SERIES PORTFOLIO
NSAR-A, 1997-09-16
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<PAGE>      PAGE  1
000 A000000 06/30/97
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 ELIZABETHEN SQUARE 2ND FL SHEDDEN ROAD
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
007 B000000  8
007 C010100  1
007 C020100 THE ASIA GROWTH PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 THE EUROPEAN EQUITY PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 THE JAPAN EQUITY PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 THE EMERGING MARKETS DEBT PORTFOLIO
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 MORGAN GUARANTY TRUST CO. 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
<PAGE>      PAGE  2
010 A00AA02 MORGAN GUARANTY TRUST CO OF NEW YORK
010 B00AA02 8-499999
010 C01AA02 NEW YORK
010 C02AA02 NY
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 CO.
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 JP MORGAN SECURITIES, INC
014 B00AA01 8-99999
014 A00AA02 JP MORGAN SECURITIES, LTD.
014 B00AA02 8-99999
014 A00AA03 BOSTON INSTITUTIONAL SERVICES
014 B00AA03 8-99999
014 A00AA04 FUNDS DISTRIBUTOR INC.
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   70
019 C00AA00 JPM/PIERPO
020 A000001 HOARE GOVETT SECURITIES
020 C000001    199
020 A000002 MERRILL LYNCH
020 C000002    179
020 A000003 DAIWA SECURITIES CO.
020 C000003    123
020 A000004 RASHID HUSSAIN SECURITIES
020 C000004    121
020 A000005 BARCLAYS BANK
020 C000005    110
<PAGE>      PAGE  3
020 A000006 W.I. CARR
020 C000006     84
020 A000007 PARIBAS SECURITIES, INC.
020 C000007     80
020 A000008 DEUTSCHE BANK
020 C000008     79
020 A000009 UNITED BANK OF SWITZERLAND
020 C000009     71
020 A000010 MORGAN STANLEY INC.
020 C000010     60
021  000000     1969
022 A000001 MORGAN STANLEY & CO.
022 C000001     34827
022 D000001     18898
022 A000002 BEAR STEARNS
022 C000002     22106
022 D000002      9730
022 A000003 GOLDMAN SACHS & CO.
022 C000003     19171
022 D000003     11435
022 A000004 SEC WARBURG INC.
022 C000004      6027
022 D000004     19188
022 A000005 CHASE BANK
022 C000005     20186
022 D000005      4360
022 A000006 PARIBAS SECURITIES INC.
022 C000006      9659
022 D000006     14016
022 A000007 DAIWA SECURITIES CO., LTD
022 C000007         0
022 D000007     23314
022 A000008 LEHMAN BROTHERS LONDON
022 C000008     15699
022 D000008      4032
022 A000009 SALOMON BROTHERS
022 C000009      9877
022 D000009      9247
022 A000010 UNIVERSAL SECURITIES
022 C000010     16697
022 D000010         0
023 C000000    5965311
023 D000000     332627
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE>      PAGE  4
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
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 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 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 N
078  000000 N
024  000100 Y
<PAGE>      PAGE  5
025 A000101 BANGKOK BANK CO LTD
025 C000101 E
025 D000101    2075
025 A000102 HSBC HOLDINGS PLC
025 C000102 E
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<PAGE>      PAGE  6
048 D010100        0
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055 A000100 N
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056  000100 Y
057  000100 N
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059  000100 Y
060 A000100 Y
060 B000100 Y
061  000100        0
062 A000100 N
062 B000100   0.0
062 C000100   0.0
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062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
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062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
<PAGE>      PAGE  7
066 G000100 Y
067  000100 N
068 A000100 N
068 B000100 Y
069  000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
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 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100     98060
071 B000100     89076
071 C000100    118243
071 D000100   75
072 A000100  6
072 B000100      166
072 C000100     1306
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072 F000100      487
<PAGE>      PAGE  8
072 G000100       23
072 H000100        0
072 I000100        0
072 J000100      176
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072 L000100        4
072 M000100        1
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072 R000100       23
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072 X000100      718
072 Y000100        0
072 Z000100      754
072AA000100      919
072BB000100        0
072CC010100        0
072CC020100     5756
072DD010100        0
072DD020100        0
072EE000100        0
073 A010100   0.0000
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100     1024
074 B000100        0
074 C000100     7413
074 D000100     2662
074 E000100      776
074 F000100   114504
074 G000100        0
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074 J000100     3310
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074 L000100      212
074 M000100      253
074 N000100   130793
074 O000100     2593
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<PAGE>      PAGE  9
074 R040100      152
074 S000100        0
074 T000100   127963
074 U010100        0
074 U020100        0
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074 W000100   0.0000
074 X000100        3
074 Y000100        0
075 A000100        0
075 B000100   122782
076  000100     0.00
024  000200 Y
025 A000201 HSBC
025 C000201 E
025 D000201   16252
025 A000202 STANDARD CHARTERED
025 C000202 E
025 D000202    1857
025 A000203 UNION BANK OF SWITZERLAND
025 C000203 E
025 D000203    5155
025 A000204 DEUTSCHE
025 C000204 E
025 D000204     193
025 A000205 DRESDNER BANK
025 C000205 E
