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FORTIS
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INVEST FOR WORLDWIDE OPPORTUNITY
FORTIS WORLDWIDE
PORTFOLIOS
SEMIANNUAL REPORT
APRIL 30, 1999
FORTIS FINANCIAL GROUP
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC. SEMIANNUAL 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
BOARD OF DIRECTORS AND OFFICERS 24
OTHER PRODUCTS AND SERVICES 25
- - TOLL-FREE PERSONAL ASSISTANCE
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- (800) 800-2000, Ext. 3012
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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
- (800) 800-2000, Ext. 4344
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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 funds' performance during the past six-months, refer
to the Highlights box below. The letter from the portfolio managers and
president provides a more detailed analysis of the fund, and financial markets.
The charts following the letters are useful because they provide more
information about your investments. The top holdings chart shows the types of
securities in which the fund invests, and the pie chart shows a breakdown of the
fund's assets by country. The portfolio changes show the investment decisions
your Fund manager has made over the period in response to changing market
conditions.
The performance chart graphically compares the fund's total return performance
with a selected investment index. Remember, however, that an index may reflect
the performance of securities the fund may not hold. Also, the index does not
deduct sales charges, investment advisory fees and other fund expenses, whereas
your fund does. Individuals cannot buy an unmanaged index fund without incurring
some charges and expenses.
This report is just one of several tools you can use to learn more about your
investment in the Fortis Family of Mutual Funds. Your investment representative,
who understands your personal financial situation, can best explain the features
of your investment and how it's designed to help you meet your financial goals.
HIGHLIGHTS
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 1999
<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 period........................ $ 23.18 $ 22.54 $ 22.55 $22.54
End of period.............................. $ 26.55 $ 25.72 $ 25.74 $25.73
TOTAL RETURN* 14.54% 14.11% 14.15% 14.15%
INTERNATIONAL EQUITY PORTFOLIO
NET ASSET VALUE PER SHARE:
Beginning of period........................ $ 10.36 $ 10.33 $ 10.32 $10.32
End of period.............................. $ 13.08 $ 13.06 $ 13.06 $13.05
TOTAL RETURN* 27.36% 26.82% 26.94% 26.84%
DISTRIBUTIONS PER SHARE
From net investment income................... $ 0.097 $ 0.034 $ 0.034 $0.034
</TABLE>
* These are the fund's total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.
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FORTIS WORLDWIDE PORTFOLIOS
[Photo]
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 focuses on blue
chip investments outside of the United States.
During the six-month period ended April 30, 1999, the Fortis Global Growth
Portfolio had a total return of 14.54% for class A shares before sales charge,
which compared to a total return of 19.78% for the Morgan Stanley Capital
International World Index (MSCI). The outperformance of large global companies
continued into 1999, once again fueling the performance of the MSCI which is a
market capitalization weighted index. The Fortis Global Growth Portfolio has
investments in large growth and mid-sized growth companies anywhere in the
world. Historically, the fund has outperformed the index during periods of broad
stock market participation, when many market sectors participate in the general
advance. In recent years, the world's equity markets have had a fairly narrow
participation, which means that many stocks have not kept up with the
performance of large capitalization indices. We are encouraged that recent stock
market activity has demonstrated a broadening in participation.
At the end of the six-month period April 30, 1999, the Fortis Global Growth
Portfolio was highly diversified with individual holdings in 20 nations. Foreign
holdings represented 53.45% of total net assets, while holdings in the United
States represented 40.97%. Our long-term goal is to invest in the world's best
positioned and best managed growth companies regardless of where they are
domiciled. Our focus has been in high growth segments of the world's economy.
These include areas such as cellular telecommunications, cable television,
semiconductor capital equipment, and certain companies involved in activities
related to the growth of the internet. In recent months we have made some
meaningful changes in the fund's holdings. We have increased the fund's
weighting in the Japanese market. Other changes include the addition of global
companies which will benefit by a recovering global economy. These include
companies involved in building products, paper, metals and energy.
The Fortis International Equity Portfolio over the past six months ended April
30, 1999, had a total return of 27.36% for class A shares before sales charge,
which compared to a total return of 15.44% for the MSCI EAFE (Europe, Australia,
Far East) index. The EAFE index is the traditional representation of non North
American equity markets. This market capitalization weighted index is dominated
by European 47.5%, United Kingdom 22.7%, and Japanese holdings 23.1%. At the end
of April, the Fortis International Equity Portfolio had significant investments
in Europe 47.4%, the United Kingdom 12.2% and Japan 19%. Our goal with this
portfolio is to provide investors with an international fund that is highly
diversified in all major economic and investment segments of the world outside
of the United States. The performance of the portfolio over the past six months
has been influenced by the strong gains experienced in the large blue chip
holdings and an above average exposure to Japan. The strong improvement in
emerging regions and Japan, along with several holdings in Europe and the United
Kingdom, have influenced the fund's performance.
1
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GLOBAL ECONOMY
The outlook for the world's economy has improved over the past several months.
The Russian/hedge fund financial crisis of the summer of 1998 has become a
distant memory in a very short period of time. Since October of 1998, the
various central banks around the world have reduced interest rates drastically
in an attempt to stimulate the world economy. This movement was led by the
Federal Reserve Board of the United States which cut interest rates three times
during the past eight months. In the spring of 1999, the European nations
reduced interest rates in an effort to stimulate their slowing economies. In
recent months, Japan has announced significant personal and corporate tax cuts
which are permanent in nature and should eventually impact economic activity.
These are in conjunction with a significant fiscal stimulus program and other
attempts to shore up a weakened banking system through government assistance.
Overall, these attempts to stimulate or "reflate" the world's economy should
eventually result in a more favorable global economic outlook. During the past
six months, the economy of the United States has been the primary engine of
global economic growth. Our economy has benefitted from the disinflationary
trends caused by excess capacity. Lower interest rates and lower inflationary
pressures have resulted in strong financial markets and have helped to enhance
consumer wealth.
It appears that the economic crises in Asia has ended. The economies of several
of the southeastern Asian nations have bottomed in activity with some, such as
Thailand and South Korea, actually showing signs of strength. The key economies
of the Asian region, however, are Japan and China. The Japanese economy
continues to struggle due to a weak banking system and the need to restructure
corporate Japan. This will lead to significant layoffs and cost cutting
measures. In the short run, economic activity could slow further before recovery
fully takes place. In China, the economy is suffering from enhanced competition
from its Asian neighbors for various export related activities. There are
significant pressures for China to devalue its currency in order to promote its
competitiveness. Attempts have been made to stimulate the Chinese economy and
this should result in moderate economic growth in 1999. Overall, Asia is
improving its economic outlook; however, it should take time before we get back
to previous levels of economic activity experienced during the mid-1990s.
GLOBAL EQUITY MARKETS
Over the past six months, company size has remained the key variable in
performance in most equity markets. Although many of the major indices which are
dominated by the biggest companies have appreciated strongly in value, the
average stock has not. This narrowing of the stock market's focus has been a
concern for the past several years. With the perception of an improving global
economy, it is likely that the participation in the world's equity markets will
broaden. In recent months, we have seen a dramatic turnaround in the performance
of cyclical issues and emerging stock markets, which will benefit from a better
global economic outlook. This demonstrates the market's perception that the
bottom of the global recession has been reached. This perception could result in
significant outperformance by stock market categories which have lagged the
major indices over the past several years. We are confident that this will
include mid-sized growth companies in all of the world's stock markets.
PORTFOLIO STRATEGY
In recent months, our strategy has incorporated an increased weighting in the
Japanese stock market. The Fortis Global Growth Portfolio (11.1%), and the
Fortis International Portfolio (19%) are around market weight in the
2
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Japanese stock market for the first time in their existence (Japan represents
10.8% of the MSCI and 23.1% of EAFE Index). Japan has been in a recessionary
environment since 1990 and has not been a favored area of investment for several
years. There are significant changes occurring in Japan which hopefully will
lead to an improved outlook for corporate profitability. These include
government programs to deregulate many aspects of the Japanese economy and
restructuring activities by individual companies. These changes, while likely to
be disruptive for the Japanese economy over the near term, are necessary if
Japan hopes to remain competitive on a global basis in the future. These changes
should result in better returns on investment for corporate Japan.
