<PAGE> 1
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4).............. $ 62,786 $ 78,250 $ 32,023 $ 0 $ 80,392 $ 50,390
======== ======== ======== ======== ========== ========
Investments in MONY Series Fund, Inc. at
net asset value (Note 2)................ $ 93,888 $ 84,540 $ 31,935 $ 0 $ 107,889 $ 50,390
Amount due from MONY Series Fund, Inc. ... 10 10 0 0 0 0
-------- -------- -------- -------- ---------- --------
Total assets......................... 93,898 84,550 31,935 0 107,889 50,390
-------- -------- -------- -------- ---------- --------
LIABILITIES
Amount due to MONY America................ 10 10 0 0 0 0
-------- -------- -------- -------- ---------- --------
Net assets................................ $ 93,888 $ 84,540 $ 31,935 $ 0 $ 107,889 $ 50,390
======== ======== ======== ======== ========== ========
Net assets consist of:
Contractholders' net payments........... $ 24,710 $ (1,957) $ 17,334 $(18,564) $ 33,365 $ 35,874
Cost of insurance withdrawals (Note
3)................................... (7,565) (12,326) (5,021) (5,021) (12,618) (3,223)
Undistributed net investment income..... 15,657 51,136 20,832 22,987 47,026 17,739
Accumulated net realized gains (losses)
on investments....................... 29,984 41,397 (1,122) 598 12,619 0
Unrealized appreciation (depreciation)
of investments....................... 31,102 6,290 (88) 0 27,497 0
-------- -------- -------- -------- ---------- --------
Net assets................................ $ 93,888 $ 84,540 $ 31,935 $ 0 $ 107,889 $ 50,390
======== ======== ======== ======== ========== ========
Number of units outstanding*.............. 3,027 2,979 1,797 0 4,401 3,380
-------- -------- -------- -------- ---------- --------
Net asset value per unit outstanding...... $ 31.02 $ 28.37 $ 17.77 $ 0.00 $ 24.51 $ 14.91
======== ======== ======== ======== ========== ========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
19
<PAGE> 2
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Dividend income......................... $ 0 $ 159 $ 0 $ 0 $ 0 $ 1,422
Mortality and expense risk charges
(Note 3)................................ 382 462 166 69 450 243
------ ------- ------- ------- ------ -------
Net investment income (loss)............ (382) (303) (166) (69) (450) 1,179
------ ------- ------- ------- ------ -------
Realized and unrealized gains (losses)
on investments (Note 2):
Proceeds from sales................... 499 80,852 11,585 47,933 1,212 12,513
Cost of shares sold................... 217 54,926 12,017 50,557 883 12,513
------ ------- ------- ------- ------ -------
Net realized gains (losses) on
investments........................... 282 25,926 (432) (2,624) 329 0
Net increase in unrealized appreciation
(depreciation) of investments......... 9,386 (17,296) 219 218 6,040 0
------ ------- ------- ------- ------ -------
Net realized and unrealized gains
(losses) on investments............... 9,668 8,630 (213) (2,406) 6,369 0
------ ------- ------- ------- ------ -------
Net increase (decrease) in net assets
resulting from operations............. $9,286 $ 8,327 $ (379) $(2,475) $5,919 $ 1,179
====== ======= ======= ======= ====== =======
</TABLE>
See notes to financial statements.
