<TABLE>
USLICO Series Fund
Statement of Assets and Liabilities
June 30, 1995
(Unaudited)
Common Money Asset Total
Stock Market Bond Allocation Portfolios
Portfolio Portfolio Portfolio Portfolio Combined
------------- ----------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Cash and cash equivalents $ 690,705 $ 144,384 $ 264,495 $ 509,923 $ 1,609,507
Common stock, at fair value (cost
$14,919,483 and $5,204,306, respectively) 16,567,962 - - 5,781,137 22,349,099
Bonds, at fair value (cost
$2,478,419 and $5,530,543, respectively) - - 2,568,177 5,669,097 8,237,274
Commercial paper, at amortized
cost which approximates fair value - 5,547,030 - - 5,547,030
Dividends receivable 47,091 - - 16,545 63,636
Interest receivable 3,162 999 52,365 111,072 167,598
------------- ----------- ---------- ----------- -----------
Total assets 17,308,920 5,692,413 2,885,037 12,087,774 37,974,144
Liabilities
Accrued expenses 105,303 56,668 26,788 53,469 242,228
Securities not settled, net 11,431 - - 3,592 15,023
------------- ----------- ---------- ----------- -----------
Total liabilities 116,734 56,668 26,788 57,061 257,251
------------- ----------- ---------- ----------- -----------
Net assets $ 17,192,186 $ 5,635,745 $2,858,249 $12,030,713 $37,716,893
============= =========== ========== =========== ===========
Net asset value per share $ 11.95 $ 1.00 $ 10.17 $ 11.37
Shares outstanding 1,438,359 5,635,745 281,174 1,057,754
Net assets consist of:
Capital stock ($.001 par value) $ 1,438 $ 5,636 $ 281 $ 1,058
Additional paid-in capital 15,143,401 5,630,109 2,759,510 11,161,054
Accumulated undistributed
net investment income 26,338 - 2,215 13,961
Accumulated undistributed net
realized gains from
investment transactions 372,530 - 6,485 139,255
Net unrealized appreciation
of investments 1,648,479 - 89,758 715,385
------------- ----------- ---------- -----------
Net assets $ 17,192,186 $ 5,635,745 $2,858,249 $12,030,713
============= =========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund-Common Stock Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Common Stock Fair Fair
Shares Value Shares Value
------- ---------- -------- -----------
<S> <C> <C> <S> <C> <C>
Aerospace & Defense - 5.09% Food, House & Personal Products (continued)
- --------------------------- ------------------------------------------
Boeing Co. 4,900 $ 316,050 RJR Nabisco PFD 13,400 $ 82,075
United Technologies Corp. 7,100 558,237 -----------
---------- 668,125
874,287 -----------
---------- Industrial - 18.18%
Diversified - 4.62% -------------------
- -------------------- Aluminum Co. of America 7,500 363,750
AlliedSignal, Inc. 600 25,575 Ford Motor Co. 14,600 436,175
General Electric 2,900 162,400 General Motors Corp. 10,900 523,200
ITT Corp. 1,600 188,200 Goodyear Tire & Rubber Co. 11,900 492,362
Tenneco, Inc. 9,000 418,500 Hanson PLC ADR 8,500 149,813
---------- International Paper Co. 6,100 507,825
794,675 Masco Corp. 9,800 262,150
---------- Mead Corp. 3,700 217,375
Drugs & Health Care - 5.56% Pitney Bowes, Inc. 4,500 173,250
- --------------------------- -----------
Baxter International, Inc. 9,700 345,563 3,125,900
US Healthcare, Inc. 5,500 167,750 -----------
Warner Lambert Co. 5,200 443,300 Publishing - 2.89%
---------- ------------------
956,613 Dun & Bradstreet 6,400 336,000
---------- New York Times Co. 6,900 161,288
Energy & Chemicals - 18.07% -----------
- --------------------------- 497,288
Atlantic Richfield Co. 4,900 550,025 -----------
Chevron Corp. 8,500 399,500 Retail Trade - 8.29%
Dow Chemical Co. 6,900 494,213 --------------------
Exxon Corp. 3,600 259,200 American Stores Co. 9,900 275,962
Great Lakes Chemical Corp. 500 30,125 Dayton-Hudson Corp. 1,200 83,100
Panhandle Eastern Corp. 7,100 173,950 J.C. Penney 3,500 166,250
Rhone Poulenc ADR 7,000 153,125 K Mart Corp. 22,500 331,875
Schlumberger Ltd. 5,800 366,850 Limited 14,400 309,600
TransCanada Pipelines Ltd. 12,400 164,300 May Department Stores Co. 6,400 258,400
USX-Marathon Group 9,200 180,550 -----------
WMX Technologies, Inc. 11,900 334,687 1,425,187
---------- -----------
3,106,525 Transportration - 1.01%
---------- -----------------------
Finance - 12.21% Conrail 3,200 172,800
- ---------------- -----------
Aetna Life & Casualty Co. 2,900 181,613 172,800
BankAmerica Corp. 6,600 351,450 -----------
Bankers Trust N.Y. Co. 3,100 191,037 Utilities - 16.56%
