FORTIS TAX FREE PORTFOLIOS INC
NSAR-A, 1998-05-27
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<PAGE>      PAGE  1
000 A000000 03/31/98
000 C000000 0000703708
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FORTIS TAX-FREE PORTFOLIOS, INC.
001 B000000 811-3498
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
007 B000000  2
007 C010100  1
007 C020100 NATIONAL PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 MINNESOTA PORTFOLIO
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FORTIS ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-07877
008 D01AA01 WOODBURY
008 D02AA01 MN
008 D03AA01 55125
011 A00AA01 FORTIS INVESTORS, INC.
011 B00AA01 8-13846
011 C01AA01 WOODBURY
011 C02AA01 MN
011 C03AA01 55125
012 A00AA01 FORTIS ADVISERS, INC.
012 B00AA01 85-07877
012 C01AA01 WOODBURY
012 C02AA01 MN
<PAGE>      PAGE  2
012 C03AA01 55125
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
015 A00AA01 U.S. BANK (N.A.) MINNEAPOLIS
015 B00AA01 C
015 C01AA01 MINNEAPOLIS
015 C02AA01 MN
015 C03AA01 55480
015 E01AA01 X
015 A00AA02 U.S. BANK (N.A.)
015 B00AA02 S
015 C01AA02 ST PAUL
015 C02AA02 MN
015 C03AA02 55164
015 E01AA02 X
018  00AA00 Y
019 A00AA00 Y
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019 C00AA00 FORTISFUND
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020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 WILLIAMS (A.H.) & CO., INC.
022 B000001 23-2177819
022 C000001     18817
022 D000001      9279
022 A000002 FIRST BANK (N.A.) MINNEAPOLIS
022 B000002 41-0256395
022 C000002     13102
022 D000002     13397
022 A000003 PIPER, JAFFRAY & HOPWOOD, INC.
022 B000003 41-0953246
022 C000003      5790
022 D000003     11676
022 A000004 CRONIN & CO., INC.
022 B000004 41-1233403
022 C000004      3656
022 D000004      7785
022 A000005 SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005      3252
<PAGE>      PAGE  3
022 D000005      1556
022 A000006 FIRST ALBANY CORP.
022 B000006 14-1391446
022 C000006       944
022 D000006      2926
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007      3773
022 D000007         0
022 A000008 MORGAN KEEGEN & CO., INC.
022 B000008 64-0474907
022 C000008         0
022 D000008      2489
022 A000009 BELLE HAVEN INVESTMENTS, L.P.
022 B000009 06-1385063
022 C000009         0
022 D000009      2192
022 A000010 INTERSTATE/JOHNSON LANE CORP.
022 B000010 56-0276690
022 C000010      1986
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 J020100 N
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070 K020100 Y
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070 M010100 N
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<PAGE>      PAGE  8
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080 A000100 ICI MUTUAL INSURANCE COMPANY
<PAGE>      PAGE  9
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034  000200 Y
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<PAGE>      PAGE  10
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048 I020200 0.000
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048 J020200 0.000
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048 K020200 0.700
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050  000200 N
051  000200 N
052  000200 N
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055 A000200 Y
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056  000200 Y
057  000200 N
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<PAGE>      PAGE  11
062 A000200 Y
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070 D010200 N
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070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
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070 H010200 N
070 H020200 N
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070 I020200 N
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070 J020200 N
070 K010200 Y
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<PAGE>      PAGE  12
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SIGNATURE   TAMARA L. FAGELY                             
TITLE       TREASURER           
 


<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 10 THROUGH 19 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 021
   <NAME> MINNESOTA PORTFOLIO (CLASS A)
<MULTIPLIER> 1
       
<S>                             <C>
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<OTHER-INCOME>                                       0
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<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 19 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 022
   <NAME> MINNESOTA PORTFOLIO (CLASS B)
<MULTIPLIER> 1
       
