<PAGE> 1
Registration Statement No. 333-00165
811-07487
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 2
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 2
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
--------------------------------------------------------
(Exact name of Registrant)
THE TRAVELERS INSURANCE COMPANY
-------------------------------
(Name of Depositor)
ONE TOWER SQUARE, HARTFORD, CONNECTICUT 06183
---------------------------------------------
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including area code: (860) 277-0111
ERNEST J. WRIGHT
Vice President and Secretary
The Travelers Insurance Company
One Tower Square
Hartford, Connecticut 06183
---------------------------
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering:
---------------------------------
It is proposed that this filing will become effective (check appropriate box):
immediately upon filing pursuant to paragraph (b) of Rule 485
- ---------
X on May 1, 1997 pursuant to paragraph (b) of Rule 485
- ---------
60 days after filing pursuant to paragraph (a)(1) of Rule 485
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on pursuant to paragraph (a)(1) of Rule 485
- --------- --------------
If appropriate, check the following box:
______ this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Pursuant to Rule 24f-2 of the Investment Company Act of 1940, the Registrant
hereby declares that an indefinite amount of Variable Annuity Contract units was
registered under the Securities Act of 1933. A Rule 24f-2 Notice for the fiscal
year ended December 31, 1996 was filed on February 28, 1997.
<PAGE> 2
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
Cross-Reference Sheet
Form N-4
<TABLE>
<CAPTION>
ITEM
NO. CAPTION IN PROSPECTUS
- --- ---------------------
<S> <C> <C>
1. Cover Page Prospectus
2. Definitions Glossary of Special Terms
3. Synopsis Summary
4. Condensed Financial Information Not Applicable
5. General Description of Registrant, The Company, The Separate
Depositor, and Portfolio Companies Account and the Funding Options
6. Deductions Fee Table; Charges Under the Contracts;
Distribution of the Contracts
7. General Description of Variable The Contracts
Annuity Contracts
8. Annuity Period Payment of Benefits
9. Death Benefit Payment of Benefits
10. Purchases and Contract Value Operation of the Contract
11. Redemptions Sales Loads
12. Taxes Federal Tax Considerations
13. Legal Proceedings Legal Proceedings
14. Table of Contents of Statement Appendix B
CAPTION IN STATEMENT OF ADDITIONAL
INFORMATION
-------------------------------------
15. Cover Page Statement of Additional Information
16. Table of Contents Table of Contents
17. General Information and History The Insurance Company
18. Services Principal Underwriter; Distribution and
Management Agreement
19. Purchase of Securities Being Offered Valuation of Assets
20. Underwriters Principal Underwriter
21. Calculation of Performance Data Performance Information
22. Annuity Payments Not Applicable
23. Financial Statements Financial Statements
</TABLE>
<PAGE> 3
PART A
Information Required in a Prospectus
<PAGE> 4
THE TRAVELERS INSURANCE COMPANY
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
The group variable annuity contracts (the "Contracts") described in this
prospectus are designed to fund plans ("Plans") established under certain
sections of the Internal Revenue Code of 1986 (the "Code"). The Contract may
also be issued for nonqualified and unfunded deferred compensation plans which
do not qualify for special tax treatment under the Code.
The Contracts are designed for use in conjunction with qualified pension and
profit-sharing plans, tax deferred annuity plans (for public school teachers and
employees of certain other tax exempt and qualifying employers), and deferred
compensation plans for state and local governments. These Plans also allow for
Third Party Administrator involvement. Amounts held under the Plans may be
entitled to tax-deferred treatment under certain sections of the Code.
The Funding Options available under the Contracts are listed below. They may not
all be available under an employer's plan or in all states. This prospectus is
not valid without the current prospectuses for these Funding Options. A Fixed
Account Option is also available and is described in a separate prospectus.
Unless specified otherwise, this prospectus refers to the Funding Options.
<TABLE>
<S> <C>
Managed Assets Trust Variable Insurance Products Fund II
High Yield Bond Trust Fidelity's Asset Manager Portfolio
Capital Appreciation Fund American Odyssey Funds, Inc.
Dreyfus Stock Index Fund, Inc. American Odyssey Core Equity Fund
The Travelers Series Trust American Odyssey Emerging Opportunities Fund
U.S. Government Securities Portfolio American Odyssey International Equity Fund
Utilities Portfolio American Odyssey Long-Term Bond Fund
Social Awareness Stock Portfolio American Odyssey Intermediate-Term Bond Fund
Travelers Quality Bond Portfolio American Odyssey Short-Term Bond Fund
Templeton Variable Products Series Fund Travelers Series Fund, Inc.
Templeton Bond Fund Smith Barney Income and Growth Portfolio
Templeton Stock Fund Alliance Growth Portfolio
Templeton Asset Allocation Fund Smith Barney International Equity Portfolio
Variable Insurance Products Fund Putnam Diversified Income Portfolio
Fidelity's High Income Portfolio Smith Barney High Income Portfolio
Fidelity's Growth Portfolio MFS Total Return Portfolio
Fidelity's Equity Income Portfolio Smith Barney Money Market Portfolio
</TABLE>
This prospectus sets forth the information that you should know before
investing. Please read it and retain it for future reference. Additional
information about the Separate Account has been filed with the Securities and
Exchange Commission and is available without charge upon request. To obtain the
Statement of Additional Information ("SAI") send a written request to The
Travelers Insurance Company, Attn: Annuity Marketing, One Tower Square,
Hartford, CT 06183 or call 1-800-842-8573. The Table of Contents for the SAI
dated May 1, 1997, appears in Appendix B. The SAI is incorporated by reference
to this prospectus. For more information about the Contract, contact your
registered representative, or write to us at the above address.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
THIS PROSPECTUS IS VALID ONLY WHEN ACCOMPANIED BY THE CURRENT PROSPECTUSES FOR
THE FUNDING OPTIONS. THE PROSPECTUSES FOR THE SEPARATE ACCOUNT AND THE FUNDING
OPTIONS SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
VARIABLE ANNUITY CONTRACTS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR ENDORSED OR
GUARANTEED BY ANY BANK, NOR ARE THEY FEDERALLY INSURED OR OTHERWISE PROTECTED BY
THE FDIC, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY; THEY ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL INVESTMENT.
PROSPECTUS DATED: MAY 1, 1997
<PAGE> 5
TABLE OF CONTENTS
<TABLE>
<S> <C>
GLOSSARY OF SPECIAL TERMS....................... 3
SUMMARY......................................... 5
FEE TABLE....................................... 6
INTRODUCTION.................................... 10
THE CONTRACTS................................... 10
General....................................... 10
Allocated Contracts........................... 10
Unallocated Contracts......................... 10
Right to Return............................... 10
OPERATION OF THE CONTRACT....................... 11
Crediting Purchase Payments................... 11
Transfers of Cash Value Between Funding
Options..................................... 11
Dollar Cost Averaging......................... 11
Asset Allocation Advice....................... 11
Contract Exchanges............................ 12
Contract and Participant's Individual Account
Termination................................. 12
Account Value................................. 13
Accumulation Unit Value....................... 13
PAYMENT OF BENEFITS............................. 13
Death Benefits................................ 13
Death Benefit Proceeds Prior to Maturity
Date........................................ 13
Death Proceeds After the Maturity Date........ 14
Election of Settlement Options................ 14
Minimum Amounts............................... 15
Misstatement.................................. 15
Retired Life Certificate...................... 14
Allocation of Cash Value During the Annuity
Period...................................... 15
Annuity Options............................... 15
Variable Annuity.............................. 16
Amount of First Payment..................... 16
Annuity Unit Value.......................... 17
Initial Payment and Number of Annuity
Units..................................... 17
Amount of Subsequent Payments............... 17
Fixed Annuity................................. 17
CHARGES UNDER THE CONTRACT...................... 17
Sales Charges................................. 17
Free Withdrawal Allowance................... 18
Mortality and Expense Risk Charge............. 18
Funding Option Charges........................ 19
Administrative Charges........................ 19
Semiannual Policy Fee....................... 19
Administrative Expense...................... 19
Premium Tax Deductions........................ 19
TPA Administrative Charges.................... 19
THE COMPANY, THE SEPARATE ACCOUNT AND THE
FUNDING OPTIONS............................... 20
The Company................................... 20
The Separate Account.......................... 20
PERFORMANCE INFORMATION......................... 23
FEDERAL TAX CONSIDERATIONS...................... 23
General Taxation of Annuities................. 23
Types of Contracts: Qualified or
Nonqualified................................ 23
Investor Control.............................. 24
Mandatory Distributions for Qualified Plans... 24
Nonqualified Annuity Contracts................ 24
Qualified Annuity Contracts................... 25
Penalty Tax for Premature Distributions....... 25
Diversification Requirements.................. 25
MISCELLANEOUS................................... 26
Voting Rights................................. 26
Nonqualified/Unfunded Deferred Compensation
Plans....................................... 26
Distribution of the Contracts................. 26
Postponement of Payment (Emergency
Procedure).................................. 26
Contract Modification......................... 27
Legal Proceedings............................. 27
APPENDIX A: CONDENSED FINANCIAL INFORMATION..... A-1
APPENDIX B: CONTENTS OF THE STATEMENT OF
ADDITIONAL INFORMATION........................ B-1
</TABLE>
2
<PAGE> 6
GLOSSARY OF SPECIAL TERMS
- --------------------------------------------------------------------------------
ACCUMULATION PERIOD: The period before the commencement of Annuity payments.
ACCUMULATION UNIT: An accounting unit of measure used to calculate values before
Annuity payments begin.
ANNUITANT: A Person on whose life the Annuity payments are to be made under a
Contract.
ANNUITY: Payment of income for a stated period or amount.
ANNUITY PERIOD: The period following the commencement of Annuity payments.
BENEFICIARY(IES): The person(s) or trustee designated to receive contract values
in the event of the Participant's or Annuitant's death.
CASH SURRENDER VALUE: The Cash Value less any amounts deducted upon surrender
and any applicable premium tax.
CASH VALUE: The value of the Accumulation Units in Your Account or a
Participant's Individual Account less any reductions for administrative charges.
Sometimes referred to as "Account Value."
CODE: The Internal Revenue Code of 1986, as amended.
COMMISSION: Securities and Exchange Commission.
COMPANY (WE, US, OUR): The Travelers Insurance Company.
COMPETING FUND: Any investment option under the Plan, which in our opinion,
consists primarily of fixed income securities and/or money market instruments.
CONTRACT DATE: The date on which the Contract becomes effective, as shown on the
Contract.
CONTRACT OWNER (YOU, YOUR): The employer or entity owning the Contract.
CONTRACT YEAR: The twelve month period commencing with the Contract Date or with
any anniversary thereof.
DUE PROOF OF DEATH: (i) a copy of a certified death certificate; (ii) a copy of
a certified decree of a court of competent jurisdiction as to the finding of
death; (iii) a written statement by a medical doctor who attended the deceased;
or (iv) any other proof satisfactory to us.
EXCESS PLAN CONTRIBUTIONS: Plan contributions including excess deferrals, excess
contributions, excess aggregate contributions, excess annual additions, and
excess nondeductible contributions that require correction by the Qualified
Plan.
FIXED ANNUITY: An Annuity with payments which remain fixed as to dollar amount
throughout the payment period and which do not vary with the investment
experience of a Separate Account.
FUNDING OPTIONS: The variable investment options to which Purchase Payments
under the Contract may be allocated.
GENERAL ACCOUNT: The Company's General Account in which amounts are held if
directed to the Fixed Account during the Accumulation Period and in which
reserves are maintained for Fixed Annuities during the Annuity Period.
HOME OFFICE: The Travelers Insurance Company, One Tower Square, Hartford, CT
06183
MATURITY DATE: The date on which Annuity payments are to begin ("Annuity
Commencement Date").
PARTICIPANT: An eligible person who is a member in the Plan.
3
<PAGE> 7
PARTICIPANT'S INDIVIDUAL ACCOUNT: An account to which Accumulation Units are
credited to a Participant or Beneficiary under the Contract.
PURCHASE PAYMENTS: Payments made to the Contract.
QUALIFIED PLAN: An employer's voluntary retirement plan which qualifies for
special tax treatment under a particular section of the Internal Revenue Code.
SEPARATE ACCOUNT: The Travelers Separate Account QP for Variable Annuities.
THIRD PARTY ADMINISTRATOR ("TPA"): An entity which has contracted with the
Contract Owner to provide administrative and/or distribution services for the
Plan.
VALUATION DATE: A day on which the New York Stock Exchange is open for business.
The value of the Separate Account is determined at the close of the New York
Stock Exchange on such days.
VALUATION PERIOD: The period between the end of one Valuation Date and the end
of the next Valuation Date.
VARIABLE ANNUITY: An Annuity providing for payments varying in amount in
accordance with the investment experience of the assets held in the underlying
securities of the Separate Account.
WRITTEN REQUEST: A written form satisfactory to us and received at the Home
Office.
YOUR ACCOUNT: Accumulation Units credited to you under this Contract.
4
<PAGE> 8
SUMMARY
- --------------------------------------------------------------------------------
CONTRACTS OFFERED
The Contracts are designed for use in conjunction with qualified pension or
profit-sharing plans, tax deferred annuity plans (for public school teachers and
employees and employees of certain other tax exempt and qualifying employers)
and deferred compensation plans for state and local governments and certain
nonqualified deferred compensation plans. The minimum Purchase Payment allowed
is an average of $1,000 annually, per Participant's Individual Account or
$10,000 annually per Contract.
Because of the size of these Contracts, the possible involvement of TPAs, the
allocated or unallocated nature of the Contract and a competitive bidding
process which may include negotiation, many of the charges imposed in the
Contract are likely to vary from one Contract to the next. The Contract design
allows the Company maximum flexibility, within the limitations imposed by law,
to "custom design" a charge structure which is likely to be acceptable to a
particular prospective Contract Owner.
RIGHT TO RETURN
For Contracts used with deferred compensation plans, tax-deferred annuity plans,
and combined qualified plan/deferred annuity plans, you may return the Contract
and receive a full refund of the Cash Value (including charges) within ten days
after the Contract is delivered to you, unless state law requires a longer
period. (See "Right to Return.")
ASSET ALLOCATION
If available Contract Owners and/or Participants may elect to enter into an
asset allocation investment advisory agreement which is fully described,
including associated fees, in a separate disclosure statement. (See "Asset
Allocation Advice.")
DEATH BENEFITS
A death benefit is provided in the event of death of the Participant under a
Participant's Individual Account prior to the earlier of the Participant's 75th
birthday or the Maturity Date. (See "Death Benefits.")
ANNUITY OPTIONS
The Contract Owner selects a Maturity Date and an Annuity Option for a
Participant as provided by the Plan. The Contract contains six optional annuity
forms, which may be selected on either a fixed or variable annuity basis, or a
combination thereof. (See "Payment of Benefits.")
CHARGES AND FEES
Maximum levels for sales-related expenses, mortality and expense risk charges
and administrative expense charges are set forth in this prospectus. These
charges, as well as allocation and transfer fees are subject to negotiation or a
competitive bidding process, or both, with the prospective Contract Owner prior
to the issuance of a Contract.
The Company will charge a surrender charge or a contingent deferred sales
charge, as negotiated. The maximum contingent deferred sales charge is 5.0% of
each Purchase Payment for a period of five years from the date the Purchase
Payment was made. The maximum surrender charge is 5% of the amount surrendered
in the first two Contract Years, up to 4% in years three and four; up to 3% in
years five and six; up to 2% in years seven and eight and 0% beginning in the
ninth year. Any applicable sales charge will not exceed 8.5% of the aggregate
amount of the Purchase Payments made.
5
<PAGE> 9
The Company will make a daily charge against the value of the Contract held in
the Separate Account for the Mortality and Expense Risk Charge. The maximum rate
is 1.20% annually. (See "Mortality and Expense Risk Charge.")
The Company may also charge a fee of .10% for administrative expenses under the
Contract as well as a Semiannual Policy Fee (for allocated Contracts) of $15.
Deductions for the payment of any premium taxes that may be levied against the
Contract will be made as appropriate. (See "Charges Under the Contract."
FEE TABLE
- --------------------------------------------------------------------------------
The purpose of this Fee Table is to assist Contract Owners in understanding the
various maximum costs and expenses that Contract Owners or Participants will
bear, directly or indirectly, under the Contract. The information listed
reflects expenses of the Separate Account as well as of the Funding Options.
Except as noted, the fees are based on the most recent fiscal year end of each
option. For additional information regarding the charges and deductions assessed
under the Contract, including possible waivers or reductions of these expenses,
see "Charges Under the Contract."
MAXIMUM CONTRACT OWNER TRANSACTION CHARGES
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
YEARS SINCE
PURCHASE PAYMENT
CONTINGENT DEFERRED SALES CHARGE MADE PERCENTAGE
----------------------------------------------------------------------------------
<S> <C> <C>
As a percentage of purchase payments 0-5 5%
6+ 0%
OR
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
SURRENDER CHARGE CONTRACT YEAR PERCENTAGE
----------------------------------------------------------------------------------
<S> <C> <C>
As a percentage of amount surrendered 1-2 5%
3-4 4%
5-6 3%
7-8 2%
9+ 0%
</TABLE>
MAXIMUM CONTRACT ADMINISTRATIVE CHARGE:
<TABLE>
<S> <C> <C>
Semiannual Contract Administrative Charge (allocated
contracts only) $ 15
AND/OR
Funding Option Administrative Charge .10%
(As a percentage of amounts allocated to the variable funding
options under allocated contracts)
</TABLE>
MAXIMUM SEPARATE ACCOUNT ANNUAL EXPENSES
<TABLE>
<S> <C> <C>
Mortality and Expense Risk Fees 1.20%
</TABLE>
(As a percentage of average daily net assets of the Separate Account)
6
<PAGE> 10
FUNDING OPTION EXPENSES
(as a percentage of average net assets of the Funding Option based on most
recent fiscal year end of each)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
OTHER TOTAL
MANAGEMENT FEE EXPENSES UNDERLYING
UNDERLYING FUNDS (AFTER REIMBURSEMENT) (AFTER REIMBURSEMENT) FUND EXPENSES
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Capital Appreciation Fund 0.75% 0.08%(1) 0.83%
High Yield Bond Trust 0.50% 0.47%(1) 0.97%
Managed Assets Trust 0.50% 0.08%(1) 0.58%
U.S. Government Securities Portfolio 0.32% 0.30%(1) 0.62%
Social Awareness Stock Portfolio 0.65% 0.60%(1) 1.25%
Utilities Portfolio 0.65% 0.42%(1) 1.07%
Templeton Bond Fund 0.50% 0.18% 0.68%
Templeton Stock Fund 0.70% 0.18%(2) 0.88%
Templeton Asset Allocation Fund 0.61% 0.17%(2) 0.78%
Fidelity VIP High Income Portfolio 0.59% 0.12%(3) 0.71%
Fidelity VIP Equity-Income Portfolio 0.51% 0.05%(3) 0.56%
Fidelity VIP Growth Portfolio 0.61% 0.06%(3) 0.67%
Fidelity VIP II Asset Manager Portfolio 0.64% 0.09%(3) 0.73%
Dreyfus Stock Index Fund 0.25% 0.05% 0.30%
American Odyssey International Equity Fund 0.65% 0.21%(4) 0.86%
1.46%* 2.11%*
American Odyssey Emerging Opportunities Fund 0.60% 0.12%(4) 0.72%
1.37%* 1.97%*
American Odyssey Core Equity Fund 0.57% 0.11%(4) 0.68%
1.36%* 1.93%*
American Odyssey Long-Term Bond Fund 0.50% 0.13%(4) 0.63%
1.38%* 1.88%*
American Odyssey Intermediate-Term Bond Fund 0.50% 0.16%(4) 0.66%
1.41%* 1.91%*
American Odyssey Short-Term Bond Fund 0.50% 0.25%(4) 0.75%
1.50%* 2.00%*
Smith Barney Income and Growth Portfolio 0.65% 0.08%(5) 0.73%
Alliance Growth Portfolio 0.80% 0.07%(5) 0.87%
Putnam Diversified Income Portfolio 0.75% 0.21%(5) 0.96%
Smith Barney High Income Portfolio 0.60% 0.24%(5) 0.84%
MFS Total Return Portfolio 0.80% 0.11%(5) 0.91%
Smith Barney International Equity Portfolio 0.90% 0.20%(6) 1.10%
Smith Barney Money Market Portfolio 0.60% 0.05%(7) 0.65%
Travelers Quality Bond Portfolio 0.32% 0.43%(8) 0.75%
</TABLE>
(1) Other Expenses take into account the current expense reimbursement
arrangement with the Company. The Company has agreed to reimburse each Fund
for the amount by which its aggregate expenses (including the management
fee, but excluding brokerage commissions, interest charges and taxes)
exceeds 1.25%. Without such arrangement, Other Expenses would have been
1.69% for the Social Awareness Stock Portfolio. None of the other portfolios
were affected. The Other Expenses figure includes a .06% Sub-Administrator
Charge.
(2) Management Fees and Total Underlying Fund Expenses have been restated to
reflect the management fee schedule which was approved by shareholders and
which takes effect on May 1, 1997. Actual Management Fees and Total
Underlying Fund Expenses before May 1, 1997 were lower.
(3) A portion of the brokerage commissions that certain funds pay was used to
reduce the fund's expenses. In addition, certain funds have entered into
arrangements with their custodian and transfer agent whereby interest earned
on uninvested cash balances was used to reduce custodian and transfer agent
expenses. Without these reductions, the Total Underlying Fund Expenses
presented in this table would have been 0.58% for Equity-Income Portfolio,
0.69% for Growth Portfolio, and 0.74% for Asset Manager Portfolio.
(4) The Short-Term Bond Fund is required to repay the Manager for any fees the
Manager previously waived or expenses the Manager previously reimbursed,
provided that this repayment by the Fund does not cause the total expense
ratio to exceed 0.75%. Without these repayments, Total Underlying Fund
Expenses for the Short-Term Bond Fund for 1996 would have been 0.68%
(5) Other Expenses are as of October 31, 1996 (the Fund's fiscal year end).
There were no fees waived or expenses reimbursed for these funds in 1996.
(6) During the fiscal year ended October 31, 1996, the Smith Barney
International Equity Portfolio earned credits from the Custodian which
reduced the service fees incurred. When these credits are taken into
consideration, Total Underlying Fund Expenses for this Portfolio are 1.05%.
(7) Other Expenses are as of October 31, 1996, taking into account the current
expense limitations agreed to by the Manager. The Manager waived all of its
fees for the period and reimbursed the Fund for their expenses. If such fees
were not waived and expenses were not reimbursed, Total Underlying Expenses
for the Smith Barney Money Market Portfolio would have been 0.74%.
(8) The Travelers has waived all of its fees and agreed to reimburse the
Travelers Quality Bond Portfolio for the period ended December 31, 1996.
Without such arrangements, Other Expenses for the Fund would have been
1.76%.
* Includes CHART asset allocation fee of 1.25%.
7
<PAGE> 11
EXAMPLE WITH DEFERRED SALES CHARGES (PERCENTAGE OF PURCHASE PAYMENT)*
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assuming a 5% annual return on assets, a $1,000 investment would be subject to the following expenses:
(a) if the Contract is surrendered at the (b) If the Contract is NOT surrendered at
end of the period shown**: the end of the period shown:
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1 3 5 10 1 3 5 10
YEAR(A) YEARS(A) YEARS(A) YEARS(A) YEAR(B) YEARS(B) YEARS(B) YEARS(B)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
Capital Appreciation Fund $ 73 $119 $169 $255 $ 23 $ 69 $119 $255
High Yield Bond Trust 74 124 176 270 24 74 126 270
Managed Assets Trust 70 112 156 230 20 62 106 230
U.S. Government Securities Portfolio 70 113 158 234 20 63 108 234
Social Awareness Stock Portfolio 77 132 190 297 27 82 140 297
Utilities Portfolio 75 127 181 280 25 77 131 280
Travelers Quality Bond Portfolio 72 117 165 247 22 67 115 247
Templeton Bond Fund 71 115 161 240 21 65 111 240
Templeton Stock Fund 73 121 172 261 23 71 122 261
Templeton Asset Allocation Fund 72 118 166 250 22 68 116 250
Fidelity VP High Income Portfolio 71 116 163 243 21 66 113 243
Fidelity VP Equity-Income Portfolio 70 111 155 227 20 61 105 227
Fidelity VP Growth Portfolio 71 115 161 239 21 65 111 239
Fidelity VPII Asset Manager Portfolio 72 116 164 245 22 66 114 245
Dreyfus Stock Index Fund 67 103 142 200 17 53 92 200
American Odyssey Funds(1):
International Equity Fund 73 120 170 258 23 70 120 258
Emerging Opportunities Fund 71 116 163 244 21 66 113 244
Core Equity Fund 71 115 161 240 21 65 111 240
Long-Term Bond Fund 71 113 159 235 21 63 109 235
Intermediate-Term Bond Fund 71 114 160 238 21 64 110 238
Short-Term Bond Fund 72 117 165 247 22 67 115 247
American Odyssey Funds(2):
International Equity Fund 85 157 232 377 35 107 182 377
Emerging Opportunities Fund 84 153 225 365 34 103 175 365
Core Equity Fund 83 152 223 361 33 102 173 361
Long-Term Bond Fund 83 151 221 357 33 101 171 357
Intermediate-Term Bond Fund 83 152 222 359 33 102 172 359
Short-Term Bond Fund 84 154 226 368 34 104 176 368
Smith Barney Income and Growth 72 116 164 245 22 66 114 245
Portfolio
Alliance Growth Portfolio 73 121 171 260 23 71 121 260
Putnam Diversified Income Portfolio 74 123 176 269 24 73 126 269
Smith Barney High Income Portfolio 73 120 169 256 23 70 119 256
MFS Total Return Portfolio 73 122 173 264 23 72 123 264
Smith Barney International Equity 75 128 183 283 25 78 133 283
Portfolio
Smith Barney Money Market Portfolio 71 114 160 237 21 64 110 237
</TABLE>
- ---------------
* The Example reflects the $15 Semiannual Contract Fee as an annual charge of
.09% of assets.
** The applicable sales charge may be waived upon annuitization. (See "Charges
Under the Contract.")
(1) Reflects expenses that would be incurred for those who DO NOT participate
in the CHART Asset Allocation program.
(2) Reflects expenses that would be incurred for those who DO participate in
the CHART Asset Allocation program.
8
<PAGE> 12
EXAMPLE WITH SURRENDER CHARGES (PERCENTAGE OF AMOUNT SURRENDERED)*
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Assuming a 5% annual return on assets, a $1,000 investment would be subject to the following expenses:
(a) if the Contract is surrendered at the end of the (b) If the Contract is NOT
period shown**: surrendered at the end of
the period shown:
- ------------------------------------------------------------------------------------------------------------------------------
1 YEAR(A) 3 YEARS(A) 5 YEARS(A) 10 YEARS(A) 1 YEAR(B) 3 YEARS(B)
- ------------------------------------------------------------------------------------------------------------------------------
Capital Appreciation Fund $ 74 $ 113 $ 153 $255 $ 23 $ 69
High Yield Bond Trust 75 117 160 270 24 74
Managed Assets Trust 72 106 141 230 20 62
U.S. Government Securities Portfolio 72 107 143 234 20 63
Social Awareness Stock Portfolio 78 125 174 297 27 82
Utilities Portfolio 76 120 165 280 25 77
Travelers Quality Bond Portfolio 73 111 149 247 22 67
Templeton Bond Fund 72 108 146 240 21 65
Templeton Stock Fund 74 114 156 261 23 71
Templeton Asset Allocation Fund 73 111 151 250 22 68
Fidelity VIP High Income Portfolio 73 109 147 243 21 66
Fidelity VIP Equity-Income Portfolio 71 105 140 227 20 61
Fidelity VIP Growth Portfolio 72 108 146 239 21 65
Fidelity VIP II Asset Manager
Portfolio 73 110 148 245 22 66
Dreyfus Stock Index Fund 69 97 127 200 17 53
American Odyssey Funds(1):
International Equity Fund 74 114 155 258 23 70
Emerging Opportunities Fund 73 110 148 244 21 66
Core Equity Fund 72 108 146 240 21 65
Long-Term Bond Fund 72 107 144 235 21 63
Intermediate-Term Bond Fund 72 108 145 238 21 64
Short-Term Bond Fund 73 111 149 247 22 67
American Odyssey Funds(2):
International Equity Fund 86 149 214 377 35 107
Emerging Opportunities Fund 85 145 208 365 34 103
Core Equity Fund 84 144 206 361 33 102
Long-Term Bond Fund 84 143 203 357 33 101
Intermediate-Term Bond Fund 84 144 205 359 33 102
Short-Term Bond Fund 85 146 209 368 34 104
Smith Barney Income and Growth
Portfolio 73 110 148 245 22 66
Alliance Growth Portfolio 74 114 155 260 23 71
Putnam Diversified Income Portfolio 75 117 160 269 24 73
Smith Barney High Income Portfolio 74 113 154 256 23 70
MFS Total Return Portfolio 76 115 157 264 23 72
Smith Barney International Equity
Portfolio 76 121 167 283 25 78
Smith Barney Money Market Portfolio 72 108 145 237 21 64
<CAPTION>
Assuming a 5% annual return on assets,
- --------------------------------------
5 YEARS(B) 10 YEARS(B)
- --------------------------------------
Capital Appreciation Fund $ 119 $255
High Yield Bond Trust 126 270
Managed Assets Trust 106 230
U.S. Government Securities Portfolio 108 234
Social Awareness Stock Portfolio 140 297
Utilities Portfolio 131 280
Travelers Quality Bond Portfolio 115 247
Templeton Bond Fund 111 240
Templeton Stock Fund 122 261
Templeton Asset Allocation Fund 116 250
Fidelity VIP High Income Portfolio 113 243
Fidelity VIP Equity-Income Portfolio 105 227
Fidelity VIP Growth Portfolio 111 239
Fidelity VIP II Asset Manager
Portfolio 114 245
Dreyfus Stock Index Fund 92 200
American Odyssey Funds(1):
International Equity Fund 120 258
Emerging Opportunities Fund 113 244
Core Equity Fund 111 240
Long-Term Bond Fund 109 235
Intermediate-Term Bond Fund 110 238
Short-Term Bond Fund 115 247
American Odyssey Funds(2):
International Equity Fund 182 377
Emerging Opportunities Fund 175 365
Core Equity Fund 173 361
Long-Term Bond Fund 171 357
Intermediate-Term Bond Fund 172 359
Short-Term Bond Fund 176 368
Smith Barney Income and Growth
Portfolio 114 245
Alliance Growth Portfolio 121 260
Putnam Diversified Income Portfolio 126 269
Smith Barney High Income Portfolio 119 256
MFS Total Return Portfolio 123 264
Smith Barney International Equity
Portfolio 133 283
Smith Barney Money Market Portfolio 110 237
</TABLE>
- ---------------
* The Example reflects the $15 Semiannual Contract Fee as an annual charge of
.09% of assets.
** The applicable sales charge may be waived upon annuitization. (See "Charges
Under the Contract.")
(1) Reflects expenses that would be incurred for those who DO NOT participate
in the CHART Asset Allocation program.
(2) Reflects expenses that would be incurred for those who DO participate in
the CHART Asset Allocation program.
CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
See Appendix A on page A-1.
9
<PAGE> 13
INTRODUCTION
- --------------------------------------------------------------------------------
This prospectus has been designed to provide all the necessary information to
make a decision on purchasing Contracts issued in conjunction with qualified
pension and profit-sharing plans, tax deferred annuity plans (for public school
teachers and employees and employees of certain other tax exempt and qualifying
employers) and deferred compensation plans for state and local governments. The
Contract is also available for nonqualified deferred compensation plans. This
prospectus describes only the elements of the variable Contracts. Please read
the Glossary of Special Terms prior to reading this prospectus to become
familiar with the terms being used.
THE CONTRACTS
- --------------------------------------------------------------------------------
GENERAL
The Contracts, issued on a group basis, are designed for use only with plans
which qualify for special tax treatment under the Internal Revenue Code, such as
tax deferred annuity plans for public school teachers and employees and
employees of certain other tax-exempt organizations; pension and profit-sharing
plans; and deferred compensation plans for state and local governments.
Contracts issued under nonqualified deferred compensation plans do not qualify
for special tax treatment under the Code.
Purchase Payments may be allocated to your choice of one or more Funding
Options. Purchase Payments (net of any premium taxes due) are applied to
purchase Separate Account Accumulation Units of the appropriate Funding Option.
The Accumulation Unit value will be determined as of the end of the Valuation
Period during which the payments were received. The value of your investment
during the Accumulation Period will vary in accordance with the net income and
performance of each Funding Option's individual investments. While you will not
receive any distributions from the Funding Options, any such distributions would
be reflected in the value of that Funding Option's corresponding Accumulation
Unit. During the Variable Annuity payout period, both your Annuity payments and
reserve values will vary in accordance with these factors.
The Contracts may be issued on either an allocated or an unallocated basis. Both
the allocated and unallocated contracts provide for fixed (Fixed Acccount
Option) and variable (Separate Account) accumulations and annuity payouts. The
Fixed Account Option is described in a separate prospectus.
ALLOCATED CONTRACTS
A group allocated Contract will cover all present and future Participants under
the Contract. A Participant under an allocated Contract may receive a
certificate which evidences participation in the Contract.
UNALLOCATED CONTRACTS
We offer an unallocated annuity Contract, designed for use with certain
Qualified Plans where the employer has secured the services of a TPA.
The Contracts will be issued to an employer or the trustee(s) or custodian of an
employer's Qualified Plan. All Purchase Payments are held under the Contract, as
directed by the Contract Owner. There are no individual allocations under the
unallocated Contracts for individual participants in the Qualified Plan.
RIGHT TO RETURN
For Contracts in use with deferred compensation plans, tax-deferred annuity
plans, and combined qualified plans/tax deferred annuity plans, you may return
the Contract for a full refund of the Cash Value (including charges) within ten
days after you receive it (the "right to return period"). Where state law
requires a longer right to return period, or the return of Purchase Payments,
the
10
<PAGE> 14
Company will comply. The Contract Owner bears the investment risk during the
right to return period; therefore, the Cash Value returned may be greater or
less than your Purchase Payment. All Cash Values will be determined as of the
next valuation following the Company's receipt of your written request for
refund.
OPERATION OF THE CONTRACT
- --------------------------------------------------------------------------------
CREDITING PURCHASE PAYMENTS
The Purchase Payments to Your Account or to a Participant's Individual Account
under a Contract are applied to purchase Accumulation Units of the selected
Funding Options. With respect to an initial Purchase Payment, the Purchase
Payment is credited to the applicable account within two business days of our
receipt of a properly completed application or purchase order form and the
initial Purchase Payment. If an application or any other information provided is
incomplete when received, the Purchase Payment will be credited to the
applicable account within five business days. If an initial Purchase Payment is
not credited within five business days, it will be immediately returned unless
you have been informed of the delay and request that the Purchase Payment not be
returned.
Any subsequent payment is credited at the end of the business day on which it is
received. For subsequent Purchase Payments, the number of Accumulation Units
credited is determined by dividing the Purchase Payment by the appropriate
Accumulation Unit value next computed after we receive the payment at our Home
Office.
TRANSFERS OF CASH VALUE BETWEEN FUNDING OPTIONS
You may transfer Cash Values from one or more Funding Options to other Funding
Options, subject to the terms and conditions of the Contract (and your Plan). If
authorized by the Contract Owner, Participants under allocated Contracts may
transfer all or any of their Cash Value from one Funding Option to another up to
30 days before the due date of the first Annuity Payment.
DOLLAR COST AVERAGING (AUTOMATED TRANSFERS)
Dollar cost averaging permits the Contract Owner or Participant to transfer a
fixed dollar amount to other Funding Options on a monthly or quarterly basis so
that more Accumulation Units are purchased if the value per unit is low and
fewer Accumulation Units are purchased if the value per unit is high. Therefore,
a lower-than-average value per unit may be achieved over the long run.
You may elect automated transfers through written request or other method
acceptable to the Company. Certain minimums apply to amounts transferred and/or
to enroll in the program.
You may start or stop participation in the Dollar Cost Averaging program at any
time, but you must give the Company at least 30 days' notice to change any
automated transfer instructions that are currently in place. Automated transfers
are subject to all of the other provisions and terms of the Contract, including
provisions relating to the transfer of money between funding options. The
Company reserves the right to suspend or modify transfer privileges at any time
and to assess a processing fee for this service.
Before transferring any part of the Cash Value, Contract Owners should consider
the risks involved in switching between investments available under this
Contract. Dollar cost averaging requires regular investments regardless of
fluctuating price levels, and does not guarantee profits or prevent losses in a
declining market. Potential investors should consider their financial ability to
continue purchases through periods of low price levels.
ASSET ALLOCATION ADVICE
Owners may elect to enter into a separate advisory agreement with Copeland
Financial Services, Inc. ("Copeland"), an affiliate of the Company, if the
program is available. Copeland provides
11
<PAGE> 15
asset allocation advice under its CHART program, which is fully described in a
separate disclosure statement. Under the CHART Program, Purchase Payments and
Cash Values are allocated among the specified asset allocation funds. Copeland's
charge for this advisory service is equal to a maximum of 1.50% of the assets
subject to the CHART Program. The CHART Program fee will be paid by quarterly
withdrawals from the Cash Values allocated to the asset allocation funds. The
fee is in addition to the Contract charges described in "Charges Under the
Contract." The Company will not treat these withdrawals as taxable
distributions. The CHART Program may not be available in all marketing programs
through which this Contract is sold.
CONTRACT EXCHANGES
a) You may transfer all or any part of Your Account's Cash Surrender Value from
any Funding Option to any contract not issued by us. Such transfers may be
subject to a sales charge, as described in the Contract. If authorized by the
Contract Owner, a Participant may transfer all or any part of the Individual
Account's Cash Surrender Value from one Funding Option to any contract not
issued by us.
b) Under specific conditions, we may allow you to transfer to this Contract
funds held by you in another group annuity contract issued by us or to
transfer amounts from this Contract to another Contract issued by us without
applying a sales charge to the funds being transferred. Once the transfer is
complete and we have established an account for you at your direction, a new
sales charge may apply, as described in the new Contract.
c) Under specific conditions, when authorized by state insurance law, we may
credit a Plan up to 4% of the amount transferred to us from another group
annuity not issued by us as reimbursement to the Plan for any exit penalty
assessed by the other issuer. We may recover this credit through reduced
compensation paid to the servicing agent or broker.
CONTRACT AND PARTICIPANT'S INDIVIDUAL ACCOUNT TERMINATION
Under the allocated Contracts, if the Cash Value in a Participant's Individual
Account is less than the termination amount as stated in your Contract, we
reserve the right to terminate that Account and move the Cash Value of that
Participant's Individual Account to Your Account.
Any Cash Value to which a terminating Participant is not entitled under the Plan
will be moved to Your Account at your direction.
You may discontinue this Contract by Written Request at any time for any reason.
We reserve the right to discontinue this Contract if:
a) the Cash Value of the Contract is less than the termination amount; or
b) We determine within our sole discretion and judgment that the Plan or
administration of the Plan is not in conformity with applicable law; or
c) We receive notice of plan termination that is satisfactory to us .
If we discontinue this Contract or we receive your Written Request to
discontinue the Contract, we will, in our sole discretion and judgment:
a) accept no further payments for this Contract; and
b) pay you the Cash Surrender Value of the Funding Options within 7 days of
the date of our written notice to you, or distribute the Cash Surrender
Value of each Participant's Individual Account as described in the
Settlement Provisions section at your direction; and
c) pay you an amount as described in the Fixed Account Prospectus.
If the Contract is discontinued, we will distribute the Cash Surrender Value to
you no later than 7 days following our mailing the written notice of
discontinuance to you at the most current
12
<PAGE> 16
address available on our records. Discontinuance of the Contract will not affect
payments we are making under Annuity options which began before the date of
discontinuance.
ACCOUNT VALUE
During the Accumulation Period, the Account Value can be determined by
multiplying the total number of Funding Option Accumulation Units credited to
that account by the current Accumulation Unit value for the appropriate Funding
Option and adding the sums for each Funding Option. There is no assurance that
the value in any of the Funding Options will equal or exceed the Purchase
Payments made to such Funding Options.
ACCUMULATION UNIT VALUE
The Accumulation Unit value for each Funding Option will vary to reflect the
investment experience of the applicable Funding Option and will be determined on
each by multiplying the Accumulation Unit value of the particular Funding Option
on the preceding Valuation Date by a net investment factor for that Funding
Option for the Valuation Period then ended. The value of the Accumulation Unit
for each Funding Option was initially established at $1.00 on the date that
Purchase Payments were first allocated to that Funding Option. The net
investment factor is described in the Statement of Additional Information.
You should refer to the Funding Option prospectuses which accompany this
prospectus for a description of how the net assets of each Funding Option are
valued since this valuation has a direct bearing on the Accumulation Unit value
of the Funding Option and therefore the Contract and Account values.
PAYMENT OF BENEFITS
- --------------------------------------------------------------------------------
DEATH BENEFIT PROCEEDS PRIOR TO MATURITY DATE
ALLOCATED CONTRACT. The allocated Contract provides that, in the event the
Participant dies before the selected Maturity Date or the Participant's age 75
(whichever occurs first), the death benefit payable will be the greater of (a)
the Cash Value of the Participant's Individual Account or (b) the total Purchase
Payments under that Participant's Individual Account, less any applicable
premium tax, minus outstanding loan amounts and prior surrenders not previously
deducted as of the date we receive Due Proof of Death.
If the Participant dies on or after age 75 and before the Annuity Commencement
Date, we will pay the Beneficiary the Cash Value of the Participant's Individual
Account, less any applicable Premium Tax or outstanding loan amounts as of the
date we receive Due Proof of Death.
We must be notified of a Participant's death no later than six months after the
Participant's date of death in order for the Beneficiary to receive the death
proceeds as described. If notification is received more than six months after
the Participant's death, the Beneficiary shall receive the Cash Value of the
Participant's Individual Account less any outstanding loan amounts as of the
date we receive Due Proof of Death.
The death benefit may be taken by the beneficiary in one of three ways: 1) in a
single sum, in which case payment will be made within seven days of our receipt
of Due Proof of Death, unless subject to postponement as explained in
"Postponement of Payment," 2) applied to a nonlifetime Annuity option, in which
case the proceeds must be distributed within 5 years of the Participant's date
of death, or 3) applied to a lifetime Annuity.
An election to receive death benefits under a form of Annuity must be made
within one year after the death. The election must be made by written notice to
us at our Home Office. The beneficiary may choose to have Annuity payments made
on a variable basis, fixed basis, or a combination of the two.
13
<PAGE> 17
No election to provide Annuity payments will become operative unless the amount
placed under the Annuity Option is at least $2,000. The manner in which the
Annuity payments are determined and in which they may vary from month to month
are the same as applicable to a Participant's Individual Account after
retirement.
UNALLOCATED CONTRACT. The unallocated Contract provides that, in the event the
Participant dies before the selected Maturity Date, or the Participant's
attainment of age 75 (whichever occurs first), the death benefit payable will be
the greater of (a) the Cash Value attributable to the Participant under the
contract or (b) the total Purchase Payments attributable to the Participant
under the contract, less any applicable Premium Tax, prior surrenders not
previously deducted and any outstanding loan balance (if applicable) as of the
date we receive Due Proof of Death.
If the Participant dies on or after attainment of age 75 and before the Maturity
Date, we will pay the Beneficiary the Cash Value attributable to the Participant
under the contract, less any applicable Premium Tax, prior surrenders not
previously deducted and any outstanding loan balance (if applicable) as of the
date we receive Due Proof of Death.
We will pay this benefit upon receiving Due Proof of Death along with a Written
Request noting the Cash Value and the total Purchase Payments attributable to
the Participant under the Contract. In addition, we will require copies of
records and any other reasonable proof we find necessary to verify the Cash
Value and total Purchase Payments attributable to the Participant under the
unallocated Contract.
We must be notified of a Participant's death no later than six months after the
Participant's date of death in order for the Beneficiary to receive the death
benefits as described. If notification is received more than six months after
the Participant's death, the Beneficiary shall receive the Cash Value
attributable to the Participant under the contract as of the date we receive Due
Proof of Death. The death benefit may be taken by the Beneficiary in one of
three ways: 1) in a single sum, in which case payment will be made within seven
days of our receipt of Due Proof of Death, unless subject to postponement as
explained below; 2) applied to a Fixed Period Annuity Option, in which case the
proceeds must be distributed within five years of the Participant's date of
death, or; 3) applied to a Life Annuity Option available under the Contract.
A Written Request electing the distribution of death proceeds in the form of an
Annuity Option must be received by Us within one year from the date of death.
The Minimum Amount that can be placed under an Annuity Option is $2,000.
The death proceeds may be received in the form of Annuity payments made on a
variable basis, a fixed basis, or a combination of the two. Annuity payments
will be determined as described in the "Payment of Benefits" section.
The death benefit described above is available by Endorsement to the Contract
and may not be available in all jurisdictions.
DEATH PROCEEDS AFTER THE MATURITY DATE
If the Annuitant dies on or after the Maturity Date, we will pay the Beneficiary
a death benefit consisting of any benefit remaining under the Annuity Option
then in effect.
ELECTION OF SETTLEMENT OPTIONS
Any amount distributed from the Contract may be applied to any one of the
Annuity options described below.
14
<PAGE> 18
Election of any of these options must be made by Written Request to our Home
Office at least 30 days prior to the date such election is to become effective.
The form of such Annuity option shall be determined by the Contract Owner. The
following information must be provided with any such request:
a) the Participant's name, address, date of birth, social security number;
b) the amount to be distributed;
c) the Annuity option which is to be purchased;
d) the date the Annuity option payments are to begin;
e) if the form of the Annuity provides a death benefit in the event of the
Participant's death, the name, relationship and address of the
beneficiary as designated by you; and
f) any other data that we may require.
The beneficiary, as specified in item (e) above, may be changed by you or the
Annuitant as long as we are notified by Written Request while the Annuitant is
alive and before payments have begun. If the beneficiary designation is
irrevocable, such designation cannot be changed or revoked without the consent
of the beneficiary. After we receive the Written Request and the written consent
of the beneficiary (if required), the new beneficiary designation will take
effect as of the date the notice is signed. We have no further responsibility
for any payment we made before the Written Request.
MINIMUM AMOUNTS
The minimum amount that can be placed under an Annuity option is $2,000 unless
we consent to a lesser amount. If any periodic payments due are less than $100,
we reserve the right to make payments at less frequent intervals.
MISSTATEMENT
If an Annuitant's sex or age was misstated, all benefits of this Contract are
what the Cash Values would have purchased on the date of issue at the correct
sex and age.
RETIRED LIFE CERTIFICATE
We will issue to each person to whom annuity benefits are being paid under this
Contract a certificate setting forth a statement in substance of the benefits to
which such person is entitled under this Contract.
ALLOCATION OF CASH SURRENDER VALUE DURING THE ANNUITY PERIOD
At the time an Annuity Option is elected, you also may elect to have the
Participant's Cash Surrender Value applied to provide a Variable Annuity, a
Fixed Annuity, or a combination of both.
If no election is made to the contrary, the Cash Surrender Value will provide an
Annuity which varies with the investment experience of the corresponding Funding
Option(s) at the time of election. You or the Participant, if you so authorize,
may elect to transfer Cash Value from one Funding Option to another, as
described in the provision "Transfers of Cash Value Between Funding Options," in
order to reallocate the basis on which Annuity payments will be determined. Once
Annuity payments have begun, no further transfers are allowed.
ANNUITY OPTIONS
OPTION 1 -- LIFE ANNUITY/NO REFUND. A Life Annuity is an Annuity payable during
the lifetime of the Annuitant and terminating with the last monthly payment
preceding the death of the Annuitant.
15
<PAGE> 19
OPTION 2 -- LIFE ANNUITY WITH 120, 180 OR 240 MONTHLY PAYMENTS ASSURED. An
Annuity payable monthly during the lifetime of an Annuitant with the provision
that if, at the death of the Annuitant, payments have been made for less than
120,180 or 240 months, as elected, then we will continue to make payments to the
designated beneficiary during the remainder of the period.
OPTION 3 -- LIFE ANNUITY -- CASH REFUND. We will make monthly Annuity payments
during the lifetime of the Annuitant, ceasing with the last payment due prior to
the death of the Annuitant, provided that, at the death of the Annuitant, the
Beneficiary will receive an additional payment equal to the dollar value, if
any, of (a) minus (b) where, for a Variable Annuity:
(a) is the total amount applied under the option divided by the Annuity
Unit Value on the due date of the first Annuity payment;
(b) and is
(1) the number of Annuity Units represented by each payment;
times
(2) the number of payments made;
and for a Fixed Annuity:
(a) is the Cash Value applied on the Maturity Date under this option; and
(b) is the dollar amount of Annuity payments already paid.
OPTION 4 -- JOINT AND LAST SURVIVOR LIFE ANNUITY. Monthly Annuity payments
based upon the joint lifetime of two persons selected: payments made first to
the Annuitant, and upon his/her death, paid to the survivor. No more payments
will be made after the death of the survivor.
OPTION 5 -- JOINT AND LAST SURVIVOR ANNUITY -- ANNUITY REDUCED ON DEATH OF
PRIMARY PAYEE. Monthly Annuity payments to the Annuitant during the joint
lifetime of the two persons selected. One of the two persons will be designated
as the primary payee. The other will be designated as the secondary payee. On
the death of the secondary payee, if survived by the primary payee, we will
continue to make monthly Annuity payments to the primary payee in the same
amount that would have been payable during the joint lifetime of the two
persons.
