<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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015 A000318 CITIBANK BUDAPEST RT.
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015 C010318 BUDAPEST
015 D010318 HUNGARY
015 E010318 X
015 A000319 HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000319 S
015 C010319 BOMBAY
015 D010319 INDIA
015 E040319 X
015 A000320 STANDARD CHARTERED BANK
015 B000320 S
015 C010320 JAKARTA
015 D010320 INDONESIA
015 D020320 10350
015 E040320 X
015 A000321 BANK OF IRELAND
015 B000321 S
015 C010321 DUBLIN
015 D010321 IRELAND
015 D020321 1
015 E040321 X
015 A000322 BANK HAPOALIM B.M.
015 B000322 S
015 C010322 TEL AVIV
015 D010322 ISRAEL
015 E040322 X
015 A000323 MORGAN GUARANTY TRUST COMPANY
015 B000323 S
015 C010323 MILAN
015 D010323 ITALY
015 D020323 20121
015 E010323 X
015 A000324 SUMITOMO TRUST & BANKING CO., LTD.
015 B000324 S
015 C010324 TOKYO
015 D010324 JAPAN
015 D020324 104
015 E040324 X
015 A000325 SEOULBANK
015 B000325 S
<PAGE> PAGE 20
015 C010325 SEOUL
015 D010325 KOREA
015 E040325 X
015 A000326 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000326 S
015 C010326 KUALA LUMPUR
015 D010326 MALAYSIA
015 D020326 50372
015 E040326 X
015 A000327 CITIBANK MEXICO, S.A.
015 B000327 S
015 C010327 MEXICO CITY
015 D010327 MEXICO
015 E010327 X
015 A000328 MEESPIERSON N.V.
015 B000328 S
015 C010328 AMSTERDAM
015 D010328 NETHERLANDS
015 D020328 1000AG
015 E040328 X
015 A000329 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000329 S
015 C010329 WELLINGTON
015 D010329 NEW ZEALAND
015 E040329 X
015 A000330 CHRISTIANIA BANK OG KREDITKASSE
015 B000330 S
015 C010330 OSLO
015 D010330 NORWAY
015 D020330 1
015 E040330 X
015 A000331 DEUTSCHE BANK AG
015 B000331 S
015 C010331 KARACHI
015 D010331 PAKISTAN
015 D020331 74000
015 E040331 X
015 A000332 CITIBANK, N.A.
015 B000332 S
015 C010332 LIMA
015 D010332 PERU
015 E010332 X
015 A000333 STANDARD CHARTERED BANK
015 B000333 S
015 C010333 MANILA
015 D010333 PHILIPPINES
015 E040333 X
015 A000334 CITIBANK POLAND S.A.
015 B000334 S
015 C010334 WWARSAW
015 D010334 POLAND
<PAGE> PAGE 21
015 E040334 X
015 A000335 BANCO COMERCIAL PORTUGUES
015 B000335 S
015 C010335 LISBON
015 D010335 PORTUGAL
015 D020335 1100
015 E040335 X
015 A000336 CREDIT SUISSE MOSCOW LTD.
015 B000336 S
015 C010336 MOSCOW
015 D010336 RUSSIA
015 E040336 X
015 A000337 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000337 S
015 C010337 SINGAPORE
015 D010337 SINGAPORE
015 E040337 X
015 A000338 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000338 S
015 C010338 JOHANNESBURG
015 D010338 SOUTH AFRICA
015 D020338 2001
015 E040338 X
015 A000339 BANCO SANTADER, S.A.
015 B000339 S
015 C010339 MADRID
015 D010339 SPAIN
015 D020339 28046
015 E040339 X
015 A000340 SKANDINAVISKA ENSKILDA BANKEN
015 B000340 S
015 C010340 SWEDEN
015 D010340 SWEDEN
015 D020340 S10640
015 E040340 X
015 A000341 UNION BANK OF SWITZERLAND
015 B000341 S
015 C010341 ZURICH
015 D010341 SWITZERLAND
015 D020341 CH-8001
015 E040341 X
015 A000342 CENTRAL TRUST OF CHINA
015 B000342 S
015 C010342 TAIPEI
015 D010342 TAIWAN
015 D020342 10006
015 E040342 X
015 A000343 STANDARD CHARTERED BANK
015 B000343 S
015 C010343 BANGKOK
015 D010343 THAILAND
<PAGE> PAGE 22
015 D020343 10501
015 E040343 X
015 A000344 CITIBANK, N.A.
015 B000344 S
015 C010344 ISTANBUL
015 D010344 TURKEY
015 D020344 80200
015 E010344 X
015 A000345 STATE STREET BANK AND TRUST COMPANY, LONDON
015 B000345 S
015 C010345 LONDON
015 D010345 UNITED KINGDOM
015 D020345 EC4N 7BN
015 E040345 X
024 000300 N
025 A000301 GOLDDMAN SACHS & CO.
025 B000301 13-5108880
025 C000301 D
025 D000301 290
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 500000
048 A020300 0.500
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 500000
<PAGE> PAGE 23
048 K020300 0.475
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 8.5
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 89.8
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 8.0
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
<PAGE> PAGE 24
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 6208
071 B000300 152
071 C000300 0
071 D000300 6
072 A000300 2
072 B000300 74
072 C000300 0
072 D000300 0
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072 F000300 4
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072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
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072 S000300 0
072 T000300 0
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072 X000300 5
072 Y000300 0
072 Z000300 69
072AA000300 0
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072DD010300 0
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073 A010300 0.0000
073 A020300 0.0000
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074 A000300 0
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074 C000300 576
074 D000300 6074
<PAGE> PAGE 25
074 E000300 0
074 F000300 0
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074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 120
074 M000300 0
074 N000300 6770
074 O000300 0
074 P000300 0
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074 R010300 0
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074 R030300 0
074 R040300 4
074 S000300 0
074 T000300 6766
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 0
075 B000300 5189
076 000300 0.00
SIGNATURE TIMOTHY ARMOUR
TITLE PRESIDENT
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<NAME> SR&F MUNICIPAL MONEY MARKET PORTFOLIO
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<NAME> SR&F HIGH YIELD PORTFOLIO
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