<PAGE>
FORTIS-Trademark-
[LOGO]
FORTIS
GLOBAL GROWTH
PORTFOLIO
Annual Report
October 31, 1995
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO ANNUAL REPORT
CONTENTS
LETTER TO SHAREHOLDERS 1
SCHEDULE OF INVESTMENTS 4
STATEMENT OF ASSETS AND LIABILITIES 7
STATEMENT OF OPERATIONS 8
STATEMENTS OF CHANGES IN
NET ASSETS 9
NOTES TO FINANCIAL STATEMENTS 10
INDEPENDENT AUDITORS' REPORT 12
BOARD OF DIRECTORS AND OFFICERS 14
- - TOLL-FREE PERSONAL ASSISTANCE
- Shareholder Services
- (800) 800-2638, Ext. 3012
- 7:30 a.m. to 5:30 p.m. CST, M-Th
- 7:30 a.m. to 5:00 p.m. CST, F
- - TOLL-FREE INFORMATION LINE
- For daily account balances,
transaction activity or net asset
value information
- (800) 800-2638, Ext. 4344
- 24 hours a day
FOR MORE INFORMATION ABOUT FORTIS FINANCIAL GROUP'S FAMILY OF PRODUCTS, CALL
YOUR INVESTMENT REPRESENTATIVE OR THE HOME OFFICE AT (800) 800-2638.
TO ORDER PROSPECTUSES OR SALES LITERATURE FOR ANY FORTIS PRODUCT, CALL (800)
800-2638, EXT. 4579.
HOW TO USE THIS REPORT
For a quick overview of the fund's performance during the past year, refer to
the Highlights box below. The letter from the portfolio manager and president
provides a more detailed analysis of the fund and financial markets.
The charts alongside the letter are useful because they provide more information
about your investments. The top holdings chart shows the types of securities in
which the fund invests, and the pie chart shows a breakdown of the fund's assets
by country. The portfolio changes show the investment decisions your fund
manager has made over the period in response to changing market conditions.
The performance chart graphically compares the fund's total return performance
with a selected investment index. Remember, however, that an index may reflect
the performance of securities the fund may not hold. Also, the index does not
deduct sales charges, investment advisory fees and other fund expenses, whereas
your fund does. Individuals cannot buy an unmanaged index fund without incurring
some charges and expenses.
This report is just one of several tools you can use to learn more about your
investment in the Fortis Family of Mutual Funds. Your investment representative,
who understands your personal financial situation, can best explain the features
of your investment and how it's designed to help you meet your financial goals.
HIGHLIGHTS
<TABLE>
<CAPTION>
FOR THE YEAR ENDED OCTOBER 31, 1995:
<S> <C> <C> <C> <C> <C>
MSCI
CLASS A CLASS B* CLASS C* CLASS H* WORLD INDEX
-------- -------- -------- -------- -----------
NET ASSET VALUE PER SHARE:
Beginning of period.................... $ 14.78 $ 14.60 $ 14.60 $ 14.60 642.57
End of period.......................... $ 18.24 $ 18.12 $ 18.13 $ 18.12 691.60
TOTAL RETURN** 23.41% 24.11% 24.18% 24.11% 10.03%
* Period from November 14, 1994 (commencement of operations) to October 31, 1995.
** These are the fund's total returns during the period, including reinvestment of all dividend
and capital gains distributions without adjustments for sales charge.
</TABLE>
<PAGE>
[PHOTO]
"It's a big world out there, but too many investors see only a small
part of it. With Fortis Global Growth, I can take advantage of global
diversification. I have an investment with the potential to take me
somewhere."
FORTIS GLOBAL GROWTH PORTFOLIO
DEAR SHAREHOLDER:
We are pleased to present the Fortis Global Growth Portfolio, Inc. annual report
for the year ended October 31, 1995.
Fortis Global Growth Portfolio (FGGP) has been one of the top performing global
mutual funds over the past 12-month period, with a 23.41 percent increase in net
asset value. This compared to a total return of 10.03 percent for the Morgan
Stanley Capital International (MSCI) World Index. Since inception in July 1991,
the fund has appreciated 73.30 percent, which compares to a 58.36 percent return
for the MSCI World Index. We are pleased with our longer term and recent
performance results and hope that shareholders will continue to have confidence
in our global growth approach to investing.
As a global portfolio, FGGP has the flexibility to invest in a variety of stock
markets around the world, including the United States. At fiscal year end, the
portfolio was highly diversified with 91 individual investments in 25 different
nations. Foreign holdings represented 55 percent of total net assets; holdings
in the U.S. represented 41 percent; and cash or cash equivalents totaled 4
percent. The respective weightings of the MSCI World Index were 39 percent in
the USA and 61 percent in foreign markets.
FGGP is a growth oriented global mutual fund. Our investment focus is on
companies with strong market positions and superior growth prospects relative to
the respective local economy. We continually search for new
investments around the world that can demonstrate strong growth in both revenues
and earnings, regardless of the underlying economic environment. When
researching potential investments, we look for companies with a strong
management, a focused growth strategy, a healthy balance sheet to finance future
growth, and an ability to dominate its market or industry niche. We have found
that companies with these characteristics can achieve superior returns on their
investment and above average returns for shareholders.
FGGP's performance over the past year can be attributed to favorable stock
selection and an improved environment for growth oriented investments. In
general, the interest rate environment around the world has been favorable
during 1995, as many of the world's central banks have increased the amount of
liquidity in their respective banking systems. The major economies of the United
States, Europe and Japan are in low inflation, low growth environments. This has
led to a policy of stimulation by the central banks and has created an excellent
environment for financial assets. The net result has been lower long-term
interest rates and strong equity markets, particularly in the United States.
We feel that since most of the major economies around the world are growing at
moderate rates, liquidity should remain favorable through the first half of
1996. This could result in a continued favorable environment for high
growth-oriented companies.