On the death of the primary payee, if survived by the secondary payee, we will
continue to make monthly Annuity payments to the secondary payee in an amount
equal to 50% of the payments which would have been made during the lifetime of
the primary payee. No further payments will be made following the death of the
survivor.
OPTION 6 -- FIXED PAYMENTS FOR A FIXED PERIOD OF 120, 180, OR 240 MONTHS. We
will make monthly payments for the period selected. If at the death of the
Annuitant, payments have been made for less than 120, 180, or 240 months, as
elected, we will continue to make payments to the designated beneficiary during
the remainder of the period.
OPTION 7 -- OTHER ANNUITY OPTIONS. We will make other arrangements for Annuity
payments as may be mutually agreed upon by you and us.
VARIABLE ANNUITY
AMOUNT OF FIRST PAYMENT. The Life Annuity Tables are used to determine the
first monthly Annuity payment. They show the dollar amount of the basic first
monthly Annuity payment which can be purchased with each $1,000 applied. The
amount applied to an Annuity will be the Cash Surrender Value of a Participant's
Individual Account as of 14 days before the date Annuity payments start. We
reserve the right to require satisfactory proof of the age of any persons on
whose life Annuity payments are based before making the first payment under any
of these options.
16
<PAGE> 20
ANNUITY UNIT VALUE. The initial value of an Annuity Unit of each Funding Option
was set at $1.00. On any Valuation Date, the Annuity Unit Value for a Funding
Option equals the Annuity Unit Value on the immediately preceding Valuation
Date, multiplied by the net investment factor for that Funding Option for the
Valuation Period just ended, divided by the Assumed Daily Net Investment Factor.
The Assumed Daily Net Investment Factor is given in the Contract.
The value of an Annuity Unit as of any date other than a Valuation Date will be
equal to its value as of the succeeding Valuation Date.
INITIAL PAYMENT AND NUMBER OF ANNUITY UNITS. We determine the number of Annuity
Units credited to the Annuitant's Individual Account in each Funding Option by
dividing the basic first monthly Annuity payment attributable to that Funding
Option by the Funding Option's Annuity Unit Value as of 14 days before the due
date of the first Annuity payment.
AMOUNT OF SUBSEQUENT PAYMENTS. The dollar amount of any subsequent payments
made to an Annuitant after the first payment date may change from month to month
based on the net investment results of the Funding Option(s). The total amount
of each Annuity payment will be equal to the sum of the payments in each Funding
Option allocated to that Annuitant's Individual Account.
The amount of the payments made to an Annuitant is determined by multiplying,
for each Funding Option, the number of Annuity Units credited to that Annuitant
by the Annuity Unit Value of the Funding Option as of the date 14 days prior to
the date on which payment is due and by adding the sums.
FIXED ANNUITY
A Fixed Annuity provides for payments which do not vary during the Annuity
Period. The minimum guaranteed amount of the Fixed Annuity payments will be
calculated as described under "Variable Annuity: Amount of First Payment" except
that the Cash Surrender Value will be determined as of the day annuity payments
commence. If it would produce a larger payment, the Fixed Annuity Payments will
be determined using the Life Annuity Tables in effect on the Maturity Date.
CHARGES UNDER THE CONTRACT
- --------------------------------------------------------------------------------
SALES CHARGES
Purchase Payments made under the Contract are not subject to a front-end sales
load. However, upon redemption, the Company will charge a surrender charge or a
contingent deferred sales charge, as negotiated. Any sales charge, penalty tax
and withholding will be deducted from either the amount surrendered or from the
remaining Contract balance, as requested by the Contract Owner or Participant.
The maximum contingent deferred sales charge is 5% of each Purchase Payment for
a period of five years from the date the Purchase Payment was made. The maximum
surrender charge is 5% of the amount surrendered in the first two Contract
Years, up to 4% in years three and four; up to 3% in years five and six, up to
2% in years seven and eight and 0% beginning in the ninth year. Any applicable
sales charge will not exceed 8.5% of the aggregate amount of the Purchase
Payments made.
For deferred sales charge options, surrenders will be taken from Purchase
Payments in the order they were received by us and then on any earnings.
17
<PAGE> 21
The sales charges can be changed if the Company anticipates it will incur
decreased sales-related expenses due to the nature of the Plan to which the
Contract is issued or the involvement of TPAs. When considering a change in the
sales charges, the Company will take into account:
(a) The expected level of initial agent or the Company involvement during
the establishment and maintenance of the Contract including the amount
of enrollment activity required, and the amount of service required by
the Contract Owner in support of the Plan, and
(b) Contract Owner, agent or TPA involvement in conducting ongoing
enrollment of subsequently eligible Participants, and
(c) The expected level of commission the Company may pay to the agent or
TPA for distribution expenses, and
(d) Any other factors which the Company anticipates will increase or
decrease the sales-related expenses associated with the sale of the
Contract in connection with the Plan.
The surrender charge will not be assessed for withdrawals made under the
following circumstances: retirement, separation from service, loans (if
available in your Plan), hardship (as defined by the Code), death, disability as
defined in Code section 72(m)(7), return of Excess Plan Contributions, minimum
required distributions generally at age 70 1/2, transfers to an Employer Stock
Fund, certain Plan expenses as mutually agreed upon and annuitization under this
Contract or another Contract issued by us.
For unallocated Contracts, we make the deductions described above pursuant to
the terms of the various agreements among the custodian, the principal
underwriter, and us.
FREE WITHDRAWAL ALLOWANCE. For Contracts in use with deferred compensation
plans, the tax deferred annuity plans and combined qualified plans/tax-deferred
annuity plans, there is a 10% free withdrawal allowance available each year
after the first Contract Year. The available withdrawal amount will be
calculated as of the first Valuation Date of any given Contract Year. The free
withdrawal allowance applies to partial surrenders of any amount and to full
surrenders, except those full surrenders transferred directly to annuity
contracts issued by other financial institutions.
MORTALITY AND EXPENSE RISK CHARGE
A mortality and expense risk charge is deducted on each Valuation Date from
amounts held in the Separate Account. This charge is equivalent, on an annual
basis, to a maximum of 1.20% of the amounts allocated to each Funding Option.
The mortality risk portion compensates the Company for guaranteeing to provide
Annuity Payments according to the terms of the Contract regardless of how long
the Annuitant lives and for guaranteeing to provide the death benefit if a
Participant dies prior to the Maturity Date. The expense risk charge compensates
the Company for the risk that the charges under the Contract, which cannot be
increased during the duration of the Contract, will be insufficient to cover
actual costs.
In determining the level of the mortality and expense risk charge, the Company
will consider the size of the Plan, the number of employees, Plan Participants,
the demographics of the Participants, which may reduce mortality and expenses of
the Plan, and any other factors which the Company considers relevant.
Although variable Annuity payments made under the Contracts will vary in
accordance with the investment performance of each Funding Option's investment
portfolio, payments will not be affected by (a) the Company's actual mortality
experience among Annuitants after retirement or (b) the Company's actual
expenses, if greater than the deductions provided for in the Contracts because
of the expense and mortality undertakings by the Company.
18
<PAGE> 22
FUNDING OPTION CHARGES
There are certain deductions from and expenses paid out of the assets of each
Funding Option. These are described in the applicable prospectus for each
Funding Option.
ADMINISTRATIVE CHARGES
The following administrative charges may apply as described in your Contract.
SEMIANNUAL POLICY FEE. A semiannual policy fee of up to $15 may be deducted from
the value of each Participant's Individual Account. Any such deduction will be
made pro rata from each of the Funding Options, at the end of each 6-month
period. This fee is assessed only during the Accumulation Period. This charge
may apply only to allocated contracts.
ADMINISTRATIVE EXPENSE. This charge is deducted on each Valuation Date from the
variable Funding Options in order to compensate the Company for certain
administrative and operating expenses of the Funding Options. The charge is
equivalent, on an annual basis, to a maximum of 0.10% of the daily net asset
value of each Funding Options. This charge is assessed during the Accumulation
and Annuity Periods.
As discussed below, the level of the semiannual policy fee and of the
administrative expense charge is subject to negotiation. In determining the
level of the semiannual fee and the administrative expense charge, we consider
certain factors including, but not limited to, the following:
(a) The size and characteristics of the Contract and the group to which it
is issued including: the annual amount of Purchase Payments per
Participant, the expected turnover of employees, whether the Contract
Owner will remit Purchase Payment allocations electronically, and any
other factors pertaining to the characteristics of the group or the
Plan which may enable the Company to reduce the expense of
administration.
(b) Determination of the Company's anticipated expenses in administering
the Contract, such as: billing for Purchase Payments, producing
periodic reports, providing for the direct payment of Contract charges
rather than having them deducted from Contract values, and any other
factors pertaining to the level and expense of administrative services
which will be provided under the Contract.
(c) TPA and/or agent involvement.
PREMIUM TAX DEDUCTIONS
Certain states or municipalities impose a premium tax, ranging up to 5.0%. A
premium tax is made, if applicable, on purchase payments or contract values. On
any Contract subject to a premium tax, the tax will be deducted, as provided
under applicable law, either from Purchase Payments when received or from the
amount applied to effect an Annuity at the time Annuity payments commence.
However, we reserve the right to deduct from the Contract the state or
municipality premium tax upon our determination of when such tax is due.
TPA ADMINISTRATIVE CHARGES
The Company may be directed by the Contract Owner to deduct charges from
Purchase Payments or account values for payment to the Contract Owner and/or the
TPA. These charges are not levied by the Contract. Such charges may include
maintenance fees and transaction fees.
19
<PAGE> 23
THE COMPANY, THE SEPARATE ACCOUNT
AND THE FUNDING OPTIONS
- --------------------------------------------------------------------------------
THE COMPANY
The Travelers Insurance Company is a stock insurance company chartered in 1864
in Connecticut and continuously engaged in the insurance business since that
time. It is licensed to conduct life insurance business in all states of the
United States, the District of Columbia, Puerto Rico, Guam, the U.S. and British
Virgin Islands and the Bahamas. The Company is an indirect wholly owned
subsidiary of Travelers Group Inc., a financial services holding company. The
Company's Home Office is located at One Tower Square, Hartford, Connecticut
06183.
THE SEPARATE ACCOUNT
The Separate Account was established on December 26, 1995, in accordance with
authorization by the Board of Directors of the Company. It is the Separate
Account in which the Company sets aside and invests the assets attributable to
the Contracts sold under this prospectus. The Separate Account is registered as
a unit investment trust under the Investment Company Act of 1940. This
registration does not, however, involve Securities and Exchange Commission
supervision of the management or the investment practices or policies of the
Separate Account or the Company.
Under Connecticut law, the assets of the Separate Account attributable to the
Contracts offered under this prospectus are held for the benefit of the owners
of, and the persons entitled to payments under, those Contracts. The assets in
the Separate Account are not chargeable with liabilities arising out of any
other business the Company may conduct. Therefore, you will not be affected by
the rate of return of the Company's General Account, nor by the investment
performance of any of the Company's other separate accounts.
The Company does not guarantee the investment results of the Separate Account or
the Funding Options. There is no assurance that the Account Value on the
Maturity Date or the aggregate amount of the Variable Annuity payments will
equal the sum of Purchase Payments made under the Contract. Since each Funding
Option has different investment objectives, each is subject to different risks.
These risks are more fully described in the prospectuses for the Funding Options
which must accompany this prospectus. Additional copies of the prospectuses may
be requested from your sales representative or from the Home Office.
The Company reserves the right, subject to compliance with the law, to
substitute the shares of any other registered investment company for the shares
of any Funding Option held by the Separate Account. Substitution may occur if
shares of the Funding Option(s) become unavailable or due to changes in
applicable law or interpretations of law. Current law requires approval of the
Securities and Exchange Commission and notification to you of any such
substitution. The Company also reserves the right, subject to compliance with
the law, to offer additional Funding Options.
The funding options and their investment objectives and advisers are as follows:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
FUNDING INVESTMENT INVESTMENT
OPTION OBJECTIVE ADVISER SUBADVISER
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Capital Appreciation Fund growth of capital through the use Travelers Asset Management Janus Capital
of common stocks International Corporation
Corporation ("TAMIC")
High Yield Bond Trust* high yield and capital TAMIC
appreciation typically through
investments in generous income,
high risk securities
</TABLE>
20
<PAGE> 24
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
FUNDING INVESTMENT INVESTMENT
OPTION OBJECTIVE ADVISER SUBADVISER
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Managed Assets Trust** high total return through a fully TAMIC The Travelers
managed investment policy Investment
Management
Company ("TIMCO")
U.S. Government Securities highest credit quality, current TAMIC
Portfolio* income and total return
Social Awareness Stock Portfolio growth and income through use of Smith Barney Mutual Funds
common stocks which meet Management Inc.
certain social criteria ("SBMFM")
Utilities Portfolio current income by investing in SBMFM
equity and debt securities of
companies in the utility
industries
Travelers Quality Bond Portfolio* high current income and limited TAMIC TIMCO
price volatility
Templeton Stock Fund capital growth Templeton Investment
Counsel, Inc.
Templeton Asset Allocation Fund** high level of total return with Templeton Investment
reduced risk over the long term Counsel, Inc.
Templeton Bond Fund* high current income Templeton Global Bond
Managers
Fidelity VIP High Income Portfolio* high level of current income by Fidelity Management &
investing primarily in high Research Company
yielding (i.e. high risk),
lower-rated, fixed-income
securities, while also
considering growth of capital
Fidelity VIP Equity-Income Portfolio reasonable income by investing Fidelity Management &
primarily in income-producing Research Company
equity securities
Fidelity VIP Growth Portfolio capital appreciation Fidelity Management &
Research Company
Fidelity VIP II Asset Manager high total return with reduced Fidelity Management &
Portfolio** risk over the long-term Research Company
Dreyfus Stock Index Fund investment results that Mellon Equity Associates
correspond to the price and
yield performance of publicly
traded common stocks in the
aggregate
American Odyssey International maximum long-term total return by American Odyssey Funds Bank of Ireland
Equity Fund investing primarily in common Management, Inc. Asset Management
stocks of established non-U.S. (U.S.) Limited
companies
American Odyssey Emerging maximum long-term total return by American Odyssey Funds Wilke/Thompson
Opportunities Fund investing primarily in common Management, Inc. Capital
stocks of small, rapidly Management, Inc.
growing companies and Cowen Asset
Management
American Odyssey Core Equity Fund maximum long-term total return by American Odyssey Funds Equinox Capital
investing primarily in common Management, Inc. Management, Inc.
stocks of well-established
companies
American Odyssey Long-Term Bond maximum long-term total return by American Odyssey Funds Western Asset
Fund* investing primarily in long- Management, Inc. Management
term debt securities Company
</TABLE>
21
<PAGE> 25
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
FUNDING INVESTMENT INVESTMENT
OPTION OBJECTIVE ADVISER SUBADVISER
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
American Odyssey Intermediate- Term maximum long-term total return by American Odyssey Funds TAMIC
Bond Fund* investing primarily in Management, Inc.
intermediate-term corporate
debt securities
American Odyssey Short-Term Bond maximum long-term total return by American Odyssey Funds Smith Graham & Co.
Fund* investing primarily in Management, Inc. Asset Managers,
investment-grade, short-term L.P.
debt securities
Smith Barney Income and Growth current income and long-term SBMFM
Portfolio growth of income and capital
Alliance Growth Portfolio long-term growth of capital Travelers Investment Alliance Capital
Advisers, Inc. ("TIA") Management L.P.
Smith Barney International Equity total return on assets from SBMFM
Portfolio growth of capital and income
Putnam Diversified Income high current income consistent TIA Putnam Investment
Portfolio** with preservation of capital Management, Inc.
Smith Barney High Income Portfolio* high current income; capital SBMFM
appreciation is a secondary
objective
MFS Total Return Portfolio** above-average income (compared to TIA Massachusetts
a portfolio entirely invested Financial
in equity securities) Services Company
consistent with the prudent
employment of capital
Smith Barney Money Market Portfolio* maximum current income and SBMFM
preservation of capital by
investing in high quality,
short-term money market
instruments. An investment in
this fund is neither insured
nor guaranteed by the U.S.
Government. There is no
assurance that a stable $1.00
value can be maintained
</TABLE>
* The Funding Options marked with an asterisk (*) are considered Competing
Funds, and may be subject to transfer restrictions. Those marked with two
asterisks (**) are not currently considered Competing Funds, but may be so in
the future because of an allowable change in the Funding Option's investment
strategy. Please refer to the contract for transfer restrictions.
An asset allocation program is available for certain Funding Options under the
Contract. See "Asset Allocation Advice."
Certain variable annuity separate accounts and variable life insurance separate
accounts may invest in the Funding Options simultaneously (called "mixed" and
"shared" funding). It is conceivable that in the future it may be
disadvantageous to do so. Although the Company and the Funding Options do not
currently foresee any such disadvantages either to variable annuity Contract
Owners or variable life insurance policyowners, each Funding Option's Board of
Directors intends to monitor events in order to identify any material conflicts
between such Contract Owners and policyowners and to determine what action, if
any, should be taken in response thereto. If a Board of Directors was to
conclude that separate funds should be established for variable life and
variable annuity separate accounts, the variable annuity Contract Owners would
not bear any expenses attendant to the establishment of such separate funds, but
variable annuity Contract Owners and variable life insurance policyowners would
no longer have the economies of scale resulting from a larger combined fund.
22
<PAGE> 26
PERFORMANCE INFORMATION
- --------------------------------------------------------------------------------
From time to time, the Company may advertise different types of historical
performance for the Funding Options available through Separate Account QP. The
Company may advertise the "standardized average annual total returns" of each,
calculated in a manner prescribed by the SEC, as well as the "non-standardized
average annual total returns," both described below.
"Standardized average annual total returns will show the percentage rate of
return of a hypothetical initial investment of $1,000 for the most recent one-,
five- and ten-year periods (or fractional periods thereof). This standardized
calculation reflects the deduction of all applicable charges made to the
Contract, except for premium taxes which may be imposed by certain states.
"Non-standardized average annual total returns" will be calculated in a similar
manner, except non-standardized total returns will not reflect the deduction of
any applicable Contingent Deferred Sales Charge, Surrender Charge, or
administrative charge, which would decrease the level of performance shown if
reflected in these calculations.
Performance information may be quoted numerically or may be presented in a
table, graph or other illustration. Advertisements may include data comparing
performance to well-known indices of market performance (including, but not
limited to, the Dow Jones Industrial Average, the Standard & Poor's (S&P) 500
Index and the S&P 400 Index, the Lehman Brothers Long-T-Bond Index, the Russell
1000, 2000 and 3000 Indices, the Value Line Index, and the Morgan Stanley
Capital International's EAFE Index). Advertisements may also include published
editorial comments and performance rankings compiled by independent
organizations (including, but not limited to, Lipper Analytical Services, Inc.
and Morningstar, Inc.) and publications that monitor the performance of Fund QP
and the Funding Options.
The total return quotations are based upon historical earnings and are not
necessarily representative of future performance. A Contract Owner's Contract
Value at redemption may be more or less than original cost. The SAI contains
more detailed information about these performance calculations, including actual
examples of each type of performance advertised.
FEDERAL TAX CONSIDERATIONS
- --------------------------------------------------------------------------------
The following description of the federal income tax consequences under this
Contract is not exhaustive and is not intended to cover all situations and is
not meant to provide tax advice. Because of the complexity of the law and the
fact that the tax results will vary depending on many factors, you should
consult your tax advisor regarding your personal situation. For your
information, a more detailed discussion is contained in the SAI.
GENERAL TAXATION OF ANNUITIES
Congress has recognized the value of saving for retirement by providing certain
tax benefits, in the form of tax deferral, for money put into an annuity. The
Internal Revenue Code (Code) governs how this money is ultimately taxed,
depending upon the type of contract, qualified or non-qualified, and the manner
in which the money is distributed, as briefly described below.
TYPES OF CONTRACTS: QUALIFIED OR NONQUALIFIED
If you purchase an annuity contract with proceeds of an eligible rollover
distribution from any pension plan, specially sponsored program, or individual
retirement annuity (IRA) with pre-tax
23
<PAGE> 27
dollars, your contract is referred to as a qualified contract. Some examples of
qualified contracts are: IRAs, 403(b) annuities, pension and profit-sharing
plans (including 401(k) plans), Keogh Plans and certain other qualified deferred
compensation plans. If you purchase the contract on an individual basis and with
after-tax dollars and not under one of the programs described above, your
contract is referred to as nonqualified.
INVESTOR CONTROL
In certain circumstances, owners of variable annuity contracts may be considered
the owners, for federal income tax purposes, of the assets of the separate
accounts used to support their contract. In those circumstances, income and
gains from the separate account assets would be includable in the variable
contract owner's gross income.
The IRS has stated in published rulings that a variable contract owner will be
considered the owner of separate account assets if the contract owner possesses
incidents of ownership in those assets, such as the ability to exercise
investment control over the assets. The U.S. Treasury Department has also
announced, in connection with the issuance of regulations concerning
diversification, that those regulations "do not provide guidance concerning the
circumstances in which investor control of the investments of a segregated asset
account may cause the investor (i.e., the contract owner), rather than the
insurance company, to be treated as the owner of the assets in the account."
This announcement also stated that guidance would be issued by way of
regulations or rulings on the "extent to which policyholders may direct their
investments to particular sub-accounts without being treated as owners of the
underlying assets." As of the date of this prospectus, no such guidance has been
issued.
The ownership rights under the Contract are similar to, but different in certain
respects from, those described by the IRS in rulings in which it determined that
the owners were not owners of separate account assets. For example, a contract
owner or participant of this Contract has additional flexibility in allocating
payments and cash values. These differences could result in the contract owner
being treated as the owner of the assets of Fund QP. In addition, the Company
does not know what standard will be set forth in the regulations or rulings
which the Treasury is expected to issue, nor does the Company know if such
guidance will be issued. The Company therefore reserves the right to modify the
Contract as necessary to attempt to prevent the contract owner from being
considered the owner of a pro rata share of the assets of Fund QP.
The remaining tax discussion assumes that the Contract qualifies as an annuity
contract for federal income tax purposes.
MANDATORY DISTRIBUTIONS FOR QUALIFIED PLANS
Federal tax law requires that minimum annual distributions begin by April 1st of
the calendar year following the calendar year in which an IRA owner attains age
70 1/2. Participants in qualified plans and 403(b) annuities may defer minimum
distributions until the later of April 1st of the calendar year following the
calendar year in which they attain age 70 1/2 or retirement. Distributions must
begin or be continued according to required patterns following the death of the
contract owner or annuitant of both qualified and nonqualified annuities.
NONQUALIFIED ANNUITY CONTRACTS
As the owner of a nonqualified annuity, you do not receive any tax benefit
(deduction or deferral of income) on purchase payments, but you will not be
taxed on increases in the value of your contract until a distribution
occurs -- either as a withdrawal (distribution made prior to the maturity date),
or as annuity payments. When a withdrawal is made, you are taxed on the amount
of the withdrawal that is considered earnings. Similarly, when you receive an
annuity payment, part of each payment is considered a return of your purchase
payments and will not be taxed. The
24
<PAGE> 28
remaining portion of the annuity payment (i.e., any earnings) will be considered
ordinary income for tax purposes.
If a nonqualified annuity is owned by other than an individual, however, (e.g.,
by a corporation), increases in the value of the contract attributable to
purchase payments made after February 28, 1986 are includable in income
annually. Furthermore, for contracts issued after April 22, 1987, if you
transfer the contract without adequate consideration all deferred increases in
value will be includable in your income at the time of the transfer.
If you make a partial withdrawal, this money will generally be taxed as first
coming from earnings, (income in the contract), and then from your purchase
payments. These withdrawn earnings are includable in your income. (See "Penalty
Tax for Premature Distributions" below). There is income in the contract to the
extent the cash value exceeds your investment in the contract. The investment in
the contract equals the total purchase payments you paid less any amount
received previously which was excludable from gross income. Any direct or
indirect borrowing against the value of the contract or pledging of the contract
as security for a loan will be treated as a cash distribution under the tax law.
Federal tax law requires that nonqualified annuity contracts meet minimum
mandatory distribution requirements upon the death of the contract owner,
including the first of joint owners. If these requirements are not met, the
surviving joint owner, or the beneficiary, will have to pay taxes prior to
distribution. The distribution required depends, among other things, upon
whether an annuity option is elected or whether the new contract owner is the
surviving spouse. We will administer Contracts in accordance with these rules
and we will notify you when you should begin receiving payments.
QUALIFIED ANNUITY CONTRACTS
Under a qualified annuity, since amounts paid into the contract have not yet
been taxed, the full amount of all distributions, including lump-sum withdrawals
and annuity payments are taxed at the ordinary income tax rate unless the
distribution is transferred to an eligible rollover account or contract. The
Contract is available as a vehicle for IRA rollovers and for other qualified
contracts. There are special rules which govern the taxation of qualified
contracts, including withdrawal restrictions, requirements for mandatory
distributions, and contribution limits. We have provided a more complete
discussion in the SAI.
PENALTY TAX FOR PREMATURE DISTRIBUTIONS
Taxable distributions taken before the contract owner has reached the age of
59 1/2 will be subject to a 10% additional tax penalty unless the distribution
is taken in a series of periodic distributions, for life or life expectancy, or
unless the distribution follows the death or disability of the Contract Owner.
Other exceptions may be available in certain tax-qualified plans.
DIVERSIFICATION REQUIREMENTS
The Code states that in order to qualify for the tax benefits described above,
investments made in the separate account of any nonqualified variable annuity
contract must satisfy certain diversification requirements. Tax regulations
define how separate accounts must be diversified. We monitor the investments
constantly and believe that our accounts are adequately diversified. We intend
to administer all contracts subject to this provision of law in a manner that
will maintain adequate diversification.
25
<PAGE> 29
MISCELLANEOUS
- --------------------------------------------------------------------------------
VOTING RIGHTS
The Company is the legal owner of the shares of the Funding Options. However, we
believe that when a Funding Option solicits proxies in conjunction with a vote
of shareholders we are required to obtain from you and from other owners
instructions on how to vote those shares. When we receive those instructions, we
will vote all of the shares we own in proportion to those instructions. This
will also include any shares we own on our own behalf. Should we determine that
we are no longer required to comply with the above, we will vote the shares in
our own right.
NONQUALIFIED/UNFUNDED DEFERRED COMPENSATION PLANS
The Contract may also be issued for nonqualified and unfunded deferred
compensation plans which do not qualify for special tax treatment under the
Internal Revenue Code. Under such Contract, the entity sponsoring the
nonqualified deferred compensation plan will be the Contract Owner and will
possess all rights under the Contract. Participants in the deferred compensation
plan will not have any rights under, or beneficial interests in, the Contract.
The Contract Owner may, therefore, make all elections under the Contract and is
entitled to receive all benefit payments under the Contract. The Contract Owner
may direct Travelers to make certain benefit payments directly to Participants
or their beneficiaries. The Contract Owner also has all rights to determine the
investment of the amounts held under the Contract among the various Funding
Options; provided, however, that in its sole discretion, the Contract Owner may
elect to follow the directions of the Participants as to the investment of the
amounts held under the Contract. Any such direction by the Contract Owner to
Travelers to make any benefit payments to Participants or their beneficiaries,
and/or any election by the Company to follow the direction of Participants as to
the investment among the Funding Options may be revoked or amended by the
Contract Owner at its sole discretion.
DISTRIBUTION OF THE CONTRACTS
Tower Square Securities, Inc. ("Tower Square") serves as principal underwriter
for the securities issued with respect to the Separate Account. The Company is
the custodian of the Separate Account's assets. It is currently anticipated that
an affiliated broker-dealer may become the principal underwriter for the
Contracts during 1997.
The Contracts will be sold by salespersons of Tower Square who represent the
Company as insurance and variable annuity agents and who are registered
representatives of Tower Square or broker-dealers who have entered into
distribution agreements with Tower Square. The compensation paid to sales
representatives will not exceed 5% of payments made under the Contracts. Tower
Square is registered with the Commission under the Securities Exchange Act of
1934 as a Broker-Dealer and is a member of the National Association of
Securities Dealers, Inc. Tower Square is an indirect wholly owned subsidiary of
The Company.
POSTPONEMENT OF PAYMENT (EMERGENCY PROCEDURE)
Payment of any benefit or values may be postponed whenever (1) the New York
Stock Exchange is closed; (2) when trading on the New York Stock Exchange is
restricted; (3) when an emergency exists as determined by the Securities and
Exchange Commission so that disposal of the securities held in the Funding
Options is not reasonably practicable or it is not reasonably practicable to
determine the value of the Funding Option's net assets; or (4) during any other
period when the Securities and Exchange Commission, by order, so permits for the
protection of security holders. Any provision of the Contract which specifies a
Valuation Date will be superseded by this Emergency Procedure.
26
<PAGE> 30
CONTRACT MODIFICATION
The Company reserves the right to modify the Contract to keep it qualified under
all related law and regulations which are in effect during the term of this
Contract. We will obtain the approval of any regulatory authority needed for the
modifications.
LEGAL PROCEEDINGS
The Company's Counsel with respect to federal laws and regulations applicable to
the issue and sale of the Contracts and with respect to Connecticut law is
Kathleen A. McGah, Esquire, Counsel and Assistant Secretary of The Travelers
Insurance Company. She has passed on all legal matters affecting the Separate
Account. Currently, there are no material legal proceedings affecting the
Separate Account.
27
<PAGE> 31
APPENDIX A
CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES
<TABLE>
<CAPTION>
PERIOD FROM
OCTOBER 8, 1996
(DATE OPERATIONS COMMENCED)
TO DECEMBER 31, 1996
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
CAPITAL APPRECIATION FUND
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.028
Number of units outstanding at end of year.............................................. 293,629
HIGH YIELD BOND TRUST
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.031
Number of units outstanding at end of year.............................................. 6,520
MANAGED ASSETS TRUST
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.043
Number of units outstanding at end of year.............................................. 78,508
U.S. GOVERNMENT SECURITIES PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.025
Number of units outstanding at end of period............................................ 51,072
SOCIAL AWARENESS STOCK PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.036
Number of units outstanding at end of year (thousands).................................. 35,689
UTILITIES PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.034
Number of units outstanding at end of period............................................ 7,796
TEMPLETON BOND FUND (8/88)
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.035
Number of units outstanding at end of year.............................................. 15,303
TEMPLETON STOCK FUND (8/88)
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.080
Number of units outstanding at end of year.............................................. 369,698
TEMPLETON ASSET ALLOCATION FUND (8/88)
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.067
Number of units outstanding at end of year.............................................. 70,211
FIDELITY VIP HIGH INCOME PORTFOLIO
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.013
Number of units outstanding at end of year.............................................. 91,884
FIDELITY VIP GROWTH PORTFOLIO
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 0.993
Number of units outstanding at end of year.............................................. 804,434
FIDELITY VIP EQUITY-INCOME PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.043
Number of units outstanding at end of period............................................ 417,374
</TABLE>
A-1
<PAGE> 32
APPENDIX A
CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES (CONTINUED)
<TABLE>
<CAPTION>
PERIOD FROM
OCTOBER 8, 1996
(DATE OPERATIONS COMMENCED)
TO DECEMBER 31, 1996
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
FIDELITY VIP II ASSET MANAGER PORTFOLIO
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.048
Number of units outstanding at end of year.............................................. 290,881
DREYFUS STOCK INDEX FUND
Unit Value at beginning of year......................................................... $ 1.000
Unit Value at end of year............................................................... 1.076
Number of units outstanding at end of year.............................................. 204,067
AMERICAN ODYSSEY INTERNATIONAL EQUITY FUND
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.091
Number of units outstanding at end of period............................................ 239,079
AMERICAN ODYSSEY EMERGING OPPORTUNITIES FUND
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 0.885
Number of units outstanding at end of period............................................ 404,384
AMERICAN ODYSSEY CORE EQUITY FUND
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.080
Number of units outstanding at end of period............................................ 496,794
AMERICAN ODYSSEY LONG-TERM BOND FUND
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.022
Number of units outstanding at end of period............................................ 232,943
AMERICAN ODYSSEY INTERMEDIATE-TERM BOND FUND
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.017
Number of units outstanding at end of period............................................ 195,701
AMERICAN ODYSSEY SHORT-TERM BOND FUND
Unit Value at beginning of period....................................................... $ 1,000
Unit Value at end of period............................................................. 1.010
Number of units outstanding at end of period............................................ 116,408
SMITH BARNEY INCOME AND GROWTH PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.058
Number of units outstanding at end of period............................................ 270,469
ALLIANCE GROWTH PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.065
Number of units outstanding at end of period............................................ 44,777
SMITH BARNEY INTERNATIONAL EQUITY PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.017
Number of units outstanding at end of period............................................ 8,808
PUTNAM DIVERSIFIED INCOME PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.019
Number of units outstanding at end of period............................................ 12,636
</TABLE>
A-2
<PAGE> 33
APPENDIX A
CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES (CONTINUED)
<TABLE>
<CAPTION>
PERIOD FROM
OCTOBER 8, 1996
(DATE OPERATIONS COMMENCED)
TO DECEMBER 31, 1996
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
SMITH BARNEY HIGH INCOME PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.042
Number of units outstanding at end of period............................................ 278
MFS TOTAL RETURN PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.045
Number of units outstanding at end of period............................................ 2,087
SMITH BARNEY MONEY MARKET PORTFOLIO
Unit Value at beginning of period....................................................... $ 1.000
Unit Value at end of period............................................................. 1.010
Number of units outstanding at end of period............................................ 56,124
</TABLE>
The financial statements of Separate Account QP are contained in the Annual
Report which should be read along with this information and which is
incorporated by reference into the SAI. The consolidated financial statements of
The Travelers Insurance Company and Subsidiaries are contained in the SAI.
A-3
<PAGE> 34
APPENDIX B
CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
The Statement of Additional Information contains more specific information and
financial statements relating to the Separate Account and the Company. A list of
the contents of the Statement of Additional Information is set forth below:
The Insurance Company
Principal Underwriter
Distribution and Management Agreement
Valuation of Assets
Federal Tax Considerations
Performance Information
Independent Accountants
Financial Statements
- --------------------------------------------------------------------------------
COPIES OF THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997 (FORM NO. L
12549S) ARE AVAILABLE WITHOUT CHARGE. TO REQUEST A COPY, PLEASE COMPLETE THE
COUPON FOUND BELOW AND MAIL IT TO: THE TRAVELERS INSURANCE COMPANY, ANNUITY
SERVICES, ONE TOWER SQUARE, HARTFORD, CONNECTICUT, 06183-9061.
Name:
- --------------------------------------------------------------------------------
Address:
================================================================================
B-1
<PAGE> 35
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE> 36
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE> 37
THE TRAVELERS SEPARATE ACCOUNT QP
FOR VARIABLE ANNUITIES
L-12549 Printed in U.S.A.
TIC Ed. 5-97
<PAGE> 38
PART B
Information Required in a Statement of Additional Information
<PAGE> 39
STATEMENT OF ADDITIONAL INFORMATION
dated
May 1, 1997
for
THE TRAVELERS FUND QP FOR VARIABLE ANNUITIES
ISSUED BY
THE TRAVELERS INSURANCE COMPANY
This Statement of Additional Information ("SAI") is not a prospectus but
relates to, and should be read in conjunction with, the Group Variable Annuity
Contract Prospectus dated May 1, 1997. A copy of the Prospectus may be
obtained by writing to The Travelers Insurance Company, Annuity Services, One
Tower Square, Hartford, Connecticut 06183-9061, or by calling 1-800-842-8573.
TABLE OF CONTENTS
<TABLE>
<S> <C>
THE INSURANCE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
PRINCIPAL UNDERWRITER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
DISTRIBUTION AND MANAGEMENT AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
VALUATION OF ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
PERFORMANCE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
INDEPENDENT ACCOUNTANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
</TABLE>
<PAGE> 40
THE INSURANCE COMPANY
The Travelers Insurance Company (the "Company"), is a stock insurance
company chartered in 1864 in Connecticut and continuously engaged in the
insurance business since that time. It is licensed to conduct life insurance
business in all states of the United States, the District of Columbia, Puerto
Rico, Guam, the U.S. and British Virgin Islands and the Bahamas. The Company
is an indirect wholly owned subsidiary of Travelers Group Inc. The Company's
Home Office is located at One Tower Square, Hartford, Connecticut 06183.
STATE REGULATION. The Company is subject to the laws of the state of
Connecticut governing insurance companies and to regulation by the Insurance
Commissioner of the state of Connecticut (the "Commissioner"). An annual
statement covering the operations of the Company for the preceding year, as
well as its financial conditions as of December 31 of such year, must be filed
with the Commissioner in a prescribed format on or before March 1 of each year.
The Company's books and assets are subject to review or examination by the
Commissioner or his agents at all times, and a full examination of its
operations is conducted at least once every four years.
The Company is also subject to the insurance laws and regulations of all
other states in which it is licensed to operate. However, the insurance
departments of each of these states generally apply the laws of the
jurisdiction of domicile in determining the field of permissible investments.
THE SEPARATE ACCOUNT. Fund QP meets the definition of a separate account under
the federal securities laws, and will comply with the provisions of the 1940
Act. Additionally, the operations of Fund QP are subject to the provisions of
Section 38a-433 of the Connecticut General Statutes which authorizes the
Commissioner to adopt regulations under it. Section 38a-433 contains no
restrictions on the investments of the Separate Account, and the Commissioner
has adopted no regulations under the Section that affect the Separate Account.
PRINCIPAL UNDERWRITER
Tower Square Securities, Inc. ("Tower Square "), an affiliate of the
Company, serves as principal underwriter for Fund QP and the Contracts. The
offering is continuous. Tower Square is an indirect wholly owned subsidiary of
Travelers Group Inc. and its principal executive offices are located at One
Tower Square, Hartford, Connecticut. It is anticipated that an affiliated
broker-dealer may become the principal underwriter for the Contracts in 1997.
1
<PAGE> 41
DISTRIBUTION AND MANAGEMENT AGREEMENT
Under the terms of the Distribution and Management Agreement among
Fund QP, the Company and Tower Square, the Company provides all administrative
services and mortality and expense risk guarantees related to variable annuity
contracts sold by the Company in connection with the Fund QP. Tower Square
performs the sales functions related to the Contracts. The Company reimburses
TSSI for commissions paid, other sales expenses and certain overhead expenses
connected with sales functions. The Company also pays all costs (including
costs associated with the preparation of sales literature); all costs of
qualifying the Fund QP and the variable annuity contract with regulatory
authorities; the costs of proxy solicitation; and all custodian, accountant's
and legal fees. The Company also provides without cost to the Fund QP all
necessary office space, facilities, and personnel to manage its affairs.
VALUATION OF ASSETS
FUNDING OPTIONS: The value of the assets of each Underlying Fund is determined
on each Valuation Date as of the close of the New York Stock Exchange. Each
security traded on a national securities exchange is valued at the last
reported sale price on the Valuation Date. If there has been no sale on that
day, then the value of the security is taken to be the mean between the
reported bid and asked prices on the Valuation Date or on the basis of
quotations received from a reputable broker or any other recognized source.
Any security not traded on a securities exchange but traded in the
over-the-counter-market and for which market quotations are readily available
is valued at the mean between the quoted bid and asked prices on the Valuation
Date or on the basis of quotations received from a reputable broker or any
other recognized source.
Securities traded on the over-the-counter-market and listed securities
with no reported sales are valued at the mean between the last reported bid and
asked prices or on the basis of quotations received from a reputable broker or
other recognized source.
Short-term investments for which a quoted market price is available
are valued at market. Short-term investments maturing in more than sixty days
for which there is no reliable quoted market price are valued by "marking to
market" (computing a market value based upon quotations from dealers or issuers
for securities of a similar type, quality and maturity.) "Marking to market"
takes in account unrealized appreciation or depreciation due to changes in
interest rates or other factors which would influence the current fair values
of such securities. Short-term investments maturing in sixty days or less for
which there is no reliable quoted market price are valued at amortized cost
which approximates market.
THE CASH VALUE: The value of an Accumulation Unit on any Valuation Date is
determined by multiplying the value on the immediately preceding Valuation Date
by the net investment factor for the Valuation Period just ended. The net
investment factor is used to measure the investment performance of a Funding
Option from one Valuation Period to the next. The net investment factor for a
Funding Option for any Valuation Period is equal to the sum of 1.000000 plus
the net investment rate (the gross investment rate less any applicable Funding
Option deductions during the Valuation Period relating to
2
<PAGE> 42
the Insurance Charge and the Funding Option Administrative Charge). The gross
investment rate of a Funding Option is equal to (a - b) / c where:
(a) = investment income plus capital gains and losses (whether realized or
unrealized);
(b) = any deduction for applicable taxes (presently zero); and
(c) = the value of the assets of the Funding Option at the beginning of the
Valuation Period.
The gross investment rate may be either positive or negative. A Funding
Option's investment income includes any distribution whose ex- dividend date
occurs during the Valuation Period.
PERFORMANCE INFORMATION
YIELD QUOTATIONS OF MONEY MARKET ACCOUNTS
Yield quotations of Money Market Accounts are calculated using the
base period return for a seven-day period. The base period return is
calculated using a hypothetical pre-existing account having a balance of one
accumulation unit at the beginning of the period; base period return per
accumulation unit is equal to accrued interest on portfolio securities plus or
minus amortized purchase discount or premium less all accrued expenses for
investment advisory fees and mortality and expense guarantees, and less a pro
rata portion of the contract administrative charge (calculated in the manner
described under "Average Annual Total Return" below), divided by the
accumulation unit value at the beginning of the period. Realized capital gains
or losses and unrealized appreciation or depreciation of the portfolio are not
included in the base period return, but are included in accumulation unit
values.
Current yield is equal to the base period return multiplied by 365,
and the result divided by 7. There are various current yields for the Smith
Barney Money Market Portfolio for the seven-day period ended December 29, 1995,
depending on the charges assessed under the contract. The current yields were
as follows:
4.45% (for .60% mortality and expense risk charge ("m&e")
4.24% (for .80% m&e)
4.10% (for .95% m&e)
3.89% (for 1.15% m&e)
3.74% (for 1.20% m&e and .10% admin. charge)
Effective yield, which includes the effects of compounding, is equal
to the sum of 1 plus the base period return, raised to a power equal to 365
divided by 7, minus 1. There are various effective yields for the Smith Barney
Money Market Portfolio for the seven-day period ended December 29, 1995
depending on the charges assessed under the contract. The effective yields were
as follows:
4.55% (for .60% mortality and expense risk charge ("m&e")
4.33% (for .80% m&e)
4.18% (for .95% m&e)
3.97% (for 1.15% m&e)
3.81% (for 1.20% m&e and .10% admin. charge)
These quotations do not reflect a deduction for any applicable
surrender charge. If the surrender charge was included, the applicable yield
and effective yield would be reduced.
TOTAL RETURN PERFORMANCE
From time to time, the Company may advertise several types of
historical performance for the Funding Options of Fund QP. The Company may
advertise the "standardized average annual total
3
<PAGE> 43
returns" of the Funding Option, calculated in a manner prescribed by the
Securities and Exchange Commission, as well as the "non-standardized average
annual total return," as described below:
STANDARDIZED METHOD. Quotations of average annual total return are
computed according to a formula in which a hypothetical initial investment of
$1,000 is applied to the Funding Option, and then related to ending redeemable
values over one-, five-, and ten-year periods, or for a period covering the
time during which the Funding Option has been in existence if less. These
quotations reflect the deduction of all maximum recurring charges during each
period (on a pro rata basis in the case of fractional periods). The deduction
for the $15 semiannual account charge is converted to a percentage of assets
based on the actual fees collected (or anticipated, if a new product), divided
by the average net assets (or anticipated average net assets, if a new product)
for contracts sold under the Prospectus to which this Statement of Additional
Information relates. Each quotation assumes a total redemption at the end of
each period with the assessment of any applicable maximum surrender charge or
deferred sales charge at that time.
NON-STANDARDIZED METHOD. Non-standardized "average annual total
return" will be calculated in a similar manner based on the performance of the
Funding Options over a period of time, usually for the calendar year-to-date,
and for the past one-, three-, five- and ten-year periods. Non-standardized
total return will not reflect the deduction of any applicable surrender or
deferred sales charge or the $15 semiannual account charge, which, if
reflected, would decrease the level of performance shown. The sales charge is
not reflected because the Contract is designed for long-term investment.
GENERAL. Within the guidelines prescribed by the SEC and the National
Association of Securities Dealers, Inc. ("NASD"), performance information may
be quoted numerically or may be presented in a table, graph or other
illustration. Advertisements may include data comparing performance to
well-known indices of market performance (including, but not limited to, the
Dow Jones Industrial Average, the Standard & Poor's (S&P) 500 Index and the S&P
400 Index, the Lehman Brothers Long T-Bond Index, the Russell 1000, 2000 and
3000 Indices, the Value Line Index, and the Morgan Stanley Capital
International's EAFE Index). Advertisements may also include published
editorial comments and performance rankings compiled by independent
organizations (including, but not limited to, Lipper Analytical Services, Inc.
and Morningstar, Inc.) and publications that monitor the performance of Fund QP
and the Underlying Funds.
For Funding Options that were in existence prior to the date they
became available under Fund QP, the standardized and nonstandardized average
annual total return quotations will show the investment performance that such
Funding Options would have achieved (reduced by the applicable maximum charges)
had they been held under the Contract for the period quoted. The total return
quotations are based upon historical earnings and are not necessarily
representative of future performance. An Owner's Cash Value at redemption may
be more or less than original cost.
Average annual total returns for each of the Funding Options computed
according to the standardized and non-standardized methods for the periods
ending December 31, 1995 are set forth in the following tables. The tables
represent the various levels of mortality and expense risk and administation
charges.
4
<PAGE> 44
TOTAL RETURN CALCULATIONS
FUNDING OPTIONS OF FUND QP
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
STANDARDIZED: NON-STANDARDIZED:
- ------------------------------------------------------------------------------------------------------------------------
M&E: 1.20% PLUS 1 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10 Year Incept.
ADMIN. CHARGE: .10% Date
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital Appreciation Fund 20.11% 15.31% 11.27% 26.54/5 16.97% 16.10% 11.36% 5/83
High Yield Bond Trust 8.71% 9.05% 7.06% 14.53% 8.36% 9.84% 7.15% 5/83
Managed Assets Trust 6.59% 7.95% 9.61% 12.30% 10.77% 8.76% 9.70% 5/83
Dreyfus Stock Index Fund 14.78% 12.37% 11.79% 20.92% 17.57% 13.14% 12.20%* 9/89
Travelers Series Trust
Portfolios:
U.S. Government Securities -4.96% 4.86%* - 0.13% 4.64% 5.78%* - 1/92
Social Awareness Stock 12.40% 11.58%* - 18.42% 14.43% 12.41%* - 5/92
Utilities 0.68% 9.53%* - 6.07% 11.18%* - - 2/94
Templeton Variable Products
Series Fund:
Templeton Bond Fund 2.53% 4.76% 6.52%* 8.02% 4.78% 5.67% 6.61%* 8/88
Templeton Stock Fund 14.66% 14.25% 11.92%* 20.80% 12.96% 15.03% 12.02%* 8/88
Templeton Asset 11.36% 11.75% 10.77%* 17.32% 10.77% 12.51% 10.87%* 8/88
Allocation Fund
Variable Insurance Products
Fund
Fidelity VIP High Income 6.83% 12.69% 9.59% 12.55% 9.19% 13.46% 9.68% 9/85
Portfolio
Fidelity VIP Equity-Income 7.06% 15.64% 12.17% 12.79% 16.69% 16.43% 12.26% 10/86
Portfolio
Fidelity VIP Growth 7.46% 12.90% 13.57% 13.22% 14.28% 13.67% 13.66% 10/86
Portfolio
Variable Insurance Products
Fund II
Fidelity VIP II Asset 7.37% 9.02% 9.85%* 13.12% 6.57% 9.80% 10.25%* 9/89
Manager Portfolio
American Odyssey Funds #:
International Equity Fund 14.18% 10.96%* - 20.29% 9.06% 12.30%* - 5/93
Emerging Opportunities Fund -9.26% 9.47%* - -4.40% 10.54% 10.80%* - 5/93
Core Equity Fund 15.37% 13.14%* - 21.55% 17.54% 14.50%* - 5/93
Long-Term Bond Fund -5.10% 4.25%* - -0.01% 3.98% 5.55%* - 5/93
Intermediate-Term Bond Fund -2.63% 2.67%* - 2.58% 3.75% 4.01%* - 5/93
Short-Term Bond Fund -2.77% 1.94%* - 2.44% 3.38% 3.31%* - 5/93
American Odyssey Funds ##:
International Equity Fund 12.76% 9.65%* - 18.80% 7.71% 10.97%* - 5/93
Emerging Opportunities Fund -10.39% 8.18%* - -5.58% 9.17% 9.48%* - 5/93
Core Equity Fund 13.94% 11.79%* - 20.04% 16.09% 13.14%* - 5/93
Long-Term Bond Fund -6.28% 2.96%* - -1.26% 2.69% 4.30%* - 5/93
Intermediate-Term Bond Fund -3.85% 1.40%* - 1.31% 2.46% 2.78%* - 5/93
Short-Term Bond Fund -3.98% 0.68%* - 1.17% 2.10% 2.08%* - 5/93
The Travelers Series Fund, Inc.
