<PAGE> PAGE 1
000 A000000 11/30/99
000 C000000 909282
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE US EQUITY PORTFOLIO
001 B000000 811-7880
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
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007 C011200 12
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007 C012000 20
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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
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007 C014200 42
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007 C015200 52
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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
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
<PAGE> PAGE 3
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
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
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
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 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 J.P. MORGAN SECURITIES, INC.
014 B000001 8-99999999
014 A000002 FUNDS DISTRIBUTOR, INC.
014 B000002 8-420518
014 A000003 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000003 8-99999999
014 A000004 JP MORGAN SECURITIES LTD.
<PAGE> PAGE 4
014 B000004 8-99999999
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10007
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 100
020 A000002 MERRILL LYNCH & CO., INC.
020 C000002 94
020 A000003 LEHMAN BROTHERS, INC.
020 C000003 65
020 A000004 SBC WARBURG DILLON READ
020 C000004 45
020 A000005 FURMAN, SELZ, MAGERDIETZ
020 C000005 36
020 A000006 PAINE WEBBER, INC.
020 C000006 34
020 A000007 GOLDMAN, SACHS & CO.
020 C000007 29
020 A000008 DONALDSON, LUFKIN & JENRETTE, INC.
020 C000008 28
020 A000009 CS FIRST BOSTON
020 C000009 26
020 A000010 BANK AMERICA SECURITY
020 C000010 24
021 000000 657
022 A000001 GOLDMAN SACHS & CO.
022 C000001 1219759
022 D000001 13595
022 A000002 MORGAN GUARANTY OF NY
022 C000002 59823
022 D000002 32301
022 A000003 LEHMAN BROTHERS, INC.
022 C000003 41427
022 D000003 3703
022 A000004 SBC WARBURG DILLON READ
022 C000004 27703
022 D000004 6419
022 A000005 MERRILL LYNCH & CO., INC.
022 C000005 13051
022 D000005 20397
022 A000006 SALOMON SMITH BARNEY, INC.
022 C000006 13643
022 D000006 14273
022 A000007 DONALDSON, LUFKIN & JENRETTE, INC.
<PAGE> PAGE 5
022 C000007 8719
022 D000007 17273
022 A000008 HSBC INVESTMENT BANK PLC
022 C000008 25579
022 D000008 0
022 A000009 MORGAN STANLEY
022 C000009 6057
022 D000009 16536
022 A000010 CS FIRST BOSTON
022 C000010 12779
022 D000010 6922
023 C000000 1462291
023 D000000 197157
024 000000 Y
025 A000001 GOLDMAN SACHS GROUP, INC.
025 C000001 E
025 D000001 1698
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
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
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028 A020000 0
028 A030000 0
028 A040000 13879
028 B010000 9749
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028 B030000 0
028 B040000 14263
028 C010000 12534
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028 C030000 0
028 C040000 14085
028 D010000 10423
028 D020000 0
028 D030000 0
028 D040000 11034
028 E010000 8263
<PAGE> PAGE 6
028 E020000 0
028 E030000 0
028 E040000 8582
028 F010000 5562
028 F020000 0
028 F030000 0
028 F040000 12654
028 G010000 54236
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028 G040000 74497
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<PAGE> PAGE 7
048 E020000 0.000
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048 G010000 0
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049 000000 N
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<PAGE> PAGE 8
062 J000000 0.0
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066 A000000 Y
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070 D010000 Y
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070 E010000 N
070 E020000 N
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 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
<PAGE> PAGE 9
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 319855
071 B000000 342817
071 C000000 702331
071 D000000 46
072 A000000 6
072 B000000 425
072 C000000 4789
072 D000000 0
072 E000000 0
072 F000000 1430
072 G000000 102
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072 S000000 2
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072 Y000000 0
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073 C000000 0.0000
074 A000000 382
074 B000000 0
074 C000000 29574
<PAGE> PAGE 10
074 D000000 0
074 E000000 0
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074 M000000 11
074 N000000 728505
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075 A000000 0
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076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 NATIONAL UNION
080 C000000 25000
081 A000000 Y
081 B000000 20
082 A000000 Y
082 B000000 25
083 A000000 N
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084 A000000 N
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<PAGE> PAGE 11
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A011000 0
028 A021000 0
028 A031000 0
028 A041000 0
028 B011000 0
028 B021000 0
028 B031000 0
028 B041000 0
028 C011000 0
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SIGNATURE LENORE 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 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-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 586,749
<INVESTMENTS-AT-VALUE> 712,919
<RECEIVABLES> 15,193
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 383
<TOTAL-ASSETS> 728,505
<PAYABLE-FOR-SECURITIES> 15,917
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 575
<TOTAL-LIABILITIES> 16,492
<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> 712,013
<DIVIDEND-INCOME> 4,789
<INTEREST-INCOME> 425
<OTHER-INCOME> 0
<EXPENSES-NET> 1,649
<NET-INVESTMENT-INCOME> 3,565
<REALIZED-GAINS-CURRENT> 16,303
<APPREC-INCREASE-CURRENT> (7,024)
<NET-CHANGE-FROM-OPS> 12,844
<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> (7,418)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,649
<AVERAGE-NET-ASSETS> 715,184
<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> 0.46
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