20
<PAGE> 3
MONY AMERICA
VARIABLE ACCOUNT S
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LONG TERM
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND
SUBACCOUNT SUBACCOUNT BOND SUBACCOUNT SUBACCOUNT
-------------------------- -------------------------- -------------------------- ------------
FOR THE FOR THE FOR THE
FOR THE SIX YEAR ENDED FOR THE SIX YEAR ENDED FOR THE SIX YEAR ENDED FOR THE SIX
MONTHS ENDED DECEMBER MONTHS ENDED DECEMBER MONTHS ENDED DECEMBER MONTHS ENDED
JUNE 30, 31, JUNE 30, 31, JUNE 30, 31, JUNE 30,
1996 1995 1996 1995 1996 1995 1996
------------ ----------- ------------ ----------- ------------ ----------- ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ (382) $ 4,929 $ (303) $ 7,256 $ (166) $ 2,069 $ (69)
Net realized gains (losses) on
investments................. 282 927 25,926 809 (432) (994) (2,624)
Net increase (decrease) in
unrealized appreciation of
investments................. 9,386 13,545 (17,296) 16,774 219 4,709 218
-------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations.................... 9,286 19,401 8,327 24,839 (379) 5,784 (2,475)
-------- -------- -------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 0 0 880 59,567 0 0 880
Net asset value of units
redeemed or used to meet
contract obligations........ 117 1,063 80,388 2,500 11,419 28,812 47,863
-------- -------- -------- -------- -------- -------- --------
Net increase (decrease) from
unit transactions............. (117) (1,063) (79,508) 57,067 (11,419) (28,812) (46,983)
-------- -------- -------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................ 9,169 18,338 (71,181) 81,906 (11,798) (23,028) (49,458)
Net assets beginning of
period........................ 84,719 66,381 155,721 73,815 43,733 66,761 49,458
-------- -------- -------- -------- -------- -------- --------
Net assets end of period*...... $ 93,888 $84,719 $ 84,540 $ 155,721 $ 31,935 $ 43,733 $ 0
======== ======== ======== ======== ======== ======== ========
Units outstanding beginning of
period........................ 3,031 3,075 5,872 3,676 2,443 4,247 2,268
Units issued during the
period........................ 0 0 31 2,308 0 0 42
Units redeemed during the
period........................ 4 44 2,924 112 646 1,804 2,310
-------- -------- -------- -------- -------- -------- --------
Units outstanding end of
period........................ 3,027 3,031 2,979 5,872 1,797 2,443 0
======== ======== ======== ======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $ 15,657 $16,039 $ 51,136 $ 51,439 $ 20,832 $ 20,998 $ 22,987
<CAPTION>
DIVERSIFIED MONEY MARKET
SUBACCOUNT SUBACCOUNT
-------------------------- --------------------------
FOR THE FOR THE FOR THE
YEAR ENDED FOR THE SIX YEAR ENDED FOR THE SIX YEAR ENDED
DECEMBER MONTHS ENDED DECEMBER MONTHS ENDED DECEMBER
31, JUNE 30, 31, JUNE 30, 31,
1995 1996 1995 1996 1995
----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income
(loss)...................... $ 2,569 $ (450) $ 4,617 $ 1,179 $ 2,896
Net realized gains (losses) on
investments................. 92 329 452 0 0
Net increase (decrease) in
unrealized appreciation of
investments................. 375 6,040 15,714 0 0
------- -------- -------- -------- --------
Net increase (decrease) in net
assets resulting from
operations.................... 3,036 5,919 20,783 1,179 2,896
------- -------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance
of units.................... 40,033 440 142 0 0
Net asset value of units
redeemed or used to meet
contract obligations........ 1,224 762 1,453 11,910 28,160
------- -------- -------- -------- --------
Net increase (decrease) from
unit transactions............. 38,809 (322) (1,311) (11,910) (28,160)
------- -------- -------- -------- --------
Net increase (decrease) in net
assets........................ 41,845 5,597 19,472 (10,731) (25,264)
Net assets beginning of
period........................ 7,613 102,292 82,820 61,121 86,385
------- -------- -------- -------- --------
Net assets end of period*...... $49,458 $107,889 $102,292 $ 50,390 $ 61,121
======= ======== ======== ======== ========
Units outstanding beginning of
period........................ 450 4,414 4,478 4,185 6,196
Units issued during the
period........................ 1,883 18 8 0 0
Units redeemed during the
period........................ 65 31 72 805 2,011
------- -------- -------- -------- --------
Units outstanding end of
period........................ 2,268 4,401 4,414 3,380 4,185
======= ======== ======== ======== ========
- ---------------
*Includes undistributed net
investment income of: $23,056 $ 47,026 $ 47,476 $ 17,739 $ 16,560
</TABLE>
See notes to financial statements.