Smith Barney Income and 12.22% 16.07%* - 18.22% 18.06%* - - 6/94
Growth Portfolio
Alliance Growth Portfolio 21.20% 23.40%* - 27.69% 25.51%* - - 6/94
Smith Barney International 10.28% 6.21%* - 16.18% 8.09%* - - 6/94
Equity Portfolio
Putnam Diversified Income 1.40% 7.27%* 6.83% 9.12%*
Portfolio - - - 6/94
Smith Barney High Income 6.00% 8.91%* 11.68% 10.78%*
Portfolio - - - 6/94
MFS Total Return Portfolio 7.28% 11.37%* - 13.02% 13.28%* - - 6/94
Smith Barney Money Market -1.67% 1.62%* - 3.60% 3.61%* - - 6/94
Portfolio
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Since inception.
5
<PAGE> 45
# Reflects performance of those who DO NOT participate in the CHART Asset
Allocation Program.
## Reflects performance of those who DO participate in the CHART Asset
Allocation Program.
TOTAL RETURN CALCULATIONS
FUNDING OPTIONS OF FUND QP
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
STANDARDIZED: NON-STANDARDIZED:
- --------------------------------------------------------------------------------------------------------------------------
M&E: 1.15% Incept.
Date
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Capital Appreciation Fund 20.29% 15.49% 11.49% 26.73% 17.14% 16.27% 11.58% 5/83
High Yield Bond Trust 8.87% 9.25% 7.22% 14.70% 8.53% 10.00% 7.31% 5/83
Managed Assets Trust 6.75% 8.18% 9.78% 12.47% 10.93% 8.93% 9.87% 5/83
Dreyfus Stock Index Fund 14.95% 12.53% 11.95%* 21.10% 17.75% 13.31% 12.36%* 9/89
Travelers Series Trust
Portfolios:
U.S. Government Securities -4.82% 5.11%* 0.28% 4.80% 5.94%* 1/92
Social Awareness Stock 12.57% 11.74%* 18.59% 14.60% 12.57%* 5/92
Utilities 0.83% 9.69%* 6.23% 11.34%* 2/94
Templeton Variable Products
Series Fund:
Templeton Bond Fund 2.68% 5.01% 6.68%* 8.18% 4.94% 5.83% 6.77%* 8/88
Templeton Stock Fund 14.84% 14.42% 12.09%* 20.99% 13.13% 15.20% 12.19%* 8/88
Templeton Asset Allocation 11.53% 11.92% 10.93%* 17.50% 10.93% 12.68% 11.03%* 8/88
Fund
Variable Insurance Products
Fund
Fidelity VIP High Income 6.99% 12.86% 9.76% 12.72%. 9.36% 13.63% 9.85% 9/85
Portfolio
Fidelity VIP Equity-Income 7.22% 15.81% 12.34% 12.96% 16.86% 16.60% 12.42% 10/86
Portfolio
Fidelity VIP Growth 7.63% 13.07% 13.74% 13.39% 14.45% 13.84% 13.83% 10/86
Portfolio
Variable Insurance Products
Fund II
Fidelity VIP II Asset 7.53% 9.22% 10.01% * 13.29% 6.73% 9.97% 10.41%* 9/89
Manager Portfolio
American Odyssey Funds #:
International Equity Fund 14.35% 11.13%* - 20.48% 9.22% 12.47%* - 5/93
Emerging Opportunities Fund -9.13% 9.64%* - -4.26% 10.71% 10.96%* - 5/93
Core Equity Fund 15.55% 13.31%* - 21.73% 17.71% 14.67%* - 5/93
Long-Term Bond Fund -4.95% 4.44%* - 0.14% 4.14% 5.71%* - 5/93
Intermediate-Term Bond Fund -2.49% 2.92%* - 2.74% 3.91% 4.17%* - 5/93
Short-Term Bond Fund -2.62% 2.23%* - 2.59% 3.54% 3.46%* - 5/93
American Odyssey Funds ##:
International Equity Fund 12.93% 9.81%* - 18.98% 7.87% 11.13%* - 5/93
Emerging Opportunities Fund -10.26% 8.34%* - -5.45% 9.34% 9.65%* - 5/93
Core Equity Fund 14.11% 11.96%* - 20.22% 16.27% 13.31%* - 5/93
Long-Term Bond Fund -6.14% 3.21%* - -1.11% 2.84% 4.45%* - 5/93
Intermediate-Term Bond Fund -3.70% 1.69%* - 1.46% 2.62% 2.93%* - 5/93
Short-Term Bond Fund -3.83% 0.97%* - 1.32% 2.25% 2.24%* - 5/93
The Travelers Series Fund, Inc.
Smith Barney Income and 12.39% 16.25%* - 18.40% 18.24%* - - 6/94
Growth Portfolio
Alliance Growth Portfolio 21.38% 23.59%* - 27.88% 25.70%* - - 6/94
Smith Barney International 10.44% 6.42%* 16.36% 8.25%* 1 Year 5 Year
Equity Portfolio - -
Putnam Diversified Income 1.55% 7.44%* 6.99% 9.28%*
Portfolio - -
Smith Barney High Income 6.17% 9.08%* 11.85% 10.95%*
Portfolio - -
MFS Total Return Portfolio 7.44% 11.54%* - 13.19% 13.45%* -
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE> 46
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Smith Barney Money Market -1.52% 1.97%* - 3.75% 3.77%* - -
Portfolio
- -------------------------------------------------------------------------------------------------
</TABLE>
* Since inception.
# Reflects performance of those who DO NOT participate in the CHART Asset
Allocation Program.
## Reflects performance of those who DO participate in the CHART Asset
Allocation Program.
7
<PAGE> 47
TOTAL RETURN CALCULATIONS
FUNDING OPTIONS OF FUND QP
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
STANDARDIZED: NON-STANDARDIZED:
- -------------------------------------------------------------------------------------------------------------------------
M&E: .95% 1 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10 Year Incept.
Date
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital Appreciation Fund 20.53% 15.72% 11.77% 26.99% 17.38% 16.51% 11.86% 5/83
High Yield Bond Trust 9.09% 9.47% 7.43% 14.93% 8.74% 10.22% 7.52% 5/83
Managed Assets Trust 6.97% 8.40% 10.00% 12.69% 11.15% 9.15% 10.09% 5/83
Dreyfus Stock Index Fund 15.18% 12.76% 12.18%* 21.35% 17.98% 13.53% 12.59%* 9/89
Travelers Series Trust
Portfolios:
U.S. Government Securities -4.63% 5.41%* - 0.48% 5.01% 6.15%* - 1/92
Social Awareness Stock 12.79% 11.97%* - 18.83% 14.83% 12.80%* - 5/92
Utilities 1.04% 9.91%* - 6.45% 11.57%* - - 2/94
Templeton Variable Products
Series Fund:
Templeton Bond Fund 2.89% 5.31% 6.89%* 8.40% 5.15% 6.04% 6.98%* 8/88
Templeton Stock Fund 15.07% 14.65% 12.32%* 21.23% 13.35% 15.43% 12.41%* 8/88
Templeton Asset 11.75% 12.14% 11.16%* 17.74% 11.15% 12.91% 11.25%* 8/88
Allocation Fund
Variable Insurance Products
Fund
Fidelity VIP High Income 7.21% 13.09% 9.98% 12.95% 9.58% 13.86% 10.07% 9/85
Portfolio
Fidelity VIP Equity-Income 7.44% 16.05% 12.56% 13.19% 17.10% 16.84% 12.65% 10/86
Portfolio
Fidelity VIP Growth 7.84% 13.29% 13.97% 13.62% 14.68% 14.07% 14.06% 10/86
Portfolio
Variable Insurance Products
Fund II
Fidelity VIP II Asset 7.75% 9.43% 10.23%* 13.52% 6.95% 10.19% 10.64%* 9/89
Manager Portfolio
American Odyssey Funds #:
International Equity Fund 14.58% 11.35%* - 20.72% 9.44% 12.69%* - 5/93
Emerging Opportunities Fund -8.94% 9.86%* - -4.06% 10.93% 11.18%* - 5/93
Core Equity Fund 15.78% 13.53%* - 21.98% 17.95% 14.90%* - 5/93
Long-Term Bond Fund -4.76% 4.65%* - .034% 4.34% 5.92%* - 5/93
Intermediate-Term Bond Fund -2.29% 3.13%* - 2.95% 4.12% 4.38%* - 5/93
Short-Term Bond Fund -2.42% 2.43%* - 2.80% 3.75% 3.67%* - 5/93
American Odyssey Funds ##:
International Equity Fund 13.16% 10.03%* - 19.22% 8.09% 11.36%* - 5/93
Emerging Opportunities Fund -1.08% 8.56%* - -5.26% 9.56% 9.87%* - 5/93
Core Equity Fund 14.34% 12.19%* - 20.46% 16.50% 13.54%* - 5/93
Long-Term Bond Fund -5.95% 3.41%* - -0.91% 3.05% 4.66%* - 5/93
Intermediate-Term Bond Fund -3.51% 1.91%* 1.66% 2.82% 3.14%* - 5/93
Short-Term Bond Fund -3.64% 1.22%* - 1.52% 2.46% 2.44%* - 5/93
The Travelers Series Fund, Inc.
Smith Barney Income and 12.61% 16.48%* 18.64% 18.47%*
Growth Portfolio - - - 6/94
Alliance Growth Portfolio 21.63% 23.84%* - 28.14% 25.95%* - - 6/94
Smith Barney International 10.67% 6.64%* 16.59% 8.47%*
Equity Portfolio - - - 6/94
Putnam Diversified Income 1.75% 7.66%* 7.21% 9.50%*
Portfolio - - - 6/94
Smith Barney High Income 6.38% 9.30%* 12.08% 11.17%*
Portfolio - - - 6/94
MFS Total Return Portfolio 7.66% 11.76%* - 13.42% 13.67%* - - 6/94
Smith Barney Money Market -1.32% 2.22%* - 3.96% 3.97%* - - 6/94
Portfolio
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Since inception.
8
<PAGE> 48
# Reflects performance of those who DO NOT participate in the CHART Asset
Allocation Program.
## Reflects performance of those who DO participate in the CHART Asset
Allocation Program.
9
<PAGE> 49
TOTAL RETURN CALCULATIONS
FUNDING OPTIONS OF FUND QP
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
STANDARDIZED: NON-STANDARDIZED:
- -------------------------------------------------------------------------------------------------------------------------
M&E: .80% 1 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10 Year Incept.
Date
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital Appreciation Fund 20.72% 15.89% 11.99% 27.18% 17.55% 16.68% 12.08% 5/83
High Yield Bond Trust 9.26% 9.63% 7.60% 15.11% 8.91% 10.39% 7.68% 5/83
Managed Assets Trust 7.13% 8.56% 10.16% 12.87% 11.32% 9.31% 10.25% 5/83
Dreyfus Stock Index Fund 15.35% 12.93% 12.35%* 21.53% 18.16% 13.70% 12.76%* 9/89
Travelers Series Trust
Portfolios:
U.S. Government Securities -4.48% 5.56%:* - .063% 5.16% 6.31%* - 1/92
Social Awareness Stock 12.96% 12.14%* - 19.01% 15.00% 12.97%* - 5/92
Utilities 1.19% 10.08%* - 6.61% 11.73%* - - 2/94
Templeton Variable Products
Series Fund:
Templeton Bond Fund 3.05%. 5.47% 7.05%* 8.75% 5.31% 6.20% 7.14%* 8/88
Templeton Stock Fund 15.24% 14.82% 12.48%* 21.41% 13.52% 15.61% 12.58%* 8/88
Templeton Asset 11.92% 12.31/5 11.32%* 17.91% 11.32% 13.08% 11.42%* 8/88
Allocation Fund
Variable Insurance Products
Fund
Fidelity VIP High Income 7.37% 13.26% 10.14% 13.12% 9.74% 14.03% 10.23% 9/85
Portfolio
Fidelity VIP Equity-Income 7.60% 16.22% 12.73% 13.36% 17.27% 17.01% 12.82% 10/86
Portfolio
Fidelity VIP Growth 8.01% 13.47% 14.14% 13.79% 14.85% 14.24% 14.23% 10/86
Portfolio
Variable Insurance Products
Fund II
Fidelity VIP II Asset 7.91% 9.60% 10.40%* 13.69% 7.11% 10.35% 10.80%* 9/89
Manager Portfolio
American Odyssey Funds #:
International Equity Fund 14.76% 11.52%* - 20.90% 9.61% 12.86%:* - 5/93
Emerging Opportunities Fund -8.80% 10.02%* - -3.92% 11.09% 11.35%* - 5/93
Core Equity Fund 15.95% 13.70%* - 22.16% 18.13% 15.07%* - 5/93
Long-Term Bond Fund -4.62% 4.81%* 0.49% 4.50% 6.08%* - 5/93
Intermediate-Term Bond Fund -2.14% 3.29%* - 3.10% 4.27% 4.53%* - 5/93
Short-Term Bond Fund -2.28% 2.59%* - 2.96% 3.90% 3.83%* - 5/93
American Odyssey Funds ##:
International Equity Fund 13.33% 10.19%* - 19.40% 8.25% 11.52%* - 5/93
Emerging Opportunities Fund -9.94% 8.72%* - -5.11% 9.72% 10.03%:* - 5/93
Core Equity Fund 14.51% 12.35%* - 20.64% 16.67% 13.71%* - 5/93
Long-Term Bond Fund -5.80% 3.57%* - -0.76% 3.21% 4.82%* - 5/93
Intermediate-Term Bond Fund -3.36% 2.06% - 1.82% 2.98% 3.29%* - 5/93
Short-Term Bond Fund -3.49% 1.37%* - 1.68% 2.61% 2.59%* - 5/93
The Travelers Series Fund, Inc.
Smith Barney Income and 12.78% 16.66%* - 18.82% 18.65%* - - 6/94
Growth Portfolio
Alliance Growth Portfolio 21.81% 24.02%* - 28.33% 26.14%* - - 6/94
Smith Barney International 10.83% 6.80%* - 16.77% 8.63%* - - 6/94
Equity Portfolio
Putnam Diversified Income 1.91% 7.82%* - 7.37% 9.67%* - - 6/94
Portfolio
Smith Barney High Income 6.54% 9.46%* - 12.25% 11.34%* - - 6/94
Portfolio
MFS Total Return Portfolio 7.82% 11.93%* - 13.59% 13.84%* - - 6/94
Smith Barney Money Market -1.18% 2.38%* - 4.12% 4.13%* - - 6/94
Portfolio
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Since inception.
10
<PAGE> 50
# Reflects performance of those who DO NOT participate in the CHART Asset
Allocation Program.
## Reflects performance of those who DO participate in the CHART Asset
Allocation Program.
11
<PAGE> 51
TOTAL RETURN CALCULATIONS
FUNDING OPTIONS OF FUND QP
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
STANDARDIZED: NON-STANDARDIZED:
- ------------------------------------------------------------------------------------------------------------------------
M&E: .60% 1 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10 Year Incept.
Date
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital Appreciation Fund 27.33% 16.83% 12.28% 27.43% 17.79% 16.92% 12.36% 5/83
High Yield Bond Trust 15.24% 10.52% 7.81% 15.34% 9.12% 10.61% 7.90% 5/83
Managed Assets Trust 12.99% 9.44% 10.38% 13.09% 11.54% 9.53% 10.47% 5/83
Dreyfus Stock Index Fund 21.67% 13.85% 12.89%* 21.78% 18.39% 13.93% 12.98%* 9/89
Travelers Series Trust
Portfolios:
U.S. Government Securities 0.75% 6.43%* - .084% 5.37% 6.52%* - 1/92
Social Awareness Stock 19.15% 13.10%* - 19.25% 15.23% 13.19%* - 5/92
Utilities 6.73% 11.86%* - 6.82% 11.96%* - - 2/94
Templeton Variable Products
Series Fund:
Templeton Bond Fund 8.69% 6.32% 7.26%* 8.79% 5.52% 6.41% 7.36%* 8/88
Templeton Stock Fund 21.55% 15.75% 12.71%* 21.66% 13.75% 15.84% 12.81%* 8/88
Templeton Asset 18.05% 13.22% 11.55%* 18.15% 11.54% 13.30% 11.64%* 8/88
Allocation Fund
Variable Insurance Products
Fund
Fidelity VIP High Income 13.25% 14.18% 10.36% 13.35% 9.96% 10.45% 9/85
Portfolio
Fidelity VIP Equity-Income 13.49% 17.16% 12.96% 13.59% 17.51% 17.24% 13.04% 10/86
Portfolio
Fidelity VIP Growth 13.92% 14.39% 14.37% 14.02% 15.08% 14.47% 14.46% 10/86
Portfolio
Variable Insurance Products
Fund II
Fidelity VIP II Asset 13.82% 10.49% 10.93%* 13.92% 7.32% 10.57% 11.02%* 9/89
Manager Portfolio
American Odyssey Funds #:
International Equity Fund 21.04% 12.99%* - 21.15/5 9.83% 13.09%* 5/93
Emerging Opportunities Fund -3.81% 11.48%* - -3.72% 11.32% 11.57%* 5/93
Core Equity Fund 22.30% 15.20%* - 22.41% 18.36% 15.30%* 5/93
Long-Term Bond Fund 0.61% 6.19%* - .070% 4.71% 6.29%* 5/93
Intermediate-Term Bond Fund 3.22% 4.65%* - 3.31% 4.48% 4.74%* 5/93
Short-Term Bond Fund 3.07% 3.94%* - 3.17% 4.11% 4.03%* 5/93
American Odyssey Funds ##:
International Equity Fund 19.54% 11.65%* - 19.64% 8.47% 11.75%* 5/93
Emerging Opportunities Fund -5.01% 10.15%* - -4.92% 9.94% 10.25%* 5/93
Core Equity Fund 20.78% 13.84%* 20.88% 16.91% 13.94%* 5/93
Long-Term Bond Fund -0.65% 4.93%* - -0.56% 3.41% 5.03%* 5/93
Intermediate-Term Bond Fund 1.93% 3.41%* - 2.02% 3.18% 3.50%* 5/93
Short-Term Bond Fund 1.79% 2.71%* - 1.88% 2.82% 2.80%* 5/93
The Travelers Series Fund, Inc.
Smith Barney Income and 18.96% 18.79%* - 19.06% 18.89%* - 6/94
Growth Portfolio
Alliance Growth Portfolio 28.48% 26.29%* - 28.59% 26.40%* - 6/94
Smith Barney International 16.90% 8.75%* - 17.00% 8.85%* - 6/94
Equity Portfolio
Putnam Diversified Income 7.49% 9.79%* - 7.58% 9.89%* - 6/94
Portfolio
Smith Barney High Income 12.37% 11.46%* - 12.47% 11.56%* - 6/94
Portfolio
MFS Total Return Portfolio 13.72% 13.97%* - 13.82% 14.07%* - 6/94
Smith Barney Money Market 4.24% 4.25%* - 4.33% 4.34%* - 6/94
Portfolio
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Since inception.
# Reflects performance of those who DO NOT participate in the CHART Asset
Allocation Program.
## Reflects performance of those who DO participate in the CHART Asset
Allocation Program.
12
<PAGE> 52
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P., independent accountants, 100 Pearl Street, Hartford,
Connecticut, are the independent auditors for Fund QP. The services provided
to Fund QP included primarily the audit of the Fund's financial statements.
The financial statements of Fund QP appear in the Fund's Annual Report, which
is incorporated by reference in this SAI. Such financial statements have been
audited by Coopers & Lybrand L.L.P., as indicated in their report thereon in
reliance upon the authority of said firm as experts in accounting and auditing.
The consolidated financial statements of the Travelers Insurance company
and Subsidiaries as of December 31, 1996 and 1995, and for each of the
years in the three-year period ended December 31, 1996, have been included
herein in reliance upon the report of KPMG Peat Marwick LLP, independent
certified public accountants, and upon the authority of said firm as experts in
accounting and auditing.
13
<PAGE> 53
Independent Auditors' Report
The Board of Directors and Shareholder
The Travelers Insurance Company and Subsidiaries:
We have audited the accompanying consolidated balance sheets of The Travelers
Insurance Company and Subsidiaries as of December 31, 1996 and 1995, and the
related consolidated statements of income and retained earnings and cash flows
for each of the years in the three-year period ended December 31, 1996. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of The Travelers
Insurance Company and Subsidiaries as of December 31, 1996 and 1995, and the
results of their operations and their cash flows for each of the years in the
three-year period ended December 31, 1996, in conformity with generally accepted
accounting principles.
/s/ KPMG Peat Marwick LLP
Hartford, Connecticut
January 17, 1997
12
<PAGE> 54
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
(for the year ended December 31, in millions) 1996 1995 1994
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REVENUES
Premiums $1,379 $1,496 $ 1,492
Net investment income 1,887 1,824 1,702
Realized investment gains 65 106 13
Other 298 221 199
- ---------------------------------------------------------------------------------------------------
Total revenues 3,629 3,647 3,406
- ---------------------------------------------------------------------------------------------------
BENEFITS AND EXPENSES
Current and future insurance benefits 1,163 1,185 1,216
Interest credited to contractholders 830 967 961
Amortization of deferred acquisition costs and
value of insurance in force 281 290 281
Other operating expenses 380 368 351
- ---------------------------------------------------------------------------------------------------
Total benefits and expenses 2,654 2,810 2,809
- ---------------------------------------------------------------------------------------------------
Income from continuing operations before
federal income taxes 975 837 597
- ---------------------------------------------------------------------------------------------------
Federal income taxes:
Current expense (benefit) 284 233 (96)
Deferred 58 57 307
- ---------------------------------------------------------------------------------------------------
Total federal income taxes 342 290 211
- ---------------------------------------------------------------------------------------------------
Income from continuing operations 633 547 386
Discontinued operations, net of income taxes
Income from operations (net of taxes of $0, $18 and $83) -- 72 150
Gain on disposition (net of taxes of $14, $68 and $18) 26 131 9
- ---------------------------------------------------------------------------------------------------
Income from discontinued operations 26 203 159
- ---------------------------------------------------------------------------------------------------
Net income 659 750 545
Retained earnings beginning of year 2,312 1,562 1,017
Dividends to parent 500 -- --
- ---------------------------------------------------------------------------------------------------
Retained earnings end of year $2,471 $2,312 $ 1,562
- ---------------------------------------------------------------------------------------------------
</TABLE>
See notes to consolidated financial statements.
13
<PAGE> 55
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
(at December 31, in millions) 1996 1995
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Fixed maturities, available for sale at fair value (cost, $18,515; $18,187) $18,846 $18,842
Equity securities, at fair value (cost, $325; $182) 332 224
Mortgage loans 2,883 3,626
Real estate held for sale, net of accumulated depreciation of $0; $9 297 293
Policy loans 1,910 1,888
Short-term securities 891 1,554
Other investments 1,235 874
- -------------------------------------------------------------------------------------------------------
Total investments 26,394 27,301
- -------------------------------------------------------------------------------------------------------
Cash 74 73
Investment income accrued 343 338
Premium balances receivable 105 107
Reinsurance recoverables 3,858 4,107
Deferred acquisition costs and value of insurance in force 2,133 1,962
Separate and variable accounts 9,023 6,949
Other assets 1,043 1,464
- -------------------------------------------------------------------------------------------------------
Total assets $42,973 $42,301
- -------------------------------------------------------------------------------------------------------
LIABILITIES
Contractholder funds $13,693 $14,525
Future policy benefits 11,450 11,783
Policy and contract claims 536 571
Separate and variable accounts 8,948 6,916
Commercial paper 50 73
Deferred federal income taxes 57 32
Other liabilities 1,911 2,173
- -------------------------------------------------------------------------------------------------------
Total liabilities 36,645 36,073
- -------------------------------------------------------------------------------------------------------
SHAREHOLDER'S EQUITY
Common stock, par value $2.50; 40 million
shares authorized, issued and outstanding 100 100
Additional paid-in capital 3,170 3,134
Retained earnings 2,471 2,312
Unrealized investment gains, net of taxes 587 682
- -------------------------------------------------------------------------------------------------------
Total shareholder's equity 6,328 6,228
- -------------------------------------------------------------------------------------------------------
Total liabilities and shareholder's equity $42,973 $42,301
- -------------------------------------------------------------------------------------------------------
</TABLE>
See notes to consolidated financial statements.
14
<PAGE> 56
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
(for the year ended December 31, in millions) 1996 1995 1994
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Premiums collected $ 1,387 $ 1,346 $ 1,394
Net investment income received 1,910 1,855 1,719
Other revenues received (expense paid) 131 90 (2)
Benefits and claims paid (1,060) (846) (1,115)
Interest credited to contractholders (820) (960) (868)
Operating expenses paid (343) (615) (536)
Income taxes paid (328) (63) (27)
Other (70) (137) (81)
- ----------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 807 670 484
Net cash provided by (used in) discontinued operations (350) (596) 233
- ----------------------------------------------------------------------------------------------------------
Net cash provided by operations 457 74 717
- ----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of investments
Fixed maturities 1,928 1,974 2,528
Mortgage loans 917 680 1,266
Proceeds from sales of investments
Fixed maturities 9,101 6,773 1,316
Equity securities 479 379 357
Mortgage loans 178 704 546
Real estate held for sale 210 253 728
Purchases of investments
Fixed maturities (11,556) (10,748) (4,594)
Equity securities (594) (305) (340)
Mortgage loans (470) (144) (102)
Policy loans, net (23) (325) (193)
Short-term securities, (purchases) sales, net 498 291 (367)
Other investments, (purchases) sales, net (137) (267) (299)
Securities transactions in course of settlement (52) 258 24
Net cash provided by (used in) investing activities of
discontinued operations 348 1,425 (261)
- ----------------------------------------------------------------------------------------------------------
Net cash provided by investing activities 827 948 609
- ----------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance (redemption) of short-term debt, net (23) (1) 73
Contractholder fund deposits 2,493 2,705 1,951
Contractholder fund withdrawals (3,262) (3,755) (3,357)
Dividends to parent company (500) -- --
Return of capital to parent company -- -- (23)
Net cash provided by financing activities
of discontinued operations -- -- 84
Other 9 -- (2)
- ----------------------------------------------------------------------------------------------------------
Net cash used in financing activities (1,283) (1,051) (1,274)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash $ 1 $ (29) $ 52
- ----------------------------------------------------------------------------------------------------------
Cash at December 31 $ 74 $ 73 $ 102
- ----------------------------------------------------------------------------------------------------------
</TABLE>
See notes to consolidated financial statements.
15
<PAGE> 57
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. NATURE OF OPERATIONS
The Travelers Insurance Company and Subsidiaries (the Company) is a
wholly owned subsidiary of The Travelers Insurance Group Inc. (TIGI).
TIGI is an indirect wholly owned subsidiary of Travelers Group Inc.
(Travelers Group), a financial services holding company engaged, through
its subsidiaries, principally in four business segments: (i) Investment
Services; (ii) Consumer Finance Services; (iii) Property & Casualty
Insurance Services; and (iv) Life Insurance Services (through the
Company). The periodic reports of Travelers Group provide additional
business and financial information concerning that company and its
consolidated subsidiaries.
The Company principally operates through two major business units within
its Life Insurance Services segment:
- TRAVELERS LIFE AND ANNUITY offers fixed and variable deferred
annuities, payout annuities and term, universal and variable life and
long-term care insurance to individuals and small businesses. It also
provides group pension products, including guaranteed investment
contracts and group annuities for employer-sponsored retirement and
savings plans. These products are primarily marketed through The
Copeland Companies (Copeland), an indirect, wholly owned subsidiary
of the Company, the Financial Consultants of Smith Barney Inc., an
affiliate of the Company, and a core group of approximately 500
independent agencies. The Company's Corporate and Other Segment was
absorbed into Travelers Life and Annuity during the second quarter
of 1996.
- PRIMERICA LIFE INSURANCE offers individual life products, primarily
term insurance, to consumers through a nationwide sales force of more
than 86,000 full and part-time independent representatives.
The Company sold group life and health insurance through its Managed Care
and Employee Benefits Operations segment (MCEBO) through 1994. See Note
4.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies used in the preparation of the
accompanying financial statements follow.
Basis of presentation
The consolidated financial statements include the accounts of the Company
and its insurance and non-insurance subsidiaries on a fully
consolidated basis. The primary insurance subsidiaries of the Company
are: The Travelers Life and Annuity Company (TLAC), and Primerica Life
Insurance Company (Primerica Life) and its subsidiary National Benefit
Life Insurance Company (NBL).
As discussed in Note 4 of Notes to Consolidated Financial Statements, in
January 1995 the group life insurance and related businesses of the
Company were sold to Metropolitan Life Insurance Company (MetLife) and
also in January 1995, the group medical component was exchanged for a 42%
interest in The MetraHealth Companies, Inc. (MetraHealth). The Company's
interest in MetraHealth was sold on October 2, 1995 and through that date
had been accounted for on the equity method. The Company's discontinued
operations reflect the results of the medical insurance business not
transferred, the equity interest in the earnings of MetraHealth through
October 2, 1995 (date of sale) and the gains from the sales of these
businesses. All of the businesses sold to MetLife or contributed to
MetraHealth were included in the Company's MCEBO segment in 1994. MCEBO
marketed group life and health insurance, managed health care programs
and administrative services associated with employee benefit plans.
16
<PAGE> 58
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
In September 1995, Travelers Group made a pro rata distribution to its
stockholders of shares of Class A Common Stock of Transport Holdings
Inc., which at the time was a wholly owned subsidiary of Travelers Group
and was the indirect owner of the business of Transport Life Insurance
Company (Transport Life). Immediately prior to this distribution, the
Company distributed Transport Life, an indirect wholly owned subsidiary
of the Company, to TIGI, as a return of capital.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and benefits
and expenses during the reporting period. Actual results could differ
from those estimates.
As more fully described in Note 4, all of the operations comprising MCEBO
are presented as a discontinued operation and, accordingly, prior year
amounts have been restated.
Certain prior year amounts have been reclassified to conform with the
1996 presentation.
Investments
Fixed maturities include bonds, notes and redeemable preferred stocks.
Fixed maturities are valued based upon quoted market prices, or if quoted
market prices are not available, discounted expected cash flows using
market rates commensurate with the credit quality and maturity of the
investment. Fixed maturities are classified as "available for sale" and
are reported at fair value, with unrealized investment gains and losses,
net of income taxes, charged or credited directly to shareholder's
equity.
Equity securities, which include common and nonredeemable preferred
stocks, are classified as "available for sale" and carried at fair value
based primarily on quoted market prices. Changes in fair values of equity
securities are charged or credited directly to shareholder's equity, net
of income taxes.
Mortgage loans are carried at amortized cost. A mortgage loan is
considered impaired when it is probable that the Company will be unable
to collect principal and interest amounts due. For mortgage loans that
are determined to be impaired, a reserve is established for the
difference between the amortized cost and fair market value of the
underlying collateral. In estimating fair value, the Company uses
interest rates reflecting the higher returns required in the current real
estate financing market. Impaired loans were insignificant at December
31, 1996 and 1995.
Real estate held for sale is carried at the lower of cost or fair value
less estimated costs to sell. Fair value of foreclosed properties is
established at time of foreclosure by internal analysis or external
appraisers, using discounted cash flow analyses and other acceptable
techniques. Thereafter, an allowance for losses on real estate held for
sale is established if the carrying value of the property exceeds its
current fair value less estimated costs to sell. There was no such
allowance at December 31, 1996 and 1995.
Short-term securities, consisting primarily of money market instruments
and other debt issues purchased with a maturity of less than one year,
are carried at amortized cost which approximates market.
17
<PAGE> 59
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Accrual of income, included in other assets, is suspended on fixed
maturities or mortgage loans that are in default, or on which it is
likely that future payments will not be made as scheduled. Interest
income on investments in default is recognized only as payment is
received.
Derivative Financial Instruments
The Company uses derivative financial instruments, including financial
futures contracts, equity options, forward contracts and interest rate
swaps and caps, as a means of hedging exposure to interest rate, equity
price and foreign currency risk. Hedge accounting is used to account for
derivatives. To qualify for hedge accounting the changes in value of the
derivative must be expected to substantially offset the changes in value
of the hedged item. Hedges are monitored to ensure that there is a high
correlation between the derivative instruments and the hedged investment.
Gains and losses arising from financial futures contracts are used to
adjust the basis of hedged investments and are recognized in net
investment income over the life of the investment.
Forward contracts, equity options, and interest rate swaps and caps were
not significant at December 31, 1996 and 1995. Information concerning
derivative financial instruments is included in Note 8.
Investment Gains and Losses
Realized investment gains and losses are included as a component of
pretax revenues based upon specific identification of the investments
sold on the trade date. Also included are gains and losses arising from
the remeasurement of the local currency value of foreign investments to
U.S. dollars, the functional currency of the Company. The foreign
exchange effects of Canadian operations are included in unrealized gains
and losses.
Policy Loans
Policy loans are carried at the amount of the unpaid balances that are
not in excess of the net cash surrender values of the related insurance
policies. The carrying value of policy loans, which have no defined
maturities, is considered to be fair value.
Deferred Acquisition Costs and Value of Insurance in Force
Costs of acquiring individual life insurance, annuities and health
business, principally commissions and certain expenses related to policy
issuance, underwriting and marketing, all of which vary with and are
primarily related to the production of new business, are deferred.
Acquisition costs relating to traditional life insurance, including term
insurance and guaranteed renewable health contracts, including long-term
care, are amortized in relation to anticipated premiums; universal
life in relation to estimated gross profits; and annuity contracts
employing a level yield method. For life insurance, a 10- to 25-year
amortization period is used; for guaranteed renewable health, a 10- to
20-year period, and a 10- to 20-year period is employed for annuities.
Deferred acquisition costs are reviewed periodically for recoverability
to determine if any adjustment is required.
18
<PAGE> 60
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
The value of insurance in force is an asset recorded at the time of
acquisition of an insurance company. It represents the actuarially
determined present value of anticipated profits to be realized from life
insurance, annuities and health contracts at the date of acquisition
using the same assumptions that were used for computing related
liabilities where appropriate. The value of insurance in force was the
actuarially determined present value of the projected future profits
discounted at interest rates ranging from 14% to 18%. Traditional life
insurance and guaranteed renewable health policies are amortized in
relation to anticipated premiums; universal life is amortized in relation
to estimated gross profits; and annuity contracts are amortized employing
a level yield method. The value of insurance in force is reviewed
periodically for recoverability to determine if any adjustment is
required.
Separate and Variable Accounts
Separate and variable accounts primarily represent funds for which
investment income and investment gains and losses accrue directly to, and
investment risk is borne by, the contractholders. Each account has
specific investment objectives. The assets of each account are legally
segregated and are not subject to claims that arise out of any other
business of the Company. The assets of these accounts are carried at
market value. Certain other separate accounts provide guaranteed levels
of return or benefits and the assets of these accounts are primarily
carried at market value. Amounts assessed to the contractholders for
management services are included in revenues. Deposits, net investment
income and realized investment gains and losses for these accounts are
excluded from revenues, and related liability increases are excluded from
benefits and expenses.
Goodwill
Goodwill represents the cost of acquired businesses in excess of net
assets and is being amortized on a straight-line basis principally over a
40-year period. The carrying amount is regularly reviewed for indication
of impairment in value, which in the view of management, would be other
than temporary. Impairments would be recognized in operating results if a
permanent diminution in value is deemed to have occurred.
Contractholder Funds
Contractholder funds represent receipts from the issuance of universal
life, pension investment and certain deferred annuity contracts.
Contractholder Fund balances are increased by such receipts and credited
interest and reduced by withdrawals, mortality charges and administrative
expenses charged to the contractholders. Interest rates credited to
contractholder funds range from 3.5% to 8.6%.
19
<PAGE> 61
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Future Policy Benefits
Benefit reserves represent liabilities for future insurance policy
benefits. Benefit reserves for life insurance and annuities have been
computed based upon mortality, morbidity, persistency and interest
assumptions applicable to these coverages, which range from 2.5% to
10.0%, including adverse deviation. These assumptions consider Company
experience and industry standards. The assumptions vary by plan, age at
issue, year of issue and duration. Appropriate recognition has been given
to experience rating and reinsurance.
Permitted Statutory Accounting Practices
The Company, whose insurance subsidiaries are domiciled principally in
Connecticut and Massachusetts, prepares statutory financial statements in
accordance with the accounting practices prescribed or permitted by the
insurance departments of those states. Prescribed statutory accounting
practices include certain publications of the National Association of
Insurance Commissioners as well as state laws, regulations, and general
administrative rules. Permitted statutory accounting practices encompass
all accounting practices not so prescribed. The impact of any permitted
accounting practices on statutory surplus of the Company is not material.
Premiums
Premiums are recognized as revenues when due. Reserves are established
for the portion of premiums that will be earned in future periods and for
deferred profits on limited-payment policies that are being recognized in
income over the policy term.
Other Revenues
Other revenues include surrender, mortality and administrative charges
and fees as earned on investment, universal life and other insurance
contracts. Other revenues also include gains and losses on dispositions
of assets and operations other than realized investment gains and losses
and revenues of non-insurance subsidiaries.
Interest Credited to Contractholders
Interest credited to contractholders represents amounts earned by
universal life, pension investment and certain deferred annuity contracts
in accordance with contract provisions.
20
<PAGE> 62
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Federal Income Taxes
The provision for federal income taxes is comprised of two components,
current income taxes and deferred income taxes. Deferred federal income
taxes arise from changes during the year in cumulative temporary
differences between the tax basis and book basis of assets and
liabilities. The deferred federal income tax asset is recognized to the
extent that future realization of the tax benefit is more likely than
not, with a valuation allowance for the portion that is not likely to be
recognized.
Future Application of Accounting Standards
In June 1996, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 125 (FAS 125),
"Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities". FAS 125 provides accounting and
reporting standards for transfers and servicing of financial assets and
extinguishments of liabilities. These standards are based on consistent
application of a financial-components approach that focuses on control.
Under that approach, after a transfer of financial assets, an entity
recognizes the financial and servicing assets it controls and the
liabilities it has incurred, derecognizes financial assets when control
has been surrendered and derecognizes liabilities when extinguished. FAS
125 provides consistent standards for distinguishing transfers of
financial assets that are sales from transfers that are secured
borrowings. The requirements of FAS 125 are effective for transfers and
servicing of financial assets and extinguishments of liabilities
occurring after December 31, 1996, and are to be applied prospectively.
However, in December 1996 the FASB issued FAS 127, "Deferral of the
Effective Date of Certain Provisions of FASB Statement No. 125," which
delays until January 1, 1998 the effective date for certain provisions.
The adoption of the provisions of this statement effective January 1,
1997 will not have a material impact on results of operations, financial
condition or liquidity and the Company is currently evaluating the impact
of the provisions whose effective date has been delayed until January 1,
1998.
3. CHANGES IN ACCOUNTING PRINCIPLES
Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of
Effective January 1, 1996, the Company adopted Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed Of." This
statement establishes accounting standards for the impairment of
long-lived assets and certain identifiable intangibles to be disposed.
This statement requires a write down to fair value when long-lived assets
to be held and used are impaired. The statement also requires that
long-lived assets to be disposed (e.g., real estate held for sale) be
carried at the lower of cost or fair value less cost to sell and does not
allow such assets to be depreciated. The adoption of this standard did
not have a material impact on the Company's results of operations,
financial condition, or liquidity.
Accounting for Stock-Based Compensation
The Company participates in a stock option plan sponsored by Travelers
Group that provides for the granting of stock options in Travelers Group
common stock to officers and key employees. The Company applies
Accounting Principles Board Opinion No. 25 (APB 25) and related
interpretations in accounting for stock options. Since stock options are
issued at fair market value on the date of award, no compensation cost
has been recognized for these awards. In October 1995, the Financial
Accounting Standards Board issued
21
<PAGE> 63
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
3. CHANGES IN ACCOUNTING PRINCIPLES, Continued
Statement of Financial Accounting Standards No. 123, "Accounting for
Stock-Based Compensation" (FAS 123). This statement provides an
alternative to APB 25 whereby fair values may be ascribed to options
using a valuation model and amortized to compensation cost over the
vesting period of the options. Had the Company applied FAS 123 in
accounting for stock options, net income would have been reduced by $2.8
million and $1.3 million in 1996 and 1995, respectively.
Accounting by Creditors for Impairment of a Loan
Effective January 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 114, "Accounting by Creditors for Impairment of
a Loan," and Statement of Financial Accounting Standards No. 118,
"Accounting by Creditors for Impairment of a Loan - Income Recognition
and Disclosures," which describe how impaired loans should be measured
when determining the amount of a loan loss accrual. These statements
amended existing guidance on the measurement of restructured loans in a
troubled debt restructuring involving a modification of terms. Their
adoption did not have a material impact on the Company's results of
operations, financial condition, or liquidity.
4. DISPOSITIONS AND DISCONTINUED OPERATIONS
In December 1994, the Company and its affiliates sold their group dental
insurance business to MetLife for $52 million and recognized a gain of $9
million net of taxes. On January 3, 1995, the Company and its affiliates
completed the sale of their group life and related non-medical group
insurance businesses to MetLife for $350 million and recognized in the
first quarter of 1995 a gain of $20 million net of taxes. In connection
with the sale, the Company ceded 100% of its risks in the group life and
related businesses to MetLife on an indemnity reinsurance basis,
effective January 1, 1995. In connection with the reinsurance
transaction, the Company transferred assets with a fair market value of
approximately $1.5 billion to MetLife, equal to the statutory reserves
and other liabilities transferred.
On January 3, 1995, the Company and MetLife and certain of their
affiliates, formed the MetraHealth joint venture by contributing their
group medical businesses to MetraHealth, in exchange for shares of common
stock of MetraHealth. No gain was recognized as a result of this
transaction. Upon formation of the joint venture, the Company owned 42%
of the outstanding capital stock of MetraHealth, TIGI owned 8% and the
other 50% was owned by MetLife and its affiliates. In March 1995,
MetraHealth acquired HealthSpring, Inc. for common stock of MetraHealth
resulting in a reduction in the participation of the Company and TIGI,
and MetLife in the MetraHealth venture to 48.25% each. As the medical
insurance business of the Company came due for renewal, the risks were
transferred to MetraHealth and the related operating results for this
medical insurance business were reported by the Company in 1995 as part
of discontinued operations.
On October 2, 1995, the Company and its affiliates completed the sale of
their ownership in MetraHealth to United HealthCare Corporation and
through that date had accounted for its interest in MetraHealth on the
equity method. Gross proceeds to the Company in 1995 were $708 million in
cash recognizing a gain of $111 million after-tax. During 1996 the
Company received a contingency payment based on MetraHealth's 1995
results. In conjunction with this payment, certain reserves associated
with the group medical business and exit costs related to the
discontinued operations were reevaluated resulting in a final after-tax
gain of $26 million.
22
<PAGE> 64
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
4. DISPOSITIONS AND DISCONTINUED OPERATIONS, Continued
All of the businesses sold to MetLife or contributed to MetraHealth were
included in the Company's MCEBO segment in 1994. The Company's
discontinued operations in 1996 and 1995 reflect the results of the
medical insurance business not transferred, the equity interest in the
earnings of MetraHealth through October 2, 1995 (date of sale) and the
gains from sales of these businesses. Revenues from discontinued
operations for the years ended December 31, 1996, 1995 and 1994 amounted
to $85.6 million, $1.2 billion and $3.3 billion, respectively. The assets
and liabilities of the discontinued operations have not been segregated
in the consolidated balance sheet as of December 31, 1996 and 1995. The
assets and liabilities of the discontinued operations consist primarily
of investments and insurance-related assets and liabilities. At December
31, 1996, these assets and liabilities each amounted to $180 million. At
December 31, 1995, these assets and liabilities each amounted to $1.8
billion.
In September 1995, Travelers Group made a pro rata distribution to its
stockholders of shares of Class A Common Stock of Transport Holdings
Inc., which at the time was a wholly owned subsidiary of Travelers Group
and was the indirect owner of the business of Transport Life. Immediately
prior to this distribution, the Company distributed Transport, an
indirect, wholly owned subsidiary of the Company, to TIGI, as a return of
capital, resulting in a reduction in additional paid-in capital of $334
million. The results of Transport through September 1995 are included in
income from continuing operations.
5. COMMERCIAL PAPER AND LINES OF CREDIT
The Company issues commercial paper directly to investors and had $50
million outstanding at December 31, 1996. The Company maintains unused
credit availability under bank lines of credit at least equal to the
amount of the outstanding commercial paper. Interest expense related to
the commercial paper was not significant in 1996.
Travelers Group, Commercial Credit Company (CCC) (an indirect wholly
owned subsidiary of Travelers Group) and the Company have an agreement
with a syndicate of banks to provide $1.0 billion of revolving credit, to
be allocated to any of Travelers Group, CCC or the Company. The Company's
participation in this agreement is limited to $250 million. The revolving
credit facility consists of a five-year revolving credit facility which
expires in 2001. At December 31, 1996, $100 million was allocated to the
Company. Under this facility the Company is required to maintain certain
minimum equity and risk-based capital levels. At December 31, 1996, the
Company was in compliance with these provisions. There were no amounts
outstanding under this agreement at December 31, 1996 and 1995.
23
<PAGE> 65
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
6. REINSURANCE
The Company participates in reinsurance in order to limit losses,
minimize exposure to large risks, provide additional capacity for future
growth and to effect business-sharing arrangements. Reinsurance is
accomplished through various plans of reinsurance, primarily yearly
renewable term coinsurance and modified coinsurance. The Company remains
primarily liable as the direct insurer on all risks reinsured. Since June
1994, the Company is reinsuring its life insurance risks via first dollar
quota share treaties on an 80%/20% basis. Maximum retention of $1.5
million is generally reached on policies in excess of $7.5 million. For
other plans of insurance it is the policy of the Company to obtain
reinsurance for amounts above certain retention limits on individual life
policies which vary with age and underwriting classification. Generally,
the maximum retention on an ordinary life risk is $1.5 million.
The Company writes workers' compensation business through its Accident
Department. This business is ceded 100% to an affiliate, Travelers
Property Casualty Corp. (TAP).
A summary of reinsurance financial data reflected within the consolidated
statement of operations and retained earnings is presented below (in
millions):
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
1996 1995 1994
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Written Premiums:
Direct $ 1,982 $ 2,166 $ 2,153
Assumed from:
Non-affiliated companies 5 -- --
Ceded to:
Affiliated companies (284) (374) (358)
Non-affiliated companies (309) (302) (306)
- -------------------------------------------------------------------------------
Total net written premiums $ 1,394 $ 1,490 $ 1,489
- -------------------------------------------------------------------------------
Earned Premiums:
Direct $ 1,897 $ 2,067 $ 2,301
Assumed from:
Non-affiliated companies 5 -- --
Ceded to:
Affiliated companies (219) (283) (384)
Non-affiliated companies (315) (298) (305)
- -------------------------------------------------------------------------------
Total net earned premiums $ 1,368 $ 1,486 $ 1,612
- -------------------------------------------------------------------------------
</TABLE>
24
<PAGE> 66
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
6. REINSURANCE, Continued
Reinsurance recoverables at December 31, include amounts recoverable on
unpaid and paid losses and were as follows (in millions):
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
Reinsurance Recoverables:
Life and accident and health business:
Non-affiliated companies $1,497 $1,744
Property-casualty business:
Affiliated companies 2,361 2,363
- --------------------------------------------------------------------------------
Total Reinsurance Recoverables $3,858 $4,107
================================================================================
</TABLE>
Total reinsurance recoverables at December 31, 1996 and 1995 include $720
million and $929 million, respectively, from MetLife in connection with
the sale of the Company's group life and related businesses. See Note 4.
7. SHAREHOLDER'S EQUITY
Additional Paid-In Capital
The increase of $36 million in additional paid-in capital during 1996 is
due primarily to contributions of non-insurance subsidiaries from TIGI.
Unrealized Investment Gains (Losses)
An analysis of the change in unrealized gains and losses on investments
is shown in Note 15.
Shareholder's Equity and Dividend Availability
The Company's statutory net income, which includes all insurance
subsidiaries, was $656 million, $235 million and $100 million for the
years ended December 31, 1996, 1995 and 1994, respectively.
The Company's statutory capital and surplus was $3,442 million and
$3,197 million at December 31, 1996 and 1995, respectively.
The Company is currently subject to various regulatory restrictions that
limit the maximum amount of dividends available to be paid to its parent
without prior approval of insurance regulatory authorities. Statutory
surplus of $507 million is available in 1997 for dividend payments by the
Company without prior approval of the Connecticut Insurance Department.
In addition, under a revolving credit facility, the Company is required
to maintain certain minimum equity and risk based capital levels. The
Company is in compliance with these covenants at December 31, 1996.
25
<PAGE> 67
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
8. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL
INSTRUMENTS
Derivative Financial Instruments
The Company uses derivative financial instruments, including financial
futures, equity options, forward contracts and interest rate swaps as a
means of hedging exposure to foreign currency, equity price changes
and/or interest rate risk on anticipated transactions or existing assets
and liabilities. The Company does not hold or issue derivative
instruments for trading purposes.
These derivative financial instruments have off-balance sheet risk.
Financial instruments with off-balance sheet risk involve, to varying
degrees, elements of credit and market risk in excess of the amount
recognized in the balance sheet. The contract or notional amounts of
these instruments reflect the extent of involvement the Company has in a
particular class of financial instrument. However, the maximum loss of
cash flow associated with these instruments can be less than these
amounts. For forward contracts and interest rate swaps, credit risk is
limited to the amounts calculated to be due the Company on such
contracts. Financial futures contracts and purchased listed option
contracts have little credit risk since organized exchanges are the
counterparties.
