FORTIS WORLDWIDE PORTFOLIOS INC, N-30D, 1998-06-23

FORTIS WORLDWIDE PORTFOLIOS INC
N-30D, 1998-06-23

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FORTIS

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INVEST FOR WORLDWIDE OPPORTUNITY

FORTIS WORLDWIDE
PORTFOLIOS
SEMI-ANNUAL REPORT

APRIL 30, 1998

FORTIS FINANCIAL GROUP

<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC. SEMI-ANNUAL REPORT

CONTENTS

LETTER TO SHAREHOLDERS 2

SCHEDULES OF INVESTMENTS
GLOBAL GROWTH PORTFOLIO 7
INTERNATIONAL EQUITY PORTFOLIO 11

STATEMENTS OF ASSETS AND LIABILITIES 14

STATEMENTS OF OPERATIONS 15

STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL GROWTH PORTFOLIO 16
INTERNATIONAL EQUITY PORTFOLIO 17

NOTES TO FINANCIAL STATEMENTS 18

BOARD OF DIRECTORS AND OFFICERS 23

OTHER PRODUCTS AND SERVICES 24

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- 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

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- 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) 800-2000.

TO ORDER PROSPECTUSES OR SALES LITERATURE FOR ANY FORTIS PRODUCT, CALL (800)
800-2000, EXT. 4579.

HOW TO USE THIS REPORT

For a quick overview of the Funds' performance during the past six-months, refer
to the Highlights box below. The letters from the portfolio manager and
president provide a more detailed analysis of the Funds and financial markets.

The charts following the letters are useful because they provide more
information about your investments. The top holdings chart show the types of
securities in which the Fund invests, and the pie charts show a breakdown of the
Fund's assets by country. The portfolio changes show the investment decisions
your Fund manager has made over the period in response to changing market
conditions.
The performance chart graphically compares the Fund's total return performance
with a selected investment index. Remember, however, that an index may reflect
the performance of securities the Fund may not hold. Also, the index does not
deduct sales charges, investment advisory fees and other Fund expenses, whereas
your fund does. Individuals cannot buy an unmanaged index fund without incurring
some charges and expenses.

This report is just one of several tools you can use to learn more about your
investment in the Fortis Family of Mutual Funds. Your investment representative,
who understands your personal financial situation, can best explain the features
of your investment and how it's designed to help you meet your financial goals.

HIGHLIGHTS

FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 1998

<TABLE>
<CAPTION>
MSCI
CLASS A CLASS B CLASS C CLASS H WORLD INDEX
-------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
GLOBAL GROWTH PORTFOLIO
NET ASSET VALUE PER SHARE:
Beginning of period........................ $ 23.92 $ 23.42 $ 23.43 $ 23.42 2315.20
End of period.............................. $ 27.07 $ 26.40 $ 26.42 $ 26.41 2756.85
TOTAL RETURN** 13.17% 12.72% 12.76% 12.77% 19.08%
INTERNATIONAL EQUITY PORTFOLIO*
NET ASSET VALUE PER SHARE:
Beginning of period........................ $ 10.46 $ 10.45 $ 10.45 $ 10.45 2618.78
End of period.............................. $ 11.39 $ 11.37 $ 11.37 $ 11.36 2756.85
TOTAL RETURN** 8.89% 8.80% 8.80% 8.71% 5.27%
</TABLE>

* For the period from March 2, 1998 (commencement of operations) to April
30, 1998.
** These are the fund's total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.

1
<PAGE>
GLOBAL GROWTH PORTFOLIO

[Photo]
"It's a big world out there, but too many investors see only a small part of
it. With Fortis Global Growth Portfolio, my money can take me somewhere and I
take advantage of global diversification."

DEAR SHAREHOLDER,

PERFORMANCE

The total return over the past six-month period ended April 30, 1998 for the
Global Growth Portfolio was 13.17 percent (Class A shares without sales load)
which compared to an increase of 18.10 percent for the Morgan Stanley Capital
International World Index (MSCI). This underperformance was due primarily to the
relative country weightings of the Portfolio compared to those of the Index and
the stronger general performance of large cap stocks compared to the mid cap
stocks. On a three year basis, Global Growth's average annual total return has
been 22.21 percent (Class A shares without sales load) which compared to a 19.57
percent average annual total return for the MSCI.

Over the past year, moderate global economic growth resulted in low inflation
and generally declining interest rates in the major economies of the world.
During this period, equity markets were focused on concerns over the Federal
Reserve Board possibly raising interest rates due to a strengthening U.S.
economy. This was eventually replaced by fears over the Asian economic situation
in the later stages of 1997, which eliminated any concerns over the Fed raising
rates. The Asian crisis has actually resulted in a stronger 1998 economic
outlook for both Europe and the United States. This has been due to a
significant fall in long-term interest rates in both Europe and the United
States in response to a slowing global economy and lower inflation. This has led
to surprising strength of these relatively mature economies in the face of
slower economic activity in other parts of the world. Over the past three years,
investors globally have focused on many of the world's largest companies. This
is due to economic uncertainty and the desire to be invested in highly liquid
situations. The Portfolio has historically focused on mid-sized growth companies
that have not received the full benefit of the market's strength in recent
years. This situation is expected to improve as investors broaden their holdings
into less exploited segments of the world's equity markets.

Global Growth is a global portfolio which means that it has the ability to
invest in any stock market in the world. At the end of April 30, 1998, the
Portfolio was highly diversified with 113 individual holdings in 24 nations.
Foreign holdings represented 57.37 percent of total net assets; holdings in the
United States represented 38.50 percent, and cash equivalents totaled 3.20
percent. The respective weightings of the MSCI World Index were 49.60 percent in
the U.S. and 51.40 percent in foreign markets. Our objective in managing Global
Growth is to expose shareholders to the world's best positioned growth
companies. We look to invest in those niches of the world's economy which are
demonstrating well above average levels of growth.

PORTFOLIO COMPOSITION
EUROPE

Holdings in continental Europe and the United Kingdom accounted for 45.70
percent of total assets at the end of April 1998. This compares to a 10.40
percent weighting in the MSCI. The fund has been overweight in European holdings
for some time as it remains an attractive region for growth stock investors.
There are significant changes taking place in Europe which should provide a
favorable investment environment into the foreseeable future. Corporate
restructurings, changes in share repurchase regulations, and the movement
towards a common currency should provide a favorable backdrop for investors of
European securities. In recent months, interest rates have declined in Europe as
markets anticipate the movement towards a common currency which will begin in
early 1999. Presently, our holdings in Europe are well diversified with
countries such as Germany, representing 8.34 percent of total assets; the
Netherlands, 4.48 percent; the United Kingdom, 5.50 percent; France, 5.16
percent; Scandinavian countries, 6.12 percent. Europe remains several years
behind the United States in its efforts to restructure its industrial sectors.
Numerous companies have announced restructuring strategies that will help reduce
their cost of doing business and make them more competitive on a global basis.
Some of our key holdings in Europe include SAP AG Systeme Preferred, one of the
world's largest software providers; Telefonica de Espana, Spain's telephone
company which has substantial interests in various Latin American telecom
companies; and Nokia Oy's and Ericsson (L.M.) Telephone Co., organizations both
involved in the global cellular infrastructure and cellular mobile phone
markets.

JAPAN

The Portfolio's exposure to Japan (4.02 percent of total assets) has been well
below average for some time. Japanese economic growth has lagged since 1989, as
has its equity market. We anticipate that Japan will continue to struggle to
demonstrate sustainable economic growth over the near term. Recently announced
stimulus programs should help stabilize the economy through 1999. A weak
currency has benefitted Japanese export-oriented companies over the past several
years. Our investment focus has been on companies such as Sony Corp. and Canon,
Inc. which have benefitted from a weak currency through enhanced export
activity.

2
<PAGE>
EMERGING REGIONS

Emerging regions accounted for 5.24 percent of total assets as of April 30,
1998. Holdings include companies located in Latin America, central Europe and
southeast Asia. Our main focus is presently in Latin America and central Europe.
Our Asian exposure has been limited for some time as economic and currency
issues continue to dominate the less than favorable outlook there. We are
finding some well positioned growth companies in Latin America; however, their
investment outlook has been clouded by the "Asian contagion" situation. Central
Europe also offers some good growth prospects which will be enhanced by an
improving European economy in 1998. Asia remains underweight in the Portfolio
due to its uncertain economic outlook. Further currency disruptions are possible
and growth prospects looking forward are clouded by a weak banking sector in the
region. This situation will gradually be resolved; however, in the interim many
companies will struggle to demonstrate growth.

