FORTIS WORLDWIDE PORTFOLIOS INC, N-30D, 1997-12-24

FORTIS WORLDWIDE PORTFOLIOS INC
N-30D, 1997-12-24

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<PAGE>

FORTIS-Registered Trademark-

[Graphic]

INVEST IN GLOBAL STOCKS
FOR WORLDWIDE OPPORTUNITY ...

FORTIS
Global Growth Portfolio
Annual Report
October 31, 1997

<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO ANNUAL REPORT

CONTENTS

LETTER TO SHAREHOLDERS 1

SCHEDULE OF INVESTMENTS 4

STATEMENT OF ASSETS AND LIABILITIES 8

STATEMENT OF OPERATIONS 9

STATEMENTS OF CHANGES IN NET ASSETS 10

NOTES TO FINANCIAL STATEMENTS 11

INDEPENDENT AUDITORS' REPORT 15

BOARD OF DIRECTORS AND OFFICERS 16

PRODUCTS AND SERVICES 17

- - 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 following 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 largest 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

FOR THE YEAR ENDED OCTOBER 31, 1997

<TABLE>
<CAPTION>
MSCI
WORLD
CLASS A CLASS B CLASS C CLASS H INDEX
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE:
Beginning of year.......................... $ 21.28 $ 20.98 $ 21.00 $ 20.99 791.75
End of year................................ $ 23.92 $ 23.42 $ 23.43 $ 23.42 911.57
TOTAL RETURN** 12.41% 11.63% 11.57% 11.58% 17.06%
</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.
<PAGE>

Photo

DEAR SHAREHOLDER,

Thank you for choosing the Fortis Global Growth Portfolio (FGGP) to help you
achieve your financials goals. The FGGP seeks growth opportunities from around
the world. We are pleased to present the Fortis Global Growth Portfolio, Inc.
annual report for the year ended October 31, 1997.

PERFORMANCE SNAPSHOT

During the 12-month period ended October 31, 1997, the FGGP had a total return
of 12.41 percent for Class A shares before sales charge, which compared to a
total return of 17.06 percent for the Morgan Stanley Capital International World
Index (MSCI). Since its inception in July 1991, FGGP's average annual total
return has been 14.76 percent for Class A before sales charge, which compares to
an average annual total return of 13.02 percent for the MSCI World Index.

FGGP is a global portfolio, which means that it has the flexibility to invest in
any stock market in the world. At fiscal year end, the portfolio was highly
diversified with 104 individual investments in 23 nations. Foreign holdings
represented 52 percent of total net assets; holdings in the United States
represented 38 percent and cash equivalents totaled 10 percent. The respective
weightings of the MSCI World Index were 48 percent in the United States and 52
percent in foreign markets.

We focus on companies with dominant market positions and superior growth
prospects. When researching potential investments, we cover the globe looking
for well-managed companies with a focused growth strategy and an ability to
finance future growth. Historically, the portfolio has not been heavily weighted
in the larger, "mega cap" type of companies (outside of certain foreign
holdings) which have dominated the various stock market indices over the past
several years. Our focus has been on companies with strong growth rates of both
revenues and earnings. The majority of the portfolio is invested in mid-sized
companies with exceptional prospects.

"BLUE CHIP" STOCKS FAVORED

Over the past 12 months, many of the world's major equity markets have been
dominated by a select group of "blue chip" investments. This was especially true
during the first six months of fiscal 1997, when FGGP underperformed some of the
major market averages. The second half of the fiscal year demonstrated a
significant turn around in performance as indicated by FGGP's 16.68 percent
return for Class A before sales charge, which compared to a 8.78 percent total
return for the MSCI World Index.

The equity market's focus on larger companies is partially explained by concerns
over liquidity (ability to trade) and the assurance of owning a "blue chip"
stock during an uncertain economic period. Some other factors influencing the
relative outperformance of larger issues has been the trend toward greater Index
Fund investing in the United States and greater foreign investor participation
in equity markets. Foreign investors tend to purchase the largest, well-known
names within a given market. These trends have been ongoing over the past year
and have had a significant impact on valuation levels, especially for "large
cap" issues.

For most of 1997, investors have been concerned with rising interest rates due
to the greater than expected strength of the U.S. economy. These concerns have
been replaced in recent months by fears over slowing economic growth in Asia and
Japan (one-third of global GDP). Currency devaluations and falling share prices
have led to financial difficulties in Thailand, Malaysia, Indonesia, and the
Philippines. A greater concern would be the spreading of the "Asia currency flu"
to other emerging regions. The ramifications of further competitive devaluations
in China, Latin America or Eastern Europe would have significant effects on the
world's economy and financial markets. FGGP holdings in Asia, excluding Japan,
represent only 2 percent of total net assets.

Generally speaking, the slowdown in southeast Asia and the continued
recessionary environment in Japan are keeping global inflationary pressures in
check. This is important in that it also results in lower interest rates around
the world and a generally favorable environment for investors in financial
assets. We believe that the overall environment for most global markets will
remain positive. This is due to low inflation that will likely persist for the
foreseeable future. The slowing of the world's economies also reduces the
pressure

1
<PAGE>
on the U.S. Federal Reserve Board to raise interest rates in the United States.
This should maintain a favorable environment for investors of mid-sized growth
companies over the intermediate term. In the short run, markets are expected to
remain somewhat volatile. This is due to several factors including high
valuation levels, economic uncertainties and lower earnings growth for many
individual companies.

