<PAGE>
File No. 33-3920
FISCAL YEAR END - December 31
Registrant proposes that
this amendment will become
effective:
60 days after filing ____
As of the filing date ____
As of July 3, 1995 X
----
---------------------
Pursuant to Rule 485:
paragraph (a) X
----
paragraph (b)
----
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 X
-----
Post-Effective Amendment Number 17
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 X
-----
FORTIS SERIES FUND, INC.
-------------------------
(Exact Name of Registrant as Specified in Charter)
500 Bielenberg Drive, Woodbury, Minnesota 55125
------------------------------------------------
(Address of Principal Executive Offices)
Registrant's Telephone Number: (612) 738-4000
Gregory S. Swenson, Esq., Asst. Secretary (Same address as above)
-----------------------------------------------------------------
(Name and Address of Agent for Service)
Copy to:
Michael J. Radmer, Esq.
Dorsey & Whitney
2200 First Bank Place East
Minneapolis, MN 55402
Pursuant to Section 270.24f-2 of the Investment Company Act of 1940, the
Registrant has registered an indefinite amount of securities under the
Securities Act of 1933. The Rule 24f-2 Notice for the Registrant's most recent
fiscal year was filed on February 23, 1995.
<PAGE>
FORTIS SERIES FUND, INC.
Registration Statement on Form N-1A
_______________________________________________________________________________
CROSS REFERENCE SHEET
Pursuant to Rule 481(a)
_______________________________________________________________________________
Item No. Prospectus Heading
1. Cover Page . . . . . . . . . . . . . . . . . Cover Page (no caption)
2. Synopsis (optional). . . . . . . . . . . . . . . (not included)
3. Condensed Financial Information. . . . . . . . . Condensed Financial
Information
4. General Description of
Registrant . . . . . . . . . . . . . . . . . . Organization and
Classification; The
Separate Accounts and
the Contracts;
Investment Objectives
and Policies
5. Management of Fund . . . . . . . . . . . . . . . Management
6. Capital Stock and
Other Securities . . . . . . . . . . . . . . . Capital Stock; Dividends
and Capital Gains
Distributions; Taxation
7. Purchase of Securities
Being Offered. . . . . . . . . . . . . . . . . Purchase and Redemption
of Fortis Series Shares
8. Redemption or Repurchase . . . . . . . . . . . . Purchase and Redemption
of Fortis Series Shares
9. Pending Legal Proceedings. . . . . . . . . . . . Not Applicable
Statement of Additional
-----------------------
Information Heading
-------------------
10. Cover Page . . . . . . . . . . . . . . . . . Cover Page (no caption)
11. Table of Contents. . . . . . . . . . . . . . . . Table of Contents
12. General Information
and History . . . . . . . . . . . . . . . . . Not Applicable
13. Investment Objectives
and Policies . . . . . . . . . . . . . . . . . Investment Objectives
and Policies
14. Management of the Fund . . . . . . . . . . . . . Directors and Executive
Officers
15. Control Persons & Principal
Holders of Securities. . . . . . . . . . . . . Capital Stock
<PAGE>
16. Investment Advisory and
Other Services . . . . . . . . . . . . . . . . Investment Advisory and
Other Services
17. Brokerage Allocation and
Other Practices. . . . . . . . . . . . . . . . Portfolio Transactions
and Allocation of
Brokerage
18. Capital Stock and
Other Securities . . . . . . . . . . . . . . . Capital Stock
19. Purchase, Redemption & Pricing
of Securities Being Offered. . . . . . . . . . Computation of Net Asset
Value and Pricing;
Redemption
20. Tax Status . . . . . . . . . . . . . . . . . Taxation
21. Underwriters . . . . . . . . . . . . . . . . . Underwriter
22. Calculations of Performance Data . . . . . . . . Performance
23. Financial Statements . . . . . . . . . . . . . . Financial Statements
<PAGE>
PART A
PROSPECTUS
Incorporated by reference to Part A of Registrant's Post-Effective
Amendment Number 16, filed with the Securities and Exchange Commission in May,
1995. In addition, the following is added:
FORTIS SERIES FUND, INC.
Prospectus Supplement dated July 3, 1995
to cover page of Prospectus dated May 1, 1995
Effective July 3, 1995, Global Bond Series has been reclassified as a
"nondiversified" investment company under the Investment Company Act of 1940,
as amended. However, the Series will still be required to meet certain
diversification requirements in order to qualify as a regulated investment
company for federal income tax purposes under the Internal Revenue Code
of 1986, as amended (the "Code"). The Code also imposes certain diversification
requirements on the investment of segregated accounts underlying variable
annuity and life insurance contracts, and the Series is subject to these
diversification requirements. In addition, the State of California Department
of Insurance imposes certain foreign country diversification limitations on
the Series.
