<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 943180
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE SERIES PORTFOLIO
001 B000000 811-9008
001 C000000 8099496644
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 7
007 C010100 1
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
010 A00AA02 MORGAN GUARANTY TRUST CO OF NEW YORK
010 B00AA02 8-499999
<PAGE> PAGE 2
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 PRICEWATERHOUSECOOPERS 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 8-420518
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 69
019 C00AA00 JPM/PIERPO
020 A000001 MERRILL LYNCH
020 C000001 13
020 A000002 PARIBAS SECURITIES INC.
020 C000002 9
020 A000003 MORGAN STANLEY & CO.
020 C000003 7
020 A000004 WARBURG SECURITIES
020 C000004 7
020 A000005 SALOMON BROTHERS INC.
020 C000005 5
020 A000006 GOLDMAN SACHS
020 C000006 4
<PAGE> PAGE 3
020 A000007 DEUTSCHE BANK
020 C000007 3
020 A000008 BARCLAYS DE ZOETE EQUITY
020 C000008 2
020 A000009 KLEINWORT BENSON SECURITIES
020 C000009 2
020 A000010 DEUTSCHE MORGAN GRENFELD
020 C000010 2
021 000000 73
022 A000001 CHASE MANHATTAN BANK
022 C000001 3130
022 D000001 2568
022 A000002 MORGAN STANLEY & CO.
022 C000002 2521
022 D000002 2972
022 A000003 LEHMAN BROTHERS INC.
022 C000003 1659
022 D000003 2802
022 A000004 BANKERS TRUST COMPANY
022 C000004 2193
022 D000004 1958
022 A000005 MERRILL LYNCH
022 C000005 1822
022 D000005 1608
022 A000006 SALOMON BROTHERS INC
022 C000006 1856
022 D000006 1465
022 A000007 ABN AMRO BANK,LONDON
022 C000007 1469
022 D000007 1524
022 A000008 BEAR STEARNS
022 C000008 1516
022 D000008 1266
022 A000009 GOLDMAN SACHS & CO.
022 C000009 1768
022 D000009 868
022 A000010 PARIBAS SECURITIES INC.
022 C000010 490
022 D000010 537
023 C000000 22421
023 D000000 20825
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
<PAGE> PAGE 4
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
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 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
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
<PAGE> PAGE 5
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 0
028 G020100 0
028 G030100 0
028 G040100 0
028 H000100 0
063 A000100 0
063 B000100 0.0
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 0
072 B000100 0
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
<PAGE> PAGE 6
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 0
072 Y000100 0
072 Z000100 0
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 0
074 N000100 0
074 O000100 0
074 P000100 0
074 Q000100 0
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074 R020100 0
074 R030100 0
074 R040100 0
074 S000100 0
074 T000100 0
074 U010100 0
074 U020100 0
074 V010100 0.00
<PAGE> PAGE 7
074 V020100 0.00
074 W000100 0.0000
074 X000100 0
074 Y000100 0
024 000200 Y
025 A000201 HSBC HOLDINGS PLC
025 C000201 E
025 D000201 477
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
025 D000203 0
025 A000204 DEUTSCHE BANK
025 C000204 E
025 D000204 440
025 A000205 DRESDNER BANK
025 C000205 E
025 D000205 454
025 D000206 0
025 A000207 SVENSKA HANDELS BANKEN
025 C000207 E
025 D000207 167
025 D000208 0
028 A010200 2806
028 A020200 0
028 A030200 0
028 A040200 4021
028 B010200 633
028 B020200 0
028 B030200 0
028 B040200 1017
028 C010200 3526
028 C020200 0
028 C030200 0
028 C040200 13
028 D010200 12590
028 D020200 0
028 D030200 0
028 D040200 133
028 E010200 4379
028 E020200 0
028 E030200 0
028 E040200 2322
028 F010200 3983
028 F020200 0
028 F030200 0
028 F040200 420
028 G010200 27917
028 G020200 0
028 G030200 0
028 G040200 7926
<PAGE> PAGE 8
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
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 0
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
<PAGE> PAGE 9
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 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
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
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
<PAGE> PAGE 10
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 26087
071 B000200 9633
071 C000200 22497
071 D000200 43
072 A000200 6
072 B000200 74
072 C000200 282
072 D000200 0
072 E000200 0
072 F000200 77
072 G000200 4
072 H000200 0
072 I000200 0
072 J000200 49
072 K000200 0
072 L000200 4
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 25
072 S000200 1
072 T000200 0
072 U000200 2
072 V000200 0
072 W000200 1
072 X000200 163
072 Y000200 54
072 Z000200 247
072AA000200 1806
072BB000200 0
072CC010200 1632
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1006
074 B000200 0
074 C000200 4469
<PAGE> PAGE 11
074 D000200 0
074 E000200 339
074 F000200 35063
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 339
074 K000200 3
074 L000200 0
074 M000200 124
074 N000200 41343
074 O000200 0
074 P000200 20
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2659
074 S000200 0
074 T000200 38664
074 U010200 0
074 U020200 0
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 23935
076 000200 0.00
024 000300 N
025 A000301 DELETE
025 D000301 0
025 A000302 DELETE
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 364
028 A020300 0
028 A030300 0
028 A040300 172064
028 B010300 27
028 B020300 0
028 B030300 0
028 B040300 234
028 C010300 288
028 C020300 0
<PAGE> PAGE 12
028 C030300 0
028 C040300 254
028 D010300 77
028 D020300 0
028 D030300 0
028 D040300 467
028 E010300 221
028 E020300 0
028 E030300 0
028 E040300 169
028 F010300 297
028 F020300 0
028 F030300 0
028 F040300 93
028 G010300 1274
028 G020300 0
028 G030300 0
028 G040300 173281
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
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
<PAGE> PAGE 13
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
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
<PAGE> PAGE 14
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 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 1364
071 B000300 2888
071 C000300 25117
071 D000300 5
072 A000300 6
072 B000300 23
072 C000300 10
072 D000300 0
072 E000300 0
072 F000300 66
