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000 C000000 0000054047
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000 J000000 A
001 A000000 SPECIAL PORTFOLIOS, INC.
001 B000000 811-1341
001 C000000 6127384000
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011 C01AA01 WOODBURY
011 C02AA01 MN
011 C03AA01 55125
012 A00AA01 FORTIS ADVISERS, INC.
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<PAGE> PAGE 2
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013 A00AA01 KPMG PEAT MARWICK
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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SIGNATURE TAMARA L. FAGELY
TITLE TREASURER
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting
Control
The Board of Directors and Shareholders
Special Portfolios, Inc.
In planning and performing our audit of the financial
statements of Special Portfolios, Inc. for the year ended
October 31, 1995, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the
financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal
control structure.
The management of the Company is responsible for
establishing and maintaining a system of internal
accounting control. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of
internal control structure policies and procedures. Two
of the objectives of an internal control structure are to
provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization
and recorded properly to permit the preparation of
financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, promection of any evaluation of the
structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions
of that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal
control structure that might be material weaknesses under
standards established by the American Institute of
Certified Public Accounts. A material weakness is a
condition in which the design or operation of the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we consider
to be a material weakness as defined above as of October
31, 1995.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 8, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 9 - 14 OF THE ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000054047
<NAME> SPECIAL PORTFOLIOS INC.
<SERIES>
<NUMBER> 2
<NAME> CASH PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 25,072,261
<INVESTMENTS-AT-VALUE> 25,120,452
<RECEIVABLES> 430,698
<ASSETS-OTHER> 0
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<TOTAL-LIABILITIES> 27,952
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 2,669,309
<SHARES-COMMON-PRIOR> 2,913,263
<ACCUMULATED-NII-CURRENT> 171,206
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,443,143)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,191
<NET-ASSETS> 25,532,927
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,707,519
<OTHER-INCOME> 0
<EXPENSES-NET> (104,320)
<NET-INVESTMENT-INCOME> 1,603,199
<REALIZED-GAINS-CURRENT> (380,441)
<APPREC-INCREASE-CURRENT> 647,983
<NET-CHANGE-FROM-OPS> 1,870,741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,556,690)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 670,321
<NUMBER-OF-SHARES-REDEEMED> (1,078,240)
<SHARES-REINVESTED> 163,965
<NET-CHANGE-IN-ASSETS> (2,037,591)
<ACCUMULATED-NII-PRIOR> 124,697
<ACCUMULATED-GAINS-PRIOR> (1,062,702)
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 9.46
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.55)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 9 - 14 OF THE ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000054047
<NAME> SPECIAL PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> STOCK PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
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<INVESTMENTS-AT-VALUE> 92,489,531
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 2,188,704
<SHARES-COMMON-PRIOR> 2,223,555
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,282,632
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,837,393
<NET-ASSETS> 92,633,864
<DIVIDEND-INCOME> 97,350
<INTEREST-INCOME> 690,632
<OTHER-INCOME> 0
<EXPENSES-NET> (945,079)
<NET-INVESTMENT-INCOME> (157,097)
<REALIZED-GAINS-CURRENT> 4,286,398
<APPREC-INCREASE-CURRENT> 15,893,140
<NET-CHANGE-FROM-OPS> 20,022,441
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (420,000)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 308,505
<NUMBER-OF-SHARES-REDEEMED> (356,272)
<SHARES-REINVESTED> 12,916
<NET-CHANGE-IN-ASSETS> 17,168,792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 416,234
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 848,470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 945,079
<AVERAGE-NET-ASSETS> 84,607,000
<PER-SHARE-NAV-BEGIN> 33.94
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 8.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 42.32
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
