<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0001020529
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 INTERNATIONAL CURRENCY FUND
001 B000000 811-7773
001 C000000 8004708000
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 U.S. DOLLAR PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 POUND STERLING PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ROTHSCHILD INTERNATIONAL ASSET MANAGEMENT
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 LONDON
008 D05AA01 UNITED KINGDON
008 D06AA01 EC4N 8NR
010 A00AA01 BISYS FUND SERVICES LIMITED PARTNERSHIP
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES, INC.
012 B00AA01 85-0000
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
<PAGE> PAGE 2
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 THE CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 11245
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 ROTHSCHILD
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 12247558
023 D000000 12306999
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
<PAGE> PAGE 3
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
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
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.200
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
<PAGE> PAGE 4
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500000
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
<PAGE> PAGE 5
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
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
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 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 6
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
025 A000101 DELETE
025 D000101 0
025 A000102 DELETE
025 D000102 0
025 A000103 DELETE
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 15283
028 A020100 0
028 A030100 0
028 A040100 20261
028 B010100 31636
028 B020100 0
028 B030100 0
028 B040100 7599
028 C010100 42626
028 C020100 0
028 C030100 0
028 C040100 52133
028 D010100 24180
028 D020100 0
028 D030100 0
028 D040100 30673
028 E010100 51032
028 E020100 0
028 E030100 0
028 E040100 16771
028 F010100 5018
028 F020100 0
028 F030100 0
028 F040100 78382
028 G010100 169774
028 G020100 0
028 G030100 0
028 G040100 205819
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 24.0
062 E000100 0.0
062 F000100 0.0
<PAGE> PAGE 7
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 76.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 1
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 1695
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 60
072 G000100 15
072 H000100 0
072 I000100 0
072 J000100 3
072 K000100 0
072 L000100 0
072 M000100 33
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 6
072 R000100 7
072 S000100 18
072 T000100 0
072 U000100 11
072 V000100 0
072 W000100 9
072 X000100 162
072 Y000100 60
072 Z000100 1593
<PAGE> PAGE 8
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 4800
074 C000100 14844
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 4
074 M000100 49
074 N000100 19697
074 O000100 0
074 P000100 60
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 63
074 S000100 0
074 T000100 19574
074 U010100 16492
074 U020100 0
074 V010100 1.19
074 V020100 0.00
074 W000100 1.0300
074 X000100 2
074 Y000100 0
075 A000100 61527
075 B000100 0
076 000100 0.00
080 A000100 GULF
080 C000100 900
081 A000100 Y
081 B000100 2
082 A000100 N
082 B000100 0
083 A000100 N
<PAGE> PAGE 9
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
024 000200 N
025 A000201 DELETE
025 D000201 0
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 15838
028 A020200 0
028 A030200 0
028 A040200 13567
028 B010200 5177
028 B020200 0
028 B030200 0
028 B040200 9700
028 C010200 1468
028 C020200 0
028 C030200 0
028 C040200 17970
028 D010200 18074
028 D020200 0
028 D030200 0
028 D040200 8977
028 E010200 2570
028 E020200 0
028 E030200 0
028 E040200 6738
028 F010200 22582
028 F020200 0
028 F030200 0
028 F040200 12790
028 G010200 65709
028 G020200 0
028 G030200 0
028 G040200 69742
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 72.0
062 E000200 0.0
<PAGE> PAGE 10
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 23.0
062 K000200 0.0
062 L000200 5.0
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 2
063 B000200 0.0
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 4445
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 122
072 G000200 31
072 H000200 0
072 I000200 0
072 J000200 6
072 K000200 0
072 L000200 0
072 M000200 19
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 12
072 R000200 4
072 S000200 11
072 T000200 0
072 U000200 5
072 V000200 0
072 W000200 7
072 X000200 217
072 Y000200 79
<PAGE> PAGE 11
072 Z000200 4307
072AA000200 0
072BB000200 0
072CC010200 0
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 0
074 B000200 93000
074 C000200 35359
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 24
074 M000200 31
074 N000200 128414
074 O000200 0
074 P000200 45
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 57
074 S000200 0
074 T000200 128312
074 U010200 119225
074 U020200 0
074 V010200 1.08
074 V020200 0.00
074 W000200 1.0400
074 X000200 1
074 Y000200 0
075 A000200 123128
075 B000200 0
076 000200 0.00
080 A000200 GULF
080 C000200 900
081 A000200 Y
081 B000200 2
082 A000200 N
082 B000200 0
<PAGE> PAGE 12
083 A000200 N
083 B000200 0
084 A000200 N
084 B000200 0
085 A000200 Y
085 B000200 N
062 A000300 Y
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
062 A000400 Y
062 B000400 0.0
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 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
SIGNATURE DONAL O'NEILL
TITLE SUPERVISOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001020529
<NAME> ROTHSCHILD INTERNATIONAL CURRENCY FUND
<SERIES>
<NUMBER> 01
<NAME> ROTHSCHILD INTERNATIONAL CURRENCY FUND US DOLLAR PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 19644000
<INVESTMENTS-AT-VALUE> 19644000
<RECEIVABLES> 53366
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19697366
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122942
<TOTAL-LIABILITIES> 122942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1592567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 19574424
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1694562
<OTHER-INCOME> 0
<EXPENSES-NET> 101995
<NET-INVESTMENT-INCOME> 1592567
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1592567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 169773940
<NUMBER-OF-SHARES-REDEEMED> 205819524
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (34453017)
<ACCUMULATED-NII-PRIOR> 1490078
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162164
<AVERAGE-NET-ASSETS> 57125888
<PER-SHARE-NAV-BEGIN> 1.03
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.19
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001020529
<NAME> ROTHSCHILD INTERNATIONAL CURRENCY FUND
<SERIES>
<NUMBER> 02
<NAME> ROTHSCHILD POUND STERLING PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 128358660
<INVESTMENTS-AT-VALUE> 128358660
<RECEIVABLES> 55186
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 128413846
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 101843
<TOTAL-LIABILITIES> 101843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 128312003
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4306986
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 128312003
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4444890
<OTHER-INCOME> 0
<EXPENSES-NET> 137904
<NET-INVESTMENT-INCOME> 4306986
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4306986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65708956
<NUMBER-OF-SHARES-REDEEMED> (69741841)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 274101
<ACCUMULATED-NII-PRIOR> 4780468
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217261
<AVERAGE-NET-ASSETS> 126178913
<PER-SHARE-NAV-BEGIN> 1.04
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.08
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
