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[LOGO]
FORTIS
Solid partners, flexible solutions-SM-
Global reach, world-class investment potentional
Fortis international stock
funds semiannual report
April 30, 2000
FORTIS FINANCIAL GROUP
[GRAPHIC]
Fortis International Equity Fund
Fortis Global Growth Fund
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC. SEMIANNUAL REPORT
CONTENTS
LETTER TO SHAREHOLDERS 1
SCHEDULES OF INVESTMENTS
GLOBAL GROWTH PORTFOLIO 5
INTERNATIONAL EQUITY PORTFOLIO 8
STATEMENTS OF ASSETS AND LIABILITIES 12
STATEMENTS OF OPERATIONS 13
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL GROWTH PORTFOLIO 14
INTERNATIONAL EQUITY PORTFOLIO 15
NOTES TO FINANCIAL STATEMENTS 16
BOARD OF DIRECTORS AND OFFICERS 23
OTHER PRODUCTS AND SERVICES 24
- TOLL-FREE PERSONAL ASSISTANCE
- Shareholder Services
- (800) 800-2000, Ext. 3012
- 7:30 a.m. to 7:00 p.m. CST, M-Th
- 7:30 a.m. to 7:00 p.m. CST, F
- TOLL-FREE INFORMATION LINE
- For daily account balances,
transaction activity or net asset
value information
- (800) 800-2000, Ext. 4344
- 24 hours a day
FOR MORE INFORMATION ABOUT FORTIS FINANCIAL GROUP'S FAMILY OF PRODUCTS, CALL
YOUR INVESTMENT REPRESENTATIVE OR THE HOME OFFICE AT (800) 800-2000.
TO ORDER PROSPECTUSES OR SALES LITERATURE FOR ANY FORTIS PRODUCT, CALL
(800) 800-2000, EXT. 4579.
HOW TO USE THIS REPORT
For a quick overview of the funds' performance during the past six-months, refer
to the Highlights box below. The 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, 2000
<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........................ $31.23 $30.13 $30.19 $30.14
End of period.............................. $35.31 $33.81 $33.93 $33.81
TOTAL RETURN* 25.38% 24.94% 25.09% 24.90%
DISTRIBUTIONS PER SHARE
From net realized gains on investments..... $3.610 $3.610 $3.610 $3.610
INTERNATIONAL EQUITY PORTFOLIO
NET ASSET VALUE PER SHARE:
Beginning of period........................ $17.14 $17.05 $17.05 $17.03
End of period.............................. $23.59 $23.37 $23.37 $23.35
TOTAL RETURN* 38.41% 37.85% 37.85% 37.90%
DISTRIBUTIONS PER SHARE
From net realized gains on investments....... $0.130 $0.130 $0.130 $0.130
</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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[PHOTO]
FORTIS WORLDWIDE PORTFOLIOS
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 invests in growth companies anywhere in the world,
including the United States. The Fortis International Portfolio focuses
primarily on investments in foreign equity markets.
During the six-month period ended April 30, 2000, the Fortis Global Growth
Portfolio had a total return of 25.38% for class A shares before sales charge
which compared to a total return of 7.64% for the Morgan Stanley Capital
International World Index (MSCI). The Fortis International Equity Portfolio over
the same six month period had a total return of 38.41% for class A shares before
sales charge, which compared to a total return of 6.84% for the Morgan Stanley
Capital International EAFE Index (Europe, Australia, Far East). The EAFE Index
is the traditional representation of non-North American equity markets. The
outperformance by the Fortis Funds was due to a variety of factors. Some of the
most important being the significant outperformance of growth oriented global
companies worldwide. Many companies involved in the high growth areas of
technology, telecommunications, and media outperformed the equity markets during
the past six months. Both Funds had a significant exposure to these sectors. We
view these as key long-term growth areas. Valuation levels have risen for many
growth stocks over the past year, which has resulted in increased volatility in
most equity markets.
At April 30, 2000, the Fortis Global Growth portfolio was highly diversified
with individual holdings in 21 nations. Foreign holdings represent 52.4% of
total net assets, while the holdings in the United States represented 42.5%. Our
long-term goal is to invest in the world's best positioned and best managed
growth companies regardless of where they are located. Our focus over the years
has been in high growth segments of the world's economy such as wireless
communications, cable television, semiconductor manufacturers, semiconductor
capital equipment suppliers, and companies which providing products that enable
the build-up of the world's internet. We have also invested in other growth
segments such as biotechnology, natural gas suppliers and energy services. We
have over the past year increased our exposure to the Japanese stock market.
There are significant changes occurring in Japan and our focus there has been on
the leading edge companies that are restructuring their operations to take
advantage of the "new economy". Companies such as Sony, NEC, and Fujitsu are
good examples where management is implementing new strategies to compete
globally.
The Fortis International Equity Portfolio at the end of April, 2000, was
invested in 27 nations. Europe represented 37.0%, Japan 21.1%, the United
Kingdom 7.6%, emerging markets 13.2%, and other nations 4.9%. Our goal with this
portfolio is to provide investors with an international fund that is highly
diversified in all major economic and investment segments. The fund has a
primary focus on traditional blue chip investments overseas, but does
participate in other segments such as growth-oriented companies and
restructuring situations. The fund's strong performance over the past year has
been due to its exposure to the growth areas of telecommunications, technology,
and media. This fund has also participated in the spread of the "new economy" to
foreign nations. An example would be the development of the internet industry in
Latin America, Japan, and Europe. The investment outlook is favorable longer
term as corporate restructuring and merger and acquisition activity is expected
to continue to spread in both Europe and Japan.
GLOBAL ECONOMY
The general outlook for the world's economy has continued to strengthen over the
past six months. Improving economies in Europe, Southeast Asia, and Japan, along
with continued extraordinary strength in the U.S. economy has led to higher
projected gross domestic product (GDP) gains for the world's economy.
1
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The world economy has, in recent years, been growing at below
trend line rates due to the economic problems in Southeast Asia
and Japan. The current situation is as favorable as we have seen
in some time. The consensus growth forecast for the year 2000
world GDP is now in the 4-5% range. This compares to global (GDP)
economic growth of 2.7% in 1998 and 3.3% in 1999. This above
average growth is resulting in some signs of inflation in the
United States. Inflation, up until recently, has not been a major
concern to economists due to the excess capacity in the world
economy for energy, commodities, and manufactured goods. The
established economies of the United States and Europe have
benefited from low inflation over the past several years and were
able to demonstrate economic growth with little inflationary
pressures. This is beginning to become less favorable as prices
for labor, energy, and certain commodities begin to increase due
to economic growth. The expectation of greater inflation has led
the world's central banks to begin increasing short-term interest
rates. The goal is to slow economic growth to a reasonable rate
and keep inflation under control. Prior to mid-year 1999 many
central banks around the world were lowering interest rates in an
attempt to "jump start" their economies. This, along with a
strong fiscal spending program in Japan, has resulted in the
aforementioned improved economic growth outlook. Currently, we
are in a synchronized global recovery and consequently must
closely monitor the inflationary pressures. High levels of
inflation impact valuations for financial assets. This is why it
is critical for the world's central banks, led by the Federal
Reserve Bank, to take the necessary actions now in order to
contain inflation. The net result will likely be continued
volatility for global equity prices and foreign currencies.
Looking ahead, we anticipate some slowing in economic activity as
higher interest rates begin to gradually impact the global
economy. The Federal Reserve is committed to maintaining a stable
economic environment and keeping inflation low. Should the
Federal Reserve be successful in accomplishing its goals, the
investment outlook would remain highly favorable. The longer-term
economic outlook is sound due primarily to the expected spending
for high technology related products and services on a global
basis. Companies are being forced to become more competitive and
this is likely to result in spending on goods and services, which
help management reduce their cost structures. Many technology
driven products help achieve greater productivity which reduces
the costs of doing business. The proliferation of technology into
everyday products such as cell phones and other appliances is
broadening the demand for components, software and services. Key
global investment themes in technology include the growth of
wireless telecommunications, the proliferation of the internet
and the expected growth for wireless broadband access to the
internet. Non-technology industries such as energy services,
financial services and specialty retailing should also prosper
with the improved outlook for the global economy.
LONG TERM OUTLOOK
The longer-term outlook for investing in global equities remains
favorable. The world economy is positioned to grow, the world's
central banks are making an effort to control inflation, and long
term capital spending for new technologies is in place. These key
factors should focus investors on growth oriented global
companies. Our funds historically have specialized in investing
in the world's best-positioned growth companies and will continue
to do so. Although increased volatility is likely for equities,
the long term potential remains positive.
THANK YOU FOR YOUR INVESTMENT
We appreciate your investment in the Fortis Global Growth and
Fortis International Equity Portfolios. If you have any
questions, please call us or your investment professional.
Sincerely,
<TABLE>
<S> <C> <C>
/s/ Dean Kopperud /s/ Cindy Mezey /s/ Jim Byrd
Dean Kopperud Cindy Mezey Jim Byrd
President Vice President, Equities Vice President
</TABLE>
2
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PORTFOLIO DIVERSIFICATION BY COUNTRY
AS OF 4/30/2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
United States 42.5%
Japan 20.1%
Other 7.8%
United Kingdom 7.3%
Cash Equivalents/Receivables 5.1%
Finland 3.8%
Sweden 3.2%
Spain 2.6%
Netherlands 2.2%
France 2.1%
Israel 2.0%
Germany 1.3%
</TABLE>
TOP 10 EQUITY HOLDINGS AS OF 4/30/2000
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
-------------------------------------------------------------------
<C> <S> <C>
1. Vodafone AirTouch plc (United Kingdom) 4.3%
2. Nokia Oyj (Finland) 3.8%
3. Cisco Systems, Inc. (United States) 3.3%
4. Ericsson (L.M.) Telephone Co. Class B ADR (Sweden) 3.2%
5. Xilinx, Inc. (United States) 3.0%
6. PE Corp-PE Biosystems Group (United States) 3.0%
7. LTX Corp. (United States) 2.3%
8. Advantest Corp. (Japan) 2.2%
9. Cheesecake Factory, Inc. (United States) 2.1%
10. Trend Micro, Inc. (Japan) 2.1%
</TABLE>
TEN LARGEST STOCK PORTFOLIO CHANGES FOR THE PERIOD ENDED 4/30/2000
ADDITIONS: ELIMINATIONS:
Aurora Biosciences Corp. Brinker International, Inc.
