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010 B000001 801-8314
010 C010001 NEW YORK
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010 C030001 10013
010 A000002 THE BOSTON COMPANY ADVISORS, INC.
010 B000002 801-14158
<PAGE> PAGE 2
010 C010002 BOSTON
010 C020002 MA
010 C030002 02108
011 A000001 SMITH BARNEY INC.
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<PAGE> PAGE 3
022 A000002 NIKKO SECURITIES COMPANY
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022 A000003 J.P. MORGAN SECURITIES
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022 A000006 DONALDSON, LUFKIN & JENETT
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022 A000009 MORGAN STANLEY & COMPANY
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<PAGE> PAGE 4
027 000000 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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SIGNATURE CHRISTINA HAAGE
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 0
<NAME> ADJUSTABLE RATE GOVERNMENT INCOME CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 234,828,213
<INVESTMENTS-AT-VALUE> 230,819,327
<RECEIVABLES> 54,626,381
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 182,897
<TOTAL-ASSETS> 285,628,605
<PAYABLE-FOR-SECURITIES> 39,950,083
<SENIOR-LONG-TERM-DEBT> 39,024,146
<OTHER-ITEMS-LIABILITIES> 1,934,985
<TOTAL-LIABILITIES> 80,909,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,675,040
<SHARES-COMMON-STOCK> 20,373,835
<SHARES-COMMON-PRIOR> 29,012,075
<ACCUMULATED-NII-CURRENT> 216,610
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,080,310)
<ACCUM-APPREC-OR-DEPREC> (4,091,949)
<NET-ASSETS> 204,719,391
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,547,490
<OTHER-INCOME> 0
<EXPENSES-NET> 3,010,512
<NET-INVESTMENT-INCOME> 5,536,978
<REALIZED-GAINS-CURRENT> (3,654,912)
<APPREC-INCREASE-CURRENT> 2,803,475
<NET-CHANGE-FROM-OPS> 4,685,541
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,965,810
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,006,012
<NUMBER-OF-SHARES-REDEEMED> 15,108,194
<SHARES-REINVESTED> 463,942
<NET-CHANGE-IN-ASSETS> (87,441,971)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (209,374)
<OVERDIST-NET-GAINS-PRIOR> (1,425,398)
<GROSS-ADVISORY-FEES> 489,786
<INTEREST-EXPENSE> 1,058,075
<GROSS-EXPENSE> 1,952,437
<AVERAGE-NET-ASSETS> 244,223,959
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> 0.18
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 43,942,496
<AVG-DEBT-PER-SHARE> 2.09
<ARTICLE> 6
<SERIES>
[NUMBER] 0
<NAME> ADJUSTABLE RATE GOVERNMENT INCOME CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
[INVESTMENTS-AT-COST] 234,828,213
[INVESTMENTS-AT-VALUE] 230,819,327
[RECEIVABLES] 54,626,381
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 182,897
[TOTAL-ASSETS] 285,628,605
[PAYABLE-FOR-SECURITIES] 39,950,083
[SENIOR-LONG-TERM-DEBT] 39,024,146
[OTHER-ITEMS-LIABILITIES] 1,934,985
[TOTAL-LIABILITIES] 80,909,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 213,675,040
[SHARES-COMMON-STOCK] 610,477
[SHARES-COMMON-PRIOR] 861,490
[ACCUMULATED-NII-CURRENT] 216,610
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (5,080,310)
[ACCUM-APPREC-OR-DEPREC] (4,091,949)
[NET-ASSETS] 204,719,391
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 8,547,490
[OTHER-INCOME] 0
[EXPENSES-NET] 3,010,512
[NET-INVESTMENT-INCOME] 5,536,978
[REALIZED-GAINS-CURRENT] (3,654,912)
[APPREC-INCREASE-CURRENT] 2,803,475
[NET-CHANGE-FROM-OPS] 4,685,541
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 143,000
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 285,551
[NUMBER-OF-SHARES-REDEEMED] 548,173
[SHARES-REINVESTED] 11,609
[NET-CHANGE-IN-ASSETS] (87,441,971)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (209,374)
[OVERDIST-NET-GAINS-PRIOR] (1,425,398)
[GROSS-ADVISORY-FEES] 489,786
[INTEREST-EXPENSE] 1,058,075
[GROSS-EXPENSE] 1,952,437
[AVERAGE-NET-ASSETS] 244,223,959
[PER-SHARE-NAV-BEGIN] 9.78
[PER-SHARE-NII] 0.19
[PER-SHARE-GAIN-APPREC] (0.04)
[PER-SHARE-DIVIDEND] 0.18
[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 9.75
[EXPENSE-RATIO] 1.62
[AVG-DEBT-OUTSTANDING] 43,942,496
[AVG-DEBT-PER-SHARE] 2.09
<ARTICLE> 6
<SERIES>
[NUMBER] 0
<NAME> ADJUSTABLE RATE GOVERNMENT INCOME CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1994
<PERIOD-END> NOV-30-1994
[INVESTMENTS-AT-COST] 234,828,213
[INVESTMENTS-AT-VALUE] 230,819,327
[RECEIVABLES] 54,626,381
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 182,897
[TOTAL-ASSETS] 285,628,605
[PAYABLE-FOR-SECURITIES] 39,950,083
[SENIOR-LONG-TERM-DEBT] 39,024,146
[OTHER-ITEMS-LIABILITIES] 1,934,985
[TOTAL-LIABILITIES] 80,909,214
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 213,675,040
[SHARES-COMMON-STOCK] 8,517
[SHARES-COMMON-PRIOR] 11,516
[ACCUMULATED-NII-CURRENT] 216,610
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] (5,080,310)
[ACCUM-APPREC-OR-DEPREC] (4,091,949)
[NET-ASSETS] 204,719,391
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 8,547,490
[OTHER-INCOME] 0
[EXPENSES-NET] 3,010,512
[NET-INVESTMENT-INCOME] 5,536,978
[REALIZED-GAINS-CURRENT] (3,654,912)
[APPREC-INCREASE-CURRENT] 2,803,475
[NET-CHANGE-FROM-OPS] 4,685,541
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,184
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,244
[NUMBER-OF-SHARES-REDEEMED] 4,472
[SHARES-REINVESTED] 229
[NET-CHANGE-IN-ASSETS] (87,441,971)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] (209,374)
[OVERDIST-NET-GAINS-PRIOR] (1,425,398)
[GROSS-ADVISORY-FEES] 489,786
[INTEREST-EXPENSE] 1,058,075
[GROSS-EXPENSE] 1,952,437
[AVERAGE-NET-ASSETS] 244,223,959
[PER-SHARE-NAV-BEGIN] 9.78
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[PER-SHARE-GAIN-APPREC] (0.04)
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[PER-SHARE-DISTRIBUTIONS] 0.00
[RETURNS-OF-CAPITAL] 0.00
[PER-SHARE-NAV-END] 9.75
[EXPENSE-RATIO] 1.57
[AVG-DEBT-OUTSTANDING] 43,942,496
[AVG-DEBT-PER-SHARE] 2.09
</TABLE>
