<PAGE> 1
MONY SERIES FUND, INC.,
ENTERPRISE ACCUMULATION TRUST
AND
OCC
ACCUMULATION TRUST
1996 SEMI-ANNUAL REPORT
PRODUCTS:
MONYMASTER
MONYEQUITY MASTER
VALUEMASTER
MONYVESTOR
STRATEGIST
- --------------------------------------------------------------------------------
---------LOGO
- --------------------------------------------------------------------------------
<PAGE> 2
The historical returns for the Portfolios take into account expenses incurred by
the Portfolios, but not other charges imposed by the Variable Accounts. An
investor may not invest directly into the MONY Series Fund, Inc. or Enterprise
Accumulation Trust Portfolios. Actual returns for the variable product you own
would therefore be lower. Of course, past performance does not guarantee future
results.
This report is not to be construed as an offering for sale of any contracts
participating in the MONY Series Fund, Inc., Enterprise Accumulation Trust or
the OCC Accumulation Trust, or as a solicitation as an offer to buy any such
contracts unless preceded by or accompanied by the most recent calendar quarter
MONYMaster, MONYEquity Master or ValueMaster performance and a current
MONYMaster, MONYEquity Master or ValueMaster prospectus which contains more
complete information of charges and expenses.
The information provided on the MONYVestor and Strategist are for those
contracts that are inforce. These products are no longer available to the
general public.
<PAGE> 3
ISSUED BY:
MONY LIFE INSURANCE COMPANY OF AMERICA
(An Arizona Stock Corporation)
(not licensed to solicit or transact
business in New York)
1740 Broadway, New York, NY 10019
or in New York,
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
1740 Broadway, New York, NY 10019
DISTRIBUTOR OF MONYMASTER AND MONYEQUITY MASTER:
MONY SECURITIES CORP.
1740 Broadway, New York, NY 10019
(Member NASD, SIPC)
<PAGE> 4
MONY SERIES FUND, INC.
Dear Shareholder,
After a strong first half, which followed a very strong 1995, the stock
market has recently experienced a sharp decline. Many investors felt that the
market was due for a correction or consolidation after such strong recent
performance, but as usual the timing and volatility of the decline came as a
surprise.
The financial markets had become more uncertain on the near term outlook at
the end of the second quarter. The bond market had been very concerned that
growth was too strong and that rising inflation was a threat. Each economic news
release produced an instant reaction in interest rates; strength drove rates up,
weakness drove them lower.
The stock market generally reacted along with bonds but ironically also
began to worry about corporate earnings. The market seemed to be concerned about
too strong and too weak at the same time. The concern actually was that the bond
market's negative reaction to good news could push interest rates high enough to
cause problems for economic growth and thus for corporate earnings.
In addition, speculation, especially in small technology stocks, had been
increasing and by the end of the second quarter had become excessive. Money
poured into emerging growth and small capitalization funds, initial public
offerings increased and anything to do with the Internet soared in price.
Enthusiasm outran reality, valuations got way ahead of fundamentals and the
market decline is tempering some of the speculative excesses.
This decline is thus far viewed as a correction rather than the beginning
of a major bear market. It could turn into a more serious decline, especially if
redemptions from mutual funds were to increase enough to force sales of stocks
to meet them. But as of now, the preconditions for a major decline are not
present in the strength usually seen at a market peak.
The economy and corporate profits are expected to moderate from the pace of
the first half, but not collapse. The Federal Reserve could move rates up a bit,
but is not expected to aggressively tighten credit. Inflation could become a
problem, but it is not a problem now and long term interest rates have eased
from their peak levels. Stock speculation has been extreme, this is the one
measure that has been at market peak intensity, but the recent selloff should
temper some of the excessive enthusiasm.
The decline has improved stock market valuations, but it is difficult to
see the market making a complete turn and moving to new highs. It should rally
from the lows, but then is likely to back and fill or consolidate to digest the
changed conditions in the economy and the market. The bond market, which had its
own correction earlier in the year, has become more attractive in the slower
growth environment anticipated in the second half.
Sincerely,
/s/ KENNETH M. LEVINE
---------------------------------
Kenneth M. Levine
Chairman
1
<PAGE> 5
THE MONY SERIES FUND, INC.,
ENTERPRISE ACCUMULATION TRUST
AND
OCC ACCUMULATION TRUST
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
VARIABLE ACCOUNT L
MONY America
Statements of Assets and Liabilities as of June 30, 1996.................... 5
Statements of Operations as of June 30, 1996................................ 7
Statements of Changes in Net Assets......................................... 9
Notes to Financial Statements............................................... 12
MONY
Statements of Assets and Liabilities as of June 30, 1996.................... 14
Statements of Operations as of June 30, 1996................................ 15
Statements of Changes in Net Assets......................................... 16
Notes to Financial Statements............................................... 17
VARIABLE ACCOUNT S
MONY America
Statements of Assets and Liabilities as of June 30, 1996.................... 19
Statements of Operations as of June 30, 1996................................ 20
Statements of Changes in Net Assets......................................... 21
Notes to Financial Statements............................................... 22
MONY
Statements of Assets and Liabilities as of June 30, 1996.................... 24
Statements of Operations as of June 30, 1996................................ 25
Statements of Changes in Net Assets......................................... 26
Notes to Financial Statements............................................... 27
VARIABLE ACCOUNT A
MONY America
Statements of Assets and Liabilities as of June 30, 1996.................... 29
Statements of Operations as of June 30, 1996................................ 32
Statements of Changes in Net Assets......................................... 35
Notes to Financial Statements............................................... 39
MONY
Statements of Assets and Liabilities as of June 30, 1996.................... 42
Statements of Operations as of June 30, 1996................................ 45
Statements of Changes in Net Assets......................................... 48
Notes to Financial Statements............................................... 52
</TABLE>
2
<PAGE> 6
<TABLE>
<CAPTION>
PAGE
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<S> <C>
MONY SERIES FUND, INC.
Equity Growth Portfolio (MONYMaster I, MONYVestor and Strategist)................ 55
Equity Income Portfolio (MONYMaster I, MONYVestor and Strategist)................ 55
Intermediate Term Bond Portfolio (MONYEquity Master, MONYMaster I&II, MONYVestor
and Strategist)................................................................ 55
Long Term Bond Portfolio (MONYEquity Master, MONYMaster I&II, MONYVestor and
Strategist)..................................................................... 56
Diversified Portfolio (MONYMaster I, MONYVestor and Strategist).................. 56
Government Securities Bond Portfolio (MONYEquity Master, MONYMaster II).......... 57
Money Market Portfolio (MONYEquity Master, MONYMaster I&II, MONYVestor and
Strategist)..................................................................... 57
Equity Growth Portfolio of Investments (MONYMaster I, MONYVestor and
Strategist)..................................................................... 58
Equity Income Portfolio of Investments (MONYMaster I, MONYVestor and
Strategist)..................................................................... 60
Intermediate Term Bond Portfolio of Investments (MONYEquity Master, MONYMaster
I&II, MONYVestor and Strategist)................................................ 62
Long Term Bond Portfolio of Investments (MONYEquity Master, MONYMaster I&II,
MONYVestor and Strategist)...................................................... 63
Diversified Portfolio of Investments (MONYMaster I, MONYVestor and Strategist)... 64
Government Securities Bond Portfolio of Investments (MONYEquity Master,
MONYMaster II).................................................................. 66
Money Market Portfolio of Investments (MONYEquity Master, MONYMaster I&II,
MONYVestor and Strategist)...................................................... 67
Statements of Assets and Liabilities as of June 30, 1996......................... 68
Statements of Operations as of June 30, 1996..................................... 69
Statements of Changes in Net Assets.............................................. 70
NOTES TO FINANCIAL STATEMENTS.................................................... 72
FINANCIAL HIGHLIGHTS............................................................. 76
ENTERPRISE ACCUMULATION TRUST
Equity Portfolio (MONYEquity Master, MONYMaster II).............................. 83
Small Cap Portfolio (MONYEquity Master, MONYMaster II)........................... 83
Managed Portfolio (MONYEquity Master, MONYMaster II)............................. 84
International Growth Portfolio (MONYEquity Master, MONYMaster II)................ 84
High Yield Bond Portfolio (MONYEquity Master, MONYMaster II)..................... 85
Equity Portfolio Schedule of Investments (MONYEquity Master, MONYMaster II)...... 86
Small Cap Portfolio Schedule of Investments (MONYEquity Master, MONYMaster II)... 87
Managed Portfolio Schedule of Investments (MONYEquity Master, MONYMaster II)..... 89
International Growth Portfolio Schedule of Investments (MONYEquity Master,
MONYMaster II).................................................................. 91
High Yield Bond Portfolio Schedule of Investments (MONYEquity Master, MONYMaster
II)............................................................................. 94
Statements of Assets and Liabilities as of June 30, 1996......................... 96
Statements of Operations as of June 30, 1996..................................... 97
Statements of Changes in Net Assets.............................................. 98
FINANCIAL HIGHLIGHTS............................................................. 100
NOTES TO FINANCIAL STATEMENTS.................................................... 105
</TABLE>
3
<PAGE> 7
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
OCC ACCUMULATION TRUST
Equity Portfolio (ValueMaster)................................................... 111
Small Cap Portfolio (ValueMaster)................................................ 112
Managed Portfolio (ValueMaster).................................................. 114
Bond Portfolio (ValueMaster)..................................................... 116
Money Market Portfolio (ValueMaster)............................................. 117
Equity Portfolio Schedule of Investments (ValueMaster)........................... 118
Small Cap Portfolio Schedule of Investments (ValueMaster)........................ 119
Managed Portfolio Schedule of Investments (ValueMaster).......................... 121
Bond Portfolio Schedule of Investments (ValueMaster)............................. 122
Money Market Portfolio Schedule of Investments (ValueMaster)..................... 123
Statements of Assets and Liabilities as of June 30, 1996......................... 124
Statements of Operations as of June 30, 1996..................................... 125
Statements of Changes in Net Assets.............................................. 126
NOTES TO FINANCIAL STATEMENTS.................................................... 127
FINANCIAL HIGHLIGHTS............................................................. 130
</TABLE>
4
<PAGE> 8
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
The economy is expected to grow at a slower pace in the second half and the
corporate earnings outlook is becoming less certain. As a result, cyclical
stocks--those which need strong economic growth and strong pricing--have been
reduced in weight in the Portfolio. Most are in the basic materials sector:
papers, forest products, some chemicals and metals have been cut back. Capital
spending, including technology remains as an overweight; but is more likely to
be reduced than increased in emphasis.
Stable growth stocks are being overweighted in this environment. This
includes healthcare, especially drugs, soft drinks and entertainment. Financial
stocks, especially banks, are also being increased. Finally, the energy sector
with an increase in natural gas and oil service stocks is being emphasized.
EQUITY INCOME PORTFOLIO
With the outlook indicating slower economic growth and with the trend of
corporate earnings becoming more uncertain, strategy has turned more defensive.
There appears to be little pricing power in most industries today. Many
companies report difficulty in raising prices. Companies that need some degree
of pricing power in order to prosper, primarily those in the basic materials
sector, have been cut back. Positions in papers, forest products, and metals
stocks have been reduced. Capital spending related stocks remain as an
overweight. Export demand and proprietary products should cushion the cyclical
influence in this sector.
The Portfolio is increasing holdings of stocks in more stable, assured
growth sectors such as drugs, cosmetics and household products. Interest rate
sensitive industries such as banks, savings and loans, and telephone and
electric utilities are also being emphasized. Finally, the energy stocks, a
defensive sector with some offensive characteristics, are being increased. Most
of these stocks have above average yields and relatively stable earnings. The
offensive element is in natural gas, prices are higher and supply-demand
conditions are favorable. Pipelines and gas utility stocks have been added to
the Portfolio, and oil service stocks have been increased.
INTERMEDIATE TERM BOND PORTFOLIO
The Intermediate Term Bond Portfolio is a diversified U.S. Treasury and
corporate bond fund that seeks to maximize income and capital appreciation
through the investment in bonds with maturities averaging between four and eight
years. The Portfolio maintained an average maturity of 4.42 years as of June 30,
1996.
Despite the rise in yields experienced during the second quarter of 1996,
bond market investors recouped some of the previously posted negative returns.
Portfolio Managers strategically positioned themselves following the
"rude-awakening" experienced by the credit markets in mid-February when the
markets unexpectedly turned. Interest rates, as measured by the benchmark
five-year U.S. Treasury, increased 38 basis points, moving from 6.08% at the
beginning of the quarter to 6.46% on June 30, 1996.