21
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY America Variable Account S (the "Variable Account") is a separate
investment account established on March 27, 1987 by MONY Life Insurance Company
of America ("MONY America"), under the laws of the State of Arizona.
The Variable Account operates as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). The Variable Account holds
assets that are segregated from all of MONY America's other assets and, at
present, is used only to support Variable Life Insurance with Additional Premium
Option Policies. These policies are issued by MONY America, which is a
wholly-owned subsidiary of The Mutual Life Insurance Company of New York
("MONY"). MONY America is currently taxed as a life insurance company and will
include the Variable Account's operations in its tax return. MONY America does
not expect, based upon current tax law, to incur any income tax burden upon the
earnings or realized capital gains attributable to the Variable Account. Based
on this expectation, no charges are currently being deducted from the Variable
Account for federal income tax purposes.
There are currently six subaccounts available within the Variable Account.
One of the subaccounts have no assets and five invests only in a corresponding
portfolio of the MONY Series Fund, Inc. (the "Fund"). The Fund is registered
under the 1940 Act as an open end, diversified, management investment company.
A full presentation of the related financial statements and footnotes of
the Fund are contained on pages 55 to 82 and should be read in conjunction with
these financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
Investments:
The investment in shares of the respective portfolios is stated at value
which is the net asset value of the Fund. Except for the Money Market Portfolio,
net asset values are based upon market quotations of the securities held in each
of the corresponding portfolios of the Fund. For the Money Market Portfolio, the
net asset values are based on amortized cost of the securities held which
approximates value.
3. RELATED PARTY TRANSACTIONS
MONY America is the legal holder of the assets held by the Variable
Account.
Policy premiums received from MONY America by the Variable Account
represent gross policy premiums recorded by MONY America less deductions
retained for any premium taxes.
The cost of insurance, administration charges, and, if applicable, deferred
premium taxes are deducted monthly from the cash value of the contract to
compensate MONY America. These deductions are treated as contractholder
redemptions by the Variable Account. The amount deducted for all subaccount for
1996 aggregated $850.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 0.85 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services.
22
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investments in MONY Series Fund, Inc. at cost, at June 30, 1996 (unaudited)
consist of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares........................... 3,374 7,941 4,137 3,840 6,507 61,121
Amount........................... $ 63,003 $ 132,135 $ 44,040 $ 49,676 $80,835 $ 61,121
-------- --------- -------- -------- ------- ---------
Shares acquired:
Shares........................... 0 42 0 71 27 0
Amount........................... $ 0 $ 882 $ 0 $ 881 $ 440 $ 0
Shares received for reinvestment of
dividends:
Shares........................... 0 8 0 0 0 1,422
Amount........................... $ 0 $ 159 $ 0 $ 0 $ 0 $ 1,422
Shares redeemed:
Shares........................... 18 3,971 1,108 3,911 74 12,153
Amount........................... $ 217 $ 54,926 $ 12,017 $ 50,557 $ 883 $ 12,153
-------- --------- -------- -------- ------- ---------
Net change:
Shares........................... (18) (3,921) (1,108) (3,840) (47) (10,731)
Amount........................... $ (217) $ (53,885) $(12,017) $(49,676) $ (443) $ (10,731)
-------- --------- -------- -------- ------- ---------
Shares end of period:
Shares........................... 3,356 4,020 3,029 0 6,460 50,390
Amount........................... $ 62,786 $ 78,250 $ 32,023 $ 0 $80,392 $ 50,390
======== ========= ======== ======== ======= =========
</TABLE>
23
