<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 1031787
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 SERIES PORTFOLIO II
001 B000000 811-8077
001 C000000 6175570700
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002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
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007 C010100 1
007 C020100 THE GLOBAL STRATEGIC INCOME PORTFOLIO
007 C030100 N
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007 C020200 THE TREASURY MONEY MARKET PORTFOLIO
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007 C010500 5
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007 C010700 7
007 C010800 8
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008 B00AA01 A
008 C00AA01 801-999999
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10036
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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<PAGE> PAGE 2
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
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022 A000002 HSBC SECURITIES
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<PAGE> PAGE 3
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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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<PAGE> PAGE 11
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 10/31/97 for the JPM Institutional Treasury Money Market Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 80981
<INVESTMENTS-AT-VALUE> 80981
<RECEIVABLES> 29
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81021
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 97
<TOTAL-LIABILITIES> 97
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 80922
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 80924
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 885
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 885
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 887
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 885
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85148
<NUMBER-OF-SHARES-REDEEMED> 5062
<SHARES-REINVESTED> 836
<NET-CHANGE-IN-ASSETS> 80924
<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> 96
<AVERAGE-NET-ASSETS> 50347
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .018
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 10/31/97 for The Global Strategic Income Portfolio and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 99939
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100381
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3663
<OTHER-INCOME> 0
<EXPENSES-NET> 308
<NET-INVESTMENT-INCOME> 3355
<REALIZED-GAINS-CURRENT> 567
<APPREC-INCREASE-CURRENT> 2
<NET-CHANGE-FROM-OPS> 3924
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 213
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<GROSS-EXPENSE> 377
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<EXPENSE-RATIO> .65
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</TABLE>
December 22, 1997
To the Investors and Trustees of
The Global Strategic Income Portfolio
In planning and performing our audit of the financial statements The Global
Strategic Income Portfolio (the "Portfolio") for the year ended October 31,
1997, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Portfolio is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Portfolio and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
