GROWTH AND INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS April 30, 1995 (Unaudited)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -
Growth
and Income Portfolio ("Portfolio") is separately
registered under the Investment Company Act of 1940, as
amended, as a non-diversified, open end management
investment company organized as a trust under the laws
of
the State of New York, USA. The declaration of trust
permits the Trustee to issue beneficial interest in the
Portfolio. The Portfolio commenced operation on
November
29, 1993.
The following is a summary of significant
accounting policies followed by the Portfolio:
A. Valuation of Investments
Equity securities are valued at the last
sale price on the exchange on which they
are primarily traded, including the
NASDAQ National Market. Securities for
which last sale prices are not available
and other over-the-counter securities
are
valued at the last quoted bid price.
Bonds and other fixed income securities
(other than short-term obligations),
including listed issues, are valued on
the basis of valuations furnished by a
pricing service. In making such
valuations, the pricing service utilizes
both dealer-supplied valuations and
electronic data processing techniques
that take into account appropriate
factors such as institutional-sized
trading in similar groups of securities,
yield, quality, coupon rate, maturity,
type of issue, trading characteristics
and other market data, without exclusive
reliance upon quoted prices. Short-term
obligations are valued at amortized cost
if acquired with fewer than 61 days to
maturity, or at value until the 61st day
prior to maturity and thereafter by
amortizing the value on the 61st day at
par at maturity. Options and futures
contracts are valued at the last sale
price on the exchange on which they are
principally traded. Portfolio
securities
for which there are no such quotations
or
valuations are valued at fair value as
determined in good faith by or at the
direction of the Trustee.
B. Security Transactions and Investment Income
Investment transactions are accounted
for
on the trade date (the date the order to
buy or sell is executed). Securities
gains and losses are calculated on the
identified cost basis. Interest income
is determined on the basis of coupon
interest accrued, adjusted for
amortization of premiums and accretion
of discounts. Dividend income is
recorded on the ex-dividend date.
C. Repurchase agreements
It is the Portfolio's policy that all
repurchase agreements are fully
collateralized by U.S. Treasury and
Government agency securities. All
collateral is held by the Trust's
custodian bank, sub-custodian or a bank
with which the custodian bank has
entered
into a sub-custodian agreement or is
segregated in the Federal Reserve Book
Entry System. In connection with
transactions in repurchase agreements,
if
the seller defaults and the value of the
collateral declines, or if the seller
enters into an insolvency proceeding,
realization of the collateral by the
Trust may be delayed or limited.
D. Futures contracts
Upon entering into a futures contract,
the Portfolio is required to deposit in
a
segregated account, either in cash or
liquid debt securities, an amount equal
to a certain percentage of the purchase
price of the futures contract.
Subsequent payments ("variation margin")
are made or received by the Portfolio
each day, dependent on the daily
fluctuations in the value of the
underlying security, and are recorded
for
book purposes as unrealized gains or
losses by the Portfolio.
The Portfolio trades futures contracts
on
stock indices. Futures contracts
involve
elements of credit and market risk in
excess of the amounts reflected in the
Statement of Assets and Liabilities.
The
Portfolio invests in stock index futures
contracts for the purpose of hedging its
portfolio to reduce the volatility of
the
net asset value of its shares. In
general, each such transaction involves
the establishment of a position which is
expected to move in a direction opposite
to that of the securities being hedged.
The Portfolio's ability to effectively
hedge all or a portion of its portfolio
through transactions in futures on stock
indices depends on the degree to which
movements in the value of the securities
or index underlying such hedging
instrument correlate with movements in
the value of the relevant portion of the
portfolio. The trading of futures on
indices involves the additional risk of
imperfect correlation between movements
in the futures price and the value of
the
underlying index. At April 30, 1995,
the
Portfolio held futures contracts as
listed on the portfolio of investments.
The Portfolio may enter into futures
contracts only on exchanges or boards of
trade. The exchange or board of trade
acts as the counterparty to each futures
transaction, therefore, the Portfolio's
credit risk is limited to failure of the
exchange or board of trade. The
Portfolio bears the market risk which
arises from any changes in the value of
the futures contracts.
E. Written options
When the Portfolio writes an option on
a
stock index futures contract or an
equity
option, an amount equal to the premium
received by the Portfolio is recorded as
an asset and corresponding liability.
The amount of the liability is adjusted
daily to reflect the current market
value
of the written option and the change is
recorded in a corresponding unrealized
gain or loss account. When a written
option expires on its stipulated
expiration date, or when a closing
transaction is entered into, the related
liability is extinguished and the
Portfolio realizes a gain (or loss if
the
cost of the closing transaction exceeds
the premium received when the option was
written).
The Portfolio writes options on stock
index futures and equity options. These
options are settled for cash and subject
the Portfolio to market risk in excess
of
the amounts that are reflected in the
Statement of Assets and Liabilities to
the extent of the contract amount. The
Portfolio, however, is not subject to
credit risk on written options as the
counterparty has already performed its
obligation by paying a premium at the
inception of the contract.