UNITED STATES

Global Growth has historically had a significant exposure in the United States.
The main reason for this is the Portfolio's goal of investing in the best
positioned growth companies available. The United States has been the dominant
global market for well positioned growth companies. This is expected to be the
case going forward and we anticipate having a meaningful exposure to mid-sized
growth companies based in the United States. Areas which we have historically
focused upon as strong investment sectors include business services, software
based technology companies, health care services companies -- and certain
consumer segments. The fund also has a strong representation in the energy
services industry. Our focus there has been on companies with a high value added
content in areas such as subsea completion, 3-D seismic data acquisition and
deep water drilling.

GLOBAL ECONOMY AND INVESTMENT OUTLOOK

Over the past several years, the major developed economies of the United States
and Europe have experienced an unprecedented bull market. The key drivers of the
strong market environment have been moderate economic global growth, ample
liquidity, fiscal spending constraints by governments, lower inflation,
declining interest rates and favorable corporate earnings growth. Demographic
trends have also helped fuel the bull market as aging baby boomers have been
encouraged to increase their savings for retirement, not just in the United
States but in other parts of the world. These positive variables remain in
place; however, as stock markets in these countries reach ever higher levels,
the vulnerability to any change in the environment becomes more acute. This is
likely to result in a continuation of the volatility which global markets
experience from time to time.

As always, the favorable economic environment is vulnerable to potential
changes. Presently, the main concerns center around a few key uncertainties.
These include: a worsening of the Asian economic problem, an acceleration of the
deflationary pressures which certain parts of the world's economy are
experiencing, a slowing of the world's most powerful economy -- the United
States -- and the potential of the Federal Reserve raising short-term interest
rates as a pre-emptive strike against inflation. The Asian crisis remains
serious in that the two key economies of that region, China and Japan, are in a
weakening economic trend. If the key economies remain weak, it will be difficult
for the other southeastern Asian nations to recover. The U.S. economy has
maintained a very strong growth rate thus far, due primarily to ample liquidity
in the financial system and lower long term interest rates. As the U.S. economy
matures, however, the growth of corporate earnings should be expected to slow.

Overall, this moderate growth, low inflation environment is favorable for
financial assets. Our focus on individual companies with sound fundamental
growth outlooks should be rewarded in the face of generally declining corporate
earnings. Many of our investments are in niche segments of the world's economy
which can continue to grow in a slowing environment. Although there are risks,
our view is that the longer term outlook for global equity investments remains
favorable.

Thank you for 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

May 19, 1998

3
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 04/30/98

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C>
United States 38.5%
Other 21.6%
Germany 8.3%
United Kingdom 5.5%
France 5.2%
Netherlands 4.5%
Finland 4.4%
Cash Equivalents/Receivables 4.1%
Japan 4.0%
Sweden 3.9%
</TABLE>

TOP 10 EQUITY HOLDINGS AS OF 04/30/98

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. SAP AG Systeme Preferred (Germany) 5.2%
2. Nokia OYJ K Shares (Finland) 2.8%
3. Cisco Systems, Inc. (United States) 2.3%
4. Telefonica de Espana ADR (Spain) 2.2%
5. Gartner Group, Inc. Class A (United States) 1.8%
6. Ericsson (L.M.) Telephone Co. Class B ADR (Sweden) 1.8%
7. Tellabs, Inc. (United States) 1.6%
8. Novartis AG (Switzerland) 1.6%
9. Total Renal Care Holdings, Inc. (United States) 1.6%
10. AccuStaff, Inc. (United States) 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 +31.08% +18.67%
Class B shares Diamond Diamond +27.48% +18.16%
Class C shares Diamond +31.12% +18.70%
Class C shares Diamond Diamond +30.12% +18.70%
Class H shares Diamond +31.07% +18.68%
Class H shares Diamond Diamond +27.47% +18.17%
</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
April 30, 1998.
+ 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> <C>
Average Annual Total Return
Since
1 Year 5 Year July 8, 1991@
With Sales Charge* +25.78% +15.45% +14.87%
Without Sales Charge** +32.05% +16.58% +15.69%
MSCI World Index*** Global Growth Portfolio Class A
7/8/91 $10,000 $10,000
4/30/92 $10,443 $10,518
4/30/93 $12,170 $11,943
4/30/94 $13,684 $13,548
4/30/95 $15,087 $14,090
4/30/96 $17,995 $19,762
4/30/97 $19,911 $19,477
4/30/98 $25,791 $25,719
</TABLE>

Annual period ended April 30, 1998

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 PERIOD ENDED 04/30/98

<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
ASM Lithography Holding N.V. Baan Co. N.V. ADR
Bayerische Vereinsbank AG CUC International, Inc.
Cendant Corp. Deutsche Lufthansa AG
Dresdner Bank AG ENSCO International, Inc.
Groupe Danone Green Tree Financial Corp.
Grupo Televisa S.A. ADR Hong Kong Land Holdings Ltd.
Landry's Seafood Restaurants, Inc. Matsushita Electric Industrial Co. Ltd. ADR
Newbridge Networks Corp. ADR Oracle Corp.
Premiere Technologies, Inc. Powerscreen International plc
Union Bank of Switzerland Vans, Inc.
</TABLE>

4
<PAGE>
INTERNATIONAL EQUITY PORTFOLIO

[Photo]
"The Fortis International Equity Portfolio opens a lot of doors for me. I know
the money managers are constantly seeking growth and value opportunities for my
money. I like the fact that they look at all types of foreign industries and
companies."

DEAR SHAREHOLDER,

The International Equity Portfolio is a new addition to the Fortis Fund Family.
The International Equity Portfolio began operations in March 1998. Through April
30, 1998 the fund has increased 8.89 percent for Class A shares before sales
charge. The Portfolio invests the majority of its assets in companies which are
domiciled outside of the United States and is diversified geographically and by
investment style. The fund utilizes both growth and value approaches to
investing, incorporating top down and bottom up strategies. A majority of the
holdings in the Portfolio will ordinarily be "blue chip" type investments in
major foreign markets. Using this broad investment approach should create a
diversified portfolio which will help reduce the volatility normally associated
with investing in international markets.

International markets have experienced a divergence of performance in recent
years. The lagging markets of Japan and southeastern Asia have been well
publicized. Other parts of the world such as Europe, the United Kingdom, and
Latin America have performed more positively in recent years. Currently, we
anticipate that the investment focus of the Portfolio will be on the European
and United Kingdom segments, which are benefitting from an improving economic
picture. The benchmark for international investing is the Morgan Stanley Capital
International EAFE Index, that covers Europe, Australia and the Far East. This
non-North American based index is dominated presently by the United Kingdom,
twenty percent; Japan, twenty percent; and Europe, forty-eight percent of
holdings.

The outlook for investing in overseas markets is mixed. The European markets are
attractive longer term due to the expected benefits from the movement towards a
common currency. Cash flows into mutual funds and pension plans in Europe should
fuel equity markets as long as interest rates remain at reasonably low levels.
The trend towards a common currency has helped reduce interest rates in Europe
over the past year and has led to a strong equity market environment. These
markets in general no longer appear to be overly undervalued given the
significant price movements over the past several months. Corporate
restructurings, merger announcements and strong cash inflows have helped propel
equity markets to new all time levels so far in 1998. This positive equity
environment could last for some time as further corporate changes are expected
in Europe.

The Japanese market has lagged most global markets in recent years due to a
depressed economic environment. As the largest economy in Asia, the Japanese
government is under significant pressure to stimulate its economy to provide a
more favorable regional growth environment. In recent years, investors have
focused on export oriented Japanese companies which have benefited from a
weakened yen and strong economies in the United States and Europe. Looking
ahead, corporate restructuring and share repurchase programs will likely be used
by Japanese corporate managements in an attempt to stimulate shareholder
interest. We remain skeptical regarding the Japanese ability to quickly turn
their economic situation around. For the time being, we will be underweight in
Japanese equities until there are more concrete signs of reacceleration of
corporate earnings growth for companies.

Long-term, there are plenty of investment opportunities in international
markets. Corporate restructuring, changes in share repurchase laws, and
significant cross border mergers should stimulate investor interest in Europe,
the United Kingdom, and Japan. A strengthening European economy due to the lower
interest rate environment should also stimulate economic activity through 1999.
The weakness of the Asian economies and the Japanese economy will hold back
growth in this part of the world, and keep inflation and interest rates at
relatively low levels. This should provide a favorable environment for investing
in many international companies.

Thank you for your investment in our latest fund, which we believe has
significant growth opportunities over the longer term.

