----------
96
----------------------------------------------------------------------------------------------------------------------------------
Regatta 1-Year SEC thru 12/31/96
accumulated
initial 12/31/96 12/31/95 value less ending %
amount unit value unit value fee less fees free amt free amt cdsc value Change
------- ---------- ---------- --- --------- -------- -------- ---- ----- ------
MMS 1000.00 12.7174530 12.2909910 3.44 1031.26 100 931.26 55.88 975.38 -2.46%
HYS 1000.00 19.7544960 17.8677970 0.76 1104.83 100 1004.83 60.29 1044.54 4.45%
CAS 1000.00 24.7064460 20.6225330 3.83 1194.20 100 1094.20 65.65 1128.55 12.85%
WGS 1000.00 16.7734410 16.2514260 1.37 1030.75 100 930.75 55.85 974.91 -2.51%
MSS 1000.00 22.0312140 18.9986500 1.79 1157.83 100 1057.83 63.47 1094.36 9.44%
TRS 1000.00 20.0404640 17.8164750 5.54 1119.29 100 1019.29 61.16 1058.13 5.81%
GSS 1000.00 15.5644380 15.5323440 1.98 1000.09 100 900.09 54.01 946.08 -5.39%
----------------------------------------------------------------------------------------------------------------------------------
5-Year SEC through 12/31/96
---------------------------------------------------------------
Money Market
1000.00 12.7174530 11.203124 1135.1702 91
3.56 12.7174530 11.417631 3.9653 92
3.49 12.7174530 11.556048 3.8408 93
3.42 12.7174530 11.818523 3.6801 94
3.42 12.7174530 12.290991 3.5387 95
3.44 12.7174530 12.717453 3.4400 96
---------
accumulated value less fees: 1116.71
free amt: 100.00
less free amt: 1016.71
cdsc: 40.67
ending value: 1076.04 1.48%
---------------------------------------------------------------
Managed Sectors
1000.00 22.0312140 13.9724819 1576.7574 (- 12/31/91
1.57 22.0312140 14.6738399 2.3572 (- 12/31/92
1.65 22.0312140 15.0587142 2.4140 (- 12/31/93
1.64 22.0312140 14.5652801 2.4806 (- 12/31/94
1.69 22.0312140 18.9986500 1.9598 (- 12/31/95
1.79 22.0312140 22.0312140 1.7900 (- 12/31/96
---------
accumulated value less fees: 1565.76
free amt: 100.00
less free amt: 1465.76
cdsc: 58.63
ending value: 1507.13 8.55%
---------------------------------------------------------------
High Yield
1000.00 19.7544960 12.1924221 1620.2274 (- 12/31/91
0.44 19.7544960 13.8293858 0.6285 (- 12/31/92
0.52 19.7544960 16.0549471 0.6398 (- 12/31/93
0.59 19.7544960 15.4801398 0.7529 (- 12/31/94
0.66 19.7544960 17.8677970 0.7297 (- 12/31/95
0.76 19.7544960 19.7544960 0.7600 (- 12/31/96
---------
accumulated value less fees: 1616.72
free amt: 100.00
less free amt: 1516.72
cdsc: 60.67
ending value: 1556.05 9.25%
---------------------------------------------------------------
Total Return
1000.00 20.0404640 12.3468733 1623.1206 (- 12/31/91
5.61 20.0404640 13.2210885 8.5036 (- 12/31/92
5.67 20.0404640 14.7833946 7.6863 (- 12/31/93
5.66 20.0404640 14.2494607 7.9602 (- 12/31/94
5.60 20.0404640 17.8164750 6.2990 (- 12/31/95
5.54 20.0404640 20.0404640 5.5400 (- 12/31/96
---------
accumulated value less fees: 1587.13
free amt: 100.00
less free amt: 1487.13
cdsc: 59.49
ending value: 1527.65 8.84%
---------------------------------------------------------------
Capital Appreciation
1000.00 24.7064460 12.5296448 1971.8393 (- 12/31/91
3.57 24.7064460 14.0559187 6.2751 (- 12/31/92
3.65 24.7064460 16.3573756 5.5130 (- 12/31/93
3.67 24.7064460 15.5511607 5.8306 (- 12/31/94
3.73 24.7064460 20.6225330 4.4687 (- 12/31/95