F. Foreign Currency Translations
The books and records of the Portfolio
are maintained in U.S. dollars. Foreign
currency amounts are translated into
U.S.
dollars at the official exchange rates,
or at the mean of the current bid and
asked prices, of such currencies against
the U.S. dollar last quoted by a major
bank, on the following basis:
(a) Market value of investment
securities, other assets and
liabilities; at the closing
rate of exchange at the
balance
sheet date.
(b) Purchases and sales of
investment securities,
income
and expenses: at the rates
of
exchange prevailing on the
respective dates of such
transactions.
Reported realized foreign exchange gains
or losses arise from disposition of
foreign currency, currency gains or
losses realized between the trade and
settlement dates on securities
transactions, the difference between the
amounts of dividends, interest, and
foreign withholding taxes recorded on
the
Portfolio's books on the transaction
date
and the U.S. dollar equivalent of the
amounts actually received or paid.
Unrealized foreign exchange gains and
losses arise from changes (due to the
changes in the exchange rate) in the
value of foreign currency and other
assets and liabilities denominated in
foreign currencies which are held at
period end.
G. Forward Foreign Currency Exchange Contracts
A forward currency contract is an
obligation to purchase or sell a
specific
currency for an agreed price at a future
date. During the period the forward
contract is open, changes in the value
of
the contract are recognized as
unrealized
gains or losses by "marking to market"
on
a daily basis to reflect the market
value
of the contract at the end of each day's
trading. When the forward contract is
closed, or the delivery of the currency
is made or taken, the Portfolio records
a
realized gain or loss equal to the
difference between the proceeds from (or
cost of) the closing transaction and the
Portfolio's basis in the contract.
H. Federal Income Taxes and Distributions to
Investors
The Portfolio intends to qualify as a
partnership and therefore net income and
net realized gains are taxed to the
partner. The investors in the Portfolio
must take into account their
proportionate share of the Portfolio's
income, gains, losses, deduction,
credits, and tax preference items in
computing their federal income tax
liability, without regard to whether
they
have received any cash distributions
from
the Portfolio. The Portfolio does not
intend to distribute to investors their
net investment income or their net
realized gains, if any. It is intended
that the Portfolio will be managed in
such a way that investors in the
Portfolio will be able to satisfy the
requirements of subchapter M of the
Internal Revenue Code to be taxed as a
Regulated Investment Company.
I. Organization Costs
Organization and registration costs
incurred in connection with establishing
the Portfolio has been deferred and is
being amortized on a straight-line basis
over a sixty-month period beginning with
the commencement of operations of the
Portfolio.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment Advisory Fees
The Chase Manhattan Bank, N.A. ("Chase")
a direct wholly-owned subsidiary of The
Chase Manhattan Corporation, is the
Portfolio's investment adviser (the
"Adviser") and custodian (the
"Custodian"). The Adviser manages the
assets of the Portfolio pursuant to an
Advisory Agreement (the "Advisory
Agreement"), and for such services, is
paid an annual fee computed daily and
paid monthly based on an annual rate
equal to .40% of the Portfolio's average
daily net assets.
B. Custodial Fees
Chase as Custodian provides safekeeping
services for the Portfolio's securities.
Compensation for such services is
presented in the Statement of Operations
as custodian fees.
C. Administration Fee
Pursuant to an Administration Agreement,
The Chase Manhattan Trust Corporation
Limited (the "Administrator") provides
certain administration services to the
Portfolio. For these services and
facilities, the Administrator receives
from the Portfolio a fee computed at the
annual rate of 0.05% of the Portfolio's
average daily net assets.
D. Other
The Portfolio's organizational cost
payable is comprised of liabilities owed
to the Fund's Distributor, Vista Broker
Dealer Service (VBDS).
3. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding
short-term investments) for the six month ended
April 30, 1995, were as follows:
Purchases (excluding U.S. Government)
$569,364,825
Sales (excluding U.S. Government)
426,284,723
Purchases of U.S. Government
36,782,063
Sales of U.S. Government
110,888,672
The portfolio turnover rate for this period was 42%.
<PAGE>
MAXIM SERIES FUND, INC.
