<PAGE> 1
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $723,247 $ 827,322 $31,618,038 $46,791,691 $1,406,055 $89,618,227 $10,960,776
======== ========== =========== =========== ========== =========== ===========
Investments in MONY Series Fund,
Inc., at net asset value (Note
2).............................. $934,868 $1,106,813 $31,647,983 $47,517,710 $1,746,589 $89,618,227 $10,953,900
Amount due from MONY America...... 0 320 3,028 7,173 37 2,580,421 3,139
Amount due from MONY Series
Fund, Inc. ..................... 0 0 653 3,016 0 61,937 45
-------- ---------- ----------- ----------- ---------- ----------- -----------
Total assets.............. 934,868 1,107,133 31,651,664 47,527,899 1,746,626 92,260,585 10,957,084
-------- ---------- ----------- ----------- ---------- ----------- -----------
LIABILITIES
Amount due to MONY America........ 0 0 653 3,016 0 61,937 45
Amount due to MONY Series Fund,
Inc. ........................... 0 320 3,028 7,173 37 2,580,421 3,139
-------- ---------- ----------- ----------- ---------- ----------- -----------
Total liabilities......... 0 320 3,681 10,189 37 2,642,358 3,184
-------- ---------- ----------- ----------- ---------- ----------- -----------
Net assets........................ $934,868 $1,106,813 $31,647,983 $47,517,710 $1,746,589 $89,618,227 $10,953,900
======== ========== =========== =========== ========== =========== ===========
Net assets consist of:
Contractholders' net payments... $141,390 $ 197,452 $27,218,642 $38,762,753 $ 530,102 $80,906,480 $10,679,672
Undistributed net investment
income........................ 146,343 396,106 4,748,408 8,855,029 619,175 8,711,747 138,519
Accumulated net realized gains
(losses) on investments....... 435,514 233,764 (349,012) (826,091) 256,778 0 142,585
Unrealized appreciation
(depreciation) of
investments................... 211,621 279,491 29,945 726,019 340,534 0 (6,876)
-------- ---------- ----------- ----------- ---------- ----------- -----------
Net assets........................ $934,868 $1,106,813 $31,647,983 $47,517,710 $1,746,589 $89,618,227 $10,953,900
======== ========== =========== =========== ========== =========== ===========
Number of units outstanding*...... 32,608 41,484 1,883,813 2,463,364 76,480 6,268,038 999,465
-------- ---------- ----------- ----------- ---------- ----------- -----------
Net asset value per unit
outstanding..................... $ 28.67 $ 26.68 $ 16.80 $ 19.29 $ 22.84 $ 14.30 $ 10.96
======== ========== =========== =========== ========== =========== ===========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
29
<PAGE> 2
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
----------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ------------ -------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)...... $163,214,591 $144,024,194 $1,105,123,086 $29,577,700 $21,108,235
============ ============ ============== =========== ===========
Investments in Enterprise
Accumulation Trust at net asset
value (Note 2).................. $201,208,673 $164,053,189 $1,399,451,203 $31,697,510 $20,936,418
Amount due from Enterprise
Accumulation Trust.............. 16,838 32,129 167,310 2,553 1,398
Amount due from MONY America...... 91,940 45,997 212,997 7,133 563
------------ ------------ -------------- ----------- -----------
Total assets................. 201,317,451 164,131,315 1,399,831,510 31,707,196 20,938,379
------------ ------------ -------------- ----------- -----------
LIABILITIES
Amount due to Enterprise
Accumulation Trust.............. 91,940 45,997 212,997 7,133 563
Amount due to MONY America........ 16,838 32,129 167,310 2,553 1,398
------------ ------------ -------------- ----------- -----------
Total liabilities............ 108,778 78,126 380,307 9,686 1,961
------------ ------------ -------------- ----------- -----------
Net assets........................ $201,208,673 $164,053,189 $1,399,451,203 $31,697,510 $20,936,418
============ ============ ============== =========== ===========
Net assets consist of:
Contractholders' net payments... $141,481,572 $124,403,668 $ 927,794,064 $28,554,985 $19,794,010
Undistributed net investment
income....................... 7,124,982 13,428,554 77,608,496 528,352 1,128,444
Accumulated net realized gains
on investments............... 14,608,037 6,191,972 99,720,526 494,363 185,781
Unrealized appreciation
(depreciation) of
investments.................. 37,994,082 20,028,995 294,328,117 2,119,810 (171,817)
------------ ------------ -------------- ----------- -----------
Net assets........................ $201,208,673 $164,053,189 $1,399,451,203 $31,697,510 $20,936,418
============ ============ ============== =========== ===========
Number of units outstanding*...... 6,768,358 6,232,482 36,536,541 2,655,406 1,774,282