In Europe we have been overweight in our portfolios for some time. This has been
due in part to a lack of attractive options in other parts of the world. Until
recently, both Japan and the emerging regions have been undesirable areas of
investment due to their less than robust economies and weakened banking systems.
The improvements going on in Asia have triggered a shift of part of our assets
from Europe and the USA to Japan. Europe still remains a key investment focus,
however, in the international portions of our portfolios. The surprising
weakness of the Euro, the new European currency, has been due to a stronger than
expected U.S. economy and the political and military uncertainty associated with
the Kosovo situation. Overall we continue to find sound companies in Europe in
both growth segments and in the more economically sensitive areas. In the United
States, the equity markets over the past six months have demonstrated strong
growth, especially in the mega-cap growth and the internet segments of the
market. Many sectors of the U.S. stock market have not participated to the same
degree. This is beginning to change due to the improved outlook for the world's
economy. Economically sensitive companies such as energy, building products,
paper, and metals are beginning to demonstrate strong performance due to
stabilizing commodity export prices. These trends have helped the emerging
regions of Asia and Latin America, which tend to be heavily dependent on
commodity exports. The mid-sized growth segment of the U.S. market has
substantially underperformed the major stock market indices for the past several
years. An improving global economy with low inflation and low interest rates
could bring investors back to this much neglected segment of the U.S. market. We
have said in the past that this is the most undervalued portion of the U.S.
market. Longer term, we expect this area to outperform due to its superior
growth characteristics and significant undervaluation.
LONG TERM OUTLOOK
The longer term outlook for investing in global equities remains favorable. The
improvement of the world's economy should take shape in coming months. There is
a risk of an over stimulation of the lagging economies through the government
policies which have been initiated. We will keep a watchful eye for signs of
synchronized global recovery because it could lead to increased inflationary
pressures. Overall, this risk is still low as the world economy is likely to
grow at a moderate rate with reasonable levels of inflation. We are hopeful that
the broadening of the equity markets will continue as investors look for a more
favorable global economic backdrop as we enter the year 2000.
THANK YOU FOR YOUR INVESTMENT
We appreciate your investment in the Fortis Global Growth and the Fortis
International Equity Portfolios. If you have any questions, please call us or
your investment professional.
Sincerely,
/s/ Dean C. Kopperud /s/ Lucinda S. Mezey /s/ James S. Byrd
Dean C. Kopperud Lucinda S. Mezey James S. Byrd
President Vice President, Vice President
Equities
3
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PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 4/30/99
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
United States 41.0%
Other 11.5%
Japan 10.5%
France 7.0%
Cash
Equivalents/Receivables 5.6%
United Kingdom 4.8%
Finland 4.1%
Germany 4.1%
Netherlands 4.0%
Italy 2.9%
Spain 2.3%
Israel 2.2%
</TABLE>
TOP 10 EQUITY HOLDINGS AS OF 4/30/99
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. Nokia OYJ K Shares (Finland) 3.1%
2. Tellabs, Inc. (United States) 2.9%
3. Perkin-Elmer Corp. (United States) 2.7%
4. Cisco Systems, Inc. (United States) 2.4%
5. Outback Steakhouse, Inc. (United States) 2.4%
6. Bed Bath & Beyond, Inc. (United States) 2.3%
7. Cheesecake Factory, Inc. (United States) 2.0%
8. Ericsson (L.M.) Telephone Co. Class B ADR(Sweden) 2.0%
9. Orange plc (United Kingdom) 2.0%
10. Telefonica de Espana Sa (Spain) 1.9%
</TABLE>
CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
Since
1 Year Inception+
- -------------------------------------------------------------
<S> <C> <C>
Class B shares Diamond -2.58% +13.54%
Class B shares Diamond Diamond -6.08% +13.27%
Class C shares Diamond -2.57% +13.56%
Class C shares Diamond Diamond -3.57% +13.56%
Class H shares Diamond -2.57% +13.55%
Class H shares Diamond Diamond -6.07% +13.28%
</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, 3.00% if redeemed within year three or four, 2.00% if redeemed in year
five, and 1.00% if redeemed in year six (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, 1999.
+ 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
<S> <C> <C> <C>
MSCI World Index*** Class A
7/8/91 $10,000 $9,525
92 $10,427 $10,518
93 $12,130 $11,943
94 $13,633 $13,548
95 $15,034 $14,090
96 $17,932 $19,762
97 $19,874 $19,477
98 $25,742 $25,719
99 $29,956 $25,225
GLOBAL GROWTH PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN
1 YEAR 5 YEAR SINCE JULY 8, 1991@
WITH SALES CHARGE* -6.58% +12.14% +12.57%
WITHOUT SALES CHARGE** -1.92% +13.24% +13.27%
</TABLE>
Annual period ended April 30, 1999
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 STOCK PORTFOLIO CHANGES FOR THE PERIOD ENDED 4/30/99
<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
Advantest Corp. 3Com Corp.
Aiful Corp. Avis Europe plc
Alcoa, Inc. Barco N.V.
Brinker International, Inc. Data Processing Resources Corp.
Dixons Group plc Glaxo Wellcome plc ADR
Korea Electric Power Corp. ADR Networks Associates, Inc.
MCI WorldCom, Inc. Novartis AG
Media One Group, Inc. Randstad Holdings N.V.
Motorola, Inc. Service Corp. International
Reader's Digest Association, Inc. Class A Total Renal Care Holdings, Inc.
</TABLE>
4
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PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 4/30/99
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C> <C>
Japan 16.8%
Other 13.3%
Cash
Equivalents/Receivables 11.5%
United Kingdom 10.8%
Germany 9.7%
Netherlands 9.3%
France 8.8%
Italy 4.8%
Spain 3.6%
United States 3.5%
Finland 3.0%
Israel 2.7%
Canada 2.2%
</TABLE>
TOP 10 EQUITY HOLDINGS AS OF 4/30/99
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
- -------------------------------------------------------------------
<C> <S> <C>
1. Fujitsu Support and Service, Inc. (Japan) 2.0%
2. Nokia Oyj Corp. ADR Class A (Finland) 1.7%
3. United Pan-Europe Communications N.V.
(Netherlands) 1.7%
4. Global TeleSystems Group, Inc. (United States) 1.7%
5. ARM Holdings plc (United Kingdom) 1.7%
6. Equant N.V. (France) 1.5%
7. Telecom Italia S.p.A. (Italy) 1.5%
8. Telefonica S.A. ADR (Spain) 1.4%
9. Tokyo Electron Ltd. (Japan) 1.3%
10. Aiful Corp. (Japan) 1.3%
</TABLE>
CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
Since
1 Year Inception+
- -------------------------------------------------------------
<S> <C> <C>
Class B shares Diamond +15.22% +21.37%
Class B shares Diamond Diamond +11.62% +18.47%
Class C shares Diamond +15.22% +21.37%
Class C shares Diamond Diamond +14.22% +21.37%
Class H shares Diamond +15.23% +21.29%
Class H shares Diamond Diamond +11.63% +18.39%
</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, 3.00% if redeemed in year three or four, 2.00% if redeemed in year
five and 1.00% if redeemed in year six (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, 1999.
+ 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>
<S> <C> <C>
International Equity Portfolio
MSCI EAFE Index*** Class A
3/2/98 $10,000 $9,525
98 $10,394 $10,372
99 $11,413 $12,015
INTERNATIONAL EQUITY PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN
SINCE
1 YEAR MARCH 2, 1998@
With Sales Charge* +10.34% +17.04%
Without Sales Charge** +15.65% +22.02%
</TABLE>
Annual period ended April 30, 1999
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 stocks of Europe, Australia and the Far East.
@ Date shares were first offered to the public.
TEN LARGEST STOCK PORTFOLIO CHANGES FOR THE PERIOD ENDED 4/30/99
<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
Aiful Corp. Cap Gemini S.A.
Asia Pulp & Paper Company Ltd. ADR Coflexip S.A. ADR
Broken Hill Proprietary Company Ltd. ADR Computacenter plc
Domtar, Inc. Dresdner Bank AG
Granada Group plc Electricidade de Portugal S.A.
Korea Electric Power Corp. ADR Glaxo Wellcome plc ADR
Softbank Corp. Ixos Software AG
Telewest Communications plc Megachips Corp.
United Pan-Europe Communications N.V. Networks Associates, Inc.
