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FORTIS
Solid partners, flexible solutions-SM-
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Fortis Money Fund
Semiannual Report
MARCH 31, 1999
FORTIS FINANCIAL GROUP
[GRAPHIC]
<PAGE>
FORTIS MONEY FUND SEMIANNUAL REPORT
CONTENTS
LETTER TO SHAREHOLDERS 1
SCHEDULE OF INVESTMENTS 2
STATEMENT OF ASSETS AND LIABILITIES 3
STATEMENT OF OPERATIONS 4
STATEMENTS OF CHANGES IN NET ASSETS 5
NOTES TO FINANCIAL STATEMENTS 6
BOARD OF DIRECTORS AND OFFICERS 9
- - TOLL-FREE PERSONAL ASSISTANCE
- Shareholder Services
- (800) 800-2000, Ext. 3012
- 7:30 a.m. to 5:30 p.m. CST, M-Th
- 7:30 a.m. to 5:00 p.m. CST, F
- - TOLL-FREE INFORMATION LINE
- For daily account balances,
transaction activity or net asset
value information
- (800) 800-2000, Ext. 4344
- 24 hours a day
FOR MORE INFORMATION ABOUT FORTIS FINANCIAL GROUP'S FAMILY OF PRODUCTS, CALL
YOUR INVESTMENT REPRESENTATIVE OR THE HOME OFFICE AT (800) 800-2000.
TO ORDER PROSPECTUSES OR SALES LITERATURE FOR ANY FORTIS PRODUCT, CALL (800)
800-2000, EXT. 4579.
HOW TO USE THIS REPORT
The letter from the portfolio manager and president provides a detailed analysis
of the fund and financial markets. The pie chart shows a breakdown of the fund's
assets by industry.
This report is just one of several tools you can use to learn more about your
investment in the Fortis Family of Mutual Funds. Your investment representative,
who understands your personal financial situation, can best explain the features
of your investment and how it's designed to help you meet your financial goals.
<PAGE>
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 3/31/99
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Diversified Finance 15.90%
Captive Auto Finance 15.80%
Banks 15.80%
Consumer Finance 12.90%
Industrial 11.00%
Captive Equipment Finance 8.30%
Utilities - Electric 8.20%
Brokerage and Investment 7.80%
Oil - Refining 4.30%
</TABLE>
FORTIS MONEY MARKET FUND - SEMIANNUAL REPORT
REVIEW
Over the six-month period ended March 31, 1999, the U.S. economy continued to
exhibit stellar growth. Real Gross Domestic Product or GDP grew at a 4.3% pace
in 1998 and the first quarter of 1999 is shaping up to be nearly as strong. The
American consumer has been the engine of U.S. economic growth during the last
two years as low unemployment, a booming stock market and low inflation have
kept consumer confidence high. At the same time, productivity gains and
increased competition have kept inflation low by offsetting the inflationary
pressures caused by strong growth.
The annualized yield for the six-month period ended March 31, 1999, was 4.38%,
for Class A without sales charge, compared to 4.88% for the fiscal year-ending
September 30, 1998. The decline in the Fund's yield was due to a drop in
short-term interest rates during the last six months. On September 29, 1998, the
Federal Reserve Bank, citing global economic weakness and poor liquidity in the
financial markets, lowered the federal funds rate to 5.25% from 5.50%. They
followed that action with two more 0.25% rate cuts on October 15, 1998, and
November 17, 1998, bringing the federal funds rate down to its current level of
4.75%. The Federal Reserve has indicated that there is little evidence to
precipitate a rate change in the near future.
The fund continues to place great emphasis on high quality and liquidity while
looking to target the fund's average maturity at an optimal length. (Maturity is
the length of time between now and the date a security is repaid.) During the
past six months, the fund's average maturity has fluctuated between 35-60 days.
We maintained the average maturity between 45-60 days in the fourth quarter of
1998 in anticipation of the decline in interest rates. Once we felt that rates
had stabilized we moved the average maturity down to 35-45 days, where they have
stayed for the past few months.
OUTLOOK
Looking forward, we expect economic growth to moderate slightly over the next
year. As always, threats to the economy (such as a stock market correction or a
rise in inflation) still exist, however, the probability of a significant
slowdown appears remote right now. In this environment, short-term interest
rates are likely to stay near current levels. We will be keeping the average
maturity of the fund between 35 and 50 days until market conditions change.