TOP TEN HOLDINGS AS OF 10/31/95
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
<C> <S> <C>
- -------------------------------------------------------------------------------
1. SAP AG Systeme Preferred (Germany) 5.2%
2. Nokia (AB) K Shares (Finland) 4.9%
3. Gartner Group, Inc. Class A (US) 2.9%
4. SGL Carbon AG (Germany) 2.1%
5. 3Com Corp. (US) 2.1%
6. Cisco Systems, Inc. (US) 1.9%
7. Wisconsin Central Transportation Corp. (US) 1.9%
8. Xilinx, Inc. (US) 1.9%
9. Randstad Holdings NV (Netherlands) 1.9%
10. Parametric Technology Corp. (US) 1.9%
</TABLE>
1
<PAGE>
Our focus in the U.S. is on those segments of the economy that are growing at
substantially faster than average rates. We believe some of the key growth areas
for the 1990s include communications-based companies, software systems
companies, and companies involved in the networking of personal computers into
local area networks and wide area networks. In our opinion, networking companies
such as Cisco Systems, 3Com and U.S. Robotics are well positioned to continue to
demonstrate strong gains in revenues and earnings. We envision a very strong
global market for networking systems during the next several years as both
Europe and Japan accelerate their capital spending plans for productivity
enhancing systems. U.S. companies will likely continue to dominate many of the
new growth areas within the technology related industries.
Of the portion invested in foreign investments, we have been successful in
selecting numerous niche-based companies that are growing substantially faster
than the average overseas corporation. Examples of companies growing at
extraordinary rates within mature economies include Randstad Holdings in the
Netherlands, a leading factor in the temporary help industry; Nokia, a
Finnish-based company that is leader in the manufacture of cellular handsets and
cellular infrastructure equipment; and SAP, a German company that is the global
leader in client serve application software.
Over the past five years, Japan has been a very difficult market for all
investors. The economy has experienced a deflationary environment that
negatively impacted the earnings and revenue growth for almost all Japanese
corporations. FGGP currently has
about 7 percent of its net assets in Japan and is significantly underweighted
relative to the MSCI World Index's weighting of 22 percent. This market has
performed poorly since 1989, and will likely remain a challenge -- especially
for investors with a growth-oriented approach.
Emerging regions around the world include Latin America, the Far East and
central Europe. Generally, these higher risk geographic areas hold great
promise, but have experienced growing pains in the past year. The Mexican peso
crisis has had a negative psychological impact on other emerging regions.
Overall, holdings in emerging nations represented approximately 7 percent of
FGGP's year-end net assets. We believe this market sector will resume its
historic growth pattern in the years ahead.
GLOBAL GROWTH PORTFOLIO
CLASS B, C AND H CUMULATIVE
TOTAL RETURNS
SINCE INCEPTION 11/14/94+
<TABLE>
<CAPTION>
Without With
CDSC CDSC++
<S> <C> <C>
- -------------------------------------------------------------
Class B shares+ +24.11% +20.51%
Class C shares+ +24.18% +23.18%
Class H shares+ +24.11% +20.51%
<FN>
Past performance is not indicative of future performance. Total returns include
investment of all dividend and capital gains distributions. The performance of
the separate classes (A, B, C and H) will vary based on the differences in sales
loads and distribution fees paid by shareholders investing in the different
classes. Class A has a maximum sales charge of 4.75%, Class B and H have a CDSC
of 4.00% (with a waiver of 10% of the amount invested) if redeemed within two
years of purchase, and Class C has a CDSC of 1.00% if redeemed within one year
of purchase.
+ Since November 14, 1994 -- Date shares were first offered to the public.
++ Assumes redemption on October 31, 1995.
</TABLE>
GLOBAL GROWTH PORTFOLIO CLASS A SHARES
Value of $10,000 invested July 8, 1991
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
MSCI WORLD INDEX GLOBAL GROWTH PORTFOLIO CLASS A
<S> <C> <C>
07/08/91 10,000 9,525
10/31/91 10,900 10,302
10/31/92 10,411 10,945
10/31/93 13,306 13,700
10/31/94 14,393 14,042
10/31/95 15,836 17,330
</TABLE>
Annual period ended October 31, 1995
Past performance is not indicative of future performance. Investment
return and principal value will fluctuate so that shares, when redeemed,
may be worth more or less than their original cost.
* SEC defined total returns, including reinvestment of all dividend
and capital gains distributions and the reduction due to the maximum
sales charge of 4.75%.
** These are the portfolios total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustment for sales charge.
*** An unmanaged index of the world's major equity markets in U.S.
dollars, weighted by stock market value.
@ Date shares were first offered to the public.
2
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 10/31/95
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
United States 41.1%
Other 9.8%
Germany 7.3%
United Kingdom 6.6%
Japan 6.5%
Netherlands 6.2%
Finland 4.9%
Cash Equivalents/Receiv-
ables 4.4%
Sweden 4.1%
Italy 3.0%
France 2.5%
Israel 2.1%
Spain 1.5%
</TABLE>
We believe that the long-term outlook for global growth investment remains very
favorable. The trends toward greater globalization in areas such as
communication, business and investments will likely continue to proliferate, and
companies with strong market positions in rapidly growing industries will likely
prosper. The key to longer term success is taking advantage of those
opportunities by investing in the world's best positioned growth companies at
reasonable valuation levels.
We remain confident that our global growth investment approach will continue
to offer the potential for superior returns over the long run. Thank you for
your investment with Fortis. If you have any questions, please call us or
talk with your investment professional.
Sincerely,
[SIGNATURE]
Dean C. Kopperud
President
[SIGNATURE]
James S. Byrd
Vice President
November 21, 1995
PORTFOLIO CHANGES FOR THE
YEAR ENDED 10/31/95
ADDITIONS:
Baan Co. NV
Bangkok Bank Co., Ltd.
Barco NV
Bed, Bath & Beyond, Inc.
British Sky Broadcasting plc
Buenos Aires Embotelladora S.A. ADR
Cheesecake Factory, Inc.
Credit Acceptance Corp.
Crown Cork & Seal Co., Inc.
Dixons Group plc
First Pacific Co. Ltd.
Hoganas Class B
Indian Hotels Co., Ltd. GDR
Iochpe Maxion S.A. ADR
Korea Electric Power Corp.
Matsushita Electric Industrial Co., Ltd. ADR
Mercury Interactive Corp.