The United States represents 49.2 (including 11.4 percent short-term
investments) percent of the total net assets of FGGP, which compares to 48.4
percent for the MSCI World Index. Our significant exposure to the United States
is primarily in companies with unique products and services, especially in the
area of software-based technology. We also have numerous investments in rapidly
growing consumer companies such as restaurants and specialty retailers. Overall,
the portfolio is well diversified with significant exposure in technology-
related industries (33 percent of net assets), energy-related (14 percent),
consumer-related (12 percent), health care (8 percent), and business services (8
percent).

GLOBAL OPPORTUNITIES

European companies represent 40.6 percent of the total net assets, which
compares to 31.1 percent for the MSCI World Index. We continue to find
well-positioned growth companies in Europe and feel that the movement toward a
European common currency will be favorable for investors over the longer term.
We have significant holdings in countries such as Germany (7.9 percent), the
Netherlands (4.6 percent), the United Kingdom (5.3 percent), France (3.8
percent), and Scandinavian countries (9.6 percent). Overall, the European
economic situation is beginning to show some signs of improvement; however, over
the past several years the moderate growth of the European economies has limited
revenue and earnings growth rates for many companies.

The Fund is also invested in other regions of the world, such as Latin America
and Eastern Europe. Our exposure to Latin America (4.2 percent) is in Brazil,
Argentina, and Mexico. We are finding some interesting growth companies in this
region; however, it remains an emerging investment area subject to greater than
average volatility. Central Europe continues to have exciting growth prospects.
Structural reforms are taking place within numerous economies and this should
present some significant investment opportunities in the years ahead. Overall,
including Asian holdings, FGGP's exposure to emerging markets was around 7
percent of total net assets at fiscal year end.

Japan has been a challenging area for investors since 1990 due to the
extraordinarily slow recovery process of its economy. The recent financial
turmoil in Southeast Asia will have a continued negative effect on Japanese
economic growth prospects. Japan has a significant exposure to Asian trading
partners (40 percent of Japan's exports) and could be impacted by the expected
slowdown in GDP growth for many of these countries in 1998. Our present exposure
to Japan is 3.9 percent of total net assets, which compares to a 14.1 percent
for the MSCI World Index. Many of our holdings are major exporters (Sony, Canon,
Matsushita Electric) which have been beneficiaries of a weak yen.

FAVORABLE OUTLOOK

The longer term outlook for investing in growth-oriented companies remains
favorable. Lower levels of inflation and interest rates will keep valuation
levels (price to earnings ratios) high. Individual companies with strong unit
growth and good management should prosper in a moderately growing global
economy. FGGP focuses on these types of companies and we are confident that this
approach will benefit shareholders over the long term.

THANK YOU FOR YOUR INVESTMENT

We appreciate your investment in the Fortis Global Growth Portfolio. If you have
any questions, please call us or your investment professional.

Sincerely,

[SIGNATURE] [SIGNATURE]
Dean C. Kopperud James S. Byrd
President Vice President

November 13, 1997

2
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 10/31/97

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C>
United States 37.8%
Other 15.1%
Cash Equivalents/Receivables 9.8%
Germany 7.9%
United Kingdom 5.3%
Netherlands 4.6%
Japan 3.9%
France 3.8%
Sweden 3.8%
Finland 3.5%
Norway 2.3%
Brazil 2.2%
</TABLE>

TOP 10 EQUITY HOLDINGS AS OF 10/31/97

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. SAP AG Systeme Preferred (Germany) 4.6%
2. Nokia (AB) Class K (Finland) 2.7%
3. Petroleum Geo-Services ADR (Norway) 2.1%
4. 3Com Corp. (US) 1.9%
5. Cisco Sytems, Inc. (US) 1.8%
6. Gartner Group, Inc. Class A (US) 1.7%
7. CUC International, Inc. (US) 1.7%
8. Ericsson (L.M.) Telephone Co. ADR (Sweden) 1.7%
9. OMV Aktiengesellschaft (Austria) 1.6%
10. Telefonica de Espana S.A. ADR (Spain) 1.5%
</TABLE>

CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS

<TABLE>
<CAPTION>
Since
1 Year Inception+
- -------------------------------------------------------------
<S> <C> <C>
Class B shares Diamond +11.63% +17.28%
Class B shares Diamond Diamond +8.03% +16.61%
Class C shares Diamond +11.57% +17.30%
Class C shares Diamond Diamond +10.57% +17.30%
Class H shares Diamond +11.58% +17.28%
Class H shares Diamond Diamond +7.98% +16.61%
</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 (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 B and H have a CDSC of 4.00% if redeemed within two years of
purchase, or 3.00% if redeemed within year three or four (with a waiver of 10%
of the amount invested) and Class C has a CDSC of 1.00% if redeemed within one
year of purchase.
Diamond Without CDSC.
Diamond Diamond With CDSC. Assumes redemption on
October 31, 1997.
+ Since November 14, 1994 -- Date shares were first offered to
the public.

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
<S> <C> <C> <C>
Average Annual Total Return
Since
1 Year 5 Year July 8, 1991@
With Sales Charge* +7.07% +14.61% +13.88%
Without Sales Charge** +12.41% +15.73% +14.76%
MSCI World Index*** Global Growth Portfolio Class A
07/08/91 $10,000 $9,448
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
10/31/96 $18,203 $20,218
10/31/97 $21,659 $22,726
</TABLE>

Annual period ended October 31, 1997

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.

