FORTIS WORLDWIDE PORTFOLIOS INC, N-30D, 1996-07-01

FORTIS WORLDWIDE PORTFOLIOS INC
N-30D, 1996-07-01

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<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO SEMI-ANNUAL REPORT

CONTENTS

LETTER TO SHAREHOLDERS 2

SCHEDULE OF INVESTMENTS 5

STATEMENT OF ASSETS AND LIABILITIES 9

STATEMENT OF OPERATIONS 10

STATEMENTS OF CHANGES IN NET ASSETS 11

NOTES TO FINANCIAL STATEMENTS 12

BOARD OF DIRECTORS AND OFFICERS 15

OTHER PRODUCTS AND SERVICES 16

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

HOW TO USE THIS REPORT

For a quick overview of the fund's performance during the past six months, 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 charts show the types of securities in
which the fund invests, and the pie chart shows a breakdown of the fund's assets
by industry.

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

FOR THE SIX MONTH PERIOD ENDED APRIL 30, 1996

<TABLE>
<CAPTION>
MSCI
WORLD
CLASS A CLASS B CLASS C CLASS H INDEX
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
GLOBAL GROWTH PORTFOLIO
NET ASSET VALUE PER SHARE:
Beginning of period................... $ 18.24 $ 18.12 $ 18.13 $ 18.12 691.60
End of period......................... $ 20.80 $ 20.59 $ 20.60 $ 20.59 777.93
TOTAL RETURN 14.04% 13.63% 13.62% 13.63% 13.63%
</TABLE>

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 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.

1
<PAGE>

Photo
Global investing makes a world of difference.

DEAR SHAREHOLDER,

We are pleased to present the Fortis Global Growth Portfolio semi-annual report
for the period ended April 30, 1996.

ECONOMIC OUTLOOK

Rising long-term interest rates during early 1996 may indicate the beginning of
the end of an extraordinarily favorable global liquidity cycle that helped
propel financial markets in 1995. Improving economic activity in Japan and the
United States may prevent further easing of money availability by the respective
banking systems during 1996. The expected slowing trend in corporate earnings
growth in Europe and the United States during 1996 and the high valuation levels
of most global equity markets could also hold back further share price advances.

We expect that companies with exceptional growth prospects will continue to
receive investor attention. This is especially true during a low inflation, low
corporate earnings growth environment. As long as the world economy grows at a
moderate pace, both inflation and equity market valuation levels can be
maintained. This is especially important for higher growth-oriented companies
which are the main focus of Fortis Global Growth Portfolio. The key risk to our
investment approach at today's valuation levels, is a rapid reacceleration of
inflation. This would mean higher interest rates and lower valuation levels for
equities. At the present time this is not an overwhelming issue, but is one that
we monitor closely.

INVESTMENT OUTLOOK FORTIS GLOBAL GROWTH PORTFOLIO (FGGP)

A global portfolio has the flexibility to invest anywhere in the world,
including emerging market regions. These areas generally include Latin America,
the Far Eastern Nations and Central Europe. At the end of April 1996 these
emerging regions represented 7.5% of the fund's total assets. We anticipate that
these areas will continue to offer good potential.

As a growth-oriented global mutual fund, FGGP focuses on companies with strong
market positions and superior growth prospects. We search the world for
companies that can demonstrate strength in both revenues and earnings.
Well-positioned and well-managed niche companies can achieve superior results as
they tend to dominate their respective market segments. By building a highly
diversified portfolio with these types of companies, we have been able to spread
our risk on a geographic and industrywide basis, yet still provide strong
investment returns.

As we look around the world, we continue to find that the United States offers
the largest selection of these types of companies. This is especially true in
some of the key growth industry segments of the future. Companies based in the
United States dominate the key growth segments of technology, which includes
networking, telecommunications equipment and software development.

Companies involved in these rapidly growing markets globally will continue to
benefit from the trend of corporations investing in productivity enhancing
technologies. Examples of these types of companies which are major holdings in
FGGP include Cisco Systems, a worldwide leader in networking products;
Parametric Technologies, a leader in computer aided engineering software
products; 3Com, a global leader in networking equipment; and US Robotics, a
leader in high speed modems and networking-related products.

We have also been successful in identifying numerous foreign-based companies
that have strong growth characteristics. Examples include Fila Holdings, an
Italian-based footwear and apparel company; IHC Caland, a Dutch-based
engineering company and global leader in dredging and floating production
platforms used in the energy industry; SGL Carbon, a German-based company
providing carbon and graphite products; and Wolford AG, an Austrian apparel
company. All of these companies have unique market niches and have demonstrated
strong earnings growth for several years.

Although certain holdings are not "household names," these companies generally
dominate their respective markets. Over the long run, we anticipate these types
of companies will continue to reward shareholders.

2
<PAGE>
PORTFOLIO REVIEW

In July 1996, FGGP will celebrate its five-year anniversary as a public mutual
fund. The fund's average annual return over the period from its inception
through April 30, 1996, is 16.4 percent. Over the past three-year period, its
average annual return is 18.3 percent, while the trailing 12-month period return
is 40.3 percent. This compares to returns of 11.0 percent, 11.5 percent and 12.0
percent respectively for the Morgan Stanley Capital International World Index
over comparable time periods.

While we have positioned the portfolio to be highly diversified, the geographic
breakdown is dictated by our ability to find companies with the features we
seek. At the end of April 1996, the portfolio was invested in 30 different
nations with more than 100 individual holdings. Foreign holdings represented
approximately 49 percent of total assets at the end of April, while the United
States accounted for about 40 percent. The remaining 11 percent was invested in
short-term cash investments.