<PAGE>
PART B
STATEMENT OF ADDITIONAL INFORMATION
(AND ACCOMPANYING ANNUAL REPORT DATED DECEMBER 31, 1994)
Incorporated by reference to Part B of Registrant's Post-Effective
Amendment Number 16, filed with the Securities and Exchange Commission in May,
1995. In addition, the following financial statements are submitted, in
accordance with an undertaking previously given:
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
(Unaudited)
March 31, 1995
<TABLE>
<CAPTION>
International Global Global
Stock Bond Asset Allocation
Series Series Series
------ ------ ------
<S> <C> <C> <C>
ASSETS:
Investments in securities, as detailed
in the accompanying schedule, at market
cost ($7,687,086; $6,474,278;
$7,418,162; respectively) (Note A) $ 7,767,814 $ 6,863,455 $ 7,710,508
Cash on deposit with custodian -- 667,746 --
Foreign currency on deposit with custodian 1,381 39,980 --
Receivables:
Forward foreign currency contracts
held, at market (Notes A and C) 267,178 1,818,816 149,395
Interest and dividends 18,930 107,179 99,945
Investment securities sold (Note A) 2,319 525,000 72,870
Subscriptions of capital stock 41,222 17,356 204,485
Prepaid expenses 8,075 8,029 7,836
------------- ------------- -------------
TOTAL ASSETS 8,106,919 10,047,561 8,245,039
------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased (Note A) 356,733 713,851 65,128
Forward foreign currency contracts
held, at market (Notes A and C) 265,362 1,820,155 147,786
Payable for investment advisory
and management fees (Note B) 4,924 3,949 5,484
Accounts payable and accrued expenses 5,746 5,628 5,136
------------- ------------- -------------
TOTAL LIABILITIES 632,765 2,543,583 223,534
------------- ------------- -------------
NET ASSETS:
Net proceeds of capital stock, par
value $.01 per share - authorized
20,000,000,000 shares; outstanding
743,881; 680,040; and 764,637 shares,
respectively 7,397,296 6,925,893 7,681,895
Unrealized appreciation of investments in
securities and other assets and liabilities
denominated in foreign currency 80,384 393,205 297,133
Undistributed net investment income 20,074 163,891 37,087
Accumulated not realized gain (loss)
from sale of investments and
foreign currency (23,600) 20,989 5,390
------------- ------------- -------------
TOTAL NET ASSETS $ 7,474,154 $ 7,503,978 $ 8,021,505
------------- ------------- -------------
------------- ------------- -------------
NET ASSET VALUE PER SHARE $10.05 $11.03 $10.49
------------- ------------- -------------
------------- ------------- -------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
For the Period from December 14, 1994 to March 31, 1995
<TABLE>
<CAPTION>
International Global
Stock Global Bond Asset Allocation
Series Series Series
------ ------ ------
<S> <C> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest income $ 23,168 $ 82,153 $ 53,136
Dividend income 17,603 -- 10,890
------------- ------------- -------------
Total Income* 40,771 82,153 64,026
------------- ------------- -------------
Expenses:
Investment advisory and
management fees (Note B) 12,316 10,071 13,635
Custodian fees 4,890 4,807 4,849
Legal and auditing fees (Note B) 2,701 2,645 2,839
Shareholders' notices and reports 550 541 545
Directors' fees and expenses 135 132 133
Registration fees 122 120 99
Other 57 74 92
------------- ------------- -------------
Total Expenses 20,771 18,390 22,192
------------- ------------- -------------
NET INVESTMENT INCOME 20,000 63,763 41,834
------------- ------------- -------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency (Note A):
Net realized gain (loss) from:
Investments (23,600) 20,989 5,390
Foreign currency transactions 74 100,128 (4,747)
Net change in unrealized appreciation
(depreciation) of:
Investments 80,728 138,647 200,487
Translation of assets and
liabilities denominated
in foreign currency (344) 254,558 96,646
------------- ------------- -------------
NET GAIN ON INVESTMENTS AND FOREIGN
CURRENCY 56,858 514,322 297,776
------------- ------------- -------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 76,858 $ 578,085 $ 339,610
------------- ------------- -------------
------------- ------------- -------------
<FN>
* Net of foreign withholding taxes of $575; $4,969; and $214; respectively
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
GLOBAL BOND SERIES
<TABLE>
<CAPTION>
Period Ended
March 31, 1995
(Unaudited)
--------------
<S> <C>
OPERATIONS:
Net investment income $ 63,763
Net realized gain from
security transactions 20,989
Net realized gain from
foreign currency transactions 100,128
Net change in unrealized appreciation
(depreciation) of investments 138,647
Net change in unrealized appreciation
(depreciation) of translation of
assets and liabilities
denominated in foreign currency 254,558
--------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 578,085