------------ ------------ -------------- ----------- -----------
Net asset value per unit
outstanding..................... $ 29.73 $ 26.32 $ 38.30 $ 11.94 $ 11.80
============ ============ ============== =========== ===========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
30
<PAGE> 3
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
---------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments at cost (Note 4)............... $2,751,351 $2,004,766 $2,088,975 $2,864,675 $32,141,602
========== ========== ========== ========== ===========
Investments in OCC Accumulation Trust at
net asset value (Note 2)................. $2,751,351 $2,001,474 $2,962,376 $3,308,378 $44,763,316
Amount due from MONY America............... 0 0 300 300 400
Amount due from OCC Accumulation Trust..... 0 0 0 0 3,064
Dividends receivable....................... 3,263 3,211 0 0 0
---------- ---------- ---------- ---------- -----------
Total assets.......................... 2,754,614 2,004,685 2,962,676 3,308,678 44,766,780
========== ========== ========== ========== ===========
LIABILITIES
Amount due to MONY America................. 0 0 0 0 3,064
Amount due to OCC Accumulation Trust....... 0 0 300 300 400
---------- ---------- ---------- ---------- -----------
Net assets................................. $2,754,614 $2,004,685 $2,962,376 $3,308,378 $44,763,316
========== ========== ========== ========== ===========
Net assets consist of:
Contractholders' net payments............ $2,560,035 $1,741,033 $1,883,562 $2,662,913 $28,143,993
Undistributed net investment income...... 194,579 224,185 28,749 78,434 291,690
Accumulated net realized gains on
investments........................... 0 42,759 176,664 123,328 3,705,919
Unrealized appreciation (depreciation) of
investments........................... 0 (3,292) 873,401 443,703 12,621,714
---------- ---------- ---------- ---------- -----------
Net assets................................. $2,754,614 $2,004,685 $2,962,376 $3,308,378 $44,763,316
========== ========== ========== ========== ===========
Number of units outstanding*............... 207,777 127,497 100,118 125,288 1,186,594
---------- ---------- ---------- ---------- -----------
Net asset value per unit outstanding....... $ 13.26 $ 15.72 $ 29.59 $ 26.41 $ 37.72
========== ========== ========== ========== ===========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
31
<PAGE> 4
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------------
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------ ----------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend income................... $ 0 $ 2,178 $ 0 $ 0 $ 0 $ 2,058,662 $ 0
Mortality and expense risk charges
(Note 3)........................ 5,979 7,157 195,768 304,880 11,265 517,479 56,738
-------- -------- ---------- ----------- -------- ------------ ---------
Net investment income (loss)...... (5,979) (4,979) (195,768) (304,880) (11,265) 1,541,183 (56,738)
-------- -------- ---------- ----------- -------- ------------ ---------
Realized and unrealized gains
(losses) on investments
(Note 2):
Proceeds from sales............. 265,773 150,333 3,648,274 11,347,410 227,776 273,060,620 1,867,915
Cost of shares sold............. 191,266 100,938 3,875,446 11,590,144 176,207 273,060,620 1,818,399
-------- -------- ---------- ----------- -------- ------------ ---------
Net realized gains (losses) on
investments..................... 74,507 49,395 (227,172) (242,734) 51,569 0 49,516
Net increase (decrease) in
unrealized appreciation of
investments..................... 26,342 30,177 133,595 (2,983,984) 60,432 0 (3,061)
-------- -------- ---------- ----------- -------- ------------ ---------
Net realized and unrealized gains
(losses) on investments......... 100,849 79,572 (93,577) (3,226,718) 112,001 0 46,455
-------- -------- ---------- ----------- -------- ------------ ---------
Net increase (decrease) in net
assets resulting from
operations...................... $ 94,870 $ 74,593 $ (289,345) $(3,531,598) $100,736 $ 1,541,183 $ (10,283)
======== ======== ========== =========== ======== ============ =========
</TABLE>
32
<PAGE> 5
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
------------------------------------------------------------------
INTERNATIONAL HIGH YIELD
EQUITY SMALL CAP MANAGED GROWTH BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income............................ $ 0 $ 0 $ 0 $ 0 $ 715,869
Mortality and expense risk charges (Note
3)....................................... 1,091,390 951,854 7,955,684 152,046 112,115
----------- ----------- ------------ ---------- ----------
Net investment income (loss)............... (1,091,390) (951,854) (7,955,684) (152,046) 603,754
----------- ----------- ------------ ---------- ----------