The Company monitors creditworthiness of counterparties to these
financial instruments by using criteria of acceptable risk that are
consistent with on-balance sheet financial instruments. The controls
include credit approvals, limits and other monitoring procedures.
The Company uses exchange traded financial futures contracts to manage
its exposure to changes in interest rates which arise from the sale of
certain insurance and investment products, or the need to reinvest
proceeds from the sale or maturity of investments. To hedge against
adverse changes in interest rates, the Company enters long or short
positions in financial futures contracts which offset asset price changes
resulting from changes in market interest rates until an investment is
purchased or a product is sold.
Margin payments are required to enter a futures contract and contract
gains or losses are settled daily in cash. The contract amount of futures
contracts represents the extent of the Company's involvement, but not
future cash requirements, as open positions are typically closed out
prior to the delivery date of the contract.
At December 31, 1996 and 1995, the Company held financial futures
contracts with notional amounts of $169 million and $68 million,
respectively, and a deferred gain of $1 million and a deferred loss of
$.2 million, respectively. Total gains from financial futures of $2
million were deferred at December 31, 1996. These deferred gains, which
relate to anticipated investment purchases and investment product sales
expected to occur by the end of the second quarter of 1997, are reported
as other liabilities. At December 31, 1996 and 1995, the Company's
futures contracts had no fair value because these contracts are marked to
market and settled in cash daily.
The off-balance sheet risks of equity options, forward contracts, and
interest rate swaps were not significant at December 31, 1996 and 1995.
26
<PAGE> 68
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
8. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL
INSTRUMENTS, Continued
The Company purchased a 5-year interest rate cap, with a notional amount
of $200 million, from Travelers Group in 1995 to hedge against losses
that could result from increasing interest rates. This instrument, which
does not have off-balance sheet risk, gives the Company the right to
receive payments if interest rates exceed specific levels at specific
dates. The premium of $2 million paid for this instrument is being
amortized over its life. The interest rate cap asset is reported at fair
value which is $1 million at December 31, 1996.
Financial Instruments with Off-Balance Sheet Risk
In the normal course of business, the Company issues fixed and variable
rate loan commitments and has unfunded commitments to partnerships. The
off-balance sheet risk of these financial instruments was not significant
at December 31, 1996 and 1995.
Fair Value of Certain Financial Instruments
The Company uses various financial instruments in the normal course of
its business. Fair values of financial instruments which are considered
insurance contracts are not required to be disclosed and are not included
in the amounts discussed.
At December 31, 1996 and 1995, investments in fixed maturities had a
carrying value and a fair value of $18.8 billion. See Note 15.
At December 31, 1996, mortgage loans had a carrying value of $2.9
billion, which approximated fair value, compared with a carrying value of
$3.6 billion, which approximated fair value at December 31, 1995. In
estimating fair value, the Company used interest rates reflecting the
higher returns required in the current real estate financing market.
The carrying values of $154 million and $647 million of financial
instruments classified as other assets approximated their fair values at
December 31, 1996 and 1995, respectively. The carrying values of $825
million and $1.3 billion of financial instruments classified as other
liabilities also approximated their fair values at December 31, 1996 and
1995, respectively. Fair value is determined using various methods
including discounted cash flows, as appropriate for the various financial
instruments.
At December 31, 1996, contractholder funds with defined maturities had a
carrying value of $1.7 billion and a fair value of $1.7 billion, compared
with a carrying value of $2.4 billion and a fair value of $2.5 billion at
December 31, 1995. The fair value of these contracts is determined by
discounting expected cash flows at an interest rate commensurate with the
Company's credit risk and the expected timing of cash flows.
Contractholder funds without defined maturities had a carrying value of
$9.1 billion and a fair value of $8.8 billion at December 31, 1996,
compared with a carrying value of $9.3 billion and a fair value of $9.0
billion at December 31, 1995. These contracts generally are valued at
surrender value.
The assets of separate accounts providing a guaranteed return had a
carrying value and a fair value of $1.1 billion and $1.1 billion,
respectively, at December 31, 1996, compared with a carrying value and a
fair value of $1.5 billion and $1.6 billion, respectively, at December
31, 1995. The liabilities of separate accounts providing a guaranteed
return had a carrying value and a fair value of $1.0 billion and $.9
billion, respectively, at December 31, 1996, compared with a carrying
value and a fair value of $1.5 billion and $1.4 billion, respectively, at
December 31, 1995.
27
<PAGE> 69
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
8. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL
INSTRUMENTS, Continued
The carrying values of cash, short-term securities, investment income
accrued and commercial paper approximated their fair values.
The carrying value of policy loans, which have no defined maturities, is
considered to be fair value.
9. COMMITMENTS AND CONTINGENCIES
Financial Instruments with Off-Balance Sheet Risk
See Note 8 for a discussion of financial instruments with off-balance
sheet risk.
Litigation
The Company is a defendant or codefendant in various litigation matters
in the normal course of business. Although there can be no assurances, as
of December 31, 1996, the Company believes, based on information
currently available, that the ultimate resolution of these legal
proceedings would not be likely to have a material adverse effect on its
results of operations, financial condition or liquidity.
10. BENEFIT PLANS
Pension Plans
The Company participates in a qualified, noncontributory defined benefit
pension plan sponsored by Travelers Group covering the majority of
Travelers Group's U.S. employees. Benefits for the qualified plan are
based on an account balance formula. Under this formula, each employee's
accrued benefit can be expressed as an account that is credited with
amounts based upon the employee's pay, length of service and a specified
interest rate, all subject to a minimum benefit level. This plan is
funded in accordance with the Employee Retirement Income Security Act of
1974 and the Internal Revenue Code.
The Company also participates in a nonqualified, noncontributory defined
benefit pension plan sponsored by an affiliate covering the majority of
the Company's U.S. employees. Contributions are based on benefits paid.
The Company's share of net pension expense was not significant for 1996,
1995 and 1994.
Through plans sponsored by TIGI, the Company also provides defined
contribution pension plans for certain agents. Company contributions are
primarily a function of production. The expense for these plans was not
significant in 1996, 1995 and 1994.
28
<PAGE> 70
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
10. BENEFIT PLANS, Continued
Other Benefit Plans
In addition to pension benefits, the Company provides certain health care
and life insurance benefits for retired employees through a plan
sponsored by TIGI. Retirees may elect certain prepaid health care benefit
plans. Life insurance benefits are generally set at a fixed amount.
Beginning January 1, 1996, these plans were amended to restrict benefit
eligibility to retirees and certain retiree-eligible employees. The cost
recognized by the Company for these benefits represents its allocated
share of the total costs of the plan, net of retiree contributions. The
Company's share of the total cost of the plan for 1996, 1995 and 1994 was
not significant.
401(K) Savings Plan
Under the savings, investment and stock ownership plan available to
substantially all employees of TIGI, the Company matches a portion of
employee contributions. Effective April 1, 1993, the match decreased from
100% to 50% of an employee's first 5% contribution and a variable match
based on the profitability of TIGI and its subsidiaries was added through
December 31, 1995. Effective January 1, 1996, the match remained at 50%
of an employee's first 5% contribution with a maximum of $1,000.
Effective January 1, 1997, employee contributions will be matched with
Travelers Group stock options. The Company's matching obligation was not
significant in 1996, 1995 and 1994.
11. RELATED PARTY TRANSACTIONS
The principal banking functions, including payment of salaries and
expenses, for certain subsidiaries and affiliates of TIGI are handled by
the Company. Settlements for these payments between the Company and its
affiliates are made regularly. The Company provides various employee
benefits coverages to employees of certain subsidiaries of TIGI. The
premiums for these coverages were charged in accordance with cost
allocation procedures based upon salaries or census. In addition,
investment advisory and management services, data processing services and
claims processing services are shared with affiliated companies. Charges
for these services are shared by the companies on cost allocation methods
based generally on estimated usage by department.
An affiliate maintains a short-term investment pool in which the Company
participates. The position of each company participating in the pool is
calculated and adjusted daily. At December 31, 1996 and 1995, the pool
totaled approximately $2.9 billion and $2.2 billion, respectively. The
Company's share of the pool amounted to $196 million and $1.4 billion at
December 31, 1996 and 1995, respectively, and is included in short-term
securities in the consolidated balance sheet.
The Company sells structured settlement annuities to TAP in connection
with the settlement of certain policyholder obligations. Such deposits
were $40 million, $38 million and $39 million for 1996, 1995 and 1994,
respectively.
29
<PAGE> 71
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
11. RELATED PARTY TRANSACTIONS, Continued
The Company markets deferred annuity products and life and health
insurance through its affiliate, Smith Barney Inc. Premiums and deposits
related to these products were $820 million, $583 million and $161
million in 1996, 1995 and 1994, respectively.
At December 31, 1996 and 1995, the Company had an investment of $22
million and $24 million, respectively, in bonds of its affiliate, CCC.
This is included in fixed maturities in the consolidated balance sheet.
The Company had an investment of $648 million and $445 million in common
stock of Travelers Group at December 31, 1996 and 1995, respectively.
This investment is carried at fair value.
12. LEASES
Most leasing functions for TIGI and its subsidiaries are administered by
TAP. In 1996, TAP assumed the obligations for several leases. Rent
expense related to all leases are shared by the companies on a cost
allocation method based generally on estimated usage by department. Rent
expense was $24 million, $22 million and $23 million in 1996, 1995 and
1994, respectively.
<TABLE>
<CAPTION>
-----------------------------------------------------------
Minimum operating
(in millions) rental payments
-----------------------------------------------------------
<S> <C>
Year ending December 31,
1997 $ 57
1998 49
1999 41
2000 39
2001 42
Thereafter 362
-----------------------------------------------------------
$590
-----------------------------------------------------------
</TABLE>
The Company is reimbursed by affiliates of TIGI for utilization of space
and equipment. Future sublease rental income of approximately $92 million
will partially offset these commitments. Minimum future capital lease
payments are not significant.
30
<PAGE> 72
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
13. FEDERAL INCOME TAXES
<TABLE>
<CAPTION>
(in millions) 1996 1995 1994
-------------------------------------------------------------------------------------
Effective tax rate
<S> <C> <C> <C>
Income before federal income taxes $975 $837 $597
Statutory tax rate 35% 35% 35%
-------------------------------------------------------------------------------------
Expected federal income taxes $341 $293 $209
Tax effect of:
Nontaxable investment income (3) (4) (4)
Other, net 4 1 6
-------------------------------------------------------------------------------------
Federal income taxes (benefit) $342 $290 $211
-------------------------------------------------------------------------------------
Effective tax rate 35% 35% 35%
-------------------------------------------------------------------------------------
Composition of federal income taxes
Current:
United States $263 $220 $(108)
Foreign 21 13 12
-------------------------------------------------------------------------------------
Total 284 233 (96)
-------------------------------------------------------------------------------------
Deferred:
United States 57 52 302
Foreign 1 5 5
-------------------------------------------------------------------------------------
Total 58 57 307
-------------------------------------------------------------------------------------
Federal income taxes $342 $290 $211
-------------------------------------------------------------------------------------
</TABLE>
Tax benefits allocated directly to shareholder's equity for the years
ended December 31, 1996 and 1995 were $8 million and $7 million,
respectively.
31
<PAGE> 73
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
13. FEDERAL INCOME TAXES, Continued
The net deferred tax liabilities at December 31, 1996 and 1995 were
comprised of the tax effects of temporary differences related to the
following assets and liabilities:
<TABLE>
<CAPTION>
(in millions) 1996 1995
---------------------------------------------------------------------------------------
<S> <C> <C>
Deferred tax assets:
Benefit, reinsurance and other reserves $ 510 $ 447
Contractholder funds 32 54
Operating lease reserves 71 56
Other employee benefits 104 74
Other 121 208
---------------------------------------------------------------------------------------
Total 838 839
---------------------------------------------------------------------------------------
Deferred tax liabilities:
Deferred acquisition costs and value of insurance in force 571 538
Investments, Net 131 152
Other 93 81
---------------------------------------------------------------------------------------
Total 795 771
---------------------------------------------------------------------------------------
Net deferred tax asset before valuation allowance 43 68
Valuation allowance for deferred tax assets (100) (100)
---------------------------------------------------------------------------------------
Net deferred tax (liability) asset after valuation allowance $ (57) $ (32)
---------------------------------------------------------------------------------------
</TABLE>
Starting in 1994 and continuing for at least five years, the Company and
its life insurance subsidiaries will file a consolidated federal income
tax return. Federal income taxes are allocated to each member of the
consolidated return on a separate return basis adjusted for credits and
other amounts required by the consolidation process. Any resulting
liability will be paid currently to the Company. Any credits for losses
will be paid by the Company to the extent that such credits are for tax
benefits that have been utilized in the consolidated federal income tax
return.
32
<PAGE> 74
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
13. FEDERAL INCOME TAXES, Continued
A net deferred tax asset valuation allowance of $100 million has been
established to reduce the deferred tax asset on investment losses to the
amount that, based upon available evidence, is more likely than not to be
realized. Reversal of the valuation allowance is contingent upon the
recognition of future capital gains in the Company's consolidated life
insurance company federal income tax return through 1998, and the
consolidated federal income tax return of Travelers Group commencing in
1999, or a change in circumstances which causes the recognition of the
benefits to become more likely than not. There was no change in the
valuation allowance during 1996. The initial recognition of any benefit
produced by the reversal of the valuation allowance will be recognized by
reducing goodwill.
At December 31, 1996, the Company has no ordinary or capital loss
carryforwards.
The policyholders surplus account, which arose under prior tax law, is
generally that portion of the gain from operations that has not been
subjected to tax, plus certain deductions. The balance of this account,
which, under provisions of the Tax Reform Act of 1984, will not increase
after 1983, is estimated to be $932 million. This amount has not been
subjected to current income taxes but, under certain conditions that
management considers to be remote, may become subject to income taxes in
future years. At current rates, the maximum amount of such tax (for which
no provision has been made in the financial statements) would be
approximately $326 million.
14. NET INVESTMENT INCOME
<TABLE>
<CAPTION>
(For the year ended December 31, in millions) 1996 1995 1994
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross investment income
Fixed maturities $1,328 $1,191 $1,082
Mortgage loans 331 419 511
Policy loans 156 163 110
Real estate held for sale 94 111 174
Other 77 97 52
-------------------------------------------------------------------------------------------
1,986 1,981 1,929
-------------------------------------------------------------------------------------------
Investment expenses 99 157 227
-------------------------------------------------------------------------------------------
Net investment income $1,887 $1,824 $1,702
-------------------------------------------------------------------------------------------
</TABLE>
33
<PAGE> 75
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES)
Realized investment gains (losses) for the periods were as follows:
<TABLE>
<CAPTION>
(For the year ended December 31, in millions) 1996 1995 1994
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Realized
Fixed maturities $(63) $(43) $(3)
Equity securities 47 36 18
Mortgage loans 49 47 -
Real estate held for sale 33 18 -
Other (1) 48 (2)
-----------------------------------------------------------------------------------------
Realized investment gains $ 65 $106 $13
----------------------------------------------------------------------------------------
</TABLE>
Changes in net unrealized investment gains (losses) that are included as
a separate component of shareholder's equity were as follows:
<TABLE>
<CAPTION>
(For the year ended December 31, in millions) 1996 1995 1994
-------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Unrealized
Fixed maturities $(323) $1,974 $(1,319)
Equity securities (35) 46 (25)
Other 220 200 165
-------------------------------------------------------------------------------------------
(138) 2,220 (1,179)
Related taxes (43) 778 (412)
-------------------------------------------------------------------------------------------
Change in unrealized investment gains (losses) (95) 1,442 (767)
Balance beginning of year 682 (760) 7
-------------------------------------------------------------------------------------------
Balance end of year $ 587 $ 682 $ (760)
--------------------------------------------------------------------------------------------
</TABLE>
The initial adoption of FAS 115 resulted in an increase of approximately
$232 million (net of taxes) to net unrealized gains in 1994.
Fixed Maturities
Proceeds from sales of fixed maturities classified as available for sale
were $9.1 billion and $6.8 billion in 1996 and 1995, respectively. Gross
gains of $107 million and $80 million and gross losses of $175 million
and $124 million in 1996 and 1995, respectively, were realized on those
sales.
34
<PAGE> 76
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
The amortized cost and fair value of investments in fixed maturities were
as follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
December 31, 1996
---------------------------------------------------------------------------------------------
Gross Gross
Amortized unrealized unrealized Fair
(in millions) cost gains losses value
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Available for sale:
Mortgage-backed securities -
CMOs and pass through
securities $ 3,755 $ 69 $23 $ 3,801
U.S. Treasury securities
and obligations of U.S.
Government and
government agencies
and authorities 1,188 50 4 1,234
Obligations of states,
municipalities and
political subdivisions 76 1 1 76
Debt securities issued by
foreign governments 565 24 3 586
All other corporate bonds 12,925 259 41 13,143
Redeemable preferred stock 6 - - 6
---------------------------------------------------------------------------------------------
Total $18,515 $403 $72 $18,846
---------------------------------------------------------------------------------------------
</TABLE>
35
<PAGE> 77
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
December 31, 1995
-----------------------------------------------------------------------------------------------
Gross Gross
Amortized unrealized unrealized Fair
(in millions) cost gains losses value
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Available for sale:
Mortgage-backed securities -
CMOs and pass through
securities $ 4,174 $103 $15 $ 4,262
U.S. Treasury securities
and obligations of U.S.
Government and
government agencies
and authorities 1,327 116 - 1,443
Obligations of states,
municipalities and
political subdivisions 91 2 - 93
Debt securities issued by
foreign governments 311 17 - 328
All other corporate bonds 12,283 442 10 12,715
Redeemable preferred stock 1 - - 1
-----------------------------------------------------------------------------------------------
Total $18,187 $680 $25 $18,842
-----------------------------------------------------------------------------------------------
</TABLE>
The amortized cost and fair value of fixed maturities at December 31,
1996, by contractual maturity, are shown below. Actual maturities will
differ from contractual maturities because borrowers may have the right
to call or prepay obligations with or without call or prepayment
penalties.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
Maturity Amortized Fair
(in millions) cost value
-------------------------------------------------------------------------------------------
<S> <C> <C>
Due in one year or less $ 971 $ 975
Due after 1 year through 5 years 4,970 5,043
Due after 5 years through 10 years 4,871 4,946
Due after 10 years 3,949 4,083
-------------------------------------------------------------------------------------------
14,761 15,047
Mortgage-backed securities 3,754 3,799
-------------------------------------------------------------------------------------------
Total $18,515 $18,846
-------------------------------------------------------------------------------------------
</TABLE>
36
<PAGE> 78
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
The Company makes investments in collateralized mortgage obligations
(CMOs). CMOs typically have high credit quality, offer good liquidity,
and provide a significant advantage in yield and total return compared to
U.S. Treasury securities. The Company's investment strategy is to
purchase CMO tranches which are protected against prepayment risk,
including planned amortization class (PAC) tranches. Prepayment protected
tranches are preferred because they provide stable cash flows in a
variety of interest rate scenarios. The Company does invest in other
types of CMO tranches if a careful assessment indicates a favorable
risk/return tradeoff. The Company does not purchase residual interests in
CMOs.
At December 31, 1996 and 1995, the Company held CMOs, classified as
available for sale with a fair value of $1.9 billion and $2.3 billion,
respectively. Approximately 88% and 89% of the Company's CMO holdings are
fully collateralized by GNMA, FNMA or FHLMC securities at December 31,
1996 and 1995. In addition, the Company held $843.5 million and $917
million of GNMA, FNMA or FHLMC mortgage-backed pass-through securities at
December 31, 1996 and 1995, respectively. Virtually all of these
securities are rated AAA. The Company also held $1.4 billion and $1.3
billion of securities that are backed primarily by credit card or car
loan receivables at December 31, 1996 and 1995, respectively.
Equity Securities
The cost and fair values of investments in equity securities were as
follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
December 31, 1996
---------------------------------------------------------------------------------------
Gross Gross
unrealized unrealized Fair
(in millions) Cost gains losses value
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common stocks $211 $38 $30 $219
Nonredeemable preferred stocks 114 2 3 113
---------------------------------------------------------------------------------------
Total $325 $40 $33 $332
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
December 31, 1995
---------------------------------------------------------------------------------------
Gross Gross
unrealized unrealized Fair
(in millions) Cost gains losses value
---------------------------------------------------------------------------------------
Common stocks $138 $48 $5 $181
Nonredeemable preferred stocks 44 2 3 43
--------------------------------------------------------------------------------------
Total $182 $50 $8 $224
--------------------------------------------------------------------------------------
</TABLE>
37
<PAGE> 79
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
Proceeds from sales of equity securities were $479 million and $379
million in 1996 and 1995, respectively. Gross gains of $64 million and
$27 million and gross losses of $11 million and $2 million in 1996 and
1995, respectively, were realized on those sales.
Real estate held for sale and mortgage loans
Underperforming assets include delinquent mortgage loans, loans in the
process of foreclosure, foreclosed loans and loans modified at interest
rates below market.
At December 31, 1996 and 1995, the Company's real estate held for sale
and mortgage loan portfolios consisted of the following (in millions):
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
1996 1995
----------------------------------------------------------------------------
<S> <C> <C>
Current mortgage loans $2,832 $3,385
Underperforming mortgage loans 51 241
----------------------------------------------------------------------------
Total 2,883 3,626
----------------------------------------------------------------------------
Real estate held for sale 297 293
----------------------------------------------------------------------------
Total $3,180 $3,919
----------------------------------------------------------------------------
</TABLE>
Aggregate annual maturities on mortgage loans at December 31, 1996 are as
follows:
<TABLE>
<CAPTION>
----------------------------------------------------
(in millions)
----------------------------------------------------
<S> <C>
Past maturity $ 78
1997 299
1998 349
1999 293
2000 364
2001 224
Thereafter 1,276
----------------------------------------------------
Total $2,883
----------------------------------------------------
</TABLE>
38
<PAGE> 80
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
Concentrations
At December 31, 1996 and 1995, the Company had no concentration of credit
risk in a single investee exceeding 10% of consolidated shareholder's
equity.
The Company participates in a short-term investment pool maintained by an
affiliate. See Note 11.
Included in fixed maturities are below investment grade assets totaling
$1.1 billion and $1.0 billion at December 31, 1996 and 1995,
respectively. The Company defines its below investment grade assets as
those securities rated "Ba1" or below by external rating agencies, or the
equivalent by internal analysts when a public rating does not exist. Such
assets include publicly traded below investment grade bonds and certain
other privately issued bonds that are classified as below investment
grade loans.
The Company also had concentrations of investments, primarily
fixed maturities, in the following industries:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
(in millions) 1996 1995
---------------------------------------------------------------------------------------------------
<S> <C> <C>
Banking $1,959 $1,226
Finance 1,823 1,491
Electric utilities 1,093 1,023
Oil and gas 652 861
---------------------------------------------------------------------------------------------------
</TABLE>
Below investment grade assets included in the totals above, were as
follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
(in millions) 1996 1995
---------------------------------------------------------------------------------------------------
<S> <C> <C>
Banking $ 1 $ 8
Finance 65 56
Electric utilities 49 26
Oil and gas 58 66
---------------------------------------------------------------------------------------------------
</TABLE>
At December 31, 1996 and 1995, concentrations of mortgage loans were for
properties located in highly populated areas in the states listed below:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
(in millions) 1996 1995
---------------------------------------------------------------------------------------------------
<S> <C> <C>
California $ 643 $ 736
New York 297 400
---------------------------------------------------------------------------------------------------
</TABLE>
39
<PAGE> 81
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
15. INVESTMENTS AND INVESTMENT GAINS (LOSSES), Continued
Other mortgage loan investments are relatively evenly dispersed
throughout the United States, with no holdings in any state exceeding
$258 million and $332 million at December 31, 1996 and 1995,
respectively.
Concentrations of mortgage loans by property type at December 31, 1996
and 1995 were as follows:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
(in millions) 1996 1995
----------------------------------------------------------------------------------------------
<S> <C> <C>
Office $1,195 $1,513
Agricultural 677 556
Retail 307 426
Apartment 284 580
----------------------------------------------------------------------------------------------
</TABLE>
The Company monitors creditworthiness of counterparties to all financial
instruments by using controls that include credit approvals, limits and
other monitoring procedures. Collateral for fixed maturities often
includes pledges of assets, including stock and other assets, guarantees
and letters of credit. The Company's underwriting standards with respect
to new mortgage loans generally require loan to value ratios of 75% or
less at the time of mortgage origination.
Non-Income Producing Investments
Investments included in the consolidated balance sheets that were
non-income producing for the preceding 12 months were as follows:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
(in millions) 1996 1995
----------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage loans $ 7 $18
Real estate 37 65
Fixed maturities - 4
----------------------------------------------------------------------------------------
Total $44 $87
----------------------------------------------------------------------------------------
</TABLE>
Restructured Investments
The Company had mortgage loans and debt securities which were
restructured at below market terms totaling approximately $18 million and
$67 million at December 31, 1996 and 1995, respectively. The new terms
typically defer a portion of contract interest payments to varying future
periods. The accrual of interest is suspended on all restructured assets,
and interest income is reported only as payment is received. Gross
interest income on restructured assets that would have been recorded in
accordance with the original terms of such loans amounted to $5 million
in 1996 and $16 million in 1995. Interest on these assets, included in
net investment income, aggregated $2 million and $8 million in 1996 and
1995, respectively.
40
<PAGE> 82
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
16. DEPOSIT FUNDS AND RESERVES
At December 31, 1996, the Company had $21.9 billion of life and annuity
deposit funds and reserves. Of that total, $11.6 billion is not subject
to discretionary withdrawal based on contract terms. The remaining $10.3
billion is for life and annuity products that are subject to
discretionary withdrawal by the contractholder. Included in the amount
that is subject to discretionary withdrawal is $1.7 billion of
liabilities that are surrenderable with market value adjustments. Also
included are an additional $5.4 billion of the life insurance and
individual annuity liabilities which are subject to discretionary
withdrawals, and have an average surrender charge of 5.0%. In the payout
phase, these funds are credited at significantly reduced interest rates.
The remaining $3.2 billion of liabilities are surrenderable without
charge. More than 11% of these relate to individual life products. These
risks would have to be underwritten again if transferred to another
carrier, which is considered a significant deterrent against withdrawal
by long-term policyholders. Insurance liabilities that are surrendered or
withdrawn are reduced by outstanding policy loans and related accrued
interest prior to payout.
17. RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING
ACTIVITIES
The following table reconciles net income to net cash provided by
operating activities:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
(For the year ended December 31, in millions) 1996 1995 1994
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net income from continuing operations $ 633 $ 547 $ 386
Adjustments to reconcile net income to
net cash provided by operating activities
Realized gains (65) (106) (13)
Deferred federal income taxes 58 57 307
Amortization of deferred policy acquisition
costs and value of insurance in force 281 290 281
Additions to deferred policy acquisition costs (350) (454) (435)
Investment income accrued 2 (9) (47)
Premium balances receivable (6) (8) 5
Insurance reserves and accrued expenses (1) 291 212
Other 255 62 (212)
----------------------------------------------------------------------------------------
Net cash provided by
operating activities 807 670 484
Net cash provided by (used in)
discontinued operations (350) (596) 233
----------------------------------------------------------------------------------------
Net cash provided by
operations $ 457 $ 74 $ 717
----------------------------------------------------------------------------------------
</TABLE>
41
<PAGE> 83
THE TRAVELERS INSURANCE COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued
18. NONCASH INVESTING AND FINANCING ACTIVITIES
Significant noncash investing and financing activities include: a) the
1995 transfer of assets with a fair market value of approximately $1.5
billion and statutory reserves and other liabilities of approximately
$1.5 billion to MetLife (see Note 4); b) the 1995 return of capital of
Transport to TIGI (see Note 4); c) the acquisition of real estate through
foreclosures of mortgage loans amounting to $117 million, $97 million and
$229 million in 1996, 1995 and 1994, respectively; d) the acceptance of
purchase money mortgages for sales of real estate aggregating $23
million, $27 million and $96 million in 1996, 1995 and 1994,
respectively; and e) the 1994 exchange of $23 million of the Company's
investment in Travelers Group common stock for $35 million of Travelers
Group nonredeemable preferred stock.
42
<PAGE> 84
STATEMENT OF ADDITIONAL INFORMATION
FUND QP
Group Variable Annuity Contract
issued by
The Travelers Insurance Company
One Tower Square
Hartford, Connecticut 06183
14
<PAGE> 85
GOLD TRACK
ANNUAL REPORT
DECEMBER 31, 1996
THE TRAVELERS SEPARATE ACCOUNT QP
FOR VARIABLE ANNUITIES
[TRAVELERSLIFE LOGO]
The Travelers Insurance Company
The Travelers Life and Annuity Company
One Tower Square
Hartford, CT 06183
<PAGE> 86
THE TRAVELERS SEPARATE ACCOUNT QP
FOR VARIABLE ANNUITIES
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1996
<TABLE>
<S> <C> <C>
ASSETS:
Investments in eligible funds at market value:
Travelers Variable Products Funds, 20,766 shares (cost $483,413).............................. $ 453,184
Templeton Variable Products Series Fund, 22,309 shares (cost $473,839)........................ 488,835
Fidelity's Variable Insurance Products Fund, 53,465 shares (cost $1,316,695).................. 1,319,933
Fidelity's Variable Insurance Products Fund II, 17,939 shares (cost $303,418)................. 303,711
Dreyfus Stock Index Fund, 10,640 shares (cost $218,478)....................................... 215,789
American Odyssey Funds, Inc., 125,522 shares (cost $1,693,194)................................ 1,613,035
Travelers Series Fund Inc., 80,153 shares (cost $416,099)..................................... 413,338
----------
Total Investments (cost $4,905,136)........................................................ $4,807,825
Receivables:
Dividends..................................................................................... 125,703
Purchase payments and transfers from other Travelers accounts................................. 21,510
Other assets.................................................................................... 12
----------
Total Assets............................................................................... 4,955,050
----------
LIABILITIES:
Payable for contract surrenders and transfers to other Travelers accounts ...................... 161
Accrued liabilities............................................................................. 618
----------
Total Liabilities.......................................................................... 779
----------
NET ASSETS: $4,954,271
==========
</TABLE>
See Notes to Financial Statements
-1-
<PAGE> 87
THE TRAVELERS SEPARATE ACCOUNT QP
FOR VARIABLE ANNUITIES
STATEMENT OF OPERATIONS
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31, 1996
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends..................................................... $ 136,356
EXPENSES:
Insurance charges............................................. 5,330
------------
Net investment income..................................... 131,026
------------
REALIZED GAIN AND UNREALIZED LOSS ON
INVESTMENTS:
Realized gain from investment transactions:
Proceeds from investments sold.............................. $ 415,147
Cost of investments sold.................................... 411,787
------------
Net realized gain......................................... 3,360
Unrealized loss on investments:
December 31, 1996........................................... (97,311)
------------
Net realized gain and unrealized loss.................... (93,951)
------------
Net increase in net assets resulting from operations.......... $ 37,075
============
</TABLE>
See Notes to Financial Statements
-2-
<PAGE> 88
THE TRAVELERS SEPARATE ACCOUNT QP
FOR VARIABLE ANNUITIES
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31, 1996
<TABLE>
<S> <C>
OPERATIONS:
Net investment income........................................................ $ 131,026
Net realized gain from investment transactions............................... 3,360
Net unrealized loss on investments........................................... (97,311)
------------
Net increase in net assets resulting from operations....................... 37,075
------------
UNIT TRANSACTIONS:
Participant purchase payments
(applicable to 1,381,714 units)............................................ 1,397,560
Participant transfers from other Travelers accounts
(applicable to 3,880,959 units)............................................ 3,970,427
Administrative charges
(applicable to 8,470 units)................................................ (8,730)
Contract surrenders
(applicable to 3,041 units)................................................ (3,085)
Participant transfers to other Travelers accounts
(applicable to 433,608 units).............................................. (438,976)
------------
Net increase in net assets resulting from unit transactions.............. 4,917,196
------------
Net increase in net assets.............................................. 4,954,271
NET ASSETS:
Beginning of period.......................................................... -
------------
End of period................................................................ $ 4,954,271
============
</TABLE>
See Notes to Financial Statements
-3-
<PAGE> 89
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Travelers Separate Account QP for Variable Annuities ("Fund QP") is a
separate account of The Travelers Insurance Company ("The Travelers"), an
indirect wholly owned subsidiary of Travelers Group Inc., and is available
for funding certain variable annuity contracts issued by The Travelers.
Fund QP is registered under the Investment Company Act of 1940, as amended,
as a unit investment trust.
Participant purchase payments applied to Fund QP are invested in one or
more eligible funds in accordance with the selection made by the contract
owner. As of December 31, 1996, the eligible funds available under Fund QP
are: Managed Assets Trust; High Yield Bond Trust; Capital Appreciation
Fund; U.S. Government Securities Portfolio, Social Awareness Stock
Portfolio and Utilities Portfolio of The Travelers Series Trust; American
Odyssey Core Equity Fund, American Odyssey Emerging Opportunities Fund,
American Odyssey International Equity Fund, American Odyssey Long-Term Bond
Fund, American Odyssey Intermediate-Term Bond Fund and American Odyssey
Short-Term Bond Fund of American Odyssey Funds, Inc.; Alliance Growth
Portfolio, Smith Barney High Income Portfolio, Smith Barney International
Equity Portfolio, Smith Barney Income and Growth Portfolio, Putnam
Diversified Income Portfolio, MFS Total Return Portfolio and Smith Barney
Money Market Portfolio of Travelers Series Fund Inc. (all of which are
managed by affiliates of The Travelers); Templeton Bond Fund, Templeton
Stock Fund and Templeton Asset Allocation Fund of Templeton Variable
Products Series Fund; High Income Portfolio, Growth Portfolio and
Equity-Income Portfolio of Fidelity's Variable Insurance Products Fund;
Asset Manager Portfolio of Fidelity's Variable Insurance Products Fund II;
and Dreyfus Stock Index Fund. All of the funds are Massachusetts business
trusts, except for American Odyssey Funds, Inc., Dreyfus Stock Index Fund
and Travelers Series Fund Inc. which are incorporated under Maryland law.
The following is a summary of significant accounting policies consistently
followed by Fund QP in the preparation of its financial statements.
SECURITY VALUATION. Investments are valued daily at the net asset values
per share of the underlying funds.
FEDERAL INCOME TAXES. The operations of Fund QP form a part of the total
operations of The Travelers and are not taxed separately. The Travelers is
taxed as a life insurance company under the Internal Revenue Code of 1986,
as amended (the "Code"). Under existing federal income tax law, no taxes
are payable on the investment income of Fund QP. Fund QP is not taxed as a
"regulated investment company" under Subchapter M of the Code.
OTHER. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Security transactions are accounted for on the trade date. Dividend income
is recorded on the ex-dividend date.
2. INVESTMENTS
Purchases and sales of investments aggregated $5,316,923 and $415,147
respectively, for the period ended December 31, 1996. Realized gains and
losses from investment transactions are reported on an identified cost
basis. The cost of investments in eligible funds was $4,905,136 at December
31, 1996. Gross unrealized appreciation for all investments at December 31,
1996 was $28,970. Gross unrealized depreciation for all investments at
December 31, 1996 was $126,281.
-4-
<PAGE> 90
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3. CONTRACT CHARGES
Insurance charges are paid for the mortality and expense risks assumed by
The Travelers. These charges range from 0.60% to 1.20% of the average net
assets of Fund QP on an annual basis. Additionally, for certain allocated
contracts in the accumulation phase, a semi-annual charge of $15 (prorated
for partial periods) is deducted from participant account balances and paid
to The Travelers to cover administrative charges. As of December 31, 1996
all contract owners had a mortality and expense risk charge of 0.95%.
Administrative fees are paid for administrative expenses incurred by The
Travelers. This charge is equivalent to 0.10% of the average net assets of
certain allocated contracts in Fund QP on an annual basis. No
administrative fees were paid for the period ended December 31, 1996.
Participants in American Odyssey Funds, Inc. (the "Funds"), may elect to
enter into a separate asset allocation advisory agreement with Copeland
Financial Services, Inc. ("Copeland"), an affiliate of The Travelers. Under
this arrangement, Copeland provides asset allocation advice and charges
participants an annual fee, plus a one-time set-up fee of $30. The annual
fee, which decreases as a participant's assets in the Funds increase, is
equivalent to an amount of up to 1.50% of the participant's assets in the
Funds. No fees were paid for the period ended December 31, 1996.
No sales charge is deducted from participant purchase payments when they
are received. However, The Travelers assesses a contingent deferred sales
charge if a participant's purchase payment is surrendered within eight
years of its payment date. There were no contingent deferred sales charges
for the period ended December 31, 1996.
-5-
<PAGE> 91
NOTES TO FINANCIAL STATEMENTS - CONTINUED
4. NET CONTRACT OWNERS' EQUITY
<TABLE>
<CAPTION>
DECEMBER 31, 1996
------------------------------------------------------
ACCUMULATION UNIT NET
UNITS VALUE ASSETS
----- ----- ------
<S> <C> <C> <C>
Travelers Variable Products Funds
Managed Assets Trust...................................... 78,508 $ 1.043 $ 81,864
High Yield Bond Trust..................................... 6,520 1.031 6,724
Capital Appreciation Fund................................. 293,629 1.028 301,764
U.S. Government Securities Portfolio...................... 51,072 1.025 52,368
Utilities Portfolio....................................... 7,796 1.034 8,059
Social Awareness Stock Portfolio.......................... 35,689 1.036 36,958
Templeton Variable Products Series Fund
Templeton Bond Fund....................................... 15,303 1.035 15,841
Templeton Stock Fund...................................... 369,698 1.080 399,335
Templeton Asset Allocation Fund........................... 70,211 1.067 74,928
Fidelity's Variable Insurance Products Fund
High Income Portfolio..................................... 91,884 1.013 93,098
Growth Portfolio.......................................... 804,434 0.993 798,611
Equity-Income Portfolio................................... 417,374 1.043 435,284
Fidelity's Variable Insurance Products Fund II
Asset Manager Portfolio................................... 290,881 1.048 304,791
Dreyfus Stock Index Fund.................................... 204,067 1.076 219,606
American Odyssey Funds, Inc.
American Odyssey Core Equity Fund......................... 496,794 1.080 536,569
American Odyssey Emerging Opportunities Fund.............. 404,384 0.885 357,913
American Odyssey International Equity Fund................ 239,079 1.091 260,936
American Odyssey Long-Term Bond Fund...................... 232,943 1.022 238,177
American Odyssey Intermediate-Term Bond Fund.............. 195,701 1.017 198,938
American Odyssey Short-Term Bond Fund..................... 116,408 1.010 117,568
Travelers Series Fund Inc.
Alliance Growth Portfolio................................. 44,777 1.065 47,679
Smith Barney Income and Growth Portfolio.................. 270,469 1.058 286,273
Smith Barney High Income Portfolio........................ 278 1.042 290
MFS Total Return Portfolio................................ 2,087 1.045 2,182
Smith Barney International Equity Portfolio............... 8,808 1.017 8,962
Smith Barney Money Market Portfolio....................... 56,124 1.010 56,670
Putnam Diversified Income Portfolio....................... 12,636 1.019 12,883
---------------
Net Contract Owners' Equity............................................................... $ 4,954,271
===============
</TABLE>
-6-
<PAGE> 92
NOTES TO FINANCIAL STATEMENTS - CONTINUED
5. STATEMENT OF INVESTMENTS
<TABLE>
<CAPTION>
INVESTMENT OPTIONS NO. OF MARKET
SHARES VALUE
---------- ----------
<S> <C> <C>
TRAVELERS VARIABLE PRODUCTS FUNDS (9.4%)
Managed Assets Trust (Cost $81,451) 5,059 $ 75,779
High Yield Bond Trust (Cost $6,541) 710 6,031
Capital Appreciation Fund (Cost $297,678) 7,605 279,265
U.S. Government Securities Portfolio (Cost $52,588) 4,542 49,330
Utilities Portfolio (Cost $7,978) 602 7,352
Social Awareness Stock Portfolio (Cost $37,177) 2,248 35,427
---------- ----------
Total (Cost $483,413) 20,766 453,184
---------- ----------
TEMPLETON VARIABLE PRODUCTS SERIES FUND (10.2%)
Templeton Bond Fund (Cost $15,533) 1,352 15,729
Templeton Stock Fund (Cost $385,085) 17,403 398,185
Templeton Asset Allocation Fund (Cost $73,221) 3,554 74,921
---------- ----------
Total (Cost $473,839) 22,309 488,835
---------- ----------
FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND (27.4%)
High Income Portfolio (Cost $91,379) 7,387 92,483
Growth Portfolio (Cost $800,449) 25,562 795,991
Equity-Income Portfolio (Cost $424,867) 20,516 431,459
---------- ----------
Total (Cost $1,316,695) 53,465 1,319,933
---------- ----------
FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND II (6.3%)
Asset Manager Portfolio (Cost $303,418)
Total (Cost $303,418) 17,939 303,711
---------- ----------
DREYFUS STOCK INDEX FUND (4.5%)
Total (Cost $218,478) 10,640 215,789
---------- ----------
AMERICAN ODYSSEY FUNDS, INC. (33.6%)
American Odyssey Core Equity Fund (Cost $526,388) 32,601 504,986
American Odyssey Emerging Opportunities Fund (Cost $367,590) 24,498 328,758
American Odyssey International Equity Fund (Cost $248,270) 16,813 253,540
American Odyssey Long-Term Bond Fund (Cost $236,643) 22,214 225,474
American Odyssey Intermediate-Term Bond Fund (Cost $197,437) 18,364 187,310
American Odyssey Short-Term Bond Fund (Cost $116,866) 11,032 112,967
---------- ----------
Total (Cost $1,693,194) 125,522 1,613,035
---------- ----------
TRAVELERS SERIES FUND INC. (8.6%)
Alliance Growth Portfolio (Cost $46,966) 2,835 47,566
Smith Barney Income and Growth Portfolio (Cost $287,900) 18,930 285,079
Smith Barney High Income Portfolio (Cost $304) 25 292
MFS Total Return Portfolio (Cost $2,236) 165 2,176
Smith Barney International Equity Portfolio (Cost $8,848) 714 8,963
Smith Barney Money Market Portfolio (Cost $56,370) 56,370 56,370
Putnam Diversified Income Portfolio (Cost $13,475) 1,114 12,892
---------- ----------
Total (Cost $416,099) 80,153 413,338
---------- ----------
TOTAL INVESTMENT OPTIONS (100%)
(COST $4,905,136) $4,807,825
==========
</TABLE>
-7-
<PAGE> 93
NOTES TO FINANCIAL STATEMENTS - CONTINUED
6. SCHEDULE OF SEPARATE ACCOUNT QP OPERATIONS AND CHANGES IN NET ASSETS
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31,
1996
<TABLE>
<CAPTION>
U.S.
CAPITAL GOVERNMENT
MANAGED HIGH YIELD APPRECIATION SECURITIES UTILITIES
ASSETS TRUST BOND TRUST FUND PORTFOLIO PORTFOLIO
------------- ------------- -------------- ------------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............................................. $ 6,056 $ 629 $ 20,975 $ 3,043 $ 657
------------ ----------- ------------ ----------- ----------
EXPENSES:
Insurance charges...................................... 85 7 323 56 8
------------ ----------- ------------ ----------- ----------
Net investment income (loss)..................... 5,971 622 20,652 2,987 649
------------ ----------- ------------ ----------- ----------
REALIZED GAIN (LOSS) AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) from investment transactions:
Proceeds from investments sold..................... - 15 808 17 239
Cost of investments sold........................... - 15 786 16 229
------------ ----------- ------------ ----------- ----------
Net realized gain (loss)......................... - - 22 1 10
------------ ----------- ------------ ----------- ----------
Unrealized gain (loss) on investments:
End of period...................................... (5,672) (510) (18,413) (3,258) (626)
------------ ----------- ------------ ----------- ----------
Net increase (decrease) in net assets
resulting from operations........................ 299 112 2,261 (270) 33
------------ ----------- ------------ ----------- ----------
UNIT TRANSACTIONS:
Participant purchase payments.......................... 14,246 1,615 62,054 11,522 3,398
Participant transfers from other Travelers accounts.... 67,463 5,012 243,946 41,171 4,889
Administrative charges................................. (144) (15) (434) (55) (22)
Contract surrenders.................................... - - - - -
Participant transfers to other Travelers accounts...... - - (6,063) - (239)
------------ ----------- ------------ ----------- ----------
Net increase in net assets resulting
from unit transactions........................... 81,565 6,612 299,503 52,638 8,026
------------ ----------- ------------ ----------- ----------
Net increase in net assets....................... 81,864 6,724 301,764 52,368 8,059
NET ASSETS:
Beginning of period................................ - - - - -
------------ ----------- ------------ ----------- ----------
End of period...................................... $ 81,864 $ 6,724 $ 301,764 $ 52,368 $ 8,059
============ =========== ============ =========== ==========
</TABLE>
-8-
<PAGE> 94
NOTES TO FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
SOCIAL TEMPLETON
AWARENESS ASSET FIDELITY'S FIDELITY'S FIDELITY'S FIDELITY'S
STOCK TEMPLETON TEMPLETON ALLOCATION HIGH INCOME GROWTH EQUITY-INCOME ASSET MANAGER
PORTFOLIO BOND FUND STOCK FUND FUND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------- --------- ---------- ---------- ----------- ---------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,315 $ - $ - $ - $ - $ - $ - $ -
- --------- --------- --------- --------- --------- --------- --------- ---------
29 11 352 49 62 846 493 302
- --------- --------- --------- --------- --------- --------- --------- ---------
1,286 (11) (352) (49) (62) (846) (493) (302)
- --------- --------- --------- --------- --------- --------- --------- ---------
- - 2,509 639 902 4,926 49,917 3,660
- - 2,345 606 897 4,890 47,243 3,478
- --------- --------- --------- --------- --------- --------- --------- ---------
- - 164 33 5 36 2,674 182
- --------- --------- --------- --------- --------- --------- --------- ---------
(1,750) 196 13,100 1,700 1,104 (4,458) 6,592 293
- --------- --------- --------- --------- --------- --------- --------- ---------
(464) 185 12,912 1,684 1,047 (5,268) 8,773 173
- --------- --------- --------- --------- --------- --------- --------- ---------
3,970 3,196 84,800 14,826 17,467 190,454 99,468 46,514
33,515 12,472 312,745 58,533 75,602 624,859 361,290 262,701
(63) (12) (527) (115) (117) (1,547) (837) (454)
- - - - (901) (983) - (1,201)
- - (10,595) - - (8,904) (33,410) (2,942)
- --------- --------- --------- --------- --------- --------- --------- ---------
37,422 15,656 386,423 73,244 92,051 803,879 426,511 304,618
- --------- --------- --------- --------- --------- --------- --------- ---------
36,958 15,841 399,335 74,928 93,098 798,611 435,284 304,791
- - - - - - - -
- --------- --------- --------- --------- --------- --------- --------- ---------
$ 36,958 $ 15,841 $ 399,335 $ 74,928 $ 93,098 $ 798,611 $ 435,284 $ 304,791
========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
-9-
<PAGE> 95
NOTES TO FINANCIAL STATEMENTS - CONTINUED
6. SCHEDULE OF SEPARATE ACCOUNT QP OPERATIONS AND CHANGES IN NET ASSETS
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31,
1996 (CONTINUED)
<TABLE>
<CAPTION>
AMERICAN
AMERICAN ODYSSEY AMERICAN AMERICAN
ODYSSEY EMERGING ODYSSEY ODYSSEY
DREYFUS STOCK CORE EQUITY OPPORTUNITIES INTERNATIONAL LONG-TERM
INDEX FUND FUND FUND EQUITY FUND BOND FUND
------------- ------------- ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends.............................................. $ 2,900 $ 29,964 $ 27,579 $ 6,305 $ 11,487
----------- ------------ ------------ ------------ ----------
EXPENSES:
Insurance charges...................................... 190 546 335 240 263
----------- ------------ ------------ ------------ ----------
Net investment income (loss)..................... 2,710 29,418 27,244 6,065 11,224
----------- ------------ ------------ ------------ ----------
REALIZED GAIN (LOSS) AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) from investment transactions:
Proceeds from investments sold..................... 194 2,856 1,974 2,590 4,319
Cost of investments sold........................... 178 2,670 2,141 2,518 4,212
----------- ------------ ------------ ------------ ----------
Net realized gain (loss)......................... 16 186 (167) 72 107
----------- ------------ ------------ ------------ ----------
Unrealized gain (loss) on investments:
End of period...................................... (2,689) (21,402) (38,832) 5,270 (11,169)
----------- ------------ ------------ ------------ ----------
Net increase (decrease) in net assets
resulting from operations........................ 37 8,202 (11,755) 11,407 162
----------- ------------ ------------ ------------ ----------
UNIT TRANSACTIONS:
Participant purchase payments.......................... 36,355 98,412 90,453 60,937 64,829
Participant transfers from other Travelers accounts.... 189,963 432,532 280,037 190,213 178,977
Administrative charges................................. (410) (831) (749) (515) (549)
Contract surrenders.................................... - - - - -
Participant transfers to other Travelers accounts...... (6,339) (1,746) (73) (1,106) (5,242)
----------- ------------ ------------ ------------ ----------
Net increase in net assets resulting
from unit transactions........................... 219,569 528,367 369,668 249,529 238,015
----------- ------------ ------------ ------------ ----------
Net increase in net assets....................... 219,606 536,569 357,913 260,936 238,177
NET ASSETS:
Beginning of period................................ - - - - -
----------- ------------ ------------ ------------ ----------
End of period...................................... $ 219,606 $ 536,569 $ 357,913 $ 260,936 $ 238,177
=========== ============ ============ ============ ==========
</TABLE>
-10-
<PAGE> 96
NOTES TO FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
AMERICAN
ODYSSEY AMERICAN SMITH BARNEY SMITH BARNEY
INTERMEDIATE- ODYSSEY ALLIANCE INCOME AND SMITH BARNEY MFS INTERNATIONAL SMITH BARNEY
TERM SHORT-TERM GROWTH GROWTH HIGH INCOME TOTAL RETURN EQUITY MONEY MARKET
BOND FUND BOND FUND PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- ---------- ---------- ----------- ------------ ------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 10,808 $ 4,054 $ 1,224 $ 6,452 $ 17 $ 74 $ 9 $ 2,122
- --------- --------- --------- --------- --------- --------- --------- ---------
191 118 46 342 - 2 6 417
- --------- --------- --------- --------- --------- --------- --------- ---------
10,617 3,936 1,178 6,110 17 72 3 1,705
- --------- --------- --------- --------- --------- --------- --------- ---------
- - - 461 - - - 339,121
- - - 442 - - - 339,121
- --------- --------- --------- --------- --------- --------- --------- ---------
- - - 19 - - - -
- --------- --------- --------- --------- --------- --------- --------- ---------
(10,127) (3,899) 600 (2,821) (12) (60) 115 -
- --------- --------- --------- --------- --------- --------- --------- ---------
490 37 1,778 3,308 5 12 118 1,705
- --------- --------- --------- --------- --------- --------- --------- ---------
44,746 30,759 11,043 49,120 287 2,184 4,232 350,371
155,208 87,106 34,916 234,450 - - 4,629 65,700
(367) (274) (58) (435) (2) (14) (17) (158)
- - - - - - - -
(1,139) (60) - (170) - - - (360,948)
- --------- --------- --------- --------- --------- --------- --------- ---------
198,448 117,531 45,901 282,965 285 2,170 8,844 54,965
- --------- --------- --------- --------- --------- --------- --------- ---------
198,938 117,568 47,679 286,273 290 2,182 8,962 56,670
- - - - - - - -
- --------- --------- --------- --------- --------- --------- --------- ---------
$ 198,938 $ 117,568 $ 47,679 $ 286,273 $ 290 $ 2,182 $ 8,962 $ 56,670
========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
-11-
<PAGE> 97
NOTES TO FINANCIAL STATEMENTS - CONTINUED
6. SCHEDULE OF SEPARATE ACCOUNT QP OPERATIONS AND CHANGES IN NET ASSETS
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31,
1996 (CONTINUED)
<TABLE>
<CAPTION>
PUTNAM
DIVERSIFIED
INCOME
PORTFOLIO COMBINED
------------ ------------
<S> <C> <C>
INVESTMENT INCOME:
Dividends................................................. $ 686 $ 136,356
---------- ------------
EXPENSES:
Insurance charges......................................... 11 5,330
Net investment income (loss)........................ 675 131,026
---------- ------------
REALIZED GAIN (LOSS) AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) from investment transactions:
Proceeds from investments sold........................ - 415,147
Cost of investments sold.............................. - 411,787
---------- ------------
Net realized gain (loss)............................ - 3,360
---------- ------------
Unrealized gain (loss) on investments:
End of period......................................... (583) (97,311)
---------- ------------
Net increase (decrease) in net assets
resulting from operations........................... 92 37,075
---------- ------------
UNIT TRANSACTIONS:
Participant purchase payments............................. 302 1,397,560
Participant transfers from other Travelers accounts....... 12,498 3,970,427
Administrative charges.................................... (9) (8,730)
Contract surrenders....................................... - (3,085)
Participant transfers to other Travelers accounts......... - (438,976)
---------- ------------
Net increase in net assets resulting
from unit transactions.............................. 12,791 4,917,196
---------- ------------
Net increase in net assets.......................... 12,883 4,954,271
NET ASSETS:
Beginning of period................................... - -
---------- ------------
End of period......................................... $ 12,883 $ 4,954,271
========== ============
</TABLE>
-12-
<PAGE> 98
NOTES TO FINANCIAL STATEMENTS - CONTINUED
7. SCHEDULE OF ACCUMULATION UNITS FOR SEPARATE ACCOUNT QP
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31,
1996
<TABLE>
<CAPTION>
U.S.
