<PAGE>
--------------------------------------------------------------------------------
1
DEAR SHAREHOLDER:
We are pleased to provide this report for INA Investment Securities, covering
the six months ended June 30, 1995.
MARKET ACTIVITY
During the second quarter, the bond market continued its upward march, with
benchmark long treasury bonds rallying over 80 basis points. The slowing
economy along with very modest inflation fueled expectations that the Federal
Reserve would relax its monetary policy. Meanwhile, corporations took advantage
of lower rates by bringing new issues to market, which in turn caused a supply-
driven widening of corporate spreads, especially in longer-dated maturities.
Despite spread widening, the Lehman Government/Corporate Index returned 6.49%
during the second quarter and 11.80% for the first half of the 1995.
FUND PERFORMANCE
The Fund returned 11.21% for the first half of the 1995, after deduction of
expenses and reinvestment of dividends, based on net asset value of underlying
fund assets. Performance trailed the Index slightly due to a heavier exposure
to corporates, and underperformance of some mortgage holdings. Based on the
per-share market value of the shares listed on the New York Stock Exchange, the
Fund returned 13.40% during the same period.
PORTFOLIO ACTIVITY
The portfolio remains fully invested. On June 30, 1995, corporate and foreign
bonds were approximately 63.0% of portfolio holdings, U.S. government/agency
securities 30.2%, and cash and other assets 6.8%. Per-share net asset value was
$18.84, up from $18.08 on March 31. A dividend of $.33 was declared during the
second quarter.
OUTLOOK
We expect some continued interest rate and corporate spread volatility in the
markets for the remainder of the year, based on evolving investor perceptions
of the strengths and weaknesses in the economy and the outlook for inflation.
However, the degree of volatility should be relatively tame compared with the
first half of the year. The Fund expects to maintain an overweighed position
relative to the Index in corporate bonds that we feel outperform the market. We
look forward to a likely resurgence in the economy during the second half of
the year, which should in turn maintain a healthy demand for corporate product.
Sincerely,
/s/ R. Bruce Albro
R. Bruce Albro, Chairman
INA Investment Securities, Inc.
August 4, 1995
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. INVESTMENTS IN SECURITIES June 30, 1995
(Unaudited) 2
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
(000) (000)
----------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM BONDS - 93.2%
CONSUMER AND RETAIL - 1.1%
Revco D.S., Inc., 9.125%, 2000 $1,000 $ 1,045
-------
CONSUMER NON-CYCLICAL - .6%
National Medical Enterprises, Inc., 9.625%, 2002 500 528
-------
ENTERTAINMENT AND COMMUNICATIONS - 7.2%
ALLTEL Corp., 10.375%, 2009 1,000 1,061
Century Communications Corp., 9.5%, 2005 500 496
News America Holdings, Inc., 9.25%, 2013 500 561
Rogers Communications, Inc., 10.875%, 2004 500 513
TKR Cable, Inc., 10.5%, 2007 500 573
Tele-Communications, Inc., 9.25%, 2002 1,000 1,084
Time Warner Entertainment Co., 7.25%, 2008 1,750 1,665
Viacom International, Inc., 9.125%, 1999 500 520
-------
6,473
-------
FINANCIAL - 21.6%
Associates Corp. of N.A., 9.7%, 1997 3,000 3,173
Bank of Boston Corp., 10.3%, 2000 1,000 1,006
CCP Insurance, 10.5%, 2004 1,000 1,057
C.I.T. Group Holdings, Inc., 8.875%, 1996 2,000 2,048
Case Equipment Loan Trust 1995-A, 7.3%, 2002 2,419 2,462
Fleet Finance Home Equity Trust, 7.3%, 2023 1,000 1,001
Fleet Mortgage Group, Inc., 6.5%, 2000 1,000 996
GPA Delaware Corp., 8.75%, 1998 1,000 850
Inter-American Development Bank, 8.875%, 2009 4,000 4,857
Middletown Trust, 10.875%, 1998 500 534
Structured Coupon Receipts, (Stripped-Interest Only),
