<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000848012
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 FFTW FUNDS, INC.
001 B000000 811-5796
001 C000000 2126813000
002 A000000 200 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10166
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 U.S. SHORT-TERM FIXED INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 WORLDWIDE FIXED INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 WORLDWIDE FIXED INCOME-HEDGED PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 INTERNATIONAL FIXED INCOME-HEDGED PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 STABLE RETURN PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 WORLDWIDE SHORT-TERM FIXED INCOME PORTFOLIO
007 C030700 Y
007 C010800 8
007 C020800 MORTGAGE TOTAL RETURN PORTFOLIO
007 C030800 N
007 C010900 9
007 C020900 INTERNATIONAL FIXED INCOME PORTFOLIO
007 C030900 N
007 C011000 10
010 A00AA01 AMT CAPITAL SERVICES, INC.
010 B00AA01 8-47718
010 C01AA01 NEW YORK
<PAGE> PAGE 2
010 C02AA01 NY
010 C03AA01 10020
011 A00AA01 AMT CAPITAL SERVICES, INC.
011 B00AA01 8-47718
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10020
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-7720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02205
012 C04AA01 1537
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 CHARTER ATLANTIC SECURITIES COMPANY, INC.
014 B00AA01 8-38063
014 A00AA02 AMT CAPITAL SERVICES, INC.
014 B00AA02 8-44718
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02205
015 E04AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001 95
020 C000002 0
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 95
022 A000001 BANK OF BOSTON
022 B000001 04-2472499
022 C000001 9763960
022 D000001 0
022 A000002 J.P. MORGAN SECURITIES
022 B000002 13-3224016
022 C000002 1424196
022 D000002 246491
<PAGE> PAGE 3
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 1281359
022 D000003 348029
022 A000004 UBS SECURITIES, INC.
022 B000004 13-2932996
022 C000004 1178807
022 D000004 413165
022 A000005 FUJI SECURITIES
022 B000005 36-2880742
022 C000005 1029773
022 D000005 205427
022 A000006 SALOMON BROTHERS
022 B000006 13-3082694
022 C000006 767683
022 D000006 417325
022 A000007 EASTBRIDGE CAPITAL
022 B000007 13-3501117
022 C000007 898425
022 D000007 204465
022 A000008 CITICORP SECURITIES
022 B000008 N/A
022 C000008 421478
022 D000008 116491
022 A000009 BANKERS TRUST
022 B000009 13-4941247
022 C000009 526772
022 D000009 5886
022 A000010 SOCIETE GENERALE
022 B000010 13-1976032
022 C000010 516000
022 D000010 0
023 C000000 22464158
023 D000000 3471063
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 N
027 000000 Y
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 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
<PAGE> PAGE 5
056 00AA00 Y
057 00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 0
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
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
008 A000101 FISHER FRANCIS TREES & WATTS, INC.
008 B000101 A
008 C000101 801-10577
008 D010101 NEW YORK
008 D020101 NY
008 D030101 10166
028 A010100 427133
028 A020100 2018
028 A030100 0
028 A040100 412620
028 B010100 731096
028 B020100 2163
028 B030100 0
028 B040100 694291
028 C010100 524815
028 C020100 2473
028 C030100 0
028 C040100 560122
028 D010100 617716
<PAGE> PAGE 6
028 D020100 2608
028 D030100 0
028 D040100 477157
028 E010100 723614
028 E020100 2373