--------------
CAPITAL STOCK SOLD AND REPURCHASED:
Proceeds from sale of 681,607 shares
(Note B) 6,942,067
Less cost of repurchase of 1,567 shares (16,174)
--------------
Net Increase of 680,040 shares 6,925,893
--------------
TOTAL INCREASE IN NET ASSETIS 7,503,978
--------------
NET ASSETS:
Beginning of period --
--------------
End of period (includes undistributed
net investment income of $163,891) $ 7,503,978
--------------
--------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
INTERNATIONAL STOCK SERIES
<TABLE>
<CAPTION>
Period Ended
March 31, 1995
(Unaudited)
---------------
<S> <C>
OPERATIONS:
Net investment income $ 20,000
Net realized gain from
security transactions (23,600)
Net realized gain from
foreign currency transactions 74
Net change in unrealized appreciation
(depreciation) of investments 80,728
Net change in unrealized appreciation
(depreciation) of translation of
assets and liabilities
denominated in foreign currency (344)
-------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 76,858
-------------
CAPITAL STOCK SOLD AND REPURCHASED:
Proceeds from sale of 750,286 shares
(Note B) 7,460,081
Less cost of repurchase of 6,405 shares 62,785
-------------
Net Increase of 743,881 shares 7,397,296
-------------
TOTAL INCREASE IN NET ASSETS 7,474,154
-------------
NET ASSETS:
Beginning of period --
-------------
End of period (includes undistributed
net investment income of $20,074) $ 7,474,154
-------------
-------------
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
GLOBAL ASSET ALLOCATION SERIES
<TABLE>
<CAPTION>
Period Ended
March 31, 1995
(Unaudited)
--------------
<S> <C>
OPERATIONS:
Net investment income $ 41,834
Net realized gain from
security transactions 5,390
Net realized gain from
foreign currency transactions (4,747)
Net change in unrealized appreciation
(depreciation) of investments 200,487
Net change in unrealized appreciation
(depreciation) of translation of
assets and liabilities
denominated in foreign currency 96,646
--------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 339,610
--------------
CAPITAL STOCK SOLD AND REPURCHASED:
Proceeds from sale of 765,043 shares
(Note B) 7,686,026
Less cost of repurchase of 406 shares (4,131)
--------------
Net Increase of 764,637 shares 7,681,895
--------------
TOTAL INCREASE IN NET ASSETS 8,021,505
--------------
NET ASSETS:
Beginning of period --
--------------
End of period (includes undistributed
net investment income of $37,087) $ 8,021,505
--------------
--------------
</TABLE>
<PAGE>
FORTIS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The fund is a diversified, open-end management investment company which
currently is comprised of twelve separate investment portfolios and series
of capital stock including International Stock Series, Global Bond Series,
and Global Asset Allocation Series. The Articles of Incorporation of Fortis
Series Fund, Inc., permits the Board of Directors to create additional
portfolios in the future.
Shares of the fund will not be sold directly to the public, but sold only to
Fortis Benefits Insurance Company (formerly Western Life Insurance Company)
separate accounts in connection with variable insurance contracts and policies.
The inception of International Stock Series, Global Bond Series, and Global
Asset Allocation Series was December 14, 1994 and the commencement of operations
was January 3, 1995.
SECURITY VALUATION:
Investments in securities traded on a national securities exchange or on the
NASDAQ National Market System are valued at the last reported sales price;
listed securities and over-the-counter securities for which no sale was reported
and securities traded in the over-the-counter market are valued at the last
reported bid price. Long-term debt securities are valued at current market
prices on the basis of valuations furnished by an independent pricing service.
Short-term investments, with maturities of less than 60 days when acquired, or
which subsequently are within 60 days of maturity, are valued at amortized cost.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS:
Delivery and payment for securities that have been purchased on a forward
commitment or when-issued basis can take place a month or more after the
transaction date. During this period, such securities are subject to market
fluctuation and the portfolio maintains, in a segregated account with its
custodian, assets with a market value equal to the amount of its purchase
commitments. As of March 31, 1995 the portfolios have entered into no
outstanding when-issued or forward commitments.
FOREIGN CURRENCY TRANSLATIONS AND FORWARD FOREIGN CURRENCY CONTRACTS:
Securities and other assets and liabilities denominated in foreign currencies
are translated daily into U.S. dollars at the closing rate of exchange.
