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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000895535
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<SERIES>
<NUMBER> 010
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 30,144,186
<INVESTMENTS-AT-VALUE> 30,680,057
<RECEIVABLES> 567,946
<ASSETS-OTHER> 14,811
<OTHER-ITEMS-ASSETS> 1,488,322
<TOTAL-ASSETS> 32,751,136
<PAYABLE-FOR-SECURITIES> 359,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,879
<TOTAL-LIABILITIES> 431,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
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<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32,319,977
<DIVIDEND-INCOME> 629,712
<INTEREST-INCOME> 40,468
<OTHER-INCOME> 0
<EXPENSES-NET> 264,804
<NET-INVESTMENT-INCOME> 405,376
<REALIZED-GAINS-CURRENT> 3,618,264
<APPREC-INCREASE-CURRENT> (2,439,963)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 20,400,056
<NUMBER-OF-SHARES-REDEEMED> 24,033,082
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,049,349)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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</TABLE>
December 10, 1996
To the Board of Trustees of
International Equity Portfolio
In planning and performing our audit of the financial statements of Inter-
national Equity Portfolio (hereafter referred to as the "Portfolio") for the
year ended October 31, 1996, 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 Portfolio is responsible for establishing and main-
taining an internal control structure. In fulfilling this responsibility, est-
imates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and pro-
cedures. Two of the objectives of an internal control structure are to pro-
vide 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 authoriza-
tion 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 effective-
ness 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 re-
duce 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 October 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP