<PAGE> PAGE 1
000 A000000 04/30/99
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
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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 C010800 8
007 C010900 9
007 C011000 10
008 A000001 J.P.MORGAN INVESTMENT MANAGEMENT, INC.
008 B000001 A
008 C000001 801-999999
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10036
008 A000002 DELETE
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
<PAGE> PAGE 2
010 C020003 NY
010 C030003 10017
011 A000001 DELETE
012 A000001 STATE STREET BANK AND TRUST CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICEWATERHOUSECOOPERS 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 2813922
022 D000001 28102
022 A000002 LEHMAN BROTHERS INC.
022 C000002 134688
022 D000002 89405
022 A000003 CITIGROUP INC.
022 C000003 105615
022 D000003 112599
022 A000004 MORGAN STANLEY DEAN WITTER
<PAGE> PAGE 3
022 C000004 76144
022 D000004 86258
022 A000005 GREENWICH CAPITAL
022 C000005 67355
022 D000005 38280
022 A000006 CS FIRST BOSTON
022 C000006 51127
022 D000006 53324
022 A000007 PAINE WEBBER INC.
022 C000007 42342
022 D000007 41739
022 A000008 CHASE MANHATTAN
022 C000008 64223
022 D000008 0
022 A000009 MERRILL LYNCH
022 C000009 40186
022 D000009 18112
022 A000010 DLJ CAPITAL MARKETS
022 C000010 22433
022 D000010 24971
023 C000000 3507498
023 D000000 588371
024 000000 Y
025 A000001 MORGAN STANLEY
025 C000001 D
025 D000001 1090
025 A000002 MERRILL LYNCH
025 C000002 D
025 D000002 1884
025 A000003 DELETE
025 D000003 0
025 A000004 DELETE
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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
027 000000 Y
028 A010000 51339
028 A020000 0
028 A030000 0
028 A040000 2043
<PAGE> PAGE 4
028 B010000 4672
028 B020000 0
028 B030000 0
028 B040000 73134
028 C010000 5321
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028 D010000 5950
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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062 Q000000 33.9
062 R000000 0.3
063 A000000 0
063 B000000 2.6
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
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070 F010000 N
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070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
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<PAGE> PAGE 7
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
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070 N010000 Y
070 N020000 N
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070 R010000 N
070 R020000 N
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071 B000000 518538
071 C000000 270482
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072 Y000000 94
072 Z000000 7405
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072CC020000 3380
<PAGE> PAGE 8
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072DD020000 0
072EE000000 0
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073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 20247
074 C000000 36934
074 D000000 270315
074 E000000 777
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
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074 K000000 13
074 L000000 4512
074 M000000 2
074 N000000 333783
074 O000000 48276
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074 V020000 0.00
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074 Y000000 60918
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084 B000000 0
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<PAGE> PAGE 9
086 C010000 0
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086 D010000 0
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086 E010000 0
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086 F010000 0
086 F020000 0
SIGNATURE GEORGE A. RIO
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 semi-annual
report dated April 30, 1999 for The Short Term Bond Portfolio and is qualified
in its entirety by reference to such semi-annual
report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 331612
<INVESTMENTS-AT-VALUE> 328273
<RECEIVABLES> 5508
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 333783
<PAYABLE-FOR-SECURITIES> 48276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92
<TOTAL-LIABILITIES> 48368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 285415
<DIVIDEND-INCOME> 36
<INTEREST-INCOME> 7729
<OTHER-INCOME> 0
<EXPENSES-NET> 360
<NET-INVESTMENT-INCOME> 7405
<REALIZED-GAINS-CURRENT> 922
<APPREC-INCREASE-CURRENT> (3380)
<NET-CHANGE-FROM-OPS> 4947
<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> 20932
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453
<AVERAGE-NET-ASSETS> 272110
<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> .27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