VISTA GROWTH & INCOME PORTFOLIO
Financial Statements for the period from
December 21, 1994 to April 30, 1995
(UNAUDITED) <PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
We have audited the accompanying statement of assets and
liabilities, including the statement of investments, of the
Investment Grade Corporate Bond Portfolio, Growth Index Portfolio,
Small-Cap Value Portfolio, U.S. Government Mortgage Securities
Portfolio, and the Value Index Portfolio, of Maxim Series Fund,
Inc., as of December 31, 1994, the related statement of operations
for the periods indicated and the statements of changes in net
assets and the financial highlights for each of the periods
indicated. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities
owned as of December 31, 1994, by correspondence with the custodian
and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
the Investment Grade Corporate Bond Portfolio, Growth Index
Portfolio, Small-Cap Value Portfolio, U.S. Government Mortgage
Securities Portfolio, and the Value Index Portfolio, of Maxim
Series Fund, Inc., at December 31, 1994 and the results of their
operations, the changes in their net assets and the financial
highlights for each of the periods indicated, in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE
February , 1995
<PAGE>
<TABLE>
MAXIM SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995 (Unaudited)
MAXIM VISTA
GROWTH
& INCOME
PORTFOLIO
<S>
ASSETS:
Investments at value: <C>
Common stocks $ 38,358,670
Total investments 38,358,670
Receivable for investments sold 27,196
Total Assets 38,385,866
LIABILITIES:
Dividends payable 235
Payable for redemptions 66,948
Other liabilities 36,152
Total Liabilities 103,335
NET ASSETS $ 38,282,531
NET ASSETS REPRESENTED BY:Capital stock, $.10 par value 3,476,248
Additional paid-in capital 33,039,195<PAGE>
Net unrealized appreciation
(depreciation) on investments 1,585,387
Undistributed net investment income 52,865
Accumulated undistributed net realized gain (loss) on investments
128,836NET ASSETS$38,282,531NET ASSET VALUE PER OUTSTANDING SHARE
1.1013SHARES OF CAPITAL STOCK:Authorized100,000,000<PAGE>
Outstanding
<FN>34,762,482See notes to financial statements.
</TABLE>Continued)
<TABLE>
MAXIM SERIES FUND, INC.STATEMENT OF OPERATIONS
<CAPTION>PERIOD ENDED APRIL 30, 1995 (Unaudited)
MAXIM VISTA GROWTH & INCOME PORTFOLIO*<S>
NET INVESTMENT INCOME:<C>Foreign commissions and taxes
withheld/reclaim $8Investment income from portfolio
220,233 Expenses from portfolio (31,392)Total investment income
188,849 EXPENSESAdvisory fees34,826<PAGE>
Total expenses34,826NET INVESTMENT INCOME$154,023
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS: Net realized gain (loss) on investments$128,836
Change in net unrealized appreciation
(depreciation) on investments1,585,387Net change in realized and
unrealized
appreciation (depreciation)on investments
1,714,223
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $1,868,246
See notes to financial statements.
</TABLE>
<TABLE>
MAXIM SERIES FUND, INC.STATEMENT OF CHANGES IN NET ASSETS
PERIOD ENDED APRIL 30, 1995 (Unaudited)
<CAPTION>
MAXIM VISTA GROWTH & INCOME PORTFOLIO
1995<S>
INCREASE (DECREASE) IN NET ASSETS:
<C>OPERATIONS:
Net investment income$154,023
Net realized gain (loss) 128,836 Change in net unrealized
appreciation
(depreciation)1,585,387
Net increase (decrease) in net assets
resulting from operations1,767,088
DISTRIBUTION OF SHAREHOLDERS:
From net investment income(101,158)Total distribution(101,158)
SHARE TRANSACTIONS:Net proceeds from sale of shares40,433,121
Reinvestment of distribution100,923
Cost of shares redeemed(4,018,601)Net increase in net assets
resulting
from share transactions36,515,443
Total increase (decrease) in net
assets38,282,531
NET ASSETS:Beginning of period 0
End of period$38,282,531
</TABLE>
<TABLE>
MAXIM SERIES FUND, INC.
<CAPTION>
VISTA GROWTH & INCOME PORTFOLIO (A)
FINANCIAL HIGHLIGHTS (Unaudited)
Selected data for a share of capital stock of the portfolio for the
period ended April 30, 1995
were as follows:
Period Ended April 30,
1995<C><S>
Net Asset Value, Beginning of Period$1.0000
Income From Investment Operations
Net Investment Income
0.0050
Net realized and unrealized gain
0.0998
Total Income From Investment Operations0.1048
Less Distributions
From Net Investment Income(0.0035)
Total Distributions(0.0035)
Net Asset Value, End of Period
$1.1013
Total Return 32.02%
Net Assets, End of Period $38,282,531
Ratio of Expenses to Average Net Assets
0.99%Ratio of Net Investment Income to Average
December 21, 1994.MAXIM SERIES FUND, INC.
<FN>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation
organized on December 7, 1981 as an open-end management investment
company. The Maxim Vista Growth & Income Portfolio is non-
diversified. Interests in the Maxim Vista Growth & Income
Portfolio (the Portfolio) are represented by separate classes of
beneficial interest of the Fund. Shares of the Fund are sold only
to FutureFunds Series Account II of Great-West Life & Annuity
Insurance Company (the Company), to fund benefits under variable
annuity contracts and variable life insurance policies issued by
the Company. The shares are sold at a price equal to the
respective net asset value per share of each class of shares.
