<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000917323
000 D000000 N
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000 F000000 Y
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007 A000000 Y
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007 C020100 THE VALUE PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE INTERNATIONAL GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE GLOBAL STRATEGIC INCOME PORTFOLO
007 C030400 N
007 C010500 5
007 C020500 THE GLOBAL INTERACTIVE/TELECOMM PORTFOLIO
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007 C010600 6
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007 C010800 8
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008 B00AA01 A
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008 D01AA01 LAJOLLA
008 D02AA01 CA
008 D03AA01 92037
008 A00AA02 GAMCO INVESTORS, INC.
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<PAGE> PAGE 2
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10580
008 A00AA03 STONEHILL CAPITAL MANAGEMENT, INC.
008 B00AA03 S
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008 D03AA03 10172
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE H. MICHAEL SCHWARTZ
TITLE PRESIDENT
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<NAME> VALUE PORTFOLIO
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<NAME> GROWTH PORTFOLIO
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<NAME> INTERNATIONAL GROWTH PORTFOLIO
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<NAME> GLOBAL STRATEGIC INCOME
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<NAME> GLOBAL INTERACTIVE/TELECOMM
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