Realized and unrealized gains on
investments (Note 2):
Proceeds from sales...................... 13,496,369 16,412,254 85,334,916 2,130,107 2,635,138
Cost of shares sold...................... 9,092,050 15,413,802 56,546,206 1,823,622 2,547,590
----------- ----------- ------------ ---------- ----------
Net realized gains on investments.......... 4,404,319 998,452 28,788,710 306,485 87,548
Net increase (decrease) in unrealized
appreciation of investments.............. 13,597,076 13,251,787 82,197,748 1,334,800 (315,127)
----------- ----------- ------------ ---------- ----------
Net realized and unrealized gains (losses)
on investments........................... 18,001,395 14,250,239 110,986,458 1,641,285 (227,579)
----------- ----------- ------------ ---------- ----------
Net increase in net assets resulting from
operations............................... $16,910,005 $13,298,385 $103,030,774 $1,489,239 $ 376,175
=========== =========== ============ ========== ==========
</TABLE>
See notes to financial statements.
33
<PAGE> 6
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
--------------------------------------------------------------
MONEY
MARKET BOND EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income.................................. $ 64,326 $ 84,243 $ 78,927 $134,757 $ 998,617
Mortality and expense risk charges (Note 3)...... 18,360 12,320 18,227 19,990 288,919
---------- --------- -------- -------- ----------
Net investment income............................ 45,966 71,923 60,700 114,767 709,698
---------- --------- -------- -------- ----------
Realized and unrealized gains on investments
(Note 2):
Proceeds from sales............................ 2,930,016 114,630 223,219 590,618 7,656,184
Cost of shares sold............................ 2,930,016 109,726 159,185 521,374 5,313,958
---------- --------- -------- -------- ----------
Net realized gains on investments................ 0 4,904 64,034 69,244 2,342,226
Net increase (decrease) in unrealized
appreciation of investments.................... 0 (118,566) 155,114 45,830 634,623
---------- --------- -------- -------- ----------
Net realized and unrealized gains (losses) on
investments.................................... 0 (113,662) 219,148 115,074 2,976,849
---------- --------- -------- -------- ----------
Net increase (decrease) in net assets resulting
from operations................................ $ 45,966 $ (41,739) $279,848 $229,841 $3,686,547
========== ========= ======== ======== ==========
</TABLE>
See notes to financial statements.
34
<PAGE> 7
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MONY SERIES FUND, INC.
---------------------------------------------------------------------------------------
EQUITY GROWTH EQUITY INCOME INTERMEDIATE TERM BOND
SUBACCOUNT SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------- ---------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995 1996 1995
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
(UNAUDITED) (UNAUDITED) (UNAUDITED)
From operations:
Net investment income (loss)........... $ (5,979) $ 51,329 $ (4,979) $ 44,918 $ (195,768) $ 1,359,836
Net realized gains (losses) on
investments.......................... 74,507 89,373 49,395 39,661 (227,172) (217,729)
Net increase (decrease) in unrealized
appreciation of investments.......... 26,342 113,737 30,177 211,754 133,595 2,334,874
---------- ---------- ---------- ---------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations.............. 94,870 254,439 74,593 296,333 (289,345) 3,476,981
---------- ---------- ---------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of
units................................ 34,325 19,737 6,043 25,913 4,383,230 6,168,848
Net asset value of units redeemed or
used to meet contract obligations.... 162,736 248,505 107,935 163,157 3,072,328 5,230,269
---------- ---------- ---------- ---------- ----------- -----------
Net increase (decrease) from unit
transactions........................... (128,411) (228,768) (101,892) (137,244) 1,310,902 938,579
---------- ---------- ---------- ---------- ----------- -----------
Net increase (decrease) in net assets.... (33,541) 25,671 (27,299) 159,089 1,021,557 4,415,560
Net assets beginning of period........... 968,409 942,738 1,134,112 975,023 30,626,426 26,210,866
---------- ---------- ---------- ---------- ----------- -----------
Net assets end of period*................ $ 934,868 $ 968,409 $1,106,813 $1,134,112 $31,647,983 $30,626,426
========== ========== ========== ========== =========== ===========
Units outstanding beginning of period.... 37,368 46,927 45,391 51,336 1,806,518 1,753,781
Units issued during the period........... 1,094 874 197 1,242 260,930 382,452
Units redeemed during the period......... 5,854 10,433 4,104 7,187 183,635 329,715
