<PAGE> 1
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
During the second quarter the new economy stocks (technology, telecom,
Internet) sold off sharply while many of the old economy stocks (cyclical,
energy, financial) rallied. Some of the valuation disparity between these two
broad groups narrowed, but when technology rallied in June the gap widened
again. As a result the two markets phenomenon that has been in effect for the
past several years continues. Most stocks are now selling at price earnings
ratios that are not out of line historically, however the largest one hundred
names are still selling at very high multiples. The popular averages which are
heavily influenced by these big market cap stocks also reflect the valuation
disparity.
The growth portfolio has reduced its holdings of technology companies.
Technology is still a substantial portion of the portfolio, but at 28 percent is
less than the market weight of more than 30 percent. In our opinion, the
fundamentals are still good, the future prospects excellent and the companies
are still great. The valuations, however, reflect this and the stocks may have
some further vulnerability as the economy slows. The energy sector, particularly
oil service and drilling, and healthcare, both drugs and biotechnology, remain
as substantial holdings in the portfolio. Both may have good earnings gains in a
more difficult overall environment.
1
<PAGE> 2
MONY SERIES FUND, INC.
EQUITY GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
COMMON STOCKS -- 88.12% PRINCIPAL AMOUNT VALUE
------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE -- 0.75%
Ford Motor Company 500 $ 21,500
Visteon Corporation 65 794
----------
22,294
BANKING -- 0.93%
Chase Manhattan Corporation 600 27,638
BIOTECHNOLOGY -- 1.19%
Amgen Inc. (a) 500 35,125
BROADCASTING -- 3.78%
Infinity Broadcasting Corporation
(Class A) (a) 900 32,794
Time Warner Inc. 500 38,000
Viacom Inc. (a) 600 40,912
----------
111,706
CABLE -- 2.79%
Cablevision Systems Corporation
(Class A) (a) 500 33,938
Comcast Corporation (a) 1,200 48,600
----------
82,538
CHEMICALS -- 1.60%
Dow Chemical Company 700 21,131
Du Pont (E.I.) de Nemours & Company 600 26,250
----------
47,381
COMPUTER HARDWARE -- 7.87%
Cisco Systems Inc. (a) 900 57,206
Dell Computer Corporation (a) 700 34,519
EMC Corporation (a) 800 61,550
Hewlett-Packard Company 200 24,975
International Business Machines
Corporation 500 54,781
----------
233,031
COMPUTER SERVICES -- 3.58%
America Online Inc. (a) 800 42,200
Sun Microsystems Inc. (a) 700 63,656
----------
105,856
COMPUTER SOFTWARE -- 3.69%
Genuity Inc. 200 1,831
Microsoft Corporation (a) 500 40,000
Oracle Corporation (a) 800 67,250
----------
109,081
CRUDE & PETROLEUM -- 8.99%
Anadarko Petroleum Corporation 500 24,656
BP Amoco (ADR) 1,000 56,563
Burlington Resources Inc. 600 22,950
Chevron Corporation 400 33,925
Exxon Mobil Corporation 900 70,650
Royal Dutch Petroleum Company (ADR) 500 30,781
Texaco Inc. 500 26,625
----------
266,150
ELECTRICAL EQUIPMENT -- 3.71%
Emerson Electric Company 500 30,187
General Electric Company 1,500 79,500
----------
109,687
HEALTH CARE -- 0.00%
Paracelsus Healthcare Corporation 142 8
MEDICAL SERVICES -- 1.09%
Biogen Inc. (a) 500 32,250
MISC. FINANCIAL SERVICES -- 2.86%
American Express Company 700 36,488
Citigroup Inc. 800 48,200
----------
84,688
OIL SERVICES -- 11.90%
Baker Hughes Inc. 800 25,600
BJ Services Company (a) 500 31,250
Diamond Offshore Drilling Inc. 1,000 35,125
Grant Prideco Inc. 700 17,500
Halliburton Company 700 33,031
Kerr-McGee Corporation 500 29,469
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ----------
<S> <C> <C>
Nabors Industries Inc. (a) 700 $ 29,094
Phillips Petroleum Company 500 25,344
Schlumberger Ltd. 400 29,850
Tidewater Inc. 1,000 36,000
Transocean Sedco Forex Inc. 600 32,062
Weatherford International Inc. (a) 700 27,869
----------
352,194
PAPER & FOREST PRODUCTS -- 1.29%
Bowater Inc. 300 13,237
International Paper Company 700 20,869
Temple-Inland Inc. 100 4,200
----------
38,306
PHARMACEUTICALS -- 12.28%
American Home Products Corporation 800 47,000
Bristol-Myers Squibb Company 700 40,775
Eli Lilly & Company 600 59,925
Merck & Company Inc. 500 38,313
Pfizer Inc. 1,500 72,000
Pharmacia Corporation 500 25,844
Schering-Plough Corporation 800 40,400
Smithkline Beecham (ADR) 600 39,112
----------
363,369
SEMICONDUCTORS -- 5.49%
Applied Materials Inc. (a) 600 54,375
Intel Corporation 500 66,844
Texas Instruments Inc. 600 41,212
----------
162,431
TECHNOLOGY -- 0.19%
Agilent Technologies Inc. (a) 76 5,605
TELECOMMUNICATIONS -- 8.94%
AT&T Corporation 600 18,975
Global Crossing Ltd. (a) 700 18,419
Lucent Technologies Inc. 800 47,400
Qwest Communications International
Inc. (a) 1,000 49,687
Sprint Corporation 800 40,800
Tellabs Inc. (a) 700 47,906
Worldcom Inc. (a) 900 41,288
----------
264,475
WIRELESS COMMUNICATIONS -- 5.20%
AT&T Wireless Group 200 5,575
Motorola Inc. 1,200 34,875
Nokia Corporation (Class A) (ADR) 1,200 59,925
Sprint PCS (a) 900 53,550
----------
153,925
----------
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,539,642) 2,607,738
------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 9.97%
------------------------------------------------------------------------
State Street Bank & Trust Repurchase
Agreement, 5.50% due 07/03/00,
Maturity Value $295,135
Collateral: U.S. Treasury Note
$265,000, 7.50% due 11/15/16,
Value $304,307 $295,000 295,000
----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $295,000) 295,000
------------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $1,834,642) $2,902,738
OTHER ASSETS LESS LIABILITIES -- 1.91% 56,590
----------
NET ASSETS -- 100% $2,959,328
========================================================================
</TABLE>
(a) Non-income producing security.
(ADR) American Depository Receipt.
See notes to financial statements.
2
<PAGE> 3
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
During the second quarter the new economy stocks (technology, telecom,
Internet) sold off sharply while many of the old economy stocks (cyclical,
energy, financial) rallied. Some of the valuation disparity between these two
broad groups narrowed, but when technology rallied in June the gap widened
again. As a result the two markets phenomenon that has been in effect for the
past several years continues. At June 30, 2000 most stocks are now selling at
price earnings ratios that are not out of line historically, however the largest
one hundred names are still selling at very high multiples. The popular averages
which are heavily influenced by these big market cap stocks also reflect the
valuation disparity.
The major risk continues to lie in these high quality, well known growth
stocks and in the big averages. The new economy is for real, and these stocks
are great companies and have very attractive futures, but this is more than
reflected in their prices. This valuation disparity has created opportunity in
the rest of the market where many good companies are selling at more reasonable
prices. If there is another sell off in the growth sector the rest of the market
would not be immune, but the values and the fact that many of these stocks have
already suffered major declines should provide some cushion.
The slower economy and the uncertainties regarding the Federal Reserve
("Fed") indicate a more defensive strategy. This means less in economy-sensitive
sectors such as basic materials and more in healthcare and consumer staples. If
the Fed is nearing the end of its tightening then financial stocks, both banks
and insurance should do well. Finally, the energy sector remains as a major
overweight, including integrated oils, oil service and drilling and natural gas.
Demand remains strong, earnings estimates are being increased and dividend
yields are still attractive.
3
<PAGE> 4
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
COMMON STOCKS -- 95.26% PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------
<S> <C> <C>
AEROSPACE -- 3.65%
Honeywell International Inc. 4,000 $ 134,750
Northrop Grumman Corporation 3,000 198,750
United Technologies Corporation 4,500 264,937
-----------
598,437
AUTOMOTIVE -- 1.62%
Ford Motor Company 4,000 172,000
General Motors Corporation 1,500 87,094
Visteon Corporation 524 6,350
-----------
265,444
BANKING -- 4.89%
Bank of America Corporation 3,000 129,000
Bank of New York Company Inc. 4,000 186,000
Chase Manhattan Corporation 4,200 193,462
FleetBoston Financial
Corporation 3,500 119,000
Wells Fargo & Company 4,500 174,375
-----------
801,837
CHEMICALS -- 1.54%
Dow Chemical Company 4,000 120,750
Du Pont (E. I.) de Nemours &
Company 3,000 131,250
-----------
252,000
COMPUTER HARDWARE -- 1.01%
Xerox Corporation 8,000 166,000
CONGLOMERATES -- 2.08%
Minnesota Mining & Manufacturing
Company 2,500 206,250
Textron Inc. 2,500 135,781
-----------
342,031
CONSUMER NON-DURABLES -- 1.90%
Avon Products Inc. 7,000 311,500
CONSUMER PRODUCTS -- 2.41%
Colgate-Palmolive Company 2,500 149,688
Kimberly-Clark Corporation 3,000 172,125
Procter & Gamble Company 1,300 74,425
-----------
396,238
CRUDE & PETROLEUM -- 9.13%
BP Amoco (ADR) 6,000 339,375
Burlington Resources Inc. 4,000 153,000
Chevron Corporation 2,500 212,031
Exxon Mobil Corporation 5,000 392,500
Royal Dutch Petroleum Company
(ADR) 3,500 215,469
Texaco Inc. 3,500 186,375
-----------
1,498,750
ELECTRICAL EQUIPMENT -- 5.36%
Emerson Electric Company 3,500 211,312
General Electric Company 12,600 667,800
-----------
879,112
ENERGY -- 6.69%
Duke Energy Corporation 4,000 225,500
El Paso Energy Corporation 5,500 280,156
Enron Corporation 4,000 258,000
Williams Companies Inc. 8,000 333,500
-----------
1,097,156
FOOD & BEVERAGES & TOBACCO -- 1.07%
Coca-Cola Company 1,500 86,156
PepsiCo Inc. 2,000 88,875
-----------
175,031
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
INSURANCE -- 1.02%
Cigna Corporation 1,800 $ 168,300
MACHINERY -- 2.76%
Caterpillar Inc. 4,300 145,663
Deere & Company 4,500 166,500
Pitney Bowes Inc. 3,500 140,000
-----------
452,163
MANUFACTURING -- 1.02%
Eaton Corporation 2,500 167,500
METALS & MINING -- 1.24%
Alcoa Inc. 7,000 203,000
MISC. FINANCIAL SERVICES -- 2.02%
Citigroup Inc. 5,500 331,375
MULTI-LINE INSURANCE -- 0.33%
Lincoln National Corporation 1,500 54,188
OIL SERVICES -- 8.90%
Baker Hughes Inc. 6,000 192,000
Diamond Offshore Drilling Inc. 5,000 175,625
Halliburton Company 4,000 188,750
Kerr-McGee Corporation 3,200 188,600
KeySpan Corporation 5,000 153,750
Phillips Petroleum Company 3,500 177,406
Schlumberger Ltd. 2,500 186,563
Tidewater Inc. 5,500 198,000
-----------
1,460,694
PAPER & FOREST PRODUCTS -- 2.48%
Bowater Inc. 3,000 132,375
Georgia-Pacific Group 4,000 105,000
International Paper Company 5,000 149,063
Temple-Inland Inc. 500 21,000
-----------
407,438
PHARMACEUTICALS -- 18.55%
Abbott Laboratories 5,000 222,813
American Home Products
Corporation 5,000 293,750
Baxter International Inc. 3,500 246,094
Bristol-Myers Squibb Company 4,500 262,125
Eli Lilly & Company 3,500 349,562
Johnson & Johnson 3,500 356,562
Merck & Company Inc. 4,000 306,500
Pfizer Inc. 6,600 316,800
Pharmacia Corporation 5,000 258,438
Schering-Plough Corporation 4,000 202,000
Smithkline Beecham (ADR) 3,500 228,156
-----------
3,042,800
PRINTING & PUBLISHING -- 0.82%
McGraw-Hill Companies Inc. 2,500 135,000
PROPERTY-CASUALTY INSURANCE -- 0.56%
Chubb Corporation 1,500 92,250
RAW MATERIALS -- 0.79%
Weyerhaeuser Company 3,000 129,000
REAL ESTATE -- 3.11%
Boston Properties Inc. 3,500 135,188
Crescent Real Estate Equities
Company 5,500 112,750
Equity Office Properties Trust 4,500 124,031
Equity Residential Properties
Trust 3,000 138,000
-----------
509,969
</TABLE>
4
<PAGE> 5
MONY SERIES FUND, INC.