TEN LARGEST PORTFOLIO CHANGES FOR THE YEAR ENDED 10/31/97

<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
Telefonica de Espana, S.A. ADR Randstad Holdings, N.V.
Stolt Comex Seaway, S.A. Fila Holdings S. p. A. ADR
Accustaff, Inc. Astra AB-A shares
DSP Communications, Inc. Wolford AG
Novartis AG U.S. Robotics Corp.
MOL Magyar Olaj-es Gazipari Rt. GDR Credit Acceptance Corp.
Falcon Drilling Co. Dixons Group plc
Transocean Offshore, Inc. DDI Corp.
Glaxo Wellcome plc ADR Catalina Marketing Corp.
Deutshce Lufthansa-Reg Pathe S.A.
</TABLE>

3
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments
October 31, 1997

COMMON STOCKS-85.09%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
ARGENTINA-1.36%
15,000 Banco Rio De La Plata S.A. ADR
(a) -- BANKS............................... $ 225,000 $ 157,500
50,000 Disco S.A. ADR (a) (e) -- RETAIL-GROCERY..... 788,250 2,025,000
------------ -------------
1,013,250 2,182,500
------------ -------------
AUSTRIA-1.62%
18,200 OMV Aktiengesellschaft (f) -- OIL-CRUDE
PETROLEUM AND GAS.......................... 1,843,113 2,591,638
------------ -------------
BELGIUM-1.45%
12,000 Barco N.V. -- TELECOMMUNICATION EQUIPMENT.... 1,530,871 2,315,001
------------ -------------
BRAZIL-1.69%
23,000 Uniao de Bancos Brasileiros S.A. GDR (a)
(e) -- BANKS............................... 776,250 626,750
80,600 Votorantim Celulose e Papel S.A. ADR
(e) -- PAPER............................... 1,202,552 961,760
11,000 Telebras ADR -- UTILITIES-TELEPHONE.......... 679,009 1,116,500
------------ -------------
2,657,811 2,705,010
------------ -------------
FINLAND-3.54%
20,000 Amer Group Ltd. (a) -- DIVERSIFIED
COMPANIES.................................. 411,823 418,016
23,900 KCI Konecranes International Corp.
(f) -- MACHINERY........................... 563,329 901,927
50,000 Nokia (AB) K Shares -- TELECOMMUNICATION
EQUIPMENT.................................. 851,242 4,339,814
------------ -------------
1,826,394 5,659,757
------------ -------------
FRANCE-3.84%
27,000 Cipe Group France -- BUSINESS SERVICES AND
SUPPLIES................................... 1,260,062 677,810
27,500 Rhone-Poulenc Ltd S.A. ADR -- CHEMICALS...... 1,211,100 1,244,375
15,000 Sanofi S.A. -- DRUGS......................... 1,032,413 1,428,066
25,000 Compagnie Generale de Geophysique ADR (a)
(e) -- OIL AND GAS FIELD SERVICES.......... 425,000 700,000
35,000 Stolt Comex Seaway S.A. (a)
(e) -- OIL-OFFSHORE DRILLING............... 616,300 2,100,000
------------ -------------
4,544,875 6,150,251
------------ -------------
GERMANY-3.35%
90,000 Deutsche Lufthansa -- Reg (f) -- AIRLINES.... 1,709,446 1,584,404
75,000 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 1,175,877 1,350,839
17,000 SGL Carbon AG -- STEEL AND IRON.............. 895,151 2,424,829
------------ -------------
3,780,474 5,360,072
------------ -------------
HONG KONG-1.53%
950,000 First Pacific Co. Ltd. -- DIVERSIFIED
COMPANIES.................................. 1,243,340 599,166
70,000 Hutchison Whampoa Ltd. -- DIVERSIFIED
COMPANIES.................................. 459,904 484,507
600,000 Hong Kong Land Holdings Ltd. -- REAL
ESTATE..................................... 1,642,758 1,368,000
------------ -------------
3,346,002 2,451,673
------------ -------------
HUNGARY-1.15%
85,000 MOL Magyar Olaj-es Gazipari Rt.
GDR -- OIL-REFINING........................ 688,500 1,833,994
------------ -------------
IRELAND-0.05%
3,000 Ryanair Holdings plc ADR (a)
(e) -- AIRLINES............................ 44,190 75,000
------------ -------------
ISRAEL-1.68%
35,000 Teva Pharmaceutical Industries Ltd. ADR
(e) -- DRUGS............................... 1,186,250 1,636,250
38,000 ECI Telecommunications Ltd.
(e) -- TELECOMMUNICATION EQUIPMENT......... 670,706 1,049,750
------------ -------------
1,856,956 2,686,000
------------ -------------
ITALY-1.04%
22,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 236,853 492,250
186,000 Telecom Italia
S.p.A. -- TELECOMMUNICATIONS............... 1,217,498 1,167,624
------------ -------------
1,454,351 1,659,874
------------ -------------
JAPAN-3.86%
11,000 Kyocera Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 892,456 630,165
7,000 Matsushita Electric Industrial Co. Ltd.
ADR -- ELECTRONIC-CONTROLS AND EQUIPMENT... 1,170,071 1,183,875
15,000 Sony Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 973,223 1,245,946
10,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 727,099 1,226,250
80,000 Laox Co. Ltd. -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 1,589,091 711,732
</TABLE>