News Corp., Ltd. (The) Preferred ADR
Owen Healthcare, Inc.
Physician Reliance Network, Inc.
Randstad Holdings NV
Roche Holdings, A.G., Genusscheine NVP
R.P. Sherer Corp.
Sanofi SA
Santa Isabel S.A. ADR
Scandinavian Mobility International
Service Corp. International
SGL Carbon AG
Sidel SA
Steris Corp.
Telebras ADR
Telewest plc
Tellabs, Inc.
Thorn Lighting Group plc
U.S. Robotics Corp.
Videotron Holdings plc ADR
Viking Office Products, Inc.
Wabash National Corp.
Western Atlas, Inc.
WM Data AB Class B
ELIMINATIONS:
Alcatel Cable
Alpine Electronics
Banco Latinoamericano de Exportaciones
S.A. Class E
Boomtown, Inc.
Brinker International, Inc.
Celsius Industrier Class B
Central European Media Enterprises Ltd.
Class A
Compania de Telefonos de Chile S.A. ADS
Cracker Barrel Old Country Store, Inc.
Cross Timbers Oil Co.
Dairy Farm International Holdings Ltd.
Forest Laboratories, Inc.
Franklin Quest Co.
Grupo Embotellador de Mexico, S.A. de C.V. ADR
Grupo Financiero Bancomer, S.A. de C.V. ADR
Grupo Televisa, S.A. de C.V. ADR
Huaneng Power International, Inc. ADS
Indosat
International Game Technology
Jusco Co.
Kirby Corp.
KLM KON Luchtvaart
Maculan Holdings ORDS
Newbridge Networks Corp.
Ortel Corp.
Perrigo Co.
Royal PTT Nederland NV
Sembawang Shipyard Ltd.
Shaw Industries, Inc.
Skywest, Inc.
Stein Mart, Inc.
Swire Pacific Ltd. "A"
Sybase, Inc.
Telecom de Argentina ADR
Telefonica de Argentina ADR
TNT Freightways Corp.
Total Co. Francaise Petroles "B"
U.S. HealthCare, Inc.
3
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments
October 31, 1995
COMMON STOCKS-90.10%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- --------- ------------ ------------
<C> <S> <C> <C>
ARGENTINA-0.81%
5,100 Buenos Aires Embotelladora S.A. ADR
(f) -- BEVERAGE................................. $ 125,319 $ 116,662
27,000 YPF Sociedad Anonima ADR -- OIL-CRUDE PETROLEUM
AND GAS......................................... 657,260 462,375
------------ ------------
782,579 579,037
------------ ------------
AUSTRALIA-0.66%
24,000 News Corp., Ltd. ADR (The) (f) -- BROADCASTING.... 395,026 477,000
------------ ------------
BELGIUM-1.25%
8,000 Barco NV -- TELECOMMUNICATIONS.................... 871,054 901,436
------------ ------------
BRAZIL-0.78%
20,000 Iochpe Maxion S.A. Sponsored ADR
(f) -- MACHINERY................................ 171,063 155,954
10,000 Telebras -- SPONSORED
ADR -- UTILITIES-TELEPHONE...................... 416,250 401,250
------------ ------------
587,313 557,204
------------ ------------
CANADA-0.46%
16,000 Rogers Cantel Mobile Communications, Inc. Class B
(a) -- TELECOMMUNICATIONS....................... 364,812 332,000
------------ ------------
CHILE-0.31%
10,000 Santa Isabel S.A. ADR (a) (f) -- RETAIL-GROCERY... 175,680 226,250
------------ ------------
DENMARK-1.02%
10,000 Scandinavian Mobility International A/S
(a) -- MEDICAL SUPPLIES......................... 217,986 237,812
19,000 Tele Danmark A/S ADR -- TELECOMMUNICATIONS........ 459,210 496,375
------------ ------------
677,196 734,187
------------ ------------
FINLAND-4.87%
60,000 Nokia (AB) K Shares -- TELECOMMUNICATIONS......... 982,660 3,503,566
------------ ------------
FRANCE-2.51%
4,000 Castorama Dubois
Investisse -- RETAIL-MISCELLANEOUS.............. 355,465 648,287
12,100 Sanofi SA -- DRUGS................................ 671,652 771,320
1,100 Sidel SA -- MACHINERY............................. 355,256 381,737
------------ ------------
1,382,373 1,801,344
------------ ------------
GERMANY-2.10%
23,000 SGL Carbon AG (a) -- STEEL AND IRON............... 1,134,611 1,509,092
------------ ------------
HONG KONG-0.16%
100,000 First Pacific Co. Ltd. -- MISCELLANEOUS........... 103,462 115,109
------------ ------------
INDIA-0.86%
9,000 Bajaj Auto Ltd. GDR (a) (e) -- AUTOMOBILE
MANUFACTURERS................................... 232,257 212,631
25,000 Indian Hotels Co., Ltd. (The) GDR (a) (e) -- HOTEL
AND MOTEL....................................... 415,000 402,045
------------ ------------
647,257 614,676
------------ ------------
ISRAEL-2.10%
38,000 ECI Telecom Ltd. -- TELECOMMUNICATIONS............ 670,706 722,000
20,000 Teva Pharmaceutical Industries, Ltd.
ADR -- DRUGS.................................... 535,250 785,000
------------ ------------
1,205,956 1,507,000
------------ ------------
ITALY-2.99%
29,400 Fila Holdings S.p.A. ADR (f) -- APPAREL........... 494,131 1,267,875
22,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE......... 402,621 880,000
------------ ------------
896,752 2,147,875
------------ ------------
JAPAN-6.48%
7,000 Autobacs Seven Co. Ltd. -- RETAIL-MISCELLANEOUS... 735,226 660,668
10,000 Canon, Inc. ADR (f) -- OFFICE EQUIPMENT AND
SUPPLIES........................................ 727,099 852,500
99 DDI Corp. -- TELECOMMUNICATIONS................... 537,955 802,690
12,000 Kyocera Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT....................................... 893,163 983,520
3,000 Matsushita Electric Industrial Co., Ltd.
