000 A000000 04/30/97
000 C000000 0001003016
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 U.S. SMALL COMPANY PORTFOLIO
001 B000000 811-8954
001 C000000 8099494719
002 A000000 BUTTERFIELD HOUSE, FORT STREET, BOX 2330
002 B000000 GEORGE TOWN
002 E010000 CAYMAN ISLANDS, BWI
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 BROWN BROTHERS HARRIMAN & CO.
020 B000001 13-4973745
020 C000001 41
020 A000002 CORRESPONDENT SERVICES CORP
020 B000002 13-2638166
020 C000002 22
020 A000003 AUTRANET INC.
020 B000003 13-2961507
020 C000003 7
020 A000004 PCS SECURITIES
020 C000004 2
020 A000005 MAXUS CORP
020 B000005 34-1151660
020 C000005 2
020 A000006 RODMAN & RENSHAW
020 B000006 36-2679547
020 C000006 1
020 A000007 BROADCOURT CAPITAL
020 B000007 13-3144415
020 C000007 1
020 A000008 GOLDMAN SACHS
020 B000008 13-5108880
020 C000008 1
020 C000009 0
020 C000010 0
021 000000 78
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
<PAGE>
022 C000003 0
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022 C000005 0
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022 C000006 0
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022 C000007 0
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022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
028 A010000 127
028 A020000 0
028 A030000 0
028 A040000 254
028 B010000 1293
028 B020000 0
028 B030000 0
028 B040000 1464
028 C010000 1258
028 C020000 0
028 C030000 0
028 C040000 9879
028 D010000 670
028 D020000 0
028 D030000 0
028 D040000 5160
028 E010000 96
028 E020000 0
028 E030000 0
028 E040000 935
028 F010000 737
028 F020000 0
028 F030000 0
028 F040000 441
028 G010000 4181
028 G020000 0
028 G030000 0
028 G040000 18133
028 H000000 0
062 A000000 N
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062 C000000 0.0
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062 L000000 0.0
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062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 17700
071 B000000 39585
071 C000000 48311
071 D000000 37
072 A000000 6
072 B000000 36
072 C000000 238
072 D000000 0
072 E000000 0
072 F000000 177
072 G000000 10
072 H000000 0
072 I000000 0
072 J000000 13
072 K000000 0
072 L000000 0
072 M000000 4
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 4
072 S000000 1
072 T000000 0
072 U000000 1
072 V000000 0
072 W000000 0
072 X000000 210
072 Y000000 0
072 Z000000 64
072AA000000 5638
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073 A020000 0.0000
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074 B000000 0
074 C000000 3000
074 D000000 0
074 E000000 0
074 F000000 40665
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1069
074 K000000 0
074 L000000 17
074 M000000 7
074 N000000 45523
074 O000000 1100
074 P000000 25
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074 R030000 0
074 R040000 53
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074 T000000 44345
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077 A000000 N
SIGNATURE SUSAN JAKUBOSKI
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the U. S.
Small Company Portfolio Semi-Annual Report dated 4/30/97 and is qualified in its
entirety by reference to such report.
</LEGEND>
<CIK> 0001003016
<NAME> U. S. SMALL COMPANY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 37,158,007
<INVESTMENTS-AT-VALUE> 43,664,726
<RECEIVABLES> 1,085,922
<ASSETS-OTHER> 772,289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,522,937
<PAYABLE-FOR-SECURITIES> 1,100,338
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,634
<TOTAL-LIABILITIES> 1,177,972
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,838,246
<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> 6,506,719
<NET-ASSETS> 44,344,965
<DIVIDEND-INCOME> 237,998
<INTEREST-INCOME> 35,780
<OTHER-INCOME> 0
<EXPENSES-NET> 209,721
<NET-INVESTMENT-INCOME> 64,057
<REALIZED-GAINS-CURRENT> 5,637,556
<APPREC-INCREASE-CURRENT> (5,339,052)
<NET-CHANGE-FROM-OPS> 362,561
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (13,589,392)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 177,038
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,284
<AVERAGE-NET-ASSETS> 54,924,525
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