4
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
140 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ $ 1,206,567 $ 1,187,328
------------ -------------
6,558,507 6,185,296
------------ -------------
MEXICO-0.60%
31,000 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 546,573 961,000
------------ -------------
NETHERLANDS-4.60%
37,500 Randstad Holdings N.V. -- BUSINESS SERVICES
AND SUPPLIES............................... 420,120 1,497,509
30,000 Baan Co. N.V. ADR (a)
(e) -- COMPUTER-SOFTWARE................... 240,000 2,103,750
18,000 IHC Caland N.V. -- MACHINERY-OIL AND WELL.... 369,274 1,107,422
60,000 VNU-Verinigd Bezit -- PUBLISHING............. 1,395,594 1,422,150
10,000 Wolters Kluwer N.V. -- PUBLISHING............ 500,209 1,228,408
------------ -------------
2,925,197 7,359,239
------------ -------------
NORWAY-2.32%
49,300 Petroleum Geo-Services ADR
(a) -- MACHINERY-OIL AND WELL.............. 1,376,139 3,414,025
12,000 Fred Olsen Energy ASA (a) -- OIL-OFFSHORE
DRILLING................................... 243,370 301,689
------------ -------------
1,619,509 3,715,714
------------ -------------
PORTUGAL-0.68%
26,200 Portugal Telecom S.A. ADR
(e) -- UTILITIES-TELEPHONE................. 826,446 1,080,750
------------ -------------
SPAIN-1.93%
15,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS... 620,911 629,472
30,000 Telefonica de Espana, S.A. ADR
(e) -- UTILITIES-TELEPHONE................. 2,108,199 2,467,500
------------ -------------
2,729,110 3,096,972
------------ -------------
SWEDEN-3.77%
88,000 Industri Matematik International Corp.
(a) -- COMPUTER-SOFTWARE................... 832,142 1,892,000
40,000 Hoganas AB Class B -- MISCELLANEOUS.......... 1,108,424 1,485,792
60,000 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 1,040,250 2,655,000
------------ -------------
2,980,816 6,032,792
------------ -------------
SWITZERLAND-1.70%
1,173 Novartis AG -- DRUGS......................... 1,345,077 1,842,176
100 Roche Holdings AG, Genusschein
NVP -- DRUGS............................... 522,734 881,203
------------ -------------
1,867,811 2,723,379
------------ -------------
TAIWAN-0.28%
22,500 Taiwan Semiconductor Manufacturing Co. Ltd.
(a) (e) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 557,550 445,781
------------ -------------
UNITED KINGDOM-5.25%
350,000 Avis Europe plc -- BUSINESS SERVICES AND
SUPPLIES................................... 721,989 880,373
205,200 Capita Group plc -- BUSINESS SERVICES AND
SUPPLIES................................... 438,498 1,063,269
50,000 Dr. Solomon's Group plc ADR
(a) -- COMPUTER-SOFTWARE................... 990,625 1,531,250
65,000 JBA Holdings plc -- COMPUTER-SOFTWARE........ 873,444 1,043,661
120,000 Powerscreen International
plc -- CONSTRUCTION........................ 557,262 1,403,566
38,000 Glaxo Wellcome plc ADR (e) -- DRUGS.......... 1,452,915 1,626,875
225,000 Orange plc (a) -- TELEPHONE SERVICES......... 707,347 855,534
------------ -------------
5,742,080 8,404,528
------------ -------------
UNITED STATES-37.80%
54,000 Polo Ralph Lauren Corp. (a) -- APPAREL....... 1,306,230 1,404,000
20,000 Tommy Hilfiger Corp. (a) (e) -- APPAREL...... 785,024 791,250
70,000 AccuStaff, Inc. (a) (e) -- BUSINESS SERVICES
AND SUPPLIES............................... 1,593,590 1,999,375
70,300 Covance, Inc. (a) (e) -- BUSINESS SERVICES
AND SUPPLIES............................... 1,370,076 1,243,431
62,000 Data Processing Resources Corp.
(a) -- BUSINESS SERVICES AND SUPPLIES...... 1,122,773 1,379,500
23,000 Galileo International, Inc. -- BUSINESS
SERVICES AND SUPPLIES...................... 563,500 577,875
96,000 Gartner Group, Inc. Class A (a)
(e) -- BUSINESS SERVICES AND SUPPLIES...... 300,000 2,712,000
44,000 Interim Services, Inc. (a) -- BUSINESS
SERVICES AND SUPPLIES...................... 951,500 1,152,250
45,000 Sykes Enterprises, Inc. (a) (e) -- BUSINESS
SERVICES AND SUPPLIES...................... 1,217,841 1,119,375
74,000 3Com Corp. (a) -- COMPUTER-COMMUNICATIONS
EQUIPMENT.................................. 935,838 3,066,375
36,000 Cisco Systems, Inc.
(a) -- COMPUTER-COMMUNICATIONS EQUIPMENT... 366,375 2,953,125
23,200 Xylan Corp. (a)
(e) -- COMPUTER-COMMUNICATIONS EQUIPMENT... 767,884 371,200
</TABLE>

5
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO
Schedule of Investments (continued)
October 31, 1997

