<PAGE>
[LOGO]
<PAGE>
- --------------------------------------------------------------------------------
HIGHLIGHTS
<TABLE>
<CAPTION>
U.S.
MONEY GOVERNMENT DIVERSIFIED GLOBAL HIGH
MARKET SECURITIES INCOME BOND YIELD
SERIES SERIES SERIES SERIES SERIES
----------- ------------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C>
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1995:
NET ASSET VALUE PER SHARE:
Beginning of period........................................... $10.63 $ 9.40 $10.40 $10.00 $ 9.47
End of period................................................. $10.53 $10.46 $11.48 $11.54 $10.32
ACCUMULATION UNIT PERFORMANCE:
Fortis Opportunity Annuity/ Masters Variable Annuity.......... +2.16 % +10.54 % + 9.67 % +14.63% +8.28%
Harmony Investment Life....................................... +2.47 % +10.87 % +10.00 % +14.97% +8.60%
Wall Street Series 220/500.................................... +2.26 % +10.63 % + 9.76 % +14.73% +8.38%
<CAPTION>
ASSET
ALLOCATION
SERIES
-----------
<S> <C>
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1995:
NET ASSET VALUE PER SHARE:
Beginning of period........................................... $13.56
End of period................................................. $15.54
ACCUMULATION UNIT PERFORMANCE:
Fortis Opportunity Annuity/ Masters Variable Annuity.......... +13.83 %
Harmony Investment Life....................................... +14.17 %
Wall Street Series 220/500.................................... +13.93 %
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
ASSET GROWTH GLOBAL GROWTH INTERNATIONAL
ALLOCATION & INCOME GROWTH STOCK STOCK
SERIES SERIES SERIES SERIES SERIES
----------- ----------- --------- --------- -------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE:
Beginning of period....................................... $10.00 $10.07 $12.31 $22.11 $10.00
End of period............................................. $11.19 $11.33 $14.37 $26.31 $10.49
ACCUMULATION UNIT PERFORMANCE:
Fortis Opportunity Annuity/ Masters Variable Annuity...... +11.14 % +11.77 % +15.95% +18.22% +4.18 %
Harmony Investment Life................................... +11.47 % +12.10 % +16.30% +18.52% +4.48 %
Wall Street Series 220/500................................ +11.24 % +11.87 % +16.05% +18.33% +4.27 %
<CAPTION>
AGGRESSIVE
GROWTH
SERIES
-----------
<S> <C>
NET ASSET VALUE PER SHARE:
Beginning of period....................................... $ 9.80
End of period............................................. $11.33
ACCUMULATION UNIT PERFORMANCE:
Fortis Opportunity Annuity/ Masters Variable Annuity...... +14.93 %
Harmony Investment Life................................... +15.28 %
Wall Street Series 220/500................................ +15.03 %
</TABLE>
- --------------------------------------------------------------------------------
OPERATING EXPENSES:*
<TABLE>
<CAPTION>
U.S.
MONEY GOVERNMENT DIVERSIFIED GLOBAL
MARKET SECURITIES INCOME BOND
SERIES SERIES SERIES SERIES
------------ ----------------- --------------- -----------
<S> <C> <C> <C> <C>
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1995:
Investment Advisory and Management Fee........................... .30% .46% .47% .75%
Other Expenses................................................... .12% .08% .08% .48%
-- -- --
-----
Total Fortis Series Operating Expenses........................... .42% .54% .55% 1.23%
-- -- --
-----
<CAPTION>
HIGH ASSET
YIELD ALLOCATION
SERIES SERIES
------------ ---------------
<S> <C> <C>
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1995:
Investment Advisory and Management Fee........................... .50% .49%
Other Expenses................................................... .09% .08%
-- --
Total Fortis Series Operating Expenses........................... .59% .57%
-- --
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
ASSET GROWTH & GLOBAL GROWTH
ALLOCATION INCOME GROWTH STOCK
SERIES SERIES SERIES SERIES
------------- --------------- ------------ ------------
<S> <C> <C> <C> <C>
Investment Advisory and Management Fee...................... .90% .70% .70% .62%
Other Expenses.............................................. .45% .09% .16% .05%
-- -- --
-----
Total Fortis Series Operating Expenses...................... 1.35% .79% .86% .67%
-- -- --
-----
<CAPTION>
INTERNATIONAL AGGRESSIVE
STOCK GROWTH
SERIES SERIES
---------------- ---------------
<S> <C> <C>
Investment Advisory and Management Fee...................... .85% .70%
Other Expenses.............................................. .45% .09%
--
-----
Total Fortis Series Operating Expenses...................... 1.30% .79%
--
-----
</TABLE>
* Represents the expenses of the series itself, without the expenses associated
with the variable annuities or variable universal life insurance policies.
Annualized.
<PAGE>
<TABLE>
<S> <C> <C>
FORTIS SERIES FUND, INC.
SEMI-ANNUAL REPORT CONTENTS
Letter to Shareholders 2
Schedules of Investments
Money Market Series 13
U.S. Government Securities Series 14
Diversified Income Series 16
Global Bond Series 20
High Yield Series 22
Asset Allocation Series 25
Global Asset Allocation Series 30
Growth & Income Series 33
Global Growth Series 35
Growth Stock Series 38
International Stock Series 40
Aggressive Growth Series 42
Statements of Assets and
Liabilities 44
Statements of Operations 46
Statements of Changes in Net Assets 48
Notes to Financial Statements 50
Board of Directors and Officers 60
</TABLE>
1
<PAGE>
U.S. GOVERNMENT SECURITIES SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Bonds Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. FHLB Note (7.31%) 2004 9.0%
2. U.S. Treasury Bond (8.125%) 2021 8.8%
3. U.S. Treasury Note (6.75%) 2000 7.1%
4. FHLB Global Note (6.125%) 1996 6.3%
5. DLJ Mtg Acceptance Corp. (8.50%) 2001 5.0%
6. Nomura Asset Securities Corp. (6.68%) 2003 4.4%
7. FNMA Global Note (6.85%) 2000 4.1%
8. U.S. Treasury Note (8.75%) 1997 3.6%
9. CIT Group (7.70%) 2020 3.1%
10. Green Tree Financial Corp. (7.65%) 2019 2.9%
</TABLE>
DEAR SHAREHOLDER,
We're pleased to present the Fortis Series Fund, Inc. semiannual report for the
period ended June 30, 1995.
ECONOMIC REVIEW AND INVESTMENT STRATEGIES
The rise of the U.S. bond and equity markets year-to-date has been surprising
for its strength, yet not entirely unexpected. The reasons for continued vigor
in these markets are quiet inflation and a more relaxed posture by the Federal
Reserve. The economic slowdown in the United States is well under way and may
last another quarter. However, if higher interest rates were partially
responsible for the current "slowdown," today's substantially lower rates should
help growth prospects improve later this year.
MONEY MARKET SERIES
The current yield in this portfolio has remained nearly steady over the past six
months. However, with the Federal Reserve's most recent easing, we feel yields
may decline somewhat during the rest of 1995. Our long-term policy in this
portfolio continues to emphasize safety, quality and liquidity. The investments
are drawn from a carefully researched approved list. Over the past 12 months,
the average maturity has varied between 20 and 35 days.
MONEY MARKET SERIES
PORTFOLIO ALLOCATION AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Money Market Series
Portfolio Allocation as of 6/30/95
Banks 21.9%
Diversified Finance 19.1%
Consumer Financing 12.7%
Captive Auto Finance 8.5%
Captive Equipment Finance 8.3%
Beverage 4.4%
Oil-Refining 4.4%
Brokerage and Investment 4.2%
Captive Oil Finance 4.2%
Tobacco 4.1%
Utilities-Electric 4.1%
Industrial 4.1%
</TABLE>
U.S. GOVERNMENT SECURITIES SERIES
Value of $10,000 invested March 24, 1987
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested March
24, 1987
Lehman Brothers U.S. Government
Intermediate Gov't*** Securities Series
3/4/87 10,000 10,000
87 9,917 9,814
88 10,663 10,459
89 11,739 11,494
90 12,645 12,348
91 13,978 13,464
92 15,776 15,158
93 17,359 16,901
94 17,325 16,038
95 19,049 17,952
<FN>
Annual period ended June 30
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of government bonds with an average maturity of three to
four years.
</TABLE>
2
<PAGE>
DIVERSIFIED INCOME SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Bonds Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. U.S. Treasury Note (9.375%) 1996 5.0%
2. GNMA (9.00%) 2020 4.7%
3. U.S. Treasury Note (7.25%) 1996 4.7%
4. FHLB Note (7.31%) 2004 4.6%
5. U.S. Treasury Bond (8.125%) 2021 4.1%
6. FNMA Note (7.84%) 1998 3.9%
7. Hydro-Quebec (8.00%) 2013 3.0%
8. FNMA (8.50%) 2025 2.9%
9. FNMA Remic (7.70%) 2020 2.9%
10. FHLMC Note (6.615%) 2004 2.9%
</TABLE>
We expect that neither the maturity nor the asset mix will change in the near
future.
U.S. GOVERNMENT PORTFOLIO
This portfolio has experienced little change. When the period began, we held
slightly less than 3 percent in high quality liquid municipal bonds, as we felt
they represented unusual value. However, that market performed well, and this
position was eliminated -- as well as some mortgaged-backed securities -- in
favor of noncallable treasury and government agency securities. We've used the
recent bond rally to shorten duration from 5.5 years to the current 4.75 years.
DIVERSIFIED INCOME SERIES
Changes in this portfolio have been quite modest. At the beginning of this
reporting period, approximately 5 percent of the portfolio's assets were in high
quality municipal bonds, as we felt they represented excellent value. However,
that market performed well, and this position
was eliminated early in the new year. Our allocation to high yield securities
grew from about 21 percent at the beginning to the current position of nearly 25
percent of net assets.
We also have sold small portions of our less call-protected asset-backed
securities in favor of increasing exposure to call-protected treasury and other
government backed securities. We
U.S. GOVERNMENT SECURITIES SERIES
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
U.S. Government Securities Series
Portfolio Composition by Industry
as of 6/30/95
FNMAs 22.0%
U.S. Treasury Securities 21.7%
Other Direct Federal Obligations 15.3%
GNMAs 10.3%
Manufactured Homes 6.9%
Multi-Family Loans 5.0%
Miscellaneous 4.6%
FHLMCs 4.5%
Commercial Loans 4.4%
Receivables/Cash Equivalents 3.0%
Other Government Agencies 1.4%
Whole Loan Residential 0.9%
</TABLE>
DIVERSIFIED INCOME SERIES
Value of $10,000 invested May 2, 1988
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
DIVERSIFIED INCOME SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested May 2,
1988
Lehman Brothers Aggregate Diversified Income Se-
Bond** ries
5/2/88 10,000 10,000
88 10,172 10,150
89 11,415 11,138
90 12,312 12,059
91 13,629 13,266
92 15,543 14,944
93 17,374 16,968
94 17,147 16,525
95 19,316 18,401
<FN>
Annual period ended June 30
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of government, corporate and mortgage-backed securities
with an average maturity of approximately nine years.
</TABLE>
3
<PAGE>
GLOBAL BOND SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Bonds Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. U.S. Treasury Note (5.25%) 1998 8.1%
2. U.S. Treasury Bond (8.875%) 2017 7.9%
3. Kingdom of Denmark (8.00%) 2003 6.6%
4. U.S. Treasury Note (6.25%) 2000 6.5%
5. German Government (8.00%) 2002 6.0%
6. European Investment Bank (4.625%) 2003 5.5%
7. Treuhandanstalt (5.75%) 1999 5.0%
8. Treuhandanstalt (7.00%) 1999 4.8%
9. Japan Development Bank (6.50%) 2001 4.4%
10. United Kingdom Treasury (8.00%) 2000 4.4%
</TABLE>
have used this bond rally to shorten duration from nearly 5 years at the outset
of the period to the current 4.5 years.
GLOBAL BOND
During this investment period, fixed income markets performed well. The rally
was led by United States bonds where the market was encouraged by signs of an
economic slowdown. Meanwhile, price and wage inflation remained impressively
subdued for this stage of the growth cycle. The market produced an overall
return of 5.8 percent in the second quarter, with longer maturities the most
profitable despite a slight steepening of the yield curve. Although firm loan
demand, a weak dollar and a strong equity market do not support the case for a
monetary ease, the Federal Reserve is likely to take out some monetary insurance
against the risk of a recession by easing its hold during the second half of the
year. If the economic slowdown proves to be a typical mid-cycle adjustment
rather than a looming recession, then U.S. yields will have to correct upward.
The Canadian market also displayed weakness and development, and the U.S.
allowed the Bank of Canada to lower rates without threatening the exchange rate.
The Austrian market matched the returns of the U.S. as the economy slowed, and a
fiscal surplus was announced in the budget.
DIVERSIFIED INCOME SERIES
PORTFOLIO COMPOSITION BY
INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Diversified Income Series
Portfolio Composition by Industry
as of 6/30/95
Other 27.7%
FNMAs 17.3%
U.S. Treasury Securities 13.8%
GNMAs 10.4%
Manufactured Homes 6.0%
Receivables/Cash Equivalents 5.8%
Other Direct Federal Obligations 5.3%
FHLMCs 4.2%
Food-Grocery, Miscellaneous 3.4%
Retail 3.1%
Foreign - Government 3.0%
</TABLE>
GLOBAL BOND SERIES
Value of $10,000 invested January 3, 1995
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GLOBAL BOND SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested January
3, 1995
Salomon Bros World Gov't Global Asset Allocation
Bond Index*** Series
1/3/95 10,000 10,000
6/30/95 11,686 11,541
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of world government bonds with maturities of at least one
year.
</TABLE>
4
<PAGE>
HIGH YIELD SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Bonds Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. RXI Holdings, Inc. (14.00%) 2002 2.4%
2. Computervision Corp. (11.375%) 1999 2.3%
3. Terex Corp. (13.75%) 2002 2.1%
4. GPA Delaware, Inc. (8.75%) 1998 2.0%
5. Envirodyne Industries, Inc. (10.25%) 2001 1.9%
6. Haynes International, Inc. (11.25%) 1998 1.8%
7. Trump Taj Mahal Funding, Inc. (11.35%) 1999 1.7%
8. Marvel (Parent) Holdings, Inc. (12.25%) 1998 1.6%
9. All-American Bottling Corp. (13.00%) 2001 1.5%
10. Drypers Corp. (12.50%) 2002 1.5%
</TABLE>
Japanese bonds maintained their first quarter rally, and benchmark yields fell
below 3.0 percent -- the lowest level since 1987. The strong yen continued to
threaten the economic recovery while the financial system remained fragile and
deflation pressures mounted. Domestic investors, faced with a falling stock
market, low returns on cash and an aversion to foreign exchange risk, gave
strong support to the market.
HIGH YIELD
This portfolio increased in size by more than 50 percent during the past six
months. This allowed the fund to become even more widely diversified. Six months
ago, the fund held 69 high yield securities; currently, it holds 86 separate
credits. Major industry concentrations include leisure time-amusements at 9.5
percent of net assets; machinery and media, both with 8 percent of net assets;
retail with nearly 11 per-
cent of net assets; and transportation securities with slightly less than 8
percent of net assets.
Because we believe the economy will pick up steam later this year and into 1996,
many credits in the High Yield Portfolio may demonstrate improving cash flows
and credit worthiness.
ASSET ALLOCATION
There were some small changes in the fixed income portion of the Asset
Allocation Portfolio over the past six months. When the period began, our
allocation
GLOBAL BOND SERIES
PORTFOLIO DIVERSIFICATION BY
COUNTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Global Bond Series
Portfolio Diversification by
Country as of 6/30/95
United States 26.8%
Germany 21.7%
Receivables/Cash Equivalents 18.3%
Japan 16.4%
United Kingdom 7.6%
Denmark 6.6%
Netherlands 2.6%
</TABLE>
HIGH YIELD SERIES
Value of $10,000 invested May 2, 1994
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
HIGH YIELD SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested May 2,
1994
Lehman Brothers High
Yield Index*** High Yield Series
5/2/94 10,000 10,000
6/30/94 10,036 9,998
6/30/95 11,423 10,817
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of lower quality, high yield corporate debt securities.
</TABLE>
5
<PAGE>
ASSET ALLOCATION SERIES
TOP HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. 3Com Corp. 1.6%
2. Oracle Systems Corp. 1.6%
3. Microsoft Corp. 1.5%
4. Ericsson (L.M.) Telephone Co. Class B ADR 1.4%
5. Silicon Graphics, Inc. 1.4%
<CAPTION>
Bonds
- -----------------------------------------------------------------------------
<C> <S> <C>
1. U.S. Treasury Note (7.25%) 1996 3.6%
2. FNMA Note (7.84%) 1998 2.7%
3. U.S. Treasury Bond (8.125%) 2021 2.5%
4. Hydro-Quebec (8.00%) 2013 2.1%
5. FHLB Global Note (6.125%) 1996 2.0%
</TABLE>
PORTFOLIO CHANGES FOR THE
SIX-MONTH PERIOD ENDED 6/30/95
STOCK ADDITIONS:
Computer Associates International, Inc.
Disney (Walt) Co.
Novell, Inc.
STOCK ELIMINATIONS:
ALC Communications Corp.
Brinker International, Inc.
H & R Block, Inc.
Lotus Development Corp.
Toys 'R' Us
WMX Technologies, Inc.
was 40/60 stocks to fixed income. In early April, we changed it to 50/50.
At the beginning of this period, we had committed about 3 percent of assets to
high grade municipal securities, as they seemed to represent value, and our
commitment to high yield bonds was 12 percent. By the end of this period, we had
eliminated the municipal holdings and brought our high yield portion down to
slightly less than 10 percent of net assets. Over this period, we had reduced
our overall duration by six months to the current 4.5 years.
The equity portion has benefited from the rise in stock prices, and, in
particular, the strength in large-size growth stocks.
HIGH YIELD SERIES
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
High Yield Series
Portfolio Composition by Industry
as of 6/30/95
Other 24.6%
Retail 10.7%
Leisure Time-Amusements 9.5%
Consumer Goods 8.7%
Machinery 8.0%
Media 8.0%
Transportation 7.6%
Metals-Mining and Misc. 7.4%
Containers and Packaging 6.5%
Food-Grocery, Misc. 5.4%
Receivables/Cash Equivalents 3.6%
</TABLE>
ASSET ALLOCATION SERIES
Value of $10,000 invested April 1, 1987
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
ASSET ALLOCATION SERIES
<S> <C> <C> <C>
Average Annual Total Return
Value of $10,000 invested April 1,
1987
Lehman Brothers Agregate
Bond Index t S&P 500 tt Asset Allocation Series
4/1/87 10,000 10,000 10,000
87 10,098 10,607 10,392
88 10,911 9,875 9,809
89 12,244 11,902 11,095
90 13,206 13,854 12,838
91 14,619 14,877 13,674
92 16,671 16,880 15,690
93 18,636 19,174 17,608
94 18,392 19,431 17,564
95 20,719 24,490 21,130
<FN>
Annual period ended June 30
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and capital
gains distributions.
** Date shares were first offered to the public.
+ An unmanaged index of government, corporate, and mortgage-backed securities
with an average maturity of approximately nine years.
++ This is an unmanaged index of 500 common stocks.
</TABLE>
6
<PAGE>
GLOBAL ASSET ALLOCATION SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Bonds Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. U.S. Treasury Note (7.875%) 2004 4.0%
2. Treuhandanstalt (6.75%) 2004 3.2%
3. German Government (6.50%) 2003 3.1%
4. U.S. Treasury Note (6.75%) 1999 2.8%
5. French Government (6.75%) 2003 2.6%
6. U.S. Treasury Note (7.25%) 2004 2.4%
7. U.S. Treasury Note (6.25%) 2000 2.3%
8. Austrian Government (4.75%) 2004 2.2%
9. United Kingdom Treasury (8.00%) 2000 2.1%
10. U.S. Treasury Note (8.125%) 2019 2.1%
</TABLE>
GLOBAL ASSET ALLOCATION
As expected, a slowing U.S. economy resulted in a second quarter bond market
that showed further significant gains after its remarkable strength in the first
quarter.
In Japan, investors are simultaneously seeing the unusual occurrence of strength
in bonds and weakness in stocks. In continental Europe, the consumer continues
to hibernate as employment insecurity offsets any confidence created by strong
export demand. This is even the case in the weak currency markets of Italy,
Sweden and the UK where export demand has been exceptionally strong.
This backdrop creates a positive environment for both bonds and equities though
returns from equities have been slowed by poor
pricing power outside the U.S.
where the technology sector and an undervalued currency have underpinned
corporate profits already sustained by the massive restructuring of recent
years. Japan, confronted by the overvaluation of the yen faces similar
restructuring in its corporate sec-
ASSET ALLOCATION SERIES
PORTFOLIO ALLOCATION AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Asset Allocation Series
Portfolio Allocation as of 6/30/95
Equities 41.2%
Bonds 43.0%
Cash Equivalents/Receivables 15.8%
</TABLE>
GLOBAL ASSET ALLOCATION SERIES
Value of $10,000 invested January 3, 1995
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GLOBAL ASSET ALLOCATION SERIES
<S> <C> <C> <C>
Average Annual Total Return*
Value of $10,000 invested January
3, 1995
Salomon Bros World Gov't Global Asset Allocation
Bond Index tt MSCI World Index t Series
1/3/95 10,000 10,000 10,000
6/30/95 11,686 10,942 11,189
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and capital
gains distributions.
** Date shares were first offered to the public.
+ An unmanaged index of world government bonds with maturities of at least one
year.
++ An unmanaged index of the world's major equity markets in U.S. dollars,
weighted by stock market value.
</TABLE>
7
<PAGE>
GROWTH & INCOME SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. Sears Roebuck & Co. 2.0%
2. Bell Atlantic Corp. 1.9%
3. MBNA Corp. 1.9%
4. Philip Morris Companies, Inc. 1.9%
5. Household International, Inc. 1.9%
6. McGraw-Hill Companies, Inc. 1.9%
7. UST, Inc. 1.9%
8. Kerr McGee Corp. 1.9%
9. AMP, Inc. 1.9%
10. American Express Co. 1.9%
</TABLE>
PORTFOLIO CHANGES FOR THE
SIX-MONTH PERIOD ENDED 6/30/95
ADDITIONS:
Avery Dennison Corp.
Frontier Corp.
Lilly Eli & Co., Inc.
U.S. HealthCare, Inc.
Williams Companies, Inc.
ELIMINATIONS:
Hong Kong Telecommunications Ltd. ADR
Louisiana Land & Exploration Co.
National Data Corp.
Rochester Telephone Corp.
TJX Companies, Inc.
tor. Any analysis of its corporate culture points to the extreme difficulty of
this task. In recent days, there has been an indication from the Bank of Japan
of its capacity to ease money supply. This will help moderate deflationary
pressures, but in itself will not solve the problem of how Japan adapts to its
structural loss of competitiveness.
This is the principal uncertainty behind the benign environment of low growth
and low inflation that is currently underpinning both bond and equity
valuations. With more interest rate cuts unlikely anytime soon, equities and
bonds will look to earnings and currency movements for guidance. We remain
confident in the portfolio's current valuations in both asset categories.
GROWTH AND INCOME SERIES
We have constructed the Growth and Income Portfolio to generate
a market average or better yield. At midyear, the portfolio had a dividend yield
of 1.06%, compared to a 1.23% yield on the S&P Stock Index. Besides an absolute
yield requirement, we select stocks of companies we believe will grow their
earnings to increase dividends in future years, thereby providing an attractive
total return over the long term.
GLOBAL ASSET ALLOCATION SERIES
PORTFOLIO ALLOCATION AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Global Asset Allocation Series
Portfolio Allocation as of 6/30/95
Common Stocks 49.3%
Bonds 40.8%
Cash Equivalents/Receivables 9.9%
</TABLE>
GROWTH & INCOME SERIES
Value of $10,000 invested May 2, 1994
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH & INCOME SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested May 2,
1994
S&P 500*** Growth & Income Series
5/2/94 10,000 10,000
6/30/94 9,912 9,942
6/30/95 12,492 11,448
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of 500 common stocks.
</TABLE>
8
<PAGE>
GLOBAL GROWTH SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. Nokia (AB) K Shares (Finland) 5.2%
2. SAP AG Systeme Non-Voting Preferred (Germany) 4.7%
3. Gartner Group, Inc. Class A (US) 2.7%
4. Applied Materials, Inc. (US) 1.9%
5. Randstad Holdings (Netherlands) 1.9%
6. 3Com Corp. (US) 1.7%
7. Tellabs, Inc. (US) 1.7%
8. Wisconsin Central Transportation Corp. (US) 1.6%
9. Astra 'B' Free (Sweden) 1.6%
10. Synopsys, Inc. (US) 1.5%
</TABLE>
PORTFOLIO CHANGES FOR THE
SIX-MONTH PERIOD ENDED 6/30/95
ADDITIONS:
Bangkok Bank Co. Ltd.
Bed, Bath & Beyond, Inc.
Buenos Aires Embotelladora S.A. ADR
Dixons Group plc
Indian Hotels Co., Ltd. (The)
Nera AS ADR
Roche Holdings AG, Genusscheine NVP
Sanofi SA
Sensormatic Electronics Corp.
SGL Carbon AG
Steris Corp.
Tellabs, Inc.
Thorn Lighting Group plc
U.S. Robotics Corp.
Videotron Holdings plc ADR
Viking Office Products, Inc.
Western Atlas, Inc.
ELIMINATIONS:
Alcatel Cable
Alpine Electronics
Banco Latinoamericano de Exportaciones S.A.
Boomtown, Inc.
Brinker International, Inc.
Celcius Industrier Class B
Compania de Telefonos de Chile S.A. ADS
Dairy Farm International Holdings Ltd.
Forest Laboratories, Inc.
Grupo Televisa, S.A. de C.V. ADR
International Game Technology
Jusco Co.
Kirby Corp.
Perrigo Co.
Royal PTT Nederland NV
Sembawang Shipyard Ltd.
SkyWest, Inc.
Stein Mart, Inc.
Swire Pacific Ltd. 'A'
Sybase, Inc.
Telecom de Argentina ADR
Telefonica de Argentina ADR
Total Co Francaise Petroles 'B'
U.S. HealthCare, Inc.
Portfolio holdings are widely diversified across a number of industries,
including financial services, drug companies and other health care providers,
and companies in various energy-related areas.
GLOBAL GROWTH SERIES
The Global Growth Series invests in both international and domestic-based
companies with above average growth prospects. Growth-oriented equities have
benefited from lower interest rates and strong earnings gains over the past six
months. With a moderately expanding global economy in 1995, this favorable
environment for growth-oriented investors is likely to persist.
Global liquidity has improved since the Mexican peso crisis and most
growth-oriented investments have responded favorably.
The main laggard has been Japan, which appears to be in a deflationary spiral
brought on by falling real estate prices and a strong currency.
Eventually all global markets will benefit from lower interest rates and greater
global liquidity. Our
GROWTH & INCOME SERIES
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Growth & Income Series
Portfolio Composition by industry
as of 6/30/95
Other 34.1%
Cash Equivalents/Receivables 16.2%
Finance Companies 9.9%
Drugs 8.3%
Machinery-Oil and Well 6.4%
Chemicals 5.4%
Utilities-Telephone 5.4%
Tobacco 3.8%
Publishing 3.6%
Business Services and Supplies 3.5%
Oil-Crude Petroleum and Gas 3.4%
</TABLE>
GLOBAL GROWTH SERIES
Value of $10,000 invested May 1, 1992
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GLOBAL GROWTH SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested May 1,
1992
MSCI World Index*** Global Growth Portfolio
5/1/92 10,000 10,000
92 10,057 9,967
93 11,828 11,996
94 13,102 12,002
95 14,571 14,808
<FN>
Annual period ended June 30
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of the world's major equity markets in U.S. dollars,
weighted by stock market value.
</TABLE>
9
<PAGE>
GROWTH STOCK SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. Tellabs, Inc. 4.6%
2. 3Com Corp. 4.3%
3. Oracle Corp. 3.8%
4. Informix Corp. 3.4%
5. Cisco Systems, Inc. 3.2%
6. Microsoft Corp. 2.5%
7. DSC Communications Corp. 2.5%
8. Solectron Corp. 2.1%
9. Lam Research Corp. 2.1%
10. Applied Materials, Inc. 1.9%
</TABLE>
PORTFOLIO CHANGES FOR THE
SIX-MONTH PERIOD ENDED 6/30/95
ADDITIONS:
ADC Telecommunications, Inc.
America Online, Inc.
Computer Associates International, Inc.
Cypress Semiconductor Corp.
HBO & Co.
Legent Corp.
Medaphis Corp.
Micron Technology, Inc.
Motorola, Inc.
Novell, Inc.
Oxford Health Plans, Inc.
Staples, Inc.
Tommy Hilfiger Corp.
Vencor, Inc.
ELIMINATIONS:
Brinker International, Inc.
Buffets, Inc.
