Fee Schedule

Fees are charged according to the type of portfolio being managed. Fees are
paid on a quarterly basis.


GROWTH PORTFOLIO                                         1.5% annually

                          March 31                               .375%
                          June 30                                 .375%
                          September 30                      .375%
                          December 31                       .375%

INCOME PORTFOLIO                                            0.5% annually

                        March 31                                  .125%
                        June 30                                    .125%
                        September 30                         .125%
                        December 31                          .125%            



For more details, please request a copy of the investment advisory
agreement.
Fees