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<PAGE> PAGE 8
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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048 I010400 0
048 I020400 0.000
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048 J020400 0.000
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050 000400 N
051 000400 N
052 000400 N
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058 A000400 N
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060 A000400 Y
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<PAGE> PAGE 23
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062 P000400 0.0
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066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
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070 C010400 Y
070 C020400 N
070 D010400 Y
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070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
<PAGE> PAGE 24
070 Q010400 N
070 Q020400 N
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070 R020400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
028 A040500 2416
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<PAGE> PAGE 27
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050 000500 N
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052 000500 N
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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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SIGNATURE MARK A. POUGNET
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000885092
<NAME> TOTAL RETURN EQUITY PORTFOLIO
<SERIES>
<NUMBER> 41
<NAME> CLASS I
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> JUN-30-1996
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<TOTAL-ASSETS> 198353151
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