FORTIS WORLDWIDE PORTFOLIOS INC, N-30D, 1998-12-22

FORTIS WORLDWIDE PORTFOLIOS INC
N-30D, 1998-12-22

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<PAGE>

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FORTIS

Solid partners, flexible solutions-SM-

INVEST FOR WORLDWIDE OPPORTUNITY

FORTIS WORLDWIDE
PORTFOLIOS
ANNUAL REPORT

OCTOBER 31, 1998

FORTIS FINANCIAL GROUP

<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC. ANNUAL REPORT

CONTENTS

LETTER TO SHAREHOLDERS 1

SCHEDULES OF INVESTMENTS
GLOBAL GROWTH PORTFOLIO 6
INTERNATIONAL EQUITY PORTFOLIO 10

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

INDEPENDENT AUDITORS' REPORT 23

BOARD OF DIRECTORS AND OFFICERS 24

OTHER PRODUCTS AND SERVICES 25

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- - TOLL-FREE INFORMATION LINE

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transaction activity or net asset
value information

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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 fund's performance during the past year, refer to
the Highlights box below. The letter from the portfolio manager and president
provides a more detailed analysis of the fund and financial markets.

The charts following the letter are useful because they provide more information
about your investments. The top holdings chart shows the types of securities in
which the fund invests, and the pie chart shows a breakdown of the fund's assets
by country. The portfolio changes show the largest investment decisions your
fund manager has made over the period in response to changing market conditions.

The performance chart graphically compares the fund's total return performance
with a selected investment index. Remember, however, that an index may reflect
the performance of securities the fund may not hold. Also, the index does not
deduct sales charges, investment advisory fees and other fund expenses, whereas
your fund does. Individuals cannot buy an unmanaged index fund without incurring
some charges and expenses.

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

HIGHLIGHTS

FOR THE YEAR ENDED OCTOBER 31, 1998

<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS H
-------- -------- -------- --------
<S> <C> <C> <C> <C>
GLOBAL GROWTH PORTFOLIO
NET ASSET VALUE PER SHARE:
Beginning of year.......................... $ 23.92 $ 23.42 $ 23.43 $ 23.42
End of year................................ $ 23.18 $ 22.54 $ 22.55 $ 22.54

INTERNATIONAL EQUITY PORTFOLIO*
NET ASSET VALUE PER SHARE:
Beginning of period........................ $ 10.46 $ 10.45 $ 10.45 $ 10.45
End of period.............................. $ 10.36 $ 10.33 $ 10.32 $ 10.32
</TABLE>

* For the period from March 2, 1998 (date shares first offered to the
public) to October 31, 1998.
<PAGE>
DEAR SHAREHOLDER,

Thank you for choosing the Fortis Global Growth Portfolio and Fortis
International Equity Portfolio to help achieve your financial goals. The Fortis
Global Growth Portfolio seeks growth opportunities anywhere in the world,
including the United States. The Fortis International Portfolio is a relatively
new fund which focuses on investments outside of the United States.

During the twelve month period ended October 31, 1998 the Fortis Global Growth
Portfolio had a total return of -3.09% for Class A shares before sales charge,
which compared to a total return of 15.69% for the Morgan Stanley Capital
International World Index (MSCI). The outperformance of larger companies
continued in 1998 worldwide, fueling the performance of the index. However, it
is encouraging to note that the recent global stock market rally has been a
broad based move with participation by small, mid-size, and large companies.

The Fortis Global Growth Portfolio has a focus on mid-size growth companies. At
fiscal year end, the Fortis Global Growth Portfolio was highly diversified with
96 individual long term investments in 20 nations. Foreign holdings represented
55% of total net assets; holdings in the United States represented 35%. Overall,
our goal with the Fortis Global Growth Portfolio is to expose investors to the
world's best positioned and best managed growth companies regardless of where
they are domiciled. Our longer term focus has resulted in lower than average
portfolio turnover and a favorable capital gains tax record. The performance of
the fund has lagged the MSCI in recent years due to the aforementioned
outperformance of larger companies.

The Fortis International Equity Portfolio since its inception on March 2 to
October 31, 1998 had a total return of -0.96% for Class A before sales charge,
which compared to a total return of -1.14% for the EAFE (Europe, Australia, Far
East) Index. The EAFE Index is the traditional representation of non-North
American equity markets. This market capitalization index is dominated by
European, United Kingdom, and Japanese holdings which are market capitalization
weighted. At the end of the fiscal year, the Fortis International Equity
Portfolio had a majority of its investments in Europe, 46%; the United Kingdom
10%; and Japan 10%. The Portfolio's goal is to provide investors with an
international portfolio that is highly diversified in all major economic and
investment segments of the world outside the United States. A majority of the
Portfolio's holdings are in "blue chip" investments in the various foreign
countries. This Portfolio will also have some exposure to the emerging regions
of the world and to certain mid-size growth companies. The performance of the
Portfolio from its inception has been affected by the volatility of the world's
equity markets and its above average cash holdings.

GLOBAL ECONOMY

It is likely that the world economy will experience moderate growth through
1999. Presently the global economy is in a synchronized slowing pattern as both
Europe and the United States have begun to experience repercussions from the
depressed economies of Japan and southeast Asia. The moderate growth scenario of
the past several years has led to a disinflationary environment. The fundamental
issue with the world's economy at present is one of excess capacity in many
major manufacturing segments. Excess capacity results in lower prices for goods
and helps keep inflation at low levels. Deflation, however, is not generally
good for corporate earnings growth as we have seen in Japan and Asia over the
past several years.

The leading industrial powers of the world are responding to the growing
economic uncertainties. Coordinated interest rate reductions and a cooperative
movement to address problems in emerging regions should help the world's
economic situation going forward. Weak banking systems in Japan and Asia will
most likely hold back those region's recovery prospects in 1999. There are
encouraging signs that the depressed economic environment in Asia may be
approaching a bottom. Recent
1
<PAGE>
economic policies announced in Japan are expected to result in a gradual
improving economic situation in 1999. This, along with the sharp reduction in
interest rates around the world, could help stimulate global business activity.
The greatest threat to this recovery scenario would be further currency
devaluations in key emerging economies such as Brazil or Hong Kong (China).
Overall, we are likely to continue to experience disinflation, moderate growth,
and slowing corporate profits growth in 1999.

GLOBAL EQUITY MARKETS

Over the past year, the world's equity markets have remained volatile. Economic
problems in Japan and Asia, fears of rising interest rates in the United States
and concerns over the global economic outlook have resulted in significant
swings in the world's stock markets. This has led global investors to lower
their appetite for risk and to focus on large "blue chip" investments in most of
the major stock markets. Since October the strong global stock market rally has
demonstrated a broadening of participation, with many mid-sized and smaller
companies shares have outperformed the major market weighted averages such as
the S&P 500 or MSCI World Index. Increased liquidity in financial markets
through lower short term interest rates around the world has dramatically
improved investor psychology. Only time will verify the sustainability of the
broad based global rally. We believe that many mid-sized companies will
outperform over the long term due to their superior earnings growth prospects.

EUROPE

Europe has been a key focal point for most overseas portfolios. Serious economic
problems in other parts of the world have focused investors on companies in
Europe and the United States. Europe's economy has gradually recovered over the
past several years. The environment of lower interest rates and low levels of
inflation should help the investment environment as we enter 1999. The new
single currency of Europe, the EURO, will begin in 1999. It is likely that the
EURO will be a strong currency relative to the U.S. dollar, as global investors
diversify their holdings out of U.S. dollars. A strong EURO would not be
beneficial to European export-oriented companies. This should be offset, to a
degree, by a stronger regional economy. Other positive European developments are
the developing equity investment culture, the development of the financial
services industries, deregulation, corporate restructuring, and an increased
focus on shareholder value by corporate management.

