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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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008 A000501 AETNA LIFE INSURANCE & ANNUITY COMPANY
008 B000501 A
008 C000501 801-12643
008 D010501 HARTFORD
<PAGE> PAGE 22
008 D020501 CT
008 D030501 06156
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008 A000502 T. ROWE PRICE ASSOCIATES, INC.
008 B000502 S
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008 D020502 MD
008 D030502 21202
024 000500 Y
025 A000501 MORGAN STANLEY
025 B000501 13-2655998
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<PAGE> PAGE 23
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<PAGE> PAGE 24
070 G010500 Y
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<PAGE> PAGE 25
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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, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 838,646,196
<INVESTMENTS-AT-VALUE> 1,051,373,646
<RECEIVABLES> 11,152,384
<ASSETS-OTHER> 12,450,035
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,074,976,065
<PAYABLE-FOR-SECURITIES> 1,533,338
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,402,426
<TOTAL-LIABILITIES> 5,935,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 844,549,904
<SHARES-COMMON-STOCK> 19,282,157
<SHARES-COMMON-PRIOR> 17,899,936
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,762,947
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 212,727,450
<NET-ASSETS> 1,069,040,301
<DIVIDEND-INCOME> 957,402
<INTEREST-INCOME> 2,280,574
<OTHER-INCOME> 0
<EXPENSES-NET> (7,238,432)
<NET-INVESTMENT-INCOME> (4,000,456)
<REALIZED-GAINS-CURRENT> 17,886,341
<APPREC-INCREASE-CURRENT> 221,647,960
<NET-CHANGE-FROM-OPS> 235,533,845
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,021,457)
<DISTRIBUTIONS-OF-GAINS> (586,890)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 250,995,803
<NUMBER-OF-SHARES-REDEEMED> (185,597,540)
<SHARES-REINVESTED> 2,608,347
<NET-CHANGE-IN-ASSETS> 300,932,108
<ACCUMULATED-NII-PRIOR> 1,629,226
<ACCUMULATED-GAINS-PRIOR> (1,143,817)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,073,693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,238,432
<AVERAGE-NET-ASSETS> 896,775,267
<PER-SHARE-NAV-BEGIN> 42.91
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 12.88
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 55.44
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 393,689,441
<INVESTMENTS-AT-VALUE> 490,838,549
<RECEIVABLES> 3,179,929
<ASSETS-OTHER> 5,752,479
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 499,770,957
<PAYABLE-FOR-SECURITIES> 6,709,597
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,524,083
<TOTAL-LIABILITIES> 8,233,680
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 408,147,899
<SHARES-COMMON-STOCK> 41,184,587
<SHARES-COMMON-PRIOR> 41,145,690
<ACCUMULATED-NII-CURRENT> 982,830
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,742,092)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,148,640
<NET-ASSETS> 491,537,277
<DIVIDEND-INCOME> 4,147,286
<INTEREST-INCOME> 592,559
<OTHER-INCOME> 0
<EXPENSES-NET> (3,734,425)
<NET-INVESTMENT-INCOME> 1,005,420
<REALIZED-GAINS-CURRENT> (10,117,749)
<APPREC-INCREASE-CURRENT> 99,935,450
<NET-CHANGE-FROM-OPS> 90,823,121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (103,709)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86,437,903
<NUMBER-OF-SHARES-REDEEMED> (85,271,880)
<SHARES-REINVESTED> 103,709
<NET-CHANGE-IN-ASSETS> 91,989,144
<ACCUMULATED-NII-PRIOR> 103,342
<ACCUMULATED-GAINS-PRIOR> (4,646,566)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,075,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,734,425
<AVERAGE-NET-ASSETS> 439,213,833
<PER-SHARE-NAV-BEGIN> 9.71
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.93
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 153,151,164
<INVESTMENTS-AT-VALUE> 185,677,093
<RECEIVABLES> 6,585,504
<ASSETS-OTHER> 7,588,128
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 199,850,725
<PAYABLE-FOR-SECURITIES> 4,692,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231,697
<TOTAL-LIABILITIES> 4,924,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,332,755
<SHARES-COMMON-STOCK> 5,148,169
<SHARES-COMMON-PRIOR> 4,497,589
<ACCUMULATED-NII-CURRENT> 279,417
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,846,742
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,467,393
<NET-ASSETS> 194,926,307
<DIVIDEND-INCOME> 1,317,062
<INTEREST-INCOME> 454,732
<OTHER-INCOME> 0
<EXPENSES-NET> (1,487,069)
<NET-INVESTMENT-INCOME> 284,725
<REALIZED-GAINS-CURRENT> 7,051,170
<APPREC-INCREASE-CURRENT> 30,600,702
<NET-CHANGE-FROM-OPS> 37,936,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (227,718)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,067,470
<NUMBER-OF-SHARES-REDEEMED> (20,585,921)
<SHARES-REINVESTED> 227,718
<NET-CHANGE-IN-ASSETS> 60,418,146
<ACCUMULATED-NII-PRIOR> 230,432
