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<PAGE> PAGE 21
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<PAGE> PAGE 24
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 36
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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SIGNATURE ALFRED C. SYLVAIN
TITLE VICE PRESIDENT
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<NAME> SPECIAL EQUITY PORTFOLIO
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