Abstract.We consider the problem of minimizing the energyamong all functions u ∈ SBV 2 (Ω) for which two level sets {u = li} have prescribed Lebesgue measure αi. Subject to this volume constraint the existence of minimizers for E(·) is proved and the asymptotic behaviour of the solutions is investigated.Mathematics Subject Classification. 49J45, 35R35, 76T05.