<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000909277
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 INTERNATIONAL EQUITY PORTFOLIO
001 B000000 811-7884
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 J.P. MORGAN INVESTMENT MANAGEMENT INC.
008 B000001 A
008 C000001 801-999999
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10036
010 A000001 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000001 8-499999
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10036
010 A000002 FUNDS DISTRIBUTOR, INC.
010 B000002 8-420518
010 C010002 BOSTON
010 C020002 MA
010 C030002 02116
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 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 CO.
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 A000001 MERRILL LYNCH
020 C000001 214
020 A000002 SOLOMON BROTHERS INC
020 C000002 170
020 A000003 MORGAN STANLEY & CO.
020 C000003 153
020 A000004 BANQUE PARIBAS
020 C000004 150
020 A000005 PARIBAS SECURITIES INC
020 C000005 127
020 A000006 GOLDMAN SACHS
020 C000006 90
020 A000007 WARBURG SECURITIES
020 C000007 87
020 A000008 UBS SECURITIES
020 C000008 64
020 A000009 ABN AMRO BANK, LONDON
020 C000009 62
<PAGE> PAGE 3
020 A000010 DAIWA SECURITIES
020 C000010 49
021 000000 1920
022 A000001 GOLDMAN SACHS
022 C000001 10362
022 D000001 18853
022 A000002 UNION BANK OF SWITZERLAND SECURITIES INC.
022 C000002 9449
022 D000002 8946
022 A000003 MERRILL LYNCH
022 C000003 10477
022 D000003 6548
022 A000004 MORGAN STANLEY & CO
022 C000004 5461
022 D000004 10548
022 A000005 KLEINWORT BENSON SE
022 C000005 3390
022 D000005 11293
022 A000006 BANQUE PARIBAS.
022 C000006 0
022 D000006 12527
022 A000007 CITIBANK
022 C000007 0
022 D000007 8518
022 A000008 PARIBAS SECURITIES INC
022 C000008 1181
022 D000008 7104
022 A000009 DEUTSCHE BANK
022 C000009 693
022 D000009 5899
022 A000010 SAINT PETERBURG
022 C000010 0
022 D000010 6381
023 C000000 59789
023 D000000 136212
024 000000 Y
025 A000001 MERITANORDBANKEN OYJ
025 C000001 E
025 D000001 2763
025 A000002 DEUTSCHE BANK AG
025 C000002 E
025 D000002 2096
025 A000003 UBS AG
025 C000003 E
025 D000003 4685
025 A000004 BARCLAYS PLC
025 C000004 E
025 D000004 1810
025 A000005 HSBC HOLDINGS PLC
025 C000005 E
025 D000005 3439
<PAGE> PAGE 4
025 A000006 COMPAGNIE FINANCIERE DE PARIBAS
025 C000006 E
025 D000006 4565
025 A000007 NOMURA SECURITIES CO. LTD
025 C000007 E
025 D000007 529
025 A000008 ING GROEP NV
025 C000008 E
025 D000008 1936
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 6683
028 A020000 0
028 A030000 0
028 A040000 28738
028 B010000 10150
028 B020000 0
028 B030000 0
028 B040000 24312
028 C010000 10567
028 C020000 0
028 C030000 0
028 C040000 28393
028 D010000 1503
028 D020000 0
028 D030000 0
028 D040000 18267
028 E010000 3455
028 E020000 0
028 E030000 0
028 E040000 33321
028 F010000 11592
028 F020000 0
028 F030000 0
028 F040000 38893
028 G010000 43950
028 G020000 0
028 G030000 0
028 G040000 171924
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
<PAGE> PAGE 5
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
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 0.600
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
<PAGE> PAGE 6
051 000000 N
052 000000 N
053 A000000 N
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 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 G000000 Y
067 000000 N
068 A000000 N
<PAGE> PAGE 7
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 416298
071 B000000 744058
071 C000000 564429
071 D000000 74
072 A000000 12
072 B000000 872
072 C000000 10371
072 D000000 0
072 E000000 0
072 F000000 3581
072 G000000 205
072 H000000 0
072 I000000 0
<PAGE> PAGE 8
072 J000000 864
072 K000000 0
072 L000000 8
072 M000000 9
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 49
072 S000000 10
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 5
072 X000000 4731
072 Y000000 0
072 Z000000 6512
072AA000000 4786
072BB000000 0
072CC010000 22380
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 11486
074 B000000 0
074 C000000 2393
074 D000000 4968
074 E000000 6539
074 F000000 407563
074 G000000 0
074 H000000 0
074 I000000 35
074 J000000 15586
074 K000000 0
074 L000000 3031
074 M000000 29
074 N000000 451630
074 O000000 7343
074 P000000 230
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 582
074 S000000 0
074 T000000 443475
<PAGE> PAGE 9
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 596883
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 O000000 Y
077 Q010000 Y
078 000000 N
080 A000000 GULF
080 C000000 25000
081 A000000 Y
081 B000000 19
082 A000000 Y
082 B000000 25
083 A000000 N
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
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
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 annual report
dated October 31, 1998 for the International 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> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 378828
<INVESTMENTS-AT-VALUE> 432983
<RECEIVABLES> 18004
<ASSETS-OTHER> 30
<OTHER-ITEMS-ASSETS> 613
<TOTAL-ASSETS> 451630
<PAYABLE-FOR-SECURITIES> 7343
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 812
<TOTAL-LIABILITIES> 8155
<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> 443475
<DIVIDEND-INCOME> 10371
<INTEREST-INCOME> 872
<OTHER-INCOME> 0
<EXPENSES-NET> 4731
<NET-INVESTMENT-INCOME> 6512
<REALIZED-GAINS-CURRENT> 4786
<APPREC-INCREASE-CURRENT> 22381
<NET-CHANGE-FROM-OPS> 33679
<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> (320134)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3581
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4731
<AVERAGE-NET-ASSETS> 596883
<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> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Investors and Trustees of
The International Equity Portfolio
In planning and performing our audit of the financial statements of The
International Equity Portfolio (the "Portfolio") for the year ended October 31,
1998, 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
October 31, 1998.
This report is intended solely for the information and use of management and the
Trustees of the Portfolio and the Securities and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
December 17, 1998