Throughout the second quarter, market participants were confronted with
strong economic data: a tremendous surge in employment, a vigorous housing
market, and the revival of the manufacturing sector. Consequently, tight
monetary policy was priced in by the market. However, late in the second
quarter, sentiment started to change once again. The market recovered some
ground as the focus switched to declining commodity prices, deteriorating credit
card quality and benign inflation data.
Our outlook is that the economy could potentially slow down in the second
half of the year, tempered by the general level of interest rates, and by a
decline on consumer and capital spending. Inflation should not present a problem
and should continue to remain well behaved (2.7%-3% range). Monetary policy is
unclear at this juncture, however, the Federal Reserve will closely monitor the
inflation scenario and act if necessary. Barring another stock market
correction, corporate bonds should continue to do well given the strong credit
fundamentals of American business.
The Portfolio is currently invested in 18 corporate issuers, 46% of total
invested assets. U.S. Treasury issues make up 32% of the Portfolio, with 16% in
mortgage-backed securities, 2% in asset-backed securities and the
55
<PAGE> 9
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO--(CONTINUED)
balance in cash equivalents. The average Moody's rating on issues in the
Portfolio is Aa3, reflecting emphasis on higher quality debt issuers.
LONG TERM BOND PORTFOLIO
The Long Term Bond Portfolio is a diversified U.S. Treasury and corporate
bond fund 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
potential return generally is expected to be greater. The Portfolio had an
average maturity of 20.1 years and a duration of 9.6 years as of June 30, 1996.
The U.S. economy expanded at a much faster pace than anticipated. Sizable
strength came from the consumer demand side for durable goods and housing sales
and construction remained robust. Although production soared, inflation was
muted. The Fed has and will continue to keep a watchful eye on any price
pressures and could raise short-term interest rates if needed. Throughout the
quarter, the Portfolio had been postured defensively with the purchase of higher
quality corporate bonds such as GTE-South.
Our outlook for the remainder of 1996 is conservative. With the 30-year
Treasury rising close to 7.0%, we feel there is sufficient evidence that the
economy can be restrained from further growth, especially on the interest
sensitive sectors such as durable goods spending, residential investments and
capital spending by corporations. As the signs of cooling become more evident,
upward pressures on interest rates should subside. Recent fading of the stock
market gains may be an indicator of slower growth ahead. We think the right
overall strategy for bond market investors is to begin selectively adding
exposure at those interest rate levels.
The Portfolio is currently invested in 26 corporate issuers, comprising 53%
of total invested assets: U.S. Treasuries make up 36% of the Portfolio, with 7%
in mortgage-backed securities, and the balance in cash-equivalents. Our
continued emphasis on higher quality is reflected in the average Moody's rating
on issues in the Portfolio which is Aa3.
DIVERSIFIED PORTFOLIO
The bond and stock markets continued to go their separate way in the second
quarter. Common stocks continued on their blistering upward path; the S&P 500
Index (an unmanaged index of the largest corporations weighted by market
capitalization) had a return of 4.54%, making a total of 10.24% for the first
half of the year. Bonds paled in comparison: the benchmark Lehman Brothers
Aggregate Bond Index (a broad based index comprised of government, corporate,
asset-backed and mortgage-backed securities) had a return of only .57%, bringing
six-month returns up to -1.21%.
The continued upward movement in the stock market was based on continued
prospects for solid corporate growth, and fueled by a seemingly insatiable
investor demand for common equities. Valuation reached what were perhaps
untenable levels in mid second-quarter, and by late in the period, were
beginning to show signs of returning to earth.
Bond prices moved sideways to lower as continued economic strength raised
the threat of inflation and the potential for monetary tightening by the Federal
Reserve. Yields touched their highest level in a year, with the benchmark
30-year U.S. Treasury bond rising above 7.00%.
As we anticipated, the stock and bond markets began to move more in
alignment near the end of the second quarter--stocks leveling from their rise,
and bonds pulling out of their descent. That pattern may continue, as stocks
look for lower interest rates before any significant move upwards.
As of June 30, 1996 the Diversified Portfolio was invested 67% in common
stocks, 16% in bonds, and 17% in money-market equivalents.
56
<PAGE> 10
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
The Government Securities Portfolio is a bond fund 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 3.3 years as of June 30, 1996.
U.S. Treasury prices continued their downward move in the second quarter,
as interest rates drifted gradually upward for most of the period. The lift in
rates was caused by accelerating economic growth throughout the spring, led by
business and consumer spending. The benchmark five-year U.S. Treasury note
closed the period priced to yield 6.47%, after starting the quarter at a 6.05%
yield. A growing market fear is that continued gains in employment along with
potential inflationary wage hikes may force the Federal Reserve to increase
short term interest rates sometime in the third quarter.
Our current outlook remains unchanged from the first quarter: economic
growth is likely to slow to a more moderate level in the second half, and
interest rates are approaching their peak for the cycle.
The Portfolio is currently invested 100% in U.S. Treasury and Government
Agency obligations.
Investments made in the Government Securities Portfolio are not insured nor
guaranteed by the U.S. Government.
MONEY MARKET PORTFOLIO
During the second quarter of 1966, the economy showed continued, if not
accelerating growth. In particular, the employment and housing sections as well
as consumer spending proved that the economy was more resilient than had
previously been expected.
These areas of growth and, most importantly, their potential effect on
wages in the labor market, led to widespread speculation by investors that
inflation concerns would lead the Federal reserve to tighten credit.
Consequently the rates on benchmark 30-day commercial paper moved upwards
from 5.25% at the beginning of April to 5.38% at the end of the quarter. Current
economic growth, while moving upwards, has not yet been threatening enough to
stimulate action by the Fed. However, continued strength could lead to a 25
basis point tightening by the Fed sometime in the third quarter.
The Portfolio continues to be invested in high quality short-term
instruments, principally commercial paper. The average maturity of the portfolio
has shortened slightly to 27.3 days as of June 30, 1996.
Investments made in the Money Market Portfolio are not insured nor
guaranteed by the U. S. Government. There is no assurance the Portfolio will
maintain a steady net asset value.
57
<PAGE> 11
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION SHARES (NOTE 2)
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS -- 92.9%
- -----------------------------------------------------------------------------
AEROSPACE/DEFENSE -- 0.9%
Boeing Co. 200 $ 17,425
AIRLINES -- 4.8%
AMR Corp.* 300 27,300
Delta Airlines Inc. 400 33,200
UAL Corp.* 600 32,250
---------
92,750
AUTOMOBILES -- 1.7%
Chrysler Corp. 200 12,400
Ford Motor Co. 300 9,713
General Motors Corp. Class (E) 200 10,475
---------
32,588
BANKS/MAJOR -- 1.6%
Bankamerica Corp. 200 15,150
Citicorp 200 16,525
---------
31,675
BANKS/REGIONAL -- 2.1%
Banc One, Corp. 500 17,000
Wells Fargo & Co. 100 23,888
---------
40,888
BEVERAGES -- 2.0%
Coca-Cola Co. 800 39,100
BIOTECHNOLOGY -- 1.4%
Amgen, Inc.* 400 21,600
Genzyme Corp.* 100 5,025
---------
26,625
CABLETELEVISION -- 1.4%
Comcast Corp. Class (A) 700 12,950
Tele Communications,
Inc./Liberty Media Group,
Series (A)* 150 3,975
Tele Communications, Inc./ TCI
Group, Series (A)* 600 10,875
---------
27,800
CHEMICALS -- 4.4%
Dow Chemical Co. 100 7,600
duPont (E.I.) de Nemours & Co. 300 23,738
Hercules, Inc. 400 22,100
Monsanto, Co. 1,000 32,500
---------
85,938
DRUGS -- 7.9%
Merck & Co., Inc. 300 19,388
Pfizer Inc. 300 21,413
Pharmaceutical Prod. Dev.
Corp.* 500 16,750
Pharmacia & Upjohn Inc. 500 22,188
Schering-Plough Corp. 400 25,100
Smithkline Beecham, PLC, ADR+ 500 27,188
Warner Lambert Co. 400 22,000
---------
154,027
ELECTRIC -- 3.6%
Emerson Electric Co. 300 27,113
General Electric Co. 500 43,250
---------
70,363
ELECTRONICS -- 7.2%
AMP, Inc. 500 20,063
Applied Materials, Inc.* 600 18,300
Berg Electronics Corp. 500 11,875
Hewlett-Packard Co. 200 19,925
Intel Corp. 300 22,031
Motorola, Inc. 300 18,863
Silicon Graphics, Inc.* 600 14,400
Texas Instruments, Inc. 300 14,963
---------
140,420
ENGINEERING &
CONSTRUCTION -- 1.9%
Fluor, Corp. 300 19,613
Foster Wheeler Corp. 400 17,950
---------
37,563
ENTERTAINMENT -- 4.2%
Disney (Walt) Co. 400 25,150
News Corp., ADR+ 700 16,450
Time Warner, Inc. 500 19,625
Viacom, Inc. Class (B)* 500 19,438
---------
80,663
FINANCIAL SERVICES -- 1.7%
Federal Home Loan Mortgage
Corp. 200 17,100
Federal National Mortgage
Assoc. 500 16,750
---------
33,850
FOREST PRODUCTS -- 0.7%
Georgia-Pacific Corp. 200 14,200
HOSPITAL MANAGEMENT -- 3.9%
Columbia/HCA Healthcare Corp. 300 16,013
Oxford Health Plans, Inc.* 200 8,225
Sunrise Assisted Living, Inc.* 1,000 24,000
United Healthcare Corp. 200 10,100
U.S. Healthcare, Inc. 300 16,500
---------
74,838
HOSPITAL SUPPLIES -- 1.5%
Johnson & Johnson 600 29,700
INSURANCE -- 1.8%
American International
Group, Inc. 200 19,725
General Re Corp. 100 15,225
---------
34,950
MACHINERY -- 4.2%
Case Corp. 300 14,400
Caterpillar, Inc. 300 20,325
Deere & Co. 600 24,000
Ingersoll-Rand Co. 500 21,875
---------
80,600
METALS -- 2.4%
Aluminum Company of America 600 34,425
Phelps-Dodge Corp. 200 12,475
---------
46,900
OFFICE & BUSINESS EQUIPMENT -- 5.5%
Compaq Computer Corp.* 300 14,775
Electronic Data Systems Corp. 200 10,750
Inference Corp. Class (A)* 1,000 24,000
International Business
Machines Corp. 100 9,900
Microsoft, Corp.* 200 24,025
Oracle Corp.* 600 23,662
---------
107,112
</TABLE>
58
<PAGE> 12
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION SHARES (NOTE 2)
- -----------------------------------------------------------------------------
<S> <C> <C>
OIL -- DOMESTIC -- 1.6%
Amoco Corp. 200 $ 14,475
Atlantic Richfield Co. 100 11,850
Union Pacific Resources
Group Inc. 200 5,350
----------
31,675
OIL -- INTERNATIONAL -- 5.5%
British Petroleum, PLC 101 10,794
Chevron Corp. 400 23,600
Exxon Corp. 200 17,375
Mobil Corp. 200 22,425
Royal Dutch Petroleum Co. 100 15,375
Texaco, Inc. 200 16,775
----------
106,344
OIL -- SERVICES -- 3.8%
Baker Hughes Inc. 400 13,150
Schlumberger Ltd. 200 16,850
Trico Marine Services* 2,000 44,500
----------
74,500
PAPER -- 1.7%
Fort Howard Corp.* 600 11,925
International Paper Co. 300 11,063
Mead Corp. 200 10,375
----------
33,363
POLLUTION CONTROL -- 1.8%
Browning-Ferris Inds., Inc. 500 14,500
WMX Technologies, Inc. 600 19,650
----------
34,150
RAILROADS -- 1.8%
Burlington Northern
Sante Fe Corp. 200 16,175
CSX Corp. 400 19,300
----------
35,475
RESTAURANTS -- 1.0%
McDonald's Corp. 400 18,700
SPECIALTY RETAIL SALES -- 3.3%
GAP Inc. 600 19,275
Nautica Enterprises, Inc.* 800 23,000
Tommy Hilfiger Corp.* 400 21,450
----------
63,725
TELECOMMUNICATIONS -- 1.8%
Teleport Communications Inc.* 400 $ 7,650
Worldcom Inc.* 500 27,688
----------
35,338
TELECOMMUNICATIONS
EQUIPMENT -- 2.7%
Cabletron Systems, Inc.* 200 13,725
Cisco Systems, Inc.* 400 22,650
Octel Communications Corp.* 800 15,800
----------
52,175
TOBACCO -- 1.1%
Philip Morris Cos., Inc. 200 20,793
TOTAL COMMON STOCKS
(COST $1,287,170) $1,806,213
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
-------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.1%
Federal National Mortgage Assn.,
5.27%, due 07/23/96
(cost $99,678) $100,000 $ 99,678
TOTAL INVESTMENTS
(COST $1,386,848) 98.0% $1,905,891
OTHER ASSETS LESS LIABILITIES -- 2.0% 38,535
- -----------------------------------------------------------------------------
NET ASSETS 100.0% $1,944,426
=============================================================================
The aggregate cost of securities for federal income tax purposes at June 30,
1996 is $1,386,848.
