Date:          23-Jul-93     TOP FIVE (*)          TOP TEN (*)
   DOW HI YIELD PORTFOLIO NAV/Shr:     14.0639  NAV/Shr:      12.6782
            #1            Yr-to-date:    32.59% Yr-to-date:     25.31%
 Start:  Nov 1/92         From start:    40.64% From start:     26.78%
                          Month:          2.60% Month:           1.44%
                          Vs DJ30:        4.66  Vs DJ30:         3.07

  Shares         Security        Cost    Price        Mkt Val  Asset%  Yield

l  1,550 Westinghouse *     20,088.25   16.750      25,962.50   10.24%  2.39%
l  1,350 Union Carbide *    19,863.75   19.000      25,650.00   10.12%  3.95%
l    935 Amer Express *     20,090.08   32.625      30,504.38   12.03%  3.07%
l    650 General Motors *   20,078.50   46.750      30,387.50   11.98%  1.71%
l    485 Eastman Kodak *    19,902.18   51.500      24,977.50    9.85%  3.88%
         Dividends                       -           3,189.20    1.26%
                           ----------              ----------
                           100,022.76              140,671.08
l    330 Texaco             19,865.40   62.250      20,542.50    8.10%  5.14%
l    475 Sears              20,027.00   50.375      23,928.13    9.44%  3.18%
l    144 Dean Witter                    37.375       5,382.00    2.12%
l    325 Exxon              19,971.24   65.125      21,165.63    8.35%  4.41%
l    300 IBM                20,125.50   42.250      12,675.00    5.00%  5.11%
l    280 Chevron            19,941.40   86.500      24,220.00    9.55%  4.05%
         Cash                   46.70    -              46.70    0.02%
         Dividends                       -           4,933.35    1.95%
                           ----------              ----------   -----
                           200,000.00              253,564.38  100.00%