<ACCUMULATED-GAINS-PRIOR> (212,450)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,073,994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,487,069
<AVERAGE-NET-ASSETS> 165,395,223
<PER-SHARE-NAV-BEGIN> 29.91
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 7.94
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.86
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 362,976,006
<INVESTMENTS-AT-VALUE> 419,094,655
<RECEIVABLES> 833,282
<ASSETS-OTHER> 18,502,165
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 438,430,102
<PAYABLE-FOR-SECURITIES> 1,690,105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,088,561
<TOTAL-LIABILITIES> 5,778,666
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 355,026,870
<SHARES-COMMON-STOCK> 25,816,698
<SHARES-COMMON-PRIOR> 26,828,266
<ACCUMULATED-NII-CURRENT> 2,628,450
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,847,846
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,148,270
<NET-ASSETS> 432,651,436
<DIVIDEND-INCOME> 6,380,121
<INTEREST-INCOME> 1,226,311
<OTHER-INCOME> 0
<EXPENSES-NET> (4,162,873)
<NET-INVESTMENT-INCOME> 3,443,559
<REALIZED-GAINS-CURRENT> 20,717,196
<APPREC-INCREASE-CURRENT> 48,292,548
<NET-CHANGE-FROM-OPS> 72,453,303
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (766,921)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 414,815,500
<NUMBER-OF-SHARES-REDEEMED> (432,817,544)
<SHARES-REINVESTED> 766,921
<NET-CHANGE-IN-ASSETS> 54,451,259
<ACCUMULATED-NII-PRIOR> 44,729
<ACCUMULATED-GAINS-PRIOR> 37,733
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,330,261
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,162,873
<AVERAGE-NET-ASSETS> 416,447,356
<PER-SHARE-NAV-BEGIN> 14.10
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.56
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.76
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Portfolio Partners, Inc.
financial statements at December 31, 1998
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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 419,754,430
<INVESTMENTS-AT-VALUE> 519,193,949
<RECEIVABLES> 3,188,860
<ASSETS-OTHER> 3,053,464
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 525,436,273
<PAYABLE-FOR-SECURITIES> 3,621,057
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 331,703
<TOTAL-LIABILITIES> 3,952,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 408,550,006
<SHARES-COMMON-STOCK> 9,428,088
<SHARES-COMMON-PRIOR> 8,512,069
<ACCUMULATED-NII-CURRENT> 1,804,047
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,692,248
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 99,437,212
<NET-ASSETS> 521,483,513
<DIVIDEND-INCOME> 4,434,913
<INTEREST-INCOME> 1,731,809
<OTHER-INCOME> 0
<EXPENSES-NET> (3,304,630)
<NET-INVESTMENT-INCOME> 2,862,092
<REALIZED-GAINS-CURRENT> 10,771,577
<APPREC-INCREASE-CURRENT> 94,370,040
<NET-CHANGE-FROM-OPS> 108,003,709
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,582,874)
<DISTRIBUTIONS-OF-GAINS> (884,317)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,543,519
<NUMBER-OF-SHARES-REDEEMED> (24,257,325)
<SHARES-REINVESTED> 2,467,191
<NET-CHANGE-IN-ASSETS> 150,289,903
<ACCUMULATED-NII-PRIOR> 554,334
<ACCUMULATED-GAINS-PRIOR> 1,775,483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,643,704
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,304,630
<AVERAGE-NET-ASSETS> 441,028,358
<PER-SHARE-NAV-BEGIN> 43.61
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 11.66
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 55.31
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
The Board of Directors
Portfolio Partners, Inc:
In planning and performing our audit of the financial statements of MFS Emerging
Equities Portfolio, MFS Research Growth Portfolio, MFS Value Equity Portfolio,
Scudder International Growth Portfolio and T. Rowe Price Growth Equity
Portfolio, portfolios of the Portfolio Partners, Inc. (collectively, the
"Funds") as of and for the year ended December 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 the internal control.
The management of the Funds 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 risks that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the 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 one or
more of the internal control components 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 the internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors of Portfolio Partners, Inc. and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
January 29, 1999
(Unaudited)
Portfolio Partners, Inc. held a Special Meeting of Shareholders of the Scudder
International Growth Portfolio on November 20, 1998. Shareholders were asked to
approve or disapprove a new investment sub-advisory agreement between Aetna Life
Insurance and Annuity Company and Scudder Kemper Investments, Inc. The results
of the vote were as follows:
<TABLE>
<S> <C> <C> <C>
Shares Voted For: Shares Voted Against: Shares Voted Abstaining:
15,896,086.778 483,606.325 1,493,022.612
</TABLE>