Yamada Denki Royal & Sun Alliance Insurance Group plc
</TABLE>
5
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FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO
Schedule of Investments
April 30, 1999 (Unaudited)
COMMON STOCKS-92.58%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
AUSTRALIA-0.62%
84,000 Broken Hill Proprietary Co. Ltd. -- STEEL AND
IRON....................................... $ 925,599 $ 951,155
------------ -------------
BRAZIL-0.44%
34,000 Aracruz Celulose S.A. ADR -- FOREST
PRODUCTS................................... 687,306 680,000
11,000 Telecomunicacoes Brasileiras S.A.-Telebras
ADR -- TELEPHONE SERVICES.................. 753 859
------------ -------------
688,059 680,859
------------ -------------
FINLAND-4.11%
40,900 KCI Konecranes International plc
(e) -- MACHINERY........................... 1,094,907 1,514,526
62,000 Nokia Oyj -- TELECOMMUNICATION EQUIPMENT..... 321,171 4,785,226
------------ -------------
1,416,078 6,299,752
------------ -------------
FRANCE-7.03%
8,000 Axa -- INSURANCE............................. 923,437 1,034,300
12,500 Casino Guichard Perrachon S.A. -- FOOD....... 1,237,297 1,232,569
6,000 Dexia France -- BANKS........................ 753,423 841,110
4,300 Groupe Danone -- FOOD........................ 782,321 1,150,998
1,580 Promodes -- FOOD............................. 1,051,925 1,002,984
27,500 Rhone-Poulenc (Warrants) (a) -- CHEMICALS.... 93,872 82,500
27,500 Rhone-Poulenc S.A. ADR -- CHEMICALS.......... 1,117,228 1,295,937
8,000 Sanofi S.A. -- DRUGS......................... 643,048 1,255,211
14,000 Sidel -- MACHINERY........................... 1,089,395 1,688,567
7,000 Suez Lyonnaise des Eaux -- UTILITIES-WATER
AND SEWER.................................. 1,248,691 1,192,365
------------ -------------
8,940,637 10,776,541
------------ -------------
GERMANY-2.96%
12,000 HypoVereinsbank -- BANKS..................... 780,908 793,500
12,500 Mannesmann AG -- MACHINERY................... 1,192,057 1,638,577
81,600 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 1,316,068 1,389,957
10,000 Volkswagen AG -- AUTOMOBILE MANUFACTURERS.... 651,086 707,802
------------ -------------
3,940,119 4,529,836
------------ -------------
HUNGARY-1.66%
35,000 Matav Rt. ADR (a) -- TELEPHONE SERVICES...... 832,750 984,375
70,000 MOL Magyar Olaj-es Gazipari Rt. GDR
(e) -- OIL-CRUDE PETROLEUM AND GAS......... 567,000 1,560,636
------------ -------------
1,399,750 2,545,011
------------ -------------
ISRAEL-2.20%
38,000 ECI Telecommunications
Ltd. -- TELECOMMUNICATION EQUIPMENT........ 670,706 1,401,250
43,000 Teva Pharmaceutical Industries Ltd.
ADR -- DRUGS............................... 1,634,437 1,967,250
------------ -------------
2,305,143 3,368,500
------------ -------------
ITALY-2.86%
9,000 Assicurazioni Generali -- INSURANCE.......... 342,519 350,886
67,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 1,310,726 1,281,375
258,200 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 1,831,810 2,750,877
------------ -------------
3,485,055 4,383,138
------------ -------------
JAPAN-10.51%
21,000 Advantest Corp. -- MACHINERY................. 1,430,224 1,606,250
14,640 Aiful Corp. -- FINANCIAL SERVICES............ 846,791 1,198,281
55,000 Bank of Tokyo-Mitsubishi Ltd. -- BANKS....... 784,103 811,880
9,000 Canon Sales Co., Inc. -- CONSUMER GOODS...... 143,671 139,564
50,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 727,099 1,212,500
125,000 Fuji Bank Ltd. -- BANKS...................... 760,392 975,998
41,000 Fujitsu Ltd. -- MISCELLANEOUS................ 633,135 702,425
3,000 Fujitsu Support and Service, Inc.
(e) -- BUSINESS SERVICES................... 93,974 366,942
21,000 Honda Motor Co. Ltd. -- AUTOMOBILE
MANUFACTURERS.............................. 793,595 925,397
30,000 Kirin Brewery Company Ltd. -- BEVERAGE....... 373,847 339,295
62,000 NEC Corp. -- BUSINESS SERVICES............... 750,325 740,686
</TABLE>
6
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
217 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ $ 1,832,201 $ 2,363,339
7,500 Softbank Corp. -- COMPUTER-SOFTWARE.......... 380,017 998,408
15,000 Sony Corp. -- ELECTRONIC COMPONENTS.......... 973,223 1,401,164
58,000 Sumitomo Bank Ltd. -- BANKS.................. 789,407 785,222
19,000 Takeda Chemical Industries -- DRUGS.......... 770,866 826,122
12,600 Tokyo Electron Ltd. -- MACHINERY............. 422,165 717,798
------------ -------------
12,505,035 16,111,271
------------ -------------
MEXICO-1.65%
34,500 Grupo Televisa S.A. GDR -- BROADCASTING...... 1,098,100 1,414,500
50,200 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 1,077,907 1,113,812
------------ -------------
2,176,007 2,528,312
------------ -------------
NETHERLANDS-4.04%
26,500 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 845,739 1,202,787
35,000 Pakhoed N.V. -- TRANSPORTATION............... 937,878 810,957
60,000 VNU N.V. -- PUBLISHING....................... 1,395,594 2,431,283
40,000 Wolters Kluwer N.V. -- PUBLISHING............ 500,209 1,743,583
------------ -------------
3,679,420 6,188,610
------------ -------------
NORWAY-1.12%
50,000 Petroleum Geo-Services ADR (a) -- OIL AND GAS
FIELD SERVICES............................. 672,606 837,500
70,000 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 493,694 875,000
------------ -------------
1,166,300 1,712,500
------------ -------------
PORTUGAL-0.72%
26,200 Portugal Telecom S.A. ADR -- TELEPHONE
SERVICES................................... 826,446 1,105,312
------------ -------------
SINGAPORE-0.48%
70,000 Asia Pulp & Paper Company Ltd. ADR
(a) -- PAPER............................... 629,706 735,000
------------ -------------
SOUTH KOREA-0.66%
61,000 Korea Electric Power Corp.
ADR -- UTILITIES-ELECTRIC.................. 816,362 1,006,500
------------ -------------
SPAIN-2.35%
45,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS... 620,911 733,194
20,600 Telefonica S.A. ADR -- TELEPHONE SERVICES.... 1,381,717 2,871,125
------------ -------------
2,002,628 3,604,319
------------ -------------
SWEDEN-2.11%
114,000 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 999,375 3,078,000
79,300 Industri-Matematik International Corp.
(a) -- COMPUTER-SOFTWARE................... 726,847 148,687
------------ -------------
1,726,222 3,226,687
------------ -------------
SWITZERLAND-1.30%
100 Roche Holding AG -- DRUGS.................... 522,734 1,178,325
2,400 UBS AG -- BANKS.............................. 814,369 816,552
------------ -------------
1,337,103 1,994,877
------------ -------------
UNITED KINGDOM-4.79%
122,700 Capita Group plc -- BUSINESS SERVICES........ 266,142 1,298,953
58,000 Dixons Group plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 728,446 1,242,032
38,700 Energis plc (a) -- TELEPHONE SERVICES........ 185,606 1,055,547
225,000 Orange plc (a) -- TELEPHONE SERVICES......... 707,347 3,053,959
150,000 Telewest Communications plc
(a)(e) -- TELECOMMUNICATIONS............... 452,671 691,941
------------ -------------
2,340,212 7,342,432
------------ -------------
UNITED STATES-40.97%
18,000 Alcoa, Inc. -- METALS-MINING AND
MISCELLANEOUS.............................. 945,329 1,120,500
26,000 Altera Corp. (a) -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 546,969 1,878,500
5,000 America Online, Inc.
(a) -- COMPUTER-SOFTWARE................... 478,529 713,750
11,000 Applied Materials, Inc.
