<PAGE> PAGE 1
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000 C000000 0000049929
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001 B000000 811-2341
001 C000000 6127384000
002 A000000 500 BIELENBERG DRIVE
002 B000000 WOODBURY
002 C000000 MN
002 D010000 55125
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 U.S. GOVERNMENT SECURITIES FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
022 A000001 FIRST BANK (N.A)
022 B000001 41-0256395
022 C000001 215937
022 D000001 198468
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2518466
022 C000002 205759
022 D000002 88578
022 A000003 BEAR STEARNS & CO.
022 B000003 13-3299429
022 C000003 66150
022 D000003 154068
022 A000004 PAINE WEBBER, INC.
022 B000004 13-2638166
022 C000004 62378
022 D000004 39700
022 A000005 SALOMON BROTHERS, INC.
<PAGE> PAGE 2
022 B000005 13-3082694
022 C000005 33923
022 D000005 22510
022 A000006 NATIONS BANK
022 B000006 56-1684171
022 C000006 50299
022 D000006 0
022 A000007 MERRILL LYNCH, PIERCE FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 30766
022 D000007 19116
022 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES
022 B000008 13-2741729
022 C000008 17748
022 D000008 16900
022 A000009 FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009 15961
022 D000009 4463
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 3814
022 D000010 16083
023 C000000 711253
023 D000000 595242
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
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<PAGE> PAGE 3
028 D020100 1790
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<PAGE> PAGE 4
061 000100 25
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<PAGE> PAGE 5
070 O010100 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 7
074 T000300 163979
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SIGNATURE TAMARA L. FAGELY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 12 THROUGH 19 OF THE ANNUAL SHAREHOLDER
REPORT.
</LEGEND>
<CIK> 0000049929
<NAME> FORTIS INCOME PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> FORTIS U.S. GOVERNMENT SECURITIES FUND (CLASS A)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 481,799,069
<INVESTMENTS-AT-VALUE> 475,602,608
<RECEIVABLES> 13,137,157
<ASSETS-OTHER> 190,856,194<F1>
<OTHER-ITEMS-ASSETS> 65,332
<TOTAL-ASSETS> 679,661,291
<PAYABLE-FOR-SECURITIES> 18,260,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,196,127<F1>
<TOTAL-LIABILITIES> 210,456,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,164,114
<SHARES-COMMON-STOCK> 7,629,609
<SHARES-COMMON-PRIOR> 544,097
<ACCUMULATED-NII-CURRENT> 188,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,951,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,196,461)
<NET-ASSETS> 469,204,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,505,727
<OTHER-INCOME> 186,449<F2>
<EXPENSES-NET> (4,098,185)
<NET-INVESTMENT-INCOME> 31,593,991
<REALIZED-GAINS-CURRENT> 2,510,562
<APPREC-INCREASE-CURRENT> (11,044,725)
<NET-CHANGE-FROM-OPS> 23,059,828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,148,492)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,166,440<F3>
<NUMBER-OF-SHARES-REDEEMED> (1,248,050)
<SHARES-REINVESTED> 167,122
<NET-CHANGE-IN-ASSETS> (11,931,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (59,756,962)
<OVERDISTRIB-NII-PRIOR> (17,686)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,098,185
<AVERAGE-NET-ASSETS> 481,013,000
<PER-SHARE-NAV-BEGIN> 9.02
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.58)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.87
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SECURITIES VALUED AT $184,465,797 WERE ON LOAN TO BROKERS FROM THE PORTFOLIO.
FOR COLLATERAL, THE PORTFOLIOS, CUSTODIAN RECEIVED $190,856,194 IN CASH.
<F2>SECURITY LENDING INCOME THROUGH JULY 31, 1996.