Sincerely,
[SIGNATURE] [SIGNATURE]
Dean C. Kopperud Howard G. Hudson
President Vice-President
1
<PAGE>
FORTIS MONEY FUND
Schedule of Investments
(Unaudited)
March 31, 1999
SHORT-TERM INVESTMENTS-100.03%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal Maturity & Poor's
Amount Yield Date Rating Value(a)
----------- --------- ------------ --------------- -------------
<C> <S> <C> <C> <C> <C>
BANKS-15.74%
$5,000,000 BankAmerica Corp............................. 5.03% 07/14/99 A1 $ 4,930,089
2,600,000 BankAmerica Corp............................. 5.02% 06/04/99 A1 2,577,582
7,500,000 Deutsche Bank AG............................. 4.92% 05/11/99 A1+ 7,460,084
7,100,000 Toronto-Dominion Holdings USA, Inc........... 4.97% 05/05/99 A1+ 7,067,679
6,978,279 U.S. Bank N.A. Money Market Variable Rate
Time Deposit............................... 4.77% 04/01/99 A1+ 6,978,279
-------------
29,013,713
-------------
BROKERAGE AND INVESTMENT-7.84%
7,500,000 Merrill Lynch & Co., Inc..................... 4.93% 05/06/99 A1+ 7,464,781
7,000,000 Morgan Stanley Dean Witter Discover & Co..... 5.20% 04/09/99 A1 6,992,222
-------------
14,457,003
-------------
CAPTIVE AUTO FINANCE-15.81%
7,200,000 Chrysler Financial Corp...................... 5.00% 04/16/99 A1 7,185,390
4,600,000 Ford Motor Credit Corp....................... 4.94% 06/18/99 A1 4,552,061
3,000,000 Ford Motor Credit Corp....................... 4.94% 05/21/99 A1 2,979,958
7,500,000 General Motors Acceptance Corp............... 4.91% 05/17/99 A1 7,454,192
7,000,000 Toyota Motor Credit Corp..................... 4.87% 04/21/99 A1 6,981,528
-------------
29,153,129
-------------
CAPTIVE EQUIPMENT FINANCE-8.33%
7,600,000 IBM Credit Corp.............................. 4.92% 05/14/99 A1 7,556,336
7,800,000 John Deere Capital Corp...................... 4.94% 04/02/99 A1 7,798,949
-------------
15,355,285
-------------
CONSUMER FINANCE-12.87%
8,000,000 American Express Credit Corp................. 4.93% 07/09/99 A1 7,894,400
3,500,000 American General Finance Corp................ 4.97% 05/03/99 A1+ 3,484,973
5,000,000 Commercial Credit Corp....................... 4.93% 04/23/99 A1 4,985,211
7,400,000 Household Finance Corp....................... 4.92% 05/07/99 A1 7,364,628
-------------
23,729,212
-------------
DIVERSIFIED FINANCE-15.86%
7,191,000 Associates Corp. Master Variable Rate Note... 4.76% 04/01/99 A1+ 7,191,000
7,200,000 CIT Group, Inc............................... 5.18% 04/06/99 A1 7,194,980
3,500,000 General Electric Capital Corp................ 5.05% 07/27/99 A1+ 3,444,490
4,000,000 General Electric Capital Corp................ 4.97% 07/08/99 A1+ 3,947,733
7,500,000 Prudential Funding Corp...................... 4.91% 05/20/99 A1 7,451,306
-------------
29,229,509
-------------
INDUSTRIAL-11.03%
5,400,000 DuPont (E.I.) de Nemours & Co................ 4.90% 04/05/99 A1+ 5,397,114
7,500,000 Nestle Capital Corp.......................... 4.85% 04/08/99 A1+ 7,493,044
7,500,000 Xerox Credit Corp............................ 4.93% 05/25/99 A1 7,446,000
-------------
20,336,158
-------------
OIL-REFINING-4.32%
6,000,000 Texaco, Inc.................................. 4.90% 05/27/99 A1 5,955,200
2,000,000 Texaco, Inc.................................. 4.90% 04/05/99 A1 1,998,933
-------------
7,954,133
-------------
UTILITIES-ELECTRIC-8.23%
7,500,000 CSW Credit, Inc.............................. 4.91% 04/16/99 A1 7,484,969
7,700,000 Duke Energy Power Co......................... 4.89% 04/07/99 A1 7,693,840
-------------
15,178,809
-------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$184,406,951) (B).......................... $ 184,406,951
-------------
-------------
</TABLE>
(a) See Note 1 of accompanying Notes to Financial Statements regarding
valuation of securities.
