<PAGE>
1993 Act Registration No. 33-3920
1940 Act Registration No. 811-4615
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 6, 1996
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. _____
Post-Effective Amendment No. 20
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 20
(Check appropriate box or boxes.)
FORTIS SERIES FUND, INC.
(Exact Name of Registrant as Specified in Charter)
500 BIELENBERG DRIVE, WOODBURY, MINNESOTA 55125
(Address of Principal Executive Offices) (Zip Code)
(612) 738-4000
(Registrant's Telephone Number, including Area Code)
SCOTT R. PLUMMER, ESQ., ASST. SECRETARY
500 BIELENBERG DRIVE, WOODBURY, MINNESOTA 55125
(Name and Address of Agent for Service)
Copy to:
Michael J. Radmer, Esq.
Dorsey & Whitney LLP
220 South Sixth Street
Minneapolis, Minnesota 55402
It is proposed that this filing will become effective (check appropriate box):
X immediately upon filing pursuant to paragraph (b) of Rule 485
---
on (specify date) pursuant to paragraph (b) of Rule 485
---
75 days after filing pursuant to paragraph (a) of Rule 485
---
on May 1, 1996, pursuant to paragraph (a) of Rule 485
---
The Registrant has registered an indefinite number of shares of common stock
under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment
Company Act of 1940. A Rule 24f-2 Notice was filed by the Registrant on
February 26, 1996.
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<PAGE>
CROSS REFERENCE SHEET FOR ITEMS REQUIRED BY FORM N-1A
(FORTIS SERIES FUND, INC.)
Item No. of
Form N-1A
- ---------
CAPTION IN PROSPECTUS
1. Cover Page Cover Page
2. Synopsis (not included)
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Organization and Classification,
The Separate Accounts and the
Contracts, Investment Objectives
and Policies; Risk Considerations
5. Management of the Fund Management
5A. Management's Discussion of Fund
Performance Financial Highlights
6. Capital Stock and Other Securities Capital Stock; Dividends and
Capital Gains Distributions;
Taxation
7. Purchase of Securities Being Offered Purchase and Redemption of Shares
8. Redemption or Repurchase Purchase and Redemption of Shares
9. Pending Legal Proceedings Not Applicable
CAPTION IN STATEMENT OF ADDITIONAL INFORMATION
10. Cover Page Cover Page (no caption)
11. Table of Contents Table of Contents
12. General Information and History Organization and Classification
13. Investment Objectives and Policies Investment Objectives and Policies
14. Management of the Fund Directors and Executive Officers
15. Control Persons and Principal Holders
of Securities Capital Stock
<PAGE>
16. Investment Advisory and Other Services Investment Advisory and Other
Services
17. Brokerage Allocation and Other
Practices Portfolio Transactions and
Allocation of Brokerage
18. Capital Stock and Other Securities Capital Stock
19. Purchase, Redemption and Pricing
of Securities Being Offered Computation of Net Asset Value and
Pricing; Redemption
20. Tax Status Taxation
21. Underwriters Underwriter
22. Calculation of Performance Data Performance
23. Financial Statements Financial Statements
<PAGE>
PART B
STATEMENT OF ADDITIONAL INFORMATION
(AND ACCOMPANYING ANNUAL REPORT DATED DECEMBER 31, 1995)
Incorporated by reference to Part B of Registrant's Post-Effective Amendment
Number 19, filed with the Securities and Exchange Commision in April, 1996. In
addition, the following financial statements are submitted, in accordance with
an undertaking previously given.
<PAGE>
FORTIS SERIES FUND, INC.
VALUE SERIES
Schedule of Investments
September 30, 1996 (Unaudited)
COMMON STOCKS-84.87%
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Market
Shares Cost(b) Value(c)
------- ----------- -----------
<C> <S> <C> <C>
ADVERTISING-PUBLIC RELATIONS-2.30%
3,900 Interpublic Group of Companies, Inc. $ 180,506 $ 184,275
----------- -----------
AEROSPACE AND EQUIPMENT-2.48%
600 Boeing Co. 46,936 56,700
2,700 McDonnell Douglas Corp. 127,750 141,750
----------- -----------
174,686 198,450
----------- -----------
AIR FREIGHT-2.47%
2,500 Federal Express Corp. (a) 191,600 198,125
----------- -----------
BANKS-1.56%
2,400 Bank of New York Co., Inc. 62,448 70,500
600 Citicorp 48,749 54,375
----------- -----------
111,197 124,875
----------- -----------
BROADCASTING-4.50%
8,500 Comcast Corp., Special Class A 144,266 130,687
7,800 Tele-Communications, Inc. (a) 135,809 116,512
3,200 Viacom, Inc. Class B (a) 125,960 113,600
----------- -----------
406,035 360,799
----------- -----------
BROKERAGE AND INVESTMENT-0.61%
750 Merrill Lynch & Co., Inc. 46,292 49,219
----------- -----------
BUILDING MATERIALS-2.12%
4,600 Owens Corning 178,946 169,625
----------- -----------
BUSINESS SERVICES AND SUPPLIES-2.06%
3,700 Flightsafety International, Inc. 163,843 165,112
----------- -----------
CHEMICALS-SPECIALTY-4.08%
3,200 Mallinckrodt Group, Inc. 122,855 133,200
3,400 Sigma-Aldrich Corp. 177,043 193,800
----------- -----------
299,898 327,000
----------- -----------
DRUGS-2.76%
1,800 Mylan Laboratories, Inc. 36,859 30,825
3,100 Schering-Plough Corp. 179,769 190,650
----------- -----------
216,628 221,475
----------- -----------
Page 1
<PAGE>
ELECTRONIC COMPONENTS-0.73%
1,200 Solectron Corp. (a) 39,510 58,800
----------- -----------
ELECTRICAL EQUIPMENT-2.50%
2,200 General Electric Co. 178,763 200,200
----------- -----------
ELECTRONIC-CONTROLS AND EQUIPMENT-1.46%
2,700 Cooper Industries, Inc. 107,871 116,775
----------- -----------
ELECTRONIC-SEMICONDUCTOR AND CAPACITOR-3.79%
3,300 Avnet, Inc. 151,552 160,050
6,200 Vishay Intertechnology, Inc. (a) 131,143 143,375
----------- -----------
282,695 303,425
----------- -----------
FINANCE SERVICES-0.48%
1,300 H & R Block, Inc. 46,452 38,675
----------- -----------
FOOD-7.12%
4,200 ConAgra, Inc. 182,169 206,850
5,000 Sara Lee Corp. 163,607 178,750
5,500 Sysco Corp. 174,323 184,937
----------- -----------
520,099 570,537
----------- -----------
HEALTH CARE SERVICES-1.77%
2,500 Columbia/HCA Healthcare Corp. 130,638 142,187
----------- -----------
HOUSEHOLD PRODUCTS-2.07%
1,700 Procter & Gamble Co. 147,576 165,750
----------- -----------
METALS-MINING AND MISCELLANEOUS-1.95%
3,900 Cleveland-Cliffs, Inc. 151,180 156,000
----------- -----------
NATURAL GAS TRANSMISSIONS-2.35%
3,700 Williams Companies, Inc. 179,347 188,700
----------- -----------
OFFICE EQUIPMENT AND SUPPLIES-6.35%
1,400 International Business Machines Corp. 137,741 174,300
3,200 Pitney Bowes, Inc. 150,648 168,800
3,100 Xerox Corp. 161,033 166,238
----------- -----------
449,422 509,338
----------- -----------
OIL-CRUDE PETROLEUM AND GAS-5.67%
2,700 Anadarko Petroleum Corp. 144,324 150,863
2,400 Exxon Corp. 196,921 199,800
4,800 Union Texas Petroleum Holdings, Inc. 91,980 103,800
----------- -----------
433,225 454,463
----------- -----------
OIL-REFINING-1.86%
6,400 Lyondell Petrochemical Co. 149,685 148,800
----------- -----------
PRECISION INSTRUMENTS-TEST, RESEARCH-2.47%
2,200 Emerson Electric Co. 185,238 198,275
----------- -----------
RAILROAD AND RAILROAD EQUIPMENT-2.53%
2,400 Burlington Northern Santa Fe Corp. 197,603 202,500
----------- -----------
Page 2
<PAGE>
REAL ESTATE-INVESTMENT TRUST-3.86%
3,700 Developers Diversified Realty Corp. 115,048 118,863
6,400 Kimco Realty Corp. 179,679 190,400
----------- -----------
294,727 309,263
----------- -----------
RETAIL-DEPARTMENT STORES-4.18%
4,200 Federated Department Stores, Inc. (a) 136,663 140,700
4,000 May Department Stores Co. 183,220 194,500
----------- -----------
319,883 335,200
----------- -----------
RETAIL-SPECIALTY-5.30%
6,700 AutoZone, Inc. (a) 190,875 194,300
3,300 Home Depot, Inc. 177,882 187,688
1,000 Lowe's Companies, Inc. 34,803 40,875
64 Payless ShoeSource, Inc. (a) 1,765 2,152
----------- -----------
405,325 425,015
----------- -----------
TEXTILE MANUFACTURING-1.34%
3,900 Unifi, Inc. 106,369 107,250
----------- -----------
UTILITIES-TELEPHONE-2.15%
3,300 AT & T Corp. 188,607 172,425
----------- -----------
TOTAL COMMON STOCKS $6,483,846 $6,802,533
----------- -----------
----------- -----------
</TABLE>
PREFERRED STOCKS-1.93%
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Market
Shares Cost(b) Value(c)
------- --------- -----------
<C> <S> <C> <C>
PAPER-1.93%
6,000 James River Corp. of Virginia Conv. Ser P
Preferred $ 148,728 $ 154,500
----------- -----------
Total Equity Investments $6,632,574 $6,957,033
----------- -----------
----------- -----------
</TABLE>
SHORT-TERM INVESTMENTS-10.71%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value(c)
--------- -----------
<C> <S> <C>
BANKS-0.76%
$ 61,000 First Trust Money Market Variable Rate Time
Deposit, Current rate -- 5.21% $ 61,000
-----------
DIVERSIFIED FINANCE-1.87%
150,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.31% 150,000
-----------
U.S. GOVERNMENT AGENCY-8.08%
200,000 Federal Home Loan Mortgage Corp., 5.30%,
11-13-1996 198,732
450,000 Federal National Mortgage Assoc., 5.36%,
10-15-1996 449,010
-----------
647,742
-----------
TOTAL SHORT-TERM INVESTMENTS $ 858,742
-----------
-----------
TOTAL INVESTMENTS IN SECURITIES (COST:
$7,491,317) $7,815,775
-----------
-----------
</TABLE>
(a) Presently not paying dividend income.
Page 3
<PAGE>
(b) At September 30, 1996, the cost of securities for federal income tax
purposes was $7,493,039 and the aggregate gross unrealized appreciation
and depreciation based on that cost was:
Unrealized appreciation $408,173
Unrealized depreciation (85,436)
-----------------------------------------------------
Net unrealized appreciation $322,734
-----------------------------------------------------
(c) See Note 1 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.