---------- ---------- ---------- ---------- ----------- -----------
Units outstanding end of period.......... 32,608 37,368 41,484 45,391 1,883,813 1,806,518
========== ========== ========== ========== =========== ===========
- ---------------
*Includes undistributed net investment
income of: $ 146,343 $ 152,322 $ 396,106 $ 401,085 $ 4,748,408 $ 4,944,176
<CAPTION>
LONG TERM BOND
SUBACCOUNT
---------------------------
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1996 1995
------------ ------------
<S> <C> <C>
(UNAUDITED)
From operations:
Net investment income (loss)........... $ (304,880) $ 2,243,045
Net realized gains (losses) on
investments.......................... (242,734) (972,892)
Net increase (decrease) in unrealized
appreciation of investments.......... (2,983,984) 9,104,767
----------- -----------
Net increase (decrease) in net assets
resulting from operations.............. (3,531,598) 10,374,920
----------- -----------
From unit transactions:
Net proceeds from the issuance of
units................................ 9,668,606 13,405,984
Net asset value of units redeemed or
used to meet contract obligations.... 9,858,213 8,681,500
----------- -----------
Net increase (decrease) from unit
transactions........................... (189,607) 4,724,484
----------- -----------
Net increase (decrease) in net assets.... (3,721,205) 15,099,404
Net assets beginning of period........... 51,238,915 36,139,511
----------- -----------
Net assets end of period*................ $47,517,710 $51,238,915
=========== ===========
Units outstanding beginning of period.... 2,477,673 2,245,807
Units issued during the period........... 496,355 714,746
Units redeemed during the period......... 510,664 482,880
----------- -----------
Units outstanding end of period.......... 2,463,364 2,477,673
=========== ===========
- ---------------
*Includes undistributed net investment
income of: $ 8,855,029 $ 9,159,909
</TABLE>
See notes to financial statements.
35
<PAGE> 8
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MONY SERIES FUND, INC. (CONTINUED)
-------------------------------------------------------------------------------------------
GOVERNMENT
DIVERSIFIED MONEY MARKET SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------------- ---------------------------- -----------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995 1996 1995
------------- ------------ ------------- ------------ ------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)...... $ (11,265) $ 73,868 $ 1,541,183 $ 2,866,329 $ (56,738) $ 194,429
Net realized gains on
investments.................... 51,569 59,009 0 0 49,516 93,069
Net increase (decrease) in
unrealized appreciation of
investments.................... 60,432 248,851 0 0 (3,061) (2,911)
---------- ---------- ----------- ----------- ----------- ----------
Net increase in net assets resulting
from operations................... 100,736 381,728 1,541,183 2,866,329 (10,283) 284,587
---------- ---------- ----------- ----------- ----------- ----------
From unit transactions:
Net proceeds from the issuance of
units.......................... 40,814 73,106 262,453,331 387,429,226 4,915,052 7,481,232
Net asset value of units redeemed
or used to meet contract
obligations.................... 201,288 223,895 265,663,482 370,351,387 1,425,037 465,806
---------- ---------- ----------- ----------- ----------- ----------
Net increase (decrease) from unit
transactions...................... (160,474) (150,789) (3,210,151) 17,077,839 3,490,015 7,015,426
---------- ---------- ----------- ----------- ----------- ----------
Net increase (decrease) in net
assets............................ (59,738) 230,939 (1,668,968) 19,944,168 3,479,732 7,300,013
Net assets beginning of period...... 1,806,327 1,575,388 91,287,195 71,343,027 7,474,168 174,155
---------- ---------- ----------- ----------- ----------- ----------
Net assets end of period*........... $1,746,589 $1,806,327 $89,618,227 $91,287,195 $10,953,900 $7,474,168
========== ========== =========== =========== =========== ==========
Units outstanding beginning of
period............................ 83,511 90,907 6,504,679 5,304,884 679,711 17,347
Units issued during the period...... 1,861 3,710 18,516,992 28,090,440 439,453 706,241
Units redeemed during the period.... 8,892 11,106 18,753,633 26,890,645 119,699 43,877
---------- ---------- ----------- ----------- ----------- ----------
Units outstanding end of period..... 76,480 83,511 6,268,038 6,504,679 999,465 679,711
========== ========== =========== =========== =========== ==========
- ---------------
*Includes undistributed net
investment income of: $ 619,175 $ 630,440 $ 8,711,747 $ 7,170,564 $ 138,519 $ 195,257
</TABLE>
See notes to financial statements.
