<PAGE> PAGE 1
000 A000000 11/30/99
000 C000000 0000946789
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 INCOME TRUST
001 B000000 811-7307
001 C000000 6126713800
002 A000000 IDS TOWER 10
002 B000000 MINNEAPOLIS
002 C000000 MN
002 D010000 55440
002 D020000 0010
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 GOVERNMENT INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 HIGH YIELD PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 QUALITY INCOME 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 AMERICAN EXPRESS FINANCIAL CORPORATION
008 B00AA01 A
008 C00AA01 801-14721
008 D01AA01 MINNEAPOLIS
008 D02AA01 MN
008 D03AA01 55440
008 D04AA01 0010
010 A00AA01 AMERICAN EXPRESS FINANCIAL ADVISORS INC.
010 B00AA01 8-16791
010 C01AA01 MINNEAPOLIS
010 C02AA01 MN
010 C03AA01 55440
<PAGE> PAGE 2
010 C04AA01 0010
013 A00AA01 KPMG 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
014 A00AA07 SECURITIES AMERICA INC.
014 B00AA07 8-26602
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 TRUSTGROUP
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001 13
020 A000002 DONALDSON, LUFKIN JENRETTE SEC CORP.
020 B000002 13-2741729
020 C000002 5
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 18
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 4786401
022 D000001 4018086
022 A000002 CREDIT SUISSE FIRST BOSTON CORP
022 B000002 13-5659485
022 C000002 4130762
022 D000002 2533531
022 A000003 SALOMON SMITH BARNEY INC.
022 B000003 13-1912900
022 C000003 2743856
022 D000003 2640983
<PAGE> PAGE 3
022 A000004 MERRILL LYNCH & CO., INC.
022 B000004 13-5674085
022 C000004 1464604
022 D000004 1332422
022 A000005 DONALDSON, LUFKIN JENRETTE SEC CORP.
022 B000005 13-2741729
022 C000005 1214487
022 D000005 1279002
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2501865
022 C000006 590142
022 D000006 1012890
022 A000007 PAINNEWEBBER INC.
022 B000007 13-2638166
022 C000007 668279
022 D000007 684059
022 A000008 MORGAN (J.P.) SECURITIES INC.
022 B000008 13-3224016
022 C000008 152675
022 D000008 939830
022 A000009 MORGAN STANLEY & CO., INC.
022 B000009 13-2655998
022 C000009 775907
022 D000009 161636
022 A000010 NATIONSBANK
022 B000010 75-0520130
022 C000010 491461
022 D000010 336236
023 C000000 20035696
023 D000000 31656915
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 0
028 A02AA00 0
028 A03AA00 0
028 A04AA00 0
028 B01AA00 0
028 B02AA00 0
028 B03AA00 0
028 B04AA00 0
028 C01AA00 0
028 C02AA00 0
028 C03AA00 0
<PAGE> PAGE 4
028 C04AA00 0
028 D01AA00 0
028 D02AA00 0
028 D03AA00 0
028 D04AA00 0
028 E01AA00 0
028 E02AA00 0
028 E03AA00 0
028 E04AA00 0
028 F01AA00 0
028 F02AA00 0
028 F03AA00 0
028 F04AA00 0
028 G01AA00 0
028 G02AA00 0
028 G03AA00 0
028 G04AA00 0
028 H00AA00 0
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
<PAGE> PAGE 5
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 C00AA00 0
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
<PAGE> PAGE 6
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 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 A000101 AMERICAN EXPRESS TRUST COMPANY
015 B000101 C
015 C010101 MINNEAPOLIS
015 C020101 MN
015 C030101 55402
015 C040101 2307
015 E010101 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 1000000
048 A020100 0.520
048 B010100 1000000
048 B020100 0.495
048 C010100 1000000
048 C020100 0.470
048 D010100 3000000
048 D020100 0.445
048 E010100 3000000
048 E020100 0.420
048 F010100 0
048 F020100 0.000
048 G010100 0
<PAGE> PAGE 7
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 9000000
048 K020100 0.395
062 A000100 Y
062 B000100 0.0
062 C000100 3.4
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.2
062 M000100 43.1
062 N000100 53.3
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 15.0
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 Y
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
<PAGE> PAGE 8
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 13405767
071 B000100 13188404
071 C000100 4354791
071 D000100 303
072 A000100 6
072 B000100 110029
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 8308
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 130
