<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000909282
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 SELECTED U.S. EQUITY PORTFOLIO
001 B000000 811-7880
001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE, 2ND FLR SHEDDEN RD
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 AND TRUST COMPANY
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 J.P. MORGAN SECURITIES, INC.
014 B000001 8-99999
014 A000002 J.P. MORGAN SECURITIES LTD.
014 B000002 8-99999
014 A000003 BOSTON INSTITUTIONAL SERVICES
014 B000003 8-420518
014 A000004 FUNDS DISTRIBUTOR, INC.
014 B000004 8-99999
015 A000001 STATE STREET BANK AND 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 55
019 C000000 JPM\PIERPO
020 A000001 MERRILL LYNCH
020 C000001 83
020 A000002 MORGAN STANLEY
020 C000002 80
020 A000003 CS FIRST BOSTON
020 C000003 74
020 A000004 LEHMAN BROS.
020 C000004 63
020 A000005 SMITH BARNEY
020 C000005 55
020 A000006 PAINE WEBBER
020 C000006 50
020 A000007 LEWCO SECS.
020 C000007 47
020 A000008 DONALDSON LUFKIN
020 C000008 46
020 A000009 GOLDMAN SACHS
020 C000009 41
<PAGE> PAGE 3
020 A000010 UBS SECURITIES
020 C000010 40
021 000000 850
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 Y
025 A000001 SALOMON, INC.
025 C000001 E
025 D000001 7638
025 A000002 DEAN WITTER DISCOVER & CO.
025 C000002 E
025 D000002 14284
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 21048
028 A020000 0
028 A030000 0
<PAGE> PAGE 4
028 A040000 21802
028 B010000 20985
028 B020000 0
028 B030000 0
028 B040000 13440
028 C010000 25493
028 C020000 0
028 C030000 0
028 C040000 19105
028 D010000 8534
028 D020000 0
028 D030000 0
028 D040000 9943
028 E010000 12798
028 E020000 0
028 E030000 0
028 E040000 17460
028 F010000 9032
028 F020000 0
028 F030000 0
028 F040000 16332
028 G010000 97890
028 G020000 0
028 G030000 0
028 G040000 98082
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
<PAGE> PAGE 5
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.400
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
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
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 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
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
<PAGE> PAGE 7
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
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 355736
071 B000000 330016
071 C000000 709858
071 D000000 46
072 A000000 6
072 B000000 643
072 C000000 6584
072 D000000 0
072 E000000 0
072 F000000 1455
072 G000000 142
072 H000000 0
072 I000000 0
072 J000000 105
072 K000000 0
072 L000000 0
072 M000000 8
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 27
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 1740
072 Y000000 0
072 Z000000 5487
<PAGE> PAGE 8
072AA000000 38386
072BB000000 0
072CC010000 41651
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 0
074 B000000 4372
074 C000000 0
074 D000000 0
074 E000000 3883
074 F000000 795731
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 13538
074 K000000 0
074 L000000 1613
074 M000000 11
074 N000000 819148
074 O000000 14239
074 P000000 280
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 85
074 S000000 0
074 T000000 804544
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 3
074 Y000000 0
075 A000000 0
075 B000000 727616
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
<PAGE> PAGE 9
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
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
REPORT DATED 11/30/96 FOR THE SELECTED U.S. EQUITY 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> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 654030
<INVESTMENTS-AT-VALUE> 803986
<RECEIVABLES> 15151
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 819148
<PAYABLE-FOR-SECURITIES> 14239
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 14604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 804544
<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> 804544
<DIVIDEND-INCOME> 6584
<INTEREST-INCOME> 643
<OTHER-INCOME> 0
<EXPENSES-NET> 1740
<NET-INVESTMENT-INCOME> 5487
<REALIZED-GAINS-CURRENT> 38385
<APPREC-INCREASE-CURRENT> 41651
<NET-CHANGE-FROM-OPS> 85524
<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> 85332
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1740
<AVERAGE-NET-ASSETS> 727616
<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> .48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