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
35,000 Avant ! Corp. (a) (e) -- COMPUTER-SOFTWARE... $ 827,690 $ 918,750
50,625 Oracle Corp. (a) (e) -- COMPUTER-SOFTWARE.... 425,625 1,811,426
40,000 Parametric Technology Corp. (a)
(e) -- COMPUTER-SOFTWARE................... 509,865 1,765,000
38,000 Synopsys, Inc. (a)
(e) -- COMPUTER-SOFTWARE................... 977,092 1,477,250
60,000 Blyth Industries, Inc. (a) (e) -- CONSUMER
GOODS...................................... 1,784,845 1,492,500
10,000 Estee Lauder Co. Class A -- COSMETICS AND
SUNDRIES................................... 260,000 444,375
24,200 R.P. Scherer Corp. (a) (e) -- DRUGS.......... 1,103,667 1,424,775
100,000 DSP Communications, Inc. (a) -- ELECTRONIC
COMPONENTS................................. 1,691,624 1,850,000
26,000 Altera Corp. (a)
(e) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 546,969 1,153,750
12,000 Motorola, Inc.
(e) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 825,277 741,000
15,000 Xilinx, Inc. (a) -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 203,660 511,875
30,000 Green Tree Financial Corp. (e) -- FINANCE
SERVICES................................... 990,956 1,263,750
62,001 Total Renal Care Holdings Inc. (a) -- HEALTH
CARE SERVICES.............................. 1,435,038 1,910,413
60,000 Input/Output, Inc. (a) -- MACHINERY-OIL AND
WELL....................................... 200,750 1,608,750
11,800 Steris Corp. (a) -- MEDICAL SUPPLIES......... 203,550 469,050
53,000 Service Corp.
International -- MISCELLANEOUS............. 1,315,765 1,613,188
20,000 Camco International, Inc. -- OIL AND GAS
FIELD SERVICES............................. 855,988 1,445,000
12,500 Western Atlas, Inc. (a) -- OIL AND GAS FIELD
SERVICES................................... 571,162 1,077,344
36,000 ENSCO International, Inc. (e) -- OIL-OFFSHORE
DRILLING................................... 898,456 1,514,250
50,000 Falcon Drilling Co. (a) (e) -- OIL-OFFSHORE
DRILLING................................... 867,175 1,818,750
32,000 Transocean Offshore, Inc. -- OIL-OFFSHORE
DRILLING................................... 876,734 1,728,000
16,000 Perkin Elmer Corp. -- PRECISION
INSTRUMENTS-TEST, RESEARCH................. 1,256,492 1,000,000
28,400 Wisconsin Central Transportation Corp. (a)
(e) -- RAILROAD AND RAILROAD EQUIPMENT..... 385,767 883,950
82,500 Apple South, Inc. (e) -- RESTAURANTS AND
FRANCHISING................................ 959,059 1,536,563
35,000 Applebee's International, Inc. -- RESTAURANTS
AND FRANCHISING............................ 594,675 776,563
24,000 Cheesecake Factory, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 619,637 756,000
21,000 Outback Steakhouse, Inc. (a)
(e) -- RESTAURANTS AND FRANCHISING......... 555,544 568,313
65,000 PetsMart, Inc. (a) -- RETAIL-MISCELLANEOUS... 1,407,287 495,625
61,000 Bed, Bath & Beyond, Inc. (a)
(e) -- RETAIL-SPECIALTY.................... 1,268,059 1,936,750
91,000 CUC International, Inc. (a)
(e) -- RETAIL-SPECIALTY.................... 2,187,300 2,684,500
54,500 Vans, Inc. (a) -- SHOES AND LEATHER.......... 854,188 919,688
40,000 Tellabs, Inc. (a) (e) -- TELECOMMUNICATION
EQUIPMENT.................................. 537,810 2,160,000
------------ -------------
39,278,337 60,526,904
------------ -------------
TOTAL COMMON STOCKS.......................... $90,218,723 $ 136,203,125
------------ -------------
------------ -------------
</TABLE>

PREFERRED STOCKS-5.07%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ------------ -------------
<C> <S> <C> <C>
BRAZIL-0.50%
40,000 Petroleo Brasileiro S.A. ADR Preferred
(e) -- OIL-CRUDE PETROLEUM AND GAS......... $ 905,000 $ 794,592
------------ -------------
GERMANY-4.57%
24,500 SAP AG Systeme
Preferred -- COMPUTER-SOFTWARE............. 704,045 7,323,729
------------ -------------
TOTAL PREFERRED STOCKS....................... 1,609,045 8,118,321
------------ -------------
------------ -------------
TOTAL LONG-TERM INVESTMENTS.................. $91,827,768 $ 144,321,446
------------ -------------
------------ -------------
</TABLE>

6
<PAGE>
SHORT-TERM INVESTMENTS-11.36%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
----------- -------------
<C> <S> <C>
BANKS-3.84%
$6,143,000 First Trust Money Market Variable Rate Time
Deposit, Current rate -- 5.45%............. $ 6,143,000
-------------
DIVERSIFIED FINANCE-2.23%
3,562,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.50%...................... 3,562,000
-------------
U.S. GOVERNMENT AGENCY-5.29%
6,800,000 Federal Home Loan Mortgage Corp. , 5.51%,
11-12-1997................................. 6,787,737
1,700,000 Federal Home Loan Mortgage Corp. , 5.59%,
11-28-1997................................. 1,692,741
-------------
8,480,478
-------------
TOTAL SHORT-TERM INVESTMENTS................. 18,185,478
-------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$110,013,246) (B).......................... $ 162,506,924
-------------
-------------
</TABLE>

(a) Presently not paying dividend income.
(b) At October 31, 1997, the cost of securities for federal income tax purposes
was $110,013,246 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation........................... $58,175,206
Unrealized depreciation........................... (5,681,528)
---------------------------------------------------------------
Net unrealized appreciation....................... $52,493,678
---------------------------------------------------------------
</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) Security is fully or partially on loan at October 31, 1997. See Note 1 of
accompanying Notes to Financial Statements.
(f) 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 to other
"accredited investors". These investments have been identified by portfolio
management as illiquid securities:

<TABLE>
<CAPTION>
Date Acquired Shares/Par Security Cost Basis
- ------------- ----------- ----------------------------------------------------------------------------------- ----------
<S> <C> <C> <C>
3/19/96 3,000 KCI Konecranes $ 44,214
5/22/96 18,200 OMV Aktiengesellschaft 1,843,113
7/12/96 20,900 KCI Konecranes 519,115
10/13/97 90,000 Deutsche Lufthansa 1,709,446
</TABLE>

The value of these securities at October 31, 1997, was $5,077,969 which
represents 3.17% of total net assets.