The following amounts are based on costs for federal income tax purposes.
Aggregate gross unrealized appreciation $ 525,895
Aggregate gross unrealized depreciation (6,852)
----------
Net unrealized appreciation $ 519,043
==========
</TABLE>
See notes to financial statements.
- -----------------------------------------------------------------------------
* Non-income producing security as defined by the Investment Company Act of
1940.
+ American Depository Receipts.
Percentages are based on net assets.
59
<PAGE> 13
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION SHARES (NOTE 2)
- ----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS -- 95.4%
- ----------------------------------------------------------------------------
AEROSPACE/DEFENSE -- 2.4%
Northrop Grumman Corp. 3,000 $ 204,375
TRW Inc. 500 44,938
United Technologies Corp. 1,500 172,500
----------
421,813
AUTOMOBILES -- 1.7%
Chrysler Corp. 1,500 93,000
Ford Motor, Co. 3,000 97,125
General Motors, Corp. 2,000 104,750
----------
294,875
AUTO PARTS -- 1.9%
Dana Corp. 8,000 248,000
Eaton Corp. 1,500 87,938
----------
335,938
BANKS -- 3.0%
Bank of New York Co., Inc. 2,000 102,500
Bankamerica Corp. 2,000 151,500
Bankers Trust New York Corp. 2,000 147,750
Chase Manhattan Corp. 2,000 141,250
----------
543,000
BANK/REGIONAL -- 3.4%
Banc One Corp. 4,000 136,000
First Union Corp. 3,000 182,625
Nationsbank Corp. 2,000 165,250
Wells Fargo & Co. 500 119,438
----------
603,313
CHEMICALS -- 4.7%
Dow Chemical Co. 2,000 152,000
duPont (E.I.) de Nemours &
Co. 2,500 197,813
Monsanto Co. 7,500 243,750
Olin Corp. 1,500 133,875
Witco Corp. 3,000 103,125
----------
830,563
CONGLOMERATES -- 4.0%
Gatx Corp. 3,000 144,750
General Signal Corp. 3,500 132,563
Harsco Corp. 2,000 134,500
Ogden Corp. 8,000 145,000
Textron Inc. 2,000 159,750
----------
716,563
COSMETICS -- 1.3%
Avon Products, Inc. 5,000 225,625
DRUGS -- 8.3%
American Home Products Corp. 3,000 180,375
Baxter International, Inc. 3,000 141,750
Bristol Myers Squibb Co. 1,500 135,000
Merck and Co., Inc. 2,000 129,250
Pfizer Inc. 1,500 107,063
Pharmacia & Upjohn Inc. 5,000 221,875
Schering-Plough Corp. 2,000 125,500
Smithkline Beecham PLC 4,000 217,500
Warner Lambert Co. 4,000 220,000
----------
1,478,313
ELECTRICAL EQUIPMENT -- 3.5%
Emerson Electric Co. 3,000 271,125
General Electric, Co. 4,000 346,000
----------
617,125
ELECTRONICS -- 3.7%
AMP, Inc. 4,000 $ 160,500
Harris Corp. 3,000 183,000
Honeywell Inc. 3,000 163,500
Thomas & Betts Corp. 4,000 150,000
----------
657,000
FOREST PRODUCTS -- 1.5%
Georgia Pacific Corp. 2,000 142,000
Weyerhaeuser Co. 3,000 127,500
----------
269,500
HOSPITAL MANAGEMENT -- 0.9%
U.S. Health Care Inc. 3,000 165,000
INSURANCE -- 3.0%
Aetna Life & Casualty Co. 2,000 143,000
Allstate Corp. 3,000 136,875
CIGNA Corp. 1,000 117,875
Lincoln National Corp. 3,000 138,750
----------
536,500
MACHINERY -- 3.3%
Cooper Industries, Inc. 3,000 124,500
Deere & Co. 5,000 200,000
Goulds Pumps, Inc. 4,000 102,500
Timken Co. 4,000 155,000
----------
582,000
METALS -- 3.5%
Carpenter Technology Corp. 4,000 128,000
Freeport McMoRan Copper and
Gold, Inc. 5,000 149,375
Phelps Dodge Corp. 2,000 124,750
Reynolds Metals Co. 2,000 104,250
USX-U.S. Steel 4,000 113,500
----------
619,875
MISCELLANEOUS -- 2.8%
Grace (W.R.) & Co. 2,500 177,188
Minnesota Mining &
Manufacturing Co. 2,500 172,500
Tenneco, Inc. 3,000 153,375
----------
503,063
MISCELLANEOUS FINANCE -- 1.8%
American Express Co. 4,000 178,500
Federal National Mortgage
Assn. 4,000 134,000
----------
312,500
NATURAL GAS -- 0.9%
Consolidated Natural Gas Co. 1,000 52,250
Noram Energy Corp. 500 5,313
Questar Corp. 1,500 51,000
Sonat Inc. 1,000 45,000
----------
153,563
OFFICE & BUSINESS
EQUIPMENT -- 2.6%
Pitney-Bowes, Inc. 3,000 143,250
Xerox Corp. 6,000 321,000
----------
464,250
OIL -- DOMESTIC -- 1.8%
Amoco Corp. 2,000 144,750
Atlantic Richfield Co. 1,500 177,750
----------
322,500
</TABLE>
60
<PAGE> 14
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION SHARES (NOTE 2)
- ----------------------------------------------------------------------------
<S> <C> <C>
OIL -- INTERNATIONAL -- 6.9%
British Petroleum 1,517 $ 162,129
Chevron Corp. 4,000 236,000
Exxon Corp. 3,000 260,625
Mobil Corp. 1,500 168,188
Royal Dutch Petroleum Co. 1,500 230,625
Texaco, Inc. 2,000 167,750
-----------
1,225,317
OIL-SERVICE & DRILLING -- 2.8%
Dresser Industries, Inc. 5,000 147,500
McDermott International, Inc. 5,000 104,375
Williams (The) Companies Inc. 5,000 247,500
-----------
499,375
PAPER -- 1.7%
International Paper Co. 3,000 110,625
Stone Container Corp. 3,000 41,250
Union Camp Corp. 3,000 146,250
-----------
298,125
PHOTOGRAPHY -- 1.3%
Eastman Kodak Co. 3,000 233,250
PUBLISHING -- 2.8%
Dun & Bradstreet Corp. 3,000 187,500
McGraw-Hill Companies Inc. 5,000 228,750
Readers Digest Assn. Inc. 2,000 85,000
-----------
501,250
RAILROADS -- 1.7%
Conrail Inc. 2,000 132,750
Norfolk Southern Corp. 2,000 169,500
-----------
302,250
REAL ESTATE -- 3.7%
Avalon Properties Inc. 2,000 43,500
Bay Apartment Community, Inc. 2,000 51,750
Developers Diversified Realty 2,000 63,750
Equity Residential Properties
Trust 2,000 65,750
Felcor Suite Hotels Inc. 3,200 97,600
Healthcare Property
Investors, Inc. 5,000 168,750
Healthcare Reality Trust 2,000 47,500
Irvine Apartment Communities,
Inc. 2,000 40,250
Meditrust 1,000 33,375
Redwood Trust Inc. 2,000 56,000
-----------
668,225
RETAIL SALES -- 1.0%
Penney (J.C.) Co., Inc. 2,000 105,000
May Department Stores Co. 2,000 87,500
-----------
192,500
SAVINGS & LOANS -- 1.6%
Ahmanson (H.F.) & Co. 5,000 135,000
Great Western Financial Corp. 6,000 143,250
-----------
278,250
SOAPS -- 0.9%
Colgate Palmolive Co. 2,000 169,500
TOBACCO -- 2.2%
American Brands Inc. 3,000 136,125
Philip Morris Companies, Inc. 2,500 260,000
-----------
396,125
UTILITIES -- ELECTRIC -- 2.8%
American Electric Power Co.,
Inc. 3,000 $ 127,875
Carolina Power & Light Co. 4,000 152,000
FPL Group, Inc. 2,500 115,000
Southern Co. 4,000 98,500
-----------
493,375
UTILITIES -- TELEPHONE -- 6.0%
Ameritech Corp. 2,000 118,750
Bell Atlantic Corp. 1,500 95,625
Bellsouth Corp. 3,000 127,125
GTE Corp. 2,500 111,875
NYNEX Corp. 2,000 95,000
Pacific Telesis Group 5,000 168,750
SBC Communications Inc. 2,000 98,500
Sprint Corp. 4,000 168,000
U.S. West Communications Inc. 3,000 95,621
-----------
1,079,246
TOTAL COMMON STOCKS
(COST $12,885,087) $16,989,667
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
-------------------
<S> <C> <C>
COMMERCIAL PAPER -- 1.0%
- ----------------------------------------------------------------------------
Prudential Life Insurance Co.
of America,
5.3%, due 08/05/96
(cost $174,097) $ 175,000 $ 174,528
- ----------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.2%
Freddie Mac Discount Notes,
5.28%, due 07/22/96 $ 100,000 $ 99,692
Freddie Mac Discount Notes,
5.25%, due 07/18/96 50,000 49,876
Freddie Mac Discount Notes,
5.30%, due 07/22/96 250,000 249,228
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $398,796) $ 398,796
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $13,457,980) 98.6% $17,562,991
OTHER ASSETS LESS LIABILITIES -- 1.4% 254,867
- ----------------------------------------------------------------------------
NET ASSETS 100.0% $17,817,858
============================================================================
The aggregate cost of securities for federal income tax purpose at June 30,
1996 is $13,457,980.
The following amounts are based on costs for federal income tax
purposes:
Aggregate gross unrealized appreciation $ 4,299,978
Aggregate gross unrealized depreciation (194,967)
-----------
Net unrealized appreciation $ 4,105,011
===========
</TABLE>
See notes to financial statements.
- ----------------------------------------------------------------------------
Percentages are based on net assets.
