<PAGE> PAGE 1
000 A000000 11/30/98
000 C000000 909282
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000 E000000 NF
000 F000000 Y
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001 A000000 THE US EQUITY PORTFOLIO
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008 A000001 J.P. MORGAN INVESTMENT MANAGEMENT INC.
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
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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
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011 A000001 FUNDS DISTRIBUTOR, INC.
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014 B000003 8-99999999
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014 B000004 8-99999999
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<PAGE> PAGE 3
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022 C000006 2820
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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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE LENORE MCCABE
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated November 30, 1998 for The U.S. Equity Portfolio and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 603014
<INVESTMENTS-AT-VALUE> 724587
<RECEIVABLES> 7993
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 732580
<PAYABLE-FOR-SECURITIES> 1895
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 756
<TOTAL-LIABILITIES> 2651
<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> 729929
<DIVIDEND-INCOME> 5334
<INTEREST-INCOME> 559
<OTHER-INCOME> 0
<EXPENSES-NET> 1735
<NET-INVESTMENT-INCOME> 4158
<REALIZED-GAINS-CURRENT> 47668
<APPREC-INCREASE-CURRENT> (31362)
<NET-CHANGE-FROM-OPS> 20464
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (97375)
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1735
<AVERAGE-NET-ASSETS> 743479
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<PER-SHARE-DIVIDEND> 0
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<EXPENSE-RATIO> 0.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: US Equity Portfolio
Security Description: IPO (Class A Common Stock)
Issuer: Fox Entertainment Group, Inc.
Offering Type: US Registered
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
<TABLE>
<C> <S> <S> <S> <S>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date Nov. 10, 1998 None N/A
------------- ---
2. Trade Date Nov. 10, 1998 Must be the same as #1 Y
------------- -
3. Unit Price of Offering $22.50 None N/A
------ ---
4. Price Paid per Unit $22.50 Must not exceed #3 Y
------ -
5. Years of Issuer's Operations 19 Must be at least three years * Y
-- -
Underwriting Type Firm Must be firm Y
6.
Underwriting Spread $.8975 Investment Adviser determination to N/A
------ ---
7. be made
Total Price paid by Portfolio $1,282,500 None N/A
---------- ---
8.
Total Size of Offering $2,808,000,000 None N/A
-------------- ---
9.
Total Price Paid by Portfolio plus Total $3,960,000 #10 divided by #9 must not exceed Y
---------- -
10. Price Paid for same securities purchased 25% **
by the same investment adviser for other
investment companies
Underwriter(s) from whom the Portfolio Merrill Lynch Must not include Investment Adviser Y
11. purchased (attach a prospectus or Allen & Co affiliates ***
offering circular for a list of all Gerard Klauer
syndicate members) Utendahl Corp
12. If the affiliate was lead or co-lead Yes Must be "Yes" or "N/A" Y
--- -
manager, was the instruction listed
below given to the broker(s) named in
#11? ****
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to
the Investment Adviser's affiliate.