Sincerely,

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

May 19, 1998

5
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 04/30/98

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C>
Cash Equivalents/Receivables 28.5%
Other 15.4%
France 11.7%
United Kingdom 9.4%
Netherlands 8.0%
Germany 7.0%
Japan 5.4%
Italy 4.5%
Finland 3.8%
United States 3.2%
Mexico 3.1%
</TABLE>

TOP 10 EQUITY HOLDINGS AS OF 04/30/98

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. Global TeleSystems Group, Inc. (United States) 3.2%
2. Saipem S.p.A (Italy) 1.9%
3. ARM Holdings plc (United Kingdom) 1.4%
4. Cap Gemini S.A. (France) 1.3%
5. World Equity Benchmark Share -- Japan Index Series
(Japan) 1.2%
6. SGS-Thomson Microelectronics N.V. NY Shares
(France) 1.1%
7. Vodafone Group plc ADR (United Kingdom) 1.1%
8. Union Bank of Switzerland (Switzerland) 1.1%
9. Matav Rt. ADR (Hungary) 1.0%
10. IHC Caland N.V. (Netherlands) 1.0%
</TABLE>

CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS

<TABLE>
<CAPTION>
Since
Inception+
- --------------------------------------------------
<S> <C>
Class B shares Diamond +8.80%
Class B shares Diamond Diamond +5.20%
Class C shares Diamond +8.80%
Class C shares Diamond Diamond +7.80%
Class H shares Diamond +8.71%
Class H shares Diamond Diamond +5.11%
</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 in year three or four (with a waiver of 10% of the
amount invested). Class C has a CSDC of 1.00% if redeemed within one year of
purchase.
Diamond Without CDSC.
Diamond Diamond With CDSC. Assumes redemption on April 30, 1998.
+ Since March 2, 1998 -- Date shares were first offered to the
public.

INTERNATIONAL EQUITY PORTFOLIO CLASS A

VALUE OF $10,000 INVESTED MARCH 2, 1998

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO CLASS A
<S> <C> <C>
Two Month Total Return
Since
March 2, 1998@
With Sales Charge* +3.72%
Without Sales Charge** +8.89%
International Equity Portfolio
MSCI World Index*** Class A
3/2/98 $10,000 $10,000
4/30/98 $10,527 $10,372
</TABLE>

TEN LARGEST PORTFOLIO CHANGES FOR THE PERIOD ENDED 04/30/98

ADDITIONS:
ARM Holdings plc
Cap Gemini S.A.
Global TeleSystems Group, Inc.
IHC Caland N.V.
Matav Rt. ADR
SGS-Thomson Microelectronics N.V. NY Shares
Saipem S.p.A
Union Bank of Switzerland
Vodafone Group plc ADR
World Equity Benchmark Share -- Japan Index Series

6
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO
Schedule of Investments
April 30, 1998 (Unaudited)

COMMON STOCKS-90.07%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
ARGENTINA-1.15%
50,000 Disco S.A. ADR (a) -- RETAIL-GROCERY......... $ 788,250 $ 1,987,500
------------ -------------
AUSTRIA-1.29%
15,000 OMV Aktiengesellschaft (e) -- OIL-CRUDE
PETROLEUM AND GAS.......................... 1,531,502 2,225,997
------------ -------------
BELGIUM-1.36%
8,900 Barco N.V. -- TELECOMMUNICATION EQUIPMENT.... 1,196,305 2,355,196
------------ -------------
BRAZIL-1.48%
11,000 Telecomunicacoes Brasileiras S.A. Telebras
ADR (f) -- TELEPHONE SERVICES.............. 679,009 1,339,937
23,000 Uniao de Bancos Brasileiros S.A. GDR
(f) -- BANKS............................... 776,250 914,250
31,600 Votorantim Celulose e Papel S.A.
ADR -- PAPER............................... 471,472 303,840
------------ -------------
1,926,731 2,558,027
------------ -------------
CANADA-0.62%
36,700 Newbridge Networks Corp. ADR
(a) -- TELECOMMUNICATIONS.................. 990,462 1,075,769
------------ -------------
CHILE-0.44%
30,000 Cia. de Telecomunicaciones de Chile S.A.
ADR -- TELEPHONE SERVICES.................. 825,013 751,875
------------ -------------
FINLAND-4.36%
32,100 Amer Group Ltd. (a) -- CONSUMER GOODS........ 632,245 656,955
40,900 KCI Konecranes International plc
(e) -- MACHINERY........................... 1,094,907 1,951,878
74,000 Nokia Oyj K Shares -- TELECOMMUNICATION
EQUIPMENT.................................. 680,399 4,916,956
------------ -------------
2,407,551 7,525,789
------------ -------------
FRANCE-5.16%
30,900 CIPE France S.A. -- BUSINESS SERVICES AND
SUPPLIES................................... 1,395,172 1,086,010
39,000 Companie Generale de Geophysique S.A. ADR
(a) -- OIL AND GAS FIELD SERVICES.......... 780,810 1,121,250
4,800 Dexia France -- BANKS........................ 596,683 580,681
8,500 Groupe Danone -- FOOD........................ 1,452,175 2,005,729
12,500 Michelin (C.G.D.E.) Class B -- RUBBER AND
PLASTIC.................................... 762,272 787,045
27,500 Rhone-Poulenc (Warrants) (a)
(f) -- CHEMICALS........................... 93,872 147,813
27,500 Rhone-Poulenc S.A. ADR -- CHEMICALS.......... 1,117,228 1,361,250
15,000 Sanofi S.A. -- DRUGS......................... 1,032,413 1,817,120
------------ -------------
7,230,625 8,906,898
------------ -------------
GERMANY-3.13%
12,000 Bayerische Vereinsbank AG -- BANKS........... 780,908 896,073
19,500 Dresdner Bank AG -- BANKS.................... 941,834 1,059,489
81,600 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 1,316,068 1,650,646
17,000 SGL Carbon AG -- STEEL AND IRON.............. 895,151 1,801,368
------------ -------------
3,933,961 5,407,576
------------ -------------
HONG KONG-0.25%
70,000 Hutchison Whampoa Ltd. -- DIVERSIFIED
COMPANIES.................................. 459,904 432,866
------------ -------------
HUNGARY-1.49%
15,000 Matav Rt. ADR (a) (f) -- TELEPHONE
SERVICES................................... 279,750 442,500
70,000 MOL Magyar Olaj-es Gazipari Rt. GDR
(e) -- OIL-CRUDE PETROLEUM AND GAS......... 567,000 2,126,992
------------ -------------
846,750 2,569,492
------------ -------------
ISRAEL-1.54%
38,000 ECI Telecommunications
Ltd. -- TELECOMMUNICATION EQUIPMENT........ 670,707 1,159,000
35,000 Teva Pharmaceutical Industries Ltd. ADR
(f) -- DRUGS............................... 1,186,250 1,496,250
------------ -------------
1,856,957 2,655,250
------------ -------------
ITALY-1.32%
22,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 236,853 565,125
228,200 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 1,518,315 1,706,397
------------ -------------
1,755,168 2,271,522
------------ -------------
</TABLE>

7
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 1998 (Unaudited)

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
JAPAN-4.02%
50,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... $ 727,099 $ 1,203,125
21,000 Honda Motor -- AUTOMOBILE MANUFACTURERS...... 793,595 762,885
11,000 Kyocera Corp. -- ELECTRONIC COMPONENTS....... 892,456 577,764
61,400 Laox Co. Ltd. -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 1,176,658 427,518
190 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ 1,631,584 1,668,054
15,000 Sony Corp. -- ELECTRONIC COMPONENTS.......... 973,223 1,249,905
20,000 Tokyo Electron Limited -- MACHINERY.......... 754,745 787,103
22,000 Toppan Forms Co. Ltd. (e) -- BUSINESS
SERVICES AND SUPPLIES...................... 199,984 264,739
------------ -------------
7,149,344 6,941,093
------------ -------------
MEXICO-1.26%
23,000 Grupo Televisa S.A. ADR
(f) -- BROADCASTING........................ 811,035 943,000
31,000 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 546,573 1,236,125
------------ -------------
1,357,608 2,179,125
------------ -------------
NETHERLANDS-4.48%
12,000 ASM Lithography Holding N.V. (a)
(f) -- MACHINERY........................... 946,980 1,099,500
26,500 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 845,739 1,542,380
37,500 Randstad Holdings N.V. -- BUSINESS SERVICES
AND SUPPLIES............................... 420,120 1,841,116
60,000 VNU-Verenigde Bezit -- PUBLISHING............ 1,395,594 1,942,080
10,000 Wolters Kluwer N.V. -- PUBLISHING............ 500,209 1,307,093
------------ -------------
4,108,642 7,732,169
------------ -------------
NORWAY-2.27%
25,000 Petroleum Geo-Services ADR (a) -- OIL AND GAS
FIELD SERVICES............................. 672,606 1,643,750
70,000 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 616,300 2,275,000
------------ -------------
1,288,906 3,918,750
------------ -------------
PORTUGAL-0.82%
26,200 Portugal Telecom S.A. ADR -- TELEPHONE
SERVICES................................... 826,446 1,408,250
------------ -------------
SPAIN-2.69%
15,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS... 620,911 821,769
30,000 Telefonica de Espana (rights) -- TELEPHONE
SERVICES................................... 55,730 67,500
30,000 Telefonica de Espana ADR -- TELEPHONE
SERVICES................................... 2,052,469 3,748,125
------------ -------------
2,729,110 4,637,394
------------ -------------
SWEDEN-3.85%
60,000 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 1,040,250 3,086,250
40,000 Hoganas AB Class B -- CHEMICALS.............. 1,108,424 1,602,313
88,000 Industri-Matematik International Corp.
(a) -- COMPUTER-SOFTWARE................... 832,143 1,958,000
------------ -------------
2,980,817 6,646,563
------------ -------------
SWITZERLAND-2.77%
1,700 Novartis AG -- DRUGS......................... 2,287,329 2,810,779
100 Roche Holding AG -- DRUGS.................... 522,734 1,013,707
600 Union Bank of Switzerland -- BANKS........... 959,287 966,439
------------ -------------
3,769,350 4,790,925
------------ -------------
TAIWAN-0.32%
22,500 Taiwan Semiconductor Manufacturing Co. Ltd.
ADR (a) (f) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 557,550 552,656
------------ -------------
UNITED KINGDOM-5.50%
350,000 Avis Europe plc -- BUSINESS SERVICES AND
SUPPLIES................................... 721,989 1,366,442
205,200 Capita Group plc -- BUSINESS SERVICES AND
SUPPLIES................................... 438,498 1,724,050
55,000 Dr. Solomon's Group plc ADR (a)
(f) -- COMPUTER-SOFTWARE................... 1,160,625 1,636,250
38,700 Energis plc (a) -- TELEPHONE SERVICES........ 185,606 427,062
23,000 Glaxo Wellcome plc ADR (f) -- DRUGS.......... 905,802 1,300,938
65,000 JBA Holdings plc -- COMPUTER-SOFTWARE........ 873,444 597,740
40,000 National Westminster Bank plc -- BANKS....... 746,150 800,554
</TABLE>