Grupo Televisa, S.A. de C.V. ADR
International Game Technology
Landmark Graphics Corp.
Sybase, Inc.
focus on well-managed, niche-oriented growth companies worldwide provides both
diversification and the exposure to the trend toward greater globalization.
GROWTH STOCK SERIES
The Growth Stock Portfolio has benefited from significant holdings in technology
stocks. While subject to wide swings in shorter time periods, these stocks
represent what we believe will be a sustainable growth theme for the balance of
the 1990s: the need for companies to improve productivity to compete globally in
the markets of the future. Beyond business uses, technology also is entering the
lives of individuals in ever-increasing ways.
Other important areas in the portfolio include health care, financial services
and category-dominant retailers. As always, we look for companies with well
above average growth in revenues and earnings over a sustained period of time.
GLOBAL GROWTH SERIES
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Global Growth Series
Average Annual Total Return*
Portfolio Diversification by
Country as of 6/30/95
United States 37.7%
Receivables/Cash Equivalents 15.5%
Other 12.4%
United Kingdom 6.9%
Netherlands 6.0%
Germany 5.7%
Finland 5.2%
Japan 4.3%
Sweden 2.7%
Italy 1.9%
Isreal 1.7%
</TABLE>
GROWTH STOCK SERIES
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Growth Stock Series
Average Annual Total Return*
Portfolio Composition by industry
as of 6/30/95
Computer-Software 18.7%
Telecommunications 15.7%
Other 14.7%
Cash Equivalents/Receivables 12.5%
Electronic-Controls and Equipment 7.7%
Electronic-Semiconductor and
Capacitor 6.4%
Retail-Miscellaneous 6.1%
Telephone Services 4.3%
Finance Companies 4.2%
Health Care Services 5.8%
Office Equipment and Supplies 3.9%
</TABLE>
GROWTH STOCK SERIES
Value of $10,000 invested March 24, 1987
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GROWTH STOCK SERIES
<S> <C> <C>
Value of $10,000 invested March
24, 1987
S&P 500*** Growth Stock Series
3/24/87 10,000 10,000
87 10,514 9,812
88 9,788 9,012
89 11,797 10,978
90 13,732 13,162
91 14,746 14,149
92 16,732 16,391
93 19,005 19,468
94 19,260 18,275
95 24,274 23,731
<FN>
Annual period ended June 30
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of 500 common stocks.
</TABLE>
10
<PAGE>
INTERNATIONAL STOCK SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. Veba ag 2.9%
2. Heineken NV 2.8%
3. Nestle S.A. Registered 2.8%
4. DDI Corp. 2.6%
5. British Aerospace plc ADR 2.4%
6. Thorn Emi 2.4%
7. Rohm Co. 2.3%
8. Schw Rueckversicherungs 2.2%
9. Mitsubishi 2.2%
10. Societe Generale Surv BR SZF10 2.2%
</TABLE>
INTERNATIONAL STOCK SERIES
In the first quarter, strong currencies in Japan and the Deutsche Mark bloc
muted recoveries and hurt competitiveness, while the weak U.S. dollar did not
prevent the U.S. market from gaining after a stagnant period. As most
international markets fell during the first three months of this period, any
positive returns for dollar-based investors came from currency gains.
Unfortunately, currency hedging prevented positive relative returns from
European currencies.
Portfolio performance was outstanding during the second quarter, producing a
solid year-to-date gain. Strong stock selection and a low relative exposure to
Japan led to significant outperformance. Many undervalued European cyclical
stocks in the portfolio rebounded strongly as earlier fears of a slowdown were
erased. The portfolio's low exposure to
Japan added value as the market fell 8 percent with little help from an only
slightly stronger yen. Currency hedging also added value during the second
quarter as the U.S. dollar rebounded against most European currencies. We used
this opportunity to reduce the total hedge position.
After a sustained period of macroeconomic focus, undervalued securities are
beginning to get deserved recognition from the market. With international
valuations at their lowest levels in two years and companies beginning to reap
the benefits of re-engineering, the outlook is clearly favorable.
INTERNATIONAL STOCK SERIES
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
International Stock Series
Portfolio Diversification by
Country as of 6/30/95
United Kingdom 16.9%
Japan 15.3%
Other 15.1%
Switzerland 10.4%
Netherlands 10.3%
France 9.3%
Germany 8.6%
Receivables/Cash Equivalents 6.2%
Sweden 4.6%
Australia 3.3%
</TABLE>
INTERNATIONAL STOCK SERIES
Value of $10,000 invested January 3, 1995
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
INTERNATIONAL STOCK SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested January
3, 1995
International Stock Se-
MSCI EAFE*** ries
1/3/95 10,000 10,000
6/30/95 10,276 10,488
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of the stocks of Europe, Australia, and the Far East.
</TABLE>
11
<PAGE>
AGGRESSIVE GROWTH SERIES
PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Aggressive Growth Series
Portfolio Composition by Industry
as of 6/30/95
Cash Equivalents/Receivables 26.3%
Computer-Software 15.4%
Other 13.1%
Retail-Miscellaneous 11.1%
Telecommunications 7.7%
Electronic-Semiconductor and
Capacitor 7.3%
Health Care Services 5.0%
Office Equipment and Supplies 4.2%
Electronic-Controls and Equipment 3.9%
Business Services and Supplies 3.4%
Restaurants and Franchising 2.6%
</TABLE>
PORTFOLIO CHANGES FOR THE
SIX-MONTH PERIOD ENDED 6/30/95
ADDITIONS:
ADC Telecommunications, Inc.
Alliance Semiconductor Corp.
American Oncology Resources, Inc.
Cerner Corp.
FTP Software, Inc.
Franklin Electric Publishers, Inc.
Hollywood Entertainment Corp.
Indigo NV
Integrated Device Technology, Inc.
Integrated Silicon Solutions, Inc.
Macromedia, Inc.
Medaphis Corp.
Medic Computer Systems, Inc.
MedPartners, Inc.
Network General Corp.
Rotech Medical Corp.
Sunglass Hut International, Inc.
System Software Associates, Inc.
ELIMINATIONS:
Cygne Designs, Inc.
DOVatron International, Inc.
ECI Telecom Ltd.
Franklin Quest Co.
Mid Atlantic Medical Services, Inc.
Powersoft Corp.
Resound Corp.
Rio Hotel & Casino, Inc.
Starbucks Corp.
Stein Mart, Inc.
Wall Data
AGGRESSIVE GROWTH SERIES
While the stocks of smaller, emerging growth companies, such as those
represented in the Aggressive Growth Portfolio, lagged those of large
multinational companies in the early stages of the market advance, they have
recently gained ground dramatically as growth stocks have moved back into favor
with investors. Earnings of growth companies should continue to increase
strongly as cyclical earnings begin to weaken under the pressure of a slowing
economy.
AGGRESSIVE GROWTH SERIES
TOP TEN HOLDINGS AS OF 6/30/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -----------------------------------------------------------------------------
<C> <S> <C>
1. Informix Corp. 4.7%
2. Tellabs, Inc. 2.4%
3. Input/Output, Inc. 2.3%
4. Unitrode Corp. 2.0%
5. DSC Communications Corp. 2.0%
6. Alliance Semiconductor Corp. 1.9%
7. Synopsys, Inc. 1.9%
8. United Waste System, Inc. 1.9%
9. Acxiom Corp. 1.9%
10. Parametric Technology Corp. 1.8%
</TABLE>
IN CLOSING
We appreciate your investment with Fortis. If you have any questions, please
call us or talk with your investment professional.
Sincerely,
/s/ DEAN C. KOPPERUD
Dean C. Kopperud
President
/s/ STEPHEN M. POLING
Stephen M. Poling
Vice President
/s/ DENNIS M. OTT
Dennis M. Ott
Vice President
/s/ JAMES S. BYRD
James S. Byrd
Vice President
July 26, 1995
AGGRESSIVE GROWTH SERIES
Value of $10,000 invested May 2, 1994
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH SERIES
<S> <C> <C>
Average Annual Total Return*
Value of $10,000 invested May 2,
1994
S&P 500*** Aggressive Growth Series
5/2/94 10,000 10,000
6/30/94 9,912 9,133
6/30/95 12,492 11,352
<FN>
Past performance is not indicative of future performance. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. This represents the performance of the Series
itself, without the expenses associated with the variable annuities or variable
universal life insurance policies.
* SEC defined total returns, including reinvestment of all dividend and
capital gains distributions.
** Date shares were first offered to the public.
*** An unmanaged index of 500 common stocks.
</TABLE>
12
<PAGE>
FORTIS SERIES FUND, INC. MONEY MARKET SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
SHORT-TERM INVESTMENTS-99.97%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -----------
<C> <S> <C>
BANKS-21.88%
$1,800,000 Banc One Corp., 6.14% 7-13-1995 (c).......................................................... A1
1,762,000 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.................... A1+
1,800,000 National Westminster Bancorp, Inc., 6.21% 7-11-1995.......................................... A1+
1,800,000 Norwest Corp., 6.01% 9-8-1995................................................................ A1+
1,800,000 Toronto Dominion Holdings USA, Inc., 6.13% 7-24-1995......................................... A1+
BEVERAGE-4.40%
1,800,000 Pepsico, Inc., 6.02% 7-18-1995............................................................... A1
BROKERAGE AND INVESTMENT-4.15%
1,700,000 Merrill Lynch & Co., Inc., 6.21% 7-20-1995................................................... A1+
CAPTIVE AUTO FINANCE-8.50%
1,800,000 Ford Motor Credit Co., 6.00% 8-25-1995....................................................... A1
1,700,000 General Motors Acceptance Corp., 6.17% 8-22-1995............................................. D1**
CAPTIVE EQUIPMENT FINANCE-8.32%
1,800,000 IBM Credit Corp., 6.11% 7-17-1995............................................................ A1
1,600,000 John Deere Credit Corp., 6.06% 7-10-1995..................................................... A1
CAPTIVE OIL FINANCE-4.16%
1,700,000 Chevron Oil Finance Co., 5.99% 7-19-1995..................................................... A1+
CONSUMER FINANCING-12.70%
1,700,000 American General Finance Corp., 6.13% 7-26-1995.............................................. A1+
1,700,000 Beneficial Corp., 6.07% 7-7-1995............................................................. A1
1,800,000 Household Finance Corp., 6.02% 8-3-1995...................................................... A1+
DIVERSIFIED FINANCE-19.06%
707,000 Associates Corp. Master Variable Rate Note, Current rate - 6.00%............................. A1+
1,800,000 CIT Group Holdings, Inc., 6.05% 7-21-1995.................................................... A1
1,800,000 General Electric Capital Corp., 6.02% 8-16-1995.............................................. A1+
1,700,000 Heller Financial, Inc., 6.11% 8-9-1995....................................................... A1
1,800,000 Prudential Funding Corp., 6.11% 7-6-1995..................................................... A1+
INDUSTRIAL-4.14%
1,700,000 Dupont (E.I.) De Nemours & Co., 5.94% 8-11-1995 (e).......................................... A1+
OIL-REFINING-4.40%
1,800,000 Texaco, Inc., 6.09% 7-14-1995................................................................ A1
TOBACCO-4.13%
1,700,000 Phillip Morris Companies, Inc., 6.00% 8-24-1995.............................................. A1
UTILITIES-ELECTRIC-4.13%
1,700,000 Central & South West Credit Corp., 6.10% 8-21-1995........................................... P1*
TOTAL SHORT-TERM INVESTMENTS (COST: $40,780,380) (A).........................................
<CAPTION>
Principal Market
Amount Cost (a) Value (b)
- ------------ ------------ ------------
<C> <C> <C>
$1,800,000 $1,796,113 $1,796,113
1,762,000 1,762,000 1,762,000
1,800,000 1,796,683 1,796,683
1,800,000 1,778,904 1,779,455
1,800,000 1,792,848 1,792,848
------------ ------------
8,926,548 8,927,099
------------ ------------
1,800,000 1,794,690 1,794,690
------------ ------------
1,700,000 1,694,305 1,694,305
------------ ------------
1,800,000 1,783,620 1,783,620
1,700,000 1,685,008 1,685,008
------------ ------------
3,468,628 3,468,628
------------ ------------
1,800,000 1,794,943 1,794,943
1,600,000 1,597,369 1,597,369
------------ ------------
3,392,312 3,392,312
------------ ------------
1,700,000 1,694,733 1,694,733
------------ ------------
1,700,000 1,692,683 1,692,683
1,700,000 1,698,040 1,698,040
1,800,000 1,789,987 1,789,987
------------ ------------
5,180,710 5,180,710
------------ ------------
707,000 707,000 707,000
1,800,000 1,793,795 1,793,795
1,800,000 1,786,182 1,786,182
1,700,000 1,688,761 1,688,761
1,800,000 1,798,215 1,798,215
------------ ------------
7,773,953 7,773,953
------------ ------------
1,700,000 1,688,497 1,688,497
------------ ------------
1,800,000 1,795,835 1,795,835
------------ ------------
1,700,000 1,684,780 1,684,780
------------ ------------
1,700,000 1,685,389 1,685,389
------------ ------------
$40,780,931
------------
------------
</TABLE>
(a) At June 30, 1995, the cost of securities for federal income tax purposes
was $40,780,380 and the aggregate gross
unrealized appreciation and depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation............................................................................................... $ 551
Unrealized depreciation............................................................................................... 0
- ---------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation........................................................................................... $ 551
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(b) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) Commercial paper sold within terms of a private placement memorandum,
exempt from registration under section 4(2)
of the Securities Act of 1933, as amended, and may be sold only to dealers
in that program or other "accredited
investors." These securities have been determined to be liquid under the
guidelines established by the Board of Directors.
(d) Commercial paper sold within terms of private placement memorandum, exempt
from registration under section 4(2) of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other
"accredited investors". These securities have been identified by Portfolio
management as illiquid securities. The value of these securities at June
30, 1995 is $1,688,497, which represents 4.14% of net assets.
(e) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
* Moody's Rating
** Duff & Phelps Rating
13
<PAGE>
FORTIS SERIES FUND, INC. U.S. GOVERNMENT SECURITIES SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
ASSET BACKED SECURITIES-21.86%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
COMMERCIAL LOANS-4.43%
$8,100,000 Nomura Asset Securities Corp., 6.68% Ser 1993-1 Cl A3 Congregate Care Pass Thru Certificate
12-15-2003................................................................................. A
MANUFACTURED HOMES-6.89%
5,246,103 CIT Group Manufactured Housing Contract, 7.70% Sr Sub Pass Thru Certificate Ser 1995-1 Cl A
5-15-2020.................................................................................. Aaa*
3,000,000 Green Tree Financial Corp., 8.35% Ser 1994-7 Class A4 3-15-2020.............................. Aaa*
3,500,000 Oakwood Mtg Investors, Inc., 7.10% Ser 1995-A Cl A3 9-15-2020................................ AAA
MISCELLANEOUS-4.60%
5,000,000 Green Tree Financial Corp., 7.65% Ser 1994-1 Class A5 Sr Sub Pass Thru Certificate
4-15-2019.................................................................................. Aa2*
2,965,568 Vanderbilt Mtg & Finance, Inc., 7.00% Ser 1994-A Cl A1 Mfg Housing Contract 7-10-2019........ AA
MULTI-FAMILY LOANS-5.05%
8,501,000 DLJ Mtg Acceptance Corp., 8.50% Ser 1994-4 Cl A2 Multifamily Mtg Pass Thru Certificate
4-18-2001.................................................................................. A
WHOLE LOAN RESIDENTIAL-0.89%
1,513,767 General Electric Capital Mtg Securities, 8.50% Ser 1995-2 Cl M 5-25-2025..................... AA
TOTAL ASSET BACKED SECURITIES................................................................
<CAPTION>
Principal Market
Amount Cost (a) Value (b)
- ------------ ------------ ------------
<C> <C> <C>
$8,100,000
$7,879,578 $7,769,520
------------ ------------
5,246,103
5,243,850 5,368,909
3,000,000 2,996,250 3,224,877
3,500,000 3,496,719 3,490,729
------------ ------------
11,736,819 12,084,515
------------ ------------
5,000,000
4,980,469 5,071,235
2,965,568 2,963,715 2,988,964
------------ ------------
7,944,184 8,060,199
------------ ------------
8,501,000
8,568,742 8,848,716
------------ ------------
1,513,767 1,503,360 1,562,173
------------ ------------
37,632,683 38,325,123
------------ ------------
</TABLE>
U.S. GOVERNMENT SECURITIES-75.09%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERAL HOME LOAN MORTGAGE CORPORATION-4.47%
<C> <S> <C>
MORTGAGE BACKED SECURITIES:
$2,946,028 9.50% 2016.......................................................................................... $ 3,170,203
80,902 11.25% 2015......................................................................................... 88,006
---------------
3,258,209
---------------
REMIC-Z BONDS:
4,603,915 7.50% Trust #1157-L Z-Tranche 2021 (e).............................................................. 4,533,307
---------------
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION........................................................ 7,791,516
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION-21.95%
MORTGAGE BACKED SECURITIES:
7,950 6.50% 2024.......................................................................................... 7,950
3,890,600 7.50% 2023.......................................................................................... 4,003,671
5,247,280 8.50% 2017-2025..................................................................................... 5,338,412
5,139,420 9.00% 2020-2025..................................................................................... 5,296,007
1,797,032 9.75% 2020.......................................................................................... 1,938,549
---------------
16,584,589
---------------
NOTES:
7,000,000 6.85% Global Note 2000.............................................................................. 7,000,000
2,000,000 7.40% Global Note 2004.............................................................................. 2,117,100
4,000,000 7.84% 1998.......................................................................................... 4,026,840
3,400,000 8.50% Global Note 2005.............................................................................. 3,537,062
---------------
16,681,002
---------------
* Moody's Rating
<CAPTION>
<C> <C>
$2,946,028 $ 3,094,249
80,902 89,219
---------------
3,183,468
---------------
4,603,915 4,651,884
---------------
7,835,352
---------------
7,950 7,642
3,890,600 3,901,540
5,247,280 5,411,226
5,139,420 5,352,998
1,797,032 1,918,050
---------------
16,591,456
---------------
7,000,000 7,156,527
2,000,000 2,126,730
4,000,000 4,051,400
3,400,000 3,691,791
---------------
17,026,448
---------------
</TABLE>
14
<PAGE>
U.S. GOVERNMENT SECURITIES-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Cost (a)
- ------------ ---------------
<C> <S> <C>
REMIC-PAC'S:
$3,262,447 7.50% Trust #1991-136G 2019......................................................................... $ 3,383,260
1,500,000 9.00% Trust #1991-39J 2021.......................................................................... 1,531,875
---------------
4,915,135
---------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION......................................................... 38,180,726
---------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION-10.28%
MORTGAGE BACKED SECURITIES:
4,183,808 7.50% 2022.......................................................................................... 4,191,652
4,345,863 9.00% 2020-2021..................................................................................... 4,548,498
3,876,168 9.125% Fleet Mtg Securities, Ser 1989-3 Cl D 2018 (GNMA Backed)..................................... 3,968,227
5,022,227 9.50% 2018-2021..................................................................................... 5,220,920
---------------
17,929,297
---------------
OTHER DIRECT FEDERAL OBLIGATIONS-15.33%
FEDERAL HOME LOAN BANK:
11,000,000 6.125% Global Registered Note 1996.................................................................. 10,939,531
15,000,000 7.31% 2004.......................................................................................... 14,994,531
---------------
25,934,062
---------------
OTHER GOVERNMENT AGENCIES-1.39%
RESOLUTION FUNDING CORPORATION:
9,000,000 8.395% Zero Coupon Strip 2014 (d)................................................................... 2,089,833
---------------
U.S. TREASURY SECURITIES-21.67%
BONDS:
13,130,000 8.125% 2021......................................................................................... 13,481,059
---------------
NOTES:
12,000,000 6.75% 2000.......................................................................................... 12,258,281
3,840,000 7.25% 1996.......................................................................................... 3,861,000
6,000,000 8.75% 1997.......................................................................................... 6,597,187
---------------
22,716,468
---------------
TOTAL U.S. TREASURY SECURITIES...................................................................... 36,197,527
---------------
TOTAL U.S. GOVERNMENT SECURITIES.................................................................... 128,122,961
---------------
TOTAL LONG-TERM DEBT SECURITIES..................................................................... $ 165,755,644
---------------
---------------
<CAPTION>
Principal Market
Amount Value (b)
- ------------ ---------------
<C> <C>
$3,262,447 $ 3,276,831
1,500,000 1,605,059
---------------
4,881,890
---------------
38,499,794
---------------
4,183,808 4,203,417
4,345,863 4,563,130
3,876,168 3,978,379
5,022,227 5,275,012
---------------
18,019,938
---------------
11,000,000 11,045,683
15,000,000 15,835,005
---------------
26,880,688
---------------
9,000,000 2,432,961
---------------
13,130,000 15,357,977
---------------
12,000,000 12,367,500
3,840,000 3,903,594
6,000,000 6,365,616
---------------
22,636,710
---------------
37,994,687
---------------
131,663,420
---------------
$ 169,988,543
---------------
---------------
</TABLE>
SHORT-TERM INVESTMENTS-3.30%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
BANKS-3.30%
$5,783,000 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.............................................
TOTAL INVESTMENTS IN SECURITIES (COST: $171,538,644) (A)..............................................................
<CAPTION>
Principal Market
Amount Value (b)
- ------------ -------------
<C> <C>
$5,783,000 $ 5,783,000
-------------
$ 175,771,543
-------------
-------------
</TABLE>
(a) At June 30, 1995, the cost of securities for federal income tax purposes
was $171,562,244 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation......................................................................................... $4,946,188
Unrealized depreciation......................................................................................... (736,889)
- ----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation..................................................................................... $4,209,299
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(b) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
(d) The interest rate disclosed for these securities represent the original
issue discount yields on the date of acquisition.
(e) Z-tranche securities pay no principal or interest during their initial
accrual period, but accrue additional principal at a specified coupon rate.
The interest rate disclosed represents the coupon rate at which additional
principal is being accrued.
15
<PAGE>
FORTIS SERIES FUND, INC. DIVERSIFIED INCOME SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-0.02%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares
- ---------------
<C> <S>
BROADCASTING-0.02%
500 Petro PSC Properties, L.P. (Warrants) (a).................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------------- ------------ -------------
<C> <C> <C>
500 $ 18,284 $ 17,000
------------ -------------
</TABLE>
ASSET BACKED SECURITIES-13.38%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
COMMERCIAL LOANS-1.86%
$2,000,000 Nomura Asset Securities Corp., 6.68% Ser 1993-1 Cl A3 Congregate Care Pass Thru Certificate
12-15-2003................................................................................. A
MANUFACTURED HOMES-5.99%
1,488,743 CIT Group Manufactured Housing Contract, 7.70% Sr Sub Pass Thru Certificate Ser 1995-1 Cl A
5-15-2020.................................................................................. Aaa*
2,000,000 Green Tree Financial Corp., 8.35% Ser 1994-7 Class A4 3-15-2020.............................. Aaa*
2,500,000 Oakwood Mtg Investors, Inc., 7.10% Ser 1995-A Cl A3 9-15-2020................................ AAA
MISCELLANEOUS-3.03%
1,500,000 Green Tree Financial Corp., 7.65% Ser 1994-1 Class A5 Sr Sub Pass Thru Certificate
4-15-2019.................................................................................. Aa2*
1,581,636 Vanderbilt Mtg & Finance, Inc., 7.00% Ser 1994-A Cl A1 Mfg Housing Contract 7-10-2019........ AA
MULTI-FAMILY LOANS-1.50%
1,500,000 DLJ Mtg Acceptance Corp., 8.80% Ser 1993-12 Cl B1 Multifamily Mtg Pass Thru Certificate
9-18-2003.................................................................................. NR
WHOLE LOAN RESIDENTIAL-1.00%
999,467 General Electric Capital Mtg Securities, 8.50% Ser 1995-2 Cl M 5-25-2025..................... AA
TOTAL ASSET BACKED SECURITIES................................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$2,000,000
$1,957,500 $1,918,400
------------ ------------
1,488,743
1,488,045 1,523,593
2,000,000 1,997,500 2,149,918
2,500,000 2,497,656 2,493,377
------------ ------------
5,983,201 6,166,888
------------ ------------
1,500,000
1,494,141 1,521,370
1,581,636 1,580,648 1,594,114
------------ ------------
3,074,789 3,115,484
------------ ------------
1,500,000
1,473,750 1,539,846
------------ ------------
999,467 992,595 1,031,427
------------ ------------
13,481,835 13,772,045
------------ ------------
</TABLE>
CORPORATE BONDS-INVESTMENT GRADE-4.09%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOREIGN-GOVERNMENT-3.03%
<C> <S> <C>
$3,000,000 Hydro-Quebec, 8.00% Deb 2-1-2013............................................................. A+
MEDIA-1.06%
1,000,000 News America Holdings, Inc., 8.963% Sr Note 4-26-2023 (e).................................... BBB-
TOTAL CORPORATE BONDS - INVESTMENT GRADE.....................................................