36
<PAGE> 9
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
ENTERPRISE ACCUMULATION TRUST
-----------------------------------------------------------------------
EQUITY SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------- -------------------------- --------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1996 1995 1996 1995 1996
------------ ------------ ------------ ------------ --------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..................... $ (1,091,390) $ 6,291,238 $ (951,854) $ 7,046,795 $ (7,955,684)
Net realized gains on investments................ 4,404,319 4,120,247 998,452 271,832 28,788,710
Net increase (decrease) in unrealized
appreciation of investments.................... 13,597,076 21,768,708 13,251,787 6,498,712 82,197,748
------------ ------------ ------------ ------------ --------------
Net increase in net assets resulting from
operations....................................... 16,910,005 32,180,193 13,298,385 13,817,339 103,030,774
------------ ------------ ------------ ------------ --------------
From unit transactions:
Net proceeds from the issuance of units.......... 47,605,499 51,339,101 18,638,139 35,366,448 255,358,053
Net asset value of units redeemed or used to meet
contract obligations........................... 8,836,751 13,768,394 13,877,124 31,951,502 68,050,243
------------ ------------ ------------ ------------ --------------
Net increase from unit transactions............... 38,768,748 37,570,707 4,761,015 3,414,946 187,307,810
------------ ------------ ------------ ------------ --------------
Net increase in net assets........................ 55,678,753 69,750,900 18,059,400 17,232,285 290,338,584
Net assets beginning of period.................... 145,529,920 75,779,020 145,993,789 128,761,504 1,109,112,619
------------ ------------ ------------ ------------ --------------
Net assets end of period*......................... $201,208,673 $145,529,920 $164,053,189 $145,993,789 $1,399,451,203
============ ============ ============ ============ ==============
Units outstanding beginning of period............. 5,426,511 3,865,965 6,055,472 5,924,266 31,540,233
Units issued during the period.................... 1,648,611 2,143,227 734,620 1,572,208 6,823,903
Units redeemed during the period.................. 306,764 582,681 557,610 1,441,002 1,827,595
------------ ------------ ------------ ------------ --------------
Units outstanding end of period................... 6,768,358 5,426,511 6,232,482 6,055,472 36,536,541
============ ============ ============ ============ ==============
- ---------------
*Includes undistributed net investment income of: $ 7,124,982 $ 8,216,372 $ 13,428,554 $ 14,380,408 $ 77,608,496
<CAPTION>
INTERNATIONAL GROWTH HIGH YIELD BOND
SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------
FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1995 1996 1995 1996 1995
-------------- ------------- ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)..................... $ 60,081,056 $ (152,046) $ 681,622 $ 603,754 $ 523,281
Net realized gains on investments................ 28,817,432 306,485 188,071 87,548 98,234
Net increase (decrease) in unrealized
appreciation of investments.................... 206,163,963 1,334,800 765,785 (315,127) 142,908
-------------- ----------- ----------- ----------- -----------
Net increase in net assets resulting from
operations....................................... 295,062,451 1,489,239 1,635,478 376,175 764,423
-------------- ----------- ----------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units.......... 304,419,702 15,005,641 14,604,230 8,684,464 13,314,491
Net asset value of units redeemed or used to meet
contract obligations........................... 94,036,492 1,143,932 1,955,796 1,910,304 562,893
-------------- ----------- ----------- ----------- -----------
Net increase from unit transactions............... 210,383,210 13,861,709 12,648,434 6,774,160 12,751,598
-------------- ----------- ----------- ----------- -----------
Net increase in net assets........................ 505,445,661 15,350,948 14,283,912 7,150,335 13,516,021
Net assets beginning of period.................... 603,666,958 16,346,562 2,062,650 13,786,083 270,062
-------------- ----------- ----------- ----------- -----------
Net assets end of period*......................... $1,109,112,619 $31,697,510 $16,346,562 $20,936,418 $13,786,083
============== =========== =========== =========== ===========
Units outstanding beginning of period............. 24,924,610 1,456,982 208,202 1,194,315 26,870
Units issued during the period.................... 9,733,146 1,297,484 1,442,749 743,359 1,218,090
Units redeemed during the period.................. 3,117,523 99,060 193,969 163,392 50,645
-------------- ----------- ----------- ----------- -----------
Units outstanding end of period................... 31,540,233 2,655,406 1,456,982 1,774,282 1,194,315
============== =========== =========== =========== ===========
- ---------------
*Includes undistributed net investment income of: $ 85,564,180 $ 528,352 $ 680,398 $ 1,128,444 $ 524,690
</TABLE>
See notes to financial statements.