(b) Also represents cost for federal income tax purposes.
(c) Note: Percentage of investments as shown is the ratio of the total
market value to total net assets.
2
<PAGE>
FORTIS MONEY FUND
Statement of Assets and Liabilities
(Unaudited)
March 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
ASSETS
Short-term investments, as detailed in the accompanying
schedule, at amortized cost (approximates market) (Note1)..... $184,406,951
Receivables:
Interest and dividends........................................ 45,708
Deferred registration costs (Note 1)............................ 77,353
Prepaid expenses................................................ 3,608
------------
TOTAL ASSETS...................................................... 184,533,620
------------
LIABILITIES
Cash portion of dividends payable............................... 30,975
Payable for investment advisory and management fees (Note 2).... 86,905
Payable for distribution fees (Note 2).......................... 100
Accounts payable and accrued expenses........................... 61,925
------------
TOTAL LIABILITIES................................................. 179,905
------------
NET ASSETS
Net proceeds of capital stock, par value $.01 per
share-authorized 50,000,000,000 shares........................ 184,353,715
------------
------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $182,021,001 and
182,021,001 shares outstanding)............................... $1.00
------------
Class B shares (based on net assets of $924,558 and 924,558
shares outstanding)........................................... $1.00
------------
Class C shares (based on net assets of $351,742 and 351,742
shares outstanding)........................................... $1.00
------------
Class H shares (based on net assets of $1,056,414 and 1,056,414
shares outstanding)........................................... $1.00
------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
<PAGE>
FORTIS MONEY FUND
Statement of Operations
(Unaudited)
For the Six-Month Period Ended March 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
NET INVESTMENT INCOME:
Income
Interest income.............................................. $4,219,808
-----------
Expenses:
Investment advisory and management fees (Note 2)............. 486,804
Distribution fees (Class B) (Note 2)......................... 2,393
Distribution fees (Class C) (Note 2)......................... 2,739
Distribution fees (Class H) (Note 2)......................... 3,505
Legal and auditing fees (Note 2)............................. 14,710
Custodian fees............................................... 4,564
Shareholders' notices and reports............................ 21,441
Registration fees (Note 1)................................... 66,318
Directors' fees and expenses................................. 8,427
Transfer agent expenses (Note 2)............................. 64,822
Other........................................................ 3,256
-----------
Total expenses................................................. 678,979
-----------
NET INVESTMENT INCOME............................................ 3,540,829
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $3,540,829
-----------
-----------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
<PAGE>
FORTIS MONEY FUND
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE
SIX-MONTH
PERIOD ENDED FOR THE
MARCH 31, YEAR ENDED
1999 SEPTEMBER 30,
(UNAUDITED) 1998
------------- -------------
<S> <C> <C>
OPERATIONS
Net investment income..................................... $ 3,540,829 $ 6,779,137
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (3,502,594) (6,744,943)
Class B................................................. (10,579) (4,300)
Class C................................................. (11,973) (4,329)
Class H................................................. (15,683) (25,565)
------------- -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS......................... (3,540,829) (6,779,137)
------------- -------------
CAPITAL STOCK TRANSACTIONS (AT CONSTANT $1.00 NET ASSET
VALUE PER SHARE):
Proceeds from sale of shares
Class A................................................. 653,705,180 661,898,113
Class B................................................. 1,196,533 685,158
Class C................................................. 15,972,432 5,185,184
Class H................................................. 1,487,077 1,451,437
Proceeds from shares issued as a result of reinvested
dividends
Class A................................................. 3,188,625 6,172,248
Class B................................................. 9,627 3,256
Class C................................................. 6,395 2,773
Class H................................................. 14,085 23,161
Less cost of repurchase of shares
Class A................................................. (631,495,353) (637,994,732)
Class B................................................. (586,112) (439,399)
Class C................................................. (16,341,376) (4,483,885)
Class H................................................. (994,732) (1,551,779)
------------- -------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......... 26,162,381 30,951,535
------------- -------------
TOTAL INCREASE IN NET ASSETS................................ 26,162,381 30,951,535
NET ASSETS:
Beginning of period....................................... 158,191,334 127,239,799
------------- -------------
End of period............................................. $ 184,353,715 $ 158,191,334
------------- -------------
------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
<PAGE>
FORTIS MONEY FUND
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The fund is a diversified series
of Fortis Money Portfolios, Inc., an open-end management investment company.