Foreign currency amounts related to the purchase or sale of securities,
income and expenses are translated at the exchange rate on the transaction
date. The effect of changes in foreign exchange rates on realized and
unrealized security gains or losses is reflected as a component of such gains
or losses. In the statement of operations, net realized gains or losses from
foreign currency transactions may arise from sales of foreign currency,
closed forward contracts, exchange gains or losses realized between the trade
date and settlement dates on securities transactions, and other translation
gains or losses on dividends, interest income and foreign
<PAGE>
withholding taxes. It is not practical to identify that portion of realized and
unrealized gain (loss) arising from changes in the exchange rates from the
portion arising from changes in the market value of investments.
The fund may enter into forward foreign currency exchange contracts for
operational purposes and to protect against adverse exchange rate
fluctuation. The net U.S. dollar value of foreign currency underlying all
contractual commitments held by the fund and the resulting unrealized
appreciation or depreciation are determined using foreign currency exchange
rates from an independent pricing service. The fund is subject to the credit
risk that the other party will not complete the obligations of the contract.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME:
Security transactions are accounted for on the trade date and dividend income is
recorded on the ex-dividend date. Interest income is recorded on the accrual
basis. Realized security gains and losses are determined using the identified
cost method. For financial reporting purposes, except for original issue
discount, each portfolio does not amortize bond premium and market discount.
The cost of purchases and proceeds from sales of securities (other than
short-term securities) for the other portfolios were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
- ---------------------------------------------------------------------------
<S> <C> <C>
International Stock Series $ 7,283,956 $ 422,469
Global Bond Series 5,796,071 1,342,782
Global Asset Allocation Series 7,054,893 221,479
</TABLE>
FEDERAL TAXES:
The portfolios intend to qualify, under the Internal Revenue Code, as regulated
investment companies and if so qualified, will not have to pay federal income
taxes to the extent their taxable net income is distributed. For tax purposes,
each portfolio is a single taxable entity. On a calendar year basis, each
portfolio intends to distribute substantially all of its net investment income
and realized gains, if any.
Net investment income and net realized gains differ for financial statement and
tax purposes primarily because of the recognition of market discount and foreign
currency gains (losses) as ordinary income (loss) and the deferral of "wash
sale" losses for tax purposes. The character of distributions made during the
year from net investment income or net realized gains may also differ from its
ultimate characterization for federal income tax purposes. The effect on
dividend distributions of certain current year permanent book-to-tax differences
is reflected as excess distributions of net realized gains or tax return of
capital in the statements of changes in net assets.
On the Statements of Assets and Liabilities, due to permanent book-to-tax
differences, reclassification adjustments in the following amounts have been
made to increase (decrease) accumulated net realized gain (loss) with an
offsetting increase (decrease) to undistributed net invesment income.
<TABLE>
<CAPTION>
Global Global International
Asset Allocation Bond Stock
Series Series Series
---------------- --------- -------------
<S> <C> <C> <C>
Accumulated Net Realized Gain (Loss) $4,747 ($100,128) $(74)
Undistributed Net Investment Income $(4,747) $100,128 $74
</TABLE>
<PAGE>
B. PAYMENTS TO RELATED PARTIES:Fortis Advisers, Inc., is the investment adviser
for each series. Investment advisory and management fees are based on each
series' average daily net assets and decrease in reduced percentages as average
daily net assets increase.
Annual
Series Average Net Assets Advisory Fee
- ---------------------------------------------------------------------------
International For the first $100 million .85%
Stock Series For assets over $100 million .80%
Global Bond For the first $100 million .75%
Series For assets over $100 million .65%
Global Asset For the first $100 million .90%
Allocation For assets over $100 million .85%
Series
Each portfolio has retained as sub-adviser under an investment sub-advisory
agreement to provide investment advice and, in general, to conduct the
management investment program of each portfolio, subject to the general control
of Advisers and the Board of Directors of the Fortis Series. Pursuant to the
sub-advisory agreements, each sub-adviser will regularly provide its respective
portfolio with investment research, advice and supervision and furnish
continuously an investment program for each portfolio consistent with its
investment objectives and policies, including the purchase, retention and
disposition of securities.
From its advisory fee, Advisers pays the following fees to each of the
sub-advisers:
<TABLE>
<CAPTION>
Annual
Series Sub-Adviser Average Net Assets Advisory Fee
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Lazard-Freres For the first $100 million .45%
Stock Series Asset Management For assets over $100 million .375%
Global Bond Warburg Investment For the first $100 million .35%
Series Management For assets over $100 million .225%
International Ltd.
Global Asset Morgan Stanley For the first $100 million .50%
Allocation Asset Management For assets over $100 million .40%
Series Limited
</TABLE>
Out of its advisory fee, but not in excess thereof, Advisers will reimburse the
International Stock Series, the Global Bond Series and the Global Asset
Allocation Series for their expenses, until each series' net assets first reach
$10 million, to the extent that the expenses of the applicable series (including
the investment advisory fees, but excluding interest, taxes, brokerage fees and
comissions) exceed an amount equal, on an annual basis, to 2% of the average
daily net assets of the applicable portfolios.