3.658%, 1997* 5,314 366
3.832%, 1997* 2,310 158
Western National Corp., 7.125%, 2004 1,000 990
-------
19,498
-------
FOOD AND BEVERAGE - 3.1%
Bass America, Inc., 8.125%, 2002 1,500 1,612
ConAgra, Inc., 9.75%, 2021 1,000 1,213
-------
2,825
-------
</TABLE>
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
(000) (000)
----------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL - 7.3%
Air Products & Chemicals, Inc., 8.5%, 2006 $2,000 $ 2,206
Arcadian Partners L.P., 10.75%, 2005 500 504
Colt Industries, Inc., 11.25%, 2015 506 541
Foamex Capital Corp., 11.25%, 2002 500 493
Indah Kiat International Finance Co. B.V.,
11.875%, 2002 500 505
LaRoche Inds., Inc., 13.0%, 2004 500 515
Magma Copper Co., 12.0%, 2001 500 553
Waste Management, Inc., Zero Coupon, (Lyon), 2012 (Annual
Put) 2,250 821
West Point Stevens, Inc., 9.375%, 2005 500 481
-------
6,619
-------
OIL & GAS - 6.8%
Arkla, Inc., 8.0%, 1997 2,000 2,010
Louis Dreyfus Nat. Gas Corp., 9.25%, 2004 1,000 980
Sonat, Inc., 9.5%, 1999 1,000 1,083
Transcontinental Gas Pipe Line Corp.,
6.21%, 2000 500 499
9.125%, 2017 1,475 1,549
-------
6,121
-------
TRANSPORTATION - 7.8%
CSX Corp., 9.0%, 2006 2,300 2,630
CSX Transportation, Inc., 7.13%, 1996 1,500 1,520
Hertz Corp., 9.625%, 1996 2,000 2,058
Japan Air Lines Co. Ltd., 11.0%, 1997 730 801
-------
7,009
-------
UTILITIES - 7.5%
British Columbia Hydro and Power Authority,
15.0%, 2011 3,000 3,346
GG1B Funding Corp., 7.43%, 2011 1,000 967
Kenetech Corp., 12.75%, 2002 500 490
L S Power Funding Corp., 7.19%, 2010 1,000 1,000
North Atlantic Energy Corp., 9.05%, 2002 943 945
-------
6,748
-------
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. INVESTMENTS IN SECURITIES June 30, 1995
(Unaudited) (Continued) 3
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
(000) (000)
------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT & AGENCIES - 30.2%
Federal Farm Credit Banks, 6.2%, 2008 $ 350 $ 336
Federal Home Loan Mortgage Corp., Series 1496, (PAC,
Stripped-Interest Only),
7.0%, 2019 3,600 432
Federal National Mortgage Assoc.,
6.5%, 2008 1,314 1,296
6.5%, 2009 465 459
United States Treasury Bonds,
10.75%, 2005 1,000 1,328
12.75%, 2010 1,300 1,920
8.5%, 2020 1,500 1,814
7.875%, 2021 3,100 3,525
6.25%, 2023 2,890 2,730
7.5%, 2024 7,210 7,977
United States Treasury Notes,
5.625%, 1998 2,620 2,602
7.75%, 2000 250 267
7.875%, 2001 450 491
7.5%, 2001 250 268
6.375%, 2002 800 810
7.25%, 2004 715 763
7.875%, 2004 250 278
-------
27,296
-------
TOTAL LONG-TERM BONDS
(Cost - $82,788,094) 84,162
-------
SHORT-TERM OBLIGATIONS - 6.4%
COMMERCIAL PAPER - .1%
Warner-Lambert Co., 6.12%, 7/5/95 135 135
-------
REPURCHASE AGREEMENTS - 6.3%
Repurchase Agreement with Goldman Sachs, Inc., entered into
6/28/95 at 6.0%, maturing 7/3/95 at $2,790,323
(collateralized by U.S. Treasury Notes, 12.0%, due 5/15/05
with a face value of $2,788,000 and a value of $3,935,262) 2,788 2,788
<CAPTION>
MARKET
PRINCIPAL VALUE
(000) (000)
------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement with Goldman Sachs, Inc., entered into
6/29/95 at 6.0%, maturing 7/5/95 at $2,860,858
(collateralized by U.S. Treasury Notes, 7.5%, due 12/31/96
with a face value of $2,858,000 and a value of $2,918,590) $2,858 $ 2,858
-------
5,646
-------
TOTAL SHORT-TERM OBLIGATIONS
(Cost - $5,780,908) 5,781
-------
TOTAL INVESTMENTS IN SECURITIES - 99.6%
(Total Cost - $88,569,002) 89,943
Cash, Less Liabilities and Other Assets - .4% 325
-------
NET ASSETS - 100.0%
(equivalent to $18.84 per share based on 4,792,215 shares
outstanding) $90,268
=======
</TABLE>
* Indicates restricted security; the aggregate value of restricted securities,
which were purchased 6/15/93 and 6/22/93, is $524,367 (aggregate cost
$494,329) which is approximately .5% of net assets. Valuations have been fur-
nished by brokers trading in the security.