<F3>EFFECTIVE WITH THE CLOSE OF BUSINESS ON MARCH 1, 1996, THE FORTIS ADVANTAGE
PORTFOLIOS, INC. - GOVERNMENT TOTAL RETURN PORTFOLIO (CIK 0000823344) WAS
MERGED INTO THE U.S. GOVERNMENT FUND. THE MERGER WAS ACCOMPLISHED BY A
TAX-FREE EXCHANGE OF 6,993,916 SHARES OF THE GOVERNMENT TOTAL RETURN PORTFOLIO FOR
6,202,362 SHARES OF THE U.S. GOVERNMENT FUND.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 12 THROUGH 19 OF THE ANNUAL SHAREHOLDER
REPORT.
</LEGEND>
<CIK> 0000049929
<NAME> FORTIS INCOME PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> FORTIS U.S. GOVERNMENT SECURITIES FUND (CLASS B)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 481,799,069
<INVESTMENTS-AT-VALUE> 475,602,608
<RECEIVABLES> 13,137,157
<ASSETS-OTHER> 190,856,194<F1>
<OTHER-ITEMS-ASSETS> 65,332
<TOTAL-ASSETS> 679,661,291
<PAYABLE-FOR-SECURITIES> 18,260,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,196,127<F1>
<TOTAL-LIABILITIES> 210,456,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,164,114
<SHARES-COMMON-STOCK> 261,330
<SHARES-COMMON-PRIOR> 53,530
<ACCUMULATED-NII-CURRENT> 188,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,951,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,196,461)
<NET-ASSETS> 469,204,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,505,727
<OTHER-INCOME> 186,449<F2>
<EXPENSES-NET> (4,098,185)
<NET-INVESTMENT-INCOME> 31,593,991
<REALIZED-GAINS-CURRENT> 2,510,562
<APPREC-INCREASE-CURRENT> (11,044,725)
<NET-CHANGE-FROM-OPS> 23,059,828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (83,872)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 230,663<F3>
<NUMBER-OF-SHARES-REDEEMED> (30,332)
<SHARES-REINVESTED> 7,469
<NET-CHANGE-IN-ASSETS> (11,931,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (59,756,962)
<OVERDISTRIB-NII-PRIOR> (17,686)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,098,185
<AVERAGE-NET-ASSETS> 481,013,000
<PER-SHARE-NAV-BEGIN> 9.02
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.86
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SECURITIES VALUED AT $184,465,797 WERE ON LOAN TO BROKERS FROM THE PORTFOLIO.
FOR COLLATERAL, THE PORTFOLIOS, CUSTODIAN RECEIVED $190,856,194 IN CASH.
<F2>SECURITY LENDING INCOME THROUGH JULY 31, 1996.
<F3>EFFECTIVE WITH THE CLOSE OF BUSINESS ON MARCH 1, 1996, THE FORTIS ADVANTAGE
PORTFOLIOS, INC. - GOVERNMENT TOTAL RETURN PORTFOLIO (CIK 0000823344) WAS
MERGED INTO THE U.S. GOVERNMENT FUND. THE MERGER WAS ACCOMPLISHED BY A
TAX-FREE EXCHANGE OF 22,874 SHARES OF THE GOVERNMENT TOTAL RETURN PORTFOLIO FOR
20,202 SHARES OF THE U.S. GOVERNMENT FUND.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 12 THROUGH 19 OF THE ANNUAL SHAREHOLDER
REPORT.