<PAGE>
Legal fees and expenses aggregating $1,956 for the International Stock Series,
$2,404 for the Global Bond Series, and $2,596 for the Global Asset Allocation
Series were paid to a law firm of which the secretary of the fund is a partner.
C. FORWARD FOREIGN CURRENCY CONTRACTS
At March 31, 1995, the International Stock Series, the Global Bond Series,
and the Global Asset Allocation Series entered into forward foreign
currency exchange contracts that obligated the portfolio to deliver/receive
currencies at a specified future date. The unrealized appreciation
(depreciation) of $(1,816), $(1,339), and $1,609, respectively, on these
contracts is included in the accompanying financial statements. The terms
of the open contracts are as follows:
<TABLE>
<CAPTION>
International Stock Series
- --------------------------
U.S. Dollar U.S. Dollar
Currency To Value As Of Currency To Value As Of
Settle Date Be Delivered March 31, 1995 Be Received March 31, 1995
- -------------- ------------ -------------- ----------- ---------------
<S> <C> <C> <C> <C>
April 4, 1995 3,162 $ 2,319 2,283 $ 2,283
Australian Dollar U.S. Dollar
April 4, 1995 85,148 85,148 627,411 85,130
U.S. Dollar Swedish Krona
April 4, 1995 50,821 50,821 4,383,320 50,733
U.S. Dollar Japanese Yen
April 6, 1995 32,714 32,714 20,455 33,318
U.S. Dollar British Pound Sterling
April 6, 1995 23,889 23,889 27,952 24,823
U.S. Dollar Swiss Franc
April 13, 1995 33,758 33,758 20,841 33,945
U.S. Dollar British Pound Sterling
April 28, 1995 36,713 36,713 177,194 36,946
----------- ---------
U.S. Dollar French Franc
$ 265,362 $ 267,178
</TABLE>
<PAGE>
GLOBAL BOND SERIES
<TABLE>
<CAPTION>
U.S. Dollar U.S. Dollar
Currency to Value As Of Currency To Value As Of
Settle Date Be Delivered March 31, 1995 Be Received March 31, 1995
- ----------- ------------ -------------- ----------- --------------
<S> <C> <C> <C> <C>
May 18, 1995 144,000 $105,540 104,184 $104,184
Australian Dollars U.S. Dollars
May 18, 1995 191,000 309,283 437,940 300,734
British Pound Sterling Deutsche Marks
May 18, 1995 427,840 305,792 191,000 311,710
Deutsche Marks British Pound Sterling
May 18, 1995 401,356 286,863 450,000 292,414
Deutsche Marks Netherland Guilders
May 18, 1995 239,278 238,278 1,185,000 246,080
U.S. Dollars French Francs
May 18, 1995 24,138,000 280,594 271,793 271,793
Japenese Yen U.S. Dollars
May 18, 1995 430,000 292,805 401,358 286,921
---------- ----------
Netherland Guilders Deutshe Marks
$1,820,155 $1,818,815
</TABLE>
GLOBAL ASSET ALLOCATION SERIES
<TABLE>
<CAPTION>
U.S. Dollar U.S. Dollar
Currency To Value As Of Currency To Value As Of
Settle Date Be Delivered March 31, 1995 Be Received March 31, 1995
- ----------- ------------ -------------- ----------- --------------
<S> <C> <C> <C> <C>
June 20, 1995 74,618 $ 74,618 114,910 $ 74,777
U.S. Dollar New Zealand Dollar
June 20, 1995 100,000 73,168 74,518 74,518
----------- ---------
Australian Dollar U.S. Dollar
$147,785 149,395
</TABLE>
<PAGE>
D. FINANCIAL HIGHLIGHTS:
Selected per share historical data for each of the Series is presented based
upon weighted average fund shares outstanding.
<TABLE>
<CAPTION>
International Global Global
Stock Bond Asset Allocation
Series Series Series
------ ------ ------
1995* 1995** 1995**
------------- ---------- ------------
<S> <C> <C> <C>
Not asset value,
beginning of period $10.00 $10.00 $10.00
-----------------------------------------------
Operations:
Investment income-net .03 .11 .06
-----------------------------------------------
Not realized and unrealized
gains (losses) on
investments .02 .92 .43
-----------------------------------------------
Total from operations .05 1.03 .49
-----------------------------------------------
Net asset value, end of period $10.05 $11.03 $10.49
-----------------------------------------------
Total Return@ .47% 10.35% 4.91%
Net assets end of period
(000s omitted) $ 7,474 $ 7,504 $8,022
Ratio of expenses to
average daily net assets 1.41%* 1.35%* 1.39%*
Ratio of net investment
income to average daily
net assets 1.37%* 4.68%* 2.62%*
Portfolio turnover rate 10% 32% 5%
<FN>
* Annualized.
