<PAGE> PAGE 1
000 B000000 11/30/97
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001 A000000 THE INTERNATIONAL OPPORTUNITIES PORTFOLIO
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002 A000000 ELIZABETH SQUARE, 2ND FL, SHEDDEN ROAD
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002 E010000 GRAND CAYMAN
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 11/30/97 for the International Opportunities Portfolio and is qualified in
its entirety by reference to such annual report,
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> NOV-30-1997
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<REALIZED-GAINS-CURRENT> (4271)
<APPREC-INCREASE-CURRENT> (9567)
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<DISTRIBUTIONS-OF-GAINS> 0
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<AVERAGE-NET-ASSETS> 198557
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</TABLE>
PRICE WATERHOUSE LLP 1177 Avenue of the Americas Telephone 212 596-7000
New York, NY 10036 Facsimile 212 596-8910
PRICE WATERHOUSE [logo]
REPORT OF INDEPENDENT ACCOUNTANTS
January 20, 1998
To the Investors and Trustees of
The International Opportunities Portfolio
In planning and performing our audit of the financial statements of The
International Opportunities Portfolio (the "Portfolio") for the period February
26, 1997 (commencement of operations) to November 30, 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 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 November 30, 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.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: 6401 International Opportunities Fund Security Description: Common
Stock
Issuer: ISPAT International
<TABLE>
<CAPTION>
In Compliance
REQUIRED INFORMATION APPLICABLE RESTRICTION (Yes/No)
<S> <C> <C>
1. Offering Date Aug 7, 1997 None N/A
2. Trade Date Aug 7, 1997 Must be the same as #1 Yes
3. Unit Price of Offering $ 27 None N/A
4. Price Paid per Unit $ 27 Must not exceed #3 Yes
5. Years of Issuer's Operations 8 Must be at least three years * Yes
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread $1.215 Investment Adviser determination to
be made Yes
8. Total Price paid by Portfolio $83,997 None N/A
9. Total Size of Offering 675,000,000 None N/A
Total Price Paid by Portfolio plus Total If less than $500,000, must not
10. Price Paid for same securities purchased exceed #8x10% (N/A), otherwise must Yes
by the same investment adviser for other not exceed #8x4% ($27,000,000)
investment companies $851,796
Underwriters from whom Portfolio
11. purchased (attach a list of all Credit Suisse Yes
syndicate members) First Boston
Must not include Investment Adviser Yes
12. If the affiliate was lead or co-lead affiliates ***
manager, confirm the instruction given N/A
below **** Must be "Yes" or "N/A"
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
Barry Mullen
Compliance Officer
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
*** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to
the Investment Adviser's affiliate.