ADR -- ELECTRONIC-CONTROLS AND EQUIPMENT........ 495,981 433,500
112 Nippon Telegraph & Telephone Corp. -- TELEPHONE
SERVICES........................................ 978,243 920,688
------------ ------------
4,367,667 4,653,566
------------ ------------
</TABLE>
4
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------ ------------
<C> <S> <C> <C>
MALAYSIA-0.62%
175,000 Technology Resources Industries
(a) -- TELECOMMUNICATIONS....................... $ 630,891 $ 443,877
------------ ------------
MEXICO-0.59%
15,500 Panamerican Beverages, Inc. Class A -- BEVERAGE... 546,573 424,312
------------ ------------
NETHERLANDS-6.21%
15,000 Baan Co. NV (a) (f) -- COMPUTER-SOFTWARE.......... 240,000 637,500
55,000 Elsevier NV -- PUBLISHING......................... 496,125 710,065
30,000 IHC Caland NV -- MACHINERY-OIL AND WELL........... 482,759 852,457
30,000 Randstad Holdings NV -- BUSINESS SERVICES AND
SUPPLIES........................................ 820,388 1,351,781
10,000 Wolters Kluwer -- PUBLISHING...................... 500,209 908,781
------------ ------------
2,539,481 4,460,584
------------ ------------
SOUTH KOREA-0.65%
19,000 Korea Electric Power Corp.
(a) -- UTILITIES-ELECTRIC....................... 408,500 467,875
------------ ------------
SPAIN-1.53%
24,000 Centros Comerciales Continente
S.A. -- RETAIL-MISCELLANEOUS.................... 501,807 599,755
10,000 Empresa Nacional de Electricidad -- ELECTRIC
PRODUCTS........................................ 485,712 496,523
------------ ------------
987,519 1,096,278
------------ ------------
SWEDEN-4.07%
35,000 Astra AB -- A SHARES -- DRUGS..................... 693,684 1,285,452
40,000 Ericsson (L.M.) Telephone Co. Class B ADR (and
Rights) (f) - Telecommunications................ 511,500 884,375
25,000 Hoganas Class B -- MISCELLANEOUS.................. 649,781 673,583
2,300 WM Data AB Class B -- BUSINESS SERVICES AND
SUPPLIES........................................ 63,829 84,473
------------ ------------
1,918,794 2,927,883
------------ ------------
SWITZERLAND-1.01%
100 Roche Holdings AG, Genusschein NVP -- DRUGS....... 522,734 725,906
------------ ------------
THAILAND-0.43%
30,000 Bangkok Bank Co. Ltd. -- BANKS.................... 332,434 310,016
------------ ------------
UNITED KINGDOM-6.58%
165,000 British Sky Broadcasting plc -- BROADCASTING...... 677,817 984,136
150,000 Dixons Group plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO................................ 476,679 906,503
220,000 Kwik Fit Holdings plc -- RETAIL-MISCELLANEOUS..... 506,762 624,848
120,000 Powerscreen International plc -- CONSTRUCTION..... 557,262 730,883
125,000 Telewest plc (a) -- TELECOMMUNICATIONS............ 357,971 349,110
120,000 Thorn Lighting Group plc -- ELECTRIC PRODUCTS..... 292,535 325,678
15,000 Videotron Holdings plc ADR
(a) -- TELECOMMUNICATIONS....................... 262,500 197,812
15,000 Vodafone Group plc ADR -- UTILITIES-TELEPHONE..... 435,803 613,125
------------ ------------
3,567,329 4,732,095
------------ ------------
UNITED STATES-41.05%
32,000 3Com Corp. (a) (f) -- TELECOMMUNICATIONS.......... 420,000 1,504,000
64,000 Anixter International, Inc. (a) -- ELECTRIC
PRODUCTS........................................ 1,201,329 1,224,000
40,000 Apple South, Inc. (f) -- RESTAURANTS AND
FRANCHISING..................................... 406,335 820,000
35,000 Applebees International, Inc. (f) -- RESTAURANTS
AND FRANCHISING................................. 594,675 984,375
24,000 Applied Materials, Inc. (a) -- ELECTRONIC-CONTROLS
AND EQUIPMENT................................... 593,200 1,203,000
25,000 AutoZone, Inc. (a) (f) -- RETAIL-MISCELLANEOUS.... 599,585 618,750
15,000 Bed, Bath & Beyond, Inc. (a)
(f) -- RETAIL-MISCELLANEOUS..................... 330,625 468,750
11,000 Catalina Marketing Corp. (a) -- BUSINESS SERVICES
AND SUPPLIES.................................... 443,564 555,500
12,000 Cheesecake Factory, Inc. (a) (f) -- RESTAURANTS
AND FRANCHISING................................. 349,563 261,000
18,000 Cisco Systems, Inc. (a) -- TELECOMMUNICATIONS..... 366,375 1,395,000
26,000 Credit Acceptance Corp. (a) -- FINANCE
COMPANIES....................................... 637,000 611,000
15,000 Crown Cork & Seal Company Inc. (a) -- CONTAINERS
AND PACKAGING................................... 678,225 523,125
12,000 DSC Communications Corp.
(a) -- TELECOMMUNICATIONS....................... 350,124 444,000
48,000 Gartner Group, Inc. Class A (a) (f) -- BUSINESS
SERVICES AND SUPPLIES........................... 300,000 2,094,000
30,000 Input/Output, Inc. (a) -- COMPUTER-SOFTWARE....... 200,750 1,121,250
39,000 Landmark Graphics Corp. (a) (f) -- BUSINESS
SERVICES AND SUPPLIES........................... 835,951 848,250
30,000 Mercury Finance Co. (f) -- FINANCE COMPANIES...... 464,726 577,500
14,000 Mercury Interactive Corp.