Chase Manhattan Corp. 5,500 258,500 ------------------
Chubb Corp. 3,000 240,000 AT & T Corp. 5,300 280,900
Federal National Mortgage Ass 2,100 199,762 BellSouth Corp. 1,400 88,025
Fleet Financial Group, Inc. 7,000 258,125 Entergy Corp. 15,400 377,300
NationsBank Corp. 3,100 167,400 FPL Group 4,600 178,250
Providian Corp. 7,000 252,000 General Public Utilities Corp. 8,700 258,825
---------- GTE Corp. 10,300 347,625
2,099,887 MCI Communications 8,500 182,750
---------- NYNEX Corp. 12,100 485,512
Food, House & Personal Products - 3.89% Sprint Corp. 13,400 443,875
- --------------------------------------- Southern Co. 9,100 203,613
Conagra 5,100 178,500 -----------
RJR Nabisco Holdings 14,820 407,550 2,846,675
-----------
Total Common Stock 96.37% 16,567,962
Other Assets and
Liabilities, Net 3.63% 624,224
-----------
Net Assets 100.00% $ 17,192,186
===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund-Money Market Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Principal Amortized
Amount Cost
Commercial Paper 98.43% ---------- ----------
<S> <C> <C>
Intel Corp., 5.93%, Due July 1, 1995 $ 250,000 $ 250,000
Norwest Corp., 5.96%, Due July 1, 1995 250,000 250,000
Morgan Stanley Group Inc., 6.05%, Due July 5, 1995 250,000 249,790
Consolidated Natural Gas, 5.96%, Due July 6, 1995 200,000 199,801
Florida Power Corp., 5.95%, Due July 7, 1995 250,000 249,711
Alabama Power Co., 6.00%, Due July 10, 1995 125,000 124,792
Illinois Tool Works Inc., 5.95%, Due July 11, 1995 250,000 249,545
American Express Credit, 5.91%, Due July 17, 1995 250,000 249,302
Merrill Lynch & Co., 5.93%, Due July 17, 1995 250,000 249,300
Philip Morris Companies Inc., 5.95%, Due July 17, 1995 250,000 249,298
General Electric Capital Corp., 5.98%, Due July 18, 1995 250,000 249,253
E.I. DuPont de Nemours, 5.93%, Due July 20, 1995 250,000 249,176
Temple Inland Inc., 5.98%, Due July, 21, 1995 250,000 249,128
Wisconsin Electric Power, 5.98%, Due July 21, 1995 241,000 240,159
Coca-Cola Co., 5.90%, Due July 24, 1995 250,000 249,017
May Department Stores, 5.91%, Due July 25, 1995 250,000 248,974
Nordstrom Credit Inc., 5.95%, Due July 25, 1995 250,000 248,967
Household Finance, 5.95%, Due July 25, 1995 250,000 248,967
Chevron Oil Finance Corp., 5.95%, Due July 28, 1995 250,000 248,843
American General Finance Corp., 5.95%, Due July 31, 1995 250,000 248,719
Southwestern Bell Capital, 5.81%, Due August 9, 1995 250,000 248,386
CPC International Inc., 5.90%, Due August 14, 1995 250,000 248,156
AT & T Capital, 5.90%, Due August 24, 1995 250,000 247,746
---------- ----------
Total Commercial Paper 98.43% $5,566,000 5,547,030
==========
Other Assets and
Liabilities, Net 1.57% 88,715
----------
Net Assets 100.00% $5,635,745
==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund-Bond Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Par Fair
Bonds Value Value
----------- -----------
<S> <C> <C>
Government - 12.83%
-------------------
FHLMC, 8.53%, Due November, 2004 # $ 100,000 $ 107,315
FHLMC, 8.34%, Due January, 2005 # 100,000 106,970
GNMA Pool 181826, 9.00%, Due March, 2021 # 41,216 43,251
US Treasury Note, 8.00%, Due May, 2001 100,000 109,281
----------- -----------
341,216 366,817
----------- -----------
Finance - 21.17%
----------------
J.P. Morgan Co., 7.625%, Due September, 2004 100,000 105,258
NationsBank Corp., 5.375%, Due April, 2000 100,000 95,068
Salomon Inc., 6.60%, Due July, 2003 100,000 95,550
Sears Credit Acct Tr 1991B, 8.60%, Due May, 1998 100,000 105,193
Texaco Capital, Inc., 8.50%, Due February, 2003 100,000 110,284
U.S. Leasing International, 5.95%, Due October, 2003 100,000 93,738
----------- -----------
600,000 605,091
----------- -----------
Industrial - 23.07%
-------------------
Alcan Aluminum Co., 5.875%, Due April, 2000 100,000 97,166
English China Clay, 7.375%, Due October, 2002 100,000 102,835
Hoechst Celanese, 6.125%, Due February, 2004 100,000 95,470
Midwest Resources, 7.00%, Due February, 2005 100,000 101,137
Motorola, Inc., 7.60%, Due January, 2007 100,000 107,202
Norfolk Southern Corp., 7.875%, Due February, 2004 50,000 53,846
Xerox Corp., 7.15%, Due August, 2004 100,000 101,598
----------- -----------
650,000 659,254
----------- -----------
Retail Trade - 7.82%
--------------------
May Department Stores, 9.875%, Due June, 2000 100,000 113,747
Wal-Mart Stores, 8.625%, Due April, 2001 100,000 109,720
----------- -----------