The primary investment objective of the fund is maximum current income to the
extent consistent with stability of principal. The Articles of Incorporation
of Fortis Money Portfolios, Inc., permits the Board of Directors to create
additional portfolios in the future.
The fund offers Class A, Class B, Class C and Class H shares. The fund began
to issue multiple class shares effective November 14, 1994. Class B and H
shares may be subject to a contingent deferred sales charge for six years,
and such shares automatically convert to Class A after eight years. Class C
shares may be subject to a contingent deferred sales charge for one year.
Class A shares of the fund will be offered to investors generally, while
Class B, C and H will be available only for exchange from the corresponding
class of any other fund. All classes of shares have identical voting,
dividend, liquidation and other rights and the same terms and conditions,
except that the level of distribution fees charged differs between classes.
Income, expenses (other than expenses incurred under each class's
distribution agreement) and realized and unrealized gains or losses on
investments are allocated to each class of shares based on its relative net
assets.
SECURITY VALUATION: Pursuant to Rule 2a-7 under the Investment Company Act of
1940, investments are valued at amortized cost which assumes a constant
amortization to maturity of discount or premium. The use of this method
results in a constant net asset value of $1.00.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME: Security transactions
are accounted for on trade date. Interest income including amortization of
premium and discount, is recorded on the accrual basis. For the six-month
period ended March 31, 1999, the cost of purchases and proceeds from sales of
short-term securities aggregated $726,953,717 and $700,814,346 respectively.
INCOME TAXES: The fund intends to qualify, under the Internal Revenue Code,
as a regulated investment company and if so qualified, will not have to pay
federal income taxes to the extent its taxable net income is distributed. On
a calendar year basis, the fund intends to distribute substantially all of
its net investment income and realized gains, if any, to avoid the payment of
federal excise taxes.
DEFERRED COSTS: Registration costs are deferred and charged to income over
the registration period.
INCOME DISTRIBUTIONS: It is the policy of the fund to declare a distribution
of all its net investment income each day the New York Stock Exchange is
open, to shareholders of record the previous day, to be paid on the last
business day of each month.
USE OF ESTIMATES: The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that 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 increase and decrease
in net assets from operations during the reporting period. Actual results
could differ from those estimates.
2. PAYMENTS TO RELATED PARTIES: Fortis Advisers, Inc. is the investment adviser
for the fund. Investment advisory and management fees are computed at an
annual rate of .6% of the first $500 million of average daily net assets and
.55% of average daily net assets in excess of $500 million.
Pursuant to a plan adopted under Rule 12b-1 of the Investment Company Act of
1940, Fortis Advisers uses .2% of its advisory and management fee to pay for
distribution expenses. Classes B, C
and H pay Fortis Investors, Inc. (the fund's principal underwriter)
additional distribution fees equal to .8% of average daily net assets (of the
respective classes) on an annual basis. Fortis Investors, Inc. also received
sales charges (paid by redeemers of the funds' shares) aggregating $10,448
for Class A, $3,920 for Class B, $243 for Class C and $7,204 for Class H.
The fund also reimburses Fortis Advisers, Inc. for direct transfer agent
expenses such as postage.
Legal fees and expenses aggregating $6,233 for the six-month period ended
March 31, 1999, were paid to a law firm of which the secretary of the fund is
a partner.
6
<PAGE>
- --------------------------------------------------------------------------------
3. FINANCIAL HIGHLIGHTS: Selected per share historical data for each of the
Portfolios was as follows:
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------------------------
Year Ended September 30,
--------------------------------------------------------------------------
1999** 1998 1997 1996 1995 1994
<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
--------- --------- --------- --------- --------- ---------
Operations:
Investment income - net............... .02 .05 .05 .05 .05 .03
--------- --------- --------- --------- --------- ---------
Distributions to shareholders:
From investment income - net.......... (.02) (.05) (.05) (.05) (.05) (.03)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ---------
Total return @.......................... 2.20% 4.88% 4.74% 4.74% 5.03% 2.92%
Net assets end of period (000s
omitted).............................. $ 182,021 $ 156,623 $ 126,547 $ 120,375 $ 105,472 $ 105,659
Ratio of expenses to average daily net
assets................................ .83%* .86% .88% .91% .91% .88%
Ratio of net investment income to
average daily net assets.............. 4.38%* 4.77% 4.64% 4.67% 4.91% 2.92%
</TABLE>
<TABLE>
<CAPTION>
Class B
------------------------------------
Year Ended September 30,
------------------------------------
1999** 1998 1997 1996+
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
Net asset value, beginning of period.... $1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------
Operations:
Investment income - net............... .02 .04 .04 .04
------ ------ ------ ------
Distributions to shareholders:
From investment income - net.......... (.02) (.04) (.04) (.04)
------ ------ ------ ------
Net asset value, end of period.......... $1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------
Total return @.......................... 1.79% 4.06% 3.97% 4.11%
Net assets end of period (000s
omitted).............................. $ 925 $ 305 $ 55 $ 28
Ratio of expenses to average daily net
assets................................ 1.63%* 1.66% 1.68% 1.71%*
Ratio of net investment income to
average daily net assets.............. 3.53%* 4.00% 3.94% 3.99%*
</TABLE>
* Annualized.
