<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000909008
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 SHORT TERM BOND PORTFOLIO
001 B000000 811-7844
001 C000000 8099496644
002 A000000 ELIZABETHAN 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 N
007 B000000 0
007 C010100 1
007 C010200 2
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 A000001 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000001 A
008 C000001 801-999999
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10036
010 A000001 FUNDS DISTRIBUTOR, INC.
010 B000001 8-420518
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
010 A000002 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000002 8-499999
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10036
010 A000003 PIERPONT GROUP, INC.
010 C010003 NEW YORK
010 C020003 NY
<PAGE> PAGE 2
010 C030003 10017
011 A000001 FUNDS DISTRIBUTOR, INC.
011 B000001 8-420518
011 C010001 BOSTON
011 C020001 MA
011 C030001 02116
012 A000001 STATE STREET BANK AND TRUST CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 J.P. MORGAN SECURITIES INC.
014 B000001 8-99999
014 A000002 J.P. MORGAN SECURITIES, LTD.
014 B000002 8-99999
014 A000003 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000003 8-99999
014 A000004 FUNDS DISTRIBUTOR, INC.
014 B000004 8-420518
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 69
019 C000000 JPM\PIERPO
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 A000001 GOLDMAN SACHS
022 C000001 690903
022 D000001 21928
022 A000002 PAINE WEBBER INCORPORATED
022 C000002 25848
022 D000002 17732
022 A000003 LEHMAN BROS
<PAGE> PAGE 3
022 C000003 27126
022 D000003 14408
022 A000004 CS FIRST BOSTON CORP
022 C000004 21966
022 D000004 7767
022 A000005 GREENWICH CAPITAL CORP
022 C000005 14580
022 D000005 14803
022 A000006 MORGAN STANLEY
022 C000006 19825
022 D000006 9319
022 A000007 UBS SECURITIES
022 C000007 11805
022 D000007 10568
022 A000008 DEUSTCHE BANK
022 C000008 15515
022 D000008 5673
022 A000009 CITIBANK
022 C000009 17892
022 D000009 1998
022 A000010 MERRILL LYNCH
022 C000010 9805
022 D000010 1998
023 C000000 898193
023 D000000 143461
024 000000 N
025 A000001 CS FIRST BOSTON
025 C000001 D
025 D000001 2831
025 A000002 MORGAN STANLEY
025 C000002 D
025 D000002 998
025 A000003 DEUTSCHE BANK
025 C000003 D
025 D000003 1530
025 A000004 MERRILL LYNCH
025 C000004 D
025 D000004 1374
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
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
<PAGE> PAGE 4
027 000000 Y
028 A010000 3523
028 A020000 0
028 A030000 0
028 A040000 445
028 B010000 41255
028 B020000 0
028 B030000 0
028 B040000 2997
028 C010000 1014
028 C020000 0
028 C030000 0
028 C040000 2203
028 D010000 15122
028 D020000 0
028 D030000 0
028 D040000 1224
028 E010000 1669
028 E020000 0
028 E030000 0
028 E040000 2561
028 F010000 5878
028 F020000 0
028 F030000 0
028 F040000 3715
028 G010000 68461
028 G020000 0
028 G030000 0
028 G040000 13145
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
<PAGE> PAGE 5
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.250
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
<PAGE> PAGE 6
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
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061 000000 0
062 A000000 Y
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062 C000000 0.0
062 D000000 6.0
062 E000000 0.0
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062 G000000 0.0
062 H000000 0.0
062 I000000 12.4
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 4.1
062 N000000 21.6
062 O000000 0.0
062 P000000 46.0
062 Q000000 26.9
062 R000000 0.0
063 A000000 0
063 B000000 2.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
<PAGE> PAGE 7
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 209033
071 B000000 147255
071 C000000 74513
071 D000000 198
072 A000000 6
072 B000000 2534
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 98
072 G000000 14
072 H000000 0
072 I000000 0
072 J000000 23
072 K000000 0
072 L000000 4
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 16
072 S000000 1
072 T000000 0
072 U000000 1
072 V000000 0
072 W000000 0
072 X000000 157
072 Y000000 58
<PAGE> PAGE 8
072 Z000000 2435
072AA000000 58
072BB000000 0
072CC010000 0
072CC020000 31
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 5996
074 C000000 12401
074 D000000 98328
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1753
074 K000000 13
074 L000000 1477
074 M000000 0
074 N000000 119968
074 O000000 20059
074 P000000 22
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 156
074 S000000 0
074 T000000 99731
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 0
075 A000000 0
075 B000000 79699
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 A000000 N
<PAGE> PAGE 9
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
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086 D010000 0
086 D020000 0
086 E010000 0
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086 F020000 0
SIGNATURE LENORE J. MCCABE
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 4/30/98 for the Short Term Bond Portfolio and is qualified in its
its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 116764
<INVESTMENTS-AT-VALUE> 116725
<RECEIVABLES> 3243
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119968
<PAYABLE-FOR-SECURITIES> 20059
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 178
<TOTAL-LIABILITIES> 20237
<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> 99731
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2534
<OTHER-INCOME> 0
<EXPENSES-NET> 99
<NET-INVESTMENT-INCOME> 2435
<REALIZED-GAINS-CURRENT> 58
<APPREC-INCREASE-CURRENT> (31)
<NET-CHANGE-FROM-OPS> 2462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 00
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 57779
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 00
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 99
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157
<AVERAGE-NET-ASSETS> 79699
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 00
</TABLE>