61
<PAGE> 15
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
VALUE
DESCRIPTION PRINCIPAL AMOUNT (NOTE 2)
- -------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
CORPORATE BONDS AND NOTES -- 46.2%
- -------------------------------------------------------------------------
Advanta Corp.,
5.08%, due 12/02/96 $1,000,000 $ 996,360
Associates Corp. of North America,
6.00%, due 06/15/00 1,000,000 972,560
Bear Stearns Co. Inc.,
6.75%, due 05/01/01 1,000,000 988,990
Chase Manhattan Corp.,
6.75%, due 08/15/08 1,000,000 940,000
Chemical Master Credit Card Trust,
5.98%, due 12/15/08 1,000,000 922,870
Chrysler Financial Corp.,
5.875%, due 02/07/01 1,000,000 959,780
Commonwealth Edison Co.,
7.00%, due 07/01/05 1,000,000 959,770
Connecticut Light & Power Co.,
7.25%, due 07/01/99 1,000,000 1,000,530
First Chicago Corp.,
9.00%, due 06/15/99 1,000,000 1,062,520
First Data Corp.,
6.75%, due 07/15/05 1,000,000 965,830
General Electric Capital Corp.,
6.66%, due 05/01/18 1,000,000 997,880
General Motors Acceptance Corp.,
7.125%, due 05/01/03 1,000,000 999,510
Hertz Corp., senior sub.,
10.125%, due 03/01/97 1,000,000 1,026,480
Laidlaw Inc.,
7.70%, due 08/15/02 1,000,000 1,019,950
Lockheed Martin Corp.,
6.55%, due 05/15/99 1,000,000 998,300
Potomac Edison Co.,
8.00%, due 06/01/06 1,000,000 1,009,670
Provident Bank,
6.375%, due 01/15/04 1,000,000 939,880
Structured Asset Securities Co.,
5.944%, due 02/25/28 980,000 946,484
TOTAL CORPORATE BONDS AND NOTES
(COST $17,977,601) $17,707,364
- -------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.5%
- -------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.23%, due 07/15/96 $ 275,000 $ 274,441
Federal Home Loan Mortgage Corp.,
5.26%, due 07/15/96 100,000 99,795
Federal Home Loan Mortgage Corp.,
5.25%, due 07/18/96 175,000 174,566
Federal Home Loan Mortgage Corp.,
5.28%, due 07/22/96 100,000 99,692
Federal Home Loan Mortgage Corp.,
5.26%, due 07/22/96 100,000 99,693
Federal Home Loan Mortgage Corp.,
5.29%, due 07/31/96 305,000 303,656
Federal Home Loan Mortgage Corp.,
REMIC, Series 1574,
6.50%, due 02/15/21 2,000,000 1,922,440
Federal National Mortgage Assn.,
5.24%, due 07/23/96 100,000 99,680
Federal National Mortgage Assn.,
5.21%, due 08/23/96 1,900,000 1,895,677
Federal National Mortgage Assn.,
REMIC, Trust 94-75,
7.00%, due 01/25/03 1,000,000 996,850
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $5,985,791) $ 5,966,490
- -------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 31.2%
- -------------------------------------------------------------------------
U.S. Treasury Bond,
7.125%, due 02/15/23 $1,000,000 $ 1,010,000
U.S. Treasury Notes,
6.125%, due 05/31/97 2,000,000 2,005,620
U.S. Treasury Notes,
7.375%, due 11/15/97 1,000,000 1,017,500
U.S. Treasury Notes,
6.000%, due 05/31/98 1,000,000 997,810
U.S. Treasury Notes,
4.750%, due 09/30/98 2,000,000 1,941,240
U.S. Treasury Notes,
4.750%, due 10/31/98 1,000,000 968,750
U.S. Treasury Notes,
6.875%, due 07/31/99 2,000,000 2,028,740
U.S. Treasury Notes,
7.125%, due 02/29/00 1,000,000 1,022,810
U.S. Treasury Notes,
6.375%, due 08/15/02 1,000,000 990,620
TOTAL U.S. TREASURY OBLIGATIONS
(COST $12,130,647) $11,983,090
- -------------------------------------------------------------------------
COMMERCIAL PAPER -- 5.6%
- -------------------------------------------------------------------------
American Express Co.,
5.34%, due 07/15/96 $ 250,000 $ 249,481
Associates Corp. of North America,
5.36%, due 07/17/96 1,020,000 1,017,570
Colonial Pipeline Co.,
5.40%, due 07/16/96 120,000 119,730
Ford Motor Co.,
5.30%, due 07/10/96 100,000 99,868
General Electric Co.,
5.30%, due 08/02/96 550,000 548,784
Smithkline Beecham Corp.,
5.40%, due 07/16/96 100,000 99,775
TOTAL COMMERCIAL PAPER
(COST $2,133,833) $ 2,135,208
- -------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $38,227,872) 98.5% $37,792,152
OTHER ASSETS LESS LIABILITIES -- 1.5% 556,604
- -------------------------------------------------------------------------
NET ASSETS 100.0% $38,348,756
=========================================================================
The aggregate cost of securities for federal income tax purposes at June
30, 1996, is $38,227,872.
The following amounts are based on costs for federal income tax
purposes:
Aggregate gross unrealized appreciation $ 156,323
Aggregate gross unrealized depreciation (592,043)
-----------
Net unrealized depreciation $ (435,720)
===========
</TABLE>
See notes to financial statements.
- -------------------------------------------------------------------------------
62
<PAGE> 16
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION PRINCIPAL AMOUNT (NOTE 2)
- -------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS AND NOTES -- 51.6%
- -------------------------------------------------------------------------
Apache Corp.,
7.95%, due 04/15/26 $ 1,000,000 $ 984,350
BHP Finance USA Ltd.,
6.75%, due 11/01/13 1,000,000 922,330
Boeing Co.,
8.625%, due 11/15/31 1,000,000 1,122,360
Chase Manhattan Corp.,
6.75%, due 08/15/08 1,000,000 940,000
Chrysler Financial Corp.,
5.875%, due 02/07/01 1,000,000 959,780
Columbia/HCA Healthcare Corp.,
7.69%, due 06/15/25 1,000,000 991,260
Commonwealth Edison Co.,
7.00%, due 07/01/05 1,000,000 959,770
Dow Chemical BV,
9.20%, due 06/01/10 2,000,000 2,271,020
GTE South Corp.,
7.50%, due 03/15/26 1,000,000 962,300
General Electric Capital Corp.,
8.30%, due 09/20/09 2,000,000 2,181,620
General Motors Corp.,
7.00%, due 06/15/03 1,000,000 991,620
Hydro-Quebec,
8.50%, due 12/01/29 1,000,000 1,063,870
International Bank for
Reconstruction & Development,
8.875%, due 03/01/26 1,000,000 1,176,050
James River Corp.,
7.75%, due 11/15/23 1,000,000 961,040
Laidlaw Inc.,
7.875%, due 04/15/05 1,000,000 1,023,190
Legard SA,
8.50%, due 02/15/25 1,000,000 1,077,810
National City Bank of Cleveland,
7.25%, due 07/15/10 1,000,000 975,070
Ontario, Province of,
6.00%, due 02/21/06 1,000,000 917,210
Procter & Gamble Corp.,
6.45%, due 01/15/26 1,000,000 878,600
Provident Bank of Cincinnati,
6.375%, due 01/15/04 1,000,000 939,880
Rohm & Haas Co.,
9.50%, due 04/01/21 1,000,000 1,117,760
Seagram (J.E.) & Sons Inc.,
9.65%, due 08/15/18 1,000,000 1,213,960
Smurfit Capital Funding PLC,
7.50%, due 11/20/25 1,000,000 929,820
Swiss Bank Corp.,
7.50%, due 07/15/25 2,000,000 1,956,140
Texaco Capital, Inc.,
9.75%, due 03/15/20 1,000,000 1,228,450
Weyerhaeuser Co.,
8.50%, due 01/15/25 1,000,000 1,093,850
TOTAL CORPORATE BONDS AND NOTES
(COST $29,793,959) $29,839,110
- -------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 7.4%
- -------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
6.85%, due 01/15/22 $ 1,000,000 $ 977,720
Federal National Mortgage Assn.,
5.27%, due 07/30/96 300,000 298,727
Federal National Mortgage Assn.,
REMIC, Trust 92-198,
7.50%, due 09/25/22 $ 2,000,000 $ 2,009,840
Student Loan Marketing Assn.,
5.87%, due 07/27/09 1,000,000 1,002,344
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $4,053,172) $ 4,288,631
- -------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 35.9%
- -------------------------------------------------------------------------
U.S. Treasury Bonds,
0.000%, due 05/15/18 $ 12,900,000 $ 2,734,284
U.S. Treasury Bonds,
9.000%, due 11/15/18 3,600,000 4,388,616
U.S. Treasury Bonds,
8.750%, due 08/15/20 1,000,000 1,195,620
U.S. Treasury Bonds,
7.875%, due 02/15/21 3,500,000 3,834,670
U.S. Treasury Bonds,
8.125%, due 08/15/21 3,000,000 3,376,860
U.S. Treasury Bonds,
6.875%, due 08/15/25 1,000,000 989,370
U.S. Treasury Bonds,
7.625%, due 02/15/25 2,500,000 2,695,300
U.S. Treasury Notes,
7.750%, due 12/31/99 500,000 521,090
U.S. Treasury Notes,
6.875%, due 05/15/06 1,000,000 1,010,930
TOTAL U.S. TREASURY OBLIGATIONS
(COST $20,474,533) $20,746,740
- -------------------------------------------------------------------------
COMMERCIAL PAPER -- 3.2%
- -------------------------------------------------------------------------
Smithkline Beecham Corp.,
5.26%, due 07/10/96 $ 800,000 $ 798,948
General Electric Capital Corp.,
5.37%, due 08/08/96 920,000 914,785
Prudential Funding Corp.,
5.39%, due 08/16/96 100,000 99,311
TOTAL COMMERCIAL PAPER
(COST $1,813,044) $ 1,813,044
- -------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $56,134,708) 98.1% $56,687,525
OTHER ASSETS LESS LIABILITIES -- 1.9% 1,103,575
- -------------------------------------------------------------------------
NET ASSETS 100.0% $57,791,100
=========================================================================
The aggregate cost of securities for federal income tax purposes at June
30, 1996 is $56,134,708.
The following amounts are based on costs for federal income tax
purposes:
Aggregate gross unrealized appreciation $ 1,648,655
Aggregate gross unrealized depreciation (1,095,838)
-----------
Net unrealized appreciation $ 552,817
===========
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
Percentages are based on net assets.
63
<PAGE> 17
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
VALUE
DESCRIPTION PRINCIPAL AMOUNT (NOTE 2)
- --------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
U.S. TREASURY OBLIGATION -- 15.6%
- --------------------------------------------------------------------------
U.S. Treasury Note,
7.50%, due 05/15/02 (cost
$520,132) $500,000 $ 522,965
- --------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.9%
- --------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.25%, due 07/18/96 $250,000 $ 249,635
Federal Home Loan Mortgage Corp.,
5.25%, due 07/19/96 250,000 249,089
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $498,724) $ 498,724
- --------------------------------------------------------------------------
<CAPTION>
SHARES
----------------
<S> <C> <C>
COMMON STOCK -- 67.0%
- --------------------------------------------------------------------------
AEROSPACE/DEFENSE -- 0.8%
Boeing Co. 300 $ 26,138
AIR TRANSPORTATION -- 3.5%
AMR Corp.* 400 36,400
Delta Airlines Inc. 600 49,800
UAL Corporation 600 32,250
-----------
118,450
AUTOMOBILES -- 1.5%
Chrysler Corp. 300 18,600
Ford Motor Company 500 16,188
General Motors Corp. 300 15,713
-----------
50,501
BANKS/MAJOR -- 1.6%
Bankamerica Corp. 400 30,300
Citicorp 300 24,788
-----------
55,088
BANKS/REGIONAL -- 1.3%
Banc One Corp. 600 20,400
Wells Fargo & Co. 100 23,888
-----------
44,288
BIOTECHNOLOGIES -- 1.3%
Amgen Inc.* 600 32,400
Genentech* 200 10,050
-----------
42,450
CHEMICALS -- 3.8%
Dow Chemical Company 200 15,200
duPont (E.I.) de Nemours & Co. 400 31,650
Hercules Inc. 600 33,150
Monsanto Co. 1,500 48,750
-----------
128,750
DRUGS -- 4.9%
Merck & Co., Inc. 300 19,388
Pfizer Inc. 400 28,550
Pharmacia & Upjohn Co. 600 26,625
Schering-Plough Corp. 500 31,375
Smithkline Beecham, PLC ADR+ 500 27,188
Warner-Lambert Co. 600 33,000
-----------
166,126
ELECTRIC EQUIPMENT -- 2.9%
Emerson Electric Co. 500 45,188
General Electric Co. 600 51,900
-----------
97,088
ELECTRONICS -- 4.7%
AMP, Inc. 800 32,100
Applied Materials, Inc.* 500 15,250
Berg Electronics, Co.* 500 11,875
Hewlett-Packard Co. 200 19,925
Intel Corp. 300 22,031
Motorola, Inc. 300 18,863
Silicon Graphics, Inc.* 700 16,800
Texas Instruments, Inc. 400 19,950
-----------
156,794
ENTERTAINMENT -- 2.5%
News Corp., ADR 800 18,800
Time Warner Inc. 500 19,625
Viacom, Inc.* Class (B) 500 19,438
Disney (Walt) Co. 400 25,150
-----------
83,013
FINANCIAL SERVICES -- 1.4%
Federal Home Loan Mortgage 300 25,650
Federal National Mortgage Assoc. 600 20,100
-----------
45,750
FOREST PRODUCTS -- 0.6%
Georgia Pacific Corp. 300 21,300
HOSPITAL MANAGEMENT -- 2.6%
Columbia/HCA Healthcare Corp. 500 26,688
Oxford Health Plans, Inc.* 400 16,450
United Healthcare Corp. 600 10,100
U.S. Health Care Inc. 200 33,000
-----------
86,238
HOSPITAL SUPPLIES -- 1.2%
Johnson & Johnson 800 39,600
INSURANCE -- 1.8%
American International Group,
Inc. 300 29,588
General Re Corp. 200 30,450
-----------
60,038
MACHINERY -- 3.4%
Case Corp. 500 24,000
Caterpillar, Inc. 300 20,325
Deere & Co. 900 36,000
Ingersoll-Rand Co. 800 35,000
-----------
115,325
MACHINERY & CONSTRUCTION -- 1.9%
Fluor Corp. 500 32,688
Foster Wheeler Corp. 700 31,413
-----------
64,101
METALS -- 2.3%
Aluminum Company of America 1,000 57,375
Phelps-Dodge Corp. 200 18,713
-----------
76,088
OFFICE & BUSINESS EQUIPMENT -- 3.4%
Compaq Computer Corp.* 500 24,625
Electronic Data Systems Corp. 400 21,500
International Business Machines
Corp. 200 19,800
Microsoft Corp.* 200 24,025
Oracle Corp.* 600 23,662
-----------
113,612
OIL -- DOMESTIC -- 1.4%
Amoco Corp. 300 21,713
Atlantic Richfield Co. 200 23,700
-----------
45,413
</TABLE>
64
<PAGE> 18
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS -- (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION SHARES (NOTE 2)
- --------------------------------------------------------------------------
<S> <C> <C>
OIL -- INTERNATIONAL -- 4.5%
British Petroleum PLC ADR+ 206 $ 22,016
Chevron Corp. 400 23,600
Exxon Corporation 300 26,063
Mobil Corp. 200 22,425
Royal Dutch Petroleum Co. 200 30,750
Texaco, Inc. 300 25,163
----------
150,017
OIL -- SERVICES -- 1.1%
Baker Hughes, Inc. 600 19,725
Schlumberger Ltd. 200 16,850
----------
36,575
PAPER -- 1.0%
Fort Howard Corporation* 800 15,900
International Paper Co. 500 18,438
----------
34,338
POLLUTION CONTROL -- 1.4%
Browning-Ferris Inds., Inc. 600 17,400
WMX Technologies, Inc. 900 29,475
----------
46,875
RAILROADS -- 1.8%
Burlington Northern Santa Fe
Corp. 400 32,350
CSX Corp. 600 28,950
----------
61,300
RESTAURANTS -- 0.7%
McDonald's Corp. 500 23,375
RETAIL STORES -- 2.6%
GAP, Inc. 800 25,700
Nautica Enterprises, Inc.* 1,000 34,500
Tommy Hilfiger Corp.* 500 26,813
----------
87,013
TELECOMMUNICATIONS -- 3.3%
Cabletron Systems Inc.* 400 $ 20,587
Cisco Systems Inc.* 500 33,974
Teleport Communications Inc.* 400 11,475
Worldcom, Inc.* 500 44,300
----------
110,336
TELECOMMUNICATIONS-
EQUIPMENT -- 0.6%
Octel Communications* 400 19,746
TOBACCO -- 1.2%
Philip Morris Cos., Inc. 400 41,596
TOTAL COMMON STOCKS
(COST $1,570,878) $2,247,322
- --------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $2,589,734) 97.5% $3,269,011
OTHER ASSETS LESS LIABILITIES -- 2.5% 85,161
- --------------------------------------------------------------------------
NET ASSETS 100.0% $3,354,172
==========================================================================
The aggregate cost of securities for Federal income tax purposes at June
30, 1996, is $2,589,734.