200,000 223,467
----------- -----------
Utilities - 24.96%
------------------
General Telephone ILL, 7.50%, Due February, 2002 # 100,000 101,602
GTE Northwest, 7.375%, Due May, 2001 100,000 103,287
Southern California Edison, 7.375%, Due December, 2003 100,000 100,926
Southern New England Telephone, 7.00%, Due August, 2004 100,000 102,059
Southwestern Bell, 7.85%, Due December, 2001 100,000 104,215
Washington Gas & Light, 7.53%, Due July, 2002 100,000 101,260
Wisconsin Bell, Inc., 7.25%, Due February, 2007 # 100,000 100,199
----------- -----------
700,000 713,548
----------- -----------
Total Bonds 89.85% $ 2,491,216 2,568,177
===========
Other Assets and
Liabilities, Net 10.15% 290,072
-----------
Net Assets 100.00% $ 2,858,249
===========
</TABLE>
# - Callable at the option of the issuer.
See accompanying notes to financial statements.
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund-Asset Allocation Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Common Stock
Fair Fair
Shares Value Shares Value
-------- ---------- -------- ----------
<S> <C> <C> <S> <C> <C>
Aerospace & Defense - 2.65% Food, House & Personal Products (continued)
- --------------------------- -------------------------------------------
Boeing Co. 1,900 $ 122,550 RJR Nabisco PFD 4,700 $ 28,787
United Technologies Corp. 2,500 196,562 ----------
---------- 233,687
319,112 ----------
---------- Industrial - 8.86%
Diversified - 2.32% ------------------
- ------------------- Aluminum Co. of America 2,600 126,100
AlliedSignal, Inc. 200 8,525 Ford Motor Co. 5,100 152,363
General Electric 1,000 56,000 General Motors Corp. 3,800 182,400
ITT Corp. 600 70,575 Goodyear Tire & Rubber Co. 3,600 148,950
Tenneco, Inc. 3,100 144,150 Hanson PLC ADR 3,000 52,875
---------- International Paper Co. 2,100 174,825
279,250 Masco Corp. 3,400 90,950
---------- Mead Corp. 1,300 76,375
Drugs & Health Care - 2.76% Pitney Bowes, Inc. 1,600 61,600
- --------------------------- ----------
Baxter International, Inc. 3,400 121,125 1,066,438
US Healthcare, Inc. 1,900 57,950 ----------
Warner Lambert Co. 1,800 153,450 Publishing - 1.43%
---------- ------------------
332,525 Dun & Bradstreet 2,200 115,500
---------- New York Times Co. 2,400 56,100
Energy & Chemicals - 9.17% ----------
- -------------------------- 171,600
Atlantic Richfield Co. 1,700 190,825 ----------
Chevron Corp. 3,000 141,000 Retail Trade - 4.15%
Dow Chemical Co. 2,400 171,900 --------------------
Exxon Corp. 1,300 93,600 American Stores Co. 3,500 97,563
Great Lake Chemical Corp. 500 30,125 Dayton-Hudson Corp. 400 27,700
Panhandle Eastern Corp. 2,500 61,250 J.C. Penney 1,200 57,000
Rhone Poulenc ADR 2,400 52,500 K Mart Corp. 8,000 118,000
Schlumberger Ltd. 2,000 126,500 Limited 5,100 109,650
TransCanada Pipelines Ltd. 4,300 56,975 May Department Stores Co. 2,200 88,825
USX-Marathon Group 3,200 62,800 ----------
WMX Technologies, Inc. 4,100 115,312 498,738
---------- ----------
1,102,787 Transportation - .49%
---------- ---------------------
Finance - 6.08% Conrail 1,100 59,400
- --------------- ----------
Aetna Life & Casualty Co. 1,000 62,625 59,400
BankAmerica Corp. 2,300 122,475 ----------
Bankers Trust N.Y. Co. 1,100 67,787 Utilities - 8.20%
Chase Manhattan Corp. 2,000 94,000 -----------------
Chubb Corp. 1,000 80,000 AT & T Corp. 1,800 95,400
Federal National Mortgage Assn. 700 66,588 BellSouth Corp. 500 31,438
Fleet Financial Group, Inc. 2,400 88,500 Entergy Corp. 5,400 132,300
NationsBank Corp. 1,100 59,400 FPL Group 1,600 62,000
Providian Corp. 2,500 90,000 General Public Utilities Corp. 3,100 92,225
---------- GTE Corp. 3,600 121,500
731,375 MCI Communications 3,000 64,500
---------- NYNEX Corp. 4,200 168,525
Food, House & Personal Products - 1.94% Sprint Corp. 4,700 155,687
- -------------------------------------- Southern Co. 2,800 62,650
Conagra 1,800 63,000 ----------
RJR Nabisco Holdings 5,160 141,900 986,225
----------
Total Common Stock 48.05% 5,781,137
----------
(continued)
</TABLE>
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund-Asset Allocation Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Bonds Par Fair
Value Value
----------- ------------
<S> <C> <C>
Government - 6.52%
------------------
FHLB, 8.625%, Due February, 2002 $ 100,000 $ 103,499
FHLB, 6.38%, Due April, 2003 150,000 143,461
FHLMC, 8.53%, Due November, 2004 # 150,000 160,972