(a) -- COMPUTER-SOFTWARE........................ 317,344 287,000
15,750 Office Depot, Inc. (a)
(f) -- RETAIL-MISCELLANEOUS..................... 159,013 450,844
</TABLE>
5
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments
October 31, 1995
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
- --------- ------------ ------------
<C> <S> <C> <C>
22,500 Oracle Corp. (a) -- COMPUTER-SOFTWARE............. $ 425,625 $ 981,563
27,000 Owen Healthcare, Inc.(a) -- HEALTH CARE
SERVICES........................................ 324,000 492,750
20,000 Parametric Technology Corp. (a)
(f) -- COMPUTER-SOFTWARE........................ 509,865 1,337,500
10,000 Physician Reliance Network, Inc. (a) (f) -- HEALTH
CARE SERVICES................................... 140,000 332,500
15,000 R.P. Scherer Corp. (a) (f) -- DRUGS............... 600,000 667,500
13,000 Service Corp. International -- BUSINESS SERVICES
AND SUPPLIES.................................... 500,500 521,625
30,000 Steris Corp. (a) -- MEDICAL SUPPLIES.............. 508,843 1,012,500
30,000 Synopsys, Inc. (a) -- COMPUTER-SOFTWARE........... 650,948 1,125,000
20,000 Tandy Corp. -- OFFICE EQUIPMENT AND SUPPLIES...... 765,094 987,500
20,000 Tellabs, Inc.(a) -- TELECOMMUNICATIONS............ 537,810 680,000
12,000 U.S. Robotics Corp. (a) -- COMPUTER-SOFTWARE...... 515,838 1,110,000
10,000 Viking Office Products, Inc. (a)
(f) -- RETAIL-SPECIALTY AND SPECIALTY MAIL
ORDER........................................... 298,910 445,000
19,900 Wabash National Corp. (f) -- TRANSPORTATION....... 668,082 504,963
12,500 Western Atlas, Inc. (a) (f) -- OIL AND GAS FIELD
SERVICES........................................ 571,163 548,438
23,000 Wisconsin Central Transportation Corp.
(a) -- TRANSPORTATION........................... 649,775 1,385,750
30,000 Xilinx, Inc. (a) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR....................................... 412,946 1,380,000
------------ ------------
17,327,783 29,503,933
------------ ------------
TOTAL COMMON STOCKS............................... $43,356,436 $64,752,101
------------ ------------
------------ ------------
</TABLE>
PREFERRED STOCKS-5.52%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
- -------- ------------ ------------
<C> <S> <C> <C>
AUSTRALIA-0.30%
12,000 News Corp., Ltd. (The) Preferred ADR
(f) -- BROADCASTING............................. $ 170,651 $ 219,000
------------ ------------
GERMANY-5.22%
24,500 SAP AG Systeme Preferred -- COMPUTER-SOFTWARE..... 704,045 3,749,119
------------ ------------
TOTAL PREFERRED STOCKS............................ 874,696 3,968,119
------------ ------------
------------ ------------
TOTAL EQUITY INVESTMENTS.......................... $44,231,132 $68,720,220
------------ ------------
------------ ------------
</TABLE>
SHORT-TERM INVESTMENTS-4.95%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
- ----------- ------------
<C> <S> <C>
BANKS-3.89%
$2,797,000 First Trust Money Market Variable Rate Time Deposit, Current
rate -- 5.62%................................................. $ 2,797,000
------------
DIVERSIFIED FINANCE-1.06%
764,000 Associates Corp. Master Variable Rate Note, Current
rate -- 5.79%................................................. 764,000
------------
TOTAL SHORT-TERM INVESTMENTS.................................... 3,561,000
------------
------------
TOTAL INVESTMENTS IN SECURITIES (COST: $47,792,132) (B)......... $72,281,220
------------
------------
</TABLE>
(a) Presently not paying dividend income.
(b) At October 31, 1995, the cost of securities for federal income tax purposes
was $47,792,132 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
Unrealized appreciation ........................................ $25,873,819
Unrealized depreciation ....................................... (1,384,731)
- --------------------------------------------------------------------------------
Net unrealized appreciation .................................... $24,489,088
- --------------------------------------------------------------------------------
(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.
(e) Securities sold within terms of a private placement memorandum, exempt from
registration under Section 144A of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accreditied
investors". These investments have been identified by portfolio management
as liquid securities. The aggregate value of these securities at October
31, 1995 was $614,676 which represents .86% of total net assets.
(f) Security is fully or partially on loan at October 31, 1995. See Note 1 of
accompanying Notes to Financial Statements.
6
<PAGE>
Fortis Global Growth Portfolio
Statement of Assets and Liabilities
October 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, as detailed in the accompanying
schedules, at market (cost $47,792,132) (Note 1)........ $72,281,220
Cash on deposit with custodian............................ 795
Collateral for securities lending transactions (Note 1)... 14,503,483
Receivables:
Forward foreign currency contracts held, at market
(Notes 1 and 3)........................................ 215,677
Interest and dividends.................................. 66,196
Subscriptions of capital stock.......................... 82,028
Deferred organization cost (Note 1)....................... 16,267
Prepaid expenses.......................................... 18,843
------------
TOTAL ASSETS................................................ 87,184,509
------------
LIABILITIES
Forward foreign currency contracts held, at market (Notes
1 and 3)................................................ 217,986
Payable upon return of securities loaned (Note 1)......... 14,503,483
Payable for investment securities purchased............... 449,543
Redemptions of capital stock.............................. 46,704
Payable for investment advisory and management fees (Note
2)...................................................... 60,715
Payable for distribution fees (Note 2).................... 2,235
Accounts payable and accrued expenses..................... 35,217
------------
TOTAL LIABILITIES........................................... 15,315,883
------------
NET ASSETS
Net proceeds of capital stock, par value $.01 per share -
authorized 10,000,000,000 shares........................ 52,243,205
Unrealized appreciation of investments in securities and
other assets and liabilities denominated in foreign
currency................................................ 24,490,320
Accumulated net realized loss from sale of investments and
foreign currency........................................ (4,864,899)
------------
TOTAL NET ASSETS............................................ $71,868,626
------------
------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $68,302,193 and
3,745,223 shares outstanding)........................... $18.24
------------
Class B shares (based on net assets of $991,291 and 54,717
shares outstanding)..................................... $18.12
------------
Class C shares (based on net assets of $434,284 and 23,956
shares outstanding)..................................... $18.13
------------
Class H shares (based on net assets of $2,140,858 and
118,134 shares outstanding)............................. $18.12
------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Statement of Operations
For the Year Ended October 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET INVESTMENT LOSS:
<S> <C>
Income:
Interest income......................................... $ 242,884
Dividend income (net of foreign withholding taxes of
$71,243)............................................... 444,686
Fee income (Note 1)..................................... 12,209
------------
Total Income.............................................. 699,779
------------
Expenses:
Investment advisory and management fees (Note 2)........ 595,572