Account H888 from Financial Statement 943
Total Net Assets from Financial Statement 8,015,151
Page 4
<PAGE>
FORTIS SERIES FUND, INC.
S & P 500 INDEX SERIES
Schedule of Investments
September 30, 1996 (Unaudited)
COMMON STOCKS-98.71%
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Market
Shares Cost(b) Value(c)
------- ------------ ------------
<C> <S> <C> <C>
BASIC INDUSTRY-5.83%
200 Air Products & Chemicals $ 11,071 $ 11,650
200 Alco Standard Corp. 11,294 9,975
800 Allied Signal, Inc. 47,907 52,700
100 Armstrong World Industry 5,579 6,237
100 Ashland, Inc. 3,840 3,975
100 Avery Dennison Corp. 5,440 5,550
100 Ball Corp. 2,979 2,450
100 Bemis, Inc. 3,140 3,387
100 Boise Cascade Corp. 4,391 3,400
400 Centex Corp. 12,291 13,050
200 Champion International Corp. 8,719 9,175
200 Crown Cork & Seal 9,569 9,225
600 Dow Chemical Co. 50,042 48,150
1,300 Du Pont (E.I.) De Nemours 104,261 114,725
300 Eastman Chemical Co. 18,136 17,512
700 Engelhard Corp. 15,324 16,100
100 Fluor Corp. 6,803 6,150
100 FMC Corp. (a) 6,766 6,787
100 Foster Wheeler Corp. 4,566 4,375
200 Georgia-Pacific Corp. 14,194 15,825
100 Goodrich (B.F.) Co. 3,918 4,512
200 Grace (W.R.) & Co. 15,044 15,000
200 Great Lakes Chemical 12,634 11,400
400 Hercules, Inc. 22,765 21,900
700 International Paper 27,695 29,750
600 James River Corp. of Virginia 15,720 16,575
700 Kimberly Clark Corp. 52,581 61,687
200 Louisiana Pacific Corp. 4,784 4,550
300 Masco Corp. 8,774 9,000
200 Mead Corp. 11,171 11,725
1,400 Monsanto Co. 43,417 51,100
400 Morton International, Inc. 14,681 15,900
300 Nalco Chemical Co. 10,323 10,875
700 Occidental Pete Corp. 17,668 16,362
100 Potlatch Corp. 4,229 3,875
400 PPG Industries, Inc. 20,364 21,750
Page 1
<PAGE>
400 Praxair, Inc. 15,558 17,200
200 Rohm & Haas Co. 13,269 13,100
100 Sherwin Williams Co. 4,465 4,637
300 Sigma Aldrich Corp. 16,027 17,100
600 Stone Container Corp. 8,320 9,375
100 Temple Inland, Inc. 4,665 5,275
100 Union Camp Corp. 4,978 4,887
400 Union Carbide Corp. Holdings Co. 18,333 18,250
200 Westvaco Corp. 5,971 5,925
500 Weyerhaeuser Co. 22,734 23,062
100 Willamette Industries, Inc. 6,025 6,550
------------ ------------
752,425 791,720
------------ ------------
CAPITAL SPENDING-21.60%
300 3 Com Corp. (a) 12,705 18,019
600 Advanced Micro Devices (a) 7,970 8,850
100 Alexander & Alexander 2,006 1,662
100 Amdahl Corp. (a) 847 944
400 Amp, Inc. 16,564 15,500
100 Andrew Corp. (a) 3,850 4,987
100 Apple Computer, Inc. 2,512 2,219
300 Applied Materials, Inc. (a) 9,855 8,287
100 Autodesk, Inc. 3,942 2,587
1,000 Automatic Data Processing 40,709 43,625
600 Bay Networks, Inc. (a) 17,203 16,350
100 Block H & R, Inc. 3,653 2,975
800 Boeing Co. 69,708 75,600
100 Briggs & Stratton Corp. 4,379 4,437
400 Browning Ferris Industries 12,089 10,000
100 Cabletron System, Inc. (a) 6,653 6,825
200 Case Corp. 9,771 9,750
400 Caterpillar, Inc. 26,914 30,150
400 Ceridian Corp. (a) 18,296 20,000
100 Cincinnati Milacron 2,618 1,887
1,600 Cisco Systems, Inc. (a) 80,720 99,300
1,000 Compaq Computer Corp. (a) 50,026 64,125
900 Computer Association International 43,199 53,775
100 Computer Sciences (a) 7,078 7,687
200 Cooper Industries 7,919 8,650
100 Crane Co. 4,168 4,437
700 CUC International, Inc. (a) 23,982 27,912
100 Cummins Engine, Inc. 4,593 3,937
200 Data General Corp. (a) 2,512 2,800
800 Deere & Co. 31,489 33,600
200 Dell Computer Corp. (a) 13,550 15,550
100 Deluxe Corp. 3,153 3,775
300 Digital Equipment Corp. (a) 14,537 10,725
300 Dover Corp. 14,073 14,325
600 Dresser Industries, Inc. 16,730 17,850
400 DSC Communications (a) 11,037 10,000
300 Dun & Bradstreet 18,410 17,887
900 E M C Corp./Mass (a) 18,481 20,362
300 Eaton Corp. 17,415 18,112
Page 2
<PAGE>
100 EG & G, Inc. 2,066 1,787
400 Emerson Electric Co. 33,101 36,050
600 First Data Corp. 45,528 48,975
100 General Dynamics Corp. 5,840 6,887
4,100 General Electric Co. 336,538 373,100
100 General Signal Corp. 3,841 4,400
200 Genuine Parts Co. 9,094 8,750
100 Giddings & Lewis, Inc. 1,875 1,187
200 Grainger (W.W.), Inc. 13,809 14,050
300 Harnischfeger Industries 12,274 11,325
100 Harris Corp. 6,243 6,512
2,500 Hewlett Packard Co. 116,410 121,875
400 Honeywell, Inc. 21,133 25,250
400 Illinois Tool Works, Inc. 25,933 28,850
200 Ingersoll Rand Co. 8,409 9,500
2,200 Intel Corp. 158,295 209,962
200 Intergraph Corp. (a) 2,300 2,200
1,200 International Business Machines 128,058 149,400
100 Interpublic Group 4,728 4,725
100 ITT Industries, Inc. 2,578 2,412
100 Johnson Controls, Inc. 6,904 7,500
1,000 Laidlaw, Inc. ADR 10,038 11,000
500 Lockheed Martin Corp. 39,224 45,062
300 LSI Logic Corp. (a) 8,302 6,975
100 McDermott International, Inc. 1,940 2,175
700 McDonnell Douglas Corp. 33,937 36,750
400 Micron Technology, Inc. 10,964 12,200
1,500 Microsoft Corp. (a) 171,290 197,812
1,300 Minnesota Mining & Manufacturing Co. 85,122 90,837
1,300 Motorola, Inc. 72,858 67,112
600 National Semiconductor (a) 8,990 12,075
100 National Service Industry 3,893 3,500
900 Northern Telecom, Ltd. 45,350 51,975
200 Northrop Grumman Co. 13,772 16,050
700 Novell, Inc. (a) 8,775 7,700
1,800 Oracle System Corp. (a) 63,639 76,612
100 Owens Corning 4,040 3,687
600 Pall Corp. 14,870 16,950
200 Parker Hannifin Corp. 7,459 8,400
100 Perkin Elmer Corp. 5,191 5,787
300 Pitney Bowes, Inc. 14,315 15,825
100 Raychem Corp. 7,556 7,500
900 Raytheon Co. 47,446 50,062
800 Rockwell International Corp. 44,640 45,100
100 Ryder System, Inc. 2,740 2,962
100 Safety Kleen Corp. 1,440 1,650
100 Scientific Atlanta 1,790 1,587
500 Seagate Technology (a) 26,155 27,937
600 Service Corp. International 15,773 18,150
100 Shared Medical System Corp. 6,355 5,700
300 Silicon Graphics (a) 7,385 6,637
300 Snap-On, Inc. 9,533 9,637
Page 3
<PAGE>
200 Stanley Works 6,266 5,625
500 Sun Microsystem, Inc. (a) 27,060 31,062
600 Tandem Computers, Inc.(a) 6,483 6,450
100 Tektronix, Inc. 3,816 4,087
200 Tellabs, Inc. (a) 11,178 14,125
300 Texas Instruments, Inc. 15,099 16,537
200 Textron, Inc. 16,521 17,000
200 Thomas & Betts Corp. 7,883 8,200
100 Timken Co. 4,091 3,925
100 Trinova Corp. 3,431 3,150
200 TRW, Inc. 18,483 18,600
500 Tyco International, Ltd., Class B 19,924 21,562
200 Unisys Corp.(a) 1,231 1,225
300 United Technologies Corp. 34,165 36,037
1,200 WMX Technologies, Inc. 37,942 39,450
900 Xerox Corp. 42,525 48,262
------------ ------------
2,651,153 2,934,863
------------ ------------
CONSUMER DISCRETIONARY-12.69%
600 Albertsons, Inc. 23,305 25,275
100 American Greetings Corp. 2,775 2,862
300 American Stores Co. 11,015 12,000
100 Bally Entertainment Corp. (a) 2,129 2,837
400 Black & Decker Mfg. Co. 15,817 16,600
200 Brunswick Corp. 4,259 4,800
100 Charming Shoppes, Inc. (a) 519 600
2,100 Chrysler Corp. 64,434 60,112
200 Circuit City Stores 6,032 7,225
400 Comcast Corp. 7,210 6,150
300 Cooper Tire & Rubber 6,898 6,487
200 Dana Corp. 6,207 6,050
200 Darden Restaurant 2,706 1,725
600 Dayton Hudson Corp. 17,290 19,800
200 Dillard Department Stores 7,119 6,450
1,500 Disney (Walt) Co. Holdings 92,348 95,062
200 Donnelley (R.R.) & Sons 6,956 6,450
200 Dow Jones & Co., Inc. 7,796 7,400
100 Echlin, Inc. 3,665 3,137
700 Federated Department Store (a) 24,073 23,450
100 Fleetwood Enterprises 2,516 3,075
200 Fleming Co., Inc. 3,108 3,475
2,700 Ford Motor Co. 92,457 84,375
300 Fruit of the Loom, Inc. (a) 9,040 9,300
400 Gannett, Inc. 27,344 28,150
1,100 Gap, Inc. 33,368 31,762
300 General Instruments Corp. (a) 8,414 7,425
2,200 General Motors Corp. 114,343 105,600
200 Giant Foods, Inc. 6,696 6,800
300 Goodyear Tire & Rubber Co. 14,824 13,837
100 Great Atlantic & Pacific Tea Co. 3,406 2,587
200 Harcourt General, Inc. 9,396 11,050
100 Harland John H. Co. 2,691 3,000
200 Harrah's Entertainment, Inc. (a) 5,334 3,725
Page 4
<PAGE>
100 Hasbro, Inc. 3,715 3,712
500 HFS, Inc. (a) 32,030 33,437
400 Hilton Hotels Corp. 10,429 11,350
1,500 Home Depot, Inc. 79,031 85,312
300 ITT Corp. (a) 18,173 13,087
100 Jostens, Inc. 1,981 2,087
100 King World Productions, Inc. (a) 4,141 3,687
900 Kmart Corp. (a) 9,731 9,225
200 Knight-Ridder, Inc. 7,129 7,400
200 Kroger Co. (a) 8,034 8,950
500 Limited (The), Inc. 10,179 9,562
400 Liz Claiborne, Inc. 13,693 14,900
100 Longs Drug Stores, Inc. 4,429 4,350
500 Lowe's Companies, Inc. 17,749 20,437
100 Luby's Cafeterias, Inc. 2,429 2,400
200 Mariott International, Inc. 9,784 11,025
1,000 Mattel, Inc. 26,259 25,875
900 May Department Stores Co. 42,033 43,762
400 Maytag Corp. 8,131 7,800
1,900 McDonald's Corp. 90,464 90,012
200 McGraw Hill Companies, Inc. 9,224 8,525
200 Melville Corp. 7,546 8,825
100 Mercantile Stores Co., Inc. 6,104 5,400
100 Meredith Corp. 4,604 4,938
200 Moore Corp., Ltd. 3,857 3,675
100 Nacco Industries, Inc. 6,116 4,775
100 Navistar International Corp. (a) 1,040 850
200 New York Times Co. 5,982 6,750
300 Nike, Inc., Class B 27,838 36,450
300 Nordstrom, Inc. 13,000 11,400
200 Outboard Marine Corp. 3,787 3,075
100 Paccar, Inc. 4,600 5,475
400 Penney (J.C.), Inc. 20,339 21,650
100 Pep Boys Manny Moe & Jack 3,328 3,563
800 Price/Costco, Inc. (a) 15,861 16,400
200 Reebok International, Ltd. 6,319 6,950
200 Rite Aid Corp. 6,394 7,250
100 Russell Corp. 2,818 3,225
100 Ryans Family Steak (a) 925 763
1,000 Sears Roebuch & Co. 46,367 44,750
200 Shoneys, Inc. (a) 2,183 1,825
100 Springs Industries, Inc., Class A 4,416 4,450
100 Stride Rite Corp. 904 900
600 Supervalu, Inc. 16,833 16,500
500 Sysco Corp. 16,149 16,813
200 Tandy Corp. 8,894 8,075
1,100 Tele Communications TCI Group, Inc. (a) 20,010 16,431
300 Tenneco, Inc. 16,535 15,038
1,200 Time Warner, Inc. 47,058 46,350
200 Times Mirror Co., Class A 8,369 8,900
300 TJX Companies, Inc. 9,290 10,763
1,000 Toys"R"US, Inc. (a) 27,009 29,125
Page 5
<PAGE>
100 Tribune Co. 6,590 7,800
1,400 US West Media Group (a) 26,656 23,625
200 V F Corp. 11,571 12,025
1,100 Viacom, Inc., Class B (a) 41,600 39,050
5,800 Wal-Mart Stores, Inc. 142,151 152,975
400 Walgreen Co. 12,953 14,800
300 Wendy's International, Inc. 5,624 6,450
1,200 Westinghouse Electric Co. 21,706 22,350
100 Whirlpool Corp. 5,553 5,063
500 Winn Dixie Stores, Inc. 17,324 17,438
300 Woolworth Corp.(a) 6,024 6,188
------------ ------------
1,716,485 1,724,626
------------ ------------
CONSUMER STAPLES-13.38%
100 Alberto-Culver Co. 3,744 4,338
500 American Brands, Inc. 21,172 21,125
1,200 Anheuser Busch Companies, Inc. 42,427 45,150
1,470 Archer-Daniels Midland 26,140 28,298
400 Avon Products, Inc. 18,528 19,850
100 Brown Forman Corp. 4,041 3,913
900 Campbell Soup Co. 61,871 70,200
200 Clorox Co. 17,972 19,175
6,200 Coca Cola Co. 283,188 315,425
300 Colgate Palmolive Co. 23,574 26,063
600 Conagra, Inc. 25,226 29,550
100 Coors Adolph Co., Class B 1,818 2,194
300 CPC International, Inc. 20,486 22,463
1,200 Eastman Kodak Co. 87,480 94,200
100 Ecolab, Inc. 3,016 3,375
500 General Mills, Inc. 28,760 30,188
1,000 Gillette Co. 56,713 72,125
900 Heinz (H.J.) Co. 29,849 30,375
800 Hershey Foods Corp. 32,971 40,200
200 International Flavors & Fragrance, Inc. 9,382 8,725
3,400 Johnson & Johnson Co. 161,976 174,250
400 Kellogg Co. 29,604 27,550
300 Newell Co. 8,423 9,000
4,000 Pepsico, Inc. 127,328 113,000
2,100 Philip Morris Co., Inc. 197,396 188,475
200 Pioneer Hi Bred International 10,659 12,100
100 Polaroid Corp. 4,592 4,400
1,800 Procter & Gamble Co. 159,571 175,500
200 Quaker Oats Co. 7,009 7,325
200 Ralston-Ralston Purina Group 13,170 13,700
700 Rubbermaid, Inc. 20,136 17,150
1,400 Sara Lee Corp. 45,628 50,050
1,000 Seagrams, Ltd. 33,719 37,375
200 Tupperware Corp. 8,219 9,800
400 Unilever N.V. 56,116 63,050
400 UST, Inc. 13,114 11,850
200 Whitman Corp. 4,857 4,625
200 Wrigley Jr., William Co. 10,945 12,050
------------ ------------
1,710,820 1,818,182
------------ ------------
Page 6
<PAGE>
ENERGY & RELATED-9.40%
200 Amerada Hess Corp. 10,684 10,575
1,500 Amoco Corp. 107,072 105,750
500 Atlantic Richfield 61,060 63,750
300 Baker Hughes, Inc. 9,411 9,113
200 Burlington Resources, Inc. 8,020 8,875
1,800 Chevron Corp. 104,053 112,725
200 Coastal Corp. 8,107 8,250
100 Columbia Gas Systems, Inc. 4,553 5,600
200 Cons Natural Gas 9,770 10,725
100 Eastern Enterprises 3,504 3,775
700 Enron Corp. 27,961 28,525
100 Enserch Corp. 1,628 2,088
3,100 EXXON Corp. 258,270 258,075
200 Halliburton Co. 11,172 10,325
100 Helmerich & Payne 3,704 4,363
100 Kerr-McGee Corp. 6,353 6,088
200 Louisiana Land & Exploration Co. 10,933 10,525
900 Mobil Corp. 103,011 104,175
100 Nicor, Inc. 2,704 3,375
300 Noram Energy Corp. 3,086 4,463
100 Oneok, Inc. 2,617 2,750
200 Oryx Energy Co. (a) 3,020 3,550
200 Pacific Enterprises 5,584 6,050
400 PanEnergy Corp. 12,746 13,850
100 Pennzoil Co. 4,329 5,288
100 Peoples Energy Corp., and Rights 3,129 3,400
1,000 Phillips Pete Co. 40,697 42,750
300 Rowan Companies, Inc. (a) 4,665 5,588
1,200 Royal Dutch Petroleum 175,653 187,350
600 Santa Fe Energy Resources (a) 7,386 8,550
700 Schlumberger, Ltd. 59,084 59,150
300 Sonat, Inc. 12,678 13,275
100 Sun Co., Inc. 2,903 2,300
1,000 Texaco, Inc. 89,714 92,000
700 Unocal Corp. 23,154 25,200
900 USX-Marathon Group 18,645 19,463
100 Western Atlas, Inc. (a) 6,016 6,225
200 Williams Companies, Inc. 9,972 10,200
------------ ------------
1,237,048 1,278,079
------------ ------------
FINANCE-13.93%
344 Aetna, Inc. 24,639 24,209
400 Ahmanson H F & Co. 10,467 11,200
1,100 Allstate Corp. 47,744 54,175
1,300 American Express Co. 60,995 60,125
500 American General Corp. 17,635 18,875
1,100 American International Group, Inc. 102,749 110,825
200 Aon Corp. 10,510 10,850
1,400 Banc One Corp. 52,001 57,400
1,100 Bank New York, Inc. 29,640 32,313
500 Bank of Boston Corp. 26,925 28,938
1,000 BankAmerica Corp. 79,407 82,125
Page 7
<PAGE>
200 Bankers Trust of New York Corp. 15,159 15,725
600 Barnett Banks, Inc. 18,724 20,250
100 Beneficial Corp. 5,791 5,750
400 Boatmens Bancshares 15,925 22,350
900 Chase Manhattan Corp. 61,069 72,113
600 Chubb Corp. 28,040 27,600
200 Cigna Corp. 22,234 23,975
1,100 Citicorp 89,752 99,688
300 Comerica, Inc. 12,849 15,450
400 Corestates Financial Corp. 15,730 17,300
300 Dean Witter Discovery 16,800 16,500
300 Federal Home Loan Mortgage 25,450 29,363
2,600 Federal National Mortgage Association 84,525 90,675
300 Fifth Third Bancorp 16,423 17,438
200 First Bank System, Inc. 11,657 13,375
700 First Chicago NBD Corp. 28,519 31,675
500 First Union Corp. 30,542 33,375
1,000 Fleet Financial Group, Inc. 42,835 44,500
200 General Re Corp. 29,584 28,350
200 Golden West Financial 10,847 11,675
200 Great Western Financial Corp. 4,622 5,300
400 Green Tree Financial 13,357 15,700
200 Household International Corp. 14,357 16,450
400 ITT Hartford Group 21,730 23,600
200 Jefferson Pilot Corp. 10,809 10,350
100 Kaufman & Broad Home Corp. 1,381 1,300
400 KeyCorp. 15,527 17,600
200 Lincoln National Corp. 9,707 8,775
200 Loews Corp. 14,957 15,475
200 Marsh & McLennan Companies 18,772 19,425
500 MBNA Corp. 15,037 17,375
500 Mellon Bank Corp. 28,535 29,625
600 Merrill Lynch & Co. 37,713 39,375
200 MGIC Investment Corp. 12,607 13,475
500 Morgan J. P. & Co., Inc. 42,235 44,438
300 Morgan Stanley Group 14,812 14,925
700 National City Corp. 25,245 29,488
900 Nationsbank Corp. 73,496 78,188
1,100 Norwest Corp. 40,930 44,963
1,100 PNC Financial Corp. 34,551 36,713
200 Providian Corp. 8,622 8,600
100 Pulte Corp. 2,692 2,563
200 Republic New York Corp. 12,697 13,825
400 Safeco Corp. 13,596 14,000
400 Salomon, Inc. 17,457 18,250
200 St. Paul Companies, Inc. 10,947 11,100
600 Suntrust Banks, Inc. 22,261 24,600
200 Torchmark Corp. 8,734 9,175
100 Transamerica Corp. 7,516 6,988
1,450 Travelers Group, Inc. 64,568 71,231
300 U S Bancorp 10,435 11,850
100 UNUM Corp. 6,003 6,413
Page 8
<PAGE>
100 US Life Corp. 2,806 3,000
200 USF & G Corp. 3,245 3,700
500 Wachavia Corp. 22,660 24,750
200 Wells Fargo & Co. 46,810 52,000
------------ ------------
1,756,596 1,892,747
------------ ------------
HEALTH CARE-9.38%
2,000 Abbott Labs 86,709 98,500
100 Allergan, Inc. 3,691 3,813
100 Alza Corp. (a) 3,078 2,688
1,500 American Home Products 83,674 95,625
800 Amgen, Inc. (a) 46,698 50,500
100 Bard (C.R.), Inc. 3,578 3,113
100 Bausch & Lomb 3,703 3,675
900 Baxter International, Inc. 40,358 42,075
600 Becton Dickinson 24,249 26,550
100 Beverly Enterprises (a) 1,116 1,088