37
<PAGE> 10
MONY AMERICA
VARIABLE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
OCC ACCUMULATION TRUST
----------------------------------------------------------------------------------
MONEY MARKET BOND EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------------- -------------------------- --------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995 1996 1995
------------ ------------ ------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
From operations:
Net investment income (loss)............... $ 45,966 $ 124,149 $ 71,923 $ 111,291 $ 60,700 $ (22,728)
Net realized gains on investments.......... 0 0 4,904 40,021 64,034 113,896
Net increase (decrease) in unrealized
appreciation of investments.............. 0 0 (118,566) 174,324 155,114 780,175
---------- ---------- ---------- ----------- ---------- ----------
Net increase (decrease) in net assets
resulting from operations.................. 45,966 124,149 (41,739) 325,636 279,848 871,343
---------- ---------- ---------- ----------- ---------- ----------
From unit transactions:
Net proceeds from the issuance of units.... 2,071,874 3,607,557 75,497 213,153 8,242 122,424
Net asset value of units redeemed or used
to meet contract obligations............. 2,900,765 3,138,264 102,302 1,262,489 180,142 680,113
---------- ---------- ---------- ----------- ---------- ----------
Net increase (decrease) from unit
transactions............................... (828,891) 469,293 (26,805) (1,049,336) (171,900) (557,689)
---------- ---------- ---------- ----------- ---------- ----------
Net increase (decrease) in net assets........ (782,925) 593,442 (68,544) (723,700) 107,948 313,654
Net assets beginning of period............... 3,537,539 2,944,097 2,073,229 2,796,929 2,854,428 2,540,774
---------- ---------- ---------- ----------- ---------- ----------
Net assets end of period*.................... $2,754,614 $3,537,539 $2,004,685 $ 2,073,229 $2,962,376 $2,854,428
========== ========== ========== =========== ========== ==========
Units outstanding beginning of period........ 271,019 234,062 129,078 198,239 106,172 129,693
Units issued during the period............... 157,845 282,367 4,658 13,880 293 5,049
Units redeemed during the period............. 221,087 245,410 6,239 83,041 6,347 28,570
---------- ---------- ---------- ----------- ---------- ----------
Units outstanding end of period.............. 207,777 271,019 127,497 129,078 100,118 106,172
========== ========== ========== =========== ========== ==========
- ---------------
*Includes undistributed net investment
income (loss) of:......................... $ 194,579 $ 148,613 $ 224,185 $ 152,262 $ 28,749 $ (31,951)
<CAPTION>
SMALL CAP MANAGED
SUBACCOUNT SUBACCOUNT
--------------------------- --------------------------
FOR THE SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1996 1995 1996 1995
------------- ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss)............... $ 114,767 $ (21,366) $ 709,698 $ (288,781)
Net realized gains on investments.......... 69,244 56,532 2,342,226 1,385,119
Net increase (decrease) in unrealized
appreciation of investments.............. 45,830 420,585 634,623 13,614,561
---------- ---------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations.................. 229,841 455,751 3,686,547 14,710,899
---------- ---------- ----------- -----------
From unit transactions:
Net proceeds from the issuance of units.... 287,970 185,178 3,514,278 2,329,894
Net asset value of units redeemed or used
to meet contract obligations............. 558,508 1,530,650 7,280,806 7,328,456
---------- ---------- ----------- -----------
Net increase (decrease) from unit
transactions............................... (270,538) (1,345,472) (3,766,528) (4,998,562)
---------- ---------- ----------- -----------
Net increase (decrease) in net assets........ (40,697) (889,721) (79,981) 9,712,337
Net assets beginning of period............... 3,349,075 4,238,796 44,843,297 35,130,960
---------- ---------- ----------- -----------
Net assets end of period*.................... $3,308,378 $3,349,075 $44,763,316 $44,843,297
========== ========== =========== ===========
Units outstanding beginning of period........ 136,744 197,050 1,286,294 1,449,807
Units issued during the period............... 11,325 7,680 99,153 79,150
Units redeemed during the period............. 22,781 67,986 198,853 242,663
---------- ---------- ----------- -----------
Units outstanding end of period.............. 125,288 136,744 1,186,594 1,286,294
========== ========== =========== ===========
- ---------------
*Includes undistributed net investment
income (loss) of:......................... $ 78,434 $ (36,333) $ 291,690 $ (418,008)
</TABLE>
See notes to financial statements.