The Portfolio commenced operations on December 21, 1994. The Fund
seeks to achieve the investment objective of the Portfolio through
the adoption of a Hub and Spoke structure. Contribution of
Portfolio (i.e., the Spoke) investible funds to the Hub portfolio
are made in exchange for beneficial interests in the Hub portfolio
of equal value. The Hub portfolio is the Growth and Income
Portfolio; a non-diversified open-end management investment company
organized as a trust under the laws of the State of New York and
registered under the Investment Company Act of 1940, as amended.
Financial statements of the Hub portfolio are incorporated herein.
2.SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies
of the Fund, which are in accordance with the accounting principles
generally accepted in the investment company industry:
Security Transactions
Security Transactions are recorded at the earlier of trade date or
the date a commitment is made to buy or sell the related
investment. The cost of investments sold is determined on the
basis of first in, first out. Dividends from investment income of
the Maxim Vista Growth & Income Portfolio are declared and
reinvested quarterly.
Security Valuation
Securities traded on national securities exchanges are valued at
the closing prices of the securities on these exchanges at year-
end, and securities traded on over-the-counter markets are valued
at the average between the quoted bid and asked prices at year-end.
Short-term securities are valued at amortized cost which
approximates market value.
Dividend income for the Portfolio is accrued as of the ex-dividend
date and interest income is recorded daily.
Federal Income Taxes
For federal income tax purposes, the Portfolio of the Fund
qualifies as a regulated investment company under the provisions of
the Internal Revenue Code by distributing substantially all of its
taxable net income (both ordinary and capital gain) to its
shareholders and complying with the requirements for regulated
investment companies. Accordingly, no provision for federal income
taxes has been made.
<PAGE>
3.INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with
Great-West. As compensation for its services to the Fund with
respect to the Maxim Vista Growth & Income Portfolio, the
investment advisor receives monthly compensation at the annual rate
of .53% of the average daily net assets of the Maxim Vista Growth
& Income Portfolio.
4.Investment Transactions - Increases and decreases in the
Portfolio during the period ended April 30, 1995 were as follows:
<PAGE>
Increases in Decreases in Portfolio
Investment<PAGE>
Portfolio
Investment<PAGE>
Maxim Vista Growth &
Income Portfolio<PAGE>
$
<PAGE>
40,405,932 $
<PAGE>
3,951,653
The Portfolio's percentage interest in the Hub is 2.30% as at April
30, 1995.
5.Transactions in Shares of Beneficial Interest:
12/21/94
to
04/30/95
Shares sold $ 38,406,884
Shares issued in reinvestment of distributions 93,146
Shares redeemed (3,737,548)
Net increase in shares of beneficial interest outstanding
34,762,482
Outstanding shares at:
Beginning of period 0
End of Period $ 34,762,482
/FN
<PAGE>
</TABLE>
<TABLE>
Statement of Assets and Liabilities
April 30, 1995 (Unaudited)
<S>
ASSETS:
Investment securities, at value (Note 1) <FN 1>
Cash
Receivable for investment securities sold
Dividends and interest receivable
Unamortized organization costs (Note 1) <FN 1>
Variation margin receivable on futures contracts
Other assets
Total Assets
LIABILITIES:
Payable for investment securities purchased
Accrued liabilities:
Advisory fees (Note 2) <FN2>
Administration fees (Note 2) <FN 2>
Organization costs payable
Other accrued expenses
Total Liabilities
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL INTERESTS
Cost of Investments
<FN>
See notes to financial statements.
Statement of Operations For the Period November 1, 1994 throu
INVESTMENT INCOME (Note 1): <FN 1>
Interest
Dividends
Foreign taxes withheld
Total investment income
EXPENSES:
Advisory fees (Note 2) <FN 2>
Administration fees (Note 2) <FN 2>
Professional fees
Sub-custodian fees (Note 2) <FN 2>
Custodian fees
Trustee fees
Miscellaneous expense
Amortization of organization costs (Note 1) <FN 1>
Total expenses
Net investment income
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
Futures transactions
Net realized gain
Change in net unrealized appreciation/depreciation on:
Investments
Futures contracts
Change in net unrealized appreciation/depreciation
Net realized and unrealized gain (loss)
Net increase (decrease) in net assets resulting from operatio
<FN>
See notes to financial statements.