072 K000100 0
072 L000100 0
072 M000100 7
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 17
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 24
072 X000100 8486
072 Y000100 6
072 Z000100 101549
072AA000100 0
072BB000100 74093
072CC010100 17562
072CC020100 0
072DD010100 0
<PAGE> PAGE 9
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 771
074 B000100 0
074 C000100 113588
074 D000100 4412723
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 1219
074 I000100 0
074 J000100 726259
074 K000100 0
074 L000100 26979
074 M000100 74106
074 N000100 5355645
074 O000100 1073054
074 P000100 43
074 Q000100 0
074 R010100 0
074 R020100 224001
074 R030100 578
074 R040100 858638
074 S000100 0
074 T000100 3199331
074 U010100 0
074 U020100 0
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
075 A000100 0
075 B000100 3318824
076 000100 0.00
015 A000201 US BANK
015 B000201 C
015 C010201 ST. PAUL
015 C020201 MN
015 C030201 55101
015 C040201 1631
015 E010201 X
024 000200 N
025 A000201 DELETE
025 D000201 0
025 A000202 DELETE
025 D000202 0
<PAGE> PAGE 10
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 1000000
048 A020200 0.590
048 B010200 1000000
048 B020200 0.565
048 C010200 1000000
048 C020200 0.540
048 D010200 3000000
048 D020200 0.515
048 E010200 3000000
048 E020200 0.490
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 9000000
048 K020200 0.465
062 A000200 Y
062 B000200 0.0
062 C000200 1.5
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 2.5
062 M000200 0.0
062 N000200 0.1
062 O000200 0.0
062 P000200 84.5
062 Q000200 0.0
062 R000200 11.4
063 A000200 0
<PAGE> PAGE 11
063 B000200 7.5
064 A000200 N
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 678098
071 B000200 747520
071 C000200 3629493
071 D000200 19
072 A000200 6
072 B000200 185999
072 C000200 22202
072 D000200 0
072 E000200 0
072 F000200 10703
072 G000200 0
072 H000200 0
<PAGE> PAGE 12
072 I000200 0
072 J000200 76
072 K000200 0
072 L000200 0
072 M000200 8
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 17
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 205
072 X000200 11009
072 Y000200 77
072 Z000200 197269
072AA000200 0
072BB000200 75303
072CC010200 0
072CC020200 140281
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 76439
074 D000200 3087523
074 E000200 337714
074 F000200 80784
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 80
074 K000200 0
074 L000200 91066
074 M000200 0
074 N000200 3673606
074 O000200 20075
074 P000200 56
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 415
074 S000200 0
<PAGE> PAGE 13
074 T000200 3653060
074 U010200 0
074 U020200 0
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 0
074 Y000200 0
075 A000200 0
075 B000200 3775623
076 000200 0.00
015 A000301 US BANK
015 B000301 C
015 C010301 ST. PAUL
015 C020301 MN
015 C030301 55101
015 C040301 1631
015 E010301 X
024 000300 Y
025 A000301 NATIONS BANK
025 B000301 94-1687655
025 C000301 D
025 D000301 9321
025 A000302 MERRILL LYNCH
025 B000302 13-5674085
025 C000302 D
025 D000302 5547
025 A000303 MORGAN (JP)
025 B000303 13-3224016
025 C000303 D
025 D000303 8227
025 A000304 SALOMON
025 B000304 13-1912900
025 C000304 D
025 D000304 5042
025 A000305 SALOMON
025 B000305 13-1912900
025 C000305 E
025 D000305 8861
025 A000306 DELETE
025 D000306 0
025 A000307 DELETE
025 D000307 0
025 A000308 DELETE
025 D000308 0
025 D000309 0
025 D000310 0
025 D000311 0
025 D000312 0
025 D000313 0
025 D000314 0
<PAGE> PAGE 14
025 D000315 0
025 D000316 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 1000000
048 A020300 0.520
048 B010300 1000000
048 B020300 0.495
048 C010300 1000000
048 C020300 0.470
048 D010300 3000000
048 D020300 0.445
048 E010300 3000000
048 E020300 0.420
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 9000000
048 K020300 0.395
062 A000300 Y
062 B000300 0.0
062 C000300 7.3
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 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 29.8
062 N000300 20.8
062 O000300 0.0
062 P000300 41.5
062 Q000300 0.0
062 R000300 0.6
063 A000300 0
063 B000300 16.1
064 A000300 Y
064 B000300 N
070 A010300 Y
<PAGE> PAGE 15
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 Y