7
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Statement of Assets and Liabilities

October 31, 1997

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments in securities, as detailed in the accompanying
schedules, at market (cost $110,013,246) (Note 1)....... $ 162,506,924
Cash on deposit with custodian............................ 18,007
Collateral for securities lending transactions (Note 1)... 39,174,792
Receivables:
Unrealized appreciation on forward foreign currency
contract-net (Note 3).................................. 15,055
Interest and dividends.................................. 167,702
Subscriptions of capital stock.......................... 33,141
Deferred registration costs (Note 1)...................... 14,710
--------------
TOTAL ASSETS................................................ 201,930,331
--------------
LIABILITIES
Payable upon return of securities loaned (Note 1)......... 39,174,792
Payable for investment securities purchased............... 2,443,653
Redemptions of capital stock.............................. 20,258
Payable for investment advisory and management fees (Note
2)...................................................... 143,184
Payable for distribution fees (Note 2).................... 3,607
Accounts payable and accrued expenses..................... 76,164
--------------
TOTAL LIABILITIES........................................... 41,861,658
--------------
NET ASSETS
Net proceeds of capital stock, par value $.01 per
share-authorized 10,000,000,000 shares.................. 108,759,503
Unrealized appreciation of investments in securities and
other assets and liabilities denominated in foreign
currency................................................ 52,493,026
Accumulated net realized loss from sale of investments and
foreign currency........................................ (1,183,856)
--------------
TOTAL NET ASSETS............................................ $ 160,068,673
--------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $125,268,273 and
5,237,194 shares outstanding)............................. $23.92
--------------
Class B shares (based on net assets of $11,446,435 and
488,847 shares outstanding)............................... $23.42
--------------
Class C shares (based on net assets of $4,664,258 and
199,053 shares outstanding)............................... $23.43
--------------
Class H shares (based on net assets of $18,689,707 and
797,985 shares outstanding)............................... $23.42
--------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

8
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Statement of Operations

For the Year Ended October 31, 1997

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
NET INVESTMENT LOSS:
Income
Interest income......................................... $ 955,289
Dividend income (Net of foreign witholding taxes of
$64,900)............................................... 701,751
Fee income (Note 1)..................................... 46,674
------------
Total Income.............................................. 1,703,714
------------
Expenses:
Investment advisory and management fees (Note 2)........ 1,480,162
Distribution fees (Class A) (Note 2).................... 298,958
Distribution fees (Class B) (Note 2).................... 91,981
Distribution fees (Class C) (Note 2).................... 38,857
Distribution fees (Class H) (Note 2).................... 153,487
Legal and auditing fees (Note 2)........................ 33,510
Custodian fees.......................................... 76,673
Shareholders' notices and reports....................... 62,063
Registration fees (Note 1).............................. 78,748
Directors' fees and expenses............................ 17,226
Other................................................... 11,310
------------
Total expenses............................................ 2,342,975
------------
NET INVESTMENT LOSS......................................... (639,261)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY (NOTE 1):
Net realized gain (loss) from:
Investments............................................. 3,852,917
Foreign currency transactions........................... (11,004)
------------
NET REALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. 3,841,913
------------
Net change in unrealized appreciation (depreciation) of:
Investments............................................. 13,864,510
Translation of assets and liabilities denominated in
foreign currency........................................ (396)
------------
NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 13,864,114
------------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY................ 17,706,027
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $17,066,766
------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

9
<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,
1997 1996
-------------- --------------
<S> <C> <C>
OPERATIONS
Net investment loss....................................... $ (639,261) $ (390,312)
Net realized gain (loss) on investments and foreign
currency transactions................................... 3,841,913 (176,450)
Net change in unrealized appreciation of investments and
foreign currency........................................ 13,864,114 14,138,592
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 17,066,766 13,571,830
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (1,430,651 and 1,940,549 shares)................ 31,744,263 39,409,832
Class B (262,305 and 230,772 shares).................... 5,741,350 4,671,133
Class C (80,723 and 128,086 shares)..................... 1,780,946 2,606,605
Class H (427,183 and 426,029 shares).................... 9,359,347 8,761,920
Less cost of repurchase of shares
Class A (1,250,858 and 628,371 shares).................. (27,986,672) (12,693,443)
Class B (46,752 and 12,195 shares)...................... (1,047,876) (247,255)
Class C (28,671 and 5,041 shares)....................... (634,945) (102,980)
Class H (142,042 and 31,319 shares)..................... (3,149,221) (651,553)
-------------- --------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......... 15,807,192 41,754,259
-------------- --------------
TOTAL INCREASE IN NET ASSETS................................ 32,873,958 55,326,089
NET ASSETS:
Beginning of year......................................... 127,194,715 71,868,626
-------------- --------------
End of year............................................... $ 160,068,673 $ 127,194,715
-------------- --------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

10
<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,
current income is a secondary objective. The portfolio seeks to achieve this
objective primarily by investing in a global portfolio of equity securities,
allocated among the markets of the U.S. and other, possibly diverse countries
and regions of the world. 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 exchange or on the NASDAQ National Market System are valued at the
last reported sales price. Securities for which over-the-counter market
quotations are readily available are valued on the basis of the last current
bid price. An outside pricing service may be utilized to provide such
valuations. Securites for which quotations are not readily available are
valued at fair value as determined in good faith by management under
supervision of the Board of Directors. 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-date. 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, 1997, the cost of purchases and proceeds from
sales of securities (other than short-term securities) aggregated $56,877,619
and $38,389,256, respectively.

