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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000888776
<NAME> CAPITAL GROWTH PORTFOLIO
<SERIES>
<NUMBER> 010
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 925,693,831
<INVESTMENTS-AT-VALUE> 1,103,102,580
<RECEIVABLES> 9,575,390
<ASSETS-OTHER> 78,120
<OTHER-ITEMS-ASSETS> 941
<TOTAL-ASSETS> 1,112,757,031
<PAYABLE-FOR-SECURITIES> 22,079,842
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 544,856
<TOTAL-LIABILITIES> 22,624,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,090,132,333
<DIVIDEND-INCOME> 11,147,019
<INTEREST-INCOME> 6,376,287
<OTHER-INCOME> 0
<EXPENSES-NET> 5,071,759
<NET-INVESTMENT-INCOME> 12,451,547
<REALIZED-GAINS-CURRENT> 132,963,967
<APPREC-INCREASE-CURRENT> 71,608,504
<NET-CHANGE-FROM-OPS> 217,024,018
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,114,082,444
<NUMBER-OF-SHARES-REDEEMED> 1,260,399,848
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 70,706,614
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,226,466
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</TABLE>
December 10, 1996
To the Board of Trustees of
Capital Growth Portfolio
In planning and performing our audit of the financial statements of Capital
Growth Portfolio (hereafter referred to as the "Portfolio") for the year ended
October 31, 1996, we considered its internal control structure, including pro-
cedures for safeguarding securities, in order to determine our auditing pro-
cedures for the purposes of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Portfolio is responsible for establishing and main-
taining 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 pro-
cedures. Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are app-
ropriately 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 con-
formity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may 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 October 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
