<PAGE> PAGE 1
000 A000000 01/31/99
000 C000000 0000823344
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 ADVANTAGE PORTFOLIOS
001 B000000 811-5355
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 3
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 HIGH YIELD PORTFOLIO
007 C030300 N
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
012 C03AA01 55125
013 A00AA01 KPMG PEAT MARWICK
<PAGE> PAGE 2
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 33
019 C00AA00 FORTISFUND
020 A000001 MORGAN STANLEY/DEAN WITTER REYNOLDS
020 B000001 13-2655998
020 C000001 22
020 A000002 GOLDMAN SACHS & CO.
020 B000002 13-5108880
020 C000002 21
020 A000003 DEUTSCHE MORGAN GRENFELL, INC.
020 B000003 13-2730828
020 C000003 20
020 A000004 LAZARD FRERES & CO.
020 B000004 13-5545100
020 C000004 19
020 A000005 PAINE WEBBER INC.
020 B000005 13-2638166
020 C000005 18
020 A000006 MONTGOMERY SECURITIES
020 B000006 94-1701676
020 C000006 15
020 A000007 HAMBRECHT & QUIST LLC
020 B000007 94-3220292
020 C000007 15
020 A000008 SALOMON BROTHERS/SMITH BARNEY
020 B000008 13-3082694
020 C000008 13
020 A000009 COWEN & CO.
020 B000009 13-5616116
020 C000009 12
020 A000010 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000010 13-2625874
020 C000010 11
021 000000 287
022 A000001 NORWEST INVESTMENT SERVICES
022 B000001 41-1508325
022 C000001 116895
022 D000001 116433
022 A000002 PAINE WEBBER INC.
022 B000002 13-2638166
022 C000002 216294
022 D000002 13445
022 A000003 U.S. BANK (N.A.)
022 B000003 41-0256395
022 C000003 63017
022 D000003 49330
022 A000004 HAMBRECHT & QUIST LLC
<PAGE> PAGE 3
022 B000004 94-3220292
022 C000004 25203
022 D000004 24627
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005 36959
022 D000005 10368
022 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000006 13-5674085
022 C000006 19521
022 D000006 20913
022 A000007 BEAR, STEARNS & CO.
022 B000007 13-3299429
022 C000007 13172
022 D000007 21844
022 A000008 SALOMON BROTHERS/SMITH BARNEY
022 B000008 13-3082694
022 C000008 16709
022 D000008 18251
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009 16515
022 D000009 11919
022 A000010 OPPENHEIMER & CO., INC.
022 B000010 13-2798343
022 C000010 11414
022 D000010 13603
023 C000000 714202
023 D000000 424927
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
<PAGE> PAGE 4
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A000301 U.S. BANK NATIONAL ASSOCIATION