BATM Advanced Communications DSP Communications, Inc.
Ltd. East Japan Railway Co.
Benesse Corp. ECI Telecom Ltd.
Hutchison Whampoa Ltd. Fuji Bank Ltd.
Infineon Technologies AG Hikari Tsushin, Inc.
KPNQwest N.V. Industrie Natuzzi S.p.A. ADR
LTX Corp. Sanofi-Synthelabo S.A.
MGC Communications Corp. Sykes Enterprises, Inc.
Starbucks Corp. TDK Corp.
Sumitomo Bank Ltd.
GLOBAL GROWTH PORTFOLIO CLASS A
VALUE OF $10,000 INVESTED JULY 8, 1991
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
MSCI WORLD INDEX*** GLOBAL GROWTH PORTFOLIO CLASS A
<S> <C> <C> <C>
7/08/91 $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
00 $33,741 $37,202
GLOBAL GROWTH PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN
1 YEAR 5 YEAR SINCE JULY 8, 1991@
WITH SALES CHARGE* +40.48% +20.26% +16.08%
WITHOUT SALES CHARGE** +47.48% +21.43% +16.72%
</TABLE>
Annual period ended April 30, 2000
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.
CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
Since
1 Year 5 Year Inception+
--------------------------------------------------------------------------
<S> <C> <C> <C>
Class B shares# +46.37% +20.55% +18.95%
Class B shares## +42.77% +20.37% +18.87%
Class C shares # +46.72% +20.62% +19.02%
Class C shares ## +45.72% +20.62% +19.02%
Class H shares # +46.31% +20.54% +18.95%
Class H shares ## +42.71% +20.37% +18.87%
</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.
# Without CDSC.
## With CDSC. Assumes redemption on April 30, 2000.
+ Since November 14, 1994 -- Date shares were first offered to the public.
3
<PAGE>
PORTFOLIO DIVERSIFICATION BY COUNTRY AS OF 4/30/2000
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Japan 21.1%
Other 19.0%
Cash Equivalents/Receivables 11.2%
Netherlands 8.0%
United Kingdom 7.6%
France 6.9%
Germany 6.6%
United States 5.8%
Spain 4.1%
Italy 3.6%
Israel 3.1%
Canada 3.0%
</TABLE>
TOP 10 EQUITY HOLDINGS AS OF 4/30/2000
<TABLE>
<CAPTION>
Percent of
Stocks Net Assets
-------------------------------------------------------------------
<C> <S> <C>
1. Enron Corp. (United States) 1.8%
2. ST Assembly Test Services Ltd. ADR (Singapore) 1.6%
3. Sonera Oyj (Finland) 1.6%
4. Advantest Corp. (Japan) 1.6%
5. Terra Networks S.A. (Spain) 1.5%
6. ARM Holdings plc (United Kingdom) 1.4%
7. Tokyo Electron Ltd. (Japan) 1.3%
8. Allianz AG (Germany) 1.3%
9. Trend Micro, Inc.(Japan) 1.3%
10. Precision Drilling Corp. (Canada) 1.3%
</TABLE>
TEN LARGEST STOCK PORTFOLIO CHANGES FOR THE PERIOD ENDED 4/30/2000
<TABLE>
<S> <C>
ADDITIONS: ELIMINATIONS:
Benesse Corp. East Japan Railway Co.
Jazztel plc ADR Eircom plc
KPNQwest N.V. Fuji Bank Ltd.
Schlumberger Ltd. Hikari Tsushin, Inc.
ST Assembly Test Services Ltd. ADR Italcementi S.p.A.
Terra Networks S.A. Merita plc Class A
Total Fina S.A. Class B Mondadori (Arnoldo) Editore S.p.A.
Toyota Motor Corp. Scottish and Southern Energy plc
UTStarcom, Inc. TDK Corp.
Wal-Mart de Mexico S.A. de CV Unilever plc
</TABLE>
INTERNATIONAL EQUITY PORTFOLIO CLASS A
VALUE OF $10,000 INVESTED MARCH 2, 1998
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
MSCI EAFE INDEX*** INTERNATIONAL EQUITY PORTFOLIO CLASS A
<S> <C> <C>
3/02/98 $10,000 $9,525
98 $10,394 $10,372
99 $11,414 $12,015
00 $13,032 $21,793
INTERNATIONAL EQUITY PORTFOLIO CLASS A
AVERAGE ANNUAL TOTAL RETURN
SINCE
1 YEAR MARCH 2, 1998@
WITH SALES CHARGE* +72.76% +43.28%
WITHOUT SALES CHARGE** +81.38% +46.53%
</TABLE>
Annual period ended April 30, 2000
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.
CLASS B, C AND H AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
Since
1 Year Inception+
---------------------------------------------------------------------------
<S> <C> <C>
Class B shares# +79.97% +45.59%
Class B shares## +76.37% +44.78%
Class C shares# +79.97% +45.59%
Class C shares## +78.97% +45.59%
Class H shares# +79.95% +45.53%
Class H shares## +76.35% +44.72%
</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.
# Without CDSC.
## With CDSC. Assumes redemption on April 30, 2000.
+ Since March 2, 1998 -- Date shares were first offered to the public
4
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FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO
Schedule of Investments
April 30, 2000 (Unaudited)
COMMON STOCKS-93.23%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
---------- ----------- ------------
<C> <S> <C> <C>
AUSTRALIA - 0.42%
84,000 Broken Hill Proprietary Co.
Ltd. -- METALS-MINING AND MISCELLANEOUS.... $ 925,599 $ 903,818
----------- ------------
BELGIUM - 0.37%
6,150 Dexia -- BANKS............................... 753,423 799,201
----------- ------------
FINLAND - 3.84%
144,000 Nokia Oyj -- TELECOMMUNICATION EQUIPMENT..... 186,092 8,280,440
----------- ------------
FRANCE - 2.12%
27,500 Aventis (Warrants) (a) -- DRUGS.............. 93,872 139,219
8,000 Axa -- FINANCIAL SERVICES.................... 923,437 1,189,065
18,960 Carrefour S.A. -- RETAIL-GROCERY............. 1,051,925 1,237,123
4,300 Groupe Danone -- FOOD........................ 782,321 942,421
17,000 Sidel S.A. -- MACHINERY...................... 1,393,671 1,065,857
----------- ------------
4,245,226 4,573,685
----------- ------------
GERMANY - 0.34%
9,000 Infineon Technologies
AG (a) -- ELECTRONIC-SEMICONDUCTOR......... 305,865 613,487
3,000 T-Online International
AG (a) -- TELECOMMUNICATIONS............... 77,679 110,723
----------- ------------
383,544 724,210
----------- ------------
HONG KONG - 1.01%
149,000 Hutchison Whampoa Ltd. -- DIVERSIFIED
COMPANIES.................................. 2,273,764 2,171,147
----------- ------------
HUNGARY - 0.56%
35,000 Matav Rt. ADR -- TELEPHONE SERVICES.......... 832,750 1,218,437
----------- ------------
ISRAEL - 2.03%
8,500 BATM Advanced Communications
Ltd. -- TELECOMMUNICATION EQUIPMENT........ 604,144 605,187
86,000 Teva Pharmaceutical Industries Ltd.
ADR -- DRUGS............................... 1,634,437 3,784,000
----------- ------------
2,238,581 4,389,187
----------- ------------
ITALY - 1.09%
168,200 Telecom Italia S.p.A. -- TELEPHONE
SERVICES................................... 1,125,574 2,357,458
----------- ------------
JAPAN - 20.09%
21,000 Advantest Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 1,430,224 4,801,388
21,960 Aiful Corp. -- FINANCIAL SERVICES............ 846,791 2,214,795
12,000 Benesse Corp. -- EDUCATIONAL SERVICES........ 1,179,855 1,054,823
73,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES................................... 1,473,574 3,389,937
3,510 Fancl Corp. (e) -- RETAIL-SPECIALTY.......... 840,918 510,870
41,000 Fujitsu Ltd. -- ELECTRONIC-COMPONENTS........ 633,135 1,160,861
6,000 Fujitsu Support and Service,
Inc. (e) -- BUSINESS SERVICES.............. 93,974 888,272
15,900 Murata Manufacturing Co.
Ltd. -- ELECTRONIC-COMPONENTS.............. 1,034,725 3,089,521
87,000 NEC Corp. -- ELECTRONIC-COMPONENTS........... 1,058,614 2,366,690
13,400 Nintendo Co. Ltd. -- TOYS.................... 1,609,675 2,231,783
217 Nippon Telegraph & Telephone
Corp. -- TELEPHONE SERVICES................ 1,832,201 2,690,539
14,400 Orix Corp. -- LEASING........................ 1,106,409 2,054,573
45,000 Sharp Corp. -- ELECTRONIC-COMPONENTS......... 987,922 868,147
30,000 Sony Corp. -- ELECTRONIC-COMPONENTS.......... 973,223 3,444,830
105,000 Sumitomo Bank Ltd. -- BANKS.................. 1,649,562 1,312,561
63,180 Sunkus & Associates,
Inc. -- RETAIL-MISCELLANEOUS............... 2,024,338 2,250,687
19,000 Takeda Chemical Industries Ltd. -- DRUGS..... 770,866 1,249,965
20,200 Tokyo Electron Ltd. -- ELECTRONIC-CONTROLS
AND EQUIPMENT.............................. 1,062,208 3,291,436
30,000 Trend Micro, Inc. -- COMPUTER-SOFTWARE....... 1,545,335 4,496,877
----------- ------------
22,153,549 43,368,555
----------- ------------
MEXICO - 1.01%
34,500 Grupo Televisa S.A.
GDR (a) -- BROADCASTING.................... 1,098,100 2,188,594
----------- ------------
NETHERLANDS - 2.23%
18,000 IHC Caland N.V. -- OIL AND GAS FIELD
SERVICES................................... 369,274 729,952
21,000 KPNQwest N.V. (a) -- TELEPHONE SERVICES...... 437,850 874,575
60,000 VNU N.V. -- PUBLISHING....................... 1,395,594 3,217,802
----------- ------------
2,202,718 4,822,329
----------- ------------
</TABLE>
5
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
GLOBAL GROWTH PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 2000 (Unaudited)
COMMON STOCKS-CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
---------- ----------- ------------
<C> <S> <C> <C>
NORWAY - 1.17%
103,000 Petroleum Geo-Services ADR (a) -- OIL AND GAS
FIELD SERVICES............................. $1,553,552 $ 1,673,750
70,000 Stolt Comex Seaway S.A. (a) -- OIL AND GAS
FIELD SERVICES............................. 493,694 844,375
----------- ------------
2,047,246 2,518,125
----------- ------------
SOUTH AFRICA - 0.26%
80,000 Sappi Ltd. -- PAPER.......................... 667,645 560,513
----------- ------------
SOUTH KOREA - 0.46%
61,000 Korea Electric Power Corp.