JAPAN

In recent months, the outlook for the Japanese economy and equity markets has
improved somewhat after years of significant underachievement. The Japanese
government has taken numerous steps to enhance its economic outlook. The
challenge facing the Japanese government to stimulate its economy is
substantial. This is due primarily to an entrenched consumer and a weakened
banking system. Until the banking crisis in Japan can be resolved, the outlook
for the economy remains uncertain. The process of turning around the banking
system will take time and substantial capital. The encouraging signs in Japan,
besides the banking reform activity, include increased awareness by some
companies of "shareholder value" and the political motivation to stimulate
consumption. Overall, this market has been under performing the rest of the
world since 1989 and has a reasonable upside potential once its economic house
is put back in order. Japan is a key economy in the Asian region, along with
China. Both of these countries must continue to improve their economies if the
rest of Asia is to recover in a meaningful way later in 1999.

UNITED STATES

The Global Growth Portfolio's primary focus in the United States has
historically been on mid-size companies involved in rapidly growing segments of
the economy. Over the past several years, the smaller and mid-size segments of
the stock market have underperformed their larger counterparts by a substantial
margin. We expect this performance gap to narrow over time as investors
eventually reward the more rapidly

2
<PAGE>
growing mid-cap sector of the market. The recent reduction in short term
interest rates by the Federal Reserve Board in the United States is giving a
strong signal to investors that it is serious about avoiding a recession in the
United States. The increased liquidity of the financial system will likely find
its way into financial assets. We are anticipating that the mid-cap sector will
once again come back into focus for investors. In general, earnings growth will
likely continue to slow in the United States. Many larger companies are
experiencing sluggish growth of revenues due to a lack of pricing power which is
global in scope. Many of our investments in the U.S. have unique niche growth
characteristics which has allowed them to demonstrate strong revenue growth over
the past several years. Valuations for mid-size companies continue to be
attractive relative to their growth rate. Our focus on this sector will continue
to be on well managed companies with superior growth prospects.

EMERGING MARKETS

The emerging regions of the world include southeast Asia, central Europe, and
Latin America. Several of these regions have experienced economic turmoil over
the past twelve months. Excess capacity and currency devaluations have led to
financial chaos in several southeastern Asian nations and Russia. The economies
of the regions will likely recover over time. The key problem in Asia is one of
excess capacity. Some of this capacity will either be shut down due to economic
circumstances, or ultimately be absorbed through greater demand worldwide. The
financial crisis of Asia has been contained, however the spread of deflation
from the depressed economic region remains an area of concern. Overall, we would
anticipate a bottoming of the economic cycle sometime in 1999 with a gradual
recovery process going forward. The investment outlook for these regions remains
uncertain until a sustained economic recovery can be forecast.

LONG TERM OUTLOOK

The longer term outlook for investing in global equities remains favorable. Low
levels of inflation and low interest rates should result in a favorable
environment for global financial assets. The world's economy has been through a
difficult period over the past several years, and should begin to improve as we
approach the turn of the century. As this takes place, investors will again
begin to focus on economies with sustained growth prospects. Europe has had many
changes which are positive longer term, and the Japanese economy has gone
through a long term restructuring which should begin to show some benefits.
Global investors must remain patient and keep diversified in order to benefit by
some of these powerful trends in the world's economy. Our focus on well-managed,
well-positioned companies generally should result in solid long-term
performance.

THANK YOU FOR YOUR INVESTMENT

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

Sincerely,

<TABLE>
<S> <C> <C>
[SIGNATURE] [SIGNATURE] [SIGNATURE]
Dean C. Kopperud Lucinda S. Mezey James S. Byrd
President Vice President, Vice President
Equities
</TABLE>

November 13, 1998

3
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 10/31/98

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C> <C> <C> <C> <C> <C>
United States 35.3%
Other 13.5%
Cash Equivalents/Receivables 9.6%
Germany 7.2%
France 5.9%
Finland 5.8%
United Kingdom 5.2%
Netherlands 4.9%
Japan 3.6%
Spain 3.3%
Switzerland 2.9%
Sweden 2.8%
</TABLE>

TOP 10 EQUITY HOLDINGS AS OF 10/31/98

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. Nokia OYJ K Shares (Finland) 4.6%
2. SAP AG Systeme Preferred (Germany) 3.7%
3. Cisco Systems, Inc. (United States) 3.0%
4. Telefonica de Espana ADR (Spain) 2.8%
5. Perkin-Elmer Corp. (United States) 2.2%
6. Novartis AG (Switzerland) 2.1%
7. 3Com Corp. (United States) 2.1%
8. Bed Bath & Beyond, Inc. (United States) 1.9%
9. Ericsson (L.M.) Telephone Co. Class B ADR(Sweden) 1.9%
10. Synopsys, Inc. (United States) 1.6%
</TABLE>

CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS

<TABLE>
<CAPTION>
Since
1 Year Inception+
- -------------------------------------------------------------
<S> <C> <C>
Class B shares # -3.76% +11.58%
Class B shares ## -7.21% +11.08%
Class C shares # -3.76% +11.59%
Class C shares ## -4.72% +11.59%
Class H shares # -3.76% +11.58%
Class H shares ## -7.21% +11.08%
</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.
# Without CDSC.
## With CDSC. Assumes redemption on October 31, 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>
MSCI GLOBAL GROWTH

<S> <C> <C> <C> <C>
World Index*** Portfolio Class A
7/8/91 10,000 9,525
91 10,900 10,302
92 10,411 10,945
93 13,306 13,700
94 14,393 14,042
95 15,836 17,330
96 18,503 20,218
97 21,659 22,726
98 25,056 22,023
GLOBAL GROWTH PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN
SINCE
1 YEAR 5 YEAR JULY 8, 1991@
With Sales Charge* -7.70% +8.89% +11.39%
Without Sales Charge** -3.09% +9.96% +12.14%
</TABLE>

Annual period ended October 31,

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 portfolio's 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 10/31/98

<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
Banca di Roma Baan Co. N.V. ADR
Citrix Systems, Inc. Deutsche Lufthansa AG
Dexia France ENSCO International, Inc.
Electricicidade de Portugal Green Tree Financial Corp.
Groupe Danone Hong Kong Land Holdings Ltd.
Guidant Corp. Matsushita Electric Industrial Co. Ltd. ADR
HypoVereinsbank Oracle Corp.
Mannesmann AG Powerscreen International plc
Medtronic, Inc. Vans, Inc.
Suez Lyonnaise des Eaux Votorantim Celullose e Papel S.A. ADR
</TABLE>

4
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 10/31/98

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Cash Equivalents/Receivables 24.1%
France 11.4%
Other 9.7%
United Kingdom 9.8%
Japan 9.7%
Germany 8.7%
Netherlands 6.7%
Spain 4.6%
United States 4.1%
Italy 4.1%
Finland 2.8%
Mexico 2.3%
Portugal 2.0%
</TABLE>

TOP 10 EQUITY HOLDINGS AS OF 10/31/98

<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. World Equity Benchmark Share -- Japan Index Series
(Japan) 1.8%
2. Equant N.V. (France) 1.7%
3. Megachips (Japan) 1.5%
4. Suez Lyonnaise des Eaux (France) 1.4%
5. Allianz AG (Germany) 1.4%
6. Computacenter plc (United Kingdom) 1.4%
7. Enron Corp. (United States) 1.4%
8. Endesa S.A. ADR (Spain) 1.3%
9. Electricidade de Portugal S.A. (Portugal) 1.3%
10. Fujitsu Support and Service, Inc. (Japan) 1.3%
</TABLE>

CLASS B, C AND H TOTAL RETURNS

<TABLE>
<CAPTION>
Since
Inception+
- --------------------------------------------------
<S> <C>
Class B shares # -1.15%
Class B shares ## -4.70%
Class C shares # -1.24%
Class C shares ## -2.23%
Class H shares # -1.24%
Class H shares ## -4.79%
</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.
# Without CDSC.
## With CDSC. Assumes redemption on October 31, 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>
MSCI MSCI INTERNATIONAL EQUITY

<S> <C> <C> <C>
World Index*** EAFE Index**** Portfolio Class A
3/2/98 10,000 10,000 9,525
3/3/98 10,228 9,886 9,434
INTERNATIONAL EQUITY
PORTFOLIO CLASS A
EIGHT MONTH TOTAL RETURN
SINCE
MARCH 2, 1998@
With Sales Charge* -5.66%
Without Sales Charge** -0.96%
</TABLE>