028 E030100 0
028 E040100 792541
028 F010100 638216
028 F020100 2956
028 F030100 0
028 F040100 492577
028 G010100 3662590
028 G020100 14591
028 G030100 0
028 G040100 3429308
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.300
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
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 0
048 K020100 0.000
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 100000
062 A000100 Y
062 B000100 6.0
062 C000100 0.0
062 D000100 18.0
<PAGE> PAGE 7
062 E000100 0.0
062 F000100 0.9
062 G000100 2.7
062 H000100 0.2
062 I000100 23.7
062 J000100 6.6
062 K000100 0.0
062 L000100 33.5
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 8.0
062 R000100 0.0
063 A000100 61
063 B000100 0.0
064 A000100 N
070 A010100 Y
070 A020100 Y
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 Y
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
<PAGE> PAGE 8
070 R010100 N
070 R020100 N
071 A000100 826356
071 B000100 649124
071 C000100 181260
071 D000100 358
072 A000100 6
072 B000100 15777
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 505
072 G000100 155
072 H000100 0
072 I000100 20
072 J000100 124
072 K000100 0
072 L000100 0
072 M000100 23
072 N000100 11
072 O000100 0
072 P000100 305
072 Q000100 0
072 R000100 16
072 S000100 8
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 33
072 X000100 1200
072 Y000100 130
072 Z000100 14707
072AA000100 0
072BB000100 805
072CC010100 0
072CC020100 937
072DD010100 14708
072DD020100 0
072EE000100 0
073 A010100 0.2765
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 644211
074 D000100 56272
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
<PAGE> PAGE 9
074 I000100 0
074 J000100 0
074 K000100 98
074 L000100 3015
074 M000100 41
074 N000100 703637
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 82
074 S000100 0
074 T000100 703555
074 U010100 71467
074 U020100 0
074 V010100 9.84
074 V020100 0.00
074 W000100 0.0000
074 X000100 26
074 Y000100 253
075 A000100 0
075 B000100 524168
076 000100 0.00
008 A000201 FISCHER FRANCIS TREES & WATTS, INC.
008 B000201 A
008 C000201 801-10577
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10166
008 A000202 FISCHER FRANCIS TREES & WATTS
008 B000202 S
008 C000202 801-37205
008 D010202 LONDON
008 D050202 UNITED KINGDOM
008 D060202 EC2M7BP
028 A010200 776
028 A020200 299
028 A030200 0
028 A040200 0
028 B010200 22656
028 B020200 332
028 B030200 0
028 B040200 0
028 C010200 19
028 C020200 482
028 C030200 0
028 C040200 0
028 D010200 5716
028 D020200 431
<PAGE> PAGE 10
028 D030200 0
028 D040200 4
028 E010200 5270
028 E020200 492
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 457
028 F030200 0
028 F040200 1
028 G010200 34437
028 G020200 2493
028 G030200 0
028 G040200 5
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.400
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
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 0
048 K020200 0.000
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 100000
062 A000200 Y
062 B000200 0.5
062 C000200 18.6
062 D000200 0.0
062 E000200 0.0
<PAGE> PAGE 11
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 41.0
062 K000200 0.0
062 L000200 0.0
062 M000200 5.5
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 38.1
062 R000200 0.0
063 A000200 0
063 B000200 6.0
064 A000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 Y
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 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