600 Biomet, Inc. 9,566 9,825
300 Boston Scientific Corp. (a) 13,148 17,250
1,200 Bristol Myers Squibb 103,676 115,650
1,100 Columbia/HCA Healthcare Corp. 59,511 62,563
200 Community Psychiatric Center (a) 1,862 1,875
400 Corning, Inc. 14,618 15,600
200 Humana, Inc. (a) 5,181 4,050
1,600 Lilly (Eli) & Co. 99,890 103,200
100 Mallinckrodt Group, Inc. 3,803 4,163
100 Manor Care, Inc. 3,953 3,838
700 Medtronic, Inc. 37,064 44,888
3,200 Merck & Co., Inc. 206,331 225,200
100 Millipore Corp. 4,442 3,950
1,500 Pfizer, Inc. 105,450 118,688
1,400 Pharmacia & Upjohn, Inc. 58,805 57,750
1,300 Schering Plough Corp. 77,325 79,950
100 St. Jude Medical, Inc. (a) 3,775 4,038
900 Tenet Healthcare Corp. (a) 19,094 20,025
200 U S Surgical Corp. 6,947 8,500
300 United Healthcare 17,512 12,488
500 Warner Lambert Co. 27,246 33,000
------------ ------------
1,176,053 1,274,118
------------ ------------
METAL & MINING-1.28%
700 Alcan Aluminium, Ltd. 21,807 21,000
692 Allegheny Teledyne, Inc. 12,963 15,657
300 Aluminum Company of America 18,400 17,700
100 Armco, Inc. (a) 541 450
100 ASARCO, Inc. 3,381 2,663
900 Barrick Gold Corp. 26,091 22,613
400 Battle Mountain Gold Co. 3,435 3,100
100 Bethlehem Steel Corp. (a) 1,328 1,000
200 Cyprus Amax Mineral 5,107 4,300
300 Echo Bay Mines, Ltd. 3,524 2,644
500 Freeport-McMoran Copper & Gold, Inc. 15,506 15,625
300 Homestake Mining Co. 5,990 4,388
200 Inco, Ltd. 6,434 6,150
Page 9
<PAGE>
200 Inland Steel Industries, Inc. 4,008 3,575
200 Newmont Mining Corp. 10,920 9,450
200 Nucor Corp. 11,009 10,150
100 Phelps Dodge Corp. 6,803 6,413
400 Placer Dome, Inc. 11,068 9,450
100 Reynolds Metals Co. 5,928 5,113
200 Santa Fe Pacific Gold Corp. 3,034 2,500
300 USX-US Steel Group, Inc. 8,678 8,550
100 Worthington Industries, Inc. 2,000 2,000
------------ ------------
187,955 174,491
------------ ------------
TRANSPORTATION-1.52%
300 AMR Corp. (a) 25,476 23,888
300 Burlington Northern Santa Fe 24,965 25,313
100 Caliber System, Inc. 3,929 1,613
200 Conrail, Inc. 14,147 14,475
100 Cons Freightways, Inc. 2,219 2,450
600 CSX Corp. 29,201 30,300
200 Delta Air Lines, Inc. 14,997 14,400
100 Federal Express Corp. (a) 7,028 7,925
400 Norfolk Southern Corp. 34,071 36,550
400 Southwest Airlines Co. 10,659 9,150
400 Union Pacific Corp. 27,779 29,300
600 USAir Group, Inc. (a) 10,671 9,900
200 Yellow Corp. (a) 2,675 2,600
------------ ------------
207,817 207,864
------------ ------------
UTILITIES-9.70%
1,000 Airtouch Communication (a) 29,479 27,625
500 Alltel Corp. 15,135 13,938
500 American Electric Power, Inc. 20,949 20,313
1,700 Ameritech Corp. 94,242 89,463
3,800 AT & T Corp. 225,658 198,550
400 Baltimore Gas & Electric 10,557 10,450
1,400 Bell Atlantic Corp. 85,754 83,825
2,400 Bellsouth Corp. 95,450 88,800
400 Carolina Power and Light Co. 14,554 13,800
400 Central & South West Corp. 11,204 10,400
500 Cinergy Corp. 15,485 15,438
600 Cons Edison Co. NY 17,597 16,650
500 Dominion Resources, Inc. 19,472 18,875
300 DTE Energy Co. 9,301 8,400
500 Duke Power Co. 24,835 23,313
1,000 Edison International 16,567 17,875
700 Entergy Corp. 18,833 18,900
500 FPL Group, Inc. 22,268 21,625
300 GPU, Inc. 9,951 9,225
2,500 GTE Corp. 106,514 96,250
800 Houston Industries, Inc. 18,412 17,700
1,600 MCI Communications Corp. 44,439 41,000
100 Niagara Mohawk Power 666 800
200 Northern States Power Co. 9,434 9,325
1,000 Nynex Corp. 48,669 43,500
500 Ohio Edison Co. 10,687 9,688
Page 10
<PAGE>
1,200 Pacific Gas & Electric 25,979 26,100
1,100 Pacific Telesis Group 37,536 36,988
1,000 Pacificorp 21,166 20,625
600 Peco Energy Co. 15,001 14,250
600 PP&L Resources, Inc. 13,930 13,125
700 Public Service Enterprise 18,401 18,725
1,500 SBC Communications 74,606 72,188
1,500 Southern Co. 35,361 33,938
1,400 Sprint Corp. 55,671 54,425
600 Texas Utilities Co. 25,126 23,775
600 Unicom Corp. 16,401 15,075
200 Union Electric Co. 8,157 7,375
1,300 US West Communications Group 41,357 38,675
800 Worldcom, Inc. (a) 19,710 17,100
------------ ------------
1,404,514 1,318,092
------------ ------------
TOTAL COMMON STOCKS $12,800,866 $13,414,782
------------ ------------
------------ ------------
</TABLE>
SHORT-TERM INVESTMENTS-1.74%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value(c)
--------- ------------
<C> <S> <C>
INVESTMENT COMPANY-1.74%
236,414 First American Prime Obligation Fund, Current
rate -- 5.06% 236,414
------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$13,037,280)(b) $13,651,196
------------
------------
</TABLE>
(a) Presently not paying dividend income.
(b) At September 30, 1996, the cost of securities for federal income tax
purposes was $13,037,280 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation ................................$912,492
Unrealized depreciation ...............................($298,576)
----------------------------------------------------------------
Net unrealized depreciation/appreciation ...............$613,916
----------------------------------------------------------------
(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 3.33% of net assets as of
September 30, 1996.
Page 11
<PAGE>
FORTIS SERIES FUND, INC.
BLUE CHIP STOCK SERIES
Schedule of Investments
September 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS-87.49%
- ----------------------------------------------------------------------------------------
Market
Shares Cost(b) Value(c)
------- ----------- ------------
<C> <S> <C> <C>
AEROSPACE AND EQUIPMENT-2.17%
2,400 AlliedSignal, Inc. $140,610 $158,100
1,000 Lockheed Martin Corp. 80,592 90,125
----------- ------------
221,202 248,225
----------- ------------
AUTOMOBILE AND MOTOR VEHICLE PARTS-0.14%
500 Lear Corp. (a) 14,467 16,500
----------- ------------
BANKS-6.66%
1,400 Banc One Corp. 51,529 57,400
700 Bank of Boston Corp. 34,708 40,512
1,600 Chase Manhattan Corp. 112,544 128,200
1,100 Citicorp 88,594 99,687
2,400 Mellon Bank Corp. 134,087 142,200
800 NationsBank Corp. 65,311 69,500
800 Northern Trust Corp. 48,042 52,600
2,900 Norwest Corp. 103,813 118,537
200 Wells Fargo & Co. 52,181 52,000
----------- ------------
690,809 760,636
----------- ------------
BEVERAGE-0.87%
400 Coca-Cola Co. 16,781 20,350
2,800 PepsiCo, Inc. 90,595 79,100
----------- ------------
107,376 99,450
----------- ------------
BIOMEDICS, GENETICS RESEARCH AND
DEVELOPMENT-0.61%
1,100 Amgen, Inc. (a) 61,666 69,437
----------- ------------
BUSINESS SERVICES AND SUPPLIES-3.53%
2,100 ADT, Ltd. (a) 37,979 40,162
1,500 Catalina Marketing Corp. (a) 61,227 79,875
2,100 Ceridian Corp. (a) 96,707 105,000
1,900 First Data Corp. 141,882 155,087
800 Wallace Computer Services, Inc. 23,124 22,600
----------- ------------
360,919 402,724
----------- ------------
CHEMICALS-2.42%
1,100 Du Pont (E.I.) de Nemours & Co. 88,558 97,075
1,500 Great Lakes Chemical Corp. 98,262 85,500
400 Hercules, Inc. 19,962 21,900
700 Monsato Co. 20,342 25,550
Page 1
<PAGE>
1,000 Union Carbide Corp. Holding Co. 43,346 45,625
----------- ------------
270,470 275,650
----------- ------------
COMPUTER-COMMUNICATIONS EQUIPMENT-1.85%
1,300 3Com Corp. (a) 59,348 78,081
800 Ascend Communications, Inc. (a) 42,570 52,900
1,300 Cisco Systems, Inc. (a) 67,882 80,681
----------- ------------
169,800 211,662
----------- ------------
COMPUTER-SOFTWARE-6.34%
1,100 Adobe Systems, Inc. 38,465 40,975
1,600 Automatic Data Processing, Inc. 61,002 69,800
1,500 BMC Software, Inc. (a) 90,350 119,250
1,100 Electronic Data Systems Corp. 53,721 67,512
1,300 Informix Corp. (a) 29,567 36,237
600 Microsoft Corp. (a) 63,446 79,125
2,000 National Data Corp. 71,100 87,250
1,000 Oracle Corp. (a) 32,996 42,562
1,400 Reynolds & Reynolds Co., Class A 31,395 36,575
2,400 Sungard Data Systems, Inc. (a) 87,848 108,000
800 Synopsys, Inc. (a) 28,458 36,900
----------- ------------
588,348 724,186
----------- ------------
CONSUMER GOODS-0.23%
300 Colgate-Palmolive Co. 23,521 26,062
----------- ------------
CONTAINERS AND PACKAGING-0.57%
1,400 Crown Cork & Seal Company Inc. (a) 62,894 64,575
----------- ------------
DRUGS-4.97%
1,500 American Home Products Corp. 85,095 95,625
