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007 C020300 THE JAPAN EQUITY PORTFOLIO
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SIGNATURE SUSAN JAKUBOSKI
TITLE ASST. TREASURER
<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ASIA GROWTH
PORTFOLIOS ANNUAL REPORT DATED 12/31/95 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE SUCH ANNUAL REPORT.
</LEGEND>
<CIK> 0000943180
<NAME> THE SERIES PORTFOLIOS
<SERIES>
<NUMBER> 1
<NAME> THE ASIA GROWTH PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY SUMMARY FINANCIAL DATA EXTRACTED FROM THE
EUROPEAN EQUITY PORTFOLIO ANNUAL REPORT DATED 12/31/95 AND IS QUALIFIED IN ITS
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</LEGEND>
<CIK> 0000943180
<NAME> THE SERIES PORTFOLIOS
<SERIES>
<NUMBER> 2
<NAME> THE EUROPEAN EQUITY PORTFOLIO
<S> <C>
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 431,892,965
<DIVIDEND-INCOME> 6,145,435
<INTEREST-INCOME> 473,518
<OTHER-INCOME> 0
<EXPENSES-NET> 2,318,206
<NET-INVESTMENT-INCOME> 4,300,747
<REALIZED-GAINS-CURRENT> 6,759,498
<APPREC-INCREASE-CURRENT> 36,897,712
<NET-CHANGE-FROM-OPS> 47,957,957
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 314,269,254
<NUMBER-OF-SHARES-REDEEMED> 27,868,219
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 383,934,808
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,675,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,318,747
<AVERAGE-NET-ASSETS> 337,195,747
<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> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARRY FINANCIAL DATA EXTRACTED FROM THE JAPAN EQUITY
PORTDOLIO ANNUAL REPORT DATED 12/31/95 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<CIK> 0000943180
<NAME> THE SERIES PORTFOLIO
<SERIES>
<NUMBER> 3
<NAME> THE JAPAN EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 403,792,902
<INVESTMENTS-AT-VALUE> 410,908,580
<RECEIVABLES> 875,246
<ASSETS-OTHER> 4,806,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 416,589,929
<PAYABLE-FOR-SECURITIES> 3,671,308
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 407,700
<TOTAL-LIABILITIES> 4,079,008
<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> 412,079,921
<DIVIDEND-INCOME> 2,078,331
<INTEREST-INCOME> 607,344
<OTHER-INCOME> 0
<EXPENSES-NET> 2,370,892
<NET-INVESTMENT-INCOME> 314,783
<REALIZED-GAINS-CURRENT> 5,011,111
<APPREC-INCREASE-CURRENT> 7,095,295
<NET-CHANGE-FROM-OPS> 12,421,189
<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> 12,421,189
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,777,126
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,370,892
<AVERAGE-NET-ASSETS> 357,675,501
<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> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 23, 1996
To the Trustees of The Japan Equity Portfolio
In planning and performing our audit of the financial statements of The
Japan Equity Portfolio (one of three portfolios comprising The Series Portfolio,
hereafter referred to as the "Portfolio") for the period March 28, 1995
(commencement of operations) through December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the Portfolio is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
February 23, 1996
To the Trustees of The Asia Growth Portfolio
In planning and performing our audit of the financial statements of The
Asia Growth Portfolio (one of three portfolios comprising The Series Portfolio,
hereafter referred to as the "Portfolio") for the period April 5, 1995
(commencement of operations) through December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the Portfolio is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
February 23, 1996
To the Trustees of The European Equity Portfolio
In planning and performing our audit of the financial statements of The
European Equity Portfolio (one of three portfolios comprising The Series
Portfolio, hereafter referred to as the "Portfolio") for the period March 28,
1995 (commencement of operations) through December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the Portfolio is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