<PAGE> PAGE 12
070 R020200 N
071 A000200 433044
071 B000200 450543
071 C000200 79672
071 D000200 544
072 A000200 6
072 B000200 3297
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 216
072 G000200 32
072 H000200 0
072 I000200 5
072 J000200 55
072 K000200 0
072 L000200 0
072 M000200 6
072 N000200 7
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 15
072 S000200 2
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 9
072 X000200 347
072 Y000200 23
072 Z000200 2973
072AA000200 0
072BB000200 1948
072CC010200 0
072CC020200 1716
072DD010200 2969
072DD020200 0
072EE000200 0
073 A010200 0.2606
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 605
074 B000200 0
074 C000200 71814
074 D000200 52112
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
<PAGE> PAGE 13
074 J000200 13459
074 K000200 18
074 L000200 1856
074 M000200 14
074 N000200 139878
074 O000200 19759
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 668
074 S000200 0
074 T000200 119451
074 U010200 12582
074 U020200 0
074 V010200 9.49
074 V020200 0.00
074 W000200 0.0000
074 X000200 21
074 Y000200 100418
075 A000200 0
075 B000200 108665
076 000200 0.00
008 A000301 FISCHER FRANCIS TREES & WATTS, INC.
008 B000301 A
008 C000301 801-10577
008 D010301 NEW YORK
008 D020301 NY
008 D030301 10166
008 A000302 FISCHER FRANCIS TREES & WATTS
008 B000302 S
008 C000302 801-37205
008 D010302 LONDON
008 D050302 UNITED KINGDOM
008 D060302 EC2M7BP
028 A010300 0
028 A020300 122
028 A030300 0
028 A040300 2775
028 B010300 0
028 B020300 83
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 134
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 126
028 D030300 0
<PAGE> PAGE 14
028 D040300 0
028 E010300 0
028 E020300 129
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 119
028 F030300 0
028 F040300 0
028 G010300 0
028 G020300 713
028 G030300 0
028 G040300 2775
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.400
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
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 0
048 K020300 0.000
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 100000
062 A000300 Y
062 B000300 0.6
062 C000300 21.7
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
<PAGE> PAGE 15
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 40.8
062 K000300 0.0
062 L000300 0.0
062 M000300 3.4
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 39.7
062 R000300 0.0
063 A000300 0
063 B000300 6.7
064 A000300 N
070 A010300 Y
070 A020300 Y
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 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
