NY -VAI
----------------------------------------------------------------------------------------------------------------------------------
One Quarter
----------------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
----------------------------------------------------------------------------------------------------------------------------------
Fund Value $1,021.97 $1,078.99 $908.26 $1,033.99 $1,017.55 $1,057.55 $1,063.19 $1,033.03 $1,043.60
Fee $0.34 $0.34 $0.32 $0.34 $0.33 $0.34 $0.34 $0.34 $0.34
----------------------------------------------------------------------------------------------------------------------------------
Surr Charge $51.08 $53.93 $45.40 $51.68 $50.86 $52.86 $53.14 $51.63 $52.16
Final Value $970.55 $1,024.71 $862.55 $981.97 $966.35 $1,004.35 $1,009.70 $981.06 $991.10
Annual Return -2.945% 2.471% -13.745% -1.803% -3.365% 0.435% 0.970% -1.894% -0.890%
----------------------------------------------------------------------------------------------------------------------------------
Calculation of Previous Quarter's Return
Final Value Quarter One = 1,000 * (31-Dec-96 Unit Value/30-Sep-96 Unit Value) -
Annual Fee - Surrendrer Charge
Annual Return = Final Value Quarter One/1,000 - 1
-----------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
09/30/96 14.957500 17.274900 13.968000 12.592800 18.741500 15.174200 14.851400 13.767400 11.762700
-----------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
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Year To Date
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------------
Fund Value $1,151.82 $1,210.54 $944.13 $1,108.29 $1,133.18 $1,132.17 $1,129.00 $1,112.61 $1,133.14
Fee $0.36 $0.37 $0.32 $0.35 $0.35 $0.35 $0.35 $0.35 $0.35
-----------------------------------------------------------------------------------------------------------------------------------
Surr Charge $57.57 $60.51 $47.19 $55.40 $56.64 $56.59 $56.43 $55.61 $56.64
Final Value $1,093.89 $1,149.66 $896.62 $1,052.55 $1,076.18 $1,075.23 $1,072.22 $1,056.65 $1,076.14
Annual Return 9.389% 14.966% -10.338% 5.255% 7.618% 7.523% 7.222% 5.665% 7.614%
-----------------------------------------------------------------------------------------------------------------------------------
Calculation of Year to Date Return
Final Value Year to Date= 1,000 * (31-Dec-96 Unit Value/31-Dec-95 Unit value) -
Annual Fee - Surrender Charge
Annual Return = Final Value Year to Date/1,000 - 1
-----------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 15.397700 13.437300 11.748400 16.829100 14.174000 13.985600 12.782700 10.833300
--------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
--------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Separate Account C - Standardized 1 Year Returns
One Year Returns Period Ending 12/31/96
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Fund Value $1,151.82 $1,210.54 $944.13 $1,108.29 $1,133.18 $1,132.17 $1,129.00 $1,112.61 $1,133.14
Fee $0.36 $0.37 $0.32 $0.35 $0.35 $0.35 $0.35 $0.35 $0.35
-----------------------------------------------------------------------------------------------------------------------------
Surr Charge $57.57 $60.51 $47.19 $55.40 $56.64 $56.59 $56.43 $55.61 $56.64
Final Value $1,093.89 $1,149.66 $896.62 $1,052.55 $1,076.18 $1,075.23 $1,072.22 $1,056.65 $1,076.14
Annual Return 9.389% 14.966% -10.338% 5.255% 7.618% 7.523% 7.222% 5.665% 7.614%
---------------------------------------------------------------------------------------------------------------------------
Calculation of Annual Return
Final Value = 1,000 * (31-Dec-96 Unit Value/31-Dec-95 Unit value) - Annual Fee -
Surrender Charge
Annual Return = Final Value/1,000 - 1
-----------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 15.397700 13.437300 11.748400 16.829100 14.174000 13.985600 12.782700 10.833300
-----------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
THREE YEAR RETURNS:
-----------------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
One Year $1,064.61 $996.75 $976.47 $994.05 $987.84 $927.85 $1,057.85 $956.08
Fee $0.42 $0.41 $0.40 $0.41 $0.41 $0.39 $0.42 $0.40
Final Value $1,064.19 $996.34 $976.07 $993.64 $987.43 $927.46 $1,057.43 $955.68
-----------------------------------------------------------------------------------------------------------------------------
Two Year $1,360.38 $1,346.46 $1,264.29 $1,189.25 $1,320.65 $1,071.74 $1,411.41 $1,225.40
Fee $0.45 $0.43 $0.41 $0.40 $0.42 $0.37 $0.45 $0.40
Final Value $1,359.94 $1,346.03 $1,263.88 $1,188.84 $1,320.22 $1,071.37 $1,410.95 $1,224.99
-----------------------------------------------------------------------------------------------------------------------------
Three Year $1,566.40 $1,629.42 $1,193.26 $1,317.59 $1,496.05 $1,212.98 $1,592.97 $1,362.95
Fee $0.49 $0.49 $0.41 $0.42 $0.47 $0.38 $0.50 $0.43
=============================================================================================================================
Surr Charge $78.30 $81.45 $59.64 $65.86 $74.78 $60.63 $79.62 $68.13
Final Value $1,487.62 $1,547.48 $1,133.21 $1,251.32 $1,420.80 $1,151.97 $1,512.85 $1,294.39
Annual Return 14.156% 15.667% 4.257% 7.760% 12.420% 4.829% 14.797% 8.982% NA
===========================================================================================================================
Calculation of Three Year Return
Final Value Year One = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Three -Surrender Charge
Annual Return = (Final Value Year Five/1000) (1/3) - 1
-----------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp.
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 11.431000 10.624000 9.874900 12.737800 13.219600 9.905037 10.427126 0.000000
----------------------------------------------------------------------------------------------------------------------------
12/31/94 10.381800 11.393800 10.374100 9.816100 12.583000 12.265900 10.478000 9.969200 9.862200
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12/31/95 13.271300 15.397700 13.437300 11.748400 16.829100 14.174000 13.985600 12.782700 10.833300
----------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Separate Account L - Standardized 5 Year Returns
FIVE YEAR RETURNS PERIOD ENDING 12/31/96:
---------------------------------------------------------------------------------------------------------------------
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp.
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
One Year $1,693.69 $1,056.11 $974.77 $928.26 $1,080.04 $1,105.35 $1,154.81 $1,063.18
Fee $0.68 $0.52 $0.50 $0.49 $0.52 $0.53 $0.54 $0.52
Final Value $1,693.01 $1,055.60 $974.27 $927.77 $1,079.52 $1,104.82 $1,154.26 $1,062.66
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Two Year $2,812.89 $1,140.26 $1,061.86 $986.97 $1,273.16 $1,321.33 $1,349.04 $1,133.90
Fee $1.02 $0.50 $0.46 $0.43 $0.53 $0.55 $0.57 $0.50
Final Value $2,811.87 $1,139.76 $1,061.40 $986.54 $1,272.63 $1,320.78 $1,348.47 $1,133.40
---------------------------------------------------------------------------------------------------------------------
Three Year $2,993.56 $1,136.05 $1,036.43 $980.66 $1,257.15 $1,225.50 $1,426.48 $1,083.62
---------------------------------------------------------------------------------------------------------------------
Fee $1.19 $0.46 $0.43 $0.40 $0.52 $0.52 $0.57 $0.45
Final Value $2,992.37 $1,135.59 $1,036.00 $980.26 $1,256.64 $1,224.98 $1,425.91 $1,083.17
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Four Year $3,825.22 $1,534.65 $1,341.91 $1,173.24 $1,680.70 $1,415.54 $1,903.24 $1,388.86
Fee $1.25 $0.49 $0.44 $0.40 $0.54 $0.49 $0.61 $0.45
Final Value $3,823.97 $1,534.16 $1,341.48 $1,172.84 $1,680.15 $1,415.05 $1,902.63 $1,388.41
---------------------------------------------------------------------------------------------------------------------
Five Year $4,404.51 $1,857.15 $1,266.53 $1,299.85 $1,903.91 $1,602.08 $2,148.08 $1,544.76
Fee $1.36 $0.56 $0.43 $0.41 $0.59 $0.50 $0.67 $0.49
=====================================================================================================================
Surr Charge $220.16 $92.83 $63.30 $64.97 $95.17 $80.08 $107.37 $77.21
Final Value $4,182.99 $1,763.76 $1,202.79 $1,234.47 $1,808.15 $1,521.50 $2,040.04 $1,467.06
Annual Return 33.137% 12.018% 3.762% 4.303% 12.576% 8.756% 15.326% 7.967%
===============================================================================================================
Calculation of Five Year Return
Final Value Year One = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Five -Surrender Charge
Annual Return = (Final Value Year Five/1000) (1/5) - 1
-----------------------------------------------------------------------------------------------------------------------------
Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
12/31/91 3.465400 10.020027 9.999983 10.000000 10.000063 9.999944 7.338842 9.191348 0.000000
-----------------------------------------------------------------------------------------------------------------------------
12/31/92 5.869315 10.582200 9.747700 9.282600 10.800500 11.053400 8.474945 9.772041 0.000000
-----------------------------------------------------------------------------------------------------------------------------
12/31/93 9.751704 11.431000 10.624000 9.874900 12.737800 13.219600 9.905037 10.427126 0.000000
-----------------------------------------------------------------------------------------------------------------------------
12/31/94 10.381800 11.393800 10.374100 9.816100 12.583000 12.265900 10.478000 9.969200 9.862200
-----------------------------------------------------------------------------------------------------------------------------
12/31/95 13.271300 15.397700 13.437300 11.748400 16.829100 14.174000 13.985600 12.782700 10.833300
-----------------------------------------------------------------------------------------------------------------------------
12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Separate Account L - Standardized 10 Year
10 Year Returns for Period Ending 12/31/1996:
---------------------------------------------------------------
Growth I Equity Income Soc. Resp.
---------------------------------------------------------------
Year One $1,024.20 $976.81 $1,055.29
Fee $0.86 $0.84 $0.87
Final Value $1,023.35 $975.97 $1,054.42
---------------------------------------------------------------
Year Two $1,168.61 $1,183.25 $1,162.98
Fee $0.84 $0.82 $0.85
Final Value $1,167.77 $1,182.42 $1,162.14
---------------------------------------------------------------
Year Three $1,517.39 $1,370.90 $1,386.09
Fee $0.92 $0.88 $0.88
Final Value $1,516.47 $1,370.02 $1,385.22
---------------------------------------------------------------
Year Four $1,322.37 $1,146.55 $1,425.79
Fee $0.88 $0.78 $0.87
Final Value $1,321.49 $1,145.77 $1,424.92
---------------------------------------------------------------
Year Five $1,899.89 $1,487.91 $1,637.55
Fee $0.90 $0.74 $0.86
Final Value $1,898.99 $1,487.18 $1,636.69
---------------------------------------------------------------
Year Six $2,050.99 $1,717.40 $1,740.10
Fee $0.99 $0.81 $0.85
Final Value $2,050.00 $1,716.60 $1,739.25
---------------------------------------------------------------
Year Seven $2,417.72 $2,006.26 $1,855.84
Fee $1.01 $0.84 $0.81
Final Value $2,416.71 $2,005.42 $1,855.02
---------------------------------------------------------------
Year Eight $2,387.32 $2,121.42 $1,773.56
Fee $0.98 $0.84 $0.74
Final Value $2,386.34 $2,120.58 $1,772.82
---------------------------------------------------------------
Year Nine $3,191.62 $2,830.46 $2,273.14
Fee $1.03 $0.91 $0.74
Final Value $3,190.59 $2,829.55 $2,272.39
---------------------------------------------------------------
Year Ten $3,615.51 $3,194.57 $2,528.30
Fee $1.13 $1.00 $0.80
Period $10.00 $10.00 $10.00
===============================================================
Surr Charge $0.00 $0.00 $0.00
Final Value $3,614.38 $3,193.57 $2,527.50
Annual Return 13.711% 12.312% 9.716%
===============================================================
Calculation of Ten Year Return
Final Value Year One = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Ten - Surrender Charge
Annual Return = (Final Value for Year Ten/1,000) (1/Ten) - 1
---------------------------------------------------------------
Date Growth I Equity Income Soc. Resp.