015 B000301 C
015 C010301 MINNEAPOLIS
015 C020301 MN
015 C030301 55480
015 E010301 X
015 A000302 U.S. BANK N.A.
015 B000302 S
015 C010302 ST. PAUL
015 C020302 MN
015 C030302 55164
015 E010302 X
024 000300 Y
025 A000301 U.S. BANK (N.A.)
025 B000301 41-0256395
025 C000301 D
025 D000301 7356
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 3452
028 A020300 849
028 A030300 0
028 A040300 6654
028 B010300 2414
028 B020300 841
028 B030300 0
028 B040300 6156
028 C010300 1832
028 C020300 832
<PAGE> PAGE 5
028 C030300 0
028 C040300 5531
028 D010300 2155
028 D020300 833
028 D030300 0
028 D040300 4368
028 E010300 3290
028 E020300 823
028 E030300 0
028 E040300 4567
028 F010300 3024
028 F020300 816
028 F030300 0
028 F040300 5087
028 G010300 16167
028 G020300 4994
028 G030300 0
028 G040300 32363
028 H000300 3373
029 000300 Y
030 A000300 123
030 B000300 4.50
030 C000300 0.00
031 A000300 27
031 B000300 0
032 000300 23
033 000300 73
034 000300 Y
035 000300 211
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 615
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 50000
<PAGE> PAGE 6
048 A020300 0.800
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 50000
048 K020300 0.700
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 25
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 3.7
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 94.1
<PAGE> PAGE 7
062 Q000300 0.4
062 R000300 0.4
063 A000300 0
063 B000300 7.7
064 A000300 N
064 B000300 Y
065 000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 41404
071 B000300 50359
071 C000300 197162
<PAGE> PAGE 8
071 D000300 21
072 A000300 6
072 B000300 10322
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 742
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 10
072 K000300 4
072 L000300 18
072 M000300 6
072 N000300 34
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 13
072 S000300 3
072 T000300 687
072 U000300 0
072 V000300 0
072 W000300 8
072 X000300 1525
072 Y000300 0
072 Z000300 8797
072AA000300 545
072BB000300 7702
072CC010300 0
072CC020300 5168
072DD010300 4669
072DD020300 4235
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 18
074 B000300 0
074 C000300 7356
074 D000300 188958
074 E000300 0
074 F000300 716
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 872
074 K000300 0
074 L000300 4908
074 M000300 34
<PAGE> PAGE 9
074 N000300 202862
074 O000300 2000
074 P000300 137
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 819
074 S000300 0
074 T000300 199906
074 U010300 14407
074 U020300 14166
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 14381
074 Y000300 0
075 A000300 0
075 B000300 205065
076 000300 0.00
080 A000300 ICI MUTUAL INSURANCE COMPANY
080 C000300 8000
081 A000300 Y
081 B000300 33
082 A000300 Y
082 B000300 50
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 Y
085 B000300 N
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 PAGE(S) 19 through 31 OF THE FORTIS BOND FUNDS
SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000823344
<NAME> FORTIS ADVANTAGE PORTFOLIOS, INC.
<SERIES>
<NUMBER> 031
<NAME> FORTIS ADVANTAGE HIGH YIELD (CLASS A)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 213,040,003
<INVESTMENTS-AT-VALUE> 197,030,102
<RECEIVABLES> 5,779,589
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,450
<TOTAL-ASSETS> 202,862,141
<PAYABLE-FOR-SECURITIES> 2,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 955,978
<TOTAL-LIABILITIES> 2,955,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,621,709
<SHARES-COMMON-STOCK> 14,407,129
<SHARES-COMMON-PRIOR> 15,327,289
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,066)
<ACCUMULATED-NET-GAINS> (17,601,579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,009,901)
<NET-ASSETS> 199,906,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,322,076
<OTHER-INCOME> 0
<EXPENSES-NET> (1,525,573)
<NET-INVESTMENT-INCOME> 8,796,503
<REALIZED-GAINS-CURRENT> (7,156,812)
<APPREC-INCREASE-CURRENT> (5,168,396)
<NET-CHANGE-FROM-OPS> (3,528,705)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,668,622)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,045,308
<NUMBER-OF-SHARES-REDEEMED> (2,382,667)
<SHARES-REINVESTED> 417,199
<NET-CHANGE-IN-ASSETS> (23,634,099)
<ACCUMULATED-NII-PRIOR> 3,356
<ACCUMULATED-GAINS-PRIOR> (10,444,767)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,525,573
<AVERAGE-NET-ASSETS> 205,065,000
<PER-SHARE-NAV-BEGIN> 7.41
<PER-SHARE-NII> .31
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.00
<EXPENSE-RATIO> 1.17<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 PAGE(S) 19 through 31 OF THE FORTIS BOND FUNDS
SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000823344
<NAME> FORTIS ADVANTAGE PORTFOLIOS, INC.
<SERIES>
<NUMBER> 032
<NAME> FORTIS ADVANTAGE HIGH YIELD (CLASS B)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 213,040,003
<INVESTMENTS-AT-VALUE> 197,030,102
<RECEIVABLES> 5,779,589
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,450
<TOTAL-ASSETS> 202,862,141
<PAYABLE-FOR-SECURITIES> 2,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 955,978
<TOTAL-LIABILITIES> 2,955,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,621,709
<SHARES-COMMON-STOCK> 3,761,350
<SHARES-COMMON-PRIOR> 3,906,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,066)
<ACCUMULATED-NET-GAINS> (17,601,579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,009,901)
<NET-ASSETS> 199,906,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,322,076
<OTHER-INCOME> 0
<EXPENSES-NET> (1,525,573)
<NET-INVESTMENT-INCOME> 8,796,503
<REALIZED-GAINS-CURRENT> (7,156,812)
<APPREC-INCREASE-CURRENT> (5,168,396)
<NET-CHANGE-FROM-OPS> (3,528,705)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,120,418)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 299,918
<NUMBER-OF-SHARES-REDEEMED> (519,610)
<SHARES-REINVESTED> 74,338
<NET-CHANGE-IN-ASSETS> (23,634,099)
<ACCUMULATED-NII-PRIOR> 3,356
<ACCUMULATED-GAINS-PRIOR> (10,444,767)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,525,573
<AVERAGE-NET-ASSETS> 205,065,000
<PER-SHARE-NAV-BEGIN> 7.41
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.00
<EXPENSE-RATIO> 1.82<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 PAGE(S) 19 through 31 OF THE FORTIS BOND FUNDS
SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000823344
<NAME> FORTIS ADVANTAGE PORTFOLIOS, INC.
