<PAGE> PAGE 1
000 B000000 05/31/98
000 C000000 943180
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 THE SERIES PORTFOLIO
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001 C000000 6175570700
002 A000000 ELIZABETHEAN SQUARE, 2ND FLR SHEDDEN RD
002 B000000 GEORGETOWN
002 E010000 GRAND CAYMAN
002 E020000 E9
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004 000000 N
005 000000 N
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
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<PAGE> PAGE 2
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020 A000001 1. INVESTMENT TECHNOLOGY GROUP, INC.
020 C000001 46
020 A000002 2. STATE STREET BROKERAGE SERVICES
020 C000002 25
020 A000003 3. INSTINET
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020 A000004 4. MERRILL LYNCH
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020 A000005 5. GOLDMAN SACHS + CO.
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020 A000006 6. BRIDGE TRADING COMPANY
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020 A000007 7. SMITH BARNEY INC.
020 C000007 7
020 A000008 8. MONTGOMERY SECURITIES
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020 A000009 9. LEHMAN BROTHERS, INC.
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020 A000010 10.CS FIRST BOSTON
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021 000000 176
022 A000001 1.LEHMAN BROS., INC.
022 C000001 21912
022 D000001 3316
022 A000002 2.MERRILL LYNCH
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022 D000002 617
022 A000003 3.GALLOWAY & PERSON
<PAGE> PAGE 3
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022 A000009 9.WEEDEN + CO.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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, 1998 for The Disciplined Equity Portfolio and its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 278473
<INVESTMENTS-AT-VALUE> 313600
<RECEIVABLES> 8834
<ASSETS-OTHER> 8
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<TOTAL-ASSETS> 322442
<PAYABLE-FOR-SECURITIES> 8109
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<OTHER-ITEMS-LIABILITIES> 197
<TOTAL-LIABILITIES> 8306
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
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<EXPENSES-NET> 808
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<AVERAGE-NET-ASSETS> 179704
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</TABLE>
<PAGE>
Report of Independent Accountants
July 17, 1998
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 year ended May 31, 1998,
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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition. Because of inherent limitations in
internal control, errors or fraud 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
fraud 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 controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1998. This report is intended solely for the information and use of
management and the Trustees of the Portfolio and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
