<PAGE> PAGE 1
000 A000000 11/30/97
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 8099451824
002 A000000 ELIZABETHEAN SQUARE,2ND FLR SHEDDEN RD
002 B000000 GEORGETOWN
002 E010000 GRAND CAYMAN
003 000000 Y
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 C010700 7
007 C020700 THE U.S. SMALL COMPANY OPPS. PORTFOLIO
007 C030700 N
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
007 C012800 28
<PAGE> PAGE 2
007 C012900 29
007 C013000 30
020 A000001 HOENIG & CO.
020 C000001 4
020 A000002 INVESTMENT TECHNOLOGY
020 C000002 4
020 A000003 CS FIRST BOSTON CORPORATION
020 C000003 3
020 A000004 FURMAN SELZ MAGERDIETZ
020 C000004 3
020 A000005 ALEX BROWN & SONS INC.
020 C000005 3
020 A000006 BRIDGE TRADING
020 C000006 3
020 A000007 STATE STREET BROKERAGE SERVICES
020 C000007 2
020 A000008 INSTINET
020 C000008 2
020 A000009 GOLDMAN SACHS & CO.
020 C000009 2
020 A000010 BT ALEX BROWN
020 C000010 1
021 000000 41
022 A000001 DIRECT ISSUE
022 C000001 55601
022 D000001 40226
022 A000002 WEEDEN & CO.
022 C000002 23387
022 D000002 0
022 A000003 TROSTER SINGER CORP.
022 C000003 16925
022 D000003 0
022 A000004 HERZOG SECURITIES INC
022 C000004 14376
022 D000004 0
022 A000005 HSBC SECURITIES INC
022 C000005 10428
022 D000005 3803
022 A000006 NATIONSBANK OF TEXAS
022 C000006 4575
022 D000006 4230
022 A000007 MERRILL LYNCH PIERCE
022 C000007 7141
022 D000007 0
022 A000008 FIRST CHICAGO CAPITAL
022 C000008 758
022 D000008 3656
022 A000009 HSBS
022 C000009 733
022 D000009 740
022 A000010 MONTGOMERY SECURITIES
<PAGE> PAGE 3
022 C000010 1883
022 D000010 0
023 C000000 152641
023 D000000 59225
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 Y
077 O000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 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 A000701 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000701 A