<PAGE> PAGE 16
071 A000300 98022
071 B000300 109303
071 C000300 20939
071 D000300 468
072 A000300 6
072 B000300 774
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 32
072 G000300 8
072 H000300 0
072 I000300 1
072 J000300 27
072 K000300 0
072 L000300 0
072 M000300 1
072 N000300 6
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 14
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 4
072 X000300 93
072 Y000300 35
072 Z000300 716
072AA000300 448
072BB000300 0
072CC010300 0
072CC020300 642
072DD010300 713
072DD020300 0
072EE000300 0
073 A010300 0.2983
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 133
074 B000300 0
074 C000300 16420
074 D000300 11196
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 3404
<PAGE> PAGE 17
074 K000300 37
074 L000300 402
074 M000300 0
074 N000300 31592
074 O000300 5371
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 219
074 S000300 0
074 T000300 26002
074 U010300 2416
074 U020300 0
074 V010300 10.76
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
074 Y000300 21525
075 A000300 0
075 B000300 25816
076 000300 0.00
008 A000401 FISCHER FRANCIS TREES & WATTS, INC.
008 B000401 A
008 C000401 801-10577
008 D010401 NEW YORK
008 D020401 NY
008 D030401 10166
008 A000402 FISCHER FRANCIS TREES & WATTS
008 B000402 S
008 C000402 801-37205
008 D010402 LONDON
008 D050402 UNITED KINGDOM
008 D060402 EC2M7BP
028 A010400 19000
028 A020400 163
028 A030400 0
028 A040400 26454
028 B010400 0
028 B020400 103
028 B030400 0
028 B040400 0
028 C010400 24800
028 C020400 243
028 C030400 0
028 C040400 8000
028 D010400 11600
028 D020400 246
028 D030400 0
028 D040400 0
<PAGE> PAGE 18
028 E010400 0
028 E020400 219
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 236
028 F030400 0
028 F040400 0
028 G010400 55400
028 G020400 1210
028 G030400 0
028 G040400 34454
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.400
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
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
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
062 A000400 Y
062 B000400 3.6
062 C000400 9.1
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
<PAGE> PAGE 19
062 H000400 0.0
062 I000400 0.0
062 J000400 88.3
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 10
063 B000400 0.0
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 N
070 F020400 N
070 G010400 Y
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
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 162089
071 B000400 189169
<PAGE> PAGE 20
071 C000400 27074
071 D000400 599
072 A000400 6
072 B000400 1349
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 91
072 G000400 14
072 H000400 0
072 I000400 1
072 J000400 28
072 K000400 0
072 L000400 0
072 M000400 2
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 14
072 S000400 1
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 162
072 Y000400 25
072 Z000400 1212
072AA000400 936
072BB000400 0
072CC010400 0
072CC020400 1673
072DD010400 1210
072DD020400 0
072EE000400 0
073 A010400 0.2671
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 186
074 B000400 0
074 C000400 55951
074 D000400 5
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 24
074 L000400 29
<PAGE> PAGE 21
074 M000400 1
074 N000400 56196
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 770
074 S000400 0
074 T000400 55426
074 U010400 5539
074 U020400 0
074 V010400 10.01
074 V020400 0.00
074 W000400 0.0000
074 X000400 10
074 Y000400 48925
075 A000400 0
075 B000400 45904
076 000400 0.00
008 A000501 FISCHER FRANCIS TREES & WATTS, INC.
008 B000501 A
008 C000501 801-10577
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10166
028 A010500 100
028 A020500 22
028 A030500 0
028 A040500 0
028 B010500 303
028 B020500 21
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 23
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 23
028 D030500 0
028 D040500 104
028 E010500 15004
028 E020500 27
028 E030500 0
028 E040500 0
028 F010500 7000
028 F020500 108
028 F030500 0
028 F040500 0
<PAGE> PAGE 22
028 G010500 22407
028 G020500 224
028 G030500 0
028 G040500 104
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.350
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
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
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 100000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 32.2
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 4.3
062 K000500 0.0
062 L000500 0.0
062 M000500 82.8
062 N000500 0.0
062 O000500 0.0
<PAGE> PAGE 23
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 1.5
064 A000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
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 N
070 M010500 Y
070 M020500 N
070 N010500 Y
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 95693
071 B000500 77720
071 C000500 56330
071 D000500 966
072 A000500 6
072 B000500 262
072 C000500 0
072 D000500 0
072 E000500 0
<PAGE> PAGE 24
072 F000500 8
072 G000500 2
072 H000500 0
072 I000500 1
072 J000500 7
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 24
072 Q000500 0
072 R000500 5
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 2
072 X000500 49
072 Y000500 11
072 Z000500 224
072AA000500 0
072BB000500 6
072CC010500 0
072CC020500 5
072DD010500 224
072DD020500 0
072EE000500 0
073 A010500 0.2582
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1
074 B000500 8900
074 C000500 1175
074 D000500 22836
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 11
074 L000500 172
074 M000500 0
074 N000500 33095
074 O000500 5491
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
<PAGE> PAGE 25
074 R030500 0
074 R040500 8
074 S000500 0
074 T000500 27596
074 U010500 2787
074 U020500 0
074 V010500 9.90
074 V020500 0.00
074 W000500 0.0000
074 X000500 5
074 Y000500 0
075 A000500 0
075 B000500 8343
076 000500 0.00
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 0
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 0
072 H000600 0
008 A000701 FISCHER FRANCIS TREES & WATTS, INC.
008 B000701 A
008 C000701 801-10577
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10166
008 A000702 FISCHER FRANCIS TREES & WATTS
008 B000702 S
008 C000702 801-37205
008 D010702 LONDON
008 D050702 UNITED KINGDOM
008 D060702 EC2M7BP
028 A010700 0
028 A020700 147
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 129
028 B030700 0
028 B040700 0
028 C010700 15000
028 C020700 92
028 C030700 0
028 C040700 39000
028 D010700 0
<PAGE> PAGE 26
028 D020700 41
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 10763
028 F010700 0
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 15000
028 G020700 409
028 G030700 0
028 G040700 49763
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.350
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 100000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