025 D000205    4681
025 A000206 ING GROUP NV
025 C000206 E
025 D000206    6853
025 A000207 SVENSKA HANDELS DANKEN
025 C000207 E
025 D000207    2227
025 A000208 JULIUS BAER HOLDING
025 C000208 E
025 D000208    1947
028 A010200     27217
028 A020200         0
028 A030200         0
028 A040200     56356
028 B010200     28557
028 B020200         0
028 B030200         0
028 B040200     18718
028 C010200     14532
028 C020200         0
028 C030200         0
028 C040200     15308
028 D010200      8280
<PAGE>      PAGE  10
028 D020200         0
028 D030200         0
028 D040200     55304
028 E010200     19633
028 E020200         0
028 E030200         0
028 E040200     39757
028 F010200     20145
028 F020200         0
028 F030200         0
028 F040200     22276
028 G010200    118364
028 G020200         0
028 G030200         0
028 G040200    207719
028 H000200         0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.650
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
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048 F010200        0
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048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
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048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200        0
<PAGE>      PAGE  11
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067  000200 N
068 A000200 N
068 B000200 Y
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 Y
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
<PAGE>      PAGE  12
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200    213987
071 B000200    291276
071 C000200    640781
071 D000200   33
072 A000200  6
072 B000200      799
072 C000200     8647
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072 I000200        0
072 J000200      519
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<PAGE>      PAGE  13
072DD020200        0
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073 A010200   0.0000
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024  000300 Y
025 A000301 DAIWA SECURITIES CO. LTD
025 C000301 E
025 D000301    1469
025 A000302 NOMURA SECURITIES CO. LTD
025 C000302 E
025 D000302    8285
025 D000303       0
025 D000304       0
025 D000305       0
025 D000306       0
025 D000307       0
<PAGE>      PAGE  14
025 D000308       0
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028 G040300    140025
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045  000300 Y
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<PAGE>      PAGE  15
048 I020300 0.000
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055 A000300 Y
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056  000300 Y
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060 A000300 N
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<PAGE>      PAGE  16
070 D010300 Y
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070 I020300 N
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070 J020300 N
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070 M020300 Y
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
<PAGE>      PAGE  19
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
055 A000400 N
055 B000400 N
056  000400 Y
057  000400 N
058 A000400 N
059  000400 Y
060 A000400 N
060 B000400 N
061  000400        0
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   2.0
062 K000400   0.0
062 L000400   6.7
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400  25.2
062 Q000400  63.5
062 R000400   0.0
063 A000400   0
063 B000400 10.4
064 A000400 Y
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 Y
069  000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 Y
070 D010400 N
070 D020400 N
070 E010400 Y
<PAGE>      PAGE  20
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400    151665
071 B000400    126186
071 C000400    106716
071 D000400  118
072 A000400  6
072 B000400     3763
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400      271
072 G000400       14
072 H000400        0
072 I000400        0
072 J000400       65
072 K000400        0
072 L000400        2
072 M000400        1
072 N000400        0
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400       18
072 S000400        1
072 T000400        0
<PAGE>      PAGE  21
072 U000400        1
072 V000400        0
072 W000400        1
072 X000400      374
072 Y000400        0
072 Z000400     3389
072AA000400      229
072BB000400        0
072CC010400     3466
072CC020400        0
072DD010400        0
072DD020400        0
072EE000400        0
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400       98
074 B000400        0
074 C000400    11686
074 D000400   119040
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400     8523
074 K000400        0
074 L000400     2343
074 M000400      494
074 N000400   142184
074 O000400     7755
074 P000400       80
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400      101
074 S000400        0
074 T000400   134248
074 U010400        0
074 U020400        0
074 V010400     0.00
074 V020400     0.00
074 W000400   0.0000
074 X000400        2
074 Y000400        0
075 A000400        0
075 B000400   122986
076  000400     0.00
<PAGE>      PAGE  22
SIGNATURE   LENORE MCCABE                                
TITLE       ASST 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 6/30/1997 for The European Equity 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>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           530337
<INVESTMENTS-AT-VALUE>                          666421
<RECEIVABLES>                                    18059
<ASSETS-OTHER>                                    9688
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  694168
