ASIAN SMALL COMPANIES PORTFOLIO
N-18F1, 1996-02-05
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                                              File No. 811-07529       


                          SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549


                   NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
                      UNDER THE INVESTMENT COMPANY ACT OF 1940


                           ASIAN SMALL COMPANIES PORTFOLIO
                             (Exact Name of Registrant)


                               NOTIFICATION OF ELECTION

              The  undersigned  registered  open-end  investment company  hereby
     notifies the  Securities and Exchange  Commission that it  elects to commit
     itself  to pay in cash all redemptions by a holder of record of an interest
     in the  registrant, limited in  amount with  respect to each  holder during
     any  90-day period to  the lesser of  (i) $250,000, or  (ii) one percent of
     the net asset value  of the registrant at the beginning of  such period, as
     provided  by Rule 18f-1  under the Investment  Company Act of 1940.   It is
     understood  that this election is irrevocable  while such Rule is in effect
     unless the Commission by order  upon application permits the  withdrawal of
     this Notification of Election.

                                      SIGNATURE

              Pursuant  to the  requirements of Rule 18f-1  under the Investment
     Company  Act  of 1940,  the  registrant  has  caused  this notification  of
     election  to be duly executed  on its behalf in the  City of Boston and the
     Commonwealth of Massachusetts on the 5th day of February, 1996.

                                                ASIAN SMALL COMPANIES PORTFOLIO


                                                By: /s/ James B. Hawkes
                                                    -------------------
                                                    James B. Hawkes
                                                    President

     Attest: /s/ Eric G. Woodbury
             ----------------------
                 Eric G. Woodbury
                 Assistant Secretary
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