ADR -- UTILITIES-ELECTRIC.................. 816,362 998,875
----------- ------------
SPAIN - 2.59%
65,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS... 1,030,404 1,332,777
64,296 Telefonica S.A. ADR -- TELEPHONE SERVICES.... 1,381,702 4,259,610
----------- ------------
2,412,106 5,592,387
----------- ------------
SWEDEN - 3.24%
3,400 Effnet Group
AB (a) (e) -- COMPUTER-COMMUNICATION
EQUIPMENT.................................. 128,918 151,904
77,500 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT......... 750,719 6,853,906
----------- ------------
879,637 7,005,810
----------- ------------
SWITZERLAND - 0.60%
124 Roche Holding AG -- DRUGS.................... 809,161 1,298,018
----------- ------------
UNITED KINGDOM - 7.27%
85,200 Capita Group plc -- BUSINESS SERVICES........ 185,210 2,195,797
38,700 Energis plc (a) -- TELEPHONE SERVICES........ 185,606 1,919,682
226,476 New Dixons Group plc -- RETAIL-ELECTRIC
PRODUCTS, RADIO, TV, AUDIO................. 713,207 924,958
163,636 Telewest Communications
plc (a) (e) -- CABLE TELEVISION............ 499,818 1,007,587
51,000 Thus plc (a) (e) -- ON-LINE INFORMATION
SERVICES................................... 257,624 298,470
2,027,321 Vodafone AirTouch
plc -- TELECOMMUNICATIONS.................. 1,721,083 9,342,580
----------- ------------
3,562,548 15,689,074
----------- ------------
UNITED STATES - 42.53%
1,500 Akamai Technologies,
Inc. (a) -- COMPUTER-SOFTWARE.............. 39,000 148,313
18,000 Alcoa, Inc. -- METALS-MINING AND
MISCELLANEOUS.............................. 945,329 1,167,750
36,000 Altera
Corp. (a) -- ELECTRONIC-SEMICONDUCTOR...... 378,171 3,681,000
22,000 Applied Materials,
Inc. (a) -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 616,344 2,239,875
14,000 AT&T Wireless Group (a) -- WIRELESS
TELECOMMUNICATIONS CARRIERS................ 413,000 445,375
44,500 Aurora Biosciences Corp. (a) -- MEDICAL
TECHNOLOGY................................. 2,803,000 1,613,125
1,500 Avanex Corp. (a) -- COMPUTER-COMMUNICATION
EQUIPMENT.................................. 54,000 182,812
48,750 Baker Hughes, Inc. -- OIL AND GAS FIELD
SERVICES................................... 934,074 1,550,859
87,000 Bed Bath & Beyond,
Inc. (a) -- RETAIL-SPECIALTY............... 1,073,371 3,191,813
3,200 Broadcom Corp.
Class A (a) -- ELECTRONIC-SEMICONDUCTOR..... 472,000 551,600
19,950 Cardinal Health, Inc. -- HEALTH CARE
SERVICES................................... 686,723 1,098,497
26,000 Celera Genomics (a) -- BIOMEDICS, GENETICS
RESEARCH AND DEVELOPMENT................... 160,327 2,145,000
110,550 Cheesecake Factory, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 2,212,505 4,525,641
47,000 Chiron Corp. (a) -- DRUGS.................... 1,516,708 2,126,750
104,000 Cisco Systems,
Inc. (a) -- COMPUTER-COMMUNICATION
EQUIPMENT.................................. 139,389 7,210,125
66,000 Citrix Systems,
Inc. (a) -- COMPUTER-SOFTWARE.............. 1,103,486 4,030,125
22,000 Comcast Corp. Special Class A (a) -- CABLE
TELEVISION................................. 683,173 881,375
6,300 DigitalThink, Inc. (a) -- EDUCATIONAL
SERVICES................................... 88,200 126,788
47,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS..... 1,535,425 3,275,313
122,000 EOG Resources, Inc. -- OIL-CRUDE PETROLEUM
AND GAS.................................... 2,604,441 3,034,750
76,000 Global TeleSystems Group,
Inc. (a) -- TELEPHONE SERVICES............. 1,908,460 1,106,750
31,000 Guidant Corp. (a) -- MEDICAL TECHNOLOGY...... 1,234,175 1,778,625
64,800 Intuit, Inc. (a) -- COMPUTER-SOFTWARE........ 1,936,666 2,328,750
106,400 LTX Corp. (a) -- ELECTRONIC-CONTROLS AND
EQUIPMENT.................................. 1,938,686 4,867,800
19,000 MediaOne Group, Inc. (a) -- CABLE
TELEVISION................................. 728,186 1,436,875
32,700 Medtronic, Inc. (with rights) -- MEDICAL
TECHNOLOGY................................. 1,017,216 1,698,356
32,000 MGC Communications, Inc. (a) -- TELEPHONE
SERVICES................................... 1,291,901 1,568,000
13,000 Motorola, Inc. -- TELECOMMUNICATION
EQUIPMENT.................................. 898,596 1,547,813
7,000 Next Level Communications,
Inc. (a) -- TELECOMMUNICATION EQUIPMENT.... 140,000 557,375
71,100 Outback Steakhouse, Inc. (a) -- RESTAURANTS
AND FRANCHISING............................ 1,684,569 2,328,525
107,600 PE Corp-PE Biosystems Group -- MEDICAL
TECHNOLOGY................................. 1,607,630 6,456,000
</TABLE>
6
<PAGE>
COMMON STOCKS-CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
---------- ----------- ------------
<C> <S> <C> <C>
11,682 Schlumberger Ltd. -- OIL AND GAS FIELD
SERVICES................................... $ 377,042 $ 894,403
2,500 Selectica, Inc. (a) -- COMPUTER-SOFTWARE..... 75,000 95,000
3,200 Sequenom, Inc. (a) -- BIOMEDICS, GENETICS
RESEARCH AND DEVELOPMENT................... 83,200 77,600
55,000 Starbucks Corp. (a) -- RESTAURANTS AND
FRANCHISING................................ 1,574,481 1,662,891
15,000 StarMedia Network, Inc. (a) -- ON-LINE
INFORMATION SERVICES....................... 225,000 328,125
25,000 Synopsys, Inc. (a) -- COMPUTER-SOFTWARE...... 856,560 1,050,000
48,000 Tandy Corp. (with rights) -- RETAIL-ELECTRIC
PRODUCTS, RADIO, TV, AUDIO................. 1,857,355 2,736,000
80,000 Tellabs, Inc. (a) -- TELECOMMUNICATION
EQUIPMENT.................................. 537,810 4,385,000
38,000 Tidewater, Inc. -- OIL-OFFSHORE DRILLING..... 1,065,942 1,130,500
30,000 Transocean Sedco Forex, Inc. -- OIL-OFFSHORE
DRILLING................................... 1,512,693 1,410,000
19,000 Univision Communications, Inc.
Class A (a) -- BROADCASTING................ 669,000 2,075,750
16,000 Varian, Inc. (a) -- MEDICAL TECHNOLOGY....... 430,501 582,000
88,800 Xilinx,
Inc. (a) -- ELECTRONIC-SEMICONDUCTOR....... 490,924 6,504,600
----------- ------------
42,600,259 91,833,624
----------- ------------
TOTAL COMMON STOCKS.......................... $92,213,884 $201,293,487
=========== ============
</TABLE>
PREFERRED STOCKS-1.66%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ----------- ------------
<C> <S> <C> <C>
BRAZIL - 0.67%
12,288 Telecomunicacoes Brasileiras S.A. ADR
Preferred -- TELEPHONE SERVICES............ $ 678,256 $ 1,452,287
----------- ------------
GERMANY - 0.99%
3,675 SAP AG Preferred -- COMPUTER-SOFTWARE........ 208,160 2,131,657
----------- ------------
TOTAL PREFERRED STOCKS....................... 886,416 3,583,944
=========== ============
TOTAL LONG-TERM INVESTMENTS.................. $93,100,300 $204,877,431
=========== ============
</TABLE>
SHORT-TERM INVESTMENTS-5.15%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Value (c)
---------- ------------
<C> <S> <C>
BANKS - 3.24%
$6,999,908 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.87%........ $ 6,999,908
------------
DIVERSIFIED FINANCE - 1.91%
4,126,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.97%...................... 4,126,000
------------
TOTAL SHORT-TERM INVESTMENTS................. 11,125,908
============
TOTAL INVESTMENTS IN SECURITIES (COST:
$104,226,208) (b).......................... $216,003,339
============
</TABLE>
(a) Presently not paying dividend income.
(b) At April 30, 2000, the cost of securities for federal income tax purposes
was $104,245,356 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation..................................... $115,329,059
Unrealized depreciation..................................... (3,571,076)
--------------------------------------------------------------------------
Net unrealized appreciation................................. $111,757,983
--------------------------------------------------------------------------
</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>
1999 3,400 Effnet Group AB $ 128,918
1999 3,510 Fancl Corp. 840,918
1998 6,000 Fujitsu Support and Service, Inc. 93,974
1999 163,636 Telewest Communications plc 499,818
1999 51,000 Thus plc 257,624
</TABLE>
The value of these securities at April 30, 2000, was $2,857,103, which
represents 1.32% of total net assets.
7
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO
Schedule of Investments
April 30, 2000 (Unaudited)
COMMON STOCKS-87.32%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ------------ -----------
<C> <S> <C> <C>
AUSTRALIA - 0.55%
9,000 Broken Hill Proprietary Company Ltd.
