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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 26
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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 40
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070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 174185
<PAGE> PAGE 41
071 B001100 195876
071 C001100 127239
071 D001100 137
072 A001100 12
072 B001100 20890
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072 D001100 0
072 E001100 0
072 F001100 1251
072 G001100 117
072 H001100 0
072 I001100 4
072 J001100 210
072 K001100 0
072 L001100 0
072 M001100 11
072 N001100 29
072 O001100 0
072 P001100 93
072 Q001100 0
072 R001100 43
072 S001100 3
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 21
072 X001100 1782
072 Y001100 0
072 Z001100 19108
072AA001100 0
072BB001100 17574
072CC011100 15393
072CC021100 0
072DD011100 19648
072DD021100 0
072EE001100 0
073 A011100 0.7800
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 1
074 B001100 0
074 C001100 32642
074 D001100 93801
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
<PAGE> PAGE 42
074 L001100 2626
074 M001100 1047
074 N001100 130117
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 1698
074 S001100 0
074 T001100 128419
074 U011100 16718
074 U021100 0
074 V011100 7.68
074 V021100 0.00
074 W001100 0.0000
074 X001100 11
074 Y001100 587
075 A001100 0
075 B001100 166844
076 001100 0.00
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 0
028 A021200 87
028 A031200 0
028 A041200 0
028 B011200 0
028 B021200 93
028 B031200 0
028 B041200 0
028 C011200 0
028 C021200 89
028 C031200 0
028 C041200 0
028 D011200 0
028 D021200 91
028 D031200 0
028 D041200 0
028 E011200 0
<PAGE> PAGE 43
028 E021200 90
028 E031200 0
028 E041200 0
028 F011200 0
028 F021200 0
028 F031200 0
028 F041200 24773
028 G011200 0
028 G021200 450
028 G031200 0
028 G041200 24773
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.400
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
058 A001200 N
059 001200 Y
060 A001200 N
060 B001200 N
061 001200 100000
062 A001200 Y
062 B001200 0.0
<PAGE> PAGE 44
062 C001200 0.0
062 D001200 0.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 0.0
064 A001200 N
064 B001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 Y
070 E021200 Y
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
<PAGE> PAGE 45
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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071 B001200 0
071 C001200 0
071 D001200 0
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072 M001200 2
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072 V001200 0
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072 X001200 178
072 Y001200 34
072 Z001200 980
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072BB001200 1959
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072DD011200 980
072DD021200 0
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
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074 B001200 0
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<PAGE> PAGE 46
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 0
074 M001200 0
074 N001200 0
074 O001200 0
074 P001200 0
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074 R021200 0
074 R031200 0
074 R041200 0
074 S001200 0
074 T001200 0
074 U011200 0
074 U021200 0
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SIGNATURE WILLIAM E. VASTARDIS
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 649,445,585
<INVESTMENTS-AT-VALUE> 647,836,360
<RECEIVABLES> 2,725,440
<ASSETS-OTHER> 523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 650,562,323
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,383
<TOTAL-LIABILITIES> 115,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 669,030,705
<SHARES-COMMON-STOCK> 67,410,719
<SHARES-COMMON-PRIOR> 86,086,181
<ACCUMULATED-NII-CURRENT> 279,133
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 16,971,053
<ACCUM-APPREC-OR-DEPREC> (1,891,845)
<NET-ASSETS> 650,446,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,347,656
<OTHER-INCOME> 0
<EXPENSES-NET> 1,618,664
<NET-INVESTMENT-INCOME> 33,728,992
<REALIZED-GAINS-CURRENT> (6,973,700)
<APPREC-INCREASE-CURRENT> (218,178)
<NET-CHANGE-FROM-OPS> 26,537,114
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 33,728,992
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 604,668,913
<NUMBER-OF-SHARES-REDEEMED> 626,803,398
<SHARES-REINVESTED> 3,459,023
<NET-CHANGE-IN-ASSETS> (189,919,066)
<ACCUMULATED-NII-PRIOR> 243,592
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 9,961,812
<GROSS-ADVISORY-FEES> 1,912,272
<INTEREST-EXPENSE> 25,104
<GROSS-EXPENSE> 2,745,371
<AVERAGE-NET-ASSETS> 637,357,607
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.11)
<PER-SHARE-DIVIDEND> 0.51
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> Worldwide Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 74,748,114
