<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000895561
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 FEDERAL MONEY MARKET PORTFOLIO
001 B000000 811-7406
001 C000000 6175570700
002 A000000 60 STATE STREET, SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
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 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000001 A
008 C000001 801-999999
008 D010001 NY
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
<PAGE> PAGE 2
010 C030003 10017
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 BOSTON INSTITUTIONAL SERVICES, INC.
014 B000001 8-99999
014 A000002 J.P. MORGAN SECURITIES INC.
014 B000002 8-99999
014 A000003 J.P. MORGAN SECURITIES, LTD.
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 C000001 0
020 C000002 0
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 HSBC SECURITIES
022 C000001 12354118
022 D000001 1115
022 A000002 CHASE MANHATTAN
022 C000002 1753628
022 D000002 0
022 A000003 MORGAN STANLEY
022 C000003 1871717
022 D000003 35329
022 A000004 WILLIAMS CAPITAL MARKETS
022 C000004 649652
022 D000004 0
<PAGE> PAGE 3
022 A000005 HSBC SECURITIES
022 C000005 550475
022 D000005 0
022 A000006 WILLIAMS CAPITAL GROUP
022 C000006 277893
022 D000006 0
022 A000007 LEHMAN BROS. INC
022 C000007 430403
022 D000007 2656
022 A000008 CS FIRST BOSTON
022 C000008 182630
022 D000008 0
022 A000009 GOLDMAN SACHS
022 C000009 124533
022 D000009 24981
022 A000010 FIRST CHICAGO CAPITAL MARKETS
022 C000010 114613
022 D000010 25947
023 C000000 18309662
023 D000000 90028
024 000000 N
025 D000001 0
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 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 167548
028 A020000 0
028 A030000 0
028 A040000 132840
028 B010000 340996
028 B020000 0
028 B030000 0
028 B040000 139815
028 C010000 334236
028 C020000 0
028 C030000 0
028 C040000 362126
<PAGE> PAGE 4
028 D010000 524452
028 D020000 0
028 D030000 0
028 D040000 288778
028 E010000 498036
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028 E040000 294271
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<PAGE> PAGE 5
048 C010000 0
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049 000000 N
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062 D000000 0.0
<PAGE> PAGE 6
062 E000000 0.0
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062 Q000000 0.0
062 R000000 0.0
063 A000000 48
063 B000000 0.0
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
<PAGE> PAGE 7
070 O010000 Y
070 O020000 N
070 P010000 Y
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070 Q010000 N
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070 R010000 N
070 R020000 N
071 A000000 0
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072 S000000 3
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072 W000000 5
072 X000000 837
072 Y000000 175
072 Z000000 17728
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074 A000000 4
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<PAGE> PAGE 8
074 C000000 1011455
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074 L000000 3763
074 M000000 2
074 N000000 1015224
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080 A000000 GULF INSURANCE CO.
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084 B000000 0
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<PAGE> PAGE 9
086 F010000 0
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 4/30/98 for The Federal Money Market 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> OCT-31-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 1011455
<RECEIVABLES> 3727
<ASSETS-OTHER> 42
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1015224
<PAYABLE-FOR-SECURITIES> 19981
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213
<TOTAL-LIABILITIES> 20194
<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> 995030
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18390
<OTHER-INCOME> 0
<EXPENSES-NET> 662
<NET-INVESTMENT-INCOME> 17728
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17728
<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> 618047
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 659
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 837
<AVERAGE-NET-ASSETS> 667564
<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> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