ADR -- MINERALS................................. $ 194,791 $ 190,688
----------- -----------
BELGIUM - 0.11%
307 Dexia -- BANKS.................................... 37,840 39,895
----------- -----------
BRAZIL - 0.64%
12,000 Aracruz Celulose S.A. ADR -- FOREST PRODUCTS...... 236,032 224,250
----------- -----------
CANADA - 3.00%
28,000 Domtar, Inc. -- PAPER............................. 303,928 315,583
2,500 Nortel Networks Corp. -- TELECOMMUNICATION
EQUIPMENT....................................... 154,525 283,125
14,000 Precision Drilling Corp. (a) -- OIL AND GAS FIELD
SERVICES........................................ 380,582 448,000
----------- -----------
839,035 1,046,708
----------- -----------
DENMARK - 0.67%
700 Vestas Wind Systems A/S (e) -- MACHINERY.......... 28,631 234,431
----------- -----------
FINLAND - 2.88%
5,600 Nokia Oyj Corp. ADR -- TELECOMMUNICATION
EQUIPMENT....................................... 50,173 318,500
10,000 Sonera Oyj -- TELECOMMUNICATIONS.................. 256,619 551,337
2,780 Tietoenator Oyj -- BUSINESS SERVICES.............. 143,082 134,271
----------- -----------
449,874 1,004,108
----------- -----------
FRANCE-6.94%
6,500 Alcatel ADR -- TELECOMMUNICATION EQUIPMENT........ 213,984 295,344
6,000 Aventis S.A. ADR -- DRUGS......................... 333,269 337,500
4,500 Axa ADR -- FINANCIAL SERVICES..................... 315,587 345,375
1,080 Carrefour S.A. -- RETAIL-GROCERY.................. 60,849 70,469
1,750 Castorama Dubois Investissement
S.A. -- RETAIL-MISCELLANEOUS.................... 368,890 382,746
1,000 Equant N.V. (a) -- TELEPHONE SERVICES............. 27,020 77,597
1,300 STMicroelectronics
N.V. -- ELECTRONIC-SEMICONDUCTOR................ 99,365 246,594
1,800 Suez Lyonnaise des Eaux S.A. -- UTILITIES-WATER
AND SEWER....................................... 283,367 282,959
2,500 Total Fina S.A. Class B -- OIL-CRUDE PETROLEUM AND
GAS............................................. 380,599 380,240
----------- -----------
2,082,930 2,418,824
----------- -----------
GERMANY - 5.74%
1,200 Allianz AG -- FINANCIAL SERVICES.................. 410,640 451,640
3,000 BASF AG -- CHEMICALS.............................. 133,548 131,364
5,000 BASF AG ADR -- CHEMICALS.......................... 220,962 216,650
4,500 Bayer AG -- CHEMICALS............................. 217,142 183,103
1,200 Deutsche Bank AG -- BANKS......................... 77,231 80,705
1,700 Deutsche Telekom AG -- TELECOMMUNICATIONS......... 69,641 111,233
3,000 Epcos AG (a) -- ELECTRONIC-COMPONENTS............. 101,472 423,208
1,500 Infineon Technologies
AG (a) -- ELECTRONIC-SEMICONDUCTOR.............. 50,883 102,248
800 Siemens AG -- CAPITAL EQUIPMENT................... 58,901 116,646
5,000 T-Online International
AG (a) -- TELECOMMUNICATIONS.................... 129,573 184,538
----------- -----------
1,469,993 2,001,335
----------- -----------
HONG KONG - 1.65%
98,000 Computer & Technologies Holdings
Ltd. (a) -- BUSINESS SERVICES................... 200,181 112,605
18,000 Hutchison Whampoa Ltd. -- DIVERSIFIED COMPANIES... 269,347 262,286
16,000 World Equity Benchmark Share-Hong Kong Index
Series -- UNIT INVESTMENT TRUST................. 211,117 201,000
----------- -----------
680,645 575,891
----------- -----------
HUNGARY - 0.20%
2,000 Matav Rt. ADR -- TELEPHONE SERVICES............... 53,325 69,625
----------- -----------
IRELAND - 0.59%
9,000 Riverdeep Group plc ADR (a) -- EDUCATIONAL
SERVICES........................................ 195,000 205,875
----------- -----------
ISRAEL - 3.06%
3,700 BATM Advanced Communications
Ltd. -- TELECOMMUNICATION EQUIPMENT............. 246,120 263,434
5,500 RADVision Ltd. (a) -- COMPUTER-SOFTWARE........... 110,000 210,375
7,000 Teva Pharmaceutical Industries Ltd.
ADR -- DRUGS.................................... 256,425 308,000
5,700 Zoran Corp.
ADR (a) -- ELECTRONIC-SEMICONDUCTOR............. 338,437 284,644
----------- -----------
950,982 1,066,453
----------- -----------
</TABLE>
8
<PAGE>
COMMON STOCKS-CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ------------ -----------
<C> <S> <C> <C>
ITALY - 3.59%
1,600 Bipop-Carire S.p.A. (a) -- FINANCIAL SERVICES..... $ 75,559 $ 145,808
16,000 Bulgari S.p.A. -- RETAIL-SPECIALTY................ 118,561 174,970
1,600 e.Biscom S.p.A. (a) -- ON-LINE INFORMATION
SERVICES........................................ 248,192 316,403
60,000 Enel S.p.A. (a) -- UTILITIES-ELECTRIC............. 272,500 254,800
75,000 Telecom Italia Mobile
S.p.A. -- TELECOMMUNICATIONS.................... 319,363 295,945
4,500 Telecom Italia S.p.A. -- TELEPHONE SERVICES....... 32,617 63,071
----------- -----------
1,066,792 1,250,997
----------- -----------
JAPAN - 21.10%
2,400 Advantest Corp. -- ELECTRONIC-CONTROLS AND
EQUIPMENT....................................... 350,438 548,730
2,940 Aiful Corp. -- FINANCIAL SERVICES................. 218,916 296,516
6,000 Bank of Tokyo-Mitsubishi Ltd. -- BANKS............ 84,515 77,391
4,000 Benesse Corp. -- EDUCATIONAL SERVICES............. 392,466 351,608
8,000 Canon, Inc. ADR -- OFFICE EQUIPMENT AND
SUPPLIES........................................ 285,125 371,500
1,170 Fancl Corp. (e) -- RETAIL-SPECIALTY............... 280,359 170,290
3,000 Fujitsu Ltd. -- ELECTRONIC-COMPONENTS............. 46,284 84,941
2,000 Fujitsu Support and Service, Inc. (e) -- BUSINESS
SERVICESE....................................... 31,414 296,091
800 Honda Motor Co. Ltd. ADR -- AUTOMOBILE
MANUFACTURERS................................... 56,400 70,800
2,000 Internet Initiative Japan, Inc.
ADR (a) -- BUSINESS SERVICES.................... 118,000 120,000
1,200 Matsushita Electric Industrial Co. Ltd.
ADR -- CAPITAL EQUIPMENT........................ 299,769 319,800
1,100 Murata Manufacturing Co.
Ltd. -- ELECTRONIC-COMPONENTS................... 71,585 213,740
6,000 NEC Corp. -- ELECTRONIC-COMPONENTS................ 73,573 163,220
600 Nintendo Co. Ltd. -- TOYS......................... 72,232 99,931
4,024 Nippon Telegraph & Telephone Corp.
ADR -- TELECOMMUNICATION EQUIPMENT.............. 259,660 256,278
13,000 Nomura Securities Co., Ltd. -- MISCELLANEOUS...... 344,094 327,180
1,200 Orix Corp. -- LEASING............................. 92,193 171,214
13,000 Sharp Corp. -- ELECTRONIC-COMPONENTS.............. 285,178 250,798
7,000 Shin-Etsu Chemical Co. Ltd. -- CHEMICALS.......... 305,650 369,836
1,600 Sony Corp. ADR -- CONSUMER GOODS.................. 268,688 361,000
14,000 Sumitomo Bank Ltd. -- BANKS....................... 220,844 175,008
5,200 Sunkus & Associates,
Inc. -- RETAIL-MISCELLANEOUS.................... 157,289 185,242
6,000 Takeda Chemical Industries Ltd. -- DRUGS.......... 334,592 394,726
2,800 Tokyo Electron Ltd. -- ELECTRONIC-CONTROLS AND
EQUIPMENT....................................... 223,172 456,239
27,000 Toshiba Corp. -- ELECTRONIC-COMPONENTS............ 207,107 261,818
7,000 Toyota Motor Corp. -- AUTOMOBILE MANUFACTURERS.... 296,741 347,814
3,000 Trend Micro, Inc. -- COMPUTER-SOFTWARE............ 154,255 449,688
2,000 Yamada Denki Co. Ltd. -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO................................ 45,274 166,551
----------- -----------
5,575,813 7,357,950
----------- -----------
MEXICO - 2.29%
3,000 Grupo Televisa S.A. GDR (a) -- BROADCASTING....... 116,205 190,313
4,000 Telefonos de Mexico S.A. ADR
Class L -- TELECOMMUNICATIONS................... 249,245 235,250
167,000 Wal-Mart de Mexico S.A. de
CV (a) -- RETAIL-GROCERY........................ 291,651 372,550
----------- -----------
657,101 798,113
----------- -----------
NETHERLANDS - 8.03%
6,000 ASM Lithography Holding
N.V. (a) -- ELECTRONIC-CONTROLS AND EQUIPMENT... 128,362 240,000
1,000 Getronics N.V. -- BUSINESS SERVICES............... 40,838 59,781
8,000 IHC Caland N.V. -- OIL AND GAS FIELD SERVICES..... 356,990 324,423
3,900 ING Groep N.V. -- BANKS........................... 215,474 213,315
4,208 Koninklijke Philips Electronics N.V.
ADR -- ELECTRONIC-COMPONENTS.................... 91,773 187,782
10,000 KPNQwest N.V. (a) -- TELEPHONE SERVICES........... 208,480 416,464
5,500 Royal Dutch Petroleum Co. NY Shares -- OIL-CRUDE
PETROLEUM AND GAS............................... 311,872 315,563
6,000 United Pan-Europe Communications
N.V. (a) -- CABLE TELEVISION.................... 65,540 218,876
7,000 Versatel Telecom International
N.V. (a) -- TELEPHONE SERVICES.................. 73,794 281,318
5,200 VNU N.V. -- PUBLISHING............................ 260,992 278,876
10,500 Vopak N.V. -- TRANSPORTATION SERVICES............. 262,082 262,660
----------- -----------
2,016,197 2,799,058
----------- -----------
</TABLE>
9
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
INTERNATIONAL EQUITY PORTFOLIO (CONTINUED)
Schedule of Investments
April 30, 2000 (Unaudited)
COMMON STOCKS-CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ------------ -----------
<C> <S> <C> <C>
NORWAY - 1.45%
20,000 Petroleum Geo-Services ADR (a) -- OIL AND GAS
FIELD SERVICES.................................. $ 377,826 $ 325,000
15,000 Stolt Comex Seaway S.A. (a) -- OIL AND GAS FIELD
SERVICES........................................ 240,937 180,938
----------- -----------
618,763 505,938
----------- -----------
RUSSIA - 0.19%
2,000 Vimpel-Communications ADR (a) -- TELEPHONE
SERVICES........................................ 29,995 67,000
----------- -----------
SINGAPORE - 1.61%
13,500 ST Assembly Test Services Ltd.