FHLMC, 8.02%, Due August, 2009 # 100,000 102,641
FHLMC, 9.00%, Due October, 2019 # 44,254 45,775
FNMA, 7.30%, Due October, 2002 # 100,000 100,672
GNMA, 10.00%, Due February, 2016 # 16,414 17,861
US Treasury Note, 8.00%, Due May, 2001 100,000 109,281
----------- ------------
760,668 784,162
----------- ------------
Finance - 11.87%
----------------
Citicorp, 7.125%, Due June, 2003 100,000 100,658
Discover Card Trust 1991-D, 8.00%, Due October, 1998 100,000 105,266
Ford Motor Credit, 8.00%, Due June, 2002 150,000 159,402
General Electric Capital, 7.875%, Due December, 2006 100,000 108,959
Grand Met Investment Corp., 6.50%, Due September, 1999 50,000 49,826
J.P. Morgan Co., 7.625%, Due September, 2004 100,000 105,258
Morgan Stanley, 6.375%, Due December, 2003 150,000 143,483
Norwest Financial, 6.125%, Due August, 2003 150,000 143,479
Salomon Inc., 6.60%, Due July, 2003 100,000 96,549
Sears Credit Acct Tr 1991B, 8.60%, Due May, 1998 100,000 105,193
Standard Credit Corp., 9.375%, Due July, 1997 100,000 105,785
Texaco Capital, Inc., 8.03%, Due October, 2002 100,000 106,454
U.S. Leasing International, 6.70%, Due April, 2003 100,000 97,396
----------- ------------
1,400,000 1,427,708
----------- ------------
Industrial - 12.70%
-------------------
Associates Corp. of North America, 8.625%, Due June, 1997 100,000 104,264
Canadian Pacific, 6.875%, Due April, 2003 100,000 100,078
Communications Satellite, 8.125%, Due April, 2004 100,000 107,963
Digital Equipment Corp., 7.125%, Due October, 2002 100,000 93,598
English China Clay, 7.375%, Due October, 2002 200,000 205,670
Equitable Resources, 8.19%, Due November, 2001 100,000 105,899
Hoechst Celanese, 6.125%, Due February, 2004 100,000 95,470
Lowes Corp., 7.25%, Due August, 2002 100,000 99,514
Motorola, Inc., 7.60%, Due January, 2007 100,000 107,202
Norfolk Southern Corp., 7.875%, Due February, 2004 100,000 107,692
PepsiCo Inc., 7.75%, Due October, 1998 100,000 104,012
Sara Lee, 6.10%, Due May, 2003 100,000 95,072
Warner Lambert, 6.625%, Due September, 2002 100,000 99,729
Xerox Corp., 7.15%, Due August, 2004 100,000 101,598
----------- ------------
1,500,000 1,527,761
----------- ------------
(continued)
</TABLE>
<TABLE>
USLICO Series Fund-Asset Allocation Portfolio
Statement of Investments
June 30, 1995
(Unaudited)
Bonds, continued Par Fair
Value Value
----------- ------------
<S> <C> <C>
Retail Trade - 3.46%
--------------------
J.C. Penney, 6.125%, Due November, 2003 $ 100,000 $ 96,138
May Department Stores, 9.875%, Due June, 2000 100,000 113,747
Sears, 6.54%, Due July, 2003 100,000 97,388
Wal-Mart Stores, 8.625%, Due April, 2001 100,000 109,720
----------- ------------
400,000 416,993
----------- ------------
Utilities - 12.57%
------------------
Alabama Power, 6.85%, Due August, 2002 100,000 99,884
Allegheny Generating, 5.625%, Due September, 2003 100,000 92,798
AT&T Corp., 7.125%, Due January, 2002 100,000 102,572
Citizens Utilities, 7.45%, Due January, 2004 100,000 105,213
General Telephone SE, 7.625%, Due July, 2002 # 100,000 101,583
Illinois Bell Telephone, 7.625%, Due April, 2006 # 100,000 101,191
Kansas City Power & Light, 7.40%, Due February, 2008 100,000 103,263
New England Telephone, 7.375%, Due October, 2007 # 100,000 102,094
Ohio Bell Telephone, 6.75%, Due July, 2008 # 100,000 97,237
Pacific Bell, 7.00%, Due July, 2004 100,000 101,483
Southern California Edison, 7.375%, Due December, 2003 100,000 100,926
South Carolina Electric & Gas, 6.00%, Due June, 2000 100,000 97,756
Southern New England Telephone, 7.00%, Due August, 2004 100,000 102,059
Southwestern Bell, 7.85%, Due December, 2001 100,000 104,215
Wisconsin Bell, Inc., 7.25%, Due February, 2007 # 100,000 100,199
----------- ------------
1,500,000 1,512,473
Total 47.12% $ 5,560,668 5,669,097
=========== ------------
Total Investments 95.17% 11,450,234
Other Assets and
Liabilities, Net 4.83% 580,479
------------
Net Assets 100.00% $ 12,030,713
============
</TABLE>
# - Callable at the option of the issuer.
See accompanying notes to financial statements.
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund
Statement of Operations and Changes in Net Assets
For the Six Months Ended June 30, 1995
(Unaudited)
Common Money Asset
Stock Market Bond Allocation
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Investment income:
Income:
Dividends $ 289,742 $ - $ - $ 101,698
Interest 32,094 176,768 98,087 224,782
