<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000946278
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 GROWTH PORTFOLIO
001 B000000 811-7363
001 C000000 4153926181
002 A000000 50 CALIFORNIA STREET, 27TH FLOOR
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SMALL CAP GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 VALUE PORTFOLIO
007 C030200 N
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 A00AA01 LGT ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-10254
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94111
010 A00AA01 LGT ASSET MANAGEMENT, INC.
010 B00AA01 801-10254
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94111
011 A00AA01 GT GLOBAL, INC.
011 B00AA01 8-37656
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
<PAGE> PAGE 2
011 C03AA01 94111
012 A00AA01 GT GLOBAL INVESTOR SERVICES, INC.
012 B00AA01 84-1848
012 C01AA01 SAN FRANCISCO
012 C02AA01 CA
012 C03AA01 94111
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 23
019 C00AA00 GTGLOBALXX
020 A000001 INSTINET
020 C000001 7
020 A000002 NEWBRIDGE SECURITIES
020 C000002 4
020 A000003 BEAR STEARNS & CO.
020 C000003 3
020 A000004 MONTGOMERY SECURITIES
020 C000004 2
020 A000005 BANKERS TRUST
020 C000005 2
020 A000006 ROBERT W BAIRD & CO.
020 C000006 2
020 A000007 I T G INC.
020 C000007 2
020 A000008 PRUDENTIAL BACHE
020 C000008 2
020 A000009 C J LAWRENCE
020 C000009 1
020 A000010 ROBERTSON, STEPHEN & CO.
020 C000010 1
021 000000 25
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 C000001 434233
022 D000001 0
022 A000002 HERZOG HEINE GEDULD
022 C000002 1766
022 D000002 802
022 A000003 MORGAN KEEGAN & COMPANY, INC.
022 C000003 1061
022 D000003 1441
022 A000004 MERRILL, LYNCH, PIERCE, FENNER & SMITH INC.
<PAGE> PAGE 3
022 C000004 1974
022 D000004 515
022 A000005 BEAR STEARNS & CO.
022 C000005 1107
022 D000005 599
022 A000006 ALEX BROWN
022 C000006 1024
022 D000006 444
022 A000007 PAINE WEBBER INC.
022 C000007 323
022 D000007 688
022 A000008 J P MORGAN
022 C000008 946
022 D000008 21
022 A000009 LEHMAN BROTHERS INC.
022 C000009 312
022 D000009 652
022 A000010 MORGAN STANLEY & CO., INC.
022 C000010 737
022 D000010 208
023 C000000 443483
023 D000000 5370
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
<PAGE> PAGE 4
048 A01AA00 500000
048 A02AA00 0.475
048 B01AA00 500000
048 B02AA00 0.450
048 C01AA00 500000
048 C02AA00 0.425
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 1500000
048 K02AA00 0.400
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 5
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
028 A010100 1582
028 A020100 0
028 A030100 0
028 A040100 39
028 B010100 1452
028 B020100 0
028 B030100 0
028 B040100 49
028 C010100 3171
028 C020100 0
028 C030100 0
028 C040100 263
028 D010100 5720
028 D020100 0
028 D030100 0
028 D040100 661
028 E010100 6674
028 E020100 0
028 E030100 0
028 E040100 2158
028 F010100 2541
028 F020100 0
028 F030100 0
028 F040100 2390
028 G010100 21140
028 G020100 0
028 G030100 0
028 G040100 5560
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
049 000100 N
050 000100 N
051 000100 N
052 000100 N
<PAGE> PAGE 6
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
<PAGE> PAGE 7
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 20977
071 B000100 8353
071 C000100 9891
071 D000100 84
072 A000100 6
072 B000100 72
072 C000100 44
072 D000100 0
072 E000100 1
072 F000100 29
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 6
072 K000100 0
072 L000100 0
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 11
072 T000100 0
072 U000100 2
072 V000100 0
072 W000100 1
072 X000100 51
072 Y000100 0
072 Z000100 66
<PAGE> PAGE 8
072AA000100 553
072BB000100 0
072CC010100 778
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 3628
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 16778
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 317
074 K000100 0
074 L000100 13
074 M000100 21
074 N000100 20757
074 O000100 0
074 P000100 30
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4
074 S000100 0
074 T000100 20723
074 U010100 20723
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 2
