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PAGE 1
000 B000000 12/31/98
000 C000000 0001002403
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 EAI SELECT MANAGERS EQUITY FUND
001 B000000 811-09112
001 C000000 2126875200
002 A000000 99 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10016
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010100 1
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007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
019 B000000 0
020 A000001 BEAR STEARNS
020 C000001 11
020 A000002 PAINE WEBBER
020 C000002 5
020 A000003 DONALDSON LUFKIN
020 C000003 4
020 A000004 SCHROEDER SECURITIES
020 C000004 4
020 A000005 FIRST ALB
020 C000005 3
020 A000006 SALOMON SMITH BARNEY
020 C000006 3
020 A000007 ASSET ALLOCATION
020 C000007 3
020 A000008 BRIDGE TRADING
020 C000008 3
020 A000009 GETZ BATCHKER
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<PAGE>
PAGE 2
020 A000010 MORGAN STANLEY
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021 000000 69
022 A000001 BOSTON SAFE DEPOSIT
022 C000001 511165
022 D000001 0
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
022 C000002 1054
022 D000002 1324
022 A000003 BT ALEX BROWN
022 C000003 564
022 D000003 728
022 A000004 DONALDSON LUFKIN JENRETTE INC
022 C000004 763
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022 D000005 674
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022 C000006 598
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022 A000007 MONTGOMERY SECURITIES
022 C000007 215
022 D000007 424
022 A000008 LEHMAN BROS
022 C000008 471
022 D000008 105
022 A000009 OPPENHEIMER
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022 D000009 0
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023 C000000 516551
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025 D000001 0
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<PAGE>
PAGE 3
028 B040000 4850
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<PAGE>
PAGE 4
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<PAGE>
PAGE 5
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<PAGE>
PAGE 6
074 U020000 0
074 V010000 10.29
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080 A000000 AMERICAN INT'L SPECIALTY LINES INS. CO.
080 C000000 10000
081 A000000 N
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084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE JOSEPH DIMAGGIO
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> EAI Select Managers Equity Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 39,999,278
<INVESTMENTS-AT-VALUE> 55,904,360
<RECEIVABLES> 211,819
<ASSETS-OTHER> 82,657
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,198,836
<PAYABLE-FOR-SECURITIES> 190,427
<SENIOR-LONG-TERM-DEBT> 107,748
<OTHER-ITEMS-LIABILITIES> 451,477
<TOTAL-LIABILITIES> 749,652
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,656,806
<SHARES-COMMON-STOCK> 5,387,357
<SHARES-COMMON-PRIOR> 5,551,689
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 112,704
<ACCUM-APPREC-OR-DEPREC> 15,905,082
<NET-ASSETS> 55,449,184
<DIVIDEND-INCOME> 573,811
<INTEREST-INCOME> 98,611
<OTHER-INCOME> 0
<EXPENSES-NET> 621,921
<NET-INVESTMENT-INCOME> 50,501
<REALIZED-GAINS-CURRENT> 6,560,106
<APPREC-INCREASE-CURRENT> 4,537,618
<NET-CHANGE-FROM-OPS> 11,148,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 95,169
<DISTRIBUTIONS-OF-GAINS> 6,519,108
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 395,252
<NUMBER-OF-SHARES-REDEEMED> 1,188,023
<SHARES-REINVESTED> 628,439
<NET-CHANGE-IN-ASSETS> 3,104,719
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 186,193
<GROSS-ADVISORY-FEES> 497,537
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 895,901
<AVERAGE-NET-ASSETS> 54,080,147
<PER-SHARE-NAV-BEGIN> 9.43
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.24
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.39
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