Factors impacting performance were numerous and included concerns over the
Federal Reserve Bank's monetary policy, rising global long-term interest rates,
significant fluctuations in technology-related holdings, and a slowing corporate
earnings growth trend.

Exceptionally strong cash inflows into mutual funds in recent months have helped
equity markets overcome some of these concerns. Companies with strong relative
earnings growth prospects have been a prime beneficiary of recent investor
attention. Higher long-term interest rates however offer investors an
alternative to equities and also threaten the valuation level of the equity
markets.

PORTFOLIO STRATEGY

Over the past six months, we have not made any significant strategic changes in
the portfolio. We have added a number of holdings in various emerging regions
such as Latin America and the Far East, which lagged most markets in 1995. Our
long-term focus will remain on identifying well-positioned companies that have
the potential to demonstrate strong relative growth. Over the past year
shareholders have been rewarded by investing in these types of growth-oriented
companies.

The outlook, as always, remains uncertain. Since the equity markets have
performed at a high level for quite a long period of time, we anticipate that
returns may be more difficult to achieve in the future. By investing in
well-positioned growth-oriented companies on a global basis, we feel that we can
reduce the fluctuation in returns through greater diversification. Longer term,
we continue to believe the outlook for global growth investing remains highly
favorable.

IN CLOSING

We are proud of our past achievements and are hopeful that our long-term,
growth-oriented, global approach will continue to reward shareholders. We
appreciate your investment with Fortis and look forward to serving your
financial needs. If you have any questions, please call us or talk with your
investment professional.

Sincerely,

[SIG]
Dean C. Kopperud
President

[SIG]
James S. Byrd
Vice President

May 16, 1996

3
<PAGE>
PORTFOLIO CHANGES FOR THE SIX-MONTH PERIOD ENDED 4/30/96

STOCK ADDITIONS:
Quilmes Industrial Societe Anonyme ADS
Disco S.A.
Wolford AG
KCI Konecranes International Corp.
Adidas AG
Hutchison Whampoa, Ltd.
Sun Hung Kai Properties, Ltd.
MOL Magyar Olaj-es Gazipari Rt. GDS
P.T. Telekomunikasi Indonesia
Amway Japan, Ltd.
Sony Corp.
Petroleum Geo-Services A/S ADS
CPT Telefonica Del Peru-B S.A.
Megaworld Properties Holdomg, Inc.
Ciba - Geigy AG
Harvey Nichols
Orange plc
Tommy Hilfiger Corp.
Data Processing Recources Corporation
Sykes Enterprises Inc.
Avant Corp.
Forte Software, Inc.
Planning Sciences Intl plc ADR
SQA, Inc.
Estee Lauder Co.
American Oncology Resources, Inc.
HCIA Inc.
Total Renal Care Holdings
CUC International, Inc.
Tidewater Inc.

STOCK ELIMINATIONS:
Buenos Aires Embotelladora S.A. AD
YPF Sociedad Anonima ADR
Iochpe Maxion S.A. Sponsored ADR
Sidel SA
Elsevier NV
Empresa Nacional de Electricidad
British Sky Broadcasting plc
Kwik Fit holdings plc
Telewest plc
Vodafone Group plc ADR
DSC Communications Corp.
Landmark Graphics Corp.
Tandy Corp.
Wabash National Corp.

FORTIS GLOBAL GROWTH PORTFOLIO CLASS A

VALUE OF $10,000 INVESTED JULY 8, 1991

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
GLOBAL GROWTH PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN SINCE
<S> <C> <C> <C>
1 Year July 8, 1991@
With Sales Charge* +33.59% +15.19%
Without Sales Charge** +40.26% +16.36%
MSCI World Index*** Global Growth Portfolio Class A
07/08/91 10,000 9,525
04/30/92 10,443 10,518
04/30/93 12,170 11,943
04/30/94 13,681 13,548
04/30/95 15,087 14,090
04/30/96 17,995 19,762
</TABLE>

Annual period ended April 30, 1996
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.

TOP TEN HOLDINGS AS OF 4/30/96

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. Gartner Group, Inc. Class A (US) 3.3%
2. SAP AG Systeme Non-Voting (Germany) 3.3%
3. SGL Carbon AG (Germany) 2.2%
4. Nokia (AB) (Finland) 2.2%
5. Input/Output, Inc. (US) 2.1%
6. Fila Holdings ADR (IT) 2.0%
7. Wisconsin Central Transportation Corp. (US) 2.0%
8. Randstad Holdings (Netherlands) 1.9%
9. U.S. Robotics Corp. (US) 1.9%
10. Cisco Systems, Inc. (US) 1.9%
</TABLE>

PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 4/30/96

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C>
United States 40.0%
Other 13.1%
Cash Equivalents/Receivables 11.1%
Japan 7.3%
Germany 6.1%
Netherlands 5.2%
Sweden 3.4%
United Kingdom 3.2%
Italy 3.2%
Finland 2.2%
Israel 1.9%
France 1.8%
Hong Kong 1.5%
</TABLE>

CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS

<TABLE>
<CAPTION>
Since
1 Year Inception+
- -------------------------------------------------------------
<S> <C> <C>
Class B sharesDiamond 39.22% 25.78%
Class B sharesDiamond Diamond 35.62% 22.18%
Class C sharesDiamond 39.28% 25.83%
Class C sharesDiamond Diamond 38.28% 24.83%
Class H sharesDiamond 39.22% 25.78%
Class H sharesDiamond Diamond 35.62% 22.18%
</TABLE>

Past performance is not indicative of future performance. Total returns include
reinvestment 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.
Diamond Without CDSC.
Diamond With CDSC. Assumes redemption on April 30, 1996.
Diamond
+ Since November 14, 1994 -- Date shares were first offered to the public.

