<PAGE> PAGE 1
000 A000000 12/31/96
000 C000000 908940
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE DIVERSIFIED PORTFOLIO
001 B000000 811-7860
001 C000000 8099451824
002 A000000 PO BOX 2494
002 B000000 GEORGETOWN
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 CO. OF N.Y.
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 CO. OF N.Y.
010 B000002 8-49999999
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 AND TRUST CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
012 A000002 MORGAN GUARANTY TRUST CO. OF NEW YORK
012 B000002 84-9999999
012 C010002 NEW YORK
012 C020002 NY
012 C030002 10036
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 JP MORGAN SECURITIES, INC.
014 B000001 8-99999999
014 A000002 JPM SECURITIES LTD
014 B000002 8-99999999
014 A000003 BOSTON INSTITUTIONAL SERVIES, INC.
014 B000003 8-99999999
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 58
019 C000000 JPM/PIERPO
020 A000001 INVESTMENT TECHNOLOGY
020 C000001 22
020 A000002 MERRILL LYNCH
020 C000002 12
020 A000003 COUNTY NAT WEST
020 C000003 4
020 A000004 INSTINET
020 C000004 4
020 A000005 WARBURG
020 C000005 3
020 A000006 MORGAN STANLEY
020 C000006 3
020 A000007 PHILLIPS & DREW
020 C000007 3
020 A000008 BRIDGE
<PAGE> PAGE 3
020 C000008 3
020 A000009 CS FIRST BOSTON
020 C000009 3
020 A000010 CREDIT LYONNAIS
020 C000010 3
021 000000 113
022 A000001 GOLDMAN
022 C000001 1566350
022 D000001 5527
022 A000002 LEHMAN BROS
022 C000002 13633
022 D000002 44215
022 A000003 DIRECT
022 C000003 50591
022 D000003 3429
022 A000004 MORGAN STANLEY
022 C000004 5132
022 D000004 29105
022 A000005 HSBC
022 C000005 33610
022 D000005 74
022 A000006 DILLON
022 C000006 19045
022 D000006 5939
022 A000007 GREENWICH
022 C000007 10835
022 D000007 11690
022 A000008 MERRILL LYNCH
022 C000008 4718
022 D000008 5978
022 A000009 BEAR STEARNS
022 C000009 5642
022 D000009 4756
022 A000010 SALOMON
022 C000010 4259
022 D000010 2298
023 C000000 1734745
023 D000000 141033
024 000000 Y
025 A000001 BEAR STEARNS
025 C000001 E
025 D000001 148
025 A000002 DEAN WITTER
025 C000002 E
025 D000002 517
025 A000003 HAMBRECHT & QUIST
025 C000003 E
025 D000003 13
025 A000004 PAINE WEBBER
025 C000004 E
025 D000004 82
<PAGE> PAGE 4
025 A000005 SALOMON
025 C000005 E
025 D000005 203
025 A000006 DELETE
025 D000006 0
025 A000007 DELETE
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 72795
028 A020000 0
028 A030000 0
028 A040000 3338
028 B010000 5515
028 B020000 0
028 B030000 0
028 B040000 2047
028 C010000 3427
028 C020000 0
028 C030000 0
028 C040000 3098
028 D010000 9902
028 D020000 0
028 D030000 0
028 D040000 70754
028 E010000 3408
028 E020000 0
028 E030000 0
028 E040000 1775
028 F010000 4871
028 F020000 0
028 F030000 0
028 F040000 4974
028 G010000 99918
028 G020000 0
028 G030000 0
028 G040000 85986
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
<PAGE> PAGE 5
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
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.550
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
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048 F010000 0
048 F020000 0.000
048 G010000 0
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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
<PAGE> PAGE 6
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 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
059 000000 Y
060 A000000 Y
060 B000000 Y
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062 A000000 N
062 B000000 0.0
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062 Q000000 0.0
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063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
<PAGE> PAGE 7
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
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 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 158448
071 B000000 168422
071 C000000 277452
071 D000000 57
072 A000000 6
072 B000000 1755
072 C000000 4161
<PAGE> PAGE 8
072 D000000 0
072 E000000 0
072 F000000 817
072 G000000 57
072 H000000 0
072 I000000 0
072 J000000 204
072 K000000 0
072 L000000 7
072 M000000 2
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 1
072 T000000 0
072 U000000 1
072 V000000 0
072 W000000 2
072 X000000 1116
072 Y000000 138
072 Z000000 4938
072AA000000 9759
072BB000000 0
072CC010000 10136
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1603
074 B000000 0
074 C000000 33642
074 D000000 97595
074 E000000 873
074 F000000 149471
074 G000000 0
074 H000000 0
074 I000000 82
074 J000000 637
074 K000000 47
074 L000000 1882
074 M000000 93
074 N000000 285925
074 O000000 521
074 P000000 187
074 Q000000 0
<PAGE> PAGE 9
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 471
074 S000000 0
074 T000000 284746
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 0
075 A000000 0
075 B000000 297238
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial data extracted from the semi-annual
report dated 12/31/1996 for the Diversified Portfolio and is qualified in its
entirety by reference to such semi-annual report.
[/LEGEND]
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] JUN-30-1997
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 249499
[INVESTMENTS-AT-VALUE] 281663
[RECEIVABLES] 2566
[ASSETS-OTHER] 1696
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 285925
[PAYABLE-FOR-SECURITIES] 521
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 658
[TOTAL-LIABILITIES] 1179
[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] 284746
[DIVIDEND-INCOME] 1755
[INTEREST-INCOME] 4161
[OTHER-INCOME] 0
[EXPENSES-NET] 978
[NET-INVESTMENT-INCOME] 4938
[REALIZED-GAINS-CURRENT] 9759
[APPREC-INCREASE-CURRENT] 10136
[NET-CHANGE-FROM-OPS] 24833
[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] 817
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1116
[AVERAGE-NET-ASSETS] 297238
[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] .65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