** For the six-month period ended March 31, 1999.
+ For the period from October 9, 1995 (date of first investment) to
September 30, 1996.
@ These are the portfolio's total returns during the periods, including
reinvestment of all distributions.
7
<PAGE>
FORTIS MONEY FUND
Notes to Financial Statements (continued)
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
3. FINANCIAL HIGHLIGHTS (continued):
Class C
----------------------------------------------
Year Ended September 30,
----------------------------------------------
1999** 1998 1997 1996 1995++
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------
Net asset value, beginning of period.... $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------
Operations:
Investment income - net............... .02 .04 .04 .05 .01
------ ------ ------ ------ ------
Distributions to shareholders:
From investment income - net.......... (.02) (.04) (.04) (.05) (.01)
------ ------ ------ ------ ------
Net asset value, end of period.......... $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------ ------ ------ ------ ------
Total return @.......................... 1.81% 4.12% 4.45% 4.97% 1.33%
Net assets end of period (000s
omitted).............................. $ 352 $ 714 $ 10 $ 1 $ 9
Ratio of expenses to average daily net
assets................................ 1.63%* 1.66% 1.68% 1.46%(a) 1.71%*
Ratio of net investment income to
average daily net assets.............. 3.50%* 4.08% 3.98% 4.33%(a) 4.46%*
</TABLE>
<TABLE>
<CAPTION>
Class H
-----------------------------------------------
Year Ended September 30,
-----------------------------------------------
1999** 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------- ------ ------ ------ ------
Operations:
Investment income - net............... .02 .04 .04 .04 .02
------- ------ ------ ------ ------
Distributions to shareholders:
From investment income - net.......... (.02) (.04) (.04) (.04) (.02)
------- ------ ------ ------ ------
Net asset value, end of period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
------- ------ ------ ------ ------
Total return @.......................... 1.79% 4.07% 4.06% 4.04% 2.52%
Net assets end of period (000s
omitted).............................. $1,056 $ 550 $ 627 $ 60 $ 122
Ratio of expenses to average daily net
assets................................ 1.63%* 1.66% 1.68% 1.71% 1.71%*
Ratio of net investment income to
average daily net assets.............. 3.58%* 3.96% 4.02% 4.03% 4.43%*
</TABLE>
* Annualized.
** For the six-month period ended March 31, 1999.
+ For the period from March 16, 1995 (date of first investment) to
September 30, 1995.
++ For the period from June 14, 1995 (date of first investment) to
September 30, 1995.
@ These are the portfolio's total returns during the periods, including
reinvestment of all distributions.
(a) Advisers has reimbured expenses for 12b-1 fees charged in excess of
National Association of Securities Dealers limitations. For the year
ending September 30, 1996, had the reimbursement not been made, ratios
of expenses and net investment income to average daily net asssets
would have been 1.71% and 4.08% respectively, for Class C.
8
<PAGE>
DIRECTORS AND OFFICERS
DIRECTORS Richard W. Cutting CPA AND FINANCIAL CONSULTANT
Allen R. Freedman CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
FORTIS, INC. MANAGING DIRECTOR OF
FORTIS INTERNATIONAL, N.V.
Dr. Robert M. Gavin PRESIDENT, CRANBROOK EDUCATION
COMMUNITY. PRIOR TO JULY 1996,
PRESIDENT MACALESTER COLLEGE
Benjamin S. Jaffray CHAIRMAN, SHEFFIELD GROUP, LTD.
Jean L. King PRESIDENT, COMMUNI-KING
Dean C. Kopperud CHIEF EXECUTIVE OFFICER AND DIRECTOR,
FORTIS ADVISERS, INC. PRESIDENT AND
DIRECTOR, FORTIS INVESTORS, INC.