EQUITY INCOME PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
TELECOMMUNICATIONS -- 10.31%
AT&T Corporation 4,000 $ 126,500
Bell Atlantic Corporation 5,000 254,062
BellSouth Corporation 6,000 255,750
GTE Corporation 4,000 249,000
SBC Communications Inc. 6,000 259,500
Sprint Corporation 4,000 204,000
U.S. West Inc. 4,000 343,000
-----------
1,691,812
-----------
TOTAL COMMON STOCKS
(IDENTIFIED COST $11,856,685) 15,629,025
---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 4.57%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00,
Maturity Value $749,343
Collateral: U.S. Treasury Note
$770,000 5.75% due 06/30/01,
Value $764,345 $749,000 $ 749,000
-----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $749,000) 749,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $12,605,685) $16,378,025
OTHER ASSETS LESS LIABILITIES -- 0.17% 28,686
-----------
NET ASSETS -- 100% $16,406,711
=====================================================================
(ADR) American Depository Receipt.
</TABLE>
See notes to financial statements.
5
<PAGE> 6
MONY SERIES FUND, INC.
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 5.06 years as of June 30,
2000.
For the six months ended June 30, 2000, the portfolio earned a total return
of 0.8 percent.
The bond market posted positive returns during the first quarter, with
Mortgages outperforming all other fixed-income sectors. Interest rates, as
measured by the benchmark five-year U.S. Treasury, declined to close the quarter
at 6.18 percent; and the yield curve, as measured by the spread differential
between the 2-year U.S. Treasury note and the 30-year U.S. Treasury bond,
remained inverted yet flattened 20 basis points. Short-term rates outperformed,
as market participants, expectations for higher rates decreased in response to
the recent slowdown in economic activity. Long-term rates backed up slightly.
The U.S. economy continued its unabated growth, triggering another dosage
of tightening of monetary policy by the Federal Reserve Bank. The Fed Funds rate
stands at 6.5 percent. High productivity, increased consumer and capital
spending, moderate inflation and record low unemployment continued to fuel the
current economic expansion.
The corporate sector underperformed this quarter; however, spreads widened
only an average of 15 basis points versus the 45 basis points widening
experienced in the first quarter. The corporate basis experienced dramatic
movements throughout the quarter, widening significantly in May to outperform in
June, making it the best month for Corporates in 2000. Demand for Corporates
increased in the last six weeks of the quarter as market participants perceived
that rates would not rise as much as initially expected. Consequently, the U.S.
Treasury Yield Curve became less inverted. Corporate supply was manageable, the
equity markets rebounded and liquidity improved. Going forward, we expect
spreads to narrow as the corporate market tone continues to do better.
Our outlook for the third quarter is that the U.S. economy will continue
its slowing trend, as evidenced by recent weaker economic statistics, and that a
soft landing will probably be achieved. Consequently, we do not foresee the Fed
raising rates for the remainder of the year.
We maintained our overweight position in spread products this quarter, as
the corporate basis remains at historical cheap levels. However, we will
maintain a neutral stance towards spread products for the next quarter. The
Portfolio's breakdown by sectors are as follows: Corporates 47 percent, U.S.
Treasuries 30 percent, Agencies 6 percent, Mortgage-backed securities 6 percent,
Asset-backed securities 8 percent, with the balance in cash equivalents. The
average Moody's rating on the bonds in the Portfolio was Aa3, reflecting
emphasis on higher quality debt issuers.
The historical returns for the Portfolio take into account expenses
incurred by the Portfolio, but no other charges imposed by the variable
accounts. An investor may not invest directly into the MONY Series Fund, Inc.
Portfolios. Actual returns for the variable product you own would therefore be
lower. Of course, past performance does not guarantee future results.
6
<PAGE> 7
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
FINANCIAL INSTITUTIONS -- NUMBER OF SHARES OR
13.44% PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------
<S> <C> <C>
BankBoston Corporation
6.625% due 02/01/04 $1,000,000 $ 970,758
Bear Stearns Company Inc.
7.25% due 10/15/06 1,000,000 960,661
Chase Manhattan Corporation
Capital
7.016% due 08/01/28 1,000,000 944,191
Finova Capital Corporation
6.25% due 11/01/02 1,000,000 869,631
Ford Motor Credit Company
7.25% due 01/15/03 1,000,000 991,578
General Motors Acceptance
Corporation
7.125% due 05/01/03 1,000,000 992,591
Provident Bank
6.375% due 01/15/04 1,000,000 939,685
-----------
TOTAL FINANCIAL INSTITUTIONS
(IDENTIFIED COST $6,976,112) 6,669,095
---------------------------------------------------------------------
INDUSTRIAL -- 21.51%
---------------------------------------------------------------------
Conoco Inc.
5.90% due 04/15/04 1,000,000 953,380
CSX Corporation
7.25% due 05/01/04 1,000,000 977,057
Delphi Automotive Systems
Corporation
6.125% due 05/01/04 1,000,000 943,292
First Data Corporation
6.75% due 07/15/05 1,000,000 961,808
Illinois Central Railroad Company
6.75% due 05/15/03 1,000,000 991,754
Philip Morris Companies Inc.
7.50% due 04/01/04 1,000,000 974,789
Phillips Petroleum Company
8.75% due 05/25/10 1,000,000 1,060,619
Potash Corporation Saskatchewan
Inc.
7.125% due 06/15/07 1,000,000 952,325
Tyco International
6.375% due 06/15/05 1,000,000 945,517
USA Waste Services Inc.
7.00% due 10/01/04 1,000,000 928,307
Worldcom Inc.
6.125% due 08/15/01 1,000,000 987,592
-----------
TOTAL INDUSTRIAL
(IDENTIFIED COST $10,985,047) 10,676,440
---------------------------------------------------------------------
UTILITIES -- 7.88%
---------------------------------------------------------------------
Arizona Public Service Company
5.875% due 02/15/04 1,000,000 943,080
Commonwealth Edison Company
7.00% due 07/01/05 1,000,000 973,157
National Rural Utilities
Cooperative Finance
6.75% due 09/01/01 1,000,000 995,323
Potomac Edison Company
8.00% due 06/01/06 1,000,000 1,000,913
-----------
TOTAL UTILITIES
(IDENTIFIED COST $3,988,189) 3,912,473
---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
YANKEE BONDS -- 4.47%
---------------------------------------------------------------------
International Bank For
Reconstruction & Development,
5.625% due 03/17/03 $1,000,000 $ 967,569
Laidlaw Inc.
7.70% due 08/15/02 1,000,000 285,000
Province of British Columbia
7.25% due 09/01/36 1,000,000 964,523
-----------
TOTAL YANKEE BONDS
(IDENTIFIED COST $2,992,070) 2,217,092
---------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 7.56%
---------------------------------------------------------------------
Chemical Master Credit Card Trust
One,
5.98% due 09/15/08 1,000,000 948,155
Comed Transitional Funding Trust
5.74% due 12/25/10 1,000,000 897,795
Peco Energy Transition Trust
6.13% due 03/01/09 1,000,000 922,485
Student Loan Marketing
Association,
6.484% due 07/05/00 1,000,000 986,435
-----------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $3,998,056) 3,754,870
---------------------------------------------------------------------
MORTGAGE-BACKED SECURITES -- 5.95%
---------------------------------------------------------------------
Fannie Mae REMIC
7.00% due 01/25/03 1,000,000 991,245
Freddie Mac CMO
6.50% due 02/15/21 2,000,000 1,964,030
-----------
TOTAL MORTGAGE-BACKED SECURITES
(IDENTIFIED COST $2,973,796) 2,955,275
---------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS -- 6.00%
---------------------------------------------------------------------
Federal Home Loan Bank
5.125% due 04/17/01 1,000,000 986,808
Freddie Mac
6.00% due 07/20/01 1,000,000 990,755
Freddie Mac
7.00% due 02/15/03 1,000,000 1,001,193
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(IDENTIFIED COST $2,992,290) 2,978,756
---------------------------------------------------------------------
U.S. TREASURY NOTES -- 30.33%
---------------------------------------------------------------------
6.50% due 05/31/02 1,000,000 1,000,938
5.75% due 11/30/02 2,000,000 1,971,250
5.75% due 04/30/03 500,000 492,500
5.75% due 08/15/03 2,000,000 1,966,250
7.50% due 02/15/05 1,000,000 1,049,063
6.875% due 05/15/06 1,500,000 1,544,063
6.50% due 10/15/06 6,000,000 6,069,378
5.625% due 05/15/08 1,000,000 964,688
-----------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $15,414,096) 15,058,130
---------------------------------------------------------------------
</TABLE>
7
<PAGE> 8
MONY SERIES FUND, INC.