Period ended October 31,

TEN LARGEST PORTFOLIO CHANGES FOR THE PERIOD ENDED 10/31/98

ADDITIONS:
Allianz AG
Computacenter plc
Electricidade de Portugal S.A.
Endesa S.A. ADR
Enron Corp.
Equant N. V.
Fujitsu Support and Service, Inc.
Megachips
Suez Lyonnaise des Eaux
World Equity Benchmark Share -- Japan Index Series

5
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO
Schedule of Investments
October 31, 1998

COMMON STOCKS-86.19%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
ARGENTINA-0.50%
50,000 Disco S.A. ADR (a)(f) -- RETAIL-GROCERY...... $ 788,250 $ 734,375
------------ -------------
AUSTRIA-0.96%
15,000 OMV Aktiengesellschaft (e) -- OIL-CRUDE
PETROLEUM AND GAS.......................... 1,531,502 1,406,994
------------ -------------
BELGIUM-1.17%
6,400 Barco N.V. -- TELECOMMUNICATION EQUIPMENT.... 923,736 1,706,792
------------ -------------
BRAZIL-0.28%
23,000 Uniao de Bancos Brasileiros S.A.
GDR -- BANKS............................... 776,250 402,500
------------ -------------
FINLAND-5.83%
40,900 KCI Konecranes International plc
(e) -- MACHINERY........................... 1,094,907 1,777,731
74,000 Nokia Oyj K Shares -- TELECOMMUNICATION
EQUIPMENT.................................. 680,399 6,728,074
------------ -------------
1,775,306 8,505,805
------------ -------------
FRANCE-5.91%
39,000 Companie Generale de Geophysique S.A. ADR
(a) -- OIL AND GAS FIELD SERVICES.......... 780,810 516,750
6,000 Dexia France -- BANKS........................ 753,423 884,290
8,500 Groupe Danone -- FOOD........................ 1,452,175 2,246,986
27,500 Rhone-Poulenc (Warrants)
(a)(f) -- CHEMICALS........................ 93,872 96,250
27,500 Rhone-Poulenc S.A. ADR (f) -- CHEMICALS...... 1,117,228 1,283,906
15,000 Sanofi S.A. -- DRUGS......................... 1,032,413 2,348,389
7,000 Suez Lyonnaise des Eaux -- UTILITIES-WATER
AND SEWER.................................. 1,248,691 1,253,374
------------ -------------
6,478,612 8,629,945
------------ -------------
GERMANY-3.58%
19,500 Dresdner Bank AG -- BANKS.................... 941,834 768,838
12,000 HypoVereinsbank -- BANKS..................... 780,908 956,406
2,400 Ixos Software AG (a) -- COMPUTER- SOFTWARE... 254,126 253,737
12,500 Mannesmann AG -- MACHINERY................... 1,192,057 1,210,603
81,600 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 1,316,068 1,724,429
4,000 SGL Carbon AG -- STEEL AND IRON.............. 246,312 312,764
------------ -------------
4,731,305 5,226,777
------------ -------------
HUNGARY-1.35%
15,000 Matav Rt. ADR (a)(f) -- TELEPHONE SERVICES... 279,750 403,125
70,000 MOL Magyar Olaj-es Gazipari Rt. GDR
(e) -- OIL-CRUDE PETROLEUM AND GAS......... 567,000 1,565,207
------------ -------------
846,750 1,968,332
------------ -------------
ISRAEL-1.81%
38,000 ECI Telecommunications Ltd.
(f) -- TELECOMMUNICATION EQUIPMENT......... 670,707 1,258,750
35,000 Teva Pharmaceutical Industries Ltd. ADR
(f) -- DRUGS............................... 1,186,250 1,380,312
------------ -------------
1,856,957 2,639,062
------------ -------------
ITALY-2.56%
500,000 Banca di Roma (a) -- BANKS................... 981,744 872,883
67,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 1,310,726 1,218,562
228,200 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 1,518,316 1,650,646
------------ -------------
3,810,786 3,742,091
------------ -------------
JAPAN-3.59%
50,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 727,099 962,500
3,000 Fujitsu Support and Service, Inc.
(e) -- BUSINESS SERVICES................... 93,974 150,605
21,000 Honda Motor Co. Ltd. -- AUTOMOBILE
MANUFACTURERS.............................. 793,595 630,739
11,000 Megachips (e) -- ELECTRONIC-SEMICONDUCTOR.... 218,983 311,508
190 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ 1,631,584 1,486,999
15,000 Sony Corp. -- ELECTRONIC COMPONENTS.......... 973,223 952,544
12,600 Tokyo Electron Ltd. -- MACHINERY............. 422,165 409,800
22,000 Toppan Forms Co. Ltd. (e) -- BUSINESS
SERVICES................................... 199,984 337,561
------------ -------------
5,060,607 5,242,256
------------ -------------
</TABLE>

6
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
MEXICO-1.12%
23,000 Grupo Televisa S.A. GDR
(f) -- BROADCASTING........................ $ 811,035 $ 623,875
50,200 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 1,077,907 1,016,550
------------ -------------
1,888,942 1,640,425
------------ -------------
NETHERLANDS-4.94%
26,500 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 845,739 1,198,935
37,500 Randstad Holdings N.V. -- BUSINESS
SERVICES................................... 420,120 2,007,817
60,000 VNU N.V. -- PUBLISHING....................... 1,395,594 2,075,280
10,000 Wolters Kluwer N.V. -- PUBLISHING............ 500,209 1,938,213
------------ -------------
3,161,662 7,220,245
------------ -------------
NORWAY-1.59%
50,000 Petroleum Geo-Services ADR (a) -- OIL AND GAS
FIELD SERVICES............................. 672,606 1,068,750
70,000 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 493,694 892,500
35,000 Stolt Comex Seaway S.A. ADR Class A
(a) -- OIL AND GAS FIELD SERVICES.......... 122,606 360,938
------------ -------------
1,288,906 2,322,188
------------ -------------
PORTUGAL-1.42%
33,000 Electricidade de Portugal
S.A. -- UTILITIES-ELECTRIC................. 768,065 830,224
26,200 Portugal Telecom S.A. ADR (f) -- TELEPHONE
SERVICES................................... 826,446 1,237,950
------------ -------------
1,594,511 2,068,174
------------ -------------
SPAIN-3.33%
15,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS... 620,911 751,488
30,000 Telefonica S.A. ADR (f) -- TELEPHONE
SERVICES................................... 2,052,469 4,108,125
------------ -------------
2,673,380 4,859,613
------------ -------------
SWEDEN-2.85%
120,000 Ericsson (L.M.) Telephone Co. Class B ADR
(f) -- TELECOMMUNICATION EQUIPMENT......... 1,040,250 2,715,000
60,000 Hoganas AB Class B -- CHEMICALS.............. 1,108,425 1,074,567
79,300 Industri-Matematik International Corp.
(a) -- COMPUTER- SOFTWARE.................. 726,847 366,763
------------ -------------
2,875,522 4,156,330
------------ -------------
SWITZERLAND-2.90%
1,700 Novartis AG -- DRUGS......................... 2,287,329 3,063,063
100 Roche Holding AG -- DRUGS.................... 522,734 1,166,741
------------ -------------
2,810,063 4,229,804
------------ -------------
UNITED KINGDOM-5.24%
350,000 Avis Europe plc -- BUSINESS SERVICES......... 721,989 1,529,838
205,200 Capita Group plc -- BUSINESS SERVICES........ 438,498 2,070,481
38,700 Energis plc (a) -- TELEPHONE SERVICES........ 185,606 524,968
23,000 Glaxo Wellcome plc ADR (f) -- DRUGS.......... 905,802 1,431,750
225,000 Orange plc (a) -- TELEPHONE SERVICES......... 707,347 2,091,281
------------ -------------
2,959,242 7,648,318
------------ -------------
UNITED STATES-35.26%
84,000 3Com Corp. (a) -- COMPUTER-COMMUNICATION
EQUIPMENT.................................. 1,875,441 3,029,250
26,000 Altera Corp.
(a) -- ELECTRONIC-SEMICONDUCTOR............ 546,969 1,082,250
55,100 Avant! Corp. (a) -- COMPUTER- SOFTWARE....... 1,144,640 940,144
33,750 Baker Hughes, Inc. -- MACHINERY-OIL AND
WELL....................................... 446,142 744,609
100,000 Bed Bath & Beyond, Inc.
(a)(f) -- RETAIL-SPECIALTY................. 1,145,684 2,756,250
60,000 Blyth Industries, Inc. (a)(f) -- CONSUMER
GOODS...................................... 1,784,845 1,657,500
7,500 Boston Scientific Corp. (a) -- MEDICAL
TECHNOLOGY................................. 500,811 408,281
13,300 Cardinal Health, Inc. (f) -- HEALTH CARE
SERVICES................................... 686,723 1,257,681
65,550 Cheesecake Factory (The), Inc.
(a)(f) -- RESTAURANTS AND FRANCHISING...... 1,224,487 1,253,644
69,000 Cisco Systems, Inc.
(a)(f) -- COMPUTER-COMMUNICATION
EQUIPMENT.................................. 336,708 4,347,000
12,000 Citrix Systems, Inc. (a)(f) -- COMPUTER-
SOFTWARE................................... 650,093 850,500
70,300 Covance, Inc. (a)(f) -- BUSINESS SERVICES.... 1,370,076 1,959,613
62,000 Data Processing Resources Corp.
(a) -- BUSINESS SERVICES................... 1,122,773 1,418,250
</TABLE>

