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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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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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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
075 A001100 0
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008 A001201 FISCHER FRANCIS TREES & WATTS, INC.
008 B001201 A
008 C001201 801-10577
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10166
008 A001202 FISCHER FRANCIS TREES & WATTS
008 B001202 S
008 C001202 801-37205
008 D011202 LONDON
008 D051202 UNITED KINGDOM
008 D061202 EC2M7BP
028 A011200 5
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045 001200 Y
046 001200 N
047 001200 Y
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<PAGE> PAGE 43
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050 001200 N
051 001200 N
052 001200 N
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053 B001200 Y
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059 001200 Y
060 A001200 N
060 B001200 N
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<PAGE> PAGE 44
064 B001200 N
070 A011200 Y
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070 E021200 Y
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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SIGNATURE JOE V SMITH
TITLE COMPLIANCE OFFICER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> U.S. Short-Term Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 654,158,307
<INVESTMENTS-AT-VALUE> 652,739,901
<RECEIVABLES> 3,118,414
<ASSETS-OTHER> 79
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 655,858,394
<PAYABLE-FOR-SECURITIES> 44,796,318
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 572,552
<TOTAL-LIABILITIES> 45,368,870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 627,198,729
<SHARES-COMMON-STOCK> 63,071,008
<SHARES-COMMON-PRIOR> 86,086,181
<ACCUMULATED-NII-CURRENT> 243,592
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 15,554,327
<ACCUM-APPREC-OR-DEPREC> (1,398,470)
<NET-ASSETS> 610,489,524
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,841,225
<OTHER-INCOME> 0
<EXPENSES-NET> 870,103
<NET-INVESTMENT-INCOME> 17,971,122
<REALIZED-GAINS-CURRENT> (5,592,515)
<APPREC-INCREASE-CURRENT> 275,197
<NET-CHANGE-FROM-OPS> 12,653,804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,971,122
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 320,203,037
<NUMBER-OF-SHARES-REDEEMED> 345,052,386
<SHARES-REINVESTED> 1,834,176
<NET-CHANGE-IN-ASSETS> (229,876,482)
<ACCUMULATED-NII-PRIOR> 243,592
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9,961,812
<GROSS-ADVISORY-FEES> 1,042,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,547,347
<AVERAGE-NET-ASSETS> 700,587,961
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> Worldwide Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 69,365,501
<INVESTMENTS-AT-VALUE> 67,005,737
<RECEIVABLES> 5,627,366
<ASSETS-OTHER> 1,338,345
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,971,448
<PAYABLE-FOR-SECURITIES> 10,573,176
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 753,593
<TOTAL-LIABILITIES> 11,326,769
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,250,972
<SHARES-COMMON-STOCK> 6,706,530
<SHARES-COMMON-PRIOR> 6,774,560
<ACCUMULATED-NII-CURRENT> 1,633,254
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,394,751
<ACCUM-APPREC-OR-DEPREC> (2,844,796)
<NET-ASSETS> 62,644,679
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,660,569
<OTHER-INCOME> 0
<EXPENSES-NET> 197,942
<NET-INVESTMENT-INCOME> 1,462,627
<REALIZED-GAINS-CURRENT> (1,796,984)
<APPREC-INCREASE-CURRENT> (4,538,131)
<NET-CHANGE-FROM-OPS> (4,872,488)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,462,626
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182,243
<NUMBER-OF-SHARES-REDEEMED> 334,696
<SHARES-REINVESTED> 84,423
<NET-CHANGE-IN-ASSETS> (7,008,075)
<ACCUMULATED-NII-PRIOR> 1,633,253
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,597,767
<GROSS-ADVISORY-FEES> 131,962
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 214,664
<AVERAGE-NET-ASSETS> 66,492,164
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> (0.94)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.34
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> Worldwide-Hedged Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 204,670,151
<INVESTMENTS-AT-VALUE> 199,601,389
<RECEIVABLES> 15,412,085
<ASSETS-OTHER> 2,260,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217,274,119
<PAYABLE-FOR-SECURITIES> 32,279,451
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,036,117
<TOTAL-LIABILITIES> 33,315,568
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,110,562
<SHARES-COMMON-STOCK> 16,943,774
<SHARES-COMMON-PRIOR> 15,619,933
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,122,393
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 636,731
<ACCUM-APPREC-OR-DEPREC> (4,392,887)
<NET-ASSETS> 183,958,551
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,471,316
<OTHER-INCOME> 0
<EXPENSES-NET> 405,800
<NET-INVESTMENT-INCOME> 4,065,516
<REALIZED-GAINS-CURRENT> (366,573)
<APPREC-INCREASE-CURRENT> (5,333,370)
<NET-CHANGE-FROM-OPS> (1,634,427)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,065,516
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,798,059