Statement of Changes in Net Assets For the Periods Indicated
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income
Net realized gain (loss) on investments and futures
Change in net unrealized appreciation/depreciation on in
Increase in net assets resulting from operations
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Contributions
Withdrawals
Net increase from transactions in investor's beneficial inte
Net increase in net assets
NET ASSETS:
Beginning of period
End of period
* Commencement of operations
<FN>
<PAGE>
Growth & Income
Portfolio
<C>
$1,692,602,499
546
5,223,400
4,761,540
28,024
315,375
0
1,702,931,384
12,347,350
551,326
68,916
40,000
63,030
13,070,622
$1,689,860,762
$1,576,403,840
gh April 30, 1995 (Unaudited)
Growth & Income
Portfolio
$14,400,083
13,907,688
(46,464)
28,261,307
3,143,965
392,996
34,712
36,696
55,019
2,480
24,329
3,962
3,694,159
24,567,148
14,273,925
1,641,428
15,915,353
55,317,211
6,474,792
61,792,003
77,707,356
$102,274,504
(Unaudited)
Growth & Income
Portfolio
11/1/94 11/29/93*
Through Through
4/30/95 10/31/94
<C> <C>
$24,567,148 $30,288,120
15,915,353 (4,034,603)
61,792,003 9,175,252
102,274,504 35,428,769
289,620,716 1,858,407,526
(287,553,758) (308,316,995)
2,066,958 1,550,090,531
104,341,462 1,585,519,300
1,585,519,300 0
$1,689,860,762 $1,585,519,300
</TABLE>
<TABLE>
Statement of Assets and Liabilities
April 30, 1995 (Unaudited)
<S>
ASSETS:
Investment securities, at value (Note 1) <FN 1>
Cash
Receivable for investment securities sold
Dividends and interest receivable
Unamortized organization costs (Note 1) <FN 1>
Variation margin receivable on futures contracts
Other assets
Total Assets
LIABILITIES:
Payable for investment securities purchased
Accrued liabilities:
Advisory fees (Note 2) <FN2>
Administration fees (Note 2) <FN 2>
Organization costs payable
Other accrued expenses
Total Liabilities
NET ASSETS APPLICABLE TO INVESTORS' BENEFICIAL INTERESTS
Cost of Investments
<FN>
See notes to financial statements.
Statement of Operations For the Period November 1, 1994 throu
INVESTMENT INCOME (Note 1): <FN 1>
Interest
Dividends
Foreign taxes withheld
Total investment income
EXPENSES:
Advisory fees (Note 2) <FN 2>
Administration fees (Note 2) <FN 2>
Professional fees
Sub-custodian fees (Note 2) <FN 2>
Custodian fees
Trustee fees
Miscellaneous expense
Amortization of organization costs (Note 1) <FN 1>
Total expenses
Net investment income
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments
Futures transactions
Net realized gain
Change in net unrealized appreciation/depreciation on:
Investments
Futures contracts
Change in net unrealized appreciation/depreciation
Net realized and unrealized gain (loss)
Net increase (decrease) in net assets resulting from operatio
<FN>
See notes to financial statements.
Statement of Changes in Net Assets For the Periods Indicated
<CAPTION>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income
Net realized gain (loss) on investments and futures
Change in net unrealized appreciation/depreciation on in
Increase in net assets resulting from operations
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Contributions
Withdrawals
Net increase from transactions in investor's beneficial inte
Net increase in net assets
NET ASSETS:
Beginning of period
End of period
* Commencement of operations
<FN>
Growth & Income
Portfolio
<C>
$1,692,602,499
546
5,223,400
4,761,540
28,024
315,375
0
1,702,931,384
12,347,350
551,326
68,916
40,000
63,030
13,070,622
$1,689,860,762
$1,576,403,840
gh April 30, 1995 (Unaudited)
Growth & Income
Portfolio
$14,400,083
13,907,688
(46,464)
28,261,307
3,143,965
392,996
34,712
36,696
55,019
2,480
24,329
3,962
3,694,159
24,567,148
14,273,925
1,641,428
15,915,353
55,317,211
6,474,792
61,792,003
77,707,356
$102,274,504
(Unaudited)
Growth & Income
Portfolio
11/1/94 11/29/93*
Through Through
4/30/95 10/31/94
<C> <C>
$24,567,148 $30,288,120
15,915,353 (4,034,603)
61,792,003 9,175,252
102,274,504 35,428,769
289,620,716 1,858,407,526
(287,553,758) (308,316,995)
2,066,958 1,550,090,531
104,341,462 1,585,519,300
1,585,519,300 0
$1,689,860,762 $1,585,519,300
</TABLE>
<TABLE>
<Catpion>
Growth and Income Portfolio
Portfolio of Investments April 30, 1995 (unaudited)
<S>
Issuer
Long-Term Investments - 82.84%
Common Stock - 70.22%
Aerospace - 3.09%
Allied-Signal, Inc.
Lockheed Martin Corp.
Loral Corp.
Rockwell International
Sundstrand Corp.
United Technologies, Corp.
Agriculture - 0.85%
AGCO Corp.
Deere & Co.
Apparel / Textiles - 0.25%
Fieldcrest Cannon, Inc.*
V.F. Corp.
Automotive - 2.02%
Chrysler Corp.
Dana Corp.
Echlin, Inc.
General Motors
Banking - 2.59%
Bank of New York
Citicorp
First Union Corp.
NationsBank Corp.
