<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000930893
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 NON US FIXED INCOME PORTFOLIO
001 B000000 811-8790
001 C000000 6174230800
002 A000000 P.O. BOX 2494 ELIZABETHAN SQUARE
002 B000000 CAYMAN ISLANDS
002 E010000 BRITISH WEST INDIES
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
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007 C011200 12
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007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
<PAGE> PAGE 2
007 C013000 30
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 8-49999
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10036
010 A000003 PIERPONT GROUP,INC.
010 C010003 NEW YORK
010 C020003 NY
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 COMPANY
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 JP MORGAN SECURITIES, INC.
014 B000001 8-99999999
014 A000002 JPM SECURITIES LTD.
014 B000002 8-99999
014 A000003 FUNDS DISTRIBUTOR, INC.
014 B000003 8-420518
014 A000004 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000004 8-99999
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
<PAGE> PAGE 3
019 B000000 69
019 C000000 JPM/PIERPO
020 C000001 0
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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 DEUTSCHE BANK
022 C000001 67935
022 D000001 63443
022 A000002 MERRILL LYNCH
022 C000002 14447
022 D000002 31709
022 A000003 MORGAN STANLEY AND CO.
022 C000003 16929
022 D000003 21823
022 A000004 SALOMON BROTHER INC.
022 C000004 21057
022 D000004 9795
022 A000005 STATE STREET BANK
022 C000005 30000
022 D000005 0
022 A000006 NOMURA SECURITIES INC.
022 C000006 16151
022 D000006 0
022 A000007 LEHMAN BROTHERS
022 C000007 7076
022 D000007 5515
022 A000008 RBC DOMINION SECURITIES
022 C000008 8107
022 D000008 2220
022 A000009 PARIBAS SECURITIES INC.
022 C000009 7939
022 D000009 68
022 A000010 DRESDNER BANK
022 C000010 0
022 D000010 6830
023 C000000 2490905
023 D000000 347724
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
<PAGE> PAGE 4
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
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 B020000 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE LENORE MCCABE
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial data extracted from the semi-annual
report dated 3/31/98 for the Non-US Fixed Income Portfolio and is qualified in
its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 5841
<INVESTMENTS-AT-VALUE> 5846
<RECEIVABLES> 101
<ASSETS-OTHER> 168
<OTHER-ITEMS-ASSETS> 222
<TOTAL-ASSETS> 6337
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82
<TOTAL-LIABILITIES> 82
<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> 6255
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3285
<OTHER-INCOME> 0
<EXPENSES-NET> 352
<NET-INVESTMENT-INCOME> 2934
<REALIZED-GAINS-CURRENT> 4067
<APPREC-INCREASE-CURRENT> 745
<NET-CHANGE-FROM-OPS> 7746
<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> (228,092)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 381
<AVERAGE-NET-ASSETS> 145469
<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> .49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