<NUMBER-OF-SHARES-REDEEMED> 840,965
<SHARES-REINVESTED> 366,747
<NET-CHANGE-IN-ASSETS> 9,154,016
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,122,393
<OVERDIST-NET-GAINS-PRIOR> 270,158
<GROSS-ADVISORY-FEES> 360,908
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 536,106
<AVERAGE-NET-ASSETS> 181,949,593
<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.33)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.25
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.86
<EXPENSE-RATIO> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> Global Tactical Exposure Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 402,517,742
<INVESTMENTS-AT-VALUE> 382,696,994
<RECEIVABLES> 36,079,116
<ASSETS-OTHER> 4,323,172
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 423,099,282
<PAYABLE-FOR-SECURITIES> 906,450
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,635,077
<TOTAL-LIABILITIES> 21,541,527
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 394,182,554
<SHARES-COMMON-STOCK> 39,396,423
<SHARES-COMMON-PRIOR> 41,370,968
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 183,350
<ACCUMULATED-NET-GAINS> 33,579,561
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (26,021,010)
<NET-ASSETS> 401,557,755
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,497,357
<OTHER-INCOME> 0
<EXPENSES-NET> 10,669,329
<NET-INVESTMENT-INCOME> 8,828,028
<REALIZED-GAINS-CURRENT> 37,674,449
<APPREC-INCREASE-CURRENT> (39,181,860)
<NET-CHANGE-FROM-OPS> 7,320,617
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,517,452
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,417,969
<NUMBER-OF-SHARES-REDEEMED> 6,307,839
<SHARES-REINVESTED> 915,325
<NET-CHANGE-IN-ASSETS> (22,407,954)
<ACCUMULATED-NII-PRIOR> 506,074
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,094,888)
<GROSS-ADVISORY-FEES> 830,045
<INTEREST-EXPENSE> 10,109,309
<GROSS-EXPENSE> 1,171,748
<AVERAGE-NET-ASSETS> 418,461,713
<PER-SHARE-NAV-BEGIN> 10.25
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.19
<EXPENSE-RATIO> 0.27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> Limited-Duration Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 93,200,145
<INVESTMENTS-AT-VALUE> 92,711,298
<RECEIVABLES> 4,381,813
<ASSETS-OTHER> 434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,093,545
<PAYABLE-FOR-SECURITIES> 24,629,281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,655
<TOTAL-LIABILITIES> 24,673,936
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,113,202
<SHARES-COMMON-STOCK> 7,418,393
<SHARES-COMMON-PRIOR> 9,011,987
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,190,734
<ACCUM-APPREC-OR-DEPREC> (502,859)
<NET-ASSETS> 72,419,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,417,815
<OTHER-INCOME> 0
<EXPENSES-NET> 125,838
<NET-INVESTMENT-INCOME> 2,291,977
<REALIZED-GAINS-CURRENT> (897,186)
<APPREC-INCREASE-CURRENT> (522,507)
<NET-CHANGE-FROM-OPS> 872,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,291,977
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,042,982
<NUMBER-OF-SHARES-REDEEMED> 5,868,812
<SHARES-REINVESTED> 232,236
<NET-CHANGE-IN-ASSETS> (17,101,376)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 293,548
<GROSS-ADVISORY-FEES> 146,659
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230,721
<AVERAGE-NET-ASSETS> 84,499,515
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 0.30
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 008
<NAME> Mortgage-Backed Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1,021,572,678
<INVESTMENTS-AT-VALUE> 1,017,533,101
<RECEIVABLES> 120,249,976
<ASSETS-OTHER> 392
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,137,783,469
<PAYABLE-FOR-SECURITIES> 552,467,195
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,249,337
<TOTAL-LIABILITIES> 614,716,532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 542,410,429
<SHARES-COMMON-STOCK> 53,001,791
<SHARES-COMMON-PRIOR> 80,085,381
<ACCUMULATED-NII-CURRENT> 1,498,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 16,839,080
<ACCUM-APPREC-OR-DEPREC> (4,002,977)
<NET-ASSETS> 523,066,937
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,415,111
<OTHER-INCOME> 0
<EXPENSES-NET> 858,575
<NET-INVESTMENT-INCOME> 24,556,536
<REALIZED-GAINS-CURRENT> (17,561,940)
<APPREC-INCREASE-CURRENT> (2,288,965)
<NET-CHANGE-FROM-OPS> 4,705,631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24,556,536
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 29,405,479
<SHARES-REINVESTED> 2,321,889
<NET-CHANGE-IN-ASSETS> (292,299,672)
<ACCUMULATED-NII-PRIOR> 1,498,565
<ACCUMULATED-GAINS-PRIOR> 722,860
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,071,278
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,551,171
<AVERAGE-NET-ASSETS> 720,103,742
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.31)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.87
<EXPENSE-RATIO> 0.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 009
<NAME> International Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 110,371,524
<INVESTMENTS-AT-VALUE> 106,906,683
<RECEIVABLES> 7,612,815
<ASSETS-OTHER> 675,054
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 115,194,552
<PAYABLE-FOR-SECURITIES> 18,727,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,120,816
<TOTAL-LIABILITIES> 19,848,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,411,452
