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<PAGE> PAGE 10
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<PAGE> PAGE 14
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<PAGE> PAGE 21
008 A000501 AETNA
008 B000501 A
008 C000501 801-12643
008 D010501 HARTFORD
008 D020501 CT
008 D030501 06156
008 D040501 8962
008 A000502 T. ROWE PRICE ASSOCIATES, INC.
008 B000502 S
008 C000502 801-xxxxxx
008 D010502 BALTIMORE
008 D020502 MD
008 D030502 21202
024 000500 N
028 A010500 0
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
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028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 367294
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028 E040500 2343
028 F010500 8350
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028 F030500 0
028 F040500 9504
028 G010500 375644
028 G020500 0
028 G030500 0
028 G040500 11847
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
<PAGE> PAGE 22
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
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
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
<PAGE> PAGE 23
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 N
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 344929
071 B000500 9886
071 C000500 336414
071 D000500 3
072 A000500 1
072 B000500 438
072 C000500 350
072 D000500 0
072 E000500 0
072 F000500 203
072 G000500 51
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 2
072 P000500 0
072 Q000500 0
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 256
072 Y000500 0
072 Z000500 532
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072BB000500 0
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<PAGE> PAGE 24
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 2764
074 B000500 0
074 C000500 29249
074 D000500 0
074 E000500 0
074 F000500 340407
074 G000500 0
074 H000500 0
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074 J000500 2151
074 K000500 0
074 L000500 469
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074 O000500 3239
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074 R030500 0
074 R040500 354
074 S000500 0
074 T000500 371194
074 U010500 8512
074 U020500 0
074 V010500 43.61
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076 000500 0.00
SIGNATURE NICK CHUNIAS
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MFS Emerging Equities Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 756,263,198
<INVESTMENTS-AT-VALUE> 745,219,750
<RECEIVABLES> 469,025
<ASSETS-OTHER> 85,889,140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 831,577,915
<PAYABLE-FOR-SECURITIES> 54,731,311
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,738,411
<TOTAL-LIABILITIES> 63,469,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 776,543,294
<SHARES-COMMON-STOCK> 17,899,936
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,629,226
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,143,817)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,920,510)
<NET-ASSETS> 768,108,193
<DIVIDEND-INCOME> 83,557
<INTEREST-INCOME> 2,120,093
<OTHER-INCOME> 0
<EXPENSES-NET> (574,424)
<NET-INVESTMENT-INCOME> 1,629,226
<REALIZED-GAINS-CURRENT> (1,143,817)
<APPREC-INCREASE-CURRENT> (8,920,510)
<NET-CHANGE-FROM-OPS> (8,435,101)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,024,246
<NUMBER-OF-SHARES-REDEEMED> (1,124,771)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 768,088,193
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 482,568
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 574,424
<AVERAGE-NET-ASSETS> 758,539,266
<PER-SHARE-NAV-BEGIN> 43.39
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.57)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 42.91
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> MFS Research Growth Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 391,424,116
<INVESTMENTS-AT-VALUE> 388,637,236
<RECEIVABLES> 49,246,971
<ASSETS-OTHER> 23,452,943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 461,337,150
<PAYABLE-FOR-SECURITIES> 59,954,518
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,834,499
<TOTAL-LIABILITIES> 61,789,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 406,878,167
<SHARES-COMMON-STOCK> 41,145,690
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 81,976
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,625,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,786,810)
<NET-ASSETS> 399,548,133
<DIVIDEND-INCOME> 309,734
<INTEREST-INCOME> 84,868
<OTHER-INCOME> 0
<EXPENSES-NET> (312,626)
<NET-INVESTMENT-INCOME> 81,976
<REALIZED-GAINS-CURRENT> (4,625,200)
<APPREC-INCREASE-CURRENT> (2,786,810)
<NET-CHANGE-FROM-OPS> (7,330,034)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,744,286
<NUMBER-OF-SHARES-REDEEMED> (600,618)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 399,528,133
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 257,457
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 312,626
<AVERAGE-NET-ASSETS> 394,839,470
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (0.18)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> MFS Value Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 124,600,362
