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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000895535
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<SERIES>
<NUMBER> 011
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 25,071,962
<INVESTMENTS-AT-VALUE> 25,809,067
<RECEIVABLES> 413,293
<ASSETS-OTHER> 2,667
<OTHER-ITEMS-ASSETS> 5,593,139
<TOTAL-ASSETS> 31,818,166
<PAYABLE-FOR-SECURITIES> 323,126
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,464
<TOTAL-LIABILITIES> 406,590
<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> 31,411,576
<DIVIDEND-INCOME> 491,695
<INTEREST-INCOME> 41,475
<OTHER-INCOME> 0
<EXPENSES-NET> 260,346
<NET-INVESTMENT-INCOME> 272,824
<REALIZED-GAINS-CURRENT> 1,200,585
<APPREC-INCREASE-CURRENT> 392
<NET-CHANGE-FROM-OPS> 1,473,801
<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> (908,401)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 325,433
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,222
<AVERAGE-NET-ASSETS> 32,542,048
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
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</TABLE>
December 17, 1997
To the Beneficial Interest Holders and Trustees of
International Equity Portfolio
Chg. Code: 84033-100-1
In planning and performing our audit of the financial
statements of International Equity Portfolio (the "Portfolio")
for the year ended October 31, 1997, 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 control activities. Generally, control activities
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 control
activities include the safeguarding of assets against
unauthorized acquisition, use or disposition. Because of
inherent limitations in internal control, errors or
irregularities 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 any specific internal control components 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 internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined
above as of October 31, 1997. This report is intended
solely for the information and use of management and the
Trustees of the Portfolio and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