-----------------------------------------
PORTFOLIO COMPOSITION (UNAUDITED)
June 30, 1995
<TABLE>
<CAPTION>
MARKET % OF
QUALITY RATINGS* OF VALUE MARKET
LONG-TERM BONDS (000) VALUE
-------------------------------------
<S> <C> <C>
Aaa/AAA $35,941 42.7%
Aa/AA 5,703 6.8%
A/A 17,305 20.6%
Baa/BBB 12,243 14.5%
Ba/BB 9,080 10.8%
B/B 3,040 3.6%
Caa/CCC 850 1.0%
------- -----
$84,162 100.0%
======= =====
</TABLE>
-----------------------------------------
*The higher of Moody's or Standard & Poor Ratings.
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. 4
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
(IN THOUSANDS)
--------------
<S> <C>
ASSETS:
Investments in securities, at market value
(Cost - $88,569,002) $89,943
Interest receivable 1,567
Investment for deferred compensation
(Cost - $47,979) 51
Other 1
-------
TOTAL ASSETS 91,562
-------
LIABILITIES:
Payable for investments purchased 1,001
Deferred directors' fees payable 136
Accrued advisory fees payable 43
Other accrued expenses (including $30,889
due to affiliate) 114
-------
TOTAL LIABILITIES 1,294
-------
NET ASSETS (equivalent to $18.84 per share based on 4,792,215
shares outstanding; 12,000,000 shares of $.10 par value
authorized) $90,268
=======
COMPONENTS OF NET ASSETS:
Paid-in capital $89,772
Overdistributed net investment income (15)
Unrealized appreciation of investments 1,377
Accumulated net realized losses (866)
-------
NET ASSETS $90,268
=======
</TABLE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
(IN THOUSANDS)
---------------
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 3,603
EXPENSES:
Investment advisory fees $229
Administrative services 36
Transfer agent fees and expenses 34
Custodian fees and expenses 33
Shareholder reports 31
Auditing and legal fees 26
Directors' fees 20
State taxes 18
Other 6 433
------ --------
NET INVESTMENT INCOME 3,170
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from investments 1,210
Unrealized appreciation of investments 4,920
--------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 6,130
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $9,300
========
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. 5
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS FOR THE
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1995 1994
---------- ------------
(IN THOUSANDS
-----------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 3,170 $ 6,646
Net realized gain (loss) from securities transactions 1,210 (1,812)
Unrealized appreciation (depreciation) of investments 4,920 (7,755)
------- -------
Net increase (decrease) in net assets from operations 9,300 (2,921)
------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income ($.66 and $1.35 per share,
respectively) (3,163) (6,469)
From net realized gain ($.2005 per share) -- (961)
------- -------
Total distributions to stockholders (3,163) (7,430)
NET INCREASE (DECREASE) IN NET ASSETS 6,137 (10,351)
NET ASSETS:
Beginning of year 84,131 94,482
------- -------
End of period (including overdistributed net
investment income of $14,611 and $21,576,
respectively) $90,268 $84,131
======= =======
</TABLE>
The Notes to Financial Statements are an integral part of these statements.
<PAGE>
-------------------------------------------------------------------------------
INA INVESTMENTS SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited) 6
1. SIGNIFICANT ACCOUNTING POLICIES. INA Investment Securities, Inc. (the "Com-
pany") is registered under the Investment Company Act of 1940, as amended, as
a diversified, closed-end management investment company. The following is a
summary of significant accounting policies consistently followed by the Com-
pany in the preparation of its financial statements.
A. SECURITY VALUATION -- Debt securities traded in the over-the-counter mar-
ket, including listed securities whose primary markets are believed to be
over-the-counter, are valued on the basis of valuations furnished by brokers
trading in the securities or a pricing service, which determines valuations
for normal, institutional-size trading units of such securities using market
information, transactions for comparable securities and various relationships
between securities which are generally recognized by institutional traders.
Short-term investments with remaining maturities of up to and including 60
days are valued at amortized cost, which approximates market. Short-term in-
vestments that mature in more than 60 days are valued at current market quota-
tions. Other securities and assets of the Company are appraised at fair value
as determined in good faith by, or under the authority of, the Company's Board
of Directors.
B. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Security transac-
tions are accounted for on the trade date (date the order to buy or sell is
executed). Dividend income is recorded on the ex-dividend date, and interest
income is recorded on the accrual basis. The Company does not amortize premi-
ums or discounts for book purposes, except for original issue discounts which
are amortized over the life of the respective securities. Securities gains or
losses are determined on the basis of identified cost. The cost for Federal
income tax purposes is substantially the same.
C. FEDERAL TAXES -- It is the Company's policy to continue to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income or capital gains, if
any, to its shareholders. Therefore, no Federal income or excise taxes on re-
alized income have been accrued.
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends and distributions
are recorded by the Company on the ex-dividend date. Payments in excess of fi-
nancial accounting income due to differences between financial and tax ac-
counting, to meet the distribution requirements for tax basis income, are de-
ducted from paid in capital when such differences are determined to be perma-
nent.
E. REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the Portfolio's custodian bank until maturity of the
repurchase agreements. Provisions of the agreements ensure that the market
value of the collateral is sufficient in the event of default; however, in the
event of default or bankruptcy by the other party to the agreement, realiza-
tion and/or retention of the collateral may be subject to legal proceedings.
2. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES. Investment
advisory fees were paid or accrued to CIGNA Investments, Inc. (CII), certain
officers and directors of which are affiliated with the Company. Such advisory
fees are based on an annual rate of 0.55% of the first $75 million of average
weekly net asset value and 0.4% thereafter.
The Company reimburses CII for a portion of the compensation and related ex-
penses of the Company's Treasurer and Secretary and certain persons who assist
in carrying out the responsibilities of those offices. For the six months
ended June 30, 1995, the Company paid or accrued $36,373.
CII is an indirect, wholly-owned subsidiary of CIGNA Corporation.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENTS SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Continued) 7
3. DIRECTORS' FEES. Directors' fees represent remuneration paid or accrued to
directors who are not employees of CIGNA Corporation or any of its affiliates.
Directors may elect to defer receipt of all or a portion of their fees which
are invested in mutual fund shares in accordance with a deferred compensation
plan.
4. PURCHASES AND SALES OF SECURITIES.
Purchases and sales of securities for the six months ended June 30, 1995 were
as follows (excluding short-term obligations):
<TABLE>
<CAPTION>
PROCEEDS
COST OF FROM
SECURITIES SECURITIES
PURCHASED SOLD
---------- ----------
<S> <C> <C>
Bonds $12,028,962 $10,370,240
U.S. Government Obligations 68,309,307 71,466,510
----------- -----------
$80,338,269 $81,836,750
=========== ===========
</TABLE>
At June 30, 1995, unrealized appreciation for Federal income tax purposes ag-
gregated $1,352,757 of which $3,343,710 related to appreciated securities and
$1,990,953 related to depreciated securities.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Continued) 8
5. FINANCIAL HIGHLIGHTS. The following table includes data, ratios and
supplemental data for a share outstanding throughout each period and other
performance information:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(UNAUDITED)
SIX MOS.
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1995 1994 1993 1992 1991 1990
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
NET ASSET VALUE,
BEGINNING OF PERIOD $ 17.56 $ 19.72 $ 18.75 $ 18.85 $ 17.25 $ 17.89
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS
Net investment income* 0.66 1.39 1.39 1.49 1.51 1.66
Net realized and
unrealized gain (loss) 1.28 (2.00) 1.01 (0.11) 1.61 (0.67)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS 1.94 (0.61) 2.40 1.38 3.12 0.99
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment
income (0.66) (1.35) (1.43) (1.48) (1.52) (1.63)
From capital gains -- (0.20) -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (0.66) (1.55) (1.43) (1.48) (1.52) (1.63)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD $ 18.84 $ 17.56 $ 19.72 $ 18.75 $ 18.85 $ 17.25
======= ======= ======= ======= ======= =======
MARKET VALUE, END OF
PERIOD $ 16.63 $ 15.25 $ 18.25 $ 17.25 $ 17.75 $ 14.88
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN:
Per share market value 13.40% (8.34)% 14.21% 5.39% 30.21% (3.06)%
Per share net asset
value (1) 11.21% (3.13)% 13.03% 7.64% 18.99% 6.03%
RATIOS AND SUPPLEMENTAL
DATA:
Net assets, end of
period (000 omitted) $90,268 $84,131 $94,482 $89,839 $90,345 $82,654
Ratio of operating
expenses to average net
assets 0.50% 0.96% 0.96% 0.90% 0.93% 0.96%
Ratio of net investment
income to average net
assets 3.67% 7.42% 7.03% 7.96% 8.49% 9.60%
Portfolio turnover 97% 86% 159% 41% 72% 68%
</TABLE>
(1) Total investment return based on per share net asset value reflects the ef-
fects of changes in net asset value on the performance of the Company dur-
ing each year, and assumes distributions were reinvested at net asset val-
ue. These percentages do not correspond with the performance of a share-
holder's investment in the Company based on market value since the rela-
tionship between the market price of the stock and net asset value varied
during each period.