(a) -- ELECTRONIC-CONTROLS AND EQUIPMENT... 616,344 589,875
109,500 Avant! Corp. (a) -- COMPUTER-SOFTWARE........ 2,047,110 1,478,250
</TABLE>
7
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 1999 (Unaudited)
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
--------- ------------ -------------
<C> <S> <C> <C>
33,750 Baker Hughes, Inc. -- MACHINERY-OIL AND
WELL....................................... $ 446,142 $ 1,008,281
100,000 Bed Bath & Beyond, Inc.
(a) -- RETAIL-SPECIALTY.................... 1,145,684 3,568,750
51,700 Blyth Industries, Inc. (a) -- CONSUMER
GOODS...................................... 1,505,264 1,176,175
38,000 Brinker International, Inc.
(a) -- RESTAURANTS AND FRANCHISING......... 1,093,361 1,049,750
19,950 Cardinal Health, Inc. -- HEALTH CARE
SERVICES................................... 686,723 1,193,259
110,550 Cheesecake Factory (The), Inc.
(a) -- RESTAURANTS AND FRANCHISING......... 2,212,505 3,095,400
32,000 Cisco Systems, Inc.
(a) -- COMPUTER-COMMUNICATION EQUIPMENT.... 174,472 3,650,000
33,000 Citrix Systems, Inc.
(a) -- COMPUTER-SOFTWARE................... 1,103,487 1,402,500
11,000 Comcast Corp. Special Class
A -- BROADCASTING.......................... 683,173 722,562
70,300 Covance, Inc. (a) -- HEALTH CARE SERVICES.... 1,370,076 1,542,206
89,000 DSP Communications, Inc. (a) -- ELECTRONIC
COMPONENTS................................. 1,295,656 2,425,250
12,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS..... 600,000 903,000
12,200 Galileo International, Inc. -- BUSINESS
SERVICES................................... 298,900 597,800
64,500 Gartner Group, Inc. Class A (a) -- BUSINESS
SERVICES................................... 213,375 1,229,531
10,000 Georgia-Pacific Group -- FOREST PRODUCTS..... 904,427 925,000
13,000 Global TeleSystems Group, Inc.
(a) -- TELECOMMUNICATIONS.................. 747,500 859,625
24,000 Guidant Corp. (a) -- MEDICAL TECHNOLOGY...... 853,892 1,288,500
16,000 International Paper Co. -- PAPER............. 850,504 853,000
14,600 Intuit, Inc. (a) -- COMPUTER-SOFTWARE........ 676,525 1,257,425
13,000 MCI WorldCom, Inc. (a) -- TELEPHONE
SERVICES................................... 972,563 1,068,438
19,000 Media One Group, Inc. (a) -- CABLE
TELEVISION................................. 728,186 1,549,688
13,000 Medtronic, Inc. (with rights) -- MEDICAL
TECHNOLOGY................................. 738,664 935,188
13,000 Motorola, Inc. -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 898,596 1,041,625
31,000 Novell, Inc. (a) -- COMPUTER-SOFTWARE........ 773,004 689,750
101,100 Outback Steakhouse, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 2,213,404 3,620,644
38,000 Perkin-Elmer Corp. -- PRECISION
INSTRUMENTS-TEST, RESEARCH................. 2,660,849 4,108,750
62,600 Polo Ralph Lauren Corp. (a) -- APPAREL....... 1,478,104 1,392,850
31,000 Reader's Digest Association, Inc. Class
A -- PUBLISHING............................ 954,822 1,102,438
11,682 Schlumberger Ltd. -- OIL AND GAS FIELD
SERVICES................................... 423,643 746,188
33,100 Sykes Enterprises, Inc. (a) -- BUSINESS
SERVICES................................... 679,926 678,550
53,000 Synopsys, Inc. (a) -- COMPUTER-SOFTWARE...... 1,469,280 2,497,625
40,000 Tellabs, Inc. (a) -- TELECOMMUNICATION
EQUIPMENT.................................. 537,810 4,382,500
19,000 Univision Communications, Inc.
(a) -- BROADCASTING........................ 669,000 1,099,625
10,000 USA Networks, Inc. (a) -- BROADCASTING....... 400,962 373,750
14,000 Weyerhaeuser Company -- FOREST PRODUCTS...... 936,645 939,750
44,400 Xilinx, Inc. (a) -- ELECTRONIC-SEMICONDUCTOR
AND CAPACITOR.............................. 490,924 2,025,750
------------ -------------
38,522,329 62,781,998
------------ -------------
TOTAL COMMON STOCKS.......................... $90,828,210 $ 141,872,610
------------ -------------
------------ -------------
</TABLE>
PREFERRED STOCKS-1.84%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ------------ -------------
<C> <S> <C> <C>
BRAZIL-0.66%
11,000 Telecomunicacoes Brasileiras S.A. ADR
Preferred (a) -- TELECOMMUNICATIONS....... $ 678,256 $ 1,003,063
------------ -------------
GERMANY-1.18%
4,900 SAP AG Systeme Preferred
-- COMPUTER-SOFTWARE...................... 277,461 1,814,469
------------ -------------
TOTAL PREFERRED STOCKS....................... 955,717 2,817,532
------------ -------------
------------ -------------
TOTAL LONG-TERM INVESTMENTS.................. $91,783,927 $ 144,690,142
------------ -------------
------------ -------------
</TABLE>
8
<PAGE>
SHORT-TERM INVESTMENTS-2.87%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
----------- -------------
<C> <S> <C>
BANKS-1.24%
$1,898,274 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 4.71%........ $ 1,898,274
-------------
DIVERSIFIED FINANCE - 1.64%
2,522,000 Associates Corp. Master Variable Rate Note,
Current rate -- 4.79%...................... 2,522,000
-------------
TOTAL SHORT-TERM INVESTMENTS................. 4,420,274
-------------
-------------
TOTAL INVESTMENTS IN SECURITIES (COST:
$96,204,201)............................... $ 149,110,416
-------------
-------------
</TABLE>
(a) Presently not paying dividend income.
(b) At April 30, 1999, the cost of securities for federal income tax purposes
was $96,223,349 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................... $54,967,777
Unrealized depreciation........................... (2,080,710)
---------------------------------------------------------------
Net unrealized appreciation....................... $52,887,067
---------------------------------------------------------------
</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 $ 567,000
1996-1998 40,900 KCI Konecranes 1,094,907
1998 3,000 Fujitsu Support 93,974
1999 150,000 Telewest plc 452,671
</TABLE>
The value of these securities at April 30, 1999, was $4,134,045, which
represents 2.70% of total net assets.
9
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 1999 (Unaudited)
COMMON STOCKS-87.86%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
AUSTRALIA-1.61%
3,000 Broken Hill Proprietary Co. Ltd.