4
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments

April 30,1996 (Unaudited)

COMMON STOCKS-85.37%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
----------- ------------ ------------
<C> <S> <C> <C>
ARGENTINA-1.14%
50,000 Disco S.A. ADR (a) -- FOOD-GROCERY,
MISCELLANEOUS.............................. $ 788,250 $ 793,750
28,000 Quilmes Industrial Societe Anonyme ADR
(a) -- BEVERAGE............................ 294,000 332,500
------------ ------------
1,082,250 1,126,250
------------ ------------
AUSTRALIA-0.57%
24,000 News Corp., Ltd. ADR (The)
(f) -- BROADCASTING........................ 395,026 564,000
------------ ------------
AUSTRIA-0.94%
4,300 Wolford AG -- APPAREL........................ 867,494 932,638
------------ ------------
BELGIUM-1.28%
8,000 Barco NV -- TELECOMMUNICATIONS............... 871,054 1,260,392
------------ ------------
BRAZIL-0.55%
10,000 Telebras ADR (f) -- UTILITIES-TELEPHONE...... 416,250 541,250
------------ ------------
CANADA-0.44%
16,000 Rogers Cantel Mobile Communications, Inc.
Class B (a) -- TELECOMMUNICATIONS.......... 364,812 432,000
------------ ------------
CHILE-0.29%
10,000 Santa Isabel S.A. ADR (a)
(f) -- FOOD-GROCERY, MISCELLANEOUS......... 175,680 288,750
------------ ------------
FINLAND-2.21%
3,000 KCI Konecranes International Corp.
(g) -- MACHINERY........................... 44,214 54,411
60,000 Nokia (AB) K Shares -- TELECOMMUNICATIONS.... 982,660 2,124,517
------------ ------------
1,026,874 2,178,928
------------ ------------
FRANCE-1.76%
4,000 Castorama Dubois
Investisse -- RETAIL-MISCELLANEOUS......... 355,465 764,130
12,100 Sanofi SA -- DRUGS........................... 671,652 974,614
------------ ------------
1,027,117 1,738,744
------------ ------------
GERMANY-2.78%
8,000 Adidas AG (a) -- SHOES AND LEATHER........... 385,870 603,057
23,000 SGL Carbon AG -- STEEL AND IRON.............. 1,134,611 2,144,739
------------ ------------
1,520,481 2,747,796
------------ ------------
HONG KONG-1.46%
400,000 First Pacific Co., Ltd. -- MISCELLANEOUS..... 444,061 532,627
70,000 Hutchison Whampoa, Ltd. -- REAL ESTATE....... 459,904 434,376
50,000 Sun Hung Kai Properties, Ltd. -- REAL
ESTATE..................................... 430,887 476,714
------------ ------------
1,334,852 1,443,717
------------ ------------
HUNGARY-0.93%
85,000 MOL Magyar Olaj-es Gazipari Rt. GDS (a)
(g) -- OIL-REFINING........................ 688,500 917,405
------------ ------------
INDIA-0.50%
9,000 Bajaj Auto Ltd. GDR (a) (e) -- AUTOMOBILE
MANUFACTURERS.............................. 232,257 225,849
12,000 Indian Hotels Co., Ltd. (The) GDR (a)
(e) -- HOTEL AND MOTEL..................... 199,200 267,634
------------ ------------
431,457 493,483
------------ ------------
INDONESIA-0.90%
26,000 P.T. Telekomunikasi Indonesia (a)
(f) -- UTILITIES-TELEPHONE................. 484,368 887,250
------------ ------------
ISRAEL-1.91%
38,000 ECI Telecom Ltd. (f) -- TELECOMMUNICATIONS... 670,706 992,750
20,000 Teva Pharmaceutical Industries, Ltd. ADR
(f) -- DRUGS............................... 535,250 897,500
------------ ------------
1,205,956 1,890,250
------------ ------------
ITALY-3.19%
29,400 Fila Holdings S.p.A. ADR -- APPAREL.......... 494,131 2,006,550
22,000 Industrie Natuzzi S.p.A. ADR
(f) -- FURNITURE........................... 402,621 1,144,000
------------ ------------
896,752 3,150,550
------------ ------------
JAPAN-7.27%
15,000 Amway Japan, Ltd. -- HOUSEHOLD PRODUCTS...... 728,058 771,827
10,000 Autobacs Seven Co.,
Ltd. -- RETAIL-MISCELLANEOUS............... 988,160 949,867
</TABLE>

5
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments

April 30,1996 (Unaudited)