8
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
225,000 Orange plc (a) -- TELEPHONE SERVICES......... $ 707,347 $ 1,634,589
------------ -------------
5,739,461 9,487,625
------------ -------------
UNITED STATES-38.50%
49,000 3Com Corp. (a) (f) -- COMPUTER-COMMUNICATIONS
EQUIPMENT.................................. 607,713 1,678,250
70,000 AccuStaff, Inc. (a) -- CAPITAL SPENDING...... 1,593,590 2,511,250
21,000 ADC Telecommunications, Inc.
(a) -- TELECOMMUNICATION EQUIPMENT......... 365,355 628,688
26,000 Altera Corp. (a)
(f) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 546,969 1,053,000
82,500 Apple South, Inc. (f) -- RESTAURANTS AND
FRANCHISING................................ 959,059 1,299,375
48,500 Avant! Corp. (a) (f) -- COMPUTER-SOFTWARE.... 1,053,065 1,406,500
50,000 Bed Bath & Beyond, Inc. (a) -- CONSUMER
CYCLICAL................................... 1,145,684 2,462,500
60,000 Blyth Industries, Inc. (a) (f) -- CONSUMER
GOODS...................................... 1,784,845 2,201,250
20,000 Camco International, Inc. (f) -- OIL AND GAS
FIELD SERVICES............................. 855,988 1,357,500
91,000 Cendant Corp. (a) (f) -- RETAIL-SPECIALTY.... 2,187,300 2,275,000
65,550 Cheesecake Factory, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 1,224,487 1,655,138
54,000 Cisco Systems, Inc.
(a) -- COMPUTER-COMMUNICATIONS EQUIPMENT... 366,375 3,955,500
12,000 Citrix Systems, Inc.
(a) -- COMPUTER-SOFTWARE................... 650,093 745,500
70,300 Covance, Inc. (a) (f) -- BUSINESS SERVICES
AND SUPPLIES............................... 1,370,076 1,507,056
62,000 Data Processing Resources Corp.
(a) -- BUSINESS SERVICES AND SUPPLIES...... 1,122,773 1,735,031
127,700 DSP Communications, Inc. (a) -- ELECTRONIC
COMPONENTS................................. 2,157,401 2,130,994
10,000 Estee Lauder Co. Class A -- CONSUMER
NON-CYCLICAL............................... 260,000 664,375
23,000 Galileo International, Inc. -- BUSINESS
SERVICES AND SUPPLIES...................... 563,500 928,625
96,000 Gartner Group, Inc. Class A (a) -- CAPITAL
SPENDING................................... 300,000 3,180,000
60,000 Input/Output, Inc. (a) -- OIL AND GAS FIELD
SERVICES................................... 200,750 1,492,500
44,000 Interim Services, Inc. (a) -- BUSINESS
SERVICES AND SUPPLIES...................... 951,500 1,435,500
32,400 Landry's Seafood Restaurants, Inc.
(a) -- RESTAURANTS AND FRANCHISING......... 959,506 923,400
2,000 Manhattan Associates, Inc. (a)
(f) -- COMPUTER-COMMUNICATIONS EQUIPMENT... 30,000 45,250
46,400 Outback Steakhouse, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 1,416,358 1,769,000
64,000 Parametric Technology Corp.
(a) -- COMPUTER-SOFTWARE................... 481,915 2,046,000
25,000 Perkin-Elmer Corp. (f) -- PRECISION
INSTRUMENTS-TEST, RESEARCH................. 1,893,996 1,709,375
31,500 Pier 1 Imports, Inc. (f) -- RETAIL-HOUSEHOLD
FURNITURE.................................. 873,251 830,813
54,000 Polo Ralph Lauren Corp. (a) -- APPAREL....... 1,306,230 1,518,750
30,000 Premiere Technologies, Inc. (a)
(f) -- BUSINESS SERVICES AND SUPPLIES...... 863,459 956,250
50,000 R & B Falcon Corp. (a) (f) -- OIL-OFFSHORE
DRILLING................................... 867,175 1,603,125
14,000 R.P. Scherer Corp. (a) (f) -- DRUGS.......... 686,723 1,022,000
53,000 Service Corp. International (f) -- PERSONAL
SERVICES................................... 1,315,765 2,186,250
9,000 Steelcase, Inc. (a) -- OFFICE EQUIPMENT AND
SUPPLIES................................... 252,000 311,625
11,800 Steris Corp. (a) -- HEALTH CARE.............. 203,550 693,988
75,000 Sykes Enterprises, Inc. (a) -- BUSINESS
SERVICES AND SUPPLIES...................... 1,814,841 1,570,313
53,000 Synopsys, Inc. (a)
(f) -- COMPUTER-SOFTWARE................... 1,469,280 2,279,000
40,000 Tellabs, Inc.(a) -- CAPITAL SPENDING......... 537,810 2,835,000
82,000 Total Renal Care Holdings, Inc. (a)
(f) -- HEALTH CARE SERVICES................ 1,994,452 2,716,250
32,000 Transocean Offshore, Inc. -- OIL-OFFSHORE
DRILLING................................... 876,734 1,788,000
15,000 Univision Communications
(a) -- BROADCASTING........................ 585,000 574,688
12,500 Western Atlas, Inc. (a) -- OIL AND GAS FIELD
SERVICES................................... 446,142 987,500
25,000 Xilinx, Inc. (a) -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 529,991 1,143,750
23,200 Xylan Corp. (a)
(f) -- COMPUTER-COMMUNICATIONS EQUIPMENT... 767,884 660,475
------------ -------------
40,438,585 66,474,334
------------ -------------
TOTAL COMMON STOCKS.......................... $96,694,998 $ 155,492,641
------------ -------------
------------ -------------
</TABLE>

PREFERRED STOCKS-5.80%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ------------ -------------
<C> <S> <C> <C>
BRAZIL-0.59%
40,000 Petroleo Brasileiro S.A. ADR Preferred
(f) -- OIL-CRUDE PETROLEUM AND GAS......... $ 905,000 $ 1,012,220
------------ -------------
</TABLE>

9
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 1998 (Unaudited)

PREFERRED STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ------------ -------------
<C> <S> <C> <C>
GERMANY-5.21%
18,000 SAP AG Systeme
Preferred -- COMPUTER-SOFTWARE............. $ 591,854 $ 8,997,507
------------ -------------
TOTAL PREFERRED STOCKS....................... 1,496,854 10,009,727
------------ -------------
------------ -------------
TOTAL LONG-TERM INVESTMENTS.................. $98,191,852 $ 165,502,368
------------ -------------
------------ -------------
</TABLE>

SHORT-TERM INVESTMENTS-3.20%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
----------- -------------
<C> <S> <C>
BANKS-0.76%
$1,316,000 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.38%........ $ 1,316,000
-------------
DIVERSIFIED FINANCE-2.44%
4,217,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.37%...................... 4,217,000
-------------
TOTAL SHORT-TERM INVESTMENTS................. 5,533,000
-------------
-------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$103,724,852) (b).......................... $ 171,035,368
-------------
-------------
</TABLE>

(a) Presently not paying dividend income.
(b) At April 30, 1998, the cost of securities for federal income tax purposes
was $103,724,852 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation........................... $69,930,450
Unrealized depreciation........................... (2,619,934)
---------------------------------------------------------------
Net unrealized appreciation....................... $67,310,516
---------------------------------------------------------------
</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 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:

<TABLE>
<CAPTION>
Period
Acquired Shares/Par Security Cost Basis
- ------------- ----------- ----------------------------------------------------------------------------------- ----------
<S> <C> <C> <C>
1995 70,000 MOL Magyar Olaj-es $ 567,000
1996 15,000 OMV AG 1,531,502
1996 23,900 KCI Kronecranes 563,329
1998 17,000 KCI Kronecranes 531,578
1998 22,000 Toppan Forms 199,984
</TABLE>

The value of these securities at April 30, 1998, was $6,569,606, which
represents 3.81% of total net assets.
(f) Security is fully or partially on loan at April 30, 1998. See Note 1 of
accompanying Notes to Financial Statements.