INTERMEDIATE TERM BOND PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 1.69%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00
Maturity Value $840,385
Collateral: U.S. Treasury Note
$865,000, 5.75% due 06/30/01,
Value $858,648 $ 840,000 $ 840,000
-----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $840,000) 840,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $51,159,656) $49,062,131
OTHER ASSETS LESS LIABILITIES --
1.17% 580,500
-----------
NET ASSETS -- 100% $49,642,631
=====================================================================
</TABLE>
See notes to financial statements.
8
<PAGE> 9
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
The Long Term Bond Portfolio is a diversified U.S. Treasury and corporate
bond account that seeks to maximize income and capital appreciation through the
investment in bonds with maturities generally longer than eight years. The
Portfolio's performance is expected to be more volatile than other fixed-income
accounts with shorter average maturities, with both the Portfolio's risk and
ultimate return expected to be greater. The Portfolio had an average maturity of
21.3 years and a duration of 10.0 years as of June 30, 2000.
For the six months ended June 30,2000, the Portfolio earned a total return
of 5.42 percent. These returns take into account charges imposed by the
Portfolio. Additional charges are imposed by the Variable Accounts. Of course,
past performance does not guarantee future investment results.
U.S. Treasury and Agency securities drifted down, and then reversed to
finish virtually unchanged in the second quarter. This action was a repeat of
the first quarter, and for the same underlying cause: the market is worried that
the Fed may raise interest rates until the economy slows, but once that process
is at its end, the bond market is primed for a significant rally. Changes in
yields on the benchmark 30-year U.S. Treasury note have moved very little and
closed the quarter at 5.89 percent. The inversion of the yield curve, where
longer maturity treasury securities trade at lower yields than those of shorter
maturities, slowly began to reverse course. This slight re-steepening translated
into better performance in the corporate bond sector which entered the second
quarter at historically cheap levels. Also helping the corporate sector was
manageable new supply and strong first quarter earnings reports. We continue to
believe corporates are cheap relative to other sectors in the fixed-income
market. Activity during the second quarter was low, however, we managed to
increase our energy exposure with the purchase of Philips Petroleum ten-year
bonds and increased exposure to the natural gas industry and picked up yield by
selling thirty-year Apache Corp. and buying thirty-year Burlington Resources.
Our long-term view is that current bond yields are attractive, however,
near-term we remain somewhat cautious. Growth appears to be moderating but a
slight rise in inflation may be a risk. While we look for continued tangible
signs that productivity and strong company earnings are still able to absorb
higher costs -- we will keep the portfolio duration closer to the index. As
such, the Fed may have one more tightening round to do but we are closer to the
end of the tightening cycle. We will look to add duration on weakness. We favor
high quality corporate securities, as they will lead the charge toward eventual
spread compression. However, individual security selection will be much more
critical toward outperforming in the bond market going forward. We currently
maintain our overweight sector positions in energy and aerospace/defense.
The Portfolio is currently invested in 33 corporate issuers, comprising 39
percent of total invested assets, U.S. Treasury issues represent 51 percent,
with 9 percent in mortgage and asset-backed securities. The remaining 1 percent
represents cash equivalents. Our continued emphasis on higher quality is
reflected in the average Moody's rating on issues in the Portfolio is Aa2.
9
<PAGE> 10
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
---------------------------------
<S> <C> <C>
U.S. TREASURY BONDS -- 50.74%
---------------------------------------------------------------------
7.50% due 11/15/16 $ 6,000,000 $ 6,759,378
7.875% due 02/15/21 9,000,000 10,690,317
6.75% due 08/15/26 9,500,000 10,212,500
6.625% due 02/15/27 11,500,000 12,197,187
3.625% due 04/15/28 1,000,000 954,063
5.50% due 08/15/28 3,000,000 2,752,500
6.775% due 05/15/17 P/O 11,000,000 3,876,565
-----------
TOTAL U.S. TREASURY BONDS
(IDENTIFIED COST $50,146,353) 47,442,510
---------------------------------------------------------------------
FINANCIAL INSTITUTIONS -- 7.84%
---------------------------------------------------------------------
Aetna Services Inc.,
7.625% due 08/15/26 1,000,000 853,359
Fifth Third Capital Trust I,
8.136% due 03/15/27 2,000,000 1,822,912
MBIA Inc.,
7.15% due 07/15/27 1,000,000 886,374
Merrill Lynch & Company Inc.,
6.375% due 10/15/08 1,000,000 912,122
National City Bank of
Pennsylvania,
7.25% due 10/21/11 1,000,000 938,458
Swiss Bank Corporation
7.75% due 09/01/26 2,000,000 1,920,340
-----------
TOTAL FINANCIAL INSTITUTIONS
(IDENTIFIED COST $8,188,502) 7,333,565
---------------------------------------------------------------------
INDUSTRIAL -- 20.40%
---------------------------------------------------------------------
Boeing Company,
8.625% due 11/15/31 1,000,000 1,098,527
Burlington Northern Santa Fe
Corporation,
6.75% due 03/15/29 1,000,000 853,507
Burlington Resources Inc.,
7.375% due 03/01/29 1,000,000 933,392
Columbia/HCA Healthcare
Corporation,
7.69% due 06/15/25 1,000,000 791,976
Conoco Inc.,
6.95% due 04/15/29 1,500,000 1,371,067
Crown Cork & Seal Inc.,
7.375% due 12/15/26 1,000,000 755,942
Enersis,
7.40% due 12/01/16 1,000,000 868,111
Federal Express Corporation Pass
Through,
7.50% due 01/15/18 1,900,495 1,882,260
Ford Motor Company,
6.375% due 02/01/29 2,000,000 1,637,166
Fort James Corporation,
7.75% due 11/15/23 1,000,000 922,849
Lockheed Martin Corporation,
7.65% due 05/01/16 1,000,000 948,047
Phillips Petroleum Company
8.75% due 05/25/10 1,000,000 1,060,619
Seagram (J.E.) & Sons Inc.,
9.65% due 08/15/18 1,000,000 1,110,512
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
Texaco Capital Inc.,
9.75% due 03/15/20 $ 1,000,000 $ 1,189,003
Tyco International,
7.00% due 06/15/28 2,000,000 1,738,290
USA Waste Services Inc.,
7.00% due 10/01/04 1,000,000 928,307
Wal-Mart Stores Inc.,
6.875% due 08/10/09 1,000,000 980,360
-----------
TOTAL INDUSTRIAL
(IDENTIFIED COST $20,437,763) 19,069,935
---------------------------------------------------------------------
UTILITIES -- 5.91%
---------------------------------------------------------------------
Bellsouth Capital Funding
Corporation,
7.875% due 02/15/30 1,000,000 998,020
Commonwealth Edison Company,
7.00% due 07/01/05 1,000,000 973,157
GTE North Inc.,
7.625% due 05/15/26 1,000,000 937,312
National Rural Utilities
Cooperative Finance,
5.70% due 1/15/10 2,000,000 1,729,470
Worldcom Inc.,
6.95% due 08/15/28 1,000,000 886,035
-----------
TOTAL UTILITIES
(IDENTIFIED COST $6,048,673) 5,523,994
---------------------------------------------------------------------
YANKEE BONDS -- 3.60%
---------------------------------------------------------------------
Hydro Quebec,
8.50% due 12/01/29 1,000,000 1,081,871
Laidlaw Inc.,
7.875% due 04/15/05 1,000,000 285,000
Legrand,
8.50% due 02/15/25 1,000,000 1,029,655
Province of British Columbia,
Canada,
7.25% due 09/01/36 1,000,000 964,523
-----------
TOTAL YANKEE BONDS
(IDENTIFIED COST $4,077,182) 3,361,049
---------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 4.00%
---------------------------------------------------------------------
Comed Transitional Funding Trust
5.74% due 12/25/10 1,000,000 897,795
Peco Energy Transition Trust,
6.13% due 03/01/09 2,000,000 1,844,970
Standard Credit Card Master Trust
I,
7.25% due 04/07/08 1,000,000 994,475
-----------
TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $4,042,529) 3,737,240
---------------------------------------------------------------------
COMMERCIAL PAPER -- 0.86%
---------------------------------------------------------------------
Xerox Credit Corporation
6.90% due 07/05/00 800,000 799,387
-----------
TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $799,387) 799,387
---------------------------------------------------------------------
</TABLE>
10
<PAGE> 11
MONY SERIES FUND, INC.
LONG TERM BOND PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.03%
---------------------------------------------------------------------
Fannie Mae
6.25% due 05/15/29 $ 1,000,000 $ 898,109
Fannie Mae REMIC
7.50% due 09/25/22 2,000,000 1,953,652
Freddie Mac
6.85% due 01/15/22 1,000,000 955,185
Tennessee Valley Authority,
6.00% due 03/15/13 1,000,000 900,118
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(IDENTIFIED COST $4,801,285) 4,707,064
---------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.22%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00,
Maturity Value $205,094
Collateral: U.S. Treasury Note
$185,000, 10.75% due 02/15/03,
Value $218,616 205,000 205,000
-----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $205,000) 205,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $98,746,674) $92,179,744
OTHER ASSETS LESS LIABILITIES -- 1.40% 1,313,003
-----------
NET ASSETS -- 100% $93,492,747
=====================================================================
</TABLE>
P/O -- Principal-only stripped security. The rate shown is the effective yield.
See notes to financial statements.
11
<PAGE> 12
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
Volatility was the watchword for the equity markets in the first six months
of 2000. After an April rout centered on once-highflying technology issues, and
a May bottoming, June brought gradual recovery. After the smoke cleared, the Dow
was down 3.97 percent, the S&P 500 down 2.66 percent, and the NASDAQ (with a
strong late second quarter rebound) down 13.23 percent. Despite a 50 basis point
interest rate hike by the Fed, for a full percentage point so far this year,
bonds eked out a positive gain, outperforming stocks for the first time in many
quarters. By June 30, 2000 some early indicators pointed to an economy that was
slowing down.
Our investment outlook remains unchanged: we see the Fed winning their
battle to cool off the economy, and believe solid evidence of that will emerge
in the third quarter. We believe equity valuations have become somewhat more
rational, but still remain high. We do not see a recession, and still believe
that the primary downside risk is a third autumn of fragile capital markets--an
undue volatility on Wall Street rather than weakness on Main Street.
For the period ended June 30,2000, the Portfolio earned a total return of
-1.27 percent. This return takes into account charges imposed by the Portfolio.
Additional charges are imposed by the Variable Accounts. Of course, past
performance does not guarantee future investment results.
As of June 30, 2000 the Diversified Portfolio was invested 82 percent in
common stocks, 15 percent in bonds, and 3 percent in money-market equivalents.