Distribution fees (Class A) (Note 2).................... 145,926
Distribution fees (Class B) (Note 2).................... 3,633
Distribution fees (Class C) (Note 2).................... 907
Distribution fees (Class H) (Note 2).................... 7,329
Legal and auditing fees (Note 2)........................ 51,250
Custodian fees.......................................... 40,000
Shareholders' notices and reports....................... 57,500
Amortization of organization costs (Note 1)............. 24,000
Registration fees....................................... 90,000
Directors' fees and expenses............................ 16,150
Other................................................... 4,828
------------
Total expenses............................................ 1,037,095
------------
NET INVESTMENT LOSS......................................... (337,316)
------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Net realized gain (loss) from:
Investments............................................. (3,202,055)
Foreign currency transactions........................... 1,609
------------
Net realized loss on investments and foreign currency
transactions............................................ (3,200,446)
------------
Net change in unrealized appreciation (depreciation) of:
Investments............................................. 16,489,338
Translation of other assets and liabilities denominated
in foreign currency.................................... (161)
------------
Net change in unrealized appreciation (depreciation) on
investments and foreign currency........................ 16,489,177
------------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY................ 13,288,731
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $12,951,415
------------
------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31,
1995 1994
------------- -------------
<S> <C> <C>
OPERATIONS
Net investment loss....................................... $ (337,316) $ (153,649)
Net realized loss on investments and foreign currency
transactions............................................ (3,200,446) (1,054,200)
Net change in unrealized appreciation of investments and
foreign currency........................................ 16,489,177 2,535,034
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 12,951,415 1,327,185
------------- -------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A(996,463 and 2,571,408 shares)................... 15,668,875 37,033,706
Class B (58,426 shares)................................. 948,891 --
Class C (24,308 shares)................................. 417,998 --
Class H (122,300 shares)................................ 2,019,896 --
Less cost of repurchase of shares
Class A (986,837 and 793,126 shares).................... (15,221,519) (11,373,366)
Class B (3,709 shares).................................. (56,866) --
Class C (352 shares).................................... (6,157) --
Class H (4,166 shares).................................. (67,840) --
------------- -------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......... 3,703,278 25,660,340
------------- -------------
TOTAL INCREASE IN NET ASSETS................................ 16,654,693 26,987,525
NET ASSETS:
Beginning of year......................................... 55,213,933 28,226,408
------------- -------------
End of year............................................... $ 71,868,626 $ 55,213,933
------------- -------------
------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
9
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The portfolio is a non-diversified series of Fortis Worldwide Portfolios,
Inc., ("Fortis Worldwide"), an open-end management investment company. The
primary investment objective of the portfolio is long-term capital
appreciation. The portfolio seeks to achieve this objective primarily by
investing in a global portfolio of equity securities allocated among diverse
international markets. The articles of incorporation of Fortis Worldwide
permits the Board of Directors to create additional portfolios in the future.
The fund offers Class A, Class B, Class C and Class H shares. The fund began
to issue multiple class shares effective November 14, 1994. Class A shares
are sold with a front-end sales charge. Class B and H shares are sold without
a front-end sales charge and may be subject to a contingent deferred sales
charge for six years, and such shares automatically convert to Class A after
eight years. Class C shares are sold without a front-end sales charge and may
be subject to a contingent deferred sales charge for one year. All classes of
shares have identical voting, dividend, liquidation and other rights and the
same terms and conditions, except that the level of distribution fees charged
differs between classes. Income, expenses (other than expenses incurred under
each class's distribution agreement) and realized and unrealized gains or
losses on investments are allocated to each class of shares based on its
relative net assets.
The significant accounting policies followed by the fund are summarized as
follows:
SECURITY VALUATION: Investments in securities traded on U.S. or foreign
securities exchanges or on the NASDAQ National Market System are valued at
the last reported sales price; listed securities for which no sale was
reported are valued at the previous day's last sale price on that exchange;
and over-the-counter securities for which no sale was reported are valued at
the last reported bid price. 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.
FOREIGN CURRENCY TRANSLATIONS AND FORWARD FOREIGN CURRENCY
CONTRACTS: Securities and other assets and liabilities denominated in foreign
currencies are translated daily into U.S. dollars at the closing rate of
exchange. Foreign currency amounts related to the purchase or sale of
securities, income and expenses are translated at the exchange rate on the
transaction date. It is not practicable to identify that portion of realized
and unrealized gain (loss) arising from changes in the exchange rates from
the portion arising from changes in the market value of investments.
SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME: Security transactions
are accounted for on the trade date and dividend income is recorded on the
ex-dividend date, or upon receipt of ex-dividend notification in the case of
certain foreign securities. Interest income is recorded on the accrual basis.
Realized security gains and losses are determined using the identified cost
method.
For the year ended October 31, 1995, the cost of purchases and proceeds from
sales of securities (other than short-term securities) aggregated $21,259,939
and $14,842,974, respectively.
LENDING OF PORTFOLIO SECURITIES: At October 31, 1995 securities valued at
$13,907,858 were on loan to brokers from the Fund. For collateral, the Fund's
custodian received $14,503,483 in cash which is maintained in a separate
account and invested by the custodian in short term investment vehicles. Fee
income from securities lending amounted to $12,209 for the year ended October
31, 1995. The risks to the Fund in security lending transactions are that the
borrower may not provide additional collateral when required or return the
securities when due and that the proceeds from the sale of investments made
with cash collateral received will be less than amounts required to be
returned to the borrowers.
INCOME TAXES: The portfolio intends to qualify, under the Internal Revenue
Code, as a regulated investment company and if so qualified, will not have to
pay federal income taxes to the extent its taxable net income is distributed.
On a calendar year basis, the portfolio intends to distribute substantially
all of its net investment income and realized gains, if any, to avoid the
payment of federal excise taxes.