<CAPTION>
<C> <C> <C>
$3,000,000 $3,220,020 $3,117,387
------------ ------------
1,000,000 991,548 1,094,758
------------ ------------
4,211,568 4,212,145
------------ ------------
</TABLE>
CORPORATE BONDS-NON-INVESTMENT GRADE-25.02%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AUTOMOBILE AND MOTOR VEHICLE PARTS-0.66%
<C> <S> <C>
$ 750,000 Penda Corp., 10.75% Sr Note Ser B 3-1-2004................................................... B
BUILDING MATERIALS-1.99%
750,000 Associated Materials, Inc., 11.50% Sr Sub Note 8-15-2003..................................... B-
750,000 Essex Group, 10.00% Sr Note 5-1-2003......................................................... B+
750,000 Wickes Lumber Co., 11.625% Sr Sub Note 12-15-2003............................................ B-
CHEMICALS-2.35%
1,000,000 Arcadian Partners L.P., 11.00% Sr Note Ser B 5-1-2005 (e).................................... B+
1,000,000 Indspec Chemical Corp., 13.64% Sr Sub Disc Note Ser B 12-1-2003 (Zero Coupon until 12-1-1998)
(e)........................................................................................ B-
750,000 NL Industries, Inc., 11.75% Sr Secured Note 10-15-2003....................................... B
* Moody's Rating
<CAPTION>
<C> <C> <C>
$ 750,000 $ 674,062 $ 682,500
------------ ------------
750,000 693,750 682,500
750,000 754,687 729,375
750,000 750,000 637,500
------------ ------------
2,198,437 2,049,375
------------ ------------
1,000,000 998,518 1,005,000
1,000,000
587,591 630,000
750,000 751,875 780,000
------------ ------------
2,337,984 2,415,000
------------ ------------
</TABLE>
16
<PAGE>
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
CONSUMER GOODS-0.69%
$ 750,000 Plastic Specialty & Technologies, Inc., 11.25% Sr Secured Note 12-1-2003..................... B-
CONTAINERS AND PACKAGING-2.38%
975,000 Domtar, Inc., 11.25% Sinking Fund Deb 9-15-2017.............................................. BB-
750,000 Mail-Well Corp., 10.50% Sr Sub Note 2-15-2004................................................ B-
750,000 Williamhouse-Regency of Delaware, Inc., 11.50% Sr Sub Deb 6-15-2005.......................... B-
ENERGY-0.69%
687,164 Midland Cogeneration Venture, L.P., 10.33% MidlandFunding Sr Secured Lease Obligation Bond
Ser C 7-23-2002............................................................................ BB-
FOOD-GROCERY, MISCELLANEOUS-3.41%
750,000 Envirodyne Industries, Inc., 10.25% Sr Note 12-1-2001........................................ B-
1,000,000 Envirodyne Industries, Inc., 12.00% First Priority Sr Secured Note 6-15-2000 (g)............. NR
1,000,000 Pilgrims Pride Corp., 11.14% Sr Sub Deb 8-1-2003 (e)......................................... B-
1,000,000 Specialty Foods Corp., 10.25% Sr Note Ser B 8-15-2001........................................ B
LEISURE TIME-AMUSEMENTS-1.41%
500,000 Capital Gaming International, Inc., 11.50% Secured Note 2-1-2001............................. Caa*
750,000 G B Property Funding, 10.875% First Mtg Bond 1-15-2004....................................... B+
750,000 Trump Taj Mahal Funding, Inc., 11.35% First Mtg Note 11-15-1999 (Interest is 9.375% cash and
1.975% Payable-in-Kind).................................................................... Caa*
MACHINERY-1.63%
1,000,000 Spreckels Industries, Inc., 11.50% Sr Secured Note 9-1-2000.................................. B
750,000 Terex Corp., 13.75% Sr Secured Note 5-15-2002 (and Rights) (g)............................... B
MEDIA-0.80%
949,500 Falcon Holding Group, L.P., 11.00% Sr Sub Note Ser B 9-15-2003 (Interest is
Payable-in-Kind)........................................................................... NR
RESTAURANTS AND FRANCHISING-1.90%
750,000 Carrols Corp., 11.50% Sr Note 8-15-2003...................................................... B+
750,000 Family Restaurants, Inc., 9.75% Sr Note 2-1-2002............................................. B
1,000,000 Flagstar Corp., 11.25% Sr Sub Deb 11-1-2004.................................................. CCC+
RETAIL-MISCELLANEOUS-3.08%
1,000,000 Color Tile, Inc., 10.75% Sr Note 12-15-2001.................................................. CCC+
1,000,000 Farm Fresh, Inc., 12.25% Sr Note 10-1-2000................................................... B-
1,000,000 Pantry (The), Inc., 12.00% Sr Note Ser B 11-15-2000.......................................... B+
750,000 Stater Brothers, Inc. 11.00% Sr Note 3-1-2001................................................ B+
TECHNOLOGY-1.36%
1,000,000 Computervision Corp., 10.875% Sr Note 8-15-1997.............................................. B
500,000 U.S. Banknote Corp., 10.375% Sr Note 6-1-2002................................................ B+
TEXTILE MANUFACTURING-0.83%
1,000,000 U.S. Leather, Inc., 10.38% Sr Note 7-31-2003 (e)............................................. B+
TOBACCO-0.54%
750,000 Liggett Group, Inc., 11.50% Ser B Secured Note 2-1-1999...................................... NR
* Moody's Rating
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$ 750,000 $ 664,687 $ 705,000
------------ ------------
975,000 952,875 1,038,375
750,000 665,625 660,000
750,000 773,437 750,000
------------ ------------
2,391,937 2,448,375
------------ ------------
687,164
702,845 704,967
------------ ------------
750,000 607,500 596,250
1,000,000 1,000,000 1,000,000
1,000,000 1,005,791 930,000
1,000,000 991,250 987,500
------------ ------------
3,604,541 3,513,750
------------ ------------
500,000 350,000 220,000
750,000 652,500 648,750
750,000
561,284 584,650
------------ ------------
1,563,784 1,453,400
------------ ------------
1,000,000 976,250 1,010,000
750,000 735,000 663,750
------------ ------------
1,711,250 1,673,750
------------ ------------
949,500
768,378 824,870
------------ ------------
750,000 743,750 705,000
750,000 728,438 472,500
1,000,000 1,038,438 780,000
------------ ------------
2,510,626 1,957,500
------------ ------------
1,000,000 684,375 487,500
1,000,000 1,009,563 935,000
1,000,000 965,000 1,000,000
750,000 712,500 750,000
------------ ------------
3,371,438 3,172,500
------------ ------------
1,000,000 944,375 990,000
500,000 426,000 405,000
------------ ------------
1,370,375 1,395,000
------------ ------------
1,000,000 989,307 857,500
------------ ------------
750,000 541,250 555,000
------------ ------------
</TABLE>
17
<PAGE>
FORTIS SERIES FUND, INC. DIVERSIFIED INCOME SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
TRANSPORTATION-1.30%
$1,000,000 GPA Delaware, Inc., 8.75% Deb 12-15-1998..................................................... CCC+
500,000 Petro PSC Properties, L.P., 12.50% Sr Note 6-1-2002.......................................... B
TOTAL CORPORATE BONDS - NON-INVESTMENT GRADE.................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$1,000,000 $ 732,500 $ 840,000
500,000 479,215 501,250
------------ ------------
1,211,715 1,341,250
------------ ------------
26,612,616 25,749,737
------------ ------------
------------ ------------
</TABLE>
U.S. GOVERNMENT SECURITIES-51.66%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERAL HOME LOAN MORTGAGE CORPORATION-4.17%
<C> <S> <C>
NOTE:
$3,000,000 6.615% 2004........................................................................................... $ 2,802,187
--------------
REMIC-Z BOND:
1,308,829 7.50% Trust #1157-L Z-Tranche 2021 (f)................................................................ 1,288,853
--------------
TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION.......................................................... 4,091,040
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION-17.27%
MORTGAGE BACKED SECURITIES:
1,502,020 7.50% 2022............................................................................................ 1,552,479
2,924,600 8.50% 2025............................................................................................ 2,973,953
1,942,451 9.00% 2025............................................................................................ 2,004,973
--------------
6,531,405
--------------
NOTES:
2,000,000 6.85% Global Note 2000................................................................................ 2,000,000
2,000,000 7.40% Global Note 2004................................................................................ 2,117,100
4,000,000 7.84% 1998............................................................................................ 4,026,840
--------------
8,143,940
--------------
REMIC-PAC:
3,000,000 7.00% Trust #1992-49 H Busted PAC 2020................................................................ 2,892,344
--------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION........................................................... 17,567,689
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION-10.40%
MORTGAGE BACKED SECURITIES:
2,510,285 7.50% 2022............................................................................................ 2,514,991
4,610,970 9.00% 2020............................................................................................ 4,829,991
1,206,651 9.125% Fleet Mtg Securities, Ser 1989-3 C1 D 2018 (GNMA Backed)....................................... 1,235,309
2,011,272 9.50% 2019............................................................................................ 2,087,780
--------------
10,668,071
--------------
OTHER DIRECT FEDERAL OBLIGATIONS-5.35%
FEDERAL HOME LOAN BANK:
750,000 6.125% Global Registered Note 1996.................................................................... 745,898
4,500,000 7.31% 2004............................................................................................ 4,516,172
--------------
5,262,070
--------------
OTHER GOVERNMENT AGENCIES-0.64%
RESOLUTION FUNDING CORPORATION:
2,500,000 7.415% Zero Coupon Strip 2019 (e)..................................................................... 624,904
--------------
<CAPTION>
<C> <C>
$3,000,000 $ 2,967,585
--------------
1,308,829 1,322,466
--------------
4,290,051
--------------
1,502,020 1,506,244
2,924,600 3,015,976
1,942,451 2,023,173
--------------
6,545,393
--------------
2,000,000 2,044,722
2,000,000 2,126,730
4,000,000 4,051,400
--------------
8,222,852
--------------
3,000,000 3,004,917
--------------
17,773,162
--------------
2,510,285 2,522,050
4,610,970 4,841,491
1,206,651 1,238,469
2,011,272 2,108,144
--------------
10,710,154
--------------
750,000 753,115
4,500,000 4,750,501
--------------
5,503,616
--------------
2,500,000 662,972
--------------
</TABLE>
18
<PAGE>
U.S. GOVERNMENT SECURITIES-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Cost (b)
- ------------ --------------
<C> <S> <C>
U.S. TREASURY SECURITIES-13.83%
BOND:
3,650,000 8.125% 2021........................................................................................... $ 3,824,516
--------------
NOTES:
4,750,000 7.25% 1996............................................................................................ 4,775,977
5,000,000 9.375% 1996........................................................................................... 5,364,453
--------------
10,140,430
--------------
TOTAL U.S. TREASURY SECURITIES........................................................................ 13,964,946
--------------
TOTAL U.S. GOVERNMENT SECURITIES...................................................................... 52,178,720
--------------
TOTAL LONG-TERM INVESTMENTS........................................................................... $ 96,503,023
--------------
--------------
<CAPTION>
Market
Shares Value (c)
- ------------ --------------
<C> <C>
3,650,000 $ 4,269,354
--------------
4,750,000 4,828,665
5,000,000 5,135,930
--------------
9,964,595
--------------
14,233,949
--------------
53,173,904
--------------
$ 96,924,831
--------------
--------------
</TABLE>
SHORT-TERM INVESTMENTS-6.50%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
BANKS-3.38%
$3,481,000 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.............................................
DIVERSIFIED FINANCE-1.86%
1,908,000 Associates Corp. Master Variable Rate Note, Current rate - 6.00%......................................................
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-1.26%
1,300,000 Federal Home Loan Bank., 5.97% 7-14-1995..............................................................................
TOTAL SHORT-TERM INVESTMENTS..........................................................................................
TOTAL INVESTMENTS IN SECURITIES (COST: $103,189,060) (B)..............................................................
<CAPTION>
Principal Market
Amount Value (c)
- ------------ -------------
<C> <C>
$3,481,000 $ 3,481,000
-------------
1,908,000 1,908,000
-------------
1,300,000 1,297,037
-------------
6,686,037
-------------
$ 103,610,868
-------------
-------------
</TABLE>
(a) Presently non-income producing.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $103,189,060 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation......................................................................................... $ 2,336,764
Unrealized depreciation......................................................................................... (1,914,956)
- -----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation..................................................................................... $ 421,808
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign securities
represents 3.03% of net assets as of June 30, 1995.
(e) The interest rate disclosed for these securities represents the original
issue discount yields on the date of acquisition.
(f) Z-tranche securities pay no principal or interest during their initial
accrual period, but accrue additional principal at a specified coupon rate. The
interest rate disclosed represents the coupon rate at which the additional
principal is being accrued.
(g) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". These investments have been identified by portfolio
management as illiquid securities. The value of these securities at June 30,
1995 was $1,663,750 which represents 1.62% of net assets.
19
<PAGE>
FORTIS SERIES FUND, INC. GLOBAL BOND SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
CORPORATE BONDS - INVESTMENT GRADE-54.92%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
DENMARK-6.63%
$4,000,000 Kingdom of Denmark, 8.00% 5-15-2003.......................................................... NR
GERMANY-21.66%
450,000 Baden-Wurttemberg Finance NV, 6.00% 5-10-1999................................................ AAA
285,000 German Government, 6.50% 7-15-2003........................................................... AAA
850,000 German Government, 8.00% 7-22-2002........................................................... Aaa*
750,000 Treuhandanstalt, 5.75% 4-29-1999............................................................. NR
160,000 Treuhandanstalt, 6.625% 7-9-2003............................................................. AAA
700,000 Treuhandanstalt, 7.00% 11-15-1999............................................................ NR
JAPAN-16.35%
45,000,000 European Investment Bank, 4.625% 2-26-2003................................................... AAA
35,000,000 Export Import Bank of Japan, 4.375% 10-1-2003................................................ AAA
18,000,000 International Bank for Reconstruction and Development, 4.50% 3-20-2003....................... AAA
33,000,000 Japan Development Bank, 6.50% 9-20-2001...................................................... Aaa*
NETHERLANDS-2.64%
220,000 Dutch Government, 7.00% 8-15-1999............................................................ NR
195,000 Dutch Government, 8.75% 1-15-2007............................................................ NR
UNITED KINGDOM-7.64%
130,000 British Gas plc, 10.875% 3-26-2001........................................................... AA+
80,000 United Kingdom Conversion Stock, 9.00% 3-3-2000.............................................. Aaa*
300,000 United Kingdom Treasury, 8.00% 12-7-2000..................................................... NR
TOTAL CORPORATE BONDS - INVESTMENT GRADE.....................................................
<CAPTION>
Principal Market
Amount Cost (a) Value (b)
- ------------ ------------ ------------
<C> <C> <C>
$4,000,000 $ 701,496 $ 719,715
------------ ------------
450,000 325,238 326,091
285,000 170,275 199,585
850,000 660,063 651,937
750,000 519,916 539,801
160,000 109,865 112,742
700,000 502,797 521,919
------------ ------------
2,288,154 2,352,075
------------ ------------
45,000,000 592,748 598,940
35,000,000 428,837 460,689
18,000,000 228,069 238,648
33,000,000 361,527 477,849
------------ ------------
1,611,181 1,776,126
------------ ------------
220,000 124,520 146,572
195,000 118,962 140,543
------------ ------------
243,482 287,115
------------ ------------
130,000 224,273 225,301
80,000 133,436 131,090
300,000 489,887 473,094
------------ ------------
847,596 829,485
------------ ------------
5,691,909 5,964,516
------------ ------------
------------ ------------
</TABLE>
U.S. GOVERNMENT SECURITIES-26.82%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. TREASURY SECURITIES-26.82%
<C> <S>
BONDS:
$ 685,000 8.875% 2017...............................................................................................
NOTES:
900,000 5.25% 1998................................................................................................
700,000 6.25% 2000................................................................................................
400,000 8.125% 2019...............................................................................................
TOTAL U.S. TREASURY SECURITIES............................................................................
TOTAL LONG-TERM DEBT SECURITIES...........................................................................
* Moody's Rating
<CAPTION>
<C> <C> <C>
$ 685,000 $ 754,489 $ 855,607
------------ ------------
900,000 842,023 883,125
700,000 702,625 707,875
400,000 460,969 466,624
------------ ------------
2,005,617 2,057,624
------------ ------------
2,760,106 2,913,231
------------ ------------
$8,452,015 $8,877,747
------------ ------------
------------ ------------
</TABLE>
20
<PAGE>
SHORT-TERM INVESTMENTS-13.87%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
GOVERNMENT SECURITIES-4.74%
$ 514,573 First American Institutional Government Fund, Current rate - 5.65%....................................................
U.S. TREASURY BILLS-9.13%
200,000 U.S. Treasury Bill, 5.31% 7-27-1995...................................................................................
300,000 U.S. Treasury Bill, 5.44% 7-27-1995...................................................................................
500,000 U.S. Treasury Bill, 5.56% 9-21-1995...................................................................................
TOTAL SHORT-TERM INVESTMENTS..........................................................................................
TOTAL INVESTMENTS IN SECURITIES (COST: $9,958,361) (A)................................................................
<CAPTION>
Principal Market
Amount Value (b)
- ------------ ------------
<C> <C>
$ 514,573 $ 514,573
------------
200,000 199,217
300,000 298,798
500,000 493,758
------------
991,773
------------
1,506,346
------------
$10,384,093
------------
------------
</TABLE>
(a) At June 30, 1995, the cost of securities for federal income tax purposes
was $9,958,361 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................................................................................... $ 452,997
Unrealized depreciation........................................................................................... (27,265)
- -----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation....................................................................................... $ 425,732
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(b) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
21
<PAGE>
FORTIS SERIES FUND, INC. HIGH YIELD SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-0.27%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares
- -------------
<C> <S>
BROADCASTING-0.04%
250 Petro PSC Properties, L.P. (Warrants) (a).................................................................
CONSUMER GOODS-0.02%
200 Chattem, Inc. (Warrants) (a)..............................................................................
250 Hosiery Corp. of America, Class A.........................................................................
MACHINERY-0.00%
750 Terex Corp. (Rights) (a)..................................................................................
RETAIL-MISCELLANEOUS-0.17%
2,651 Grand Union Co. (a).......................................................................................
TELECOMMUNICATIONS-0.04%
2,500 American Telecasting, Inc. (Warrants) (a).................................................................
TOTAL COMMON STOCKS.......................................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- ------------- ------------ -------------
<C> <C> <C>
250 $ 9,142 $ 8,500
------------ -------------
200 2,546 900
250 4,230 3,750
------------ -------------
6,776 4,650
------------ -------------
750 1,875 562
------------ -------------
2,651 158,266 35,789
------------ -------------
2,500 5,000 7,500
------------ -------------
$ 181,059 $ 57,001
------------ -------------
------------ -------------
</TABLE>
CORPORATE BONDS-NON-INVESTMENT GRADE-96.11%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
AUTOMOBILE AND MOTOR VEHICLE PARTS-2.71%
$ 250,000 Doehler Jarvis, Inc., 11.875% Sr Note 6-1-2002............................................... B
330,000 Penda Corp., 10.75% Sr Note Ser B 3-1-2004................................................... B
BEVERAGE-2.99%
350,000 All-American Bottling Corp., 13.00% Sr Secured Note 8-15-2001 (and warrants)................. B-
250,000 Heileman Acquisition Co., 9.625% Sr Sub Note 1-31-2004....................................... B-
166,000 Seven-Up/RC Bottling Co. of Southern CA, 11.50% Sr Secured Note 8-1-1999..................... B-
BUILDING MATERIALS-2.54%
250,000 Associated Materials, Inc., 11.50% Sr Sub Note 8-15-2003..................................... B-
100,000 Nortek, Inc., 9.875% Sr Sub Note 3-1-2004.................................................... CCC
250,000 Wickes Lumber Co., 11.625% Sr Sub Note 12-15-2003............................................ B-
CHEMICALS-2.31%
350,000 Indspec Chemical Corp., 11.50% Sr Sub Disc Note Ser B 12-1-2003 (Zero coupon until 12-1-1998)
(e)........................................................................................ B-
250,000 NL Industries, Inc., 11.75% Sr Secured Note 10-15-2003....................................... B
CONSUMER GOODS-8.69%
100,000 Allied Waste Industries, Inc., 10.75% Sr Sub Note 2-1-2004................................... B
200,000 Chattem, Inc., 12.75% Sr Sub Note Ser B 6-15-2004............................................ B-
300,000 Drypers Corp., 12.50% Sr Note Ser B 11-1-2002................................................ B+
250,000 Florsheim Shoe Co., 12.75% Sr Note 9-1-2002.................................................. B+
250,000 Hosiery Corp. of America, Inc., 13.75% Sr Sub Note 8-1-2002 (f).............................. B-
300,000 Plastic Specialty & Technologies, Inc., 11.25% Sr Secured Note 12-1-2003..................... B-
250,000 Roadmaster Industries, Inc., 11.75% Sr Sub Note 7-15-2002.................................... B-
200,000 Solon Automated Services, Inc., 12.75% Sr Note 7-15-2001..................................... B+
CONTAINERS AND PACKAGING-6.52%
100,000 Crown Packaging Ltd., 10.75% Sr Secured Note Ser B 11-1-2000................................. B3*
100,000 Domtar, Inc., 11.25% Sinking Fund Deb 9-15-2017.............................................. BB-
200,000 Mail-Well Corp., 10.50% Sr Sub Note 2-15-2004................................................ B-
250,000 Malette, Inc., 12.25% Sr Secured Note 7-15-2004.............................................. BB-
500,000 RXI Holdings, Inc., 14.00% Sr Secured Note 7-15-2002 (f)..................................... B-
200,000 Williamhouse-Regency of Delaware, Inc., 11.50% Sr Sub Deb 6-15-2005.......................... B-
* Moody's Rating
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$ 250,000 $ 252,500 $ 263,750
330,000 301,750 300,300
------------ ------------
554,250 564,050
------------ ------------
350,000 309,500 304,500
250,000 210,687 172,500
166,000 166,420 146,080
------------ ------------
686,607 623,080
------------ ------------
250,000 250,625 227,500
100,000 89,750 90,000
250,000 234,500 212,500
------------ ------------
574,875 530,000
------------ ------------
350,000
241,340 220,500
250,000 237,500 260,000
------------ ------------
478,840 480,500
------------ ------------
100,000 95,750 105,000
200,000 195,258 192,000
300,000 297,000 303,000
250,000 250,000 242,500
250,000 243,165 250,000
300,000 276,250 282,000
250,000 245,937 237,500
200,000 204,250 198,000
------------ ------------
1,807,610 1,810,000
------------ ------------
100,000 99,250 100,000
100,000 98,500 106,500
200,000 179,625 176,000
250,000 250,000 275,000
500,000 504,375 500,000
200,000 193,000 200,000
------------ ------------
1,324,750 1,357,500
------------ ------------
</TABLE>
22
<PAGE>
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
ENERGY-2.36%
$ 250,000 Kelley Oil & Gas Corp., 13.50% Sr Note 6-15-1999............................................. B+
250,000 WRT Energy Corp., 13.875% Sr Note 3-1-2002 (and warrants).................................... B-
FOOD-GROCERY, MISCELLANEOUS-5.40%
350,000 Di Giorgio Corp., 12.00% Sr Note 2-15-2003................................................... B
500,000 Envirodyne Industries, Inc., 10.25% Sr Note 12-1-2001........................................ B-
100,000 Pilgrim's Pride Corp., 10.875% Sr Sub Deb 8-1-2003........................................... B-
200,000 Specialty Foods Corp., 11.25% Sr Sub Note 8-15-2003.......................................... B-
500,000 White Rose Foods, Inc., 17.03% Sr Note 11-1-1998 (e)......................................... B-
LEISURE TIME-AMUSEMENTS-9.53%
250,000 Boomtown, Inc., 11.50% First Mtg Note 11-1-2003.............................................. B+
250,000 Capital Gaming International, Inc., 11.50% Secured Note 2-1-2001............................. Caa*
250,000 G B Property Funding, 10.875% First Mtg Bond 1-15-2004....................................... B+
250,000 GNF Corp., 10.625% First Mortgage Note 4-1-2003.............................................. BB
265,000 Hemmeter Enterprises, Inc., 12.00% Sr Secured Note 12-15-2000 (Interest is Payable-in-Kind)
(g)........................................................................................ NR
250,000 Pioneer Finance Corp., 13.50% First Mtg Bond 12-1-1998....................................... B-
150,000 PRT Funding Corp., 11.625% Sr Note 4-15-2004................................................. B-
250,000 Trump Castle Funding, Inc., 11.75% First Mtg Bond 11-15-2003................................. Caa*
250,000 Trump Plaza Funding, Inc., 10.875% First Mtg Note 6-15-2001.................................. B
453,950 Trump Taj Mahal Funding, Inc., 11.35% First Mtg Note 11-15-1999 (Interest is 9.375% cash and
1.975% Payable-in-Kind).................................................................... Caa*
MACHINERY-8.00%
250,000 Interlake Corp., 12.00% Sr Note 11-15-2001................................................... B-
250,000 MVE, Inc., 12.50% Sr Secured Note 2-15-2002.................................................. B+
250,000 Primeco, Inc., 12.75% Sr Sub Note 3-1-2005................................................... B
250,000 Specialty Equipment Companies, Inc., 11.375% Sr Sub Note 12-1-2003........................... B-
200,000 Spreckels Industries, Inc., 11.50% Sr Secured Note 9-1-2000.................................. B
500,000 Terex Corp., 13.75% Sr Secured Note 5-15-2002 (and rights) (f)............................... B
MEDIA-7.98%
500,000 American Telecasting, Inc., 12.50% Sr Sub Disc Note 6-15-2004 (Zero coupon until 6-15-1999)
(e)........................................................................................ CCC+
500,000 Australis Media Limited, 14.00% Sr Sub Disc Note 5-15-2003 (Zero coupon until 5-15-2000) (and
warrants) (e).............................................................................. CCC
272,454 Falcon Holding Group, L.P., 11.00% Sr Sub Note Ser B 9-15-2003 (Interest is
Payable-in-Kind)........................................................................... NR
500,000 In-Flight Phone Corp., 14.00% Sr Sub Disc Note Ser A 5-15-2002 (Zero coupon until 5-15-1998)
(e) (f).................................................................................... B-
500,000 Marvel (Parent) Holdings, Inc., 12.25% Sr Secured Disc Note 4-15-1998 (e).................... B
500,000 People's Choice TV, 13.125% Sr Disc Note 6-1-2004 (Zero coupon until 6-1-2000) (e)........... CCC+
METALS-MINING AND MISCELLANEOUS-7.37%
250,000 Bayou Steel Corp., 10.25% First Mtg Note 3-1-2001............................................ B
250,000 Gulf States Steel, 13.50% First Mtg Note 4-15-2003 (and warrants) (f)........................ B1*
400,000 Haynes International, Inc., 11.25% Sr Secured Note Ser A 6-15-1998........................... CCC+
250,000 Haynes International, Inc., 13.50% Sr Sub Deb 8-15-1999...................................... CCC-
250,000 Renco Metals, Inc., 12.00% Sr Note 7-15-2000................................................. B+
150,000 Sheffield Steel Corp., 12.00% First Mtg Note 11-1-2001....................................... NR
100,000 Sheffield Steel Corp., 12.00% First Mtg Note 11-1-2001 (and warrants)........................ B-
RESTAURANTS AND FRANCHISING-3.80%
250,000 American Restaurant Group, 12.00% Sr Note 09-15-1998......................................... B+
250,000 Carrols Corp., 11.50% Sr Note 8-15-2003...................................................... B+
250,000 Family Restaurants, Inc., 9.75% Sr Secured Note 2-1-2002..................................... B
250,000 Flagstar Corp., 11.25% Sr Sub Deb 11-1-2004.................................................. CCC+
RETAIL-MISCELLANEOUS-10.74%
500,000 Color Tile, Inc., 10.75% Sr Note 12-15-2001.................................................. CCC+
500,000 Farm Fresh Holdings Corp., 14.25% Sr Pay-in-Kind 10-1-2002 (Interest is Payable-in-Kind thru
10-1-1997) CCC+
* Moody's Rating
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$ 250,000 $ 249,072 $ 247,500
250,000 250,000 245,000
------------ ------------
499,072 492,500
------------ ------------
350,000 315,000 259,000
500,000 419,875 397,500
100,000 95,000 93,000
200,000 172,000 196,000
500,000 286,170 180,000
------------ ------------
1,288,045 1,125,500
------------ ------------
250,000 230,937 222,500
250,000 197,500 110,000
250,000 211,250 216,250
250,000 205,000 210,625
265,000
154,808 118,040
250,000 194,375 210,000
150,000 114,250 128,250
250,000 150,500 185,000
250,000 194,897 230,000
453,950
332,559 353,869
------------ ------------
1,986,076 1,984,534
------------ ------------
250,000 250,000 253,750
250,000 250,000 257,500
250,000 250,000 255,000
250,000 250,625 255,000
200,000 197,250 202,000
500,000 500,000 442,500
------------ ------------
1,697,875 1,665,750
------------ ------------
500,000
291,377 291,250
500,000
256,170 260,000
272,454
240,069 236,692
500,000
339,109 295,000
500,000 338,458 335,000
500,000 267,719 245,000
------------ ------------
1,732,902 1,662,942
------------ ------------
250,000 229,750 232,500
250,000 250,000 243,750
400,000 372,250 384,000
250,000 157,500 175,000
250,000 235,000 255,625
150,000 151,500 145,500
100,000 99,750 100,000
------------ ------------
1,495,750 1,536,375
------------ ------------
250,000 203,750 205,000
250,000 236,750 235,000
250,000 223,875 157,500
250,000 230,375 195,000
------------ ------------
894,750 792,500
------------ ------------
500,000 368,750 243,750
500,000
200,817 291,533
</TABLE>
23
<PAGE>
FORTIS SERIES FUND, INC. HIGH YIELD SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
$ 250,000 Farm Fresh, Inc., 12.25% Sr Note 10-1-2000................................................... B-
250,000 Kash N Karry Corp., 11.50% Sr Note 2-1-2003 (Interest is Payable-in-Kind).................... B-
200,000 Mayfair Supermarkets, Inc., 11.75% Sr Sub Note 3-30-2003..................................... B-
250,000 Pantry (The), Inc., 12.00% Sr Note Ser B 11-15-2000.......................................... B+
250,000 Ralphs Grocery Co., 11.00% Sr Sub Note 6-15-2005............................................. B-
250,000 Stater Brothers, Inc., 11.00% Sr Note 3-1-2001............................................... B+
250,000 Thrifty Payless, Inc., 12.25% Sr Sub Note 4-15-2004.......................................... B-
TECHNOLOGY-4.43%
500,000 Computervision Corp., 11.375% Sr Sub Note 8-15-1999.......................................... CCC+
250,000 Genicom Corp., 12.50% Sr Sub Note 2-15-1997.................................................. NR
250,000 U.S. Banknote Corp., 11.625% Sr Note Ser B 8-1-2002.......................................... B+
TEXTILE MANUFACTURING-2.23%
250,000 Synthetic Industries, Inc., 12.75% Sr Sub Deb 12-1-2002...................................... B-
250,000 U.S. Leather, Inc., 10.25% Sr Note 7-31-2003................................................. B+
TOBACCO-0.89%
250,000 Liggett Group, Inc., 11.50% Secured Note Ser B 2-1-1999...................................... NR
TRANSPORTATION-7.62%
250,000 Burlington Motor, 11.50% Sr Sub Notes 11-1-2003.............................................. CCC+
250,000 Fruehauf Trailer Corp., 14.75% Sr Secured Note 4-30-2002 (h)................................. NR
500,000 GPA Delaware, Inc., 8.75% Deb 12-15-1998..................................................... CCC+
250,000 K & F Industries, Inc., 11.875% Sr Secured Note 12-1-2003.................................... B+
250,000 Petro PSC Properties, L.P., 12.50% Sr Note 6-1-2002.......................................... B
250,000 Sabreliner Corp., 12.50% Sr Note 4-15-2003................................................... B+
TOTAL CORPORATE BONDS - NON-INVESTMENT GRADE.................................................
TOTAL LONG-TERM INVESTMENTS..................................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$ 250,000 $ 231,500 $ 233,750
250,000 215,143 243,503
200,000 185,000 226,000
250,000 247,000 250,000
250,000 250,000 242,500
250,000 236,250 250,000
250,000 248,437 256,250
------------ ------------
2,182,897 2,237,286
------------ ------------
500,000 449,563 468,750
250,000 226,500 252,500
250,000 245,032 202,500
------------ ------------
921,095 923,750
------------ ------------
250,000 246,250 250,000
250,000 216,177 214,375
------------ ------------
462,427 464,375
------------ ------------
250,000 166,250 185,000
------------ ------------
250,000 224,375 208,750
250,000 241,250 242,500
500,000 414,813 420,000
250,000 235,500 255,000
250,000 240,108 250,625
250,000 210,000 210,000
------------ ------------
1,566,046 1,586,875
------------ ------------
20,320,117 20,022,517
------------ ------------
$20,501,176 $20,079,518
------------ ------------
------------ ------------
</TABLE>
SHORT-TERM INVESTMENTS-1.74%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
BANKS-1.34%
$ 278,000 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.............................................