12
<PAGE> 13
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
COMMON STOCKS -- 82.28% PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE -- 0.64%
Ford Motor Company 500 $ 21,500
Visteon Corporation 65 794
----------
22,294
BANKING -- 2.30%
Bank of New York Company Inc. 700 32,550
Chase Manhattan Corporation 600 27,638
FleetBoston Financial Corporation 600 20,400
----------
80,588
BROADCASTING -- 3.58%
Cumulus Media Inc. (Class A) (a) 700 6,388
Infinity Broadcasting Corporation
(Class A) (a) 700 25,506
Time Warner Inc. 600 45,600
Viacom Inc. (a) 700 47,731
----------
125,225
CABLE -- 2.32%
Cablevision Systems Corporation
(Class A) (a) 600 40,725
Comcast Corporation (a) 1,000 40,500
----------
81,225
CHEMICALS -- 1.31%
Dow Chemical Company 800 24,150
Du Pont (E.I.) de Nemours &
Company 500 21,875
----------
46,025
COMPUTER HARDWARE -- 6.39%
Cisco Systems Inc. (a) 1,000 63,562
Dell Computer Corporation (a) 600 29,588
EMC Corporation (a) 800 61,550
Hewlett-Packard Company 200 24,975
International Business Machines
Corporation 400 43,825
----------
223,500
COMPUTER SERVICES -- 3.50%
America Online Inc. (a) 600 31,650
Sun Microsystems Inc. (a) 1,000 90,937
----------
122,587
COMPUTER SOFTWARE -- 3.84%
Genuity Inc. 200 1,831
Microsoft Corporation (a) 500 40,000
Oracle Corporation (a) 1,100 92,469
----------
134,300
CRUDE & PETROLEUM -- 6.67%
Anadarko Petroleum Corporation 500 24,656
BP Amoco (ADR) 900 50,906
Burlington Resources Inc. 700 26,775
Chevron Corporation 400 33,925
Exxon Mobil Corporation 900 70,650
Texaco Inc. 500 26,625
----------
233,537
ELECTRICAL EQUIPMENT -- 4.50%
Emerson Electric Company 500 30,187
General Electric Company 2,400 127,200
----------
157,387
HEALTH CARE -- 0.00%
Paracelsus Healthcare Corporation 213 12
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ----------
<S> <C> <C>
MEDICAL SERVICES -- 1.11%
Biogen Inc. (a) 600 $ 38,700
MISC. FINANCIAL SERVICES -- 2.89%
American Express Company 900 46,913
Citigroup Inc. 900 54,225
----------
101,138
MULTI-LINE INSURANCE -- 1.68%
American International Group Inc. 500 58,750
OIL SERVICES -- 10.42%
Baker Hughes Inc. 800 25,600
BJ Services Company (a) 800 50,000
Diamond Offshore Drilling Inc. 1,000 35,125
Grant Prideco, Inc. 600 15,000
Halliburton Company 700 33,031
Kerr-McGee Corporation 500 29,469
Nabors Industries Inc. (a) 700 29,094
Phillips Petroleum Company 500 25,344
Schlumberger Ltd. 400 29,850
Tidewater Inc. 1,000 36,000
Transocean Sedco Forex Inc. 600 32,062
Weatherford International Inc.
(a) 600 23,887
----------
364,462
PAPER & FOREST PRODUCTS -- 1.68%
Bowater Inc. 600 26,475
International Paper Company 800 23,850
Temple-Inland Inc. 200 8,400
----------
58,725
PHARMACEUTICALS -- 9.60%
American Home Products
Corporation 800 47,000
Bristol-Myers Squibb Company 600 34,950
Eli Lilly & Company 500 49,937
Merck & Company Inc. 500 38,313
Pfizer Inc. 1,500 72,000
Pharmacia Corporation 400 20,675
Schering-Plough Corporation 800 40,400
Smithkline Beecham (ADR) 500 32,594
----------
335,869
RETAIL -- 0.86%
Home Depot Inc. 600 29,963
SEMICONDUCTORS -- 4.10%
Applied Materials Inc. (a) 700 63,438
Intel Corporation 600 80,212
----------
143,650
TECHNOLOGY -- 2.12%
Agilent Technologies Inc. (a) 76 5,605
Texas Instruments Inc. 1,000 68,688
----------
74,293
TELECOMMUNICATIONS -- 7.13%
AT&T Corporation 700 22,138
Global Crossing Ltd. (a) 800 21,050
Lucent Technologies Inc. 600 35,550
Qwest Communications
International Inc. (a) 1,100 54,656
Sprint Corporation 800 40,800
Tellabs Inc. (a) 600 41,062
Worldcom Inc. (a) 750 34,406
----------
249,662
</TABLE>
13
<PAGE> 14
MONY SERIES FUND, INC.
DIVERSIFIED PORTFOLIO -- (CONTINUED)
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ----------
<S> <C> <C>
WIRELESS COMMUNICATIONS -- 5.64%
AT&T Corporation 200 $ 5,575
Motorola Inc. 1,800 52,312
Nokia Corporation (Class A) (ADR) 1,600 79,900
Sprint PCS (a) 1,000 59,500
----------
197,287
----------
TOTAL COMMON STOCKS
(IDENTIFIED COST $1,597,682) 2,879,179
---------------------------------------------------------------------
U.S. TREASURY NOTES -- 14.56%
---------------------------------------------------------------------
7.50% due 05/15/02 $500,000 509,375
----------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $506,413) 509,375
---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ----------
<S> <C> <C>
REPURCHASE AGREEMENT -- 3.03%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00,
Maturity Value $106,049
Collateral: U.S. Treasury Note
$110,000, 6.50% due 05/31/02,
Value $111,332 $106,000 $ 106,000
----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $106,000) 106,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $2,210,095) $3,494,554
OTHER ASSETS LESS LIABILITIES
-- 0.13% 4,415
----------
NET ASSETS -- 100% $3,498,969
=====================================================================
</TABLE>
(a) Non-income producing security.
(ADR) American Depository Receipt.
See notes to financial statements.
14
<PAGE> 15
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
U.S. Treasury and Agency securities drifted down, and then reversed to
finish virtually unchanged in the first six months. This action was a repeat of
the first quarter, and for the same underlying cause: in the near-term the
market expects the Fed to raise interest rates until the economy slows, but once
that process is at its end, the bond market is primed for a significant rally.
Like an Olympic sprinter after a false start, bonds have several times been
called back to the blocks. Yields on the benchmark 5-year Treasury note have
spent most of the year swinging a quarter-point either side of 6.40 percent.
They ended the first six months on the lower side of that range, at 6.18
percent, on some evidence that the economy may truly be cooling down. The
inversion of the yield curve, where longer maturity treasury securities trade at
lower yields than those of shorter maturities, slowly began to reverse course.
U.S. are Government Agency treading water, continuing to trade with historically
wide yield risk premiums given their implicit government backing.
The portfolio has moved towards a slightly overinvested duration posture,
with a bias in favor of lower volatility and a re-steepening of the yield curve.
The Government Securities Portfolio is a bond account that seeks to
maximize income and capital appreciation through the investment in high quality
debt obligations issued or guaranteed by the U.S. Government, its Agencies, and
instrumentalities's. The Portfolio is expected to have a dollar weighted average
life between one and five years under most circumstances. The Portfolio had an
average maturity of 4.7 years at June 30, 2000.
For the six months ended June 30, 2000, the Portfolio earned a total return
of 3.00 percent. These returns take into account charges imposed by the
Portfolio. Additional charges are imposed by the Variable Accounts. Of course,
past performance does not guarantee future investment results.
The Portfolio is currently invested 100 percent in U.S. Treasury and
Agency, or U.S. Government guaranteed obligations.
Investments made in the Government Securities Portfolio are not insured nor
guaranteed by the U.S. Government.
15
<PAGE> 16
MONY SERIES FUND, INC.
GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
U.S. GOVERNMENT AGENCY NUMBER OF SHARES OR
OBLIGATIONS -- 74.14% PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------
<S> <C> <C>
Attransco Inc. Guaranteed,
6.12% due 04/01/08 $1,697,126 $ 1,625,626
Fannie Mae
5.75% due 04/15/03 2,000,000 1,939,208
Fannie Mae
5.875% due 04/23/04 1,000,000 959,147
Fannie Mae REMIC
7.00% due 01/25/03 285,000 282,505
Fannie Mae REMIC
6.50% due 10/25/03 1,300,000 1,277,757
Fannie Mae REMIC
5.75% due 08/25/18 183,937 182,572
Federal Home Loan Banks,
4.875% due 01/22/02 1,000,000 970,833
Federal Home Loan Banks,
5.125% due 02/26/02 1,000,000 972,974
Federal Home Loan Banks,
5.50% due 01/21/03 2,000,000 1,933,774
Freddie Mac,
6.00% due 07/20/01 5,000,000 4,953,775
Freddie Mac,
6.30% due 06/01/04 3,000,000 2,908,110
Freddie Mac,
6.50% due 11/15/21 1,500,000 1,451,822
Freddie Mac,
6.50% due 03/15/26 1,000,000 927,515
Government National Mortgage
Association,
7.50% due 05/15/24 317,921 316,980
Government National Mortgage
Association,
7.50% due 10/15/24 135,403 135,002
Government National Mortgage
Association,
7.00% due 09/20/28 1,536,007 1,486,148
Overseas Private Investor
Corporation,
7.05% due 11/15/13 2,892,857 2,870,105
Private Export Funding
Corporation,
7.01% due 04/30/04 2,000,000 1,998,664
Private Export Funding
Corporation,
5.25% due 05/15/05 2,500,000 2,321,300
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- -----------
<S> <C> <C>
Private Export Funding
Corporation,
7.65% due 05/15/06 $1,000,000 $ 1,029,127
Tennessee Valley Authority,
6.375% due 06/15/05 500,000 486,638
Tennessee Valley Authority,
5.375% due 11/13/08 2,000,000 1,779,108
Tennessee Valley Authority,
6.00% due 03/15/13 1,000,000 900,118
U.S. Department of Housing & Urban
Development,
6.23% due 08/01/02 2,000,000 1,974,750
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(IDENTIFIED COST $36,829,729) 35,683,558
---------------------------------------------------------------------
U.S. TREASURY NOTES -- 22.83%
---------------------------------------------------------------------
6.25% due 01/31/02 3,000,000 2,989,689
5.50% due 01/31/03 3,000,000 2,938,125
6.50% due 10/15/06 5,000,000 5,057,815
-----------
TOTAL U.S. TREASURY NOTES
(IDENTIFIED COST $11,320,889) 10,985,629
---------------------------------------------------------------------
REPURCHASE AGREEMENT -- 2.01%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00,
Maturity Value $967,443
Collateral: U.S. Treasury Note
$995,000, 5.75% due 06/30/01,
Value $987,693 967,000 967,000
-----------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $967,000) 967,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $49,117,618) $47,636,187
OTHER ASSETS LESS LIABILITIES -- 1.02% 491,482
-----------
NET ASSETS -- 100% $48,127,669
=====================================================================
</TABLE>
See notes to financial statements.
