<PAGE> PAGE 1
000 B000000 11/30/99
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 5
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
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007 C011900 19
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<PAGE> PAGE 2
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007 C014200 42
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<PAGE> PAGE 3
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007 C017800 78
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007 C018100 81
007 C018200 82
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010 A00AA01 FUNDS DISTRIBUTOR, INC
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010 C02AA01 MA
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010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
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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
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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
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<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
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020 A000001 BANQUE PARIBAS
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020 A000002 SALOMON SMITH BARNEY
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020 A000003 MERRILL LYNCH
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020 A000004 MORGAN STANLEY & CO
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020 A000005 GOLDMAN SACHS
020 C000005 75
020 A000006 DEUTSCHE BANK
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020 A000007 KAS ASSOCIATES
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020 A000008 WARBURG INC
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020 A000009 CS FIRST BOSTON
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020 A000010 CREDIT LYONNAIS
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022 A000004 MERRILL LYNCH
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022 D000004 2255
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<PAGE> PAGE 5
022 A000006 BQE DE SUEZ
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022 A000007 BANCO SANTANDER
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022 D000007 5112
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039 00AA00 N
040 00AA00 N
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<PAGE> PAGE 6
043 00AA00 0
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<PAGE> PAGE 7
025 D000208 0
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<PAGE> PAGE 8
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
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050 000200 N
051 000200 N
052 000200 N
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053 B000200 Y
054 A000200 Y
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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
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
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062 H000200 0.0
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062 J000200 0.0
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<PAGE> PAGE 9
062 Q000200 0.0
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066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
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070 J020200 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
024 000600 Y
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025 D000602 8458
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE RICHARD W. INGRAM
TITLE 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
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data from the annual report dated
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</TABLE>
2
Report of Independent Accountants
To the Trustees and Investors of
The European Equity Portfolio
In planning and performing our audit of the financial statements of The European
Equity Portfolio (the "Portfolio") for the year ended November 30, 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
January 14, 2000
2
Report of Independent Accountants
To the Trustees and Investors 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, 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
January 14, 2000