2,200 Johnson & Johnson 104,720 112,750
900 Lilly (Eli) & Co., Inc. 55,539 58,050
700 Merck & Co., Inc. 44,596 49,262
2,100 Pfizer, Inc. 147,401 166,162
600 Pharmacia and UpJohn, Inc. 25,736 24,750
1,000 Schering-Plough Corp. 59,517 61,500
----------- ------------
522,604 568,099
----------- ------------
ELECTRICAL EQUIPMENT-1.43%
1,800 General Electric Co. 145,086 163,800
----------- ------------
ELECTRIC PRODUCTS-0.99%
1,800 Honeywell, Inc. 97,635 113,625
----------- ------------
ELECTRIC-COMPONENTS AND PARTS-1.26%
3,000 Hubbell, Inc., Class B 100,321 111,000
900 Linear Technology Corp. 29,498 33,187
----------- ------------
129,819 144,187
----------- ------------
ELECTRONIC-CONTROLS AND EQUIPMENT-0.55%
1,300 Hewlett-Packard Co. 60,102 63,375
----------- ------------
ELECTRONIC-SEMICONDUCTOR AND CAPACITOR-1.84%
900 Intel Corp. 69,437 85,894
1,600 Maxim Integrated Products, Inc. (a) 50,647 56,600
2,000 Xilinx, Inc. (a) 62,380 68,000
Page 2
<PAGE>
----------- ------------
182,464 210,494
----------- ------------
FINANCE SERVICES-8.03%
750 Aames Financial Corp. 18,940 37,781
900 Advanta Corp., Class B 43,887 38,475
2,100 American Express Co. 97,745 97,125
800 Associates First Capital Corp., Class A
(a) 25,909 32,800
1,600 Federal Home Loan Mortgage Corp. 137,266 156,600
2,100 Federal National Mortgage Association 68,967 73,237
1,600 Green Tree Financial Corp. 52,981 62,800
2,500 H & R Block, Inc. 68,374 74,375
500 Household International, Inc. 35,078 41,125
3,600 Money Store, Inc. (The) 90,596 95,400
1,000 Student Loan Marketing Association 72,412 74,625
2,700 Travelers Group, Inc. 117,609 132,637
----------- ------------
829,764 916,980
----------- ------------
FOOD-4.23%
2,300 Heinz (H.J.) Co. 76,077 77,625
2,000 Interstate Bakeries Corp. 67,755 73,000
1,300 Nabisco Holdings Corp. Class A 40,989 41,113
800 Ralston -- RALSTON PURINA GROUP 51,715 54,800
1,700 Richfood Holdings, Inc. 52,599 63,325
1,900 Safeway, Inc.(a) 66,048 80,988
2,600 Sara Lee Corp. 84,708 92,950
----------- ------------
439,891 483,801
----------- ------------
FOREST PRODUCTS-0.40%
700 Williamette Industries, Inc. 42,381 45,850
----------- ------------
GLASS AND GLASS PRODUCTS, POTTERY-0.68%
2,000 Corning, Inc. 71,922 78,000
----------- ------------
HEALTH CARE SERVICES-4.11%
3,400 Apria Healthcare Group, Inc. (a) 95,309 63,750
2,200 Columbia/HCA Healthcare Corp. 121,009 125,125
1,200 Medic Computer Systems, Inc. (a) 40,693 43,650
1,300 PacifiCare Health Systems, Inc., Class B
(a) 104,030 112,450
1,600 United Healthcare Corp. 92,755 66,600
1,800 Vencor, Inc. (a) 51,327 58,050
----------- ------------
505,123 469,625
----------- ------------
HOUSEHOLD PRODUCTS-1.63%
1,000 Procter & Gamble Co. 86,417 97,500
1,800 Tupperware Corp. (a) 76,312 88,200
----------- ------------
162,729 185,700
----------- ------------
INSURANCE-4.48%
1,900 Ace, Ltd. 83,808 100,463
600 American International Group, Inc. 56,463 60,450
1,200 Berkley (W.R.) Corp. 52,307 54,900
1,700 Mid Ocean Ltd. (a) 67,726 72,463
1,400 PMI Group, Inc. 60,967 74,375
2,400 Travelers/Aetna Property Casualty Corp.
Class A 64,265 66,000
1,300 UNUM Corp. 78,431 83,363
----------- ------------
463,967 512,014
----------- ------------
LEASING-0.11%
Page 3
<PAGE>
600 Oxford Resources Corp., Class A (a) 14,279 12,825
----------- ------------
LEISURE TIME-AMUSEMENTS-0.94%
1,700 Disney (Walt) Co. 104,923 107,738
----------- ------------
MACHINERY-0.96%
2,200 Teleflex, Inc. 102,186 109,175
----------- ------------
MACHINERY-OIL AND WELL-0.59%
1,300 Halliburton Co. 73,764 67,113
----------- ------------
MACHINERY-TOOLS-0.80%
2,200 Danaher Corp. 83,053 91,025
----------- ------------
MEDICAL SUPPLIES-0.59%
1,700 Millipore Corp. 67,498 67,150
----------- ------------
MEDICAL TECHNOLOGY-1.38%
1,300 Boston Scientific Corp. (a) 58,760 74,750
1,300 Medtronic, Inc. (and rights) 71,227 83,363
----------- ------------
129,987 158,113
----------- ------------
METALS-FABRICATING-0.47%
1,800 Newell Co. 49,326 54,000
----------- ------------
MISCELLANEOUS-2.43%
1,100 Deluxe Corp. 36,480 41,525
1,400 Eastman Kodak Co. 103,180 109,900
1,100 Jones Apparel Group, Inc. (a) 57,191 70,125
1,300 Tyco International, Ltd. 52,796 56,063
----------- ------------
249,647 277,613
----------- ------------
OFFICE EQUIPMENT AND SUPPLIES-1.82%
1,600 Alco Standard Corp. 80,073 79,800
800 International Business Machines Corp. 84,687 99,600
1,300 Silicon Graphics, Inc. (a) 30,188 28,763
----------- ------------
194,948 208,163
----------- ------------
OIL AND GAS FIELD SERVICES-2.02%
1,800 BJ Services Co. (a) 63,331 65,250
1,700 Cooper Cameron Corp. (a) 75,175 97,538
800 Schlumberger, Ltd. 66,224 67,600
----------- ------------
204,730 230,388
----------- ------------
OIL-CRUDE PETROLEUM AND GAS-1.69%
800 British Petroleum Co. plc ADR 86,049 100,000
800 Mobil Corp. 90,799 92,600
----------- ------------
176,848 192,600
----------- ------------
OIL-REFINING-0.78%
700 Atlantic Richfield Co. 83,694 89,250
----------- ------------
PAPER-1.16%
1,500 Kimberly-Clark Corp. 112,735 132,188
----------- ------------
PHARMACEUTICALS-0.91%
1,700 SmithKline Beecham plc ADR 88,827 103,488
Page 4
<PAGE>
----------- ------------
PRECISION INSTRUMENTS-TEST, RESEARCH-0.55%
700 Emerson Electric Co. 57,972 63,088
----------- ------------
RAILROAD AND RAILROAD EQUIPMENT-0.59%
800 Burlington Northern Santa Fe Corp. 66,167 67,500
----------- ------------
RESTAURANTS AND FRANCHISING-0.83%
2,000 McDonald's Corp. 95,161 94,750
----------- ------------
RETAIL-DEPARTMENT STORES-1.23%
2,600 Federated Department Stores, Inc. (a) 85,403 87,100
1,500 Kohl's Corp. (a) 48,167 54,000
----------- ------------
133,570 141,100
----------- ------------
RETAIL-ELECTRIC PRODUCTS, RADIO, TV,
AUDIO-0.38%
1,200 Circuit City Stores, Inc. 37,803 43,350
----------- ------------
RETAIL-MISCELLANEOUS-0.95%
3,700 Revco D.S., Inc. (a) 98,648 108,688
----------- ------------
RETAIL-SPECIALTY-2.20%
1,400 CUC International, Inc. (a) 46,002 55,825
2,900 Eckerd Corp. (a) 65,212 81,200
1,300 General Nutrition Companies, Inc. (a) 32,942 22,831
1,600 Home Depot, Inc. 80,699 91,000
----------- ------------
224,855 250,856
----------- ------------
STEEL AND IRON-0.40%
900 Nucor Corp. 44,174 45,675
----------- ------------
TELECOMMUNICATION EQUIPMENT-0.44%
2,000 Ericsson (L.M.) Telephone Co., Class B ADR 43,044 50,750
----------- ------------
TOBACCO-0.79%
1,000 Philip Morris Companies, Inc. 93,124 89,750
----------- ------------
UTILITIES-TELEPHONE-2.02%
700 AT & T Corp. 43,334 36,575
1,000 MCI Communications Corp. 27,214 25,625
1,600 SBC Communications, Inc. 77,186 77,000
2,700 Vodafone Group plc ADR 99,806 92,138
----------- ------------
247,540 231,338
----------- ------------
WASTE DISPOSAL-0.47%
1,700 U.S.A. Waste Services, Inc. (a) 46,015 53,550
----------- ------------
TOTAL COMMON STOCKS $9,149,477 $ 9,995,881
----------- ------------
----------- ------------
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM INVESTMENTS-12.70%
- ----------------------------------------------------------------------------------------
Principal Market
Amount Value
--------- ------------
<C> <S> <C>
INVESTMENT COMPANY-1.13%
Page 5
<PAGE>
128,938 First American Prime Obligation Fund, Current
rate -- 5.16% 128,938
------------
ENTERTAINMENT-2.62%
300,000 Walt Disney Co., 5.46%, 10-18-1996 299,198
------------
FINANCE COMPANIES-4.27%
210,000 Ciesco L.P., 5.40%, 10-9-1996 209,723
180,000 Ford Motor Credit Co., 5.45%, 10-28-1996 179,252
100,000 Unilever Capital Corp., 5.48%, 10-28-1996 99,583
------------
488,558
------------
INDUSTRIAL-0.87%
100,000 Heinz (H.J.) Co., 5.46%, 10-24-1996 99,643
------------
RETAIL-MISCELLANEOUS-1.75%
200,000 Home Depot, Inc., 5.40%, 10-1-1996 199,970
------------
UTILITIES-TELEPHONE-2.06%
235,000 GTE North, Inc., 5.43%, 10-3-1996 234,895
------------
TOTAL SHORT-TERM INVESTMENTS $ 1,451,202
------------
------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$10,600,679) $11,447,083
------------
------------
</TABLE>
(a) Presently not paying dividend income.
