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<PAGE> PAGE 2
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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000888776
<NAME> CAPITAL GROWTH PORTFOLIO
<SERIES>
<NUMBER> 011
<NAME> CAPITAL GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 975,694,796
<INVESTMENTS-AT-VALUE> 1,299,754,510
<RECEIVABLES> 20,801,494
<ASSETS-OTHER> 51,558
<OTHER-ITEMS-ASSETS> 881
<TOTAL-ASSETS> 1,320,608,443
<PAYABLE-FOR-SECURITIES> 4,413,524
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 722,072
<TOTAL-LIABILITIES> 5,135,596
<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> 1,315,472,847
<DIVIDEND-INCOME> 10,885,897
<INTEREST-INCOME> 4,663,619
<OTHER-INCOME> 0
<EXPENSES-NET> 5,966,202
<NET-INVESTMENT-INCOME> 9,583,314
<REALIZED-GAINS-CURRENT> 141,951,607
<APPREC-INCREASE-CURRENT> 146,677,178
<NET-CHANGE-FROM-OPS> 298,212,099
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 907,412,313
<NUMBER-OF-SHARES-REDEEMED> 980,283,898
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 225,340,514
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,971,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,966,202
<AVERAGE-NET-ASSETS> 1,243,160,111
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</TABLE>
December 17, 1997
To the Beneficial Interest Holders and Trustees
of Capital Growth Portfolio
Chg. Code: 84033-100-1
In planning and performing our audit of the financial
statements of Capital Growth Portfolio (the "Portfolio")
for the year ended October 31, 1997, we considered its
internal control, including control activities 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 Portfolio 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 control activities.
Generally, control activities 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 control activities include
the safeguarding of assets against unauthorized acquisition,
use or disposition. Because of inherent limitations in
internal control, errors or irregularities 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 any specific internal control components 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 internal control,
including control activities for safeguarding securities, that
we consider to be material weaknesses as defined above as
of October 31, 1997. This report is intended solely for the
information and use of management and the Trustees
of the Portfolio and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