16
<PAGE> 17
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
The first six months of 2000 proved to be a very difficult one in which to
navigate as an investor. The equity markets were choppy and continued to exhibit
a high level of volatility relative to historical norms. Fixed income markets
adjusted to the much anticipated May 16, 0.5 percent increase in the Fed's
overnight federal funds rate and for a time priced in a further interest rate
move at the June 27-28 FOMC meeting. Short-term money market rates moved up
substantially in the beginning of May. Subsequently, the short-term yield curve
steepened dramatically. As the second quarter played out, increasing evidence of
economic softening began to mount. The impact of the Fed's six interest rate
increases over the past year totaling 1.75 percent seems to have been felt,
initially in the interest rate sensitive sectors like housing and autos.
Nevertheless, the pace of economic growth, while below the torrid 5.5 percent
real GDP growth rate seen in the first quarter, still seems too robust to keep
the FOMC on hold. Unemployment fell to 4.0 percent in June with little slack
discernible in the labor market. Undoubtedly, the best news on the inflation
front has passed. Inflationary pressures are most evident on the energy and
related fronts. We believe the total PPI should rise 0.5% or more in June after
soft results in April and May. Retail sales should similarly rebound smartly in
June. Factory orders and industrial production remain solid.
The question at hand is whether the FOMC's series of interest rate hikes
has slowed the economy's pace to a level consistent with the Fed's perceived
roughly 3.5 percent target real GDP growth level. The bond market and money
market are betting that the Fed's regimen has done so. Thus, the bond market
clearly views the Fed's work to dampen inflationary pressures as done or almost
done. We are more than a little skeptical of this view. We think there is a
strong possibility that the softness seen in the latter part of the second
quarter is a temporary breather in the economy's above-trend growth. The first
quarter, we believe, was buoyed by favorable weather and a snapback from
Y2K-related issues in 1999's second half. The second quarter pullback only looks
slow relative to the first quarter's vibrant pace. Volatility in the equity
markets, particularly in NASDAQ and technology-related stocks, also contributed
to the recent slowdown. Corporate earnings remain strong. The capital markets
have reopened over the past several weeks.
We think the Fed's reading of the forthcoming economic statistics for June
and July will keep the FOMC on hold at the August 22 meeting. In its commentary
after the most recent meeting, the Fed continued to express concern over the
economy's strength and potential for supply/demand imbalances leading to
inflationary pressure. The average maturity of the Money Market Portfolio was
lengthened during the second quarter to capitalize on the increased level of
market interest rates. As market sentiment has shifted in the past month,
bringing down interest rates markedly out through one year, we have shortened
the Portfolio's average maturity in the belief that opportunities to extend into
longer maturing/higher-yielding investments lie ahead.
The Treasury yield curve reshaped modestly in the second quarter, despite
interest rates moving in a wide range during the quarter due to shifting market
sentiment. Interest rates on the long bond inched up 6 basis points (1/100 of a
percentage point) during the quarter from a yield of 5.84% at March 31, 2000 to
5.90 percent at June 30. Yields on the short end dropped negligibly, as the
three-month T-bill yield edged down 3 basis points from 5.89 percent at March
31, 2000 to 5.86 percent at June 30.
Going forward, the average maturity of the portfolio will be adjusted
selectively to capitalize on opportunities where the portfolio will be rewarded
for duration extension. Presently, the yield curve in the money market is fairly
flat out through the six-month area, so there is little yield sacrifice in
maintaining a short average maturity in the portfolio. The average maturity of
the portfolio fell from 42.7 days at March 31, 2000 to 39.4 days at quarter end.
The portfolio continues to be invested in high quality short-term
instruments, principally commercial paper. Our investment strategy is to
emphasize purchases of 30-90 day maturities to provide flexibility to respond to
any changes in the marketplace without sacrificing current income. The 30-day
and 7-day effective yields of the portfolio were 6.26 percent and 6.33 percent,
respectively, as of June 30, 2000, after charges imposed by the portfolio. Of
course, past performance does not guarantee future investment results.
Investments made in the Money Market Portfolio are not insured nor
guaranteed by the U.S. government. There is no assurance that the portfolio will
maintain a steady net asset value.
17
<PAGE> 18
MONY SERIES FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
COMMERCIAL PAPER -- 87.46% PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------
<S> <C> <C>
American Express Credit
Corporation
6.56% due 07/24/00 $13,000,000 $ 12,945,515
Bank One
6.60% due 07/26/00 6,500,000 6,470,208
Bell Atlantic Network Funding
6.50% due 07/24/00 3,700,000 3,684,635
Ciesco LP
6.56% due 07/13/00 1,944,000 1,939,749
Citicorp
6.54% due 08/01/00 10,577,000 10,517,434
Coca Cola Enterprises Inc.
6.52% due 07/19/00 12,640,000 12,598,794
Colonial Pipeline Co.
6.32% due 12/20/00 10,822,000 10,495,224
Countrywide Home Loans Inc.
6.58% due 07/13/00 8,870,000 8,850,545
CSX Corporation
6.85% due 07/21/00 2,500,000 2,490,486
Dominion Resources Inc.
6.82% due 07/19/00 2,000,000 1,993,180
Edison Asset Securitization
6.58% due 07/07/00 6,500,000 6,492,872
Edison Asset Securitization
6.60% due 07/17/00 1,490,000 1,485,629
Enterprise Funding Corporation
6.21% due 07/21/00 1,407,000 1,402,146
Enterprise Funding Corporation
6.60% due 08/07/00 11,000,000 10,925,383
Ford Motor Credit Company
6.56% due 07/20/00 10,371,000 10,335,093
General Electric Capital
Corporation,
Discount Note 6.77% due
07/06/00 8,000,000 7,992,478
General Electric Capital
Corporation,
Discount Note 5.98% due
07/07/00 4,794,000 4,789,222
Golden Funding Corporation
6.60% due 07/05/00 3,299,000 3,296,581
Golden Funding Corporation
6.78% due 07/06/00 5,133,000 5,128,166
Golden Funding Corporation
6.72% due 08/24/00 4,792,000 4,743,697
Goldman Sachs Group
6.52% due 08/01/00 5,832,000 5,799,257
GTE Corporation
6.62% due 07/07/00 1,896,000 1,893,908
GTE Corporation
6.62% due 07/28/00 6,500,000 6,467,728
Heller Financial Inc.
6.62% due 08/14/00 10,000,000 9,919,089
Household Finance Corporation
Limited
6.65% due 08/30/00 12,000,000 11,867,000
Merrill Lynch & Company Inc.
5.98% due 07/10/00 7,845,000 7,833,272
Montauk Funding Corporation
6.57% due 08/08/00 7,000,000 6,951,455
Nabisco Inc.
6.83% due 07/27/00 469,000 466,686
Province of Quebec
6.58% due 09/08/00 6,678,000 6,593,779
Republic of Argentina
5.716% due 10/16/00 4,400,000 4,324,774
Syndicated Loan Funding Trust
6.801% due 03/15/01 7,000,000 7,000,000
Target Corporation
6.62% due 07/06/00 6,900,000 6,893,656
Textron Financial Corporation
6.63% due 07/07/00 8,316,000 8,306,811
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF SHARES OR
PRINCIPAL AMOUNT VALUE
------------------- ------------
<S> <C> <C>
Trident Capital Finance Inc.
6.56% due 08/10/00 $ 3,274,000 $ 3,250,136
TRW Inc.
6.73% due 07/10/00 2,500,000 2,495,794
Union Bancal Commercial Funding
5.99% due 09/15/00 4,000,000 4,000,000
Windmill Funding Corporation
6.14% due 07/05/00 2,775,000 2,773,107
Windmill Funding Corporation
6.57% due 08/07/00 6,000,000 5,959,485
Worldcom Inc.
6.10% due 09/01/00 2,362,000 2,337,186
Xerox Credit Corporation
6.74% due 07/28/00 6,542,000 6,508,930
------------
TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $240,219,090) 240,219,090
---------------------------------------------------------------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 4.37%
---------------------------------------------------------------------
Federal Home Loan Bank
6.60% due 02/22/01 3,500,000 3,498,517
Federal Home Loan Bank
6.75% due 03/01/01 8,500,000 8,500,000
------------
TOTAL U.S. GOVERNMENT & AGENCY
OBLIGATIONS
(IDENTIFIED COST $11,998,517) 11,998,517
---------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 3.64%
---------------------------------------------------------------------
Canadian Imperial Bank Commerce
6.58% due 07/12/00 10,000,000 10,000,000
------------
TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $10,000,000) 10,000,000
---------------------------------------------------------------------
VARIABLE RATE SECURITIES -- 3.77%
---------------------------------------------------------------------
Capital One Funding Corporation,
6.70% due 04/01/11 (v) 3,144,000 3,144,000
Capital One Funding Corporation,
6.70% due 03/01/17 (v) 2,218,000 2,218,000
Goldman Sachs Group L.P.,
6.406% due 04/11/08 (v) 5,000,000 5,000,000
------------
TOTAL VARIABLE RATE SECURITIES
(IDENTIFIED COST $10,362,000) 10,362,000
---------------------------------------------------------------------
REPURCHASE AGREEMENT -- 0.40%
---------------------------------------------------------------------
State Street Bank & Trust
Repurchase Agreement,
5.50% due 07/03/00,
Maturity Value $1,114,511,
Collateral: U.S. Treasury
Note
$1,145,000, 5.75% due
06/30/01, Value $1,136,591 1,114,000 1,114,000
------------
TOTAL REPURCHASE AGREEMENT
(IDENTIFIED COST $1,114,000) 1,114,000
---------------------------------------------------------------------
TOTAL INVESTMENTS
(IDENTIFIED COST $273,693,607) $273,693,607
OTHER ASSETS LESS LIABILITIES -- 0.36% 977,866
------------
NET ASSETS -- 100% $274,671,473
=====================================================================
</TABLE>
(v) Variable interest rate security; interest rate is as of June 30, 2000.
See notes to financial statements.
18
<PAGE> 19
(This page intentionally left blank)
19
<PAGE> 20
MONY SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 2000
<TABLE>
<CAPTION>
INTERMEDIATE
EQUITY GROWTH EQUITY INCOME TERM BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments at value........................................ $2,902,738 $16,378,025 $49,062,131
Receivable for fund shares sold............................. 767 10,654 43,209
Receivable for investments sold............................. 4,316 65,238 --
Dividends and interest receivable........................... 1,266 22,287 752,811
Cash and other assets....................................... 57,534 1,440 1,827
---------- ----------- -----------
Total assets...................................... 2,966,621 16,477,644 49,859,978
---------- ----------- -----------
LIABILITIES:
Payable for fund shares redeemed............................ 818 5,322 181,653
Payable for investments purchased........................... -- 51,434 --
Investment advisory fees payable............................ 1,278 6,944 21,825
Administration fees payable................................. 387 633 1,347
Accrued expenses and other liabilities...................... 4,810 6,600 12,522
---------- ----------- -----------
Total liabilities................................. 7,293 70,933 217,347
---------- ----------- -----------
NET ASSETS................................... $2,959,328 $16,406,711 $49,642,631
========== =========== ===========
NET ASSETS:
Paid-in capital............................................. 1,315,063 11,821,116 50,629,495
Undistributed (accumulated) net investment income (loss).... (4,223) 130,818 1,542,075
Undistributed (accumulated) net realized gain (loss) on
investments............................................... 580,392 682,437 (431,414)
Unrealized appreciation (depreciation) on investments....... 1,068,096 3,772,340 (2,097,525)
---------- ----------- -----------
NET ASSETS................................... $2,959,328 $16,406,711 $49,642,631
========== =========== ===========
Fund shares outstanding..................................... 76,040 870,563 4,803,353
---------- ----------- -----------
Net asset value per share................................... $38.92 $18.85 $10.34
========== =========== ===========
INVESTMENTS AT COST......................................... $1,834,642 $12,605,685 $51,159,656
========== =========== ===========
</TABLE>
See notes to financial statements.