<INVESTMENTS-AT-VALUE> 126,474,079
<RECEIVABLES> 518,141
<ASSETS-OTHER> 14,006,140
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 140,998,360
<PAYABLE-FOR-SECURITIES> 6,321,371
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168,828
<TOTAL-LIABILITIES> 6,490,199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,623,488
<SHARES-COMMON-STOCK> 4,497,589
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 241,611
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (223,629)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,866,691
<NET-ASSETS> 134,508,161
<DIVIDEND-INCOME> 77,775
<INTEREST-INCOME> 273,515
<OTHER-INCOME> 0
<EXPENSES-NET> (109,679)
<NET-INVESTMENT-INCOME> 241,611
<REALIZED-GAINS-CURRENT> (223,629)
<APPREC-INCREASE-CURRENT> 1,866,691
<NET-CHANGE-FROM-OPS> 1,884,673
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,519,003
<NUMBER-OF-SHARES-REDEEMED> (22,092)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 134,488,161
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 79,213
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,679
<AVERAGE-NET-ASSETS> 130,826,584
<PER-SHARE-NAV-BEGIN> 29.49
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 29.91
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Scudder International Growth Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 350,842,864
<INVESTMENTS-AT-VALUE> 356,707,971
<RECEIVABLES> 7,497,354
<ASSETS-OTHER> 24,766,239
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 388,971,564
<PAYABLE-FOR-SECURITIES> 5,267,640
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,503,747
<TOTAL-LIABILITIES> 10,771,387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 372,261,993
<SHARES-COMMON-STOCK> 26,828,266
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40,929
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 41,533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,855,722
<NET-ASSETS> 378,200,177
<DIVIDEND-INCOME> 293,707
<INTEREST-INCOME> 100,928
<OTHER-INCOME> 0
<EXPENSES-NET> (353,706)
<NET-INVESTMENT-INCOME> 40,929
<REALIZED-GAINS-CURRENT> 41,533
<APPREC-INCREASE-CURRENT> 5,855,722
<NET-CHANGE-FROM-OPS> 5,938,184
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,251,298
<NUMBER-OF-SHARES-REDEEMED> (1,424,473)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 378,180,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 282,965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 353,706
<AVERAGE-NET-ASSETS> 379,714,001
<PER-SHARE-NAV-BEGIN> 13.88
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.10
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> T. Rowe Price Growth Equity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 364,594,397
<INVESTMENTS-AT-VALUE> 369,655,687
<RECEIVABLES> 2,621,148
<ASSETS-OTHER> 2,763,613
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 375,040,448
<PAYABLE-FOR-SECURITIES> 3,239,507
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 607,331
<TOTAL-LIABILITIES> 3,846,838
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 363,796,621
<SHARES-COMMON-STOCK> 8,512,069
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 532,313
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,797,504
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,067,172
<NET-ASSETS> 371,193,610
<DIVIDEND-INCOME> 347,296
<INTEREST-INCOME> 438,305
<OTHER-INCOME> 0
<EXPENSES-NET> (253,288)
<NET-INVESTMENT-INCOME> 532,313
<REALIZED-GAINS-CURRENT> 1,797,504
<APPREC-INCREASE-CURRENT> 5,067,172
<NET-CHANGE-FROM-OPS> 7,396,989
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,787,184
<NUMBER-OF-SHARES-REDEEMED> (275,583)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 371,173,610
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 202,630
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 253,288
<AVERAGE-NET-ASSETS> 362,548,806
<PER-SHARE-NAV-BEGIN> 42.74
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.81
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 43.61
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
The Board of Directors
Portfolio Partners, Inc.:
In planning and performing our audit of the financial statements of Portfolio
Partners, Inc. (including MFS Emerging Equities Portfolio, MFS Research Growth
Portfolio, MFS Value Equity Portfolio, Scudder International Growth Portfolio
and T. Rowe Price Growth Equity Portfolio) for the period from November 28, 1997
(commencement of operations) to December 31, 1997, we considered its internal
control, including procedures 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 Portfolio Partners, Inc. 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 controls. Generally, controls 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 controls 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 any
specific internal control component does not reduce to a relatively low level
the 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 controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
January 30, 1998