<PAYABLE-FOR-SECURITIES>                         14243
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1070
<TOTAL-LIABILITIES>                              15313
<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>                                    678855
<DIVIDEND-INCOME>                                 8647
<INTEREST-INCOME>                                  799
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    2838
<NET-INVESTMENT-INCOME>                           6608
<REALIZED-GAINS-CURRENT>                         47721
<APPREC-INCREASE-CURRENT>                        23812
<NET-CHANGE-FROM-OPS>                            78141
<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>                         (11214)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             2157
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   2838
<AVERAGE-NET-ASSETS>                            669297
<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>                                   0.86
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>
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 06/30/97 for The Asia Growth 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>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           124796
<INVESTMENTS-AT-VALUE>                          125994
<RECEIVABLES>                                     3522
<ASSETS-OTHER>                                    1277
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  130793
<PAYABLE-FOR-SECURITIES>                          2593
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          237
<TOTAL-LIABILITIES>                               2830
<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>                                    127963
<DIVIDEND-INCOME>                                 1306
<INTEREST-INCOME>                                  166
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     718
<NET-INVESTMENT-INCOME>                            754
<REALIZED-GAINS-CURRENT>                           919
<APPREC-INCREASE-CURRENT>                       (5756)
<NET-CHANGE-FROM-OPS>                           (4083)
<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>                            5690
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              487
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    718
<AVERAGE-NET-ASSETS>                            122782
<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>                                   1.18
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This scheduie contains summery financial data extracted from the semi-annual
report dated 6/30/97 for The Japan Equity 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>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           331747
<INVESTMENTS-AT-VALUE>                          329419
<RECEIVABLES>                                     9583
<ASSETS-OTHER>                                   10491
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  349493
<PAYABLE-FOR-SECURITIES>                          5549
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          409
<TOTAL-LIABILITIES>                               5958
<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>                                    343535
<DIVIDEND-INCOME>                                 1464
<INTEREST-INCOME>                                  494
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1433
<NET-INVESTMENT-INCOME>                            525
<REALIZED-GAINS-CURRENT>                       (31994)
<APPREC-INCREASE-CURRENT>                        57735
<NET-CHANGE-FROM-OPS>                            26266
<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>                         (36811)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1104
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1433
<AVERAGE-NET-ASSETS>                            342591
<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>                                    .84
<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 6/30/97 for The Emerging Markets Debt 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>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           127419
<INVESTMENTS-AT-VALUE>                          130726
<RECEIVABLES>                                    10866
<ASSETS-OTHER>                                     592
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  142184
<PAYABLE-FOR-SECURITIES>                          7755
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          181
<TOTAL-LIABILITIES>                               7936
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        134248
<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>                                    134248
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 3763
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     374
<NET-INVESTMENT-INCOME>                           3389
<REALIZED-GAINS-CURRENT>                           229
<APPREC-INCREASE-CURRENT>                         3466
<NET-CHANGE-FROM-OPS>                             7084
<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>                          134248
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              271
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    374
<AVERAGE-NET-ASSETS>                            122986
<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>                                   0.96
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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