ADR -- MINERALS............................ $ 54,367 $ 67,500
2,500 World Equity Benchmark Share-Australia Index
Series -- UNIT INVESTMENT TRUST............ 25,100 28,594
----------- -----------
79,467 96,094
----------- -----------
BRAZIL-1.00%
3,000 Aracruz Celulose S.A. ADR -- FOREST
PRODUCTS................................... 53,242 60,000
----------- -----------
CANADA-2.15%
7,000 Domtar, Inc. -- PAPER........................ 56,677 61,285
1,800 Newbridge Networks Corp. ADR
(a) -- TELECOMMUNICATIONS.................. 47,846 67,050
----------- -----------
104,523 128,335
----------- -----------
DENMARK-0.80%
700 Vestas Wind Systems A/S
(a)(e) -- MACHINERY........................ 28,631 47,871
----------- -----------
FINLAND-2.99%
600 KCI Konecranes International plc
(e) -- MACHINERY........................... 21,042 22,218
3,600 Merita plc A Shares -- BANKS................. 20,246 21,520
1,400 Nokia Oyj Corp., ADR Class
A -- TELECOMMUNICATION EQUIPMENT........... 50,173 103,862
780 Tieto Corp. Class B -- BUSINESS SERVICES..... 19,768 31,112
----------- -----------
111,229 178,712
----------- -----------
FRANCE-8.80%
700 Axa ADR -- INSURANCE......................... 41,678 44,756
500 Casino Guichard Perrachon S.A. -- FOOD....... 49,807 49,303
250 Castorama Dubois
Investisse -- RETAIL-MISCELLANEOUS......... 37,472 59,909
300 Dexia France -- BANKS........................ 37,840 42,055
1,000 Equant N.V. (a) -- BUSINESS SERVICES......... 27,020 90,882
600 Groupe Danone ADR -- FOOD.................... 24,411 32,100
90 Promodes -- FOOD............................. 60,849 57,132
400 Rhone-Poulenc S.A. ADR -- CHEMICALS.......... 18,016 18,850
200 Sanofi S.A. -- DRUGS......................... 22,534 31,380
400 Sidel -- MACHINERY........................... 31,111 48,245
300 Suez Lyonnaise des Eaux -- UTILITIES-WATER
AND SEWER.................................. 45,929 51,101
----------- -----------
396,667 525,713
----------- -----------
GERMANY-9.03%
160 Allianz AG -- INSURANCE...................... 51,691 51,072
1,300 BASF AG ADR -- CHEMICALS..................... 54,925 57,008
1,400 Bayer AG ADR -- CHEMICALS.................... 57,750 59,542
500 DaimlerChrysler AG (a) -- AUTOMOBILE
MANUFACTURERS.............................. 50,405 49,094
1,100 Deutsche Lufthansa AG (e) -- AIRLINES........ 19,789 25,860
1,200 Hoechst AG ADR -- CHEMICALS.................. 50,312 55,500
500 HypoVereinsbank -- BANKS..................... 36,691 33,062
500 Mannesmann AG -- MACHINERY................... 44,608 65,543
1,000 Phoenix AG -- AUTOMOBILE AND MOTOR VEHICLE
PARTS...................................... 21,248 17,034
800 Siemens AG -- UTILITIES-ELECTRIC............. 58,901 58,994
940 Volkswagen AG -- AUTOMOBILE MANUFACTURERS.... 59,785 66,533
----------- -----------
506,105 539,242
----------- -----------
GREECE-0.60%
3,000 Hellenic Telecommunications Organization S.A.
ADR (a) -- TELECOMMUNICATIONS.............. 36,111 35,812
----------- -----------
HONG KONG-0.81%
4,000 World Equity Benchmark Share-Hong Kong Index
Series -- UNIT INVESTMENT TRUST............ 40,410 48,250
----------- -----------
HUNGARY-0.94%
2,000 Matav Rt. ADR (a) -- TELEPHONE SERVICES...... 53,325 56,250
----------- -----------
ISRAEL-2.72%
900 Comverse Technology, Inc.
(a) -- COMPUTER-SOFTWARE................... 59,962 57,712
1,600 ECI Telecommunications
Ltd. -- TELECOMMUNICATION EQUIPMENT........ 53,087 59,000
</TABLE>
10
<PAGE>
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
1,000 Teva Pharmaceutical Industries Ltd.
ADR -- DRUGS............................... $ 39,550 $ 45,750
----------- -----------
152,599 162,462
----------- -----------
ITALY-4.78%
500 Assicurazioni Generali -- INSURANCE.......... 17,622 19,494
4,000 Banca Popolare di Lodi -- BANKS.............. 51,329 50,361
10,000 Ducati Motor Holding S.p.A. (a) -- AUTOMOBILE
MANUFACTURERS.............................. 31,770 29,624
2,000 Industrie Natuzzi S.p.A. ADR -- FURNITURE.... 48,148 38,250
3,200 Mondadori (Arnoldo) Editore S.p.A.
(a) -- PUBLISHING.......................... 47,374 56,878
8,500 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 71,170 90,559
----------- -----------
267,413 285,166
----------- -----------
JAPAN-16.80%
600 Advantest Corp. -- MACHINERY................. 40,912 45,893
960 Aiful Corp. -- FINANCIAL SERVICES............ 55,364 78,576
2,000 Bank of Tokyo-Mitsubishi Ltd. -- BANKS....... 28,528 29,523
1,000 Canon Sales Co., Inc. -- CONSUMER GOODS...... 15,970 15,507
2,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 43,625 48,500
4,000 Fuji Bank Ltd. -- BANKS...................... 24,353 31,232
3,000 Fujitsu Ltd. -- MISCELLANEOUS................ 46,284 51,397
1,000 Fujitsu Support and Service, Inc. (e)
-- BUSINESS SERVICES...................... 31,414 122,314
800 Honda Motor Co. Ltd. ADR -- AUTOMOBILE
MANUFACTURERS.............................. 56,401 70,700
1,000 Kirin Brewery Company Ltd. -- BEVERAGE....... 12,472 11,310
150 Matsushita Electric Industrial Co. Ltd.
ADR -- ELECTRONIC-CONTROLS AND EQUIPMENT... 24,456 29,222
2,000 NEC Corp. -- BUSINESS SERVICES............... 24,214 23,893
1,024 Nippon Telegraph & Telephone Corp.
ADR -- TELECOMMUNICATION EQUIPMENT......... 43,355 55,040
1,000 Shin-Etsu Chemical Co. Ltd. -- CHEMICALS..... 21,663 31,835
500 Softbank Corp. -- COMPUTER-SOFTWARE.......... 25,317 66,561
400 Sony Corp. ADR -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 28,191 37,000
2,000 Sumitomo Bank Ltd. -- BANKS.................. 27,232 27,077
1,000 Takeda Chemical Industries -- DRUGS.......... 40,577 43,480
1,400 Tokyo Electron Ltd. -- MACHINERY............. 38,272 79,755
2,500 World Equity Benchmark Share-Japan Index
Series -- UNIT INVESTMENT TRUST............ 25,725 30,000
2,000 Yamada Denki -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 45,274 74,561
----------- -----------
699,599 1,003,376
----------- -----------
MEXICO-2.10%
27,000 Cifra S.A. de C.V. -- RETAIL-GROCERY......... 39,705 50,552
900 Grupo Televisa S.A. GDR -- BROADCASTING...... 28,666 36,900
1,700 Panamerican Beverages, Inc. Class
A -- BEVERAGE.............................. 52,490 37,719
----------- -----------
120,861 125,171
----------- -----------
NETHERLANDS-9.32%
600 AEGON N.V. ARS -- INSURANCE.................. 67,686 57,075
1,000 Getronics N.V. -- BUSINESS SERVICES.......... 40,838 41,103
1,000 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 50,522 45,388
900 ING Groep N.V. -- INSURANCE.................. 43,099 55,513
1,300 Koninklijke Ahold N.V.
ADR -- RETAIL-GROCERY...................... 49,316 48,913
600 Koninklijke Philips Electronics N.V.
ADR -- ELECTRONIC COMPONENTS............... 37,524 51,225
2,500 Pakhoed N.V. -- TRANSPORTATION............... 59,811 57,925
800 Royal Dutch Petroleum Co. NY
Shares -- OIL-CRUDE PETROLEUM AND GAS...... 41,490 46,950
2,000 United Pan-Europe Communications N.V.
(a) -- TELECOMMUNICATIONS.................. 65,540 103,578
1,200 VNU N.V. -- PUBLISHING....................... 36,628 48,626
----------- -----------
492,454 556,296
----------- -----------
NORWAY-0.38%
1,825 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 25,849 22,813
----------- -----------
PORTUGAL-0.41%
580 Portugal Telecom S.A. ADR -- TELEPHONE
SERVICES................................... 27,765 24,469
----------- -----------
</TABLE>
11
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 1999 (Unaudited)
COMMON STOCKS-CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
-------- ----------- -----------
<C> <S> <C> <C>
RUSSIA-0.55%
2,000 Vimpel-Communications ADR (a) -- TELEPHONE
SERVICES................................... $ 29,995 $ 33,000
----------- -----------
SINGAPORE-1.51%
6,000 Asia Pulp & Paper Company Ltd. ADR
(a) -- PAPER............................... 53,975 63,000
3,500 World Equity Benchmark Share-Singapore Index
Series -- UNIT INVESTMENT TRUST............ 22,890 26,906
----------- -----------
76,865 89,906
----------- -----------
SOUTH KOREA-1.22%
4,400 Korea Electric Power Corp.