----------- ---------- ---------- ------------
Total income 321,836 176,768 98,087 326,480
Expenses:
Management fee 100 39 17 72
Other administrative 40,437 14,489 6,463 27,916
----------- ---------- ---------- ------------
Total expenses 40,537 14,528 6,480 27,988
----------- ---------- ---------- ------------
Net investment income 281,299 162,240 91,607 298,492
Realized and unrealized gains
and (losses) on investments:
Net proceeds from sales 3,310,249 - 256,794 1,460,632
Cost of securities sold (2,937,719) - (250,309) (1,321,377)
----------- ---------- ---------- ------------
Net realized gains on investments 372,530 - 6,485 139,255
Net unrealized gains on investments 1,846,830 - 188,550 1,087,013
----------- ---------- ---------- ------------
Net gains on investments 2,219,360 - 195,035 1,226,268
--------- ---------- ---------- ------------
Net increase in net assets
resulting from operations 2,500,659 162,240 286,642 1,524,760
Distributions to shareholders from:
Net investment income (254,883) (162,240) (89,872) (285,508)
Capital share transactions 258,921 (116,681) 176,759 243,177
----------- ---------- ---------- ------------
Net increase (decrease) in net assets 2,504,697 (116,681) 373,529 1,482,429
Net assets, beginning of period 14,687,489 5,752,426 2,484,720 10,548,284
----------- ---------- ---------- ------------
Net assets, end of period $17,192,186 $5,635,745 $2,858,249 $ 12,030,713
=========== ========== ========== ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
USLICO Series Fund
Statement of Operations and Changes in Net Assets
For the Six Months Ended June 30, 1994
(Unaudited)
Common Money Asset
Stock Market Bond Allocation
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Investment income:
Income:
Dividends $ 215,920 $ - $ - $ 58,352
Interest 20,071 97,845 93,565 204,585
----------- ---------- ---------- ------------
Total income 235,991 97,845 93,565 262,937
Expenses:
Management fee 15,474 6,720 3,211 11,366
Other administrative 30,948 13,440 6,422 22,732
----------- ---------- ---------- ------------
Total expenses 46,422 20,160 9,633 34,098
----------- ---------- ---------- ------------
Net investment income 189,569 77,685 83,932 228,839
Realized and unrealized gains
and (losses) on investments:
Net proceeds from sales 3,200,820 - 115,820 1,065,718
Cost of securities sold (2,573,149) - (114,413) (901,185)
----------- ---------- ---------- ------------
Net realized gains on investments 627,671 - 1,407 164,533
Net unrealized losses on investments (961,990) - (168,259) (649,282)
----------- ---------- ---------- ------------
Net losses on investments (334,319) - (166,852) (484,749)
Net increase (decrease) in net assets
resulting from operations (144,750) 77,685 (82,920) (255,910)
Distributions to shareholders from:
Net investment income (186,556) (77,685) (80,628) (221,239)
Capital share transactions 988,843 169,375 80,628 994,011
----------- ---------- ---------- ------------
Net increase (decrease) in net assets 657,537 169,375 (82,920) 516,862
Net assets, beginning of period 12,449,453 5,371,877 2,631,773 9,127,047
----------- ---------- ---------- ------------
Net assets, end of period $13,106,990 $5,541,252 $2,548,853 $ 9,643,909
=========== ========== ========== ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<PAGE>
USLICO SERIES FUND - NOTES TO FINANCIAL STATEMENTS - JUNE 30, 1995
(1) ORGANIZATION - USLICO Series Fund (the Fund) is an open-end,
diversified management investment company registered under the Investment
Company Act of 1940 and consisting of four separate series (Portfolios),
each of which has its own investment objectives and policies. The Fund
was organized as a business trust under the laws of Massachusetts on
January 19, 1988. Shares of the Portfolios are sold only to separate
accounts of United Services Life Insurance Company (United Services) and
Bankers Security Life Insurance Society (Bankers Security) to serve as
the investment medium for variable life insurance policies issued by
these companies. The separate accounts invest in shares of one or more
of the Portfolios, in accordance with allocation instructions received
from policyowners. Each Portfolio share outstanding represents a
beneficial interest in the respective Portfolio and carries a par value
of $.001. The Fund has an unlimited number of shares authorized.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Valuation of Investments
