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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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010 A000401 LANDMARK FUNDS BROKER DEALER SERVICES, INC.
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<PAGE> PAGE 22
014 A000401 DELETE
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
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<PAGE> PAGE 23
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<PAGE> PAGE 24
051 000400 N
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054 F000400 N
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054 L000400 N
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054 O000400 N
055 A000400 N
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<PAGE> PAGE 25
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066 C000400 N
066 D000400 N
066 E000400 N
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067 000400 Y
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068 B000400 N
069 000400 N
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070 F010400 N
070 F020400 N
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070 I020400 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> ASSET ALLOCATION PORTFOLIO 200
<SERIES>
<NUMBER> 1
<NAME>ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 214,412,224
<INVESTMENTS-AT-VALUE> 223,081,404
<RECEIVABLES> 9,379,050
<ASSETS-OTHER> 1,483
<OTHER-ITEMS-ASSETS> 212,173
<TOTAL-ASSETS> 232,674,110
<PAYABLE-FOR-SECURITIES> 37,338,617
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 37,338,617
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 194,143,329
<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> 194,143,329
<DIVIDEND-INCOME> 592,304
<INTEREST-INCOME> 4,390,288
<OTHER-INCOME> 0
<EXPENSES-NET> 963,907
<NET-INVESTMENT-INCOME> 4,018,685
<REALIZED-GAINS-CURRENT> 1,787,624
<APPREC-INCREASE-CURRENT> 5,337,995
<NET-CHANGE-FROM-OPS> 11,144,304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,995,068
<NUMBER-OF-SHARES-REDEEMED> (9,071,112)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 93,068,260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 737,146
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172,300
<AVERAGE-NET-ASSETS> 136,163,030
<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
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<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
12/10/1997
To the Investors and Board of Trustees of Asset Allocation Portfolio 200,
Asset Allocation Portfolio 300, Asset Allocation Portfolio 400 and Asset
Allocation Portfolio 500
In planning and performing our audits of the financial statements of Asset
Allocation Portfolio 200, Asset Allocation Portfolio 300, Asset Allocation
Portfolio 400 and Asset Allocation Portfolio 500 (constituting the Asset
Allocation Portfolios, hereafter referred to as the Portfolios) for the
period ended October 31, 1997, we considered their internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Portfolios is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of control activities. Generally, control
activities that are relevant to an audit pertain to the entity's objective
or preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those control activities include the safeguarding of assets against
unauthorized acquisition, use of disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of a specific internal control components does not reduce to a
relatively low level risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no
matters involving internal control, including control for safeguarding
securities, that we consider to be material weaknesses as defined above as
of October 31, 1997.
This report is intended solely for the information and use of management
and the Board of Trustees of the Portfolios and the Securities and Exchange
Commission.
Chartered Accounts
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> ASSET ALLOCATION PORTFOLIO 300
<SERIES>
<NUMBER> 2
<NAME>ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 10-mos
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<PERIOD-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 420,864,530
<RECEIVABLES> 26,414,782
<ASSETS-OTHER> 621
<OTHER-ITEMS-ASSETS> 431,713
<TOTAL-ASSETS> 447,711,646
<PAYABLE-FOR-SECURITIES> 78,701,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 78,701,125
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,779,580
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 366,779,580
<DIVIDEND-INCOME> 1,809,804
<INTEREST-INCOME> 6,806,967
<OTHER-INCOME> 0
<EXPENSES-NET> 1,933,060
<NET-INVESTMENT-INCOME> 6,683,711
<REALIZED-GAINS-CURRENT> 4,499,098
<APPREC-INCREASE-CURRENT> 16,157,737
<NET-CHANGE-FROM-OPS> 27,340,546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156,806,219
<NUMBER-OF-SHARES-REDEEMED> (9,401,765)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 174,745,000
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,478,303
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,933,060
<AVERAGE-NET-ASSETS> 273,067,063
<PER-SHARE-NAV-BEGIN> 0.00
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<EXPENSE-RATIO> 0.85
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</TABLE>
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<ARTICLE> 6
<CIK> 0001005109
<NAME> ASSET ALLOCATION PORTFOLIO 400
<SERIES>
<NUMBER> 3
<NAME>ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 510,619,573
<INVESTMENTS-AT-VALUE> 552,152,690
<RECEIVABLES> 35,768,561
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<PAID-IN-CAPITAL-COMMON> 481,845,404
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<NET-ASSETS> 481,845,404
<DIVIDEND-INCOME> 3,511,027
<INTEREST-INCOME> 5,588,772
<OTHER-INCOME> 0
<EXPENSES-NET> 2,738,652
<NET-INVESTMENT-INCOME> 6,361,147
<REALIZED-GAINS-CURRENT> 6,456,163
<APPREC-INCREASE-CURRENT> 27,659,682
<NET-CHANGE-FROM-OPS> 40,476,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 202,165,630
<NUMBER-OF-SHARES-REDEEMED> (6,949,364)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 235,693,258
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,993,100
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,738,652
<AVERAGE-NET-ASSETS> 365,387,858
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> ASSET ALLOCATION PORTFOLIO 500
<SERIES>
<NUMBER>4
<NAME>ASSET ALLOCATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 10-mos
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 205,022,170
<INVESTMENTS-AT-VALUE> 222,065,961
<RECEIVABLES> 8,788,741
<ASSETS-OTHER> 422
<OTHER-ITEMS-ASSETS> 173,498
<TOTAL-ASSETS> 231,028,622
<PAYABLE-FOR-SECURITIES> 22,139,752
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 22,139,752
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 208,113,632
<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> 208,113,632
<DIVIDEND-INCOME> 1,773,932
<INTEREST-INCOME> 1,287,084
<OTHER-INCOME> 0
<EXPENSES-NET> 1,090,148
<NET-INVESTMENT-INCOME> 1,970,868
<REALIZED-GAINS-CURRENT> 2,307,612
<APPREC-INCREASE-CURRENT> 13,466,552
<NET-CHANGE-FROM-OPS> 17,745,032
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 110,566,938
<NUMBER-OF-SHARES-REDEEMED> (2,199,791)
<SHARES-REINVESTED> 0
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</TABLE>