38
<PAGE> 11
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS:
MONY America Variable Account A (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 flexible payment variable annuity 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 seventeen subaccounts within the Variable Account, and
each invests only in a corresponding portfolio of the MONY Series Fund, Inc.
(the "Fund"), the Enterprise Accumulation Trust ("Enterprise") or the OCC
Accumulation Trust ("OCC") (formerly known as Quest for Value Accumulation
Trust) collectively, the Funds. The Funds are registered under the 1940 Act as
open end, diversified, management investment companies.
A full presentation of the related financial statements and footnotes of
the Fund, Enterprise and OCC are contained on pages 55 to 82; 83 to 109; and 110
to 130; respectively, and should be read in conjunction with these financial
statements.
2. SIGNIFICANT ACCOUNTING POLICIES:
Investments:
The investment in shares of each of the respective portfolios is stated at
the net asset value of each portfolio. Except for the Money Market Portfolio,
net asset values are based upon market quotations of the securities held in each
of the corresponding portfolios of the Funds. For the Money Market Portfolio,
the net asset values are based on the amortized cost of the securities held
which approximates value.
3. RELATED PARTY TRANSACTIONS:
MONY America is the legal holder of the assets of the Variable Account.
Purchase payments received from MONY America by the Variable Account
represent gross purchase payments recorded by MONY America less deductions
retained for any premium taxes.
A periodic deduction is made from the cash value of the contract for the
Annual Contract Charge. The deduction is for the expenses of administration and
is treated by the Variable Account as a contractholder redemption. The amount
deducted for all subaccounts for 1996 was $849,003.
MONY America receives from the Variable Account the amounts deducted for
mortality and expense risks at an annual rate of 1.25 percent of aggregate
average daily net assets. As investment adviser to the Fund, it receives amounts
paid by the Fund for those services.
Enterprise Capital Management, Inc., a wholly-owned subsidiary of MONY,
acts as investment adviser to Enterprise, and it receives amounts paid by
Enterprise for those services.
39
<PAGE> 12
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS
Investment In MONY Series Fund, Inc. at cost, at June 30, 1996 (unaudited)
consist of the following:
<TABLE>
<CAPTION>
EQUITY EQUITY INTERMEDIATE LONG TERM MONEY GOVERNMENT
GROWTH INCOME TERM BOND BOND DIVERSIFIED MARKET SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- ------------ ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares................... 38,566 57,833 2,897,486 3,978,176 114,906 91,287,195 732,045
Amount................... $783,130 $884,798 $30,730,076 $47,528,912 $ 1,526,225 $ 91,287,195 $ 7,477,983
-------- -------- ----------- ----------- ----------- ------------ -----------
Shares acquired:
Shares................... 4,804 1,982 453,560 891,851 3,464 269,332,990 521,331
Amount................... $131,383 $ 41,284 $ 4,763,408 $10,852,923 $ 56,037 $269,332,990 $5,301,192
Shares received for
reinvestment of
dividends:
Shares................... 0 105 0 0 0 2,058,662 0
Amount................... $ 0 $ 2,178 $ 0 $ 0 $ 0 $ 2,058,662 $ 0
Shares redeemed:
Shares................... 9,958 7,290 348,391 939,696 13,784 273,060,620 183,658
Amount................... $191,266 $100,938 $ 3,875,446 $11,590,144 $ 176,207 $273,060,620 $ 1,818,399
-------- -------- ----------- ----------- ----------- ------------ -----------
Net change:
Shares................... (5,154) (5,203) 105,169 (47,845) (10,320) (1,668,968) 337,673
Amount................... $(59,883) $(57,476) $ 887,962 $ (737,221) $ (120,170) $ (1,668,968) $ 3,482,793