The following amounts are based on costs for Federal income tax
purposes:
Aggregate gross unrealized appreciation $ 689,948
Aggregate gross unrealized depreciation (10,671)
----------
Net unrealized appreciation $ 679,277
==========
</TABLE>
See notes to financial statements.
- ---------------------------------------------------------------------------
* Non-income producing security as defined by the Investment Company Act of
1940.
+ American Depository Receipts.
Percentages are based on net assets.
65
<PAGE> 19
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION PRINCIPAL AMOUNT (NOTE 2)
- -------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 32.0%
- -------------------------------------------------------------------------
U.S. Treasury Note,
5.375%, due 11/30/97 $2,000,000 $ 1,983,120
U.S. Treasury Note,
6.00%, due 05/31/98 1,000,000 997,810
U.S. Treasury Note,
7.75%, due 11/30/99 1,000,000 1,041,250
TOTAL U.S. TREASURY OBLIGATIONS
(COST $4,010,939) $ 4,022,180
- -------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 67.0%
- -------------------------------------------------------------------------
Federal Home Loan Mortgage Corp.,
5.24%, due 07/12/96 $ 100,000 $ 99,840
Federal Home Loan Mortgage Corp.,
5.23%, due 07/15/96 375,000 374,238
Federal Home Loan Mortgage Corp.,
5.25%, due 07/18/96 100,000 99,752
Federal Home Loan Mortgage Corp.,
5.25%, due 07/19/96 100,000 99,738
Federal Home Loan Mortgage Corp.,
5.26%, due 07/22/96 150,000 149,539
Federal Home Loan Mortgage Corp.,
5.28%, due 07/22/96 175,000 174,461
Federal Home Loan Mortgage Corp.,
REMIC, 6.50%, due 11/15/21 1,500,000 1,436,550
Federal National Mortgage Assn.,
5.24%, due 07/08/96 100,000 99,898
Federal National Mortgage Assn.,
5.25%, due 07/19/96 100,000 99,738
Federal National Mortgage Assn.,
5.24%, due 07/23/96 100,000 99,680
Federal National Mortgage Assn.,
5.27%, due 07/23/96 140,000 139,549
Federal National Mortgage Assn.,
5.19%, due 08/23/96 400,000 399,008
Federal National Mortgage Assn.,
5.21%, due 08/23/96 $ 125,000 124,686
Federal National Mortgage Assn.,
REMIC, 7.00%, due 01/25/03 285,000 $ 284,102
Federal National Mortgage Assn.,
REMIC, 5.25%, due 09/25/12 1,000,000 990,190
Federal National Mortgage Assn.,
REMIC, 5.75%, due 08/25/18 500,000 482,235
Government National Mortgage
Assn.,
7.50%, due 05/15/24 1,008,331 993,508
Government National Mortgage
Assn.,
7.50%, due 10/15/24 274,326 270,294
Student Loan Marketing Assn.,
7.44%, due 03/28/00 500,000 502,255
Tennessee Valley Authority,
7.625%, due 09/15/99 1,000,000 1,003,510
Tennessee Valley Authority,
6.375%, due 06/15/05 500,000 479,125
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $8,470,536) $ 8,401,896
- -------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $12,481,475) 99.0% $12,424,076
OTHER ASSETS LESS LIABILITIES -- 1.0% 119,215
- -------------------------------------------------------------------------
NET ASSETS 100.0% $12,543,291
=========================================================================
The aggregate cost of securities for federal income tax purposes at June
30, 1996 is $12,481,475.
The following amounts are based on costs for federal income tax
purposes:
Aggregate gross unrealized appreciation $ 66,082
Aggregate gross unrealized depreciation (123,481)
-----------
Net unrealized depreciation $ (57,399)
===========
</TABLE>
See notes to financial statements.
- -------------------------------------------------------------------------
Percentages are based on net assets.
66
<PAGE> 20
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
DESCRIPTION PRINCIPAL AMOUNT (NOTE 2)
- ------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 98.6%
- ------------------------------------------------------------------------
American Express Credit Corp.,
5.34%, due 07/15/96 $3,600,000 $ 3,592,524
Associates Corp. of NA,
5.28%, due 08/28/96 5,000,000 4,957,467
Avco Financial Services Canada
Ltd.,
5.34%, due 07/08/96 1,000,000 998,962
Bank of New York Co. Inc.,
5.29%, due 07/31/96 5,000,000 4,977,958
Barclay's Bank PLC,
5.30%, due 07/08/96 4,000,000 3,995,878
Bell Atlantic Network Funding
Corp.,
5.35%, due 07/12/96 2,500,000 2,495,913
Bell South Telecom Inc.,
5.35%, due 08/05/96 2,200,000 2,188,557
Canadian Wheat Board,
5.31%, due 09/19/96 2,784,000 2,751,149
Capital One Funding Corp.,
5.50%, due 07/04/96 (a) 4,000,000 4,002,404
C.I.T. Group Holdings Inc.,
5.34%, due 07/18/96 750,000 748,109
Cooperative Finance Corp.,
5.35%, due 08/02/96 1,000,000 995,244
Cooperative Finance Corp.,
5.36%, due 08/05/96 4,000,000 3,979,156
Federal Home Loan Mortgage Corp.,
5.23%, due 07/15/96 200,000 199,593
Federal Home Loan Mortgage Corp.,
5.26%, due 07/22/96 200,000 199,386
Federal National Mortgage Assn.,
5.24%, due 07/23/96 140,000 139,552
Federal National Mortgage Assn.,
5.21%, due 08/23/96 350,000 347,316
Ford Motor Credit Co.,
5.32%, due 07/09/96 475,000 474,439
Ford Motor Credit Co.,
5.36%, due 07/17/96 600,000 598,571
Ford Motor Credit Co.,
5.32%, due 07/19/96 375,000 374,003
Ford Motor Credit Co.,
5.90%, due 07/19/96 2,500,000 2,493,388
Ford Motor Credit Co.,
5.36%, due 07/29/96 635,000 632,353
Ford Motor Credit Co.,
5.36%, due 07/30/96 175,000 174,245
General Electric Capital Corp.,
5.34%, due 07/16/96 1,150,000 1,147,441
General Electric Capital Corp.,
5.27%, due 08/02/96 1,050,000 1,045,081
General Electric Capital Corp.,
5.30%, due 08/02/96 1,850,000 1,841,285
General Motors Acceptance Corp.,
5.29%, due 07/09/96 $3,000,000 $ 2,996,473
General Motors Acceptance Corp.,
5.39%, due 08/01/96 1,075,000 1,070,010
Goldman Sachs Group, L.P.,
5.38%, due 08/12/96 2,875,000 2,856,955
Household Finance Corp.,
5.29%, due 07/31/96 4,000,000 3,982,367
Lucent Technologies Inc.,
5.32%, due 07/10/96 3,800,000 3,794,946
Merrill Lynch and Co. Inc.,
5.30%, due 07/03/96 1,100,000 1,099,676
Merrill Lynch and Co. Inc.,
5.33%, due 08/08/96 950,000 944,655
Metropolitan Life Funding Inc.,
5.26%, due 08/23/96 4,400,000 4,365,927
Norwest Corp.,
5.27%, due 07/17/96 3,300,000 3,292,271
Pepsico, Inc.,
5.37%, due 09/25/96 5,000,000 4,935,859
Penney, (J.C.) & Co.,
5.35%, due 08/19/96 5,000,000 4,963,590
PHH Corp.,
5.33%, due 07/16/96 2,750,000 2,743,893
Prudential Funding Corp.,
5.30%, due 08/05/96 1,500,000 1,492,271
Prudential Funding Corp.,
5.35%, due 08/12/96 3,500,000 3,478,154
Quebec Province of,
5.35%, due 10/22/96 3,000,000 2,949,621
Sears Roebuck Acceptance Corp.,
5.38%, due 07/25/96 2,750,000 2,740,137
Sears Roebuck Acceptance Corp.,
5.30%, due 09/04/96 1,000,000 990,431
Smithkline-Beecham Corp. (US),
5.27%, due 07/16/96 1,600,000 1,596,487
Toronto Dominion Bank,
5.28%, due 07/15/96 4,000,000 3,991,787
Toronto Dominion Bank,
5.29%, due 07/15/96 1,200,000 1,197,531
Weyerhauser Mortgage Co.,
5.34%, due 07/26/96 3,500,000 3,487,021
Whirlpool Finance Corp.,
5.40%, due 07/25/96 775,000 772,210
Whirlpool Finance Corp.,
5.39%, due 07/26/96 1,000,000 996,257
- ------------------------------------------------------------------------
TOTAL INVESTMENTS
(COST $106,088,503) 98.6% $106,088,503
OTHER ASSETS LESS LIABILITIES -- 1.4% 1,542,733
- ------------------------------------------------------------------------
NET ASSETS 100.0% $107,626,572
========================================================================
</TABLE>
See notes to financial statements.
- --------------------------------------------------------------------------------
(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, 1996.
Percentages are based on net assets.
