<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000909277
000 D000000 N
000 E000000 NF
000 F000000 Y
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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
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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 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 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
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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
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019 C000000 JPM\PIERPO
020 A000001 MERRILL LYNCH
020 C000001 146
020 A000002 MORGAN STANLEY & CO.
020 C000002 122
020 A000003 PARIBAS SECURITIES INC.
020 C000003 98
020 A000004 SALOMON BROTHERS INC.
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020 A000005 BANQUE PARIBAS
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020 A000006 WARBURG SECURITIES
020 C000006 70
020 A000007 UBS SECURITIES
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020 A000009 ABN AMRO BANK, LONDON
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<PAGE> PAGE 3
020 A000010 DRESDNER BANK
020 C000010 31
021 000000 1185
022 A000001 GOLDMAN SACHS
022 C000001 8416
022 D000001 16023
022 A000002 UNION BANK OF SWITZERLAND SECURITIES INC.
022 C000002 9449
022 D000002 8946
022 A000003 MERRILL LYNCH
022 C000003 9214
022 D000003 5831
022 A000004 KLEINWORT BENSON SE
022 C000004 3390
022 D000004 11293
022 A000005 BANQUE PARIBAS
022 C000005 0
022 D000005 11354
022 A000006 MORGAN STANLEY & CO.
022 C000006 4322
022 D000006 6425
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022 C000007 1181
022 D000007 7104
022 A000008 SAINT PETERSBURG
022 C000008 0
022 D000008 6381
022 A000009 CITIBANK
022 C000009 0
022 D000009 4593
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022 C000010 2834
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025 A000001 DEUTSCHE BANK
025 C000001 E
025 D000001 6103
025 A000002 DRESDNER BANK
025 C000002 E
025 D000002 6315
025 A000003 HSBC INVESTMENT BANK PLC.
025 C000003 E
025 D000003 9891
025 A000004 ING SECURITIES
025 C000004 E
025 D000004 6342
025 A000005 NOMURA SECURITIES INTL
025 C000005 E
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<PAGE> PAGE 4
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025 C000006 E
025 D000006 2794
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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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 04/30/98 for the International Equity Portfolio and is qualified in
its entirety by reference to such 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> 513296
<INVESTMENTS-AT-VALUE> 623577
<RECEIVABLES> 12612
<ASSETS-OTHER> 330
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 636519
<PAYABLE-FOR-SECURITIES> 12739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1217
<TOTAL-LIABILITIES> 13956
<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> 622563
<DIVIDEND-INCOME> 4853
<INTEREST-INCOME> 667
<OTHER-INCOME> 0
<EXPENSES-NET> 2584
<NET-INVESTMENT-INCOME> 2936
<REALIZED-GAINS-CURRENT> 6595
<APPREC-INCREASE-CURRENT> 77262
<NET-CHANGE-FROM-OPS> 86793
<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> (141045)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1947
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2584
<AVERAGE-NET-ASSETS> 654328
<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> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
<TABLE>
- -------------------------------------------------------------------------------
<S> <C>
Portfolio: JPM International Equity Security Description: Non Cumulative Mandatory
Convertible Pfd. Shares
Issuer: Sanwa Bank Offering Type: Eligible 144a
US Registered, Muni, Eligible Foreign, 144A)
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
1. Offering Date Feb 26, 1998 None N/A
2. Trade Date Feb 26, 1998 Must be the same as #1 Yes
3. Unit Price of Offering $23,492.74 None N/A
4. Price Paid per Unit $23,492.74 Must not exceed #3 Yes
5. Years of Issuer's Operations 65 Must be at least three years * Yes
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread 2.50% Investment Adviser determination to Yes
7. be made
Total Price paid by Portfolio $1,989,915.34 None N/A
8.
Total Size of Offering 150 billion Yen None N/A
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% ** Yes
by the same investment adviser for other 2,260,000,000
investment companies Yen
Underwriters from whom Portfolio Must not include Investment Adviser Yes
11. purchased (attach a list of all affiliates ***
syndicate members) Merrill Lynch
Must be "Yes" or "N/A" Yes
12. If the affiliate was lead or co-lead
manager, confirm the instruction given Yes
below ****
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the
underwriting commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source has been
in operation for less than three years, the issue must have one of the three
highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the amount of
the offering of the same class in any concurrent public offering
*** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to
the Investment Adviser's affiliate.
