<PAGE> PAGE 1
000 A000000 11/30/99
000 C000000 909280
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 U.S. SMALL COMPANY PORTFOLIO
001 B000000 811-7882
001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE, 2ND FLOOR SHEDDEN RD
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
007 C011100 11
007 C011200 12
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007 C011500 15
007 C011600 16
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007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
<PAGE> PAGE 2
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
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
<PAGE> PAGE 3
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
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICEWATERHOUSECOOPERS 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.
014 B000002 8-99999
014 A000003 BOSTON INSTITUTIONAL SERVICES
014 B000003 8-99999
014 A000004 FUNDS DISTRIBUTOR, INC.
014 B000004 8-420518
015 A000001 BANK OF NEW YORK
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 69
019 C000000 J.P.MORGAN
020 A000001 SALOMON SMITH BARNEY, INC.
020 C000001 27
020 A000002 WEEDEN & CO.
020 C000002 35
020 A000003 PAINE WEBBER, INC.
020 C000003 35
020 A000004 CS FIRST BOSTON
020 C000004 25
020 A000005 MERRILL LYNCH
020 C000005 16
020 A000006 INVESTMENT TECHNOLOGY
020 C000006 14
020 A000007 JEFFERIES & CO.
020 C000007 14
<PAGE> PAGE 4
020 A000008 DONALDSON LUFKIN JENRET
020 C000008 12
020 A000009 MORGAN STANLEY & CO.
020 C000009 10
020 A000010 CANTOR FITZGERALD
020 C000010 9
021 000000 314
022 A000001 GOLDMAN SACHS
022 C000001 3765762
022 D000001 10807
022 A000002 HSBC INVESTMENT BA
022 C000002 140446
022 D000002 0
022 A000003 MORGAN GUARANTY TRUST CO.
022 C000003 85426
022 D000003 39710
022 A000004 CS FIRST BOSTON
022 C000004 26660
022 D000004 20286
022 A000005 BANCBOSTON SECURITIES, INC.
022 C000005 10829
022 D000005 11636
022 A000006 MERRILL LYNCH
022 C000006 12237
022 D000006 14731
022 A000007 LEHMAN BROTHERS
022 C000007 7265
022 D000007 14099
022 A000008 DONALDSON LUFKIN JENRETT
022 C000008 11369
022 D000008 5426
022 A000009 INVESTMENT TECHNOLOGY
022 C000009 15078
022 D000009 1208
022 A000010 WARBURG, INC.
022 C000010 5967
022 D000010 10426
023 C000000 4212859
023 D000000 287633
024 000000 N
025 D000001 0
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
<PAGE> PAGE 5
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 17044
028 A020000 0
028 A030000 0
028 A040000 15065
028 B010000 17759
028 B020000 0
028 B030000 0
028 B040000 11505
028 C010000 6337
028 C020000 0
028 C030000 0
028 C040000 26013
028 D010000 13749
028 D020000 0
028 D030000 0
028 D040000 16886
028 E010000 18030
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028 E030000 0
028 E040000 25592
028 F010000 15419
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028 G010000 88338
028 G020000 0
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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
<PAGE> PAGE 6
041 000000 N
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054 I000000 N
<PAGE> PAGE 7
054 J000000 Y
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070 B010000 Y
070 B020000 N
070 C010000 N
<PAGE> PAGE 8
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
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 281342
071 B000000 333769
071 C000000 556901
071 D000000 49
072 A000000 6
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072 C000000 2108
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072 G000000 80
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072 M000000 2
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<PAGE> PAGE 9
072 Q000000 0
072 R000000 20
072 S000000 1
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072 U000000 0
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072 X000000 1881
072 Y000000 0
072 Z000000 1558
072AA000000 44709
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074 M000000 15
074 N000000 660318
074 O000000 15501
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<PAGE> PAGE 10
075 A000000 0
075 B000000 562382
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 NATIONAL UNION
080 C000000 25000
081 A000000 Y
081 B000000 17
082 A000000 Y
082 B000000 25
083 A000000 N
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084 A000000 N
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085 A000000 Y
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086 F010000 0
086 F020000 0
SIGNATURE LENORE J. MCCABE
TITLE ASST. TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated November 30, 1999 for the "The US Small Company Portfolio" and is
qulified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 502588
<INVESTMENTS-AT-VALUE> 651526
<RECEIVABLES> 8777
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660318
<PAYABLE-FOR-SECURITIES> 15501
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 888
<TOTAL-LIABILITIES> 16389
<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> 643929
<DIVIDEND-INCOME> 2108
<INTEREST-INCOME> 1331
<OTHER-INCOME> 0
<EXPENSES-NET> 1881
<NET-INVESTMENT-INCOME> 1558
<REALIZED-GAINS-CURRENT> 44709
<APPREC-INCREASE-CURRENT> 96448
<NET-CHANGE-FROM-OPS> 142715
<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> 1677
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1881
<AVERAGE-NET-ASSETS> 562382
<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> 0.67
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