7
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO (CONTINUED)
Schedule of Investments
October 31, 1998

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
100,600 DSP Communications, Inc. (a) -- ELECTRONIC
COMPONENTS................................. $ 1,425,541 $ 987,138
12,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS..... 600,000 633,000
10,000 Estee Lauder Companies, Inc. Class A
(f) -- COSMETICS AND SUNDRIES.............. 260,000 655,625
21,500 Galileo International, Inc. -- BUSINESS
SERVICES................................... 526,750 815,656
96,000 Gartner Group, Inc. Class A (a) -- BUSINESS
SERVICES................................... 300,000 1,908,000
12,000 Guidant Corporation (f) -- MEDICAL
TECHNOLOGY................................. 853,892 918,000
46,500 Input/Output, Inc. (a) -- OIL AND GAS FIELD
SERVICES................................... 156,875 412,688
14,600 Intuit, Inc. (a)(f) -- COMPUTER- SOFTWARE.... 676,525 737,300
13,000 Medtronic, Inc. (with rights) (f) -- MEDICAL
TECHNOLOGY................................. 738,664 845,000
45,581 Networks Associates, Inc. (a)(f) -- COMPUTER-
SOFTWARE................................... 1,160,620 1,937,193
46,400 Outback Steakhouse, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 1,416,358 1,606,600
64,000 Parametric Technology Corp. (a) -- COMPUTER-
SOFTWARE................................... 481,915 1,064,000
38,400 Perkin-Elmer Corp. (f) -- PRECISION
INSTRUMENTS-TEST, RESEARCH................. 2,693,012 3,237,600
54,000 Polo Ralph Lauren Corp. (a) -- APPAREL....... 1,306,230 1,123,875
11,682 Schlumberger Ltd. -- OIL AND GAS FIELD
SERVICES................................... 423,643 613,305
53,000 Service Corp. International -- PERSONAL
SERVICES................................... 1,315,765 1,888,125
11,800 STERIS Corp. (a) -- MEDICAL SUPPLIES......... 103,619 271,400
33,100 Sykes Enterprises, Inc. (a) -- BUSINESS
SERVICES................................... 679,926 649,588
53,000 Synopsys, Inc. (a) -- COMPUTER- SOFTWARE..... 1,469,280 2,398,250
40,000 Tellabs, Inc. (a)(f) -- TELECOMMUNICATION
EQUIPMENT.................................. 537,810 2,200,000
82,000 Total Renal Care Holdings, Inc.
(a)(f) -- HEALTH CARE SERVICES............. 1,994,452 2,009,000
32,000 Transocean Offshore, Inc. -- OIL-OFFSORE
DRILLING................................... 876,734 1,182,000
19,000 Univision Communications, Inc.
(a) -- BROADCASTING........................ 669,000 560,500
25,000 Xilinx, Inc.
(a)(f) -- ELECTRONIC-SEMICONDUCTOR......... 529,991 1,116,406
------------ -------------
34,031,994 51,475,221
------------ -------------
TOTAL COMMON STOCKS.......................... $81,864,283 $ 125,825,247
------------ -------------
------------ -------------
</TABLE>

PREFERRED STOCKS-4.24%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ------------ -------------
<C> <S> <C> <C>
BRAZIL-0.57%
11,000 Telecomunicacoes Brasileiras S.A. ADR
Preferred Block
(a)(f) -- TELECOMMUNICATIONS............... $ 679,008 $ 835,312
------------ -------------
GERMANY-3.67%
11,000 SAP AG Systeme Preferred -- COMPUTER-
SOFTWARE................................... 471,061 5,353,218
------------ -------------
TOTAL PREFERRED STOCKS....................... 1,150,069 6,188,530
------------ -------------
------------ -------------
TOTAL LONG-TERM INVESTMENTS.................. $83,014,352 $ 132,013,777
------------ -------------
------------ -------------
</TABLE>

SHORT-TERM INVESTMENTS-10.97%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
----------- -------------
<C> <S> <C>
BANKS-3.13%
$4,566,000 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.10%........ $ 4,566,000
-------------
DIVERSIFIED FINANCE-4.56%
6,661,000 Associates Corp. Master Variable Rate Note,
Current rate -- 4.95%...................... 6,661,000
-------------
U.S. OTHER DIRECT FEDERAL OBLIGATIONS-3.28%
1,800,000 Federal Home Loan Mortgage Corp., 5.20%
11-30-1998................................. 1,792,365
3,000,000 Federal Home Loan Mortgage Corp., 5.50%
11-2-1998.................................. 2,999,097
-------------
4,791,462
-------------
TOTAL SHORT-TERM INVESTMENTS................. 16,018,462
-------------
-------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$99,032,814) (B)........................... $ 148,032,239
-------------
-------------
</TABLE>

8
<PAGE>
- --------------------------------------------------------------------------------
(a) Presently not paying dividend income.
(b) At October 31, 1998, the cost of securities for federal income tax purposes
was $99,051,962 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation..................................... $52,337,791
Unrealized depreciation..................................... (3,357,514)
- -------------------------------------------------------------------------
Net unrealized appreciation................................. $48,980,277
- -------------------------------------------------------------------------
</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) Securities issued 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>
Date Acquired Shares/Par Security Cost Basis
- ------------------ ----------- ------------------------------------------------------------------------------ ----------
<S> <C> <C> <C>
1995 70,000 MOL Magyar Olaj-es Gazipari Rt. GDR $ 567,000
1996 15,000 OMV Aktiengesellschaft 1,531,502
1996-1998 40,900 KCI Kronecranes International, plc. 1,094,907
1998 3,000 Fujitsu Support and Service, Inc. 93,974
1998 11,000 Megachips 218,983
1998 22,000 Toppan Forms Co. Ltd. 199,984
</TABLE>

The value of these securities at October 31, 1998, was $5,549,606, which
represents 3.80% of total net assets.
(f) Security is fully or partially on loan at October 31, 1998. See Note 1 of
accompanying Notes to Financial Statements.