10
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 1998 (Unaudited)

COMMON STOCKS-70.67%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
ARGENTINA-0.67%
500 Disco S.A. ADR (a) -- RETAIL-GROCERY......... $ 21,270 $ 19,875
----------- -----------
AUSTRALIA-0.86%
2,500 World Equity Benchmark Share-Australia Index
Series -- UNIT INVESTMENT TRUST............ 25,100 25,625
----------- -----------
AUSTRIA-0.75%
150 OMV Aktiengesellschaft (e) -- OIL-CRUDE
PETROLEUM AND GAS.......................... 19,796 22,260
----------- -----------
BELGIUM-0.86%
400 Lernout and Hauspie Speech Products N.V. ADR
(a) -- COMPUTER-SOFTWARE................... 16,610 25,500
----------- -----------
BRAZIL-0.72%
175 Telecomunicacoes Brasileiras S.A. Telebras
ADR -- TELEPHONE SERVICES.................. 20,179 21,317
----------- -----------
CANADA-0.59%
600 Newbridge Networks Corp. ADR
(a) -- TELECOMMUNICATIONS.................. 16,180 17,587
----------- -----------
CHILE-0.68%
800 Cia. de Telecomunicaciones de Chile S.A.
ADR -- TELEPHONE SERVICES.................. 21,898 20,050
----------- -----------
FINLAND-3.80%
1,100 Amer Group Ltd. (a) -- CONSUMER GOODS........ 20,022 22,512
600 KCI Konecranes International plc
(e) -- MACHINERY........................... 21,042 28,634
3,600 Merita plc A Shares -- BANKS................. 20,246 24,119
200 Nokia Corp., ADR Class
A -- TELECOMMUNICATIONS.................... 9,454 13,375
130 Tieto Corp. Class B -- BUSINESS SERVICES AND
SUPPLIES................................... 19,768 23,862
----------- -----------
90,532 112,502
----------- -----------
FRANCE-11.71%
300 Cap Gemini S.A. -- COMPUTER-SOFTWARE......... 33,625 38,935
150 Castorama Dubois
Investisse -- RETAIL-MISCELLANEOUS......... 20,400 24,777
654 CIPE France S.A. -- BUSINESS SERVICES AND
SUPPLIES................................... 22,351 22,985
400 Coflexip S.A. ADR -- OIL AND GAS FIELD
SERVICES................................... 20,220 28,500
1,000 Companie Generale de Geophysique S.A. ADR
(a) -- OIL AND GAS FIELD SERVICES.......... 20,290 28,750
200 Dexia France -- BANKS........................ 24,862 24,195
400 Elf Aquitaine S.A. ADR -- OIL-CRUDE PETROLEUM
AND GAS.................................... 21,524 25,975
600 Groupe Danone ADR -- FOOD.................... 24,411 27,750
350 Michelin (C.G.D.E.) Class B -- RUBBER AND
PLASTIC.................................... 20,523 22,037
400 Rhone-Poulenc S.A. ADR -- CHEMICALS.......... 18,016 19,800
200 Sanofi S.A. -- DRUGS......................... 22,534 24,228
400 SGS-Thomson Microelectronics N.V. NY
Shares -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 27,941 33,800
150 Suez Lyonnaise des Eaux -- UTILITIES-WATER
AND SEWER.................................. 19,171 25,425
----------- -----------
295,868 347,157
----------- -----------
GERMANY-6.13%
60 Allianz AG -- INSURANCE...................... 18,175 18,540
60 Allianz AG (rights) (a) -- INSURANCE......... 322 306
310 Bayerische Vereinsbank AG -- BANKS........... 20,173 23,149
1,100 Deutsche Lufthansa AG (e) -- AIRLINES........ 19,789 25,715
500 Dresdner Bank AG -- BANKS.................... 24,150 27,166
800 Fresenius Medical Care AG ADR (a) -- HEALTH
CARE SERVICES.............................. 19,648 18,450
500 Hoechst AG ADR -- CHEMICALS.................. 19,208 20,125
1,000 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 21,248 20,229
34 Volkswagen AG (with rights) -- AUTOMOBILE
MANUFACTURERS.............................. 20,720 27,880
----------- -----------
163,433 181,560
----------- -----------
HONG KONG-0.67%
2,000 World Equity Benchmark share-Hong Kong Index
Series -- UNIT INVESTMENT TRUST............ 21,580 19,875
----------- -----------
HUNGARY-1.00%
1,000 Matav Rt. ADR (a) -- TELEPHONE SERVICES...... 25,665 29,500
----------- -----------
IRELAND-0.86%
500 CBT Group plc ADR (a) -- COMPUTER-SOFTWARE... 25,625 25,437
----------- -----------
</TABLE>

11
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 1998 (Unaudited)

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
ITALY-4.47%
14,000 Banca di Roma (a) -- BANKS................... $ 19,330 $ 25,796
12,500 Parmalat Finanziaria S.p.A (a) -- FOOD....... 20,017 28,182
10,000 Saipem S.p.A -- OIL AND GAS FIELD SERVICES... 55,486 57,507
2,800 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 19,959 20,937
----------- -----------
114,792 132,422
----------- -----------
JAPAN-5.37%
300 Honda Motor Co. Ltd ADR -- AUTOMOBILE
MANUFACTURERS.............................. 22,293 21,844
1,500 Ibiden Co. Ltd. -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 20,831 23,727
5,000 Sakura Bank (The) Ltd. -- BANKS.............. 19,992 17,218
1,000 Shin-Etsu Chemical Co. Ltd. -- CHEMICALS..... 21,663 19,526
200 Sony Corp. -- ELECTRONIC COMPONENTS.......... 19,592 16,665
2,000 Toppan Forms Co. Ltd. (e) -- BUSINESS
SERVICES AND SUPPLIES...................... 18,180 24,067
3,500 World Equity Benchmark Share-Japan Index
Series -- UNIT INVESTMENT TRUST............ 40,390 36,094
----------- -----------
162,941 159,141
----------- -----------
MEXICO-3.12%
12,000 Cifra S.A. de C.V. -- RETAIL-GROCERY......... 20,293 20,722
600 Grupo Televisa S.A. ADR
(f) -- BROADCASTING........................ 21,183 24,600
4,800 Kimberly-Clark de Mexico, S.A. -- PAPER...... 20,489 23,379
600 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 21,662 23,925
----------- -----------
83,627 92,626
----------- -----------
NETHERLANDS-7.95%
100 Akzo Nobel N.V. -- CHEMICALS................. 19,009 20,341
300 ASM Lithography Holding N.V.
(a) -- MACHINERY........................... 23,675 27,487
500 Getronics N.V. -- BUSINESS SERVICES AND
SUPPLIES................................... 20,275 22,123
500 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 28,027 29,102
425 ING Groep N.V. -- INSURANCE.................. 20,027 27,618
200 Philips Electronics N.V. ADR -- ELECTRONIC
COMPONENTS................................. 16,600 18,000
400 Royal Dutch Petroleum Co. NY
Shares -- OIL-CRUDE PETROLEUM AND GAS...... 21,516 22,625
400 Royal PTT Nederland N.V. ADR -- TELEPHONE
SERVICES................................... 20,766 20,975
300 Schlumberger Ltd. ADR -- OIL AND GAS FIELD
SERVICES................................... 23,300 24,862
700 VNU-Verenigde Bezit -- PUBLISHING............ 19,273 22,658
----------- -----------
212,468 235,791
----------- -----------
NORWAY-0.90%
825 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 20,254 26,813
----------- -----------
PORTUGAL-0.69%
380 Portugal Telecom S.A. ADR -- TELEPHONE
SERVICES................................... 19,878 20,425
----------- -----------
SINGAPORE-0.75%
3,500 World Equity Benchmark Share-Singapore Index
Series -- UNIT INVESTMENT TRUST............ 22,890 22,094
----------- -----------
SPAIN-2.52%
300 Argentaria S.A. -- BANKS..................... 21,742 24,998
1,000 Endesa S.A. ADR -- UTILITIES-ELECTRIC........ 20,103 24,250
200 Telefonica de Espana (rights) -- TELEPHONE
SERVICES................................... 543 450
200 Telefonica de Espana ADR -- TELEPHONE
SERVICES................................... 20,002 24,988
----------- -----------
62,390 74,686
----------- -----------
SWITZERLAND-2.33%
10 Novartis AG -- DRUGS......................... 17,785 16,534
2 Roche Holding AG -- DRUGS.................... 23,037 20,274
20 Union Bank of Switzerland -- BANKS........... 31,976 32,215
----------- -----------
72,798 69,023
----------- -----------
TAIWAN-0.66%
800 Taiwan Semiconductor Manufacturing Co. Ltd.
ADR (a) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 20,082 19,650
----------- -----------
</TABLE>

