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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE RICHARD A CLEMENS
TITLE MGR/FINANCIAL REPTG
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000887156
<NAME> MUTUAL FUND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 137058540
<INVESTMENTS-AT-VALUE> 153949910
<RECEIVABLES> 301667
<ASSETS-OTHER> 14871
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<PAYABLE-FOR-SECURITIES> 9604000
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<TOTAL-LIABILITIES> 9733755
<SENIOR-EQUITY> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1145496
<INTEREST-INCOME> 3091061
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 2965765
<REALIZED-GAINS-CURRENT> 22734137
<APPREC-INCREASE-CURRENT> (1244081)
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<EXPENSE-RATIO> 0.89
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<FN>
<F1>
</FN>
</TABLE>
The Board of Trustees of
Mutual Fund Portfolio:
In planning and performing our audit of the financial
statements of Mutual Fund 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 Mutual Fund 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