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
----------- ------------ ------------
<C> <S> <C> <C>
10,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... $ 727,099 $ 995,000
160 DDI Corp. -- TELECOMMUNICATIONS.............. 1,030,778 1,373,155
12,000 Kyocera Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 893,163 902,708
4,500 Matsushita Electric Industrial Co., Ltd.
ADR -- ELECTRONIC-CONTROLS AND EQUIPMENT... 747,471 785,250
140 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ 1,206,567 1,083,899
5,000 Sony Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 327,471 324,578
------------ ------------
6,648,767 7,186,284
------------ ------------
MALAYSIA-0.60%
175,000 Technology Resources Industries
(a) -- TELECOMMUNICATIONS.................. 630,891 596,495
------------ ------------
MEXICO-0.69%
15,500 Panamerican Beverages, Inc. Class A
(f) -- BEVERAGE............................ 546,573 680,062
------------ ------------
NETHERLANDS-5.15%
15,000 Baan Co. NV (a) -- COMPUTER-SOFTWARE......... 240,000 900,000
30,000 IHC Caland NV -- MACHINERY-OIL AND WELL...... 482,759 1,176,724
30,000 Randstad Holdings NV -- BUSINESS SERVICES AND
SUPPLIES................................... 820,388 1,919,827
10,000 Wolters Kluwer NV -- PUBLISHING.............. 500,209 1,091,632
------------ ------------
2,043,356 5,088,183
------------ ------------
NORWAY-0.26%
8,200 Petroleum Geo-Services A/S ADR
(a) -- MACHINERY-OIL AND WELL.............. 255,223 259,325
------------ ------------
PERU-0.34%
150,000 CPT Telefonica Del Peru-B
S.A. -- UTILITIES-TELEPHONE................ 331,997 332,495
------------ ------------
PHILIPPINES-0.77%
1,055,000 Megaworld Properties & Holdings, Inc.
(a) -- REAL ESTATE......................... 547,687 756,189
------------ ------------
SOUTH KOREA-0.53%
19,000 Korea Electric Power Corp.
(f) -- UTILITIES-ELECTRIC.................. 408,500 527,250
------------ ------------
SPAIN-0.54%
24,000 Centros Comerciales Continente
S.A. -- RETAIL-MISCELLANEOUS............... 501,807 527,614
------------ ------------
SWEDEN-3.35%
35,000 Astra AB -- A SHARES -- DRUGS................ 693,684 1,552,505
40,000 Ericsson (L.M.) Telephone Co. Class B ADR
(f) -- TELECOMMUNICATIONS.................. 511,500 815,000
25,000 Hoganas Class B -- MISCELLANEOUS............. 649,781 827,561
2,300 WM Data AB Class B -- BUSINESS SERVICES AND
SUPPLIES................................... 63,829 115,388
------------ ------------
1,918,794 3,310,454
------------ ------------
SWITZERLAND-1.38%
500 Ciba-Geigy AG -- DRUGS....................... 594,645 578,885
100 Roche Holdings AG, Genusschein
NVP -- DRUGS............................... 522,734 784,567
------------ ------------
1,117,379 1,363,452
------------ ------------
THAILAND-0.44%
30,000 Bangkok Bank Co., Ltd. -- BANKS.............. 332,434 434,866
------------ ------------
UNITED KINGDOM-3.19%
150,000 Dixons Group plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 476,679 1,109,694
23,000 Harvey Nichols (a)(g) -- RETAIL-CLOTHING..... 94,367 112,170
150,000 Orange plc (a) -- TELECOMMUNICATIONS......... 486,751 537,965
120,000 Powerscreen International
plc -- CONSTRUCTION........................ 557,262 821,128
120,000 Thorn Lighting Group plc -- ELECTRIC
PRODUCTS................................... 292,535 286,315
15,000 Videotron Holdings plc ADR (a)
(f) -- TELECOMMUNICATIONS.................. 262,500 285,000
------------ ------------
2,170,094 3,152,272
------------ ------------
UNITED STATES-40.01%
32,000 3Com Corp. (a) (f) -- TELECOMMUNICATIONS..... 420,000 1,476,000
13,000 American Oncology Resources, Inc. (a)
(f) -- HEALTH CARE SERVICES................ 464,417 620,750
64,000 Anixter International, Inc. (a) -- ELECTRIC
PRODUCTS................................... 1,201,329 1,120,000
40,000 Apple South, Inc. -- RESTAURANTS AND
FRANCHISING................................ 406,335 1,040,000
35,000 Applebees International, Inc.
(f) -- RESTAURANTS AND FRANCHISING......... 594,675 927,500
24,000 Applied Materials, Inc.
(a) -- ELECTRONIC-CONTROLS AND EQUIPMENT... 593,200 960,000
25,000 AutoZone, Inc. (a)
(f) -- RETAIL-MISCELLANEOUS................ 599,584 912,500
</TABLE>