Broadcasting - 0.55%
CBS, Inc.
Chemicals - 1.88%
duPont (EI) deNemours
FMC Corp.*
Union Carbide Corp.
Computer Software - 0.84%
Computer Associates International
Reynolds & Reynolds, Inc., Class A
Computers/Computer Hardware - 2.01%
Comdisco, Inc.
Compaq Computer*
Sun Microsystems, Inc.*
Consumer Products - 3.29%
Brunswick Corp.
Black & Decker Corp.
First Brands Corp.
Philip Morris Companies, Inc.
Premark International, Inc.
RJR Nabisco Holdings Corp.
Shaw Industries
Toro Co. <S>
Whirlpool Corp.
Diversified - 0.67%
Textron, Inc.
Electronics - 5.72%
Analog Devices, Inc.*
Arrow Electronics, Inc.*
Eaton Corp.
General Instrument Corp.*
General Motors Class H
Integrated Device Technology, Inc.*
National Semiconductor Corp.
Texas Instruments
Xilinx, Inc.*
Entertainment - 0.33%
Viacom, Inc. Class B*
Financial Services - 1.20%
American Express
Dean Witter, Discover & Co.
Federal National Mortgage Assoc.
Food/Beverage - 2.21%
Coca-Cola Enterprises, Inc.
ConAgra, Inc.
IBP, Inc.
PepsiCo., Inc.
Pioneer Hi-Bred International
Health Care - 2.13%
Baxter International Inc.
FHP International Corp.
Manor Care, Inc.
National Medical Enterprises*
U.S. HealthCare, Inc.
Home Building - 0.38%
Owens-Corning Fiberglass Corp.*
Insurance - 4.89%
American General Corp.
American International Group
Cigna Corp.
General Re Corp.
Kemper Corp.
Mid Ocean, Ltd. * (Bermuda)
Reliastar Financial Corp.
Transamerica Corp.
Travelers, Inc.
Manufacturing - 2.30%
Case Corp.
Johnson Controls
Mark IV Industries
Varity Corp.* <S>
Metals/Mining - 1.50%
Cyprus Amax Minerals Co.
Phelps Dodge Corp.*
Oil & Gas - 6.49%
Amoco Corp.
Ashland Inc.
British Petroleum PLC, ADR (United Kingdom)
Halliburton Company
Mobil Corp.
Panhandle Eastern Corp.
Phillips Petroleum Co.
Smith International*
Tenneco Inc.
Triton Energy Corp.*
Ultramar Corp.
Williams Companies, Inc.
Paper/Forest Products - 2.33%
Fort Howard Corp.
Georgia-Pacific
Mead Corp.
Willamette Industries
Pharmaceuticals - 1.53%
Allergan Inc.
Schering-Plough Corp.
Upjohn Company
Warner-Lambert Co.
Photographic Equipment - 0.44%
Eastman Kodak Co.
Pollution Control - 0.49%
Browning-Ferris Industries, Inc.
Publishing - 1.35%
Harcourt General, Inc.
The News Corporation, Ltd, ADR (Australia)
Tribune Co.
Real Estate Investment Trust - 0.01%
General Growth Properties
Retailing - 5.13%
American Stores
Caldor, Inc.*
Circuit City Stores, Inc.
Dayton-Hudson Corp.
Kroger Co.*
May Department Stores
Sears Roebuck & Co.
Shipping and Transportation - 3.79%
Alexander & Baldwin Inc.,
Burlington Northern, Inc.
Consolidated Railway, Inc.
CSX Corp.
<S>
Federal Express Corp.*
Ryder System
Southern Pacific Rail Corp.*
XTRA Corp.
Steel - 1.20%
LTV Corp.*
USX-US Steel Group, Inc.
Telecommunications - 3.59%
AT&T Corp.
Frontier Corp.
GTE Corp.
MCI Communications
Sprint Corp.
Tele-Communications, Class A*
U S West, Inc.
Tire & Rubber - 0.45%
Goodyear Tire & Rubber, Inc.
Utilities - 4.72%
CINergy Corp.
CMS Energy Corp.
DQE
Eastern Utilities Associates
Florida Progress Corp.
FPL Group Inc.
General Public Utilities
Oklahoma Gas & Electric Co.
PECO Energy Co.
Pinnacle West Capital Corp.
Tele Danmark A/S, ADS * (Denmark)
Total Common Stock
(Cost $1,087,094,137)
Equity Linked Securities - 0.80%
Financial Services - 0.80%
Salomon, Inc. 6.50% Amgen, Inc.
