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074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 130152
074 K000300 0
074 L000300 6833
074 M000300 7
074 N000300 529931
074 O000300 238239
074 P000300 55
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 9372
074 S000300 0
074 T000300 282265
074 U010300 0
074 U020300 0
074 V010300 0.00
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074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 266700
076 000300 0.00
080 A000300 CHUBB GROUP INSURANCE CO.
080 C000300 11275
081 A000300 Y
081 B000300 48
082 A000300 Y
082 B000300 50
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 N
085 B000300 N
008 A000401 CITIBANK, NA
008 B000401 A
008 C000401 801-000000
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10043
010 A000401 CFBDS, INC.
010 B000401 8-41134
010 C010401 BOSTON
010 C020401 MA
<PAGE> PAGE 22
010 C030401 02109
011 A000401 CFBDS, INC.
011 B000401 8-41134
011 C010401 BOSTON
011 C020401 MA
011 C030401 02109
012 A000401 DELETE
013 A000401 PRICEWATERHOUSECOOPERS LLP
013 B010401 BOSTON
013 B020401 MA
013 B030401 02110
014 A000401 CFBDS, INC.
014 B000401 8-15648
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02110
015 E040401 X
018 000400 Y
019 A000400 Y
019 B000400 49
019 C000400 CITIFUNDS.
024 000400 N
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025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 10573
028 A020400 0
028 A030400 0
028 A040400 3793
028 B010400 10191
028 B020400 0
028 B030400 0
028 B040400 4335
028 C010400 4701
028 C020400 0
028 C030400 0
028 C040400 5890
028 D010400 2502
028 D020400 0
028 D030400 0
028 D040400 2189
028 E010400 551
028 E020400 0
028 E030400 0
<PAGE> PAGE 23
028 E040400 4675
028 F010400 594
028 F020400 0
028 F030400 0
028 F040400 2969
028 G010400 29112
028 G020400 0
028 G030400 0
028 G040400 23851
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.800
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
<PAGE> PAGE 24
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
054 A000400 Y
054 B000400 Y
054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
058 B000400 N
058 C000400 N
058 D000400 N
058 E000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
<PAGE> PAGE 25
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
<PAGE> PAGE 26
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 114456
071 B000400 97207
071 C000400 243598
071 D000400 43
072 A000400 12
072 B000400 313
072 C000400 6428
072 D000400 0
072 E000400 0
072 F000400 2005
072 G000400 0
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072 J000400 346
072 K000400 0
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072 M000400 5
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072 R000400 37
072 S000400 19
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 12
072 X000400 2430
072 Y000400 0
072 Z000400 4311
072AA000400 4002
072BB000400 0
072CC010400 0
072CC020400 20092
072DD010400 0
072DD020400 0
072EE000400 0
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073 B000400 0.0000
073 C000400 0.0000
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074 B000400 3258
<PAGE> PAGE 27
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 225740
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074 M000400 0
074 N000400 231765
074 O000400 217
074 P000400 65
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074 R010400 0
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074 R040400 537
074 S000400 0
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074 U010400 0
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075 A000400 0
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076 000400 0.00
080 A000400 CHUBB GROUP INSURANCE CO.
080 C000400 11275
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082 A000400 Y
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085 B000400 N
008 A000501 CITIBANK, NA
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010 A000501 CFBDS, INC.