12
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
UNITED KINGDOM-9.44%
3,000 ARM Holdings plc
(a) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. $ 29,130 $ 41,257
200 British Airways plc ADR -- AIRLINES.......... 18,608 20,950
300 British Petroleum Co. plc ADR -- OIL-CRUDE
PETROLEUM AND GAS.......................... 23,212 28,350
2,300 Johnson Matthey
plc -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 20,830 23,304
1,400 Lloyds TSB Group plc -- BANKS................ 19,897 21,009
1,100 National Westminster Bank plc -- BANKS....... 20,519 22,015
1,500 Pearson plc -- PUBLISHING.................... 20,729 23,525
1,700 Royal & Sun Alliance Insurance Group
plc -- INSURANCE........................... 19,672 18,902
2,100 Scottish Hydro-Electric
plc -- UTILITIES-ELECTRIC.................. 20,177 20,681
2,500 Unilever plc -- CONSUMER GOODS............... 20,244 26,731
300 Vodafone Group plc ADR -- TELEPHONE
SERVICES................................... 26,337 32,981
----------- -----------
239,355 279,705
----------- -----------
UNITED STATES-3.17%
2,000 Global TeleSystems Group, Inc.
(a) -- TELECOMMUNICATIONS.................. 40,000 94,000
----------- -----------
TOTAL COMMON STOCKS.......................... $1,835,211 $2,094,621
----------- -----------
----------- -----------
</TABLE>

PREFERRED STOCKS-0.84%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
---- ----------- -----------
<C> <S> <C> <C>
GERMANY-0.84%
50 SAP AG Systeme
Preferred -- COMPUTER-SOFTWARE............. $ 19,610 $ 24,993
----------- -----------
TOTAL LONG-TERM INVESTMENTS.................. $1,854,821 $2,119,614
----------- -----------
----------- -----------
</TABLE>

SHORT-TERM INVESTMENTS-24.06%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
--------- -----------
<C> <S> <C>
BANKS-0.47%
$ 14,000 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.38%........ $ 14,000
-----------
U.S. GOVERNMENT AGENCY-23.59%
700,000 Federal Home Loan Mortgage Corp. , 5.50%,
5-8-1998................................... 699,157
-----------
TOTAL SHORT-TERM INVESTMENTS................. 713,157
-----------
-----------
TOTAL INVESTMENTS IN SECURITIES (COST:
$2,567,978) (b)............................ $2,832,771
-----------
-----------
</TABLE>

(a) Presently not paying dividend income.
(b) At April 30, 1998, the cost of securities for federal income tax purposes
was $2,567,978 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation........................... $ 291,518
Unrealized depreciation........................... (26,725)
---------------------------------------------------------------
Net unrealized appreciation....................... $ 264,793
---------------------------------------------------------------
</TABLE>

(c) See Note 1 of accompanying Notes to Financial Statement regarding valuation
of securities.
(d) Note: Percentage of investments as shown is the ratio of total market value
to total net assets.
(e) Common Stock sold within the 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:

<TABLE>
<CAPTION>
Period
Acquired Shares/Par Security Cost Basis
- ------------- ------------- ------------------------------------------------------------------------------------ -----------
<S> <C> <C> <C>
1998 1,100 Deutsche Lufthansa AG $ 19,789
1998 600 KCI Konecranes 21,042
1998 150 OMV AG 19,796
1998 2,000 Toppan Forms 18,180
</TABLE>

The value of these securities at April 30, 1998, was $100,676 which
represents 3.40% of total net assets.

13
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Assets and Liabilities

(Unaudited)

April 30, 1998

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
------------- -------------
<S> <C> <C>
ASSETS:
Investments in securities, as detailed in the
accompanying schedules, at market (cost
$103,724,852; $2,567,978) (Note 1)............ $ 171,035,368 $2,832,771
Cash on deposit with custodian.................. 682 83,226
Collateral for securities lending transactions
(Note 1)...................................... 42,998,290 --
Investment securities sold.................... 1,628,887 --
Interest and dividends........................ 157,809 3,942
Subscriptions of capital stock................ 7,234 1,346
Deferred registration costs (Note 1)............ 30,311 43,743
Deferred organization costs (Note 1)............ -- 23,778
Prepaid expenses................................ 5,265 4,986
------------- -------------
TOTAL ASSETS...................................... 215,863,846 2,993,792
------------- -------------
LIABILITIES:
Unrealized depreciation on forward foreign
currency contracts -- net (Note 1 and 3)...... 289 --
Payable upon return of securities loaned (Note
1)............................................ 42,998,290 --
Payable for investment securities purchased..... 10,400 --
Redemptions of capital stock.................... 26,550 --
Payable for investment advisory and management
fees (Note 2)................................. 140,319 2,209
Payable for distribution fees (Note 2).......... 5,862 67
Accounts payable and accrued expenses........... 40,317 27,544
------------- -------------
TOTAL LIABILITIES................................. 43,222,027 29,820
------------- -------------
NET ASSETS:
Net proceeds of capital stock, par value $.01
per share-authorized 10,000,000,000;
10,000,000,000 shares; respectively........... 101,271,194 2,657,229
Unrealized appreciation of investments in
securities and other assets and liabilities
denominated in foreign currency............... 67,308,944 264,791
Undistributed net investment income (loss)...... (575,285) 7,661
Accumulated net realized gain from the sale of
investments and foreign currency.............. 4,636,966 34,291
------------- -------------
TOTAL NET ASSETS.................................. $ 172,641,819 $2,963,972
------------- -------------
------------- -------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of
$132,859,321 and $2,828,097; respectively and
4,907,429 and 248,402 shares outstanding;
respectively)................................... $27.07 $11.39
------------- -------------
Class B shares (based on net assets of $13,174,031
and $25,724; respectively and 498,942 and 2,262
shares outstanding; respectively)............... $26.40 $11.37
------------- -------------
Class C shares (based on net assets of $5,158,696
and $12,646; respectively and 195,232 and 1,112
shares outstanding; respectively)............... $26.42 $11.37
------------- -------------
Class H shares (based on net assets of $21,449,771
and $97,505; respectively and 812,166 and 8,580
shares outstanding; respectively)............... $26.41 $11.36
------------- -------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

14
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Operations

(Unaudited)

For the Six-Month Period Ended April 30, 1998

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO*
------------ -------------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS):
Income:
Interest income................................ $ 347,929 $ 10,734
Dividend income (Net of foreign witholding
taxes of $63,512 and $822, respectively)...... 299,590 5,649
Fee income (Note 1)............................ 24,949 --
------------ -------------
Total income..................................... 672,468 16,383
------------ -------------
Expenses:
Investment advisory and management fees (Note
2)............................................ 797,159 5,674
Distribution fees (Class A) (Note 2)........... 154,734 1,395
Distribution fees (Class B) (Note 2)........... 58,904 21
Distribution fees (Class C) (Note 2)........... 23,408 13
Distribution fees (Class H) (Note 2)........... 95,908 62
Registration fees (Note 2)..................... 27,453 8,034
Shareholders' notices and reports.............. 28,429 388
Legal and auditing fees........................ 17,779 2,589
Custodian fees................................. 26,140 161
Directors' fees and expenses................... 8,579 67
Amortization of organization costs (Note 1).... -- 423
Other.......................................... 5,749 138
------------ -------------
Total expenses................................... 1,244,242 18,965
Less reimbursable expenses (Note 2)............ -- (10,243)
------------ -------------
Net expenses..................................... 1,244,242 8,722
------------ -------------
NET INVESTMENT INCOME (LOSS)....................... (571,774) 7,661
------------ -------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND
FOREIGN CURRENCY (NOTE 1):
Net realized gain (loss) from:
Investments.................................... 5,820,822 34,291
Foreign currency transactions.................. (3,511) --
------------ -------------
NET REALIZED GAIN ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS............................ 5,817,311 34,291
------------ -------------
Net change in unrealized appreciation
(depreciation) from:
Investments.................................... 14,816,838 264,793
Translation of assets and liabilities
denominated in foreign currency............... (920) (2)
------------ -------------
NET CHANGE IN UNREALIZED APPRECIATION ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS.... 14,815,918 264,791
------------ -------------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY....... 20,633,229 299,082
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS....................................... $20,061,455 $306,743
------------ -------------
------------ -------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
* FOR THE PERIOD JANUARY 27, 1998 (INCEPTION) TO APRIL 30, 1998.

