<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000943180
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 OPPORTUNITIES PORTFOLIO
001 B000000 811-9008
001 C000000 8099496644
002 A000000 SQUARE 2ND FLOOR SHEDDON ROAD
002 B000000 GEORGE TOWN
002 E010000 GRAND CAYMAN
002 E020000 E9
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 INTERNATIONAL OPPORTUNITIES PORTFOLIO
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 WARBURG SECURITIES
020 C000001 20
020 A000002 CROSBY SECURITIES
020 C000002 17
020 A000003 BARCLAYS BANK
020 C000003 15
020 A000004 MERRILL LYNCH
020 C000004 13
020 A000005 SCHRODER SECURITIES
020 C000005 13
020 A000006 SALOMON BROTHERS
020 C000006 13
020 A000007 HG ASIA LTD
020 C000007 12
020 A000008 GOLDMAN SACHS
020 C000008 11
020 A000009 WAKO SECURITIES
<PAGE> PAGE 2
020 C000009 10
020 A000010 METZLER SEEL
020 C000010 10
021 000000 329
022 A000001 DAIWA SECURITIES CO.,LTD
022 C000001 10197
022 D000001 0
022 A000002 BROCKHOUSE & COOPER
022 C000002 8060
022 D000002 0
022 A000003 JAMES CAPEL & CO
022 C000003 5773
022 D000003 180
022 A000004 MORGAN STANLEY
022 C000004 5334
022 D000004 90
022 A000005 HSBC
022 C000005 3205
022 D000005 0
022 A000006 GOLDMAN SACHS
022 C000006 2622
022 D000006 408
022 A000007 NOMURA INTERNATIONAL PLC
022 C000007 0
022 D000007 2110
022 A000008 MERRILL LYNCH
022 C000008 1969
022 D000008 0
022 A000009 BARCLAYS BANK
022 C000009 1750
022 D000009 0
022 A000010 COUNTY NATWEST SECURITIES
022 C000010 1722
022 D000010 0
023 C000000 810135
023 D000000 72123
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
077 A000000 N
078 000000 N
008 A000601 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B000601 A
008 C000601 801-999999
<PAGE> PAGE 3
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10036
010 A000601 FUNDS DISTRIBUTOR, INC
010 B000601 8-420518
010 C010601 BOSTON
010 C020601 MA
010 C030601 02116
010 A000602 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B000602 8-49999
010 C010602 NEW YORK
010 C020602 NY
010 C030602 10036
010 A000603 PIERPONT GROUP INC
010 C010603 NEW YORK
010 C020603 NY
010 C030603 10017
012 A000601 STATE STREET BANK AND TRUST COMPANY
012 B000601 85-50003
012 C010601 BOSTON MA
012 C020601 MA
012 C030601 02101
013 A000601 PRICE WATERHOUSE LLP
013 B010601 NEW YORK
013 B020601 NY
013 B030601 10036
014 A000601 J.P. MORGAN SECS, INC
014 B000601 8-99999999
014 A000602 JP MORGAN SECURITIES LTD
014 B000602 8-99999999
014 A000603 FUNDS DISTRIBUTION LTD
014 B000603 8-99999999
014 A000604 BOSTON INSTITUTIONAL SERVICES INC.
014 B000604 8-99999999
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02101
015 E010601 X
018 000600 Y
019 A000600 Y
019 B000600 70
019 C000600 JPM\PIERPO
024 000600 Y
025 A000601 DEUTSCHE BANK
025 C000601 E
025 D000601 811
025 A000602 CREDITANSTALT BANK
025 C000602 E
025 D000602 231
<PAGE> PAGE 4
025 A000603 LLYODS TSB GROUP
025 C000603 E
025 D000603 543
025 A000604 UNION BANK OF SWITZERLAND
025 C000604 E
025 D000604 475
025 A000605 HSBC HOLDING PLC
025 C000605 E
025 D000605 1542
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 57544
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 43884
028 D020600 0
028 D030600 0
028 D040600 1260
028 E010600 25897
028 E020600 0
028 E030600 0
028 E040600 551
028 F010600 27338
028 F020600 0
028 F030600 0
028 F040600 38
028 G010600 154663
028 G020600 0
028 G030600 0
028 G040600 1849
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
<PAGE> PAGE 5
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.600
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
054 A000600 Y
054 B000600 N
054 C000600 N
<PAGE> PAGE 6
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
054 H000600 N
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 N
054 M000600 Y
054 N000600 N
054 O000600 N
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 G000600 Y
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 Y
<PAGE> PAGE 7
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 154796
071 B000600 12253
071 C000600 94001
071 D000600 13
072 A000600 6
072 B000600 213
072 C000600 865
072 D000600 0
072 E000600 0
072 F000600 173
072 G000600 10
072 H000600 0
072 I000600 0
072 J000600 47
072 K000600 0
072 L000600 2
072 M000600 0
072 N000600 0
072 O000600 0
<PAGE> PAGE 8
072 P000600 0
072 Q000600 0
072 R000600 16
072 S000600 0
072 T000600 0
072 U000600 1
072 V000600 0
072 W000600 3
072 X000600 252
072 Y000600 1
072 Z000600 827
072AA000600 530
072BB000600 0
072CC010600 5171
072CC020600 0
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 9423
074 B000600 8816
074 C000600 342
074 D000600 257
074 E000600 6327
074 F000600 141437
074 G000600 0
074 H000600 0
074 I000600 562
074 J000600 1356
074 K000600 0
074 L000600 417
074 M000600 132
074 N000600 169069
074 O000600 8302
074 P000600 79
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 1347
074 S000600 0
074 T000600 159341
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 2
<PAGE> PAGE 9
074 Y000600 5327
075 A000600 0
075 B000600 112066
076 000600 0.00
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated 5/31/97 for the International opportunities 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> NOV-30-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 151,438
<INVESTMENTS-AT-VALUE> 157,741
<RECEIVABLES> 1,774
<ASSETS-OTHER> 9,554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,069
<PAYABLE-FOR-SECURITIES> 8,301
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,427
<TOTAL-LIABILITIES> 9,728
<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> 5,171
<NET-ASSETS> 159,371
<DIVIDEND-INCOME> 865
<INTEREST-INCOME> 213
<OTHER-INCOME> 0
<EXPENSES-NET> 251
<NET-INVESTMENT-INCOME> 827
<REALIZED-GAINS-CURRENT> 530
<APPREC-INCREASE-CURRENT> 5,171
<NET-CHANGE-FROM-OPS> 6,528
<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> 159,371
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 173
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 252
<AVERAGE-NET-ASSETS> 112,066
<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> 0.870
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
