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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE JOHN ELDER
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927086
<NAME> LARGE CAP GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12 Months
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 556,759,440
<INVESTMENTS-AT-VALUE> 690,741,359
<RECEIVABLES> 33,739,493
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 260
<TOTAL-ASSETS> 724,481,112
<PAYABLE-FOR-SECURITIES> 20,347,609
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 20,347,609
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 703,300,211
<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> 703,300,211
<DIVIDEND-INCOME> 4,240,877
<INTEREST-INCOME> 884,047
<OTHER-INCOME> 0
<EXPENSES-NET> 4,838,526
<NET-INVESTMENT-INCOME> 286,398
<REALIZED-GAINS-CURRENT> 130,508,299
<APPREC-INCREASE-CURRENT> 16,171,002
<NET-CHANGE-FROM-OPS> 146,965,699
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 301,816,661
<NUMBER-OF-SHARES-REDEEMED> (356,386,616)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 92,395,744
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,351,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,838,526
<AVERAGE-NET-ASSETS> 725,174,251
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.67
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927086
<NAME> SMALL CAP GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-Months
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 70,098,484
<INVESTMENTS-AT-VALUE> 94,455,959
<RECEIVABLES> 4,228,956
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,684,915
<PAYABLE-FOR-SECURITIES> 1,017,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 1,017,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,951,318
<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> 96,951,318
<DIVIDEND-INCOME> 311,420
<INTEREST-INCOME> 161,772
<OTHER-INCOME> 0
<EXPENSES-NET> 1,273,060
<NET-INVESTMENT-INCOME> (799,868)
<REALIZED-GAINS-CURRENT> 16,500,537
<APPREC-INCREASE-CURRENT> 18,520,946
<NET-CHANGE-FROM-OPS> 34,221,615
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,851,267
<NUMBER-OF-SHARES-REDEEMED> ############
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (97,719,925)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,112,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,273,060
<AVERAGE-NET-ASSETS> 148,297,288
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.86
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927086
<NAME> U.S. FIXED INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12 Months
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 350,623,844
<INVESTMENTS-AT-VALUE> 339,773,103
<RECEIVABLES> 29,309,175
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,941
<TOTAL-ASSETS> 369,084,219
<PAYABLE-FOR-SECURITIES> 77,034,746
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 77,034,746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 291,535,598
<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> 291,535,598
<DIVIDEND-INCOME> 170,690
<INTEREST-INCOME> 12,059,138
<OTHER-INCOME> 0
<EXPENSES-NET> 762,965
<NET-INVESTMENT-INCOME> 11,466,863
<REALIZED-GAINS-CURRENT> (5,810,514)
<APPREC-INCREASE-CURRENT> (7,440,597)
<NET-CHANGE-FROM-OPS> (1,784,248)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 452,433,828
<NUMBER-OF-SHARES-REDEEMED> (159,113,982)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 291,535,598
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,250
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 762,965
<AVERAGE-NET-ASSETS> 189,785,769
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
14-Dec-99
To the Shareholders and Board of Trustees of the
Large Cap Growth Portfolio
In planning and performing our audit of the financial statements
of the Large Cap Growth Portfolio (the Fund) for the year ended
October 31, 1999, 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 Fund 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 accounting
principles generally accepted in the United States. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors 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 controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
14-Dec-99
To the Shareholders and Board of Trustees of the
Small Cap Growth Portfolio
In planning and performing our audit of the financial statements
of the Small Cap Growth Portfolio (the Fund) for the year ended
October 31, 1999, 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 Fund 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 accounting
principles generally accepted in the United States. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors 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 controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
14-Dec-99
To the Shareholders and Board of Trustees of the
U.S. Fixed Income Portfolio
In planning and performing our audit of the financial statements
of the U.S. Fixed Income Portfolio (the Fund) for the year ended
October 31, 1999, 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 Fund 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 accounting
principles generally accepted in the United States. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors 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 controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