ADR (a) -- ELECTRONIC-SEMICONDUCTOR............. 283,500 562,781
----------- -----------
SOUTH AFRICA - 0.70%
35,000 Sappi Ltd. -- PAPER............................... 291,952 245,225
----------- -----------
SOUTH KOREA - 1.10%
4,400 Korea Electric Power Corp.
ADR -- UTILITIES-ELECTRIC....................... 60,915 72,050
12,000 Korea Thrunet Co. Ltd. Class A (a) -- ON-LINE
INFORMATION SERVICES............................ 216,000 310,500
----------- -----------
276,915 382,550
----------- -----------
SPAIN - 4.07%
3,666 Banco Bilbao Vizcaya Argentaria S.A. -- BANKS..... 44,419 50,112
8,000 Jazztel plc ADR (a) -- TELECOMMUNICATIONS......... 139,576 416,000
1,000 Repsol S.A. -- OIL-CRUDE PETROLEUM AND GAS........ 20,479 20,504
10,000 Repsol S.A. ADR -- OIL-CRUDE PETROLEUM AND GAS.... 208,254 206,250
2,991 Telefonica S.A. ADR -- TELEPHONE SERVICES......... 154,034 198,154
8,500 Terra Networks S.A. (a) -- ON-LINE INFORMATION
SERVICES........................................ 114,113 527,119
----------- -----------
680,875 1,418,139
----------- -----------
SWEDEN - 1.73%
6,600 Effnet Group
AB (a) (e) -- COMPUTER-COMMUNICATION
EQUIPMENT....................................... 250,222 294,873
3,500 Ericsson (L.M.) Telephone Co. Class B
ADR -- TELECOMMUNICATION EQUIPMENT.............. 105,375 309,531
----------- -----------
355,597 604,404
----------- -----------
SWITZERLAND - 0.96%
25 Roche Holding AG -- DRUGS......................... 284,698 261,697
300 UBS AG -- BANKS................................... 88,662 73,670
----------- -----------
373,360 335,367
----------- -----------
TAIWAN - 1.09%
5,000 GigaMedia Ltd. (a) -- ON-LINE INFORMATION
SERVICES........................................ 135,000 120,000
5,000 Taiwan Semiconductor Manufacturing Co. Ltd.
ADR (a) -- ELECTRONIC-SEMICONDUCTOR............. 134,603 261,563
----------- -----------
269,603 381,563
----------- -----------
UNITED KINGDOM - 7.59%
46,000 ARM Holdings plc
(a) -- ELECTRONIC-SEMICONDUCTOR................ 22,333 471,474
6,000 BP Amoco plc ADR -- OIL-CRUDE PETROLEUM AND GAS... 316,828 306,000
800 British Telecommunications plc ADR -- TELEPHONE
SERVICES........................................ 139,960 146,400
6,000 HSBC Holdings plc -- BANKS........................ 71,679 67,016
7,810 New Dixons Group plc -- RETAIL-ELECTRIC PRODUCTS,
RADIO, TV, AUDIO................................ 24,604 31,897
45,000 Nycomed Amersham plc -- MEDICAL TECHNOLOGY........ 391,811 345,743
1,500 Pearson plc -- PUBLISHING......................... 20,729 51,498
19,000 Royal Bank of Scotland Group plc -- BANKS......... 301,845 296,272
16,363 Telewest Communications plc (a) (e) -- CABLE
TELEVISION...................................... 50,014 100,755
40,000 Thus plc (a) (e) -- ON-LINE INFORMATION
SERVICESE....................................... 201,959 234,094
88,446 Vodafone AirTouch plc -- TELECOMMUNICATIONS....... 227,018 407,589
4,000 Vodafone AirTouch plc ADR -- TELECOMMUNICATIONS... 144,468 188,000
----------- -----------
1,913,248 2,646,738
----------- -----------
UNITED STATES - 5.79%
2,000 AsiaInfo Holdings,
Inc. (a) -- COMPUTER-SOFTWARE................... 48,000 87,000
1,800 Comverse Technology,
Inc. (a) -- ELECTRONIC-SEMICONDUCTOR............ 59,963 160,538
9,000 Enron Corp. -- NATURAL GAS TRANSMISSIONS.......... 506,156 627,188
6,000 Global TeleSystems Group, Inc. (a) -- TELEPHONE
SERVICES........................................ 118,408 87,375
2,600 Phone.com, Inc. (a) -- COMPUTER-SOFTWARE.......... 20,800 218,400
</TABLE>
10
<PAGE>
COMMON STOCKS-CONTINUED
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ------------ -----------
<C> <S> <C> <C>
5,000 Schlumberger Ltd. -- OIL AND GAS FIELD SERVICES... $ 399,238 $ 382,813
3,500 StarMedia Network, Inc. (a) -- ON-LINE INFORMATION
SERVICES........................................ 52,500 76,563
8,000 UTStarcom, Inc. (a) -- TELECOMMUNICATIONS......... 144,000 380,000
----------- -----------
1,349,065 2,019,877
----------- -----------
TOTAL COMMON STOCKS............................... $22,977,854 $30,453,783
=========== ===========
</TABLE>
PREFERRED STOCKS - 1.51%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Shares Cost (b) Value (c)
------- ------------ -----------
<C> <S> <C> <C>
BRAZIL - 0.68%
10,000 Petroleo Brasileiro S.A. ADR
Preferred -- OIL-CRUDE PETROLEUM AND GAS........ $ 177,062 $ 236,914
----------- -----------
GERMANY - 0.83%
500 SAP AG Preferred -- COMPUTER-SOFTWARE............ 294,657 290,021
----------- -----------
TOTAL PREFERRED STOCKS............................ 471,719 526,935
=========== ===========
TOTAL LONG-TERM INVESTMENTS....................... $23,449,573 $30,980,718
=========== ===========
</TABLE>
SHORT-TERM INVESTMENTS - 16.20%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Market
Amount Value (c)
---------- -----------
<C> <S> <C>
BANKS - 4.16%
$1,450,835 U.S. Bank N.A. Money Market Variable Rate
Time Deposit, Current rate -- 5.87%........ $ 1,450,835
-----------
DIVERSIFIED FINANCE -- 4.88%
1,704,000 Associates Corp. Master Variable Rate Note,
Current rate -- 5.97%...................... 1,704,000
-----------
U.S. GOVERNMENT AGENCY - 7.16%
1,500,000 Federal Home Loan Mortgage Corp., 5.99%,
5-5-2000................................... 1,498,775
1,000,000 Federal Home Loan Mortgage Corp., 6.01%,
5-16-2000.................................. 997,378
-----------
2,496,153
-----------
TOTAL SHORT-TERM INVESTMENTS................. 5,650,988
===========
TOTAL INVESTMENTS IN SECURITIES (COST:
$29,100,561) (b)........................... $36,631,706
===========
</TABLE>
(a) Presently not paying dividend income.
(b) At April 30, 2000, the cost of securities for federal income tax purposes
was $29,100,561 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<TABLE>
<S> <C>
Unrealized appreciation..................................... $ 8,437,868
Unrealized depreciation..................................... (906,723)
-------------------------------------------------------------------------
Net unrealized appreciation................................. $ 7,531,145
-------------------------------------------------------------------------
</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>
1999 6,600 Effnet Group AB $ 250,222
1999 1,170 Fancl Corp. 280,359
1998 2,000 Fujitsu Support and Service, Inc. 31,414
1999 16,363 Telewest Communications plc 50,014
1999 40,000 Thus plc 201,959
1998 700 Vestas Wind Systems A/S 28,631
</TABLE>
The value of these securities at April 30, 2000, was $1,330,534 which
represents 3.81% of total net assets.