<S>                             <C>
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<PER-SHARE-NAV-END>                              10.49
<EXPENSE-RATIO>                                   1.96<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 19 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 023
   <NAME> MINNESOTA PORTFOLIO (CLASS C)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<PERIOD-START>                             OCT-01-1997
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<INVESTMENTS-AT-COST>                       46,142,699
<INVESTMENTS-AT-VALUE>                      48,312,629
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<REALIZED-GAINS-CURRENT>                       716,175
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<NUMBER-OF-SHARES-REDEEMED>                    (4,733)
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<NET-CHANGE-IN-ASSETS>                     (1,202,201)
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<ACCUMULATED-GAINS-PRIOR>                       20,283
<OVERDISTRIB-NII-PRIOR>                        (9,047)
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<EXPENSE-RATIO>                                   1.96<F1>
<AVG-DEBT-OUTSTANDING>                               0
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<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 19 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 025
   <NAME> MINNESOTA PORTFOLIO (CLASS E)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<PERIOD-START>                             OCT-01-1997
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<NET-ASSETS>                                48,830,591
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<EXPENSES-NET>                               (254,127)
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<REALIZED-GAINS-CURRENT>                       716,175
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<SHARES-REINVESTED>                             74,375
<NET-CHANGE-IN-ASSETS>                     (1,202,201)
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<ACCUMULATED-GAINS-PRIOR>                       20,283
<OVERDISTRIB-NII-PRIOR>                        (9,047)
<OVERDIST-NET-GAINS-PRIOR>                           0
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<PER-SHARE-DISTRIBUTIONS>                       (0.01)
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<PER-SHARE-NAV-END>                              10.53
<EXPENSE-RATIO>                                   0.96<F1>
<AVG-DEBT-OUTSTANDING>                               0
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<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 19 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 024
   <NAME> MINNESOTA PORTFOLIO (CLASS H)
<MULTIPLIER> 1
       
