GOVERNMENT INCOME PORTFOLIO
NSAR-B, 1997-02-26
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<PAGE>      PAGE  1
000 B000000 12/31/96
000 C000000 0000920843
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 GOVERNMENT INCOME PORTFOLIO
001 B000000 811-8438
001 C000000 6174231679
002 A000000 ELIZABETHAN SQUARE
002 B000000 GEORGETOWN
002 E010000 GRAND CAYMAN
003  000000 N
004  000000 N
005  000000 N
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008 A000001 CITIBANK, N.A.
008 B000001 A
008 C000001 801-000000
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10043
010 A000001 SIGNATURE FINANCIAL GROUP
010 B000001 8-41134
010 C010001 GEORGETOWN
010 C050001 GRAND CAYMAN
013 A000001 PRICE WATERHOUSE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 INVESTORS BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
<PAGE>      PAGE  2
018  000000 Y
019 A000000 Y
019 B000000   40
019 C000000 LANDMARK..
020 A000001 LEHMAN BROTHERS (PUERTO RICO)
020 B000001 N/A
020 C000001      1
020 A000002 LEHMAN BROTHERS INC.
020 B000002 13-2518466
020 C000002      1
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        3
022 A000001 DRESDNER SECURITIES, INC.
022 B000001 13-6172414
022 C000001    421047
022 D000001         0
022 A000002 AUBREY LANSTON CO.
022 B000002 13-5552129
022 C000002    210255
022 D000002      1441
022 A000003 LANGDON COOK & CO.
022 B000003 13-2838235
022 C000003     75372
022 D000003         0
022 A000004 SALOMON BROTHERS INC.
022 B000004 13-3082694
022 C000004     48243
022 D000004         0
022 A000005 MERRILL LYNCH, PIERCE FENNER & SMITH
022 B000005 13-5674085
022 C000005     45919
022 D000005         0
022 A000006 SANWA SECURITIES CO.
022 B000006 13-3046258
022 C000006     41191
022 D000006         0
022 A000007 CHEMICAL BANK
022 B000007 13-5227302
022 C000007     27468
022 D000007      8153
022 A000008 LEHMAN BROTHERS
022 B000008 13-2518466
<PAGE>      PAGE  3
022 C000008     30858
022 D000008         0
022 A000009 BEAR STEARNS & CO. INC.
022 B000009 13-3299429
022 C000009      5993
022 D000009     12931
022 A000010 NESBITT THOMSON SECURITIES
022 B000010 N/A
022 C000010     17333
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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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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
086 F010000      0
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SIGNATURE   JOHN R. ELDER                                
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000920843
<NAME> GOVERNMENT INCOME PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                  Year
<FISCAL-YEAR-END>                           DEC-31-1996
<PERIOD-END>                                DEC-31-1996
<INVESTMENTS-AT-COST>                       53,675,856
<INVESTMENTS-AT-VALUE>                      53,049,313
<RECEIVABLES>                                  466,769
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                28
<TOTAL-ASSETS>                              53,516,110
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    53,498,817
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                53,498,817
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                            3,448,841
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 198,026
<NET-INVESTMENT-INCOME>                      3,250,815
<REALIZED-GAINS-CURRENT>                      (673,824)
<APPREC-INCREASE-CURRENT>                     (682,218)
<NET-CHANGE-FROM-OPS>                        1,894,773
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     26,210,981
<NUMBER-OF-SHARES-REDEEMED>                (27,752,230)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         353,524
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          198,024
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                227,719
<AVERAGE-NET-ASSETS>                        56,578,378
<PER-SHARE-NAV-BEGIN>                             0.00
<PER-SHARE-NII>                                   0.00
<PER-SHARE-GAIN-APPREC>                           0.00
<PER-SHARE-DIVIDEND>                              0.00
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                               0.00
<EXPENSE-RATIO>                                   0.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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