<PAGE> PAGE 1
000 B000000 11/30/98
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 17
007 C010100 1
007 C010200 2
007 C020200 THE EUROPEAN EQUITY PORTFOLIO
007 C030200 N
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
<PAGE> PAGE 2
007 C012600 26
007 C012700 27
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
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007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
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007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
<PAGE> PAGE 3
007 C017700 77
007 C017800 78
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
008 A00AA01 J.P. MORGAN & CO. INCORPORATED
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 COMPANY OF NEW YORK
010 B00AA02 8-49999
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 COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON MA
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 J.P. MORGAN SECURITIES, INC.
014 B00AA01 8-99999999
014 A00AA02 JP MORGAN SECURITIES LTD
<PAGE> PAGE 4
014 B00AA02 8-99999999
014 A00AA03 FUNDS DISTRIBUTOR INC.
014 B00AA03 8-99999999
014 A00AA04 BOSTON INSTITUTIONAL SERVICES INC.
014 B00AA04 8-99999999
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 71
019 C00AA00 JPM\PIERPO
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020 C000001 259
020 A000002 MORGAN STANELY & CO
020 C000002 224
020 A000003 MERRILL LYNCH
020 C000003 202
020 A000004 WARBURG SECURITIES
020 C000004 182
020 A000005 CITIBANK
020 C000005 120
020 A000006 SALOMON BROS
020 C000006 93
020 A000007 GOLDMAN SACHS
020 C000007 88
020 A000008 DEUTSCHE BANK
020 C000008 66
020 A000009 ABN AMRO BANK
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020 A000010 BANCO SANTANDER
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021 000000 2399
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022 D000001 24939
022 A000002 MORGAN STANLEY & CO
022 C000002 9815
022 D000002 16158
022 A000003 WARBURG INC
022 C000003 21028
022 D000003 2567
022 A000004 BRANCH CABELL
022 C000004 17306
022 D000004 0
022 A000005 BANQUE PARIBAS
022 C000005 2098
022 D000005 14316
<PAGE> PAGE 5
022 A000006 MERRILL LYNCH
022 C000006 13349
022 D000006 2730
022 A000007 CS FIRST BOSTON
022 C000007 7735
022 D000007 1482
022 A000008 DRESDNER KLIENWORT
022 C000008 4459
022 D000008 2856
022 A000009 BARING SECURITIES
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022 A000010 KLEINWORT BENSON
022 C000010 2890
022 D000010 4210
023 C000000 4776139
023 D000000 118969
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026 G020000 N
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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
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<PAGE> PAGE 6
043 00AA00 0
044 00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
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078 000000 N
080 A00AA00 GULF
080 C00AA00 25000
081 B00AA00 19
082 A00AA00 Y
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084 A00AA00 N
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085 B00AA00 N
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025 A000202 COMPAGNIE FINANCIERE DE PARIBAS
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<PAGE> PAGE 7
025 D000204 0
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028 C040200 9676
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<PAGE> PAGE 8
048 G020200 0.000
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048 H020200 0.000
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048 I020200 0.000
048 J010200 0
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050 000200 N
051 000200 N
052 000200 N
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054 A000200 Y
054 B000200 N
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
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054 N000200 N
054 O000200 N
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055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
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<PAGE> PAGE 9
062 M000200 0.0
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066 D000200 N
066 E000200 N
066 F000200 N
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067 000200 N
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<PAGE> PAGE 10
070 Q010200 N
070 Q020200 N
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071 A000200 36268
071 B000200 25443
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072 A000200 11
072 B000200 101
072 C000200 423
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072 X000200 285
072 Y000200 62
072 Z000200 301
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<PAGE> PAGE 11
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074 R040200 92
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074 T000200 27280
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075 B000200 28072
076 000200 0.00
024 000600 Y
025 A000601 DELETE
025 D000601 0
025 A000602 SOCIETE GENERALE
025 C000602 E
025 D000602 5222
025 A000603 DELETE
025 D000603 0
025 A000604 UNION BANK OF SWITZERLAND
025 C000604 E
025 D000604 4097
025 A000605 DELETE
025 D000605 0
025 A000606 PARIBAS
025 C000606 E
025 D000606 4179
025 D000607 0
025 D000608 0
028 A010600 25583
028 A020600 0
028 A030600 0
028 A040600 31546
028 B010600 24120
028 B020600 0
<PAGE> PAGE 12
028 B030600 0
028 B040600 15251
028 C010600 6149
028 C020600 0
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028 C040600 19280
028 D010600 6985
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050 000600 N
<PAGE> PAGE 13
051 000600 N
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055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
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<PAGE> PAGE 14
068 B000600 Y
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071 A000600 700100
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated November 30, 1998 for The International Opportunities Portfolio and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 366484
<INVESTMENTS-AT-VALUE> 379450
<RECEIVABLES> 2465
<ASSETS-OTHER> 5349
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 387264
<PAYABLE-FOR-SECURITIES> 2602
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4405
<TOTAL-LIABILITIES> 7007
<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> 380257
<DIVIDEND-INCOME> 7351
<INTEREST-INCOME> 1222
<OTHER-INCOME> 0
<EXPENSES-NET> 3788
<NET-INVESTMENT-INCOME> 4785
<REALIZED-GAINS-CURRENT> (31809)
<APPREC-INCREASE-CURRENT> 21154
<NET-CHANGE-FROM-OPS> (5870)
<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> 106283
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3790
<AVERAGE-NET-ASSETS> 447967
<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> 0.85
<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 annual report
dated 11/30/98 for the European Equity Portfolio and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 25008
<INVESTMENTS-AT-VALUE> 26884
<RECEIVABLES> 323
<ASSETS-OTHER> 479
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27686
<PAYABLE-FOR-SECURITIES> 300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 406
<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> 27280
<DIVIDEND-INCOME> 423
<INTEREST-INCOME> 101
<OTHER-INCOME> 0
<EXPENSES-NET> 223
<NET-INVESTMENT-INCOME> 301
<REALIZED-GAINS-CURRENT> (358)
<APPREC-INCREASE-CURRENT> 67
<NET-CHANGE-FROM-OPS> 10
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47560
<NUMBER-OF-SHARES-REDEEMED> 35282
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12278
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 285
<AVERAGE-NET-ASSETS> 28072
<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> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Investors and Trustees of
The European Equity Portfolio
(2)
Report of Independent Accountants
To the Investors and Trustees of
The European Equity Portfolio
In planning and performing our audit of the financial statements of The European
Equity Portfolio (the "Portfolio") for the period ended November 30, 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 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
January 19, 1999
To the Investors and Trustees of
The International Opportunities Portfolio
(2)
Report of Independent Accountants
To the Investors and Trustees of
The International Opportunities Portfolio
In planning and performing our audit of the financial statements of The
International Opportunities Portfolio (the "Portfolio") for the year ended
November 30, 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 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
January 19, 1999
