<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 1031787
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SERIES PORTFOLIO II
001 B000000 811-8077
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 THE GLOBAL STRATEGIC INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE TREASURY MONEY MARKET 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 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
<PAGE> PAGE 2
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 J.P. MORGAN SECURITIES, INC.
014 B00AA01 8-99999999
014 A00AA02 J.P. MORGAN SECURITIES LTD.
014 B00AA02 8-99999999
014 A00AA03 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA03 8-99999
014 A00AA04 FUNDS DISTRIBUTOR, INC.
014 B00AA04 8-420518
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 69
019 C00AA00 JPM\PIERPO
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
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022 A000001 GOLDMAN SACHS
022 C000001 13480146
022 D000001 30616
<PAGE> PAGE 3
022 A000002 GREENWICH CAPITAL
022 C000002 8561741
022 D000002 4066
022 A000003 MERRILL LYNCH
022 C000003 7371410
022 D000003 13196
022 A000004 STATE STREET BANK
022 C000004 7187403
022 D000004 0
022 A000005 LEHMAN BROS
022 C000005 529285
022 D000005 5219
022 A000006 HSBC
022 C000006 436141
022 D000006 483
022 A000007 MORGAN STANLEY
022 C000007 341358
022 D000007 30024
022 A000008 CHASE MANHATTAN
022 C000008 305668
022 D000008 4729
022 A000009 PAINE WEBBER
022 C000009 172421
022 D000009 23699
022 A000010 SALOMON BROS
022 C000010 36838
022 D000010 18218
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026 A000000 Y
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026 G020000 N
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030 B00AA00 0.00
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<PAGE> PAGE 4
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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077 A000000 Y
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<PAGE> PAGE 5
083 B00AA00 0
084 B00AA00 0
086 A010000 0
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086 B010000 0
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086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
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086 F020000 0
024 000100 Y
025 A000101 MERRILL LYNCH
025 C000101 D
025 D000101 3382
025 A000102 MORGAN STANLEY
025 C000102 D
025 D000102 5469
025 A000103 CHASE MANHATTAN
025 C000103 D
025 D000103 2912
025 A000104 SALOMON BROS
025 C000104 D
025 D000104 519
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 18449
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028 C010100 17956
028 C020100 0
028 C030100 0
028 C040100 665
028 D010100 28258
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028 D040100 1225
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028 E040100 3232
<PAGE> PAGE 6
028 F010100 9543
028 F020100 0
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028 F040100 3865
028 G010100 104345
028 G020100 0
028 G030100 0
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045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.450
048 A010100 0
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062 D000100 9.9
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062 G000100 0.0
062 H000100 0.0
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062 J000100 1.2
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062 M000100 1.3
062 N000100 13.9
062 O000100 0.0
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<PAGE> PAGE 7
062 Q000100 40.8
062 R000100 0.0
063 A000100 0
063 B000100 4.8
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
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 Y
070 R020100 N
071 A000100 273888
071 B000100 175378
071 C000100 142730
071 D000100 123
<PAGE> PAGE 8
072 A000100 6
072 B000100 5984
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072 Z000100 5508
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074 A000100 708
074 B000100 19954
074 C000100 2609
074 D000100 192983
074 E000100 147
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074 J000100 4919
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074 M000100 1061
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<PAGE> PAGE 9
074 O000100 22321
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074 X000100 2
074 Y000100 22868
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024 000200 N
025 A000201 NONE
025 C000201 D
025 D000201 0
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028 A020200 0
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028 A040200 180120
028 B010200 196939
028 B020200 0
028 B030200 0
028 B040200 107708
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028 C040200 1161134
028 D010200 204370
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028 D040200 237399
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<PAGE> PAGE 10
028 F020200 0
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028 F040200 1055894
028 G010200 3699381
028 G020200 0
028 G030200 0
028 G040200 3261571
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045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 1000000
048 A020200 0.200
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
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048 H020200 0.000
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048 I020200 0.000
048 J010200 0
048 J020200 0.000
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048 K020200 0.000
062 A000200 Y
062 B000200 40.6
062 C000200 0.0
062 D000200 59.4
062 E000200 0.0
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062 G000200 0.0
062 H000200 0.0
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062 J000200 0.0
062 K000200 0.0