BROKERAGE AND INVESTMENT - 0.40%
84,000 Goldman Sachs Master Variable Rate Note, Current rate - 6.18%.........................................................
TOTAL SHORT-TERM INVESTMENTS..........................................................................................
TOTAL INVESTMENTS IN SECURITIES (COST: $20,863,176) (B)...............................................................
<CAPTION>
Principal Market
Amount Value (c)
- ------------ ------------
<C> <C>
$ 278,000 $ 278,000
------------
84,000 84,000
------------
362,000
------------
$20,441,518
------------
------------
</TABLE>
(a) Presently non-income producing.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $20,863,176 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation......................................................................................... $ 697,275
Unrealized depreciation......................................................................................... (1,118,933)
- -----------------------------------------------------------------------------------------------------------------------------
Net unrealized depreciation..................................................................................... $ (421,658)
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
(e) The interest rate disclosed for these securities represent the original
issue discount yields on the date of acquisition.
(f) Securities sold within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". These investments have been identified by Portfolio
management as illiquid securities. The value of these securities at June 30,
1995 is $1,977,500, which represents 9.49% of Net Assets.
(g) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid.
24
<PAGE>
FORTIS SERIES FUND, INC. ASSET ALLOCATION SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-40.96%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares
- ------------
<C> <S>
BROADCASTING-1.27%
81,000 News Corp., Ltd. ADR (The)................................................................................
43,436 Viacom, Inc. Non-Voting Class B (a).......................................................................
BUSINESS SERVICES AND SUPPLIES-3.92%
48,700 First Data Corp...........................................................................................
38,500 First Financial Management Corp...........................................................................
101,000 MBNA Corp.................................................................................................
68,450 Sensormatic Electronics Corp..............................................................................
COMPUTER-SOFTWARE-4.70%
41,000 Computer Associates International, Inc....................................................................
50,250 Microsoft Corp. (a).......................................................................................
110,000 Novell, Inc. (a)..........................................................................................
123,300 Oracle Corp. (a)..........................................................................................
ELECTRONIC-CONTROLS AND EQUIPMENT-1.25%
44,000 Applied Materials, Inc. (a)...............................................................................
ELECTRONIC-SEMICONDUCTOR AND CAPACITOR-1.86%
46,600 Intel Corp................................................................................................
40,000 Motorola, Inc.............................................................................................
FINANCE COMPANIES-2.55%
23,000 Federal National Mortgage Association.....................................................................
36,000 Franklin Resources, Inc...................................................................................
89,498 Green Tree Financial Corp.................................................................................
HEALTH CARE SERVICES-3.02%
60,000 Columbia/HCA Healthcare Corp..............................................................................
27,400 PacifiCare Health Systems, Inc. Class B (a)...............................................................
82,000 U.S. HealthCare, Inc......................................................................................
38,400 United Healthcare Corp....................................................................................
33,000 Value Health, Inc. (a)....................................................................................
HOTEL AND MOTEL-0.87%
85,750 Mirage Resorts, Inc. (a)..................................................................................
LEISURE TIME-AMUSEMENTS-0.70%
38,000 Disney (Walt) Co..........................................................................................
MEDICAL SUPPLIES-0.42%
16,600 Medtronic, Inc. (and rights)..............................................................................
MISCELLANEOUS-0.79%
57,400 CUC International, Inc. (a)...............................................................................
OFFICE EQUIPMENT AND SUPPLIES-3.10%
106,000 Silicon Graphics, Inc. (a)................................................................................
65,000 Sterling Software, Inc. (a)...............................................................................
51,900 Tandy Corp................................................................................................
PUBLISHING-0.65%
36,300 Scholastic Corp. (a)......................................................................................
RETAIL-DEPARTMENT STORES-1.51%
41,600 Kohl's Corp. (a)..........................................................................................
100,000 Wal-Mart Stores, Inc......................................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- ------------ ------------ -------------
<C> <C> <C>
81,000 $1,417,712 $ 1,832,625
43,436 1,749,054 2,014,344
------------ -------------
3,166,766 3,846,969
------------ -------------
48,700 1,659,110 2,769,812
38,500 2,358,659 3,291,750
101,000 2,232,557 3,408,750
68,450 2,007,598 2,429,975
------------ -------------
8,257,924 11,900,287
------------ -------------
41,000 2,234,208 2,777,750
50,250 2,137,288 4,541,344
110,000 2,328,083 2,193,125
123,300 772,270 4,762,462
------------ -------------
7,471,849 14,274,681
------------ -------------
44,000 1,719,115 3,811,500
------------ -------------
46,600 1,359,206 2,950,362
40,000 1,197,452 2,685,000
------------ -------------
2,556,658 5,635,362
------------ -------------
23,000 1,827,740 2,170,625
36,000 1,472,500 1,602,000
89,498 2,421,448 3,971,474
------------ -------------
5,721,688 7,744,099
------------ -------------
60,000 2,266,050 2,595,000
27,400 1,670,488 1,397,400
82,000 2,929,688 2,511,250
38,400 1,562,980 1,588,800
33,000 1,388,739 1,064,250
------------ -------------
9,817,945 9,156,700
------------ -------------
85,750 1,933,090 2,626,094
------------ -------------
38,000 2,095,090 2,113,750
------------ -------------
16,600 533,185 1,280,275
------------ -------------
57,400 1,409,916 2,410,800
------------ -------------
106,000 1,597,487 4,226,750
65,000 1,601,021 2,502,500
51,900 2,281,100 2,692,312
------------ -------------
5,479,608 9,421,562
------------ -------------
36,300 1,851,033 1,969,275
------------ -------------
41,600 1,624,870 1,898,000
100,000 2,479,410 2,675,000
------------ -------------
4,104,280 4,573,000
------------ -------------
</TABLE>
25
<PAGE>
FORTIS SERIES FUND, INC. ASSET ALLOCATION SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares
- ------------
<C> <S>
RETAIL-MISCELLANEOUS-4.42%
85,600 AutoZone, Inc. (a)........................................................................................
41,500 Home Depot, Inc...........................................................................................
82,000 Lowe's Companies, Inc.....................................................................................
68,100 Office Depot, Inc. (a)....................................................................................
45,500 Pep Boys Manny Moe & Jack.................................................................................
94,000 Price/Costco, Inc. (a)....................................................................................
62,000 Talbots (The), Inc........................................................................................
TELECOMMUNICATIONS-6.20%
72,000 3Com Corp. (a)............................................................................................
59,400 Cisco Systems, Inc. (a)...................................................................................
220,000 Ericsson (L.M.) Telephone Co. Class B ADR.................................................................
73,000 General Instrument Corp. (a)..............................................................................
63,600 Nokia ADS.................................................................................................
TELEPHONE SERVICES-1.04%
116,994 Worldcom, Inc. (a)........................................................................................
TOYS-0.86%
100,721 Mattel, Inc...............................................................................................
UTILITIES-TELEPHONE-1.83%
83,200 Air Touch Communications, Inc. (a)........................................................................
34,000 Telephone & Data Systems, Inc.............................................................................
51,000 Vodafone Group plc ADR....................................................................................
TOTAL COMMON STOCKS.......................................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- ------------ ------------ -------------
<C> <C> <C>
85,600 $1,881,356 $ 2,150,700
41,500 1,353,846 1,685,938
82,000 1,666,017 2,449,750
68,100 821,547 1,915,313
45,500 1,106,736 1,217,125
94,000 1,881,464 1,527,500
62,000 1,580,882 2,464,500
------------ -------------
10,291,848 13,410,826
------------ -------------
72,000 1,219,554 4,824,000
59,400 1,486,066 3,003,413
220,000 2,657,302 4,400,000
73,000 1,794,415 2,801,375
63,600 1,300,065 3,792,150
------------ -------------
8,457,402 18,820,938
------------ -------------
116,994 1,880,775 3,158,838
------------ -------------
100,721 1,501,326 2,618,746
------------ -------------
83,200 2,101,440 2,371,200
34,000 1,805,400 1,236,750
51,000 1,618,683 1,931,625
------------ -------------
5,525,523 5,539,575
------------ -------------
$83,775,021 $ 124,313,277
------------ -------------
------------ -------------
</TABLE>
PREFERRED STOCKS-0.22%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares
- -------------
<C> <S>
BROADCASTING-0.22%
33,000 News Corp., Ltd. (The) Preferred ADR......................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- ------------- ------------ ------------
<C> <C> <C>
33,000 $ 490,507 $ 660,000
------------ ------------
</TABLE>
ASSET BACKED SECURITIES-6.30%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
MANUFACTURED HOMES-3.81%
$3,278,588 CIT Group Manufactured Housing Contract, 7.70% Sr Sub Pass Thru Certificate Ser 1995-1 Cl A
5-15-2020.................................................................................. Aaa*
3,000,000 Green Tree Financial Corp., 8.35% Ser 1994-7 Class A4 3-15-2020.............................. Aaa*
5,000,000 Oakwood Mtg Investors, Inc., 7.10% Ser 1995-A Cl A3 9-15-2020................................ AAA
MISCELLANEOUS-1.98%
2,000,000 Green Tree Financial Corp., 7.65% Ser 1994-1 Class A5 Sr Sub Pass Thru Certificate
4-15-2019.................................................................................. Aa2*
3,954,091 Vanderbilt Mtg & Finance, Inc., 7.00% Ser 1994-A Cl A1 Mfg Housing Contract 7-10-2019........ AA
MULTI-FAMILY LOANS-0.51%
1,500,000 DLJ Mtg Acceptance Corp., 8.80% Ser 1993-12 Cl B1 Multifamily Mtg Pass Thru Certificate
9-18-2003.................................................................................. NR
TOTAL ASSET BACKED SECURITIES................................................................
* Moody's Rating
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$3,278,588
$3,277,051 $3,355,336
3,000,000 2,996,250 3,224,877
5,000,000 4,995,312 4,986,755
------------ ------------
11,268,613 11,566,968
------------ ------------
2,000,000
1,992,188 2,028,494
3,954,091 3,951,620 3,985,285
------------ ------------
5,943,808 6,013,779
------------ ------------
1,500,000
1,473,750 1,539,846
------------ ------------
18,686,171 19,120,593
------------ ------------
------------ ------------
</TABLE>
26
<PAGE>
CORPORATE BONDS-INVESTMENT GRADE-2.48%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
FOREIGN-GOVERNMENT-2.05%
$6,000,000 Hydro-Quebec, 8.00% Deb 2-1-2013............................................................. A+
MEDIA-0.34%
400,000 News America Holdings, Inc., 10.125% Sr Note 10-15-2012...................................... BBB-
500,000 News America Holdings, Inc., 8.963% Sr Note 4-26-2023 (d).................................... BBB-
MISCELLANEOUS-0.09%
250,000 New York (City of), 10.00% General Obligation Taxable Bond Fiscal 1991 Ser D 8-1-2005........ A-
TOTAL CORPORATE BONDS - INVESTMENT GRADE.....................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$6,000,000 $6,182,400 $6,234,774
------------ ------------
400,000 400,000 481,774
500,000 495,773 547,379
------------ ------------
895,773 1,029,153
------------ ------------
250,000 235,679 277,163
------------ ------------
7,313,852 7,541,090
------------ ------------
------------ ------------
</TABLE>
CORPORATE BONDS-NON-INVESTMENT GRADE-9.73%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AUTOMOBILE AND MOTOR VEHICLE PARTS-0.30%
<C> <S> <C>
$1,000,000 Penda Corp., 10.75% Sr Note Ser B 3-1-2004................................................... B
BUILDING MATERIALS-0.82%
1,000,000 Associated Materials, Inc., 11.50% Sr Sub Note 8-15-2003..................................... B-
750,000 Essex Group, 10.00% Sr Note 5-1-2003......................................................... B+
1,000,000 Wickes Lumber Co., 11.625% Sr Sub Note 12-15-2003............................................ B-
CHEMICALS-1.26%
1,250,000 Arcadian Partners L.P., 10.848% Sr Note Ser B 5-1-2005 (d)................................... B+
2,000,000 Indspec Chemical Corp., 12.618% Sr Sub Disc Note Ser B 12-1-2003 (Zero coupon until
12-1-1998) (d)............................................................................. B-
1,250,000 NL Industries, Inc., 11.75% Sr Secured Note 10-15-2003....................................... B
CONSUMER GOODS-0.23%
750,000 Plastic Specialty & Technologies, Inc., 11.25% Sr Secured Note 12-1-2003..................... B-
CONTAINERS AND PACKAGING-0.90%
1,240,000 Domtar, Inc., 11.25% Sinking Fund Deb 9-15-2017.............................................. BB-
750,000 Mail-Well Corp., 10.50% Sr Sub Note 2-15-2004................................................ B-
750,000 Williamhouse-Regency of Delaware, Inc., 11.50% Sr Sub Deb 6-15-2005.......................... B-
ENERGY-0.39%
1,145,274 Midland Cogeneration Venture, L.P., 10.33% MidlandFunding Sr Secured Lease Obligation Bond
Ser C 7-23-2002............................................................................ BB-
FOOD-GROCERY, MISCELLANEOUS-0.96%
1,000,000 Envirodyne Industries, Inc., 12.00% First Priority Sr Secured Note 6-15-2000 (e)............. NR
1,000,000 Pilgrims Pride Corp., 11.14% Sr Sub Deb 8-1-2003 (d)......................................... B-
1,000,000 Specialty Foods Corp., 10.25% Sr Note Ser B 8-15-2001........................................ B
LEISURE TIME-AMUSEMENTS-0.41%
750,000 G B Property Funding, 10.875% First Mtg Bond 1-15-2004....................................... B+
750,000 Trump Taj Mahal Funding, Inc., 11.35% First Mtg Note 11-15-1999 (Interest is 9.375% cash and
1.975% Payable-in-Kind).................................................................... Caa*
MACHINERY-0.62%
1,000,000 Spreckels Industries, Inc., 11.50% Sr Secured Note 9-1-2000.................................. B
1,000,000 Terex Corp., 13.75% Sr Secured Note 5-15-2002 (and Rights) (e)............................... B
* Moody's Rating
<CAPTION>
<C> <C> <C>
$1,000,000 $ 890,000 $ 910,000
------------ ------------
1,000,000 921,250 910,000
750,000 754,687 729,375
1,000,000 982,500 850,000
------------ ------------
2,658,437 2,489,375
------------ ------------
1,250,000 1,244,604 1,256,250
2,000,000
1,227,492 1,260,000
1,250,000 1,187,500 1,300,000
------------ ------------
3,659,596 3,816,250
------------ ------------
750,000 664,687 705,000
------------ ------------
1,240,000 1,213,900 1,320,600
750,000 665,625 660,000
750,000 762,813 750,000
------------ ------------
2,642,338 2,730,600
------------ ------------
1,145,274
1,167,501 1,174,945
------------ ------------
1,000,000 1,000,000 1,000,000
1,000,000 969,045 930,000
1,000,000 991,250 987,500
------------ ------------
2,960,295 2,917,500
------------ ------------
750,000 652,500 648,750
750,000
561,284 584,650
------------ ------------
1,213,784 1,233,400
------------ ------------
1,000,000 986,250 1,010,000
1,000,000 954,375 885,000
------------ ------------
1,940,625 1,895,000
------------ ------------
</TABLE>
27
<PAGE>
FORTIS SERIES FUND, INC. ASSET ALLOCATION SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------ -------------
<C> <S> <C>
MEDIA-0.30%
$1,055,000 Falcon Holding Group, L.P., 11.00% Sr Sub Note Ser B 9-15-2003 (Interest is
Payable-in-Kind)........................................................................... NR
RESTAURANTS AND FRANCHISING-0.84%
1,000,000 Carrols Corp., 11.50% Sr Note 8-15-2003...................................................... B+
1,000,000 Family Restaurants, Inc., 9.75% Sr Note 2-1-2002............................................. B
1,250,000 Flagstar Corp., 11.25% Sr Sub Deb 11-1-2004.................................................. CCC+
RETAIL-MISCELLANEOUS-0.96%
1,250,000 Farm Fresh, Inc., 12.25% Sr Note 10-1-2000................................................... B-
1,000,000 Pantry (The), Inc., 12.00% Sr Note Ser B 11-15-2000.......................................... B+
750,000 Stater Brothers, Inc., 11.00% Sr Note 3-1-2001............................................... B+
TECHNOLOGY-0.59%
1,000,000 Computervision Corp., 10.875% Sr Note 8-15-1997.............................................. B
1,000,000 U.S. Banknote Corp., 10.375% Sr Note 6-1-2002................................................ B+
TEXTILE MANUFACTURING-0.36%
1,250,000 U.S. Leather, Inc., 10.724% Sr Note 7-31-2003 (d)............................................ B+
TOBACCO-0.18%
750,000 Liggett Group, Inc., 11.50% Ser B Secured Note 2-1-1999...................................... NR
TRANSPORTATION-0.61%
1,000,000 GPA Delaware, Inc., 8.75% Deb 12-15-1998..................................................... CCC+
1,000,000 Petro PSC Properties, L.P., 12.50% Sr Note 6-1-2002.......................................... B
TOTAL CORPORATE BONDS - NON-INVESTMENT GRADE.................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$1,055,000
$ 852,588 $ 916,522
------------ ------------
1,000,000 961,250 940,000
1,000,000 951,250 630,000
1,250,000 1,265,938 975,000
------------ ------------
3,178,438 2,545,000
------------ ------------
1,250,000 1,250,063 1,168,750
1,000,000 980,000 1,000,000
750,000 712,500 750,000
------------ ------------
2,942,563 2,918,750
------------ ------------
1,000,000 933,750 990,000
1,000,000 878,500 810,000
------------ ------------
1,812,250 1,800,000
------------ ------------
1,250,000 1,205,686 1,071,875
------------ ------------
750,000 541,250 555,000
------------ ------------
1,000,000 732,500 840,000
1,000,000 958,430 1,002,500
------------ ------------
1,690,930 1,842,500
------------ ------------
30,020,968 29,521,717
------------ ------------
------------ ------------
</TABLE>
U.S. GOVERNMENT SECURITIES-24.45%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERAL HOME LOAN MORTGAGE CORPORATION-1.31%
<C> <S> <C>
NOTE:
$4,000,000 6.615% 2004........................................................................................... $ 3,736,250
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION-7.62%
MORTGAGE BACKED SECURITIES:
2,253,030 7.50% 2022............................................................................................ 2,328,717
3,898,476 8.50% 2025............................................................................................ 3,964,263
2,024,784 9.00% 2021-2025....................................................................................... 2,087,126
--------------
8,380,106
--------------
NOTES:
2,000,000 6.85% Global Note 2000................................................................................ 2,000,000
1,500,000 7.40% Global Note 2004................................................................................ 1,587,825
8,000,000 7.84% 1998............................................................................................ 8,053,680
--------------
11,641,505
--------------
REMIC-PAC:
3,000,000 7.00% Trust #1992-49H Busted PAC 2020................................................................. 2,892,344
--------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION........................................................... 22,913,955
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION-4.60%
MORTGAGE BACKED SECURITIES:
6,394,035 7.50% 2022-2023....................................................................................... 6,215,477
5,761,570 9.00% 2022-2023....................................................................................... 5,948,821
1,356,659 9.125% Fleet Mtg Securities, Ser 1989-3 Cl D 2018 (GNMA Backed)....................................... 1,388,879
99,249 9.50% 2020............................................................................................ 99,001
--------------
13,652,178
--------------
<CAPTION>
<C> <C>
$4,000,000 $ 3,956,780
--------------
2,253,030 2,259,365
3,898,476 4,020,280
2,024,784 2,108,927
--------------
8,388,572
--------------
2,000,000 2,044,722
1,500,000 1,595,048
8,000,000 8,102,800
--------------
11,742,570
--------------
3,000,000 3,004,917
--------------
23,136,059
--------------
6,394,035 6,424,003
5,761,570 6,049,614
1,356,659 1,392,432
99,249 105,111
--------------
13,971,160
--------------
</TABLE>
28
<PAGE>
U.S. GOVERNMENT SECURITIES-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Cost (b)
- ------------ --------------
<C> <S> <C>
OTHER DIRECT FEDERAL OBLIGATIONS-3.55%
FEDERAL HOME LOAN BANK:
$6,000,000 6.125% Global Registered Note 1996.................................................................... $ 5,984,062
4,500,000 7.31% 2004............................................................................................ 4,516,172
--------------
10,500,234
--------------
OTHER GOVERNMENT AGENCIES-0.44%
RESOLUTION FUNDING CORPORATION:
5,000,000 7.415% Zero Coupon Strip 2014 (d)..................................................................... 1,249,807
--------------
U.S. TREASURY SECURITIES-6.93%
BOND:
6,400,000 8.125% 2021........................................................................................... 6,706,000
--------------
NOTES:
10,800,000 7.25% 1996............................................................................................ 10,859,063
2,500,000 9.375% 1996........................................................................................... 2,752,344
--------------
13,611,407
--------------
TOTAL U.S. TREASURY SECURITIES........................................................................ 20,317,407
--------------
TOTAL U.S. GOVERNMENT SECURITIES...................................................................... 72,369,831
--------------
TOTAL LONG-TERM DEBT SECURITIES....................................................................... 128,390,822
--------------
TOTAL LONG-TERM INVESTMENTS........................................................................... $ 212,656,350
--------------
--------------
<CAPTION>
Principal Market
Amount Value (c)
- ------------ --------------
<C> <C>
$6,000,000 $ 6,024,918
4,500,000 4,750,502
--------------
10,775,420
--------------
5,000,000 1,325,945
--------------
6,400,000 7,485,990
--------------
10,800,000 10,978,859
2,500,000 2,567,965
--------------
13,546,824
--------------
21,032,814
--------------
74,198,178
--------------
130,381,578
--------------
$ 255,354,855
--------------
--------------
</TABLE>
SHORT-TERM INVESTMENTS-15.54%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
BANKS-4.61%
$13,995,000 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.............................................
DIVERSIFIED FINANCE-0.30%
899,000 Associates Corp. Master Variable Rate Note, Current rate - 6.00%......................................................
U.S. GOVERNMENT AGENCY-0.99%
3,000,000 Federal Home Loan Mortgage Corp., 5.95% 7-12-1995.....................................................................
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-9.64%
29,300,000 Federal Home Loan Bank, 5.97% 7-6-1995................................................................................
TOTAL SHORT-TERM INVESTMENTS..........................................................................................
TOTAL INVESTMENTS IN SECURITIES (COST: $259,815,835) (B)..............................................................
<CAPTION>
Principal Market
Amount Value (c)
- ------------ -------------
<C> <C>
$13,995,000 $ 13,995,000
-------------
899,000 899,000
-------------
3,000,000 2,994,150
-------------
29,300,000 29,271,335
-------------
47,159,485
-------------
$ 302,514,340
-------------
-------------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $259,815,835 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................................................................................ $46,696,718
Unrealized depreciation........................................................................................ (3,998,213)
- ----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation.................................................................................... $42,698,505
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) The interest rate disclosed for these securities represent the original
issue discount yields on the date of acquisition.
(e) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or to other "accredited
investors". These investments have been identified by portfolio management
as illiquid securities. The value of these securities at June 30, 1995 is
$1,885,000 which represents 0.62% of net assets.
(f) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 6.65% of net assets as of June 30, 1995.
29
<PAGE>
FORTIS SERIES FUND, INC. GLOBAL ASSET ALLOCATION SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-48.80%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
AUSTRALIA-0.81%
5,000 Brambles Industries Ltd. -- BUSINESS
SERVICES AND SUPPLIES................. $ 46,434 $ 47,279
12,000 Westpac Banking Corp. Ltd. -- BANKS..... 40,566 43,295
---------- ----------
87,000 90,574
---------- ----------
BELGIUM-0.80%
2,000 Delhaize-Le Lion, S.A. -- RETAIL-
MISCELLANEOUS......................... 79,986 89,959
---------- ----------
FRANCE-1.77%
110 Bongrain S.A. -- FOOD-GROCERY,
MISCELLANEOUS......................... 58,118 65,898
560 Credit Lyonnaise -- BANKS............... 35,896 32,277
250 Labinal S.A. -- AEROSPACE AND
EQUIPMENT............................. 32,307 44,095
750 Societe Nationale Elf
Aquitaine -- OIL-CRUDE PETROLEUM AND
GAS................................... 53,418 55,467
---------- ----------
179,739 197,737
---------- ----------
GERMANY-3.56%
350 Basf AG -- CHEMICALS.................... 71,616 74,647
315 Bayer AG -- CHEMICALS................... 74,339 78,220
330 Bremer Vulkan Verbund AG -- SHIP
BUILDING, SHIPPING.................... 20,089 19,193
130 Karstadt AG -- RETAIL-DEPARTMENT
STORES................................ 46,079 56,917
195 Mannesmann AG -- MACHINERY.............. 53,318 59,523
150 Varta AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS................................. 30,189 28,502
170 Veba ag -- UTILITIES-ELECTRIC........... 58,756 66,692
50 Volkswagen AG -- AUTOMOBILE
MANUFACTURERS......................... 12,448 14,395
---------- ----------
366,834 398,089
---------- ----------
HONG KONG-0.52%
18,000 Jardine Strategic Holdings Ltd. --
MISCELLANEOUS......................... 62,020 57,960
---------- ----------
IRELAND-0.72%
25,000 Avonmore Foods plc -- FOOD-GROCERY,
MISCELLANEOUS......................... 50,222 54,836
10,000 Green Property plc -- REAL ESTATE....... 21,033 26,190
---------- ----------
71,255 81,026
---------- ----------
ITALY-1.45%
37,100 Stet Societa Finanziaria Telfonica
S.p.A. -- TELECOMMUNICATIONS.......... 87,719 82,381
38,000 Telecom Italia
S.p.A. -- UTILITIES-TELEPHONE......... 80,014 80,318
---------- ----------
167,733 162,699
---------- ----------
JAPAN-5.19%
5,000 Fuji Photo Film -- PHOTOGRAPHIC......... 117,985 118,375
6,000 Hitachi Ltd. -- ELECTRONIC-CONTROLS AND
EQUIPMENT............................. 56,981 59,717
8,000 Kao Corp. -- HOUSEHOLD PRODUCTS......... 91,237 96,113
10,000 Nichido Fire & Marine Insurance --
INSURANCE............................. 81,102 80,683
1,000 Sony Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT............................. 56,302 47,939
10,000 Sumitomo Rubber Industries -- AUTOMOBILE
AND MOTOR VEHICLE PARTS............... 88,145 74,205
1,000 TDK Corp. -- ELECTRIC-COMPONENTS AND
PARTS................................. 44,629 45,465
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
2,000 Toyo Seikan Kaisha -- CONTAINERS AND
PACKAGING............................. $ 66,308 $ 58,422
---------- ----------
602,689 580,919
---------- ----------
NETHERLANDS-3.81%
2,757 ABN-AMRO Holding NV -- BANKS............ 98,654 106,332
200 Hollandsche Beton Groep NV --
CONSTRUCTION.......................... 30,847 34,440
1,400 Internationale Nederlanden Groep NV --
FINANCE COMPANIES..................... 67,335 77,381
2,700 Koninklijke Van Ommeren NV --
TRANSPORTATION........................ 70,818 82,889
2,950 Philips Electronics NV -- ELECTRIC
PRODUCTS.............................. 92,113 124,811
---------- ----------
359,767 425,853
---------- ----------
SPAIN-1.66%
12,700 Iberdrola S.A. -- UTILITIES-ELECTRIC.... 76,653 95,651
7,000 Telefonica de Espana --
TELECOMMUNICATIONS.................... 86,179 90,181
---------- ----------
162,832 185,832
---------- ----------
SWEDEN-0.56%
12,000 Skandinaviska Enskilda Banken A Free --
BANKS................................. 68,607 62,294
---------- ----------
SWITZERLAND-4.36%
50 Ascom Holding AG -- TELECOMMUNICATIONS 49,185 62,494
65 Bobst S.A. -- MACHINERY................. 79,455 98,731
150 Ciba-Geigy AG -- CHEMICALS.............. 91,076 109,885
100 Forbo Holding AG -- HOUSEHOLD PRODUCTS.. 45,530 48,780
20 Kuoni Reisen Holding AG -- LEISURE TIME-
AMUSEMENTS............................ 25,652 32,115
110 Magazine Zum Globus -- RETAIL-DEPARTMENT
STORES................................ 64,038 79,246
50 SIG Schweizerische
Industrie-Gesellschaft Holding
AG -- MACHINERY....................... 47,828 56,418
---------- ----------
402,764 487,669
---------- ----------
UNITED KINGDOM-3.23%
19,000 Christian Salvesen
plc -- MISCELLANEOUS.................. 81,277 80,404
9,200 English China Clays plc -- MINERALS..... 54,804 56,789
8,000 Kwik Save Group plc -- FOOD-GROCERY,
MISCELLANEOUS......................... 69,687 82,600
10,000 Tate & Lyle plc -- FOOD-GROCERY,
MISCELLANEOUS......................... 68,510 67,613
1,700 Unilever plc -- CONSUMER GOODS.......... 30,846 34,415
20,900 WPP Group plc -- ADVERTISING-PUBLIC
RELATIONS............................. 42,868 40,232
---------- ----------
347,992 362,053
---------- ----------
UNITED STATES-20.36%
5,000 Addington Resources, Inc. (a) -- NATURAL
RESOURCES............................. 49,375 73,750
1,600 Aluminum Company of America -- METALS-
FABRICATING........................... 64,231 80,200
1,000 AMR Corp. (a) -- AIRLINES............... 54,665 74,625
3,000 Beazer Homes USA, Inc. (a) --
MANUFACTURED HOMES.................... 43,950 49,875
2,500 Brooklyn Bancorp, Inc. (a) -- BANKS..... 76,425 84,375
4,000 Cadiz Land Co., Inc. (a) -- LAND
DEVELOPMENT........................... 19,875 17,500
430 CBS, Inc. -- BROADCASTING............... 26,449 28,810
8,500 Comsat Corp. -- TELECOMMUNICATIONS...... 164,941 166,813
</TABLE>
30
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
3,000 Cray Research, Inc. (a) -- COMPUTER-
SOFTWARE.............................. $ 47,545 $ 73,125
10,250 Data General Corp. (a) -- COMPUTER-
SOFTWARE.............................. 83,836 98,656
6,000 Egghead, Inc. (a) -- RETAIL-SPECIALTY
AND SPECIALTY MAIL ORDER.............. 62,784 80,250
5,700 Enhance Financial Services Group,
Inc. -- INSURANCE..................... 95,837 110,437
2,300 Equitable Companies,
Inc. -- INSURANCE..................... 43,597 48,012
3,100 Finova Group, Inc. -- FINANCE
COMPANIES............................. 101,827 108,500
1,650 Gap, Inc. -- RETAIL-CLOTHING............ 52,025 57,544
13,000 GenRad, Inc. (a) -- ELECTRONIC-CONTROLS
AND EQUIPMENT......................... 73,818 99,125
1,350 Georgia Pacific Corp. -- FOREST
PRODUCTS.............................. 101,543 117,112
2,600 Johnstown America Industries, Inc.