008 C000701 801-999999
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10036
010 A000701 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000701 8-49999999
010 C010701 NEW YORK
010 C020701 NY
010 C030701 10036
010 A000702 FUNDS DISTRIBUTORS, INC.
010 B000702 8-420518
010 C010702 BOSTON
010 C020702 MA
010 C030702 02109
010 A000703 PIERPONT GROUP, INC.
010 C010703 NEW YORK
010 C020703 NY
<PAGE> PAGE 4
010 C030703 10017
011 A000701 FUND DISTRIBUTER INC.
011 B000701 8-420578
011 C010701 BOSTON
011 C020701 MA
011 C030701 02109
012 A000701 STATE STREET BANK AND TRUST COMPANY
012 B000701 85-50003
012 C010701 BOSTON
012 C020701 MA
012 C030701 02101
013 A000701 PRICE WATERHOUSE LLP
013 B010701 NEW YORK
013 B020701 NY
013 B030701 10036
014 A000701 JP MORGAN SECURITIES, INC.
014 B000701 8-99999
014 A000702 JPM SECURITIES LTD.
014 B000702 8-99999
014 A000703 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000703 8-99999999
014 A000704 FUNDS DISTRIBUTION, INC.
014 B000704 8-99999
015 A000701 STATE STREET BANK AND TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02101
015 E010701 X
018 000700 Y
019 A000700 Y
019 B000700 70
019 C000700 JPM/PIERPO
024 000700 N
028 A010700 10550
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 17868
028 B020700 0
028 B030700 0
028 B040700 38
028 C010700 9377
028 C020700 0
028 C030700 0
028 C040700 119
028 D010700 25960
028 D020700 0
028 D030700 0
028 D040700 977
028 E010700 26805
<PAGE> PAGE 5
028 E020700 0
028 E030700 0
028 E040700 548
028 F010700 8082
028 F020700 0
028 F030700 0
028 F040700 3088
028 G010700 98642
028 G020700 0
028 G030700 0
028 G040700 4770
028 H000700 0
029 000700 N
030 A000700 0
030 B000700 0.00
030 C000700 0.00
031 A000700 0
031 B000700 0
032 000700 0
033 000700 0
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 N
041 000700 N
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.600
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
<PAGE> PAGE 6
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 N
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 N
054 M000700 Y
054 N000700 N
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
<PAGE> PAGE 7
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
<PAGE> PAGE 8
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 16289
071 B000700 101259
071 C000700 50852
071 D000700 32
072 A000700 6
072 B000700 122
072 C000700 51
072 D000700 0
072 E000700 0
072 F000700 139
072 G000700 8
072 H000700 0
072 I000700 0
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072 K000700 0
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072 M000700 0
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072 S000700 0
072 T000700 0
072 U000700 1
072 V000700 0
072 W000700 0
072 X000700 210
072 Y000700 4
072 Z000700 -33
072AA000700 0
072BB000700 972
072CC010700 1738
072CC020700 0
072DD010700 0
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073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 27
074 B000700 0
074 C000700 7723
074 D000700 892
074 E000700 189
074 F000700 85429
<PAGE> PAGE 9
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 764
074 K000700 8
074 L000700 34
074 M000700 0
074 N000700 95066
074 O000700 401
074 P000700 58
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 2
074 S000700 0
074 T000700 94605
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 1
074 Y000700 0
075 A000700 0
075 B000700 50582
076 000700 0.00
080 C000700 0
081 B000700 0
082 B000700 0
083 B000700 0
084 B000700 0
SIGNATURE RICHARD INGRAM
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 November 30, 1997, for The U.S. 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> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 739,929
<INVESTMENTS-AT-VALUE> 899,446
<RECEIVABLES> 15,130
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 914,584
<PAYABLE-FOR-SECURITIES> 1,786
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 460
<TOTAL-LIABILITIES> 2,246
<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> 912,338
<DIVIDEND-INCOME> 6,183
<INTEREST-INCOME> 609
<OTHER-INCOME> 0
<EXPENSES-NET> 2,162
<NET-INVESTMENT-INCOME> 4,630
<REALIZED-GAINS-CURRENT> 93,896
<APPREC-INCREASE-CURRENT> (2,890)
<NET-CHANGE-FROM-OPS> 95,636
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,880
<NUMBER-OF-SHARES-REDEEMED> (139,438)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 53,078
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,858
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,161914
<AVERAGE-NET-ASSETS> 926,398
<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> .23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] MAY-31-1998
[PERIOD-END] NOV-30-1997
[INVESTMENTS-AT-COST] 92494
[INVESTMENTS-AT-VALUE] 94233
[RECEIVABLES] 798
[ASSETS-OTHER] 27
[OTHER-ITEMS-ASSETS] 8
[TOTAL-ASSETS] 95066
[PAYABLE-FOR-SECURITIES] 401
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 60
[TOTAL-LIABILITIES] 461
[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] 94605
[DIVIDEND-INCOME] 51
[INTEREST-INCOME] 122
[OTHER-INCOME] 0
[EXPENSES-NET] 206
[NET-INVESTMENT-INCOME] (33)
[REALIZED-GAINS-CURRENT] (972)
[APPREC-INCREASE-CURRENT] 1738
[NET-CHANGE-FROM-OPS] 733
[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] 94605
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 139
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 210
[AVERAGE-NET-ASSETS] 50582
[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] .89
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: U S Small Co Opportunities Security: Harbinger Corp
Common Stock
Issuer: Harbinger Corp
REQUIRED INFORMATION APPLICABLE RESTRICTION
1 . Offering Date 7/29/97 None
2. Total Size of Offering 89,175,000 None
3. Unit Price of Offering 30.75 None
4. Underwriting Spread 1.535 Morgan Guaranty determination
must be made
5. Years of Issuer's Operations 9 Must be at least three*
6. Underwriting Spread firm Must be firm
7. Trade Date 7/29/97 No later than 1 day after #1
8. Portfolio Assets on Trade Date 25,278,439 None
9. Price Paid per Unit 30.75 Must not exceed #3 ($30.75)
10. Total Price Paid by Portfolio 61,500 Must not exceed #8 x 3%
($758,353.17)
11. Total Price Paid by Portfolio plus If less than $500,000, must
Total Price Paid for same sec - not exceed #2x10% (8,917,500),
urities by associated Funds 61,500 otherwise must not exceed
#2 x 4% ( N/A)
12. List of Underwriters from whom Must not include Morgan
Portfolio purchased Guaranty or affiliates **
Alex Brown Sons
Morgan Guaranty has determined that the underwriting commission, spread or
profit is reasonable and fair compared to underwritings of similar
securities during a comparable period of time. In determining which
securities are comparable, Morgan Guaranty has considered the factors set
forth in the Fund's 10f-3 procedures.