ADR -- UTILITIES-ELECTRIC.................. 60,915 72,600
----------- -----------
SPAIN-3.60%
2,200 Argentaria S.A. -- BANKS..................... 44,427 51,812
2,000 Endesa S.A. ADR -- UTILITIES-ELECTRIC........ 43,455 44,125
2,100 Repsol S.A. ADR -- OIL-CRUDE PETROLEUM AND
GAS........................................ 35,080 34,650
606 Telefonica S.A. ADR -- TELEPHONE SERVICES.... 73,683 84,461
----------- -----------
196,645 215,048
----------- -----------
SWEDEN-0.45%
1,000 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 23,125 27,000
----------- -----------
SWITZERLAND-0.68%
2 Roche Holding AG -- DRUGS.................... 23,037 23,567
50 UBS AG -- BANKS.............................. 16,964 17,011
----------- -----------
40,001 40,578
----------- -----------
TAIWAN-0.40%
1,000 Taiwan Semiconductor Manufacturing Co. Ltd.
ADR (a) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 19,091 24,000
----------- -----------
UNITED KINGDOM-10.75%
9,200 ARM Holdings plc
(a) -- ELECTRONIC-SEMICONDUCTOR AND
CAPACITOR.................................. 22,333 98,950
302 BP Amoco plc ADR -- OIL-REFINING............. 23,205 34,183
600 British Airways plc ADR -- AIRLINES.......... 45,532 47,550
300 British Telecommunications plc
ADR -- TELEPHONE SERVICES.................. 48,993 50,325
2,000 Dixons Group plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO........................... 25,129 42,829
3,000 Granada Group plc -- DIVERSIFIED COMPANIES... 67,847 63,760
2,800 Lloyds TSB Group plc -- BANKS................ 37,203 45,105
2,600 National Westminster Bank plc -- BANKS....... 52,090 62,668
1,500 Pearson plc -- PUBLISHING.................... 20,729 31,856
2,100 Scottish and Southern Energy
plc -- UTILITIES-ELECTRIC.................. 20,177 19,645
15,000 Telewest Communications plc
(a)(e) -- TELECOMMUNICATIONS............... 45,300 69,194
2,500 Unilever plc -- CONSUMER GOODS............... 20,244 22,260
300 Vodafone Group plc ADR -- TELEPHONE
SERVICES................................... 26,337 53,813
----------- -----------
455,119 642,138
----------- -----------
UNITED STATES-3.46%
1,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS..... 50,000 75,250
1,500 Global TeleSystems Group, Inc.
(a) -- TELECOMMUNICATIONS.................. 48,750 99,188
500 Schlumberger Ltd. -- OIL AND GAS FIELD
SERVICES................................... 38,920 31,938
----------- -----------
137,670 206,376
----------- -----------
TOTAL COMMON STOCKS.......................... $4,235,676 $5,246,678
----------- -----------
----------- -----------
</TABLE>
PREFERRED STOCKS-0.62%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Market
Shares Cost (b) Value (c)
----- ----------- -----------
<C> <S> <C> <C>
GERMANY-0.62%
100 SAP AG Systeme Preferred
-- COMPUTER-SOFTWARE...................... $ 41,118 $ 37,030
----------- -----------
TOTAL LONG-TERM INVESTMENTS.................. $4,276,794 $5,283,708
----------- -----------
----------- -----------
</TABLE>
12
<PAGE>
SHORT-TERM INVESTMENTS-10.25%
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Market
Amount Value (c)
--------- -----------
<C> <S> <C>
BANKS-3.57%
$212,927 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 4.71%........ $ 212,927
-----------
U.S. GOVERNMENT AGENCY-6.68%
400,000 Federal National Mortgage Association, 4.75%,
5-18-1999.................................. 399,066
-----------
TOTAL SHORT-TERM INVESTMENTS................. 611,993
-----------
TOTAL INVESTMENTS IN SECURITIES (COST:
$4,888,787)................................ $5,895,701
-----------
-----------
</TABLE>
(a) Presently not paying dividend income.
(b) At April 30, 1999, the cost of securities for federal income tax purposes
was $4,888,787 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation........................... $ 1,093,828
Unrealized depreciation........................... (86,914)
---------------------------------------------------------------
Net unrealized appreciation....................... $ 1,006,914
---------------------------------------------------------------
</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 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 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
1999 15,000 Telewest plc 45,300
1998 700 Vestas Wind Systems A/S 28,631
</TABLE>
The value of these securities at April 30, 199, was $287,457 which
represents 4.81% of total net assets.
13
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Assets and Liabilities
(Unaudited)
April 30, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
-------------- -------------
<S> <C> <C>
ASSETS:
Investments in securities, as detailed in the accompanying
schedules, at market (cost $96,204,201; $4,888,787)(Note
1)...................................................... $149,110,416 $5,895,701
Collateral for securities lending transactions (Note 1)... 29,306,879 --
Investment securities sold.............................. 4,086,545 28,300
Interest and dividends.................................. 264,766 13,251
Subscriptions of capital stock.......................... -- 1,182
Deferred registration costs (Note 1)...................... 16,802 23,502
Deferred organization costs (Note 1)...................... -- 18,585
Prepaid expenses.......................................... 6,004 1,460
-------------- -------------
TOTAL ASSETS................................................ 182,791,412 5,981,981
-------------- -------------
LIABILITIES:
Unrealized depreciation on forward foreign currency
contracts -- net (Note 1 and 3)......................... 4,238 55
Payable upon return of securities loaned (Note 1)......... 29,306,879 --
Redemptions of capital stock.............................. 53,799 --
Payable for investment advisory and management fees (Note
2)...................................................... 126,525 4,579
Payable for distribution fees (Note 2).................... 5,486 174
Accounts payable and accrued expenses..................... 47,967 5,817
-------------- -------------
TOTAL LIABILITIES........................................... 29,544,894 10,625
-------------- -------------
NET ASSETS:
Net proceeds of capital stock, par value $.01 per
share-authorized 10,000,000,000; 10,000,000,000 shares;
respectively............................................ 84,343,794 4,887,128
Unrealized appreciation of investments in securities and
other unrealized appreciation of investments............ 52,903,453 1,006,908
Undistributed net investment loss......................... (638,856) (13,159)
Accumulated net realized gain from the sale of
investments............................................. 16,638,127 90,479
-------------- -------------
TOTAL NET ASSETS............................................ $153,246,518 $5,971,356
-------------- -------------
-------------- -------------
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $115,905,545 and
$5,137,738; respectively and 4,365,004 and 392,857 shares
outstanding; respectively)................................ $26.55 $13.08
-------------- -------------
Class B shares (based on net assets of $12,625,971 and
$323,823; respectively and 490,893 and 24,797 shares
outstanding; respectively)................................ $25.72 $13.06
-------------- -------------
Class C shares (based on net assets of $5,172,364 and
$79,326; respectively and 200,954 and 6,074 shares
outstanding; respectively)................................ $25.74 $13.06
-------------- -------------
Class H shares (based on net assets of $19,542,638 and
$430,469; respectively and 759,628 and 32,991 shares
outstanding; respectively)................................ $25.73 $13.05
-------------- -------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Operations
For the Six-Month Period Ended April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
------------ -------------
<S> <C> <C>
NET INVESTMENT LOSS
Income:
Interest income......................................... $ 213,030 $ 12,755
Dividend income (Net of foreign witholding taxes of
$37,270 and $2,507, respectively)...................... 344,806 17,849
Fee income (Note 1)..................................... 15,039 --
------------ -------------
Total income.............................................. 572,875 30,604
------------ -------------
Expenses:
Investment advisory and management fees (Note 2)........ 763,922 23,195
Distribution fees (Class A) (Note 2).................... 145,333 5,058
Distribution fees (Class B) (Note 2).................... 61,807 1,039
Distribution fees (Class C) (Note 2).................... 24,231 233
Distribution fees (Class H) (Note 2).................... 96,550 1,691
Registration fees (Note 2).............................. 28,107 31,576
Shareholders' notices and reports....................... 47,707 595
Legal and auditing fees................................. 13,831 4,453
Custodian fees.......................................... 11,602 1,560
Directors' fees and expenses............................ 8,406 223
Amortization of organization costs (Note 1)............. -- 2,402
Other................................................... 6,372 100
------------ -------------
Total expenses............................................ 1,207,868 72,125
Less reimbursable expenses (Note 2)..................... -- (30,561)
------------ -------------
Net expenses.............................................. 1,207,868 41,564
------------ -------------
NET INVESTMENT LOSS......................................... (634,993) (10,960)
------------ -------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN
CURRENCY (NOTE 1):
Net Realized gain (loss) from:
Investments............................................. 17,756,183 186,504
Foreign currency transactions........................... (3,863) (212)
------------ -------------
NET REALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. 17,752,320 186,292
------------ -------------
Net change in unrealized appreciation (depreciation) from:
Investments............................................. 3,906,790 981,091
Translation of assets and liabilities denominated in
foreign currency....................................... (9,471) (196)
------------ -------------
NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 3,897,319 980,895