Salomon, Inc. 5.25% Hewlett-Packard
Total Equity Linked Securities
(Cost $11,162,750)
Convertible Preferred Stock - 3.48%
Automotive - 0.42%
Ford Motor Co., Ser. A, 8.4%
Banking/Finance - 0.24%
BankAmerica Corp., 6.5%
Computers/Computer Hardware - 0.69%
Ceridian Corp., 5.5%,
Health Care - 0.32%
FHP International Corp., Ser. A, 5.0%
<S>
Oil & Gas - 0.86%
Diamond Shamrock, 5%#
Occidental Petroleum, $3.00
Publishing - 0.21%
The News Corporation ADR, $.11(Australia)
Shipping and Transportation - 0.49%
Delta Airlines, Ser. C, $3.50
Steel - 0.25%
WHX Corp., Ser. B, $3.75
Total Convertible Preferred Stock
(Cost $53,175,090)
Stock Rights - 0.02%
Entertainment - 0.02%
Viacom, Inc., expires 9/25/95
Total Stock Rights
(Cost $0)
Floating Rate Notes - 1.47%
Financial Services - 1.47%
Goldman Sachs Variable Rate #, 6.55%, due
Total Floating Rate Notes
(Cost $25,000,000)
Convertible Corporate Bonds - 5.98%
Consumer - 0.62%
Grand Metropoliton Placing #, 6.50%, due
Financial Services - 0.35%
First Financial Managment, 5.00%, due
Health Care - 0.20%
Theratx Inc. #, 8.00%, due
Insurance - 0.68%
Aegon NV, # (Netherlands), 4.75%, due
Manufacturing - 0.53%
3 Com Corp. #, 10.25%, due
Metals/Mining - 0.62%
Coeur D'Alene Mines Corp., 6.00%, due
Freeport McMoran, 6.55%, due
Oil & Gas - 0.32%
Apache Corp. #, 6.00%, due
<S> <C>
Paper/Forest Products - 0.20%
International Paper Co., 5.75%, due
Pharmaceuticals - 0.45%
Ciba-Geigy AG # (Switzerland), 6.25%, due
ICN Pharmaceuticals, 8.50%, due
Publishing - 0.91%
Time Warner, Inc., 8.75%, due
Restaurants/Food Services - 0.30%
Boston Chicken, 4.50%, due
Retailing - 0.23%
Hechinger Co., 5.50%, due
Waban Inc., 6.50%, due
Shipping / Transportation - 0.57%
AMR, Corp., 6.13%, due
Total Convertible Corporate Bonds
(Cost $95,512,186)
U.S. Government Obligations - 0.87%
U.S. Treasury Bond, @ 9.25%, due
(Cost $14,430,500)
Total Long-Term Investments
(Cost $1,286,374,663)
Short-Term Investments - 17.16%
U.S. Government Obligations - 0.53%
U.S.Treasury Bill, 5.66%, due
(Cost $8,966,040)
Commercial Paper - 12.49%
Banking - 6.20%
Bank of Nova Scotia, 5.97%, due
Barclays U.S Funding Corp., 5.95%, due
Fuji Bank of New York, 6.08%, due
Finance - 6.29%
Federal Home Loan Bank, 5.87%, due
Greenwich Asset Funding, 6.02%, due
Household Finance Corp., 5.85%, due
Total Commercial Paper
(Cost $211,062,163)
Time Deposits - 4.14%
Sanwa Bank, 6.07%, due
Sumitomo Bank, 6.18%, due
Total Time Deposits
(Cost $70,000,974)
Total Short-term Investments
(Cost $290,029,177)
Total Investments - 100.00%
(Cost $1,576,403,840) </TABLE>
<TABLE>
<CAPTION>
<S>
Purchased Index Futures Outstanding
Number
Expiratio of
Description (A) Date
Contract
<C> <C>
S & P 500 Index June 1995
235
S & P 500 Index June 1995
200
(A) One contract equals 500 shares.
ADS = American Depository Shares
ADR = American Depository Receipt
# = Security may only be sold to qualified institutional
investor
* = Non-income producing security.
@ = A portion of this security is pledged to cover financial
futu
<FN>
See notes to financial statements.
