INCOME TRUST
NSAR-A, 1998-01-29
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<PAGE>      PAGE  1
000 A000000 11/30/97
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002 B000000 MINNEAPOLIS
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002 D020000 0010
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004  000000 N
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006  000000 N
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007 C010100  1
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007 C030100 N
007 C010200  2
007 C020200 HIGH YIELD PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 QUALITY INCOME PORTFOLIO
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008 D03AA01 55440
008 D04AA01 0010
010 A00AA01 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
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010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55440
<PAGE>      PAGE  2
010 C04AA01 0010
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
013 B04AA01 3900
014 A00AA01 AMERICAN EXPRESS FINANCIAL CORPORATION
014 B00AA01 8-31250
014 A00AA02 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
014 B00AA02 8-16791
014 A00AA03 IDS LIFE INSURANCE COMPANY
014 B00AA03 8-14124
014 A00AA04 IDS SECURITIES CORPORATION
014 B00AA04 8-12550
014 A00AA05 AMERICAN EXPRESS SERVICE CORPORATION
014 B00AA05 8-27456
014 A00AA06 AMERICAN ENTERPRISE INVESTMENT SERVICES INC.
014 B00AA06 8-42582
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020 A000001 WEEDEN & CO. LP
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022 A000003 MERRILL LYNCH & CO., INC.
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022 C000003    955286
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<PAGE>      PAGE  3
022 A000004 LEHMAN COMMERCIAL PAPER INC.
022 B000004 13-2501865
022 C000004    848686
022 D000004    299926
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005    631973
022 D000005    358705
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022 B000006 13-5659485
022 C000006    459515
022 D000006    246235
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007    290145
022 D000007    352611
022 A000008 DONALDSON, LUFKIN JENRETTE SEC CORP.
022 B000008 13-2741729
022 C000008    365515
022 D000008    261103
022 A000009 MORGAN (J.P.) SECURITIES INC.
022 B000009 13-3224016
022 C000009    279622
022 D000009    298114
022 A000010 CHASE INVESTMENT SERVICES CORP.
022 B000010 13-5225436
022 C000010    303632
022 D000010     32491
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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  10
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<PAGE>      PAGE  11
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SIGNATURE   LESLIE L. OGG                                
TITLE       GENERAL COUNSEL     
 

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
     <NUMBER> 2
     <NAME> HIGH YIELD PORTFOLIO
       
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<EXPENSE-RATIO>                                              0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
     <NUMBER> 3
     <NAME> QUALITY INCOME PORTFOLIO
       
<S>                                               <C>
<PERIOD-TYPE>                                            6-MOS
<FISCAL-YEAR-END>                                  MAY-31-1998
<PERIOD-END>                                       NOV-30-1997
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<RECEIVABLES>                                         22470641
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<TOTAL-ASSETS>                                      1708943249
<PAYABLE-FOR-SECURITIES>                                 47500
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<SENIOR-EQUITY>                                              0
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<SHARES-COMMON-STOCK>                                        0
<SHARES-COMMON-PRIOR>                                        0
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<NET-ASSETS>                                        1620263610
<DIVIDEND-INCOME>                                       403750
<INTEREST-INCOME>                                     56571543
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<EXPENSES-NET>                                         4234071
<NET-INVESTMENT-INCOME>                               52741222
<REALIZED-GAINS-CURRENT>                             (8339354)
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<NET-CHANGE-FROM-OPS>                                101467846
<EQUALIZATION>                                               0
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<NUMBER-OF-SHARES-REDEEMED>                                  0
<SHARES-REINVESTED>                                          0
<NET-CHANGE-IN-ASSETS>                                 4609541
<ACCUMULATED-NII-PRIOR>                                      0
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER>  1
   <NAME>  GOVERNMENT  INCOME PORTFOLIO
       
<S>                                                <C>
<PERIOD-TYPE>                                            6-MOS
<FISCAL-YEAR-END>                                  MAY-31-1998
<PERIOD-END>                                       NOV-30-1997
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<RECEIVABLES>                                        176325980
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<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>                                        2376042675
<DIVIDEND-INCOME>                                            0
<INTEREST-INCOME>                                     79006597
<OTHER-INCOME>                                               0
<EXPENSES-NET>                                         5930020
<NET-INVESTMENT-INCOME>                               73076577
<REALIZED-GAINS-CURRENT>                            (20802270)
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<NET-CHANGE-FROM-OPS>                                100954562
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<ACCUMULATED-NII-PRIOR>                                      0
<ACCUMULATED-GAINS-PRIOR>                                    0
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</TABLE>


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