CAPITAL GOVERNMENT
MANAGED HIGH YIELD APPRECIATION SECURITIES UTILITIES
ASSETS TRUST BOND TRUST FUND PORTFOLIO PORTFOLIO
------------ ---------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Accumulation units beginning of period ..... - - - - -
Accumulation units purchased and
transferred from other Travelers accounts 78,645 6,534 300,243 51,125 8,047
Accumulation units redeemed and
transferred to other Travelers accounts . (137) (14) (6,614) (53) (251)
----------- ---------- ---------- ---------- -----------
Accumulation units end of period ........... 78,508 6,520 293,629 51,072 7,796
=========== ========== ========== ========== ===========
<CAPTION>
SOCIAL TEMPLETON
AWARENESS ASSET FIDELITY'S
STOCK TEMPLETON TEMPLETON ALLOCATION HIGH INCOME
PORTFOLIO BOND FUND STOCK FUND FUND PORTFOLIO
----------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Accumulation units beginning of period ..... - - - - -
Accumulation units purchased and
transferred from other Travelers accounts 35,750 15,314 380,246 70,319 92,899
Accumulation units redeemed and
transferred to other Travelers accounts . (61) (11) (10,548) (108) (1,015)
----------- ---------- ---------- ---------- -----------
Accumulation units end of period ........... 35,689 15,303 369,698 70,211 91,884
=========== ========== ========== ========== ===========
<CAPTION>
AMERICAN
FIDELITY'S FIDELITY'S FIDELITY'S ODYSSEY
GROWTH EQUITY-INCOME ASSET MANAGER DREYFUS STOCK CORE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO INDEX FUND FUND
----------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Accumulation units beginning of period ..... - - - - -
Accumulation units purchased and
transferred from other Travelers accounts 815,967 450,102 295,230 210,643 499,139
Accumulation units redeemed and
transferred to other Travelers accounts . (11,533) (32,728) (4,349) (6,576) (2,345)
----------- ---------- ---------- ---------- -----------
Accumulation units end of period ........... 804,434 417,374 290,881 204,067 496,794
=========== ========== ========== ========== ===========
<CAPTION>
AMERICAN AMERICAN
ODYSSEY AMERICAN AMERICAN ODYSSEY AMERICAN
EMERGING ODYSSEY ODYSSEY INTERMEDIATE- ODYSSEY
OPPORTUNITIES INTERNATIONAL LONG-TERM TERM SHORT-TERM
FUND EQUITY FUND BOND FUND BOND FUND BOND FUND
------------- ------------- ---------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Accumulation units beginning of period ..... - - - - -
Accumulation units purchased and
transferred from other Travelers accounts 405,313 240,600 238,611 197,187 116,737
Accumulation units redeemed and
transferred to other Travelers accounts . (929) (1,521) (5,668) (1,486) (329)
----------- ---------- ---------- ---------- -----------
Accumulation units end of period ........... 404,384 239,079 232,943 195,701 116,408
=========== ========== ========== ========== ===========
</TABLE>
-13-
<PAGE> 99
NOTES TO FINANCIAL STATEMENTS - CONTINUED
7. SCHEDULE OF ACCUMULATION UNITS FOR SEPARATE ACCOUNT QP
FOR THE PERIOD OCTOBER 8, 1996 (DATE OPERATIONS COMMENCED) TO DECEMBER 31,
1996 (CONTINUED)
<TABLE>
<CAPTION>
SMITH BARNEY SMITH BARNEY
ALLIANCE INCOME AND SMITH BARNEY MFS INTERNATIONAL
GROWTH GROWTH HIGH INCOME TOTAL RETURN EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
Accumulation units beginning of period ..... - - - - -
Accumulation units purchased and
transferred from other Travelers accounts 44,832 271,038 280 2,100 8,825
Accumulation units redeemed and
transferred to other Travelers accounts . (55) (569) (2) (13) (17)
-------- -------- -------- -------- --------
Accumulation units end of period ........... 44,777 270,469 278 2,087 8,808
======== ======== ======== ======== ========
<CAPTION>
PUTNAM
SMITH BARNEY DIVERSIFIED
MONEY MARKET INCOME
PORTFOLIO PORTFOLIO
----------- ----------
<S> <C> <C>
Accumulation units beginning of period ..... - -
Accumulation units purchased and
transferred from other Travelers accounts 414,303 12,644
Accumulation units redeemed and
transferred to other Travelers accounts . (358,179) (8)
-------- --------
Accumulation units end of period ........... 56,124 12,636
======== ========
</TABLE>
-14-
<PAGE> 100
REPORT OF INDEPENDENT ACCOUNTANTS
To the Owners of Variable Annuity Contracts of
The Travelers Separate Account QP for Variable Annuities:
We have audited the accompanying statement of assets and liabilities of The
Travelers Separate Account QP for Variable Annuities as of December 31, 1996,
and the related statement of operations and changes in net assets for the period
October 8, 1996 (date operations commenced) to December 31, 1996. These
financial statements are the responsibility of management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of shares owned as of December 31, 1996, by correspondence with the
underlying funds. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The Travelers Separate Account
QP for Variable Annuities as of December 31, 1996, the results of its operations
and the changes in its net assets for the period October 8, 1996 (date
operations commenced) to December 31, 1996, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Hartford, Connecticut
February 7, 1997
-15-
<PAGE> 101
This page intentionally left blank.
<PAGE> 102
Independent Accountants
COOPERS & LYBRAND L.L.P.
Hartford, Connecticut
This report is prepared for the general information of contract owners and is
not an offer of shares of The Travelers Separate Account QP for Variable
Annuities or Separate Account QP's underlying funds. It should not be used in
connection with any offer except in conjunction with the Prospectuses for the
Variable Annuity products offered by The Travelers Insurance Company and the
Prospectuses for the underlying funds, which collectively contain all pertinent
information, including the applicable sales commissions.
VG-QP (Annual) (12-96) Printed in U.S.A.
<PAGE> 103
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) The financial statements of the Registrant and the Report of Independent
Accountants thereto are contained in the Registrant's Annual Report and
are incorporated into the Statement of Additional Information by
reference. The financial statements of the Registrant include:
Statement of Assets and Liabilities as of December 31, 1996
Statement of Operations for the period October 8, 1996 (date
operations commenced) to December 31, 1996
Statement of Changes in Net Assets for the period October 8,
1996 (date operations commenced) to December 31, 1996
Statement of Investments as of December 31, 1996
Notes to Financial Statements
The consolidated financial statements of The Travelers Insurance Company
and Subsidiaries and the report of Independent Accountants, are
contained in the Statement of Additional Information. The consolidated
financial statements of The Travelers Insurance Company and Subsidiaries
include:
Consolidated Statements of Income and Retained Earnings for
the years ended December 31, 1996, 1995 and 1994
Consolidated Balance Sheets as of December 31, 1996 and 1995
Consolidated Statements of Cash Flows for the years ended
December 31, 1996, 1995 and 1994
Notes to Consolidated Financial Statements.
(b) Exhibits
1. Resolution of The Travelers Insurance Company Board of Directors
authorizing the establishment of the Registrant. (Incorporated
herein by reference to Exhibit 1 to the Registration statement on
Form N-4, filed January 11, 1996.)
2. Exempt.
3(a). Distribution and Management Agreement among the Registrant, The
Travelers Insurance Company and Tower Square Securities, Inc.
(Incorporated herein by reference to Exhibit 3(a) to the
Registration Statement on Form N-4, filed January 11, 1996.)
3(b). Form of Selling Agreement. (Incorporated herein by reference to
Exhibit 3(b) to the Registration Statement on Form N-4, filed
January 11, 1996.)
4. Variable Annuity Contract(s). (Incorporated herein by reference to
Exhibit 4 to the Registration Statement on Form N-4, filed August
27, 1996.)
5. None.
6(a). Charter of The Travelers Insurance Company, as amended on October
19, 1994. (Incorporated herein by reference to Exhibit 3(a)(i) to
Registration Statement on Form S-2, File No. 33-58677, filed via
Edgar on April 18, 1995.)
<PAGE> 104
6(b). By-Laws of The Travelers Insurance Company, as amended on
October 20, 1994. (Incorporated herein by reference to Exhibit
3(b)(i) to the Registration Statement on Form S-2, File No.
33-58677, filed via Edgar on April 18, 1995.)
7. None.
8. None.
9. Opinion of Counsel as to the legality of securities being
registered.
10(a). Consent of Coopers & Lybrand L.L.P., Independent Accountants.
10(b). Consent of KPMG Peat Marwick LLP, Independent Certified Public
Accountants.
11. Not Applicable.
12. None
13. Schedule for computation of each performance quotation -
Standardized and Non-Standardized.
15(a). Powers of Attorney authorizing Jay S. Fishman or Ernest J. Wright
as signatory for Robert I. Lipp, Michael A. Carpenter, Charles O.
Prince III, Marc P. Weill, Irwin R. Ettinger, Donald T. DeCarlo and
Christine B. Mead. (Incorporated herein by reference to Exhibit 15
to the Registration Statement on Form N-4, filed January 11, 1996.)
15(b). Powers of Attorney authorizing Ernest J. Wright or Kathleen A.
McGah as signatory for Michael A. Carpenter, Jay S. Benet, George
C. Kokulis, Ian R. Stuart, and Katherine M. Sullivan. (Incorporated
herein by reference to Exhibit 15(b) to the Registration Statement
on Form N-4, filed August 27, 1996.)
15(c). Power of Attorney authorizing Ernest J. Wright or Kathleen A. McGah
as signatory for Ian R. Stuart.
27. Financial Data Schedule
<PAGE> 105
Item 25. Directors and Officers of the Depositor
<TABLE>
<S> <C>
Name and Principal Positions and Offices
Business Address with Depositor
Michael A. Carpenter* Director, Chairman of the Board
President and Chief Executive Officer
Jay S. Benet* Director and Senior Vice President
George C. Kokulis* Director and Senior Vice President
Robert I. Lipp* Director
Ian R. Stuart* Director, Senior Vice President,
Chief Financial Officer, Chief
Accounting Officer and Controller
Katherine M. Sullivan* Director and Senior Vice President
and General Counsel
Marc P. Weill** Director and Senior Vice President
Stuart Baritz** Senior Vice President
Jay S. Fishman* Senior Vice President
Elizabeth C. Georgakopoulos* Senior Vice President
Barry Jacobson* Senior Vice President
Russell H. Johnson* Senior Vice President
Warren H. May* Senior Vice President
Christine M. Modie* Senior Vice President
David A. Tyson* Senior Vice President
F. Denney Voss* Senior Vice President
Paula Burton* Vice President
Charles N. Vest* Vice President and Actuary
Donald R. Munson, Jr.* Second Vice President
Ernest J. Wright* Vice President and Secretary
Kathleen A. McGah* Assistant Secretary and Counsel
</TABLE>
Principal Business Address:
* The Travelers Insurance Company **Travelers Group Inc.
One Tower Square 388 Greenwich Street
Hartford, CT 06183 New York, N.Y. 10013
<PAGE> 106
Item 26. Persons Controlled by or Under Common Control with the Depositor or
Registrant
OWNERSHIP OF THE TRAVELERS INSURANCE COMPANY
<TABLE>
<CAPTION>
Company State of Organization Ownership Principal Business
- ------- ---------------------- --------- ------------------
<S> <C> <C> <C>
Travelers Group Inc. Delaware Publicly Held ---------------
Associated Madison Companies Inc. Delaware 100.00 ----------------
PFS Services Inc. Georgia 100.00 ----------------
The Travelers Insurance Group, Inc. Connecticut 100.00 ----------------
The Travelers Insurance Company Connecticut 100.00 Insurance
</TABLE>
- --------------------------------------------------------------------------------
PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH
THE TRAVELERS INSURANCE COMPANY
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
AC Health Ventures, Inc. Delaware 100.00 Inactive
AMCO Biotech, Inc. Delaware 100.00 Inactive
Associated Madison Companies, Inc. Delaware 100.00 Holding company.
American National Life Insurance (T & C), Ltd. Turks and
Caicos Islands 100.00 Insurance
ERISA Corporation New York 100.00 Inactive
Mid-America Insurance Services, Inc. Georgia 100.00 Third party
administrator
National Marketing Corporation Pennsylvania 100.00 Inactive
PFS Services, Inc. Georgia 100.00 General partner and
holding company
The Travelers Insurance Group Inc. Connecticut 100.00 Holding company
Constitution Plaza, Inc. Connecticut 100.00 Real estate brokerage
</TABLE>
3/18/97
<PAGE> 107
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<C> <C> <C>
<S> <C> <C> <C>
KP Properties Corporation Massachusetts 100.00 Real estate
KPI 85, Inc. Massachusetts 100.00 Real estate
KRA Advisers Corporation Massachusetts 100.00 Real estate
KRP Corporation Massachusetts 100.00 Real estate
La Metropole S.A. Belgium 98.83 P-C insurance/
reinsurance
The Prospect Company Delaware 100.00 Investments
89th & York Avenue Corporation New York 100.00 Real estate
979 Third Avenue Corporation Delaware 100.00 Real estate
Meadow Lane, Inc. Georgia 100.00 Real estate
development
Panther Valley, Inc. New Jersey 100.00 Real estate
management
Prospect Management Services Company Delaware 100.00 Real estate
management
The Travelers Asset Funding Corporation Connecticut 100.00 Investment adviser
Travelers Capital Funding Corporation Connecticut 100.00 Furniture/equipment
The Travelers Insurance Company Connecticut 100.00 Insurance
The Plaza Corporation Connecticut 100.00 Holding company
The Copeland Companies New Jersey 100.00 Holding company
American Odyssey Funds Management, Inc. New Jersey 100.00 Investment advisor
American Odyssey Funds, Inc. Maryland 100.00 Investment management
Copeland Administrative Services, Inc. New Jersey 100.00 Administrative
services
Copeland Associates, Inc. Delaware 100.00 Fixed/variable
annuities
Copeland Associates Agency of
Ohio, Inc. Ohio 99.00 Fixed/variable
annuities
Copeland Associates of Alabama,
Inc. Alabama 100.00 Fixed/variable
annuities
Copeland Associates of Montana, Inc. Montana 100.00 Fixed/variable
annuities
Copeland Benefits Management Company New Jersey 51.00 Investment marketing
Copeland Equities, Inc. New Jersey 100.00 Fixed/variable
annuities
H.C. Copeland Associates, Inc.
of Massachusetts Massachusetts 100.00 Fixed annuities
Copeland Financial Services, Inc. New Jersey 100.00 Investment advisory
services.
Copeland Healthcare Services, Inc. New Jersey 100.00 Life insurance
marketing
H.C. Copeland and Associates, Inc. of
Texas Texas 100.00 Fixed/variable
annuities
Three Parkway Inc. - I Pennsylvania 100.00 Investment real
estate
</TABLE>
2
<PAGE> 108
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Three Parkway Inc. - II Pennsylvania 100.00 Investment real
estate
Three Parkway Inc. - III Pennsylvania 100.00 Investment real
estate
Tower Square Securities, Inc. Connecticut 100.00 Broker dealer
Travelers Asset Management International
Corporation New York 100.00 Investment adviser
Travelers Distribution Company Delaware 100.00
Travelers Investment Adviser, Inc. Delaware 100.00 Investment Advisor
Travelers/Net Plus Agency of Ohio, Inc. Ohio 100.00 Insurance agency
Travelers/Net Plus Insurance Agency, Inc. Massachusetts 100.00 Insurance agency
Travelers/Net Plus, Inc. Connecticut 100.00
The Travelers Life and Annuity Company Connecticut 100.00 Life insurance
Travelers Insurance Holdings Inc. Georgia 100.00 Holding company
AC RE, Ltd. Bermuda 100.00 Reinsurance
American Financial Life Insurance Company Texas 100.00 Insurance
Primerica Life Insurance Company Massachusetts 100.00 Life insurance
National Benefit Life Insurance Company New York 100.00 Insurance
Primerica Financial Services (Canada)
Ltd. Canada 100.00 Holding company
PFSL Investments Canada Ltd. Canada 100.00 Mutual fund dealer
Primerica Financial Services Ltd. Canada 82.82 General agent
Primerica Life Insurance Company
of Canada Canada 100.00 Life insurance
The Travelers Insurance Corporation Proprietary Limited Australia 100.00 Inactive
Travelers Canada Corporation Canada 100.00 Inactive
Travelers Mortgage Securities Corporation Delaware 100.00 Collateralized
obligations
Travelers of Ireland Limited Ireland 99.90 Data processing
Travelers Property Casualty Corp. Delaware 82.00 Holding company
The Aetna Casualty and Surety Company Connecticut 100.00 Insurance company
AE Development Group, Inc. Connecticut 100.00
Aetna Casualty & Surety Company of Canada Canada 100.00
Aetna Casualty and Surety Company of America Connecticut 100.00 Insurance company
Aetna Casualty and Surety Company of Illinois Illinois 100.00 Insurance company
Aetna Casualty Company of Connecticut Connecticut 100.00 Insurance company
</TABLE>
3
<PAGE> 109
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Aetna Commercial Insurance Company Connecticut 100.00 Insurance company
Aetna Excess and Surplus Lines Company Connecticut 100.00 Insurance Company
Aetna Lloyds of Texas Insurance Company Texas 100.00 Insurance company
Aetna National Accounts U.K. Limited United Kingdom 100.00 Insurance company
Axia Services, Inc. New York 100.00
Farmington Casualty Company Connecticut 100.00 Insurance company
Farmington Management, Inc. Connecticut 100.00
Urban Diversified Properties, Inc. Connecticut 100.00
The Standard Fire Insurance Company Connecticut 100.00
AE Properties, Inc. California 100.00
Aetna Insurance Company Connecticut 100.00 Insurance company
Aetna Insurance Company of Illinois Illinois 100.00 Insurance company
Aetna Personal Security Insurance
Company Connecticut 100.00 Insurance company
Community Rehabilitation Investment
Corporation Connecticut 100.00
The Automobile Insurance Company of
Hartford, Connecticut Connecticut 100.00 Insurance company
The Travelers Indemnity Company Connecticut 100.00 P-C insurance
Commercial Insurance Resources, Inc. Delaware 100.00 Holding company
Gulf Insurance Company Missouri 100.00 P-C insurance
Atlantic Insurance Company Texas 100.00 P-C insurance
Gulf Risk Services, Inc. Delaware 100.00 Claims/risk management
Gulf Underwriters Insurance
Company Missouri 100.00 P-C ins/surplus lines
Select Insurance Company Texas 100.00 P-C insurance
Countersignature Agency, Inc. Florida 100.00 Countersign ins policies
First Floridian Auto and Home Insurance
Company Florida 100.00 Insurance company
First Trenton Indemnity Company New Jersey 100.00 P-C insurance
Laramia Insurance Agency, Inc. North Carolina 100.00 Flood insurance
Secure Affinity Agency, Inc. Delaware 100.00 P-C insurance agency
The Charter Oak Fire Insurance Company Connecticut 100.00 P-C insurance
The Parker Realty and Insurance Agency,
Inc. Vermont 58.00 Real estate
The Phoenix Insurance Company Connecticut 100.00 P-C insurance
</TABLE>
4
<PAGE> 110
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Constitution State Service Company Montana 100.00 Service company
The Travelers Indemnity Company of
America Georgia 100.00 P-C insurance
The Travelers Indemnity Company of
Connecticut Connecticut 100.00 Insurance
The Travelers Indemnity Company of
Illinois Illinois 100.00 P-C insurance
The Premier Insurance Company of
Massachusetts Massachusetts 100.00 Insurance
The Travelers Home and Marine Insurance
Company Indiana 100.00 P-C insurance
The Travelers Indemnity Company of
Missouri Missouri 100.00 P-C insurance
The Travelers Lloyds Insurance Company Texas 100.00 Non-life insurance
The Travelers Marine Corporation California 100.00 General insurance
brokerage
TI Home Mortgage Brokerage, Inc. Delaware 100.00 Mortgage brokerage
services
TravCo Insurance Company Indiana 100.00 P-C insurance
Travelers Bond Investments, Inc. Connecticut 100.00 Bond investments
Travelers General Agency of
Hawaii, Inc. Hawaii 100.00 Insurance agency
Travelers Medical Management
Services Inc. Delaware 100.00 Managed care
Travelers Specialty Property Casualty
Company, Inc. Connecticut 100.00 Insurance management
Primerica Convention Services, Inc. Georgia 100.00
Primerica Finance Corporation Delaware 100.00 Holding company
PFS Distributors, Inc. Georgia 100.00 General partner
PFS Investments Inc. Georgia 100.00 Broker dealer
PFS T.A., Inc. Delaware 100.00 Joint venture partner
Primerica Financial Services Home Mortgages, Inc. Georgia 100.00 Mortgage loan broker
Primerica Financial Services, Inc. Nevada 100.00 General agency
Primerica Financial Services Agency of New York, Inc. New York 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of
Connecticut, Inc. Connecticut 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of
Idaho, Inc. Idaho 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of
Nevada, Inc. Nevada 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of
Pennsylvania, Inc. Pennsylvania 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of the
Virgin Islands, Inc. United States
Virgin Islands 100.00 General agency licensing
Primerica Financial Services Insurance Marketing of
Wyoming, Inc. Wyoming 100.00 General agency licensing
Primerica Financial Services Insurance Marketing, Inc. Delaware 100.00 General agency licensing
</TABLE>
5
<PAGE> 111
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Primerica Financial Services of Alabama, Inc. Alabama 100.00 General agency licensing
Primerica Financial Services of Arizona, Inc. Arizona 100.00 General agency licensing
Primerica Financial Services of Kentucky Inc. Kentucky 100.00 General agency licensing
Primerica Financial Services of New Mexico, Inc. New Mexico 100.00 General agency licensing
Primerica Insurance Agency of Massachusetts, Inc. Massachusetts 100.00 General agency licensing
Primerica Insurance Marketing Services of
Puerto Rico, Inc. Puerto Rico 100.00 Insurance agency
Primerica Insurance Services of Louisiana, Inc. Louisiana 100.00 General agency licensing
Primerica Insurance Services of Maryland, Inc. Maryland 100.00 General agency licensing
Primerica Services, Inc. Georgia 100.00 Print operations
RCM Acquisition Inc. Delaware 100.00 Investments
SCN Acquisitions Company Delaware 100.00 Investments
SL&H Reinsurance, Ltd. Nevis 100.00 Reinsurance
Southwest Service Agreements, Inc. North Carolina 100.00 Warranty/service
agreements
Southwest Warranty Corporation Florida 100.00 Extended automobile
warranty
Berg Associates New Jersey 100.00 Inactive
CCC Holdings, Inc. Delaware 100.00 Holding company
Commercial Credit Company Delaware 100.00 Holding company.
American Health and Life Insurance Company Maryland 100.00 LH&A Insurance
Brookstone Insurance Company Vermont 100.00 Insurance managers
CC Finance Company, Inc. New York 100.00 Consumer lending
CC Financial Services, Inc. Hawaii 100.00 Consumer lending
CCC Fairways, Inc. Delaware 100.00 Investment company
Chesapeake Appraisal and Settlement Services Inc. Maryland 100.00 Appraisal/title
Chesapeake Appraisal and Settlement Services
Agency of Ohio Inc. Ohio 100.00 Appraisal/Title
City Loan Financial Services, Inc. Ohio 100.00 Direct loan
Commercial Credit Banking Corporation Oregon 100.00 Consumer finance
Commercial Credit Consumer Services, Inc. Minnesota 100.00 Consumer finance
Commercial Credit Corporation [AL] Alabama 100.00 Consumer finance
Commercial Credit Corporation [CA] California 100.00 Consumer finance
Commercial Credit Corporation [HI] Hawaii 100.00 Financial services
</TABLE>
6
<PAGE> 112
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Commercial Credit Corporation [IA] Iowa 100.00 Consumer finance
Commercial Credit of Alabama, Inc. Delaware 100.00 Consumer lending
Commercial Credit of Mississippi, Inc. Delaware 100.00 Consumer finance
Commercial Credit Corporation [KY] Kentucky 100.00 Consumer finance
Certified Insurance Agency, Inc. Kentucky 100.00 Insurance agency
Commercial Credit Investment, Inc. Kentucky 100.00 Investment company
National Life Insurance Agency of Kentucky, Inc. Kentucky 100.00 Insurance agency
Union Casualty Insurance Agency, Inc. Kentucky 100.00 Insurance agency
Commercial Credit Corporation [MD] Maryland 100.00 Consumer finance
Action Data Services, Inc. Missouri 100.00 Data processing
Commercial Credit Plan, Incorporated [OK] Oklahoma 100.00 Consumer finance
Commercial Credit Corporation [NY] New York 100.00 Consumer finance
Commercial Credit Corporation [SC] South Carolina 100.00 Consumer finance
Commercial Credit Corporation [WV] West Virginia 100.00 Consumer finance
Commercial Credit Corporation NC North Carolina 100.00 Consumer finance
Commercial Credit Europe, Inc. Delaware 100.00 Inactive
Commercial Credit Far East Inc. Delaware 100.00 Inactive
Commercial Credit Insurance Services, Inc. Maryland 100.00 Insurance broker
Commercial Credit Insurance Agency (P&C) of
Mississippi, Inc. Mississippi 100.00 Insurance agency
Commercial Credit Insurance Agency of
Alabama, Inc. Alabama 100.00 Insurance agency
Commercial Credit Insurance Agency of
Hawaii, Inc. Hawaii 100.00 Insurance agency
Commercial Credit Insurance Agency of
Kentucky, Inc. Kentucky 100.00 Insurance agency
Commercial Credit Insurance Agency of
Massachusetts, Inc. Massachusetts 100.00 Insurance agency
Commercial Credit Insurance Agency of
Nevada, Inc. Nevada 100.00 Credit LH&A, P-C insurance
Commercial Credit Insurance Agency of New
Mexico, Inc. New Mexico 100.00 Insurance agency/Broker
Commercial Credit Insurance Agency of Ohio, Inc. Ohio 100.00 Insurance agency/broker
Commercial Credit International, Inc. Delaware 100.00 Holding company
Commercial Credit International Banking
Corporation Oregon 100.00 International lending
Commercial Credit Corporation CCC Limited Canada 100.00 Second mortgage loans
Commercial Credit Services do Brazil Ltda. Brazil 99.00 Inactive
</TABLE>
7
<PAGE> 113
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Commercial Credit Services Belgium S.A. Belgium 100.00 Inactive
Commercial Credit Limited Delaware 100.00 Inactive
Commercial Credit Loan, Inc. [NY] New York 100.00 Consumer finance
Commercial Credit Loans, Inc. [DE] Delaware 100.00 Consumer finance
Commercial Credit Loans, Inc. [OH] Ohio 100.00 Consumer finance
Commercial Credit Loans, Inc. [VA] Virginia 100.00 Consumer finance
Commercial Credit Management Corporation Maryland 100.00 Intercompany services
Commercial Credit Plan Incorporated [TN] Tennessee 100.00 Consumer finance
Commercial Credit Plan Incorporated [UT] Utah 100.00 Consumer finance
Commercial Credit Plan Incorporated of Georgetown Delaware 100.00 Consumer finance
Commercial Credit Plan Industrial Loan Company Virginia 100.00 Consumer finance
Commercial Credit Plan, Incorporated [CO] Colorado 100.00 Consumer finance
Commercial Credit Plan, Incorporated [DE] Delaware 100.00 Consumer finance
Commercial Credit Plan, Incorporated [GA] Georgia 100.00 Consumer finance
Commercial Credit Plan, Incorporated [MO] Missouri 100.00 Consumer finance
Commercial Credit Securities, Inc. Delaware 100.00 Broker dealer
DeAlessandro & Associates, Inc. Delaware 100.00 Inactive
Park Tower Holdings, Inc. Delaware 100.00 Holding company
CC Retail Services, Inc. Delaware 100.00 Leasing, financing
Troy Textiles, Inc. Delaware 100.00 Inactive
Commercial Credit Development Corporation Delaware 100.00 Direct loan
Myers Park Properties, Inc. Delaware 100.00 Inactive
Travelers Home Mortgage Services of Alabama, Inc. Delaware 100.00 Inactive
Penn Re, Inc. North Carolina 100.00 Management company
Plympton Concrete Products, Inc. Delaware 100.00 Inactive
Resource Deployment, Inc. Texas 100.00 Management company
The Travelers Bank Delaware 100.00 Banking services
The Travelers Bank USA Delaware 100.00 Credit card bank
Travelers Home Equity, Inc. North Carolina 100.00 Financial services
CC Consumer Services of Alabama, Inc. Alabama 100.00 Financial services
</TABLE>
8
<PAGE> 114
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
CC Home Lenders Financial, Inc. Georgia 100.00 Financial services
CC Home Lenders, Inc. Ohio 100.00 Financial services
Commercial Credit Corporation [TX] Texas 100.00 Consumer finance
Commercial Credit Financial of Kentucky, Inc. Kentucky 100.00 Consumer finance
Commercial Credit Financial of West
Virginia, Inc. West Virginia 100.00 Consumer finance
Commercial Credit Plan Consumer Discount
Company Pennsylvania 100.00 Financial services
Commercial Credit Services of Kentucky, Inc. Kentucky 100.00 Financial services.
Travelers Home Mortgage Services, Inc. North Carolina 100.00 Financial services
Triton Insurance Company Missouri 100.00 P-C insurance
Verochris Corporation Delaware 100.00 Joint venture company
AMC Aircraft Corp. Delaware 100.00 Aviation
World Service Life Insurance Company Colorado 100.00 Life insurance
Greenwich Street Capital Partners, Inc. Delaware 100.00 Investments
Greenwich Street Investments, Inc. Delaware 100.00 Investments
Greenwich Street Capital Partners Offshore
Holdings, Inc. Delaware 100.00 Investments
Mirasure Insurance Company, Ltd. Bermuda 100.00 Inactive
Pacific Basin Investments Ltd. Delaware 100.00 Inactive
Primerica Corporation [WY] Wyoming 100.00 Inactive
Primerica, Inc. Delaware 100.00 Name saver
Smith Barney Corporate Trust Company Delaware 100.00 Trust company
Smith Barney Holdings Inc. Delaware 100.00 Holding company
Nextco Inc. Delaware 100.00 Purchasing
R-H Capital, Inc. Delaware 100.00 Investments
R-H Sports Enterprises Inc Georgia 100.00 Sports representation
SB Cayman Holdings I Inc. Delaware 100.00 Holding company
Greenwich (Cayman) I Limited Cayman Islands 100.00 Corporate services
Greenwich (Cayman) II Limited Cayman Islands 100.00 Corporate services
Greenwich (Cayman) III Limited Cayman Islands 100.00 Corporate services
SB Cayman Holdings II Inc. Delaware 100.00 Holding company
SB Cayman Holdings III Inc. Delaware 100.00 Holding company
</TABLE>
9
<PAGE> 115
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
SB Cayman Holdings IV Inc. Delaware 100.00 Holding company
Smith Barney (Delaware) Inc. Delaware 100.00 Holding company
1345 Media Corp. Delaware 100.00 Holding company
Corporate Realty Advisors, Inc. Delaware 100.00 Realty trust adviser
IPO Holdings Inc. Delaware 100.00 Holding company
Institutional Property Owners, Inc. V Delaware 100.00 Investments
Institutional Property Owners, Inc. VI Delaware 100.00 General partner
MLA 50 Corporation Delaware 100.00 Limited partner
MLA GP Corporation Delaware 100.00 General partner
Smith Barney Acquisition Corporation Delaware 100.00 Offshore fund adviser
Smith Barney Global Capital Management, Inc. Delaware 100.00 Investment management
Smith Barney Realty, Inc. Delaware 100.00 Investments
Smith Barney Risk Investors, Inc. Delaware 100.00 Investments
Smith Barney Venture Corp. Delaware 100.00 Investments
Smith Barney (Ireland) Limited Ireland 100.00 Fund management
Smith Barney Asia Inc. Delaware 100.00 Investment banking
Smith Barney Asset Management Group (Asia) Pte. Ltd. Singapore 100.00 Asset management
Smith Barney Canada Inc. Canada 100.00 Investment dealer
Smith Barney Capital Services Inc. Delaware 100.00 Derivative product
transactions
Smith Barney Cayman Islands, Ltd. Cayman Islands 100.00 Securities trading
Smith Barney Commercial Corp. Delaware 100.00 Commercial credit
Smith Barney Commercial Corporation Asia Limited Hong Kong 99.00 Commodities trading
Smith Barney Europe Holdings, Ltd. United Kingdom 100.00 Holding corp.
Smith Barney Europe, Ltd. United Kingdom 100.00 Securities brokerage
Smith Barney Futures Management Inc. Delaware 100.00 Commodities pool operator
Smith Barney Offshore Fund Ltd. Delaware 100.00 Commodity pool
Smith Barney Overview Fund PLC Dublin 100.00 Commodity fund
Smith Barney Inc. Delaware 100.00 Broker dealer
SBHU Life Agency, Inc. Delaware 100.00 Insurance brokerage
Robinson-Humphrey Insurance Services Inc. Georgia 100.00 Insurance brokerage
</TABLE>
10
<PAGE> 116
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Robinson-Humphrey Insurance Services of
Alabama, Inc. Alabama 100.00 Insurance brokerage
SBHU Life Agency of Arizona, Inc. Arizona 100.00 Insurance brokerage
SBHU Life Agency of Indiana, Inc. Indiana 100.00 Insurance brokerage
SBHU Life Agency of Utah, Inc. Utah 100.00 Insurance brokerage
SBHU Life Insurance Agency of Massachusetts, Inc. Massachusetts 100.00 Insurance brokerage
SBS Insurance Agency of Hawaii, Inc. Hawaii 100.00 Insurance brokerage
SBS Insurance Agency of Idaho, Inc. Idaho 100.00 Insurance brokerage
SBS Insurance Agency of Maine, Inc. Maine 100.00 Insurance brokerage
SBS Insurance Agency of Montana, Inc. Montana 100.00 Insurance brokerage
SBS Insurance Agency of Nevada, Inc. Nevada 100.00 Insurance brokerage
SBS Insurance Agency of Ohio, Inc. Ohio 100.00 Insurance brokerage
SBS Insurance Agency of South Dakota, Inc. South Dakota 100.00 Insurance brokerage
SBS Insurance Agency of Wyoming, Inc. Wyoming 100.00 Insurance brokerage
SBS Insurance Brokerage Agency of Arkansas, Inc. Arkansas 100.00 Insurance brokerage
SBS Insurance Brokers of Kentucky, Inc. Kentucky 100.00 Insurance brokerage
SBS Insurance Brokers of New Hampshire, Inc. New Hampshire 100.00 Insurance brokerage
SBS Insurance Brokers of North Dakota, Inc. North Dakota 100.00 Insurance brokerage
SBS Life Insurance Agency of Puerto Rico, Inc. Puerto Rico 100.00 Insurance brokerage
SLB Insurance Agency of Maryland, Inc. Maryland 100.00 Insurance brokerage
Smith Barney Life Agency Inc. Louisiana 100.00 Insurance brokerage
Smith Barney (Hong Kong) Limited Hong Kong 100.00 Broker dealer
Smith Barney (Netherlands) Inc. Delaware 100.00 Broker dealer
Smith Barney International Incorporated Oregon 100.00 Broker dealer
Smith Barney (Singapore) Pte Ltd Singapore 100.00 Commodities
Smith Barney Pacific Holdings, Inc. British
Virgin Islands 100.00 Holding company
Smith Barney (Asia) Limited Hong Kong 100.00 Broker dealer
Smith Barney (Pacific) Limited Hong Kong 100.00 Commodities dealer
Smith Barney Securities Pte Ltd Singapore 100.00 Securities brokerage
Smith Barney Puerto Rico Inc. Puerto Rico 100.00 Broker dealer
The Robinson-Humphrey Company, Inc. Delaware 100.00 Broker dealer
</TABLE>
11
<PAGE> 117
<TABLE>
<CAPTION>
% of Voting
Securities
Owned Directly
State of or Indirectly by
Organization The Travelers Inc. Principal Business
------------ ----------------- ------------------
<S> <C> <C> <C>
Smith Barney Mortgage Brokers Inc. Delaware 100.00 Mortgage brokerage
Smith Barney Mortgage Capital Corp. Delaware 100.00 Mortgage-backed securities
Smith Barney Mortgage Capital Group, Inc. Delaware 100.00 Mortgage trading
Smith Barney Mutual Funds Management Inc. Delaware 100.00 Investment management
Smith Barney Asset Management Co., Ltd. Japan 100.00 Investment advisor
Smith Barney Strategy Advisers Inc. Delaware 100.00 Investment management
E.C. Tactical Management S.A. Luxembourg 100.00 Investment management
Smith Barney Offshore, Inc. Delaware 100.00 Decathlon Fund advisor
Decathlon Offshore Limited Cayman Islands 100.00 Commodity fund
Smith Barney S.A. France 100.00 Commodities trading
Smith Barney Asset Management France S.A. France 100.00 Com. based asset
management
Smith Barney Securities Investment Consulting Co. Ltd. Taiwan 99.00 Investrment analysis
Smith Barney Shearson (Chile) Corredora de Seguro Limitada Chile 100.00 Insurance brokerage
Structured Mortgage Securities Corporation Delaware 100.00 Mortgage-backed securities
The Travelers Investment Management Company Connecticut 100.00 Investment advisor
Smith Barney Private Trust Company New York 100.00 Trust company.
Smith Barney Private Trust Company of Florida Florida 100.00 Trust company
Tinmet Corporation Delaware 100.00 Inactive
Travelers Group Diversified Distribution Services, Inc. Delaware 100.00 Alternative marketing
Travelers Group Exchange, Inc. Delaware 100.00 Insurance agency
Travelers Services Inc. Delaware 100.00 Holding company
Tribeca Management Inc. Delaware 100.00
TRV Employees Investments, Inc. Delaware 100.00 Investments
TRV/RCM Corp. Delaware 100.00 Inactive
TRV/RCM LP Corp. Delaware 100.00 Inactive
</TABLE>
12
<PAGE> 118
Item 27. Number of Contract Owners
As of March 1, 1997, 2,635 contract owners held qualified and non-qualified
contracts offered through the Registrant.
Item 28. Indemnification
Section 33-320a of the Connecticut General Statutes ("C.G.S.") regarding
indemnification of directors and officers of Connecticut corporations provides
in general that Connecticut corporations shall indemnify their officers,
directors and certain other defined individuals against judgments, fines,
penalties, amounts paid in settlement and reasonable expenses actually incurred
in connection with proceedings against the corporation. The corporation's
obligation to provide such indemnification generally does not apply unless (1)
the individual is successful on the merits in the defense of any such
proceeding; or (2) a determination is made (by persons specified in the statute)
that the individual acted in good faith and in the best interests of the
corporation; or (3) the court, upon application by the individual, determines in
view of all of the circumstances that such person is fairly and reasonably
entitled to be indemnified, and then for such amount as the court shall
determine. With respect to proceedings brought by or in the right of the
corporation, the statute provides that the corporation shall indemnify its
officers, directors and certain other defined individuals, against reasonable
expenses actually incurred by them in connection with such proceedings, subject
to certain limitations.
C.G.S. Section 33-320a provides an exclusive remedy; a Connecticut corporation
cannot indemnify a director or officer to an extent either greater or less than
that authorized by the statute, e.g., pursuant to its certificate of
incorporation, by-laws, or any separate contractual arrangement. However, the
statute does specifically authorize a corporation to procure indemnification
insurance to provide greater indemnification rights. The premiums for such
insurance may be shared with the insured individuals on an agreed basis.
Travelers Group Inc. also provides liability insurance for its directors and
officers and the directors and officers of its subsidiaries, including the
Depositor. This insurance provides for coverage against loss from claims made
against directors and officers in their capacity as such, including, subject to
certain exceptions, liabilities under the Federal securities laws.
Rule 484 Undertaking
Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liability (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
<PAGE> 119
Item 29. Principal Underwriter
(a) Tower Square Securities, Inc.
One Tower Square
Hartford, CT 06183
Tower Square Securities, Inc. also serves as the principal underwriter for:
The Travelers Growth and Income Stock Account for Variable Annuities
The Travelers Quality Bond Account for Variable Annuities
The Travelers Money Market Account for Variable Annuities
The Travelers Timed Growth and Income Stock Account for Variable Annuities
The Travelers Timed Short-Term Bond Account for Variable Annuities
The Travelers Timed Aggressive Stock Account for Variable Annuities
The Travelers Timed Bond Account for Variable Annuities
The Travelers Fund U for Variable Annuities
The Travelers Fund VA for Variable Annuities
The Travelers Fund UL for Variable Life Insurance
The Travelers Fund UL II for Variable Life Insurance
The Travelers Fund BD for Variable Annuities
The Travelers Fund BD II for Variable Annuities
The Travelers Variable Life Insurance Separate Account One
The Travelers Variable Life Insurance Separate Account Three
The Travelers Variable Life Insurance Separate Account Two
The Travelers Variable Life Insurance Separate Account Four
The Travelers Fund ABD for Variable Annuities
The Travelers Fund ABD II for Variable Annuities
The Travelers Separate Account QP II for Variable Annuities
<TABLE>
<CAPTION>
(b) Name and Principal Positions and Offices
Business Address * With Underwriter
------------------ ----------------
<S> <C> <C>
Russell H. Johnson Chairman of the Board, Chief Executive Officer,
President and Chief Operating Officer
William F. Scully, III Member, Board of Directors,
Senior Vice President, Treasurer
and Chief Financial Officer
Cynthia P. Macdonald Vice President, Chief Compliance Officer
and Assistant Secretary
Joanne K. Russo Member, Board of Directors
Senior Vice President
Kathleen A. McGah General Counsel and Secretary
Jay S. Benet Member, Board of Directors
George C. Kokulis Member, Board of Directors
Warren H. May Member, Board of Directors
Donald R. Munson, Jr. Senior Vice President
Stuart L. Baritz Vice President
Michael P. Kiley Vice President
Tracey Kiff-Judson Second Vice President
Robin A. Jones Second Vice President
Whitney F. Burr Second Vice President
Marlene M. Ibsen Second Vice President
John J. Williams, Jr. Director and Assistant Compliance Officer
Susan M. Cursio Director and Operations Manager
Dennis D. D'Angelo Director
Thomas P. Tooley Director
</TABLE>
<PAGE> 120
Nancy S. Waldrop Assistant Treasurer
* Principal business address: One Tower Square, Hartford, Connecticut 06183
(c) Not Applicable.
Item 30. Location of Accounts and Records
The Travelers Insurance Company
One Tower Square
Hartford, Connecticut 06183
Item 31. Management Services
Not applicable.
Item 32. Undertakings
The undersigned Registrant hereby undertakes:
(a) To file a post-effective amendment to this registration statement as
frequently as is necessary to ensure that the audited financial
statements in the registration statement are never more than sixteen
months old for so long as payments under the variable annuity contracts
may be accepted;
(b) To include either (1) as part of any application to purchase a contract
offered by the prospectus, a space that an applicant can check to
request a Statement of Additional Information, or (2) a post card or
similar written communication affixed to or included in the prospectus
that the applicant can remove to send for a Statement of Additional
Information; and
(c) To deliver any Statement of Additional Information and any financial
statements required to be made available under this Form N-4 promptly
upon written or oral request.
The Company hereby represents:
(a) That the aggregate charges under the Contracts of the Registrant
described herein are reasonable in relation to the services rendered,
the expenses expected to be incurred, and the risks assumed by the
Company.
<PAGE> 121
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant certifies that it meets the requirements of Securities Act
Rule 485(b) for effectiveness of this post-effective amendment to this
registration statement and has duly caused this post-effective amendment to this
registration statement to be signed on its behalf in the City of Hartford, State
of Connecticut, on April 30, 1997.
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
(Registrant)
THE TRAVELERS INSURANCE COMPANY
(Depositor)
By: *IAN R. STUART
--------------------------------------
Ian R. Stuart
Senior Vice President, Chief Financial Officer
Chief Accounting Officer and Controller
As required by the Securities Act of 1933, this amendment to this registration
statement has been signed by the following persons in the capacities indicated
on this 3Oth day of April, 1997.
<TABLE>
<CAPTION>
<S> <C>
*MICHAEL A. CARPENTER Director and Chairman of the Board,
- ------------------------------ President and Chief Executive Officer
(Michael A. Carpenter)
*JAY S. BENET Director
- ------------------------------
(Jay S. Benet)
*GEORGE C. KOKULIS Director
- ------------------------------
(George C. Kokulis)
*ROBERT I. LIPP Director
- ------------------------------
(Robert I. Lipp)
*IAN R. STUART Director, Senior Vice President, Chief Financial
- ------------------------------ Officer, Chief Accounting Officer and Controller
(Ian R. Stuart)
*KATHERINE M. SULLIVAN Director, Senior Vice President and
- ------------------------------ General Counsel
(Katherine M. Sullivan)
*MARC P. WEILL Director
- ------------------------------
(Marc P. Weill)
*By: Ernest J. Wright, Attorney-in-Fact
</TABLE>
<PAGE> 122
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
- --- ----------- ----------------
<S> <C> <C>
1. Resolution of The Travelers Insurance Company
Board of Directors authorizing the establishment
of the Registrant. (Incorporated herein by reference
to Exhibit 1 to the Registration Statement on
Form N-4, filed January 11, 1996.)