1. Common Stock, Bond and Asset Allocation Portfolios - Equity
securities for which market quotations are readily available are stated
at that fair value. Fair value is determined on the basis of last
reported sales price, or, if no sales are reported, the latest available
bid price obtained from a quotation reporting system or from established
market makers. Money market instruments are valued at fair value, except
that instruments maturing in sixty days or less are valued using
amortized cost which approximates fair value. Debt securities (other
than obligations having a maturity of sixty days or less at their date of
acquisition) are valued on the basis of market quotations obtained from
brokers and dealers or pricing services, which take into account
appropriate factors such as institutional-size trading in similar groups
of securities, yield, quality, coupon rate, maturity, type of issue,
trading characteristics, and other market data. Debt obligations having
a maturity of sixty days or less are generally valued at amortized cost,
which approximates fair value.
2. Money Market Portfolio - Investment securities held by the
Money Market Portfolio are all carried at amortized cost.
(b) Income Recognition - Dividend income is recorded on the ex-
dividend date. Interest income is accrued daily. Realized gains and
losses on the sale of securities are computed on the basis of the
identified cost of the related securities sold and are recognized at the
date of trade.
(c) Other Administrative Fees - Other administrative fees are charged
to the Portfolios at an annual percentage rate of .5%. Fund expenses
directly attributable to a Portfolio are charged to that Portfolio. All
other expenses are allocated proportionately among all Portfolios in
relation to respective net assets.
(d) Federal Income Taxes - Each Portfolio intends to qualify as a
regulated investment company under Subchapter M of the Internal Revenue
Code. Accordingly, a Portfolio will not be subject to Federal income
taxes to the extent that it distributes 98% of its net investment income
and its realized capital gains and meets certain other requirements.
(Normally, however, such distributions are automatically reinvested in
additional portfolio shares.) Also, to qualify as a regulated investment
company, each Portfolio must derive no more than 30% of its gross income
from gains on short-term investments. As the Fund is in compliance with
these requirements, no federal income tax provision is required.
(e) Management Fees - The Fund's investment advisors are compensated
with a quarterly management fee based on an annual percentage of the
average daily net assets of each Portfolio. In 1994, the advisor was
paid an annual fee of .25% of the net asset value of the Portfolios.
During the period from January 1, 1995, to June 30, 1995, no investment
advisory fee was charged pending approval of new advisory agreements
which was received on June 30, 1995 (see below). The maximum management
fee which may be charged is an annual percentage rate of .50% on the
first $100 million of average daily net assets and .45% of average daily
net assets in excess thereof.
(f) Contributions and Withdrawals - Net funds contributed into or
withdrawn from the Fund are made on the basis of the net asset value per
share prevailing at the close of business on the preceding business day.
(3) AFFILIATIONS AND RELATED PARTY TRANSACTIONS - On January 17, 1995,
United Services and Bankers Security became wholly-owned subsidiaries of
ReliaStar Financial Corp. ("ReliaStar"), previously The NWNL Companies,
Inc., an insurance holding company based in Minneapolis, Minnesota. In
conjunction with this merger, on April 1, 1995, Bankers Centennial
Management Corp. was replaced as investment advisor to the Fund by
Washington Square Capital, Inc., an indirect wholly-owned ReliaStar
subsidiary. The Fund's distributor, USLICO Securities Corp., became a
wholly-owned subsidiary of Washington Square Securities, Inc. which is
wholly-owned by ReliaStar. Newbold's Asset Management, Inc. continues to
act as investment advisor for the Common Stock Portfolio and the common
stock portion of the Asset Allocation Portfolio. The Fund purchased
securities through Newbold's Asset Management, Inc. in the normal course
of business.
