<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000909277
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 INTERNATIONAL EQUITY PORTFOLIO
001 B000000 811-7884
001 C000000 8099496644
002 A000000 ELIZABETHAN SQUARE 2ND. FL SHEDDEN ROAD
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 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
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
012 A000001 STATE STREET BANK AND TRUST CO.
012 B000001 85-50003
012 C010001 BOSTON
012 C020001 MA
012 C030001 02101
013 A000001 PRICE WATERHOUSE 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
019 A000000 Y
019 B000000 70
019 C000000 JPM\PIERPO
020 A000001 MERRILL LYNCH
020 C000001 84
020 A000002 BANQUE PARIBAS
020 C000002 59
020 A000003 DAIWA SECURITIES
020 C000003 44
020 A000004 SBC WARBURG
020 C000004 43
020 A000005 MORGAN STANLEY
020 C000005 41
020 A000006 BARCLAYS DEZOETE
020 C000006 39
020 A000007 DRESDNER
020 C000007 38
020 A000008 RASHID HUSSAIN MALAYSIA
020 C000008 35
020 A000009 UNION BANK OF SWITZERLAND
020 C000009 32
020 A000010 DEUTSCHE BANK
020 C000010 32
021 000000 979
022 A000001 GOLDMAN SACHS
022 C000001 37055
<PAGE> PAGE 3
022 D000001 32896
022 A000002 MORRISSON & CO.
022 C000002 23518
022 D000002 0
022 A000003 NOMURA INTERNATIONAL PLC
022 C000003 0
022 D000003 4450
022 A000004 NIKKO SECURITIES CO.
022 C000004 0
022 D000004 2162
022 A000005 SALOMON BROTHERS, INC.
022 C000005 0
022 D000005 1960
022 A000006 D E SHAW
022 C000006 609
022 D000006 476
022 A000007 DEUTSCHE BANK
022 C000007 609
022 D000007 399
022 A000008 BARINGS
022 C000008 0
022 D000008 375
022 A000009 UNION BANK OF SWITZERLAND
022 C000009 0
022 D000009 371
022 A000010 MONTGOMERY SECURITIES
022 C000010 0
022 D000010 256
023 C000000 61840
023 D000000 43345
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 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 15438
028 A020000 0
<PAGE> PAGE 4
028 A030000 0
028 A040000 3240
028 B010000 23734
028 B020000 0
028 B030000 0
028 B040000 46327
028 C010000 27162
028 C020000 0
028 C030000 0
028 C040000 18681
028 D010000 16366
028 D020000 0
028 D030000 0
028 D040000 63005
028 E010000 13209
028 E020000 0
028 E030000 0
028 E040000 49692
028 F010000 3856
028 F020000 0
028 F030000 0
028 F040000 24514
028 G010000 99765
028 G020000 0
028 G030000 0
028 G040000 205459
028 H000000 0
029 000000 N
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<PAGE> PAGE 5
043 000000 0
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048 I010000 0
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049 000000 N
050 000000 N
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052 000000 N
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054 A000000 Y
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<PAGE> PAGE 6
057 000000 N
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070 F010000 Y
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070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 7
070 J020000 N
070 K010000 Y
070 K020000 N
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070 L020000 Y
070 M010000 Y
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071 B000000 362421
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072 S000000 4
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072 X000000 3514
072 Y000000 0
072 Z000000 4887
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072CC010000 1140
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<PAGE> PAGE 8
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 14377
074 B000000 0
074 C000000 66815
074 D000000 22353
074 E000000 14916
074 F000000 718444
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074 J000000 6401
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<PAGE> PAGE 9
086 C010000 0
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SIGNATURE LENORE J.MCCABE
TITLE ASST.TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 04/30/97 for The International Equity Portfolio and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 811500
<INVESTMENTS-AT-VALUE> 846395
<RECEIVABLES> 12469
<ASSETS-OTHER> 1094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 859958
<PAYABLE-FOR-SECURITIES> 10654
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 719
<TOTAL-LIABILITIES> 11373
<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> 848585
<DIVIDEND-INCOME> 6812
<INTEREST-INCOME> 1589
<OTHER-INCOME> 0
<EXPENSES-NET> 3514
<NET-INVESTMENT-INCOME> 4887
<REALIZED-GAINS-CURRENT> 21481
<APPREC-INCREASE-CURRENT> 1139
<NET-CHANGE-FROM-OPS> 27507
<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> (78187)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2719
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3514
<AVERAGE-NET-ASSETS> 914644
<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> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
