-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, oXauzO8Lz0yZCpA50rKp80gxj9pXnackv2ulR30XuO8mNlVqikDJVLF529LJrbFA akTgo2fvkdOtPFlDeE9Gqg== 0000950109-95-001962.txt : 19950531 0000950109-95-001962.hdr.sgml : 19950531 ACCESSION NUMBER: 0000950109-95-001962 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950518 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: INA INVESTMENT SECURITIES INC CENTRAL INDEX KEY: 0000049975 STANDARD INDUSTRIAL CLASSIFICATION: IRS NUMBER: 231886274 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-02299 FILM NUMBER: 95540738 BUSINESS ADDRESS: STREET 1: S 217 900 COTTAGE GROVE ROAD CITY: HARTFORD STATE: CT ZIP: 06152-2217 BUSINESS PHONE: 2157612907 MAIL ADDRESS: STREET 1: S 217 900 COTTAGE GROVE ROAD CITY: HARTFORD STATE: CT ZIP: 06152-2217 FORMER COMPANY: FORMER CONFORMED NAME: INA INCOME & CONVERTIBLE FUND DATE OF NAME CHANGE: 19730426 N-30B-2 1 INA FIRST QUARTER REPORT - - -------------------------------------------------------------------------------- DEAR SHAREHOLDERS: We are pleased to provide this report for INA Investment Securities, Inc., cov- ering the quarter ended March 31, 1995. BOND RALLY MARKS FIRST QUARTER Thus far in 1995, the markets major surprise has been an unexpectedly strong rally in bonds. Slower growth and tame inflation numbers have helped build in- vestor confidence that the Federal Reserve has indeed engineered a "soft land- ing" for the economy. Corporate bonds, including the high-yield sector, continued to perform well. A significant decline in the number of new bonds issued, coupled with unabated investor demand, kept spreads over Treasury bonds near historic lows. For the same supply and demand reasons, most mortgage-backed securities also performed well. The bond market returned a healthy +4.98% during the first quarter, as measured by the Lehman Government/Corporate Index. FUND PERFORMANCE The Fund's performance compared favorably with the market index for the quar- ter, returning +4.87% after deduction of expenses and reinvestment of divi- dends, based on net asset value of underlying Fund assets. PORTFOLIO REVIEW The portfolio remains fully invested. On March 31, 1995, corporate and foreign bonds were approximately 63.0% of portfolio holdings, U.S. government/agency securities 32.2%, and cash and other assets 4.8%. Per-share net asset value was $18.08, up from $17.56 on December 31, 1994. A dividend of $.33 was declared during the first quarter. OUTLOOK There is a good chance the economy will accelerate again during late spring or summer, prompting the Federal Reserve Bank to raise short-term rates and tighten credit. Until longer term economic trends re-assert themselves, the markets will most likely go on trading in a narrow range. We do not anticipate making significant changes in the duration of the bonds in which we invest over this period. We do expect to continue to favor non-Treasury securities, and to maintain a presence in the high-yield market. Sincerely, \s\ R. Bruce Albro R. Bruce Albro, Chairman INA Investment Securities, Inc. May 4, 1995 - - -------------------------------------------------------------------------------- FINANCIAL SUMMARY For the Three Months Ended March 31 (Unaudited) (In Thousands) - - --------------------------------------------------------------------------------
1995 1994 ---- ---- Net investment income $1,567 $1,577 Net realized and unrealized gain (loss) 2,529 (4,590) Per share: Net investment income $ 0.33 $ 0.33 Dividends from net investment income $ 0.33 $ 0.33 Net asset value at end of period $18.08 $18.76
- - -------------------------------------------------------------------------------- NET INVESTMENT INCOME PER SHARE For the Three Months Ended March 31 (Unaudited) - - ------------------------------------------------------------------------------------------------------------
1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- $0.33 $0.33 $0.36 $0.37 $0.40
- - -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES March 31, 1994 (Unaudited) - - --------------------------------------------------------------------------------
(IN THOUSANDS) -------------- ASSETS: Investments at market value (Cost -- $86,276,085) $85,216 Cash 1 Interest receivable 2,178 Other 41 ------- Total assets 87,436 ------- LIABILITIES: Payable for investments purchased 531 Deferred directors' fees payable 84 Accrued advisory fees payable 43 Other accrued expenses (including $17,531 due to affiliate) 132 ------- Total liabilities 790 ------- NET ASSETS $86,646 ======= NET ASSET VALUE PER SHARE Applicable to 4,792,215 shares of $.10 par value capital stock outstanding (12,000,000 shares authorized) $18.08 ======
- - -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS For the Three Months Ended March 31, 1995 (Unaudited) - - --------------------------------------------------------------------------------
(IN THOUSANDS) -------------- INVESTMENT INCOME: Interest $ 1,782 EXPENSES: Investment advisory fees $ 112 Administrative services 19 Transfer agent fees 17 Shareholder reports 17 Custodian fees 16 Auditing and legal fees 13 State taxes 9 Directors' fees 8 Other 4 215 ----- -------- NET INVESTMENT INCOME 1,567 NET REALIZED GAIN ON INVESTMENTS 46 UNREALIZED APPRECIATION OF INVESTMENTS 2,483 -------- NET INCREASE IN NET ASSETS FROM OPERATIONS 4,096 DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (1,581) -------- NET INCREASE IN NET ASSETS 2,515 NET ASSETS: Beginning of period 84,131 -------- End of period (includes overdistributed net investment income of $35,563) $ 86,646 ========
INA Investment Securities is a closed-end, diversified manage- ment investment company that invests primarily in debt securities. The investment adviser is CIGNA Investments, Inc., Hartford, Connecticut 06152. Shareholders may elect to have dividends automatically reinvested in additional shares of INA Investment Securities by participating in the Automatic Dividend Investment Plan. For a brochure describing this Plan or general inquiries about your account, contact State Street Bank and Trust Company, Stock Transfer De- partment, P.O. Box 8200, Boston, Massachusetts, 02266-8200, or call toll-free 1-800-426-5523. ------------------- [LOGO OF CIGNA APPEARS HERE] BULK RATE U.S. POSTAGE INA Investment Securities, Inc. PAID P.O. Box 13856 SO. HACKENSACK, NJ Philadelphia, PA 19101 PERMIT 750 ------------------- Printed on recycled paper [LOGO OF CIGNA APPEARS HERE] INA Investment Securities, Inc. First Quarter Report March 31,1995 -----END PRIVACY-ENHANCED MESSAGE-----