6
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
----------- ------------ ------------
<C> <S> <C> <C>
35,000 Avant! Corp. (a) (f) -- COMPUTER-SOFTWARE.... $ 827,690 $ 752,500
15,000 Bed, Bath & Beyond, Inc. (a)
(f) -- RETAIL-MISCELLANEOUS................ 330,625 885,937
11,000 Catalina Marketing Corp. (a) -- BUSINESS
SERVICES AND SUPPLIES...................... 443,564 856,625
24,000 Cheesecake Factory, Inc. (a)
(f) -- RESTAURANTS AND FRANCHISING......... 619,637 630,000
36,000 Cisco Systems, Inc. (a)
(f) -- TELECOMMUNICATIONS.................. 366,375 1,867,500
52,000 Credit Acceptance Corp. (a) (f) -- FINANCE
COMPANIES.................................. 1,112,800 975,000
15,000 Crown Cork & Seal Company, Inc. -- CONTAINERS
AND PACKAGING.............................. 678,225 706,875
36,800 CUC International, Inc. (a)
(f) -- MISCELLANEOUS....................... 1,210,944 1,209,800
12,000 Data Processing Resources Corp.
(a) -- BUSINESS SERVICES AND SUPPLIES...... 247,773 303,000
10,000 Estee Lauder Co. -- COSMETICS AND SUNDRIES... 260,000 366,250
5,000 Forte Software, Inc.
(a) -- COMPUTER-SOFTWARE................... 105,000 308,750
96,000 Gartner Group, Inc. Class A (a)
(f) -- BUSINESS SERVICES AND SUPPLIES...... 300,000 3,288,000
3,500 HCIA, Inc. (a) -- HEALTH CARE SERVICES....... 99,925 189,000
60,000 Input/Output, Inc.
(a) -- COMPUTER-SOFTWARE................... 200,750 2,085,000
63,600 Mercury Finance Co. -- FINANCE COMPANIES..... 736,602 731,400
14,000 Mercury Interactive, Corp.
(a) -- COMPUTER-SOFTWARE................... 317,344 192,500
15,750 Office Depot, Inc. (a)
(f) -- RETAIL-MISCELLANEOUS................ 159,013 352,406
33,750 Oracle Corp. (a) -- COMPUTER-SOFTWARE........ 425,625 1,139,062
27,000 Owen Healthcare, Inc.(a) -- HEALTH CARE
SERVICES................................... 324,000 567,000
40,000 Parametric Technology Corp.
(a) -- COMPUTER-SOFTWARE................... 509,865 1,610,000
10,000 Physician Reliance Network, Inc. (a)
(f) -- HEALTH CARE SERVICES................ 140,000 432,500
5,000 Planning Sciences Intl plc
ADR(a) -- COMPUTER-SOFTWARE................ 80,000 120,625
15,000 R.P. Scherer Corp. (a) -- DRUGS.............. 600,000 592,500
13,000 Service Corp. International (f) -- BUSINESS
SERVICES AND SUPPLIES...................... 500,500 690,625
7,000 SQA, Inc. (a) -- COMPUTER-SOFTWARE........... 112,000 229,250
30,000 Steris Corp. (a) -- MEDICAL SUPPLIES......... 508,843 975,000
1,500 Sykes Enterprises, Inc. (a) -- BUSINESS
SERVICES AND SUPPLIES...................... 27,000 53,250
30,000 Synopsys, Inc. (a) -- COMPUTER-SOFTWARE...... 650,949 1,237,500
20,000 Tellabs, Inc. (a)
(f) -- TELECOMMUNICATIONS.................. 537,810 1,105,000
20,000 Tidewater, Inc. -- SHIP BUILDING, SHIPPING... 701,560 850,000
20,000 Tommy Hilfiger Corp. (a) -- APPAREL.......... 785,024 910,000
14,000 Total Renal Care Holdings, Inc. (a) -- HEALTH
CARE SERVICES.............................. 463,750 535,500
12,000 U.S. Robotics Corp.
(a) -- COMPUTER-SOFTWARE................... 515,838 1,878,000
10,000 Viking Office Products, Inc.
(a) -- RETAIL-SPECIALTY AND SPECIALTY MAIL
ORDER...................................... 298,910 593,750
12,500 Western Atlas, Inc. (a) (f) -- OIL AND GAS
FIELD SERVICES............................. 571,163 750,000
23,000 Wisconsin Central Transportation Corp. (a)
(f) -- TRANSPORTATION...................... 649,775 1,943,500
15,000 Xilinx, Inc. (a)
(f) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 203,661 553,125
------------ ------------
20,902,080 39,523,480
------------ ------------
TOTAL COMMON STOCKS.......................... $51,144,505 $84,331,824
------------ ------------
------------ ------------
</TABLE>

PREFERRED STOCKS-3.54%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ------------ ------------
<C> <S> <C> <C>
AUSTRALIA-0.25%
12,000 News Corp., Ltd. (The) Preferred ADR
(f) -- BROADCASTING........................ $ 170,651 $ 244,500
------------ ------------
GERMANY-3.29%
24,500 SAP AG Systeme
Preferred -- COMPUTER-SOFTWARE............. 704,045 3,251,180
------------ ------------
TOTAL PREFERRED STOCKS....................... 874,696 3,495,680
------------ ------------
TOTAL EQUITY INVESTMENTS..................... $52,019,201 $87,827,504
------------ ------------
------------ ------------
</TABLE>

7
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments

April 30,1996 (Unaudited)

SHORT-TERM INVESTMENTS-11.66%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
----------- ------------
<C> <S> <C>
DIVERSIFIED FINANCE-2.47%
$2,440,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.29%...................... $ 2,440,000
------------
BANKS-4.85%
4,795,000 First Trust Money Market Variable Rate Time
Deposit, Current rate -- 5.14%............. 4,795,000
------------
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-0.20%
200,000 Federal Farm Credit Bank, 5.30%, 5-6-1996.... 199,826
------------
U.S. GOVERNMENT AGENCY-4.14%
4,100,000 Federal Home Loan Mortgage Corp., 5.28%,
5-20-1996.................................. 4,088,201
------------
TOTAL SHORT-TERM INVESTMENTS................. 11,523,027
------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$63,542,228) (B)........................... $99,350,531
------------
------------
</TABLE>

(a) Presently not paying dividend income.
(b) At April 30, 1996, the cost of securities for federal income tax
purposes was $63,542,228 and the aggregate gross unrealized
appreciation and depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation........................... $36,493,481
Unrealized depreciation........................... (685,178)
---------------------------------------------------------------
Net unrealized appreciation....................... $35,808,303
---------------------------------------------------------------
</TABLE>

(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) Common Stock sold within the terms of private placement memorandums,
exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or
other "accredited investors," pursuant to guidelines adopted by the
Board of Directors, these issues are determined to be liquid.
(f) Security is fully or partially on loan at April 30, 1996. See Note 1 of
accompanying Notes to Financial Statements.
(g) Common stock sold within terms of a private placement memorandum,
exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". These investments have been identified by
portfolio management as illiquid securities. The portfolio entered into
the following section 144A security transactions: On November 22, 1995,
the portfolio acquired 85,000 shares of MOL Magyar Olaj-es Gazipari Rt.
GDS with a cost basis of $688,500; on March 19, 1996, the portfolio
acquired 3,000 shares of KCI Konecranes International Corp. with a cost
basis of $44,214; and on April 22, 1996, the portfolio acquired 23,000
shares of Harvey Nichols with a cost basis of $94,367. The value of
these securities at April 30, 1996, is $1,083,986 which represents
1.10% of net assets.

