878 75,352
-------- -------- --------- --------- -------- --------
Net increase (decrease) in net
assets resulting from operations... 6,845 17,046 (19,748) 109,520 29,922 77,252
-------- -------- --------- --------- -------- --------
From unit transactions:
Net proceeds from the issuance of
units............................ 2,325 416,556 15,520 4,079 15,000 29,438
Net asset value of units redeemed
or used to meet contract
obligations...................... 5,053 469,730 265,310 140,292 144 19,982
-------- -------- --------- --------- -------- --------
Net increase (decrease) from unit
transaction........................ (2,728) (53,174) (249,790) (136,213) 14,856 9,456
-------- -------- --------- --------- -------- --------
Net increase (decrease) in net
assets............................. 4,117 (36,128) (269,538) (26,693) 44,778 86,708
Net assets beginning of period...... 438,096 474,224 832,153 858,846 294,259 207,551
-------- -------- --------- --------- -------- --------
Net assets end of period*........... $442,213 $438,096 $ 562,615 $ 832,153 $339,037 $294,259
======== ======== ========= ========= ======== ========
Units outstanding beginning of
period............................. 33,665 37,816 51,825 60,890 10,944 10,593
Units issued during the period...... 177 32,841 650 274 518 1,189
Units redeemed during the period.... 386 36,992 16,682 9,339 5 838
-------- -------- --------- --------- -------- --------
Units outstanding end of period..... 33,456 33,665 35,793 51,825 11,457 10,944
======== ======== ========= ========= ======== ========
- ---------------
*Includes undistributed net
investment income (loss) of: $ 28,128 $ 21,283 $ 81,549 $ 52,173 $ 3,452 $ (2,951)
<CAPTION>
SUBACCOUNT SUBACCOUNT
-------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1965
------------ ------------ ------------ -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)....... $ 17,960 $ (2,938) $ 174,331 $ (70,749)
Net realized gains (losses) on
investments...................... 18,144 3,823 115,678 101,433
Net increase (decrease) in
unrealized appreciation of
investments...................... (9,511) 58,016 620,364 3,336,819
---------- ---------- ----------- -----------
Net increase (decrease) in net
assets resulting from operations... 26,593 58,901 910,373 3,367,503
---------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of
units............................ 5,000 59,056 254,068 514,537
Net asset value of units redeemed
or used to meet contract
obligations...................... 167,498 60,028 172,625 465,075
---------- ---------- ----------- -----------
Net increase (decrease) from unit
transaction........................ (162,498) (972) 81,443 49,462
---------- ---------- ----------- -----------
Net increase (decrease) in net
assets............................. (135,905) 57,929 991,816 3,416,965
Net assets beginning of period...... 450,059 392,130 11,058,091 7,641,126
---------- ---------- ----------- -----------
Net assets end of period*........... $ 314,154 $ 450,059 $12,049,907 $11,058,091
========== ========== =========== ===========
Units outstanding beginning of
period............................. 18,419 18,271 317,313 315,452
Units issued during the period...... 188 2,780 7,277 17,915
Units redeemed during the period.... 6,682 2,632 5,048 16,054
---------- ---------- ----------- -----------
Units outstanding end of period..... 11,925 18,419 319,542 317,313
========== ========== =========== ===========
- ---------------
*Includes undistributed net
investment income (loss) of: $ 13,753 $ (4,207) $ 75,427 $ (98,904)
</TABLE>
See notes to financial statements.
51
<PAGE> 11
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.
("Fund"), Enterprise Accumulation Trust ("Enterprise") or the OCC Accumulation
Trust ("OCC") (formerly the Quest for Value Accumulation Trust) collectively,
the "Funds". The Funds are registered under the 1940 Act as open end,
diversified, management investment companies.
A full presentation of the related financial statements and footnotes of
the Fund, Enterprise and OCC are contained on pages 55 to 82; 83 to 109; and 110
to 130; respectively, and should be read in conjunction with these financial
statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of each of the respective portfolios is stated at
the net asset values of each portfolio. Except for the Money Market Portfolio,
net asset values are based upon market quotations of the securities held in each
of the corresponding portfolios of the Funds. For the Money Market Portfolio,
the net asset values are based on the amortized cost of the securities held
which approximates value.
3. RELATED PARTY TRANSACTIONS
MONY is the legal holder of the assets held by the Variable Account.
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 all subaccounts for 1996 was $97,960.