67
<PAGE> 21
MONY SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE LONG TERM
EQUITY GROWTH EQUITY INCOME TERM BOND BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
Securities, at value (Note 2)..................... $1,905,891 $17,562,991 $37,792,152 $56,687,525
Cash.............................................. 41,006 21,589 1,064,824 66,041
Dividends receivable.............................. 1,840 32,946 0 0
Interest receivable............................... 0 0 518,803 1,059,906
Receivable for fund shares sold................... 27 330 13,137 33,340
Receivable for securities sold.................... 15,405 262,005 0 0
Prepaid expense................................... 222 1,561 2,541 3,805
---------- ----------- ----------- -----------
Total Assets.......................................... 1,964,391 17,881,422 39,391,457 57,850,617
---------- ----------- ----------- -----------
LIABILITIES
Payable for fund shares redeemed.................. 196 582 7,609 9,835
Payable for securities purchased.................. 6,400 38,076 997,631 0
Accrued expenses:
Investment advisory fees..................... 642 5,889 12,617 18,709
Custodian fees............................... 1,094 1,017 1,068 1,945
Professional fees............................ 11,333 15,665 19,668 22,859
Directors fees............................... 97 932 1,879 2,850
Miscellaneous fees........................... 203 1,403 2,229 3,319
---------- ----------- ----------- -----------
Total Liabilities..................................... 19,965 63,564 1,042,701 59,517
---------- ----------- ----------- -----------
NET ASSETS............................................ $1,944,426 $17,817,858 $38,348,756 $57,791,100
========== =========== =========== ===========
Net assets consist of:
Capital stock--$.01 par value..................... $ 695 $ 8,471 $ 36,391 $ 47,807
Additional paid-in capital........................ 1,332,093 12,190,315 37,679,390 56,261,493
Undistributed net investment income............... 5,731 250,095 1,117,342 1,878,081
Accumulated undistributed net realized gain (loss)
on investments.................................. 86,864 1,263,966 (48,647) (949,098)
Net unrealized appreciation (depreciation) of
investments..................................... 519,043 4,105,011 (435,720) 552,817
---------- ----------- ----------- -----------
TOTAL NET ASSETS...................................... $1,944,426 $17,817,858 $38,348,756 $57,791,100
========== =========== =========== ===========
Shares of capital stock outstanding................... 69,488 847,107 3,639,122 4,780,733
---------- ----------- ----------- -----------
Net asset value per share of outstanding capital
stock............................................... $ 27.98 $ 21.03 $ 10.54 $ 12.09
========== =========== =========== ===========
Investments at cost................................... $1,386,848 $13,457,980 $38,227,872 $56,134,708
<CAPTION>
GOVERNMENT
DIVERSIFIED SECURITIES MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------
<S> <C> <C> <C>
ASSETS
Securities, at value (Note 2)..................... $3,269,011 $12,424,076 $106,088,503
Cash.............................................. 88,209 48,335 83,129
Dividends receivable.............................. 2,491 0 0
Interest receivable............................... 4,794 79,704 14,957
Receivable for fund shares sold................... 159 8,168 2,994,420
Receivable for securities sold.................... 15,491 0 0
Prepaid expense................................... 239 367 6,026
---------- ----------- ------------
Total Assets.......................................... 3,380,394 12,560,650 109,187,035
---------- ----------- ------------
LIABILITIES
Payable for fund shares redeemed.................. 241 57 1,485,150
Payable for securities purchased.................. 9,600 0 0
Accrued expenses:
Investment advisory fees..................... 1,103 4,009 34,289
Custodian fees............................... 991 1,112 9,103
Professional fees............................ 13,906 11,163 21,975
Directors fees............................... 171 309 4,664
Miscellaneous fees........................... 210 709 5,282
---------- ----------- ------------
Total Liabilities..................................... 26,222 17,359 1,560,463
---------- ----------- ------------
NET ASSETS............................................ $3,354,172 $12,543,291 $107,626,572
========== =========== ============
Net assets consist of:
Capital stock--$.01 par value..................... $ 2,009 $ 12,254 $ 1,076,266
Additional paid-in capital........................ 2,528,146 12,293,618 106,550,306
Undistributed net investment income............... 34,311 294,506 0
Accumulated undistributed net realized gain (loss)
on investments.................................. 110,429 312 0
Net unrealized appreciation (depreciation) of
investments..................................... 679,277 (57,399) 0
---------- ----------- ------------
TOTAL NET ASSETS...................................... $3,354,172 $12,543,291 $107,626,572
========== =========== ============
Shares of capital stock outstanding................... 200,901 1,225,448 107,626,572
---------- ----------- ------------
Net asset value per share of outstanding capital
stock............................................... $ 16.70 $ 10.24 $ 1.00
========== =========== ============
Investments at cost................................... $2,589,734 $12,481,475 $106,088,503
</TABLE>
See notes to financial statements
68
<PAGE> 22
MONY SERIES FUND, INC.
STATEMENTS OF OPERATIONS For the six months ended June 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE LONG TERM GOVERNMENT
EQUITY GROWTH EQUITY INCOME TERM BOND BOND DIVERSIFIED SECURITIES MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------ ----------- ----------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest........... $ 14,406 $ 16,585 $ 1,209,892 $ 2,017,249 $ 28,156 $ 322,971 $2,706,203
Dividends.......... 2,927 288,328 0 0 21,139 0 0
--------- ----------- ------------ ----------- ---------- --------- ----------
Total Investment
Income......... 17,333 304,913 1,209,892 2,017,249 49,295 322,971 2,706,203
--------- ----------- ------------ ----------- ---------- --------- ----------
EXPENSES:
Investment advisory
fees (Note 3).... 3,845 36,380 76,894 118,375 6,754 21,052 199,409
Custodian fees..... 4,129 5,419 3,947 4,411 4,319 3,188 8,633
Professional fees.. 4,108 5,195 6,427 7,690 4,205 4,382 10,051
Directors fees..... 194 1,873 3,776 5,725 344 617 9,371
Miscellaneous fees. 127 1,238 2,496 3,792 228 415 6,199
--------- ----------- ------------ ----------- ---------- --------- ----------
Total expenses... 12,403 50,105 93,540 139,993 15,850 29,654 233,663
Expense
reduction...... (801) (710) (990) (825) (866) (1,189) (3,121)
--------- ----------- ------------ ----------- ---------- --------- ----------
Net expenses..... 11,602 49,395 92,550 139,168 14,984 28,465 230,542
--------- ----------- ------------ ----------- ---------- --------- ----------
Net investment
income............. 5,731 255,518 1,117,342 1,878,081 34,311 294,506 2,475,661
--------- ----------- ------------ ----------- ---------- --------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS
(NOTE 2):
Realized gain (loss)
from security
transactions
(excluding
short-term
securities):
Proceeds from
sales........... 375,357 4,026,306 4,995,504 11,966,255 503,075 15,948 0
Cost of securities
sold............ 285,828 2,761,816 5,010,083 12,048,179 388,133 15,636 0
--------- ----------- ------------ ----------- ---------- --------- ----------
Net realized gain
(loss) on
investments......... 89,529 1,264,490 (14,759) (81,924) 114,942 312 0
Net increase
(decrease) in
unrealized
appreciation of
investments......... 109,219 (196,355) (1,248,394) (5,737,965) 56,142 (244,314) 0
--------- ----------- ------------ ----------- ---------- --------- ----------
Net realized and
unrealized gain
(loss) on
investments......... 198,748 1,068,135 (1,262,973) (5,819,889) 171,084 (244,002) 0
--------- ----------- ------------ ----------- ---------- --------- ----------
Net increase
(decrease) in net
assets resulting
from operations..... $ 204,479 $ 1,323,653 ($ 145,631) ($3,941,808) $ 205,395 $ 50,504 $2,475,661
========= =========== ============ =========== ========== ========= ==========
</TABLE>
See notes to financial statements
69
<PAGE> 23
MONY SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
--------------------------- ---------------------------
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 1995
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income...................................... $ 5,731 $ 26,883 $ 255,518 $ 608,220
Net realized gain (loss) on investments (Note 2)........... 89,529 93,732 1,264,490 365,016
Net increase (decrease) in unrealized appreciation of
investments.............................................. 109,219 349,191 (196,355) 3,968,525
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations................................................... 204,479 469,806 1,323,653 4,941,761
---------- ---------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (Note 4)............................. 0 (26,948) (34,413) (567,903)
Net realized gain from investment transactions (Note 4).... 0 (93,732) 0 (365,016)
Distribution in excess of realized capital gains
(Note 4)................................................. 0 (2,611) 0 0
---------- ---------- ----------- -----------
Total dividends and distributions to shareholders...... 0 (123,291) (34,413) (932,919)
---------- ---------- ----------- -----------
FROM SHARE TRANSACTIONS:
Proceeds from the issuance of shares....................... 174,505 348,609 224,882 489,847
Proceeds from dividends reinvested......................... 0 123,291 34,413 932,919
Net asset value of shares redeemed......................... (308,127) (501,382) (1,821,712) (3,545,498)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting from share
transactions................................................. (133,622) (29,482) (1,562,417) (2,122,732)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets.......................... 70,857 317,033 (273,177) 1,886,110
Net assets beginning of period................................. 1,873,569 1,556,536 18,091,035 16,204,925
---------- ---------- ----------- -----------
Net assets end of period*...................................... $1,944,426 $1,873,569 $17,817,858 $18,091,035
========== ========== =========== ===========
SHARES ISSUED AND REDEEMED:
Issued..................................................... 6,417 14,901 11,010 26,583
Issued in reinvestment of dividends and distribution....... 0 4,910 1,654 47,574
Redeemed................................................... 11,550 20,796 88,314 195,103
---------- ---------- ----------- -----------
Net increase (decrease)................................ (5,133) (985) (75,650) (120,946)
========== ========== =========== ===========
*Including undistributed net investment income of: $ 5,731 $ 0 $ 250,095 $ 28,990
<CAPTION>
INTERMEDIATE TERM LONG TERM BOND PORTFOLIO
--------------------------- ---------------------------
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 1995
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <<C> <C> <C> <C>
FROM OPERATIONS:
Net investment income...................................... $ 1,117,342 $ 2,091,037 $ 1,878,081 $ 3,342,469
Net realized gain (loss) on investments (Note 2)........... (14,579) (343) (81,924) 1,020,813
Net increase (decrease) in unrealized appreciation of
investments.............................................. (1,248,394) 2,636,279 (5,737,965) 8,936,819
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations................................................... (145,631) 4,726,973 (3,941,808) 13,300,101
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (Note 4)............................. 0 (2,091,037) 0 (3,342,469)
Net realized gain from investment transactions (Note 4).... 0 0 0 0
Distribution in excess of realized capital gains (Note
(Note 4)................................................. 0 0 0 0
----------- ----------- ----------- -----------
Total dividends and distributions to shareholders...... 0 (2,091,037) 0 (3,342,469)
----------- ----------- ----------- -----------
FROM SHARE TRANSACTIONS:
Proceeds from the issuance of shares....................... 6,934,924 9,732,637 13,107,239 18,197,721
Proceeds from dividends reinvested......................... 0 2,091,037 0 3,342,469
Net asset value of shares redeemed......................... (5,960,370) (9,223,470) (13,392,220) (13,492,262)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting from share
transactions................................................. 974,554 2,600,204 (284,981) 8,047,928
----------- ----------- ----------- -----------
Net increase (decrease) in net assets.......................... 828,923 5,236,140 (4,226,789) 18,005,560
Net assets beginning of period................................. 37,519,833 32,283,693 62,017,889 44,012,329
----------- ----------- ----------- -----------
Net assets end of period*...................................... $38,348,756 $37,519,833 $57,791,100 $62,017,889
=========== =========== =========== ===========
SHARES ISSUED AND REDEEMED:
Issued..................................................... 659,798 910,082 1,075,716 1,481,319
Issued in reinvestment of dividends and distribution....... 0 197,828 0 259,508
Redeemed................................................... 569,162 871,850 1,108,353 1,131,582
----------- ----------- ----------- ------------
Net increase (decrease)................................ 90,636 236,060 (32,637) 609,245
=========== =========== =========== ===========
*Including undistributed net investment income of: $ 1,117,342 $ 0 $ 1,878,081 $ 0
</TABLE>
See notes to financial statements
70
<PAGE> 24
MONY SERIES FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES
DIVERSIFIED PORTFOLIO PORTFOLIO
--------------------------- ---------------------------
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 1995
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income.......................................... $ 34,311 $ 83,934 $ 294,506 $ 269,443
Net realized gain (loss) on investments (Note 2)............... 114,942 84,634 312 163
Net increase (decrease) in unrealized appreciation of
investments.................................................. 56,142 557,722 (244,314) 189,162
---------- ---------- ----------- -----------
Net increase in net assets resulting from operations............... 205,395 726,290 50,504 458,768
---------- ---------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (Note 4)................................. 0 (83,934) 0 (269,443)
Net realized gain from investment transactions................. 0 (84,634) 0 (163)
Distribution in excess of realized capital gains............... 0 (4,489) 0 0
---------- ---------- ----------- -----------
Total dividends and distributions to shareholders......... 0 (173,057) 0 (269,606)
---------- ---------- ----------- -----------
FROM SHARE TRANSACTIONS:
Proceeds from the issuance of shares........................... 184,356 255,820 6,219,913 9,796,475
Proceeds from dividends reinvested............................. 0 173,057 0 269,606
Net asset value of shares redeemed............................. (307,654) (570,735) (2,283,019) (2,903,581)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets resulting from share
transactions..................................................... (123,298) (141,858) 3,936,894 7,162,500
---------- ---------- ----------- -----------
Net increase (decrease) in net assets.............................. 82,097 411,375 3,987,398 7,351,662
Net assets beginning of period..................................... 3,272,075 2,860,700 8,555,893 1,204,231
---------- ---------- ----------- -----------
Net assets end of period*.......................................... $3,354,172 $3,272,075 $12,543,291 $ 8,555,893
========== ========== =========== ===========
SHARES ISSUED AND REDEEMED:
Issued......................................................... 1,075,716 16,862 611,635 966,948
Issued in reinvestment of dividends and distribution........... 0 11,009 0 26,406
Redeemed....................................................... 1,108,353 37,322 224,558 281,625
---------- ---------- ----------- -----------
Net increase (decrease)................................... (32,637) (9,451) 387,077 711,729
========== ========== =========== ===========
*Including undistributed net investment income of: $ 34,311 $ 0 $ 294,506 $ 0
<CAPTION>
MONEY MARKET PORTFOLIO
-----------------------------
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1996 1995
------------- -------------
(UNAUDITED)
<S> <<C> <C>
FROM OPERATIONS:
Net investment income.......................................... $ 2,475,661 $ 4,435,105
Net realized gain (loss) on investments (Note 2)............... 0 0
Net increase (decrease) in unrealized appreciation of
investments.................................................. 0 0
------------- -------------
Net increase in net assets resulting from operations............... 2,475,661 4,435,105
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (Note 4)................................. (2,475,661) (4,435,105)
Net realized gain from investment transactions................. 0 0
Distribution in excess of realized capital gains............... 0 0
------------- -------------
Total dividends and distributions to shareholders......... (2,475,661) (4,435,105)
------------- -------------
FROM SHARE TRANSACTIONS:
Proceeds from the issuance of shares........................... 310,057,210 466,424,179
Proceeds from dividends reinvested............................. 2,475,661 4,435,105
Net asset value of shares redeemed............................. (315,273,277) (443,845,037)
------------- -------------
Net increase (decrease) in net assets resulting from share
transactions..................................................... (2,740,406) 27,014,247
------------- -------------
Net increase (decrease) in net assets.............................. (2,740,406) 27,014,247
Net assets beginning of period..................................... 110,366,978 83,352,731
------------- -------------
Net assets end of period*.......................................... $ 107,626,572 $ 110,366,978
============= =============
SHARES ISSUED AND REDEEMED:
Issued......................................................... 310,057,210 466,424,179
Issued in reinvestment of dividends and distribution........... 2,475,661 4,435,105
Redeemed....................................................... 315,273,277 443,845,037
------------- -------------
Net increase (decrease)................................... (2,740,406) 27,014,247
============= =============
*Including undistributed net investment income of: $ 0 $ 0
</TABLE>
See notes to financial statements
71
<PAGE> 25
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 Growth Portfolio, the Equity
Income Portfolio, the Intermediate Term Bond Portfolio, the Long Term Bond
Portfolio, the Government Securities 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 with 61 days or more to maturity at time of purchase
are valued at market through the 61st day prior to maturity, based on quotations
obtained from market makers or other appropriate sources; thereafter, any
unrealized appreciation or depreciation existing on the 61st day is amortized on
a straight-line basis over the remaining number of days to maturity. Short-term
securities with 60 days or less to maturity at time of purchase 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 in the Money Market Portfolio are valued at
amortized cost.