---------------------------------------------------------------
12/31/86 5.248649 4.918136 5.597187
---------------------------------------------------------------
12/31/87 5.375686 4.804088 5.906645
---------------------------------------------------------------
12/31/88 6.138758 5.824373 6.514813
---------------------------------------------------------------
12/31/89 7.976662 6.752771 7.770294
---------------------------------------------------------------
12/31/90 6.955710 5.651296 7.997875
---------------------------------------------------------------
12/31/91 10.000063 7.338842 9.191348
---------------------------------------------------------------
12/31/92 10.800500 8.474945 9.772041
---------------------------------------------------------------
12/31/93 12.737800 9.905037 10.427126
---------------------------------------------------------------
12/31/94 12.583000 10.478000 9.969200
---------------------------------------------------------------
12/31/95 16.829100 13.985600 12.782700
---------------------------------------------------------------
12/31/96 19.070300 15.789800 14.222200
---------------------------------------------------------------
---------------------------------------------------------------
Lifetime
Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
--------------------------------------------------------------------------------------------------------------------------------
Eleven Years Prior $1,000.25 $999.25 $964.34
Fee $0.94 $0.94 $0.92
Final Value $999.31 $998.31 $963.41
Ten Years Prior $1,070.57 $1,023.50 $975.16 $1,016.68
Fee $0.88 $0.86 $0.84 $0.84
Final Value $1,069.70 $1,022.64 $974.33 $1,015.84
Nine Years Prior $1,032.45 $1,167.80 $1,181.25 $1,120.43
Fee $0.80 $0.84 $0.82 $0.82
Final Value $1,031.65 $1,166.96 $1,180.43 $1,119.62
Eight Years Prior $1,013.97 $1,312.88 $1,516.35 $1,004.31 $1,368.59 $1,335.38
Fee $0.69 $0.81 $0.92 $0.69 $0.88 $0.84
Final Value $1,013.27 $1,312.08 $1,515.42 $1,003.62 $1,367.71 $1,334.53
Seven Years Prior $1,016.89 $965.72 $1,279.71 $1,321.46 $1,058.14 $1,144.62 $1,373.62
Fee $0.63 $0.61 $0.80 $0.88 $0.64 $0.78 $0.84
Final Value $1,016.26 $965.10 $1,278.91 $1,320.58 $1,057.50 $1,143.84 $1,372.78
Six Years Prior $2,607.90 $1,240.59 $1,790.48 $1,245.15 $1,898.58 $1,275.14 $1,485.40 $1,577.63
Fee $1.01 $0.62 $0.86 $0.63 $0.90 $0.65 $0.73 $0.82
Final Value $2,606.88 $1,239.97 $1,789.63 $1,244.52 $1,897.68 $1,274.49 $1,484.67 $1,576.81
Five Years Prior $4,415.26 $1,309.55 $1,744.47 $1,155.24 $2,049.57 $1,408.76 $1,714.50 $1,676.43
Fee $1.77 $0.64 $0.89 $0.60 $0.99 $0.68 $0.80 $0.82
Final Value $4,413.49 $1,308.91 $1,743.59 $1,154.63 $2,048.58 $1,408.08 $1,713.70 $1,675.61
Four Years Prior $7,332.89 $1,413.89 $1,900.33 $1,228.31 $2,416.05 $1,684.03 $2,002.87 $1,787.94
Fee $2.66 $0.62 $0.83 $0.54 $1.01 $0.70 $0.84 $0.79
Final Value $7,330.23 $1,413.27 $1,899.51 $1,227.77 $2,415.04 $1,683.33 $2,002.03 $1,787.15
Three Years Prior $7,803.86 $1,408.68 $1,854.81 $1,220.46 $2,385.67 $1,561.89 $2,117.84 $1,708.67 $1,008.82
Fee $3.09 $0.58 $0.77 $0.50 $0.98 $0.66 $0.84 $0.71 $0.41
Final Value $7,800.77 $1,408.10 $1,854.05 $1,219.96 $2,384.69 $1,561.22 $2,117.00 $1,707.95 $1,008.41
Two Years Prior $9,971.91 $1,902.92 $2,401.53 $1,460.12 $3,189.41 $1,804.09 $2,825.68 $2,189.97 $1,107.71
Fee $3.27 $0.61 $0.78 $0.49 $1.03 $0.62 $0.91 $0.72 $0.39
Final Value $9,968.64 $1,902.31 $2,400.74 $1,459.62 $3,188.39 $1,803.47 $2,824.77 $2,189.25 $1,107.32
One Year Prior $11,482.04 $2,302.82 $2,266.61 $1,617.69 $3,613.01 $2,041.85 $3,189.18 $2,435.79 $1,254.74
Fee $3.56 $0.70 $0.77 $0.51 $1.13 $0.64 $1.00 $0.77 $0.39
Period $6.34 $7.25 $9.12 $5.67 $10.24 $7.32 $10.24 $10.34 $2.76
Surr Charge $459.14 $69.06 $22.66 $80.86 $0.00 $61.24 $0.00 $0.00 $62.72
Final Value $11,019.35 $2,233.06 $2,243.18 $1,536.33 $3,611.88 $1,979.97 $3,188.18 $2,435.03 $1,191.63
Annual Return 46.011% 11.715% 9.262% 7.861% 13.368% 9.776% 11.994% 8.991% 6.568%
==================================================================================================================================
Separate Account L - Standardized Lifetime Returns
Small Cap Fund
Final Value Year One = 1,000 * (31-Dec-90 Unit Value/ 31-Aug-90 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Seven -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Index