9
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
October 31, 1998

COMMON STOCKS-74.62%

AUSTRALIA-0.59%
2,500 World Equity Benchmark Share-Australia Index
Series -- UNIT INVESTMENT TRUST............ 25,100 22,344
----------- -----------

AUSTRIA-0.37%
150 OMV Aktiengesellschaft (e) -- OIL-CRUDE
PETROLEUM AND GAS.......................... 19,796 14,070
----------- -----------

CANADA-0.97%
1,800 Newbridge Networks Corp. ADR
(a) -- TELECOMMUNICATIONS.................. 47,846 36,900
----------- -----------

CHILE-0.46%
800 Cia. de Telecomunicaciones de Chile S.A.
ADR -- TELEPHONE SERVICES.................. 21,898 17,550
----------- -----------

DENMARK-0.89%
700 Vestas Wind Systems A/S
(a)(e) -- MACHINERY........................ 28,631 33,910
----------- -----------

FINLAND-2.77%
600 KCI Konecranes International plc
(e) -- MACHINERY........................... 21,042 26,079
3,600 Merita plc A Shares -- BANKS................. 20,246 19,291
400 Nokia Oyj Corp., ADR Class
A -- TELECOMMUNICATIONS.................... 22,803 37,225
780 Tieto Corp. Class B -- BUSINESS SERVICES..... 19,768 22,617
----------- -----------
83,859 105,212
----------- -----------
FRANCE-11.45%
1,200 Alcatel ADR -- TELECOMMUNICATION EQUIPMENT... 48,910 26,400
300 Cap Gemini S.A. -- COMPUTER- SOFTWARE........ 33,625 45,078
250 Castorama Dubois
Investisse -- RETAIL-MISCELLANEOUS......... 37,472 44,583
800 Coflexip S.A. ADR -- OIL AND GAS FIELD
SERVICES................................... 37,020 38,500
1,000 Companie Generale de Geophysique S.A. ADR
(a) -- OIL AND GAS FIELD SERVICES.......... 20,290 13,250
300 Dexia France -- BANKS........................ 37,840 44,214
400 Elf Aquitaine S.A. ADR -- OIL-CRUDE PETROLEUM
AND GAS.................................... 21,524 23,200
1,500 Equant N.V. (a) -- BUSINESS SERVICES......... 40,531 64,999
600 Groupe Danone ADR -- FOOD.................... 24,411 31,575
400 Rhone-Poulenc S.A. ADR -- CHEMICALS.......... 18,016 18,675
200 Sanofi S.A. -- DRUGS......................... 22,534 31,312
300 Suez Lyonnaise des Eaux -- UTILITIES-WATER
AND SEWER.................................. 45,929 53,716
----------- -----------
388,102 435,502
----------- -----------
GERMANY-8.03%
160 Allianz AG -- INDUSTRIAL..................... 51,690 53,665
1,100 Deutsche Lufthansa AG (e) -- AIRLINES........ 19,789 24,209
1,000 Dresdner Bank AG -- BANKS.................... 48,561 39,428
500 Hoechst AG ADR -- CHEMICALS.................. 19,207 21,313
500 HypoVereinsbank -- BANKS..................... 36,691 39,850
300 Ixos Software AG (a) -- COMPUTER-SOFTWARE.... 31,780 31,717
500 Mannesmann AG -- MACHINERY................... 44,608 48,424
1,000 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 21,248 21,133
340 Volkswagen AG -- AUTOMOBILE MANUFACTURERS.... 20,720 25,579
----------- -----------
294,294 305,318
----------- -----------
HONG KONG-0.51%
2,000 World Equity Benchmark share-Hong Kong Index
Series -- UNIT INVESTMENT TRUST............ 21,580 19,375
----------- -----------
</TABLE>

10
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
HUNGARY-0.71%
1,000 Matav Rt. ADR (a) -- TELEPHONE SERVICES...... $ 25,665 $ 26,875
----------- -----------

ISRAEL-0.87%
1,000 ECI Telecommunications
Ltd. -- TELECOMMUNICATION EQUIPMENT........ 33,812 33,125
----------- -----------

ITALY-4.10%
1,000 Assicurazione Generali -- INDUSTRIAL......... 35,244 35,831
14,000 Banca di Roma (a) -- BANKS................... 19,330 24,441
2,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 48,148 36,375
12,500 Parmalat Finanziaria S.p.A -- FOOD........... 20,017 19,609
5,500 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 39,745 39,783
----------- -----------
162,484 156,039
----------- -----------
JAPAN-9.70%
2,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 43,625 38,500
1,000 Fujitsu Support and Service, Inc.
(e) -- BUSINESS SERVICES................... 31,414 50,202
600 Honda Motor Co. Ltd. ADR -- AUTOMOBILE
MANUFACTURERS.............................. 42,705 36,825
1,500 Ibiden Co.
Ltd. -- ELECTRONIC-SEMICONDUCTOR........... 20,831 22,784
2,000 Megachips (e) -- ELECTRONIC-SEMICONDUCTOR.... 39,801 56,638
1,000 Shin-Etsu Chemical Co. Ltd. -- CHEMICALS..... 21,663 19,909
1,400 Tokyo Electron Ltd. -- MACHINERY............. 38,272 45,533
2,000 Toppan Forms Co. Ltd. (e) -- BUSINESS
SERVICES................................... 18,180 30,687
7,000 World Equity Benchmark Share-Japan Index
Series -- UNIT INVESTMENT TRUST............ 76,405 67,813
----------- -----------
332,896 368,891
----------- -----------
MEXICO-2.26%
27,000 Cifra S.A. de C.V. -- RETAIL-GROCERY......... 39,705 35,260
600 Grupo Televisa S.A. GDR -- BROADCASTING...... 21,183 16,275
1,700 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 52,490 34,425
----------- -----------
113,378 85,960
----------- -----------
NETHERLANDS-6.65%
800 Akzo Nobel N.V. -- CHEMICALS................. 40,143 31,097
1,000 Getronics N.V. -- BUSINESS SERVICES.......... 40,838 41,495
1,000 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 50,522 45,243
900 ING Groep N.V. -- INSURANCE.................. 43,099 43,562
800 Royal Dutch Petroleum Co. NY
Shares -- OIL-CRUDE PETROLEUM AND GAS...... 41,490 39,400
402 TNT Post Group N.V. ADR -- BUSINESS
SERVICES................................... 8,856 10,703
1,200 VNU N.V. -- PUBLISHING....................... 36,628 41,506
----------- -----------
261,576 253,006
----------- -----------
NORWAY-0.72%
1,825 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 25,849 23,269
412 Stolt Comex Seaway S.A. ADR Class A
(a) -- OIL AND GAS FIELD SERVICES.......... 4,024 4,249
----------- -----------
29,873 27,518
----------- -----------
PORTUGAL-2.04%
2,000 Electricidade De Portugal
S.A. -- UTILITIES-ELECTRIC................. 46,549 50,317
580 Portugal Telecom S.A. ADR -- TELEPHONE
SERVICES................................... 27,765 27,405
----------- -----------
74,314 77,722
----------- -----------
SINGAPORE-0.48%
3,500 World Equity Benchmark Share-Singapore Index
Series -- UNIT INVESTMENT TRUST............ 22,890 18,375
----------- -----------

SPAIN-4.59%
2,200 Argentaria S.A. -- BANKS..................... 44,427 47,782
2,000 Endesa S.A. ADR -- UTILITIES-ELECTRIC........ 43,455 50,875
700 Repsol S.A. ADR -- OIL-CRUDE PETROLEUM AND
GAS........................................ 35,080 35,000
</TABLE>

11
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)
Schedule of Investments
October 31, 1998

COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
300 Telefonica S.A. ADR -- TELEPHONE SERVICES.... $ 32,921 $ 41,081
----------- -----------
155,883 174,738
----------- -----------
SWEDEN-1.08%
1,000 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 23,125 22,625
4,000 Industri-Matematik International Corp.
(a) -- COMPUTER- SOFTWARE.................. 55,011 18,500
----------- -----------
78,136 41,125
----------- -----------
SWITZERLAND-1.09%
10 Novartis AG -- DRUGS......................... 17,785 18,018
2 Roche Holding AG -- DRUGS.................... 23,037 23,335
----------- -----------
40,822 41,353
----------- -----------
UNITED KINGDOM-9.85%
3,000 ARM Holdings plc
(a) -- ELECTRONIC-SEMICONDUCTOR............ 29,130 44,966
200 British Airways plc ADR -- AIRLINES.......... 18,608 15,125
300 British Petroleum Co. plc ADR -- OIL-CRUDE
PETROLEUM AND GAS.......................... 23,212 26,531
7,000 Computacenter plc (a)(e) -- BUSINESS
SERVICES................................... 76,611 53,046
600 Glaxo Wellcome plc ADR -- DRUGS.............. 35,155 37,350
2,800 Lloyds TSB Group plc -- BANKS................ 37,203 34,653
1,100 National Westminster Bank plc -- BANKS....... 20,519 18,376
1,500 Pearson plc -- PUBLISHING.................... 20,729 26,477
3,400 Royal & Sun Alliance Insurance Group
plc -- INDUSTRIAL.......................... 38,456 31,231
2,100 Scottish Hydro-Electric
plc -- UTILITIES-ELECTRIC.................. 20,176 21,575
2,500 Unilever plc -- CONSUMER GOODS............... 20,244 24,869
300 Vodafone Group plc ADR -- TELEPHONE
SERVICES................................... 26,337 40,388
----------- -----------
366,380 374,587
----------- -----------
UNITED STATES-4.05%
1,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS..... 50,000 52,750
1,000 Global TeleSystems Group, Inc.
(a) -- TELECOMMUNICATIONS.................. 20,000 40,063
828 Networks Associates, Inc. (a) -- COMPUTER-
SOFTWARE................................... 27,725 35,190
500 Schlumberger Ltd. -- OIL AND GAS FIELD
SERVICES................................... 38,920 26,250
----------- -----------
136,645 154,253
----------- -----------
TOTAL COMMON STOCKS.......................... $2,805,681 $2,838,435
----------- -----------
----------- -----------
</TABLE>

PREFERRED STOCKS-1.24%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
----- ----------- -----------
<C> <S> <C> <C>
BRAZIL-0.60%
300 Telecomunicacoes Brasileiras S.A. ADR
Preferred Block
(a) -- TELECOMMUNICATIONS.................. $ 34,435 $ 22,781
----------- -----------
GERMANY-0.64%
50 SAP AG Systeme Preferred -- COMPUTER-
SOFTWARE................................... 19,610 24,333
----------- -----------
TOTAL PREFERRED STOCKS....................... 54,045 47,114
----------- -----------
----------- -----------
TOTAL LONG-TERM INVESTMENTS.................. $2,859,726 $2,885,549
----------- -----------
----------- -----------
</TABLE>

12
<PAGE>
SHORT-TERM INVESTMENTS-23.96%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
--------- -----------
<C> <S> <C>
BANKS-0.37%
14,000 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.10%........ $ 14,000
-----------
U.S. GOVERNMENT AGENCY-23.59%
500,000 Federal Home Loan Mortgage Corp., 5.20%
11-30-1998................................. 497,879
100,000 Federal Home Loan Mortgage Corp., 5.46%
11-5-1998.................................. 99,925
100,000 Federal Home Loan Mortgage Corp., 5.50%
11-2-1998.................................. 99,970
200,000 Federal National Mortgage Corp., 5.18%
11-9-1998.................................. 199,747
-----------
897,521
-----------
TOTAL SHORT-TERM INVESTMENTS................. 911,521
-----------
-----------
TOTAL INVESTMENTS IN SECURITIES (COST:
$3,771,247) (B)............................ $3,797,070
-----------
-----------
</TABLE>

(a) Presently not paying dividend income.
(b) At October 31, 1998, the cost of securities for federal income tax purposes
was $3,771,247 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:

<TABLE>
<S> <C>
Unrealized appreciation..................................... $ 302,642
Unrealized depreciation..................................... (276,819)
- -------------------------------------------------------------------------
Net unrealized appreciation................................. $ 25,823
- -------------------------------------------------------------------------
</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) Securities issued 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>
Date Acquired Shares/Par Security Cost Basis
- ------------------ ------------- ------------------------------------------------------------------------------ -----------
<S> <C> <C> <C>
1998 7,000 Computacenter plc $ 76,611
1998 1,100 Deutsche Lufthansa AG 19,789
1998 1,000 Fujitsu Support and Service,Inc. 31,414
1998 600 KCI Konecranes International plc 21,042
1998 2,000 Megachips 39,801
1998 150 OMV Aktiengesellschaft 19,796
1998 2,000 Toppan Forms Co. Ltd. 18,180
1998 700 Vestas Wind Systems A/S 28,631
</TABLE>

The value of these securities at October 31, 1998, was $288,841 which
represents 7.59% of total net assets.

13
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Assets and Liabilities

October 31, 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 $99,032,814; $3,771,247) (Note
1)........................................................... $148,032,239 $3,797,070
Cash on deposit with custodian................................. 5,520 64,751
Collateral for securities lending transactions (Note 1)........ 33,416,602 --
Receivables:
Investment securities sold................................... 677,611 56,330
Interest and dividends....................................... 153,210 3,452
Subscriptions of capital stock............................... 16,187 3,895
Deferred registration costs (Note 1)........................... 14,495 22,815
Deferred organization costs (Note 1)........................... -- 20,986
Prepaid expenses............................................... -- 8,053
------------ --------------
TOTAL ASSETS..................................................... 182,315,864 3,977,352
------------ --------------
LIABILITIES:
Bank overdraft in foreign currency............................. 457,397 18,176
Unrealized depreciation on forward foreign currency contracts -
net (Note 1 and 3)........................................... -- 112
Payable upon return of securities loaned (Note 1).............. 33,416,602 --
Payable for investment securities purchased.................... 2,244,353 142,008
Redemptions of capital stock................................... 30,351 --
Payable for investment advisory and management fees (Note 2)... 113,412 3,002
Payable for distribution fees (Note 2)......................... 5,076 103
Accounts payable and accrued expenses.......................... 56,855 9,981
------------ --------------
TOTAL LIABILITIES................................................ 36,324,028 173,382
------------ --------------
NET ASSETS:
Net proceeds of capital stock, par value $.01 per share -
authorized 10,000,000,000;
10,000,000,000 shares; respectively.......................... 98,103,758 3,841,542
Unrealized appreciation of investments in securities and the
translation of assets and liabilities denominated in foreign
currency .................................................... 49,006,134 26,013
Undistributed net investment income............................ -- 32,440
Accumulated net realized loss from the sale of investments and
foreign currency transactions................................ (1,118,056) (96,025)
------------ --------------
TOTAL NET ASSETS................................................. $145,991,836 $3,803,970
------------ --------------
------------ --------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $110,771,627 and
$3,362,379; respectively and 4,778,689 and 324,420 shares
outstanding; respectively)..................................... $23.18 $10.36
------------ --------------
Class B shares (based on net assets of $11,679,836 and $143,450;
respectively and 518,254 and 13,889 shares outstanding;
respectively).................................................. $22.54 $10.33
------------ --------------
Class C shares (based on net assets of $5,009,363 and $30,981;
respectively and 222,124 and 3,001 shares outstanding;
respectively).................................................. $22.55 $10.32
------------ --------------
Class H shares (based on net assets of $18,531,010 and $267,160;
respectively and 822,044 and 25,891 shares outstanding;
respectively).................................................. $22.54 $10.32
------------ --------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

