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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 20
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SIGNATURE JOHN SIEBERT
TITLE SUPERVISOR
A Special Meeting of the Shareholders of the Value Equity
Portfolio was held on October 23, 1996. An Investment
Advisory contract with Hotchkis and Wiley was approved
with 6,068,112.268 votes for and 0 against.
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