</LEGEND>
<CIK> 0000049929
<NAME> FORTIS INCOME PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> FORTIS U.S. GOVERNMENT SECURITIES FUND (CLASS C)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 481,799,069
<INVESTMENTS-AT-VALUE> 475,602,608
<RECEIVABLES> 13,137,157
<ASSETS-OTHER> 190,856,194<F1>
<OTHER-ITEMS-ASSETS> 65,332
<TOTAL-ASSETS> 679,661,291
<PAYABLE-FOR-SECURITIES> 18,260,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,196,127<F1>
<TOTAL-LIABILITIES> 210,456,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,164,114
<SHARES-COMMON-STOCK> 119,461
<SHARES-COMMON-PRIOR> 36,194
<ACCUMULATED-NII-CURRENT> 188,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,951,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,196,461)
<NET-ASSETS> 469,204,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,505,727
<OTHER-INCOME> 186,449<F2>
<EXPENSES-NET> (4,098,185)
<NET-INVESTMENT-INCOME> 31,593,991
<REALIZED-GAINS-CURRENT> 2,510,562
<APPREC-INCREASE-CURRENT> (11,044,725)
<NET-CHANGE-FROM-OPS> 23,059,828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (38,291)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,140<F3>
<NUMBER-OF-SHARES-REDEEMED> (31,951)
<SHARES-REINVESTED> 3,078
<NET-CHANGE-IN-ASSETS> (11,931,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (59,756,962)
<OVERDISTRIB-NII-PRIOR> (17,686)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,098,185
<AVERAGE-NET-ASSETS> 481,013,000
<PER-SHARE-NAV-BEGIN> 9.01
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.85
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SECURITIES VALUED AT $184,465,797 WERE ON LOAN TO BROKERS FROM THE PORTFOLIO.
FOR COLLATERAL, THE PORTFOLIOS, CUSTODIAN RECEIVED $190,856,194 IN CASH.
<F2>SECURITY LENDING INCOME THROUGH JULY 31, 1996.
<F3>EFFECTIVE WITH THE CLOSE OF BUSINESS ON MARCH 1, 1996, THE FORTIS ADVANTAGE
PORTFOLIOS, INC. - GOVERNMENT TOTAL RETURN PORTFOLIO (CIK 0000823344) WAS
MERGED INTO THE U.S. GOVERNMENT FUND. THE MERGER WAS ACCOMPLISHED BY A
TAX-FREE EXCHANGE OF 6,857 SHARES OF THE GOVERNMENT TOTAL RETURN PORTFOLIO FOR
6,078 SHARES OF THE U.S. GOVERNMENT FUND.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 12 THROUGH 19 OF THE ANNUAL SHAREHOLDER
REPORT.
</LEGEND>
<CIK> 0000049929
<NAME> FORTIS INCOME PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> FORTIS U.S. GOVERNMENT SECURITIES FUND (CLASS E)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 481,799,069
<INVESTMENTS-AT-VALUE> 475,602,608
<RECEIVABLES> 13,137,157
<ASSETS-OTHER> 190,856,194<F1>
<OTHER-ITEMS-ASSETS> 65,332
<TOTAL-ASSETS> 679,661,291
<PAYABLE-FOR-SECURITIES> 18,260,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,196,127<F1>
<TOTAL-LIABILITIES> 210,456,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,164,114
<SHARES-COMMON-STOCK> 43,720,683
<SHARES-COMMON-PRIOR> 52,149,917
<ACCUMULATED-NII-CURRENT> 188,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,951,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,196,461)
<NET-ASSETS> 469,204,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,505,727
<OTHER-INCOME> 186,449<F2>
<EXPENSES-NET> (4,098,185)
<NET-INVESTMENT-INCOME> 31,593,991
<REALIZED-GAINS-CURRENT> 2,510,562
<APPREC-INCREASE-CURRENT> (11,044,725)
<NET-CHANGE-FROM-OPS> 23,059,828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,140,392)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,660,444
<NUMBER-OF-SHARES-REDEEMED> (13,258,065)
<SHARES-REINVESTED> 2,168,387
<NET-CHANGE-IN-ASSETS> (11,931,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (59,756,962)
<OVERDISTRIB-NII-PRIOR> (17,686)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,098,185
<AVERAGE-NET-ASSETS> 481,013,000
<PER-SHARE-NAV-BEGIN> 9.02
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.87
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SECURITIES VALUED AT $184,465,797 WERE ON LOAN TO BROKERS FROM THE PORTFOLIO.
FOR COLLATERAL, THE PORTFOLIO'S CUSTODIAN RECEIVED $190,856,194 IN CASH.
