<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000914115
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 EMERGING MARKETS EQUITY PORTFOLIO
001 B000000 811-8102
001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE 2ND FL
002 B000000 GEORGE TOWN
002 E010000 GRAND CAYMAN
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
007 C011000 10
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 8-499999
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
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 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
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 BOSTON INSTITUTIONAL SERVICES, INC.
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 A000001 CITIBANK
020 C000001 173
020 A000002 UBS SECURITIES
020 C000002 90
020 A000003 STANDARD CHARTERED BANK
020 C000003 64
020 A000004 ABN AMRO BANK
020 C000004 48
020 A000005 JARDINE FLEMING SECURITIES
020 C000005 44
020 A000006 SBC WARBURG INC
020 C000006 43
020 A000007 ING SECURITIES
020 C000007 32
020 A000008 SILVIS BARNARD JACOS
020 C000008 27
020 A000009 ISRAEL DISCOUNT BANK
020 C000009 21
<PAGE> PAGE 3
020 A000010 MERRILL LYNCH
020 C000010 19
021 000000 750
022 A000001 GOLDMAN SACHS
022 C000001 17203
022 D000001 959
022 A000002 PARIBAS SECURITIES
022 C000002 3560
022 D000002 11025
022 A000003 BARING SECURITIES
022 C000003 0
022 D000003 11761
022 A000004 BANK OF NEW YORK
022 C000004 8768
022 D000004 0
022 A000005 MORGAN STANLEY & CO.
022 C000005 444
022 D000005 7465
022 A000006 CS FIRST BOSTON
022 C000006 2421
022 D000006 2165
022 A000007 UBS SECURITIES INC.
022 C000007 0
022 D000007 4204
022 A000008 WI CARR
022 C000008 0
022 D000008 3722
022 A000009 JP MORGAN SECURITIES
022 C000009 0
022 D000009 3317
022 A000010 CORAL GABLES
022 C000010 0
022 D000010 2774
023 C000000 1089110
023 D000000 411291
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
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 62738
028 A020000 0
028 A030000 0
028 A040000 36588
028 B010000 126154
028 B020000 0
028 B030000 0
028 B040000 197726
028 C010000 36012
028 C020000 0
028 C030000 0
028 C040000 424666
028 D010000 15706
028 D020000 0
028 D030000 0
028 D040000 13204
028 E010000 14637
028 E020000 0
028 E030000 0
028 E040000 13541
028 F010000 8623
028 F020000 0
028 F030000 0
028 F040000 6286
028 G010000 263870
028 G020000 0
028 G030000 0
028 G040000 692011
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
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042 C000000 0
<PAGE> PAGE 5
042 D000000 0
042 E000000 0
042 F000000 0
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047 000000 Y
048 000000 1.000
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048 F010000 0
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048 G010000 0
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048 I010000 0
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048 J010000 0
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048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
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054 M000000 Y
<PAGE> PAGE 6
054 N000000 N
054 O000000 N
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070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
<PAGE> PAGE 7
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 119741
071 B000000 176193
071 C000000 489904
071 D000000 24
072 A000000 6
072 B000000 357
072 C000000 5355
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072 G000000 91
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072 M000000 4
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072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 3
072 T000000 0
072 U000000 1
072 V000000 0
072 W000000 34
072 X000000 3351
072 Y000000 0
<PAGE> PAGE 8
072 Z000000 2361
072AA000000 0
072BB000000 105557
072CC010000 52805
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 2047
074 B000000 630
074 C000000 0
074 D000000 4948
074 E000000 37222
074 F000000 265272
074 G000000 0
074 H000000 0
074 I000000 8296
074 J000000 582
074 K000000 4
074 L000000 983
074 M000000 2
074 N000000 319986
074 O000000 1232
074 P000000 542
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074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 79
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074 T000000 318133
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074 V020000 0.00
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074 Y000000 0
075 A000000 0
075 B000000 518570
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 GULF
080 C000000 25000
081 A000000 Y
081 B000000 19
<PAGE> PAGE 9
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
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086 B010000 0
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SIGNATURE LENORE J. MCCABE
TITLE ASST. 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 Emerging Markets Equity 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 366956
<INVESTMENTS-AT-VALUE> 316366
<RECEIVABLES> 1565
<ASSETS-OTHER> 2055
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 319986
<PAYABLE-FOR-SECURITIES> 1232
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 621
<TOTAL-LIABILITIES> 1853
<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> 318133
<DIVIDEND-INCOME> 5355
<INTEREST-INCOME> 357
<OTHER-INCOME> 0
<EXPENSES-NET> 3351
<NET-INVESTMENT-INCOME> 2361
<REALIZED-GAINS-CURRENT> (105557)
<APPREC-INCREASE-CURRENT> 52805
<NET-CHANGE-FROM-OPS> (50390)
<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> (428141)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2572
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3351
<AVERAGE-NET-ASSETS> 518570
<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> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>