<SERIES>
<NUMBER> 033
<NAME> FORTIS ADVANTAGE HIGH YIELD (CLASS C)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 213,040,003
<INVESTMENTS-AT-VALUE> 197,030,102
<RECEIVABLES> 5,779,589
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,450
<TOTAL-ASSETS> 202,862,141
<PAYABLE-FOR-SECURITIES> 2,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 955,978
<TOTAL-LIABILITIES> 2,955,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,621,709
<SHARES-COMMON-STOCK> 972,253
<SHARES-COMMON-PRIOR> 1,168,289
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,066)
<ACCUMULATED-NET-GAINS> (17,601,579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,009,901)
<NET-ASSETS> 199,906,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,322,076
<OTHER-INCOME> 0
<EXPENSES-NET> (1,525,573)
<NET-INVESTMENT-INCOME> 8,796,503
<REALIZED-GAINS-CURRENT> (7,156,812)
<APPREC-INCREASE-CURRENT> (5,168,396)
<NET-CHANGE-FROM-OPS> (3,528,705)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (308,196)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97,595
<NUMBER-OF-SHARES-REDEEMED> (329,535)
<SHARES-REINVESTED> 35,904
<NET-CHANGE-IN-ASSETS> (23,634,099)
<ACCUMULATED-NII-PRIOR> 3,356
<ACCUMULATED-GAINS-PRIOR> (10,444,767)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,525,573
<AVERAGE-NET-ASSETS> 205,065,000
<PER-SHARE-NAV-BEGIN> 7.40
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.41)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.98
<EXPENSE-RATIO> 1.82<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 PAGE(S) 19 through 31 OF THE FORTIS BOND FUNDS
SEMI-ANNUAL SHAREHOLDER REPORT.
</LEGEND>
<CIK> 0000823344
<NAME> FORTIS ADVANTAGE PORTFOLIOS, INC.
<SERIES>
<NUMBER> 034
<NAME> FORTIS ADVANTAGE HIGH YIELD (CLASS H)
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 213,040,003
<INVESTMENTS-AT-VALUE> 197,030,102
<RECEIVABLES> 5,779,589
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52,450
<TOTAL-ASSETS> 202,862,141
<PAYABLE-FOR-SECURITIES> 2,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 955,978
<TOTAL-LIABILITIES> 2,955,978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,621,709
<SHARES-COMMON-STOCK> 9,432,733
<SHARES-COMMON-PRIOR> 9,783,864
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,066)
<ACCUMULATED-NET-GAINS> (17,601,579)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (16,009,901)
<NET-ASSETS> 199,906,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,322,076
<OTHER-INCOME> 0
<EXPENSES-NET> (1,525,573)
<NET-INVESTMENT-INCOME> 8,796,503
<REALIZED-GAINS-CURRENT> (7,156,812)
<APPREC-INCREASE-CURRENT> (5,168,396)
<NET-CHANGE-FROM-OPS> (3,528,705)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,806,689)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 865,537
<NUMBER-OF-SHARES-REDEEMED> (1,408,142)
<SHARES-REINVESTED> 191,474
<NET-CHANGE-IN-ASSETS> (23,634,099)
<ACCUMULATED-NII-PRIOR> 3,356
<ACCUMULATED-GAINS-PRIOR> (10,444,767)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,525,573
<AVERAGE-NET-ASSETS> 205,065,000
<PER-SHARE-NAV-BEGIN> 7.40
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> (.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.99
<EXPENSE-RATIO> 1.82<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
Attachment for affirmative response to Item 77.D of
Form N-SAR
The funds have removed certain non-fundamental
investment restrictions previously required by one or
more state securities regulators.