<SHARES-COMMON-STOCK> 10,984,305
<SHARES-COMMON-PRIOR> 8,437,782
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 934,988
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,444,843
<ACCUM-APPREC-OR-DEPREC> (4,685,655)
<NET-ASSETS> 95,345,966
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,921,290
<OTHER-INCOME> 0
<EXPENSES-NET> 249,833
<NET-INVESTMENT-INCOME> 1,671,457
<REALIZED-GAINS-CURRENT> (3,402,286)
<APPREC-INCREASE-CURRENT> (5,970,992)
<NET-CHANGE-FROM-OPS> (7,701,821)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,671,457
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,828,100
<NUMBER-OF-SHARES-REDEEMED> 466,342
<SHARES-REINVESTED> 184,765
<NET-CHANGE-IN-ASSETS> 13,641,094
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 934,988
<OVERDIST-NET-GAINS-PRIOR> 42,557
<GROSS-ADVISORY-FEES> 166,555
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258,955
<AVERAGE-NET-ASSETS> 84,087,533
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (1.00)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.18
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.68
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> Money Market Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 26,696,097
<INVESTMENTS-AT-VALUE> 26,696,097
<RECEIVABLES> 174,362
<ASSETS-OTHER> 482
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,870,941
<PAYABLE-FOR-SECURITIES> 1,000,017
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,000,017
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,870,340
<SHARES-COMMON-STOCK> 25,870,958
<SHARES-COMMON-PRIOR> 29,451,451
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 584
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25,870,924
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 658,629
<OTHER-INCOME> 0
<EXPENSES-NET> 32,834
<NET-INVESTMENT-INCOME> 625,795
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 625,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 625,795
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131,800
<NUMBER-OF-SHARES-REDEEMED> 4,335,985
<SHARES-REINVESTED> 623,692
<NET-CHANGE-IN-ASSETS> (4,206,288)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 584
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,289
<AVERAGE-NET-ASSETS> 26,465,383
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> Emerging Markets Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 190,699,043
<INVESTMENTS-AT-VALUE> 182,682,372
<RECEIVABLES> 4,408,737
<ASSETS-OTHER> 1,703,754
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 188,794,863
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,794
<TOTAL-LIABILITIES> 140,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 235,525,199
<SHARES-COMMON-STOCK> 25,160,813
<SHARES-COMMON-PRIOR> 21,349,089
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,273,559
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 38,427,599
<ACCUM-APPREC-OR-DEPREC> (7,169,972)
<NET-ASSETS> 188,654,069
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,436,264
<OTHER-INCOME> 0
<EXPENSES-NET> 791,690
<NET-INVESTMENT-INCOME> 8,644,574
<REALIZED-GAINS-CURRENT> (15,997,930)
<APPREC-INCREASE-CURRENT> 9,467,984
<NET-CHANGE-FROM-OPS> 2,114,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,642,770
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,319,176
<NUMBER-OF-SHARES-REDEEMED> 3,652,984
<SHARES-REINVESTED> 1,145,532
<NET-CHANGE-IN-ASSETS> 23,945,354
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,275,363
<OVERDIST-NET-GAINS-PRIOR> 22,429,669
<GROSS-ADVISORY-FEES> 593,767
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 791,690
<AVERAGE-NET-ASSETS> 159,780,701
<PER-SHARE-NAV-BEGIN> 7.72
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.41
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.50
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> International Opportunites Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 30,051,634
<INVESTMENTS-AT-VALUE> 28,685,030
<RECEIVABLES> 3,047,248
<ASSETS-OTHER> 360
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,732,638
<PAYABLE-FOR-SECURITIES> 7,028,524
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202,771
<TOTAL-LIABILITIES> 7,231,295
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,063,828
<SHARES-COMMON-STOCK> 2,739,799
<SHARES-COMMON-PRIOR> 2,574,256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 532,291
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 414,411
<ACCUM-APPREC-OR-DEPREC> (1,615,783)
<NET-ASSETS> 24,501,343
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 546,082
<OTHER-INCOME> 0
<EXPENSES-NET> 73,572
<NET-INVESTMENT-INCOME> 472,510
<REALIZED-GAINS-CURRENT> (366,926)
<APPREC-INCREASE-CURRENT> (2,235,548)
<NET-CHANGE-FROM-OPS> (2,129,964)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 472,510
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 213,522
<NUMBER-OF-SHARES-REDEEMED> 98,611
<SHARES-REINVESTED> 50,632
<NET-CHANGE-IN-ASSETS> (1,074,703)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 532,291
<OVERDIST-NET-GAINS-PRIOR> 47,485
<GROSS-ADVISORY-FEES> 49,048
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,979
<AVERAGE-NET-ASSETS> 24,721,851
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (1.00)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.18
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.94
<EXPENSE-RATIO> 0.60
</TABLE>