Final Value Year One = 1,000 * (31-Dec-89 Unit Value/ 2-Oct-89 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eight -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Growth II
Final Value Year One = 1,000 * (31-Dec-87 Unit Value/ 20-Nov-87 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Ten - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Balanced
Final Value Year One = 1,000 * (31-Dec-91 Unit Value/ 1-May-91 Unit Value)-
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Six - Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Growth I
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 9-Oct-86 Unit Value)-
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Asset Manager
Final Value Year One = 1,000 * (31-Dec-89 Unit Value/ 6-Sep-89 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eight -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Equity Income
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 9-Oct-86 Unit Value)-
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
Socially Responsible
Final Value Year One = 1,000 * (31-Dec-86 Unit Value/ 2-Sep-86 Unit Value)-
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-87 Unit Value/ 31-Dec-86 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-88 Unit Value/ 31-Dec-87 Unit Value) -
Annual Fee Year Three
Final Value Year Four = 1,000 * (31-Dec-89 Unit Value/ 31-Dec-88 Unit Value) -
Annual Fee Year Four
Final Value Year Five = 1,000 * (31-Dec-90 Unit Value/ 31-Dec-89 Unit Value) -
Annual Fee Year Five
Final Value Year Six = 1,000 * (31-Dec-91 Unit Value/ 31-Dec-90 Unit Value) -
Annual Fee Year Six
Final Value Year Seven = 1,000 * (31-Dec-92 Unit Value/ 31-Dec-91 Unit Value) -
Annual Fee Year Seven
Final Value Year Eight = 1,000 * (31-Dec-93 Unit Value/ 31-Dec-92 Unit Value) -
Annual Fee Year Eight
Final Value Year Nine = 1,000 * (31-Dec-94 Unit Value/ 31-Dec-93 Unit Value) -
Annual Fee Year Nine
Final Value Year Ten = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Ten
Final Value Year Eleven = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Eleven -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
International
Final Value Year One = 1,000 * (31-Dec-94 Unit Value/ 31-Mar-94 Unit Value) -
Annual Fee Year One
Final Value Year Two = 1,000 * (31-Dec-95 Unit Value/ 31-Dec-94 Unit Value) -
Annual Fee Year Two
Final Value Year Three = 1,000 * (31-Dec-96 Unit Value/ 31-Dec-95 Unit Value) -
Annual Fee Year Three -Surrender Charge
Annual Return = (Final Value for Last Year/1,000) (1/Period) - 1
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Date Small Cap Index Growth II Balanced Growth I Asst. Mgr. Equity Income Soc. Resp. Interntl
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Inception Date 08/31/90 10/02/89 11/20/87 05/01/91 10/09/86 09/06/89 10/09/86 09/02/86 03/31/94
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Inception Date Unit Value 1.327993 8.066183 5.562404 8.030360 5.247336 7.832084 4.921813 5.804181 9.775967
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12/31/86 5.248649 4.918136 5.597187
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12/31/87 5.954964 5.375686 4.804088 5.906645
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12/31/88 5.747627 6.138758 5.824373 6.514813
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12/31/89 8.178845 7.314464 7.976662 7.865810 6.752771 7.770294
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12/31/90 1.350421 7.794978 7.134040 6.955710 8.293124 5.651296 7.997875
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12/31/91 3.465400 10.020027 9.999983 10.000000 10.000063 9.999944 7.338842 9.191348
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12/31/92 5.869315 10.582200 9.747700 9.282600 10.800500 11.053400 8.474945 9.772041
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12/31/93 9.751704 11.431000 10.624000 9.874900 12.737800 13.219600 9.905037 10.427126
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12/31/94 10.381800 11.393800 10.374100 9.816100 12.583000 12.265900 10.478000 9.969200 9.862200
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12/31/95 13.271300 15.397700 13.437300 11.748400 16.829100 14.174000 13.985600 12.782700 10.833300
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12/31/96 15.286100 18.639400 12.686600 13.020800 19.070300 16.047500 15.789800 14.222200 12.275600
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