For federal income tax purposes, the fund had a capital loss carryover of
$4,864,899 at October 31, 1995, which, if not offset by subsequent capital
gains, will expire as follows:
<TABLE>
<S> <C>
2000...................................................... $ 483,191
2001...................................................... 125,453
2002...................................................... 1,054,200
2003...................................................... 3,202,055
</TABLE>
It is unlikely the Board of Directors will authorize a distribution of any
net realized gains until the available capital loss carryover has been offset
or expired.
Net Investment Income and net realized gains may differ for financial
statement and tax purposes because of wash sale transactions and other
book-to-tax differences. The character of distributions made during the year
from net investment income or net realized gains may, therefore, differ from
their ultimate characterization for federal income tax purposes. Also, due to
the timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gains
(losses) were recorded by the fund.
On the Statement of Assets and Liabilities, due to permanent book-to-tax
differences, accumulated net investment loss decreased by $337,316,
accumulated net realized loss increased by $1,609, resulting in a net
reclassification adjustment to reduce paid-in-capital by $335,707.
INCOME AND CAPITAL GAINS DISTRIBUTIONS: It is the policy of the portfolio to
generally pay annual distributions from net investment income, if any, and
make distributions of any realized capital gains as required by law. These
income and capital gains distributions are distributed on the record date and
are reinvested in additional shares of the portfolio at net asset value or
payable in cash without any charge to the shareholder.
DEFERRED COSTS: Organization costs are amortized over 60 months on a
straight-line basis. If any or all of the shares representing initial capital
of the portfolio are redeemed by any holder thereof prior to the end of the
amortization period, the proceeds will be reduced by the unamortized
organization costs balance in the same proportion as the number of shares
redeemed bears to the number of initial shares outstanding immediately
preceding the redemption. Registration costs are deferred and charged to
income over the registration period.
10
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
2. PAYMENTS TO RELATED PARTIES: Fortis Advisers, Inc., is the investment adviser
for the portfolio. Investment advisory and management fees are computed at an
annual rate of 1.0% of the first $500 million of average daily net assets,
and .9% on assets in excess of $500 million.
In addition to the investment advisory and management fee, Classes A, B, C
and H pay Fortis Investors, Inc. (the Fund's principal underwriter)
distribution fees equal to .25% (Class A) and 1.00% (Class B, C and H) of
average daily net assets (of the respective classes) on an annual basis, to
be used to compensate those who sell shares of the fund and to pay certain
other expenses of selling fund shares. Fortis Investors, Inc. also received
sales charges (paid by purchasers or redeemers of the fund's shares)
aggregating $368,510 for Class A, $94 for Class B, $26 for Class C, and $220
for Class H for the year ended October 31, 1995.
Legal fees and expenses aggregating $34,003 for the year ended October 31,
1995, were paid to a law firm of which the secretary of the portfolio is a
partner.
3. FORWARD FOREIGN CURRENCY CONTRACTS: At October 31, 1995, the Fund entered
into a forward foreign currency exchange contract that obligated the
portfolio to deliver currency at a specified future date. The unrealized
depreciation of $2,309 on this contract is included in the accompanying
financial statements. The terms of the open contract are as follows:
<TABLE>
<CAPTION>
U.S. Dollar U.S. Dollar
Currency to Value as of Currency to Value as of
Settlement Date be Delivered October 31, 1995 be Received October 31, 1995
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------
November 1, 1995 $217,986 $ 217,986 1,179,000 $ 215,677
U.S. Dollar Danish Krone
</TABLE>
- --------------------------------------------------------------------------------
4. FINANCIAL HIGHLIGHTS: Selected per share and other historical data was as
follows:
<TABLE>
<CAPTION>
For the
period
July 8,
1991***
(commencement
of
operations)
Class A through
For the Year Ended October 31, October 31,
---------------------------------------------- -------------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........................ $ 14.78 $ 14.42 $ 11.52 $ 10.87 $10.05
---------- --------- --------- --------- -------------
Operations:
Investment income (loss)-net.............................. (.09) (.04) (.12) -- --
Net realized and unrealized gains......................... 3.55 .40 3.02 .68 .82
---------- --------- --------- --------- -------------
Total from operations....................................... 3.46 .36 2.90 .68 .82
---------- --------- --------- --------- -------------
Distributions to shareholders:
From investment income-net................................ -- -- -- (.02) --
From net realized gains................................... -- -- -- (.01) --
---------- --------- --------- --------- -------------
Total distributions to shareholders......................... -- -- -- (.03) --
---------- --------- --------- --------- -------------
Net asset value, end of period.............................. $ 18.24 $ 14.78 $ 14.42 $ 11.52 $10.87
---------- --------- --------- --------- -------------
Total Return@............................................... 23.41% 2.50% 25.17% 6.24% 8.16%
Net assets, end of period (000s omitted).................... $ 68,302 $ 55,214 $ 28,226 $ 10,727 $6,249
Ratio of expenses to average daily net assets............... 1.73% 1.72% 2.19% 2.25% 2.25%*
Ratio of net investment income (loss) to average daily net
assets..................................................... (.55%) (.35%) (1.01%) (.04%) .30%*
Portfolio turnover rate..................................... %27** 21% 37% 31% 8%
</TABLE>
<TABLE>
<CAPTION>
Class B Class C Class H
1995+ 1995+ 1995+
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
Net asset value, beginning of period........................ $ 14.60 $ 14.60 $ 14.60
Operations:
Investment income (loss)-net.............................. (.09) (.09) (.09)
Net realized and unrealized gains......................... 3.61 3.62 3.61
--------- --------- ---------
Total from operations....................................... 3.52 3.53 3.52
--------- --------- ---------
Distributions to shareholders............................... -- -- --
--------- --------- ---------
Net asset value, end of period.............................. $ 18.12 $ 18.13 $ 18.12
--------- --------- ---------
Total Return@............................................... 24.11% 24.18% 24.11%
Net assets, end of period (000s omitted).................... $ 991 $ 434 $ 2,141
Ratio of expenses to average daily net assets............... 2.48%* 2.48%* 2.48%*
Ratio of net investment income (loss) to average daily net
assets..................................................... (1.42%)* (1.55%)* (1.46%)*
Portfolio turnover rate..................................... 27%** 27%** 27%**
</TABLE>
* Annualized.