3(a). Distribution and Management Agreement
among the Registrant, The Travelers Insurance
Company and Tower Square Securities, Inc.
(Incorporated herein by reference to Exhibit 3(a)
to the Registration Statement on Form N-4,
filed January 11, 1996.)
3(b). Form of Selling Agreement. (Incorporated herein
by reference to Exhibit 3(b) to the Registration Statement
on Form N-4, filed January 11, 1996.)
4. Variable Annuity Contract(s). (Incorporated herein
by reference to Exhibit 4 to the Registration
Statement on Form N-4, filed August 27, 1996.)
6(a). Charter of The Travelers Insurance Company, as
amended on October 19, 1994. (Incorporated herein
by reference to Exhibit 3(a)(i) to the Registration
Statement on Form S-2, File No. 33-58677, filed via
Edgar on April 18, 1995.)
6(b). By-Laws of The Travelers Insurance Company, as
amended on October 20, 1994. (Incorporated herein
by reference to Exhibit 3(b)(i) to the Registration
Statement on Form S-2, File No. 33-58677, filed via
Edgar on April 18, 1995.)
9. Opinion of Counsel as to the legality of securities being Electronically
registered by Registrant.
10(a). Consent of Coopers & Lybrand L.L.P., Independent Electronically
Accountants.
10(b). Consent of KPMG Peat Marwick LLP, Independent Electronically
Certified Public Accountants.
13. Schedule of computation of each performance quotation - Electronically
Standardized and Non-Standardized.
</TABLE>
<PAGE> 123
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
- --- ----------- ----------------
<S> <C> <C>
15. Powers of Attorney authorizing Jay S. Fishman or
Ernest J. Wright as signatory for Robert I. Lipp,
Michael A Carpenter, Charles O. Prince III,
Marc P. Weill, Irwin R. Ettinger, Donald T. DeCarlo
and Christine B. Mead. (Incorporated herein by
reference to Exhibit 15 to the Registration Statement
on Form N-4, filed January 11, 1996.)
15(b). Powers of Attorney authorizing Ernest J. Wright
or Kathleen A. McGah as signatory for Michael A.
Carpenter, Jay S. Benet, George C. Kokulis, Ian R.
Stuart and Katherine M. Sullivan. (Incorporated herein
by reference to Exhibit 15(b) to the Registration Statement
on Form N-4, filed August 27, 1996.)
15(c). Power of Attorney authorizing Ernest J. Wright or Electronically
Kathleen A. McGah as signatory for Ian R. Stuart.
27. Financial Data Schedule Electronically
</TABLE>
<PAGE> 1
EXHIBIT 9
April 28, 1997
The Travelers Insurance Company
One Tower Square
Hartford, Connecticut 06183
Gentlemen:
With reference to Post-Effective Amendment No. 2 to the Registration
Statement on Form N-4 filed by The Travelers Insurance Company and The Travelers
Separate Account QP for Variable Annuities with the Securities and Exchange
Commission covering variable annuity contracts for qualified plans, I have
examined such documents and such law as I have considered necessary and
appropriate, and on the basis of such examination, it is my opinion that:
1. The Travelers Insurance Company is duly organized and existing
under the laws of the State of Connecticut and has been duly
authorized to do business and to issue variable annuity contracts
by the Insurance Commissioner of the State of Connecticut.
2. The Travelers Separate Account QP for Variable Annuities is a
duly authorized and validly existing separate account established
pursuant to Section 38a-433 of the Connecticut General Statutes.
3. The variable annuity contracts covered by the above Registration
Statement, and all pre-and post-effective amendments relating
thereto, will be approved and authorized by the Insurance
Commissioner of the State of Connecticut and when issued will be
valid, legal and binding obligations of The Travelers Insurance
Company and The Travelers Separate Account QP for Variable
Annuities.
I hereby consent to the filing of this opinion as an exhibit to the
above-referenced Post-Effective Amendment and to the reference to this opinion
under the caption "Legal Proceedings and Opinion" in the Prospectus constituting
a part of such Post-Effective Amendment.
Katherine M. Sullivan
General Counsel
The Travelers Insurance Company
<PAGE> 1
EXHIBIT (10a)
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Post-Effective Amendment
No. 2 to the Registration Statement of The Travelers Separate Account QP for
Variable Annuities (the "Fund") on Form N-4 (File No. 333-00165) of our report
dated February 7, 1997, on our audit of the financial statements of the Fund,
which report is included in the Fund's Annual Report for the period October
8, 1996 (date operations commenced) to December 31, 1996 which is incorporated
by reference in this Post-Effective Amendment to the Registration Statement. We
also consent to the reference to our Firm as experts in accounting and auditing
under the caption "Independent Accountants" in the Statement of Additional
Information.
COOPERS & LYBRAND L.L.P.
Hartford, Connecticut
April 24, 1997
<PAGE> 1
Exhibit 13(b)
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
The Travelers Insurance Company:
We consent to the use of our report included herein and to the reference to our
firm as experts under the heading "Independent Accountants".
KPMG Peat Marwick LLP
Hartford, Connecticut
April 22, 1997
<PAGE> 1
EXHIBIT 13
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
SCHEDULE FOR COMPUTATION OF TOTAL RETURN CALCULATIONS
The standardized and nonstandardized average annual total returns are computed
according to the formula described below. A hypothetical initial investment of
$1,000 is applied to the Funding Option, and then related to ending redeemable
values as of the most recent fiscal year end for the calendar year-to-date
(nonstandardized only), and over a 1-year, 3-year (non standardized only),
5-year, and 10-year period, or since inception if a fund has not been in
existence for one of the prescribed periods.
<TABLE>
T = (ERV/P)1/n -1 where:
<S> <C>
T = average annual total return
P = a hypothetical initial payment of $1,000
n = the applicable year (1, 3, 5, 10) or portion thereof
ERV = ending redeemable value of a hypothetical $1,000 payment made at the
beginning of each of the periods
</TABLE>
Both the standardized and nonstandardized performance returns reflect the
deduction for the management fees and other expenses for a Funding Option, the
applicable mortality and expense risk charge and the Funding Option
administrative charge (if applicable).
For Funding Options that were in existence prior to the date they became
available under Fund QP, the standardized and nonstandardized average total
return quotations will show the investment performance that such Funding Options
would have achieved (reduced by the applicable maximum charges) had they been
held under the Contract for the period quoted. The total return quotations are
based upon historical earnings and are not necessarily representative of future
performance. An Owner's Cash Value at redemption may be more or less than
original cost.
Standardized Method
The standardized returns take into consideration the maximum fees and/or charges
applicable to the Funding Option or contract.
Under the standardized method, the $15 semiannual contract administrative charge
is reflected in the calculation and is assumed to be deducted at the end of June
and December of each year. It is expressed as a percentage of assets based on
the actual fees collected (or, anticipated, if a new product) divided by the
average net assets (or, anticipated average net assets, if a new product) for
contracts sold under the prospectus for each year for which performance is
shown.
Each standardized average annual total return quotation assumes a total
redemption at the end of each period with the assessment of the maximum
applicable deferred sales charge/surrender charge at that time.
Nonstandardized Method
Nonstandardized returns do not reflect the deduction of any applicable deferred
sales charge/surrender charge or the $15 semiannual contract administrative
charge, which, if reflected, would decrease the level of performance shown. The
deferred sales charge/surrender charge is not reflected because the contract is
designed for long-term investment.
For a Schedule of the Computation of the Total Return Quotations, both
Standardized and Nonstandardized, see attached.
<PAGE> 2
PAGE 1
QP - 401(K) REGISTERED - STANDARDIZED PERFORMANCE - .60% M&E
DI/1R - DREYFUS STOCK INDEX FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 .443942 1,000.00 2,252.547 .000900
12/31/89 .452853 -.23 -.511 .000900
03/31/90 .438235 .000900
06/30/90 .464202 -.46 -1.001 .000900
09/30/90 .400174 .000900
12/31/90 .434435 -.46 -1.048 .000900
03/31/91 .496314 .000900
06/30/91 .493935 -.47 -.952 .000900
09/30/91 .518748 .000900
12/31/91 .560728 1,000.00 1,783.396 -.53 -.952 .000900
03/31/92 .545262 .000900
06/30/92 .553937 -.45 -.807 -.56 -1.018 .000900
09/30/92 .569850 .000900
12/31/92 .596932 -.46 -.773 -.58 -.975 .000900
03/31/93 .620559 .000900
06/30/93 .621601 -.49 -.786 -.62 -.991 .000900
09/30/93 .635686 .000900
12/31/93 .648723 -.51 -.785 -.64 -.989 .000900
03/31/94 .622731 .000900
06/30/94 .623820 -.51 -.817 -.64 -1.030 .000900
09/30/94 .652074 .000900
12/31/94 .650520 -.51 -.784 -.64 -.989 .000900
03/31/95 .712295 .000900
06/30/95 .777274 -.57 -.735 -.72 -.927 .000900
09/30/95 .837009 .000900
12/31/95 .884481 1,000.00 1,130.607 -.66 -.752 -.84 -.947 .000900
03/31/96 .930370 .000900
06/30/96 .969701 -.47 -.486 -.74 -.765 -.93 -.964 .000900
09/30/96 .996867 .000900
12/31/96 1.077080 -.52 -.483 -.82 -.760 -1.03 -.957 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,129.637 1,775.632 2,238.297
ACCOUNT VALUE 1,216.71 1,912.50 2,410.82
SURRENDER VALUE 1,216.71 1,912.50 2,410.82
TOTAL RETURN 21.67 % 91.25 % 141.08 %
ANNUALIZED RETURN 13.85 % 12.89 %
</TABLE>
<PAGE> 3
PAGE 2
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FA/1R - FIDELITY ASSET MANAGER FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 .487630 1,000.00 2,050.735 .000900
09/30/89 .486958 .000900
12/31/89 .490660 -.29 -.585 .000900
03/31/90 .487960 .000900
06/30/90 .509311 -.46 -.906 .000900
09/30/90 .480623 .000900
12/31/90 .520484 -.47 -.912 .000900
03/31/91 .575065 .000900
06/30/91 .585345 -.51 -.871 .000900
09/30/91 .614802 .000900
12/31/91 .634084 1,000.00 1,577.078 -.56 -.886 .000900
03/31/92 .652094 .000900
06/30/92 .666963 -.46 -.692 -.60 -.898 .000900
09/30/92 .679148 .000900
12/31/92 .705036 -.49 -.690 -.63 -.896 .000900
03/31/93 .742690 .000900
06/30/93 .764747 -.52 -.681 -.68 -.884 .000900
09/30/93 .796105 .000900
12/31/93 .848255 -.57 -.674 -.74 -.874 .000900
03/31/94 .806387 .000900
06/30/94 .797120 -.58 -.731 -.76 -.949 .000900
09/30/94 .818899 .000900
12/31/94 .791828 -.56 -.710 -.73 -.922 .000900
03/31/95 .808755 .000900
06/30/95 .837956 -.58 -.688 -.75 -.893 .000900
09/30/95 .888101 .000900
12/31/95 .920597 1,000.00 1,086.252 -.62 -.676 -.81 -.877 .000900
03/31/96 .946452 .000900
06/30/96 .971133 -.46 -.476 -.67 -.689 -.87 -.894 .000900
09/30/96 .990103 .000900
12/31/96 1.048724 -.49 -.471 -.71 -.681 -.93 -.883 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,085.305 1,570.165 2,037.605
ACCOUNT VALUE 1,138.19 1,646.67 2,136.89
SURRENDER VALUE 1,138.19 1,646.67 2,136.89
TOTAL RETURN 13.82 % 64.67 % 113.69 %
ANNUALIZED RETURN 10.49 % 10.93 %
</TABLE>
<PAGE> 4
PAGE 3
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FB/1R - FIDELITY HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .374962 1,000.00 2,666.937 .000900
03/31/87 .398368 .000900
06/30/87 .390004 -.46 -1.177 .000900
09/30/87 .379372 .000900
12/31/87 .377251 -.46 -1.220 .000900
03/31/88 .397841 .000900
06/30/88 .408126 -.47 -1.154 .000900
09/30/88 .413069 .000900
12/31/88 .418650 -.50 -1.183 .000900
03/31/89 .424647 .000900
06/30/89 .439297 -.51 -1.170 .000900
09/30/89 .418066 .000900
12/31/89 .398784 -.50 -1.258 .000900
03/31/90 .379345 .000900
06/30/90 .393813 -.47 -1.204 .000900
09/30/90 .383309 .000900
12/31/90 .387533 -.47 -1.206 .000900
03/31/91 .431864 .000900
06/30/91 .462910 -.51 -1.098 .000900
09/30/91 .497121 .000900
12/31/91 .520344 1,000.00 1,921.806 -.59 -1.129 .000900
03/31/92 .585518 .000900
06/30/92 .602531 -.49 -.806 -.67 -1.113 .000900
09/30/92 .632761 .000900
12/31/92 .636504 -.54 -.841 -.74 -1.162 .000900
03/31/93 .679702 .000900
06/30/93 .711199 -.58 -.819 -.80 -1.131 .000900
09/30/93 .727322 .000900
12/31/93 .762467 -.64 -.835 -.88 -1.153 .000900
03/31/94 .759320 .000900
06/30/94 .749138 -.65 -.871 -.90 -1.203 .000900
09/30/94 .756342 .000900
12/31/94 .746197 -.65 -.865 -.89 -1.195 .000900
03/31/95 .788240 .000900
06/30/95 .833219 -.68 -.818 -.94 -1.129 .000900
09/30/95 .872884 .000900
12/31/95 .894598 1,000.00 1,117.821 -.74 -.833 -1.03 -1.150 .000900
03/31/96 .926690 .000900
06/30/96 .956993 -.47 -.487 -.80 -.834 -1.10 -1.152 .000900
09/30/96 .994453 .000900
12/31/96 1.014025 -.50 -.489 -.85 -.837 -1.17 -1.157 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,116.845 1,913.448 2,643.590
ACCOUNT VALUE 1,132.51 1,940.28 2,680.67
SURRENDER VALUE 1,132.51 1,940.28 2,680.67
TOTAL RETURN 13.25 % 94.03 % 168.07 %
ANNUALIZED RETURN 14.18 % 10.36 %
</TABLE>
<PAGE> 5
PAGE 4
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FE/1R - FIDELITY EQUITY INCOME PORTFOLIO FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .305987 1,000.00 3,268.113 .000900
03/31/87 .357378 .000900
06/30/87 .357403 -.49 -1.365 .000900
09/30/87 .372665 .000900
12/31/87 .300708 -.48 -1.609 .000900
03/31/88 .331677 .000900
06/30/88 .360590 -.49 -1.347 .000900
09/30/88 .363692 .000900
12/31/88 .366796 -.53 -1.456 .000900
03/31/89 .395252 .000900
06/30/89 .422367 -.58 -1.371 .000900
09/30/89 .448396 .000900
12/31/89 .427846 -.62 -1.458 .000900
03/31/90 .401376 .000900
06/30/90 .408371 -.61 -1.502 .000900
09/30/90 .337629 .000900
12/31/90 .360262 -.56 -1.564 .000900
03/31/91 .413547 .000900
06/30/91 .419740 -.57 -1.362 .000900
09/30/91 .449095 .000900
12/31/91 .470709 1,000.00 2,124.455 -.65 -1.385 .000900
03/31/92 .485793 .000900
06/30/92 .499847 -.46 -.928 -.71 -1.421 .000900
09/30/92 .508339 .000900
12/31/92 .546917 -.50 -.914 -.77 -1.401 .000900
03/31/93 .592182 .000900
06/30/93 .606544 -.55 -.908 -.84 -1.391 .000900
09/30/93 .634949 .000900
12/31/93 .642981 -.60 -.928 -.91 -1.421 .000900
03/31/94 .625725 .000900
06/30/94 .648447 -.62 -.950 -.94 -1.455 .000900
09/30/94 .692001 .000900
12/31/94 .684303 -.64 -.929 -.97 -1.423 .000900
03/31/95 .745281 .000900
06/30/95 .799225 -.71 -.885 -1.08 -1.355 .000900
09/30/95 .867018 .000900
12/31/95 .918893 1,000.00 1,088.266 -.82 -.891 -1.25 -1.365 .000900
03/31/96 .957287 .000900
06/30/96 .969803 -.46 -.477 -.90 -.928 -1.38 -1.421 .000900
09/30/96 .980233 .000900
12/31/96 1.043755 -.49 -.472 -.96 -.919 -1.47 -1.407 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,087.317 2,115.275 3,239.634
ACCOUNT VALUE 1,134.89 2,207.83 3,381.38
SURRENDER VALUE 1,134.89 2,207.83 3,381.38
TOTAL RETURN 13.49 % 120.78 % 238.14 %
ANNUALIZED RETURN 17.16 % 12.96 %
</TABLE>
<PAGE> 6
PAGE 5
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FS/1R - FIDELITY GROWTH STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .257181 1,000.00 3,888.312 .000900
03/31/87 .303143 .000900
06/30/87 .313702 -.50 -1.592 .000900
09/30/87 .331638 .000900
12/31/87 .265008 -.51 -1.910 .000900
03/31/88 .289665 .000900
06/30/88 .304866 -.50 -1.634 .000900
09/30/88 .303885 .000900
12/31/88 .304470 -.53 -1.749 .000900
03/31/89 .328706 .000900
06/30/89 .353199 -.57 -1.626 .000900
09/30/89 .394176 .000900
12/31/89 .398058 -.66 -1.648 .000900
03/31/90 .382617 .000900
06/30/90 .412164 -.71 -1.715 .000900
09/30/90 .325931 .000900
12/31/90 .349235 -.66 -1.902 .000900
03/31/91 .411780 .000900
06/30/91 .399386 -.65 -1.634 .000900
09/30/91 .459719 .000900
12/31/91 .505147 1,000.00 1,979.622 -.79 -1.560 .000900
03/31/92 .512611 .000900
06/30/92 .469136 -.43 -.925 -.85 -1.809 .000900
09/30/92 .481611 .000900
12/31/92 .549222 -.45 -.825 -.89 -1.614 .000900
03/31/93 .569521 .000900
06/30/93 .610857 -.52 -.845 -1.01 -1.653 .000900
09/30/93 .650649 .000900
12/31/93 .651614 -.56 -.862 -1.10 -1.685 .000900
03/31/94 .630127 .000900
06/30/94 .586952 -.55 -.938 -1.08 -1.835 .000900
09/30/94 .633010 .000900
12/31/94 .647579 -.55 -.847 -1.07 -1.657 .000900
03/31/95 .684633 .000900
06/30/95 .799161 -.64 -.804 -1.26 -1.573 .000900
09/30/95 .910681 .000900
12/31/95 .871404 1,000.00 1,147.573 -.74 -.851 -1.45 -1.665 .000900
03/31/96 .916935 .000900
06/30/96 .961977 -.47 -.492 -.81 -.846 -1.59 -1.654 .000900
09/30/96 .974879 .000900
12/31/96 .993575 -.50 -.508 -.87 -.873 -1.70 -1.708 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,146.573 1,971.004 3,854.490
ACCOUNT VALUE 1,139.21 1,958.34 3,829.73
SURRENDER VALUE 1,139.21 1,958.34 3,829.73
TOTAL RETURN 13.92 % 95.83 % 282.97 %
ANNUALIZED RETURN 14.39 % 14.37 %
</TABLE>
<PAGE> 7
PAGE 6
401(K) REGISTERED - STANDARDIZED PERFORMANCE
GV/1R - US GOVERNMENT SECURITIES
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 .751009 1,000.00 1,331.542 .000900
03/31/92 .755545 .000900
06/30/92 .774610 -.40 -.511 .000900
09/30/92 .803234 .000900
12/31/92 .805669 -.47 -.587 .000900
03/31/93 .843029 .000900
06/30/93 .862190 -.50 -.579 .000900
09/30/93 .887325 .000900
12/31/93 .876934 -.52 -.593 .000900
03/31/94 .834749 .000900
06/30/94 .821805 -.51 -.618 .000900
09/30/94 .811994 .000900
12/31/94 .822442 -.49 -.598 .000900
03/31/95 .867573 .000900
06/30/95 .945158 -.53 -.559 .000900
09/30/95 .956045 .000900
12/31/95 1.017676 1,000.00 982.631 -.59 -.576 .000900
03/31/96 .968355 .000900
06/30/96 .968649 -.44 -.453 -.59 -.612 .000900
09/30/96 .985867 .000900
12/31/96 1.026207 -.44 -.430 -.60 -.580 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 981.748 1,325.728
ACCOUNT VALUE 1,007.48 1,360.47
SURRENDER VALUE 1,007.48 1,360.47
TOTAL RETURN .75 % 36.05 % %
ANNUALIZED RETURN 6.43 % %
</TABLE>
<PAGE> 8
PAGE 7
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HA/1R - ALLIANCE GROWTH STOCK - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .588590 1,000.00 1,698.976 .000900
06/30/94 .580122 -.02 -.042 .000900
09/30/94 .621434 .000900
12/31/94 .618223 -.46 -.741 .000900
03/31/95 .661666 .000900
06/30/95 .752902 -.52 -.696 .000900
09/30/95 .818770 .000900
12/31/95 .828731 1,000.00 1,206.664 -.60 -.729 .000900
03/31/96 .880857 .000900
06/30/96 .926195 -.48 -.514 -.67 -.723 .000900
09/30/96 .972548 .000900
12/31/96 1.065668 -.54 -.507 -.76 -.713 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,205.642 1,695.331
ACCOUNT VALUE 1,284.81 1,806.66
SURRENDER VALUE 1,284.81 1,806.66
TOTAL RETURN 28.48 % 80.67 % %
ANNUALIZED RETURN 26.29 % %
</TABLE>
<PAGE> 9
PAGE 8
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HH/1R - SB HIGH INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 .790802 1,000.00 1,264.539 .000900
06/30/94 .791488 -.02 -.025 .000900
09/30/94 .798184 .000900
12/31/94 .783322 -.45 -.572 .000900
03/31/95 .822352 .000900
06/30/95 .861255 -.47 -.543 .000900
09/30/95 .888832 .000900
12/31/95 .927200 1,000.00 1,078.516 -.51 -.548 .000900
03/31/96 .947502 .000900
06/30/96 .959435 -.46 -.477 -.54 -.559 .000900
09/30/96 1.001308 .000900
12/31/96 1.042849 -.49 -.466 -.57 -.545 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,077.573 1,261.747
ACCOUNT VALUE 1,123.75 1,315.81
SURRENDER VALUE 1,123.75 1,315.81
TOTAL RETURN 12.37 % 31.58 % %
ANNUALIZED RETURN 11.46 % %
</TABLE>
<PAGE> 10
PAGE 9
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HI/1R - SB INTERNATIONAL EQUITY - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .821430 1,000.00 1,217.389 .000900
06/30/94 .843471 -.02 -.030 .000900
09/30/94 .841380 .000900
12/31/94 .786788 -.45 -.568 .000900
03/31/95 .757014 .000900
06/30/95 .835891 -.44 -.531 .000900
09/30/95 .868880 .000900
12/31/95 .870270 1,000.00 1,149.069 -.47 -.537 .000900
03/31/96 .943782 .000900
06/30/96 .985435 -.48 -.487 -.51 -.515 .000900
09/30/96 .994453 .000900
12/31/96 1.018254 -.52 -.509 -.55 -.538 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,148.073 1,214.671
ACCOUNT VALUE 1,169.03 1,236.84
SURRENDER VALUE 1,169.03 1,236.84
TOTAL RETURN 16.90 % 23.68 % %
ANNUALIZED RETURN 8.75 % %
</TABLE>
<PAGE> 11
PAGE 10
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HJ/1R - SB INCOME AND GROWTH - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .683301 1,000.00 1,463.484 .000900
06/30/94 .674316 -.02 -.036 .000900
09/30/94 .692383 .000900
12/31/94 .672678 -.44 -.659 .000900
03/31/95 .729064 .000900
06/30/95 .780496 -.48 -.613 .000900
09/30/95 .837916 .000900
12/31/95 .889754 1,000.00 1,123.906 -.55 -.618 .000900
03/31/96 .939514 .000900
06/30/96 .966385 -.47 -.486 -.61 -.632 .000900
09/30/96 .996572 .000900
12/31/96 1.059355 -.51 -.483 -.67 -.629 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,122.937 1,460.298
ACCOUNT VALUE 1,189.59 1,546.97
SURRENDER VALUE 1,189.59 1,546.97
TOTAL RETURN 18.96 % 54.70 % %
ANNUALIZED RETURN 18.79 % %
</TABLE>
<PAGE> 12
PAGE 11
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HM/1R - SB MONEY MARKET
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .907477 1,000.00 1,101.956 .000900
06/30/94 .908172 -.02 -.027 .000900
09/30/94 .915559 .000900
12/31/94 .924495 -.45 -.491 .000900
03/31/95 .935271 .000900
06/30/95 .946651 -.46 -.490 .000900
09/30/95 .957691 .000900
12/31/95 .968676 1,000.00 1,032.337 -.47 -.490 .000900
03/31/96 .978992 .000900
06/30/96 .989094 -.45 -.460 -.48 -.490 .000900
09/30/96 .999883 .000900
12/31/96 1.010605 -.46 -.459 -.49 -.490 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,031.418 1,099.478
ACCOUNT VALUE 1,042.36 1,111.14
SURRENDER VALUE 1,042.36 1,111.14
TOTAL RETURN 4.24 % 11.11 % %
ANNUALIZED RETURN 4.25 % %
</TABLE>
<PAGE> 13
PAGE 12
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HP/1R - PUTNAM DIVERSIFIED INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .803501 1,000.00 1,244.554 .000900
06/30/94 .804173 -.02 -.031 .000900
09/30/94 .816595 .000900
12/31/94 .812784 -.45 -.557 .000900
03/31/95 .851907 .000900
06/30/95 .890917 -.48 -.535 .000900
09/30/95 .908097 .000900
12/31/95 .948387 1,000.00 1,054.422 -.51 -.543 .000900
03/31/96 .944451 .000900
06/30/96 .953094 -.45 -.473 -.53 -.558 .000900
09/30/96 .989260 .000900
12/31/96 1.020319 -.47 -.459 -.55 -.541 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,053.490 1,241.789
ACCOUNT VALUE 1,074.90 1,267.02
SURRENDER VALUE 1,074.90 1,267.02
TOTAL RETURN 7.49 % 26.70 % %
ANNUALIZED RETURN 9.79 % %
</TABLE>
<PAGE> 14
PAGE 13
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HT/1R - MFS TOTAL RETURN - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .749250 1,000.00 1,334.668 .000900
06/30/94 .737821 -.02 -.033 .000900
09/30/94 .752508 .000900
12/31/94 .735554 -.44 -.602 .000900
03/31/95 .779652 .000900
06/30/95 .828176 -.47 -.567 .000900
09/30/95 .870535 .000900
12/31/95 .918985 1,000.00 1,088.157 -.52 -.570 .000900
03/31/96 .946123 .000900
06/30/96 .961639 -.46 -.479 -.56 -.587 .000900
09/30/96 .985523 .000900
12/31/96 1.046020 -.49 -.470 -.60 -.575 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,087.209 1,331.734
ACCOUNT VALUE 1,137.24 1,393.02
SURRENDER VALUE 1,137.24 1,393.02
TOTAL RETURN 13.72 % 39.30 % %
ANNUALIZED RETURN 13.97 % %
</TABLE>
<PAGE> 15
PAGE 14
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IB/1R - TEMPLETON GLOBAL BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .573028 1,000.00 1,745.115 .000900
09/30/88 .576182 .000900
12/31/88 .582755 -.30 -.521 .000900
03/31/89 .592009 .000900
06/30/89 .602189 -.47 -.772 .000900
09/30/89 .611175 .000900
12/31/89 .623593 -.48 -.771 .000900
03/31/90 .618440 .000900
06/30/90 .635022 -.49 -.777 .000900
09/30/90 .637086 .000900
12/31/90 .659096 -.51 -.770 .000900
03/31/91 .675331 .000900
06/30/91 .680036 -.52 -.772 .000900
09/30/91 .720932 .000900
12/31/91 .759118 1,000.00 1,317.318 -.56 -.743 .000900
03/31/92 .734369 .000900
06/30/92 .770901 -.45 -.588 -.60 -.777 .000900
09/30/92 .796458 .000900
12/31/92 .795784 -.46 -.583 -.61 -.770 .000900
03/31/93 .832507 .000900
06/30/93 .848709 -.49 -.574 -.64 -.758 .000900
09/30/93 .870692 .000900
12/31/93 .881701 -.51 -.581 -.68 -.767 .000900
03/31/94 .843589 .000900
06/30/94 .826156 -.51 -.612 -.67 -.808 .000900
09/30/94 .831058 .000900
12/31/94 .833657 -.49 -.589 -.65 -.778 .000900
03/31/95 .867224 .000900
06/30/95 .908553 -.52 -.567 -.68 -.749 .000900
09/30/95 .918441 .000900
12/31/95 .952349 1,000.00 1,050.035 -.55 -.577 -.73 -.763 .000900
03/31/96 .943212 .000900
06/30/96 .963250 -.45 -.470 -.57 -.587 -.75 -.776 .000900
09/30/96 .990316 .000900
12/31/96 1.036017 -.47 -.456 -.59 -.570 -.78 -.752 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,049.110 1,311.490 1,732.292
ACCOUNT VALUE 1,086.90 1,358.73 1,794.68
SURRENDER VALUE 1,086.90 1,358.73 1,794.68
TOTAL RETURN 8.69 % 35.87 % 79.47 %
ANNUALIZED RETURN 6.32 % 7.26 %
</TABLE>
<PAGE> 16
PAGE 15
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IN/1R - TEMPLETON GLOBAL ALLOCATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .426245 1,000.00 2,346.069 .000900
09/30/88 .429018 .000900
12/31/88 .437309 -.30 -.697 .000900
03/31/89 .448132 .000900
06/30/89 .454686 -.47 -1.035 .000900
09/30/89 .480738 .000900
12/31/89 .492306 -.50 -1.015 .000900
03/31/90 .487033 .000900
06/30/90 .502328 -.52 -1.044 .000900
09/30/90 .433689 .000900
12/31/90 .450290 -.50 -1.115 .000900
03/31/91 .495317 .000900
06/30/91 .492344 -.50 -1.009 .000900
09/30/91 .536436 .000900
12/31/91 .571541 1,000.00 1,749.656 -.56 -.980 .000900
03/31/92 .574238 .000900
06/30/92 .610578 -.47 -.762 -.62 -1.019 .000900
09/30/92 .607327 .000900
12/31/92 .613677 -.48 -.785 -.64 -1.050 .000900
03/31/93 .648643 .000900
06/30/93 .677041 -.51 -.750 -.68 -1.002 .000900
09/30/93 .719784 .000900
12/31/93 .769348 -.57 -.739 -.76 -.988 .000900
03/31/94 .743520 .000900
06/30/94 .731493 -.59 -.806 -.79 -1.078 .000900
09/30/94 .764968 .000900
12/31/94 .742065 -.58 -.780 -.77 -1.043 .000900
03/31/95 .761097 .000900
06/30/95 .828224 -.62 -.744 -.82 -.995 .000900
09/30/95 .878724 .000900
12/31/95 .903955 1,000.00 1,106.250 -.68 -.752 -.91 -1.005 .000900
03/31/96 .942091 .000900
06/30/96 .975252 -.47 -.480 -.74 -.756 -.99 -1.011 .000900
09/30/96 .990997 .000900
12/31/96 1.068037 -.51 -.476 -.80 -.750 -1.07 -1.003 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,105.294 1,742.031 2,328.980
ACCOUNT VALUE 1,180.50 1,860.55 2,487.44
SURRENDER VALUE 1,180.50 1,860.55 2,487.44
TOTAL RETURN 18.05 % 86.06 % 148.74 %
ANNUALIZED RETURN 13.22 % 11.55 %
</TABLE>
<PAGE> 17
PAGE 16
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IS/1R - TEMPLETON GLOBAL STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .395679 1,000.00 2,527.301 .000900
09/30/88 .397857 .000900
12/31/88 .405555 -.30 -.751 .000900
03/31/89 .424285 .000900
06/30/89 .425623 -.47 -1.110 .000900
09/30/89 .463193 .000900
12/31/89 .462106 -.50 -1.092 .000900
03/31/90 .455220 .000900
06/30/90 .470916 -.53 -1.125 .000900
09/30/90 .396428 .000900
12/31/90 .408757 -.50 -1.222 .000900
03/31/91 .456894 .000900
06/30/91 .447218 -.49 -1.086 .000900
09/30/91 .484451 .000900
12/31/91 .517923 1,000.00 1,930.789 -.55 -1.057 .000900
03/31/92 .524432 .000900
06/30/92 .547088 -.46 -.846 -.60 -1.104 .000900
09/30/92 .536369 .000900
12/31/92 .551249 -.48 -.865 -.62 -1.129 .000900
03/31/93 .589074 .000900
06/30/93 .619686 -.51 -.820 -.66 -1.070 .000900
09/30/93 .674120 .000900
12/31/93 .734227 -.59 -.800 -.77 -1.044 .000900
03/31/94 .711489 .000900
06/30/94 .709998 -.63 -.882 -.82 -1.151 .000900
09/30/94 .748176 .000900
12/31/94 .713753 -.62 -.865 -.81 -1.128 .000900
03/31/95 .737954 .000900
06/30/95 .812133 -.66 -.814 -.86 -1.062 .000900
09/30/95 .866020 .000900
12/31/95 .888596 1,000.00 1,125.371 -.74 -.829 -.96 -1.082 .000900
03/31/96 .939057 .000900
06/30/96 .979386 -.47 -.483 -.81 -.826 -1.06 -1.078 .000900
09/30/96 .992067 .000900
12/31/96 1.081047 -.52 -.482 -.89 -.825 -1.16 -1.076 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,124.405 1,922.418 2,508.933
ACCOUNT VALUE 1,215.54 2,078.22 2,712.27
SURRENDER VALUE 1,215.54 2,078.22 2,712.27
TOTAL RETURN 21.55 % 107.82 % 171.23 %
ANNUALIZED RETURN 15.75 % 12.71 %
</TABLE>
<PAGE> 18
PAGE 17
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OB/1R - ODYSSEY LONG TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .818017 1,000.00 1,222.468 .000900
06/30/93 .837464 -.15 -.179 .000900
09/30/93 .883780 .000900
12/31/93 .891207 -.48 -.533 .000900
03/31/94 .856567 .000900
06/30/94 .832046 -.47 -.569 .000900
09/30/94 .831591 .000900
12/31/94 .834873 -.46 -.549 .000900
03/31/95 .883489 .000900
06/30/95 .947031 -.49 -.517 .000900
09/30/95 .966028 .000900
12/31/95 1.016225 1,000.00 984.034 -.54 -.530 .000900
03/31/96 .967546 .000900
06/30/96 .967997 -.44 -.454 -.54 -.562 .000900
09/30/96 .984757 .000900
12/31/96 1.023303 -.44 -.431 -.55 -.534 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 983.150 1,218.495
ACCOUNT VALUE 1,006.06 1,246.89
SURRENDER VALUE 1,006.06 1,246.89
TOTAL RETURN .61 % 24.69 % %
ANNUALIZED RETURN 6.19 % %
</TABLE>
<PAGE> 19
PAGE 18
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OC/1R - ODYSSEY CORE EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .640824 1,000.00 1,560.491 .000900
06/30/93 .637730 -.15 -.231 .000900
09/30/93 .651838 .000900
12/31/93 .651578 -.45 -.695 .000900
03/31/94 .635504 .000900
06/30/94 .636441 -.45 -.710 .000900
09/30/94 .655571 .000900
12/31/94 .641121 -.45 -.699 .000900
03/31/95 .694889 .000900
06/30/95 .764392 -.49 -.645 .000900
09/30/95 .831798 .000900
12/31/95 .883059 1,000.00 1,132.427 -.58 -.654 .000900
03/31/96 .935662 .000900
06/30/96 .956081 -.47 -.490 -.64 -.674 .000900
09/30/96 .981655 .000900
12/31/96 1.080928 -.52 -.480 -.71 -.660 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,131.457 1,555.524
ACCOUNT VALUE 1,223.02 1,681.41
SURRENDER VALUE 1,223.02 1,681.41
TOTAL RETURN 22.30 % 68.14 % %
ANNUALIZED RETURN 15.20 % %
</TABLE>
<PAGE> 20
PAGE 19
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OE/1R - ODYSSEY EMERGING OPPORTUNITIES FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .592544 1,000.00 1,687.638 .000900
06/30/93 .575085 -.15 -.253 .000900
09/30/93 .598906 .000900
12/31/93 .642013 -.46 -.720 .000900
03/31/94 .643982 .000900
06/30/94 .604983 -.47 -.782 .000900
09/30/94 .674765 .000900
12/31/94 .699907 -.49 -.707 .000900
03/31/95 .728484 .000900
06/30/95 .848255 -.59 -.692 .000900
09/30/95 .944723 .000900
12/31/95 .920069 1,000.00 1,086.875 -.67 -.728 .000900
03/31/96 .946892 .000900
06/30/96 .976618 -.46 -.475 -.72 -.736 .000900
09/30/96 1.003775 .000900
12/31/96 .885807 -.46 -.514 -.71 -.796 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,085.886 1,682.223
ACCOUNT VALUE 961.89 1,490.13
SURRENDER VALUE 961.89 1,490.13
TOTAL RETURN -3.81 % 49.01 % %
ANNUALIZED RETURN 11.48 % %
</TABLE>
<PAGE> 21
PAGE 20
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OI/1R - ODYSSEY INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .695383 1,000.00 1,438.056 .000900
06/30/93 .677824 -.15 -.216 .000900
09/30/93 .703675 .000900
12/31/93 .824364 -.49 -.590 .000900
03/31/94 .770893 .000900
06/30/94 .762190 -.51 -.673 .000900
09/30/94 .793922 .000900
12/31/94 .762230 -.49 -.646 .000900
03/31/95 .769579 .000900
06/30/95 .829184 -.51 -.620 .000900
09/30/95 .892147 .000900
12/31/95 .901646 1,000.00 1,109.083 -.56 -.620 .000900
03/31/96 .951339 .000900
06/30/96 .972603 -.47 -.481 -.61 -.622 .000900
09/30/96 .995868 .000900
12/31/96 1.092311 -.52 -.472 -.67 -.610 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,108.130 1,433.460
ACCOUNT VALUE 1,210.42 1,565.78
SURRENDER VALUE 1,210.42 1,565.78
TOTAL RETURN 21.04 % 56.58 % %
ANNUALIZED RETURN 12.99 % %
</TABLE>
<PAGE> 22
PAGE 21
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OM/1R - ODYSSEY INTERMEDIATE TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .858203 1,000.00 1,165.225 .000900
06/30/93 .870249 -.15 -.171 .000900
09/30/93 .892005 .000900
12/31/93 .891907 -.46 -.518 .000900
03/31/94 .871571 .000900
06/30/94 .860754 -.46 -.534 .000900
09/30/94 .863769 .000900
12/31/94 .861332 -.45 -.524 .000900
03/31/95 .894089 .000900
06/30/95 .938336 -.47 -.502 .000900
09/30/95 .950325 .000900
12/31/95 .984773 1,000.00 1,015.462 -.50 -.511 .000900
03/31/96 .976661 .000900
06/30/96 .978975 -.45 -.458 -.51 -.525 .000900
09/30/96 .993520 .000900
12/31/96 1.017358 -.46 -.448 -.52 -.513 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,014.556 1,161.428
ACCOUNT VALUE 1,032.17 1,181.59
SURRENDER VALUE 1,032.17 1,181.59
TOTAL RETURN 3.22 % 18.16 % %
ANNUALIZED RETURN 4.65 % %
</TABLE>
<PAGE> 23
PAGE 22
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OS/1R - ODYSSEY SHORT TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .874189 1,000.00 1,143.917 .000900
06/30/93 .880378 -.15 -.169 .000900
09/30/93 .890394 .000900
12/31/93 .895657 -.46 -.510 .000900
03/31/94 .889904 .000900
06/30/94 .885913 -.46 -.517 .000900
09/30/94 .890767 .000900
12/31/94 .889060 -.46 -.513 .000900
03/31/95 .917111 .000900
06/30/95 .948715 -.47 -.498 .000900
09/30/95 .957354 .000900
12/31/95 .979757 1,000.00 1,020.661 -.50 -.506 .000900
03/31/96 .976374 .000900
06/30/96 .982559 -.45 -.459 -.50 -.513 .000900
09/30/96 .995359 .000900
12/31/96 1.010775 -.46 -.453 -.51 -.506 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,019.750 1,140.185
ACCOUNT VALUE 1,030.74 1,152.47
SURRENDER VALUE 1,030.74 1,152.47
TOTAL RETURN 3.07 % 15.25 % %
ANNUALIZED RETURN 3.94 % %
</TABLE>
<PAGE> 24
PAGE 23
401(K) REGISTERED - STANDARDIZED PERFORMANCE
SA/1R - SOCIAL AWARENESS PORTFOLIO
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 .580888 1,000.00 1,721.502 .000900
06/30/92 .575674 -.15 -.256 .000900
09/30/92 .586971 .000900
12/31/92 .633529 -.47 -.739 .000900
03/31/93 .661411 .000900
06/30/93 .657512 -.50 -.760 .000900
09/30/93 .682161 .000900
12/31/93 .677054 -.52 -.763 .000900
03/31/94 .646425 .000900
06/30/94 .640696 -.51 -.795 .000900
09/30/94 .669429 .000900
12/31/94 .655377 -.50 -.765 .000900
03/31/95 .715736 .000900
06/30/95 .782859 -.56 -.710 .000900
09/30/95 .827898 .000900
12/31/95 .869054 1,000.00 1,150.676 -.64 -.734 .000900
03/31/96 .919154 .000900
06/30/96 .944361 -.47 -.497 -.70 -.741 .000900
09/30/96 .988699 .000900
12/31/96 1.036377 -.51 -.495 -.76 -.738 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,149.685 1,714.501
ACCOUNT VALUE 1,191.51 1,776.87
SURRENDER VALUE 1,191.51 1,776.87
TOTAL RETURN 19.15 % 77.69 % %
ANNUALIZED RETURN 13.10 % %
</TABLE>
<PAGE> 25
PAGE 24
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UA/1R - MANAGED ASSET TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .385185 1,000.00 2,596.155 .000900
03/31/87 .456143 .000900
06/30/87 .467995 -.50 -1.065 .000900
09/30/87 .489548 .000900
12/31/87 .391086 -.50 -1.283 .000900
03/31/88 .404341 .000900
06/30/88 .419133 -.47 -1.128 .000900
09/30/88 .412982 .000900
12/31/88 .424633 -.49 -1.159 .000900
03/31/89 .446771 .000900
06/30/89 .483700 -.53 -1.095 .000900
09/30/89 .522990 .000900
12/31/89 .536629 -.59 -1.108 .000900
03/31/90 .525082 .000900
06/30/90 .553061 -.63 -1.148 .000900
09/30/90 .513677 .000900
12/31/90 .544167 -.64 -1.174 .000900
03/31/91 .585640 .000900
06/30/91 .585622 -.66 -1.123 .000900
09/30/91 .620123 .000900
12/31/91 .661727 1,000.00 1,511.197 -.73 -1.097 .000900
03/31/92 .641599 .000900
06/30/92 .655975 -.45 -.683 -.77 -1.168 .000900
09/30/92 .672766 .000900
12/31/92 .691477 -.46 -.662 -.78 -1.133 .000900
03/31/93 .720037 .000900
06/30/93 .727448 -.48 -.663 -.82 -1.133 .000900
09/30/93 .746506 .000900
12/31/93 .751726 -.50 -.668 -.86 -1.143 .000900
03/31/94 .721641 .000900
06/30/94 .717139 -.50 -.695 -.85 -1.189 .000900
09/30/94 .735975 .000900
12/31/94 .730325 -.49 -.672 -.84 -1.150 .000900
03/31/95 .778595 .000900
06/30/95 .840734 -.53 -.634 -.91 -1.084 .000900
09/30/95 .884803 .000900
12/31/95 .922777 1,000.00 1,083.685 -.60 -.648 -1.02 -1.108 .000900
03/31/96 .938216 .000900
06/30/96 .963857 -.46 -.477 -.64 -.663 -1.09 -1.134 .000900
09/30/96 .984623 .000900
12/31/96 1.043592 -.49 -.469 -.68 -.651 -1.16 -1.114 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,082.739 1,504.557 2,573.418
ACCOUNT VALUE 1,129.94 1,570.14 2,685.60
SURRENDER VALUE 1,129.94 1,570.14 2,685.60
TOTAL RETURN 12.99 % 57.01 % 168.56 %
ANNUALIZED RETURN 9.44 % 10.38 %
</TABLE>
<PAGE> 26
PAGE 25
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UB/1R - HIGH YIELD BOND TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .482201 1,000.00 2,073.824 .000900
03/31/87 .505718 .000900
06/30/87 .499937 -.46 -.917 .000900
09/30/87 .490550 .000900
12/31/87 .477041 -.46 -.955 .000900
03/31/88 .507472 .000900
06/30/88 .516678 -.46 -.897 .000900
09/30/88 .529895 .000900
12/31/88 .543458 -.49 -.909 .000900
03/31/89 .556044 .000900
06/30/89 .582736 -.52 -.900 .000900
09/30/89 .572797 .000900
12/31/89 .547719 -.53 -.961 .000900