14
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Operations

For the Year Ended October 31, 1998

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO*
---------------- --------------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS):
Income:
Interest income............................................... $ 581,024 $ 32,811
Dividend income (Net of foreign witholding taxes of $122,985
and $3,145, respectively).................................... 928,473 23,175
Fee income (Note 1)........................................... 53,980 --
---------------- --------------
Total income.................................................... 1,563,477 55,986
---------------- --------------
Expenses:
Investment advisory and management fees (Note 2).............. 1,592,206 23,598
Distribution fees (Class A) (Note 2).......................... 306,668 5,482
Distribution fees (Class B) (Note 2).......................... 121,136 593
Distribution fees (Class C) (Note 2).......................... 48,164 133
Distribution fees (Class H) (Note 2).......................... 196,228 944
Registration fees (Note 2).................................... 56,653 35,000
Shareholders' notices and reports............................. 106,724 1,200
Legal and auditing fees....................................... 37,524 11,100
Custodian fees................................................ 34,578 4,065
Directors' fees and expenses.................................. 16,814 171
Amortization of organization costs (Note 1)................... -- 3,229
Other......................................................... 12,711 189
---------------- --------------
Total expenses.................................................. 2,529,406 85,704
Less reimbursable expenses (Note 2)........................... -- (44,054)
---------------- --------------
Net expenses.................................................... 2,529,406 41,650
---------------- --------------
NET INVESTMENT INCOME (LOSS)...................................... (965,929) 14,336
---------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY (NOTE 1):
Net realized gain (loss) from:
Investments................................................... 65,800 (96,025)
Foreign currency transactions................................. (6,066) (20)
---------------- --------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS.................................................... 59,734 (96,045)
---------------- --------------
Net change in unrealized appreciation (depreciation) from:
Investments..................................................... (3,494,252) 25,823
Translation of assets and liabilities denominated in foreign
currency...................................................... 7,360 190
---------------- --------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS................... (3,486,892) 26,013
---------------- --------------
NET LOSS ON INVESTMENTS AND FOREIGN CURRENCY...................... (3,427,158) (70,032)
---------------- --------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. $(4,393,087) $(55,696)
---------------- --------------
---------------- --------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
* FOR THE PERIOD JANUARY 27, 1998 (INCEPTION) TO OCTOBER 31, 1998.

15
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statements of Changes in Net Assets

GLOBAL GROWTH PORTFOLIO

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
OCTOBER 31, 1998 OCTOBER 31, 1997
----------------- -----------------
<S> <C> <C>
OPERATIONS:
Net investment loss............................................ $ (965,929) $ (639,261)
Net realized gain on investments and foreign currency
transactions................................................. 59,734 3,841,913
Net change in unrealized appreciation (depreciation) on
investments and foreign currency transactions................ (3,486,892) 13,864,114
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS..................................................... (4,393,087) 17,066,766
----------------- -----------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (1,552,939 and 1,430,651 shares)..................... 36,123,386 31,744,263
Class B (131,138 and 262,305 shares)......................... 3,180,889 5,741,350
Class C (226,311 and 80,723 shares).......................... 5,083,375 1,780,946
Class H (233,363 and 427,183 shares)......................... 5,638,972 9,359,347
Less cost of repurchase of shares
Class A (2,011,444 and 1,250,858 shares)..................... (47,665,203) (27,986,672)
Class B (101,731 and 46,752 shares).......................... (2,447,446) (1,047,876)
Class C (203,240 and 28,671 shares).......................... (4,576,747) (634,945)
Class H (209,304 and 142,042 shares)......................... (5,020,976) (3,149,221)
----------------- -----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS.... (9,683,750) 15,807,192
----------------- -----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... (14,076,837) 32,873,958
----------------- -----------------
NET ASSETS:
Beginning of year.............................................. 160,068,673 127,194,715
----------------- -----------------
End of year.................................................... $145,991,836 $160,068,673
----------------- -----------------
----------------- -----------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

16
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Statement of Changes in Net Assets

INTERNATIONAL EQUITY PORTFOLIO

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE PERIOD
JANUARY 27, 1998
(INCEPTION) TO
OCTOBER 31, 1998
-----------------
<S> <C>
OPERATIONS:
Net investment income............................................................. $ 14,336
Net realized loss on investments and foreign currency transactions................ (96,045)
Net change in unrealized appreciation of investments and foreign currency
transactions.................................................................... 26,013
-----------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS................................ (55,696)
-----------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (387,353 shares)........................................................ 4,043,736
Class B (19,009 shares)......................................................... 211,529
Class C (7,175 shares).......................................................... 71,961
Class H (29,140 shares)......................................................... 319,091
Less cost of repurchase of shares
Class A (62,933 shares)......................................................... (655,273)
Class B (5,120 shares).......................................................... (54,231)
Class C (4,174 shares).......................................................... (41,910)
Class H (3,249 shares).......................................................... (35,237)
-----------------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.................................. 3,859,666
-----------------
TOTAL INCREASE IN NET ASSETS........................................................ 3,803,970
NET ASSETS:
Beginning of period............................................................... --
-----------------
End of period (includes undistributed net investment income of $14,316)........... $3,803,970
-----------------
-----------------
</TABLE>

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

17
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements

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

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 date shares were first offered to the public 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 portfolios 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 portfolios 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 portfolios and the
resulting unrealized appreciation or depreciation are determined using
foreign currency exchange rates from an independent pricing service. The
portfolios are subject to the credit risk that the other party will not
complete the obligations of the contract.

SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME: Security transactions
are accounted for on the trade date and dividend income is recorded on the
ex-date. Interest income is recorded on the accrual basis. Realized security
gains and losses are determined using the identified cost method.

For the year ended October 31, 1998, the cost of purchases and proceeds from
sales of securities (other than short-term securities) aggregated $42,172,464
and $51,051,680 for Global Growth Portfolio; and $3,994,681 and $1,038,930
for International Equity Portfolio, respectively.

LENDING OF PORTFOLIO SECURITIES: At October 31, 1998, securities valued at
$33,275,905 were on loan to brokers from the Global Growth Portfolio. For
collateral, the Global Growth Portfolio's custodian received $33,416,602 in
cash which is maintained in a separate account and invested in short term
investment vehicles. Fee income from securities lending amounted to $53,980
for the year ended October 31, 1998. The risks to the portfolios 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 and the
International Equity Portfolio have capital loss carryovers of $1,098,908 and
$96,025, respectively, as of October 31, 1998, which, if not offset by
subsequent capital gains, will expire in 2003 through 2006.

It is unlikely the Board of Directors will autorize 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, accumlated net realized gain (loss) and undistributed net
investment income have been increased (decreased), resulting in a net
reclassification adjustment to reduce paid-in-capital by the following:

<TABLE>
<CAPTION>
Undistributed Accumulated
Net Net
Investment Realized
Income Paid-in-Capital Gains
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
Global Growth Portfolio...................... $965,929 $(971,995) $6,066
International Equity Portfolio............... $ 18,104 $ (18,124) $ 20
</TABLE>

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 October 31, 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 October 31, 1998, were $5,549,606 for Global Growth and
$288,841 for International Equity which represents 3.80% and 7.59% 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
portfolios) 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 $349,988 and $21,690 for Class A, $35,608 and $581
for Class B, $1,492 and $0 for Class C, and $58,353 and $299 for Class H for
the Global Growth and International Equity portfolios, respectively, for the
year ended October 31, 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 for Class A and 2.45% for Classes B, C and
H. During the period ended October 31, 1998, Advisers reimbursed the
portfolio $44,054.

Legal fees and expenses aggregating $4,436 and $100 for the Global Growth and
International Equity Portfolios, respectively, for the year ended October 31,
1998, were paid to a law firm of which the secretary of the portfolios is a
partner.

