<PAGE> PAGE 1
000 A000000 04/30/99
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 J.P. MORGAN INVESTMENT MANAGEMENT INC.
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 PRICEWATERHOUSECOOPERS 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
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020 A000001 CITIBANK SA
020 C000001 88
020 A000002 WARBURG DILLON READ, LLC
020 C000002 39
020 A000003 DONALDSON, LUFKIN & JENRETTE
020 C000003 37
020 A000004 ABN AMRO EQUITIES
020 C000004 28
020 A000005 CREDITANSTALT BANK VEREIN
020 C000005 23
020 A000006 BANKERS TRUST COMPANY
020 C000006 23
020 A000007 CREDIT LYONNAIS
020 C000007 23
020 A000008 MERRILL LYNCH
020 C000008 20
020 A000009 DEUTSCHE BANK AG
020 C000009 17
<PAGE> PAGE 3
020 A000010 WI CARR
020 C000010 16
021 000000 475
022 A000001 CESIGI (MALAN)
022 C000001 5923
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022 C000003 3036
022 D000003 815
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022 D000004 1934
022 A000005 DONALDSON LUFKIN JENRETTE
022 C000005 1578
022 D000005 204
022 A000006 OKAZ STOCK BROKERS
022 C000006 1442
022 D000006 0
022 A000007 BARING SECURITIES
022 C000007 52
022 D000007 1019
022 A000008 WARBURG SECURITIES
022 C000008 761
022 D000008 294
022 A000009 PERSHING & CO
022 C000009 0
022 D000009 814
022 A000010 GOLDMAN SACHS
022 C000010 754
022 D000010 0
023 C000000 16802
023 D000000 8986
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<PAGE> PAGE 4
026 G020000 N
026 H000000 N
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028 B010000 6730
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 H010000 Y
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<PAGE> PAGE 8
072 Z000000 661
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<PAGE> PAGE 9
081 A000000 Y
081 B000000 19
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SIGNATURE LENORE J. MCCABE
TITLE ASST. TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated April 30,1999 for the Emerging Markets Equity 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> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 201127
<INVESTMENTS-AT-VALUE> 189772
<RECEIVABLES> 1263
<ASSETS-OTHER> 1268
<OTHER-ITEMS-ASSETS> 7
<TOTAL-ASSETS> 192310
<PAYABLE-FOR-SECURITIES> 3364
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 455
<TOTAL-LIABILITIES> 3819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 1540
<INTEREST-INCOME> 58
<OTHER-INCOME> 0
<EXPENSES-NET> 937
<NET-INVESTMENT-INCOME> 661
<REALIZED-GAINS-CURRENT> (30644)
<APPREC-INCREASE-CURRENT> 67512
<NET-CHANGE-FROM-OPS> 37529
<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> 43278
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 937
<AVERAGE-NET-ASSETS> 144160
<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> 1.31
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