20
<PAGE> 21
<TABLE>
<CAPTION>
LONG TERM GOVERNMENT MONEY
BOND DIVERSIFIED SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
$92,179,744 $3,494,554 $47,636,187 $273,693,607
76,156 84 22,427 1,298,285
-- 4,316 -- --
1,803,095 6,316 706,598 652,221
1,658 807 1,415 15,213
----------- ---------- ----------- ------------
94,060,653 3,506,077 48,366,627 275,659,326
----------- ---------- ----------- ------------
507,251 853 207,632 867,134
-- -- -- --
41,176 1,441 21,594 91,382
2,323 391 1,398 5,572
17,156 4,423 8,334 23,765
----------- ---------- ----------- ------------
567,906 7,108 238,958 987,853
----------- ---------- ----------- ------------
$93,492,747 $3,498,969 $48,127,669 $274,671,473
=========== ========== =========== ============
98,938,287 2,020,795 48,455,603 274,671,473
3,084,141 9,772 1,396,794 --
(1,962,751) 183,943 (243,297) --
(6,566,930) 1,284,459 (1,481,431) --
----------- ---------- ----------- ------------
$93,492,747 $3,498,969 $48,127,669 $274,671,473
=========== ========== =========== ============
7,725,714 180,200 4,538,418 274,671,473
----------- ---------- ----------- ------------
$12.10 $19.42 $10.60 $1.00
=========== ========== =========== ============
$98,746,674 $2,210,095 $49,117,618 $273,693,607
=========== ========== =========== ============
</TABLE>
See notes to financial statements.
21
<PAGE> 22
MONY SERIES FUND, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
INTERMEDIATE
EQUITY GROWTH EQUITY INCOME TERM BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................... $ 4,826 $ 16,180 $1,708,478
Dividends.............................................. 11,935(1) 177,136(1) --
--------- ----------- ----------
Total investment income........................... 16,761 193,316 1,708,478
--------- ----------- ----------
EXPENSES:
Investment advisory fees............................... 8,036 42,945 135,059
Transfer Agent Fees.................................... 1,749 1,749 1,749
Custodian and fund accounting fees..................... 4,939 8,180 10,960
Administration fees.................................... 4,003 5,097 8,619
Directors' fees and expenses........................... 131 747 2,718
Audit and legal fees................................... 2,650 3,351 5,952
Miscellaneous.......................................... 223 618 1,574
--------- ----------- ----------
Total expenses.................................... 21,731 62,687 166,631
--------- ----------- ----------
Less: Expenses reduced by a custodian fee
arrangement....................................... (747) (190) (228)
--------- ----------- ----------
Total expenses, net of expense reduction............. 20,984 62,497 166,403
--------- ----------- ----------
NET INVESTMENT INCOME (LOSS).................... (4,223) 130,819 1,542,075
--------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS -- NET:
Net realized gain (loss) on security transactions...... 584,370 672,005 (222,124)
Net change in unrealized gain (loss) on investments.... (534,747) (1,497,555) (450,916)
--------- ----------- ----------
Net realized and unrealized gain (loss) on
investments..................................... 49,623 (825,550) (673,040)
--------- ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS................................. $ 45,400 $ (694,731) $ 869,035
========= =========== ==========
</TABLE>
See notes to financial statements.
--------------------------------------------------------------------------------
(1) Net of foreign taxes withheld of $183 for Equity Growth, $970 for Equity
Income, $4,014 for Long Term Bond, and $123 for Diversified.
22
<PAGE> 23
<TABLE>
<CAPTION>
LONG TERM GOVERNMENT MONEY
BOND DIVERSIFIED SECURITIES MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- --------------- ---------- ----------
<S> <C> <C> <C> <C>
$ 3,388,048(1) $ 18,686 $1,562,243 $8,450,473
-- 11,991(1) -- --
----------- --------------- ---------- ----------
3,388,048 30,677 1,562,243 8,450,473
----------- --------------- ---------- ----------
255,708 8,757 136,086 589,268
1,749 1,749 1,749 1,749
17,575 4,180 9,772 24,155
13,234 3,974 9,219 30,188
4,422 155 2,265 11,665
7,277 2,675 5,314 15,573
4,954 237 1,389 7,653
----------- --------------- ---------- ----------
304,919 21,727 165,794 680,251
----------- --------------- ---------- ----------
(1,019) (824) (347) (745)
----------- --------------- ---------- ----------
303,900 20,903 165,447 679,506
----------- --------------- ---------- ----------
3,084,148 9,774 1,396,796 7,770,967
----------- --------------- ---------- ----------
(1,232,735) 188,703 (243,295) --
3,427,322 (154,064) 337,335 --
----------- --------------- ---------- ----------
2,194,587 34,639 94,040 --
----------- --------------- ---------- ----------
$ 5,278,735 $ 44,413 $1,490,836 $7,770,967
=========== =============== ========== ==========
</TABLE>
See notes to financial statements.
--------------------------------------------------------------------------------
23
<PAGE> 24
MONY SERIES FUND, INC
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000
<TABLE>
<CAPTION>
INTERMEDIATE TERM
EQUITY GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO BOND PORTFOLIO
---------------------------- ---------------------------- ----------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 2000 1999 JUNE 30, 2000 1999 JUNE 30, 2000 1999
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)....... $ (4,223) $ (15,892) $ 130,819 $ 305,800 $ 1,542,075 $ 3,263,672
Net realized gain (loss) on
investments...................... 584,370 658,501 672,005 2,439,376 (222,124) (43,997)
Net change in unrealized gain
(loss) on investments............ (534,747) 408,644 (1,497,555) (1,208,862) (450,916) (3,099,186)
---------- ---------- ----------- ----------- ------------ ------------
Increase (decrease) in net assets
resulting from operations........ 45,400 1,051,253 (694,731) 1,536,314 869,035 120,489
---------- ---------- ----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............. -- -- (297,279) (365,229) (3,263,672) (2,897,928)
Net realized gains on
investments...................... (641,993) (268,388) (2,450,693) (3,095,880) -- --
---------- ---------- ----------- ----------- ------------ ------------
Total distributions to
shareholders................ (641,993) (268,388) (2,747,972) (3,461,109) (3,263,672) (2,897,928)
---------- ---------- ----------- ----------- ------------ ------------
FROM CAPITAL SHARE TRANSACTIONS:
Shares sold........................ 85,016 784,022 61,153 517,508 10,176,336 22,066,468
Reinvestment of distributions...... 641,993 268,388 2,747,972 3,461,109 3,263,673 2,897,928
Shares redeemed.................... (532,933) (1,582,781) (1,419,469) (3,395,551) (16,997,911) (26,123,240)
---------- ---------- ----------- ----------- ------------ ------------
Total increase (decrease) in
net assets resulting from
capital share transactions.. 194,076 (530,371) 1,389,656 583,066 (3,557,902) (1,158,844)
---------- ---------- ----------- ----------- ------------ ------------
Total increase (decrease) in
net assets.................. (402,517) 252,494 (2,053,047) (1,341,729) (5,952,539) (3,936,283)
NET ASSETS:
Beginning of period................ 3,361,845 3,109,351 18,459,758 19,801,487 55,595,170 59,531,453
---------- ---------- ----------- ----------- ------------ ------------
End of period...................... $2,959,328 $3,361,845 $16,406,711 $18,459,758 $ 49,642,631 $ 55,595,170
========== ========== =========== =========== ============ ============
SHARES ISSUES AND REDEEMED:
Issued............................. 2,105 18,414 3,083 22,131 970,636 2,013,583
Issued in reinvestment of
distributions.................... 16,449 6,585 147,581 141,965 319,342 269,324
Redeemed........................... (11,617) (37,287) (68,355) (138,809) (1,625,257) (2,398,901)
---------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease)..... 6,937 (12,288) 82,309 25,287 (335,279) (115,994)
========== ========== =========== =========== ============ ============
</TABLE>
See notes to financial statements.
24
<PAGE> 25
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES
LONG TERM BOND PORTFOLIO DIVERSIFIED PORTFOLIO PORTFOLIO MONEY MARKET PORTFOLIO
--------------------------------- ---------------------------- ---------------------------- -----------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 2000 1999 JUNE 30, 2000 1999 JUNE 30, 2000 1999 JUNE 30, 2000 1999
------------- ----------------- ------------- ------------ ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 3,084,148 $ 6,952,073 $ 9,774 $ 13,687 $ 1,396,796 $ 2,966,251 $ 7,770,967 $ 14,803,010
(1,232,735) (699,531) 188,703 573,398 (243,295) 782 -- --
3,427,322 (16,322,516) (154,064) 336,292 337,335 (2,586,738) -- --
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
5,278,735 (10,069,974) 44,413 923,377 1,490,836 380,295 7,770,967 14,803,010
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
(6,952,080) (5,178,086) (13,689) (12,540) (2,966,253) (1,817,929) (7,770,967) (14,803,010)
-- (2,529,914) (573,398) (411,314) (784) (11,126) -- --
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
(6,952,080) (7,708,000) (587,087) (423,854) (2,967,037) (1,829,055) (7,770,967) (14,803,010)
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
10,404,125 59,904,018 78,148 330,574 9,421,138 35,392,288 340,307,337 605,338,269
6,952,080 7,708,000 587,087 423,854 2,967,037 1,829,055 7,770,968 14,803,010
(27,507,243) (67,473,704) (191,345) (965,818) (20,121,329) (33,050,372) (409,939,297) (633,030,174)
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
(10,151,038) 138,314 473,890 (211,390) (7,733,154) 4,170,971 (61,860,992) (12,888,895)
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
(11,824,383) (17,639,660) (68,784) 288,133 (9,209,355) 2,722,211 (61,860,992) (12,888,895)
105,317,130 122,956,790 3,567,753 3,279,620 57,337,024 54,614,813 336,532,465 349,421,360
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
$ 93,492,747 $105,317,130 $3,498,969 $3,567,753 $ 48,127,669 $ 57,337,024 $ 274,671,473 $ 336,532,465
============ ============ ========== ========== ============ ============ ============= =============
856,273 4,471,785 3,748 15,810 884,779 3,220,997 340,307,337 605,338,269
583,718 608,366 30,060 21,246 285,842 169,044 7,770,968 14,803,010
(2,261,574) (5,207,500) (9,168) (46,180) (1,886,462) (3,025,293) (409,939,297) (633,030,114)
------------ ------------ ---------- ---------- ------------ ------------ ------------- -------------
(821,583) (127,349) 24,640 (9,124) (715,841) 364,748 (61,860,992) (12,888,895)
============ ============ ========== ========== ============ ============ ============= =============
</TABLE>
See notes to financial statements.
