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001 A000000 THE U.S. SMALL COMPANY PORTFOLIO
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001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE, 2ND FLOOR SHEDDEN RD
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002 E010000 GRAND CAYMAN
002 E020000 E9
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004 000000 N
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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
<PAGE> PAGE 2
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
010 C030003 10017
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011 B000001 8-420518
011 C010001 BOSTON
011 C020001 MA
011 C030001 20116
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012 C010001 BOSTON
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012 C030001 02101
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 J.P. MORGAN SECURITIES, INC.
014 B000001 8-99999
014 A000002 JPM SECURITIES LTD.
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014 A000003 BOSTON INSTITUTIONAL SERVICES
014 B000003 8-99999
014 A000004 FUNDS DISTRIBUTOR, INC.
014 B000004 8-420518
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020 C000002 158
020 A000003 INVESTMENT TECHNOLOGY
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020 A000004 CS FIRST BOSTON
020 C000004 117
<PAGE> PAGE 3
020 A000005 SMITH BARNEY INC
020 C000005 113
020 A000006 WEEDEN & COMPANY
020 C000006 100
020 A000007 LEHMAN BROTHERS INC.
020 C000007 86
020 A000008 SALOMAN BROTHERS INC.
020 C000008 77
020 A000009 MORGAN STANLEY AND CO. AND INC.
020 C000009 72
020 A000010 PAINE WEBBER INCORPORATED
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021 000000 2174
022 A000001 GOLDMAN SACHS
022 C000001 10614153
022 D000001 19844
022 A000002 DIRECT ISSUE
022 C000002 167506
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022 A000004 SMITH BARNEY INC
022 C000004 17671
022 D000004 58214
022 A000005 MERRILL LYNCH PIERCE FENN
022 C000005 32700
022 D000005 31440
022 A000006 TROSTER SINGER CORP.
022 C000006 48106
022 D000006 3433
022 A000007 WEEDEN & CO.
022 C000007 37256
022 D000007 6576
022 A000008 BROWN (ALEX) & SONS INC.
022 C000008 19775
022 D000008 16445
022 A000009 MORGAN STANLEY AND CO. INC
022 C000009 21010
022 D000009 14304
022 A000010 LEHMAN BROS. INC
022 C000010 12085
022 D000010 12390
023 C000000 11298979
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE LENORE J. MCCABE
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated 5/31/97 for The U.S. Small Company Portforlio and is qualified
in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 940960
<INVESTMENTS-AT-VALUE> 1076138
<RECEIVABLES> 10824
<ASSETS-OTHER> 96
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1087058
<PAYABLE-FOR-SECURITIES> 16153
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 622
<TOTAL-LIABILITIES> 16755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1070283
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
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<DIVIDEND-INCOME> 12101
<INTEREST-INCOME> 2411
<OTHER-INCOME> 0
<EXPENSES-NET> 6163
<NET-INVESTMENT-INCOME> 8349
<REALIZED-GAINS-CURRENT> 87878
<APPREC-INCREASE-CURRENT> (2677)
<NET-CHANGE-FROM-OPS> 93550
<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> 210237
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5425
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6163
<AVERAGE-NET-ASSETS> 905466
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
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</TABLE>
July 21, 1997
To the Investors and Trustees of
The U.S. Small Company Portfolio
In planning and performing our audit of the financial statements of The U.S.
Small Company Portfolio (the "Portfolio") for the year ended May 31, 1997, we
considered its internal control, including control activities 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 internal control.
The management of the Portfolio is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Portfolio and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