* Net investment income per share has been calculated in accordance with SEC
requirements, with the exception that end of year accumulated
undistributed/(overdistributed) net investment income has not been adjusted
to reflect current year permanent differences between financial and tax ac-
counting.
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC. NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Continued) 9
6. QUARTERLY RESULTS (UNAUDITED). The following is a summary of quarterly
results of operations:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET REALIZED AND
UNREALIZED GAIN (LOSS)
INVESTMENT INCOME NET INVESTMENT INCOME ON INVESTMENTS NET ASSETS
PERIOD ENDED TOTAL PER SHARE TOTAL PER SHARE TOTAL PER SHARE INCR. (DECR.) PER SHARE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
March 31, 1993 $1,951 $.41 $1,729 $.36 $ 2,982 $ .62 $ 3,130 $ .65
June 30, 1993 2,028 .42 1,802 .38 1,775 .37 1,995 .42
September 30, 1993 1,761 .37 1,528 .32 1,868 .39 1,815 .38
December 31, 1993 1,811 .38 1,586 .33 (1,798) (.37) (2,297) (.48)
March 31, 1994 1,796 .37 1,577 .33 (4,590) (.96) (4,594) (.96)
June 30, 1994 1,983 .41 1,774 .37 (2,251) (.47) (2,059) (.43)
September 30, 1994 1,872 .39 1,659 .34 (1,252) (.26) (2,025) (.43)
December 31, 1994 1,853 .39 1,636 .35 (1,474) (.31) (1,673) (.34)
March 31, 1995 1,782 .37 1,567 .33 2,529 .53 2,515 .52
June 30, 1995 1,821 .38 1,603 .33 3,601 .75 3,622 .76
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
INA INVESTMENT SECURITIES, INC.
INA Investment Securities is a closed-end, diversified management investment
company that invests primarily in debt securities. The investment adviser is
CIGNA Investments, Inc., Hartford, Connecticut 06152.
Shareholders may elect to have dividends automatically reinvested in additional
shares of INA Investment Securities by participating in the Automatic Dividend
Investment Plan. For a brochure describing this Plan or general inquiries about
your account, contact State Street Bank and Trust Company, Stock Transfer
Department, P.O. Box 8200, Boston, Massachusetts, 02266-8200, or call toll-free
1-800-426-5523.
--------------------------------------------------------------------------------
MATTERS SUBMITTED TO A VOTE OF SHAREHOLDERS
An Annual Meeting of the Shareholders of INA Investment Securities, Inc. (the
"Fund") was held on Tuesday, April 25, 1995 at 11:00 a.m., Eastern Time.
Five Directors were elected by a vote of shareholders to serve as members of
the Board of the Fund until the next Annual Meeting of Shareholders or until
the election and qualification of their successors. Shareholders of the Fund
voted to elect the following Directors:
<TABLE>
<CAPTION>
FOR VOTE WITHHELD
--- -------------
<S> <C> <C>
R. Bruce Albro 3,688,074.867 64,685.979
Hugh R. Beath 3,687,725.867 65,034.979
Russell H. Jones 3,686,725.867 66,034.979
Paul J. McDonald 3,688,074.867 64,685.979
Arthur C. Reeds, III 3,688,074.867 64,685.979
</TABLE>
The appointment of Price Waterhouse LLP to serve as independent accountants for
the fiscal year ending December 31, 1995 was ratified by a vote of shareholders
of the Fund as follows:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
--- ------- -------
<S> <C> <C>
3,699,813.032 19,098.453 33,849.361
</TABLE>
No other business was transacted at the meeting.
<PAGE>
[LOGO OF CIGNA APPEARS HERE]
CIGNA
INA Investment Securities, Inc.
Semiannual Report
June 30, 1995
[LOGO OF CIGNA APPEARS HERE] --------------------
CIGNA BULK RATE
U.S. POSTAGE
PAID
INA Investment Securities, Inc. SO. HACKENSACK, NJ
P.O. Box 13856 PERMIT 750
Philadelphia, PA 19101 --------------------
Printed on recycled paper