<INVESTMENTS-AT-VALUE> 71,855,609
<RECEIVABLES> 1,143,638
<ASSETS-OTHER> 945,080
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 73,944,327
<PAYABLE-FOR-SECURITIES> 4,834,643
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 528,598
<TOTAL-LIABILITIES> 5,363,241
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,843,851
<SHARES-COMMON-STOCK> 7,519,838
<SHARES-COMMON-PRIOR> 6,774,560
<ACCUMULATED-NII-CURRENT> 146,385
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,640,857
<ACCUM-APPREC-OR-DEPREC> (2,768,293)
<NET-ASSETS> 68,581,086
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,437,038
<OTHER-INCOME> 0
<EXPENSES-NET> 403,705
<NET-INVESTMENT-INCOME> 3,033,333
<REALIZED-GAINS-CURRENT> (2,206,357)
<APPREC-INCREASE-CURRENT> (4,461,628)
<NET-CHANGE-FROM-OPS> (3,634,652)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,356,934
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 839,957
<NUMBER-OF-SHARES-REDEEMED> 363,580
<SHARES-REINVESTED> 268,901
<NET-CHANGE-IN-ASSETS> (1,071,668)
<ACCUMULATED-NII-PRIOR> 1,633,253
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,597,767
<GROSS-ADVISORY-FEES> 269,137
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 427,107
<AVERAGE-NET-ASSETS> 67,274,530
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (0.98)
<PER-SHARE-DIVIDEND> 0.61
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.12
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 196,622,609
<INVESTMENTS-AT-VALUE> 190,966,939
<RECEIVABLES> 2,748,824
<ASSETS-OTHER> 3,257,440
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 196,973,203
<PAYABLE-FOR-SECURITIES> 15,367,851
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,221
<TOTAL-LIABILITIES> 15,438,072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 192,365,442
<SHARES-COMMON-STOCK> 17,151,492
<SHARES-COMMON-PRIOR> 15,619,933
<ACCUMULATED-NII-CURRENT> 377,668
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 6,649,345
<ACCUM-APPREC-OR-DEPREC> (4,558,634)
<NET-ASSETS> 181,535,131
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,551,315
<OTHER-INCOME> 0
<EXPENSES-NET> 835,051
<NET-INVESTMENT-INCOME> 8,716,264
<REALIZED-GAINS-CURRENT> (3,581,013)
<APPREC-INCREASE-CURRENT> (5,499,117)
<NET-CHANGE-FROM-OPS> (363,866)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,960,603
<DISTRIBUTIONS-OF-GAINS> 53,774
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,423,094
<NUMBER-OF-SHARES-REDEEMED> 3,808,644
<SHARES-REINVESTED> 917,109
<NET-CHANGE-IN-ASSETS> 6,730,596
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,122,393
<OVERDIST-NET-GAINS-PRIOR> 270,158
<GROSS-ADVISORY-FEES> 742,268
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,092,962
<AVERAGE-NET-ASSETS> 185,488,345
<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> (0.53)
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.58
<EXPENSE-RATIO> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 133,044,618
<INVESTMENTS-AT-VALUE> 128,167,009
<RECEIVABLES> 3,055,864
<ASSETS-OTHER> 8,042,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,264,989
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,521,119
<TOTAL-LIABILITIES> 7,521,119
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128,118,163
<SHARES-COMMON-STOCK> 13,068,046
<SHARES-COMMON-PRIOR> 41,370,968
<ACCUMULATED-NII-CURRENT> 13,733,654
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3,914,986
<ACCUM-APPREC-OR-DEPREC> (6,192,961)
<NET-ASSETS> 131,743,870
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 36,196,498
<OTHER-INCOME> 0
<EXPENSES-NET> 18,824,601
<NET-INVESTMENT-INCOME> 17,371,897
<REALIZED-GAINS-CURRENT> 13,269,015
<APPREC-INCREASE-CURRENT> (19,353,811)
<NET-CHANGE-FROM-OPS> 11,287,101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,233,430
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,712,375
<NUMBER-OF-SHARES-REDEEMED> 33,678,625
<SHARES-REINVESTED> 1,663,328
<NET-CHANGE-IN-ASSETS> (292,221,839)
<ACCUMULATED-NII-PRIOR> 506,074
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,094,888
<GROSS-ADVISORY-FEES> 1,539,643
<INTEREST-EXPENSE> 17,733,602
<GROSS-EXPENSE> 2,245,731
<AVERAGE-NET-ASSETS> 384,951,385
<PER-SHARE-NAV-BEGIN> 10.25
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 0.28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 107,360,199
<INVESTMENTS-AT-VALUE> 106,446,279
<RECEIVABLES> 938,823
<ASSETS-OTHER> 518
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,385,620
<PAYABLE-FOR-SECURITIES> 7,257,224
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,399
<TOTAL-LIABILITIES> 7,280,623
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,768,501
<SHARES-COMMON-STOCK> 10,361,515
<SHARES-COMMON-PRIOR> 9,011,987
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,749,584
<ACCUM-APPREC-OR-DEPREC> (913,920)
<NET-ASSETS> 100,104,997
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,236,828
<OTHER-INCOME> 0
<EXPENSES-NET> 266,103
<NET-INVESTMENT-INCOME> 4,970,725