03/31/90 .520589 .000900
06/30/90 .532548 -.50 -.944 .000900
09/30/90 .497047 .000900
12/31/90 .491355 -.48 -.969 .000900
03/31/91 .535730 .000900
06/30/91 .560049 -.49 -.873 .000900
09/30/91 .590524 .000900
12/31/91 .623102 1,000.00 1,604.874 -.55 -.882 .000900
03/31/92 .654896 .000900
06/30/92 .667330 -.47 -.698 -.60 -.898 .000900
09/30/92 .687594 .000900
12/31/92 .700722 -.49 -.705 -.64 -.907 .000900
03/31/93 .737250 .000900
06/30/93 .762853 -.53 -.692 -.68 -.890 .000900
09/30/93 .778897 .000900
12/31/93 .794031 -.56 -.707 -.72 -.910 .000900
03/31/94 .774480 .000900
06/30/94 .768718 -.56 -.733 -.72 -.943 .000900
09/30/94 .783187 .000900
12/31/94 .779255 -.56 -.716 -.72 -.921 .000900
03/31/95 .819924 .000900
06/30/95 .862594 -.59 -.685 -.76 -.882 .000900
09/30/95 .875238 .000900
12/31/95 .894816 1,000.00 1,117.548 -.63 -.707 -.81 -.910 .000900
03/31/96 .950083 .000900
06/30/96 .963018 -.47 -.485 -.67 -.694 -.86 -.893 .000900
09/30/96 .996823 .000900
12/31/96 1.032081 -.50 -.486 -.72 -.695 -.92 -.894 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,116.577 1,597.841 2,055.570
ACCOUNT VALUE 1,152.40 1,649.10 2,121.51
SURRENDER VALUE 1,152.40 1,649.10 2,121.51
TOTAL RETURN 15.24 % 64.91 % 112.15 %
ANNUALIZED RETURN 10.52 % 7.81 %
</TABLE>
<PAGE> 27
PAGE 26
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UP/1R - GREENWICH UTILITY (UP)
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 .745068 1,000.00 1,342.159 .000900
03/31/94 .744400 .000900
06/30/94 .735106 -.36 -.486 .000900
09/30/94 .747352 .000900
12/31/94 .753592 -.45 -.596 .000900
03/31/95 .790407 .000900
06/30/95 .839134 -.48 -.573 .000900
09/30/95 .895293 .000900
12/31/95 .968528 1,000.00 1,032.495 -.55 -.563 .000900
03/31/96 .967265 .000900
06/30/96 1.010264 -.46 -.455 -.60 -.591 .000900
09/30/96 .981448 .000900
12/31/96 1.034630 -.47 -.459 -.62 -.596 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,031.581 1,338.755
ACCOUNT VALUE 1,067.30 1,385.12
SURRENDER VALUE 1,067.30 1,385.12
TOTAL RETURN 6.73 % 38.51 % %
ANNUALIZED RETURN 11.86 % %
</TABLE>
<PAGE> 28
PAGE 27
401(K) REGISTERED - STANDARDIZED PERFORMANCE
US/1R - CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .320309 1,000.00 3,121.985 .000900
03/31/87 .418096 .000900
06/30/87 .411864 -.51 -1.249 .000900
09/30/87 .426364 .000900
12/31/87 .293219 -.50 -1.688 .000900
03/31/88 .317460 .000900
06/30/88 .342335 -.45 -1.303 .000900
09/30/88 .321399 .000900
12/31/88 .320743 -.47 -1.450 .000900
03/31/89 .340216 .000900
06/30/89 .353347 -.47 -1.338 .000900
09/30/89 .392831 .000900
12/31/89 .368151 -.51 -1.374 .000900
03/31/90 .364773 .000900
06/30/90 .394394 -.53 -1.354 .000900
09/30/90 .319525 .000900
12/31/90 .353382 -.52 -1.482 .000900
03/31/91 .424109 .000900
06/30/91 .419368 -.54 -1.290 .000900
09/30/91 .439323 .000900
12/31/91 .470422 1,000.00 2,125.751 -.62 -1.323 .000900
03/31/92 .485664 .000900
06/30/92 .464511 -.45 -.963 -.65 -1.408 .000900
09/30/92 .488373 .000900
12/31/92 .550026 -.49 -.882 -.71 -1.289 .000900
03/31/93 .583104 .000900
06/30/93 .603927 -.55 -.913 -.81 -1.335 .000900
09/30/93 .639305 .000900
12/31/93 .629101 -.59 -.936 -.86 -1.369 .000900
03/31/94 .603998 .000900
06/30/94 .567743 -.57 -1.007 -.84 -1.472 .000900
09/30/94 .594878 .000900
12/31/94 .595440 -.56 -.932 -.81 -1.363 .000900
03/31/95 .625272 .000900
06/30/95 .712672 -.62 -.876 -.91 -1.280 .000900
09/30/95 .800548 .000900
12/31/95 .807108 1,000.00 1,238.992 -.72 -.898 -1.06 -1.313 .000900
03/31/96 .887317 .000900
06/30/96 .940235 -.49 -.518 -.83 -.886 -1.22 -1.295 .000900
09/30/96 .986560 .000900
12/31/96 1.028533 -.55 -.533 -.94 -.912 -1.37 -1.333 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,237.940 2,116.547 3,094.677
ACCOUNT VALUE 1,273.26 2,176.94 3,182.98
SURRENDER VALUE 1,273.26 2,176.94 3,182.98
TOTAL RETURN 27.33 % 117.69 % 218.30 %
ANNUALIZED RETURN 16.83 % 12.28 %
</TABLE>
<PAGE> 29
QP - Goldtrack - .60% M&E - American Odyssey Funds Nonstandardized
Reflects nonstandardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.818017 1000 1222.468 0.000%
06/30/93 0.837464 0.00000 0.000 0.000%
07/31/93 0.844317 -3.22547 -3.820 0.000% 0.3125%
10/31/93 0.900241 -3.42837 -3.808 0.000% 0.3125%
12/31/93 0.891207 1000 1122.074 0.00000 0.000 0.000%
01/31/94 0.900530 -3.15769 -3.506 -3.41875 -3.796 0.000% 0.3125%
04/30/94 0.837206 -2.92647 -3.496 -3.16842 -3.785 0.000% 0.3125%
06/30/94 0.832046 0.00000 0.000 0.000%
07/31/94 0.851577 -2.96741 -3.485 -3.21273 -3.773 0.000% 0.3125%
10/31/94 0.826822 -2.87214 -3.474 -3.10959 -3.761 0.000% 0.3125%
12/31/94 0.834873 0.00000 0.000 0.000%
01/31/95 0.853188 -2.95446 -3.463 -3.19872 -3.749 0.000% 0.3125%
04/30/95 0.896424 -3.09448 -3.452 -3.35032 -3.737 0.000% 0.3125%
06/30/95 0.947031 0.00000 0.000 0.000%
07/31/95 0.939445 -3.23286 -3.441 -3.50013 -3.726 0.000% 0.3125%
09/30/95 0.966028 0.000%
10/31/95 0.983257 -3.37305 -3.430 -3.65192 -3.714 0.000% 0.3125%
12/31/95 1.016225 1000 984.034 0.00000 0.000 0.000%
01/31/96 1.017685 -3.12949 -3.075 -3.48025 -3.420 -3.76798 -3.702 0.000% 0.3125%
03/31/96 0.967546 0.000%
04/30/96 0.957379 -2.93484 -3.065 -3.26379 -3.409 -3.53362 -3.691 0.000% 0.3125%
06/30/96 0.967997 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.969396 -2.96240 -3.056 -3.29443 -3.398 -3.56679 -3.679 0.000% 0.3125%
09/30/96 0.984757 0.000%
10/31/96 1.015948 -3.09495 -3.046 -3.44184 -3.388 -3.72639 -3.668 0.000% 0.3125%
12/31/96 1.023303 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 971.792 1080.712 1170.059
Cash Value $994.44 $1,105.90 $1,197.32
Total Return -0.56% 10.59% 19.73%
Annualized Return 3.41% 5.03%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.640824 1000 1560.491 0.000%
06/30/93 0.637730 0.00000 0.000 0.000%
07/31/93 0.642444 -3.13290 -4.877 0.000% 0.3125%
10/31/93 0.657782 -3.19767 -4.861 0.000% 0.3125%
12/31/93 0.651578 1000 1534.736 0.00000 0.000 0.000%
01/31/94 0.676480 -3.24443 -4.796 -3.27829 -4.846 0.000% 0.3125%
04/30/94 0.645909 -3.08813 -4.781 -3.12036 -4.831 0.000% 0.3125%
06/30/94 0.636441 0.00000 0.000 0.000%
07/31/94 0.656882 -3.13078 -4.766 -3.16345 -4.816 0.000% 0.3125%
10/31/94 0.661515 -3.14301 -4.751 -3.17581 -4.801 0.000% 0.3125%
12/31/94 0.641121 0.00000 0.000 0.000%
01/31/95 0.650978 -3.08328 -4.736 -3.11546 -4.786 0.000% 0.3125%
04/30/95 0.718742 -3.39360 -4.722 -3.42901 -4.771 0.000% 0.3125%
06/30/95 0.764392 0.00000 0.000 0.000%
07/31/95 0.793226 -3.73358 -4.707 -3.77254 -4.756 0.000% 0.3125%
09/30/95 0.831798 0.000%
10/31/95 0.826916 -3.87999 -4.692 -3.92048 -4.741 0.000% 0.3125%
12/31/95 0.883059 1000 1132.427 0.00000 0.000 0.000%
01/31/96 0.913382 -3.23231 -3.539 -4.27230 -4.677 -4.31689 -4.726 0.000% 0.3125%
03/31/96 0.935662 0.000%
04/30/96 0.943118 -3.32711 -3.528 -4.39761 -4.663 -4.44350 -4.711 0.000% 0.3125%
06/30/96 0.956081 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.913948 -3.21413 -3.517 -4.24827 -4.648 -4.29261 -4.697 0.000% 0.3125%
09/30/96 0.981655 0.000%
10/31/96 1.024673 -3.59226 -3.506 -4.74807 -4.634 -4.79762 -4.682 0.000% 0.3125%
12/31/96 1.080928 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1118.337 1478.163 1493.589
Cash Value $1,208.84 $1,597.79 $1,614.46
Total Return 20.88% 59.78% 61.45%
Annualized Return 16.91% 13.94%
</TABLE>
<PAGE> 30
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.592544 1000 1687.638 0.000%
06/30/93 0.575085 0.00000 0.000 0.000%
07/31/93 0.557738 -2.94144 -5.274 0.000% 0.3125%
10/31/93 0.633870 -3.33250 -5.257 0.000% 0.3125%
12/31/93 0.642013 1000 1557.601 0.00000 0.000 0.000%
01/31/94 0.662800 -3.22618 -4.868 -3.47371 -5.241 0.000% 0.3125%
04/30/94 0.660083 -3.20291 -4.852 -3.44866 -5.225 0.000% 0.3125%
06/30/94 0.604983 0.00000 0.000 0.000%
07/31/94 0.600011 -2.90233 -4.837 -3.12501 -5.208 0.000% 0.3125%
10/31/94 0.698948 -3.37034 -4.822 -3.62892 -5.192 0.000% 0.3125%
12/31/94 0.699907 0.00000 0.000 0.000%
01/31/95 0.686048 -3.29779 -4.807 -3.55082 -5.176 0.000% 0.3125%
04/30/95 0.741131 -3.55144 -4.792 -3.82392 -5.160 0.000% 0.3125%
06/30/95 0.848255 0.00000 0.000 0.000%
07/31/95 0.909116 -4.34280 -4.777 -4.67600 -5.143 0.000% 0.3125%
09/30/95 0.944723 0.000%
10/31/95 0.905373 -4.31140 -4.762 -4.64219 -5.127 0.000% 0.3125%
12/31/95 0.920069 1000 1086.875 0.00000 0.000 0.000%
01/31/96 0.879231 -2.98629 -3.396 -4.17383 -4.747 -4.49407 -5.111 0.000% 0.3125%
03/31/96 0.946892 0.000%
04/30/96 1.017926 -3.44657 -3.386 -4.81713 -4.732 -5.18673 -5.095 0.000% 0.3125%
06/30/96 0.976618 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.888782 -2.99990 -3.375 -4.19284 -4.718 -4.51454 -5.079 0.000% 0.3125%
09/30/96 1.003775 0.000%
10/31/96 0.927684 -3.12142 -3.365 -4.36269 -4.703 -4.69741 -5.064 0.000% 0.3125%
12/31/96 0.885807 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1073.353 1500.184 1615.286
Cash Value $950.78 $1,328.87 $1,430.83
Total Return -4.92% 32.89% 43.08%
Annualized Return 9.94% 10.25%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.695383 1000 1438.056 0.000%
06/30/93 0.677824 0.00000 0.000 0.000%
07/31/93 0.673349 -3.02598 -4.494 0.000% 0.3125%
10/31/93 0.748799 -3.35453 -4.480 0.000% 0.3125%
12/31/93 0.824364 1000 1213.056 0.00000 0.000 0.000%
01/31/94 0.849399 -3.21990 -3.791 -3.79332 -4.466 0.000% 0.3125%
04/30/94 0.788389 -2.97929 -3.779 -3.50985 -4.452 0.000% 0.3125%
06/30/94 0.762190 0.00000 0.000 0.000%
07/31/94 0.786516 -2.96292 -3.767 -3.49057 -4.438 0.000% 0.3125%
10/31/94 0.810637 -3.04424 -3.755 -3.58637 -4.424 0.000% 0.3125%
12/31/94 0.762230 0.00000 0.000 0.000%
01/31/95 0.732087 -2.74067 -3.744 -3.22874 -4.410 0.000% 0.3125%
04/30/95 0.798924 -2.98153 -3.732 -3.51250 -4.397 0.000% 0.3125%
06/30/95 0.829184 0.00000 0.000 0.000%
07/31/95 0.881020 -3.27764 -3.720 -3.86133 -4.383 0.000% 0.3125%
09/30/95 0.892147 0.000%
10/31/95 0.868409 -3.22063 -3.709 -3.79417 -4.369 0.000% 0.3125%
12/31/95 0.901646 1000 1109.083 0.00000 0.000 0.000%
01/31/96 0.930945 -3.22655 -3.466 -3.44176 -3.697 -4.05468 -4.355 0.000% 0.3125%
03/31/96 0.951339 0.000%
04/30/96 0.972841 -3.36122 -3.455 -3.58541 -3.686 -4.22392 -4.342 0.000% 0.3125%
06/30/96 0.972603 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.932386 -3.21138 -3.444 -3.42557 -3.674 -4.03562 -4.328 0.000% 0.3125%
09/30/96 0.995868 0.000%
10/31/96 1.007385 -3.45885 -3.433 -3.68955 -3.663 -4.34661 -4.315 0.000% 0.3125%
12/31/96 1.092311 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1095.285 1168.339 1376.403
Cash Value $1,196.39 $1,276.19 $1,503.46
Total Return 19.64% 27.62% 50.35%
Annualized Return 8.47% 11.75%
</TABLE>
<PAGE> 31
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.858203 1000 1165.225 0.000%
06/30/93 0.870249 0.00000 0.000 0.000%
07/31/93 0.872385 -3.17664 -3.641 0.000% 0.3125%
10/31/93 0.894976 -3.24872 -3.630 0.000% 0.3125%
12/31/93 0.891907 1000 1121.193 0.00000 0.000 0.000%
01/31/94 0.899303 -3.15091 -3.504 -3.25422 -3.619 0.000% 0.3125%
04/30/94 0.863363 -3.01554 -3.493 -3.11441 -3.607 0.000% 0.3125%
06/30/94 0.860754 0.00000 0.000 0.000%
07/31/94 0.870721 -3.03173 -3.482 -3.13113 -3.596 0.000% 0.3125%
10/31/94 0.862465 -2.99360 -3.471 -3.09175 -3.585 0.000% 0.3125%
12/31/94 0.861332 0.00000 0.000 0.000%
01/31/95 0.873460 -3.02229 -3.460 -3.12138 -3.574 0.000% 0.3125%
04/30/95 0.906202 -3.12578 -3.449 -3.22827 -3.562 0.000% 0.3125%
06/30/95 0.938336 0.00000 0.000 0.000%
07/31/95 0.936963 -3.22179 -3.439 -3.32742 -3.551 0.000% 0.3125%
09/30/95 0.950325 0.000%
10/31/95 0.961421 -3.29556 -3.428 -3.40361 -3.540 0.000% 0.3125%
12/31/95 0.984773 1000 1015.462 0.00000 0.000 0.000%
01/31/96 0.993722 -3.15340 -3.173 -3.39563 -3.417 -3.50697 -3.529 0.000% 0.3125%
03/31/96 0.976661 0.000%
04/30/96 0.972350 -3.07594 -3.163 -3.31222 -3.406 -3.42082 -3.518 0.000% 0.3125%
06/30/96 0.978975 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.981281 -3.09449 -3.154 -3.33220 -3.396 -3.44145 -3.507 0.000% 0.3125%
09/30/96 0.993563 0.000%
10/31/96 1.009068 -3.17217 -3.144 -3.41585 -3.385 -3.52785 -3.496 0.000% 0.3125%
12/31/96 1.017358 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1002.828 1079.863 1115.27
Cash Value $1,020.24 $1,098.61 $1,134.63
Total Return 2.02% 9.86% 13.46%
Annualized Return 3.18% 3.50%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874189 1000 1143.917 0.000%
06/30/93 0.880378 0.00000 0.000 0.000%
07/31/93 0.882567 -3.15495 -3.575 0.000% 0.3125%
10/31/93 0.893455 -3.18389 -3.564 0.000% 0.3125%
12/31/93 0.895657 1000 1116.499 0.00000 0.000 0.000%
01/31/94 0.898774 -3.13588 -3.489 -3.19283 -3.552 0.000% 0.3125%
04/30/94 0.885929 -3.08140 -3.478 -3.13737 -3.541 0.000% 0.3125%
06/30/94 0.885913 0.00000 0.000 0.000%
07/31/94 0.894354 -3.10098 -3.467 -3.15731 -3.530 0.000% 0.3125%
10/31/94 0.892082 -3.08344 -3.456 -3.13945 -3.519 0.000% 0.3125%
12/31/94 0.889060 0.00000 0.000 0.000%
01/31/95 0.898727 -3.09670 -3.446 -3.15295 -3.508 0.000% 0.3125%
04/30/95 0.924940 -3.17706 -3.435 -3.23477 -3.497 0.000% 0.3125%
06/30/95 0.948715 0.00000 0.000 0.000%
07/31/95 0.949148 -3.25003 -3.424 -3.30906 -3.486 0.000% 0.3125%
09/30/95 0.957354 0.000%
10/31/95 0.964164 -3.29113 -3.413 -3.35091 -3.475 0.000% 0.3125%
12/31/95 0.979757 1000 1020.661 0.00000 0.000 0.000%
01/31/96 0.986889 -3.14775 -3.190 -3.35817 -3.403 -3.41917 -3.465 0.000% 0.3125%
03/31/96 0.976374 0.000%
04/30/96 0.975858 -3.10284 -3.180 -3.31026 -3.392 -3.37038 -3.454 0.000% 0.3125%
06/30/96 0.982559 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.985846 -3.12480 -3.170 -3.33369 -3.382 -3.39424 -3.443 0.000% 0.3125%
09/30/96 0.995359 0.000%
10/31/96 1.006302 -3.17967 -3.160 -3.39223 -3.371 -3.45384 -3.432 0.000% 0.3125%
12/31/96 1.010775 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1007.961 1075.343 1094.876
Cash Value $1,018.82 $1,086.93 $1,106.67
Total Return 1.88% 8.69% 10.67%
Annualized Return 2.82% 2.80%
</TABLE>
<PAGE> 32
QP - Goldtrack - .60% M&E - American Odyssey Funds Standardized
Reflects standardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.818017 1000 1222.468 0.090%
06/30/93 0.837464 -0.14970 -0.179 0.090%
07/31/93 0.844317 -3.22500 -3.820 0.3125%
10/31/93 0.900241 -3.42786 -3.808 0.3125%
12/31/93 0.891207 -0.47244 -0.530 0.090%
01/31/94 0.900530 -3.41675 -3.794 0.3125%
04/30/94 0.837206 -3.16657 -3.782 0.3125%
06/30/94 0.832046 -0.46782 -0.562 0.090%
07/31/94 0.851577 -3.20936 -3.769 0.3125%
10/31/94 0.826822 -3.10633 -3.757 0.3125%
12/31/94 0.834873 -0.44949 -0.538 0.090%
01/31/95 0.853188 -3.19393 -3.744 0.3125%
04/30/95 0.896424 -3.34530 -3.732 0.3125%
06/30/95 0.947031 -0.47729 -0.504 0.090%
07/31/95 0.939445 -3.49341 -3.719 0.3125%
09/30/95 0.966028 0.090%
10/31/95 0.983257 -3.64490 -3.707 0.3125%
12/31/95 1.016225 1000 984.034 -0.52236 -0.514 0.090%
01/31/96 1.017685 -3.12949 -3.075 -3.75910 -3.694 0.3125%
03/31/96 0.967546 0.090%
04/30/96 0.957379 -2.93484 -3.065 -3.52529 -3.682 0.3125%
06/30/96 0.967997 -0.43658 -0.451 -0.52441 -0.542 0.090%
07/31/96 0.969396 -2.96103 -3.055 -3.55675 -3.669 0.3125%
09/30/96 0.984757 0.090%
10/31/96 1.015948 -3.09352 -3.045 -3.71590 -3.658 0.3125%
12/31/96 1.023303 -0.43520 -0.425 -0.52276 -0.511 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 970.918 1166.253
Account Value $993.54 $1,193.43
Surrender Value $993.54 $1,193.43
Total Return -0.65% 19.34%
Annualized Return 4.93%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.640824 1000 1560.491 0.090%
06/30/93 0.637730 -0.14759 -0.231 0.090%
07/31/93 0.642444 -3.13244 -4.876 0.3125%
10/31/93 0.657782 -3.19720 -4.861 0.3125%
12/31/93 0.651578 -0.44980 -0.690 0.090%
01/31/94 0.676480 -3.27635 -4.843 0.3125%
04/30/94 0.645909 -3.11851 -4.828 0.3125%
06/30/94 0.636441 -0.44635 -0.701 0.090%
07/31/94 0.656882 -3.16014 -4.811 0.3125%
10/31/94 0.661515 -3.17248 -4.796 0.3125%
12/31/94 0.641121 -0.43976 -0.686 0.090%
01/31/95 0.650978 -3.11080 -4.779 0.3125%
04/30/95 0.718742 -3.42388 -4.764 0.3125%
06/30/95 0.764392 -0.48057 -0.629 0.090%
07/31/95 0.793226 -3.76533 -4.747 0.3125%
09/30/95 0.831798 0.090%
10/31/95 0.826916 -3.91299 -4.732 0.3125%
12/31/95 0.883059 1000 1132.427 -0.55954 -0.634 0.090%
01/31/96 0.913382 -3.23231 -3.539 -4.30683 -4.715 0.3125%
03/31/96 0.935662 0.090%
04/30/96 0.943118 -3.32711 -3.528 -4.43315 -4.701 0.3125%
06/30/96 0.956081 -0.46568 -0.487 -0.62049 -0.649 0.090%
07/31/96 0.913948 -3.21274 -3.515 -4.28076 -4.684 0.3125%
09/30/96 0.981655 0.090%
10/31/96 1.024673 -3.59070 -3.504 -4.78437 -4.669 0.3125%
12/31/96 1.080928 -0.51234 -0.474 -0.68266 -0.632 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1117.38 1488.833
Account Value $1,207.81 $1,609.32
Surrender Value $1,207.81 $1,609.32
Total Return 20.78% 60.93%
Annualized Return 13.84%
</TABLE>
<PAGE> 33
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.592544 1000 1687.638 0.090%
06/30/93 0.575085 -0.14577 -0.253 0.090%
07/31/93 0.557738 -2.94100 -5.273 0.3125%
10/31/93 0.633870 -3.33200 -5.257 0.3125%
12/31/93 0.642013 -0.45920 -0.715 0.090%
01/31/94 0.662800 -3.47170 -5.238 0.3125%
04/30/94 0.660083 -3.44667 -5.222 0.3125%
06/30/94 0.604983 -0.46735 -0.772 0.090%
07/31/94 0.600011 -3.12176 -5.203 0.3125%
10/31/94 0.698948 -3.62515 -5.187 0.3125%
12/31/94 0.699907 -0.48577 -0.694 0.090%
01/31/95 0.686048 -3.54563 -5.168 0.3125%
04/30/95 0.741131 -3.81834 -5.152 0.3125%
06/30/95 0.848255 -0.57249 -0.675 0.090%
07/31/95 0.909116 -4.66726 -5.134 0.3125%
09/30/95 0.944723 0.090%
10/31/95 0.905373 -4.63352 -5.118 0.3125%
12/31/95 0.920069 1000 1086.875 -0.64956 -0.706 0.090%
01/31/96 0.879231 -2.98629 -3.396 -4.48372 -5.100 0.3125%
03/31/96 0.946892 0.090%
04/30/96 1.017926 -3.44657 -3.386 -5.17479 -5.084 0.3125%
06/30/96 0.976618 -0.46093 -0.472 -0.69206 -0.709 0.090%
07/31/96 0.888782 -2.99859 -3.374 -4.50218 -5.066 0.3125%
09/30/96 1.003775 0.090%
10/31/96 0.927684 -3.12005 -3.363 -4.68455 -5.050 0.3125%
12/31/96 0.885807 -0.44959 -0.508 -0.67502 -0.762 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1072.376 1610.1
Account Value $949.92 $1,426.24
Surrender Value $949.92 $1,426.24
Total Return -5.01% 42.62%
Annualized Return 10.15%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.695383 1000 1438.056 0.090%
06/30/93 0.677824 -0.14608 -0.216 0.090%
07/31/93 0.673349 -3.02553 -4.493 0.3125%
10/31/93 0.748799 -3.35403 -4.479 0.3125%
12/31/93 0.824364 -0.48295 -0.586 0.090%
01/31/94 0.849399 -3.79119 -4.463 0.3125%
04/30/94 0.788389 -3.50789 -4.449 0.3125%
06/30/94 0.762190 -0.50668 -0.665 0.090%
07/31/94 0.786516 -3.48698 -4.433 0.3125%
10/31/94 0.810637 -3.58269 -4.420 0.3125%
12/31/94 0.762230 -0.48357 -0.634 0.090%
01/31/95 0.732087 -3.22397 -4.404 0.3125%
04/30/95 0.798924 -3.50731 -4.390 0.3125%
06/30/95 0.829184 -0.50145 -0.605 0.090%
07/31/95 0.881020 -3.85396 -4.374 0.3125%
09/30/95 0.892147 0.090%
10/31/95 0.868409 -3.78693 -4.361 0.3125%
12/31/95 0.901646 1000 1109.083 -0.54174 -0.601 0.090%
01/31/96 0.930945 -3.22655 -3.466 -4.04520 -4.345 0.3125%
03/31/96 0.951339 0.090%
04/30/96 0.972841 -3.36122 -3.455 -4.21404 -4.332 0.3125%
06/30/96 0.972603 -0.46479 -0.478 -0.58272 -0.599 0.090%
07/31/96 0.932386 -3.20998 -3.443 -4.02443 -4.316 0.3125%
09/30/96 0.995868 0.090%
10/31/96 1.007385 -3.45735 -3.432 -4.33456 -4.303 0.3125%
12/31/96 1.092311 -0.50865 -0.466 -0.63771 -0.584 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1094.343 1372.004
Account Value $1,195.36 $1,498.66
Surrender Value $1,195.36 $1,498.66
Total Return 19.54% 49.87%
Annualized Return 11.65%
</TABLE>
<PAGE> 34
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.858203 1000 1165.225 0.090%
06/30/93 0.870249 -0.14898 -0.171 0.090%
07/31/93 0.872385 -3.17617 -3.641 0.3125%
10/31/93 0.894976 -3.24824 -3.629 0.3125%
12/31/93 0.891907 -0.45904 -0.515 0.090%
01/31/94 0.899303 -3.25230 -3.616 0.3125%
04/30/94 0.863363 -3.11257 -3.605 0.3125%
06/30/94 0.860754 -0.45352 -0.527 0.090%
07/31/94 0.870721 -3.12785 -3.592 0.3125%
10/31/94 0.862465 -3.08851 -3.581 0.3125%
12/31/94 0.861332 -0.44262 -0.514 0.090%
01/31/95 0.873460 -3.11671 -3.568 0.3125%
04/30/95 0.906202 -3.22343 -3.557 0.3125%
06/30/95 0.938336 -0.45947 -0.490 0.090%
07/31/95 0.936963 -3.32100 -3.544 0.3125%
09/30/95 0.950325 0.090%
10/31/95 0.961421 -3.39705 -3.533 0.3125%
12/31/95 0.984773 1000 1015.462 -0.48771 -0.495 0.090%
01/31/96 0.993722 -3.15340 -3.173 -3.49867 -3.521 0.3125%
03/31/96 0.976661 0.090%
04/30/96 0.972350 -3.07594 -3.163 -3.41272 -3.510 0.3125%
06/30/96 0.978975 -0.44588 -0.455 -0.49469 -0.505 0.090%
07/31/96 0.981281 -3.09309 -3.152 -3.43176 -3.497 0.3125%
09/30/96 0.993563 0.090%
10/31/96 1.009068 -3.17074 -3.142 -3.51791 -3.486 0.3125%
12/31/96 1.017358 -0.45024 -0.443 -0.49954 -0.491 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1001.934 1111.637
Account Value $1,019.33 $1,130.93
Surrender Value $1,019.33 $1,130.93
Total Return 1.93% 13.09%
Annualized Return 3.41%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874189 1000 1143.917 0.090%
06/30/93 0.880378 -0.14847 -0.169 0.090%
07/31/93 0.882567 -3.15448 -3.574 0.3125%
10/31/93 0.893455 -3.18342 -3.563 0.3125%
12/31/93 0.895657 -0.45420 -0.507 0.090%
01/31/94 0.898774 -3.19094 -3.550 0.3125%
04/30/94 0.885929 -3.13551 -3.539 0.3125%
06/30/94 0.885913 -0.45257 -0.511 0.090%
07/31/94 0.894354 -3.15401 -3.527 0.3125%
10/31/94 0.892082 -3.13616 -3.516 0.3125%
12/31/94 0.889060 -0.44788 -0.504 0.090%
01/31/95 0.898727 -3.14823 -3.503 0.3125%
04/30/95 0.924940 -3.22993 -3.492 0.3125%
06/30/95 0.948715 -0.46062 -0.486 0.090%
07/31/95 0.949148 -3.30267 -3.480 0.3125%
09/30/95 0.957354 0.090%
10/31/95 0.964164 -3.34443 -3.469 0.3125%
12/31/95 0.979757 1000 1020.661 -0.48013 -0.490 0.090%
01/31/96 0.986889 -3.14775 -3.190 -3.41105 -3.456 0.3125%
03/31/96 0.976374 0.090%
04/30/96 0.975858 -3.10284 -3.180 -3.36238 -3.446 0.3125%
06/30/96 0.982559 -0.44783 -0.456 -0.48529 -0.494 0.090%
07/31/96 0.985846 -3.12339 -3.168 -3.38466 -3.433 0.3125%
09/30/96 0.995359 0.090%
10/31/96 1.006302 -3.17824 -3.158 -3.44409 -3.423 0.3125%
12/31/96 1.010775 -0.45187 -0.447 -0.48967 -0.484 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1007.062 1091.301
Account Value $1,017.91 $1,103.06
Surrender Value $1,017.91 $1,103.06
Total Return 1.79% 10.31%
Annualized Return 2.71%
</TABLE>
<PAGE> 35
PAGE 1
QP - 401(K) REGISTERED - STANDARDIZED PERFORMANCE - .80% M&E
DI/2R - DREYFUS STOCK INDEX FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 .450207 1,000.00 2,221.200 .000900
12/31/89 .459015 -.23 -.504 .000900
03/31/90 .443977 .000900
06/30/90 .470050 -.46 -.988 .000900
09/30/90 .405013 .000900
12/31/90 .439462 -.45 -1.034 .000900
03/31/91 .501819 .000900
06/30/91 .499161 -.47 -.939 .000900
09/30/91 .523966 .000900
12/31/91 .566084 1,000.00 1,766.522 -.53 -.939 .000900
03/31/92 .550195 .000900
06/30/92 .558671 -.45 -.800 -.56 -1.004 .000900
09/30/92 .574431 .000900
12/31/92 .601427 -.46 -.766 -.58 -.962 .000900
03/31/93 .624924 .000900
06/30/93 .625661 -.49 -.779 -.61 -.977 .000900
09/30/93 .639516 .000900
12/31/93 .652303 -.51 -.778 -.64 -.976 .000900
03/31/94 .625859 .000900
06/30/94 .626640 -.51 -.810 -.64 -1.016 .000900
09/30/94 .654693 .000900
12/31/94 .652807 -.51 -.777 -.64 -.975 .000900
03/31/95 .714443 .000900
06/30/95 .779230 -.57 -.729 -.71 -.914 .000900
09/30/95 .838697 .000900
12/31/95 .885824 1,000.00 1,128.892 -.66 -.745 -.83 -.935 .000900
03/31/96 .931319 .000900
06/30/96 .970206 -.47 -.486 -.74 -.758 -.92 -.951 .000900
09/30/96 .996872 .000900
12/31/96 1.076544 -.52 -.483 -.81 -.753 -1.02 -.945 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,127.924 1,758.828 2,207.142
ACCOUNT VALUE 1,214.26 1,893.46 2,376.09
SURRENDER VALUE 1,153.55 1,836.65 2,328.56
TOTAL RETURN 15.35 % 83.67 % 132.86 %
ANNUALIZED RETURN 12.93 % 12.35 %
</TABLE>
<PAGE> 36
PAGE 2
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FA/2R - FIDELITY ASSET MANAGER FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 .494578 1,000.00 2,021.926 .000900
09/30/89 .493835 .000900
12/31/89 .497340 -.29 -.577 .000900
03/31/90 .494357 .000900
06/30/90 .515731 -.46 -.893 .000900
09/30/90 .486438 .000900
12/31/90 .526511 -.47 -.900 .000900
03/31/91 .581447 .000900
06/30/91 .591543 -.51 -.859 .000900
09/30/91 .620993 .000900
12/31/91 .640146 1,000.00 1,562.144 -.56 -.874 .000900
03/31/92 .658000 .000900
06/30/92 .672668 -.46 -.686 -.60 -.886 .000900
09/30/92 .684613 .000900
12/31/92 .710350 -.49 -.684 -.63 -.884 .000900
03/31/93 .747920 .000900
06/30/93 .769749 -.52 -.675 -.67 -.872 .000900
09/30/93 .800908 .000900
12/31/93 .852943 -.57 -.668 -.74 -.863 .000900
03/31/94 .810444 .000900
06/30/94 .800731 -.58 -.725 -.75 -.936 .000900
09/30/94 .822194 .000900
12/31/94 .794617 -.56 -.704 -.72 -.910 .000900
03/31/95 .811199 .000900
06/30/95 .840070 -.57 -.682 -.74 -.881 .000900
09/30/95 .889898 .000900
12/31/95 .922000 1,000.00 1,084.599 -.62 -.670 -.80 -.865 .000900
03/31/96 .947422 .000900
06/30/96 .971644 -.46 -.476 -.66 -.683 -.86 -.882 .000900
09/30/96 .990114 .000900
12/31/96 1.048205 -.49 -.470 -.71 -.675 -.91 -.871 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,083.653 1,555.293 2,008.974
ACCOUNT VALUE 1,135.89 1,630.27 2,105.82
SURRENDER VALUE 1,079.10 1,581.36 2,063.70
TOTAL RETURN 7.91 % 58.14 % 106.37 %
ANNUALIZED RETURN 9.60 % 10.40 %
</TABLE>
<PAGE> 37
PAGE 3
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FB/2R - FIDELITY HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .382364 1,000.00 2,615.309 .000900
03/31/87 .406032 .000900
06/30/87 .397309 -.46 -1.155 .000900
09/30/87 .386284 .000900
12/31/87 .383930 -.46 -1.197 .000900
03/31/88 .404682 .000900
06/30/88 .414937 -.47 -1.132 .000900
09/30/88 .419752 .000900
12/31/88 .425211 -.49 -1.161 .000900
03/31/89 .431087 .000900
06/30/89 .445736 -.51 -1.148 .000900
09/30/89 .423982 .000900
12/31/89 .404226 -.50 -1.235 .000900
03/31/90 .384330 .000900
06/30/90 .398789 -.47 -1.182 .000900
09/30/90 .387959 .000900
12/31/90 .392032 -.46 -1.183 .000900
03/31/91 .436670 .000900
06/30/91 .467826 -.50 -1.078 .000900
09/30/91 .502141 .000900
12/31/91 .525334 1,000.00 1,903.551 -.58 -1.108 .000900
03/31/92 .590840 .000900
06/30/92 .607704 -.49 -.799 -.66 -1.092 .000900
09/30/92 .637873 .000900
12/31/92 .641322 -.53 -.834 -.73 -1.140 .000900
03/31/93 .684511 .000900
06/30/93 .715873 -.58 -.811 -.79 -1.110 .000900
09/30/93 .731734 .000900
12/31/93 .766705 -.63 -.827 -.87 -1.131 .000900
03/31/94 .763164 .000900
06/30/94 .752555 -.65 -.863 -.89 -1.181 .000900
09/30/94 .759409 .000900
12/31/94 .748849 -.64 -.857 -.88 -1.172 .000900
03/31/95 .790648 .000900
06/30/95 .835349 -.68 -.810 -.93 -1.108 .000900
09/30/95 .874678 .000900
12/31/95 .895991 1,000.00 1,116.083 -.74 -.825 -1.01 -1.129 .000900
03/31/96 .927670 .000900
06/30/96 .957527 -.47 -.486 -.79 -.826 -1.08 -1.130 .000900
09/30/96 .994496 .000900
12/31/96 1.013553 -.49 -.488 -.84 -.830 -1.15 -1.135 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,115.108 1,895.269 2,592.403
ACCOUNT VALUE 1,130.22 1,920.96 2,627.54
SURRENDER VALUE 1,073.71 1,863.33 2,627.54
TOTAL RETURN 7.37 % 86.33 % 162.75 %
ANNUALIZED RETURN 13.26 % 10.14 %
</TABLE>
<PAGE> 38
PAGE 4
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FE/2R - FIDELITY EQUITY INCOME PORTFOLIO FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .312026 1,000.00 3,204.861 .000900
03/31/87 .364252 .000900
06/30/87 .364096 -.49 -1.339 .000900
09/30/87 .379452 .000900
12/31/87 .306029 -.48 -1.578 .000900
03/31/88 .337378 .000900
06/30/88 .366605 -.48 -1.322 .000900
09/30/88 .369573 .000900
12/31/88 .372541 -.53 -1.429 .000900
03/31/89 .401243 .000900
06/30/89 .428556 -.58 -1.346 .000900
09/30/89 .454740 .000900
12/31/89 .433682 -.62 -1.431 .000900
03/31/90 .406648 .000900
06/30/90 .413529 -.61 -1.473 .000900
09/30/90 .341723 .000900
12/31/90 .364443 -.56 -1.535 .000900
03/31/91 .418147 .000900
06/30/91 .424195 -.57 -1.336 .000900
09/30/91 .453628 .000900
12/31/91 .475220 1,000.00 2,104.289 -.65 -1.359 .000900
03/31/92 .490205 .000900
06/30/92 .504135 -.46 -.920 -.70 -1.395 .000900
09/30/92 .512441 .000900
12/31/92 .551054 -.50 -.906 -.76 -1.374 .000900
03/31/93 .596367 .000900
06/30/93 .610526 -.55 -.900 -.83 -1.365 .000900
09/30/93 .638796 .000900
12/31/93 .646551 -.59 -.919 -.90 -1.394 .000900
03/31/94 .628889 .000900
06/30/94 .651400 -.61 -.942 -.93 -1.428 .000900
09/30/94 .694804 .000900
12/31/94 .686732 -.63 -.921 -.96 -1.396 .000900
03/31/95 .747553 .000900
06/30/95 .801263 -.70 -.877 -1.07 -1.330 .000900
09/30/95 .868796 .000900
12/31/95 .920319 1,000.00 1,086.580 -.81 -.883 -1.23 -1.339 .000900
03/31/96 .958295 .000900
06/30/96 .970340 -.46 -.476 -.89 -.919 -1.35 -1.394 .000900
09/30/96 .980271 .000900
12/31/96 1.043273 -.49 -.472 -.95 -.910 -1.44 -1.380 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,085.632 2,095.191 3,176.920
ACCOUNT VALUE 1,132.61 2,185.86 3,314.39
SURRENDER VALUE 1,075.98 2,120.28 3,314.39
TOTAL RETURN 7.60 % 112.03 % 231.44 %
ANNUALIZED RETURN 16.22 % 12.73 %
</TABLE>
<PAGE> 39
PAGE 5
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FS/2R - FIDELITY GROWTH STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .262258 1,000.00 3,813.039 .000900
03/31/87 .308975 .000900
06/30/87 .319578 -.50 -1.562 .000900
09/30/87 .337680 .000900
12/31/87 .269698 -.51 -1.874 .000900
03/31/88 .294645 .000900
06/30/88 .309953 -.50 -1.603 .000900
09/30/88 .308800 .000900
12/31/88 .309240 -.53 -1.716 .000900
03/31/89 .333689 .000900
06/30/89 .358375 -.57 -1.595 .000900
09/30/89 .399753 .000900
12/31/89 .403489 -.65 -1.616 .000900
03/31/90 .387644 .000900
06/30/90 .417371 -.70 -1.683 .000900
09/30/90 .329884 .000900
12/31/90 .353288 -.66 -1.866 .000900
03/31/91 .416362 .000900
06/30/91 .403626 -.65 -1.603 .000900
09/30/91 .464361 .000900
12/31/91 .509991 1,000.00 1,960.819 -.78 -1.531 .000900
03/31/92 .517268 .000900
06/30/92 .473162 -.43 -.917 -.84 -1.775 .000900
09/30/92 .485499 .000900
12/31/92 .553377 -.45 -.818 -.88 -1.584 .000900
03/31/93 .573546 .000900
06/30/93 .614868 -.51 -.838 -1.00 -1.622 .000900
09/30/93 .654592 .000900
12/31/93 .655233 -.56 -.854 -1.08 -1.654 .000900
03/31/94 .633314 .000900
06/30/94 .589626 -.55 -.930 -1.06 -1.800 .000900
09/30/94 .635573 .000900
12/31/94 .649878 -.55 -.840 -1.06 -1.626 .000900
03/31/95 .686721 .000900
06/30/95 .801199 -.64 -.797 -1.24 -1.543 .000900
09/30/95 .912550 .000900
12/31/95 .872756 1,000.00 1,145.796 -.74 -.844 -1.43 -1.633 .000900
03/31/96 .917900 .000900
06/30/96 .962510 -.47 -.492 -.81 -.838 -1.56 -1.623 .000900
09/30/96 .974916 .000900
12/31/96 .993111 -.50 -.507 -.86 -.865 -1.66 -1.675 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,144.797 1,952.279 3,779.856
ACCOUNT VALUE 1,136.91 1,938.83 3,753.82
SURRENDER VALUE 1,080.06 1,880.66 3,753.82
TOTAL RETURN 8.01 % 88.07 % 275.38 %
ANNUALIZED RETURN 13.47 % 14.14 %
</TABLE>
<PAGE> 40
PAGE 6
401(K) REGISTERED - STANDARDIZED PERFORMANCE
GV/2R - US GOVERNMENT SECURITIES
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 .758115 1,000.00 1,319.061 .000900
03/31/92 .762414 .000900
06/30/92 .781262 -.40 -.506 .000900
09/30/92 .809724 .000900
12/31/92 .811770 -.47 -.582 .000900
03/31/93 .848994 .000900
06/30/93 .867858 -.50 -.574 .000900
09/30/93 .892708 .000900
12/31/93 .881810 -.52 -.588 .000900
03/31/94 .838976 .000900
06/30/94 .825555 -.51 -.613 .000900
09/30/94 .815288 .000900
12/31/94 .825367 -.49 -.592 .000900
03/31/95 .870225 .000900
06/30/95 .947575 -.52 -.554 .000900
09/30/95 .958011 .000900
12/31/95 1.019261 1,000.00 981.103 -.58 -.571 .000900
03/31/96 .969379 .000900
06/30/96 .969190 -.44 -.453 -.59 -.607 .000900
09/30/96 .985910 .000900
12/31/96 1.025733 -.44 -.429 -.59 -.575 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 980.221 1,313.299
ACCOUNT VALUE 1,005.44 1,347.09
SURRENDER VALUE 955.17 1,306.68
TOTAL RETURN -4.48 % 30.67 % %
ANNUALIZED RETURN 5.56 % %
</TABLE>
<PAGE> 41
PAGE 7
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HA/2R - ALLIANCE GROWTH STOCK - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .591307 1,000.00 1,691.169 .000900
06/30/94 .582768 -.02 -.042 .000900
09/30/94 .623955 .000900
12/31/94 .620420 -.46 -.738 .000900
03/31/95 .663687 .000900
06/30/95 .754826 -.52 -.693 .000900
09/30/95 .820454 .000900
12/31/95 .830021 1,000.00 1,204.789 -.60 -.726 .000900
03/31/96 .881789 .000900
06/30/96 .926713 -.48 -.514 -.67 -.720 .000900
09/30/96 .972590 .000900
12/31/96 1.065173 -.54 -.507 -.76 -.710 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,203.768 1,687.539
ACCOUNT VALUE 1,282.22 1,797.52
SURRENDER VALUE 1,218.11 1,725.62
TOTAL RETURN 21.81 % 72.56 % %
ANNUALIZED RETURN 24.02 % %
</TABLE>
<PAGE> 42
PAGE 8
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HH/2R - SB HIGH INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 .794535 1,000.00 1,258.598 .000900
06/30/94 .795190 -.02 -.025 .000900
09/30/94 .801514 .000900
12/31/94 .786197 -.45 -.570 .000900
03/31/95 .824959 .000900
06/30/95 .863555 -.47 -.541 .000900
09/30/95 .890762 .000900
12/31/95 .928751 1,000.00 1,076.715 -.51 -.546 .000900
03/31/96 .948614 .000900
06/30/96 .960081 -.46 -.477 -.53 -.556 .000900
09/30/96 1.001467 .000900
12/31/96 1.042489 -.48 -.465 -.57 -.543 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,075.773 1,255.817
ACCOUNT VALUE 1,121.48 1,309.18
SURRENDER VALUE 1,065.41 1,256.81
TOTAL RETURN 6.54 % 25.68 % %
ANNUALIZED RETURN 9.46 % %
</TABLE>
<PAGE> 43
PAGE 9
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HI/2R - SB INTERNATIONAL EQUITY - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .825224 1,000.00 1,211.792 .000900
06/30/94 .847321 -.02 -.029 .000900
09/30/94 .844795 .000900
12/31/94 .789586 -.45 -.565 .000900
03/31/95 .759327 .000900
06/30/95 .838027 -.44 -.529 .000900
09/30/95 .870667 .000900
12/31/95 .871625 1,000.00 1,147.282 -.47 -.534 .000900
03/31/96 .944780 .000900
06/30/96 .985986 -.48 -.486 -.51 -.513 .000900
09/30/96 .994496 .000900
12/31/96 1.017783 -.52 -.508 -.55 -.536 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,146.288 1,209.085
ACCOUNT VALUE 1,166.67 1,230.59
SURRENDER VALUE 1,108.34 1,181.36
TOTAL RETURN 10.83 % 18.14 % %
ANNUALIZED RETURN 6.80 % %
</TABLE>
<PAGE> 44
PAGE 10
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HJ/2R - SB INCOME AND GROWTH - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .686429 1,000.00 1,456.815 .000900
06/30/94 .677365 -.02 -.036 .000900
09/30/94 .695164 .000900
12/31/94 .675043 -.44 -.657 .000900
03/31/95 .731263 .000900
06/30/95 .782461 -.48 -.610 .000900
09/30/95 .839607 .000900
12/31/95 .891105 1,000.00 1,122.202 -.55 -.615 .000900
03/31/96 .940472 .000900
06/30/96 .966888 -.47 -.485 -.61 -.629 .000900
09/30/96 .996578 .000900
12/31/96 1.058826 -.51 -.483 -.66 -.626 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,121.234 1,453.642
ACCOUNT VALUE 1,187.19 1,539.15
SURRENDER VALUE 1,127.83 1,477.59
TOTAL RETURN 12.78 % 47.76 % %
ANNUALIZED RETURN 16.66 % %
</TABLE>
<PAGE> 45
PAGE 11
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HM/2R - SB MONEY MARKET
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .911633 1,000.00 1,096.933 .000900
06/30/94 .912281 -.02 -.027 .000900
09/30/94 .919238 .000900
12/31/94 .927747 -.45 -.489 .000900
03/31/95 .938094 .000900
06/30/95 .949035 -.46 -.488 .000900
09/30/95 .959624 .000900
12/31/95 .970147 1,000.00 1,030.772 -.47 -.488 .000900
03/31/96 .979990 .000900
06/30/96 .989609 -.45 -.459 -.48 -.488 .000900
09/30/96 .999889 .000900
12/31/96 1.010100 -.46 -.459 -.49 -.488 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,029.853 1,094.465
ACCOUNT VALUE 1,040.25 1,105.52
SURRENDER VALUE 988.24 1,061.30
TOTAL RETURN -1.18 % 6.13 % %
ANNUALIZED RETURN 2.38 % %
</TABLE>
<PAGE> 46
PAGE 12
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HP/2R - PUTNAM DIVERSIFIED INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .807211 1,000.00 1,238.833 .000900
06/30/94 .807841 -.02 -.031 .000900
09/30/94 .819907 .000900
12/31/94 .815674 -.45 -.555 .000900
03/31/95 .854510 .000900
06/30/95 .893194 -.48 -.533 .000900
09/30/95 .909964 .000900
12/31/95 .949864 1,000.00 1,052.782 -.51 -.540 .000900
03/31/96 .945450 .000900
06/30/96 .953627 -.45 -.473 -.53 -.556 .000900
09/30/96 .989303 .000900
12/31/96 1.019848 -.47 -.458 -.55 -.538 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,051.851 1,236.081
ACCOUNT VALUE 1,072.73 1,260.61
SURRENDER VALUE 1,019.09 1,210.19
TOTAL RETURN 1.91 % 21.02 % %
ANNUALIZED RETURN 7.82 % %
</TABLE>
<PAGE> 47
PAGE 13
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HT/2R - MFS TOTAL RETURN - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .752709 1,000.00 1,328.535 .000900
06/30/94 .741187 -.02 -.033 .000900
09/30/94 .755560 .000900
12/31/94 .738169 -.44 -.599 .000900
03/31/95 .782034 .000900
06/30/95 .830292 -.47 -.564 .000900
09/30/95 .872325 .000900
12/31/95 .920416 1,000.00 1,086.465 -.52 -.568 .000900
03/31/96 .947124 .000900
06/30/96 .962177 -.46 -.478 -.56 -.584 .000900
09/30/96 .985566 .000900