<F2>SECURITY LENDING INCOME THROUGH JULY 31, 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENT OF ASSETS AND LIABILITIES, STATEMENT OF OPERATIONS, AND STATEMENT OF
CHANGES IN NET ASSETS FOUND ON PAGES 12 THROUGH 19 OF THE ANNUAL SHAREHOLDER
REPORT.
</LEGEND>
<CIK> 0000049929
<NAME> FORTIS INCOME PORTFOLIOS, INC.
<SERIES>
<NUMBER> 1
<NAME> FORTIS U.S. GOVERNMENT SECURITIES FUND (CLASS H)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 481,799,069
<INVESTMENTS-AT-VALUE> 475,602,608
<RECEIVABLES> 13,137,157
<ASSETS-OTHER> 190,856,194<F1>
<OTHER-ITEMS-ASSETS> 65,332
<TOTAL-ASSETS> 679,661,291
<PAYABLE-FOR-SECURITIES> 18,260,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,196,127<F1>
<TOTAL-LIABILITIES> 210,456,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 546,164,114
<SHARES-COMMON-STOCK> 1,142,208
<SHARES-COMMON-PRIOR> 534,676
<ACCUMULATED-NII-CURRENT> 188,322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,951,083)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,196,461)
<NET-ASSETS> 469,204,892
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,505,727
<OTHER-INCOME> 186,449<F2>
<EXPENSES-NET> (4,098,185)
<NET-INVESTMENT-INCOME> 31,593,991
<REALIZED-GAINS-CURRENT> 2,510,562
<APPREC-INCREASE-CURRENT> (11,044,725)
<NET-CHANGE-FROM-OPS> 23,059,828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (455,584)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 886,450<F3>
<NUMBER-OF-SHARES-REDEEMED> (314,193)
<SHARES-REINVESTED> 35,275
<NET-CHANGE-IN-ASSETS> (11,931,898)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (59,756,962)
<OVERDISTRIB-NII-PRIOR> (17,686)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,098,185
<AVERAGE-NET-ASSETS> 481,013,000
<PER-SHARE-NAV-BEGIN> 9.02
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.86
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SECURITIES VALUED AT $184,465,797 WERE ON LOAN TO BROKERS FROM THE PORTFOLIO.
FOR COLLATERAL, THE PORTFOLIOS, CUSTODIAN RECEIVED $190,856,194 IN CASH.
<F2>SECURITY LENDING INCOME THROUGH JULY 31, 1996.
<F3>EFFECTIVE WITH THE CLOSE OF BUSINESS ON MARCH 1, 1996, THE FORTIS ADVANTAGE
PORTFOLIOS, INC. - GOVERNMENT TOTAL RETURN PORTFOLIO (CIK 0000823344) WAS
MERGED INTO THE U.S. GOVERNMENT FUND. THE MERGER WAS ACCOMPLISHED BY A
TAX-FREE EXCHANGE OF 60,285 SHARES OF THE GOVERNMENT TOTAL RETURN PORTFOLIO FOR
53,236 SHARES OF THE U.S. GOVERNMENT FUND.
</FN>
</TABLE>
KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal Accounting
Control
The Board of Directors and Shareholders
Fortis Income Portfolios, Inc.:
In planning and performing our audit of the financial
statements of Fortis U.S. Government Securities Fund (a
fund within Fortis Income Portfolios, Inc.) for the year
ended July 31, 1996, we considered its internal control
structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on thefinancial
statements and to comply with the requirementsof Form
N-SAR, not to provide assurance on the internal control
structure.
The management of the Company is responsible
forestablishing and maintaining a system of
internalaccounting control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related
costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and
that transactions are executed in accordance with
management's authorization and recorded properly to
permit the preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, promection of any evaluation of the
structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions
of that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal
control structure that might be material weaknesses under
standards established by the American Institute of
Certified Public Accounts. A material weakness is a
condition in which the design or operation of the
specific internal control structure elements does not
reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we consider
to be a material weakness as defined above as of July 31,
1996.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
September 6, 1996