** For the Period January 3, 1995 (commencement of operations) to March 31,
1995. The portfolio's inception was December 14, 1994, when it was
initially capitalized. However, the portfolio's shares did not become
effectively registered under the Securities Act of 1933 until January 3,
1995. Supplementary information is not presented for the period from
December 14, 1994, through January 3, 1995, as the portfolio's shares
were not registered during that period.
@ These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions. This does
not include the effect of any expenses associated with the variable
annuities or variable universal life policies.
</TABLE>
<PAGE>
PART C - OTHER INFORMATION
ITEM 24(a) FINANCIAL STATEMENTS
The following financial statements were included in Parts A and B, respectively,
of Post-Effective Amendment Number 16 to the registration statement (which have
been incorporated by reference into this Post-Effective Amendment Number 17):
Financial Statements included in Part A:
Condensed Financial Information
Financial Statements included in Part B:
All financial statements required by Part B were incorporated therein
by reference to Registrant's 1994 Annual Report to Shareholders.
ITEM 24(b) Exhibits:
(1) Copy of the Charter as now in effect;
*
(2) Copies of the existing bylaws or instruments corresponding thereto;
*
(3) Copies of any voting trust agreement with respect to more than 5 percent of
any class of equity securities of the Registrant;
Inapplicable
(4) Copies of all instruments defining the rights of holders of the securities
being registered, including where applicable, the relevant portion of the
articles of incorporation or bylaws of the Registrant;
Inapplicable
(5) Copies of all investment advisory contracts relating to the management of
the assets of the Registrant;
* and **
(6) Copies of each underwriting or distribution contract between the Registrant
and a principal underwriter, and specimens or copies of all agreements
between principal underwriters and dealers;
*
(7) Copies of all bonus, profit sharing, pension or other similar contracts or
arrangements wholly or partly for the benefit or directors or officers of
the Registrant in their capacity as such; if any such plan is not set forth
in a formal document, furnish a reasonably detailed description thereof;
Inapplicable
(8) Copies of all custodian agreements and depository contracts under Section
17(f) of the 1940 Act, with respect to securities and similar investments
of the Registrant, including the schedule of remuneration;
*
(9) Copies of all other material contracts not made in the ordinary course of
business which are to be performed in whole or in part at or after the date
of filing the Registration Statement;
Inapplicable
<PAGE>
(10) An opinion and consent of counsel as to the legality of the securities
being registered, indicating whether they will when sold be legally issued,
fully paid and non-assessable;
*
(11) Copies of any other opinions, appraisals or rulings and consents to the use
thereof relied on in the preparation of this Registration Statement and
required by Section 7 of the 1933 Act;
Consent of KPMG Peat Marwick LLP
(12) All financial statements omitted from Item 23;
Inapplicable
(13) Copies of any agreements or understandings made in consideration for
providing the initial capital between or among the Registrant, the
underwriter, adviser, promoter or initial stockholders and written
assurances from promoters or initial stockholders that their purchases were
made for investment purposes without any present intention of redeeming or
reselling;
Inapplicable
(14) Copies of the model plan used in the establishment of any retirement plan
in conjunction with which Registrant offers its securities, any
instructions thereto and any other documents making up the model plan. Such
form(s) should disclose the costs and fees charged in connection therewith;
Inapplicable
(15) Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under
the 1940 Act, which describes all material aspects of the financing of
distribution of Registrant's shares, and any agreements with any person
relating to implementation of such plan;
Inapplicable
(16) Schedule for computation of each performance quotation provided in the
Registration Statement in response to Item 22 (which need not be audited);
*
- ----------------------------------------
* Incorporated by reference to Part C of Post-Effective Amendment Numbers 7,
11, 13 and 14 to Registrant's Registration Statement filed with the
Securities and Exchange Commission in March 1990, October 1992, February
1994, and October 1994, respectively.
** Incorporated by reference to Part C of Post-Effective Amendment Number 15
to Registrant's Registration Statement filed with the Securities and
Exchange Commission in March 1995.
<PAGE>
ITEM 25 PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:
Furnish a list or diagram of all persons directly or indirectly controlled
by or under common control with the Registrant and as to each person indicate
(1) if a company, the state or other sovereign power under the laws of which it
is organized; and (2) the percentage of voting securities owned or other basis
of control by the person, if any, immediately controlling it.