/s/Marian Pardo
Portfolio Manager
* Not applicable to munis. In the case of munis, (i) the issue
must have one investment grade rating or (ii) if the issuer or
the revenue source has been in operation for less than three
years, the issue must have one of the three highest ratings.
Circle (i) or (ii) , whichever is met.
** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale.
List of Underwriters or Dealer from whom Portfolio purchased:
Alex Brown Sons
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: U S Small Co Opportunities Security: Equity Office Properties Trust
Common Stock
Issuer: Equity Office Properties Trust
REQUIRED INFORMATION APPLICABLE RESTRICTION
1 . Offering Date 7/7/97 None
2. Total Size of Offering 525,000,000 None
3. Unit Price of Offering 21.00 None
4. Underwriting Spread 1.365 Morgan Guaranty determination
must be made
5. Years of Issuer's Operations 11 Must be at least three*
6. Underwriting firm Must be firm
7. Trade Date 7/7/97 No later than 1 day after #1
8. Portfolio Assets on Trade Date 12,433,030 None
9. Price Paid per Unit 21.00 Must not exceed #3 ($ $21.00 )
10. Total Price Paid by Portfolio 119,700 Must not exceed #8 x 3%
($ 372,991)
11. Total Price Paid by Portfolio plus If less than $500,000, must not
Total Price Paid for same sec - exceed #2 x 10% ( N/A),
urities by associated Funds 3,765,300 otherwise must not exceed
#2 x 4% ( 21,000,000)
12. List of Underwriters from whom Must not include Morgan
Portfolio purchased Guaranty or affiliates **
Merrill Lynch
Morgan Guaranty has determined that the underwriting commission, spread
or profit is reasonable and fair compared to underwritings of similar
securities during a comparable period of time. In determining which
securities are comparable, Morgan Guaranty has considered the factors set
forth in the Fund's 10f-3 procedures.
/s/Marian Pardo
Portfolio Manager
* Not applicable to munis. In the case of munis, (i) the issue
must have one investment grade rating or (ii) if the issuer or
the revenue source has been in operation for less than three
years, the issue must have one of the three highest ratings.
Circle (i) or (ii) , whichever is met.
** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale.
List of Underwriters or Dealer from whom Portfolio purchased:
Merrill Lynch
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: U S Small Co Opportunities Security:Equity Office Properties Trust
Common Stock
Issuer: Eagle Geophysical, Inc
REQUIRED INFORMATION APPLICABLE RESTRICTION
1 . Offering Date 8/5/97 None
2. Total Size of Offering 99,960,000 None
3. Unit Price of Offering 17.00 None
4. Underwriting Spread 1.19 Morgan Guaranty determination
must be made
5. Years of Issuer's Operations 4 Must be at least three*
6. Underwriting firm Must be firm
7. Trade Date 8/5/97 No later than 1 day after #1
8. Portfolio Assets on Trade Date 31,951,417 None
9. Price Paid per Unit 17.00 Must not exceed #3 ($17.00)
10.Total Price Paid by Portfolio 30,600 Must not exceed #8 x 3%
($958,542.51)
11.Total Price Paid by Portfolio plus If less than $500,000, must not
Total Price Paid for same sec - not exceed #2 x 10% ( N/A),
urities by associated Funds 540,600 otherwise must not exceed
#2 x 4% ( 3,998,400)
12. List of Underwriters from whom Must not include Morgan
Portfolio purchased Guaranty or affiliates **
Prudential Securties, Inc.
Morgan Guaranty has no reason to believe that the underwriting commission,
spread or profit is not reasonable and fair compared to underwritings of
similar securities during a comparable period of time. In determining
which securities are comparable, Morgan Guaranty has considered the
factors set forth in the Fund's 10f-3 procedures.
/s/Barry Mullen
Compliance Officer
* Not applicable to munis. In the case of munis, (i) the issue
must have one investment grade rating or (ii) if the issuer or
the revenue source has been in operation for less than three
years, the issue must have one of the three highest ratings.
Circle (i) or (ii) , whichever is met.
** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale.
List of Underwriters or Dealer from whom Portfolio purchased:
Prudential Sec's.
Simmons & Co.