11
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Assets and Liabilities
(Unaudited)
April 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
--------- -------------
<S> <C> <C>
ASSETS:
Investments in securities, as detailed in the accompanying
schedules, at market (cost $104,226,208; $29,100,561)
(Note 1)................................................ $216,003,339 $36,631,706
Collateral for securities lending transactions (Note 1)... 25,610,128 --
Receivables:
Unrealized appreciation on foreign currency contracts... -- 2,119
Investment securities sold.............................. 348,688 276,854
Interest and dividends.................................. 202,453 49,293
Subscriptions of capital stock.......................... 21,572 38,319
Deferred registration costs (Note 1)...................... 25,350 21,935
Deferred organization costs (Note 1)...................... -- 13,735
Prepaid expenses.......................................... 2,642 2,896
------------ -----------
TOTAL ASSETS................................................ 242,214,172 37,036,857
------------ -----------
LIABILITIES:
Unrealized depreciation on forward foreign currency
contracts (Note 1 and 3)................................ 596 23,784
Payable upon return of securities loaned (Note 1)......... 25,610,128 --
Payable for investment securities purchased............... 413,000 2,098,873
Redemptions of capital stock.............................. 20,222 --
Payable for investment advisory and management fees (Note
2)...................................................... 179,813 28,939
Payable for distribution fees (Note 2).................... 7,711 1,374
Accounts payable and accrued expenses..................... 62,602 6,336
------------ -----------
TOTAL LIABILITIES........................................... 26,294,072 2,159,306
------------ -----------
NET ASSETS:
Net proceeds of capital stock, par value $.01 per share --
authorized 10,000,000,000; 10,000,000,000 shares;
respectively............................................ 96,038,684 26,872,590
Unrealized appreciation of investments in securities and
the translation of asset and liablities denominated
foreign currency........................................ 111,763,851 7,531,054
Undistributed net investment loss......................... (1,152,386) (82,874)
Accumulated net realized gain from the sale of investments
and foreign currency transactions....................... 9,269,951 556,781
------------ -----------
TOTAL NET ASSETS............................................ $215,920,100 $34,877,551
============ ===========
SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE:
Class A shares (based on net assets of $162,127,492 and
$24,066,714; respectively and 4,592,151 and 1,020,423
shares outstanding; respectively)......................... $35.31 $23.59
------------ -----------
Class B shares (based on net assets of $19,292,433 and
$3,866,921; respectively and 570,697 and 165,462 shares
outstanding; respectively)................................ $33.81 $23.37
------------ -----------
Class C shares (based on net assets of $7,001,976 and
$2,163,173; respectively and 206,376 and 92,552 shares
outstanding; respectively)................................ $33.93 $23.37
------------ -----------
Class H shares (based on net assets of $27,498,199 and
$4,780,743; respectively and 813,365 and 204,773 shares
outstanding; respectively)................................ $33.81 $23.35
------------ -----------
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Operations
(Unaudited)
For the Six-Month Period Ended April 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL INTERNATIONAL
GROWTH EQUITY
PORTFOLIO PORTFOLIO
--------- -------------
<S> <C> <C>
NET INVESTMENT LOSS
Income:
Interest income......................................... $ 248,038 $ 98,810
Dividend income (Net of foreign witholding taxes of
$24,088 and $5,985, respectively)...................... 260,639 60,644
Fee income (Note 1)..................................... 18,730 --
----------- ----------
Total income.............................................. 527,407 159,454
----------- ----------
Expenses:
Investment advisory and management fees (Note 2)........ 1,081,715 138,612
Distribution fees (Class A) (Note 2).................... 203,793 24,871
Distribution fees (Class B) (Note 2).................... 93,629 13,106
Distribution fees (Class C) (Note 2).................... 34,670 7,609
Distribution fees (Class H) (Note 2).................... 138,242 18,413
Registration fees (Note 2).............................. 20,637 23,752
Shareholders' notices and reports....................... 49,727 1,541
Legal and auditing fees................................. 13,675 4,873
Custodian fees.......................................... 17,156 4,973
Directors' fees and expenses............................ 6,961 517
Amortization of organization costs (Note 1)............. -- 2,408
Other................................................... 5,718 142
----------- ----------
Total expenses............................................ 1,665,923 240,817
Less waived and reimbursable expenses (Note 2).......... (10,218) --
----------- ----------
Net expenses.............................................. 1,655,705 240,817
----------- ----------
NET INVESTMENT LOSS......................................... (1,128,298) (81,363)
----------- ----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN
CURRENCY (NOTE 1):
Net Realized gain (loss) from:
Investments............................................. 9,294,232 557,053
Foreign currency transactions........................... (24,088) (1,511)
----------- ----------
NET REALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. 9,270,144 555,542
----------- ----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investments............................................... 35,100,422 4,137,921
Translation of assets and liabilities denominated in
foreign currency........................................ (12,035) (290)
----------- ----------
NET CHANGE IN UNREALIZED APPRECIATION ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 35,088,387 4,137,631
----------- ----------
NET GAIN ON INVESTMENTS AND FOREIGN CURRENCY................ 44,358,531 4,693,173
----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $43,230,233 $4,611,810
=========== ==========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Changes in Net Assets
GLOBAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX-MONTH FOR THE
PERIOD ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999
-------------- ----
<S> <C> <C>
OPERATIONS:
Net investment loss....................................... $ (1,128,298) $ (1,207,461)
Net realized gain on investments and foreign currency
transactions............................................ 9,270,144 20,959,969
Net change in unrealized appreciation on investments and
foreign currency........................................ 35,088,387 27,669,330
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 43,230,233 47,421,838
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gains on investments
Class A................................................. (14,846,713) --
Class B................................................. (1,748,869) --
Class C................................................. (655,730) --
Class H................................................. (2,622,882) --
------------ -------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS......................... (19,874,194) --
------------ -------------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (942,117 and 4,879,613 shares).................. 35,124,743 127,633,641
Class B (84,920 and 83,217 shares)...................... 3,038,507 2,157,182
Class C (24,645 and 1,178,211 shares)................... 885,661 31,361,408
Class H (72,226 and 98,991 shares)...................... 2,587,063 2,541,509
Proceeds from shares issued as a result of reinvested
dividends
Class A (437,748 and 0 shares).......................... 14,506,983 --
Class B (54,302 and 0 shares)........................... 1,727,900 --
Class C (20,180 and 0 shares)........................... 644,334 --
Class H (81,772 and 0 shares)........................... 2,602,809 --
Less cost of repurchase of shares
Class A (957,128 and 5,488,888 shares).................. (35,716,479) (144,495,487)
Class B (58,590 and 111,406 shares)..................... (2,092,507) (2,845,259)
Class C (16,525 and 1,222,259 shares)................... (581,578) (32,536,494)
Class H (71,362 and 190,306 shares)..................... (2,522,467) (4,871,082)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM SHARE
TRANSACTIONS.............................................. 20,204,969 (21,054,582)
------------ -------------
TOTAL INCREASE IN NET ASSETS................................ 43,561,008 26,367,256
NET ASSETS:
Beginning of period....................................... 172,359,092 145,991,836
------------ -------------
End of period (includes undistributed net investment loss
of $1,152,386 and $0, respectively)..................... $215,920,100 $ 172,359,092
============ =============
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Statements of Changes in Net Assets
INTERNATIONAL EQUITY PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE
SIX-MONTH FOR THE
PERIOD ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999
-------------- ----
<S> <C> <C>
OPERATIONS:
Net investment loss....................................... $ (81,363) $ (19,738)
Net realized gain on investments and foreign currency
transactions............................................ 555,542 223,901
Net change in unrealized appreciation of investments and
foreign currency........................................ 4,137,631 3,367,410
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 4,611,810 3,571,573
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. -- (32,918)
Class B................................................. -- (483)
Class C................................................. -- (104)
Class H................................................. -- (977)
From net realized gains on investments
Class A................................................. (90,927) --
Class B................................................. (9,792) --
Class C................................................. (5,404) --
Class H................................................. (15,691) --
----------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS......................... (121,814) (34,482)
----------- -----------
CAPITAL STOCK TRANSACTIONS:
Proceeds from sale of shares
Class A (663,445 and 546,092 shares).................... 16,102,807 7,678,118
Class B (149,750 and 50,148 shares)..................... 3,697,162 726,902
Class C (65,702 and 34,331 shares)...................... 1,645,527 516,579
Class H (132,639 and 77,598 shares)..................... 3,227,851 1,142,843
Proceeds from shares issued as a result of reinvested
dividends
Class A (3,928 and 2,974 shares)........................ 89,631 32,865
Class B (430 and 43 shares)............................. 9,753 483
Class C (238 and 9 shares).............................. 5,391 104
Class H (678 and 88 shares)............................. 15,270 973
Less cost of repurchase of shares
Class A (246,129 and 274,307 shares).................... (6,012,988) (3,733,662)
Class B (40,996 and 7,802 shares)....................... (1,038,194) (117,721)
Class C (8,409 and 2,320 shares)........................ (211,379) (29,273)
Class H (25,357 and 6,764 shares)....................... (615,091) (87,457)
----------- -----------
NET INCREASE IN NET ASSETS FROM SHARE TRANSACTIONS.......... 16,915,740 6,130,754
----------- -----------
TOTAL INCREASE IN NET ASSETS................................ 21,405,736 9,667,845
NET ASSETS:
Beginning of period....................................... 13,471,815 3,803,970
----------- -----------
End of period (includes undistributed net investment loss
of $82,874 and $0, respectively)........................ $34,877,551 $13,471,815
=========== ===========
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
<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 or upon receipt of ex-dividend notification in the case of certain
foreign securities. Interest income is recorded on the accrual basis.
Realized security gains and losses are determined using the identified cost
method.
For the six-month period ended April 30, 2000, the cost of purchases and
proceeds from sales of securities (other than short-term securities)
aggregated $28,369,427 and $30,346,734 for Global Growth Portfolio; and
$18,682,526 and $3,560,170 for International Equity Portfolio, respectively.
LENDING OF PORTFOLIO SECURITIES: At April 30, 2000, securities valued at
$24,918,485 were on loan to brokers from the Global Growth Portfolio. For
collateral, the Global Growth Portfolio's custodian received $25,610,128 in
cash which is maintained in a separate account and invested in short term
investment vehicles. Fee income from securities lending amounted to $18,730
for the six-month period ended April 30, 2000. 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.
16
<PAGE>
--------------------------------------------------------------------------------
On the Statement of Assets and Liabilities, due to permanent book-to-tax
differences, accumulated net realized gain (loss) and undistributed net
investment income have been increased (decreased), resulting in a net
reclassification adjustment to reduce paid-in-capital by the following:
<TABLE>
<CAPTION>
Undistributed Accumulated
Paid-In Net Investment Net Realized
Capital Income Gains
<S> <C> <C> <C>
------------------------------------------------------------------------------------------
Global Growth Portfolio...................... $ -- $ (24,088) $24,088
International Equity Portfolio............... $ -- $ (1,511) $ 1,511
</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
are being amortized over 60 months on a straight line basis.
ILLIQUID SECURITIES: At April 30, 2000, 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, 2000, were $2,857,103 for Global Growth and
$1,330,534 for International Equity which represents 1.32% and 3.81% 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.
BANK BORROWINGS: Several Fortis Funds including the Global Growth Portfolio
and International Equity Portfolio have a revolving credit agreement with
Norwest Bank Minnesota N.A., whereby the portfolios are permitted to have a
bank borrowing for temporary and emergency purposes to meet large redemption
requests by shareholders; and cover securities purchased when matched or when
earlier trades have failed. The agreement, which enables the portfolios to
participate with other Fortis Funds, permits borrowings up to $25 million,
collectively. Interest is expensed to each participating fund based on its
borrowings and will be calculated at the borrowers' option of: 1) the Prime
Index; 2) the Federal Funds rate plus a "Margin" of 37.5 basis points, or; 3)
the Libor rate plus a "Margin" of 37.5 basis points. The Prime index is
defined as the higher of: A) the rate that Norwest Bank Minnesota N.A.
announces from time to time as its prime rate or B) the Federal Funds rate
plus 50 basis points. Each portfolio pays a commitment fee equal to its pro
rata share of the amount of the credit facility at a rate of 0.08% per annum.
The Global Growth and International Equity Portfolios had no borrowings
during the six-month period ended April 30, 2000.
OTHER: At April 30, 2000 Fortis Advisors, Inc. owned 211,983 shares of the
International Equity Portfolio.