(b) At September 30, 1996, the cost of securities for federal income tax
purposes was $10,604,163 and the aggregate gross unrealized appreciation
and depreciation based on that cost was:
Unrealized appreciation ................. $976,348
Unrealized depreciation ................. (133,428)
--------------------------------------------------------------
Net unrealized appreciation ................. $842,920
--------------------------------------------------------------
(c) See Note 1 of accompanying Notes to Financial Statements regarding
valuations 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 4.26% of net assets as of September 30, 1996
Page 6
<PAGE>
FORTIS SERIES FUND, INC.
VALUE SERIES
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996
- -------------------------------------------------------------------------------
ASSETS
Investments in securities at
market (cost $7,491,316) (Note 1) $ 7,815,775
Cash on deposit with custodian 145,359
Receivables:
Interest and dividends 12,063
Subscriptions of capital stock 47,645
Prepaid expenses 544
-----------
TOTAL ASSETS 8,021,386
-----------
LIABILITIES
Payable for investment advisory and
management fees (Note 2) 4,194
Accounts payable and accrued
expenses 2,041
-----------
TOTAL LIABILITIES 6,235
-----------
NET ASSETS
Net proceeds of capital stock, par
value $.01 per share- authorized
20,000,000,000 shares; outstanding
745,062 shares 7,635,823
Unrealized appreciation of
investments 324,459
Undistributed net investment income 31,477
Accumulated net realized gain from
sale of investments 23,392
-----------
TOTAL NET ASSETS $ 8,015,151
-----------
-----------
NET ASSET VALUE PER SHARE $10.76
-----------
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS VAlUE SERIES
STATEMENT OF OPERATIONS
For the Six-Month Period Ended September 30, 1996
- -------------------------------------------------------------------------------
NET INVESTMENT INCOME:
Income
Interest income $ 17,528
Dividend income 32,696
-----------
Total Income 50,224
-----------
Expenses:
Investment advisory and management
fees (Note 2) 13,494
Legal and auditing fees (Note 2) 3,482
Custodian fees 1,331
Shareholders' notices and reports 194
Registration fees 35
Directors' fees and expenses 129
Other 82
-----------
Total expenses 18,747
-----------
NET INVESTMENT INCOME 31,477
-----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS (NOTE 1):
Net realized gain from security
transactions 23,392
Net change in unrealized appreciation
of investments 324,459
-----------
NET GAIN ON INVESTMENTS 347,851
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 379,328
-----------
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS VALUE SERIES
STATEMENT OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
FOR THE FIVE-MONTH
PERIOD ENDED
SEPTEMBER 30, 1996
(UNAUDITED)
-----------------
OPERATIONS
Net investment income $ 31,477
Net realized gain on investments 23,392
Net change in unrealized appreciation
of investments 324,459
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 379,328
-----------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sales of 748,886 shares 7,674,441
Less cost of repurchase of 3,824 shares (38,618)
-----------
NET INCREASE OF 745,062 SHARES 7,635,823
-----------
TOTAL INCREASE IN NET ASSETS 8,015,151
NET ASSETS:
Beginning of period 0
-----------
End of period (includes undistributed
net investment income of $31,477) $ 8,015,151
-----------
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS SERIES FUND, INC.
S & P 500 INDEX SERIES
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments in securities at
market (cost $13,037,280) (Note 1) $ 13,651,196
Receivables:
Interest and dividends 23,819
Subscriptions of capital stock 65,854
Deferred registration costs 34
Prepaid expenses 5,483
-------------
TOTAL ASSETS 13,746,386
-------------
LIABILITIES
Payable for investment securities
purchased 150,417
Payable for investment advisory and
management fees (Note 2) 4,215
Accounts payable and accrued
expenses 1,531
-------------
TOTAL LIABILITIES 156,163
-------------
NET ASSETS
Net proceeds of capital stock, par
value $.01 per share- authorized
20,000,000,000 shares; outstanding
1,272,890 shares 12,900,019
Unrealized appreciation of
investments 613,916
Undistributed net investment income 75,483
Accumulated net realized gain from
sale of investments 805
-------------
TOTAL NET ASSETS $ 13,590,223
-------------
-------------
NET ASSET VALUE PER SHARE $10.68
-------------
-------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS S & P 500 INDEX SERIES
STATEMENT OF OPERATIONS
For the Six-Month Period Ended September 30, 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
NET INVESTMENT INCOME:
Income
Interest income $ 6,002
Dividend income 93,520
----------
Total Income 99,522
----------
Expenses:
Investment advisory and management
fees (Note 2) 16,675
Legal and auditing fees (Note 2) 3,544
Custodian fees 1,331
Shareholders' notices and reports 194
Registration fees 3
Directors' fees and expenses 112
Other 2,180
----------
Total expenses 24,039
----------
NET INVESTMENT INCOME 75,483
----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS (NOTE 1):
Net realized gain from security
transactions 805
Net change in unrealized appreciation
of investments 613,916
----------
NET GAIN ON INVESTMENTS 614,721
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 690,204
----------
----------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS S & P INDEX SERIES
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE
FIVE-MONTH
PERIOD ENDED
SEPTEMBER 30,
1996
(UNAUDITED)
-------------
<S> <C>
OPERATIONS
Net investment income $ 75,483
Net realized gain on investments 805
Net change in unrealized appreciation
of investments 613,916
-------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 690,204
-------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sales of 1,283,045 shares 13,006,593
Less cost of repurchase of 10,155 shares (106,574)
-------------
NET INCREASE OF 1,272,890 SHARES 12,900,019
-------------
TOTAL INCREASE IN NET ASSETS 13,590,223
NET ASSETS:
Beginning of Period 0
-------------
End of period (includes undistributed
net investment income of $75,483) $ 13,590,223
-------------
-------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS SERIES FUND, INC.
BLUE CHIP STOCK SERIES
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1996
<TABLE>
<CAPTION>
- -------------------------------------------------------------
<S> <C>
ASSETS
Investments in securities at
market (cost $10,600,679) (Note 1) $ 11,447,083
Receivables:
Investment securities sold 5,168
Interest and dividends 10,990
Subscriptions of capital stock 28,316
Prepaid expenses 2,575
-------------
TOTAL ASSETS 11,494,132
-------------
LIABILITIES
Payable for investment securities
purchased 59,150
Payable for investment advisory and
management fees (Note 2) 7,783
Accounts payable and accrued
expenses 1,530
-------------
TOTAL LIABILITIES 68,463
-------------
NET ASSETS
Net proceeds of capital stock, par
value $.01 per share- authorized
20,000,000,000 shares; outstanding
1,044,433 shares 10,547,291
Unrealized appreciation of
investments 846,404
Undistributed net investment income 35,501
Accumulated net realized loss from
sale of investments (3,527)
-------------
TOTAL NET ASSETS $ 11,425,669
-------------
-------------
NET ASSET VALUE PER SHARE $10.94
-------------
-------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS BLUE CHIP STOCK SERIES
STATEMENT OF OPERATIONS
For the Six-Month Period Ended September 30, 1996
- ----------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
Income
Interest income $ 27,831
Dividend income 45,484
---------
Total Income (Net of foreign
withholding taxes of $443) 73,315
---------
Expenses:
Investment advisory and management
fees (Note 2) 32,750
Legal and auditing fees (Note 2) 3,372
Custodian fees 1,331
Shareholders' notices and reports 193
Directors' fees and expenses 112
Other 56
---------
Total expenses 37,814
---------
NET INVESTMENT INCOME 35,501
---------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (NOTE 1):
Net realized loss from security
transactions (3,527)
Net change in unrealized appreciation
of investments 846,404
---------
NET GAIN ON INVESTMENTS 842,877
---------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 878,378
---------
---------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- -------------------------------------------------------------
FOR THE
FIVE-MONTH
PERIOD ENDED
SEPTEMBER 30,
1996
(UNAUDITED)
-------------
<S> <C>
OPERATIONS
Net investment income $ 35,501
Net realized gain (loss) on
investments (3,527)
Net change in unrealized appreciation
of investments 846,404
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 878,378
------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sales of 1,191,410 shares 12,019,677
Less cost of repurchase of 146,977
shares (1,472,386)
------------
NET INCREASE OF 1,044,433 SHARES 10,547,291
------------
TOTAL INCREASE IN NET ASSETS 11,425,669
NET ASSETS:
Beginning of period 0
End of period (includes undistributed ------------
net investment income of $35,501 $ 11,425,669
------------
------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FORTIS SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The fund is an open-end management investment company which currently is
comprised of fifteen separate investment portfolios and series of capital stock
three of which are in this report: Value Series, S & P 500 Series, and Blue
Chip Stock Series. Each Series has different investment objectives and its own
investment portfolio and net asset value. The investment objectives of the
Series, which can be changed at any time without the approval of Contract
owners, are as follows:
* The primary objective of the "Value Series" is short and long-term
capital appreciation. Current income is only a secondary objective.
The Series invests primarily in equity securities and selects stocks
based on the "value" philosophy.
* The objective of the "S & P 500 Series" is to replicate the total
return of the Standard & Poor's 500 Composite Stock Price Index
primarily through investments in equity securities.
* The primary investment objective of the "Blue Chip Stock Series" is to
provide long-term growth of capital.
Current income is a secondary objective, and many of the stocks in
the portfolio are expected to pay dividends.
The Articles of Incorporation of Fortis Series Fund, Inc., permits the Board of
Directors to create additional portfolios in the future.
Shares of the funds will not be sold directly to the public, but sold only to
Fortis Benefits Insurance Company or First Fortis Life separate accounts in
connection with variable insurance contracts and policies.
The inception of Value Series, S & P 500 Series, and Blue Chip Stock Series was
March 28, 1996 and commencement of operations was May 1, 1996.
The significant accounting policies followed by the Funds are summarized as
follows:
USE OF ESTIMATES:
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the
<PAGE>
reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.
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
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 September 30, 1996 none of the portfolios had outstanding
when-issued or forward commitments.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME:
Security transactions for Value Series are accounted for on the trade date. S &
P 500 Index Series and Blue Chip Stock Series account for security transactions
on Trade Date +1. 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 the period ended September 30, 1996, the cost of purchases and proceeds from
sales of securities (other than short-term securities) for the portfolios were
as follows:
Cost of Proceeds
Purchases from Sales
Value Series 7,229,068 619,886
S & P 500 Index Series 12,835,955 35,894
Blue Chip Stock Series 9,807,537 654,533
<PAGE>
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.
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) for tax
purposes and the deferral of "wash sale" losses for tax purposes. The character
of distributions made during the year from net investment income or net realized
gains may also differ from its ultimate characterization for federal income tax
purposes.
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.
