<PAGE> 1
Supplement dated
October 14, 1997
MONYMaster Variable Annuity
Supplement to Prospectus Dated May 1, 1997
On page 5, the table of Annual Expenses for the MONY Series Fund for the year
ended December 31, 1996 is deleted and the following table is inserted:
MONY SERIES FUND, INC.
PRO FORMA ANNUAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1996
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
<TABLE>
<CAPTION>
LONG TERM GOVERNMENT
INTERMEDIATE TERM BOND SECURITIES MONEY MARKET
BOND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Expenses (After Reimbursement)*** .16% .13% .35% .21%
Management Fees .50%**** .50%**** .50%**** .40%
---- ---- ---- ----
Total MONY Series Fund, Inc.
Annual Expenses (After reimbursement) .66% .63% .85% .61%
==== ==== ==== ====
</TABLE>
On page 6, the note beginning *** to the Table of Fees is deleted and the
following notes are inserted:
*** Expenses reflect the reallocation of the fees and expenses associated
with the computation of the net asset value of the fund from MONY America to
the Fund which became effective on and after October 14, 1997. Expenses also
include custodial credit percentages as follows: Intermediate Term Bond --
.0061%; Long Term Bond -- .0046%; Government Securities -- .0243%; and Money
Market -- .0049%, which expenses are borne by the Investment Adviser pursuant
to the Investment Advisory Agreement.
**** Management Fees reflect investment advisory fees which became effective
on and after October 14, 1997. Prior thereto, the investment advisory fees were
.40%. (See "CHARGES AND DEDUCTIONS - Investment Advisory Fee" at page 23.)
On page 23, the second sentence of the first paragraph following the caption
"Investment Advisory Fee" is deleted and the following sentence is inserted:
MONY America, as investment adviser to the MONY Series Fund, will receive
monthly compensation with respect to the Intermediate Term Bond, Long Term
Bond, Government Securities, and Money Market Portfolios that it advises at an
annual rate of 0.50 percent of the first $400 million of the average daily net
assets of each of the Intermediate Term Bond, Long Term Bond and Government
Securities Portfolios and 0.40 percent of the first $400 million of the average
daily net assets of the Money Market Portfolio; 0.35 percent of the next $400
million of the average daily net assets for each of the MONY Series Fund
Portfolios; and 0.30 percent of the average daily net assets of each of the
MONY Series Fund Portfolios in excess of $800 million.
<PAGE> 2
On page 2 of the MONY Series Fund Prospectus, the first and second sentences of
the first paragraph following the caption "Investment Management Fees and
Expenses" are deleted and the following sentences are inserted:
MONY America's fee for its investment management services to the Intermediate
Term Bond, Long Term Bond, Government Securities, and Money Market Portfolios
of the Fund is a daily charge equal to an annual rate of 0.50 percent of the
first $400 million of the average daily net assets of each of the Intermediate
Term Bond, Long Term Bond and Government Securities Portfolios and 0.40 percent
of the first $400 million of the average daily net assets of the Money Market
Portfolio; 0.35 percent of the next $400 million of the average daily net
assets for each of the Fund's Portfolios; and 0.30 percent of the average daily
net assets of each of the Fund's Portfolios in excess of $800 million. MONY
America has agreed to bear all expenses associated with organizing the Fund,
the initial registration of its securities, and the compensation of the Fund's
directors, officers and employees who are interested persons of MONY America.
On page 14 of the MONY Series Fund Prospectus, the second, third and fourth
sentences of the second paragraph following the caption "Investment Management
Arrangements and Expenses" are deleted and the following sentences are
inserted:
The fee is a daily charge equal to an annual rate of 0.50 percent of the first
$400 million of the average daily net assets of each of the Intermediate Term
Bond, Long Term Bond and Government Securities Portfolios and 0.40 percent of
the first $400 million of the average daily net assets of the Money Market
Portfolio; 0.35 percent of the next $400 million of the average daily net
assets for each of the Fund's Portfolios; and 0.30 percent of the average daily
net assets of each of the Fund's Portfolios in excess of $800 million. MONY
America has agreed to bear all expenses (i) for the Fund's organization, (ii)
related to initial registration and qualification under federal and state
securities laws, and (iii) for compensation of the Fund's directors, officers
and employees who are interested persons (as defined by the 1940 Act) of MONY
America.
On page 15 of the MONY Series Fund Prospectus, the first sentence of the sixth
paragraph following the caption "Investment Management Arrangements and
Expenses" is deleted and the following sentence is inserted:
The Investment Advisory Agreement was initially approved by the Fund's Board of
Directors, including a majority of the non-interested directors (as defined by
the 1940 Act), on January 2, 1985, and an amended Investment Advisory Agreement
was approved on August 4, 1997.
Form No. 13455SL (10/97) 33-37722