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
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 400663
071 B000300 449778
071 C000300 1411461
071 D000300 28
072 A000300 6
072 B000300 52836
072 C000300 404
072 D000300 0
072 E000300 0
072 F000300 3972
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 33
072 K000300 0
072 L000300 0
<PAGE> PAGE 16
072 M000300 6
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 15
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 4026
072 Y000300 11
072 Z000300 49225
072AA000300 0
072BB000300 2922
072CC010300 0
072CC020300 40719
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 122600
074 D000300 1352197
074 E000300 8861
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 13
074 K000300 0
074 L000300 20649
074 M000300 0
074 N000300 1504320
074 O000300 35573
074 P000300 21
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 46
074 S000300 0
074 T000300 1468680
074 U010300 0
074 U020300 0
074 V010300 0.00
<PAGE> PAGE 17
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 1522867
076 000300 0.00
SIGNATURE LESLIE L. OGG
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE>6
<SERIES>
<NUMBER>2
<NAME>GOVERNMENT INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 4583093649
<INVESTMENTS-AT-VALUE> 4527530478
<RECEIVABLES> 753238084
<ASSETS-OTHER> 74876477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5355645039
<PAYABLE-FOR-SECURITIES> 245854032
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1910460231
<TOTAL-LIABILITIES> 2156314263
<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> 3199330776
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 110029262
<OTHER-INCOME> 0
<EXPENSES-NET> 8480024
<NET-INVESTMENT-INCOME> 101549238
<REALIZED-GAINS-CURRENT> (74092818)
<APPREC-INCREASE-CURRENT> 17562382
<NET-CHANGE-FROM-OPS> 45018802
<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> (215117658)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8307540
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8486050
<AVERAGE-NET-ASSETS> 3326388920
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
<SERIES>
<NUMBER>3
<NAME>HIGH YIELD PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 403522769
<INVESTMENTS-AT-VALUE> 3582460337
<RECEIVABLES> 91146042
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3673606379
<PAYABLE-FOR-SECURITIES> 20075599
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 471035
<TOTAL-LIABILITIES> 20546634
<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> 3653059745
<DIVIDEND-INCOME> 22201859
<INTEREST-INCOME> 185999071
<OTHER-INCOME> 0
<EXPENSES-NET> 10932208
<NET-INVESTMENT-INCOME> 197268722
<REALIZED-GAINS-CURRENT> (75302617)
<APPREC-INCREASE-CURRENT> (140281232)
<NET-CHANGE-FROM-OPS> (18315127)
<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> 10703078
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11009600
<AVERAGE-NET-ASSETS> 3787058282
<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
</TABLE>
<TABLE> <S> <C>
<ARTICLE>6
<SERIES>
<NUMBER>4
<NAME> QUALITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 1517888430
<INVESTMENTS-AT-VALUE> 1483658035
<RECEIVABLES> 20662048
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1504320083
<PAYABLE-FOR-SECURITIES> 35572815
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66883
<TOTAL-LIABILITIES> 35639698
<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> 1468680385
<DIVIDEND-INCOME> 403750
<INTEREST-INCOME> 52836381
<OTHER-INCOME> 0
<EXPENSES-NET> 4015274
<NET-INVESTMENT-INCOME> 49224857
<REALIZED-GAINS-CURRENT> (2921726)
<APPREC-INCREASE-CURRENT> (40719315)
<NET-CHANGE-FROM-OPS> 5583816
<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> 3972412
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4026102
<AVERAGE-NET-ASSETS> 1524308185
<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
</TABLE>
At Board of Trustees meetings held on September 8-9, 1999, the following
investment policy was eliminated:
Under normal market conditions, the Portfolio does not intend to commit more
than 5% of its total assets to when-issued securities or forward commitments.