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<PAGE> PAGE 28
010 C010501 BOSTON
010 C020501 MA
010 C030501 02109
011 A000501 CFBDS, INC.
011 B000501 8-41134
011 C010501 BOSTON
011 C020501 MA
011 C030501 02109
012 A000501 DELETE
013 A000501 PRICEWATERHOUSECOOPERS LLP
013 B010501 BOSTON
013 B020501 MA
013 B030501 02110
014 A000501 CFBDS, INC.
014 B000501 8-15648
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 NY
015 C030501 02110
015 E010501 X
018 000500 Y
019 A000500 Y
019 B000500 49
019 C000500 CITIFUNDS.
024 000500 N
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025 D000508 0
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<PAGE> PAGE 29
028 E020500 0
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028 F010500 5014
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028 G010500 162435
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030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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048 A010500 0
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048 B010500 0
048 B020500 0.000
048 C010500 0
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<PAGE> PAGE 30
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
058 B000500 N
058 C000500 N
058 D000500 N
058 E000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
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062 A000500 Y
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062 C000500 15.7
062 D000500 7.9
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<PAGE> PAGE 31
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062 I000500 21.1
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062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
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067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
<PAGE> PAGE 32
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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072 B000500 5288
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<PAGE> PAGE 33
074 G000500 0
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080 A000500 CHUBB GROUP INSURANCE CO.
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<PAGE> PAGE 34
011 B000601 8-41134
011 C010601 BOSTON
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011 C030601 02109
012 A000601 DELETE
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013 B010601 BOSTON
013 B020601 MA
013 B030601 02110
014 A000601 CFBDS, INC.
014 B000601 8-15648
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
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015 C030601 02110
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019 C000600 CITIFUNDS.
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE JOHN R. ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> LARGE CAP VALUE PORTFOLIO
<SERIES>
<NUMBER> 1
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 135,403,084
<INVESTMENTS-AT-VALUE> 128,221,708
<RECEIVABLES> 1,209,068
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 238
<TOTAL-ASSETS> 129,431,014
<PAYABLE-FOR-SECURITIES> 60,751
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 60,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,260,227
<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> 129,260,227
<DIVIDEND-INCOME> 2,418,722
<INTEREST-INCOME> 144,546
<OTHER-INCOME> 0
<EXPENSES-NET> 1,011,413
<NET-INVESTMENT-INCOME> 1,551,855
<REALIZED-GAINS-CURRENT> 8,655,223
<APPREC-INCREASE-CURRENT> (18,203,522)
<NET-CHANGE-FROM-OPS> (7,996,444)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 279,612,949
<NUMBER-OF-SHARES-REDEEMED> (142,356,278)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 129,260,227
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 778,153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,011,413
<AVERAGE-NET-ASSETS> 129,692,176
<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> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> SMALL CAP VALUE PORTFOLIO
<SERIES>
<NUMBER> 2
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 215,706,026
<INVESTMENTS-AT-VALUE> 170,990,288
<RECEIVABLES> 992,870
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 732
<TOTAL-ASSETS> 171,983,890
<PAYABLE-FOR-SECURITIES> 875,325
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 875,325
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 170,865,527
<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> 170,865,527
<DIVIDEND-INCOME> 1,867,831
<INTEREST-INCOME> 331,573
<OTHER-INCOME> 0
<EXPENSES-NET> 1,765,953
<NET-INVESTMENT-INCOME> 433,451
<REALIZED-GAINS-CURRENT> 12,366,831
<APPREC-INCREASE-CURRENT> (75,028,999)
<NET-CHANGE-FROM-OPS> (62,228,717)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 434,934,898
<NUMBER-OF-SHARES-REDEEMED> (201,840,654)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 170,865,527
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,488,277
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,765,953
<AVERAGE-NET-ASSETS> 198,436,869
<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> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> FOREIGN BOND PORTFOLIO
<SERIES>
<NUMBER> 3
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 382,693,947
<INVESTMENTS-AT-VALUE> 391,754,886
<RECEIVABLES> 136,985,781
<ASSETS-OTHER> 6,557
<OTHER-ITEMS-ASSETS> 1,183,800
<TOTAL-ASSETS> 529,931,024