25
<PAGE> 26
MONY SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY GROWTH PORTFOLIO
------------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED ----------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period................... $ 48.65 $ 38.20 $ 36.08 $ 30.37 $ 25.11 $ 20.59
-------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income (loss)........................... (0.06)(c) (0.20)(c) 1.50 0.11 0.96 0.39
Net realized and unrealized gain (loss) on
investments.......................................... 0.79 14.05 6.88 8.42 4.30 5.90
-------- ------- ------- ------- ------- -------
Total from investment operations....................... 0.73 13.85 8.38 8.53 5.26 6.29
-------- ------- ------- ------- ------- -------
Dividends from net investment income................... -- -- (1.62) (0.96) -- (0.39)
Distributions from net capital gains................... (10.46) (3.40) (4.64) (1.86) -- (1.34)
Distributions in excess of realized capital gain....... -- -- -- -- -- (0.04)
-------- ------- ------- ------- ------- -------
Total distributions.................................... (10.46) (3.40) (6.26) (2.82) -- (1.77)
-------- ------- ------- ------- ------- -------
Net asset value, end of period......................... $ 38.92 $ 48.65 $ 38.20 $ 36.08 $ 30.37 $ 25.11
======== ======= ======= ======= ======= =======
Total return........................................... 1.45%(b) 37.98% 25.46% 30.68% 20.95% 30.54%
Net assets, end of period (000)........................ $ 2,959 $ 3,362 $ 3,109 $ 2,799 $ 2,155 $ 1,874
Ratio of expenses (excluding expense reduction) to
average net assets................................... 1.36%(a) 1.49% 1.93% 1.33% 1.22% 1.28%
Ratio of expenses to average net assets................ 1.31%(a) 1.46% 1.82% 1.23% 1.12% 1.23%
Ratio of net investment income (loss) (excluding
expense reduction) to average net assets............. (0.32)%(a) (0.53)% (0.58)% 0.24% 0.53% 1.49%
Ratio of net investment income (loss) to average net
assets............................................... (0.27)%(a) (0.49)% (0.48)% 0.34% 0.62% 1.54%
Portfolio turnover..................................... 11% 31% 38% 46% 44% 38%
</TABLE>
<TABLE>
<CAPTION>
EQUITY INCOME PORTFOLIO
-----------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED ---------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................... $ 23.42 $ 25.95 $ 27.10 $ 23.44 $ 19.61 $ 15.53
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income (loss)............................ 0.16(c) 0.38(c) 0.78 0.61 0.98 0.69
Net realized and unrealized gain (loss) on
investments........................................... (1.09) 1.90 2.62 5.96 2.89 4.45
------- ------- ------- ------- ------- -------
Total from investment operations........................ (0.93) 2.28 3.40 6.57 3.87 5.14
------- ------- ------- ------- ------- -------
Dividends from net investment income.................... (0.39) (0.51) (0.88) (1.00) (0.04) (0.65)
Distributions from net capital gains.................... (3.25) (4.30) (3.67) (1.91) -- (0.41)
------- ------- ------- ------- ------- -------
Total distributions..................................... (3.64) (4.81) (4.55) (2.91) (0.04) (1.06)
------- ------- ------- ------- ------- -------
Net asset value, end of period.......................... $ 18.85 $ 23.42 $ 25.95 $ 27.10 $ 23.44 $ 19.61
======= ======= ======= ======= ======= =======
Total return............................................ (3.78)%(b) 8.04% 12.63% 31.26% 19.76% 33.12%
Net assets, end of period (000)......................... $16,407 $18,460 $19,801 $20,721 $18,572 $18,091
Ratio of expenses (excluding expense reduction) to
average net assets.................................... 0.76%(a) 0.70% 0.76% 0.59% 0.55% 0.56%
Ratio of expenses to average net assets................. 0.75%(a) 0.70% 0.75% 0.58% 0.54% 0.55%
Ratio of net investment income (loss) (excluding expense
reduction) to average net assets...................... 1.56%(a) 1.56% 1.86% 2.20% 2.78% 3.54%
Ratio of net investment income (loss) to average net
assets................................................ 1.56%(a) 1.57% 1.88% 2.20% 2.79% 3.54%
Portfolio turnover...................................... 12% 27% 28% 29% 29% 27%
</TABLE>
See notes to financial statements.
26
<PAGE> 27
MONY SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE TERM BOND PORTFOLIO
--------------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED ------------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period................. $ 10.82 $ 11.33 $ 11.12 $ 10.96 $ 10.57 $ 9.75
------- -------- -------- ------- ------- -------
Income from investment operations:
Net investment income (loss)......................... 0.31(c) 0.61(c) 0.51 0.63 0.62 0.63
Net realized and unrealized gain (loss) on
investments........................................ (0.13) (0.59) 0.28 0.16 (0.23) 0.82
------- -------- -------- ------- ------- -------
Total from investment operations..................... 0.18 0.02 0.79 0.79 0.39 1.45
------- -------- -------- ------- ------- -------
Dividends from net investment income................. (0.66) (0.53) (0.58) (0.63) -- (0.63)
Distributions from net capital gains................. -- -- -- -- -- --
------- -------- -------- ------- ------- -------
Total distributions.................................. (0.66) (0.53) (0.58) (0.63) -- (0.63)
------- -------- -------- ------- ------- -------
Net asset value, end of period....................... $ 10.34 $ 10.82 $ 11.33 $ 11.12 $ 10.96 $ 10.57
======= ======== ======== ======= ======= =======
Total return......................................... 1.74%(b) 0.23% 7.44% 7.70% 3.69% 14.82%
Net assets, end of period (000)...................... $49,643 $ 55,595 $ 59,531 $44,217 $40,045 $37,520
Ratio of expenses (excluding expense reduction) to
average net assets................................. 0.61%(a) 0.57% 0.62% 0.51% 0.48% 0.49%
Ratio of expenses to average net assets.............. 0.61%(a) 0.57% 0.61% 0.51% 0.47% 0.49%
Ratio of net investment income (loss) (excluding
expense reduction) to average net assets........... 5.86%(a) 5.50% 5.60% 5.97% 5.87% 6.10%
Ratio of net investment income (loss) to average net
assets............................................. 5.86%(a) 5.50% 5.61% 5.98% 5.88% 6.10%
Portfolio turnover................................... 11% 40% 18% 79% 34% 32%
</TABLE>
<TABLE>
<CAPTION>
LONG TERM BOND PORTFOLIO
-------------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED -----------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................. $ 12.32 $ 14.17 $ 13.64 $ 12.84 $ 12.88 $ 10.47
------- -------- -------- ------- ------- -------
Income from investment operations:
Net investment income (loss).......................... 0.38(c) 0.74(c) 0.56 0.76 0.79 0.74
Net realized and unrealized gain (loss) on
investments......................................... 0.27 (1.80) 0.75 0.83 (0.83) 2.41
------- -------- -------- ------- ------- -------
Total from investment operations...................... 0.65 (1.06) 1.31 1.59 (0.04) 3.15
------- -------- -------- ------- ------- -------
Dividends from net investment income.................. (0.87) (0.53) (0.72) (0.79) -- (0.74)
Distributions from net capital gains.................. -- (0.26) (0.06) -- -- 0.00
------- -------- -------- ------- ------- -------
Total distributions................................... (0.87) (0.79) (0.78) (0.79) -- (0.74)
------- -------- -------- ------- ------- -------
Net asset value, end of period........................ $ 12.10 $ 12.32 $ 14.17 $ 13.64 $ 12.84 $ 12.88
======= ======== ======== ======= ======= =======
Total return.......................................... 5.42%(b) (7.60)% 10.08% 13.44% (0.31)% 30.04%
Net assets, end of period (000)....................... $93,493 $105,317 $122,957 $75,353 $62,099 $62,018
Ratio of expenses (excluding expense reduction) to
average net assets.................................. 0.62%(a) 0.55% 0.58% 0.49% 0.46% 0.48%
Ratio of expenses to average net assets............... 0.62%(a) 0.55% 0.57% 0.49% 0.46% 0.48%
Ratio of net investment income (loss) (excluding
expense reduction) to average net assets............ 6.22%(a) 5.68% 5.50% 6.33% 6.40% 6.58%
Ratio of net investment income (loss) to average net
assets.............................................. 6.22%(a) 5.68% 5.50% 6.33% 6.40% 6.58%
Portfolio turnover.................................... 7% 43% 41% 37% 60% 79%
</TABLE>
See notes to financial statements.