(a) -- MACHINERY-SPECIALTY............ 40,630 26,975
2,500 Limited (The),
Inc. -- RETAIL-CLOTHING............... 44,090 55,000
2,000 Lukens, Inc. -- STEEL AND IRON.......... 55,669 64,500
910 MBIA, Inc. -- INSURANCE................. 57,629 60,515
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
2,800 MCI Communications Corp. -- UTILITIES-
TELEPHONE............................. $ 58,600 $ 61,600
2,100 Mellon Bank Corp. -- BANKS.............. 74,774 87,412
3,200 Mercer International, Inc.
(a) -- FINANCE COMPANIES.............. 43,653 67,200
1,600 Midlantic Corp., Inc. -- BANKS.......... 43,600 64,000
2,500 MMI Companies, Inc. -- INSURANCE........ 39,038 49,063
1,200 Philip Morris Companies,
Inc. -- TOBACCO....................... 70,676 89,250
3,650 Rohr Industries, Inc. (a) -- AEROSPACE
AND EQUIPMENT......................... 38,562 52,469
2,000 Sun Co., Inc. -- OIL-CRUDE PETROLEUM AND
GAS................................... 58,339 54,750
1,000 Tecumseh Products Co. Cl
A -- MACHINERY........................ 46,150 44,000
5,000 Waban, Inc.
(a) -- RETAIL-MISCELLANEOUS........... 86,914 74,375
6,000 WorldCorp, Inc. (a) -- TRANSPORTATION... 52,870 59,250
---------- ----------
1,973,917 2,279,068
---------- ----------
TOTAL COMMON STOCKS..................... $4,933,135 $5,461,732
---------- ----------
---------- ----------
</TABLE>
PREFERRED STOCKS-0.49%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Shares
- ---------------
<C> <S>
GERMANY-0.49%
250 Volkswagen AG -- AUTOMOBILE MANUFACTURERS.................................................................
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------------- ------------- -------------
<C> <C> <C>
250 $ 53,169 $ 55,270
------------- -------------
</TABLE>
CORPORATE BONDS-INVESTMENT GRADE-25.54%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Standard
Principal & Poor's
Amount Rating
- ------------- -------------
<C> <S> <C>
AUSTRALIA-1.26%
$ 200,000 Australian Government, 9.00% 9-15-2004....................................................... AAA
AUSTRIA-2.18%
18,000,000 Austrian Government, 4.75% 12-20-2004........................................................ AAA
CANADA-1.14%
180,000 Canadian Government, 7.50% 12-1-2003......................................................... AA+
DENMARK-1.49%
1,000,000 Kingdom of Denmark, 7.00% 12-15-2004......................................................... AA+
FRANCE-2.64%
1,500,000 French Government, 6.75% 10-25-2003.......................................................... AAA
GERMANY-6.30%
500,000 German Government, 6.50% 7-15-2003........................................................... AAA
500,000 Treuhandanstalt, 6.75% 5-13-2004............................................................. AAA
ITALY-1.45%
300,000,000 Italian Government, 8.50% 8-1-1999........................................................... NR
JAPAN-1.94%
15,000,000 Japan Development Bank, 6.50% 9-20-2001...................................................... Aaa*
NETHERLANDS-2.32%
200,000 Netherlands Government, 7.00% 6-15-2005...................................................... NR
200,000 Netherlands Government, 7.25% 10-1-2004...................................................... NR
* Moody's Rating
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------- ------------ ------------
<C> <C> <C>
$ 200,000 $ 145,692 $ 140,340
------------ ------------
18,000,000 238,386 244,346
------------ ------------
180,000 114,899 127,776
------------ ------------
1,000,000 144,724 166,931
------------ ------------
1,500,000 274,152 294,894
------------ ------------
500,000 317,716 350,150
500,000 350,265 354,412
------------ ------------
667,981 704,562
------------ ------------
300,000,000 157,623 162,370
------------ ------------
15,000,000 198,466 217,204
------------ ------------
200,000 128,031 128,668
200,000 128,174 131,312
------------ ------------
256,205 259,980
------------ ------------
</TABLE>
31
<PAGE>
FORTIS SERIES FUND, INC. GLOBAL ASSET ALLOCATION SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
CORPORATE BONDS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Standard
Principal & Poor's
Amount Rating
- ------------- -------------
<C> <S> <C>
NEW ZEALAND-0.43%
$ 70,000 New Zealand Government, 8.00% 4-15-2004...................................................... AA
SPAIN-1.07%
15,000,000 Spanish Government, 10.25% 11-30-1998........................................................ NR
SWEDEN-1.21%
1,000,000 Swedish Government, 10.25% 5-5-2000.......................................................... Aa1*
UNITED KINGDOM-2.11%
150,000 United Kingdom Treasury, 8.00% 12-7-2000..................................................... NR
TOTAL CORPORATE BONDS - INVESTMENT GRADE.....................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------- ------------ ------------
<C> <C> <C>
$ 70,000 $ 46,320 $ 48,225
------------ ------------
15,000,000 113,717 119,291
------------ ------------
1,000,000 136,255 135,686
------------ ------------
150,000 239,295 236,547
------------ ------------
2,733,715 2,858,152
------------ ------------
</TABLE>
U.S. GOVERNMENT SECURITIES-15.29%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
U.S. TREASURY SECURITIES-15.29%
NOTES:
$ 250,000 6.25% 2000................................................................................................
300,000 6.75% 1999................................................................................................
250,000 7.25% 2004................................................................................................
200,000 7.50% 1996................................................................................................
400,000 7.875% 2004...............................................................................................
200,000 8.125% 2019...............................................................................................
TOTAL U.S. GOVERNMENT SECURITIES..........................................................................
TOTAL LONG-TERM DEBT SECURITIES...........................................................................
TOTAL LONG-TERM INVESTMENTS...............................................................................
<CAPTION>
Principal Market
Amount Cost (b) Value (c)
- ------------ ------------ ------------
<C> <C> <C>
$ 250,000 $ 252,500 $ 252,812
300,000 292,632 308,063
250,000 252,501 266,797
200,000 199,567 204,812
400,000 420,282 445,250
200,000 201,882 233,312
------------ ------------
1,619,364 1,711,046
------------ ------------
1,619,364 1,711,046
------------ ------------
4,353,079 4,569,198
------------ ------------
$9,339,383 $10,086,200
------------ ------------
------------ ------------
</TABLE>
SHORT-TERM INVESTMENTS-11.06%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal
Amount
- ------------
<C> <S>
BANKS-11.06%
$1,237,527 First Trust Money Market Variable Rate Time Deposit, Current rate - 5.87%.............................................
TOTAL INVESTMENTS IN SECURITIES (COST: $10,576,910) (B)...............................................................
<CAPTION>
Principal Market
Amount Value (c)
- ------------ ------------
<C> <C>
$1,237,527 $1,237,527
------------
$11,323,727
------------
------------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $10,576,910 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation......................................................................................... $ 848,117
Unrealized depreciation......................................................................................... (101,300)
- ----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation..................................................................................... $ 746,817
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
* Moody's Rating
32
<PAGE>
FORTIS SERIES FUND, INC. GROWTH & INCOME SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-83.78%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (a) Value (b)
- --------- ----------- -----------
<C> <S> <C> <C>
APPAREL-0.37%
7,500 Kellwood Co.......................... $ 171,138 $ 127,500
----------- -----------
AUTOMOBILE AND MOTOR VEHICLE PARTS-1.63%
16,200 Echlin, Inc.......................... 532,898 562,950
----------- -----------
BUSINESS SERVICES AND SUPPLIES-3.54%
19,900 MBNA Corp............................ 544,823 671,625
9,100 Omnicom Group, Inc................... 476,976 551,687
----------- -----------
1,021,799 1,223,312
----------- -----------
CHEMICALS-5.44%
16,500 Chemed Corp.......................... 552,173 573,375
26,400 Crompton And Knowles Corp............ 477,926 372,900
57,300 Ethyl Corp........................... 631,874 608,812
6,800 Lubrizol Corp........................ 229,632 240,550
2,800 Petrolite Corp....................... 92,687 84,700
----------- -----------
1,984,292 1,880,337
----------- -----------
COMPUTER-SOFTWARE-1.86%
16,000 Shared Medical Systems Corp.......... 474,900 642,000
----------- -----------
DRUGS-8.31%
14,100 Abbott Laboratories.................. 471,526 571,050
7,500 Lilly Eli & Co., Inc................. 500,612 588,750
13,000 Merck & Co., Inc..................... 498,901 637,000
6,000 Pfizer, Inc.......................... 442,227 554,250
11,800 Schering-Plough Corp................. 426,373 520,675
----------- -----------
2,339,639 2,871,725
----------- -----------
ELECTRIC PRODUCTS-1.88%
15,400 AMP, Inc............................. 574,535 650,650
----------- -----------
FINANCE COMPANIES-9.89%
18,500 American Express Company............. 572,515 649,812
6,300 Federal National Mortgage
Association........................ 494,058 594,562
26,500 Hanson PLC........................... 492,156 467,062
13,500 Household International, Inc......... 535,788 668,250
28,700 Mercury Finance Co................... 411,038 552,475
10,300 Student Loan Marketing Association... 464,464 482,812
----------- -----------
2,970,019 3,414,973
----------- -----------
HEALTH CARE SERVICES-1.77%
20,000 U.S. HealthCare, Inc................. 662,074 612,500
----------- -----------
HOUSEHOLD PRODUCTS-1.57%
8,300 Clorox Co............................ 469,344 541,575
----------- -----------
INSURANCE-1.67%
14,500 American Brands, Inc................. 545,549 576,375
----------- -----------
MACHINERY-3.01%
25,000 Dresser Industries, Inc.............. 531,837 556,250
20,000 McDermott International, Inc......... 524,585 482,500
----------- -----------
1,056,422 1,038,750
----------- -----------
MACHINERY-OIL AND WELL-6.42%
22,300 Baker Hughes, Inc.................... 456,418 457,150
15,100 Halliburton Co....................... 532,591 539,825
12,200 Kerr McGee Corp...................... 597,276 654,225
18,600 Sonat, Inc........................... 564,944 567,300
----------- -----------
2,151,229 2,218,500
----------- -----------
<CAPTION>
Market
Shares Cost (a) Value (b)
- --------- ----------- -----------
<C> <S> <C> <C>
MEDICAL SUPPLIES-2.53%
16,600 Baxter International, Inc............ $ 490,802 $ 603,825
4,000 Johnson & Johnson.................... 185,035 270,500
----------- -----------
675,837 874,325
----------- -----------
MISCELLANEOUS-3.10%
9,000 General Electric Co.................. 464,410 507,375
13,700 H & R Block, Inc..................... 602,354 563,413
----------- -----------
1,066,764 1,070,788
----------- -----------
NATURAL GAS TRANSMISSIONS-1.75%
17,300 Williams Companies, Inc.............. 531,205 603,338
----------- -----------
NATURAL RESOURCES-1.33%
13,100 Enron Corp........................... 420,762 460,138
----------- -----------
OIL-CRUDE PETROLEUM AND GAS-3.36%
8,500 Amoco Corp........................... 513,290 566,313
24,400 Panhandle Eastern Corp............... 549,338 594,750
----------- -----------
1,062,628 1,161,063
----------- -----------
PAPER-1.51%
13,000 Avery Dennison Corp.................. 531,921 520,000
----------- -----------
PUBLISHING-3.61%
8,700 McGraw-Hill Companies, Inc........... 615,261 660,113
13,300 Readers Digest Association, Inc.
Class A Non-Voting................. 605,110 586,863
----------- -----------
1,220,371 1,246,976
----------- -----------
RETAIL-DEPARTMENT STORES-3.18%
8,200 JC Penney Company, Inc............... 392,816 393,600
11,800 Sears Roebuck & Co................... 582,185 706,525
----------- -----------
975,001 1,100,125
----------- -----------
RETAIL-MISCELLANEOUS-1.71%
23,000 Rite Aid Corp........................ 523,695 589,375
----------- -----------
TELECOMMUNICATIONS-1.72%
13,500 Beneficial Corp...................... 545,615 594,000
----------- -----------
TELEPHONE SERVICES-1.38%
9,000 AT & T Corp.......................... 478,491 478,125
----------- -----------
TOBACCO-3.83%
9,000 Philip Morris Companies, Inc......... 548,523 669,375
22,000 UST, Inc............................. 641,233 654,500
----------- -----------
1,189,756 1,323,875
----------- -----------
UTILITIES-TELEPHONE-5.35%
12,000 Bell Atlantic Corp................... 660,627 672,000
25,300 Frontier Corp........................ 565,357 607,200
9,400 Telecom Corp. of New Zealand Ltd.
ADR................................ 514,845 569,875
----------- -----------
1,740,829 1,849,075
----------- -----------
WASTE DISPOSAL-2.06%
12,500 Browning-Ferris Industries, Inc...... 390,625 451,563
9,200 WMX Technologies, Inc................ 249,208 261,050
----------- -----------
639,833 712,613
----------- -----------
TOTAL COMMON STOCKS.................. $26,556,546 $28,944,963
----------- -----------
----------- -----------
</TABLE>
33
<PAGE>
FORTIS SERIES FUND, INC. GROWTH & INCOME SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
SHORT-TERM INVESTMENTS-15.39%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (b)
- ---------- -----------
<C> <S> <C>
BANKS-1.88%
$ 648,000 First Trust Money Market Variable Rate Time
Deposit, Current rate - 5.87%................ $ 648,000
-----------
BROKERAGE AND INVESTMENT-2.44%
841,000 Goldman Sachs Master Variable Rate Note,
Current rate - 6.18%......................... 841,000
-----------
DIVERSIFIED FINANCE-3.56%
1,231,000 Associates Corp. Master Variable Rate Note,
Current rate - 6.00%......................... 1,231,000
-----------
U.S. GOVERNMENT AGENCY-7.51%
2,600,000 Federal National Mortgage Association, 5.95%
7-11-1995.................................... 2,595,360
-----------
TOTAL SHORT-TERM INVESTMENTS................... 5,315,360
-----------
TOTAL INVESTMENTS IN SECURITIES
(COST: $31,871,906) (A).................... $34,260,323
-----------
-----------
</TABLE>
(a) At June 30, 1995, the cost of securities for federal income tax purposes
was $31,871,906 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................... $2,863,070
Unrealized depreciation........................... (474,653)
- --------------------------------------------------------------
Net unrealized appreciation....................... $2,388,417
- --------------------------------------------------------------
</TABLE>
(b) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 1.65% of net assets as of June 30, 1995.
34
<PAGE>
FORTIS SERIES FUND, INC. GLOBAL GROWTH SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-79.48%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
ARGENTINA-0.97%
14,900 Buenos Aires Embotelladora S.A.
ADR -- BEVERAGE................. $ 365,931 $ 374,362
68,000 YPF Sociedadanoni ADR -- OIL-CRUDE
PETROLEUM AND GAS............... 1,656,715 1,283,500
------------- -------------
2,022,646 1,657,862
------------- -------------
AUSTRALIA-0.69%
52,000 News Corp., Ltd. ADR (The) (f) --
BROADCASTING.................... 916,065 1,176,500
------------- -------------
AUSTRIA-0.29%
13,000 Maculan Holdings
AG -- CONSTRUCTION 1,384,220 500,835
------------- -------------
CANADA-0.94%
19,500 Newbridge Networks Corp. (a) --
TELECOMMUNICATIONS.............. 543,562 687,375
38,000 Rogers Cantel Mobile
Communications, Inc. Class B (a)
-- Telecommunications........... 974,875 902,500
------------- -------------
1,518,437 1,589,875
------------- -------------
CHINA-0.92%
85,000 Huaneng Power International, Inc.
ADR Series N (a) -- ELECTRIC
PRODUCTS........................ 1,700,000 1,561,875
------------- -------------
DENMARK-0.82%
50,000 Tele Danmark A/S ADR --
TELECOMMUNICATIONS.............. 1,222,110 1,400,000
------------- -------------
FINLAND-5.17%
148,000 Nokia (AB) K Shares --
TELECOMMUNICATIONS.............. 2,478,816 8,788,278
------------- -------------
FRANCE-1.37%
9,000 Castorama Dubois Investisse --
RETAIL-MISCELLANEOUS............ 1,035,308 1,492,726
15,000 Sanofi SA -- DRUGS................ 906,608 830,839
------------- -------------
1,941,916 2,323,565
------------- -------------
GERMANY-0.97%
37,000 SGL Carbon AG (a) -- STEEL AND
IRON............................ 1,476,671 1,652,022
------------- -------------
INDIA-1.07%
26,000 Bajaj Auto Ltd.
(a)(e) -- AUTOMOBILE
MANUFACTURERS................... 671,442 604,456
75,000 Indian Hotels Co., Ltd. (The)
(a)(e) -- HOTEL AND MOTEL....... 1,245,000 1,208,595
------------- -------------
1,916,442 1,813,051
------------- -------------
ISRAEL-1.69%
84,000 ECI Telecom Ltd. (f) --
TELECOMMUNICATIONS.............. 1,662,746 1,149,750
46,000 Teva Pharmaceutical Industries,
Ltd. ADR -- DRUGS............... 1,236,500 1,725,000
------------- -------------
2,899,246 2,874,750
------------- -------------
ITALY-1.86%
57,700 Fila Holdings S.p.A.
ADR -- APPAREL.................. 968,696 1,435,287
52,000 Industrie Natuzzi S.p.A. ADR --
FURNITURE....................... 1,160,467 1,722,500
------------- -------------
2,129,163 3,157,787
------------- -------------
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
JAPAN-4.32%
12,100 Autobacs Seven Co. Ltd. -- RETAIL-
MISCELLANEOUS................... $ 1,290,142 $ 1,175,795
15,000 Canon, Inc. ADR (f) -- OFFICE
EQUIPMENT AND SUPPLIES.......... 1,073,137 1,226,250
231 DDI Corp. -- TELECOMMUNICATIONS... 1,255,229 1,850,177
23,000 Kyocera
Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT....................... 1,618,352 1,890,931
145 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES..... 1,307,429 1,212,603
------------- -------------
6,544,289 7,355,756
------------- -------------
MALAYSIA-0.72%
425,000 Technology Resources Industries
(a) -- Telecommunications....... 1,474,736 1,220,267
------------- -------------
MEXICO-0.60%
34,000 Panamerican Beverages, Inc. Class
A -- BEVERAGE................... 1,189,321 1,020,000
------------- -------------
NETHERLANDS-6.02%
135,000 Elsevier NV -- PUBLISHING......... 1,217,762 1,593,351
70,000 IHC Caland -- MACHINERY-OIL AND
WELL............................ 1,402,766 1,986,448
42,000 KLM KON Luchtvaart MIJ NV (a) --
TRANSPORTATION.................. 1,142,193 1,362,523
45,000 Randstad Holdings -- BUSINESS
SERVICES AND SUPPLIES........... 2,461,190 3,180,897
24,000 Wolters Kluwer Br Dep Receipt --
PUBLISHING...................... 1,404,741 2,115,954
------------- -------------
7,628,652 10,239,173
------------- -------------
NORWAY-0.58%
35,000 Nera AS ADR (a) --
TELECOMMUNICATIONS.............. 997,500 984,375
------------- -------------
SPAIN-1.43%
50,000 Continente Cent Co. (a) -- RETAIL-
MISCELLANEOUS................... 1,038,064 1,201,585
25,000 Empresa Nacional de
Electricidad -- ELECTRIC
PRODUCTS........................ 1,214,280 1,234,619
------------- -------------
2,252,344 2,436,204
------------- -------------
SWEDEN-2.67%
90,000 Astra 'B' Free -- DRUGS........... 1,860,144 2,706,822
92,000 Ericsson (L.M.) Telephone Co.
Class B
ADR -- TELECOMMUNICATIONS....... 1,136,250 1,840,000
------------- -------------
2,996,394 4,546,822
------------- -------------
SWITZERLAND-1.14%
300 Roche Holdings AG, Genusscheine
NVP -- DRUGS.................... 1,568,202 1,932,099
------------- -------------
THAILAND-0.58%
90,000 Bangkok Bank Co. Ltd. -- BANKS.... 997,302 991,695
------------- -------------
UNITED KINGDOM-6.91%
495,000 British Sky Broadcasting plc
(a) -- BROADCASTING............. 2,033,450 2,161,675
550,000 Dixons Group
plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO................ 1,747,817 2,248,737
500,000 Kwik Fit Holdings plc -- RETAIL-
MISCELLANEOUS................... 1,179,586 1,240,902
260,000 Powerscreen International plc --
CONSTRUCTION.................... 1,304,787 1,325,697
</TABLE>
35
<PAGE>
FORTIS SERIES FUND, INC. GLOBAL GROWTH SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
375,000 Telewest Communications plc (a) --
TELECOMMUNICATIONS.............. $ 1,073,913 $ 975,421
360,000 Thorn Lighting Group
plc -- ELECTRIC PRODUCTS........ 877,602 904,904
45,000 Videotron Holdings plc ADR (a) --
TELECOMMUNICATIONS.............. 787,500 630,000
60,000 Vodafone Group plc ADR (f) --
UTILITIES-TELEPHONE............. 1,645,028 2,272,500
------------- -------------
10,649,683 11,759,836
------------- -------------
UNITED STATES-37.75%
44,000 3Com Corp. (a)(f) --
TELECOMMUNICATIONS.............. 1,155,000 2,948,000
90,000 Apple South, Inc.
(f) -- RESTAURANTS AND
FRANCHISING..................... 1,097,670 1,755,000
85,000 Applebees International, Inc.
(f) -- RESTAURANTS AND
FRANCHISING..................... 1,454,875 2,188,750
38,000 Applied Materials, Inc. (a)(f) --
ELECTRONIC-CONTROLS AND
EQUIPMENT....................... 1,866,800 3,291,750
60,000 AutoZone, Inc. (a)(f) -- RETAIL-
MISCELLANEOUS................... 1,430,967 1,507,500
45,000 Bed, Bath & Beyond, Inc. (a)(f) --
RETAIL-MISCELLANEOUS............ 991,875 1,091,250
28,000 Catalina Marketing Corp. (a) --
BUSINESS SERVICES AND
SUPPLIES........................ 1,240,539 1,501,500
40,000 Cisco Systems, Inc. (a)(f) --
TELECOMMUNICATIONS.............. 917,000 2,022,500
45,000 Cracker Barrel Old Country Store,
Inc. (f) -- Restaurants and
Franchising..................... 1,246,000 928,125
42,500 Cross Timbers Oil Co.
(f) -- OIL-CRUDE PETROLEUM AND
GAS............................. 675,687 674,688
30,000 DSC Communications Corp. (a)(f) --
TELECOMMUNICATIONS.............. 872,206 1,395,000
39,500 Franklin Quest Co.
(a)(f) -- RETAIL-
MISCELLANEOUS................... 1,419,730 948,000
160,000 Gartner Group, Inc. Class A
(a)(f) -- BUSINESS SERVICES AND
SUPPLIES........................ 1,600,000 4,640,000
65,000 Input/Output, Inc.
(a) -- COMPUTER-SOFTWARE........ 934,975 2,340,000
24,200 ITEL Corp. (a) -- ELECTRIC
PRODUCTS........................ 836,094 943,800
86,000 Landmark Graphics Corp. (a)(f) --
BUSINESS SERVICES AND
SUPPLIES........................ 1,911,814 2,193,000
90,000 Mercury Finance Co. (f) -- FINANCE
COMPANIES....................... 1,394,155 1,732,500
31,500 Office Depot, Inc.
(a)(f) -- RETAIL-
MISCELLANEOUS................... 544,628 885,938
48,000 Oracle Corp. (a) -- COMPUTER-
SOFTWARE........................ 968,000 1,854,000
50,000 Parametric Technology Corp.
(a)(f) -- COMPUTER-SOFTWARE..... 1,506,616 2,487,500
35,000 R.P. Sherer Corp. (a) -- DRUGS.... 1,400,000 1,478,750
70,000 Sensormatic Electronics Corp.
(f) -- BUSINESS SERVICES AND
SUPPLIES........................ 2,148,157 2,485,000
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
55,000 Shaw Industries, Inc.
(f) -- FURNITURE................ $ 1,157,793 $ 935,000
45,000 Steris Corp. (a)(f) -- MEDICAL
SUPPLIES 1,526,527 2,182,500
40,000 Synopsys, Inc. (a)(f) -- COMPUTER-
SOFTWARE........................ 1,733,111 2,505,000
46,000 Tandy Corp. (f) -- OFFICE
EQUIPMENT AND SUPPLIES.......... 1,759,922 2,386,250
60,000 Tellabs, Inc. (a)(f) --
TELECOMMUNICATIONS.............. 1,613,430 2,887,500
34,000 TNT Freightways Corp. --
TRANSPORTATION.................. 746,813 675,750
19,000 U.S. Robotics Corp.
(a) -- COMPUTER-SOFTWARE........ 1,633,487 2,071,000
30,000 Viking Office Products, Inc.
(a) -- RETAIL-SPECIALTY AND
SPECIALTY MAIL ORDER............ 896,730 1,098,750
56,000 Wabash National Corp. (f) --
TRANSPORTATION.................. 1,872,962 1,743,000
37,500 Western Atlas, Inc. (a) -- OIL AND
GAS FIELD SERVICES.............. 1,713,488 1,664,062
57,000 Wisconsin Central Transportation
Corp.