LENDING OF PORTFOLIO SECURITIES: At October 31, 1997 securities valued at
$38,334,312 were on loan to brokers from the Fund. For collateral, the Fund's
custodian received $39,174,792 in cash which is maintained in a separate
account and invested in short term investment vehicles. Fee income from
securities lending amounted to $46,674 for the year ended October 31, 1997.
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
$1,183,856 at October 31, 1997, which, if not offset by subsequent capital
gains, will expire as follows:

2003 1,011,982
2004 171,874

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 foreign exchange gains and losses,
treatment of net investment losses 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 $639,261,
accumulated net realized loss decreased by $11,004, resulting in a net
reclassification adjustment to reduce paid-in-capital by $650,265.

INCOME AND CAPITAL GAINS DISTRIBUTIONS: It is the policy of the portfolio to
generally pay annual distributions from net investment, if any, and make
distributions of any realized capital gains as required by law. These

11
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Notes to Financial Statements (continued)

- --------------------------------------------------------------------------------
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: Registration costs are deferred and charged to income over
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 of the fund's shares) aggregating $630,261
for Class A, $10,859 for Class B, $1,246 for Class C, and $37,094 for Class H
for the year ended October 31, 1997.

Legal fees and expenses aggregating $1,183 for the year ended October 31,
1997, were paid to a law firm of which the secretary of the portfolio is a
partner.

3. FORWARD FOREIGN CURRENCY CONTRACTS: At October 31, 1997, the Fund entered
into forward foreign currency exchange contracts that obligated the portfolio
to receive currencies at a specified future date. The unrealized appreciation
of $15,055 on these contracts is included in the accompanying financial
statements. The terms of the open contracts are as follows:

<TABLE>
<CAPTION>
GLOBAL GROWTH PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
Currency U.S. Dollar Value Currency U.S. Dollar Value Unrealized
Settle Date To Be Delivered As Of Oct 31, 1997 To Be Received As Of Oct 31, 1997 Appreciation
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------
4-Nov-97 1,217,498 $ 1,217,498 2,083,200,000 $ 1,232,553 $ 15,055
U.S. Dollar Italian Lira
------------------- ------------------- -------------
$ 1,217,498 $ 1,232,553 $ 15,055
------------------- ------------------- -------------
</TABLE>

12
<PAGE>

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

4. FINANCIAL HIGHLIGHTS: Selected per share historical data was as follows:

<TABLE>
<CAPTION>
Class A
----------------------------------------------------------
For the Year Ended October 31,
----------------------------------------------------------
1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 21.28 $ 18.24 $ 14.78 $ 14.42 $ 11.52
--------- --------- -------- -------- --------
Operations:
Investment loss - net................. (.07) (.06) (.09) (.04) (.12)
Net realized and unrealized gain on
investments......................... 2.71 3.10 3.55 .40 3.02
--------- --------- -------- -------- --------
Total from operations................... 2.64 3.04 3.46 .36 2.90
--------- --------- -------- -------- --------
Net asset value, end of period.......... $ 23.92 $ 21.28 $ 18.24 $ 14.78 $ 14.42
--------- --------- -------- -------- --------
Total return @.......................... 12.41% 16.67% 23.41% 2.50% 25.17%
Net assets end of period (000s
omitted).............................. $ 125,268 $ 107,607 $ 68,302 $ 55,214 $ 28,226
Ratio of expenses to average daily net
assets................................ 1.44% 1.51% 1.73% 1.72% 2.19%
Ratio of net investment loss to average
daily net assets...................... (.29%) (.33%) (.55%) (.35%) (1.01%)
Portfolio turnover rate................. 30% 18% 27% 21% 37%
Average commission rate paid **......... $ 0.0246 $ 0.0272 -- -- --
</TABLE>

<TABLE>
<CAPTION>
Class B Class C
------------------------------- -------------------------------
For the Year Ended October 31,
------------------------------------------------------------------
1997 1996 1995+ 1997 1996 1995+
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 20.98 $ 18.12 $ 14.60 $ 21.00 $ 18.13 $ 14.60
-------- -------- ------- -------- -------- -------
Operations:
Investment loss - net................. (.27) (.24) (.09) (.28) (.23) (.09)
Net realized and unrealized gain on
investments......................... 2.71 3.10 3.61 2.71 3.10 3.62
-------- -------- ------- -------- -------- -------
Total from operations................... 2.44 2.86 3.52 2.43 2.87 3.53
-------- -------- ------- -------- -------- -------
Net asset value, end of period.......... $ 23.42 $ 20.98 $ 18.12 $ 23.43 $ 21.00 $ 18.13
-------- -------- ------- -------- -------- -------
Total return @.......................... 11.63% 15.78% 24.11% 11.57% 15.83% 24.18%
Net assets end of period (000s
omitted).............................. $ 11,446 $ 5,735 $ 991 $ 4,664 $ 3,087 $ 434
Ratio of expenses to average daily net
assets................................ 2.19% 2.26% 2.48%* 2.19% 2.26% 2.48%*
Ratio of net investment loss to average
daily net assets...................... (1.03%) (.99%) (1.42%)* (1.04%) (.99%) (1.55%)*
Portfolio turnover rate................. 30% 18% 27% 30% 18% 27%
Average commission rate paid **......... $ 0.0246 $ 0.0272 -- $ 0.0246 $ 0.0272 --
</TABLE>

* Annualized.
** In accordance with rules adopted by the Securities and Exchange
Commission, disclosure of average commission rate paid is required
beginning with fiscal year 1996. The amount represents total brokerage
commission paid on applicable purchases and sales of securities for
the period divided by the total number of related shares purchased and
sold. The comparability of this information may be affected by the
fact that commission rates per share vary significantly among foreign
countries.
@ 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.

