Cornerstone Equity Advisors of New York, which has managed to survive as interim adviser of the five Fundamental Funds since September, seems likely to be approved as the permanent adviser this month.

In mid-February, Cornerstone on behalf of the funds, filed a preliminary proxy statement with the SEC announcing it intended to hold its long-awaited shareholder meeting in March, though no specific date was announced. Shareholders of record as of January 14, 1999 are being asked to approve Cornerstone as the funds' permanent investment adviser. They are also being asked to approve the payment of advisory fees earned by Cornerstone, as the interim adviser, from November 30, 1998 to the present. Cornerstone is expected to finally win approval as the permanent advser, said a source who has followed the funds' saga.

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