(a)(f) -- TRANSPORTATION........ 1,943,225 2,793,000
21,000 Xilinx, Inc. (a) -- ELECTRONIC-
SEMICONDUCTOR AND CAPACITOR..... 862,123 1,974,000
------------- -------------
45,072,399 64,208,363
------------- -------------
TOTAL COMMON STOCKS............... 102,976,554 135,190,990
------------- -------------
------------- -------------
</TABLE>
PREFERRED STOCKS-5.02%
- ---------------------------------------------
<TABLE>
<CAPTION>
AUSTRALIA-0.31%
<C> <S> <C> <C>
26,000 News Corp., Ltd. (The) Preferred
ADR (f) -- Broadcasting.......... $ 395,785 $ 520,000
------------- -------------
AUSTRIA-0.02%
1,000 Maculan Holding Vorzueg
Preferred -- CONSTRUCTION........ 100,525 36,574
------------- -------------
GERMANY-4.69%
6,300 SAP AG Systeme Non-Voting
preference bearer shares DEM
50 -- ABRASIVE, NON-METALLIC
MINERAL.......................... 2,010,753 7,978,993
------------- -------------
TOTAL PREFERRED STOCKS............. 2,507,063 8,535,567
------------- -------------
TOTAL EQUITY INVESTMENTS........... $ 105,483,617 $ 143,726,557
------------- -------------
------------- -------------
</TABLE>
36
<PAGE>
SHORT-TERM INVESTMENTS-15.88%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
- ---------- -------------
<C> <S> <C>
BANKS-4.69%
$7,977,000 First Trust Money Market Variable Rate Time
Deposit, Current rate -- 5.87%.............. $ 7,977,000
-------------
BROKERAGE AND INVESTMENT-1.26%
2,140,000 Goldman Sachs Master Variable Rate Note,
Current rate -- 6.18%....................... 2,140,000
-------------
CAPTIVE AUTO FINANCE-3.11%
5,300,000 Ford Motor Credit Corp., 6.07% 7-7-1995....... 5,293,858
-------------
DIVERSIFIED FINANCE-1.95%
3,315,000 Associates Corp. Master Variable Rate Note,
Current rate -- 6.00%....................... 3,315,000
-------------
U.S. GOVERNMENT AGENCY-3.22%
5,500,000 Federal Home Hoan Mortgage Corp., 5.99%
7-20-1995................................... 5,482,034
-------------
OTHER U.S. DIRECT FEDERAL OBLIGATIONS-1.65%
2,800,000 Federal Home Loan Bank, 5.96% 7-7-1995........ 2,796,815
-------------
TOTAL SHORT-TERM INVESTMENTS.................. 27,004,707
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST: $132,488,324) (B).................. $ 170,731,264
-------------
-------------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $132,488,324 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation ........................................ $42,637,684
Unrealized depreciation ....................................... (4,394,744)
-------------------------------------------------------------------
Net unrealized appreciation .................................... $38,242,940
-------------------------------------------------------------------
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
(e) Common Stock sold within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". These investments have been identified by portfolio
management as liquid securities.
(f) Security is fully or partially on loan at June 30, 1995. See Note A of
accompanying Notes to Financial Statements.
37
<PAGE>
FORTIS SERIES FUND, INC. GROWTH STOCK SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-87.38%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
APPAREL-0.21%
35,000 Tommy Hilfiger Corp. (a).......... $ 708,750 $ 980,000
------------- -------------
BIOMEDICS, GENETICS RESEARCH AND
DEVELOPMENT-1.27%
82,500 Biogen, Inc. (a).................. 4,408,687 3,671,250
159,000 Centocor, Inc. (a)................ 2,841,420 2,275,687
------------- -------------
7,250,107 5,946,937
------------- -------------
BROADCASTING-0.22%
23,000 America Online, Inc. (a).......... 964,125 1,012,000
------------- -------------
BUSINESS SERVICES AND
SUPPLIES-2.51%
56,500 First Financial Management
Corp............................ 3,774,580 4,830,750
195,300 Sensormatic Electronics Corp...... 6,334,713 6,933,150
------------- -------------
10,109,293 11,763,900
------------- -------------
COMPUTER-SOFTWARE-18.68%
102,400 BMC Software, Inc. (a)............ 5,086,954 7,910,400
44,000 Computer Associates International,
Inc............................. 2,905,144 2,981,000
169,300 Compuware Corp. (a)............... 4,183,900 5,205,975
285,000 EMC Corp. (a)..................... 5,887,156 6,911,250
51,000 HBO & Co.......................... 1,879,788 2,779,500
620,000 Informix Corp. (a)................ 6,588,991 15,732,500
105,000 Legent Corp. (a).................. 3,802,901 4,593,750
132,100 Microsoft Corp. (a)............... 4,693,098 11,938,537
217,000 Novell, Inc. (a).................. 4,542,801 4,326,437
463,200 Oracle Corp. (a).................. 2,530,805 17,891,100
144,900 Parametric Technology Corp. (a)... 4,008,045 7,208,775
------------- -------------
46,109,583 87,479,224
------------- -------------
DRUGS-1.00%
105,400 Forest Laboratories, Inc. (a)..... 4,784,014 4,677,125
------------- -------------
ELECTRONIC-COMMUNICATION
SECURITY-1.14%
149,000 ADC Telecommunications, Inc.
(a)............................. 4,839,814 5,326,750
------------- -------------
ELECTRONIC-CONTROLS AND
EQUIPMENT-7.67%
308,400 American Power Conversion Corp.
(a) 4,744,026 7,054,650
105,000 Applied Materials, Inc. (a)....... 5,289,990 9,095,625
153,600 Lam Research Corp. (a)............ 5,121,804 9,830,400
291,600 Solectron Corp. (a)............... 8,184,890 9,950,850
------------- -------------
23,340,710 35,931,525
------------- -------------
ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR-6.36%
133,000 Cypress Semiconductor Corp. (a)... 3,898,940 5,386,500
140,600 Intel Corp........................ 4,362,725 8,901,737
160,000 Micron Technology, Inc............ 4,431,614 8,780,000
100,000 Motorola, Inc..................... 5,469,000 6,712,500
------------- -------------
18,162,279 29,780,737
------------- -------------
FINANCE COMPANIES-4.18%
86,000 Federal National Mortgage
Association..................... 6,763,724 8,116,250
100,000 Franklin Resources, Inc........... 3,604,950 4,450,000
363,700 Mercury Finance Co................ 5,897,799 7,001,225
------------- -------------
16,266,473 19,567,475
------------- -------------
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
HEALTH CARE SERVICES-5.76%
154,000 Medaphis Corp. (a)................ $ 4,286,017 $ 3,349,500
96,000 Oxford Health Plans, Inc. (a)..... 4,236,143 4,536,000
60,200 PacifiCare Health Systems, Inc.
Class B (a)..................... 3,269,006 3,070,200
50,500 Quantum Health Resources, Inc.
(a)............................. 1,536,475 833,250
138,000 U.S. HealthCare, Inc.............. 5,146,898 4,226,250
99,600 United Healthcare Corp............ 4,296,512 4,120,950
112,000 Value Health, Inc. (a)............ 4,467,508 3,612,000
102,000 Vencor, Inc. (a).................. 3,196,495 3,213,000
------------- -------------
30,435,054 26,961,150
------------- -------------
HOTEL AND MOTEL-0.72%
86,100 Promus Companies, Inc. (a)........ 3,213,486 3,357,900
------------- -------------
MISCELLANEOUS-1.76%
195,800 CUC International, Inc. (a)....... 5,588,558 8,223,600
------------- -------------
OFFICE EQUIPMENT AND
SUPPLIES-3.88%
137,000 Compaq Computer Corp. (a)......... 5,134,790 6,216,375
172,500 Staples, Inc. (a)................. 4,725,946 4,980,938
181,100 Sterling Software, Inc. (a)....... 4,434,718 6,972,350
------------- -------------
14,295,454 18,169,663
------------- -------------
PUBLISHING-0.63%
54,700 Scholastic Corp. (a).............. 2,787,578 2,967,475
------------- -------------
RECREATION EQUIPMENT-0.17%
43,000 Acclaim Entertainment, Inc. (a)... 522,978 792,813
------------- -------------
RESTAURANTS AND
FRANCHISING-3.44%
119,212 Cracker Barrel Old Country Store,
Inc. 3,120,459 2,458,748
274,400 Lone Star Steakhouse & Saloon,
Inc. (a)........................ 5,048,875 8,317,750
185,300 Outback Steakhouse, Inc. (a)...... 3,827,337 5,350,538
------------- -------------
11,996,671 16,127,036
------------- -------------
RETAIL-DEPARTMENT STORES-1.64%
42,700 Kohl's Corp. (a).................. 1,372,378 1,948,188
214,800 Wal-Mart Stores, Inc.............. 4,432,621 5,745,900
------------- -------------
5,804,999 7,694,088
------------- -------------
RETAIL-MISCELLANEOUS-6.13%
196,000 AutoZone, Inc. (a)................ 4,253,373 4,924,500
116,500 Barnes & Noble, Inc. (a).......... 2,987,298 3,961,000
177,200 Home Depot, Inc................... 6,435,766 7,198,750
115,000 Lowe's Companies, Inc............. 4,226,793 3,435,625
174,375 Office Depot, Inc. (a)............ 2,250,275 4,904,297
160,000 Pep Boys Manny Moe & Jack......... 3,807,194 4,280,000
------------- -------------
23,960,699 28,704,172
------------- -------------
TELECOMMUNICATIONS-15.72%
300,800 3Com Corp. (a).................... 3,601,668 20,153,600
296,500 Cisco Systems, Inc. (a)........... 3,696,167 14,991,781
250,000 DSC Communications Corp. (a)...... 7,671,124 11,625,000
68,500 MFS Communications Co. (a)........ 2,771,563 2,209,125
84,000 Newbridge Networks Corp. (a)...... 2,184,763 2,961,000
450,000 Tellabs, Inc.(a).................. 5,568,200 21,656,250
------------- -------------
25,493,485 73,596,756
------------- -------------
</TABLE>
38
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------- -------------
<C> <S> <C> <C>
TELEPHONE SERVICES-4.29%
260,000 Mobile Telecommunications
Technologies Corp. (a).......... $ 5,653,922 $ 7,117,500
123,000 Paging Network, Inc. (a).......... 3,720,750 4,212,750
325,000 Worldcom, Inc. (a)................ 7,378,215 8,775,000
------------- -------------
16,752,887 20,105,250
------------- -------------
TOTAL COMMON STOCKS............... $ 273,386,997 $ 409,165,576
------------- -------------
</TABLE>
SHORT-TERM INVESTMENTS-12.52%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
- ----------- -------------
<C> <S> <C>
BANKS-4.81%
$22,512,595 First Trust Money Market Variable Rate Time
Deposit, Current rate - 5.87%.............. $ 22,512,595
-------------
BROKERAGE AND INVESTMENT-4.28%
3,353,000 Goldman Sachs Master Variable Rate Note,
Current rate - 6.18%....................... 3,353,000
16,700,000 Merril Lynch & Co., 6.07% 7-12-1995.......... 16,666,878
-------------
20,019,878
-------------
DIVERSIFIED FINANCE-0.09%
425,000 Associates Corp. Master Variable Rate Note,
Current rate - 6.00%....................... 425,000
-------------
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-3.34%
15,700,000 Fed Farm Credit Bank, 5.95% 7-19-1995........ 15,651,526
-------------
TOTAL SHORT-TERM INVESTMENTS................. 58,608,999
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST: $331,995,996) (B)................... $ 467,774,575
-------------
-------------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $331,995,996 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................ $ 145,135,068
Unrealized depreciation........................ (9,356,489)
- -------------------------------------------------------------
Net unrealized appreciation.................... $ 135,778,579
- -------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 0.63% of net assets as of June 30, 1995.
39
<PAGE>
FORTIS SERIES FUND, INC. INTERNATIONAL STOCK SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-90.21%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
AUSTRALIA-1.69%
51,500 Westpac Banking Corp. Ltd. - BANKS...... $ 180,510 $ 185,809
---------- ----------
CANADA-1.43%
2,700 Inco Ltd. Com MPV - METALS-MINING AND
MISCELLANEOUS......................... 76,736 75,662
2,900 Inco Ltd. ADR - METALS-FABRICATING...... 69,040 81,925
---------- ----------
145,776 157,587
---------- ----------
DENMARK-0.94%
2,120 Uni-Danmark A/S 'A' - BANKS............. 83,545 104,017
---------- ----------
FINLAND-1.98%
7,000 Kymmene OY - PAPER...................... 197,901 217,650
---------- ----------
FRANCE-9.30%
760 Accor S.A. - HOTEL AND MOTEL............ 83,459 101,281
1,500 Alcatel Alsthom CIE Generale
D'Electricite
S.A. - TELECOMMUNICATIONS............. 144,650 135,162
2,600 Banque Nationale de Paris - BANKS....... 125,060 125,508
1,900 CIE Generale Des Eaux -
TELECOMMUNICATIONS.................... 194,139 211,655
1,800 Michelin (C.G.D.E.) 'B' - RUBBER AND
PLASTIC............................... 68,370 79,798
2,700 Roussel Uclaf ADR (d) - DRUGS........... 185,005 210,820
2,650 Total S.A. Co Francaise Petroles
'B' - OIL-CRUDE PETROLEUM AND GAS..... 155,503 159,628
---------- ----------
956,186 1,023,852
---------- ----------
GERMANY-8.64%
960 Hoechst AG - CHEMICALS.................. 205,780 207,034
700 Mannesmann AG - MACHINERY............... 199,502 213,673
430 Siemens AG - UTILITIES-ELECTRIC......... 205,133 212,900
810 Veba AG - UTILITIES-ELECTRIC............ 291,255 317,768
---------- ----------
901,670 951,375
---------- ----------
HONG KONG-2.41%
15,000 HSBC Holdings plc - BANKS............... 195,881 192,407
51,000 Peregrine Investment Holdings Ltd. -
FINANCE COMPANIES..................... 57,403 72,504
---------- ----------
253,284 264,911
---------- ----------
INDONESIA-0.43%
6,000 PT Hanjaya Mandala Sampoerna -
MISCELLANEOUS......................... 30,861 47,149
---------- ----------
JAPAN-15.29%
36 DDI Corp. - TELECOMMUNICATIONS.......... 291,559 288,339
5,000 Dai Nippon Printing Co.
Ltd. - PRINTING....................... 84,706 79,505
20,000 Hitachi Ltd. - ELECTRONIC-CONTROLS AND
EQUIPMENT............................. 193,339 199,058
30,000 Mazda Motor (a) - AUTOMOBILE
MANUFACTURERS......................... 159,965 105,300
36,000 Mitsubishi Heavy Industries Ltd. -
AUTOMOBILE MANUFACTURERS.............. 252,126 244,240
10,000 Omron Corp. - ELECTRONIC-CONTROLS AND
EQUIPMENT............................. 187,417 190,813
2,200 Promise Co. Ltd. - FINANCE COMPANIES.... 98,394 91,732
5,000 Rohm Co. - ELECTRIC PRODUCTS............ 213,575 257,951
5,000 Sekisui Chemical Co. - CHEMICALS........ 56,697 58,893
3,500 Sony Corp. - ELECTRONIC-CONTROLS AND
EQUIPMENT............................. 187,011 167,786
---------- ----------
1,724,789 1,683,617
---------- ----------
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ---------- ----------
<C> <S> <C> <C>
MALAYSIA-0.74%
33,000 Adkam Perdana Bhd - MISCELLANEOUS....... $ 133,638 $ 81,891
---------- ----------
MEXICO-0.66%
6,000 Alfa S.A. 'A' - MISCELLANEOUS........... 53,577 72,852
---------- ----------
NETHERLANDS-10.30%
1,860 Akzo Nobel NV - CHEMICALS............... 218,862 222,168
2,050 Heineken NV - BEVERAGE.................. 312,839 310,044
3,980 Internationale Nederlanden Groep NV -
FINANCE COMPANIES..................... 206,772 219,984
4,400 Koninklijke Nedlloyd Groep NV -
TRANSPORTATION........................ 142,634 149,835
1,900 Royal Dutch Petroleum Company - OIL-
CRUDE PETROLEUM AND GAS............... 220,491 231,563
---------- ----------
1,101,598 1,133,594
---------- ----------
NEW ZEALAND-2.49%
61,100 Fletcher Challenge Ltd. - FOREST
PRODUCTS.............................. 153,027 171,486
52,000 Lion Nathan Ltd. - BUILDING MATERIALS... 99,054 102,857
---------- ----------
252,081 274,343
---------- ----------
NORWAY-1.50%
12,350 Aker A/S - A - BUILDING MATERIALS....... 157,056 165,268
---------- ----------
SPAIN-0.50%
1,400 Banco Santander S.A. - BANKS............ 55,781 55,207
---------- ----------
SWEDEN-4.60%
2,440 Asea AB - B Fria - UTILITIES-ELECTRIC... 184,044 207,086
6,300 Astra AB 'B' - DRUGS.................... 170,746 189,478
5,800 Volvo AB - B - AUTOMOBILE
MANUFACTURERS......................... 107,191 110,319
---------- ----------
461,981 506,883
---------- ----------
SWITZERLAND-10.40%
55 Baloise Holdings Ltd. - INSURANCE....... 103,575 125,313
310 Ciba-Geigy AG - CHEMICALS............... 221,731 227,095
295 Nestle S.A. Registered - FOOD-GROCERY,
MISCELLANEOUS......................... 286,087 307,005
320 Schw Rueckversicherungs - BANKS......... 228,210 246,364
138 SGS Societe Generale de Surveillance
Holding S.A. - BANKS.................. 208,053 239,559
---------- ----------
1,047,656 1,145,336
---------- ----------
UNITED KINGDOM-16.91%
9,700 Barclays plc - INSURANCE................ 96,219 104,241
948 British Aerospace (with warrants) -
AEROSPACE AND EQUIPMENT............... 8,430 10,753
29,900 British Aerospace plc ORD
(a) - AEROSPACE AND EQUIPMENT......... 220,104 267,807
30,300 Cadbury Schweppes plc - STEEL AND
IRON.................................. 230,976 221,258
17,100 Lloyds Abbey Life plc - INSURANCE....... 94,896 106,369
21,900 Midlands Electricity
plc - UTILITIES-ELECTRIC.............. 250,792 219,497
39,900 Mirror Group plc - PUBLISHING........... 83,084 84,424
15,600 National Power - UTILITIES-ELECTRIC..... 45,969 42,811
19,900 National Power
plc - UTILITIES-ELECTRIC.............. 148,781 141,040
29,700 Rank Organisation plc - LEISURE TIME-
AMUSEMENTS............................ 186,286 187,581
31,200 Royal Bank of Scotland Group
plc - BANKS........................... 198,596 212,194
12,700 Thorn Emi plc - MISCELLANEOUS........... 235,066 263,668
---------- ----------
1,799,199.. 1,861,643
---------- ----------
TOTAL COMMON STOCKS..................... $9,537,089 $9,932,984
---------- ----------
---------- ----------
</TABLE>
40
<PAGE>
PREFERRED STOCKS-3.70%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ---------- -----------
<C> <S> <C> <C>
AUSTRALIA-1.61%
8,900 News Corp., Ltd. (The) Preferred
ADR - BROADCASTING................. $ 151,679 $ 178,000
---------- -----------
ITALY-2.09%
105,700 Fiat SpA - AUTOMOBILE
MANUFACTURERS...................... 263,641 229,867
---------- -----------
TOTAL PREFERRED STOCKS............... 415,320 407,867
---------- -----------
TOTAL LONG-TERM INVESTMENTS.......... $9,952,409 $10,340,851
---------- -----------
---------- -----------
</TABLE>
SHORT-TERM INVESTMENTS-6.92%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
- --------- -----------
<C> <S> <C>
BANKS-5.79%
$ 637,312 First Trust Money Market Variable Rate Time
Deposit, Current rate - 5.87%.................. $ 637,312
-----------
U.S. TREASURY BILLS-1.13%
125,000 US Treasury Bill, 5.43% 7-6-1995................. 124,889
-----------
TOTAL SHORT-TERM INVESTMENTS..................... 762,201
-----------
TOTAL INVESTMENTS IN SECURITIES
(COST: $10,714,610) (B)...................... $11,103,052
-----------
-----------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $10,714,610 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation............................... $ 640,139
Unrealized depreciation............................... (251,697)
- ------------------------------------------------------------------
Net unrealized appreciation........................... $ 388,442
- ------------------------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Common Stock sold within the terms of private placement memorandums, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or other
"accredited investors". These investments have been identified by portfolio
management as illiquid securities. The aggregate value of these securities
at June 30, 1995 was $210,820 which represents 1.91% of net assets.
(e) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
41
<PAGE>
FORTIS SERIES FUND, INC. AGGRESSIVE GROWTH SERIES
Schedule of Investments
(Unaudited)
June 30, 1995
COMMON STOCKS-73.62%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ----------- -----------
<C> <S> <C> <C>
BIOMEDICS, GENETICS RESEARCH AND
DEVELOPMENT-0.43%
8,000 Centocor, Inc. (a)................... $ 143,158 $ 114,500
----------- -----------
BROADCASTING-1.48%
8,900 America Online, Inc. (a)............. 286,512 391,600
----------- -----------
BUSINESS SERVICES AND
SUPPLIES-3.44%
20,600 Acxiom Corp. (a)..................... 285,512 491,825
3,600 Catalina Marketing Corp. (a)......... 200,394 193,050
8,900 Landmark Graphics Corp. (a).......... 229,435 226,950
----------- -----------
715,341 911,825
----------- -----------
COMPUTER-SOFTWARE-14.89%
2,000 Cerner Corp. (a)..................... 94,500 122,500
6,000 FTP Software, Inc. (a)............... 188,046 180,000
48,600 Informix Corp. (a)................... 735,304 1,233,225
16,800 Input/Output, Inc. (a)............... 392,894 604,800
6,000 Macromedia, Inc. (a)................. 230,639 259,500
4,000 Medic Computer Systems, Inc. (a)..... 192,448 154,000
6,000 Network General Corp. (a)............ 175,067 163,500
9,800 Parametric Technology Corp. (a)...... 324,960 487,550
8,000 Synopsys, Inc. (a)................... 359,712 501,000
12,000 System Software Associates, Inc...... 256,800 240,000
----------- -----------
2,950,370 3,946,075
----------- -----------
CONSTRUCTION-0.97%
9,400 Fastenal Co.......................... 182,975 256,737
----------- -----------
ELECTRONIC-COMMUNICATION
SECURITY-1.69%
12,500 ADC Telecommunications, Inc. (a)..... 403,225 446,875
----------- -----------
ELECTRONIC-CONTROLS AND
EQUIPMENT-3.86%
9,400 Benchmark Electronics, Inc. (a)...... 233,529 231,475
7,000 StrataCom, Inc. (a).................. 174,125 341,250
12,800 Ultratech Stepper, Inc. (a).......... 200,337 451,200
----------- -----------
607,991 1,023,925
----------- -----------
ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR-7.29%
10,500 Alliance Semiconductor Corp. (a)..... 472,185 514,500
6,500 Integrated Device Technology, Inc.
(a)................................ 263,125 300,625
6,500 Integrated Silicon Solutions, Inc.
(a)................................ 271,470 339,625
18,800 Unitrode Corp. (a)................... 351,681 528,750
2,650 Xilinx, Inc. (a)..................... 175,912 249,100
----------- -----------
1,534,373 1,932,600
----------- -----------
HEALTH CARE SERVICES-5.51%
2,000 American Oncology Resources, Inc.
(a)................................ 42,000 55,500
6,850 Genesis Health Ventures, Inc. (a).... 188,649 202,931
11,500 Health Care & Retirement Corp. (a)... 335,523 336,375
4,600 Healthsource, Inc. (a)............... 184,644 161,000
6,000 Medaphis Corp. (a)................... 163,767 130,500
8,500 Medpartners, Inc. (a)................ 147,375 163,625
10,000 Omnicare, Inc........................ 197,500 271,250
5,000 Rotech Medical Corp. (a)............. 146,250 138,750
----------- -----------
1,405,708 1,459,931
----------- -----------
LEISURE TIME-AMUSEMENTS-0.94%
5,500 Hollywood Entertainment Corp. (a).... 186,471 247,500
----------- -----------
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ----------- -----------
<C> <S> <C> <C>
MACHINERY-OIL AND WELL-1.80%
16,600 Petroleum Geo Services A/S ADS (a)... $ 324,512 $ 477,250
----------- -----------
OFFICE EQUIPMENT AND SUPPLIES-4.25%
9,400 Avid Technology, Inc. (a)............ 278,925 352,500
13,500 Franklin Electric Publishers, Inc.
(a)................................ 339,080 345,937
11,100 Sterling Software, Inc. (a).......... 376,469 427,350
----------- -----------
994,474 1,125,787
----------- -----------
PRINTING-0.75%
4,000 Indigo NV (a)........................ 154,556 200,000
----------- -----------
RECREATION EQUIPMENT-0.66%
11,600 Callaway Golf Co..................... 209,226 174,000
----------- -----------
RESTAURANTS AND FRANCHISING-2.57%
9,200 Applebees International, Inc......... 143,065 236,900
8,200 Lone Star Steakhouse & Saloon, Inc.
(a)................................ 186,300 248,562
5,600 Papa John's International, Inc.
(a)................................ 153,850 196,000
----------- -----------
483,215 681,462
----------- -----------
RETAIL-MISCELLANEOUS-11.12%
16,100 Authentic Fitness Corp. (a).......... 242,380 269,675
6,800 Bed, Bath & Beyond, Inc. (a)......... 184,525 164,900
22,300 Books-A-Million, Inc. (a)............ 306,920 348,438
16,500 Corporate Express, Inc. (a).......... 201,875 352,688
7,700 Gymboree Corp. (a)................... 202,988 223,781
10,000 Micro Warehouse, Inc. (a)............ 282,938 460,000
13,800 PETsMART, Inc. (a)................... 310,538 396,750
13,000 Sunglass Hut International, Inc.
(a)................................ 370,547 455,000
10,700 West Marine, Inc. (a)................ 256,638 274,188
----------- -----------
2,359,349 2,945,420
----------- -----------
TELECOMMUNICATIONS-7.69%
7,900 Cisco Systems, Inc. (a).............. 252,188 399,444
11,200 DSC Communications Corp. (a)......... 355,800 520,800
10,300 MFS Communications Co. (a)........... 358,973 332,175
4,000 Newbridge Networks Corp. (a)......... 153,581 141,000
13,400 Tellabs, Inc.(a)..................... 311,000 644,875
----------- -----------
1,431,542 2,038,294
----------- -----------
TRANSPORTATION-0.84%
10,800 American Freightways Corp. (a)....... 241,770 221,400
----------- -----------
UTILITIES-TELEPHONE-1.58%
17,200 IntelCom Group, Inc. (a)............. 241,782 153,725
8,600 LCI International, Inc. (a).......... 151,500 263,375
----------- -----------
393,282 417,100
----------- -----------
WASTE DISPOSAL-1.86%
13,700 United Waste System, Inc. (a)........ 335,825 493,200
----------- -----------
TOTAL COMMON STOCKS.................. $15,343,875 $19,505,481
----------- -----------
----------- -----------
</TABLE>
42
<PAGE>
SHORT-TERM INVESTMENTS-25.75%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
- ---------- -----------
<C> <S> <C>
BANKS-8.62%
$1,189,000 First Trust Money Market Variable Rate Time
Deposit, Current rate - 5.87%................ $ 1,189,000
1,100,000 National Westminster Bancorp., 5.98%
7-21-1995.................................... 1,096,227
-----------
2,285,227
-----------
BROKERAGE AND INVESTMENT-3.23%
855,000 Goldman Sachs Master Variable Rate Note,
Current rate - 6.18%......................... 855,000
-----------
CAPTIVE AUTO FINANCE-3.39%
900,000 General Motors Acceptance Corp., 6.06%
7-10-1995.................................... 898,512
-----------
DIVERSIFIED FINANCE-0.72%
190,000 Associates Corp. Master Variable Rate Note,
Current rate - 6.00%......................... 190,000
-----------
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-9.79%
1,600,000 Federal Home Loan Bank., 5.94% 7-17-1995....... 1,595,588
1,000,000 Federal Home Loan Bank, 5.95% 7-10-1995........ 998,375
-----------
2,593,963
-----------
TOTAL SHORT-TERM INVESTMENTS................... 6,822,702
-----------
TOTAL INVESTMENTS IN SECURITIES
(COST: $22,166,577) (B).................... $26,328,183
-----------
-----------
</TABLE>
(a) Presently not paying dividend income.
(b) At June 30, 1995, the cost of securities for federal income tax purposes
was $22,166,577 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C> <C>
Unrealized appreciation............. $4,586,699
Unrealized depreciation............. (425,093)
- ------------------------------------------------
Net unrealized appreciation......... $4,161,606
- ------------------------------------------------
</TABLE>
(c) See Note A of accompanying Notes to Financial Statements regarding
valuation of securities
(d) Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 3.08% of net assets as of June 30, 1995.
43
<PAGE>
FORTIS SERIES FUND, INC.