Officers of the Fund are also officers of ReliaStar, Washington Square
Securities, Inc., Washington Square Capital, Inc., United Services and
Bankers Security and receive compensation therefrom. They do not receive
additional compensation for services rendered to the Fund. Trustees of
the Board receive a fee of $500 for each meeting attended. For the six
month periods ended June 30, 1995 and 1994, total fees paid to the
Trustees aggregated $3,000 in both periods for all Portfolios combined.
<PAGE>
<PAGE>
(4) INVESTMENTS - As of June 30, 1995, net unrealized appreciation
(depreciation) for each portfolio was as follows:
Net
Unrealized
Appreciation
Appreciation Depreciation (Depreciation)
Common Stock Portfolio $1,881,195 $(232,716) $1,648,479
Money Market Portfolio N/A N/A N/A
Bond Portfolio 105,538 (15,780) 89,758
Asset Allocation Portfolio 846,742 (131,357) 715,385
(5) CAPITAL SHARE TRANSACTIONS - Transactions in capital stock were as
follows:
SHARES AMOUNT
1995 1994 1995 1994
---- ---- ---- ----
Common Stock Portfolio
Shares sold 339 72,577 $ 4,038 $802,287
Shares issued in reinvestment
of dividends 21,986 16,711 254,883 186,556
------ ------ ------- -------
22,325 89,288 258,921 988,843
Shares redeemed - - - -
------ ------ ------- -------
Net increase 22,325 89,288 $258,921 $988,843
====== ====== ======= =======
Money Market Portfolio
Shares sold - 91,690 $ - $ 91,690
Shares issued in reinvestment
of dividends 162,240 77,685 162,240 77,685
------- ------- ------- -------
162,240 169,375 162,240 169,375
Shares redeemed (278,921) - (278,921) -
------- ------- ------- -------
Net increase (decrease) (116,681) 169,375 $(116,681) $169,375
======= ======= ======= =======
Bond Portfolio
Shares sold 8,422 - $ 86,887 $ -
Shares issued in reinvestment
of dividends 8,795 7,901 89,872 80,628
------ ----- ------- ------
17,217 7,901 176,759 80,628
Shares redeemed - - - -
------ ----- ------- ------
Net increase 17,217 7,901 $176,759 $ 80,628
====== ===== ======= ======
Asset Allocation Portfolio
Shares sold - 71,357 $ - $772,772
Shares issued in reinvestment
of dividends 25,389 20,093 285,508 221,239
------ ------ ------- -------
25,389 91,450 285,508 994,011
Shares redeemed (3,664) - (42,331) -
------ ------ ------- -------
Net increase 21,725 91,450 $243,177 $994,011
====== ====== ======= =======
<PAGE>
<PAGE>
<TABLE>
USLICO Series Fund
Condensed Financial Information
For the Six Months Ended June 30, 1995
(Unaudited)
Common Money Asset
Stock Market Bond Allocation
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
Net asset value, beginning of period $ 10.37 $ 1.00 $ 9.41 $ 10.18
Income from investment operations:
Net investment income 0.20 0.03 0.35 0.28
Net realized and unrealized
gains on securities 1.56 - 0.74 1.18
----------- ---------- ---------- ------------
Total from investment operations 1.76 0.03 1.09 1.46
Distributions:
Distribution of income (0.18) (0.03) (0.33) (0.27)
Distribution of capital gains - - - -
----------- ---------- ---------- ------------
Net asset value, end of period $ 11.95 $ 1.00 $ 10.17 $ 11.37
=========== ========== ========== ============
Total return 16.97% 3.00% 11.58% 14.34%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $17,192,186 $5,635,745 $2,858,249 $ 12,030,713
Expenses to average net assets 0.25% 0.25% 0.25% 0.25%
Net investment income to average net assets 1.76% 2.80% 3.47% 2.64%
Portfolio turnover rate 19.68% N/A 9.99% 12.29%
Weighted average number of shares outstanding
for six months ended June 30, 1995 1,422,300 5,809,244 266,922 1,042,143
For the Six Months Ended June 30, 1994
(Unaudited)
FINANCIAL HIGHLIGHTS
Net asset value, beginning of period $ 11.23 $ 1.00 $ 10.49 $ 11.26
Income from investment operations:
Net investment income 0.17 0.01 0.33 0.28
Net realized and unrealized
losses on securities (0.30) - (0.66) (0.58)
----------- ---------- ---------- ------------
Total from investment operations (0.13) 0.01 (0.33) (0.30)
Distributions:
Distribution of income (0.16) (0.01) (0.31) (0.26)
Distribution of capital gains - - - -
----------- ---------- ---------- ------------