072 G000300 4
072 H000300 0
072 I000300 0
072 J000300 15
072 K000300 0
072 L000300 5
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072 N000300 0
072 O000300 0
072 P000300 0
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072 R000300 8
072 S000300 0
072 T000300 0
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<PAGE> PAGE 15
072 W000300 2
072 X000300 100
072 Y000300 17
072 Z000300 -50
072AA000300 0
072BB000300 50514
072CC010300 54563
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 214
074 B000300 0
074 C000300 20
074 D000300 201
074 E000300 0
074 F000300 2176
074 G000300 0
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074 J000300 14
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074 L000300 8
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074 N000300 2633
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074 R040300 24
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074 T000300 2544
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074 U020300 0
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074 V020300 0.00
074 W000300 0.0000
074 X000300 2
074 Y000300 870
075 A000300 0
075 B000300 20576
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
<PAGE> PAGE 16
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 420
028 A020400 0
028 A030400 0
028 A040400 140
028 B010400 30
028 B020400 0
028 B030400 0
028 B040400 1
028 C010400 589
028 C020400 0
028 C030400 0
028 C040400 84
028 D010400 1206
028 D020400 0
028 D030400 0
028 D040400 509
028 E010400 123
028 E020400 0
028 E030400 0
028 E040400 626
028 F010400 426
028 F020400 0
028 F030400 0
028 F040400 1078
028 G010400 2794
028 G020400 0
028 G030400 0
028 G040400 2438
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
<PAGE> PAGE 17
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 Y
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 0.1
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 4.3
062 K000400 0.0
062 L000400 0.0
062 M000400 4.0
062 N000400 0.0
062 O000400 0.0
062 P000400 12.0
062 Q000400 69.4
062 R000400 0.0
063 A000400 0
063 B000400 11.8
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
<PAGE> PAGE 18
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
070 E020400 Y
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 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 18020
071 B000400 19427
071 C000400 13110
071 D000400 137
072 A000400 6
072 B000400 710
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 45
072 G000400 2
072 H000400 0
072 I000400 0
072 J000400 29
072 K000400 0
<PAGE> PAGE 19
072 L000400 3
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072 T000400 0
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072 Y000400 26
072 Z000400 629
072AA000400 0
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072CC010400 0
072CC020400 325
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 51
074 B000400 0
074 C000400 536
074 D000400 10476
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1254
074 K000400 9
074 L000400 249
074 M000400 19
074 N000400 12594
074 O000400 227
074 P000400 22
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 87
074 S000400 0
074 T000400 12258
074 U010400 0
074 U020400 0
<PAGE> PAGE 20
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 113716
076 000400 0.00
SIGNATURE LENORE J. 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 June 30, 1998 for The Emerging Markets Debt Portfolio and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 11562
<INVESTMENTS-AT-VALUE> 11012
<RECEIVABLES> 1512
<ASSETS-OTHER> 69
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12593
<PAYABLE-FOR-SECURITIES> 227
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108
<TOTAL-LIABILITIES> 335
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12258
<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> 12258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 710
<OTHER-INCOME> 0
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 629
<REALIZED-GAINS-CURRENT> (573)
<APPREC-INCREASE-CURRENT> (325)
<NET-CHANGE-FROM-OPS> (269)
<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> 87
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107
<AVERAGE-NET-ASSETS> 13110
<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> 1.25
<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 6/30/98 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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 36415
<INVESTMENTS-AT-VALUE> 39871
<RECEIVABLES> 402
<ASSETS-OTHER> 1070
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41343
<PAYABLE-FOR-SECURITIES> 2406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273
<TOTAL-LIABILITIES> 2679
<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> 38664
<DIVIDEND-INCOME> 282
<INTEREST-INCOME> 74
<OTHER-INCOME> 0
<EXPENSES-NET> 109
<NET-INVESTMENT-INCOME> 247
<REALIZED-GAINS-CURRENT> 1806
<APPREC-INCREASE-CURRENT> 1632
<NET-CHANGE-FROM-OPS> 3685
<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> 23672
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 163
<AVERAGE-NET-ASSETS> 23935
<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> .92
<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 6/30/98 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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 3012
<INVESTMENTS-AT-VALUE> 2397
<RECEIVABLES> 22
<ASSETS-OTHER> 214
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2633
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 89
<TOTAL-LIABILITIES> 89
<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> 2544
<DIVIDEND-INCOME> 10
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> 83
<NET-INVESTMENT-INCOME> (50)
<REALIZED-GAINS-CURRENT> (50514)
<APPREC-INCREASE-CURRENT> 54563
<NET-CHANGE-FROM-OPS> 3999
<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> (168008)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100
<AVERAGE-NET-ASSETS> 20576
<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> .82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