<PAGE> PAGE 27
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
<PAGE> PAGE 28
070 R020700 N
071 A000700 21783
071 B000700 27130
071 C000700 6821
071 D000700 319
072 A000700 5
072 B000700 495
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 32
072 G000700 6
072 H000700 0
072 I000700 1
072 J000700 13
072 K000700 0
072 L000700 0
072 M000700 1
072 N000700 1
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 8
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 4
072 X000700 65
072 Y000700 18
072 Z000700 448
072AA000700 450
072BB000700 0
072CC010700 0
072CC020700 228
072DD010700 448
072DD020700 0
072EE000700 0
073 A010700 0.1977
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
<PAGE> PAGE 29
074 J000700 0
074 K000700 0
074 L000700 0
074 M000700 0
074 N000700 0
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 0
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
075 A000700 0
075 B000700 22679
076 000700 0.00
008 A000801 FISCHER FRANCIS TREES & WATTS, INC.
008 B000801 A
008 C000801 801-10577
008 D010801 NEW YORK
008 D020801 NY
008 D030801 10166
028 A010800 0
028 A020800 0
028 A030800 0
028 A040800 0
028 B010800 0
028 B020800 0
028 B030800 0
028 B040800 0
028 C010800 0
028 C020800 0
028 C030800 0
028 C040800 0
028 D010800 34374
028 D020800 6
028 D030800 0
028 D040800 0
028 E010800 0
028 E020800 254
028 E030800 0
028 E040800 0
028 F010800 0
<PAGE> PAGE 30
028 F020800 124
028 F030800 0
028 F040800 0
028 G010800 34374
028 G020800 384
028 G030800 0
028 G040800 0
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.300
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 100000
062 A000800 Y
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 6.9
062 K000800 0.0
062 L000800 0.0
<PAGE> PAGE 31
062 M000800 0.3
062 N000800 130.7
062 O000800 0.0
062 P000800 0.0
062 Q000800 7.5
062 R000800 0.0
063 A000800 0
063 B000800 3.4
064 A000800 N
070 A010800 Y
070 A020800 Y
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 Y
071 A000800 76325
071 B000800 29109
071 C000800 31660
071 D000800 92
072 A000800 3
072 B000800 413
<PAGE> PAGE 32
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 17
072 G000800 3
072 H000800 0
072 I000800 0
072 J000800 6
072 K000800 0
072 L000800 0
072 M000800 1
072 N000800 0
072 O000800 0
072 P000800 1
072 Q000800 0
072 R000800 6
072 S000800 0
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 35
072 Y000800 8
072 Z000800 386
072AA000800 0
072BB000800 149
072CC010800 167
072CC020800 0
072DD010800 385
072DD020800 0
072EE000800 0
073 A010800 0.1116
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 4
074 B000800 0
074 C000800 2381
074 D000800 48175
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 2813
074 K000800 8
074 L000800 350
074 M000800 2808
074 N000800 56539
074 O000800 18932
074 P000800 0
<PAGE> PAGE 33
074 Q000800 0
074 R010800 0
074 R020800 2813
074 R030800 0
074 R040800 17
074 S000800 0
074 T000800 34777
074 U010800 3476
074 U020800 0
074 V010800 10.00
074 V020800 0.00
074 W000800 0.0000
074 X000800 3
074 Y000800 19127
075 A000800 0
075 B000800 34406
076 000800 0.00
008 A000901 FISCHER FRANCIS TREES & WATTS, INC.
008 B000901 A
008 C000901 801-10577
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10166
008 A000902 FISCHER FRANCIS TREES & WATTS
008 B000902 S
008 C000902 801-37205
008 D010902 LONDON
008 D050902 UNITED KINGDOM
008 D060902 EC2M7BP
028 A010900 0
028 A020900 0
028 A030900 0
028 A040900 0
028 B010900 0
028 B020900 0
028 B030900 0
028 B040900 0
028 C010900 0
028 C020900 0
028 C030900 0
028 C040900 0
028 D010900 0
028 D020900 0
028 D030900 0
028 D040900 0
028 E010900 14000
028 E020900 48
028 E030900 0
028 E040900 0
028 F010900 0
028 F020900 67
<PAGE> PAGE 34
028 F030900 0
028 F040900 0
028 G010900 14000
028 G020900 115
028 G030900 0
028 G040900 0
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.400
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 100000
062 A000900 Y
062 B000900 0.0
062 C000900 2.1
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 33.9
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
<PAGE> PAGE 35
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 62.4
062 R000900 0.0
063 A000900 0
063 B000900 4.5
064 A000900 N
070 A010900 Y
070 A020900 Y
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 Y
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 19554
071 B000900 10876
071 C000900 7789
071 D000900 140
072 A000900 2
072 B000900 127
072 C000900 0
<PAGE> PAGE 36
072 D000900 0
072 E000900 0
072 F000900 8
072 G000900 1
072 H000900 0
072 I000900 0
072 J000900 9
072 K000900 0
072 L000900 0
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 6
072 S000900 0
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 25
072 Y000900 13
072 Z000900 115
072AA000900 0
072BB000900 190
072CC010900 51
072CC020900 0
072DD010900 115
072DD020900 0
072EE000900 0
073 A010900 0.0822
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 23
074 B000900 0
074 C000900 5026
074 D000900 8732
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 3365