15
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Changes in Net Assets

GLOBAL GROWTH PORTFOLIO

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
----------------- ----------------
<S> <C> <C>
OPERATIONS:
Net investment loss...................... $ (571,774) $ (639,261)
Net realized gain on investments and
foreign currency transactions.......... 5,817,311 3,841,913
Net change in unrealized appreciation on
investments and foreign currency....... 14,815,918 13,864,114
----------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS............................... 20,061,455 17,066,766
----------------- ----------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (373,712 and 1,430,651
shares)............................... 9,234,764 31,744,263
Class B (78,439 and 262,305 shares).... 1,905,511 5,741,350
Class C (24,683 and 80,723 shares)..... 594,411 1,780,946
Class H (123,641 and 427,183 shares)... 2,996,924 9,359,347
Less cost of repurchase of shares
Class A (703,477 and 1,250,858
shares)............................... (17,250,472) (27,986,672)
Class B (68,344 and 46,752 shares)..... (1,652,093) (1,047,876)
Class C (28,504 and 28,671 shares)..... (680,743) (634,945)
Class H (109,460 and 142,042 shares)... (2,636,611) (3,149,221)
----------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
SHARE TRANSACTIONS....................... (7,488,309) 15,807,192
----------------- ----------------
TOTAL INCREASE IN NET ASSETS............... 12,573,146 32,873,958
----------------- ----------------
NET ASSETS:
Beginning of period...................... 160,068,673 127,194,715
----------------- ----------------
End of period (includes undistributed net
investment loss of $575,285 and $0,
respectively).......................... $ 172,641,819 $ 160,068,673
----------------- ----------------
----------------- ----------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

16
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Changes in Net Assets

INTERNATIONAL EQUITY PORTFOLIO

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE PERIOD
JANUARY 27, 1998
(INCEPTION) TO
APRIL 30, 1998
(UNAUDITED)
----------------
<S> <C>
OPERATIONS:
Net investment income....................................... $ 7,661
Net realized gain on investments and foreign currency
transactions.............................................. 34,291
Net change in unrealized appreciation of investments and
foreign currency.......................................... 264,791
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 306,743
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (252,220 shares).................................. 2,568,424
Class B (2,325 shares).................................... 25,383
Class C (1,112 shares).................................... 12,080
Class H (8,718 shares).................................... 96,084
----------------
Less cost of repurchase of shares
Class A (3,818 shares).................................... (42,501)
Class B (63 shares)....................................... (713)
Class H (138 shares)...................................... (1,528)
----------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS............ 2,657,229
----------------
TOTAL INCREASE IN NET ASSETS.................................. 2,963,972
----------------
NET ASSETS:
Beginning of period......................................... --
End of period (includes undistributed net investment income
of $7,661)................................................ $2,963,972
----------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

17
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements

(Unaudited)

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

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The portfolios are non-
diversified series of Fortis Worldwide Portfolios, Inc., ("Fortis
Worldwide"), an open-end management investment company. The primary
investment objective of each of the portfolios is long-term capital
appreciation, with current income as a secondary objective. The Global Growth
Portfolio ("Global Growth") seeks to achieve its 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 International Equity Portfolio ("International Equity") seeks to
achieve its objective by investing primarily in equity securities of non-U.S.
companies. The articles of incorporation of Fortis Worldwide Portfolios, Inc.
permits the Board of Directors to create additional portfolios in the future.
The portfolios offer Class A, Class B, Class C and Class H shares. The Global
Growth Portfolio began to issue multiple class shares effective November 14,
1994. The inception of International Equity Portfolio was January 27, 1998,
and the commencement of operations was March 2, 1998. 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. 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. Securities 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 security 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 period ended April 30, 1998, the cost of purchases and proceeds from
sales of securities (other than short-term securities) aggregated $25,501,199
and $24,957,937 for Global Growth Portfolio; and $2,183,251 and $362,721 for
International Equity Portfolio, respectively.

LENDING OF PORTFOLIO SECURITIES: At April 30, 1998, securities valued at
$42,421,229 were on loan to brokers from the Global Growth Portfolio. For
collateral, the Global Growth Portfolio's custodian received $42,998,290 in
cash which is maintained in a separate account and invested in short term
investment vehicles. Fee income from securities lending amounted to $24,949
for the period ended April 30, 1998. The risks to the Portfolio 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.

FEDERAL TAXES: The Portfolios intend to qualify, under the Internal Revenue
Code, as regulated investment companies 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, each 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 Global Growth Portfolio 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 Portfolios.

18
<PAGE>

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

On the Statement of Assets and Liabilities due to permanent book-to-tax
differences, the Global Growth Portfolio accumulated net investment loss
increased by $3,511, accumulated net realized gains increased by $3,511.

INCOME AND CAPITAL GAINS DISTRIBUTIONS: It is the policy of the portfolios 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: Registration costs are deferred and charged to income over
the registration period. Organizational costs were incurred with the
commencement of operations of the International Equity Portfolio. These costs
will be amortized over 60 months on a straight line basis, beginning March 2,
1998.

ILLIQUID SECURITIES: At April 30, 1998, investments in securities for the
funds included issues that are illiquid. Global Growth and International
Equity currently limit investments in illiquid securities to 15% of total net
assets, at market value, at date of purchase. The aggregate values of such
securities at April 30, 1998, were $6,569,606 for Global Growth and $100,676
for International Equity which represents 3.81% and 3.40% of net assets,
respectively. Pursuant to guidelines adopted by the Board of Directors,
certain unregistered securities are determined to be liquid and are not
included within the percent limitations specified above.

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 portfolios. 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 for the Global Growth and
International Equity portfolios.
In addition to the investment advisory and management fee, Classes A, B, C
and H pay Fortis Investors, Inc. (the Funds' 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 of each of the
portfolio's) 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 $216,162 and $6,312 for Class A, $26,762 and $0
for Class B, $1,123 and $0 for Class C, and $30,386 and $0 for Class H for
the Global Growth and International Equity Portfolios, respectively, for the
period ended April 30, 1998.

Advisers has voluntarily undertaken to limit annual expenses for
International Equity (exclusive of interest, taxes, brokerage commissions and
non-recurring extraordinary charges and expenses) commencing March 2, 1998 to
1.70% of average daily net assets. During the semi-annual period ended April
30, 1998, Advisers reimbursed the fund $10,243.

Legal fees and expenses aggregating $2,108 and $1,941 for the Global Growth
and International Equity Portfolios, respectively, for the period ended April
30, 1998, were paid to a law firm of which the secretary of the portfolios is
a partner.

3. FORWARD FOREIGN CURRENCY CONTRACTS: At April 30, 1998, the Portfolios entered
into forward foreign currency exchange contracts that obligated the
portfolios to receive currencies at a specified future date. The unrealized
depreciation of $289 for the Global Growth Portfolio 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 Appreciation/
Settle Date To Be Delivered As Of April 30, 1998 To Be Received As Of April 30, 1998 (Depreciation)
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
7-May-98 52,544 $ 87,854 87,565 $ 87,565 $ (289)
British Pound U.S. Dollar
Sterling
-------- -------- ------
$ 87,854 $ 87,565 $ (289)
-------- -------- ------
</TABLE>

19
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements (continued)

(Unaudited)

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

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

<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------------
Year Ended October 31,
-----------------------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 1998** 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 23.92 $ 21.28 $ 18.24 $ 14.78 $ 14.42 $ 11.52
--------- --------- --------- -------- -------- --------
Operations:
Investment income - net............... (.07) (.07) (.06) (.09) (.04) (.12)
Net realized and unrealized gains
(losses) on investments............. 3.22 2.71 3.10 3.55 .40 3.02
--------- --------- --------- -------- -------- --------
Total from operations................... 3.15 2.64 3.04 3.46 .36 2.90
--------- --------- --------- -------- -------- --------
Net asset value, end of period.......... $ 27.07 $ 23.92 $ 21.28 $ 18.24 $ 14.78 $ 14.42
--------- --------- --------- -------- -------- --------
Total return @.......................... 13.17% 12.41% 16.67% 23.41% 2.50% 25.17%
Net assets end of period (000s
omitted).............................. $ 132,859 $ 125,268 $ 107,607 $ 68,302 $ 55,214 $ 28,226
Ratio of expenses to average daily net
assets................................ 1.39%* 1.44% 1.51% 1.73% 1.72% 2.19%
Ratio of net investment income to
average daily net assets.............. (.55%)* (.29%) (.33%) (.55%) (.35%) (1.01%)
Portfolio turnover rate................. 17% 30% 18% 27% 21% 37%
Average commission rate paid {::}....... $ .0325 $ .0246 $ .0272 -- -- --
</TABLE>