<S>                             <C>
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<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
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<NET-ASSETS>                                48,830,591
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (254,127)
<NET-INVESTMENT-INCOME>                      1,209,705
<REALIZED-GAINS-CURRENT>                       716,175
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<NUMBER-OF-SHARES-SOLD>                         20,394
<NUMBER-OF-SHARES-REDEEMED>                    (2,279)
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<NET-CHANGE-IN-ASSETS>                     (1,202,201)
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                        (9,047)
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                        49,619,000
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<PER-SHARE-DISTRIBUTIONS>                       (0.01)
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<EXPENSE-RATIO>                                   1.96<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 17 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 011
   <NAME> NATIONAL PORTFOLIO (CLASS A)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
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<REALIZED-GAINS-CURRENT>                       637,066
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (171,342)
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<NUMBER-OF-SHARES-REDEEMED>                   (49,686)
<SHARES-REINVESTED>                             10,993
<NET-CHANGE-IN-ASSETS>                       (991,894)
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                       (48,084)
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                        73,410,000
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<EXPENSE-RATIO>                                   1.20<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 17 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 012
   <NAME> NATIONAL PORTFOLIO (CLASS B)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
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<PAID-IN-CAPITAL-COMMON>                    66,989,090
<SHARES-COMMON-STOCK>                          127,689
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<DIVIDEND-INCOME>                                    0
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<REALIZED-GAINS-CURRENT>                       637,066
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<NET-CHANGE-FROM-OPS>                        2,462,489
<EQUALIZATION>                                       0
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<NET-CHANGE-IN-ASSETS>                       (991,894)
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                       (48,084)
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                            11.05
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<PER-SHARE-DISTRIBUTIONS>                       (0.04)
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<PER-SHARE-NAV-END>                              11.13
<EXPENSE-RATIO>                                   1.95<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 17 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 013
   <NAME> NATIONAL PORTFOLIO (CLASS C)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
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<PAYABLE-FOR-SECURITIES>                     1,067,895
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<PAID-IN-CAPITAL-COMMON>                    66,989,090
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<ACCUMULATED-NII-CURRENT>                            0
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                72,979,256
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (406,296)
<NET-INVESTMENT-INCOME>                      1,681,171
<REALIZED-GAINS-CURRENT>                       637,066
<APPREC-INCREASE-CURRENT>                      144,252
<NET-CHANGE-FROM-OPS>                        2,462,489
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (10,752)
<DISTRIBUTIONS-OF-GAINS>                       (1,845)
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<NUMBER-OF-SHARES-REDEEMED>                    (6,439)
<SHARES-REINVESTED>                              1,012
<NET-CHANGE-IN-ASSETS>                       (991,894)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      162,277
<OVERDISTRIB-NII-PRIOR>                       (48,084)
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<GROSS-ADVISORY-FEES>                          280,850
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                406,296
<AVERAGE-NET-ASSETS>                        73,410,000
<PER-SHARE-NAV-BEGIN>                            11.04
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<PER-SHARE-GAIN-APPREC>                           0.13
<PER-SHARE-DIVIDEND>                            (0.21)
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
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<PER-SHARE-NAV-END>                              11.12
<EXPENSE-RATIO>                                   1.95<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 17 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 015
   <NAME> NATIONAL PORTFOLIO (CLASS E)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
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<INVESTMENTS-AT-COST>                       67,749,503
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<RECEIVABLES>                                  951,576
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<PAYABLE-FOR-SECURITIES>                     1,067,895
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      175,202
<TOTAL-LIABILITIES>                          1,243,097
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    66,989,090
<SHARES-COMMON-STOCK>                        5,186,409
<SHARES-COMMON-PRIOR>                        5,395,595
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (71,466)
<ACCUMULATED-NET-GAINS>                        564,728
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,496,904
<NET-ASSETS>                                72,979,256
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,087,467
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (406,296)
<NET-INVESTMENT-INCOME>                      1,681,171
<REALIZED-GAINS-CURRENT>                       637,066
<APPREC-INCREASE-CURRENT>                      144,252
<NET-CHANGE-FROM-OPS>                        2,462,489
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,395,190)
<DISTRIBUTIONS-OF-GAINS>                     (188,744)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         96,149
<NUMBER-OF-SHARES-REDEEMED>                  (397,484)
<SHARES-REINVESTED>                             92,149
<NET-CHANGE-IN-ASSETS>                       (991,894)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      162,277
<OVERDISTRIB-NII-PRIOR>                       (48,084)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          280,850
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                406,296
<AVERAGE-NET-ASSETS>                        73,410,000
<PER-SHARE-NAV-BEGIN>                            11.07
<PER-SHARE-NII>                                   0.26
<PER-SHARE-GAIN-APPREC>                           0.13
<PER-SHARE-DIVIDEND>                            (0.27)
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.15
<EXPENSE-RATIO>                                   0.95<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</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 10 THROUGH 17 OF THE FORTIS TAX-FREE
PORTFOLIOS SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000703708
<NAME> FORTIS TAX-FREE PORTFOLIOS, INC.
<SERIES>
   <NUMBER> 014
   <NAME> NATIONAL PORTFOLIO (CLASS H)
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-START>                             OCT-01-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                       67,749,503
<INVESTMENTS-AT-VALUE>                      73,246,407
<RECEIVABLES>                                  951,576
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            24,370
<TOTAL-ASSETS>                              74,222,353
<PAYABLE-FOR-SECURITIES>                     1,067,895
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      175,202
<TOTAL-LIABILITIES>                          1,243,097
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    66,989,090
<SHARES-COMMON-STOCK>                          480,098
<SHARES-COMMON-PRIOR>                          461,943
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                        (71,466)
<ACCUMULATED-NET-GAINS>                        564,728
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,496,904
<NET-ASSETS>                                72,979,256
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            2,087,467
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (406,296)
<NET-INVESTMENT-INCOME>                      1,681,171
<REALIZED-GAINS-CURRENT>                       637,066
<APPREC-INCREASE-CURRENT>                      144,252
<NET-CHANGE-FROM-OPS>                        2,462,489
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (101,938)
<DISTRIBUTIONS-OF-GAINS>                      (15,907)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         55,114
<NUMBER-OF-SHARES-REDEEMED>                   (43,336)
<SHARES-REINVESTED>                              6,377
<NET-CHANGE-IN-ASSETS>                       (991,894)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      162,277
<OVERDISTRIB-NII-PRIOR>                       (48,084)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          280,850
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                406,296
<AVERAGE-NET-ASSETS>                        73,410,000
<PER-SHARE-NAV-BEGIN>                            11.06
<PER-SHARE-NII>                                   0.19
<PER-SHARE-GAIN-APPREC>                           0.13
<PER-SHARE-DIVIDEND>                            (0.21)
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.13
<EXPENSE-RATIO>                                   1.95<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>ANNUALIZED.
</FN>
        

</TABLE>

On January 29, 1998, the security holders of the Tax-Free Portfolios approved
an amendment to the portfolios' fundamental investment restrictions allowing
for investment in forms of financial contracts, such as futures contracts,
which may be deemed to be "commodities."  In addition, the security holders of
the Minnesota Portfolio approved a change to the investment advisory fee
calculation for the Portfolio.  Further information concerning the details of
this transaction is contained in the proxy materials filed by the registrant
with the Commission on December 30, 1997.



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