PRESIDENT - FORTIS FINANCIAL GROUP,
FORTIS BENEFITS INSURANCE COMPANY AND
SENIOR VICE PRESIDENT, FORTIS
INSURANCE COMPANY
Edward M. Mahoney PRIOR TO JANUARY 1995, CHAIRMAN AND
CHIEF EXECUTIVE OFFICER, FORTIS
ADVISERS, INC., FORTIS INVESTORS,
INC.
Robb L. Prince FINANCIAL AND EMPLOYEE BENEFIT
CONSULTANT. PRIOR TO JULY 1995, VICE
PRESIDENT AND TREASURER, JOSTENS,
INC.
Leonard J. Santow PRINCIPAL, GRIGGS & SANTOW, INC.
Noel Shadko MARKETING CONSULTANT. PRIOR TO MAY
1996, SENIOR VICE PRESIDENT OF
MARKETING & STRATEGIC PLANNING,
ROLLERBLADE, INC.
Joseph M. Wikler INVESTMENT CONSULTANT AND PRIVATE
INVESTOR. PRIOR TO JANUARY 1994,
DIRECTOR OF RESEARCH, CHIEF
INVESTMENT OFFICER, PRINCIPAL, AND
DIRECTOR, THE ROTHSCHILD CO.
OFFICERS
Dean C. Kopperud
PRESIDENT AND DIRECTOR
Robert W. Beltz, Jr.
VICE PRESIDENT
James S. Byrd
VICE PRESIDENT
Peggy L. Ettestad
VICE PRESIDENT
Tamara L. Fagely
VICE PRESIDENT AND TREASURER
Howard G. Hudson
VICE PRESIDENT
Dickson W. Lewis
VICE PRESIDENT
Lucinda S. Mezey
VICE PRESIDENT
David A. Peterson
VICE PRESIDENT
Scott R. Plummer
VICE PRESIDENT
Rhonda J. Schwartz
VICE PRESIDENT
Melinda S. Urion
VICE PRESIDENT
Gary N. Yalen
VICE PRESIDENT
Michael J. Radmer
SECRETARY
INVESTMENT MANAGER, REGISTRAR Fortis Advisers, Inc.
AND TRANSFER AGENT BOX 64284, ST. PAUL, MINNESOTA 55164
PRINCIPAL UNDERWRITER Fortis Investors, Inc.
BOX 64284, ST. PAUL, MINNESOTA 55164
CUSTODIAN U.S. Bank National Association
MINNEAPOLIS, MINNESOTA
GENERAL COUNSEL Dorsey & Whitney LLP
MINNEAPOLIS, MINNESOTA
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
MINNEAPOLIS, MINNESOTA
The use of this material is authorized only when preceded or accompanied by a
prospectus.
9
<PAGE>
[LOGO]
FORTIS
Solid partners, flexible solutions-SM-
- --------------------------------------------------------------------------------
FORTIS MEANS STEADFAST
Fortis means "steadfast" in Latin. The worldwide Fortis family of companies
lives up to the name, and has each day since the 1800s, with flexible
solutions tailored to our customers' individual needs. We deliver the
stability you require today ... and tomorrow. You can count on it.
Fortis Financial Group offers mutual funds, annuities and life insurance
through its broker/dealer Fortis Investors, Inc. We're part of Fortis, Inc.,
a financial services company that provides speciality insurance and
investment products to individuals, businesses, associations and other
financial services organizations throughout the United States.
Fortis, Inc. is part of Fortis, a worldwide group of companies active in the
fields of insurance, banking and investments. Fortis is jointly owned by
Fortis AMEV of The Netherlands and Fortis AG of Belgium.
Fortis: Steadfast for YOU!
FORTIS FINANCIAL GROUP
Fortis Advisers, Inc.
(fund management since 1949)
Fortis Investors, Inc.
(principal underwriter; member NASD, SIPC)
Fortis Benefits Insurance Company
& Fortis Insurance Company
(issuers of FFG's insurance products)
P.O. Box 64284, St. Paul, MN 55164
Telephone (800) 800-2000
http://www.ffg.us.fortis.com
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FORTIS FINANCIAL GROUP ---------------
P.O. Box 64284 Bulk Rate
St. Paul, MN 55164 U.S. Postage
PAID
Permit No. 3794
FORTIS MONEY FUND Minneapolis, MN
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[LOGO] Printed on recycled paper with
40% preconsumer waste and 10%
post consumer waste. Please recycle.
The Fortis logo and Fortis-SM- are servicemarks
of Fortis AMEV and Fortis AG.
95379-C- Fortis 5/99