Statements of Assets and Liabilities
(Unaudited)
June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY U.S. GOV'T. DIVERSIFIED GLOBAL
MARKET SECURITIES INCOME BOND
SERIES SERIES SERIES SERIES
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in
securities, as
detailed in the
accompanying
schedules, at
market (cost
$40,780,380;
$171,538,644;
$103,189,060;
$9,958,361;
$20,863,176;
$259,815,835;
$10,576,910
;$31,871,906;
$132,488,324;
$331,995,996;
$10,714,610;
$22,166,577;
respectively)
(Note A)........ $ 40,780,931 $175,771,543 $103,610,868 $ 10,384,093
Cash on deposit
with
custodian....... 77 84,902 838 0
Foreign currency
on deposit with
custodian....... 0 0 0 0
Collateral for
securities
lending
transactions
(Note A)........ 0 0 0 0
Receivables:
Forward foreign
currency
contracts held
at market
(Notes A and
C)............ 0 0 0 3,862,197
Investment
securities
sold.......... 0 21,366 0 180,277
Interest and
dividends..... 9,348 1,590,556 1,553,386 237,503
Subscriptions of
capital
stock......... 18,405 72,521 2,190 79,090
Prepaid
expenses........ 7,397 11,994 11,126 6,962
------------- ------------- ------------- -------------
TOTAL ASSETS........ 40,816,158 177,552,882 105,178,408 14,750,122
------------- ------------- ------------- -------------
LIABILITIES:
Forward foreign
currency
contracts held,
at market (Notes
A and C)........ 0 0 0 3,873,685
Payable upon
return of
securities
loaned (Note
A).............. 0 0 0 0
Payable for
investment
securities
purchased....... 0 2,117,100 2,117,100 0
Redemptions of
capital stock... 0 0 88,648 0
Payable for
investment
advisory and
management fees
(Note B)........ 9,850 66,913 40,230 6,561
Accounts payable
and accrued
expenses........ 11,396 25,104 8,912 8,624
------------- ------------- ------------- -------------
TOTAL LIABILITIES... 21,246 2,209,117 2,254,890 3,888,870
------------- ------------- ------------- -------------
NET ASSETS:
Net proceeds of
capital stock,
par value $.01
per
share-authorized
20,000,000,000
shares;
outstanding
3,873,137;
16,770,661;
8,964,296;
941,116;
2,019,105;
19,529,246;
1,000,308;
3,049,610;
11,840,921;
17,798,106;
1,049,892;
2,337,610
shares,
respectively.... 39,763,876 187,382,514 106,790,604 9,900,318
Unrealized
appreciation
(depreciation)
of investments
in securities
and other assets
and liabilities
denominated in
foreign
currency........ 551 4,232,899 421,808 420,640
Undistributed net
investment
income.......... 1,157,859 5,971,635 3,983,884 407,328
Accumulated net
realized gain
(loss) from sale
of investments
and foreign
currency........ (127,374 ) (22,243,283 ) (8,272,778 ) 132,966
------------- ------------- ------------- -------------
TOTAL NET ASSETS.... $ 40,794,912 $175,343,765 $102,923,518 $ 10,861,252
------------- ------------- ------------- -------------
NET ASSET VALUE PER
SHARE............. $10.53 $10.46 $11.48 $11.54
------------- ------------- ------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH ASSET GLOBAL ASSET GROWTH & GLOBAL GROWTH INTERNATIONAL AGGRESSIVE
YIELD ALLOCATION ALLOCATION INCOME GROWTH STOCK STOCK GROWTH
SERIES SERIES SERIES SERIES SERIES SERIES SERIES SERIES
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities, as
detailed in the
accompanying
schedules, at
market (cost
$40,780,380;
$171,538,644;
$103,189,060;
$9,958,361;
$20,863,176;
$259,815,835;
$10,576,910
;$31,871,906;
$132,488,324;
$331,995,996;
$10,714,610;
$22,166,577;
respectively)
(Note A).......... $20,441,518 $302,514,340 $11,323,727 $34,260,323 $170,731,264 $467,774,575 $11,103,052 $26,328,183
Cash on deposit with
custodian......... 246 126,880 0 108,189 35,122 88,654 1 126,543
Foreign currency on
deposit with
custodian......... 0 0 0 0 0 0 5,688 0
Collateral for
securities lending
transactions (Note
A)................ 0 0 0 0 31,166,300 0 0 0
Receivables:
Forward foreign
currency
contracts held
at market (Notes
A and C)........ 0 0 313,906 0 0 0 1,214,367 0
Investment
securities
sold............ 0 596,173 0 12,219 0 374,281 69,027 0
Interest and
dividends....... 557,089 2,286,253 131,550 85,446 406,164 161,110 57,084 12,161
Subscriptions of
capital stock... 44,677 142,294 15,533 92,367 78,213 106,755 39,214 30,980
Prepaid expenses.... 11,847 13,468 6,315 11,105 1,028 21,779 6,967 12,139
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
TOTAL ASSETS........ 21,055,377 305,679,408 11,791,031 34,569,649 202,418,091 468,527,154 12,495,400 26,510,006
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES:
Forward foreign
currency
contracts held,
at market (Notes
A and C)........ 0 0 322,215 0 0 0 1,253,098 0
Payable upon
return of
securities
loaned (Note
A).............. 0 0 0 0 31,166,300 0 0 0
Payable for
investment
securities
purchased....... 203,750 2,021,575 261,312 0 997,500 0 216,068 0
Redemptions of
capital stock... 0 0 0 0 0 0 0 0
Payable for
investment
advisory and
management fees
(Note B)........ 8,428 120,998 7,947 19,152 94,600 230,881 7,334 14,151
Accounts payable
and accrued
expenses........ 10,216 47,272 6,844 2,727 59,299 14,766 7,926 958
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES... 222,394 2,189,845 598,318 21,879 32,317,699 245,647 1,484,426 15,109
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS:
Net proceeds of
capital stock,
par value $.01
per
share-authorized
20,000,000,000
shares;
outstanding
3,873,137;
16,770,661;
8,964,296;
941,116;
2,019,105;
19,529,246;
1,000,308;
3,049,610;
11,840,921;
17,798,106;
1,049,892;
2,337,610
shares,
respectively.... 20,107,193 261,212,096 10,239,787 31,905,779 144,026,455 352,980,241 10,561,695 23,022,238
Unrealized
appreciation
(depreciation)
of investments
in securities
and other assets
and liabilities
denominated in
foreign
currency........ (421,658 ) 42,698,505 741,366 2,388,417 38,252,195 135,778,579 352,374 4,161,606
Undistributed net
investment
income.......... 999,765 6,217,800 156,148 367,359 930,611 1,312,805 106,565 66,225
Accumulated net
realized gain
(loss) from sale
of investments
and foreign
currency........ 147,683 (6,638,838 ) 55,412 (113,785 ) (13,108,869 ) (21,790,118 ) (9,660 ) (755,172 )
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
TOTAL NET ASSETS.... $20,832,983 $303,489,563 $11,192,713 $34,547,770 $170,100,392 $468,281,507 $11,010,974 $26,494,897
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSET VALUE PER
SHARE............. $10.32 $15.54 $11.19 $11.33 $14.37 $26.31 $10.49 $11.33
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
45
<PAGE>
FORTIS SERIES FUND, INC.
Statements of Operations
(Unaudited)
For the Six-Month Period Ended June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY U.S. GOV'T. DIVERSIFIED GLOBAL
MARKET SECURITIES INCOME BOND
SERIES SERIES SERIES SERIES
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET INVESTMENT
INCOME:
Income:
Interest
income........ $1,243,350 $6,431,567 $4,254,784 $225,599
Dividend
Income........ 0 0 0 0
Fee income (Note
A)............ 0 0 0 0
----------- ----------- ----------- -----------
Total Income*..... 1,243,350 6,431,567 4,254,784 225,599
----------- ----------- ----------- -----------
Expenses:
Investment
advisory and
management
fees (Note
B)............ 61,448 396,074 235,944 27,350
Legal and
auditing fees
(Note B)...... 7,192 13,663 8,896 5,840
Custodian
fees.......... 9,805 15,868 7,957 9,834
Shareholders'
notices and
reports....... 3,831 18,844 8,504 1,571
Registration
fees.......... 190 7,188 4,600 246
Directors' fees
and
expenses...... 1,247 4,116 1,934 271
Other........... 1,785 4,174 3,065 291
----------- ----------- ----------- -----------
Total Expenses.... 85,498 459,927 270,900 45,403
----------- ----------- ----------- -----------
NET INVESTMENT
INCOME.............. 1,157,852 5,971,640 3,983,884 180,196
----------- ----------- ----------- -----------
REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY
(NOTE A):
Net realized gain
(loss) from:
Investments..... 0 (2,162,985 ) (1,080,565 ) 132,966
Foreign currency
transactions... 0 0 0 227,132
Net change in
unrealized
appreciation
(depreciation)
of:
Investments..... (941 ) 14,497,733 6,956,005 227,297
Translation of
assets and
liabilities
denominated in
foreign
currency...... 0 0 0 193,343
----------- ----------- ----------- -----------
NET GAIN (LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY.... (941 ) 12,334,748 5,875,440 780,738
----------- ----------- ----------- -----------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS..... $1,156,911 $18,306,388 $9,859,324 $960,934
----------- ----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
*Net of foreign witholding taxes of:
<S> <C>
Global Bond Series $4,969
Global Asset Allocation Series 10,796
Global Growth Series 110,068
International Stock Series 20,280
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH ASSET GLOBAL ASSET GROWTH & GLOBAL GROWTH INTERNATIONAL
YIELD ALLOCATION ALLOCATION INCOME GROWTH STOCK STOCK
SERIES SERIES SERIES SERIES SERIES SERIES SERIES
----------- ----------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT
INCOME:
Income:
Interest income... $1,050,192 $ 6,684,404 $ 135,661 $ 163,498 $ 785,502 $ 2,287,604 $ 99,327
Dividend Income... 0 324,342 61,491 300,423 780,600 376,065 59,463
Fee income (Note
A).............. 0 0 0 0 11,479 0 0
----------- ----------------- ------------ ------------ ------------ ------------ ------------
Total Income*....... 1,050,192 7,008,746 197,152 463,921 1,577,581 2,663,669 158,790
----------- ----------------- ------------ ------------ ------------ ------------ ------------
Expenses:
Investment
advisory and
management fees
(Note B)........ 42,502 683,410 35,307 85,716 525,849 1,262,778 32,266
Legal and auditing
fees (Note B)... 1,897 17,271 6,471 6,555 23,884 18,879 5,907
Custodian fees.... 4,637 19,557 9,862 2,759 59,426 13,863 9,890
Shareholders'
notices and
reports......... 718 37,054 1,110 619 25,335 32,062 1,113
Registration
fees............ 40 7,584 99 28 6,590 8,910 247
Directors' fees
and expenses.... 271 9,083 263 247 4,277 7,258 272
Other............. 362 16,980 363 638 4,422 7,110 152
----------- ----------------- ------------ ------------ ------------ ------------ ------------
Total Expenses...... 50,427 790,939 53,475 96,562 649,783 1,350,860 49,847
----------- ----------------- ------------ ------------ ------------ ------------ ------------
NET INVESTMENT
INCOME.............. 999,765 6,217,807 143,677 367,359 927,798 1,312,809 108,943
----------- ----------------- ------------ ------------ ------------ ------------ ------------
REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY
(NOTE A):
Net realized gain
(loss) from:
Investments..... 149,058 1,245,869 55,412 (63,362 ) (7,281,870 ) 4,320,144 (9,660 )
Foreign currency
transactions... 0 0 12,471 0 2,813 0 (2,378 )
Net change in
unrealized
appreciation
(depreciation)
of:
Investments..... 265,557 30,751,342 664,791 2,481,250 30,626,018 68,451,921 388,442
Translation of
assets and
liabilities
denominated in
foreign
currency...... 0 0 76,575 0 8,396 0 (36,068 )
----------- ----------------- ------------ ------------ ------------ ------------ ------------
NET GAIN (LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY.... 414,615 31,997,211 809,249 2,417,888 23,355,357 72,772,065 340,336
----------- ----------------- ------------ ------------ ------------ ------------ ------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS..... $1,414,380 $ 38,215,018 $ 952,926 $2,785,247 $24,283,155 $74,084,874 $ 449,279
----------- ----------------- ------------ ------------ ------------ ------------ ------------
Global Bond Series
Global Asset
Allocation Series
Global Growth Series
International Stock
Series
<CAPTION>
AGGRESSIVE
GROWTH
SERIES
------------
<S> <C>
NET INVESTMENT
INCOME:
Income:
Interest income... $ 138,778
Dividend Income... 1,848
Fee income (Note
A).............. 0
------------
Total Income*....... 140,626
------------
Expenses:
Investment
advisory and
management fees
(Note B)........ 65,992
Legal and auditing
fees (Note B)... 4,566
Custodian fees.... 2,281
Shareholders'
notices and
reports......... 1,317
Registration
fees............ 25
Directors' fees
and expenses.... 79
Other............. 141
------------
Total Expenses...... 74,401
------------
NET INVESTMENT
INCOME.............. 66,225
------------
REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY
(NOTE A):
Net realized gain
(loss) from:
Investments..... (645,593 )
Foreign currency
transactions... 0
Net change in
unrealized
appreciation
(depreciation)
of:
Investments..... 3,683,948
Translation of
assets and
liabilities
denominated in
foreign
currency...... 0
------------
NET GAIN (LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY.... 3,038,355
------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS..... $3,104,580
------------
Global Bond Series
Global Asset
Allocation Series
Global Growth Series
International Stock
Series
</TABLE>
47
<PAGE>
FORTIS SERIES FUND, INC.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
U.S. GOVERNMENT
MONEY MARKET SERIES SECURITIES SERIES
- -------------------------------------------------------------------------------------
FOR THE
SIX-MONTH FOR THE
PERIOD SIX-MONTH
ENDED FOR THE PERIOD ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED
1995 DECEMBER 31, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income....... $1,157,852 $ 1,570,828 $ 5,971,640 $14,140,980
Net realized gain (loss)
from security
transactions.............. 0 0 (2,162,985 ) (19,946,447 )
Net realized gain (loss)
from foreign currency
transactions.............. 0 0 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............... (941 ) 655 14,497,733 (9,243,143 )
Net change in unrealized
appreciation
(depreciation) of
translation of assets and
liabilities denominated in
foreign currency.......... 0 0 0 0
----------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................... 1,156,911 1,571,483 18,306,388 (15,048,610 )
----------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment
income.................... (1,570,821 ) 0 (8,675 ) (14,140,980 )
Tax return of capital....... 0 0 0 0
From net realized gains on
investments............... 0 0 0 (59,124 )
Excess distributions of net
realized gains............ 0 0 0 (52,219 )
----------- ------------ ------------ ------------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS.................. (1,570,821 ) 0 (8,675 ) (14,252,323 )
----------- ------------ ------------ ------------
CAPITAL STOCK SOLD AND
REPURCHASED (NOTE F):
Proceeds from sale of
shares.................... 16,089,374 57,442,716 2,956,806 14,559,877
Proceeds from shares issued
as a result of reinvested
dividends................. 1,570,821 0 8,675 14,252,323
Less cost of repurchase of
shares.................... (21,284,108) (42,863,568 ) (18,575,927 ) (62,443,054 )
----------- ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM SHARES
TRANSACTIONS.................. (3,623,913 ) 14,579,148 (15,610,446 ) (33,630,854 )
----------- ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.................... (4,037,823 ) 16,150,631 2,687,267 (62,931,787 )
NET ASSETS:
Beginning of period......... 44,832,735 28,682,104 172,656,498 235,588,285
----------- ------------ ------------ ------------
End of period (Note E)...... $40,794,912 $44,832,735 $175,343,765 $172,656,498
----------- ------------ ------------ ------------
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
ASSET
ALLOCATION
SERIES GROWTH & INCOME SERIES
- ---------------------------------------------------------------------
FOR THE
PERIOD FROM FOR THE
DECEMBER FOR THE PERIOD FROM
14, 1994 SIX-MONTH APRIL 26,
(INCEPTION) PERIOD 1994
TO ENDED (INCEPTION)
JUNE 30, JUNE 30, TO
1995 1995 DECEMBER
(UNAUDITED) (UNAUDITED) 31, 1994
----------- ----------- -----------
<S> <C> <C> <C>
OPERATIONS:
Net investment income....... $ 143,677 $ 367,359 $ 171,137
Net realized gain (loss)
from security
transactions.............. 55,412 (63,362 ) (50,423 )
Net realized gain (loss)
from foreign currency
transactions.............. 12,471 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............... 664,791 2,481,250 (92,833 )
Net change in unrealized
appreciation
(depreciation) of
translation of assets and
liabilities denominated in
foreign currency.......... 76,575 0 0
----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................... 952,926 2,785,247 27,881
----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment
income.................... 0 (3,393 ) (167,744 )
Tax return of capital....... 0 0 0
----------- ----------- -----------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS.................. 0 (3,393 ) (167,744 )
----------- ----------- -----------
CAPITAL STOCK SOLD AND
REPURCHASED (NOTE F):
Proceeds from sale of
shares.................... 10,330,710 15,924,399 16,474,699
Proceeds from shares issued
as a result of reinvested
dividends................. 0 3,393 167,744
Less cost of repurchase of
shares.................... (90,923 ) (437,961 ) (226,495 )
----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM SHARES
TRANSACTIONS.................. 10,239,787 15,489,831 16,415,948
----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.................... 11,192,713 18,271,685 16,276,085
NET ASSETS:
Beginning of period......... 0 16,276,085 0
----------- ----------- -----------
End of period (Note E)...... $11,192,713 $34,547,770 $16,276,085
----------- ----------- -----------
</TABLE>
48
<PAGE>
<TABLE>
<CAPTION>
GLOBAL BOND
DIVERSIFIED INCOME SERIES SERIES HIGH YIELD SERIES ASSET ALLOCATION SERIES
- -----------------------------------------------------------------------------------------------------------------------------
FOR THE
PERIOD FROM FOR THE
DECEMBER FOR THE PERIOD FROM
FOR THE 14, 1994 SIX-MONTH APRIL 26, FOR THE
SIX-MONTH (INCEPTION) PERIOD 1994 SIX-MONTH
PERIOD ENDED FOR THE TO ENDED (INCEPTION) PERIOD ENDED FOR THE
JUNE 30, YEAR ENDED JUNE 30, JUNE 30, TO JUNE 30, YEAR ENDED
1995 DECEMBER 31, 1995 1995 DECEMBER 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) (UNAUDITED) 31, 1994 (UNAUDITED) 1994
------------ ------------ ----------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income....... $ 3,983,884 $ 7,828,731 $ 180,196 $ 999,765 $ 627,346 $ 6,217,807 $ 9,774,456
Net realized gain (loss)
from security
transactions.............. (1,080,565 ) (7,154,191 ) 132,966 149,058 56 1,245,869 (7,840,971 )
Net realized gain (loss)
from foreign currency
transactions.............. 0 0 227,132 0 0 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............... 6,956,005 (6,437,751 ) 227,297 265,557 (687,215 ) 30,751,342 (2,146,775 )
Net change in unrealized
appreciation
(depreciation) of
translation of assets and
liabilities denominated in
foreign currency.......... 0 0 193,343 0 0 0 0
------------ ------------ ----------- ----------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................... 9,859,324 (5,763,211 ) 960,934 1,414,380 (59,813 ) 38,215,018 (213,290 )
------------ ------------ ----------- ----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment
income.................... (3,947 ) (7,830,824 ) 0 (153 ) (627,346 ) (5,052 ) (9,774,456 )
Tax return of capital....... 0 0 0 0 0 0 0
From net realized gains on
investments............... 0 0 0 (366 ) 0 0 0
Excess distributions of net
realized gains............ 0 (34,075 ) 0 0 (912 ) 0 (38,691 )
------------ ------------ ----------- ----------- ----------- ------------ ------------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS.................. (3,947 ) (7,864,899 ) 0 (519 ) (628,258 ) (5,052 ) (9,813,147 )
------------ ------------ ----------- ----------- ----------- ------------ ------------
CAPITAL STOCK SOLD AND
REPURCHASED (NOTE F):
Proceeds from sale of
shares.................... 2,812,849 26,359,470 10,706,608 6,566,747 15,805,154 11,096,145 63,664,374
Proceeds from shares issued
as a result of reinvested
dividends................. 3,947 7,864,899 0 519 628,258 5,052 9,813,147
Less cost of repurchase of
shares.................... (8,062,476 ) (14,871,791 ) (806,290 ) (853,958 ) (2,039,527 ) (6,414,705 ) (7,460,742 )
------------ ------------ ----------- ----------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM SHARES
TRANSACTIONS.................. (5,245,680 ) 19,352,578 9,900,318 5,713,308 14,393,885 4,686,492 66,016,779
------------ ------------ ----------- ----------- ----------- ------------ ------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.................... 4,609,697 5,724,468 10,861,252 7,127,169 13,705,814 42,896,458 55,990,342
NET ASSETS:
Beginning of period......... 98,313,821 92,589,353 0 13,705,814 0 260,593,105 204,602,763
------------ ------------ ----------- ----------- ----------- ------------ ------------
End of period (Note E)...... $102,923,518 $98,313,821 $10,861,252 $20,832,983 $13,705,814 $303,489,563 $260,593,105
------------ ------------ ----------- ----------- ----------- ------------ ------------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL
STOCK
GLOBAL GROWTH SERIES GROWTH STOCK SERIES SERIES AGGRESSIVE GROWTH SERIES
- -----------------------------------------------------------------------------------------------------------------------------
FOR THE
PERIOD FROM FOR THE
DECEMBER FOR THE PERIOD FROM
FOR THE FOR THE 14, 1994 SIX-MONTH APRIL 26,
SIX-MONTH SIX-MONTH (INCEPTION) PERIOD 1994
PERIOD ENDED FOR THE PERIOD ENDED FOR THE TO ENDED (INCEPTION)
JUNE 30, YEAR ENDED JUNE 30, YEAR ENDED JUNE 30, JUNE 30, TO
1995 DECEMBER 31, 1995 DECEMBER 31, 1995 1995 DECEMBER
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) (UNAUDITED) 31, 1994
------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income....... $ 927,798 $ 972,581 $ 1,312,809 $ 2,750,449 $ 108,943 $ 66,225 $ 54,387
Net realized gain (loss)
from security
transactions.............. (7,281,870 ) (5,130,583 ) 4,320,144 (12,889,598 ) (9,660 ) (645,593 ) (109,579 )
Net realized gain (loss)
from foreign currency
transactions.............. 2,813 0 0 0 (2,378 ) 0 0
Net change in unrealized
appreciation
(depreciation) of
investments............... 30,626,018 738,355 68,451,921 1,797,152 388,442 3,683,948 477,658
Net change in unrealized
appreciation
(depreciation) of
translation of assets and
liabilities denominated in
foreign currency.......... 8,396 0 0 0 (36,068 ) 0 0
------------ ------------ ------------ ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................... 24,283,155 (3,419,647 ) 74,084,874 (8,341,997 ) 449,279 3,104,580 422,466
------------ ------------ ------------ ------------ ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment
income.................... 0 (972,581 ) (717 ) (2,749,736 ) 0 (106 ) (54,281 )
Tax return of capital....... 0 (1,799 ) 0 0 0 0 0
------------ ------------ ------------ ------------ ----------- ----------- -----------
TOTAL DISTRIBUTIONS TO
SHAREHOLDERS.................. 0 (974,380 ) (717 ) (2,749,736 ) 0 (106 ) (54,281 )
------------ ------------ ------------ ------------ ----------- ----------- -----------
CAPITAL STOCK SOLD AND
REPURCHASED (NOTE F):
Proceeds from sale of
shares.................... 7,846,785 78,040,666 25,450,906 96,931,353 10,710,684 10,223,494 14,286,485
Proceeds from shares issued
as a result of reinvested
dividends................. 0 974,380 717 2,749,735 0 106 54,281
Less cost of repurchase of
shares.................... (6,676,459 ) (5,856,364 ) (8,736,811 ) (15,399,487 ) (148,989 ) (358,864 ) (1,183,264 )
------------ ------------ ------------ ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM SHARES
TRANSACTIONS.................. 1,170,326 73,158,682 16,714,812 84,281,601 10,561,695 9,864,736 13,157,502
------------ ------------ ------------ ------------ ----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.................... 25,453,481 68,764,655 90,798,969 73,189,868 11,010,974 12,969,210 13,525,687
NET ASSETS:
Beginning of period......... 144,646,911 75,882,256 377,482,538 304,292,670 0 13,525,687 0
------------ ------------ ------------ ------------ ----------- ----------- -----------
End of period (Note E)...... $170,100,392 $144,646,911 $468,281,507 $377,482,538 $11,010,974 $26,494,897 $13,525,687
------------ ------------ ------------ ------------ ----------- ----------- -----------
</TABLE>
49
<PAGE>
FORTIS SERIES FUND, INC.
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The fund is an open-end
management investment company which currently is comprised of twelve separate
investment portfolios and series of capital stock: Money Market Series, U.S.
Government Securities Series, Diversified Income Series, Global Bond Series,
High Yield Series, Asset Allocation Series, Global Asset Allocation Series,
Growth & Income Series, Growth Stock Series, Global Growth Series,
International Stock Series and Aggressive Growth Series, which are
diversified portfolios, each of which has different investment objectives and
its own investment portfolio and net asset value. The articles of
incorporation of Fortis Series Fund, Inc., permits the Board of Directors to
create additional portfolios in the future. An investment in the Money Market
Series is neither insured nor guaranteed by the U.S. Government.
Shares of the fund will not be sold directly to the public, but sold only to
Fortis Benefits Insurance Company separate accounts in connection with
variable insurance contracts and policies.
The inception of Global Bond Series, Global Asset Allocation Series and
International Stock 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 by all portfolios except for Money Market
Series and Growth Stock Series 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 June 30, 1995, none of the
portfolios had outstanding when-issued or forward committments.
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 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
fluctuations. 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 trade date, except for Global Bond Series, Global Asset
Allocation Series and International Stock Series which account for security
transactions on Trade Date +1, and dividend income is recorded on the
ex-dividend date for all funds. 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 discount, except
for Global Bond Series and Global Asset Allocation Series which amortize all
bond premium and discount.
For the six-month period ended June 30, 1995, the cost of purchases and
proceeds from sales of securities for Money Market Series were $140,738,320
and $144,690,532, respectively. 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>
- -------------------------------------------------------------------------------
U.S. Government Securities Series.................. $104,118,363 $116,081,650
Diversified Income Series.......................... 72,643,590 75,456,761
Global Bond Series................................. 12,353,503 4,034,454
High Yield Series.................................. 10,425,995 3,021,806
Asset Allocation Series............................ 115,843,990 143,859,926
Global Asset Allocation Series..................... 10,186,783 902,812
Growth & Income Series............................. 14,157,934 659,171
Global Growth Series............................... 25,697,998 22,660,310
Growth Stock Series................................ 74,416,833 27,191,817
International Stock Series......................... 11,337,562 1,375,493
Aggressive Growth Series........................... 7,599,809 1,500,127
</TABLE>
In the Global Asset Allocation Series for the period from January 1, 1995 to
June 30, 1995, brokerage commissions paid to an affiliated broker amounted to
$396.
LENDING OF PORTFOLIO SECURITIES: At June 30, 1995, securities valued at
$29,979,044 were on loan to brokers from Global Growth Series. For collateral,
the portfolio's custodian received $31,166,300 in cash which is maintained in
a separate account and invested by the custodian in short-term investment
vehicles. Fee income from securities lending amounted to $11,479 for the
six-month period ended June 30, 1995. The risks to the portfolio in security
lending transactions are that the borrower may not provide additional
collateral when required or return the securities when due and that the
proceeds from the sale of investments made with cash collateral received will
be less than amounts required to be returned to the borrowers.
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, to avoid payment of
federal excise taxes.
50
<PAGE>
- --------------------------------------------------------------------------------
Net investment income and net realized gains differ for financial statement
and tax purposes primarily because of the recognition of market discount,
realized gain (loss) from foreign currency transactions as ordinary income
(loss) and 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.
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 investment income.
<TABLE>
<CAPTION>
Global
Global Asset Global
Bond Allocation Growth International
Series Series Series Stock Series
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
Accumulated Net Realized Gain
(Loss)....................... $(227,132) $(12,471) $ (2,813) $ 2,378
Undistributed Net Investment
Income....................... 227,132 12,471 2,813 (2,378)
</TABLE>
For federal income tax purposes the portfolios had the following capital loss
carryovers at December 31, 1994, which, if not offset by subsequent capital
gains, will expire in 1995 through 2003. It is unlikely the Board of
Directors will authorize a distribution of any net realized gains until the
available capital loss carryovers have been offset or expired.
<TABLE>
<S> <C>
Money Market Series............................................... $ 127,374
U.S. Government Securities Series................................. 19,846,342
Diversified Income Series......................................... 7,192,213
Asset Allocation Series........................................... 7,884,707
Growth & Income Series............................................ 50,423
Growth Stock Series............................................... 26,110,262
Global Growth Series.............................................. 5,826,999
Aggressive Growth Series.......................................... 109,579
</TABLE>
INCOME AND CAPITAL GAINS DISTRIBUTIONS: The portfolios intend to make income
and capital gains distributions, if any, on an annual basis. All distributions
will be reinvested in additional shares of the portfolio at net asset value.
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.