<REALIZED-GAINS-CURRENT> (1,473,969)
<APPREC-INCREASE-CURRENT> (933,568)
<NET-CHANGE-FROM-OPS> 2,563,188
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,970,725
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,005,840
<NUMBER-OF-SHARES-REDEEMED> 8,161,803
<SHARES-REINVESTED> 505,491
<NET-CHANGE-IN-ASSETS> 10,584,012
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 293,548
<GROSS-ADVISORY-FEES> 310,454
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 480,773
<AVERAGE-NET-ASSETS> 88,685,887
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.27)
<PER-SHARE-DIVIDEND> 0.55
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 0.30
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 539,191,884
<INVESTMENTS-AT-VALUE> 531,609,490
<RECEIVABLES> 191,460,207
<ASSETS-OTHER> 672
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 723,070,369
<PAYABLE-FOR-SECURITIES> 424,658,575
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146,596
<TOTAL-LIABILITIES> 424,805,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 327,868,055
<SHARES-COMMON-STOCK> 30,939,935
<SHARES-COMMON-PRIOR> 80,085,381
<ACCUMULATED-NII-CURRENT> 1,602,830
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 24,288,852
<ACCUM-APPREC-OR-DEPREC> (6,916,835)
<NET-ASSETS> 298,265,198
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 38,448,314
<OTHER-INCOME> 0
<EXPENSES-NET> 1,455,888
<NET-INVESTMENT-INCOME> 36,992,426
<REALIZED-GAINS-CURRENT> (21,132,605)
<APPREC-INCREASE-CURRENT> (5,202,823)
<NET-CHANGE-FROM-OPS> 10,656,998
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 39,460,236
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 53,000,715
<SHARES-REINVESTED> 3,855,269
<NET-CHANGE-IN-ASSETS> (517,101,412)
<ACCUMULATED-NII-PRIOR> 1,498,565
<ACCUMULATED-GAINS-PRIOR> 722,860
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,819,861
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,669,129
<AVERAGE-NET-ASSETS> 606,623,079
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> 0.64
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.64
<EXPENSE-RATIO> 0.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 009
<NAME> International Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 115,282,292
<INVESTMENTS-AT-VALUE> 112,682,635
<RECEIVABLES> 892,859
<ASSETS-OTHER> 888,594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,464,088
<PAYABLE-FOR-SECURITIES> 9,990,103
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 910,137
<TOTAL-LIABILITIES> 10,900,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109,112,874
<SHARES-COMMON-STOCK> 11,904,545
<SHARES-COMMON-PRIOR> 8,437,782
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,051,888
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1,326,908
<ACCUM-APPREC-OR-DEPREC> (3,170,230)
<NET-ASSETS> 103,563,848
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,384,622
<OTHER-INCOME> 0
<EXPENSES-NET> 556,113
<NET-INVESTMENT-INCOME> 3,828,509
<REALIZED-GAINS-CURRENT> (4,810,658)
<APPREC-INCREASE-CURRENT> (4,455,567)
<NET-CHANGE-FROM-OPS> (5,437,716)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,828,509
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,963,200
<NUMBER-OF-SHARES-REDEEMED> 925,952
<SHARES-REINVESTED> 429,515
<NET-CHANGE-IN-ASSETS> 21,858,976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 934,988
<OVERDIST-NET-GAINS-PRIOR> 42,557
<GROSS-ADVISORY-FEES> 370,742
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 559,275
<AVERAGE-NET-ASSETS> 92,615,202
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (0.98)
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.70
<EXPENSE-RATIO> 0.60
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 11-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<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> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 29,451,451
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,120,426
<OTHER-INCOME> 0
<EXPENSES-NET> 55,241
<NET-INVESTMENT-INCOME> 1,065,185
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,065,185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,065,185
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 134,948
<NUMBER-OF-SHARES-REDEEMED> 30,639,160
<SHARES-REINVESTED> 1,053,378
<NET-CHANGE-IN-ASSETS> (29,451,417)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 584
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,648
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 61,993
<AVERAGE-NET-ASSETS> 25,832,106
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 127,462,133
<INVESTMENTS-AT-VALUE> 126,442,659
<RECEIVABLES> 2,626,781
<ASSETS-OTHER> 1,047,827
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,117,267
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,698,243
<TOTAL-LIABILITIES> 1,698,243
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167,232,474
<SHARES-COMMON-STOCK> 16,717,599
<SHARES-COMMON-PRIOR> 21,349,089