-------- -------- ----------- ----------- ----------- ------------ -----------
Shares end of period:
Shares................... 33,412 52,630 3,002,655 3,930,331 104,586 89,618,227 1,069,718
Amount................... $723,247 $827,322 $31,618,038 $46,791,691 $ 1,406,055 $ 89,618,227 $10,960,776
======== ======== =========== =========== =========== ============ ===========
</TABLE>
Investment in Enterprise Accumulation Trust at cost, at June 30, 1996
(unaudited) consists of the following:
<TABLE>
<CAPTION>
INTERNATIONAL
EQUITY SMALL CAP MANAGED GROWTH HIGH YIELD
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares................................... 6,232,545 7,900,097 39,526,466 3,032,757 2,596,249
Amount................................... $121,132,914 $139,216,581 $ 896,982,250 $15,561,552 $13,642,773
------------ ------------ -------------- ----------- -----------
Shares acquired:
Shares................................... 2,028,863 1,036,176 8,836,017 2,842,699 1,756,102
Amount................................... $ 51,173,727 $ 20,221,415 $ 264,687,042 $15,839,770 $ 9,297,183
Shares received for reinvestment of
dividends:
Shares................................... 0 0 0 0 135,299
Amount................................... $ 0 $ 0 $ 0 $ 0 $ 715,869
Shares redeemed:
Shares................................... 534,501 854,835 2,851,874 381,954 499,760
Amount................................... $ 9,092,050 $ 15,413,802 $ 56,546,206 $ 1,823,622 $ 2,547,590
------------ ------------ -------------- ----------- -----------
Net change:
Shares................................... 1,494,362 181,341 5,984,143 2,460,745 1,391,641
Amount................................... $ 42,081,677 $ 4,807,613 $ 208,140,836 $14,016,148 $ 7,465,462
------------ ------------ -------------- ----------- -----------
Shares end of period:
Shares................................... 7,726,907 8,081,438 45,510,609 5,493,502 3,987,890
Amount................................... $163,214,591 $144,024,194 $1,105,123,086 $29,577,700 $21,108,235
============ ============ ============== =========== ===========
</TABLE>
40
<PAGE> 13
MONY AMERICA
VARIABLE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. INVESTMENTS (CONTINUED)
Investment in OCC Accumulation Trust at cost, at June 30, 1996 (unaudited)
consists of the following:
<TABLE>
<CAPTION>
MONEY MARKET BOND EQUITY SMALL CAP MANAGED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Shares beginning of period:
Shares......................................... 3,536,160 207,454 113,949 168,211 1,487,833
Amount......................................... $3,536,160 $1,957,185 $2,136,141 $2,951,202 $32,856,206
---------- ---------- ---------- ---------- -----------
Shares acquired:
Shares......................................... 2,082,765 9,714 1,318 14,873 117,681
Amount......................................... $2,082,765 $ 75,506 $ 33,092 $ 300,090 $ 3,600,737
Shares received for reinvestment of dividends:
Shares......................................... 62,442 6,751 3,063 6,861 32,307
Amount......................................... $ 62,442 $ 81,801 $ 78,927 $ 134,757 $ 998,617
Shares redeemed:
Shares......................................... 2,930,016 11,673 8,572 29,810 243,760
Amount......................................... $2,930,016 $ 109,726 $ 159,185 $ 521,374 $ 5,313,958
---------- ---------- ---------- ---------- -----------
Net change:
Shares......................................... (784,809) 4,792 (4,191) (8,076) (93,772)
Amount......................................... $ (784,809) $ 47,581 $ (47,166) $ (86,527) $ (714,604)
---------- ----------- ---------- ---------- -----------
Shares end of period:
Shares......................................... 2,751,351 212,246 109,758 160,135 1,394,061
Amount......................................... $2,751,351 $2,004,766 $2,088,975 $2,864,675 $32,141,602
========== =========== ========== ========== ===========
</TABLE>
41