27
<PAGE> 28
MONY SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DIVERSIFIED PORTFOLIO
----------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED --------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 22.93 $ 19.91 $ 20.61 $ 17.99 $ 15.72 $13.14
------- ------- ------- ------- ------- ------
Income from investment operations:
Net investment income (loss)............................. 0.06(c) 0.08(c) 1.41 0.34 0.36 0.43
Net realized and unrealized gain (loss) on investments... 0.25 5.60 2.85 3.80 1.91 3.03
------- ------- ------- ------- ------- ------
Total from investment operations......................... 0.31 5.68 4.26 4.14 2.27 3.46
------- ------- ------- ------- ------- ------
Dividends from net investment income..................... (0.09) (0.08) (1.65) (0.39) -- (0.43)
Distributions from net capital gains..................... (3.73) (2.58) (3.31) (1.13) -- (0.43)
Distributions in excess of realized capital gain......... -- -- -- -- -- (0.02)
------- ------- ------- ------- ------- ------
Total distributions...................................... (3.82) (2.66) (4.96) (1.52) -- (0.88)
------- ------- ------- ------- ------- ------
Net asset value, end of period........................... $ 19.42 $ 22.93 $ 19.91 $ 20.61 $ 17.99 $15.72
======= ======= ======= ======= ======= ======
Total return............................................. 1.27%(b) 30.53% 23.69% 24.97% 14.44% 26.32%
Net assets, end of period (000).......................... $ 3,499 $ 3,568 $ 3,280 $ 3,229 $ 3,381 $3,272
Ratio of expenses (excluding expense reduction) to
average net assets..................................... 1.21%(a) 1.50% 1.83% 1.10% 0.91% 0.95%
Ratio of expenses to average net assets.................. 1.16%(a) 1.46% 1.75% 1.03% 0.84% 0.91%
Ratio of net investment income (loss) (excluding expense
reduction) to average net assets....................... 0.51%(a) 0.36% 0.32% 1.36% 1.94% 2.65%
Ratio of net investment income (loss) to average net
assets................................................. 0.56%(a) 0.40% 0.40% 1.43% 2.02% 2.68%
Portfolio turnover....................................... 7% 27% 34% 33% 24% 28%
</TABLE>
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES PORTFOLIO
----------------------------------------------------------------------
(UNAUDITED) YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED --------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period..................... $ 10.91 $ 11.17 $ 10.89 $ 10.58 $ 10.21 $ 9.51
------- ------- ------- ------- ------- ------
Income from investment operations:
Net investment income (loss)............................. 0.28(c) 0.56(c) 0.33 0.45 0.45 0.34
Net realized and unrealized gain (loss) on investments... 0.03 (0.49) 0.39 0.28 (0.08) 0.70
------- ------- ------- ------- ------- ------
Total from investment operations......................... 0.31 0.07 0.72 0.73 0.37 1.04
------- ------- ------- ------- ------- ------
Dividends from net investment income..................... (0.62) (0.33) (0.44) (0.42) -- (0.34)
Distributions from net capital gains..................... (0.00)(d) (0.00)(d) -- -- -- (0.00)(d)
------- ------- ------- ------- ------- ------
Total distributions...................................... (0.62) (0.33) (0.44) (0.42) -- (0.34)
------- ------- ------- ------- ------- ------
Net asset value, end of period........................... $ 10.60 $ 10.91 $ 11.17 $ 10.89 $ 10.58 $10.21
======= ======= ======= ======= ======= ======
Total return............................................. 3.00%(b) 0.66% 6.85% 7.18% 3.62% 10.89%
Net assets, end of period (000).......................... $48,128 $57,337 $54,615 $25,066 $16,383 $8,556
Ratio of expenses (excluding expense reduction) to
average net assets..................................... 0.64%(a) 0.58% 0.64% 0.56% 0.55% 0.74%
Ratio of expenses to average net assets.................. 0.64%(a) 0.57% 0.62% 0.54% 0.52% 0.70%
Ratio of net investment income (loss) (excluding expense
reduction) to average net assets....................... 5.38%(a) 5.08% 5.09% 5.50% 5.56% 6.06%
Ratio of net investment income (loss) to average net
assets................................................. 5.38%(a) 5.09% 5.10% 5.52% 5.59% 6.10%
Portfolio turnover....................................... 2% 8% 30% 19% 13% 0%
</TABLE>
See notes to financial statements.
28
<PAGE> 29
MONY SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET PORTFOLIO
----------------------------------------------------------------------------
(UNAUDITED) FOR THE YEARS ENDED DECEMBER 31,
SIX MONTHS ENDED --------------------------------------------------------
JUNE 30, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income (loss)....................... 0.03 0.05 0.05 0.05 0.05 0.05
Net realized and unrealized gain (loss) on
investments...................................... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total from investment operations................... 0.03 0.05 0.05 0.05 0.05 0.05
-------- -------- -------- -------- -------- --------
Dividends from net investment income............... (0.03) (0.05) (0.05) (0.05) (0.05) (0.05)
Distributions from net capital gains............... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions................................ (0.03) (0.05) (0.05) (0.05) (0.05) (0.05)
-------- -------- -------- -------- -------- --------
Net asset value, end of period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return....................................... 2.84%(b) 4.98% 5.25% 5.27% 5.12% 5.64%
Net assets, end of period (000).................... $274,671 $336,532 $349,421 $158,286 $144,932 $110,367
Ratio of expenses (excluding expense reduction) to
average net assets............................... 0.46%(a) 0.44% 0.45% 0.46% 0.45% 0.46%
Ratio of expenses to average net assets............ 0.46%(a) 0.44% 0.45% 0.45% 0.44% 0.45%
Ratio of net investment income (loss) (excluding
expense reduction) to average net assets......... 5.61%(a) 4.84% 5.08% 5.11% 4.94% 5.29%
Ratio of net investment income (loss) to average
net assets....................................... 5.61%(a) 4.84% 5.09% 5.11% 4.95% 5.30%
</TABLE>
---------------
(a) Annualized.
(b) Not annualized.
(c) Based on average shares outstanding.
(d) Less than $0.01 per share.
See notes to financial statements.
29
<PAGE> 30
MONY SERIES FUND, INC.
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2000 (UNAUDITED)
1. ORGANIZATION AND BUSINESS
The MONY Series Fund, Inc. (the "Fund"), a Maryland corporation organized
on December 14, 1984, is composed of seven separate investment funds or
portfolios as follows: Equity Growth, Equity Income, Intermediate Term Bond,
Long Term Bond, Diversified, Government Securities, and Money Market. 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 expenses and also its
proportionate share of the general expenses of the Fund. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company.
The Fund is currently offered only to separate accounts of certain
insurance companies as an investment medium for both variable annuity contracts
and variable life insurance policies. The following is a summary of significant
accounting policies consistently followed by the Fund in preparation of its
financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
A. Portfolio Valuations:
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 provided by an independent pricing service.
Short-term securities with 61 days or more to maturity at time of purchase
are valued at market value 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 to par 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 and all securities held by the Money Market Portfolio are valued at
amortized cost, which approximates market. 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. 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. As of June 30, 2000, there
were no such securities.
B. Federal Income Taxes:
No provision for Federal income or excise taxes is required because the
Fund intends to continue to qualify as a regulated investment company and
distribute all of its taxable income to shareholders.
C. Security Transactions and Investment Income:
Security transactions are accounted for on the trade date. Realized gains
and losses from security transactions are determined on the basis of identified
cost for both financial and tax purposes. Dividend income received and
distributions paid to shareholders are recognized on the ex-dividend date, and
interest income is recognized on the accrual basis. Premiums and discounts are
amortized daily for both financial and tax purposes.
D. Expenses:
Each portfolio bears expenses incurred specifically on its behalf, such as
advisory fees and custodian fees, as well as a portion of the common expenses of
the Fund, which are generally allocated based on average net assets.
E. Dividends and Distributions:
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.
30
<PAGE> 31
MONY SERIES FUND, INC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Dividends from net investment income and net realized capital gains of the
other portfolios will normally be declared and reinvested annually in additional
full and fractional shares.
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 accounting principles generally accepted in
the United States.
F. Use of Estimates in Preparation of Financial Statements:
Preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that may affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
3. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES
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 MONY Life Insurance Company ("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 organizing the Fund, the initial registration
of its securities, and the compensation of the directors and officers of the
Fund who are affiliates of the Investment Adviser.
For these services, the Investment Adviser receives an investment advisory
fee. The investment advisory fee is payable monthly and is computed as a
percentage of each portfolio's average daily net assets at an annual rate of
0.50% of the first $400,000,000 of the average daily net assets of each of the
Fund's portfolios except the Money Market Portfolio, which is 0.40% of the first
$400,000,000 of the average daily net assets; 0.35% of the next $400,000,000 of
the average daily net assets of each of the Fund's portfolios; and 0.30% of the
average daily net assets of each of the Fund's portfolios in excess of
$800,000,000.
Enterprise Capital Management ("ECM"), a wholly-owned subsidiary of MONY,
provides administrative services to the Fund. For its services ECM receives an
administrative fee, payable monthly and computed at an annual rate equal to
0.03% of each portfolio's average daily net assets.
Aggregate directors fees incurred for non-affiliated Directors' of the Fund
for the six months ended June 30, 2000 amounted to $22,103.
4. CAPITAL STOCK
The Fund has 2 billion authorized shares of capital stock with a par value
of $.01 per share. 1.65 billion shares are reserved for issuance and divided
into seven classes or portfolios as follows: Equity Growth (150 million shares);
Equity Income (150 million shares); Intermediate Term Bond (150 million shares);
Long Term Bond (150 million shares); Diversified (150 million shares);
Government Securities (150 million shares); and Money Market (750 million
shares). The remaining shares may be issued to any new or existing class upon
approval of the Board of Directors.
31
<PAGE> 32
MONY SERIES FUND, INC.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2000 (UNAUDITED)
5. INVESTMENT TRANSACTIONS
For the six months ended June 30, 2000 purchases and sales proceeds of
investments, other than short-term investments, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
--------- -----
<S> <C> <C> <C>
Equity Growth............................................ Common Stock $ 310,311 $ 1,065,579
Equity Income............................................ Common Stock 2,017,653 3,724,007
Intermediate Term Bond................................... U.S. Government Obligations 1,428,203 6,473,016
Corporate Bonds 3,983,783 3,846,843
Long Term Bond........................................... U.S. Government Obligations 3,948,600 10,779,879
Corporate Bonds 2,928,950 8,583,593
Diversified.............................................. Common Stock 238,885 411,044
Government Securities.................................... U.S. Government 1,000,000 8,145,464
</TABLE>
6. TAX BASIS UNREALIZED GAIN (LOSS) OF INVESTMENTS AND DISTRIBUTIONS
At June 30, 2000, the cost of securities for Federal income tax purposes,
the aggregate gross unrealized gain for all securities for which there was an
excess of value over tax cost and the aggregate gross unrealized loss for all
securities for which there was an excess of tax cost over value were as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED NET UNREALIZED
PORTFOLIO TAX COST GAIN LOSS GAIN (LOSS)
--------- -------- ---------- ---------- --------------
<S> <C> <C> <C> <C>
Equity Growth............................................. $ 1,834,642 $1,107,147 $ (39,051) $ 1,068,096
Equity Income............................................. 12,605,685 4,404,163 (631,823) 3,772,340
Intermediate Term Bond.................................... 51,159,656 96,166 (2,193,691) (2,097,525)
Long Term Bond............................................ 98,746,674 574,363 (7,141,293) (6,566,930)
Diversified............................................... 2,210,095 1,341,381 (56,922) 1,284,459
Government Securities..................................... 49,117,618 42,345 (1,523,776) (1,481,431)
</TABLE>
Income and capital gain distributions are determined in accordance with
federal income tax regulations which may differ from accounting principles
generally accepted in the United States. These differences are primarily due to
differing treatments for futures and options transactions, paydowns, market
discounts, and losses deferred due to wash sales.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid-in capital. Any taxable
gain remaining at fiscal year end is distributed in the following year.
7. FEDERAL INCOME TAX CAPITAL LOSS CARRYFORWARD
At June 30, 2000, 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>
Intermediate Term Bond...................................... $ 22,753 December 31, 2004
112,050 December 31, 2005
34,136 December 31, 2007
--------
$168,939
========
Long Term Bond.............................................. 492,687 December 31, 2007
========
</TABLE>
32
<PAGE> 33
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
Charles P. Leone Vice President-Compliance
David V. Weigel Treasurer
Phillip G. Goff Controller
Frederick C. Tedeschi Secretary
INVESTMENT ADVISER
MONY Securities Corporation
1740 Broadway
New York, New York 10019
PRINCIPAL UNDERWRITER AND DISTRIBUTOR
MONY Securities Corporation
1740 Broadway
New York, New York 10019
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02105
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, Pennsylvania 19103
</TABLE>
This report is authorized for distribution only to shareholders and to others
who have received a copy of this Fund's prospectus.
33
<PAGE> 34
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