The following chart represents the annual fee percentages:
<TABLE>
<CAPTION>
Annual
Investment
Advisory
Average Net Assets and Management Fee
<S> <C> <C>
- --------------------------------------------------------------------------------
Money Market Series For the first $500 million .3%
For assets over $500 million .25%
U.S. Government Securities For the first $50 million .5%
Series For assets over $50 million .45%
<CAPTION>
Annual
Investment
Advisory
Average Net Assets and Management Fee
<S> <C> <C>
- --------------------------------------------------------------------------------
Diversified Income Series For the first $50 million .5%
For assets over $50 million .45%
Global Bond Series For the first $100 million .75%
For assets over $100 million .65%
High Yield Series For the first $250 million .5%
For assets over $250 million .45%
Asset Allocation Series For the first $250 million .5%
For assets over $250 million .45%
Global Asset Allocation Series For the first $100 million .9%
For assets over $100 million .85%
Growth & Income Series For the first $100 million .7%
For assets over $100 million .6%
Global Growth Series For the first $500 million .7%
For assets over $500 million .6%
Growth Stock Series For the first $100 million .7%
For assets over $100 million .6%
International Stock Series For the first $100 million .85%
For assets over $100 million .8%
Aggressive Growth Series For the first $100 million .7%
For assets over $100 million .6%
</TABLE>
The Global Bond Series, Global Asset Allocation Series and International
Stock Series have retained sub-advisers 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 Fund,
Inc. 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
Advisory
Series Sub-Adviser Average Net Assets Fee
<S> <C> <C> <C>
- --------------------------------------------------------------------------------
Global Bond Warburg Investment For the first $100 million .35%
Series Management International For assets over $100 million .225%
Ltd.
Global Asset Morgan Stanley Asset For the first $100 million .5%
Allocation Management Limited For assets over $100 million .4%
Series
International Lazard-Freres Asset For the first $100 million .45%
Stock Series Management For assets over $100 million .375%
</TABLE>
51
<PAGE>
FORTIS SERIES FUND, INC.
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
For the six-month period ended June 30, 1995, legal fees and expenses were
paid as follows to a law firm of which the secretary of the fund is a
partner:
<TABLE>
<CAPTION>
Series Amount
<S> <C>
- -------------------------------------------------------------------------------
Money Market Series................................................... $3,133
U.S. Government Securities Series..................................... 5,010
Diversified Income Series............................................. 2,729
Global Bond Series.................................................... 5,348
High Yield Series..................................................... 1,005
Asset Allocation Series............................................... 6,750
Global Asset Allocation Series........................................ 5,873
Growth & Income Series................................................ 2,569
Global Growth Series.................................................. 6,257
Growth Stock Series................................................... 9,952
International Stock Series............................................ 4,913
Aggressive Growth Series.............................................. 298
</TABLE>
C. FORWARD FOREIGN CURRENCY CONTRACTS: At June 30, 1995, the Global Bond Series,
the Global Asset Allocation Series and the International Stock Series entered
into forward foreign currency exchange contracts that obligated the Series to
deliver/receive currencies at a specified future date. The unrealized
appreciation (depreciation) of $(11,488), $(8,309), and $(38,731),
respectively, on these contracts is included in the accompanying financial
statements. The terms of the open contracts are as follows:
<TABLE>
<CAPTION>
GLOBAL BOND SERIES
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------
<CAPTION>
U.S. Dollar U.S. Dollar
Currency To Value As Of Currency To Value As Of
Settle Date Be Delivered June 30, 1995 Be Received June 30, 1995
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------
Aug. 24, 1995 596,167 $ 432,549 2,100,000 $ 430,584
Deutsche Mark French Franc
Aug. 24, 1995 675,695 490,250 40,812,000 488,023
Duetsche Mark Japanese Yen
Aug. 24, 1995 2,100,000 430,584 596,167 433,281
French Franc Deutsche Mark
Aug. 24, 1995 40,812,000 488,023 675,695 485,663
Japanese Yen Deutsche Mark
Aug. 24, 1995 671,536 671,536 422,000 668,364
U.S. Dollar British Pound
Sterling
Aug. 24, 1995 736,511 736,511 3,975,000 733,786
U.S. Dollar Danish Kroner
Aug. 24, 1995 322,434 322,434 444,400 322,496
U.S. Dollar Deutsche Mark
Aug. 24, 1995 301,798 301,798 465,000 300,000
U.S. Dollar Netherland
Guilder
------------- -------------
$3,873,685 $3,862,197
------------- -------------
</TABLE>
<TABLE>
<CAPTION>
GLOBAL ASSET ALLOCATION SERIES
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------
<CAPTION>
U.S. Dollar U.S. Dollar
Currency Value As Of Value As Of
To Be June 30, Currency To June 30,
Settle Date Delivered 1995 Be Received 1995
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------
Sep. 20, 1995 90,000 $ 63,662 98,208 $ 65,181
Australian New Zealand
Dollar Dollar
July 13, 1995 400,000 258,553 248,725 248,725
Netherland U.S. Dollar
Guilder
------------ ------------
$ 322,215 $ 313,906
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL STOCK SERIES
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------
<CAPTION>
Currency To U.S. Dollar U.S. Dollar
Be Value As Of Currency To Be Value As Of
Settle Date Delivered June 30, 1995 Received June 30, 1995
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------
July 3, 1995 31,083 $ 31,083 240,426 $ 31,073
U.S. Dollar Hong Kong
Dollar
July 3, 1995 51,374 51,374 4,366,284 51,429
U.S. Dollar Japanese Yen
July 3, 1995 7,996 5,157 5,086 5,086
Netherland U.S Dollar
Guilder
July 4, 1995 11,480 11,480 970,640 11,433
U.S Dollar Japanese Yen
July 4, 1995 55,781 55,781 6,760,629 55,831
U.S. Dollar Spanish Peseta
July 31, 1995 66,658 66,658 108,536,465 66,302
U.S. Dollar Italian Lira
July 31, 1995 104,553,960 63,869 63,213 63,213
Italian U.S Dollar
Lira
Sept 11, 1995 267,252 194,034 186,000 186,000
Deutsche U.S. Dollar
Mark
Sept 11, 1995 1,433,223 295,584 279,000 279,000
French U.S. Dollar
Franc
Sept 11, 1995 298,746 194,050 186,000 186,000
Netherland U.S. Dollar
Guilder
Sept 11, 1995 2,076,466 284,028 279,000 279,000
Swedish U.S. Dollar
Krona
------------- -------------
$1,253,098 $1,214,367
------------- -------------
</TABLE>
D. At the special shareholders' meeting of June 13, 1995, shareholders of the
Global Bond Series approved a fundamental investment policy change, which
classifies the Series as a non-diversified investment company effective July
3, 1995.
52
<PAGE>
- --------------------------------------------------------------------------------
E. NET ASSETS INCLUDE UNDISTRIBUTED NET INVESTMENT INCOME OF:
<TABLE>
<CAPTION>
JUNE 30, DECEMBER
1995 31, 1994
<S> <C> <C>
- -------------------------------------------------------------------------------
Money Market Series $1,157,859 $1,570,828
U.S. Government Securities Series 5,971,635 8,670
Diversified Income Series 3,983,884 3,947
Global Bond Series 407,328 --
High Yield Series 999,765 153
Asset Allocation Series 6,217,800 5,045
<CAPTION>
JUNE 30, DECEMBER
1995 31, 1994
<S> <C> <C>
- -------------------------------------------------------------------------------
Global Asset Allocation Series 156,148 --
Growth & Income Series 367,359 3,393
Global Growth Series 930,611 --
Growth Stock Series 1,312,805 713
International Stock Series 106,565 --
Aggressive Growth Series 66,225 106
</TABLE>
- --------------------------------------------------------------------------------
F. SHARES OF CAPITAL STOCK SOLD AND REPURCHASED
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHARES ISSUED AS A
RESULT
Shares Sold OF REINVESTED
---------------------- DIVIDENDS SHARES REPURCHASED NET INCREASE OF SHARES
--------------------- ---------------------- -----------------------
1995* 1994 1995* 1994 1995* 1994 1995* 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Series 1,516,891 5,534,894 151,377 0 2,012,370 4,121,372 (344,102) 5,534,894
U.S. Government Securities Series 293,499 1,374,168 0 1,513,371 1,895,251 6,042,060 (1,601,752) 1,374,168
Diversified Income Series 257,024 2,249,744 359 755,986 744,691 1,315,724 (487,308) 2,249,744
Global Bond Series 1,011,072 -- 0 -- 69,956 -- 941,116 --
High Yield Series 657,045 1,585,268 53 66,657 85,587 204,331 571,511 1,585,268
Asset Allocation Series 761,856 4,552,973 348 725,867 448,308 535,631 313,896 4,552,973
Global Asset Allocation Series 1,008,712 -- 0 -- 8,404 -- 1,000,308 --
Growth & Income Series 1,473,596 1,622,064 313 16,661 40,647 22,377 1,433,262 1,622,064
Global Growth Series 613,033 6,209,644 0 79,949 526,182 476,944 86,851 6,209,644
Growth Stock Series 1,095,096 4,372,727 31 125,651 372,210 701,569 722,917 4,372,727
International Stock Series 1,064,589 -- 0 -- 14,697 -- 1,049,892 --
Aggressive Growth Series 992,638 1,500,811 10 5,595 35,762 125,682 956,886 1,500,811
<FN>
*For the Six-Month Period Ended June 30, 1995.
</TABLE>
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS Selected per share historical data for each of the
Series is presented based upon weighted average fund shares outstanding.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
------------------------------------------
MONEY MARKET SERIES 1995* 1994 1993 1992 1991 1990
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.............. $ 10.63 $ 10.23 $ 10.21 $ 10.15 $ 10.19 $ 9.92
------- ------- ------- ------- ------- ------
Operations:
Investment income - net......................... .29 .41 .28 .36 .62 .78
Net realized and unrealized gains (losses) on
investments................................... .01 (.01) .02 .06 (.02) .28
------- ------- ------- ------- ------- ------
Total from operations............................. .30 .40 .30 .42 .60 1.06
------- ------- ------- ------- ------- ------
Distribution to shareholders:
From investment income - net.................... (.40) -- (.28) (.36) (.64) (.79)
------- ------- ------- ------- ------- ------
Net asset value, end of period.................... $ 10.53 $ 10.63 $ 10.23 $ 10.21 $ 10.15 $10.19
------- ------- ------- ------- ------- ------
Total Return @.................................... 2.84% 3.92% 2.77% 3.36% 5.91% 7.87%
Net assets end of period (000s omitted)........... $40,795 $44,833 $28,682 $27,528 $10,737 $8,897
Ratio of expenses to average daily net assets..... .42%** .40% .44% .46% .55% .60%
Ratio of net investment income to average daily
net assets....................................... 5.71%** 3.96% 2.74% 3.51% 5.74% 7.75%
Portfolio turnover rate........................... N/A*** N/A*** N/A*** N/A*** N/A*** 58%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
***Pursuant to Rule 2a-7 under the Investment Company Act of 1940, under which
the Money Market Series qualified on May 1, 1991, the portfolio turnover rate
is not applicable.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
53
<PAGE>
FORTIS SERIES FUND, INC.
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
----------------------------------------------
U.S. GOVERNMENT SECURITIES SERIES 1995* 1994 1993 1992 1991 1990
- ------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.............. $ 9.40 $ 10.94 $ 10.73 $ 10.77 $ 9.80 $ 9.48
-------- -------- -------- -------- ------- -------
Operations:
Investment income - net......................... .34 .71 .74 .78 .77 .76
Net realized and unrealized gains (losses) on
investments................................... .72 (1.54) .46 .15 .98 .31
-------- -------- -------- -------- ------- -------
Total from operations............................. 1.06 (.83) 1.20 .93 1.75 1.07
-------- -------- -------- -------- ------- -------
Distribution to shareholders:
From investment income - net.................... -- (.71) (.74) (.78) (.78) (.75)
From net realized gains......................... -- -- (.24) (.19) -- --
Excess distributions of net realized gains...... -- -- (.01) -- -- --
-------- -------- -------- -------- ------- -------
Total distributions to shareholders............... -- (.71) (.99) (.97) (.78) (.75)
-------- -------- -------- -------- ------- -------
Net asset value, end of period.................... $ 10.46 $ 9.40 $ 10.94 $ 10.73 $ 10.77 $ 9.80
-------- -------- -------- -------- ------- -------
Total Return @.................................... 11.26% (6.44%) 9.45% 6.14% 14.36% 7.93%
Net assets end of period (000s omitted)........... $175,344 $172,656 $235,588 $132,683 $49,751 $10,750
Ratio of expenses to average daily net assets..... .54%** .53% .52% .57% .64% .76%
Ratio of net investment income to average daily
net assets....................................... 6.95%** 6.87% 6.49% 7.10% 7.57% 7.90%
Portfolio turnover rate........................... 63% 187% 141% 135% 77% 17%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31,
-----------------------------------------
DIVERSIFIED INCOME SERIES 1995* 1994 1993 1992 1991 1990
- -------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.............. $ 10.40 $ 11.93 $ 11.34 $ 11.22 $10.40 $10.26
-------- ------- ------- ------- ------ ------
Operations:
Investment income - net......................... .44 .87 .87 .82 .81 .88
Net realized and unrealized gains (losses) on
investments................................... .64 (1.53) 1.03 .33 .87 .13
-------- ------- ------- ------- ------ ------
Total from operations............................. 1.08 (.66) 1.90 1.15 1.68 1.01
-------- ------- ------- ------- ------ ------
Distribution to shareholders:
From investment income - net.................... -- (.87) (.87) (.81) (.86) (.87)
From net realized gains......................... -- -- (.01) (.01) -- --
Excess distributions of net realized gains........ -- -- (.43) (.21) -- --
-------- ------- ------- ------- ------ ------
Total distributions to shareholders............... -- (.87) (1.31) (1.03) (.86) (.87)
-------- ------- ------- ------- ------ ------
Net asset value, end of period.................... $ 11.48 $ 10.40 $ 11.93 $ 11.34 $11.22 $10.40
-------- ------- ------- ------- ------ ------
Total Return @.................................... 10.38% (5.22%) 12.76% 7.08% 14.68% 8.87%
Net assets end of period (000s omitted)........... $102,924 $98,314 $92,589 $28,490 $8,503 $4,945
Ratio of expenses to average daily net assets..... .55%** .55% .57% .67% .75% .75%
Ratio of net investment income to average daily
net assets....................................... 7.95%** 7.59% 7.15% 7.08% 7.42% 8.27%
Portfolio turnover rate........................... 77% 142% 125% 83% 25% 35%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
54
<PAGE>
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<CAPTION>
GLOBAL BOND SERIES 1995*
<S> <C>
---------
Net asset value, beginning of period............................ $ 10.00
---------
Operations:
Investment income - net....................................... .25
Net realized and unrealized gains (losses) on investments..... 1.29
---------
Total from operations........................................... 1.54
---------
Distribution to shareholders:
From investment income - net.................................. --
---------
Net asset value, end of period.................................. $ 11.54
---------
Total Return @.................................................. 15.41%
Net assets end of period (000s omitted)......................... $ 10,861
Ratio of expenses to average daily net assets................... 1.23%**
Ratio of net investment income to average daily net assets...... 4.90%**
Portfolio turnover rate......................................... 69%
<FN>
*For the Period January 3, 1995 (commencement of operations) to June 30, 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.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
<TABLE>
<CAPTION>
HIGH YIELD SERIES 1995* 1994***
<S> <C> <C>
- ----------------------------------------------------------------------------------------
Net asset value, beginning of period............................ $ 9.47 $ 10.00
--------- -----------
Operations:
Investment income - net....................................... .58 .71
Net realized and unrealized gains (losses) on investments..... .27 (.53)
--------- -----------
Total from operations........................................... .85 (.18)
--------- -----------
Distribution to shareholders:
From investment income - net.................................. -- (.71)
--------- -----------
Net asset value, end of period.................................. $ 10.32 $ 9.47
--------- -----------
Total Return @.................................................. 8.98% (.75%)
Net assets end of period (000s omitted)......................... $ 20,833 $ 13,706
Ratio of expenses to average daily net assets................... .59%** .75%**
Ratio of net investment income to average daily net assets...... 11.57%** 10.44%**
Portfolio turnover rate......................................... 19% 20%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
***For the Period May 2, 1994 (commencement of operations) to December 31, 1994.
The portfolio's inception was April 26, 1994, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 2, 1994. Supplementary
information is not presented for the period from April 26, 1994, through May
2, 1994, 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.
</TABLE>
55
<PAGE>
FORTIS SERIES FUND, INC.
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<CAPTION>
Year Ended December 31,
---------------------------------------------
ASSET ALLOCATION SERIES 1995* 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.............. $ 13.56 $ 14.14 $ 13.28 $ 12.81 $ 10.37 $ 10.59
-------- -------- -------- ------- ------- -------
Operations:
Investment income - net......................... .32 .56 .52 .62 .59 .57
Net realized and unrealized gains (losses) on
investments................................... 1.66 (.58) .92 .47 2.43 (.20)
-------- -------- -------- ------- ------- -------
Total from operations............................. 1.98 (.02) 1.44 1.09 3.02 .37
-------- -------- -------- ------- ------- -------
Distribution to shareholders:
From investment income - net.................... -- (.56) (.52) (.62) (.58) (.59)
From net realized gains......................... -- -- (.06) -- -- --
-------- -------- -------- ------- ------- -------
Total distributions to shareholders............... -- (.56) (.58) (.62) (.58) (.59)
-------- -------- -------- ------- ------- -------
Net asset value, end of period.................... $ 15.54 $ 13.56 $ 14.14 $ 13.28 $ 12.81 $ 10.37
-------- -------- -------- ------- ------- -------
Total Return @.................................... 14.59% (.31%) 9.79% 6.95% 27.65% 2.01%
Net assets end of period (000s omitted)........... $303,480 $260,593 $204,603 $89,076 $31,821 $13,153
Ratio of expenses to average daily net assets..... .57%** .56% .56% .60% .70% .85%
Ratio of net investment income to average daily
net assets....................................... 4.46%** 4.05% 3.72% 4.78% 5.04% 5.40%
Portfolio turnover rate........................... 46% 73% 74% 54% 42% 75%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
<TABLE>
<CAPTION>
GLOBAL ASSET ALLOCATION SERIES 1995*
<S> <C>
- ---------------------------------------------------------------------------
Net asset value, beginning of period............................ $ 10.00
---------
Operations:
Investment income - net....................................... .18
Net realized and unrealized gains (losses) on investments..... 1.01
---------
Total from operations........................................... 1.19
---------
Distribution to shareholders:
From investment income - net.................................. --
---------
Net asset value, end of period.................................. $ 11.19
---------
Total Return @.................................................. 11.89%
Net assets end of period (000s omitted)......................... $ 11,193
Ratio of expenses to average daily net assets................... 1.35%**
Ratio of net investment income to average daily net assets...... 3.62%**
Portfolio turnover rate......................................... 14%
<FN>
*For the Period January 3, 1995 (commencement of operations) to June 30, 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.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
56
<PAGE>
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<CAPTION>
GROWTH & INCOME SERIES 1995* 1994***
<S> <C> <C>
- ----------------------------------------------------------------------------------------
Net asset value, beginning of period............................ $ 10.07 $ 10.00
--------- -----------
Operations:
Investment income - net....................................... .12 .21
Net realized and unrealized gains (losses) on investments..... 1.14 (.07)
--------- -----------
Total from operations........................................... 1.26 .28
--------- -----------
Distribution to shareholders:
From investment income - net.................................. -- (.21)
--------- -----------
Net asset value, end of period.................................. $ 11.33 $ 10.07
--------- -----------
Total Return @.................................................. 12.52% 1.74%
Net assets end of period (000s omitted)......................... $ 34,548 $ 16,276
Ratio of expenses to average daily net assets................... .79%** .86%**
Ratio of net investment income to average daily net assets...... 3.06%** 3.12%**
Portfolio turnover rate......................................... 3% 2%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
***For the Period May 2, 1994 (commencement of operations) to December 31, 1994.
The portfolio's inception was April 26, 1994, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 2, 1994. Supplementary
information is not presented for the period from April 26, 1994, through May
2, 1994, 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.
</TABLE>
<TABLE>
<CAPTION>
Year
Ended
December
31,
---------
GLOBAL GROWTH SERIES 1995* 1994
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period....................................................................... $ 12.31 $ 12.77
--------- ---------
Operations:
Investment income - net.................................................................................. .08 .10
Net realized and unrealized gains (losses) on investments................................................ 1.98 (.46)
--------- ---------
Total from operations...................................................................................... 2.06 (.36)
--------- ---------
Distribution to shareholders:
From investment income - net............................................................................. -- (.10)
--------- ---------
Net asset value, end of period............................................................................. $ 14.37 $ 12.31
--------- ---------
Total Return @............................................................................................. 16.73% (2.98%)
Net assets end of period (000s omitted).................................................................... $ 170,100 $ 144,647
Ratio of expenses to average daily net assets.............................................................. .86%** .81%
Ratio of net investment income to average daily net assets................................................. 1.22%** .82%
Portfolio turnover rate.................................................................................... 18% 20%
<CAPTION>
GLOBAL GROWTH SERIES 1993 1992***
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period....................................................................... $ 10.86 $ 9.82
--------- -----------
Operations:
Investment income - net.................................................................................. .06 .05
Net realized and unrealized gains (losses) on investments................................................ 1.91 1.04
--------- -----------
Total from operations...................................................................................... 1.97 1.09
--------- -----------
Distribution to shareholders:
From investment income - net............................................................................. (.06) (.05)
--------- -----------
Net asset value, end of period............................................................................. $ 12.77 $ 10.86
--------- -----------
Total Return @............................................................................................. 17.92% 10.88%
Net assets end of period (000s omitted).................................................................... $ 75,882 $ 11,091
Ratio of expenses to average daily net assets.............................................................. 1.02% 1.22%*
*
Ratio of net investment income to average daily net assets................................................. .53% .73%*
*
Portfolio turnover rate.................................................................................... 19% 21%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
***For the Period May 1, 1992 (commencement of operations) to December 31, 1992.
The portfolio's inception was April 13, 1992, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 1, 1992. Supplementary
information is not presented for the period from April 13, 1992, through May
1, 1992, 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.
</TABLE>
57
<PAGE>
FORTIS SERIES FUND, INC.
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------
GROWTH STOCK SERIES 1995* 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.............. $ 22.11 $ 22.92 $ 21.15 $ 20.68 $ 13.57 $ 14.26
-------- -------- -------- -------- -------- -------
Operations:
Investment income - net......................... .08 .18 .09 .18 .22 .38
Net realized and unrealized gains (losses) on
investments................................... 4.12 (.81) 1.77 .47 7.11 (.69)
-------- -------- -------- -------- -------- -------
Total from operations............................. 4.20 (.63) 1.86 .65 7.33 (.31)
-------- -------- -------- -------- -------- -------
Distribution to shareholders:
From investment income - net.................... -- (.18) (.09) (.18) (.22) (.38)
-------- -------- -------- -------- -------- -------
Net asset value, end of period.................... $ 26.31 $ 22.11 $ 22.92 $ 21.15 $ 20.68 $ 13.57
-------- -------- -------- -------- -------- -------
Total Return @.................................... 19.02% (2.82%) 8.78% 2.94% 53.50% (3.10%)
Net assets end of period (000s omitted)........... $468,282 $377,483 $304,293 $188,172 $100,690 $25,623
Ratio of expenses to average daily net assets..... .67%** .68% .69% .76% .81% 1.01%
Ratio of net investment income to average daily
net assets....................................... .64%** .81% .46% .92% 1.28% 2.72%
Portfolio turnover rate........................... 8% 19% 26% 24% 31% 50%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL STOCK SERIES 1995*
<S> <C>
- ---------------------------------------------------------------------------
Net asset value, beginning of period............................ $ 10.00
---------
Operations:
Investment income - net....................................... .15
Net realized and unrealized gains (losses) on investments..... .34
---------
Total from operations........................................... .49
---------
Distribution to shareholders:
From investment income - net.................................... --
---------
Net asset value, end of period.................................. $ 10.49
---------
Total Return @.................................................. 4.88%
Net assets end of period (000s omitted)......................... $ 11,011
Ratio of expenses to average daily net assets................... 1.30%**
Ratio of net investment income to average daily net assets...... 2.81%**
Portfolio turnover rate......................................... 10%
<FN>
*For the Period January 3, 1995 (commencement of operations) to June 30, 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.
**Annualized.
@These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
</TABLE>
58
<PAGE>
- --------------------------------------------------------------------------------
G. FINANCIAL HIGHLIGHTS (CONTINUED): Selected per share historical data for each
of the Series is presented based upon weighted average fund shares
outstanding.
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH SERIES 1995* 1994***
<S> <C> <C>
- ----------------------------------------------------------------------------------------
Net asset value, beginning of period............................ $ 9.80 $ 10.03
--------- -----------
Operations:
Investment income - net....................................... .04 .08
Net realized and unrealized gains (losses) on investments..... 1.49 (.23)
--------- -----------
Total from operations........................................... 1.53 (.15)
--------- -----------
Distribution to shareholders:
From investment income - net.................................. -- (.08)
--------- -----------
Net asset value, end of period.................................. $ 11.33 $ 9.80
--------- -----------
Total Return @.................................................. 15.70% (1.89%)
Net assets end of period (000s omitted)......................... $ 26,495 $ 13,526
Ratio of expenses to average daily net assets................... .79%** .88%**
Ratio of net investment income to average daily net assets...... .70%** 1.24%**
Portfolio turnover rate......................................... 10% 5%
<FN>
*For the six-month period ended June 30, 1995.
**Annualized.
***For the Period May 2, 1994 (commencement of operations) to December 31, 1994.
The portfolio's inception was April 26, 1994, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 2, 1994. Supplementary
information is not presented for the period from April 26, 1994, through May
2, 1994, 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.
</TABLE>
59
<PAGE>
DIRECTORS
RICHARD W. CUTTING
CPA and Financial Consultant
ALLEN R. FREEDMAN
Chairman and Chief Executive Officer
Fortis, Inc.;
Managing Director of
Fortis International, N.V.
DR. ROBERT M. GAVIN
President
Macalester College
JEAN L. KING
President
Communi-King
DEAN C. KOPPERUD
President and Director
Fortis Advisers, Inc.
Fortis Investors, Inc.
Senior Vice President and
Director of Fortis Benefits
Insurance Company
Senior Vice President of Time Insurance
Company
EDWARD M. MAHONEY
Prior to January, 1995, Chairman and Chief Executive Officer
Fortis Advisers, Inc.
Fortis Investors, Inc.
THOMAS R. PELLETT
Prior to January, 1991, Senior Vice President-Administration and Corporate
Affairs and Director
Pet Inc.
ROBB L. PRINCE
Vice President and Treasurer
Jostens, Inc.
LEONARD J. SANTOW
Principal
Griggs & Santow, Inc.
JOSEPH M. WIKLER
Investment Consultant and Private Investor
Prior to January, 1994, Director of Research, Chief Investment Officer,
Principal, and Director
The Rothschild Co.
OFFICERS
DEAN C. KOPPERUD
President and Director
STEPHEN M. POLING
Vice President
DENNIS M. OTT
Vice President
JAMES S. BYRD
Vice President
ROBERT C. LINDBERG
Vice President
KEITH R. THOMSON
Vice President
ROBERT W. BELTZ, JR.
Vice President
THOMAS D. GUALDONI
Vice President
LARRY A. MEDIN
Vice President
JON H. NICHOLSON
Vice President
JOHN W. NORTON
Vice President
DAVID A. PETERSON
Vice President
MICHAEL J. RADMER
Secretary
TAMARA L. FAGELY
Treasurer
DAVID G. CARROLL
2nd Vice President
CHRIS J. NEUHARTH
2nd Vice President
INVESTMENT MANAGER, REGISTRAR AND
TRANSFER AGENT
Fortis Advisers, Inc.
Box 64284
St. Paul,
Minnesota 55164
PRINCIPAL UNDERWRITER
Fortis Investors, Inc.
Box 64284
St. Paul,
Minnesota 55164
CUSTODIAN
First Bank
National Association
Minneapolis, Minnesota
GENERAL COUNSEL
Dorsey & Whitney P.L.L.P.
Minneapolis, Minnesota
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
Minneapolis, Minnesota
THE USE OF THIS MATERIAL IS AUTHORIZED ONLY WHEN PRECEDED OR ACCOMPANIED BY A
PROSPECTUS.
60
<PAGE>
FORTIS FINANCIAL GROUP
Fortis Financial Group (FFG) is a premier provider of insurance and
investment portfolios whose fund manager, Fortis Advisers, Inc. has established
a nationwide reputation for money management. Through Fortis Investors, Inc.,
FFG offers mutual funds, annuities and variable universal life insurance. Life
and disability products are issued and underwritten by Time Insurance Company
and Fortis Benefits Insurance Company.
With more than $5 billion in assets under management, FFG is part of
Fortis, a $100 billion worldwide financial services and insurance organization
represented in 11 countries.
Like the Fortis name, which comes from the Latin for steadfast, our focus
is on the long-term in all we do: the relationships we build, the performance we
seek, the service we provide and the products we offer.
[LOGO]
----------------
Bulk Rate
FORTIS FINANCIAL GROUP
US Postage
P.O. Box 64284
PAID
St. Paul, MN 55164
Permit No. 3794
Minneapolis, MN
------------------
FORTIS SERIES
FUND, INC.
[LOGO]
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59475 (Ed. 8/95)