------------ -------------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY................ 21,649,639 1,167,187
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $21,014,646 $1,156,227
------------ -------------
------------ -------------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Changes in Net Assets
GLOBAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FOR THE FOR THE
PERIOD ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment loss...................... $ (634,993) $ (965,929)
Net realized gain on investments and
foreign currency transactions.......... 17,752,320 59,734
Net change in unrealized appreciation
(depreciation) on investments and
foreign currency transactions.......... 3,897,319 (3,486,892)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................ 21,014,646 (4,393,087)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (3,057,551 and 1,552,939
shares)............................... 77,187,505 36,123,386
Class B (46,534 and 131,138 shares).... 1,146,423 3,180,889
Class C (288,549 and 226,311 shares)... 7,091,323 5,083,375
Class H (61,390 and 233,363 shares).... 1,500,959 5,638,972
Less cost of repurchase of shares
Class A (3,471,236 and 2,011,444
shares)............................... (88,239,925) (47,665,203)
Class B (73,895 and 101,731 shares).... (1,826,511) (2,447,446)
Class C (309,719 and 203,240 shares)... (7,575,789) (4,576,747)
Class H (123,806 and 209,304 shares)... (3,043,949) (5,020,976)
-------------- --------------
NET DECREASE IN NET ASSETS FROM SHARE
TRANSACTIONS............................. (13,759,964) (9,683,750)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.... 7,254,682 (14,076,837)
-------------- --------------
NET ASSETS:
Beginning of period...................... 145,991,836 160,068,673
-------------- --------------
End of period (includes undistributed net
investment loss of $638,856 and $0,
respectively).......................... $153,246,518 $145,991,836
-------------- --------------
-------------- --------------
</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,
FOR THE 1998
PERIOD ENDED (INCEPTION) TO
APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998
--------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)............. $ (10,960) $ 14,336
Net realized gain (loss) on investments
and foreign currency transactions...... 186,292 (96,045)
Net change in unrealized appreciation of
investments and foreign currency
transactions........................... 980,895 26,013
--------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................ 1,156,227 (55,696)
--------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A.................................. (32,863) --
Class B.................................. (483) --
Class C.................................. (104) --
Class H.................................. (977) --
--------------- --------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS........ (34,427) --
--------------- --------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (176,933 and 387,353 shares)... 2,071,034 4,043,736
Class B (11,668 and 19,009 shares)..... 136,169 211,529
Class C (4,349 and 7,175 shares)....... 49,851 71,961
Class H (11,030 and 29,140 shares)..... 127,946 319,091
Proceeds from shares issued as a result
of reinvested dividends
Class A (2,969 and 0 shares)........... 32,809 --
Class B (43 and 0 shares).............. 483 --
Class C (9 and 0 shares)............... 104 --
Class H (88 and 0 shares).............. 973 --
Less cost of repurchase of shares
Class A (111,465 and 62,933 shares).... (1,303,732) (655,273)
Class B (803 and 5,120 shares)......... (9,357) (54,231)
Class C (1,285 and 4,174 shares)....... (13,535) (41,910)
Class H (4,018 and 3,249 shares)....... (47,159) (35,237)
--------------- --------------
NET INCREASE IN NET ASSETS FROM SHARE
TRANSACTIONS............................. 1,045,586 3,859,666
--------------- --------------
TOTAL INCREASE IN NET ASSETS............... 2,167,386 3,803,970
--------------- --------------
NET ASSETS:
Beginning of period...................... 3,803,970 --
--------------- --------------
End of period (includes undistributed
(excess of distributions over) net
investment income of ($13,159) and
$14,316, respectively)................. $5,971,356 $3,803,970
--------------- --------------
--------------- --------------
</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 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 six-month period ended April 30, 1999, the cost of purchases and
proceeds from sales of securities (other than short-term securities)
aggregated $41,293,028 and $50,279,636 for Global Growth Portfolio; and
$2,816,577 and $1,586,013 for International Equity Portfolio, respectively.
LENDING OF PORTFOLIO SECURITIES: At April 30, 1999, securities valued at
$28,278,386 were on loan to brokers from the Global Growth Portfolio. For
collateral, the Global Growth Portfolio's custodian received $29,306,879 in
cash which is maintained in a separate account and invested in short term
investment vehicles. Fee income from securities lending amounted to $15,039
for the six-month period ended April 30, 1999. 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.
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, accumulated net realized gain and undistributed net investment
loss have been increased (decreased).
<TABLE>
<CAPTION>
Undistributed
Net
Investment Accumulated
Loss Gains
<S> <C> <C>
- ---------------------------------------------------------------------
Global Growth Portfolio...................... $(3,863) $3,863
International Equity Portfolio............... $ (212) $ 212
</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 April 30, 1999, 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, 1999, were $4,134,045 for Global Growth and $287,457
for International Equity which represents 2.70% and 4.81% 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 $164,003 and $17,218 for Class A, $22,500 and $114
for Class B, $829 and $2 for Class C, and $41,949 and $1,192 for Class H for
the Global Growth and International Equity Portfolios, respectively, for the
six-month period ended April 30, 1999.
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. For the six-month period ended April 30, 1999, Advisers reimbursed the
portfolio $30,561.
Legal fees and expenses aggregating $2,251 and $99 for the Global Growth and
International Equity portfolios, respectively, for the six-month period ended
April 30, 1999, were paid to a law firm of which the secretary of the
portfolios is a partner.
3. FORWARD FOREIGN CURRENCY CONTRACTS: At April 30, 1999, 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 $4,238 and $55 for Global Growth and International Equity
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>
------------------------------------------------------------------------------------------------------------------------------
May 7, 1999 1,566,751 $ 2,522,628 2,518,084 $ 2,518,084 $ (4,544)
British Pound U.S.Dollar
May 10, 1999 49,551 79,782 79,578 79,578 (204)
British Pounds U.S.Dollar
May 12, 1999 118,618 125,497 126,007 126,007 510
Euro U.S.Dollar
----------- ----------- -------
$ 2,727,907 $ 2,723,669 $ (4,238)
----------- ----------- -------
</TABLE>
19
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements (continued)
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY 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>
------------------------------------------------------------------------------------------------------------------------------
May 7, 1999 17,576 28,300 28,245 28,245 (55)
British Pound U.S. Dollar
----------- ----------- -------
$ 28,300 $ 28,245 $ (55)
----------- ----------- -------
</TABLE>
- --------------------------------------------------------------------------------
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 1999** 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 23.18 $ 23.92 $ 21.28 $ 18.24 $ 14.78 $ 14.42
--------- --------- --------- --------- --------- --------
Operations:
Investment loss - net................. (.09) (.12) (.07) (.06) (.09) (.04)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 3.46 (.62) 2.71 3.10 3.55 .40
--------- --------- --------- --------- --------- --------
Total from Operations................... 3.37 (.74) 2.64 3.04 3.46 .36
--------- --------- --------- --------- --------- --------
Net asset value, end of period.......... $ 26.55 $ 23.18 $ 23.92 $ 21.28 $ 18.24 $ 14.78
--------- --------- --------- --------- --------- --------
Total Return @.......................... 14.54% (3.09%) 12.41% 16.67% 23.41% 2.50%
Net assets end of period (000s
omitted).............................. $ 115,906 $ 110,772 $ 125,268 $ 107,607 $ 68,302 $ 55,214
Ratio of expenses to average daily net
assets................................ 1.40%* 1.42% 1.44% 1.51% 1.73% 1.72%
Ratio of net investment income to
average daily net assets.............. (.66%)* (.44%) (.29%) (.33%) (.55%) (.35%)
Portfolio turnover rate................. 29% 29% 30% 18% 27% 21%
</TABLE>
<TABLE>
<CAPTION>
Class B
--------------------------------------------------------
Year Ended October 31,
--------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 1999** 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 22.54 $ 23.42 $ 20.98 $ 18.12 $ 14.60
-------- -------- -------- ------- ---------
Operations:
Investment loss - net................. (.28) (.26) (.27) (.24) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 3.46 (.62) 2.71 3.10 3.61
-------- -------- -------- ------- ---------
Total from Operations................... 3.18 (.88) 2.44 2.86 3.52
-------- -------- -------- ------- ---------
Net asset value, end of period.......... $ 25.72 $ 22.54 $ 23.42 $ 20.98 $ 18.12
-------- -------- -------- ------- ---------
Total Return @.......................... 14.11% (3.76%) 11.63% 15.78% 24.11%
Net assets end of period (000s
omitted).............................. $ 12,626 $ 11,680 $ 11,446 $ 5,735 $ 991
Ratio of expenses to average daily net
assets................................ 2.15%* 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.41%)* (1.19%) (1.03%) (.99%) (1.42%)*
Portfolio turnover rate................. 29% 29% 30% 18% 27%
</TABLE>
* Annualized.
