<PAGE> 1
MONY
VARIABLE ACCOUNT S
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT
---------- ----------
<S> <C> <C>
ASSETS
Investments at cost (Note 4).......................................... $ 28,521 $ 51,539
======== ==========
Investments in MONY Series Fund, Inc. at net asset value (Note 2)..... $ 41,015 $ 64,423
-------- ----------
Net assets............................................................ $ 41,015 $ 64,423
======== ==========
Net assets consist of:
Contractholders' net payments....................................... $ 16,653 $ (141,574)
Cost of insurance withdrawals (Note 3).............................. (1,788) (65,548)
Undistributed net investment income................................. 11,215 145,671
Accumulated net realized gains on investments....................... 2,441 112,990
Unrealized appreciation of investments.............................. 12,494 12,884
-------- ----------
Net assets............................................................ $ 41,015 $ 64,423
======== ==========
Number of units outstanding*.......................................... 1,530 2,810
-------- ----------
Net asset value per unit outstanding.................................. $ 26.80 $ 22.92
======== ==========
</TABLE>
- ---------------
* Units outstanding have been rounded for presentation purposes.
See notes to financial statements.
24
<PAGE> 2
MONY
VARIABLE ACCOUNT S
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
EQUITY
INCOME DIVERSIFIED
SUBACCOUNT SUBACCOUNT
---------- ----------
<S> <C> <C>
Dividend income....................................................... $ 77 $ 0
Mortality and expense risk charges (Note 3)........................... 170 268
------ ------
Net investment loss................................................... (93) (268)
------ ------
Realized and unrealized gains on investments (Note 2):
Proceeds from sales................................................. 257 545
Cost of shares sold................................................. 168 423
------ ------
Net realized gains on investments..................................... 89 122
Net increase in unrealized appreciation of investments................ 2,690 3,678
------ ------
Net realized and unrealized gains on investments...................... 2,779 3,800
------ ------
Net increase in net assets resulting from operations.................. $2,686 $3,532
====== ======
</TABLE>
See notes to financial statements.
25
<PAGE> 3
MONY
VARIABLE ACCOUNT S
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY INCOME DIVERSIFIED
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).............. $ (93) $ 1,692 $ (268) $ 2,761
Net realized gains on investments......... 89 142 122 168
Net increase in unrealized appreciation of
investments............................ 2,690 7,523 3,678 9,476
-------- -------- -------- --------
Net increase in net assets resulting from
operations................................ 2,686 9,357 3,532 12,405
-------- -------- -------- --------
From unit transactions:
Net proceeds from the issuance of units... 0 0 0 0
Net asset value of units redeemed or used
to meet contract obligations........... 87 265 277 564
-------- -------- -------- --------
Net decrease from unit transactions......... (87) (265) (277) (564)
-------- -------- -------- --------
Net increase in net assets.................. 2,599 9,092 3,255 11,841
Net assets beginning of period.............. 38,416 29,324 61,168 49,327
-------- -------- -------- --------
Net assets end of period*................... $ 41,015 $ 38,416 $ 64,423 $ 61,168
======== ======== ======== ========
Units outstanding beginning of period....... 1,533 1,546 2,823 2,852
Units issued during the period.............. 0 0 0 0
Units redeemed during the period............ 3 13 13 29
-------- -------- -------- --------
Units outstanding end of period............. 1,530 1,533 2,810 2,823
======== ======== ======== ========
- ---------------
*Includes undistributed net investment
income of: $ 11,215 $ 11,308 $145,671 $145,939
</TABLE>
See notes to financial statements.
26
<PAGE> 4
MONY
VARIABLE ACCOUNT S
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
MONY Variable Account S (the "Variable Account") is a separate investment
account established on November 28, 1990 by The Mutual Life Insurance Company of
New York ("MONY"), under the laws of the State of New York.
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'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. MONY is currently taxed as a life
insurance company and will include the Variable Account's operations in its tax
return. MONY 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 deducted
from the Variable Account for federal income tax purposes.
There are currently six subaccounts available within the Variable Account.
Four of the subaccounts have no assets and two invest 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 each of the respective portfolios is stated at
value which is the net asset value of the Fund. Net asset values are based upon
market valuations of the securities held in each of the corresponding portfolios
of the Fund.
3. RELATED PARTY TRANSACTIONS
MONY is the legal holder of the assets of the Variable Account. Policy
premiums received from MONY by the Variable Account represent gross policy
premiums recorded by MONY 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. These deductions are treated as contractholder redemptions by
the Variable Account. The amount deducted for all subaccounts for 1996
aggregated $314.
MONY 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 MONY America, a wholly-owned subsidiary of MONY, acts as
investment adviser to the Fund, it receives amounts paid by the Fund for those
services.
27
<PAGE> 5
MONY
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
INCOME DIVERSIFIED
PORTFOLIO PORTFOLIO
--------- -----------
<S> <C> <C>
Shares beginning of period:
Shares............................................................... 1,959 3,891
Amount............................................................... $ 28,612 $51,962
-------- -------
Shares acquired:
Shares............................................................... 0 0
Amount............................................................... $ 0 $ 0
Shares received for reinvestment of dividends:
Shares............................................................... 3 0
Amount............................................................... $ 77 $ 0
Shares redeemed:
Shares............................................................... 12 33
Amount............................................................... $ 168 $ 423
-------- -------
Net change:
Shares............................................................... (9) (33)
Amount............................................................... $ (91) $ (423)
-------- -------
Shares end of period:
Shares............................................................... 1,950 3,858
Amount............................................................... $ 28,521 $51,539
======== =======
</TABLE>
28
