<PAGE>
000 B000000 10/31/97
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000 F000000 Y
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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 56
020 A000002 CORRESPONDENT SERVICES CORP
020 B000002 13-2638166
020 C000002 24
020 A000003 AUTRANET INC.
020 B000003 13-2961507
020 C000003 12
020 A000004 ALPHA MANAGEMENT
020 C000004 6
020 A000005 PCS SECURITIES INC
020 B000005 94-3091854
020 C000005 6
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 3
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 2
020 A000008 GORDON CAPITAL
020 B000008 13-2811234
020 C000008 2
020 A000009 BEAR STEARNS
020 B000009 13-3299429
020 C000009 2
020 A000010 MAXUS CORP
020 B000010 34-1151660
020 C000010 2
021 000000 123
<PAGE>
022 A000001 STATE STREET BANK
022 C000001 36500
022 D000001 0
022 A000002 BROWN BROTHERS HARRIMAN
022 B000002 13-4973745
022 C000002 2003
022 D000002 16396
022 A000003 CORRESPONDENT SERVICES
022 C000003 3778
022 D000003 5032
022 A000004 SMITH BARNEY
022 B000004 13-3299429
022 C000004 2081
022 D000004 3296
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 1900
022 D000005 3186
022 A000006 AUTRANET INC
022 B000006 13-2961507
022 C000006 2374
022 D000006 1253
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 1566
022 D000007 1421
022 A000008 MERRILL LYNCH
022 B000008 13-5674085
022 C000008 739
022 D000008 1976
022 A000009 BEAR STEARNS SECURITIES
022 B000009 13-3299429
022 C000009 1180
022 D000009 1460
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<PAGE>
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028 A040000 9456
028 B010000 366
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028 B030000 0
028 B040000 1177
028 C010000 1129
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028 C040000 966
028 D010000 98
028 D020000 0
028 D030000 0
028 D040000 153
028 E010000 259
028 E020000 0
028 E030000 0
028 E040000 145
028 F010000 939
028 F020000 0
028 F030000 0
028 F040000 570
028 G010000 2916
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028 G040000 12467
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072 P000000 0
072 Q000000 0
072 R000000 8
072 S000000 1
072 T000000 0
072 U000000 3
072 V000000 0
072 W000000 22
072 X000000 379
072 Y000000 0
072 Z000000 49
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072BB000000 0
072CC010000 1336
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073 A020000 0.0000
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<PAGE>
074 H000000 0
074 I000000 0
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074 R040000 122
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080 A000000 FEDERAL INSURANCE
080 C000000 4300
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SIGNATURE SUSAN JAKUBOSKI
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the U. S.
Small Company Portfolio Annual Report dated October 31, 1997, and is qualified
in its entirety by reference to such report.
</LEGEND>
<CIK> 0000909280
<NAME> U. S. SMALL COMPANY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 29,802,201
<INVESTMENTS-AT-VALUE> 43,034,085
<RECEIVABLES> 31,516
<ASSETS-OTHER> 1,558,757
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,624,358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 174,022
<TOTAL-LIABILITIES> 174,022
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,268,162
<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> 13,182,174
<NET-ASSETS> 44,450,336
<DIVIDEND-INCOME> 383,887
<INTEREST-INCOME> 44,305
<OTHER-INCOME> 0
<EXPENSES-NET> 379,010
<NET-INVESTMENT-INCOME> 49,182
<REALIZED-GAINS-CURRENT> 8,634,544
<APPREC-INCREASE-CURRENT> 1,336,403
<NET-CHANGE-FROM-OPS> 10,020,129
<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> 319,096
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 422,403
<AVERAGE-NET-ASSETS> 49,091,724
<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> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Board of Directors and Shareholders of
Small Company Portfolio:
In planning and performing our audit of the financial statements of Small
Company Portfolio for the year ended October 31, 1997, on which we have issued
our report dated December 12, 1997, we considered the internal control
structure, including procedures 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 the internal control structure.
The management of Small Company Portfolio 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 the 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 aunt 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, 1997.
This report is intended solely for the information and use management and the
Securities and Exchange Commission.
December 12, 1997