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 Fund, it receives amounts paid by the Fund for those
services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
52
<PAGE> 12
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1996 (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
--------- --------- ------------ ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares...................... 8,365 12,739 626,427 801,069 16,217 17,196,047 89,541
Amount...................... $ 149,239 $ 190,930 $6,638,222 $9,666,493 $ 217,223 $17,196,047 $ 923,948
--------- -------- ---------- ---------- -------- ----------- ----------
Shares acquired:
Shares...................... 0 25 201,986 165,466 4,847 33,608,862 85,013
Amount...................... $ 0 $ 528 $2,126,813 $2,030,763 $ 77,904 $33,608,862 $ 864,870
Shares received for
reinvestment of dividends:
Shares...................... 0 24 0 0 0 377,453 0
Amount...................... $ 0 $ 494 $ 0 $ 0 $ 0 $ 377,453 $ 0
Shares redeemed:
Shares...................... 140 302 216,847 157,530 424 35,486,973 38,951
Amount...................... $ 1,817 $ 3,819 $2,364,066 $2,004,245 $ 5,439 $35,486,973 $ 397,647
--------- -------- ---------- ---------- -------- ----------- ----------
Net change:
Shares...................... (140) (253) (14,861) 7,936 4,423 (1,500,658) 46,062
Amount...................... $ (1,817) $ (2,797) $ (237,253) $ 26,518 $ 72,465 $(1,500,658) $ 467,223
--------- -------- ---------- ---------- -------- ----------- ----------
Shares end of period:
Shares...................... 8,225 12,486 611,566 809,005 20,640 15,695,389 135,603
Amount...................... $ 147,422 $ 188,133 $6,400,969 $9,693,011 $ 289,688 $15,695,389 $1,391,171
========= ======== ========== ========== ======== =========== ==========
</TABLE>
Investments in Enterprise Accumulation Trust, Inc. at cost, at June 30,
1996 (unaudited) consist of the following:
<TABLE>
<CAPTION>
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares....................................... 917,330 1,051,027 5,329,045 347,622 201,105
Amount....................................... $17,549,548 $18,570,563 $119,918,497 $ 1,795,214 $1,055,403
----------- ----------- ------------ ----------- ----------
Shares acquired:
Shares....................................... 233,773 133,491 1,065,786 370,662 194,162
Amount....................................... $ 5,907,383 $ 2,601,641 $ 31,951,962 $ 2,064,496 $1,028,108
Shares received for reinvestment of dividends:
Shares....................................... 0 0 0 0 10,864
Amount....................................... $ 0 $ 0 $ 0 $ 0 $ 57,476
Shares redeemed:
Shares....................................... 79,758 87,671 383,675 31,297 83,613
Amount....................................... $ 1,349,617 $ 1,575,177 $ 7,607,271 $ 149,199 $ 431,771
----------- ----------- ------------ ----------- ----------
Net change:
Shares....................................... 154,015 45,280 682,111 339,365 121,413
Amount....................................... $ 4,557,766 $ 1,026,464 $ 24,344,691 $ 1,915,297 $ 653,813
----------- ----------- ------------ ----------- ----------
Shares end of period:
Shares....................................... 1,071,345 1,096,847 6,011,156 686,987 322,518
Amount....................................... $22,107,314 $19,597,027 $144,263,188 $ 3,710,511 $1,709,216
=========== =========== ============ =========== ==========
</TABLE>
53
<PAGE> 13
MONY
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investments in OCC Accumulation Trust, Inc. at cost, at June 30, 1996
(unaudited) consist of the following:
<TABLE>
<CAPTION>
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares.................................................. 437,924 83,268 11,747 22,605 366,891
Amount.................................................. $ 437,924 $ 783,901 $ 224,035 $ 392,188 $8,074,354
--------- --------- --------- --------- ----------
Shares acquired:
Shares.................................................. 2,325 1,048 569 240 11,962
Amount.................................................. $ 2,325 $ 10,440 $ 15,000 $ 5,000 $ 376,577
Shares received for reinvestment of dividends:
Shares.................................................. 9,232 3,488 325 1,027 8,012
Amount.................................................. $ 9,232 $ 33,665 $ 8,381 $ 20,173 $ 247,649
Shares redeemed:
Shares.................................................. 7,793 28,243 80 8,666 11,595
Amount.................................................. $ 7,793 $ 265,487 $ 1,481 $ 151,567 $ 252,774
--------- --------- --------- --------- ----------
Net change:
Shares.................................................. 3,764 (23,707) 814 (7,399) 8,379
Amount.................................................. $ 3,764 $(221,382) $ 21,900 $(126,394) $ 371,452
--------- --------- --------- --------- ----------
Shares end of period:
Shares.................................................. 441,688 59,561 12,561 15,206 375,270
Amount.................................................. $ 441,688 $ 562,519 $ 245,935 $ 265,794 $8,445,806
========= ========= ========= ========= ==========
</TABLE>
54