13
<PAGE>
FORTIS GLOBAL GROWTH PORTFOLIO

Notes to Financial Statements (continued)

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

<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS (continued):
Class H
-------------------------------
For the Year Ended October 31,
-------------------------------
1997 1996 1995+
<S> <C> <C> <C>
- --------------------------------------------------------------------------
Net asset value, beginning of period.... $ 20.99 $ 18.12 $ 14.60
-------- -------- -------
Operations:
Investment loss - net................. (.28) (.23) (.09)
Net realized and unrealized gain on
investments......................... 2.71 3.10 3.61
-------- -------- -------
Total from operations................... 2.43 2.87 3.52
-------- -------- -------
Net asset value, end of period.......... $ 23.42 $ 20.99 $ 18.12
-------- -------- -------
Total return @.......................... 11.58% 15.84% 24.11%
Net assets end of period (000s
omitted).............................. $ 18,690 $ 10,765 $ 2,141
Ratio of expenses to average daily net
assets................................ 2.19% 2.26% 2.48%*
Ratio of net investment loss to average
daily net assets...................... (1.04%) (1.02%) (1.46%)*
Portfolio turnover rate................. 30% 18% 27%
Average commission rate paid **......... $ 0.0246 $ 0.0272 --
</TABLE>

14
<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, 1997 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, 1997 and the financial highlights for each of the years in the five-year
period ended October 31, 1997. 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 and securities on loan,
we request confirmations from brokers and the custodian, 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, 1997 and the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period ended October 31, 1997 and the financial
highlights for each of the years in the five-year period ended October 31, 1997,
in conformity with generally accepted accounting principles.

KPMG Peat Marwick LLP

Minneapolis, Minnesota
December 5, 1997

15
<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, CRANBROOK EDUCATION
COMMUNITY. PRIOR TO JULY 1996,
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 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 FINANCIAL AND EMPLOYEE BENEFIT
CONSULTANT. PRIOR TO JULY, 1995, VICE
PRESIDENT AND TREASURER, JOSTENS,
INC.
Leonard J. Santow PRINCIPAL, GRIGGS & SANTOW, INC.
Noel Shadko MARKETING CONSULTANT. PRIOR TO MAY,
1996, SENIOR VICE PRESIDENT OF
MARKETING & STRATEGIC PLANNING,
ROLLERBLADE, 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
Tamara L. Fagely
VICE PRESIDENT AND TREASURER
Howard G. Hudson
VICE PRESIDENT
David A. Peterson
VICE PRESIDENT
Scott R. Plummer
VICE PRESIDENT
Rhonda J. Schwartz
VICE PRESIDENT
Gary N. Yalen
VICE PRESIDENT
Michael J. Radmer
SECRETARY

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 U.S. Bank National Association
MINNEAPOLIS, MINNESOTA

GENERAL COUNSEL Dorsey & Whitney LLP
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.

16
<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 TAX-FREE NATIONAL
RANGE OF SECURITIES PORTFOLIO
TAX-FREE MINNESOTA
PORTFOLIO
STRATEGIC INCOME FUND
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 Wall Street Series FIXED ACCOUNT
INSURANCE PROTECTION Variable Universal Life MONEY MARKET SUBACCOUNT
AND TAX- Insurance U.S. GOVERNMENT
DEFERRED 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

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, FIRST FORTIS LIFE 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.

<PAGE>

FORTIS FINANCIAL GROUP

Fortis Financial Group (FFG) provides solutions for customers' financial
needs using mutual funds, annuities and life insurance. Besides our own array
of quality products, we create and deliver customized products for other
financial service providers. Like the Fortis name, which comes from the Latin
for strong and steadfast, we concentrate on the customer relationships we
build, the services we provide, the solutions we offer and the performance we
seek.

FFG includes Fortis Advisers, Inc., an established money
manager, as well as Fortis Investors, Inc., a broker dealer
with nationwide sales and marketing influence. The guarantees [photo]
in our insurance products are underwritten by Fortis Benefits
Insurance Company and Time Insurance Company.

Fortis Financial Group is part of Fortis, Inc., a financial services company
that provides specialty insurance and investment products to individuals,
businesses, associations and other financial services organizations in the
United States. Fortis, Inc. is part of Fortis, a worldwide group of companies
active in the fields of insurance, banking and investments. Fortis is jointly
owned by Fortis AMEV of The Netherlands and Fortis AG of Belgium.

[graphic] FOR MORE INFORMATION, CALL YOUR INVESTMENT REPRESENTATIVE OR FORTIS
AT (800) 800-2638.

---------------
Bulk Rate
FORTIS-Registered Trademark- U.S. Postage
PAID
FORTIS FINANCIAL GROUP Permit No. 3794
P.O. BOX 64284 Minneapolis, MN
ST. PAUL, MN 55164 ---------------

FORTIS GLOBAL GROWTH PORTFOLIO

[recycle symbol] Printed on recycled paper with
40% preconsumer waste and 10%
post consumer waste. Please recycle.

FORTIS-Registered Servicemark- and Fortis-Registered Servicemark- are
registered servicemarks of Fortis AMEV and Fortis AG.

96156 (10/97)