8
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Statement of Assets and Liabilities

(Unaudited)

April 30, 1996

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments in securities, as detailed in the accompanying schedules, at market (cost $63,542,228) (Note 1)...... $ 99,350,531
Cash on deposit with custodian................................................................................... 19,312
Collateral for securities lending transactions (Note 1).......................................................... 26,842,600
Receivables:
Interest and dividends......................................................................................... 79,314
Subscriptions of capital stock................................................................................. 195,409
Deferred registration costs (Note 1)............................................................................. 5,951
Deferred organization cost (Note 1).............................................................................. 8,187
Prepaid expenses................................................................................................. 34,837
------------
TOTAL ASSETS....................................................................................................... 126,536,141
------------
LIABILITIES
Unrealized depreciation on foreign currency contracts--Net (Notes 1 & 3)......................................... 6,375
Payable upon return of securities loaned (Note 1)................................................................ 26,842,600
Payable for investment securities purchased...................................................................... 763,024
Redemptions of capital stock..................................................................................... 15,963
Payable for investment advisory and management fees (Note 2)..................................................... 76,409
Payable for distribution fees (Note 2)........................................................................... 3,431
Accounts payable and accrued expenses............................................................................ 38,893
------------
TOTAL LIABILITIES.................................................................................................. 27,746,695
------------
NET ASSETS
Net proceeds of capital stock, par value $.01 per share- authorized 10,000,000,000 shares........................ 67,707,467
Unrealized appreciation of investments in securities and other assets and liabilities denominated in foreign
currency....................................................................................................... 35,807,451
Undistributed net investment loss................................................................................ (311,325)
Accumulated net realized loss from sale of investments and foreign currency...................................... (4,414,147)
------------
TOTAL NET ASSETS................................................................................................... $ 98,789,446
------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $89,474,143 and 4,302,514 shares outstanding)............................... $20.80
------------
Class B shares (based on net assets of $3,051,646 and 148,231 shares outstanding).................................. $20.59
------------
Class C shares (based on net assets of $1,471,364 and 71,416 shares outstanding)................................... $20.60
------------
Class H shares (based on net assets of $4,792,293 and 232,711 shares outstanding).................................. $20.59
------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

9
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Statement of Operations

(Unaudited)

For the Six-Month Period Ended April 30, 1996

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
NET INVESTMENT LOSS:
Income
Interest income................................................................................................ $ 182,695
Dividend income (net of foreign withholding taxes of $25,785).................................................. 156,341
Fee income (Note 1)............................................................................................ 11,783
-----------
Total Income..................................................................................................... 350,819
-----------
Expenses:
Investment advisory and management fees (Note 2)............................................................... 403,142
Distribution fees (Class A) (Note 2)........................................................................... 93,733
Distribution fees (Class B) (Note 2)........................................................................... 8,727
Distribution fees (Class C) (Note 2)........................................................................... 4,258
Distribution fees (Class H) (Note 2)........................................................................... 15,224
Legal and auditing fees (Note 2)............................................................................... 26,126
Custodian fees................................................................................................. 20,885
Shareholders' notices and reports.............................................................................. 24,406
Amortization of organization costs (Note 1).................................................................... 8,081
Registration fees (Note 1)..................................................................................... 45,661
Directors' fees and expenses................................................................................... 8,752
Other.......................................................................................................... 3,149
-----------
Total expenses................................................................................................... 662,144
-----------
NET INVESTMENT LOSS................................................................................................ (311,325 )
-----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Net realized gain (loss) from:
Investments.................................................................................................... 453,097
Foreign currency transactions.................................................................................. (2,345 )
-----------
NET REALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS.......................................... 450,752
-----------
Net change in unrealized appreciation (depreciation) of:
Investments.................................................................................................... 11,319,215
Translation of assets and liabilities denominated in foreign currency.......................................... (2,084 )
-----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS AND FOREIGN CURRENCY........................... 11,317,131
-----------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY....................................................................... 11,767,883
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................................................... $11,456,558
-----------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

10
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Statement of Changes in Net Assets
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE
SIX-MONTH
PERIOD ENDED
APRIL 30, 1996
(UNAUDITED)
--------------
<S> <C>
OPERATIONS
Net investment loss....................................................................................... $ (311,325)
Net realized gain (loss) on investments and foreign currency transactions................................. 450,752
Net change in unrealized appreciation of investments and foreign currency................................. 11,317,131
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................................................ 11,456,558
--------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A(868,506 and 996,463 shares)..................................................................... 16,500,250
Class B (98,353 and 58,426 shares)...................................................................... 1,868,354
Class C (49,896 and 24,308 shares)...................................................................... 946,844
Class H (119,447 and 122,300 shares).................................................................... 2,277,817
Less cost of repurchase of shares
Class A (311,215 and 986,837 shares).................................................................... (5,899,490)
Class B (4,839 and 3,709 shares)........................................................................ (90,502)
Class C (2,436 and 352 shares).......................................................................... (47,423)
Class H (4,870 and 4,166 shares)........................................................................ (91,588)
--------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......................................................... 15,464,262
--------------
TOTAL INCREASE IN NET ASSETS................................................................................ 26,920,820
NET ASSETS:
Beginning of period....................................................................................... 71,868,626
--------------
End of period (includes undistributed net investment loss of $311,325 and $0, respectively)............... $ 98,789,446
--------------

FOR THE

YEAR ENDED

OCTOBER 31,

1995

--------------

<S> <C>
OPERATIONS
Net investment loss....................................................................................... $ (337,316)

Net realized gain (loss) on investments and foreign currency transactions................................. (3,200,446)

Net change in unrealized appreciation of investments and foreign currency................................. 16,489,177

--------------

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................................................ 12,951,415

--------------

CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A(868,506 and 996,463 shares)..................................................................... 15,668,875

Class B (98,353 and 58,426 shares)...................................................................... 948,891

Class C (49,896 and 24,308 shares)...................................................................... 417,998