074 Y000100 0
075 A000100 0
075 B000100 12190
076 000100 0.00
024 000200 N
025 A000201 LEHMAN BROTHERS INC.
025 C000201 E
025 D000201 77
025 D000202 0
025 D000203 0
025 D000204 0
<PAGE> PAGE 9
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1294
028 A020200 0
028 A030200 0
028 A040200 90
028 B010200 2123
028 B020200 0
028 B030200 0
028 B040200 1482
028 C010200 812
028 C020200 0
028 C030200 0
028 C040200 299
028 D010200 473
028 D020200 0
028 D030200 0
028 D040200 58
028 E010200 1215
028 E020200 0
028 E030200 0
028 E040200 722
028 F010200 361
028 F020200 0
028 F030200 0
028 F040200 122
028 G010200 6278
028 G020200 0
028 G030200 0
028 G040200 2773
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 Y
055 B000200 N
056 000200 Y
<PAGE> PAGE 10
057 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
<PAGE> PAGE 11
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 8297
071 B000200 5172
071 C000200 3750
071 D000200 138
072 A000200 6
072 B000200 18
072 C000200 26
072 D000200 0
072 E000200 0
072 F000200 11
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 7
072 K000200 0
072 L000200 0
072 M000200 2
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 10
072 T000200 0
072 U000200 2
072 V000200 0
072 W000200 1
072 X000200 33
072 Y000200 0
072 Z000200 11
072AA000200 270
072BB000200 0
072CC010200 247
072CC020200 0
<PAGE> PAGE 12
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 855
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 5053
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 5
074 K000200 0
074 L000200 7
074 M000200 21
074 N000200 5941
074 O000200 12
074 P000200 11
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 7
074 S000200 0
074 T000200 5911
074 U010200 5911
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 4290
076 000200 0.00
SIGNATURE PAMELA RUDDOCK
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FUND'S
SEM-ANNUAL FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946278
<NAME> GROWTH PORTFOLIO
<SERIES>
<NUMBER> 01
<NAME> SMALL CAP GROWTH PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 19622
<INVESTMENTS-AT-VALUE> 20405
<RECEIVABLES> 330
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20757
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34
<TOTAL-LIABILITIES> 34
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19317
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 71
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 553
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 782
<NET-ASSETS> 20723
<DIVIDEND-INCOME> 44
<INTEREST-INCOME> 72
<OTHER-INCOME> 1
<EXPENSES-NET> (51)
<NET-INVESTMENT-INCOME> 66
<REALIZED-GAINS-CURRENT> 553
<APPREC-INCREASE-CURRENT> 778
<NET-CHANGE-FROM-OPS> 1397
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21140
<NUMBER-OF-SHARES-REDEEMED> (5560)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16977
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51
<AVERAGE-NET-ASSETS> 12190
<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> 0.418
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FUND'S ANNUAL FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000946278
<NAME> GROWTH PORTFOLIO
<SERIES>
<NUMBER> 02
<NAME> VALUE PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5606
<INVESTMENTS-AT-VALUE> 5908
<RECEIVABLES> 12
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5941
<PAYABLE-FOR-SECURITIES> 12
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 30
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5330
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 301
<NET-ASSETS> 5911
<DIVIDEND-INCOME> 26
<INTEREST-INCOME> 18
<OTHER-INCOME> 0
<EXPENSES-NET> (33)
<NET-INVESTMENT-INCOME> 11
<REALIZED-GAINS-CURRENT> 270
<APPREC-INCREASE-CURRENT> 247
<NET-CHANGE-FROM-OPS> 528
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6278
<NUMBER-OF-SHARES-REDEEMED> (2774)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4032
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33
<AVERAGE-NET-ASSETS> 4290
<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> 1.490
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>