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 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 or
redeemers of the fund's shares) aggregating $244,604 and $202,791 for Class
A, $20,153 and $512 for Class B, $552 and $268 for Class C, and $24,135 and
$1,936 for Class H for the Global Growth and International Equity Portfolios,
respectively, for the six-month period ended April 30, 2000.
Advisers waived expenses for 12b-1 fees charged in excess of the National
Association of Securities Dealers limitations. For the year ended October 31,
1999 and for the six-month period ended April 30, 2000, Advisers waived
$5,868 and $10,218, respectively, for Global Growth Class C shares.
Legal fees and expenses aggregating $3,481 and $149 for the Global Growth and
International Equity portfolios, respectively, for the six-month period ended
April 30, 2000, were paid to a law firm of which the secretary of the
portfolios is a partner.
3. FORWARD FOREIGN CURRENCY CONTRACTS: At April 30, 2000, 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 $596 and $21,665 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:
17
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements (Unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL GROWTH PORTFOLIO
------------------------------------------------------------------------------------------------------------------
U.S. Dollar U.S. Dollar
Currency To Value As Of Currency To Value As Of Appreciation/
Settle Date Be Delivered April 30, 2000 Be Received April 30, 2000 (Depreciation)
<S> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
May 8, 2000 37,684,480 $ 348,688 348,092 $ 348,092 $ (596)
Japanese Yen U.S.Dollar
---------- ---------- -------
$ 348,688 $ 348,092 $ (596)
---------- ---------- -------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO
------------------------------------------------------------------------------------------------------------------
U.S. Dollar U.S. Dollar
Currency To Value As Of Currency To Value As Of Appreciation/
Settle Date Be Delivered April 30, 2000 Be Received April 30, 2000 (Depreciation)
<S> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
May 31, 2000 137,626 $ 125,419 127,538 $ 127,538 $ 2,119
Euro U.S. Dollar
May 8, 2000 3,532,920 32,690 32,625 32,625 (65)
Japanese Yen U.S. Dollar
May 1, 2000 77,757 77,757 115,080 77,668 (89)
U.S. Dollar Canadian Dollar
May 1, 2000 202,271 202,271 218,784 199,378 (2,893)
U.S. Dollar Euro
May 2, 2000 133,547 133,547 145,636 132,718 (829)
U.S. Dollar Euro
May 31, 2000 618,036 618,036 669,069 609,723 (8,313)
U.S. Dollar Euro
May 5, 2000 272,625 272,625 172,525 269,968 (2,657)
U.S. Dollar British Pound Sterling
May 1, 2000 454,572 454,572 48,162,055 445,634 (8,938)
U.S. Dollar Japanese Yen
---------- ---------- --------
$1,916,917 $1,895,252 $(21,665)
---------- ---------- --------
</TABLE>
18
<PAGE>
--------------------------------------------------------------------------------
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 2000** 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 31.23 $ 23.18 $ 23.92 $ 21.28 $ 18.24 $ 14.78
-------- -------- -------- -------- -------- -------
Operations:
Investment income (loss) - net........ (.16) (.17) (.12) (.07) (.06) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 7.85 8.22 (.62) 2.71 3.10 3.55
-------- -------- -------- -------- -------- -------
Total from operations................... 7.69 8.05 (.74) 2.64 3.04 3.46
-------- -------- -------- -------- -------- -------
Distributions to shareholders:
From net realized gains on investments
and foreign currency transactions... (3.61) -- -- -- -- --
-------- -------- -------- -------- -------- -------
Net asset value, end of period.......... $ 35.31 $ 31.23 $ 23.18 $ 23.92 $ 21.28 $ 18.24
-------- -------- -------- -------- -------- -------
Total return @.......................... 25.38% 34.73% (3.09%) 12.41% 16.67% 23.41%
Net assets end of period (000s
omitted).............................. $162,127 $130,195 $110,772 $125,268 $107,607 $68,302
Ratio of expenses to average daily net
assets................................ 1.36%* 1.41% 1.42% 1.44% 1.51% 1.73%
Ratio of net investment income (loss) to
average daily net assets.............. (.89%)* (.60%) (.44%) (.29%) (.33%) (.55%)
Portfolio turnover rate................. 14% 49% 29% 30% 18% 27%
</TABLE>
<TABLE>
<CAPTION>
Class B
-------------------------------------------------------------------
Year Ended October 31,
-------------------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 2000** 1999 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 30.13 $ 22.54 $ 23.42 $ 20.98 $18.12 $14.60
------- ------- ------- ------- ------ ------
Operations:
Investment income (loss) - net........ (.56) (.63) (.26) (.27) (.24) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 7.85 8.22 (.62) 2.71 3.10 3.61
------- ------- ------- ------- ------ ------
Total from operations................... 7.29 7.59 (.88) 2.44 2.86 3.52
------- ------- ------- ------- ------ ------
Distributions to shareholders:
From net realized gains on investments
and foreign currency transactions... (3.61) -- -- -- -- --
------- ------- ------- ------- ------ ------
Net asset value, end of period.......... $ 33.81 $ 30.13 $ 22.54 $ 23.42 $20.98 $18.12
------- ------- ------- ------- ------ ------
Total return @.......................... 24.94% 33.67% (3.76%) 11.63% 15.78% 24.11%
Net assets end of period (000s
omitted).............................. $19,292 $14,766 $11,680 $11,446 $5,735 $ 991
Ratio of expenses to average daily net
assets................................ 2.11%* 2.16% 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income (loss) to
average daily net assets.............. (1.64%)* (1.35%) (1.19%) (1.03%) (.99%) (1.42%)*
Portfolio turnover rate................. 14% 49% 29% 30% 18% 27%
</TABLE>
* Annualized.
** Six-month period ended April 30, 2000.
@ 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.
19
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements (Unaudited) (continued)
--------------------------------------------------------------------------------
4. FINANCIAL HIGHLIGHTS (continued):
<TABLE>
<CAPTION>
Class C
---------------------------------------------------------------------------
Year Ended October 31,
---------------------------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 2000** 1999 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $30.19 $22.55 $23.43 $21.00 $18.13 $14.60
------ ------ ------ ------ ------ ------
Operations:
Investment income (loss) - net........ (.50) (.58) (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 7.85 8.22 (.62) 2.71 3.10 3.62
------ ------ ------ ------ ------ ------
Total from operations................... 7.35 7.64 (.88) 2.43 2.87 3.53
------ ------ ------ ------ ------ ------
Distributions to shareholders:
From net realized gains on investments
and foreign currency transactions... (3.61) -- -- -- -- --
------ ------ ------ ------ ------ ------
Net asset value, end of period.......... $33.93 $30.19 $22.55 $23.43 $21.00 $18.13
------ ------ ------ ------ ------ ------
Total return @.......................... 25.09% 33.88% (3.76%) 11.57% 15.83% 24.18%
Net assets end of period (000s
omitted).............................. $7,002 $5,375 $5,009 $4,664 $3,087 $ 434
Ratio of expenses to average daily net
assets................................ 1.81%(a)* 2.04%(a) 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income (loss) to
average daily net assets.............. (1.35%)(a)* (1.23%)(a) (1.20%) (1.04%) (.99%) (1.55%)*
Portfolio turnover rate................. 14% 49% 29% 30% 18% 27%
</TABLE>
<TABLE>
<CAPTION>
Class H
----------------------------------------------------------------------
Year Ended October 31,
----------------------------------------------------------------------
GLOBAL GROWTH PORTFOLIO 2000** 1999 1998 1997 1996 1995+
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 30.14 $ 22.54 $ 23.42 $ 20.99 $ 18.12 $14.60
------- ------- ------- ------- ------- ------
Operations:
Investment income (loss) - net........ (.57) (.62) (.26) (.28) (.23) (.09)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 7.85 8.22 (.62) 2.71 3.10 3.61
------- ------- ------- ------- ------- ------
Total from operations................... 7.28 7.60 (.88) 2.43 2.87 3.52
------- ------- ------- ------- ------- ------
Distributions to shareholders:
From net realized gains on investments
and foreign currency transactions... (3.61) -- -- -- -- --
------- ------- ------- ------- ------- ------
Net asset value, end of period.......... $ 33.81 $ 30.14 $ 22.54 $ 23.42 $ 20.99 $18.12
------- ------- ------- ------- ------- ------
Total return @.......................... 24.90% 33.72% (3.76%) 11.58% 15.84% 24.11%
Net assets end of period (000s
omitted).............................. $27,498 $22,023 $18,531 $18,690 $10,765 $2,141
Ratio of expenses to average daily net
assets................................ 2.11%* 2.16% 2.17% 2.19% 2.26% 2.48%*
Ratio of net investment income (loss) to
average daily net assets.............. (1.64%)* (1.35%) (1.19%) (1.04%) (1.02%) (1.46%)*
Portfolio turnover rate................. 14% 49% 29% 30% 18% 27%
</TABLE>
* Annualized.
** Six-month period ended April 30, 2000.
@ 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.
(a) Advisers has waived expenses for 12b-1 fees charged in excess of
National Association of Securities Dealers limitations. For the
six-month period ended April 30, 2000, and the year ended
October 31,1999, had the waivers not been made, ratios of expenses and
net investment income to average daily net assets would have been
2.11% and 2.16% and (1.64%) and (1.35%) respectively, for Class C.
