<PAGE> PAGE 1
000 B000000 05/31/99
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
001 B000000 811-9008
001 C000000 6175570700
002 A000000 ELIZABETHEAN SQUARE, 2ND FLR SHEDDEN RD
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 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 THE DISCIPLINED EQUITY PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 1. INVESTMENT TECHNOLOGY
020 C000001 89
020 A000002 2. LEHMAN BROS., INC.
020 C000002 47
020 A000003 3. MORGAN STANLEY & CO.
020 C000003 38
020 A000004 4. SMITH BARNEY, INC.
020 C000004 32
020 A000005 5. MERRILL LYNCH
020 C000005 32
020 A000006 6. INSTINET
020 C000006 29
020 A000007 7. CS FIRST BOSTON
020 C000007 25
020 A000008 8. GOLDMAN SACHS
020 C000008 20
020 A000009 9. PAINE WEBBER, INC.
<PAGE> PAGE 2
020 C000009 18
020 A000010 10.MONTGOMERY SECURITIES
020 C000010 17
021 000000 504
022 A000001 1.SMITH BARNEY, INC.
022 C000001 9432
022 D000001 4302
022 A000002 2.LEHMAN BROS., INC.
022 C000002 12752
022 D000002 881
022 A000003 3.MORGAN STANLEY & CO.
022 C000003 7089
022 D000003 2926
022 A000004 4.GOLDMAN SACHS
022 C000004 7041
022 D000004 911
022 A000005 5.WEEDEN & CO.
022 C000005 6075
022 D000005 1358
022 A000006 6.HERZOG HEINE GEDULD, INC.
022 C000006 6302
022 D000006 660
022 A000007 7.INVESTMENT TECHNOLOGY GROUP
022 C000007 6691
022 D000007 0
022 A000008 8.BEAR STERNS
022 C000008 2085
022 D000008 2936
022 A000009 9.TROSTER SINGER CORP.
022 C000009 3779
022 D000009 87
022 A000010 10.MERRILL LYNCH
022 C000010 1726
022 D000010 2115
023 C000000 74432
023 D000000 19517
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 B000000 Y
077 O000000 Y
078 000000 N
086 A010000 0
<PAGE> PAGE 3
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 A000501 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000501 A
