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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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SIGNATURE JACQUELINE M. PORTER
TITLE ASSISTANT TREASURER
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<TABLE> <S> <C>
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<NAME> INTERNATIONAL PORTFOLIO CLASS A
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<S> <C>
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<SERIES>
<NUMBER> 032
<NAME> INTERNATIONAL PORTFOLIO CLASS B
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<NAME> EMERGING MARKETS BOND PORTFOLIO CLASS A
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<NAME> EMERGING MARKETS BOND PORTFOLIO CLASS B
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<S> <C>
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<NAME> REAL ESTATE SECURITIES PORTFOLIO CLASS A
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<S> <C>
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<NAME> REAL ESTATE PORTFOLIO SECURITIES CLASS B
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<NAME> ENDOWMENT EQUITY PORTFOLIO
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<NAME> TAX-EXEMPT BOND PORTFOLIO CLASS A
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<NAME> TAX-EXEMPT BOND PORTFOLIO CLASS B
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