** For the six-month period ended April 30, 1999.
@ 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 1999** 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $22.55 $ 23.43 $ 21.00 $ 18.13 $ 14.60
------- ------- ------- ------- ---------
Operations:
Investment loss - net................. (.27) (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 3.46 (.62) 2.71 3.10 3.62
------- ------- ------- ------- ---------
Total from Operations................... 3.19 (.88) 2.43 2.87 3.53
------- ------- ------- ------- ---------
Net asset value, end of period.......... $25.74 $ 22.55 $ 23.43 $ 21.00 $ 18.13
------- ------- ------- ------- ---------
Total Return @.......................... 14.15% (3.76%) 11.57% 15.83% 24.18%
Net assets end of period (000s
omitted).............................. $5,172 $ 5,009 $ 4,664 $ 3,087 $ 434
Ratio of expenses to average daily net
assets................................ 2.15%* 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.41%)* (1.20%) (1.04%) (.99%) (1.55%)*
Portfolio turnover rate................. 29% 29% 30% 18% 27%
</TABLE>
<TABLE>
<CAPTION>
Class H
---------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 1999** 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 22.54 $ 23.42 $ 20.99 $ 18.12 $ 14.60
-------- -------- -------- -------- ---------
Operations:
Investment loss - net................. (.27) (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 3.46 (.62) 2.71 3.10 3.61
-------- -------- -------- -------- ---------
Total from Operations................... 3.19 (.88) 2.43 2.87 3.52
-------- -------- -------- -------- ---------
Net asset value, end of period.......... $ 25.73 $ 22.54 $ 23.42 $ 20.99 $ 18.12
-------- -------- -------- -------- ---------
Total Return @.......................... 14.15% (3.76%) 11.58% 15.84% 24.11%
Net assets end of period (000s
omitted).............................. $ 19,543 $ 18,531 $ 18,690 $ 10,765 $ 2,141
Ratio of expenses to average daily net
assets................................ 2.15%* 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income to
average daily net assets.............. (1.41%)* (1.19%) (1.04%) (1.02%) (1.46%)*
Portfolio turnover rate................. 29% 29% 30% 18% 27%
</TABLE>
* Annualized.
** For the six-month period ended April 30, 1999.
@ 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.
21
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements (continued)
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS (continued):
Class A
----------------------
INTERNATIONAL EQUITY PORTFOLIO 1999*** 1998**
<S> <C> <C>
- -----------------------------------------------------------------
Net asset value, beginning of period.... $ 10.36 $ 10.46
--------- ---------
Operations:
Investment gain (loss) - net.......... (.01) .02
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 2.83 (.12)
--------- ---------
Total from Operations................... 2.82 (.10)
--------- ---------
Total distributions to shareholders from
investment income - net................ (.10) --
--------- ---------
Net asset value, end of period.......... $ 13.08 $ 10.36
--------- ---------
Total return @.......................... 27.36% (.96)%
Net assets end of period (000s
omitted).............................. $ 5,138 $ 3,362
Ratio of expenses to average daily net
assets (a)............................ 1.70%* 1.70%*
Ratio of net investment income to
average daily net assets (a).......... (.40)%* .57%*
Portfolio turnover rate................. 38% 43%
</TABLE>
<TABLE>
<CAPTION>
Class B
--------------------
INTERNATIONAL EQUITY PORTFOLIO 1999*** 1998**
<S> <C> <C>
- ---------------------------------------------------------------
Net asset value, beginning of period.... $ 10.33 $ 10.45
-------- --------
Operations:
Investment gain (loss) - net.......... (.07) -0-
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 2.83 (.12)
-------- --------
Total from Operations................... 2.76 (.12)
-------- --------
Total distributions to shareholders from
investment income - net................ (.03) --
-------- --------
Net asset value, end of period.......... $ 13.06 $ 10.33
-------- --------
Total return @.......................... 26.82% (1.15)%
Net assets end of period (000s
omitted).............................. $ 324 $ 143
Ratio of expenses to average daily net
assets (a)............................ 2.45%* 2.45%*
Ratio of net investment income to
average daily net assets (a).......... (1.15)%* (.18)%*
Portfolio turnover rate................. 38% 43%
</TABLE>
* Annualized.
** For the period March 2,1998 (date shares first offered to the public)
to October 31, 1998.
*** For the six-month period ended April 30, 1999.
@ These are the Funds total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.
(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 six-month period ended April
30, 1999, 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 3.03% and (1.73%) for class A, 3.78%
and (2.48%) for class B. For the period ended October 31, 1998, the
ratios of expenses and net investment income to average daily net
assets would have been 3.70% and (1.43%) for class A, and 4.45% and
(2.18%) for class B.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS (continued):
Class C
------------------
INTERNATIONAL EQUITY PORTFOLIO 1999*** 1998**
<S> <C> <C>
- -------------------------------------------------------------
Net asset value, beginning of period.... $10.32 $10.45
------- -------
Operations:
Investment gain (loss) - net.......... (.06) (.01)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 2.83 (.12)
------- -------
Total from Operations................... 2.77 (.13)
------- -------
Total distributions to shareholders from
investment income - net................ (.03) --
------- -------
Net asset value, end of period.......... $13.06 $10.32
------- -------
Total return @.......................... 26.94% (1.24)%
Net assets end of period (000s
omitted).............................. $ 79 $ 31
Ratio of expenses to average daily net
assets (a)............................ 2.45%* 2.45%*
Ratio of net investment income to
average daily net assets (a).......... (1.15)%* (.18)%*
Portfolio turnover rate................. 38% 43%
</TABLE>
<TABLE>
<CAPTION>
Class H
--------------------
INTERNATIONAL EQUITY PORTFOLIO 1999*** 1998**
<S> <C> <C>
- ---------------------------------------------------------------
Net asset value, beginning of period.... $ 10.32 $ 10.45
-------- --------
Operations:
Investment gain (loss) - net.......... (.07) (.01)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 2.83 (.12)
-------- --------
Total from Operations................... 2.76 (.13)
-------- --------
Total distributions to shareholders from
investment income - net................ (.03) --
-------- --------
Net asset value, end of period.......... $ 13.05 $ 10.32
-------- --------
Total return @.......................... 26.84% (1.24)%
Net assets end of period (000s
omitted).............................. $ 430 $ 267
Ratio of expenses to average daily net
assets (a)............................ 2.45%* 2.45%*
Ratio of net investment income to
average daily net assets (a).......... (1.15)%* (.18)%*
Portfolio turnover rate................. 38% 43%
</TABLE>
* Annualized.
** For the period March 2,1998 (date shares first offered to the public)
to October 31, 1998.
*** For the six-month period ended April 30, 1999.
@ These are the Funds total returns during the period, including
reinvestment of all dividend and capital gains distributions without
adjustments for sales charge.
(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 six-month period ended April
30, 1999, 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 3.78% and (2.48) for class C and
3.78% and (2.48%) for class H. For the period ended October 31, 1998,
the ratios of expenses and net investment income to average daily net
assets would have been 4.45% and (2.18%) for class C and 4.45% and
(2.18%) for class H.
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.
PRESIDENT - FORTIS FINANCIAL GROUP,
FORTIS BENEFITS INSURANCE COMPANY AND
SENIOR VICE PRESIDENT, FORTIS
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.
96407 -C-Fortis 6/99