074 K000900 13
074 L000900 245
074 M000900 11
074 N000900 17415
074 O000900 3350
074 P000900 0
074 Q000900 0
<PAGE> PAGE 37
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 89
074 S000900 0
074 T000900 13976
074 U010900 1412
074 U020900 0
074 V010900 9.90
074 V020900 0.00
074 W000900 0.0000
074 X000900 2
074 Y000900 12597
075 A000900 0
075 B000900 13896
076 000900 0.00
SIGNATURE WILLIAM E. VASTARDIS
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. SHORT-TERM PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 701053
<INVESTMENTS-AT-VALUE> 700483
<RECEIVABLES> 3113
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 703637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82
<TOTAL-LIABILITIES> 82
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 709456
<SHARES-COMMON-STOCK> 71467
<SHARES-COMMON-PRIOR> 46292
<ACCUMULATED-NII-CURRENT> 71
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5382)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (590)
<NET-ASSETS> 703555
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15777
<OTHER-INCOME> 0
<EXPENSES-NET> 1070
<NET-INVESTMENT-INCOME> 14707
<REALIZED-GAINS-CURRENT> (805)
<APPREC-INCREASE-CURRENT> (937)
<NET-CHANGE-FROM-OPS> 12965
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14708
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 371387
<NUMBER-OF-SHARES-REDEEMED> 347692
<SHARES-REINVESTED> 1480
<NET-CHANGE-IN-ASSETS> 246130
<ACCUMULATED-NII-PRIOR> 71
<ACCUMULATED-GAINS-PRIOR> (4577)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 505
<INTEREST-EXPENSE> 305
<GROSS-EXPENSE> 1200
<AVERAGE-NET-ASSETS> 524168
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .28
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.84
<EXPENSE-RATIO> .29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> WORLDWIDE FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 124063
<INVESTMENTS-AT-VALUE> 123926
<RECEIVABLES> 15333
<ASSETS-OTHER> 619
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139878
<PAYABLE-FOR-SECURITIES> 19759
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 668
<TOTAL-LIABILITIES> 20427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 133952
<SHARES-COMMON-STOCK> 12582
<SHARES-COMMON-PRIOR> 8766
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4
<ACCUMULATED-NET-GAINS> (13967)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (538)
<NET-ASSETS> 119451
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3297
<OTHER-INCOME> 0
<EXPENSES-NET> 324
<NET-INVESTMENT-INCOME> 2973
<REALIZED-GAINS-CURRENT> (1948)
<APPREC-INCREASE-CURRENT> (1716)
<NET-CHANGE-FROM-OPS> (691)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2969
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3556
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 260
<NET-CHANGE-IN-ASSETS> 33265
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12019)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 347
<AVERAGE-NET-ASSETS> 108665
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.34)
<PER-SHARE-DIVIDEND> .26
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.49
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INTERNATIONAL FIXED INCOME-HEDGED PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 55955
<INVESTMENTS-AT-VALUE> 55956
<RECEIVABLES> 53
<ASSETS-OTHER> 187
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56196
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 770
<TOTAL-LIABILITIES> 770
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55138
<SHARES-COMMON-STOCK> 5539
<SHARES-COMMON-PRIOR> 3336
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 107
<ACCUMULATED-NET-GAINS> 932
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (751)
<NET-ASSETS> 55426
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1349
<OTHER-INCOME> 0
<EXPENSES-NET> 137
<NET-INVESTMENT-INCOME> 1212
<REALIZED-GAINS-CURRENT> 936
<APPREC-INCREASE-CURRENT> (1673)
<NET-CHANGE-FROM-OPS> 475
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1210
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10600
<NUMBER-OF-SHARES-REDEEMED> 7404
<SHARES-REINVESTED> 140
<NET-CHANGE-IN-ASSETS> 21421
<ACCUMULATED-NII-PRIOR> 105
<ACCUMULATED-GAINS-PRIOR> (4)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162
<AVERAGE-NET-ASSETS> 45904
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.18)
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 10.01
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> STABLE RETURN PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 32887
<INVESTMENTS-AT-VALUE> 32911
<RECEIVABLES> 183
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33095
<PAYABLE-FOR-SECURITIES> 5491
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8
<TOTAL-LIABILITIES> 5499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27574
<SHARES-COMMON-STOCK> 2787
<SHARES-COMMON-PRIOR> 508
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24
<NET-ASSETS> 27596
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 262