** For the year ended October 31, 1995. Portfolio turnover computed at fund
level.
*** The portfolio's inception was March 25, 1991, when it was initially
capitalized. However, the portfolio's shares did not become effectively
registered under the Securities Act of 1933 until July 8, 1991.
Supplementary information is not presented for the period from March 25,
1991 through July 7, 1991 as the portfolio's shares were not registered
during that period.
@ These are the fund's total returns during the period, including reinvestment
of all dividend and capital gains distributions without adjustments for sales
charge.
+ For the period from November 14, 1994 (commencement of operations) to
October 31, 1995.
11
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders
Fortis Worldwide Portfolios, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments in securities, of Fortis Global Growth Portfolio (a
portfolio within Fortis Worldwide Portfolios, Inc.) as of October 31, 1995 and
the related statement of operations for the year then ended, the statements of
changes in net assets for each of the years in the two-year period ended October
31, 1995, and the financial highlights presented in footnote 4 to the financial
statements. These financial statements and the financial highlights are the
responsibility of fund management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Investment securities held in custody are confirmed to us by the
custodian. As to securities purchased but not received, we request confirmations
from brokers, and where replies are not received, we carry out other appropriate
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of
Fortis Global Growth Portfolio at October 31, 1995 and the results of its
operations for the year then ended, the changes in net assets for each of the
years in the two-year period ended October 31, 1995, and the financial
highlights presented in footnote 4 to the financial statements, in conformity
with generally accepted accounting principles.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 8, 1995
12
<PAGE>
DIRECTORS
RICHARD W. CUTTING
CPA and Financial Consultant
ALLEN R. FREEDMAN
Chairman and Chief Executive Officer
Fortis, Inc.;
Managing Director of
Fortis International, N.V.
DR. ROBERT M. GAVIN
President
Macalester College
BENJAMIN S. JAFFRAY
Chairman
Sheffield Group, Ltd.
JEAN L. KING
President
Communi-King
DEAN C. KOPPERUD
Chief Executive Officer and Director
Fortis Advisers, Inc.
President and Director
Fortis Investors, Inc.
Senior Vice President and Director of Fortis Benefits Insurance Company
and Time Insurance
Company
EDWARD M. MAHONEY
Prior to January, 1995, Chairman and Chief Executive Officer
Fortis Advisers, Inc.
Fortis Investors, Inc.
ROBB L. PRINCE
Prior to July, 1995,
Vice President and Treasurer
Jostens, Inc.
LEONARD J. SANTOW
Principal
Griggs & Santow, Inc.
JOSEPH M. WIKLER
Investment Consultant and Private Investor
Prior to January, 1994, Director of Research, Chief Investment Officer,
Principal, and Director The Rothschild Co.
OFFICERS
DEAN C. KOPPERUD
President and Director
ROBERT W. BELTZ, JR.
Vice President
JAMES S. BYRD
Vice President
CHARLES J. DUDLEY
Vice President
THOMAS D. GUALDONI
Vice President
MAROUN M. HAYEK
Vice President
HOWARD G. HUDSON
Vice President
ROBERT C. LINDBERG
Vice President
LARRY A. MEDIN
Vice President
KEVIN J. MICHELS
Vice President
JON H. NICHOLSON
Vice President
JOHN W. NORTON
Vice President
FRED OBSER
Vice President
DENNIS M. OTT
Vice President
DAVID A. PETERSON
Vice President
NICHOLAS L. M. DE PEYSTER
Vice President
STEPHEN M. POLING
Vice President
STEPHEN M. RICKERT
Vice President
RICHARD P. ROCHE
Vice President
ANTHONY J. ROTONDI
Vice President
KEITH R. THOMSON
Vice President
CHRISTOPHER J. WOODS
Vice President
GARY N. YALEN
Vice President
MICHAEL J. RADMER
Secretary
TAMARA L. FAGELY
Treasurer
INVESTMENT MANAGER, REGISTRAR AND
TRANSFER AGENT
Fortis Advisers, Inc.
Box 64284
St. Paul, Minnesota 55164
PRINCIPAL UNDERWRITER
Fortis Investors, Inc.
Box 64284
St. Paul, Minnesota 55164
CUSTODIAN
First Bank
National Association
Minneapolis, Minnesota
GENERAL COUNSEL
Dorsey & Whitney P.L.L.P.
Minneapolis, Minnesota
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
Minneapolis, Minnesota
THE USE OF THIS MATERIAL IS AUTHORIZED ONLY WHEN PRECEDED OR ACCOMPANIED BY A
PROSPECTUS.
13
<PAGE>
Fortis Financial Group
Fortis Financial Group (FFG) is a premier provider of insurance and
investment portfolios whose fund manager, Fortis Advisers, Inc., has
established a nationwide reputation for money management. Through Fortis
Investors, Inc., FFG offers mutual funds, annuities and variable universal
life insurance. Traditional life insurance products are issued and
underwritten by Time Insurance Company and Fortis Benefits Insurance
Company.
FFG is part of Fortis, Inc., a financial services company which owns or
manages approximately $10 billion in assets. Fortis, Inc., is an affiliate of
Fortis, a worldwide, diversified financial services group jointly owned by
Fortis AMEV of the Netherlands and Fortis AG of Belgium with worldwide assets
in excess of $125 billion.
Like the Fortis name, which comes from the Latin for STEADFAST, our
focus is on the long term in all we do: the relationships we build, the
performance we seek, the service we provide and the products we offer.
FORTIS-Trademark- -----------------
FORTIS FINANCIAL GROUP Bulk Rate
P.O. Box 64284 US Postage
St. Paul, MN 55164 PAID
Permit No. 3794
Minneapolis, MN
-----------------
FORTIS GLOBAL
GROWTH PORTFOLIO
[LOGO] PRINTED ON RECYCLED PAPER WITH
40% PRECONSUMER WASTE AND
10% POST CONSUMER WASTE.
PLEASE RECYCLE.
96156 (Ed. 12/95)