008 C000501 801-999999
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10036
010 A000501 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000501 8-4999999
010 C010501 NEW YORK
010 C020501 NY
010 C030501 10036
010 A000502 FUNDS DISTRIBUTOR, INC.
010 B000502 8-420518
010 C010502 BOSTON
010 C020502 MA
010 C030502 02116
010 A000503 PIERPONT GROUP, INC.
010 C010503 NEW YORK
010 C020503 NY
010 C030503 10017
011 A000501 FUNDS DISTRIBUTOR,INC.
011 B000501 8-420518
011 C010501 BOSTON
011 C020501 MA
011 C030501 02116
012 A000501 STATE STREET BANK AND TRUST COMPANY
012 B000501 85-50003
012 C010501 BOSTON
012 C020501 MA
012 C030501 02101
013 A000501 PRICEWATERHOUSECOOPERS LLP
013 B010501 NEW YORK
013 B020501 NY
013 B030501 10036
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02101
015 E010501 X
<PAGE> PAGE 4
018 000500 Y
019 A000500 Y
019 B000500 69
019 C000500 J.P.MORGAN
024 000500 Y
025 A000501 MORGAN STANLEY,DEAN WITTER,DISCOVER & CO.
025 C000501 E
025 D000501 8270
025 A000502 GOLDMAN SACHS
025 C000502 E
025 D000502 2208
025 A000503 MERRILL LYNCH
025 C000503 E
025 D000503 1386
025 A000504 LEHMAN BROS., INC.
025 C000504 E
025 D000504 1049
025 A000505 PAINE WEBBER, INC.
025 C000505 E
025 D000505 987
025 A000506 BEAR STEARNS
025 C000506 E
025 D000506 750
025 D000507 0
025 D000508 0
028 A010500 65367
028 A020500 0
028 A030500 0
028 A040500 2832
028 B010500 328433
028 B020500 0
028 B030500 0
028 B040500 18595
028 C010500 41885
028 C020500 0
028 C030500 0
028 C040500 11898
028 D010500 68532
028 D020500 0
028 D030500 0
028 D040500 29566
028 E010500 68908
028 E020500 0
028 E030500 0
028 E040500 10164
028 F010500 37144
028 F020500 0
028 F030500 0
028 F040500 12032
028 G010500 610269
028 G020500 0
<PAGE> PAGE 5
028 G030500 0
028 G040500 85087
028 H000500 0
029 000500 N
030 A000500 0
030 B000500 0.00
030 C000500 0.00
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.350
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
<PAGE> PAGE 6
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
054 A000500 Y
054 B000500 N
054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 N
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 N
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
<PAGE> PAGE 7
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 981959
071 B000500 322919
071 C000500 637672
071 D000500 51
072 A000500 12
<PAGE> PAGE 8
072 B000500 1008
072 C000500 9543
072 D000500 0
072 E000500 0
072 F000500 2311
072 G000500 200
072 H000500 0
072 I000500 0
072 J000500 216
072 K000500 0
072 L000500 9
072 M000500 4
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 40
072 S000500 7
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 1
072 X000500 2790
072 Y000500 0
072 Z000500 7761
072AA000500 34862
072BB000500 0
072CC010500 97214
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 30719
074 C000500 2130
074 D000500 0
074 E000500 0
074 F000500 1095823
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 10337
074 K000500 0
074 L000500 2617
074 M000500 7
074 N000500 1141633
074 O000500 12504
<PAGE> PAGE 9
074 P000500 365
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 81
074 S000500 0
074 T000500 1128683
074 U010500 0
074 U020500 0
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 43690
075 A000500 0
075 B000500 660150
076 000500 0.00
080 A000500 NATIONAL UNION
080 C000500 25000
081 A000500 Y
081 B000500 24
082 A000500 Y
082 B000500 25
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 Y
085 B000500 N
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 annual report
dated May 31, 1999, for The Disciplined Equity 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> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 995538
<INVESTMENTS-AT-VALUE> 1128672
<RECEIVABLES> 12954
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1141633
<PAYABLE-FOR-SECURITIES> 12504
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 446
<TOTAL-LIABILITIES> 12950
<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> 1128683
<DIVIDEND-INCOME> 9543
<INTEREST-INCOME> 1008
<OTHER-INCOME> 0
<EXPENSES-NET> 2790
<NET-INVESTMENT-INCOME> 7761
<REALIZED-GAINS-CURRENT> 34862
<APPREC-INCREASE-CURRENT> 97214
<NET-CHANGE-FROM-OPS> 139837
<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> 139837
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2311
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2790
<AVERAGE-NET-ASSETS> 660150
<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> .42
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Trustees and Investors 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, 1999,
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
May 31, 1999.
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
New York, New York
July 14, 1999
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Disciplined Equity Portfolio Security
---------------------------- Description: (Common Stock -
25,000,000 Shares)
------------------
Issuer: Level 3 Communications, Inc. Offering Type: US Registered
------------------------------ -------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C>
1. Offering Date March 4, 1999 None N/A
------------- ---
2. Trade Date March 4, 1999 Must be the same as #1 Y
------------- -
3. Unit Price of Offering $54.00 None N/A
------ ---
4. Price Paid per Share $54.00 Must not exceed #3 Y
------ -
5. Years of Issuer's Operations 5 Must be at least three years * Y
- -
6. Underwriting Type Firm Must be firm Y
7. Underwriting Spread $1.89 Investment Adviser determination to N/A
----- be made ---
8. Total Price paid by Portfolio $1,992,600 None N/A
---------- ---
9. Total Size of Offering $1,350,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $22,053,600 #10 divided by #9 must not exceed N/A
Price Paid for same securities purchased ----------- 25% ** ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Salomon / Must not include Investment Adviser Y
purchased (attach a prospectus or ---------- affiliates *** -
offering circular for a list of all Smith Barney
syndicate members) -------------
12. If the affiliate was lead or co-lead Must be "Yes" or "N/A" N/A
manager, was the instruction listed below N/A ---
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.