2. PAYMENTS TO RELATED PARTIES:
Fortis Advisers, Inc.,(Advisers), 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:
Annual
Investment Advisory
Series Average Net Assets and Management Fee
Value Series For the first $100 million .7%
For assets over $100 million .6%
S & P 500
Index Series For all assets .4%
Blue Chip For the first $100 million .9%
Stock Series For assets over $100 million .85%
<PAGE>
The S & P 500 Index Series and Blue Chip 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 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:
S & P 500 The Dreyfus For all levels of assets .17%
Series Corporation
Blue Chip T. Rowe Price For the first $100 million .50%
Stock Series Associates, Inc. For assets over $100 million .45%
For the period ended September 30, 1996, legal fees and expenses were paid as
follows to a law firm of which the secretary of the fund is a partner.
Series Amount
Value Series $ 3,122
S & P 500 Series 3,122
Blue Chip Stock Series 3,123
<PAGE>
3. FINANCIAL HIGHLIGHTS:
Selected per share historical data for each of the Series is presented based
upon weighted average fund shares outstanding.
Value Series 1996*
Net asset value,
beginning of period $10.27
Operations:
Investment income-net .08
Net realized and unrealized
gains (losses) on
investments .41
Total from operations .49
Distribution to shareholders:
From investment income-net --
From net realized gains --
Total distributions --
Net asset value, end of period $10.76
Total Return@ 4.75%
Net assets end of period
(000s omitted) $8,015
Ratio of expenses to
average daily net assets .85%**
Ratio of net investment
income to average daily
net assets 1.43%**
Portfolio turnover rate 17%
Average commission rate paid $.0476***
* For the Period May 1, 1996(commencement of operations) to September 30,
1996. The portfolio's inception was March 28, 1996, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 1, 1996. Supplementary
information is not presented for the period from March 28, 1996, through May 1,
1996, as the portfolio's shares were not registered during that period.
** Annualized.
*** In accordance with rules adopted by the Securities and Encahnge Commission,
disclosure of average commission rate paid is required beginning with fiscal
year 1996. The amount represents total brokerage commission paid on applicable
purchases and sales of securities for the period, divided by the total number of
related shares purchased and sold.
@ These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
<PAGE>
3. FINANCIAL HIGHLIGHTS (continued):
Selected per share historical data for each of the Series is presented based
upon weighted average fundshares outstanding.
Year Ended December 31,
S & P 500 Index Series 1996*
Net asset value,
beginning of period $10.09
Operations:
Investment income-net .08
Net realized and unrealized
gains (losses) on
investments .51
Total from operations .59
Distribution to shareholders:
From investment income-net --
From net realized gains --
Total distributions to
shareholders --
Net asset value, end of period $10.68
Total Return@ 5.81%
Net assets end of period
(000s omitted) $13,590
Ratio of expenses to
average daily net assets .54%**
Ratio of net investment
income to average daily
net assets 1.69%**
Portfolio turnover rate .47%
Average commission rate paid $.0420***
* For the Period May 1, 1996(commencement of operations) to September 30,
1996. The portfolio's inception was March 28, 1996, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 1, 1996. Supplementary
information is not presented for the period from March 28, 1996, through May 1,
1996, as the portfolio's shares were not registered during that period.
** Annualized.
*** In accordance with rules adopted by the Securities and Encahnge Commission,
disclosure of average commission rate paid is required beginning with fiscal
year 1996. The amount represents total brokerage commission paid on applicable
purchases and sales of securities for the period, divided by the total number of
related shares purchased and sold.
@ These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
<PAGE>
3. FINANCIAL HIGHLIGHTS (continued):
Selected per share historical data for each of the Series is presented based
upon weighted average fundshares outstanding.
Year Ended December 31,
Blue Chip Stock Series 1996*
Net asset value,
beginning of period $10.07
Operations:
Investment income-net .05
Net realized and unrealized
gains (losses) on investmen .82
Total from operations .87
Distribution to shareholders:
From investment income-net --
From net realized gains --
Total distributions to shareholders --
Net asset value, end of period $10.94
Total Return@ 8.63%
Net assets end of period
(000s omitted) $11,426
Ratio of expenses to
average daily net assets .98%**
Ratio of net investment
income to average daily
net assets .92%**
Portfolio turnover rate 9%
Average commission rate paid $.0353***
* For the Period May 1, 1996(commencement of operations) to September 30,
1996. The portfolio's inception was March 28, 1996, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until May 1, 1996. Supplementary
information is not presented for the period from March 28, 1996, through May 1,
1996, as the portfolio's shares were not registered during that period.
** Annualized.
*** In accordance with rules adopted by the Securities and Exchange Commission,
disclosure of average commission rate paid is required beginning with fiscal
year 1996. The amount represents total brokerage commission paid on applicable
purchases and sales of securities for the period, divided by the total number of
related shares purchased and sold.
@ These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions.
<PAGE>
PART C - OTHER INFORMATION
ITEM 24.(A) FINANCIAL STATEMENTS:
The following financial statements are included in the registration statement:
Financial Statements included in Part A:
Condensed Financial Information
Financial Statements included in Part B:
All financial statements required by Part B were incorporated by
reference to Registrant's 1995 Annual Report to Shareholders.
ITEM 24.(B) EXHIBITS:
(1) Copy of the charter as now in effect;
a) Amended and Restated Articles of Incorporated (Incorporated by
reference to Post-Effective Amendment Number 18 to the
Registrant's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on February 16, 1996)
b) Certificate of Designation of Series G Common Shares, Series H
Common Shares, and Series I Common Shares (Incorporated by
reference to Post-Effective Amendment Number 18 to the
Registrant's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on February 16, 1996)
c) Certificate of Designation of Series J Common Shares, Series K
Common Shares, and Series L Common Shares (Incorporated by
reference to Post-Effective Amendment Number 18 to the
Registrant's's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on February 16, 1996)
d) Certificate of Designation of Series M Common Shares, Series N
Common Shares, and Series O Common Shares (Incorporated by
reference to Post-Effective Amendment Number 19 to the
Registrant's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on April 30, 1996)
C-1
<PAGE>
(2) Copies of the existing by-laws or instruments corresponding thereto;
Form of Amended and Restated Bylaws (Incorporated by reference to
Post-Effective Amendment Number 18 to the Registrant's Registration
Statement on Form N-1A filed with the Securities and Exchanged
Commission on February 16, 1996)
(3) Copies of any voting trust agreement with respect to more than 5 percent of
any class of equity securities of the Registrant;
Inapplicable
(4) Specimens or copies of each security issued by the Registrant, including
copies of all constituent instruments, defining the rights of the holders
of such securities, and copies of each security being registered;
Inapplicable
(5) Copies of all investment advisory contracts relating to the management of
the assets of the Registrant;
a) Form of Investment Advisory and Management Agreement by and
between the Registrant and Fortis Advisers, Inc. (Incorporated by
reference to Post-Effective Amendment Number 11 to the
Registrant's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission in October 1992)
b) Form of Investment Advisory and Management Agreement by and
between the Registrant and Fortis Advisers, Inc. (Pertaining to
High Yield Series , Growth & income Series, and Aggressive Growth
Series) (Incorporated by reference to Post-Effective Amendment
Number 13 to the Registrant's Registration Statement on Form N-1A
filed with the Securities and Exchange Commission in February
1994)
c) Form of Investment Advisory and Management Agreement by and
between the Registrant and Fortis Advisers, Inc. (Pertaining to
International Stock Series, Global Bond Series, and Global Asset
Allocation Series) (Incorporated by reference to Post-Effective
Amendment Number 14 to the Registrant's Registration Statement on
Form N-1A filed with the Securities and Exchange Commission on
October 13, 1994)
d) Form of Investment Sub-Advisory and Management Agreement by and
between Fortis Advisers, Inc. and Lazard Freres Asset Management
C-2
<PAGE>
(Incorporated by reference to Post-Effective Amendment Number 14
to the Registrant's Registration Statement on Form N-1A filed
with the Securities and Exchange Commission on October 13, 1994)
e) Form of Investment Sub-Advisory and Management Agreement by and
between Fortis Advisers, Inc. And Warburg Investment Management
International Ltd. (Incorporated by reference to Post-Effective
Amendment Number 14 to the Registrant's Registration Statement on
Form N-1A filed with the Securities and Exchange Commission on
October 13, 1994)
f) Form of Investment Sub-Advisory and Management Agreement by and
between Fortis Advisers, Inc. and Morgan Stanley Asset Management
Limited (Incorporated by reference to Post-Effective Amendment
Number 14 to the Registrant's Registration Statement on Form N-1A
filed with the Securities and Exchange Commission on October 13,
1994)
g) Form of Investment Advisory and Management Agreement by and
between the Registrant and Fortis Advisers, Inc. (Pertaining to
Value Series, S&P 500 Index Series, and Blue Chip Stock Series)
(Incorporated by reference to Post-Effective Amendment Number 18
to the Registrant's Registration Statement on Form N-1A filed
with the Securities and Exchange Commission on February 16, 1996)
h) Investment Sub-Advisory Agreement between Fortis Advisers, Inc.
and The Dreyfus Corporation (Incorporated by reference to Post-
Effective Amendment Number 19 to the Registrant's Registration
Statement on Form N-1A filed with the Securities and Exchange
Commission on April 30, 1996)
i) Investment Sub-Advisory Agreement between Fortis Advisers, Inc.