Net asset value, end of period $ 10.94 $ 1.00 $ 9.85 $ 10.70
=========== ========== ========== ============
Total return (1.16%) 1.00% (3.15%) (2.66%)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $13,106,990 $5,541,252 $2,548,853 $ 9,643,909
Expenses to average net assets 0.37% 0.37% 0.37% 0.37%
Net investment income to average net assets 1.51% 1.43% 3.24% 2.49%
Portfolio turnover rate 24.26% N/A 6.14% 13.68%
Weighted average number of shares outstanding
for six months ended June 30, 1994 1,127,581 5,422,913 252,884 830,763
</TABLE>
<PAGE>
<TABLE>
USLICO Series Fund
Condensed Financial Information
For the Six Months Ended June 30, 1993
(Unaudited)
Common Money Asset
Stock Market Bond Allocation
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
Net asset value, beginning of period $ 10.45 $ 1.00 $ 10.21 $ 10.71
Income from investment operations:
Net investment income 0.17 0.01 0.35 0.28
Net realized and unrealized
gains on securities 0.35 - 0.40 0.46
----------- ---------- ---------- ------------
Total from investment operations 0.52 0.01 0.75 0.74
Distributions:
Distribution of income (0.06) (0.01) (0.11) (0.09)
Distribution of capital gains - - - -
----------- ---------- ---------- ------------
Net asset value, end of period $ 10.91 $ 1.00 $ 10.85 $ 11.36
=========== ========== ========== ============
Total return 4.98% 1.00% 7.35% 6.91%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $11,674,302 $5,306,436 $2,543,750 $ 8,742,478
Expenses to average net assets 0.37% 0.37% 0.46% 0.47%
Net investment income to average net assets 1.59% 1.20% 3.30% 2.53%
Portfolio turnover rate 29.68% N/A 6.17% 15.40%
Weighted average number of shares outstanding
for six months ended June 30, 1993 1,061,127 5,433,747 244,192 755,706
For the Six Months Ended June 30, 1992
(Unaudited)
FINANCIAL HIGHLIGHTS
Net asset value, beginning of period $ 10.55 $ 1.00 $ 10.21 $ 10.71
Income from investment operations:
Net investment income 0.19 0.02 0.37 0.30
Net realized and unrealized
gains (losses) on securities 0.29 - (0.04) 0.11
----------- ---------- ---------- ------------
Total from investment operations 0.48 0.02 0.33 0.41
Distributions:
Distribution of income (0.27) (0.02) (0.36) (0.29)
Distribution of capital gains - - - (0.02)
----------- ---------- ---------- ------------
Net asset value, end of period $ 10.76 $ 1.00 $ 10.18 $ 10.81
=========== ========== ========== ============
Total return 4.55% 2.00% 3.23% 3.83%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $10,536,614 $5,434,077 $2,381,966 $ 7,151,812
Expenses to average net assets 0.47% 0.37% 0.38% 0.41%
Net investment income to average net assets 1.83% 1.66% 3.67% 2.82%
Portfolio turnover rate 19.21% N/A 27.79% 13.95%
Weighted average number of shares outstanding
for six months ended June 30, 1992 959,624 5,322,916 237,885 620,688
</TABLE>
<PAGE>
<TABLE>
USLICO Series Fund
Condensed Financial Information
For the Six Months Ended June 30, 1991
(Unaudited)
Common Money Asset
Stock Market Bond Allocation
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
Net asset value, beginning of period $ 9.97 $ 1.00 $ 9.65 $ 10.08
Income from investment operations:
Net investment income 0.18 0.03 0.40 0.31
Net realized and unrealized
gains on securities 0.91 - 0.15 0.40
----------- ---------- ---------- ------------
Total from investment operations 1.09 0.03 0.55 0.71
Distributions:
Distribution of income (0.18) (0.03) (0.41) (0.28)
Distribution of capital gains (0.34) - - (0.15)
----------- ---------- ---------- ------------
Net asset value, end of period $ 10.54 $ 1.00 $ 9.79 $ 10.36
=========== ========== ========== ============
Total return 10.93% 3.00% 5.70% 7.04%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $ 8,870,267 $5,148,681 $2,314,825 $ 5,221,573
Expenses to average net assets 0.37% 0.37% 0.37% 0.37%
Net investment income to average net assets 1.71% 2.89% 3.97% 2.94%
Portfolio turnover rate 20.11% N/A 14.84% 18.23%
Weighted average number of shares outstanding
for six months ended June 30, 1991 799,573 5,040,778 232,686 462,395
</TABLE>