<PAYABLE-FOR-SECURITIES> 238,239,470
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 238,239,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 282,265,478
<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> 282,265,478
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,101,320
<OTHER-INCOME> 0
<EXPENSES-NET> 1,973,507
<NET-INVESTMENT-INCOME> 12,127,813
<REALIZED-GAINS-CURRENT> 319,290
<APPREC-INCREASE-CURRENT> 17,490,716
<NET-CHANGE-FROM-OPS> 29,937,819
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 355,866,842
<NUMBER-OF-SHARES-REDEEMED> (103,539,183)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 282,265,478
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,466,849
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,973,507
<AVERAGE-NET-ASSETS> 266,699,784
<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> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> INTERNATIONAL PORTFOLIO
<SERIES>
<NUMBER> 4
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 236,796,167
<INVESTMENTS-AT-VALUE> 228,997,921
<RECEIVABLES> 2,168,077
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 598,943
<TOTAL-ASSETS> 231,764,941
<PAYABLE-FOR-SECURITIES> 217,060
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 217,060
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 230,946,306
<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> 230,946,306
<DIVIDEND-INCOME> 6,427,710
<INTEREST-INCOME> 313,385
<OTHER-INCOME> 0
<EXPENSES-NET> 2,430,281
<NET-INVESTMENT-INCOME> 4,310,814
<REALIZED-GAINS-CURRENT> 4,002,173
<APPREC-INCREASE-CURRENT> (20,091,760)
<NET-CHANGE-FROM-OPS> (11,778,773)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 593,863,296
<NUMBER-OF-SHARES-REDEEMED> (351,138,217)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 230,946,306
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,004,587
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,430,281
<AVERAGE-NET-ASSETS> 250,573,407
<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> 0.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> SHORT TERM PORTFOLIO
<SERIES>
<NUMBER> 5
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 81,841,534
<INVESTMENTS-AT-VALUE> 81,941,475
<RECEIVABLES> 565,556
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 229
<TOTAL-ASSETS> 82,507,260
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82,349,195
<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> 82,349,195
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,288,201
<OTHER-INCOME> 0
<EXPENSES-NET> 456,367
<NET-INVESTMENT-INCOME> 4,831,834
<REALIZED-GAINS-CURRENT> 40,471
<APPREC-INCREASE-CURRENT> 92,687
<NET-CHANGE-FROM-OPS> 4,964,992
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 476,612,362
<NUMBER-OF-SHARES-REDEEMED> (399,228,159)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 82,349,195
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 232,872
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 456,367
<AVERAGE-NET-ASSETS> 93,148,800
<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> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005109
<NAME> INTERMEDIATE INCOME PORTFOLIO
<SERIES>
<NUMBER> 6
<NAME>ASSET ALLOCATION PORTFOLIOS
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 213,888,738
<INVESTMENTS-AT-VALUE> 219,424,186
<RECEIVABLES> 4,123,029
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 25,772
<TOTAL-ASSETS> 223,572,987
<PAYABLE-FOR-SECURITIES> 12,320,783
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 12,320,783
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 210,985,730
<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> 210,985,730
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,727,910
<OTHER-INCOME> 0
<EXPENSES-NET> 1,240,630
<NET-INVESTMENT-INCOME> 11,487,280
<REALIZED-GAINS-CURRENT> 2,940,400
<APPREC-INCREASE-CURRENT> 2,940,400
<NET-CHANGE-FROM-OPS> 17,368,080
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 347,139,773
<NUMBER-OF-SHARES-REDEEMED> (153,072,817)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 210,985,730
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 930,567
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,240,630
<AVERAGE-NET-ASSETS> 206,792,758
<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> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
12/14/1998
To the Investors and Board of Trustees of The Asset Allocation Portfolios
with respect to its series: Large Cap Value Portfolio, Small Cap Value
Portfolio, Intermediate Income Portfolio, Foreign Bond Portfolio,
International Portfolio, and Short-Term Portfolio
In planning and performing our audits of the financial statements of Large
Cap Value Portfolio, Small Cap Value Portfolio, Intermediate Income
Portfolio, Foreign Bond Portfolio, International Portfolio, and Short-Term
Portfolio, (the "Portfolios") for the period November 1, 1997 (commencement
of operations) through October 31, 1998, we considered their internal
control, including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose 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 judgements 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 of 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 or
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, 1998.
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.
PricewaterhouseCoopers LLP
Chartered Accountants