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, when held by the Fund, including any restricted
securities, are 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 federal income tax purposes.
72
<PAGE> 26
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosure of liabilities at
the date of the financial statements and the reported amounts of expenses during
the reporting period. Actual results could differ from these estimates.
Earnings credits received from the custodian are shown as a reduction of
total expenses.
3. INVESTMENT ADVISORY FEES AND RELATED PARTY TRANSACTIONS
Under an investment advisory agreement between the Fund and MONY Life
Insurance Company of America ("Investment Adviser" or "MONY America"), 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 of the aggregate average daily net assets of the
portfolios and .30% of the aggregate average daily net assets of the portfolios
in excess of $800,000,000. Each daily charge is divided among the portfolios in
proportion to their net assets on that date. The Investment Adviser reimburses
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 the average daily net assets of
such portfolio, 2.0% of the next $70,000,000 of the 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, 1996, the fees
incurred by the Fund were $462,709.
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 pays MONY for its services.
Aggregate remuneration incurred to non-affiliated Directors of the Fund for
the six months ended June 30, 1996, amounted to $21,900.
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 net 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.
Dividends from net investment income and distributions from net realized
capital gains are determined in accordance with U.S. federal income tax
regulations which may differ from generally accepted accounting principles.
Distributions may differ from net investment income and net realized capital
gains recognized for
73
<PAGE> 27
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (CONTINUED)
financial reporting purposes 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 (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 capital stock has a pro-rata interest in the
assets of the Portfolio to which the capital 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 America 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 CARRYFORWARD
At December 31, 1995, the following portfolios of the Fund have capital
loss carryforwards available to offset future capital gains, if any, for federal
income tax purposes:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EXPIRATION DATE
- --------- -------- ------------------
<S> <C> <C>
Long Term Bond................................................. $867,174 December 31, 2002
========
Intermediate Term Bond......................................... $ 16,850 December 31, 2002
17,218 December 31, 2003
--------
$ 34,068
========
</TABLE>
74
<PAGE> 28
MONY SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
7. PURCHASES AND SALES OF INVESTMENTS
The aggregate cost of investments purchased and proceeds from sales or
maturities, other than short-term investments, for the six months ended June 30,
1996 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
---------- -----------
<S> <C> <C> <C>
Equity Growth Portfolio.................. Other $ 329,308 $ 393,295
Equity Income Portfolio.................. Other 3,253,194 4,373,805
Intermediate Term Bond Portfolio......... U.S. Government Obligations 3,021,283 1,979,375
Other 8,922,601 51,876,338
Long Term Bond Portfolio................. U.S. Government Obligations 4,639,297 7,036,875
Other 9,139,090 4,929,380
Diversified Portfolio.................... Other 228,751 542,120
Government Securities Portfolio.......... U.S. Government Obligations 5,003,963 15,948
</TABLE>
75
<PAGE> 29
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................ $ 25.11 $ 20.59 $ 20.70 $ 19.68 $ 20.25 $ 15.38
---------- ---------- ---------- ----------- ----------- -----------
Income from investment
operations
Net investment income......... 0.08 0.39 0.36 0.33 0.29 0.25
Net gains (losses) on
investments (both realized
and unrealized)............. 2.79 5.90 0.09 1.59 (0.46) 5.08
---------- ---------- ---------- ----------- ----------- -----------
Total from investment
operations.................. 2.87 6.29 0.45 1.92 (0.17) 5.33
Less distributions
Dividends (from net investment
income)..................... 0.00 (0.39) (0.36) (0.33) (0.29) (0.25)
Distributions (from realized
capital gains).............. 0.00 (1.34) (0.20) (0.57) (0.04) (0.17)
Distributions (from additional
paid-in capital)............ 0.00 0.00 0.00 0.00 (0.03) (0.04)
Distributions (in excess of
realized capital gain)...... 0.00 (0.04) 0.00 0.00 (0.04) 0.00
---------- ---------- ---------- ----------- ----------- -----------
Total distributions........... 0.00 (1.77) (0.56) (0.90) (0.40) (0.46)
Net asset value, end of
period........................ $ 27.98 $ 25.11 $ 20.59 $ 20.70 $ 19.68 $ 20.25
========== ========== ========== =========== =========== ===========
Total return.................. 24.24%+ 30.54% 2.15% 9.71% (0.84%) 34.66%
Ratios/Supplemental Data
Net assets, end of period....... $1,944,426 $1,873,569 $1,556,536 $58,963,456 $39,979,012 $26,219,999
Average commission rate......... $ .02 N/A N/A N/A N/A N/A
Ratio of net investment income
to average net assets......... 0.30% 1.54% 2.11% 1.79% 1.72% 2.09%
Ratio of expenses to average net
assets........................ 0.64% 1.28% 0.53% 0.50% 0.53% 0.59%
Portfolio turnover rate......... 18.58% 38.17% 55.09% 59.15% 39.93% 32.33%
<CAPTION>
1990 1989 1988 1987 1986
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period........................ $ 15.90 $ 12.78 $ 11.81 $ 12.07 $ 11.07
---------- ---------- ---------- ---------- ----------
Income from investment
operations
Net investment income......... 0.27 0.28 0.22 0.15 0.18
Net gains (losses) on
investments (both realized
and unrealized)............. (0.50) 3.66 1.20 0.93 0.98
---------- ---------- ---------- ---------- ----------
Total from investment
operations.................. (0.23) 3.94 1.42 1.08 1.16
Less distributions
Dividends (from net investment
income)..................... (0.29) (0.27) (0.21) (0.42) (0.16)
Distributions (from realized
capital gains).............. 0.00 (0.55) (0.24) (0.92) 0.00
Distributions (from additional
paid-in capital)............ 0.00 0.00 0.00 0.00 0.00
Distributions (in excess of
realized capital gain)...... 0.00 0.00 0.00 0.00 0.00
---------- ---------- ---------- ---------- ----------
Total distributions........... (0.29) (0.82) (0.45) (1.34) (0.16)
Net asset value, end of
period........................ $ 15.38 $ 15.90 $ 12.78 $ 11.81 $ 12.07
========== ========== ========== ========== ==========
Total return.................. (1.45%) 30.83% 12.02% 8.95% 10.48%
Ratios/Supplemental Data
Net assets, end of period....... $7,163,679 $5,672,894 $3,957,234 $2,934,478 $2,539,872
Average commission rate......... N/A N/A N/A N/A N/A
Ratio of net investment income
to average net assets......... 2.42% 2.00% 1.70% 1.04% 1.51%
Ratio of expenses to average net
assets........................ 0.77% 0.96% 1.04% 1.50% 1.50%
Portfolio turnover rate......... 31.21% 29.91% 9.51% 18.13% 55.46%
</TABLE>
- ---------------
+ Annualized
76
<PAGE> 30
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990
----------- ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 19.61 $ 15.53 $ 16.43 $ 15.56 $ 14.64 $ 12.70 $ 14.26
----------- ----------- ----------- ------------ ------------ ------------ -----------
Income from investment
operations
Net investment income.... 0.30 0.69 0.64 0.52 0.59 0.64 0.54
Net gains (losses) on
investments (both
realized and
unrealized)............ 1.16 4.45 (0.51) 1.68 0.92 1.94 (1.50)
----------- ----------- ----------- ------------ ------------ ------------ -----------
Total from investment
operations........... 1.46 5.14 0.13 2.20 1.51 2.58 (0.96)
Less distributions
Dividends (from net
investment income)..... (0.04) (0.65) (0.64) (0.52) (0.59) (0.64) (0.60)
Distributions (from
realized capital
gains)................. 0.00 (0.41) (0.39) (0.81) 0.00* 0.00* 0.00
----------- ----------- ----------- ------------ ------------ ------------ -----------
Total distributions.... (0.04) (1.06) (1.03) (1.33) (0.59) (0.64) (0.60)
Net asset value, end of
period................... $ 21.03 $ 19.61 $ 15.53 $ 16.43 $ 15.56 $ 14.64 $ 12.70
=========== =========== =========== ============ ============ ============ ===========
Total return........... 15.51%+ 33.12% 0.78% 14.14% 10.31% 20.31% (6.73%)
Ratios/Supplemental Data
Net assets, end of
period................... $17,817,858 $18,091,035 $16,204,925 $151,330,311 $121,540,392 $118,114,947 $99,878,151
Average commission rate.... $ 0.05 N/A N/A N/A N/A N/A N/A
Ratio of net investment
income to average net
assets................... 1.41% 3.54% 3.53% 3.22% 3.68% 4.46% 5.39%
Ratio of expenses to
average net assets....... 0.28% 0.56% 0.48% 0.46% 0.46% 0.49% 0.52%
Portfolio turnover rate.... 18.58% 26.80% 32.48% 28.48% 35.62% 25.84% 8.89%
<CAPTION>
1989 1988 1987 1986
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 12.67 $ 12.03 $ 13.03 $ 11.30
---------- ---------- ---------- ----------
Income from investment
operations
Net investment income.... 0.64 0.70 0.44 0.42
Net gains (losses) on
investments (both
realized and
unrealized)............ 2.20 1.64 0.54 1.74
---------- ---------- ---------- ----------
Total from investment
operations........... 2.84 2.34 0.98 2.16
Less distributions
Dividends (from net
investment income)..... (0.64) (0.66) (0.77) (0.43)
Distributions (from
realized capital
gains)................. (0.61) (1.04) (1.21) 0.00
---------- ---------- ---------- ----------
Total distributions.... (1.25) (1.70) (1.98) (0.43)
Net asset value, end of
period................... $ 14.26 $ 12.67 $ 12.03 $ 13.03
========== ========== ========== ==========
Total return........... 22.42% 19.45% 7.52% 19.12%
Ratios/Supplemental Data
Net assets, end of
period................... $6,185,876 $5,054,514 $2,945,497 $2,776,312
Average commission rate.... N/A N/A N/A N/A
Ratio of net investment
income to average net
assets................... 4.66% 5.24% 3.02% 3.30%
Ratio of expenses to
average net assets....... 0.88% 0.91% 1.50% 1.50%
Portfolio turnover rate.... 19.55% 22.70% 13.73% 25.70%
</TABLE>
- ---------------
* Less than $.01 per share.
