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SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSEL
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11015616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11206550
<AVERAGE-NET-ASSETS> 3928837480
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
<SERIES>
<NUMBER>5
<NAME> QUALITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 1516912022
<INVESTMENTS-AT-VALUE> 1614439961
<RECEIVABLES> 44380608
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1658820569
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2132085
<TOTAL-LIABILITIES> 2132085
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<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> 1656688484
<DIVIDEND-INCOME> 403750
<INTEREST-INCOME> 55119268
<OTHER-INCOME> 0
<EXPENSES-NET> 4265089
<NET-INVESTMENT-INCOME> 51257929
<REALIZED-GAINS-CURRENT> 8685100
<APPREC-INCREASE-CURRENT> 9636060
<NET-CHANGE-FROM-OPS> 69579089
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4188850
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4266495
<AVERAGE-NET-ASSETS> 1619088460
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
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<PER-SHARE-DISTRIBUTIONS> 0
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
for Income Trust
At the Board of Directors meetings held on October 7-8, 1998, the following
investment policies were eliminated:
The Portfolio will not pledge or mortgage its assets beyond 15% of total assets.
The Portfolio will not invest more than 5% of its total assets in securities of
companies, including any predecessors, that have a record of less than three
years continuous operations.
The Portfolio will not invest more than 5% of its net assets in warrants.
The Portfolio will not invest in exploration or development programs such as
oil, gas or mineral leases.
For High Yield Portfolio The Portfolio will not purchase securities of an issuer
if the board members and officers of the the Portfolio and of American Express
Financial Corporations (AEFC) hold more than a certain percentage of the
issuer's outstanding securities. If the holdings of all board members and
officers of the Portfolio and AEFC who own more than 0.5% of an issuer's
securities are added together, and if in total they own more than 5%, the
Portfolio will not purchase securities of that issuer.