Inapplicable
ITEM 26 NUMBER OF HOLDERS OF SECURITIES:
State in substantially the tabular form indicated, as of a specified date
within 90 days prior to the date of filing, the number of record holders
of each class of securities of the Registrant:
The following table sets forth the number of holders of shares of Fortis
Series Fund, Inc. as of March 31, 1995.
(1) (2)
Number of
Title of Class Record Holders
-------------- --------------
Common shares, par value
$.01 per share, Series A
(Growth Stock Series) 1
Common shares, par value
$.01 per share, Series B
(U.S. Government Securities
Series) 1
Common shares, par value
$.01 per share, Series C
(Money Market Series) 1
Common shares, par value
$.01 per share, Series D
(Asset Allocation Series) 1
Common shares, par value
$.01 per share, Series E
(Diversified Income Series) 1
Common Shares, par value
$.01 per share, Series F
(Global Growth Series) 1
Common Shares, par value
$.01 per share, Series G
(High Yield Series) 1
Common Shares, par value
$.01 per share, Series H
(Growth & Income Series) 1
Common Shares, par value
$.01 per share, Series I
(Aggressive Growth Series) 1
<PAGE>
Common Shares, par value
$.01 per share, Series J
(International Stock Series) 1
Common Shares, par value
$.01 per share, Series K
(Global Bond Series) 1
Common Shares, par value
$.01 per share, Series L
(Global Asset Allocation
Series) 1
ITEM 27 INDEMNIFICATION:
State the general effect of any contract, arrangement or statute under which any
director, officer, underwriter or affiliated person of the Registrant is insured
or indemnified in any manner against any liability which may be incurred in such
capacity, other than insurance provided by any director, officer, affiliated
person or underwriter for their own protection.
Incorporated by reference to Post-effective Amendment Number 5 to
Registrant's Registration Statement, filed with the Securities and Exchange
Commission in February, 1988.
ITEM 28 BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER:
Describe any other business, profession, vocation or employment of a substantial
nature in which each investment adviser of the Registrant, and each director,
officer or partner, of any such investment adviser, is or has been, at any time
during the past two fiscal years, engaged for his own account or in the capacity
of director, officer, employee, partner or trustee.
In addition to those listed in the Statement of Additional Information:
Other business,
profession, vocation or
employment of a
Current Position substantial nature during
Name With Advisers past two fiscal years
- ---- ------------- ---------------------
Michael D. O'Connor Qualified Plan Officer Qualified Plan Officer of
Fortis Benefits Insurance
Company and Qualified
Plan Officer for
Investors.
ITEM 29 PRINCIPAL UNDERWRITERS:
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing securities of the
Registrant also acts as a principal underwriter, depositor or investment
adviser.
Fortis Advantage Portfolios, Inc.
Fortis Equity Portfolios, Inc.
Fortis Fiduciary Fund, Inc.
<PAGE>
Fortis Growth Fund, Inc.
Fortis Income Portfolios, Inc.
Fortis Money Portfolios, Inc.
Fortis Securities, Inc.
Fortis Tax-Free Portfolios, Inc.
Fortis Worldwide Portfolios, Inc.
Special Portfolios, Inc.
Variable Accounts C of Fortis Benefits Insurance Company
Variable Accounts D of Fortis Benefits Insurance Company
(b) Furnish the information required by the following table with respect to
each director, officer or partner of each principal underwriter named in
the answer to Item 21.
In addition to those listed in the Statement of Additional Information:
Name and Principal Positions and Offices Positions and Offices
Business Address with Underwriter with Registrant
- -------------------------------------------------------------------------------
Carol M. Houghtby* Treasurer Accounting Officer
Thomas E. Erickson* Assistant Secretary Assistant Secretary
Gregory S. Swenson* Assistant Secretary Assistant Secretary
John E. Hite* Corporate Counsel
and Assistant Secretary Assistant Secretary
- -------------------------------------------------------------------------------
* The business address of these persons is 500 Bielenberg Drive, Woodbury,
Minnesota 55125
(c) Furnish the information required by the following table with respect to all
commissions and other compensation received by each principal underwriter
who is not an affiliated person of the Registrant or an affiliated person
of such an affiliated person, directly or indirectly, from the Registrant
during the Registrant's last fiscal year.
Inapplicable
ITEM 30 LOCATION OF ACCOUNTS AND RECORDS:
With respect to each account, book or other document required to be maintained
by Section 31(a) of the 1940 Act and the Rules (17 CFR 270, 31a-1 to 31a-3)
promulgated thereunder, furnish the name and address of each person maintaining
physical possession of each such account, book or other document.
