<PAGE> PAGE 1
000 A000000 11/30/98
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 8099451824
002 A000000 ELIZABETHAN SQUARE,2ND FLR SHEDDEN RD
002 B000000 GEORGETOWN
002 E010000 GRAND CAYMAN
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
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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
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007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
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007 C012100 21
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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007 C018100 81
007 C018200 82
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007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
020 A000001 INSTINET
020 C000001 15
020 A000002 INVESTMENT TECHNOLOGY
020 C000002 15
020 A000003 MERRILL LYNCH
020 C000003 8
020 A000004 LEHMAN BROTHERS INC
020 C000004 7
020 A000005 DONALDSON LUFKIN & JENRETTE
020 C000005 6
020 A000006 C S FIRST BOSTON
020 C000006 5
020 A000007 BROWN (ALEX) & SONS INC
020 C000007 5
020 A000008 WEEDEN & CO
020 C000008 5
020 A000009 SMITH BARNEY INC
020 C000009 4
020 A000010 GOLDMAN SACHS
020 C000010 3
021 000000 94
022 A000001 DIRECT ISSUE
022 C000001 49283
022 D000001 45779
022 A000002 HSBC INVESTMENT BANK
022 C000002 26393
022 D000002 34605
022 A000003 TROSTER SINGER CORP
022 C000003 19265
022 D000003 620
022 A000004 FIRST CHICAGO CAPITAL
022 C000004 16836
022 D000004 0
022 A000005 HERZOG HEINE GEDULD
022 C000005 8463
022 D000005 564
022 A000006 BROWN (ALEX) & SONS
022 C000006 2406
022 D000006 4886
022 A000007 MONTGOMERY SECURITIES
<PAGE> PAGE 4
022 C000007 1283
022 D000007 5329
022 A000008 MORGAN STANLEY & CO
022 C000008 4244
022 D000008 1726
022 A000009 LEHMAN BROTHERS INC
022 C000009 1476
022 D000009 4136
022 A000010 SMITH BARNEY INC
022 C000010 2951
022 D000010 2618
023 C000000 156258
023 D000000 137977
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
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026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 N
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077 Q020000 N
077 Q030000 N
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008 A000701 J.P. MORGAN INVESTMENT MANAGEMENT INC.
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
<PAGE> PAGE 5
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
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 PRICEWATERHOUSECOOPERS 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 71
019 C000700 JPM/PIERPO
024 000700 N
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<PAGE> PAGE 6
025 D000708 0
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028 A040700 4265
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032 000700 0
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034 000700 N
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039 000700 N
040 000700 N
041 000700 N
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<PAGE> PAGE 7
042 F000700 0
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044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
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050 000700 N
051 000700 N
052 000700 N
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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
<PAGE> PAGE 8
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
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062 A000700 N
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062 C000700 0.0
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062 H000700 0.0
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066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
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070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
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070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
<PAGE> PAGE 9
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
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070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
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<PAGE> PAGE 10
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073 C000700 0.0000
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074 C000700 9761
074 D000700 692
074 E000700 525
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080 A000700 NATIONAL UNION
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<PAGE> PAGE 11
083 A000700 N
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084 A000700 N
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085 A000700 N
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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 semiannual
report dated November 30, 1998 for "The U.S. Small Company Opportunities
Portfolio" and is qualified in its entirety by reference to such semiannual
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 179031
<INVESTMENTS-AT-VALUE> 183604
<RECEIVABLES> 2656
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 186269
<PAYABLE-FOR-SECURITIES> 752
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 157
<TOTAL-LIABILITIES> 909
<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> 185360
<DIVIDEND-INCOME> 332
<INTEREST-INCOME> 378
<OTHER-INCOME> 0
<EXPENSES-NET> 670
<NET-INVESTMENT-INCOME> 40
<REALIZED-GAINS-CURRENT> (20622)
<APPREC-INCREASE-CURRENT> (2946)
<NET-CHANGE-FROM-OPS> (23528)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74286
<NUMBER-OF-SHARES-REDEEMED> (53977)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3219)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 670
<AVERAGE-NET-ASSETS> 181348
<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> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: US Small Company Opportunities Portfolio
Security Description: Initial Public Offering - Common
Shares
Issuer: Equant NV
Offering Type: U.S. Registered
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
<TABLE>
<C> <S> <S> <S> <S>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date July 20, 1998 None N/A
------------- ---
2. Trade Date July 20, 1998 Must be the same as #1 Yes
------------- ---
3. Unit Price of Offering $27 None N/A
--- ---
4. Price Paid per Unit $27 Must not exceed #3 Yes
--- ---
5. Years of Issuer's Operations 49 Must be at least three years * Yes
-- ---
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread $1.4175 Investment Adviser determination to Yes
------- ---
7. be made
Total Price paid by Portfolio $189,000 None N/A
-------- ---
8.
Total Size of Offering $705,486,186 None N/A
------------ ---
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% ** Yes
---
by the same investment adviser for other $288,900
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or Morgan Stanley Must not include Investment Adviser
offering circular for a list of all & Co affiliates *** Yes
---
syndicate members)
12. If the affiliate was lead or co-lead Yes
manager, was the instruction listed Must be "Yes" or "N/A" Yes
below given to the broker(s) named in
#11? ****
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause 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, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* 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.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to
the Investment Adviser's affiliate.