+ Annualized
77
<PAGE> 31
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 10.57 $ 9.75 $ 10.51 $ 10.33 $ 10.22 $ 9.69 $ 9.85
----------- ----------- ----------- ----------- ----------- ----------- -----------
Income from investment
operations
Net investment
income............... 0.31 0.63 0.60 0.47 0.59 0.77 0.84
Net gains (losses) on
investments (both
realized and
unrealized).......... (0.34) 0.82 (0.76) 0.34 0.11 0.71 (0.16)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations......... (0.03) 1.45 (0.16) 0.81 0.70 1.48 0.68
Less distributions
Dividends (from net
investment income)... 0.00 (0.63) (0.60) (0.47) (0.59) (0.77) (0.84)
Distributions (from
realized capital
gains)............... 0.00 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 0.00 (0.18) 0.00
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total
Distributions...... 0.00 (0.63) (0.60) (0.63) (0.59) (0.95) (0.84)
Net asset value, end of
period................. $ 10.54 $ 10.57 $ 9.75 $ 10.51 $ 10.33 $ 10.22 $ 9.69
=========== =========== =========== =========== =========== =========== ===========
Total return......... (.54%)+ 14.82% (1.52%) 7.84% 6.85% 15.27% 6.90%
Ratios/Supplemental Data
Net assets, end of
period................. $38,348,756 $37,519,833 $32,283,693 $31,326,168 $20,911,161 $22,005,519 $20,260,361
Ratio of net investment
income to average net
assets................. 2.90% 6.10% 5.66% 5.26% 6.24% 7.88% 8.52%
Ratio of expenses to
average net assets..... 0.24% 0.49% 0.52% 0.52% 0.53% 0.51% 0.54%
Portfolio turnover
rate................... 39.86% 32.07% 25.41% 50.61% 62.27% 55.03% 20.06%
<CAPTION>
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 gains (losses) on
investments (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
realized capital
gains)............... 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 investment
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
78
<PAGE> 32
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 12.88 $ 10.47 $ 12.05 $ 11.19 $ 11.03 $ 10.47 $ 10.70
----------- ----------- ----------- ----------- ----------- ----------- -----------
Income from investment
operations
Net investment
income............... 0.39 0.74 0.84 0.50 0.81 0.72 0.90
Net gains (losses) on
investments (both
realized and
unrealized).......... (1.18) 2.41 (1.58) 1.09 0.16 1.12 (0.23)
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations......... (0.79) 3.15 (0.74) 1.59 0.97 1.84 0.67
Less distributions
Dividends (from net
investment income)... 0.00 (0.74) (0.84) (0.50) (0.74) (0.72) (0.90)
Distributions (from
realized capital
gains)............... 0.00 0.00 0.00 (0.23) 0.00* (0.37) 0.00
Distributions (from
additional paid-in
capital)............. 0.00 0.00 0.00 0.00 (0.07) (0.19) 0.00
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total
distributions...... 0.00 (0.74) (0.84) (0.73) (0.81) (1.28) (0.90)
Net asset value, end of
period................. $ 12.09 $ 12.88 $ 10.47 $ 12.05 $ 11.19 $ 11.03 $ 10.47
=========== =========== =========== =========== =========== =========== ===========
Total return......... (11.94%)+ 30.04% (6.14%) 14.21% 8.79% 17.57% 6.26%
Ratios/Supplemental Data
Net assets, end of
period................. $57,791,100 $62,017,889 $44,012,329 $63,044,619 $29,564,159 $23,207,734 $20,532,817
Ratio of net investment
income to average net
assets................. 3.15% 6.58% 6.45% 5.69% 7.71% 8.12% 8.72%
Ratio of expenses to
average net assets..... 0.24% 0.48% 0.49% 0.48% 0.51% 0.51% 0.53%
Portfolio turnover
rate................... 21.16% 79.45% 110.19% 45.93% 0.17% 63.68% 27.49%
<CAPTION>
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 gains (losses) on
investments (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
realized capital
gains)............... 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 investment
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
79
<PAGE> 33
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 15.72 $ 13.14 $ 13.47 $ 12.64 $ 13.13 $ 11.75 $ 12.27
---------- ---------- ---------- ----------- ----------- ----------- -----------
Income from investment
operations
Net investment income.... 0.17 0.43 0.38 0.37 0.42 0.53 0.70
Net gains (losses) on
investments (both
realized
and unrealized)........ 0.81 3.03 (0.24) 1.01 (0.29) 1.86 (0.40)
---------- ---------- ---------- ----------- ----------- ----------- -----------
Total from investment
operations........... 0.98 3.46 0.14 1.38 0.13 2.39 0.30
Less distributions
Dividends (from net
investment income)..... 0.00 (0.43) (0.38) (0.37) (0.42) (0.53) (0.71)
Distributions (from
realized capital
gains)................. 0.00 (0.43) (0.09) (0.18) (0.20) (0.48) (0.11)
Distributions (in excess
of realized capital
gain).................. 0.00 (0.02) 0.00 0.00* 0.00* 0.00 0.00
---------- ---------- ---------- ----------- ----------- ----------- -----------
Total distributions.... 0.00 (0.88) (0.47) (0.55) (0.62) (1.01) (0.82)
Net asset value, end of
period................... $ 16.70 $ 15.72 $ 13.14 $ 13.47 $ 12.64 $ 13.13 $ 11.75
========== ========== ========== =========== =========== =========== ===========
Total return........... 12.93%+ 26.32% 1.03% 10.92% 0.99% 20.34% 2.44%
Ratios/Supplemental Data
Net assets, end of
period................... $3,354,172 $3,272,075 $2,860,700 $34,076,498 $22,704,133 $16,829,653 $10,373,263
Average commission rate.... $ 0.08 N/A N/A N/A N/A N/A N/A
Ratio of net investment
income to average net
assets................... 1.01% 2.68% 3.19% 3.13% 3.68% 4.72% 6.04%
Ratio of expenses to
average net assets....... 0.47% 0.95% 0.57% 0.53% 0.57% 0.60% 0.63%
Portfolio turnover rate.... 7.87% 27.69% 51.38% 28.98% 26.44% 22.03% 11.49%
<CAPTION>
1989 1988 1987 1986
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 11.26 $ 11.00 $ 12.18 $ 11.23
----------- ----------- ----------- -----------
Income from investment
operations
Net investment income.... 0.75 0.71 0.69 0.69
Net gains (losses) on
investments (both
realized
and unrealized)........ 1.74 0.36 (0.21) 0.82
----------- ----------- ----------- -----------
Total from investment
operations........... 2.49 1.07 0.48 1.51
Less distributions
Dividends (from net
investment income)..... (0.75) (0.70) (1.33) (0.56)
Distributions (from
realized capital
gains)................. (0.73) (0.11) (0.33) 0.00
Distributions (in excess
of realized capital
gain).................. 0.00 0.00 0.00 0.00
----------- ----------- ----------- -----------
Total distributions.... (1.48) (0.81) (1.66) (0.56)
Net asset value, end of
period................... $ 12.27 $ 11.26 $ 11.00 $ 12.18
=========== =========== =========== ===========
Total return........... 22.11% 9.73% 3.94% 13.45%
Ratios/Supplemental Data
Net assets, end of
period................... $12,319,454 $16,050,117 $13,039,577 $13,076,156
Average commission rate.... N/A N/A N/A N/A
Ratio of net investment
income to average net
assets................... 5.86% 6.10% 5.35% 5.85%
Ratio of expenses to
average net assets....... 0.67% 0.62% 0.75% 0.84%
Portfolio turnover rate.... 8.06% 4.46% 12.31% 17.11%
</TABLE>
- ---------------
* Less than $.01 per share.
+ Annualized
80
<PAGE> 34
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE
PERIOD
FOR THE SIX MAY 1, 1991**
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31, THROUGH
JUNE 30, ---------------------------------------------------------------- DECEMBER 31,
1996 1995 1994 1993 1992 1991
------------ ------------ ------------ ------------ ------------ -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................. $ 10.21 $ 9.51 $ 9.72 $ 9.66 $ 10.70 $ 10.00
----------- ---------- ---------- ----------- ----------- -----------
Income from investment
operations
Net investment income..... 0.24 0.34 0.05 0.52 1.00 0.27
Net gains (losses) on
investments (both
realized and
unrealized)............ (0.21) 0.70 (0.21) 0.27 (0.25) 0.70
----------- ---------- ---------- ----------- ----------- -----------
Total from investment
operations........... 0.03 1.04 (0.16) 0.79 0.75 0.97
Less distributions
Dividends (from net
investment income)..... 0.00 (0.34) (0.05) (0.52) (1.00) (0.27)
Distributions (from
realized capital
gains)................. 0.00 (0.00) 0.00 (0.21) (0.79) 0.00
Distributions (in excess
of realized capital
gains)................. 0.00 (0.00) 0.00 0.00* 0.00 0.00
----------- ---------- ---------- ----------- ----------- -----------
Total distributions.... 0.00 (0.34) (0.05) (0.73) (1.79) (0.27)
Net asset value, end of
period.................... $ 10.24 $ 10.21 $ 9.51 $ 9.72 $ 9.66 $ 10.70
=========== ========== ========== =========== =========== ===========
Total return........... .58%+ 10.89% (2.68%)+++ 8.18% 7.01% 9.70%++
Ratios/Supplemental Data
Net assets, end of period... $12,543,291 $8,555,893 $1,204,231 $20,036,097 $19,096,791 $42,235,195
Ratio of net investment
income to average net
assets.................... 2.80% 6.10% 5.43%+++ 5.06% 6.25% 5.75%+
Ratio of expenses to average
net assets................ 0.28% 0.74% 0.57%+++ 0.53% 0.50% .43%+
Portfolio turnover rate..... 0.19% 0.28% 7.82% 41.01% 28.28% 151.81%
</TABLE>
- ---------------
* Less than $.01 per share.
** Commencement of operations.
+ Annualized
++ Average Annual
+++ Annualized since Portfolio was dormant from June 24, 1994 to November 18,
1994.
81
<PAGE> 35
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------------------
1996 1995 1994 1993 1992 1991 1990
------------ ------------ ------------ ------------ ------------ ------------ ------------
(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.... 0.02 0.05 0.03 0.01 0.03 0.06 0.07
Less distributions
Dividends (from net
investment income)..... (0.02) (0.05) (0.03) (0.01) (0.03) (0.06) (0.07)
------------ ------------ ----------- ----------- ----------- ----------- -----------
Net asset value, end of
period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== =========== =========== =========== ===========
Total return........... 5.28%+ 5.57% 5.33% 2.75% 3.31% 5.60% 7.22%
Ratios/Supplemental Data
Net assets, end of
period................... $107,626,572 $110,366,978 $83,352,731 $65,474,860 $50,892,593 $34,642,974 $26,924,389
Ratio of net investment
income to average net
assets................... 2.41% 5.30% 3.77% 2.62% 3.17% 5.80% 7.63%
Ratio of expenses to
average net assets....... 0.23% 0.46% 0.49% 0.46% 0.48% 0.54% 0.54%
<CAPTION>
1989 1988 1987 1986
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ---------- ---------- ----------
Income from investment
operations
Net investment income.... 0.08 0.07 0.05 0.05
Less distributions
Dividends (from net
investment income)..... (0.08) (0.07) (0.05) (0.05)
----------- ---------- ---------- ----------
Net asset value, end of
period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========== ========== ==========
Total return........... 8.20% 6.56% 5.34% 5.26%
Ratios/Supplemental Data
Net assets, end of
period................... $10,817,623 $4,552,241 $2,883,644 $2,271,034
Ratio of net investment
income to average net
assets................... 8.06% 6.77% 5.36% 5.23%
Ratio of expenses to
average net assets....... 0.92% 1.08% 1.50% 1.50%
</TABLE>
- ---------------
+ Annualized
82
<PAGE> 36
MONY SERIES FUND, INC.
1740 BROADWAY
NEW YORK, NEW YORK 10019
<TABLE>
<S> <C>
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
</TABLE>
<PAGE> 37
LOGO
The Mutual Life Insurance Company of New York
Administrative Offices
1740 Broadway, New York, NY 10019
ADDRESS CORRECTION REQUESTED
----------------------
BULK RATE
U.S. POSTAGE
PAID
PERMIT NO. 8048
NEW YORK, NEW YORK
----------------------
Form No. 14005SL (8/96)
