<PAGE> PAGE 1
000 A000000 02/28/99
000 C000000 909010
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 TAX EXEMPT BOND PORTFOLIO
001 B000000 811-7848
001 C000000 6175573334
002 A000000 60 STATE ST.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 C020100 THE TAX EXEMPT BOND PORTFOLIO
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
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007 C010800 8
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007 C012300 23
007 C012400 24
007 C012500 25
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<PAGE> PAGE 2
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007 C012900 29
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<PAGE> PAGE 3
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A000001 MORGAN GUARANTY TRUST CO. OF NEW YORK
008 B000001 A
008 C000001 801-999999
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10036
008 A000002 J.P. MORGAN INVESTMENT MANAGEMENT, INC.
008 B000002 A
008 C000002 801-999999
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10036
010 A000001 FUNDS DISTRIBUTOR, INC.
010 B000001 8-420518
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
010 A000002 MORGAN GUARANTY TRUST CO. 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 CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 4
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
014 A000003 FUNDS DISTRIBUTOR,INC.
014 B000003 8-420518
014 A000004 BOSTON INSTITUTIONAL SERVICES INC.
014 B000004 8-99999
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 J.P.MORGAN
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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 SMITH BARNEY INC.
022 C000001 128397
022 D000001 110035
022 A000002 MERRILL LYNCH
022 C000002 67476
022 D000002 56500
022 A000003 LEHMAN BROS INC.
022 C000003 28350
022 D000003 39026
022 A000004 CITIBANK
022 C000004 34300
022 D000004 29250
022 A000005 BEAR STEARNS
022 C000005 54867
022 D000005 1655
022 A000006 PAINE WEBBER INCORPORATED
022 C000006 31704
022 D000006 22063
022 A000007 HSBC INVESTMENT BANK PLC
022 C000007 25616
022 D000007 0
<PAGE> PAGE 5
022 A000008 GOLDMAN SACHS
022 C000008 14336
022 D000008 5839
022 A000009 PIPER JAFFRAY INC
022 C000009 3616
022 D000009 10699
022 A000010 DAIN BOSWORTH INC
022 C000010 13831
022 D000010 0
023 C000000 409111
023 D000000 292400
024 000000 N
025 D000001 0
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<PAGE> PAGE 6
028 F020000 0
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<PAGE> PAGE 7
048 G020000 0.000
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<PAGE> PAGE 8
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064 B000000 N
066 A000000 N
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070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
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
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
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070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 179729
<PAGE> PAGE 9
071 B000000 78020
071 C000000 815963
071 D000000 10
072 A000000 6
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<PAGE> PAGE 10
074 L000000 9845
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074 N000000 882329
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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 February 28,1999 for The Tax Exempt Bond Portfolio and is qualified
in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 819,722
<INVESTMENTS-AT-VALUE> 857,897
<RECEIVABLES> 24,367
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 882,329
<PAYABLE-FOR-SECURITIES> 16,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 301
<TOTAL-LIABILITIES> 16,676
<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> 865,653
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,270
<OTHER-INCOME> 0
<EXPENSES-NET> 1,511
<NET-INVESTMENT-INCOME> 18,759
<REALIZED-GAINS-CURRENT> 1,501
<APPREC-INCREASE-CURRENT> (719)
<NET-CHANGE-FROM-OPS> 19,541
<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> 108,674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,242
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,511
<AVERAGE-NET-ASSETS> 835,184
<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> .36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
