<PAGE> PAGE 1
000 B000000 05/31/97
000 C000000 943180
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE SERIES PORTFOLIO
001 B000000 811-9008
001 C000000 6174230800
002 A000000 ELIZABETHEAN SQUARE, 2ND FLR SHEDDEN RD
002 B000000 GEORGETOWN
002 E010000 GRAND CAYMAN
002 E020000 E9
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 THE DISCIPLINED EQUITY PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 1. INVESTMENT TECHNOLOGY GROUP, INC.
020 C000001 5
020 A000002 2. INSTINET
020 C000002 3
020 A000003 3. SOLOMAN BROTHERS, INC.
020 C000003 2
020 A000004 4. PRUDENTIAL SECURITIES, INC.
020 C000004 2
020 A000005 5. NATIONAL FINANCIAL SERVICES
020 C000005 1
020 A000006 6. UBS SECURITIES
020 C000006 1
020 A000007 7. HOENIG & CO.
020 C000007 1
020 A000008 8. STATE STREET BROKERAGE SERVICES
020 C000008 1
020 A000009 9. JEFFERIES & CO.
<PAGE> PAGE 2
020 C000009 1
020 A000010 10.LEHMAN BROTHERS, INC.
020 C000010 1
021 000000 25
022 A000001 1.BEAR STERN SECURITIES
022 C000001 25284
022 D000001 0
022 A000002 2.MID KIFF CAPITAL
022 C000002 2270
022 D000002 0
022 A000003 3.GOLDMAN SACHS
022 C000003 1749
022 D000003 0
022 A000004 4.SMITH BARNEY
022 C000004 543
022 D000004 106
022 A000005 5.MERRILL LYNCH
022 C000005 583
022 D000005 62
022 A000006 6.TROSTER SINGER CORP.
022 C000006 351
022 D000006 1
022 A000007 7.HOENIG & CO.
022 C000007 332
022 D000007 0
022 A000008 8.C S FIRST BOSTON
022 C000008 203
022 D000008 60
022 A000009 9.MORGAN STANLEY AND CO.,INC
022 C000009 181
022 D000009 40
022 A000010 10.C J LAWRENCE
022 C000010 61
022 D000010 50
023 C000000 181617
023 D000000 35359
026 A000000 N
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026 C000000 N
026 D000000 Y
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026 F000000 N
026 G010000 N
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027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
<PAGE> PAGE 3
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
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086 C010000 0
086 C020000 0
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086 D020000 0
086 E010000 0
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008 A000501 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000501 A
008 C000501 801-999999
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10036
010 A000501 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000501 8-499999
010 C010501 NEW YORK
010 C020501 NY
010 C030501 10036
010 A000502 FUNDS DISTRIBUTOR, INC.
010 B000502 8-420518
010 C010502 BOSTON
010 C020502 MA
010 C030502 02116
010 A000503 PIERPONT GROUP, INC.
010 C010503 NEW YORK
010 C020503 NY
010 C030503 10017
012 A000501 STATE STREET BANK AND TRUST COMPANY
012 B000501 85-50003
012 C010501 BOSTON
012 C020501 MA
<PAGE> PAGE 4
012 C030501 02101
013 A000501 PRICE WATERHOUSE LLP
013 B010501 NEW YORK
013 B020501 NY
013 B030501 10036
014 A000501 JP MORGAN SECURITIES, INC.
014 B000501 8-99999
014 A000502 JP MORGAN SECURITIES, LTD
014 B000502 8-99999
014 A000503 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000503 8-99999999
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02101
015 E010501 X
018 000500 Y
019 A000500 Y
019 B000500 70
019 C000500 JPM/PIERPO
024 000500 N
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<PAGE> PAGE 5
028 F020500 0
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032 000500 0
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039 000500 N
040 000500 N
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042 D000500 0
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<PAGE> PAGE 6
048 G020500 0.000
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048 K010500 0
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049 000500 N
050 000500 N
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052 000500 N
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054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 N
054 I000500 N
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054 L000500 N
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055 A000500 N
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<PAGE> PAGE 7
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066 G000500 Y
067 000500 N
068 A000500 N
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069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
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070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 Y
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070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 Y
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<PAGE> PAGE 8
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071 C000500 49325
071 D000500 20
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072 C000500 383
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072 Q000500 0
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072 T000500 0
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072 V000500 0
072 W000500 1
072 X000500 164
072 Y000500 69
072 Z000500 325
072AA000500 158
072BB000500 0
072CC010500 5691
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072DD010500 0
072DD020500 0
072EE000500 0
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073 C000500 0.0000
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074 B000500 1201
074 C000500 124
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074 F000500 74551
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<PAGE> PAGE 9
074 K000500 16
074 L000500 159
074 M000500 9
074 N000500 77690
074 O000500 1056
074 P000500 24
074 Q000500 0
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074 R030500 0
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074 S000500 0
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074 W000500 0.0000
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076 000500 0.00
080 A000500 NATIONAL UNION
080 C000500 25000
081 A000500 Y
081 B000500 24
082 A000500 Y
082 B000500 25
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
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085 B000500 N
SIGNATURE RICHARD INGRAM
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual
report dated May 31, 1997,for The Disciplined Equity Portfolio and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 70369
<INVESTMENTS-AT-VALUE> 75876
<RECEIVABLES> 323
<ASSETS-OTHER> 1491
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77690
<PAYABLE-FOR-SECURITIES> 1056
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 86
<TOTAL-LIABILITIES> 1142
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70374
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 325
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 158
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5691
<NET-ASSETS> 76548
<DIVIDEND-INCOME> 383
<INTEREST-INCOME> 37
<OTHER-INCOME> 0
<EXPENSES-NET> 95
<NET-INVESTMENT-INCOME> 325
<REALIZED-GAINS-CURRENT> 158
<APPREC-INCREASE-CURRENT> 5691
<NET-CHANGE-FROM-OPS> 76548
<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> 76548
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 164
<AVERAGE-NET-ASSETS> 50760
<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
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<EXPENSE-RATIO> .45
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
July 21, 1997
To the Investors and Trustees of
The Disciplined Equity Portfolio
In planning and performing our audit of the financial statements of The
Disciplined Equity Portfolio (the "Portfolio") for the period December 30, 1996
(commencement of operations) to May 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 May 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.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