20
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS: Selected per share historical data for each of the
Portfolios was as follows:
<TABLE>
<CAPTION>
Class A
------------------------------------------
Year Ended October 31,
------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO 2000** 1999 1998+
<S> <C> <C> <C>
------------------------------------------------------------------------------------
Net asset value, beginning of period.... $ 17.14 $ 10.36 $10.46
------- ------- ------
Operations:
Investment income (loss) - net........ (.04) -- .02
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 6.62 6.88 (.12)
------- ------- ------
Total from operations................... 6.58 6.88 (.10)
------- ------- ------
Distributions to shareholders:
From investment income - net.......... -- (.10) --
From net realized gains on
investments......................... (.13) -- --
------- ------- ------
Total distributions to shareholders..... (.13) (.10) --
------- ------- ------
Net asset value, end of period.......... $ 23.59 $ 17.14 $10.36
------- ------- ------
Total return @.......................... 38.41% 66.90% (.96%)
Net assets end of period (000s
omitted).............................. $24,067 $10,267 $3,362
Ratio of expenses to average daily net
assets................................ 1.52%* 1.70%(a) 1.70%(a)*
Ratio of net investment income (loss) to
average daily net assets.............. (.39%)* (.18%)(a) .57%(a)*
Portfolio turnover rate................. 15% 62% 43%
</TABLE>
<TABLE>
<CAPTION>
Class B
-------------------------------------
Year Ended October 31,
-------------------------------------
INTERNATIONAL EQUITY PORTFOLIO 2000** 1999 1998+
<S> <C> <C> <C>
-------------------------------------------------------------------------------
Net asset value, beginning of period.... $17.05 $10.33 $10.45
------ ------ ------
Operations:
Investment income (loss) - net........ (.17) (.13) --
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 6.62 6.88 (.12)
------ ------ ------
Total from operations................... 6.45 6.75 (.12)
------ ------ ------
Distributions to shareholders:
From investment income - net.......... -- (.03) --
From net realized gains on
investments......................... (.13) -- --
------ ------ ------
Total distributions to shareholders..... (.13) (.03) --
------ ------ ------
Net asset value, end of period.......... $23.37 $17.05 $10.33
------ ------ ------
Total return @.......................... 37.85% 65.56% (1.15%)
Net assets end of period (000s
omitted).............................. $3,867 $ 959 $ 143
Ratio of expenses to average daily net
assets................................ 2.27%* 2.45%(a) 2.45%(a)*
Ratio of net investment income (loss) to
average daily net assets.............. (1.14%)* (.93%)(a) (.18%)(a)*
Portfolio turnover rate................. 15% 62% 43%
</TABLE>
* Annualized.
** For the six-month period ended April 30, 2000.
+ For the period March 2, 1998 (date shares first offered to the public)
to October 31, 1998.
@ 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 daily net assets for Class A and 2.45% for
Class B. For the year ended October 31, 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
2.44% and (.92%) for class A and, 3.19% and (1.67%) 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.
21
<PAGE>
FORTIS WORLDWIDE PORTFOLIOS, INC.
Notes to Financial Statements (Unaudited) (continued)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (continued):
<TABLE>
<CAPTION>
Class C
------------------------------------
Year Ended October 31,
------------------------------------
INTERNATIONAL EQUITY PORTFOLIO 2000** 1999 1998+
<S> <C> <C> <C>
------------------------------------------------------------------------------
Net asset value, beginning of period.... $17.05 $10.32 $10.45
------ ------ ------
Operations:
Investment income (loss) - net........ (.17) (.12) (.01)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 6.62 6.88 (.12)
------ ------ ------
Total from operations................... 6.45 6.76 (.13)
------ ------ ------
Distributions to shareholders:
From investment income - net.......... -- (.03) --
From net realized gains on
investments......................... (.13) -- --
------ ------ ------
Total distributions to shareholders..... (.13) (.03) --
------ ------ ------
Net asset value, end of period.......... $23.37 $17.05 $10.32
------ ------ ------
Total return @.......................... 37.85% 65.72% (1.24%)
Net assets end of period (000s
omitted).............................. $2,163 $ 597 $ 31
Ratio of expenses to average daily net
assets................................ 2.27%* 2.45%(a) 2.45%(a)*
Ratio of net investment income (loss) to
average daily net assets.............. (1.14%)* (.93%)(a) (.18%)(a)*
Portfolio turnover rate................. 15% 62% 43%
</TABLE>
<TABLE>
<CAPTION>
Class H
----------------------------------
Year Ended October 31,
----------------------------------
INTERNATIONAL EQUITY PORTFOLIO 2000** 1999 1998+
<S> <C> <C> <C>
----------------------------------------------------------------------------
Net asset value, beginning of period.... $17.03 $10.32 $10.45
------ ------ ------
Operations:
Investment income (loss) - net........ (.17) (.14) (.01)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions............... 6.62 6.88 (.12)
------ ------ ------
Total from operations................... 6.45 6.74 (.13)
------ ------ ------
Distributions to shareholders:
From investment income - net.......... -- (.03) --
From net realized gains on
investments......................... (.13) -- --
------ ------ ------
Total distributions to shareholders..... (.13) (.03) --
------ ------ ------
Net asset value, end of period.......... $23.35 $17.03 $10.32
------ ------ ------
Total return @.......................... 37.90% 65.53% (1.24%)
Net assets end of period (000s
omitted).............................. $4,781 $1,649 $ 267
Ratio of expenses to average daily net
assets................................ 2.27%* 2.45%(a) 2.45%(a)*
Ratio of net investment income (loss) to
average daily net assets.............. (1.14%)* (.93%)(a) (.18%)(a)*
Portfolio turnover rate................. 15% 62% 43%
</TABLE>
* Annualized.
** For the six-month period ended April 30, 2000.
+ For the period March 2, 1998 (date shares first offered to the public)
to October 31, 1998.
@ 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
2.45% of the average daily net assets for Class C and H. For the year
ended October 31, 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 3.19% and (1.67%) for
class C and 3.19% and (1.67%) 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.
22
<PAGE>
DIRECTORS AND OFFICERS
DIRECTORS Richard W. Cutting CPA AND FINANCIAL CONSULTANT
Allen R. Freedman CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
FORTIS, INC. MANAGING DIRECTOR OF
FORTIS INTERNATIONAL, N.V.
Dr. Robert M. Gavin PRESIDENT, CRANBROOK EDUCATION
COMMUNITY. PRIOR TO JULY 1996,
PRESIDENT MACALESTER COLLEGE
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
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 Schenker 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 LLP
MINNEAPOLIS, MINNESOTA
The use of this material is authorized only when preceded or accompanied by a
prospectus.
23
<PAGE>
FORTIS FINANCIAL GROUP'S OTHER PRODUCTS AND SERVICES
MUTUAL Fortis Bond Funds MONEY FUND
FUNDS/PORTFOLIOS U.S. GOVERNMENT
CONVENIENT ACCESS TO SECURITIES FUND
A BROAD RANGE OF TAX-FREE NATIONAL
SECURITIES PORTFOLIO
TAX-FREE MINNESOTA
PORTFOLIO
STRATEGIC INCOME FUND
HIGH YIELD PORTFOLIO
Fortis Stock Funds ASSET ALLOCATION
PORTFOLIO
VALUE FUND
GROWTH & INCOME FUND
CAPITAL FUND
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
MULTISECTOR BOND
SUBACCOUNT
HIGH YIELD SUBACCOUNT
GLOBAL ASSET ALLOCATION
SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
AMERICAN LEADERS
SUBACCOUNT
VALUE SUBACCOUNT
CAPITAL OPPORTUNITIES
SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK II
SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
MID CAP STOCK SUBACCOUNT
SMALL CAP VALUE
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
GLOBAL EQUITY SUBACCOUNT
LARGE CAP GROWTH
SUBACCOUNT
INVESTORS 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
MULTISECTOR BOND
SUBACCOUNT
HIGH YIELD SUBACCOUNT
GLOBAL ASSET ALLOCATION
SUBACCOUNT
ASSET ALLOCATION
SUBACCOUNT
AMERICAN LEADERS
SUBACCOUNT
VALUE SUBACCOUNT
CAPITAL OPPORTUNITIES
SUBACCOUNT
GROWTH & INCOME
SUBACCOUNT
S&P 500 INDEX SUBACCOUNT
BLUE CHIP STOCK II
SUBACCOUNT
BLUE CHIP STOCK
SUBACCOUNT
INTERNATIONAL STOCK
SUBACCOUNT
MID CAP STOCK SUBACCOUNT
SMALL CAP VALUE
SUBACCOUNT
GLOBAL GROWTH SUBACCOUNT
GLOBAL EQUITY SUBACCOUNT
LARGE CAP GROWTH
SUBACCOUNT
INVESTORS GROWTH
SUBACCOUNT
GROWTH STOCK SUBACCOUNT
AGGRESSIVE GROWTH
SUBACCOUNT
Adaptable Life
Universal Life
FORTIS FINANCIAL GROUP manages and distributes mutual funds, annuities and life
insurance products. The mutual funds, variable life and variable annuity
products are distributed through FORTIS INVESTORS, INC. and managed by FORTIS
ADVISERS, INC. The insurance products are issued by FORTIS BENEFITS INSURANCE
COMPANY, FIRST FORTIS LIFE INSURANCE COMPANY and FORTIS INSURANCE COMPANY.
FOR MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, SEND FOR A
PROSPECTUS. WRITE TO: FORTIS INVESTORS, INC., P.O. BOX 64284, ST. PAUL, MN
55164. READ IT CAREFULLY BEFORE INVESTING OR SENDING MONEY.
24
<PAGE>
[LOGO]
FORTIS
Solid partners, flexible solutions-SM-
Invest from a position of DISCIPLINED GROWTH
When you're looking for a disciplined growth approach to mutual fund
investing, with a strict adherence to investment style, turn to Fortis. Our
expert fund managers carefully and cautiously follow stringent buy and sell
disciplines.
This disciplined approach to managing your money starts with rigorous,
company-by-company research. It's the platform upon which we carefully
craft each fund portfolio, spread risk through diversification and seek
rewards through long-term performance.
FORTIS AND DISCIPLINE: IT'S A POWERFUL COMBINATION.
--------------------------------------------------------------------------------
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 provides a wide selection of investment products
including annuities, life insurance and mutual funds. We're part of Fortis,
Inc., a financial services company that provides speciality insurance and
investment products to individuals, businesses, associations and other
financial services organizations throughout the United States.
Fortis, Inc. is part of the international Fortis group, which operates in the
fields of insurance, banking and investments. Fortis' listed companies are
Fortis (B) of Belgium and Fortis (NL) of the Netherlands.
Fortis: Steadfast for YOU!
FORTIS FINANCIAL GROUP
Fund management offered through
Fortis Advisors, Inc. since 1949
Securities offered through Fortis
Investors, Inc., member NASD, SIPC
Insurance products issued by
Fortis Benefits Insurance Company &
Fortis Insurance Company
P.O. Box 64284, St. Paul, MN 55164-0284
Telephone (800) 800-2000
http://www.ffg.us.fortis.com
--------------------------------------------------------------------------------
FORTIS FINANCIAL GROUP ---------------
P.O. Box 64284 PRSRT STD
St. Paul, MN 55164-0284 U.S. Postage
PAID
Permit No. 3794
Fortis international stock funds Minneapolis, MN
---------------
The Fortis brandmark and Fortis-Registered Trademark- are servicemarks
of Fortis (B) and Fortis (NL).
96407-C- Fortis, Inc. 12/99