</TABLE>
Shares Value
[C] [C]
250,000 $9,906,250
122,250 7,059,938
200,000 9,400,000
50,000 2,181,250
100,000 5,550,000
250,000 18,281,250
52,378,688
175,000 6,234,375
100,000 8,200,000
14,434,375
25,000 553,125
75,000 3,787,500
4,340,625
150,000 6,468,750
300,000 7,725,000
300,000 10,950,000
200,000 9,025,000
34,168,750
300,000 9,862,500
375,000 17,390,625
200,000 9,050,000
150,000 7,500,000
43,803,125
145,075 9,302,804
300,000 19,762,500
75,000 4,603,125
235,000 7,520,000
31,885,625
150,000 9,656,250
175,000 4,637,500
14,293,750
180,000 5,062,500
525,000 19,950,000
225,000 8,971,875
33,984,375
325,000 6,946,875
240,000 7,200,000
85,000 3,272,500
125,000 8,468,750
146,700 7,078,275
200,000 5,475,000
195,000 2,559,375
120,000 3,465,000
[C] [C]
205,000 11,223,750
55,689,525
200,000 11,400,000
200,000 5,375,000
150,000 6,975,000
325,000 18,646,875
450,000 15,356,250
300,000 11,737,500
100,000 3,812,500
300,000 6,862,500
175,099 18,560,494
125,000 9,593,750
96,919,869
121,230 5,561,426
200,000 6,950,000
107,806 4,568,279
100,000 8,825,000
20,343,279
300,000 6,712,500
225,000 7,481,250
140,000 5,180,000
300,000 12,487,500
150,000 5,625,000
37,486,250
500,000 17,375,000
200,000 4,750,000
125,000 3,671,875
350,000 5,950,000
162,600 4,349,550
36,096,425
175,000 6,409,375
416,300 13,737,900
170,000 18,147,500
125,000 9,078,125
60,000 7,642,500
200,000 9,050,000
120,000 3,390,000
140,000 5,022,500
150,000 8,493,750
200,000 8,275,000
82,837,275
330,000 8,373,750
200,000 10,850,000
157,500 2,835,000
400,000 16,900,000
38,958,750
300,000 8,362,500
300,000 16,987,500
25,350,000
200,000 13,125,000
330,000 12,210,000
75,000 6,459,375
325,000 12,471,875
125,000 11,859,375
200,000 4,800,000
400,000 14,000,000
194,200 3,349,950
150,000 6,881,250
250,000 9,625,000
200,000 5,225,000
300,000 9,862,500
109,869,325
400,000 5,100,000
100,000 7,937,500
170,000 8,797,500
345,000 17,681,250
39,516,250
150,000 4,068,750
140,000 10,552,500
200,000 7,250,000
50,000 3,987,500
25,858,750
130,000 7,475,000
250,000 8,250,000
200,000 8,175,000
300,000 5,850,000
150,000 8,868,750
22,893,750
12,100 245,025
725,000 18,578,125
200,000 3,875,000
350,000 9,056,250
250,000 16,781,250
200,000 5,100,000
475,000 17,218,750
300,000 16,275,000
86,884,375
130,000 2,876,250
140,000 8,330,000
200,000 10,925,000
200,000 15,925,000
[C] [C]
100,000 6,800,000
300,000 7,012,500
150,000 2,606,250
200,000 9,650,000
64,125,000
300,000 4,275,000
525,000 16,012,500
20,287,500
225,000 11,418,750
200,000 4,025,000
500,000 17,062,500
190,000 4,132,500
275,000 9,075,000
350,000 6,693,750
200,000 8,275,000
60,682,500
200,000 7,600,000
200,000 5,025,000
500,000 11,687,500
100,000 3,375,000
200,000 4,775,000
300,000 9,150,000
285,000 10,473,750
150,000 4,275,000
150,000 5,156,250
324,100 8,345,575
700,000 15,050,000
100,000 2,625,000
79,938,075
1,189,269,841
100,000 5,825,000
82,000 7,759,250
13,584,250
13,584,250
80,000 7,050,000
75,000 4,078,125
150,000 11,700,000
225,000 5,315,625
120,000 6,615,000
140,000 7,980,000
14,595,000
200,000 3,600,000
150,000 8,212,500
100,000 4,200,000
58,751,250
200,000 262,500
262,500
Principal
Amount
05/04/95 *********** 24,862,500
24,862,500
01/31/00 9,500,000 10,396,800
12/15/99 5,000,000 5,967,950
02/01/02 3,800,000 3,431,856
11/01/04 10,000,000 11,525,000
11/01/01 7,750,000 8,896,845
06/10/02 5,000,000 4,587,500
01/15/01 6,500,000 5,934,825
10,522,325
01/15/02 5,000,000 5,396,500
[C] [C] [C]
09/23/02 3,000,000 3,348,630
03/15/16 3,000,000 2,760,000
11/15/99 5,000,000 4,962,500
7,722,500
01/10/15 15,250,000 15,364,375
02/01/04 6,000,000 5,055,000
04/01/12 1,600,000 1,062,000
07/01/02 3,000,000 2,767,500
3,829,500
11/01/24 10,000,000 9,645,200
101,102,481
02/15/16 12,400,000 14,740,500
1,402,573,322
05/25/95 9,000,000 8,966,040
05/25/95 35,000,000 34,860,700
05/30/95 35,000,000 34,832,243
06/05/95 35,000,000 35,002,778
104,695,721
06/26/65 35,000,000 34,680,411
05/08/95 35,000,000 34,959,031
05/01/95 36,727,000 36,727,000
106,366,442
211,062,163
05/15/95 35,000,000 35,000,974
05/08/95 35,000,000 35,000,000
70,000,974
290,029,177
$1,692,602,499
Original Nominal Unrealized
Nominal Value at Appreciation
Value 4/30/95 (Depreciation)
[C] [C] [C]
********************** $3,281,759
48,887,014 51,675,000 2,787,986
********************** $6,069,745