<TABLE>
<CAPTION>
Class B
------------------------------------------
Year Ended October 31,
------------------------------------------
GLOBAL GROWTH PORTFOLIO 1998** 1997 1996 1995+
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 23.42 $ 20.98 $ 18.12 $ 14.60
-------- -------- ------- -------
Operations:
Investment income - net............... (.24) (.27) (.24) (.09)
Net realized and unrealized gains
(losses) on investments............. 3.22 2.71 3.10 3.61
-------- -------- ------- -------
Total from operations................... 2.98 2.44 2.86 3.52
-------- -------- ------- -------
Net asset value, end of period.......... $ 26.40 $ 23.42 $ 20.98 $ 18.12
-------- -------- ------- -------
Total return @.......................... 12.72% 11.63% 15.78% 24.11%
Net assets end of period (000s
omitted).............................. $ 13,174 $ 11,446 $ 5,735 $ 991
Ratio of expenses to average daily net
assets................................ 2.14%* 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.30%)* (1.03%) (.99%) (1.42%)*
Portfolio turnover rate................. 17% 30% 18% 27%
Average commission rate paid {::}....... $ .0325 $ .0246 $ .0272 --
</TABLE>

{::} 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.

20
<PAGE>

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

<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS (continued):
Class C
----------------------------------------
Year Ended October 31,
----------------------------------------
GLOBAL GROWTH PORTFOLIO 1998** 1997 1996 1995+
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------
Net asset value, beginning of period.... $23.43 $ 21.00 $ 18.13 $ 14.60
------- ------- ------- -------
Operations:
Investment income - net............... (.23) (.28) (.23) (.09)
Net realized and unrealized gains
(losses) on investments............. 3.22 2.71 3.10 3.62
------- ------- ------- -------
Total from operations................... 2.99 2.43 2.87 3.53
------- ------- ------- -------
Net asset value, end of period.......... $26.42 $ 23.43 $ 21.00 $ 18.13
------- ------- ------- -------
Total return @.......................... 12.76% 11.57% 15.83% 24.18%
Net assets end of period (000s
omitted).............................. $5,159 $ 4,664 $ 3,087 $ 434
Ratio of expenses to average daily net
assets................................ 2.14%* 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.30%)* (1.04%) (.99%) (1.55%)*
Portfolio turnover rate................. 17% 30% 18% 27%
Average commission rate paid {::}....... $.0325 $ .0246 $ .0272 --
</TABLE>

<TABLE>
<CAPTION>
Class H
-------------------------------------------
Year Ended October 31,
-------------------------------------------
GLOBAL GROWTH PORTFOLIO 1998** 1997 1996 1995+
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 23.42 $ 20.99 $ 18.12 $ 14.60
-------- -------- -------- -------
Operations:
Investment income - net............... (.23) (.28) (.23) (.09)
Net realized and unrealized gains
(losses) on investments............. 3.22 2.71 3.10 3.61
-------- -------- -------- -------
Total from operations................... 2.99 2.43 2.87 3.52
-------- -------- -------- -------
Net asset value, end of period.......... $ 26.41 $ 23.42 $ 20.99 $ 18.12
-------- -------- -------- -------
Total return @.......................... 12.77% 11.58% 15.84% 24.11%
Net assets end of period (000s
omitted).............................. $ 21,450 $ 18,690 $ 10,765 $ 2,141
Ratio of expenses to average daily net
assets................................ 2.14%* 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.30%)* (1.04%) (1.02%) (1.46%)*
Portfolio turnover rate................. 17% 30% 18% 27%
Average commission rate paid {::}....... $ .0325 $ .0246 $ .0272 --
</TABLE>

* Annualized.
** For the six-month period ended April 30, 1998.
@ 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 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.

21
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements (continued)

(Unaudited)

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

<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS (continued):
CLASS A CLASS B CLASS C CLASS H
------- ------- ------- -------
INTERNATIONAL EQUITY PORTFOLIO 1998** 1998** 1998** 1998**
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------
Net asset value, beginning of period.... $10.46 $10.45 $10.45 $10.45
------- ------- ------- -------
Operations:
Investment income - net............... .02 .01 .01 --
Net realized and unrealized gain
(loss) on investments............... .91 .91 .91 .91
------- ------- ------- -------
Total from operations................... .93 .92 .92 .91
------- ------- ------- -------
Net asset value, end of period.......... $11.39 $11.37 $11.37 $11.36
------- ------- ------- -------
Total return @.......................... 8.89% 8.80% 8.80% 8.71%
Net assets end of period (000s
omitted).............................. $2,828 $ 26 $ 13 $ 98
Ratio of expenses to average daily net
assets (a)............................ 1.70%* 2.45%* 2.45%* 2.45%*
Ratio of net investment income to
average daily net assets (a).......... 1.08%* .33%* .33%* .33%*
Portfolio turnover rate................. 20% 20% 20% 20%
Average commission rate paid {::}....... $.1407 $.1407 $.1407 $.1407
</TABLE>

* Annualized.
** For the period March 2, 1998 (commencement of operations) to April 30,
1998.
@ These are the Funds total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.
{::} 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.
(a) Advisers has voluntarily undertaken to limit annual expenses for
International Equity (exclusive of interest, taxes, brokerage
commission and non-recurring extraordinary charges and expenses) to
1.70% of the average net assets. For the period presented, had the
waiver and reimbursement of expenses not been in effect, the ratios of
expenses and net investment income to average daily net assets would
have been 3.84% and (1.06%) for class A, 4.59% and (1.81%) for class
B, 4.59% and (1.81%) for class C, and 4.59% and (1.81%) for class H,
respectively.

22
<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 S. 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
Peggy L. Ettestad
VICE PRESIDENT
Tamara L. Fagely
VICE PRESIDENT AND TREASURER
Howard G. Hudson
VICE PRESIDENT
Dickson W. Lewis
VICE PRESIDENT
Lucinda S. Mezey
VICE PRESIDENT
David A. Peterson
VICE PRESIDENT
Scott R. Plummer
VICE PRESIDENT
Rhonda J. Schwartz
VICE PRESIDENT
Melinda S. Urion
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.

23
<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 NATIONAL
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
INTERNATIONAL EQUITY
PORTFOLIO
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
GLOBAL ASSET ALLOCATION
SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
VALUE SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
MID CAP STOCK SUBACCOUNT
SMALL CAP VALUE
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
LARGE CAP GROWTH
SUBACCOUNT
GROWTH 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-DEFERRED Insurance U.S. GOVERNMENT
INVESTMENT SECURITIES SUBACCOUNT
OPPORTUNITY DIVERSIFIED INCOME
SUBACCOUNT
GLOBAL BOND SUBACCOUNT
HIGH YIELD SUBACCOUNT
GLOBAL ASSET ALLOCATION
SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
VALUE SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
MID CAP STOCK SUBACCOUNT
SMALL CAP VALUE
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
LARGE CAP GROWTH
SUBACCOUNT
GROWTH 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 FORTIS 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.

24
<PAGE>

[LOGO]

FORTIS

Solid partners, flexible solutions-SM-

FORTIS MEANS STEADFAST

Fortis means "steadfast" in Latin. The worldwide Fortis family of companies
lives up to the name, and has each day since the 1800s, with flexible
solutions tailored to our customers' individual needs. We deliver the
stability you require today ... and tomorrow. You can count on it.

Fortis Financial Group offers mutual funds, annuities and life insurance
through its broker/dealer Fortis Investors, Inc.

We're part of Fortis, Inc., a financial services company that provides
specialty insurance and investment products to individuals, businesses,
associations and other financial services organizations throughout 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.

Fortis: steadfast for YOU!

FORTIS FINANCIAL GROUP

Fortis Advisers, Inc.
(fund management since 1949)

Fortis Investors, Inc.
(principal underwriters;
member NASD, SIPC)

Fortis Benefits Insurance Company
& Fortis Insurance Company
(issuers of FFG's insurance products)

P.O. Box 64284, St. Paul, MN 55164
Telephone (800) 800-2000
http://www.ffg.us.fortis.com

---------------
FORTIS FINANCIAL GROUP Bulk Rate
P.O. BOX 64284 U.S. Postage
St. Paul, MN 55164 PAID
Permit No. 3794
Minneapolis, MN
---------------
FORTIS WORLDWIDE PORTFOLIOS

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

The Fortis logo and Fortis-SM- are
servicemarks of Fortis AMEV and Fortis AG.

96407 -C-Fortis 6/98