<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000865531
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2.a
000 J000000 A
001 A000000 THE EMERGING MEXICO FUND, INC.
001 B000000 811-06134
001 C000000 2127132283
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
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 SANTANDER MANAGEMENT INC.
008 B000001 A
008 C000001 801-37296
008 D010001 NASSAU
008 D050001 BAHAMAS
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT INC.
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 NOMURA SECURITIES INTERNATIONAL, INC.
011 B000001 8-15255
011 C010001 LONDON
011 C050001 UNITED KINGDOM
011 C060001 EC3R 8AJ
011 A000002 PAINEWEBBER INTERNATIONAL (U.K.) LTD.
011 B000002 8-16267
011 C010002 LONDON
011 C050002 UNITED KINGDOM
<PAGE> PAGE 2
011 C060002 EC2M 2PA
011 A000003 BANCO DE SANTANDER, S.A. DE CREDITO
011 B000003 8-000000
011 C010003 MADRID
011 C050003 SPAIN
011 C060003 28046
011 A000004 PARIBAS LIMITED
011 B000004 8-32682
011 C010004 LONDON
011 C050004 UNITED KINGDOM
011 C060004 W1HOBN
012 A000001 PNC BANK, NATIONAL ASSOCIATION
012 B000001 85-11196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
015 A000002 CITIBANK, N.A.
015 B000002 S
015 C010002 MEXICO CITY
015 D010002 MEXICO
015 D020002 06695
015 E040002 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 ACCIONES Y VALORES DE MEXICO
020 B000001 FOREIGN
020 C000001 78
020 A000002 BANCO SANTANDER
020 B000002 FOREIGN
020 C000002 62
020 A000003 ABACO CASA DE BOLSA
020 B000003 FOREIGN
020 C000003 49
020 A000004 INVERMEXICO
020 B000004 FOREIGN
020 C000004 48
020 A000005 ING BARING
020 B000005 FOREIGN
020 C000005 27
020 A000006 INTERACCIONES
<PAGE> PAGE 3
020 B000006 FOREIGN
020 C000006 16
020 A000007 CASA DE BOLSA INVERLAT
020 B000007 FOREIGN
020 C000007 10
020 A000008 GLOBAL FINANCIAL SERVICES
020 B000008 0000000000
020 C000008 10
020 A000009 MORGAN STANLEY & CO., INC.
020 B000009 13-2655998
020 C000009 6
020 A000010 BEAR STEARNS & CO., INC.
020 B000010 13-3299429
020 C000010 4
021 000000 314
022 A000001 CASA DE BOLSA INVERLAT
022 B000001 FOREIGN
022 C000001 402383
022 D000001 216968
022 A000002 ING BARING
022 B000002 FOREIGN
022 C000002 213347
022 D000002 121625
022 A000003 BANCO SANTANDER
022 B000003 FOREIGN
022 C000003 66126
022 D000003 36408
022 A000004 GRUPO BURSATIL MEXICANO
022 B000004 FOREIGN
022 C000004 16399
022 D000004 1745
022 A000005 BROWN BROTHERS HARRIMAN & CO.
022 B000005 13-4973745
022 C000005 0
022 D000005 10248
022 A000006 CORREDORES DE BLANKA
022 B000006 FOREIGN
022 C000006 0
022 D000006 4797
022 A000007 PARIBAS CORP.
022 B000007 FOREIGN
022 C000007 1517
022 D000007 1325
022 A000008 CASA DE BOLSA INVEX
022 B000008 FOREIGN
022 C000008 0
022 D000008 53
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
<PAGE> PAGE 4
023 C000000 699772
023 D000000 393169
024 000000 Y
025 A000001 GRUPO FINANCIERO INVERMEXICO
025 B000001 FOREIGN
025 C000001 E
025 D000001 1
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
<PAGE> PAGE 5
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
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 0.000
048 A010000 200000
048 A020000 0.900
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 200000
048 K020000 0.800
049 000000 N
050 000000 N
051 000000 N
<PAGE> PAGE 6
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1200
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 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
<PAGE> PAGE 7
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 76117
071 B000000 51943
071 C000000 77383
071 D000000 67
072 A000000 12
072 B000000 3234
072 C000000 1218
072 D000000 0
072 E000000 0
<PAGE> PAGE 8
072 F000000 792
072 G000000 165
072 H000000 0
072 I000000 34
072 J000000 181
072 K000000 77
072 L000000 42
072 M000000 34
072 N000000 24
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 55
072 S000000 128
072 T000000 0
072 U000000 4
072 V000000 0
072 W000000 19
072 X000000 1555
072 Y000000 0
072 Z000000 2897
072AA000000 0
072BB000000 7534
072CC010000 31540
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 7383
074 B000000 0
074 C000000 229
074 D000000 0
074 E000000 0
074 F000000 102972
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2527
074 K000000 0
074 L000000 31
074 M000000 0
074 N000000 113142
074 O000000 2066
074 P000000 98
074 Q000000 0
074 R010000 0
074 R020000 0
<PAGE> PAGE 9
074 R030000 0
074 R040000 282
074 S000000 0
074 T000000 110696
074 U010000 12913
074 U020000 0
074 V010000 8.57
074 V020000 0.00
074 W000000 0.0000
074 X000000 1324
074 Y000000 0
075 A000000 0
075 B000000 87951
076 000000 7.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 NATIONAL FIRE INSURANCE COMPANY
080 C000000 400
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 3798
086 A020000 19765
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
087 A010000 COMMON STOCK
087 A020000 290891100
087 A030000 MEF
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE C. WILLIAM MAHER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 87,746,244
<INVESTMENTS-AT-VALUE> 103,200,678
<RECEIVABLES> 2,558,119
<ASSETS-OTHER> 7,383,297
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113,142,094
<PAYABLE-FOR-SECURITIES> 2,066,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379,390
<TOTAL-LIABILITIES> 2,445,630
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137,235,111
<SHARES-COMMON-STOCK> 12,913,231
<SHARES-COMMON-PRIOR> 9,115,223
<ACCUMULATED-NII-CURRENT> (223,798)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (41,770,956)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,456,107
<NET-ASSETS> 110,696,464
<DIVIDEND-INCOME> 1,218,327
<INTEREST-INCOME> 3,234,326
<OTHER-INCOME> 0
<EXPENSES-NET> 1,555,457
<NET-INVESTMENT-INCOME> 2,897,196
<REALIZED-GAINS-CURRENT> (7,534,379)
<APPREC-INCREASE-CURRENT> 31,539,931
<NET-CHANGE-FROM-OPS> 26,902,748
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,798,008
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,667,351
<ACCUMULATED-NII-PRIOR> (4,400,368)
<ACCUMULATED-GAINS-PRIOR> (34,257,451)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 791,560
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,555,457
<AVERAGE-NET-ASSETS> 87,951,130
<PER-SHARE-NAV-BEGIN> 7.02
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 1.67
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.37)
<PER-SHARE-NAV-END> 8.57
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
