<PAGE> PAGE 1
000 B000000 07/31/99
000 C000000 943180
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008 A00AA01 J.P MORGAN INVESTMENT MANAGEMENT INC.
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008 D01AA01 NEW YORK
008 D02AA01 NY
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010 A00AA01 FUNDS DISTRIBUTOR, INC.
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010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST CO OF NEW YORK
010 B00AA02 8-499999
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
<PAGE> PAGE 2
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
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012 A00AA01 STATE STREET BANK AND TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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014 A00AA03 BOSTON INSTITUTIONAL SERVICES
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014 B00AA04 8-420518
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<PAGE> PAGE 3
022 D000002 11792
022 A000003 CHASE MANHATTAN BANK
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022 A000007 BACON STIFEL
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<PAGE> PAGE 4
040 00AA00 N
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
074 V010100 0.00
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<PAGE> PAGE 8
048 E010200 0
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062 E000200 0.0
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<PAGE> PAGE 9
072 M000200 0
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<PAGE> PAGE 10
074 V020200 0.00
074 W000200 0.0000
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076 000200 0.00
025 D000301 0
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<PAGE> PAGE 11
074 R040300 0
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024 000400 N
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028 A040400 5573
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045 000400 Y
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<PAGE> PAGE 12
048 000400 0.700
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048 K020400 0.000
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050 000400 N
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052 000400 N
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056 000400 Y
057 000400 N
058 A000400 N
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062 L000400 0.0
062 M000400 0.9
<PAGE> PAGE 13
062 N000400 0.0
062 O000400 0.0
062 P000400 6.0
062 Q000400 93.1
062 R000400 8.4
063 A000400 0
063 B000400 4.2
064 A000400 Y
064 B000400 Y
065 000400 Y
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
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070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
<PAGE> PAGE 14
071 A000400 99778
071 B000400 89583
071 C000400 16153
071 D000400 555
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072 B000400 1407
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074 A000400 3
074 B000400 0
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074 D000400 24047
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<PAGE> PAGE 15
074 K000400 18
074 L000400 642
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074 N000400 29978
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074 T000400 26264
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076 000400 0.00
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 annual report
dated July 31, 1999 for the Emerging Market Debts Portfolio and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 24,033
<INVESTMENTS-AT-VALUE> 24,052
<RECEIVABLES> 5,914
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 29,978
<PAYABLE-FOR-SECURITIES> 1,754
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<TOTAL-LIABILITIES> 3,714
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
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<NET-ASSETS> 26,264
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,407
<OTHER-INCOME> 0
<EXPENSES-NET> 131
<NET-INVESTMENT-INCOME> 1,276
<REALIZED-GAINS-CURRENT> (644)
<APPREC-INCREASE-CURRENT> 18
<NET-CHANGE-FROM-OPS> 650
<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> 6,916
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 178
<AVERAGE-NET-ASSETS> 18,022
<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
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<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
The Emerging Markets Debt Portfolio
In planning and performing our audit of the financial statements of The Emerging
Markets Debt Portfolio (the "Portfolio") for the period ended July 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Portfolio is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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
internal control and its operation,
<PAGE>
including controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 1999.
This report is intended solely for the information and use of management and the
Trustees of the Portfolio and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
September 15, 1999