3.83 24.7064460 24.7064460 3.8300 (- 12/31/96
---------
accumulated value less fees: 1945.92
free amt: 100
less free amt: 1845.92
cdsc: 73.84
ending value: 1872.09 13.36%
---------------------------------------------------------------
Government Securities
1000.00 15.5644380 12.2848865 1266.9582 (- 12/31/91
1.99 15.5644380 12.9408073 2.3935 (- 12/31/92
2.02 15.5644380 13.8738469 2.2661 (- 12/31/93
2.00 15.5644380 13.3871725 2.3253 (- 12/31/94
1.99 15.5644380 15.5323440 1.9941 (- 12/31/95
1.98 15.5644380 15.5644380 1.9800 (- 12/31/96
---------
accumulated value less fees: 1256.00
free amt: 100
less free amt: 1156.00
cdsc: 46.24
ending value: 1209.76 3.88%
---------------------------------------------------------------
World Governments
1000.00 16.7734410 13.0187331 1288.4081 (- 12/31/91
1.19 16.7734410 12.8985288 1.5475 (- 12/31/92
1.27 16.7734410 15.1215195 1.4087 (- 12/31/93
1.32 16.7734410 14.2436514 1.5544 (- 12/31/94
1.35 16.7734410 16.2514260 1.3934 (- 12/31/95
1.37 16.7734410 16.7734410 1.3700 (- 12/31/96
---------
accumulated value less fees: 1281.13
free amt: 100
less free amt: 1181.13
cdsc: 47.25
ending value: 1233.89 4.29%
---------------------------------------------------------------
Regatta Life SEC through: 12/31/96
---------------------------------------------------------------
Money Market 11/6/89
1000.00 12.7174530 10.0000000 1271.7453 11/6/89
3.69 12.7174530 10.6850822 4.3919 11/30/90
3.62 12.7174530 11.1710935 4.1211 11/30/91
3.56 12.7174530 11.4063756 3.9692 11/30/92
3.49 12.7174530 11.5431117 3.8451 11/30/93
3.42 12.7174530 11.7833370 3.6911 11/30/94
3.42 12.7174530 12.2519650 3.5499 11/30/95
3.44 12.7174530 12.6799550 3.4502 11/30/96
3.44 12.7174530 12.7174530 3.4400 12/31/96
---------
accumulated value less fees: 1241.29
free amt: 100.00
Yrs: less free amt: 1141.29
7.1561644 cdsc % cdsc: 0.00
8 0% ending value: 1241.29 3.07%
---------------------------------------------------------------
World Government Series 11/24/89
1000.00 16.7734410 10.0000000 1677.3441 11/24/89
0.70 16.7734410 11.3968110 1.0302 11/30/90
0.98 16.7734410 12.1717294 1.3505 11/30/91
1.19 16.7734410 12.8269925 1.5561 11/30/92
1.27 16.7734410 14.7952521 1.4398 11/30/93
1.32 16.7734410 14.2299575 1.5559 11/30/94
1.35 16.7734410 16.1233010 1.4044 11/30/95
1.37 16.7734410 16.9036980 1.3594 11/30/96
1.37 16.7734410 16.7734410 1.3700 12/31/96
---------
accumulated value less fees: 1666.28
free amt: 100.00
Yrs: less free amt: 1566.28
7.1068493 cdsc % cdsc: 0.00
8 0% ending value: 1666.28 7.45%
---------------------------------------------------------------
Government Securities 11/8/89
1000.00 15.5644380 10.0000000 1556.4438 11/8/89
1.78 15.5644380 10.6072363 2.6119 11/30/90
1.87 15.5644380 11.8649100 2.4531 11/30/91
1.99 15.5644380 12.7752506 2.4245 11/30/92
2.02 15.5644380 13.8442379 2.2710 11/30/93
2.00 15.5644380 13.2957606 2.3413 11/30/94
1.99 15.5644380 15.3251590 2.0211 11/30/95
1.98 15.5644380 15.7311690 1.9590 11/30/96
1.98 15.5644380 15.5644380 1.9800 12/31/96
---------
accumulated value less fees: 1538.38
free amt: 100.00
Yrs: less free amt: 1438.38
7.1506849 cdsc % cdsc: 0.00
8 0% ending value: 1538.38 6.21%
---------------------------------------------------------------
Managed Sectors Series 11/2/89
1000.00 22.0312140 10.0000000 2203.1214 11/2/89