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062 M000200 0.0
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062 O000200 0.0
062 P000200 0.0
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<PAGE> PAGE 11
062 R000200 0.0
063 A000200 56
063 B000200 0.0
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
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 0
071 B000200 0
071 C000200 0
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072 A000200 6
072 B000200 10788
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<PAGE> PAGE 12
072 D000200 0
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072 Z000200 10598
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073 A010200 0.0000
073 A020200 0.0000
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074 A000200 1
074 B000200 331265
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<PAGE> PAGE 13
074 R010200 0
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075 A000200 393956
075 B000200 0
076 000200 0.00
SIGNATURE DOUGLAS C. CONROY
TITLE ASSISTANT 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 04/30/98 for the Global Strategic Income 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> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 213013
<INVESTMENTS-AT-VALUE> 215693
<RECEIVABLES> 7459
<ASSETS-OTHER> 1770
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 224922
<PAYABLE-FOR-SECURITIES> 22321
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 978
<TOTAL-LIABILITIES> 23299
<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> 201623
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5984
<OTHER-INCOME> 0
<EXPENSES-NET> 476
<NET-INVESTMENT-INCOME> 5508
<REALIZED-GAINS-CURRENT> (49)
<APPREC-INCREASE-CURRENT> 2877
<NET-CHANGE-FROM-OPS> 8336
<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> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 479
<AVERAGE-NET-ASSETS> 153662
<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> .62
<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 semi-annual
report dated 4/30/98 for The Treasury Money Market 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> APR-30-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 558394
<INVESTMENTS-AT-VALUE> 558394
<RECEIVABLES> 845
<ASSETS-OTHER> 14
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 559253
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 174
<TOTAL-LIABILITIES> 174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 00000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 000
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 559079
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10788
<OTHER-INCOME> 0
<EXPENSES-NET> 190
<NET-INVESTMENT-INCOME> 10598
<REALIZED-GAINS-CURRENT> (7)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10591
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3699381
<NUMBER-OF-SHARES-REDEEMED> 3267997
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 441975
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 390
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 501
<AVERAGE-NET-ASSETS> 393956
<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> .10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
<TABLE>
<S> <C>
Portfolio: Global Strategic Income Fund- Spec. Situations Security Description: 144A Senior Note
Issuer: Level 3 Communications 9.125% 5/1/8 Offering Type: 144A
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date April 23, 1998 None N/A
2. Trade Date April 23, 1998 Must be the same as #1 Yes
3. Unit Price of Offering 99.579% None N/A
4. Price Paid per Unit 99.579% Must not exceed #3 Yes
5. Years of Issuer's Operations 10 Must be at least three years * Yes
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread 2.75% Investment Adviser determination to Yes
7. be made
Total Price paid by Portfolio $497,895.00 None N/A
8.
Total Size of Offering 2,000,000,000 None N/A
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased $9,518,723 25% Yes
by the same investment adviser for other **($9,518,712/$2,000,000,000=0.05%)
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or
offering circular for a list of all Salomon Bros Must not include Investment Adviser Yes
syndicate members) affiliates ***
12. If the affiliate was lead or co-lead
manager, was the instruction listed Yes Yes
below given to the broker(s) named in Must be "Yes" or "N/A"
#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.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
<TABLE>
- -------------------------------------------------------------------------------
<S> <C>
Portfolio: Global Strategic Income Fund Security Description: Senior Subordinated Notes due
- - Spec. Situations
Issuer: Sun Healthcare Group, Inc. Offering Type: U.S. Registered
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date April 29, 1998 None N/A
2. Trade Date April 29, 1998 Must be the same as #1 Yes
3. Unit Price of Offering 99.679% None N/A
4. Price Paid per Unit 99.679% Must not exceed #3 Yes
5. Years of Issuer's Operations 3 Must be at least three years * Yes
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread 2.75% Investment Adviser determination to Yes
7. be made
Total Price paid by Portfolio $299,037.00 None N/A
8.
Total Size of Offering $125,000,000 None N/A
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% **($4,502,330/$125,000,000=3.60%) Yes
by the same investment adviser for other $4,502,330
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or Bear Stearns & Must not include Investment Adviser
offering circular for a list of all Co affiliates *** Yes
syndicate members)
12. If the affiliate was lead or co-lead Yes
manager, was the instruction listed Must be "Yes" or "N/A" Yes
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.