And T. Rowe Price Associates, Inc. (Incorporated by reference to
Post-Effective Amendment Number 19 to the Registrant's
Registration Statement on Form N-1A filed with the Securities and
Exchange Commission on April 30, 1996)
(6) Copies of each underwriting or distribution contract between the Registrant
and a principal underwriter, and specimens or copies of all agreements
between principal underwriters and dealers;
a) Form of Underwriting and Distribution Agreement by and between
the Registrant and Fortis Investors, Inc. (Incorporated by
reference to Post-Effective Amendment Number 18 to the
Registrant's Registration Statement on Form N-1A filed with the
Securities and Exchange Commission on February 16, 1996)
C-3
<PAGE>
b) Dealer Sales Agreement (Incorporated by reference to Post-
Effective Amendment Number 11 to the Registrant's Registration
Statement on Form N-1A filed with the Securities and Exchange
Commission in February 1994)
(7) Copies of all bonus, profit sharing, pension or other similar contracts or
arrangements wholly or partly for the benefit of directors or officers of
the Registrant in their capacity as such; if any such plan is not set forth
in a formal document, furnish a reasonably detailed description thereof;
Inapplicable
(8) Copies of all custodian agreements, and depository contracts under Section
17(f) of the 1940 Act, with respect to securities and similar investments
of the Registrant, including the schedule of remuneration;
a) Custody Agreement between Registrant and First Bank National
Association (Incorporated by reference to Post-Effective
Amendment Number 19 to the Registrant's Registration Statement on
Form N-1A filed with the Securities and Exchange Commission on
April 30, 1996)
b) Custody Agreement between Registrant and First Bank National
Association (pertaining to Global Growth Series, International
Stock Series, Global Bond Series, Global Asset Allocation Series,
and Blue Chip Stock Series) (Incorporated by reference to Post-
Effective Amendment Number 19 to the Registrant's Registration
Statement on Form N-1A filed with the Securities and Exchange
Commission on April 30, 1996)
(9) Copies of all other material contracts not made in the ordinary course of
business which are to be performed in whole or in part at or after the date
of filing the Registration Statement;
Inapplicable
(10) An opinion and consent of counsel as to the legality of the securities
being registered, indicating whether they will when sold be legally issued,
fully paid and non-assessable;
a) Opinion and consent of counsel (Incorporated by reference to
Post-Effective Amendment Number 11 to the Registrant's
Registration Statement on Form N-1A filed with the Securities and
Exchange Commission in October 1992)
b) Opinion and consent of counsel (Incorporated by reference to
Post-Effective Amendment Number 13 to the Registrant's
Registration Statement on Form N-1A filed with the Securities and
Exchange Commission in February 1994)
C-4
<PAGE>
c) Opinion and consent of counsel (pertaining to Series J Common
Shares (International Stock Series), Series K Common Shares
(Global Bond Series), and Series L Common Shares (Global Asset
Allocation Series)) (Incorporated by reference to Post-Effective
Amendment Number 14 to the Registrant's Registration Statement
on Form N-1A filed with the Securities and Exchange Commission in
October 1994)
d) Opinion and consent of Dorsey & Whitney LLP (pertaining to Series
M Common Shares (Value Series), Series N Common Shares (S&P 500
Index Series), and Series O Common Shares (Blue Chip Stock
Series)) (Incorporated by reference to Post-Effective Amendment
Number 19 to the Registrant's Registration Statement on Form N-1A
filed with the Securities and Exchange Commission on April 30,
1996)
(11) Copies of any other opinions, appraisals or rulings and consents to the use
thereof relied on in the preparation of this Registration Statement and
required by Section 7 of the 1933 Act;
Consent of KPMG Peat Marwick LLP
(12) All financial statements omitted from Item 23;
Inapplicable
(13) Copies of any agreements or understandings made in consideration for
providing the initial capital between or among the Registrant, the
underwriter, adviser, promoter or initial stockholders and written
assurances from promoters or initial stockholders that their purchases were
made for investment purposes without any present intention of redeeming or
reselling;
Inapplicable
(14) Copies of the model plan used in the establishment of any retirement plan
in conjunction with which Registrant offers its securities, any
instructions thereto and any other documents making up the model plan.
Such form(s) should disclose the costs and fees charged in connection
therewith;
Inapplicable
(15) Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under
the 1940 Act, which describes all material aspects of the financing of
distribution of Registrant's shares, and any agreements with any person
relating to implementation of such plan;
Inapplicable
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<PAGE>
(16) Schedule for computation of each performance quotation provided in the
Registration Statement in response to Item 22 (which need not be audited);
Performance Quotation Computation Schedule (Incorporated by reference
to Post-Effective Amendment Number 7 to Registrant's Registration
Statement on Form N-1A filed with the Securities and Exchange
Commission in March 1990)
(18) Copies of any plan entered into by the Registrant pursuant to Rule 18f-3
under the 1940 Act, any agreement with any person relating to the
implementation of a plan, any amendment to a plan or agreement, and a
directors describing any action taken to revoke a plan.
Inapplicable
ITEM 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:
Furnish a list or diagram of all persons directly or indirectly controlled by or
under common control with the Registrant and as to each person indicate (1) if a
company, the state or other sovereign power under the laws of which it is
organized, and (2) the percentage of voting securities owned or other basis of
control by the person, if any, immediately controlling it.
Inapplicable
ITEM 26. NUMBER OF HOLDERS OF SECURITIES:
State in substantially the tabular form indicated, as of a specified date within
90 days prior to the date of filing, the number of record holders of each class
of securities of the Registrant:
The following table sets forth the number of holders of shares of Fortis
Series Fund, Inc. as of January 31, 1996.
(1) (2)
Number of
Title of Class Record Holders
-------------- --------------
Common stock, par value
$01. per share, Series A
(Growth Stock Portfolio) 1
Common stock, par value
$01. per share, Series B
(U. S. Government Securities
Series) 1
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<PAGE>
Common stock, par value
$01. per share, Series C
(Money Market Series) 1
Common stock, par value
$01. per share, Series D
(Managed Series) 1
Common stock, par value
$01. per share, Series E
(Income Series) 1
Common stock, par value
$01. per share, Series F
(Global Growth Series) 1
Common stock, par value
$01. per share, Series G
(High Yield Series) 1
Common stock, par value
$01. per share, Series H
(Growth & Income Series) 1
Common stock, par value
$01. per share, Series I
(Aggressive Growth Series) 1
Common stock, par value
$01. per share, Series J
(International Stock Series) 1
Common stock, par value
$01. per share, Series K
(Global Bond Series) 1
Common stock, par value
$01. per share, Series L
(Global Asset Allocation Series) 1
Common stock, par value
$01. per share, Series M
(Value Series) 1
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<PAGE>
Common stock, par value
$01. per share, Series N
(S&P 500 Index Series) 1
Common stock, par value
$01. per share, Series O
(Blue Chip Stock Series) 1
ITEM 27. INDEMNIFICATION:
State the general effect of any contract, arrangement or statute under which any
director, officer, underwriter or affiliated person of the Registrant is insured
or indemnified in any manner against any liability which may be incurred in such
capacity, other than insurance provided by any director, officer, affiliated
person or underwriter for their own protection.
Incorporated by reference to Post-Effective Amendment Number 5 to
Registrant's Registration Statement, filed with the Securities and Exchange
Commission in February, 1988.
ITEM 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER:
Describe any other business, profession, vocation, or employment of a
substantial nature in which each investment adviser of the Registrant, and each
director, officer, or partner, of any such investment adviser, is or has been,
at any time during the past two fiscal years, engaged for his own account or in
the capacity of director, officer, employee, partner, or trustee.
In addition to those listed in the Statement of Additional Information:
Other business, professions,
vocations, or employments
Current position of a substantial nature
Name with Advisers during the past two years
Michael D. O'Connor Qualified Plan Officer Qualified Plan Officer of
Fortis Benefits Insurance
Company and Qualified Plan
Officer for investors.
David L. Greenzang Money Market Debt Securities Manager
Portfolio Officer with Fortis, Inc.
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<PAGE>
ITEM 29. PRINCIPAL UNDERWRITERS:
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing securities of the
Registrant also acts as a principal underwriter, depositor, or investment
adviser.
Fortis Advantage Portfolios, Inc.
Fortis Equity Portfolios, Inc.
Fortis Fiduciary Fund, Inc.
Fortis Growth Fund, Inc.
Fortis Income Portfolios, Inc.
Fortis Money Portfolios, Inc.
Fortis Securities, Inc.
Fortis Tax-Free Portfolios, Inc.
Fortis Worldwide Portfolios, Inc.
Variable Accounts C of Fortis Benefits Insurance Company
Variable Accounts D of Fortis Benefits Insurance Company
(b) Furnish the information required by the following table with respect to
each director, officer, or partner of each principal underwriter named in
the answer to Item 21:
In addition to those listed in the Statement of Additional Information:
Name and Principal Positions and Offices Positions and Offices
Business Address with Underwriter with Registrant
Carol M. Houghtby* 2nd Vice President and Accounting Officer
Treasurer
- ----------------------------
* The business address of these persons is 500 Bielenberg Drive, Woodbury,
Minnesota 55125.
(c) Furnish the information required by the following table with respect to all
commissions and other compensation received by each principal underwriter
who is not an affiliated person of the Registrant or an affiliated person
of such an affiliated person, directly or indirectly, from the Registrant
during the Registrant's last fiscal year.
Inapplicable
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<PAGE>
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS:
With respect to each account, book or other document required to be maintained
by Section 31(a) of the 1940 Act and the Rules (17 CFR 270, 31a-1 to 31a-3)
promulgated thereunder, furnish the name and address of each person maintaining
physical possession of each such account, book or other document.
Fortis Advisers, Inc., 500 Bielenberg Drive, Woodbury, Minnesota 55125
ITEM 31. MANAGEMENT SERVICE:
Furnish a summary of the substantive provisions of any management-related
service contract not discussed in Part I of this Form (because the contract was
not believed to be material to a purchaser of securities of the Registrant)
under which services are provided to the Registrant, indicating the parties to
the contract, the total dollars paid and by whom, for the last three fiscal
years.
Inapplicable
ITEM 32. UNDERTAKINGS:
Furnish the following undertakings in substantially the following form in all
initial Registration Statements filed under the 1933 Act:
(a) An undertaking to file an amendment to the Registration Statement with
certified financial statements showing the initial capital received before
accepting subscriptions from any persons in excess of 25 if Registrant
proposes to raise its initial capital pursuant to Section 14(a)(3) of the
1940 Act:
Inapplicable
(b) An undertaking to file a post-effective amendment, using financial
statements which need not be certified, within four to six months from the
effective date of Registrant's 1933 Act Registration Statement.
Inapplicable
(c) If the information called for by Item 5a is contained in the latest annual
report to shareholders, an undertaking to furnish each person to whom a
prospectus is delivered with a copy of the Registrant's latest annual
report to shareholders, upon request and without charge.
Registrant undertakes to furnish each person to whom a prospectus is
delivered with a copy of the Registrant's latest annual report to
shareholders, upon request and without charge.
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<PAGE>
[Letterhead of KPMG]
INDEPENDENT AUDITOR'S CONSENT
The Board of Directors
Fortis Series Fund, Inc.:
We consent to the use of our reports incorporated by reference herein and to the
reference to our Firm under the heading "Custodian; Counsel; Accounts" in the
Statement of Additional Information.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 3, 1996
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940 the Registrant has duly caused this
Post-Effective Amendment to the Registration Statement to be signed on its
behalf by the undersigned, thereto duly authorized, in the City of Woodbury, and
State of Minnesota, on the 27th day of November, 1996.
FORTIS SERIES FUND, INC.
By /s/ Dean C. Kopperud
-------------------------------------
Dean C. Kopperud, President
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following persons in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/ Dean C. Kopperud President (principal November 27, 1996
- ------------------------------ executive officer) and
Dean C. Kopperud Director
/s/ Tamara L. Fagely Treasurer (principal November 27, 1996
- ------------------------------ financial and accounting
Tamara L. Fagely officer)
* Director
- ------------------------------------------------
Richard W. Cutting
* Director
- ------------------------------------------------
Allen R. Freedman
* Director
- ------------------------------------------------
Dr. Robert M. Gavin
* Director
- ------------------------------------------------
Benjamin S. Jaffray
<PAGE>
* Director
- ------------------------------------------------
Jean L. King
* Director
- ------------------------------------------------
Edward M. Mahoney
* Director
- ------------------------------------------------
Robb L. Prince
* Director
- ------------------------------------------------
Leonard J. Santow
* Director
- ------------------------------------------------
Joseph M. Wikler
* By/s/ Dean C. Kopperud
-----------------------------
Dean C. Kopperud
Attorney-in-Fact
Dated: November 27, 1996
*Registrant's directors executing Power of Attorney dated March 21, 1996.
