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<PAGE> PAGE 2
020 C000003 42
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020 A000005 MORGAN STANLEY
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<PAGE> PAGE 3
022 A000008 JEFFERIES & COMPANY, INC.
022 B000008 95-2622900
022 C000008 2375
022 D000008 3120
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022 B000009 06-1058201
022 C000009 988
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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 JACK GEE
TITLE CHIEF FINAN. OFFICER
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 490,893
<INVESTMENTS-AT-VALUE> 659,559
<RECEIVABLES> 7,069
<ASSETS-OTHER> 956
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 667,584
<PAYABLE-FOR-SECURITIES> 3,066
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,384
<TOTAL-LIABILITIES> 4,450
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 138,833
<SHARES-COMMON-PRIOR> 134,123
<ACCUMULATED-NII-CURRENT> 6,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 168,666
<NET-ASSETS> 663,134
<DIVIDEND-INCOME> 8,211
<INTEREST-INCOME> 2,004
<OTHER-INCOME> 1
<EXPENSES-NET> 3,675
<NET-INVESTMENT-INCOME> 6,541
<REALIZED-GAINS-CURRENT> 49,875
<APPREC-INCREASE-CURRENT> (12,353)
<NET-CHANGE-FROM-OPS> 44,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,752
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,370
<NUMBER-OF-SHARES-REDEEMED> 7,303
<SHARES-REINVESTED> 1,393
<NET-CHANGE-IN-ASSETS> 48,987
<ACCUMULATED-NII-PRIOR> 11,581
<ACCUMULATED-GAINS-PRIOR> 102,917
<OVERDISTRIB-NII-PRIOR> 86
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,675
<AVERAGE-NET-ASSETS> 643,135
<PER-SHARE-NAV-BEGIN> 4.58
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</TABLE>
<PAGE>
SIFE TRUST FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- -------------------------------------------------------------------------------
SUPPLEMENTARY INFORMATION
VOTING RESULTS OF APRIL 1, 1996 ANNUAL SHAREHOLDERS' MEETING
Units Outstanding 134,792,922 (100%)
Units Represented at Meeting 70,409,418 ( 52%)
NO. OF
UNITS PERCENTAGE TOTAL
------------------------------------
NO. 1 ELECTION OF DIRECTORS
For 69,294,770 98.42
Withheld 1,114,647 1.58 100%
NO. 2 RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE LLP AS INDEPENDENT
AUDITORS.
For 67,566,916 95.96
Against 975,519 1.39
Abstain 1,866,982 2.65 100%
NO. 3 APPROVAL OF THE AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT WITH
SIFE.
For 60,113,653 85.38
Against 6,796,897 9.65
Abstain 3,498,866 4.97 100%
NO. 4 APPROVAL OF CONTINUATION OF THE INVESTMENT ADVISORY AGREEMENT WITH SIFE,
SHOULD PROPOSAL #3 NOT PASS.
For 66,784,424 94.85
Against 1,017,590 1.45
Abstain 2,607,403 3.70 100%
NO. 5 APPROVAL OF THE AMENDMENTS TO EACH OF (a) INVESTMENT ADVISORY AGREEMENT,
(b) UNDERWRITING AGREEMENT AND (c) THE RESTATED TRUST AGREEMENT TO
PROVIDE FOR THE CREATION OF A MULTIPLE CLASS STRUCTURE.
For 58,558,143 83.17
Against 6,648,737 9.44
Abstain 5,202,537 7.39 100%
NO. 6 APPROVAL OF THE AMENDMENTS TO THE TRUST FUND'S INVESTMENT POLICIES IN
REGARDS TO OPTIONS.
For 57,762,250 82.04
Against 6,862,737 9.75
Abstain 5,784,430 8.21 100%
NO. 7A APPROVAL OF THE AMENDMENTS TO THE TRUST FUND'S INVESTMENT POLICIES TO
PERMIT THE INVESTMENTS IN AMERICAN DEPOSITORY RECEIPTS AND THE TERM
"NON-GOVERNMENTAL" TO INCLUDE ANY GOVERNMENT SPONSORED CORPORATION OR
ENTITY.
For 70,355,608 99.92
Against 35,040 0.05
Abstain 18,770 0.03 100%
NO. 7B APPROVAL OF THE AMENDMENT TO THE RESTATED TRUST AGREEMENT.
For 70,223,417 99.74
Against 142,068 0.20
Abstain 43,933 0.06 100%