Class H (119,447 and 122,300 shares).................................................................... 2,019,896

Less cost of repurchase of shares
Class A (311,215 and 986,837 shares).................................................................... (15,221,519)

Class B (4,839 and 3,709 shares)........................................................................ (56,866)

Class C (2,436 and 352 shares).......................................................................... (6,157)

Class H (4,870 and 4,166 shares)........................................................................ (67,840)

--------------

NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......................................................... 3,703,278

--------------

TOTAL INCREASE IN NET ASSETS................................................................................ 16,654,693

NET ASSETS:
Beginning of period....................................................................................... 55,213,933

--------------

End of period (includes undistributed net investment loss of $311,325 and $0, respectively)............... $ 71,868,626

--------------

</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

11
<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. The effect of changes in foreign exchange rates on realized
and unrealized security gains or losses is reflected as a component of such
gains or losses. In the statement of operations, net realized gains or losses
from foreign currency transactions may arise from sales of foreign currency,
closed forward contracts, exchange gains or losses realized between the trade
date and settlement dates on securities transactions, and other translation
gains or losses on dividends, interest income and foreign withholding taxes.
The fund may enter into forward foreign currency exchange contracts for
operational purposes and to attempt to minimize the risk from adverse
exchange rate fluctuations. The net U.S. dollar value of foreign currency
underlying all contractual commitments held by the fund and the resulting
unrealized appreciation or depreciation are determined using foreign currency
exchange rates from an independent pricing service. The fund is subject to
the credit risk that the other party will not complete the obligations of the
contract.

SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME: Security transactions
are accounted for on 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 six-month period ended April 30, 1996, the cost of purchases and
proceeds from sales of securities (other than short-term securities)
aggregated $15,780,460 and $8,445,488, respectively.

LENDING OF PORTFOLIO SECURITIES: At April 30, 1996 securities valued at
$20,009,538 were on loan to brokers from the Fund. For collateral, the Fund's
custodian received $26,842,600 in cash which is maintained in a separate
account and invested by the custodian in short term investment vehicles. Fee
income from securities lending amounted to $11,783 for the six-month period
ended April 30, 1996. 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 portfolio 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:

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.

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

12
<PAGE>

- --------------------------------------------------------------------------------
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.

USE OF ESTIMATES: The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of increase and decrease
in net assets from operations during the reporting period. Actual results
could differ from those estimates.

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 $322,224 for Class A, $1,172 for Class B, $302 for Class C, and
$1,829 for Class H for the six-month period ended April 30, 1996.

Legal fees and expenses aggregating $17,175 for the six-month period ended
April 30, 1996, were paid to a law firm of which the secretary of the
portfolio is a partner.
3. FORWARD FOREIGN CURRENCY CONTRACTS: At April 30, 1996, the Fund entered into
forward foreign currency exchange contracts that obligated the portfolio to
receive currencies at a specified future date. The unrealized depreciation of
$6,375 on these contracts is included in the accompanying financial
statements. The terms of the open contracts are as follows:
<TABLE>
<CAPTION>
FORTIS GLOBAL GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
U.S. Dollar
Currency to U.S. Dollar Value as of
Settlement Be Value as of Currency to April 30,
Date Delivered Trade Date Be Received 1996 Appreciation Depreciation

<CAPTION>
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
May 6, 1996 $400,063 $ 400,063 4,266,989 $ 395,503 $ 0 $ (4,560)
U.S. Dollar Austrian
Schilling
May 13, $198,586 $ 198,586 2,122,909 $ 196,771 $ 0 $ (1,815)
1996 U.S. Dollar Austrian
Schilling
- -----------------------------------------------------------------------------------------------
TOTAL $ 598,649 $ 598,649 $6,389,898 $ 592,274 $ 0 $ (6,375)
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
TOTAL DEPRECIATION $ (6,375)
-----------
-----------
</TABLE>

13
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Notes to Financial Statements

(continued)

- --------------------------------------------------------------------------------

4. FINANCIAL HIGHLIGHTS Selected per share historical data for each of the
Portfolios was as follows:

<TABLE>
<CAPTION>
For the
period
July 8 1991**
Class A (commencement
-------------------------------------------------------------- of
operations)
through
For the Year Ended October 31, October 31,
-------------------------------------------------------------- -------------
1996*** 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period......... $ 18.24 $ 14.78 $ 14.42 $ 11.52 $ 10.87 $ 10.05
---------- ---------- ---------- ---------- ---------- -------------
Operations:
Investment income (loss) - net............. (.04) (.09) (.04) (.12) -- --
Net realized and unrealized gain (loss) on
investments.............................. 2.60 3.55 .40 3.02 .68 .82
---------- ---------- ---------- ---------- ---------- -------------
Total from operations........................ 2.56 3.46 .36 2.90 .68 .82
---------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders:
From investment income - net............... -- -- -- -- (.02) --
From net realized gains.................... -- -- -- -- (.01) --
---------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders................ -- -- -- -- (.03) --
---------- ---------- ---------- ---------- ---------- -------------
Net asset value, end of period............... $ 20.80 $ 18.24 $ 14.78 $ 14.42 $ 11.52 $ 10.87
---------- ---------- ---------- ---------- ---------- -------------
Total return @............................... 14.04% 23.41% 2.50% 25.17% 6.24% 8.16%
Net assets end of period (000s omitted)...... $ 89,474 $ 68,302 $ 55,214 $ 28,226 $ 10,727 $ 6,249
Ratio of expenses to average daily net
assets..................................... 1.59%* 1.73% 1.72% 2.19% 2.25% 2.25%*
Ratio of net investment income to average
daily net assets........................... (.73%)* (.55%) (.35%) (1.01%) (.04%) .30%*
Portfolio turnover rate...................... 11% 27% 21% 37% 31% 8%
Average Commission Rate Paid{::}............. $ .0496 -- -- -- -- --
</TABLE>

* Annualized.
** 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.
*** For the six-month period ended April 30, 1996.
@ 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.
{::} In accordance with new SEC guidelines under the 1934 Act, beginning in
1996 average commission rate during a funds' fiscal year must be
disclosed.

