U S SMALL CO PORTFOLIO /NEW/
NSAR-B, 1997-01-15
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000 B000000 10/31/96
000 C000000 0000909280
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
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007 C011000 10
020 A000001 BROWN BROTHERS HARRIMAN & CO.
020 B000001 13-4973745
020 C000001     46
020 A000002 CORRESPONDENT SERVICES CORP
020 B000002 13-2638166
020 C000002     29
020 A000003 AUTRANET INC.
020 B000003 13-2961507
020 C000003     16
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022 A000001 STATE STREET BANK AND TRUST COMPANY, N.A.
022 C000001    105330
022 D000001         0
<PAGE>
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000002 13-5674085
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022 D000002       485
022 A000003 HERZOG HEINE
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022 C000003      1943
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022 D000004      1378
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022 C000005      1631
022 D000005       244
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006       725
022 D000006      1081
022 A000007 COWEN & CO
022 B000007 13-5616116
022 C000007       800
022 D000007       737
022 A000008 PRUDENTIAL
022 B000008 22-2347336
022 C000008       104
022 D000008      1323
022 A000009 KEEFE BRUYETTE
022 B000009 13-1964616
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022 A000010 DONALDSON, LUFKIN & JEANRETTE
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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 Annual Report, dated 10/31/96 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0001003016
<NAME> U.S. SMALL COMPANY PORTFOLIO
       
<S>                             <C>
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<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                         45467593
<INVESTMENTS-AT-VALUE>                        57313364
<RECEIVABLES>                                    39005
<ASSETS-OTHER>                                  691102
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                58043471
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       109114
<TOTAL-LIABILITIES>                             109114
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      46088586
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
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<NET-ASSETS>                                  57934357
<DIVIDEND-INCOME>                               473145
<INTEREST-INCOME>                                98741
<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                         144668
<REALIZED-GAINS-CURRENT>                       3463297
<APPREC-INCREASE-CURRENT>                      4465593
<NET-CHANGE-FROM-OPS>                          8073558
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 499824
<AVERAGE-NET-ASSETS>                          55473507
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<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                              0
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<EXPENSE-RATIO>                                   0.90
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>


To the Board of Directors and Shareholders of
  The 59 Wall Street Fund, Inc.:

     In planning and performing our audits of the financial statements of The 59
Wall Street Fund, Inc.  (comprising,  respectively,  The 59 Wall Street European
Equity Fund,  The 59 Wall Street  Pacific Basin Equity Fund,  The 59 Wall Street
Small Company Fund,  The 59 Wall Street U.S.  Equity Fund and The 59 Wall Street
Short/Intermediate  Fixed Income Fund Portfolios) for the year ended October 31,
1996, on which we have issued our reports dated December 17, 1996, we considered
their  internal  control  structure,   including   procedures  for  safeguarding
securities,  in order to determine  our auditing  procedures  for the purpose of
expressing  our  opinions  on the  financial  statements  and to comply with the
requirements  of Form N-SAR,  not to provide  assurance on the internal  control
structure.

     The  management  of The 59  Wall  Street  Fund,  Inc.  is  responsible  for
establishing and maintaining 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
procedures.  Two of the  objectives  of an  internal  control  structure  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 control structure,  errors
or  irregularities  may  occur  and 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.



December 17, 1996





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