<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000908939
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 THE U.S. FIXED INCOME PORTFOLIO
001 B000000 811-7858
001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE, 2ND FL, SHEDDEN ROAD
002 B000000 GEORGE TOWN
002 E010000 GRAND CAYMAN
002 E020000 E9
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000001 A
008 C000001 801-999999
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10036
010 A000001 FUNDS DISTRIBUTOR, INC.
010 B000001 8-420518
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
010 A000002 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000002 8-49999
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10036
010 A000003 PIERPONT GROUP,INC.
010 C010003 NEW YORK
010 C020003 NY
<PAGE> PAGE 2
010 C030003 10017
011 A000001 FUNDS DISTRIBUTOR, INC.
011 B000001 8-420518
011 C010001 BOSTON
011 C020001 MA
011 C030001 02116
012 A000001 STATE STREET BANK & TRUST CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 JP MORGAN SECURITIES, INC.
014 B000001 8-99999
014 A000002 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000002 8-420518
014 A000003 JP MORGAN SECURITIES LTD.
014 B000003 8-99999
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 53
019 C000000 JPM\PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN SACHS & CO.
022 B000001 13-5108880
022 C000001 5384435
022 D000001 17648
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000002 13-2655998
022 C000002 27074
022 D000002 120705
022 A000003 SALOMON BROS. INC.
<PAGE> PAGE 3
022 C000003 50185
022 D000003 60266
022 A000004 CS FIRST BOSTON CORP.
022 C000004 47419
022 D000004 34783
022 A000005 HSBC SECURITIES
022 C000005 79014
022 D000005 0
022 A000006 LEHMAN BROTHERS
022 C000006 38811
022 D000006 34243
022 A000007 MORGAN STANLEY & CO.
022 C000007 44780
022 D000007 20346
022 A000008 GREENWICH CAPITAL MARKETS
022 C000008 14068
022 D000008 16228
022 A000009 BEAR STEARNS & CO.
022 C000009 22786
022 D000009 6231
022 A000010 CHASE MANHATTAN BANK - NA
022 C000010 29913
022 D000010 0
023 C000000 6314565
023 D000000 6765638
024 000000 Y
025 A000001 GOLDMAN, SACHS & CO.
025 B000001 13-5108880
025 C000001 D
025 D000001 30152
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 16586
028 A020000 0
028 A030000 0
028 A040000 10492
<PAGE> PAGE 4
028 B010000 13427
028 B020000 0
028 B030000 0
028 B040000 143875
028 C010000 49804
028 C020000 0
028 C030000 0
028 C040000 18644
028 D010000 92548
028 D020000 0
028 D030000 0
028 D040000 34499
028 E010000 43345
028 E020000 0
028 E030000 0
028 E040000 32343
028 F010000 26473
028 F020000 0
028 F030000 0
028 F040000 50081
028 G010000 242183
028 G020000 0
028 G030000 0
028 G040000 289934
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
<PAGE> PAGE 5
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.300
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
<PAGE> PAGE 6
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 15.7
062 N000000 34.5
062 O000000 0.0
062 P000000 30.4
062 Q000000 12.1
062 R000000 0.0
063 A000000 0
063 B000000 4.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
<PAGE> PAGE 7
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 430699
071 B000000 461549
071 C000000 892682
071 D000000 48
072 A000000 6
072 B000000 32131
072 C000000 348
072 D000000 0
072 E000000 0
072 F000000 1384
072 G000000 173
072 H000000 0
072 I000000 0
072 J000000 101
072 K000000 0
072 L000000 4
072 M000000 8
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 19
072 S000000 5
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 4
072 X000000 1693
072 Y000000 0
072 Z000000 30786
072AA000000 3520
072BB000000 0
072CC010000 0
072CC020000 15844
072DD010000 0
<PAGE> PAGE 8
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 5
074 B000000 0
074 C000000 29917
074 D000000 887168
074 E000000 15257
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2602
074 K000000 0
074 L000000 13403
074 M000000 4
074 N000000 948356
074 O000000 5473
074 P000000 260
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 112
074 S000000 0
074 T000000 942511
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 50000
075 A000000 0
075 B000000 947070
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 9
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE LENORE J. MCCABE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated04/30/97 for The U.S. Fixed Income Portfolio and is qualified in
its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 940223
<INVESTMENTS-AT-VALUE> 932342
<RECEIVABLES> 16005
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 948356
<PAYABLE-FOR-SECURITIES> 5473
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 372
<TOTAL-LIABILITIES> 5845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<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> 942511
<DIVIDEND-INCOME> 348
<INTEREST-INCOME> 32131
<OTHER-INCOME> 0
<EXPENSES-NET> 1693
<NET-INVESTMENT-INCOME> 30786
<REALIZED-GAINS-CURRENT> 3521
<APPREC-INCREASE-CURRENT> (15844)
<NET-CHANGE-FROM-OPS> 18463
<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> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1384
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1693
<AVERAGE-NET-ASSETS> 947070
<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
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