<TABLE>
<CAPTION>
Class B Class C Class H
------------------------ ------------------------ ------------------------
1996*** 1995+ 1996*** 1995+ 1996*** 1995+
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period......... $ 18.12 $ 14.60 $ 18.13 $ 14.60 $ 18.12 $ 14.60
---------- ---------- ---------- ---------- ---------- ----------
Operations:
Investment income (loss) - net............. (.04) (.09) (.04) (.09) (.05) (.09)
Net realized and unrealized gain (loss) on
investments.............................. 2.51 3.61 2.51 3.62 2.52 3.61
---------- ---------- ---------- ---------- ---------- ----------
Total from operations........................ 2.47 3.52 2.47 3.53 2.47 3.52
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period............... $ 20.59 $ 18.12 $ 20.60 $ 18.13 $ 20.59 $ 18.12
---------- ---------- ---------- ---------- ---------- ----------
Total return @............................... 13.63% 24.11% 13.62% 24.18% 13.63% 24.11%
Net assets end of period (000s omitted)...... $ 3,052 $ 991 $ 1,471 $ 434 $ 4,792 $ 2,141
Ratio of expenses to average daily net
assets..................................... 2.34%* 2.48%* 2.34%* 2.48%* 2.34%* 2.48%*
Ratio of net investment income to average
daily net assets........................... (1.39%)* (1.42%)* (1.39%)* (1.55%)* (1.41%)* (1.46%)*
Portfolio turnover rate...................... 11% 27% 11% 27% 11% 27%
Average Commission Rate Paid{::}............. $ .0496 -- $ .0496 -- $ .0496 --
</TABLE>

14
<PAGE>
DIRECTORS AND OFFICERS

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,
FORTIS BENEFITS INSURANCE COMPANY,
TIME INSURANCE COMPANY
Edward M. Mahoney PRIOR TO JANUARY, 1995, CHAIRMAN AND
CHIEF EXECUTIVE OFFICER, FORTIS
ADVISERS, INC., FORTIS INVESTORS,
INC.
Robb L. Prince FINANCIAL AND EMPLOYEE BENEFIT
CONSULTANT 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
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
Rhonda J. Schwartz
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 Fortis Advisers, Inc.
AND TRANSFER AGENT 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.

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<PAGE>
FORTIS FINANCIAL GROUP'S OTHER PRODUCTS AND SERVICES

MUTUAL Fortis Bond Funds MONEY FUND
FUNDS/PORTFOLIOS U.S. GOVERNMENT
CONVENIENT ACCESS TO SECURITIES FUND
A BROAD RANGE OF TAX-FREE MINNESOTA
SECURITIES PORTFOLIO
TAX-FREE NATIONAL
PORTFOLIO
TAX-FREE NEW YORK
PORTFOLIO
HIGH YIELD PORTFOLIO
Fortis Stock Funds ASSET ALLOCATION
PORTFOLIO
VALUE FUND
GROWTH & INCOME FUND
CAPITAL FUND
FIDUCIARY FUND
GLOBAL GROWTH PORTFOLIO
GROWTH FUND
CAPITAL APPRECIATION
PORTFOLIO

FIXED AND VARIABLE Fortis Opportunity Fixed FIXED ACCOUNT
ANNUITIES & Variable Annuity MONEY MARKET SUBACCOUNT
TAX-DEFERRED Masters Variable Annuity U.S. GOVERNMENT
INVESTING SECURITIES SUBACCOUNT
DIVERSIFIED INCOME
SUBACCOUNT
GLOBAL BOND SUBACCOUNT
HIGH YIELD SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
GLOBAL ASSET ALLOCATION
SUBACCOUNT
VALUE SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
GROWTH STOCK SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
AGGRESSIVE GROWTH
SUBACCOUNT
Fortune Fixed Annuities SINGLE PREMIUM ANNUITY
FLEXIBLE PREMIUM ANNUITY
Income Annuities GUARANTEED FOR LIFE
GUARANTEED FOR A
SPECIFIED PERIOD

LIFE AND DISABILITY Wall Street Series FIXED ACCOUNT
INSURANCE PROTECTION Variable Universal Life MONEY MARKET SUBACCOUNT
AND TAX-DEFERRED Insurance U.S. GOVERNMENT
INVESTMENT SECURITIES SUBACCOUNT
OPPORTUNITY DIVERSIFIED INCOME
SUBACCOUNT
GLOBAL BOND SUBACCOUNT
HIGH YIELD SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
GLOBAL ASSET ALLOCATION
SUBACCOUNT
VALUE SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
GROWTH STOCK SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
AGGRESSIVE GROWTH
SUBACCOUNT
Adaptable Life
Universal Life
Disability

THE FORTIS FINANCIAL GROUP manages and distributes mutual funds, annuities and
life insurance products. The mutual funds, variable life and variable annuity
products are distributed through FORTIS INVESTORS, INC. and managed by FORTIS
ADVISERS, INC. The insurance products are issued by FORTIS BENEFITS INSURANCE
COMPANY and TIME INSURANCE COMPANY.

FOR MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, SEND FOR A
PROSPECTUS. WRITE TO: FORTIS INVESTORS, INC., P.O. BOX 64284, ST. PAUL, MN
55164. READ IT CAREFULLY BEFORE INVESTING OR SENDING MONEY.

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