1.54 22.0312140 8.3489075 4.0638 11/30/90
1.49 22.0312140 11.8020543 2.7814 11/30/91
1.57 22.0312140 14.1028883 2.4526 11/30/92
1.65 22.0312140 14.6384830 2.4833 11/30/93
1.64 22.0312140 14.3130548 2.5244 11/30/94
1.69 22.0312140 19.0382530 1.9557 11/30/95
1.79 22.0312140 21.9038790 1.8004 11/30/96
1.79 22.0312140 22.0312140 1.7900 12/31/96
---------
accumulated value less fees: 2183.27
free amt: 100.00
Yrs: less free amt: 2083.27
7.1671233 cdsc % cdsc: 0.00
8 0% ending value: 2183.27 11.51%
---------------------------------------------------------------
Capital Appreciation Series 11/2/89
1000.00 24.7064460 10.0000000 2470.6446 11/2/89
3.45 24.7064460 8.6305593 9.8762 11/30/90
3.57 24.7064460 10.7664777 8.1923 11/30/91
3.57 24.7064460 13.5861340 6.4921 11/30/92
3.65 24.7064460 15.7214234 5.7360 11/30/93
3.67 24.7064460 15.5109039 5.8457 11/30/94
3.73 24.7064460 20.3595120 4.5264 11/30/95
3.83 24.7064460 25.1846010 3.7573 11/30/96
3.83 24.7064460 24.7064460 3.8300 12/31/96
---------
accumulated value less fees: 2422.39
free amt: 100.00
Yrs: less free amt: 2322.39
7.1671233 cdsc % cdsc: 0.00
8 0% ending value: 2422.39 13.14%
---------------------------------------------------------------
Total Return Series 11/2/89
1000.00 20.0404640 10.0000000 2004.0464 11/2/89
5.41 20.0404640 10.1200611 10.7133 11/30/90
5.51 20.0404640 11.8324045 9.3322 11/30/91
5.61 20.0404640 13.0480287 8.6164 11/30/92
5.67 20.0404640 14.6756453 7.7427 11/30/93
5.66 20.0404640 14.1688213 8.0055 11/30/94
5.60 20.0404640 17.4548330 6.4295 11/30/95
5.54 20.0404640 20.2887670 5.4722 11/30/96
5.54 20.0404640 20.0404640 5.5400 12/31/96
---------
accumulated value less fees: 1942.19
free amt: 100.00
Yrs: less free amt: 1842.19
7.1671233 cdsc % cdsc: 0.00
8 0% ending value: 1942.19 9.70%
---------------------------------------------------------------
High Yield Series 12/6/89
1000.00 19.7544960 10.0000000 1975.4496 12/6/89
0.30 19.7544960 8.3799546 0.7072 12/31/90
0.37 19.7544960 12.1924221 0.5995 12/31/91
0.44 19.7544960 13.8293858 0.6285 12/31/92
0.52 19.7544960 16.0549471 0.6398 12/31/93
0.59 19.7544960 15.4801398 0.7529 12/31/94
0.66 19.7544960 17.8677970 0.7297 12/31/95
0.76 19.7544960 19.7544960 0.7600 12/31/96
---------
accumulated value less fees: 1970.63
free amt: 100.00
Yrs: less free amt: 1870.63
7.0739726 cdsc % cdsc: 0.00
8 0% ending value: 1970.63 10.06%
---------------------------------------------------------------
APPENDIX D
Calculation of Performance Data
AVERAGE ANNUAL TOTAL RETURN
PERIOD ENDING DECEMBER 31, 1996
1 Year 5 Year 10 Year Date of
Period Period Period Life* Inception
------ ------ ------ ----- ---------
Capital Appreciation Series . . . . . . . . . 12.85% 13.36% -- 13.14% November 2, 1989
Government Securities Series. . . . . . . . . (5.39%) 3.88% -- 6.21% November 8, 1989
High Yield Series . . . . . . . . . . . . . . 4.45% 9.25% -- 10.06% December 6, 1989
Managed Sectors Series. . . . . . . . . . . . 9.44% 8.55% -- 11.51% November 2, 1989
Money Market Series . . . . . . . . . . . . . (2.46%) 1.48% -- 3.07% November 6, 1989
Total Return Series . . . . . . . . . . . . . 5.81% 8.84% -- 9.70% November 2, 1989
World Governments Series. . . . . . . . . . . (2.51%) 4.29% -- 7.45% November 24, 1989
*From Commencement of investment operations