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,864,693
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 34,704,054
<ACCUM-APPREC-OR-DEPREC> (1,244,703)
<NET-ASSETS> 128,419,024
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,889,923
<OTHER-INCOME> 0
<EXPENSES-NET> 1,781,999
<NET-INVESTMENT-INCOME> 19,107,924
<REALIZED-GAINS-CURRENT> (17,573,691)
<APPREC-INCREASE-CURRENT> 15,393,253
<NET-CHANGE-FROM-OPS> 16,927,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19,648,340
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,878,273
<NUMBER-OF-SHARES-REDEEMED> 17,078,248
<SHARES-REINVESTED> 2,568,485
<NET-CHANGE-IN-ASSETS> (36,289,691)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,275,363
<OVERDIST-NET-GAINS-PRIOR> 22,429,669
<GROSS-ADVISORY-FEES> 1,251,344
<INTEREST-EXPENSE> 93,000
<GROSS-EXPENSE> 1,688,999
<AVERAGE-NET-ASSETS> 166,844,252
<PER-SHARE-NAV-BEGIN> 7.72
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> 0.87
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.68
<EXPENSE-RATIO> 1.01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from FFTW
financial statements at December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<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> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,124,079
<OTHER-INCOME> 0
<EXPENSES-NET> 144,140
<NET-INVESTMENT-INCOME> 979,939
<REALIZED-GAINS-CURRENT> (1,958,599)
<APPREC-INCREASE-CURRENT> (739,733)
<NET-CHANGE-FROM-OPS> (1,718,393)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 979,939
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 213,522
<NUMBER-OF-SHARES-REDEEMED> 2,888,365
<SHARES-REINVESTED> 100,586
<NET-CHANGE-IN-ASSETS> (25,576,046)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 532,291
<OVERDIST-NET-GAINS-PRIOR> 47,485
<GROSS-ADVISORY-FEES> 96,093
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 177,811
<AVERAGE-NET-ASSETS> 24,768,484
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.00
</TABLE>
Exhibit 77K
Changes in Registrants' Certifying Accountant
1. On August 13,1999, based upon the recommendation of the Audit Committee of
the Registrants' Board Directors, and in accordance with Section 32 of the
Investment Company Act of 1940, as amended, and the rules thereunder, the
Board of Directors determined not to retain Ernst & Young LLP ("Ernst &
Young") as the Registrants' independent accountants and voted to appoint
KPMG LLP. ("KPMG") as the Registrants' independent accountants for the
fiscal year ended December 31, 1999.
2. During the Registrants' two most recent fiscal years ended December 31,
1998, Ernst & Young's reports on the Registrants' financial statements
contained no adverse opinions or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope, or accounting
principles.
3. During the Registrants' two most recent fiscal years ended December 31,
1998, there were no disagreements with Ernst & Young on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of Ernst & Young, would have caused it to make reference to
the subject matter of the disagreement in connection with its reports.
4. During the Registrants' two most recent fiscal years ended December 31,
1998, there have been no "reportable events" as such term is described in
Items 304 (a)(1)(v) of Regulation S-K with respect to Ernst & Young.
5. On August 13, 1999, the Registrants engaged KPMG as its principal
accountants to audit the Registrants' financial statements. During the
Registrants' two most recent fiscal years through December 31, 1999, the
Registrants have not consulted with KPMG on items which (i) concerned the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered
on the Registrants' financial statements or (ii) concerned the subject
matter of a disagreement or reportable event with Ernst & Young.
6. The Registrants have requested Ernst & Young to furnish them with a letter
addressed to the Securities and Exchange Commission stating whether Ernst &
Young agrees with the statements contained in the second, third, and fourth
paragraphs above. A copy of the letter from Ernst & Young to the Securities
and Exchange Commission is filed as Annex I hereto.
To the Board of Directors and Shareholders of
FFTW Funds, Inc.:
In planning and performing our audits of the financial statements of FFTW Funds,
Inc. (comprising, U.S. Short-Term, Limited Duration, Mortgage-Backed, Global
Tactical Exposure, Worldwide, Worldwide-Hedged, International, and Emerging
Markets Portfolios) (the "Funds") for the year ended December 31, 1999, 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 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, error or fraud 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including procedures for safeguarding
securities that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of FFTW Funds, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
KPMG LLP
New York, New York
February 23, 2000