<OTHER-INCOME> 0
<EXPENSES-NET> 38
<NET-INVESTMENT-INCOME> 224
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> (5)
<NET-CHANGE-FROM-OPS> 213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 224
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2267
<NUMBER-OF-SHARES-REDEEMED> 11
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 22516
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 3
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8
<INTEREST-EXPENSE> 24
<GROSS-EXPENSE> 49
<AVERAGE-NET-ASSETS> 8343
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> .34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> WORLDWIDE SHORT-TERM FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (231)
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 3454
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 231
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 495
<OTHER-INCOME> 0
<EXPENSES-NET> 47
<NET-INVESTMENT-INCOME> 448
<REALIZED-GAINS-CURRENT> 450
<APPREC-INCREASE-CURRENT> (228)
<NET-CHANGE-FROM-OPS> 670
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 448
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1515
<NUMBER-OF-SHARES-REDEEMED> 5010
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> (34132)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (219)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65
<AVERAGE-NET-ASSETS> 22679
<PER-SHARE-NAV-BEGIN> 9.88
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> .20
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> MORTGAGE TOTAL RETURN PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 50375
<INVESTMENTS-AT-VALUE> 50556
<RECEIVABLES> 3171
<ASSETS-OTHER> 2812
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56539
<PAYABLE-FOR-SECURITIES> 18932
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2830
<TOTAL-LIABILITIES> 21762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34758
<SHARES-COMMON-STOCK> 3476
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (149)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 167
<NET-ASSETS> 34777
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 413
<OTHER-INCOME> 0
<EXPENSES-NET> 27
<NET-INVESTMENT-INCOME> 386
<REALIZED-GAINS-CURRENT> (149)
<APPREC-INCREASE-CURRENT> 167
<NET-CHANGE-FROM-OPS> 404
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 385
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3437
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 34777
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35
<AVERAGE-NET-ASSETS> 34406
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> .00
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> INTERNATIONAL FIXED INCOME PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 13666
<INVESTMENTS-AT-VALUE> 13758
<RECEIVABLES> 3623
<ASSETS-OTHER> 34
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17415
<PAYABLE-FOR-SECURITIES> 3350
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89
<TOTAL-LIABILITIES> 3439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14115
<SHARES-COMMON-STOCK> 1412
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (190)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51
<NET-ASSETS> 13976
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 127
<OTHER-INCOME> 0
<EXPENSES-NET> 12
<NET-INVESTMENT-INCOME> 115
<REALIZED-GAINS-CURRENT> (190)
<APPREC-INCREASE-CURRENT> 51
<NET-CHANGE-FROM-OPS> (24)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 115
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1400
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 12
<NET-CHANGE-IN-ASSETS> 13976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25
<AVERAGE-NET-ASSETS> 13896
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
FFTW FUNDS, INC.
Form N-SAR for the period ending June 30, 1996
File Number 811-5796
This report is signed on behalf of the Registrant in the City of
New York and the State of New York on the 29th day of August, 1996
FFTW FUNDS, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Assistant Secretary
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
AMT Capital Services, Inc.
600 Fifth Avenue, 26th Floor
New York, NY 10020
August 29, 1996
Filing Desk
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Semi-Annual Report on Form NSAR-A
FFTW Funds, Inc. (the "Fund")
File No. 811-5796
Ladies and Gentleman:
Enclosed for filing in electronic format on behalf of the Fund, pursuant to
the Investment Company Act of 1940 (the "1940 Act"), are the following
documents:
1. One executed copy of the Fund's Semi-Annual Report on Form N-SAR.
2. We have wired the $125.00 fee on 8/27/96 to the appropriate account at
Mellon Bank, in payment of the required fee for filing the Fund's
Semi-Annual Report on Form N-SAR.
Please do not hesitate to contact the undersigned at (800) 762-4848 if you
have any questions.
Very truly yours,
/s/ William E. Vastardis
William E. Vastardis
Senior Vice President, Fund Administration
Enclosures
