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SIGNATURE RICHARD A CLEMENS
TITLE MGR/FINANCIAL REPTG
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887154
<NAME> BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 16598474
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<REALIZED-GAINS-CURRENT> (256151)
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<FN>
<F1>
</FN>
</TABLE>
The Board of Trustees of
Bond Portfolio:
In planning and performing our audit of the financial
statements of Bond Portfolio for the year ended December 31,
1997, we considered its internal controls, 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 controls.
The management of Bond Portfolio is responsible for
establishing and maintaining internal controls. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits
and related costs of internal control policies and procedures.
Two of the objectives of internal controls 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 controls, errors
or irregularities may occur and not be detected. Also, projection
of any evaluation of the internal controls to future periods is
subject to the risk that they may become inadequate because of
changes in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal controls would not necessarily
disclose all matters in the internal controls 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 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 controls, including procedures
for safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
February 12, 1998