Fortis Advisers, Inc., 500 Bielenberg Drive, Woodbury, Minnesota 55125
ITEM 31 MANAGEMENT SERVICE:
Furnish a summary of the substantive provisions of any management-related
service contract not discussed in Part I of this Form (because the contract was
not believed to be material to a purchaser of securities of the Registrant)
under which services are provided to the Registrant, indicating the parties to
the contract, the total dollars paid and by whom, for the last three fiscal
years.
Inapplicable
<PAGE>
ITEM 32 UNDERTAKINGS:
Furnish the following undertakings in substantially the following form in all
initial Registration Statements filed under the 1933 Act:
(a) An undertaking to file an amendment to the Registration Statement with
certified financial statements showing the initial capital received before
accepting subscriptions from any persons in excess of 25 if Registrant
proposes to raise its initial capital pursuant to Section 14(a) (3) of the
1940 Act:
Inapplicable
(b) An undertaking to file a post-effective amendment, using financial
statements which need not be certified, within four to six months from the
effective date of Registrant's 1933 Act Registration Statement.
Inapplicable
(c) If the information called for by Item 5A is contained in the latest annual
report to shareholders, an undertaking to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest annual
report to shareholders, upon request and without charge.
Inapplicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this Post-
Effective Amendment to its Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Woodbury, State of
Minnesota, on May 3, 1995.
Fortis Series Fund, Inc.
By: /s/ Dean C. Kopperud
------------------------------
Dean C. Kopperud, President
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to Registration Statement has been signed below by the
following persons in the capacities and on the dates shown.
Signature and Title
- -------------------
/s/ Dean C. Kopperud Dated: May 3, 1995
- ----------------------------------------
Dean C. Kopperud, President
(principal executive officer)
/s/ Tamara L. Fagely Dated: May 3, 1995
- ----------------------------------------
Tamara L. Fagely, Treasurer
(principal financial and accounting officer)
Richard W. Cutting* Leonard J. Santow*
Director Director
Allen R. Freedman* Joseph M. Wikler
Director Director
Robert M. Gavin*
Director /s/ Dean C. Kopperud
-----------------------------------
Benjamin S. Jaffray* Dean C. Kopperud, Pro Se and
Director Attorney-in-Fact
Jean L. King* Dated: May 3, 1995
Director
Edward M. Mahoney* * Registrant's directors
Director executing Power of Attorney
dated March 30, 1995
Thomas R. Pellett*
Director
Robb L. Prince*
Director
<PAGE>
FORTIS SERIES FUND, INC.
POWER OF ATTORNEY
TO SIGN POST-EFFECTIVE AMENDMENTS
TO REGISTRATION STATEMENT
The undersigned, directors of FORTIS SERIES FUND, INC. (the "Company"),
hereby appoint MICHAEL J. RADMER, JOHN W. NORTON, and DEAN C. KEPPERUD, or any
one of them, as attorneys-in-fact for the purpose of signing in their names and
on their bahalf as directors of this Company and filing with the Securities and
Exchange Commission any and all post-effective amendments to the Registration
Statement of the Company on Form N-1A.
Dated: March 30, 1995 /s/ Richard W. Cutting
-------------------------------
RICHARD W. CUTTING, DIRECTOR
/s/ Allen R. Freedman
-------------------------------
ALLEN R. FREEDMAN, DIRECTOR
/s/ Robert M. Gavin
-------------------------------
DR. ROBERT M. GAVIN, DIRECTOR
/s/ Benjamin S. Jaffray
-------------------------------
BENJAMIN S. JAFFRAY, DIRECTOR
/s/ Jean L. King
-------------------------------
JEAN L. KING, DIRECTOR
/s/ Dean C. Kopperud
-------------------------------
DEAN C. KOPPERUD, DIRECTOR
/s/ Edward M. Mahoney
-------------------------------
EDWARD M. MAHONEY, DIRECTOR
/s/ Thomas R. Pellett
-------------------------------
THOMAS R. PELLETT, DIRECTOR
/s/ Robb L. Prince
-------------------------------
ROBB L. PRINCE, DIRECTOR
/s/ Leonard J. Santow,
-------------------------------
LEONARD J. SANTOW, DIRECTOR
/s/ Joseph M. Wikler
-------------------------------
JOSEPH M. WIKLER, DIRECTOR
<PAGE>
EXHIBIT 24(b)(11)
PEAT MARWICK LLP
4200 Norwest Center Telephone 612 341 2222 Telefax 612 341 0202
90 South Seventh Street
Minneapolis, MN 55402
INDEPENDENT AUDITORS' CONSENT
The Board of Directors
Fortis Series Fund, Inc.:
We consent to the use of our report included herein and the reference to our
Firm under the heading "Custodian; Counsel; Accountants" in the Statement of
Additional Information contained in Part B of the Registration Statement.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
May 2, 1995
