<PAGE> PAGE 1
000 A000000 05/31/98
000 C000000 0000943180
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 8099496644
002 A000000 ELIZABETH SQUARE, 2ND FL, SHEDDEN ROAD
002 B000000 GEORGE TOWN
002 E010000 GRAND CAYMAN
002 E020000 E9
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 THE INTERNATIONAL OPPORTUNITIES PORTFOLIO
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
<PAGE> PAGE 2
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
<PAGE> PAGE 3
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
020 A000001 MORGAN STANLEY & CO
020 C000001 166
020 A000002 PARIBAS SECURITIES INC
020 C000002 164
020 A000003 MERRILL LYNCH
020 C000003 102
020 A000004 WARBURG SECURITIES
020 C000004 99
020 A000005 CITIBANK
020 C000005 67
020 A000006 SALOMON BROS
020 C000006 39
020 A000007 ING SECURITIES
020 C000007 39
020 A000008 ABN AMRO BANK
020 C000008 30
020 A000009 CS FIRST BOSTON
020 C000009 28
020 A000010 BANK LABOUCHERE
020 C000010 28
021 000000 1317
022 A000001 GOLDMAN SACHS
022 C000001 51753
022 D000001 14557
022 A000002 BRANCH CABELL
022 C000002 17306
022 D000002 0
022 A000003 MORGAN STANLEY & CO
022 C000003 9011
022 D000003 4601
022 A000004 SBC WARBURGG INC
022 C000004 11987
022 D000004 0
022 A000005 CS FIRST BOSTON
022 C000005 7735
022 D000005 325
022 A000006 MERRILL LYNCH
022 C000006 7148
022 D000006 669
<PAGE> PAGE 4
022 A000007 BARING SECURITIES
022 C000007 4024
022 D000007 3265
022 A000008 PARIBAS SECURITIES
022 C000008 1622
022 D000008 4588
022 A000009 DRESDNER KLEINWORT
022 C000009 5561
022 D000009 616
022 A000010 KLEINWORT BENSON
022 C000010 2796
022 D000010 2642
023 C000000 2865506
023 D000000 53379
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000601 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000601 A
008 C000601 801-999999
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10036
010 A000601 FUNDS DISTRIBUTOR, INC
010 B000601 8-420518
010 C010601 BOSTON
010 C020601 MA
010 C030601 02116
010 A000602 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000602 8-49999
<PAGE> PAGE 5
010 C010602 NEW YORK
010 C020602 NY
010 C030602 10036
010 A000603 PIERPONT GROUP INC
010 C010603 NEW YORK
010 C020603 NY
010 C030603 10017
011 A000601 FUNDS DISTRIBUTOR INC.
011 B000601 8-420518
011 C010601 BOSTON
011 C020601 MA
011 C030601 02116
012 A000601 STATE STREET BANK AND TRUST COMPANY
012 B000601 85-50003
012 C010601 BOSTON MA
012 C020601 MA
012 C030601 02101
013 A000601 PRICEWATERHOUSECOOPERS LLP
013 B010601 NEW YORK
013 B020601 NY
013 B030601 10036
014 A000601 J.P. MORGAN SECURITIES, INC.
014 B000601 8-99999999
014 A000602 JP MORGAN SECURITIES LTD
014 B000602 8-99999999
014 A000603 FUNDS DISTRIBUTOR INC.
014 B000603 8-99999999
014 A000604 BOSTON INSTITUTIONAL SERVICES INC.
014 B000604 8-99999999
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02101
015 E010601 X
018 000600 Y
019 A000600 Y
019 B000600 69
019 C000600 JPM\PIERPO
024 000600 Y
025 A000601 DEUTSCHE BANK
025 C000601 E
025 D000601 7211
025 A000602 SOCIETE GENERALE
025 C000602 E
025 D000602 7557
025 A000603 LLOYDS TSB GROUP
025 C000603 E
025 D000603 6307
025 A000604 UNION BANK OF SWITZERLAND
025 C000604 E
<PAGE> PAGE 6
025 D000604 10163
025 A000605 DRESDNER BANK
025 C000605 E
025 D000605 8081
025 A000606 PARIBAS
025 C000606 E
025 D000606 5489
025 D000607 0
025 D000608 0
028 A010600 98468
028 A020600 0
028 A030600 0
028 A040600 16135
028 B010600 76687
028 B020600 0
028 B030600 0
028 B040600 6751
028 C010600 27335
028 C020600 0
028 C030600 0
028 C040600 11311
028 D010600 30444
028 D020600 0
028 D030600 0
028 D040600 17300
028 E010600 19500
028 E020600 0
028 E030600 0
028 E040600 9608
028 F010600 15457
028 F020600 0
028 F030600 0
028 F040600 5701
028 G010600 267891
028 G020600 0
028 G030600 0
028 G040600 66806
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
<PAGE> PAGE 7
039 000600 N
040 000600 N
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.600
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
054 A000600 Y
054 B000600 N
054 C000600 N
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
<PAGE> PAGE 8
054 H000600 N
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 N
054 M000600 Y
054 N000600 N
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 G000600 Y
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 Y
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
<PAGE> PAGE 9
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 462950
071 B000600 279062
071 C000600 412248
071 D000600 68
072 A000600 6
072 B000600 755
072 C000600 4300
072 D000600 0
072 E000600 0
072 F000600 1365
072 G000600 79
072 H000600 0
072 I000600 0
072 J000600 298
072 K000600 0
072 L000600 4
072 M000600 3
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 24
072 S000600 2
<PAGE> PAGE 10
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 1
072 X000600 1777
072 Y000600 0
072 Z000600 3278
072AA000600 14427
072BB000600 0
072CC010600 33587
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 39155
074 B000600 10526
074 C000600 1997
074 D000600 7616
074 E000600 23811
074 F000600 449022
074 G000600 0
074 H000600 0
074 I000600 975
074 J000600 23666
074 K000600 0
074 L000600 6854
074 M000600 11
074 N000600 563633
074 O000600 30701
074 P000600 287
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 6294
074 S000600 0
074 T000600 526351
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
074 Y000600 189842
075 A000600 0
075 B000600 456138
076 000600 0.00
<PAGE> PAGE 11
080 C000600 0
081 B000600 0
082 B000600 0
083 A000600 N
083 B000600 0
084 A000600 N
084 B000600 0
085 A000600 Y
085 B000600 N
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 5/31/98 for the The International Opportunities 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> NOV-30-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 469608
<INVESTMENTS-AT-VALUE> 493948
<RECEIVABLES> 24396
<ASSETS-OTHER> 45289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 563633
<PAYABLE-FOR-SECURITIES> 30701
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6581
<TOTAL-LIABILITIES> 37282
<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> 526351
<DIVIDEND-INCOME> 4300
<INTEREST-INCOME> 755
<OTHER-INCOME> 0
<EXPENSES-NET> 1777
<NET-INVESTMENT-INCOME> 3278
<REALIZED-GAINS-CURRENT> 14427
<APPREC-INCREASE-CURRENT> 33587
<NET-CHANGE-FROM-OPS> 51292
<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> 252377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1777
<AVERAGE-NET-ASSETS> 456138
<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> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
