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SIGNATURE WILLIAM E. VASTARDIS
TITLE ASSISTANT SECRETARY
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</TABLE>
FFTW FUNDS, INC.
FORM N-SAR
Item 77I- Terms of New or Amended Securities
FFTW Funds, Inc. (the "Fund") filed Post-Effective Amendment No.
16 to the Fund's Registration Statement on September 12, 1995 and
it became effective with the Securities and Exchange Commission
on November 27, 1995. Pursuant to the Amendment the Board of
Directors reclassified and designated 100,000,000 shares of the
authorized but unissued shares of the AAA Asset-Backed Portfolio
stock, par value $.001 per share, as Mortgage Total Return Portfolio
(the "MTR Portfolio") stock, par value $.001 per share. The AAA
Asset-Backed Portfolio was liquidated on December 30, 1994 and is
no longer in existence. The new porfolio, the MTR Portfolio has the
following investment objective:
The investment objective of the MTR Portfolio is to attain a
high level of total return as may be consistent with the
preservation of capital by investing primarily in mortgage-
related securities, maintaining an average U.S. dollar-
weighted duration in the range of two to six years.
Shareholders and Board of Directors
FFTW Funds, Inc.
In planning and performing our audit of the financial statements of
FFTW Funds, Inc. for the year ended December 31, 1995, we considered
its internal control structure, 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 the internal
control structure.
The management of FFTW Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
February 23, 1996
FFTW FUNDS, INC.
Form N-SAR for the period ending December 31, 1995
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 5th day of March, 1996
FFTW FUNDS, INC.
By: /s/ William E. Vastardis
William E. Vastardis
Assistant Secretary
Witness: /s/ Eric P. Nachimovsky
Eric P. Nachimovsky
