<PAGE> PAGE 1
000 B000000 02/28/97
000 C000000 0000918708
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE EMERGING MARKETS FLOATING RATE FUND INC.
001 B000000 811-8338
001 C000000 2127831301
002 A000000 SEVEN WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
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 SALOMON BROTHERS ASSET MANAGEMENT INC.
008 B000001 A
008 C000001 801-32046
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
008 A000002 ADVANTAGE ADVISERS, INC.
008 B000002 A
008 C000002 801-36997
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10281
011 A000001 SALOMON BROTHERS INC
011 B000001 8-26920
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
011 A000002 OPPENHEIMER & CO INC.
011 B000002 8-18333
<PAGE> PAGE 2
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10281
012 A000001 AMERICAN STOCK TRANSFER & TRUST COMPANY
012 B000001 84-000416
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10005
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 SALOMON BROTHERS INC
014 B000001 8-26920
014 A000002 OPPENHEIMER & CO., INC.
014 B000002 8-18333
015 A000001 CHASE MANHATTAN BANK, N.A.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11245
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
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 JP MORGAN SECURITIES INC
022 B000001 13-3224016
022 C000001 247243
022 D000001 6678
022 A000002 UNION BANK OF SWITZERLAND
022 B000002 13-2932996
022 C000002 224258
022 D000002 0
022 A000003 CHASE MANHATTAN
022 B000003 13-3112953
022 C000003 32151
022 D000003 21083
022 A000004 STATE STREET BANK & TRUST
022 B000004 04-1867445
022 C000004 41885
<PAGE> PAGE 3
022 D000004 0
022 A000005 ING BANK
022 B000005 04-2455153
022 C000005 5946
022 D000005 14929
022 A000006 BANKERS TRUST
022 B000006 13-4941247
022 C000006 5877
022 D000006 8988
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 8992
022 D000007 2081
022 A000008 PAINE WEBBER INCORPORATED
022 B000008 13-2638166
022 C000008 10929
022 D000008 0
022 A000009 JEFFRIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009 5265
022 D000009 4768
022 A000010 MORGAN STANLEY & CO. INC.
022 B000010 13-2655998
022 C000010 2024
022 D000010 2976
023 C000000 599893
023 D000000 75163
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 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
<PAGE> PAGE 4
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
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 1.100
048 A010000 0
048 A020000 0.000
048 B010000 0
<PAGE> PAGE 5
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 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 Y
054 C000000 Y
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 Y
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 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
<PAGE> PAGE 6
062 D000000 3.1
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 1.1
062 Q000000 91.7
062 R000000 0.0
063 A000000 0
063 B000000 12.1
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 Y
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 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
<PAGE> PAGE 7
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 72254
071 B000000 75163
071 C000000 60465
071 D000000 119
072 A000000 12
072 B000000 7475
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 693
072 G000000 0
072 H000000 0
072 I000000 29
072 J000000 21
072 K000000 0
072 L000000 17
072 M000000 32
072 N000000 17
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 63
072 S000000 47
072 T000000 0
072 U000000 22
072 V000000 8
072 W000000 15
072 X000000 964
072 Y000000 0
072 Z000000 6511
072AA000000 5021
072BB000000 0
072CC010000 7843
072CC020000 0
072DD010000 6684
072DD020000 0
072EE000000 0
073 A010000 1.6100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
<PAGE> PAGE 8
074 B000000 2153
074 C000000 0
074 D000000 64668
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 5728
074 K000000 0
074 L000000 1298
074 M000000 59
074 N000000 73906
074 O000000 4062
074 P000000 59
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 134
074 S000000 0
074 T000000 69651
074 U010000 4167
074 U020000 0
074 V010000 16.71
074 V020000 0.00
074 W000000 0.0000
074 X000000 331
074 Y000000 0
075 A000000 0
075 B000000 63309
076 000000 17.13
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 9
078 000000 N
080 A000000 GULF INSURANCE COMPANY
080 C000000 16400
081 A000000 Y
081 B000000 25
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 20
086 A020000 329
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 290-885102
087 A030000 EFL
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE ALAN MANDEL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918708
<NAME> THE EMERGING MARKETS FLOATING RATE FUND INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1997
<PERIOD-END> FEB-28-1997
<INVESTMENTS-AT-COST> 58,487,367
<INVESTMENTS-AT-VALUE> 66,821,211
<RECEIVABLES> 7,025,796
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 59,459
<TOTAL-ASSETS> 73,906,478
<PAYABLE-FOR-SECURITIES> 4,062,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,915
<TOTAL-LIABILITIES> 4,255,415
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,778,108
<SHARES-COMMON-STOCK> 4,167,474
<SHARES-COMMON-PRIOR> 4,147,134
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,153
<ACCUMULATED-NET-GAINS> 3,542,264
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,333,844
<NET-ASSETS> 69,651,063
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,475,008
<OTHER-INCOME> 0
<EXPENSES-NET> 963,800
<NET-INVESTMENT-INCOME> 6,511,208
<REALIZED-GAINS-CURRENT> 5,021,401
<APPREC-INCREASE-CURRENT> 7,842,755
<NET-CHANGE-FROM-OPS> 19,375,364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,684,293
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 20,340
<NET-CHANGE-IN-ASSETS> 13,019,932
<ACCUMULATED-NII-PRIOR> 169,932
<ACCUMULATED-GAINS-PRIOR> (1,479,137)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 692,816
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 963,800
<AVERAGE-NET-ASSETS> 63,309,437
<PER-SHARE-NAV-BEGIN> 13.66
<PER-SHARE-NII> 1.56
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> 1.61
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.71
<EXPENSE-RATIO> 1.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
April 11, 1997
To the Board of Directors of
The Emerging Markets Floating Rate Fund Inc.
In planning and performing our audit of the financial statements of
The Emerging Markets Floating Rate Fund Inc. (the "Fund") for the
year ended February 28, 1997, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal control
structure
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are appropriately safeguarded against
loss from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected.
Also, projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design and operation may
deteriorate.Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of the specific internal control structure elements does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of February 28, 1997.This
report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
