<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
025 D000102 1543
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 12371
028 A020100 0
028 A030100 0
028 A040100 9027
028 B010100 8802
028 B020100 0
028 B030100 0
028 B040100 5550
028 C010100 2473
028 C020100 0
028 C030100 0
028 C040100 5840
028 D010100 6095
028 D020100 0
028 D030100 0
028 D040100 10745
028 E010100 7150
028 E020100 0
028 E030100 0
028 E040100 5412
028 F010100 15803
028 F020100 0
028 F030100 0
028 F040100 6346
028 G010100 52694
028 G020100 0
028 G030100 0
028 G040100 42920
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.800
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
<PAGE> PAGE 6
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
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
072 D000100 0
072 E000100 0
072 F000100 487
<PAGE> PAGE 8
072 G000100 23
072 H000100 0
072 I000100 0
072 J000100 176
072 K000100 0
072 L000100 4
072 M000100 1
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 23
072 S000100 1
072 T000100 0
072 U000100 3
072 V000100 0
072 W000100 0
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
074 H000100 0
074 I000100 639
074 J000100 3310
074 K000100 0
074 L000100 212
074 M000100 253
074 N000100 130793
074 O000100 2593
074 P000100 85
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 9
074 R040100 152
074 S000100 0
074 T000100 127963
074 U010100 0
074 U020100 0
074 V010100 0.00
074 V020100 0.00
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
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
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
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
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
072 D000200 0
072 E000200 0
072 F000200 2157
072 G000200 123
072 H000200 0
072 I000200 0
072 J000200 519
072 K000200 0
072 L000200 4
072 M000200 5
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 23
072 S000200 2
072 T000200 0
072 U000200 3
072 V000200 0
072 W000200 2
072 X000200 2838
072 Y000200 0
072 Z000200 6608
072AA000200 47721
072BB000200 0
072CC010200 23812
072CC020200 0
072DD010200 0
<PAGE> PAGE 13
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 9670
074 B000200 3045
074 C000200 30925
074 D000200 3
074 E000200 13467
074 F000200 608516
074 G000200 0
074 H000200 0
074 I000200 10465
074 J000200 16144
074 K000200 0
074 L000200 1915
074 M000200 18
074 N000200 694168
074 O000200 14243
074 P000200 379
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 691
074 S000200 0
074 T000200 678855
074 U010200 0
074 U020200 0
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 3
074 Y000200 0
075 A000200 0
075 B000200 669297
076 000200 0.00
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
028 A010300 9949
028 A020300 0
028 A030300 0
028 A040300 27831
028 B010300 21116
028 B020300 0
028 B030300 0
028 B040300 12090
028 C010300 22454
028 C020300 0
028 C030300 0
028 C040300 5854
028 D010300 8989
028 D020300 0
028 D030300 0
028 D040300 16419
028 E010300 6348
028 E020300 0
028 E030300 0
028 E040300 67964
028 F010300 8092
028 F020300 0
028 F030300 0
028 F040300 9867
028 G010300 76948
028 G020300 0
028 G030300 0
028 G040300 140025
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.650
048 A010300 0
048 A020300 0.000
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
<PAGE> PAGE 15
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 0
062 A000300 N
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 0.0
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 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
<PAGE> PAGE 16
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 Y
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 133363
071 B000300 168521
071 C000300 319022
071 D000300 42
072 A000300 6
072 B000300 494
072 C000300 1464
072 D000300 0
072 E000300 0
072 F000300 1104
072 G000300 63
072 H000300 0
072 I000300 0
072 J000300 226
072 K000300 0
072 L000300 4
072 M000300 3
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
<PAGE> PAGE 17
072 R000300 26
072 S000300 2
072 T000300 0
072 U000300 3
072 V000300 0
072 W000300 2
072 X000300 1433
072 Y000300 0
072 Z000300 525
072AA000300 0
072BB000300 31994
072CC010300 57735
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 10473
074 B000300 0
074 C000300 0
074 D000300 27698
074 E000300 0
074 F000300 295243
074 G000300 0
074 H000300 0
074 I000300 6478
074 J000300 7999
074 K000300 0
074 L000300 1584
074 M000300 18
074 N000300 349493
074 O000300 5548
074 P000300 202
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 208
074 S000300 0
074 T000300 343535
074 U010300 0
074 U020300 0
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
074 Y000300 0
075 A000300 0
<PAGE> PAGE 18
075 B000300 342591
076 000300 0.00
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 0
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 125257
028 C020400 0
028 C030400 0
028 C040400 10999
028 D010400 9682
028 D020400 0
028 D030400 0
028 D040400 847
028 E010400 2343
028 E020400 0
028 E030400 0
028 E040400 672
028 F010400 3894
028 F020400 0
028 F030400 0
028 F040400 1494
028 G010400 141176
028 G020400 0
028 G030400 0
028 G040400 14012
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
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>