3. FORWARD FOREIGN CURRENCY CONTRACTS: At October 31, 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 $112 for International Equity Portfolio on these contracts is
included in the accompanying financial statements. The terms of the open
contracts are as follows:

<TABLE>
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------
U.S. Dollar Currency U.S. Dollar
Currency Value As Of To Be Value As Of Appreciation/
Settle Date To Be Delivered Oct. 31, 1998 Received Oct. 31, 1998 (Depreciation)
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
Nov. 6, 1998 19,786 19,786 32,270,532 19,698 (88)
U.S. Dollar Italian Lira
Nov. 3, 1998 19,412 19,412 196,262 19,388 (24)
U.S. Dollar Mexican Peso
-------- -------- ------
$ 39,198 $ 39,086 $ (112)
-------- -------- ------
</TABLE>

19
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements (continued)

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

- --------------------------------------------------------------------------------
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
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Net asset value, beginning of year...... $ 23.92 $ 21.28 $ 18.24 $ 14.78 $ 14.42
--------- --------- --------- -------- --------
Operations:
Investment loss - net................. (.12) (.07) (.06) (.09) (.04)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... (.62) 2.71 3.10 3.55 .40
--------- --------- --------- -------- --------
Total from operations................... (.74) 2.64 3.04 3.46 .36
--------- --------- --------- -------- --------
Net asset value, end of year............ $ 23.18 $ 23.92 $ 21.28 $ 18.24 $ 14.78
--------- --------- --------- -------- --------
Total return @.......................... (3.09%) 12.41% 16.67% 23.41% 2.50%
Net assets end of year (000s omitted)... $ 110,772 $ 125,268 $ 107,607 $ 68,302 $ 55,214
Ratio of expenses to average daily net
assets................................ 1.42% 1.44% 1.51% 1.73% 1.72%
Ratio of net investment loss to average
daily net assets...................... (.44%) (.29%) (.33%) (.55%) (.35%)
Portfolio turnover rate................. 29% 30% 18% 27% 21%
</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 loss - net................. (.26) (.27) (.24) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... (.62) 2.71 3.10 3.61
-------- -------- ------- -------
Total from operations................... (.88) 2.44 2.86 3.52
-------- -------- ------- -------
Net asset value, end of period.......... $ 22.54 $ 23.42 $ 20.98 $ 18.12
-------- -------- ------- -------
Total return @.......................... (3.76%) 11.63% 15.78% 24.11%
Net assets end of period (000s
omitted).............................. $ 11,680 $ 11,446 $ 5,735 $ 991
Ratio of expenses to average daily net
assets................................ 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment loss to average
daily net assets...................... (1.19%) (1.03%) (.99%) (1.42%)*
Portfolio turnover rate................. 29% 30% 18% 27%
</TABLE>

* Annualized.
@ 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.

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 loss - net................. (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... (.62) 2.71 3.10 3.62
------- ------- ------- -------
Total from operations................... (.88) 2.43 2.87 3.53
------- ------- ------- -------
Net asset value, end of period.......... $ 22.55 $ 23.43 $ 21.00 $ 18.13
------- ------- ------- -------
Total return @.......................... (3.76%) 11.57% 15.83% 24.18%
Net assets end of period (000s
omitted).............................. $ 5,009 $ 4,664 $ 3,087 $ 434
Ratio of expenses to average daily net
assets................................ 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment loss to average
daily net assets...................... (1.20%) (1.04%) (.99%) (1.55%)*

Portfolio turnover rate................. 29% 30% 18% 27%
</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 loss - net................. (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... (.62) 2.71 3.10 3.61
-------- -------- -------- -------
Total from operations................... (.88) 2.43 2.87 3.52
-------- -------- -------- -------
Net asset value, end of period.......... $ 22.54 $ 23.42 $ 20.99 $ 18.12
-------- -------- -------- -------
Total return @.......................... (3.76%) 11.58% 15.84% 24.11%
Net assets end of period (000s
omitted).............................. $ 18,531 $ 18,690 $ 10,765 $ 2,141
Ratio of expenses to average daily net
assets................................ 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment loss to average
daily net assets...................... (1.19%) (1.04%) (1.02%) (1.46%)*
Portfolio turnover rate................. 29% 30% 18% 27%
</TABLE>

21
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.

Notes to Financial Statements (continued)

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

<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 (loss) - net........ .02 -- (.01) (.01)
Net realized and unrealized loss on
investments and foreign currency
transactions........................ (.12) (.12) (.12) (.12)
------- ------- ------- -------
Total from operations................... (.10) (.12) (.13) (.13)
------- ------- ------- -------
Net asset value, end of period.......... $10.36 $10.33 $10.32 $10.32
Total return @.......................... (.96%) (1.15%) (1.24%) (1.24%)
Net assets end of period (000s
omitted).............................. $3,362 $ 143 $ 31 $ 267
Ratio of expenses to average daily net
assets (a)............................ 1.70%* 2.45%* 2.45%* 2.45%*
Ratio of net investment income (loss) to
average daily net assets (a).......... .57%* (.18%)* (.18%)* (.18%)*
Portfolio turnover rate................. 43% 43% 43% 43%
</TABLE>

* Annualized.
** For the period March 2,1998 (date shares first offered to the public)
to October 31, 1998.
@ These are the fund's total returns durning the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.
(a) Advisers has voluntarily udertaken 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 daily net assets for Class A and 2.45% for
Classes B, C and H. 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
3.70% and (1.43%) for class A, 4.45% and (2.18%) for class B, 4.45%
and (2.18%) for class C, and 4.45% and (2.18%) for class H,
respectively.

22
<PAGE>
INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders

Fortis Worldwide Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including
the schedules of investments in securities, of Global Growth Portfolio and
International Equity Portfolio (portfolios within Fortis Worldwide Portfolios,
Inc.) as of October 31, 1998 and the related statements of operations for the
year then ended [period from January 27, 1998 (inception) to October 31, 1998
for the International Equity Portfolio], the statements of changes in net assets
for each of the years in the two-year period ended October 31, 1998 [period from
January 27, 1998 (inception) to October 31, 1998 for the International Equity
Portfolio] and the financial highlights presented in footnote 4 to the financial
statements. These financial statements and the financial highlights are the
responsibility of fund management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Investment securities held in custody are confirmed to us by the
custodian. As to securities purchased but not received and securities on loan,
we request confirmations from brokers and custodian, and where replies are not
received, we carry out other appropriate auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of
Fortis Global Growth Portfolio and International Equity Portfolio as of October
31, 1998 and the results of their operations, the changes in their net assets
and the financial highlights for the periods stated in the first paragraph
above, in conformity with generally accepted accounting principles.

KPMG Peat Marwick LLP

Minneapolis, Minnesota
December 4, 1998

23
<PAGE>
DIRECTORS AND OFFICERS

DIRECTORS Richard W. Cutting CPA AND FINANCIAL CONSULTANT
Allen R. Freedman CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
FORTIS, INC. MANAGING DIRECTOR OF
FORTIS INTERNATIONAL, N.V.
Dr. Robert M. Gavin PRESIDENT, CRANBROOK EDUCATION
COMMUNITY. PRIOR TO JULY 1996,
PRESIDENT MACALESTER COLLEGE
Benjamin S. Jaffray CHAIRMAN, SHEFFIELD GROUP, LTD.
Jean L. King PRESIDENT, COMMUNI-KING
Dean C. Kopperud CHIEF EXECUTIVE OFFICER AND DIRECTOR,
FORTIS ADVISERS, INC. PRESIDENT AND
DIRECTOR, FORTIS INVESTORS, INC.
SENIOR VICE PRESIDENT AND DIRECTOR,
FORTIS BENEFITS INSURANCE COMPANY AND
TIME INSURANCE COMPANY
Edward M. Mahoney PRIOR TO JANUARY 1995, CHAIRMAN AND
CHIEF EXECUTIVE OFFICER, FORTIS
ADVISERS, INC., FORTIS INVESTORS,
INC.
Robb L. Prince FINANCIAL AND EMPLOYEE BENEFIT
CONSULTANT. PRIOR TO JULY 1995, VICE
PRESIDENT AND TREASURER, JOSTENS,
INC.
Leonard J. Santow PRINCIPAL, GRIGGS & SANTOW, INC.
Noel Shadko MARKETING CONSULTANT. PRIOR TO MAY
1996, SENIOR VICE PRESIDENT OF
MARKETING & STRATEGIC PLANNING,
ROLLERBLADE, INC.
Joseph M. Wikler INVESTMENT CONSULTANT AND PRIVATE
INVESTOR. PRIOR TO JANUARY 1994,
DIRECTOR OF RESEARCH, CHIEF
INVESTMENT OFFICER, PRINCIPAL, AND
DIRECTOR, THE ROTHSCHILD CO.

OFFICERS

Dean C. Kopperud
PRESIDENT AND DIRECTOR
Robert W. Beltz, Jr.
VICE PRESIDENT
James S. Byrd
VICE PRESIDENT
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.

24
<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
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
Empower Variable DIVERSIFIED INCOME
Annuity 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.

25
<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.

96156 -C-Fortis 10/98