12/31/96 1.045540 -.49 -.469 -.60 -.573 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,085.518 1,325.613
ACCOUNT VALUE 1,134.95 1,385.98
SURRENDER VALUE 1,078.20 1,330.54
TOTAL RETURN 7.82 % 33.05 % %
ANNUALIZED RETURN 11.93 % %
</TABLE>
<PAGE> 48
PAGE 14
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IB/2R - TEMPLETON GLOBAL BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .582396 1,000.00 1,717.045 .000900
09/30/88 .585505 .000900
12/31/88 .591890 -.30 -.512 .000900
03/31/89 .600989 .000900
06/30/89 .611019 -.46 -.760 .000900
09/30/89 .619827 .000900
12/31/89 .632105 -.48 -.759 .000900
03/31/90 .626570 .000900
06/30/90 .643049 -.49 -.765 .000900
09/30/90 .644817 .000900
12/31/90 .666751 -.51 -.758 .000900
03/31/91 .682849 .000900
06/30/91 .687260 -.52 -.760 .000900
09/30/91 .728215 .000900
12/31/91 .766401 1,000.00 1,304.800 -.56 -.731 .000900
03/31/92 .741045 .000900
06/30/92 .777522 -.45 -.583 -.59 -.765 .000900
09/30/92 .802893 .000900
12/31/92 .801810 -.46 -.578 -.61 -.758 .000900
03/31/93 .838398 .000900
06/30/93 .854288 -.49 -.569 -.64 -.746 .000900
09/30/93 .875974 .000900
12/31/93 .886602 -.51 -.576 -.67 -.755 .000900
03/31/94 .847860 .000900
06/30/94 .829925 -.50 -.606 -.66 -.795 .000900
09/30/94 .834429 .000900
12/31/94 .836621 -.49 -.584 -.64 -.766 .000900
03/31/95 .869874 .000900
06/30/95 .910875 -.51 -.562 -.67 -.737 .000900
09/30/95 .920329 .000900
12/31/95 .953832 1,000.00 1,048.403 -.55 -.572 -.72 -.751 .000900
03/31/96 .944210 .000900
06/30/96 .963788 -.45 -.469 -.56 -.582 -.74 -.764 .000900
09/30/96 .990359 .000900
12/31/96 1.035537 -.47 -.455 -.58 -.565 -.77 -.741 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,047.478 1,299.025 1,704.422
ACCOUNT VALUE 1,084.70 1,345.19 1,764.99
SURRENDER VALUE 1,030.47 1,304.83 1,764.99
TOTAL RETURN 3.05 % 30.48 % 76.50 %
ANNUALIZED RETURN 5.47 % 7.05 %
</TABLE>
<PAGE> 49
PAGE 15
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IN/2R - TEMPLETON GLOBAL ALLOCATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .433213 1,000.00 2,308.333 .000900
09/30/88 .435959 .000900
12/31/88 .444163 -.30 -.686 .000900
03/31/89 .454929 .000900
06/30/89 .461352 -.47 -1.019 .000900
09/30/89 .487543 .000900
12/31/89 .499026 -.50 -.999 .000900
03/31/90 .493434 .000900
06/30/90 .508677 -.52 -1.028 .000900
09/30/90 .438951 .000900
12/31/90 .455519 -.50 -1.098 .000900
03/31/91 .500830 .000900
06/30/91 .497573 -.49 -.993 .000900
09/30/91 .541854 .000900
12/31/91 .577024 1,000.00 1,733.030 -.56 -.965 .000900
03/31/92 .579457 .000900
06/30/92 .615821 -.47 -.755 -.62 -1.003 .000900
09/30/92 .612232 .000900
12/31/92 .618323 -.48 -.778 -.64 -1.033 .000900
03/31/93 .653231 .000900
06/30/93 .681491 -.51 -.743 -.67 -.987 .000900
09/30/93 .724150 .000900
12/31/93 .773625 -.57 -.732 -.75 -.973 .000900
03/31/94 .747285 .000900
06/30/94 .734830 -.59 -.799 -.78 -1.061 .000900
09/30/94 .768071 .000900
12/31/94 .744703 -.58 -.773 -.76 -1.027 .000900
03/31/95 .763422 .000900
06/30/95 .830341 -.61 -.738 -.81 -.980 .000900
09/30/95 .880531 .000900
12/31/95 .905362 1,000.00 1,104.531 -.67 -.745 -.90 -.990 .000900
03/31/96 .943088 .000900
06/30/96 .975797 -.47 -.479 -.73 -.749 -.97 -.995 .000900
09/30/96 .991041 .000900
12/31/96 1.067544 -.51 -.475 -.79 -.743 -1.05 -.987 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,103.576 1,725.474 2,291.512
ACCOUNT VALUE 1,178.12 1,842.02 2,446.29
SURRENDER VALUE 1,119.21 1,786.76 2,446.29
TOTAL RETURN 11.92 % 78.68 % 144.63 %
ANNUALIZED RETURN 12.31 % 11.32 %
</TABLE>
<PAGE> 50
PAGE 16
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IS/2R - TEMPLETON GLOBAL STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .402145 1,000.00 2,486.665 .000900
09/30/88 .404292 .000900
12/31/88 .411909 -.30 -.739 .000900
03/31/89 .430718 .000900
06/30/89 .431860 -.47 -1.093 .000900
09/30/89 .469747 .000900
12/31/89 .468411 -.50 -1.075 .000900
03/31/90 .461200 .000900
06/30/90 .476865 -.53 -1.108 .000900
09/30/90 .401235 .000900
12/31/90 .413501 -.50 -1.203 .000900
03/31/91 .461976 .000900
06/30/91 .451965 -.48 -1.069 .000900
09/30/91 .489341 .000900
12/31/91 .522888 1,000.00 1,912.455 -.54 -1.040 .000900
03/31/92 .529195 .000900
06/30/92 .551782 -.46 -.838 -.60 -1.086 .000900
09/30/92 .540698 .000900
12/31/92 .555418 -.48 -.857 -.62 -1.112 .000900
03/31/93 .593237 .000900
06/30/93 .623755 -.51 -.813 -.66 -1.054 .000900
09/30/93 .678205 .000900
12/31/93 .738305 -.59 -.793 -.76 -1.028 .000900
03/31/94 .715087 .000900
06/30/94 .713233 -.62 -.874 -.81 -1.133 .000900
09/30/94 .751206 .000900
12/31/94 .716287 -.61 -.857 -.80 -1.111 .000900
03/31/95 .740204 .000900
06/30/95 .814204 -.66 -.807 -.85 -1.046 .000900
09/30/95 .867796 .000900
12/31/95 .889975 1,000.00 1,123.627 -.73 -.821 -.95 -1.065 .000900
03/31/96 .940045 .000900
06/30/96 .979928 -.47 -.482 -.80 -.818 -1.04 -1.061 .000900
09/30/96 .992105 .000900
12/31/96 1.080546 -.52 -.482 -.88 -.817 -1.14 -1.060 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,122.663 1,904.160 2,468.584
ACCOUNT VALUE 1,213.09 2,057.53 2,667.42
SURRENDER VALUE 1,152.43 1,995.81 2,667.42
TOTAL RETURN 15.24 % 99.58 % 166.74 %
ANNUALIZED RETURN 14.82 % 12.48 %
</TABLE>
<PAGE> 51
PAGE 17
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OB/2R - ODYSSEY LONG TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .823665 1,000.00 1,214.086 .000900
06/30/93 .842969 -.15 -.178 .000900
09/30/93 .889142 .000900
12/31/93 .896163 -.48 -.530 .000900
03/31/94 .860905 .000900
06/30/94 .835842 -.47 -.566 .000900
09/30/94 .834964 .000900
12/31/94 .837842 -.46 -.545 .000900
03/31/95 .886188 .000900
06/30/95 .949452 -.49 -.513 .000900
09/30/95 .968015 .000900
12/31/95 1.017809 1,000.00 982.503 -.54 -.527 .000900
03/31/96 .968570 .000900
06/30/96 .968539 -.44 -.453 -.54 -.559 .000900
09/30/96 .984800 .000900
12/31/96 1.022827 -.44 -.430 -.54 -.530 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 981.619 1,210.138
ACCOUNT VALUE 1,004.03 1,237.76
SURRENDER VALUE 953.83 1,188.25
TOTAL RETURN -4.62 % 18.83 % %
ANNUALIZED RETURN 4.81 % %
</TABLE>
<PAGE> 52
PAGE 18
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OC/2R - ODYSSEY CORE EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .645247 1,000.00 1,549.794 .000900
06/30/93 .641920 -.15 -.230 .000900
09/30/93 .655791 .000900
12/31/93 .655198 -.45 -.690 .000900
03/31/94 .638720 .000900
06/30/94 .639344 -.45 -.706 .000900
09/30/94 .658229 .000900
12/31/94 .643399 -.45 -.694 .000900
03/31/95 .697011 .000900
06/30/95 .766345 -.49 -.641 .000900
09/30/95 .833508 .000900
12/31/95 .884433 1,000.00 1,130.668 -.57 -.650 .000900
03/31/96 .936652 .000900
06/30/96 .956615 -.47 -.490 -.64 -.670 .000900
09/30/96 .981698 .000900
12/31/96 1.080434 -.52 -.479 -.71 -.656 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,129.699 1,544.859
ACCOUNT VALUE 1,220.57 1,669.12
SURRENDER VALUE 1,159.54 1,602.35
TOTAL RETURN 15.95 % 60.24 % %
ANNUALIZED RETURN 13.70 % %
</TABLE>
<PAGE> 53
PAGE 19
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OE/2R - ODYSSEY EMERGING OPPORTUNITIES FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .596631 1,000.00 1,676.078 .000900
06/30/93 .578862 -.15 -.252 .000900
09/30/93 .602535 .000900
12/31/93 .645578 -.46 -.715 .000900
03/31/94 .647239 .000900
06/30/94 .607739 -.47 -.777 .000900
09/30/94 .677498 .000900
12/31/94 .702392 -.49 -.703 .000900
03/31/95 .730706 .000900
06/30/95 .850420 -.58 -.688 .000900
09/30/95 .946662 .000900
12/31/95 .921498 1,000.00 1,085.190 -.67 -.724 .000900
03/31/96 .947889 .000900
06/30/96 .977160 -.46 -.474 -.71 -.731 .000900
09/30/96 1.003814 .000900
12/31/96 .885396 -.45 -.513 -.70 -.791 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,084.202 1,670.697
ACCOUNT VALUE 959.95 1,479.23
SURRENDER VALUE 911.95 1,420.06
TOTAL RETURN -8.80 % 42.01 % %
ANNUALIZED RETURN 10.02 % %
</TABLE>
<PAGE> 54
PAGE 20
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OI/2R - ODYSSEY INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .700180 1,000.00 1,428.204 .000900
06/30/93 .682275 -.15 -.214 .000900
09/30/93 .707939 .000900
12/31/93 .828943 -.49 -.586 .000900
03/31/94 .774792 .000900
06/30/94 .765663 -.51 -.669 .000900
09/30/94 .797138 .000900
12/31/94 .764936 -.49 -.642 .000900
03/31/95 .771926 .000900
06/30/95 .831299 -.51 -.616 .000900
09/30/95 .893978 .000900
12/31/95 .903046 1,000.00 1,107.363 -.56 -.616 .000900
03/31/96 .952341 .000900
06/30/96 .973141 -.47 -.480 -.60 -.618 .000900
09/30/96 .995906 .000900
12/31/96 1.091804 -.51 -.471 -.66 -.606 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,106.412 1,423.637
ACCOUNT VALUE 1,207.98 1,554.33
SURRENDER VALUE 1,147.59 1,492.16
TOTAL RETURN 14.76 % 49.22 % %
ANNUALIZED RETURN 11.52 % %
</TABLE>
<PAGE> 55
PAGE 21
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OM/2R - ODYSSEY INTERMEDIATE TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .864128 1,000.00 1,157.236 .000900
06/30/93 .875970 -.15 -.170 .000900
09/30/93 .897417 .000900
12/31/93 .896866 -.46 -.515 .000900
03/31/94 .875985 .000900
06/30/94 .864681 -.46 -.530 .000900
09/30/94 .867273 .000900
12/31/94 .864395 -.45 -.520 .000900
03/31/95 .896821 .000900
06/30/95 .940735 -.47 -.499 .000900
09/30/95 .952280 .000900
12/31/95 .986306 1,000.00 1,013.884 -.50 -.508 .000900
03/31/96 .977695 .000900
06/30/96 .979522 -.45 -.458 -.51 -.521 .000900
09/30/96 .993563 .000900
12/31/96 1.016890 -.46 -.448 -.52 -.510 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,012.979 1,153.463
ACCOUNT VALUE 1,030.09 1,172.95
SURRENDER VALUE 978.58 1,126.03
TOTAL RETURN -2.14 % 12.60 % %
ANNUALIZED RETURN 3.29 % %
</TABLE>
<PAGE> 56
PAGE 22
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OS/2R - ODYSSEY SHORT TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .880225 1,000.00 1,136.073 .000900
06/30/93 .886166 -.15 -.168 .000900
09/30/93 .895796 .000900
12/31/93 .900636 -.46 -.507 .000900
03/31/94 .894411 .000900
06/30/94 .889956 -.46 -.514 .000900
09/30/94 .894380 .000900
12/31/94 .892221 -.46 -.510 .000900
03/31/95 .919913 .000900
06/30/95 .951140 -.47 -.495 .000900
09/30/95 .959323 .000900
12/31/95 .981283 1,000.00 1,019.074 -.49 -.502 .000900
03/31/96 .977407 .000900
06/30/96 .983108 -.45 -.458 -.50 -.510 .000900
09/30/96 .995403 .000900
12/31/96 1.010310 -.46 -.452 -.51 -.503 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,018.164 1,132.365
ACCOUNT VALUE 1,028.66 1,144.04
SURRENDER VALUE 977.23 1,098.28
TOTAL RETURN -2.28 % 9.83 % %
ANNUALIZED RETURN 2.59 % %
</TABLE>
<PAGE> 57
PAGE 23
401(K) REGISTERED - STANDARDIZED PERFORMANCE
SA/2R - SOCIAL AWARENESS PORTFOLIO
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 .586068 1,000.00 1,706.287 .000900
06/30/92 .580617 -.15 -.254 .000900
09/30/92 .591712 .000900
12/31/92 .638325 -.47 -.733 .000900
03/31/93 .666089 .000900
06/30/93 .661833 -.50 -.754 .000900
09/30/93 .686298 .000900
12/31/93 .680817 -.51 -.756 .000900
03/31/94 .649697 .000900
06/30/94 .643619 -.51 -.789 .000900
09/30/94 .672144 .000900
12/31/94 .657707 -.50 -.758 .000900
03/31/95 .717923 .000900
06/30/95 .784860 -.55 -.704 .000900
09/30/95 .829601 .000900
12/31/95 .870407 1,000.00 1,148.888 -.63 -.728 .000900
03/31/96 .920126 .000900
06/30/96 .944889 -.47 -.497 -.69 -.735 .000900
09/30/96 .935487 .000900
12/31/96 1.035896 -.51 -.494 -.76 -.731 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,147.897 1,699.344
ACCOUNT VALUE 1,189.10 1,760.34
SURRENDER VALUE 1,129.65 1,707.53
TOTAL RETURN 12.96 % 70.75 % %
ANNUALIZED RETURN 12.14 % %
</TABLE>
<PAGE> 58
PAGE 24
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UA/2R - MANAGED ASSET TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .392790 1,000.00 2,545.890 .000900
03/31/87 .464920 .000900
06/30/87 .476762 -.50 -1.045 .000900
09/30/87 .498468 .000900
12/31/87 .398010 -.50 -1.258 .000900
03/31/88 .411294 .000900
06/30/88 .426128 -.47 -1.107 .000900
09/30/88 .419663 .000900
12/31/88 .431287 -.49 -1.137 .000900
03/31/89 .453546 .000900
06/30/89 .490790 -.53 -1.074 .000900
09/30/89 .530392 .000900
12/31/89 .543953 -.59 -1.087 .000900
03/31/90 .531983 .000900
06/30/90 .560050 -.63 -1.126 .000900
09/30/90 .519909 .000900
12/31/90 .550486 -.63 -1.152 .000900
03/31/91 .592158 .000900
06/30/91 .591842 -.65 -1.102 .000900
09/30/91 .626387 .000900
12/31/91 .668075 1,000.00 1,496.838 -.72 -1.076 .000900
03/31/92 .647431 .000900
06/30/92 .661607 -.45 -.677 -.76 -1.146 .000900
09/30/92 .678200 .000900
12/31/92 .696712 -.46 -.656 -.77 -1.111 .000900
03/31/93 .725130 .000900
06/30/93 .732230 -.48 -.657 -.81 -1.112 .000900
09/30/93 .751034 .000900
12/31/93 .755905 -.50 -.662 -.85 -1.121 .000900
03/31/94 .725294 .000900
06/30/94 .720410 -.50 -.689 -.84 -1.167 .000900
09/30/94 .738960 .000900
12/31/94 .732921 -.49 -.666 -.83 -1.128 .000900
03/31/95 .780974 .000900
06/30/95 .842883 -.53 -.628 -.90 -1.063 .000900
09/30/95 .886622 .000900
12/31/95 .924214 1,000.00 1,082.000 -.59 -.642 -1.00 -1.087 .000900
03/31/96 .939208 .000900
06/30/96 .964396 -.46 -.477 -.63 -.657 -1.07 -1.113 .000900
09/30/96 .984666 .000900
12/31/96 1.043116 -.49 -.468 -.67 -.646 -1.14 -1.093 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,081.055 1,490.258 2,523.582
ACCOUNT VALUE 1,127.67 1,554.51 2,632.39
SURRENDER VALUE 1,071.28 1,507.88 2,632.39
TOTAL RETURN 7.13 % 50.79 % 163.24 %
ANNUALIZED RETURN 8.56 % 10.16 %
</TABLE>
<PAGE> 59
PAGE 25
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UB/2R - HIGH YIELD BOND TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .491720 1,000.00 2,033.678 .000900
03/31/87 .515448 .000900
06/30/87 .509301 -.46 -.899 .000900
09/30/87 .499487 .000900
12/31/87 .485487 -.45 -.937 .000900
03/31/88 .516199 .000900
06/30/88 .525301 -.46 -.880 .000900
09/30/88 .538468 .000900
12/31/88 .551975 -.49 -.892 .000900
03/31/89 .564476 .000900
06/30/89 .591279 -.52 -.883 .000900
09/30/89 .580904 .000900
12/31/89 .555194 -.52 -.943 .000900
03/31/90 .527430 .000900
06/30/90 .539278 -.50 -.926 .000900
09/30/90 .503077 .000900
12/31/90 .497060 -.47 -.951 .000900
03/31/91 .541692 .000900
06/30/91 .565997 -.48 -.856 .000900
09/30/91 .596488 .000900
12/31/91 .629078 1,000.00 1,589.628 -.54 -.866 .000900
03/31/92 .660848 .000900
06/30/92 .673060 -.47 -.692 -.59 -.881 .000900
09/30/92 .693149 .000900
12/31/92 .706027 -.49 -.698 -.63 -.889 .000900
03/31/93 .742465 .000900
06/30/93 .767866 -.53 -.686 -.67 -.874 .000900
09/30/93 .783621 .000900
12/31/93 .798444 -.56 -.701 -.71 -.892 .000900
03/31/94 .778400 .000900
06/30/94 .772225 -.56 -.726 -.71 -.925 .000900
09/30/94 .786363 .000900
12/31/94 .782026 -.55 -.709 -.71 -.903 .000900
03/31/95 .822428 .000900
06/30/95 .864798 -.59 -.679 -.75 -.865 .000900
09/30/95 .877037 .000900
12/31/95 .896208 1,000.00 1,115.812 -.63 -.701 -.80 -.892 .000900
03/31/96 .951088 .000900
06/30/96 .963556 -.47 -.485 -.66 -.688 -.84 -.876 .000900
09/30/96 .996866 .000900
12/31/96 1.031599 -.50 -.485 -.71 -.689 -.91 -.878 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,114.842 1,582.659 2,015.768
ACCOUNT VALUE 1,150.07 1,632.67 2,079.46
SURRENDER VALUE 1,092.57 1,583.69 2,079.46
TOTAL RETURN 9.26 % 58.37 % 107.95 %
ANNUALIZED RETURN 9.63 % 7.60 %
</TABLE>
<PAGE> 60
PAGE 26
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UP/2R - GREENWICH UTILITY (UP)
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 .749066 1,000.00 1,334.996 .000900
03/31/94 .748169 .000900
06/30/94 .738460 -.36 -.484 .000900
09/30/94 .750384 .000900
12/31/94 .756272 -.45 -.593 .000900
03/31/95 .792822 .000900
06/30/95 .841279 -.48 -.570 .000900
09/30/95 .897134 .000900
12/31/95 .970037 1,000.00 1,030.889 -.54 -.560 .000900
03/31/96 .968288 .000900
06/30/96 1.010829 -.46 -.455 -.59 -.588 .000900
09/30/96 .981491 .000900
12/31/96 1.034150 -.47 -.458 -.61 -.593 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,029.976 1,331.608
ACCOUNT VALUE 1,065.15 1,377.08
SURRENDER VALUE 1,011.89 1,322.00
TOTAL RETURN 1.19 % 32.20 % %
ANNUALIZED RETURN 10.08 % %
</TABLE>
<PAGE> 61
PAGE 27
401(K) REGISTERED - STANDARDIZED PERFORMANCE
US/2R - CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .328438 1,000.00 3,044.715 .000900
03/31/87 .428497 .000900
06/30/87 .421899 -.51 -1.218 .000900
09/30/87 .436531 .000900
12/31/87 .300058 -.49 -1.648 .000900
03/31/88 .324703 .000900
06/30/88 .349971 -.44 -1.271 .000900
09/30/88 .328402 .000900
12/31/88 .327568 -.46 -1.415 .000900
03/31/89 .347282 .000900
06/30/89 .360506 -.47 -1.305 .000900
09/30/89 .400591 .000900
12/31/89 .375236 -.50 -1.340 .000900
03/31/90 .371608 .000900
06/30/90 .401584 -.53 -1.322 .000900
09/30/90 .323402 .000900
12/31/90 .357485 -.52 -1.450 .000900
03/31/91 .428830 .000900
06/30/91 .423822 -.53 -1.258 .000900
09/30/91 .443760 .000900
12/31/91 .474935 1,000.00 2,105.551 -.61 -1.291 .000900
03/31/92 .490078 .000900
06/30/92 .468499 -.45 -.954 -.64 -1.373 .000900
09/30/92 .492318 .000900
12/31/92 .554190 -.48 -.874 -.70 -1.258 .000900
03/31/93 .587229 .000900
06/30/93 .607897 -.55 -.905 -.79 -1.303 .000900
09/30/93 .643182 .000900
12/31/93 .632598 -.59 -.928 -.84 -1.336 .000900
03/31/94 .607055 .000900
06/30/94 .570332 -.57 -.997 -.82 -1.436 .000900
09/30/94 .597290 .000900
12/31/94 .597557 -.55 -.924 -.79 -1.330 .000900
03/31/95 .627182 .000900
06/30/95 .714493 -.62 -.868 -.89 -1.249 .000900
09/30/95 .802194 .000900
12/31/95 .808365 1,000.00 1,237.065 -.72 -.890 -1.04 -1.281 .000900
03/31/96 .888256 .000900
06/30/96 .940761 -.49 -.518 -.83 -.878 -1.19 -1.264 .000900
09/30/96 .986603 .000900
12/31/96 1.028057 -.55 -.533 -.93 -.904 -1.34 -1.301 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,236.015 2,096.431 3,018.065
ACCOUNT VALUE 1,270.69 2,155.25 3,102.74
SURRENDER VALUE 1,207.16 2,090.59 3,102.74
TOTAL RETURN 20.72 % 109.06 % 210.27 %
ANNUALIZED RETURN 15.89 % 11.99 %
</TABLE>
<PAGE> 62
QP - Goldtrack - .80% M&E - American Odyssey Funds Nonstandardized
Reflects nonstandardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.823665 1000 1214.086 0.000%
06/30/93 0.842969 0.00000 0.000 0.000%
07/31/93 0.849729 -3.22389 -3.794 0.000% 0.3125%
10/31/93 0.905559 -3.42497 -3.782 0.000% 0.3125%
12/31/93 0.896163 1000 1115.868 0.00000 0.000 0.000%
01/31/94 0.905383 -3.15715 -3.487 -3.41361 -3.770 0.000% 0.3125%
04/30/94 0.841312 -2.92456 -3.476 -3.16212 -3.759 0.000% 0.3125%
06/30/94 0.835842 0.00000 0.000 0.000%
07/31/94 0.855327 -2.96399 -3.465 -3.20475 -3.747 0.000% 0.3125%
10/31/94 0.830034 -2.86735 -3.455 -3.10027 -3.735 0.000% 0.3125%
12/31/94 0.837842 0.00000 0.000 0.000%
01/31/95 0.856072 -2.94806 -3.444 -3.18753 -3.723 0.000% 0.3125%
04/30/95 0.899026 -3.08630 -3.433 -3.33700 -3.712 0.000% 0.3125%
06/30/95 0.949452 0.00000 0.000 0.000%
07/31/95 0.941686 -3.22265 -3.422 -3.48443 -3.700 0.000% 0.3125%
09/30/95 0.968015 0.000%
10/31/95 0.985106 -3.36071 -3.412 -3.63370 -3.689 0.000% 0.3125%
12/31/95 1.017809 1000 982.503 0.00000 0.000 0.000%
01/31/96 1.019086 -3.12892 -3.070 -3.46576 -3.401 -3.74729 -3.677 0.000% 0.3125%
03/31/96 0.968570 0.000%
04/30/96 0.958224 -2.93286 -3.061 -3.24860 -3.390 -3.51248 -3.666 0.000% 0.3125%
06/30/96 0.968539 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.969762 -2.95890 -3.051 -3.27744 -3.380 -3.54367 -3.654 0.000% 0.3125%
09/30/96 0.984800 0.000%
10/31/96 1.015816 -3.08973 -3.042 -3.42236 -3.369 -3.70036 -3.643 0.000% 0.3125%
12/31/96 1.022827 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 970.279 1074.734 1162.035
Cash Value $992.43 $1,099.27 $1,188.56
Total Return -0.76% 9.93% 18.86%
Annualized Return 3.21% 4.82%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.645247 1000 1549.794 0.000%
06/30/93 0.641920 0.00000 0.000 0.000%
07/31/93 0.646560 -3.13136 -4.843 0.000% 0.3125%
10/31/93 0.661666 -3.19450 -4.828 0.000% 0.3125%
12/31/93 0.655198 1000 1526.256 0.00000 0.000 0.000%
01/31/94 0.680124 -3.24389 -4.770 -3.27336 -4.813 0.000% 0.3125%
04/30/94 0.649075 -3.08612 -4.755 -3.11416 -4.798 0.000% 0.3125%
06/30/94 0.639344 0.00000 0.000 0.000%
07/31/94 0.659773 -3.12718 -4.740 -3.15560 -4.783 0.000% 0.3125%
10/31/94 0.664084 -3.13778 -4.725 -3.16629 -4.768 0.000% 0.3125%
12/31/94 0.643399 0.00000 0.000 0.000%
01/31/95 0.653176 -3.07659 -4.710 -3.10455 -4.753 0.000% 0.3125%
04/30/95 0.720826 -3.38463 -4.695 -3.41538 -4.738 0.000% 0.3125%
06/30/95 0.766345 0.00000 0.000 0.000%
07/31/95 0.795118 -3.72180 -4.681 -3.75562 -4.723 0.000% 0.3125%
09/30/95 0.833508 0.000%
10/31/95 0.828470 -3.86580 -4.666 -3.90092 -4.709 0.000% 0.3125%
12/31/95 0.884433 1000 1130.668 0.00000 0.000 0.000%
01/31/96 0.914638 -3.23172 -3.533 -4.25454 -4.652 -4.29319 -4.694 0.000% 0.3125%
03/31/96 0.936652 0.000%
04/30/96 0.943950 -3.32487 -3.522 -4.37716 -4.637 -4.41693 -4.679 0.000% 0.3125%
06/30/96 0.956615 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.914293 -3.21035 -3.511 -4.22639 -4.623 -4.26479 -4.665 0.000% 0.3125%
09/30/96 0.981698 0.000%
10/31/96 1.024546 -3.58624 -3.500 -4.72124 -4.608 -4.76414 -4.650 0.000% 0.3125%
12/31/96 1.080434 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1116.602 1469.994 1483.35
Cash Value $1,206.41 $1,588.23 $1,602.66
Total Return 20.64% 58.82% 60.27%
Annualized Return 16.67% 13.71%
</TABLE>
<PAGE> 63
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.596631 1000 1676.078 0.000%
06/30/93 0.578862 0.00000 0.000 0.000%
07/31/93 0.561308 -2.93999 -5.238 0.000% 0.3125%
10/31/93 0.637611 -3.32921 -5.221 0.000% 0.3125%
12/31/93 0.645578 1000 1549.000 0.00000 0.000 0.000%
01/31/94 0.666368 -3.22564 -4.841 -3.46849 -5.205 0.000% 0.3125%
04/30/94 0.663317 -3.20083 -4.825 -3.44182 -5.189 0.000% 0.3125%
06/30/94 0.607739 0.00000 0.000 0.000%
07/31/94 0.602648 -2.89899 -4.810 -3.11724 -5.173 0.000% 0.3125%
10/31/94 0.701660 -3.36473 -4.795 -3.61805 -5.156 0.000% 0.3125%
12/31/94 0.702392 0.00000 0.000 0.000%
01/31/95 0.688363 -3.29065 -4.780 -3.53839 -5.140 0.000% 0.3125%
04/30/95 0.743278 -3.54207 -4.765 -3.80873 -5.124 0.000% 0.3125%
06/30/95 0.850420 0.00000 0.000 0.000%
07/31/95 0.911282 -4.32911 -4.751 -4.65503 -5.108 0.000% 0.3125%
09/30/95 0.946662 0.000%
10/31/95 0.907072 -4.29565 -4.736 -4.61905 -5.092 0.000% 0.3125%
12/31/95 0.921498 1000 1085.190 0.00000 0.000 0.000%
01/31/96 0.880436 -2.98575 -3.391 -4.15648 -4.721 -4.46940 -5.076 0.000% 0.3125%
03/31/96 0.947889 0.000%
04/30/96 1.018820 -3.44425 -3.381 -4.79475 -4.706 -5.15573 -5.060 0.000% 0.3125%
06/30/96 0.977160 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.889113 -2.99636 -3.370 -4.17125 -4.691 -4.48529 -5.045 0.000% 0.3125%
09/30/96 1.003814 0.000%
10/31/96 0.927564 -3.11617 -3.360 -4.33804 -4.677 -4.66464 -5.029 0.000% 0.3125%
12/31/96 0.885396 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1071.688 1491.902 1604.222
Cash Value $948.87 $1,320.92 $1,420.37
Total Return -5.11% 32.09% 42.04%
Annualized Return 9.72% 10.03%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.700180 1000 1428.204 0.000%
06/30/93 0.682275 0.00000 0.000 0.000%
07/31/93 0.677660 -3.02449 -4.463 0.000% 0.3125%
10/31/93 0.753217 -3.35121 -4.449 0.000% 0.3125%
12/31/93 0.828943 1000 1206.356 0.00000 0.000 0.000%
01/31/94 0.853972 -3.21936 -3.770 -3.78761 -4.435 0.000% 0.3125%
04/30/94 0.792250 -2.97734 -3.758 -3.50288 -4.421 0.000% 0.3125%
06/30/94 0.765663 0.00000 0.000 0.000%
07/31/94 0.789975 -2.95951 -3.746 -3.48190 -4.408 0.000% 0.3125%
10/31/94 0.813783 -3.03918 -3.735 -3.57563 -4.394 0.000% 0.3125%
12/31/94 0.764936 0.00000 0.000 0.000%
01/31/95 0.734557 -2.73473 -3.723 -3.21744 -4.380 0.000% 0.3125%
04/30/95 0.801238 -2.97365 -3.711 -3.49854 -4.366 0.000% 0.3125%
06/30/95 0.831299 0.00000 0.000 0.000%
07/31/95 0.883117 -3.26729 -3.700 -3.84401 -4.353 0.000% 0.3125%
09/30/95 0.893978 0.000%
10/31/95 0.870037 -3.20884 -3.688 -3.77524 -4.339 0.000% 0.3125%
12/31/95 0.903046 1000 1107.363 0.00000 0.000 0.000%
01/31/96 0.932222 -3.22596 -3.461 -3.42745 -3.677 -4.03243 -4.326 0.000% 0.3125%
03/31/96 0.952341 0.000%
04/30/96 0.973695 -3.35895 -3.450 -3.56874 -3.665 -4.19866 -4.312 0.000% 0.3125%
06/30/96 0.973141 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.932733 -3.20759 -3.439 -3.40792 -3.654 -4.00946 -4.299 0.000% 0.3125%
09/30/96 0.995906 0.000%
10/31/96 1.007251 -3.45302 -3.428 -3.66869 -3.642 -4.31626 -4.285 0.000% 0.3125%
12/31/96 1.091804 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1093.585 1161.887 1366.974
Cash Value $1,193.98 $1,268.55 $1,492.47
Total Return 19.40% 26.86% 49.25%
Annualized Return 8.25% 11.52%
</TABLE>
<PAGE> 64
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.864128 1000 1157.236 0.000%
06/30/93 0.875970 0.00000 0.000 0.000%
07/31/93 0.877976 -3.17508 -3.616 0.000% 0.3125%
10/31/93 0.900263 -3.24550 -3.605 0.000% 0.3125%
12/31/93 0.896866 1000 1114.994 0.00000 0.000 0.000%
01/31/94 0.904150 -3.15038 -3.484 -3.24933 -3.594 0.000% 0.3125%
04/30/94 0.867597 -3.01357 -3.473 -3.10822 -3.583 0.000% 0.3125%
06/30/94 0.864681 0.00000 0.000 0.000%
07/31/94 0.874555 -3.02825 -3.463 -3.12336 -3.571 0.000% 0.3125%
10/31/94 0.865817 -2.98862 -3.452 -3.08249 -3.560 0.000% 0.3125%
12/31/94 0.864395 0.00000 0.000 0.000%
01/31/95 0.876412 -3.01574 -3.441 -3.11046 -3.549 0.000% 0.3125%
04/30/95 0.908832 -3.11752 -3.430 -3.21544 -3.538 0.000% 0.3125%
06/30/95 0.940735 0.00000 0.000 0.000%
07/31/95 0.939199 -3.21162 -3.420 -3.31250 -3.527 0.000% 0.3125%
09/30/95 0.952280 0.000%
10/31/95 0.963230 -3.28350 -3.409 -3.38664 -3.516 0.000% 0.3125%
12/31/95 0.986306 1000 1013.884 0.00000 0.000 0.000%
01/31/96 0.995089 -3.15283 -3.168 -3.38151 -3.398 -3.48772 -3.505 0.000% 0.3125%
03/31/96 0.977695 0.000%
04/30/96 0.973208 -3.07387 -3.158 -3.29682 -3.388 -3.40036 -3.494 0.000% 0.3125%
06/30/96 0.979522 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.981652 -3.09085 -3.149 -3.31503 -3.377 -3.41915 -3.483 0.000% 0.3125%
09/30/96 0.993563 0.000%
10/31/96 1.008937 -3.16683 -3.139 -3.39652 -3.366 -3.50320 -3.472 0.000% 0.3125%
12/31/96 1.016890 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1001.27 1073.893 1107.623
Cash Value $1,018.18 $1,092.03 $1,126.33
Total Return 1.82% 9.20% 12.63%
Annualized Return 2.98% 3.29%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.880225 1000 1136.073 0.000%
06/30/93 0.886166 0.00000 0.000 0.000%
07/31/93 0.888223 -3.15339 -3.550 0.000% 0.3125%
10/31/93 0.898732 -3.18073 -3.539 0.000% 0.3125%
12/31/93 0.900636 1000 1110.326 0.00000 0.000 0.000%
01/31/94 0.903618 -3.13535 -3.470 -3.18803 -3.528 0.000% 0.3125%
04/30/94 0.890274 -3.07939 -3.459 -3.13114 -3.517 0.000% 0.3125%
06/30/94 0.889956 0.00000 0.000 0.000%
07/31/94 0.898292 -3.09741 -3.448 -3.14947 -3.506 0.000% 0.3125%
10/31/94 0.895548 -3.07830 -3.437 -3.13003 -3.495 0.000% 0.3125%
12/31/94 0.892221 0.00000 0.000 0.000%
01/31/95 0.901765 -3.08999 -3.427 -3.14191 -3.484 0.000% 0.3125%
04/30/95 0.927625 -3.16867 -3.416 -3.22191 -3.473 0.000% 0.3125%
06/30/95 0.951140 0.00000 0.000 0.000%
07/31/95 0.951412 -3.23976 -3.405 -3.29421 -3.462 0.000% 0.3125%
09/30/95 0.959323 0.000%
10/31/95 0.965978 -3.27908 -3.395 -3.33419 -3.452 0.000% 0.3125%
12/31/95 0.981283 1000 1019.074 0.00000 0.000 0.000%
01/31/96 0.988247 -3.14718 -3.185 -3.34419 -3.384 -3.40039 -3.441 0.000% 0.3125%
03/31/96 0.977407 0.000%
04/30/96 0.976719 -3.10074 -3.175 -3.29485 -3.373 -3.35023 -3.430 0.000% 0.3125%
06/30/96 0.983108 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.986219 -3.12112 -3.165 -3.31651 -3.363 -3.37224 -3.419 0.000% 0.3125%
09/30/96 0.995403 0.000%
10/31/96 1.006171 -3.17431 -3.155 -3.37303 -3.352 -3.42971 -3.409 0.000% 0.3125%
12/31/96 1.010310 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1006.394 1069.397 1087.368
Cash Value $1,016.77 $1,080.42 $1,098.58
Total Return 1.68% 8.04% 9.86%
Annualized Return 2.61% 2.59%
</TABLE>
<PAGE> 65
QP - Goldtrack - .80% M&E - American Odyssey Funds Standardized
Reflects standardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.823665 1000 1214.086 0.090%
06/30/93 0.842969 -0.14968 -0.178 0.090%
07/31/93 0.849729 -3.22342 -3.793 0.3125%
10/31/93 0.905559 -3.42447 -3.782 0.3125%
12/31/93 0.896163 -0.47204 -0.527 0.090%
01/31/94 0.905383 -3.41161 -3.768 0.3125%
04/30/94 0.841312 -3.16028 -3.756 0.3125%
06/30/94 0.835842 -0.46697 -0.559 0.090%
07/31/94 0.855327 -3.20139 -3.743 0.3125%
10/31/94 0.830034 -3.09701 -3.731 0.3125%
12/31/94 0.837842 -0.44822 -0.535 0.090%
01/31/95 0.856072 -3.18275 -3.718 0.3125%
04/30/95 0.899026 -3.33200 -3.706 0.3125%
06/30/95 0.949452 -0.47545 -0.501 0.090%
07/31/95 0.941686 -3.47773 -3.693 0.3125%
09/30/95 0.968015 0.090%
10/31/95 0.985106 -3.62672 -3.682 0.3125%
12/31/95 1.017809 1000 982.503 -0.51984 -0.511 0.090%
01/31/96 1.019086 -3.12892 -3.070 -3.73846 -3.668 0.3125%
03/31/96 0.968570 0.090%
04/30/96 0.958224 -2.93286 -3.061 -3.50421 -3.657 0.3125%
06/30/96 0.968539 -0.43637 -0.451 -0.52138 -0.538 0.090%
07/31/96 0.969762 -2.95753 -3.050 -3.53369 -3.644 0.3125%
09/30/96 0.984800 0.090%
10/31/96 1.015816 -3.08831 -3.040 -3.68994 -3.632 0.3125%
12/31/96 1.022827 -0.43454 -0.425 -0.51919 -0.508 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 969.406 1158.256
Account Value $991.53 $1,184.70
Surrender Value $941.96 $1,137.31
Total Return -5.80% 13.73%
Annualized Return 3.57%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.645247 1000 1549.794 0.090%
06/30/93 0.641920 -0.14756 -0.230 0.090%
07/31/93 0.646560 -3.13089 -4.842 0.3125%
10/31/93 0.661666 -3.19403 -4.827 0.3125%
12/31/93 0.655198 -0.44942 -0.686 0.090%
01/31/94 0.680124 -3.27142 -4.810 0.3125%
04/30/94 0.649075 -3.11231 -4.795 0.3125%
06/30/94 0.639344 -0.44553 -0.697 0.090%
07/31/94 0.659773 -3.15229 -4.778 0.3125%
10/31/94 0.664084 -3.16297 -4.763 0.3125%
12/31/94 0.643399 -0.43852 -0.682 0.090%
01/31/95 0.653176 -3.09990 -4.746 0.3125%
04/30/95 0.720826 -3.41027 -4.731 0.3125%
06/30/95 0.766345 -0.47871 -0.625 0.090%
07/31/95 0.795118 -3.74844 -4.714 0.3125%
09/30/95 0.833508 0.090%
10/31/95 0.828470 -3.89347 -4.700 0.3125%
12/31/95 0.884433 1000 1130.668 -0.55683 -0.630 0.090%
01/31/96 0.914638 -3.23172 -3.533 -4.28319 -4.683 0.3125%
03/31/96 0.936652 0.090%
04/30/96 0.943950 -3.32487 -3.522 -4.40664 -4.668 0.3125%
06/30/96 0.956615 -0.46544 -0.487 -0.61687 -0.645 0.090%
07/31/96 0.914293 -3.20896 -3.510 -4.25301 -4.652 0.3125%
09/30/96 0.981698 0.090%
10/31/96 1.024546 -3.58468 -3.499 -4.75098 -4.637 0.3125%
12/31/96 1.080434 -0.51156 -0.473 -0.67799 -0.628 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1115.644 1478.625
Account Value $1,205.38 $1,597.56
Surrender Value $1,145.11 $1,533.65
Total Return 14.51% 53.37%
Annualized Return 12.35%
</TABLE>
<PAGE> 66
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.596631 1000 1676.078 0.090%
06/30/93 0.578862 -0.14574 -0.252 0.090%
07/31/93 0.561308 -2.93955 -5.237 0.3125%
10/31/93 0.637611 -3.32871 -5.221 0.3125%
12/31/93 0.645578 -0.45881 -0.711 0.090%
01/31/94 0.666368 -3.46648 -5.202 0.3125%
04/30/94 0.663317 -3.43983 -5.186 0.3125%
06/30/94 0.607739 -0.46650 -0.768 0.090%
07/31/94 0.602648 -3.11400 -5.167 0.3125%
10/31/94 0.701660 -3.61428 -5.151 0.3125%
12/31/94 0.702392 -0.48438 -0.690 0.090%
01/31/95 0.688363 -3.53322 -5.133 0.3125%
04/30/95 0.743278 -3.80317 -5.117 0.3125%
06/30/95 0.850420 -0.57028 -0.671 0.090%
07/31/95 0.911282 -4.64632 -5.099 0.3125%
09/30/95 0.946662 0.090%
10/31/95 0.907072 -4.61040 -5.083 0.3125%
12/31/95 0.921498 1000 1085.190 -0.64642 -0.701 0.090%
01/31/96 0.880436 -2.98575 -3.391 -4.45910 -5.065 0.3125%
03/31/96 0.947889 0.090%
04/30/96 1.018820 -3.44425 -3.381 -5.14384 -5.049 0.3125%
06/30/96 0.977160 -0.46070 -0.471 -0.68803 -0.704 0.090%
07/31/96 0.889113 -2.99505 -3.369 -4.47299 -5.031 0.3125%
09/30/96 1.003814 0.090%
10/31/96 0.927564 -3.11481 -3.358 -4.65185 -5.015 0.3125%
12/31/96 0.885396 -0.44892 -0.507 -0.67045 -0.757 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1070.713 1599.068
Account Value $948.01 $1,415.81
Surrender Value $900.60 $1,359.18
Total Return -9.94% 35.92%
Annualized Return 8.72%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.700180 1000 1428.204 0.090%
06/30/93 0.682275 -0.14605 -0.214 0.090%
07/31/93 0.677660 -3.02404 -4.462 0.3125%
10/31/93 0.753217 -3.35070 -4.449 0.3125%
12/31/93 0.828943 -0.48252 -0.582 0.090%
01/31/94 0.853972 -3.78549 -4.433 0.3125%
04/30/94 0.792250 -3.50091 -4.419 0.3125%
06/30/94 0.765663 -0.50576 -0.661 0.090%
07/31/94 0.789975 -3.47832 -4.403 0.3125%
10/31/94 0.813783 -3.57195 -4.389 0.3125%
12/31/94 0.764936 -0.48220 -0.630 0.090%
01/31/95 0.734557 -3.21268 -4.374 0.3125%
04/30/95 0.801238 -3.49337 -4.360 0.3125%
06/30/95 0.831299 -0.49952 -0.601 0.090%
07/31/95 0.883117 -3.83667 -4.344 0.3125%
09/30/95 0.893978 0.090%
10/31/95 0.870037 -3.76803 -4.331 0.3125%
12/31/95 0.903046 1000 1107.363 -0.53912 -0.597 0.090%
01/31/96 0.932222 -3.22596 -3.461 -4.02299 -4.315 0.3125%
03/31/96 0.952341 0.090%
04/30/96 0.973695 -3.35895 -3.450 -4.18884 -4.302 0.3125%
06/30/96 0.973141 -0.46455 -0.477 -0.57932 -0.595 0.090%
07/31/96 0.932733 -3.20620 -3.437 -3.99834 -4.287 0.3125%
09/30/96 0.995906 0.090%
10/31/96 1.007251 -3.45153 -3.427 -4.30429 -4.273 0.3125%
12/31/96 1.091804 -0.50787 -0.465 -0.63335 -0.580 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1092.646 1362.603
Account Value $1,192.96 $1,487.70
Surrender Value $1,133.31 $1,428.19
Total Return 13.33% 42.82%
Annualized Return 10.19%
</TABLE>
<PAGE> 67
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.864128 1000 1157.236 0.090%
06/30/93 0.875970 -0.14896 -0.170 0.090%
07/31/93 0.877976 -3.17461 -3.616 0.3125%
10/31/93 0.900263 -3.24503 -3.605 0.3125%
12/31/93 0.896866 -0.45866 -0.511 0.090%
01/31/94 0.904150 -3.24741 -3.592 0.3125%
04/30/94 0.867597 -3.10638 -3.580 0.3125%
06/30/94 0.864681 -0.45269 -0.524 0.090%
07/31/94 0.874555 -3.12008 -3.568 0.3125%
10/31/94 0.865817 -3.07925 -3.556 0.3125%
12/31/94 0.864395 -0.44137 -0.511 0.090%
01/31/95 0.876412 -3.10579 -3.544 0.3125%
04/30/95 0.908832 -3.21062 -3.533 0.3125%
06/30/95 0.940735 -0.45771 -0.487 0.090%
07/31/95 0.939199 -3.30609 -3.520 0.3125%
09/30/95 0.952280 0.090%
10/31/95 0.963230 -3.38009 -3.509 0.3125%
12/31/95 0.986306 1000 1013.884 -0.48536 -0.492 0.090%
01/31/96 0.995089 -3.15283 -3.168 -3.47945 -3.497 0.3125%
03/31/96 0.977695 0.090%
04/30/96 0.973208 -3.07387 -3.158 -3.39230 -3.486 0.3125%
06/30/96 0.979522 -0.44565 -0.455 -0.49182 -0.502 0.090%
07/31/96 0.981652 -3.08945 -3.147 -3.40950 -3.473 0.3125%
09/30/96 0.993563 0.090%
10/31/96 1.008937 -3.16540 -3.137 -3.49332 -3.462 0.3125%
12/31/96 1.016890 -0.44956 -0.442 -0.49613 -0.488 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1000.377 1104.01
Account Value $1,017.27 $1,122.66
Surrender Value $966.41 $1,077.75
Total Return -3.36% 7.78%
Annualized Return 2.06%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.880225 1000 1136.073 0.090%
06/30/93 0.886166 -0.14844 -0.168 0.090%
07/31/93 0.888223 -3.15293 -3.550 0.3125%
10/31/93 0.898732 -3.18026 -3.539 0.3125%
12/31/93 0.900636 -0.45382 -0.504 0.090%
01/31/94 0.903618 -3.18613 -3.526 0.3125%
04/30/94 0.890274 -3.12927 -3.515 0.3125%
06/30/94 0.889956 -0.45174 -0.508 0.090%
07/31/94 0.898292 -3.14616 -3.502 0.3125%
10/31/94 0.895548 -3.12675 -3.491 0.3125%
12/31/94 0.892221 -0.44661 -0.501 0.090%
01/31/95 0.901765 -3.13721 -3.479 0.3125%
04/30/95 0.927625 -3.21709 -3.468 0.3125%
06/30/95 0.951140 -0.45885 -0.482 0.090%
07/31/95 0.951412 -3.28784 -3.456 0.3125%
09/30/95 0.959323 0.090%
10/31/95 0.965978 -3.32775 -3.445 0.3125%
12/31/95 0.981283 1000 1019.074 -0.47781 -0.487 0.090%
01/31/96 0.988247 -3.14718 -3.185 -3.39232 -3.433 0.3125%
03/31/96 0.977407 0.090%
04/30/96 0.976719 -3.10074 -3.175 -3.34227 -3.422 0.3125%
06/30/96 0.983108 -0.44761 -0.455 -0.48247 -0.491 0.090%
07/31/96 0.986219 -3.11972 -3.163 -3.36272 -3.410 0.3125%
09/30/96 0.995403 0.090%
10/31/96 1.006171 -3.17288 -3.153 -3.42003 -3.399 0.3125%
12/31/96 1.010310 -0.45118 -0.447 -0.48633 -0.481 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1005.496 1083.816
Account Value $1,015.86 $1,094.99
Surrender Value $965.07 $1,051.19
Total Return -3.49% 5.12%
Annualized Return 1.37%
</TABLE>
<PAGE> 68
PAGE 1
QP - 401(K) REGISTERED - STANDARDIZED PERFORMANCE - .95% M&E
DI/3R - DREYFUS STOCK INDEX FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 .454964 1,000.00 2,197.976 .000900
12/31/89 .463692 -.23 -.499 .000900
03/31/90 .448332 .000900
06/30/90 .474484 -.46 -.978 .000900
09/30/90 .408680 .000900
12/31/90 .443271 -.45 -1.023 .000900
03/31/91 .505987 .000900
06/30/91 .503117 -.47 -.929 .000900
09/30/91 .527915 .000900
12/31/91 .570135 1,000.00 1,753.971 -.53 -.930 .000900
03/31/92 .553925 .000900
06/30/92 .562248 -.45 -.795 -.56 -.994 .000900
09/30/92 .577890 .000900
12/31/92 .604820 -.46 -.761 -.58 -.952 .000900
03/31/93 .628218 .000900
06/30/93 .628724 -.49 -.774 -.61 -.968 .000900
09/30/93 .642404 .000900
12/31/93 .655001 -.51 -.772 -.63 -.966 .000900
03/31/94 .628215 .000900
06/30/94 .628764 -.51 -.804 -.63 -1.006 .000900
09/30/94 .656664 .000900
12/31/94 .654528 -.51 -.772 -.63 -.966 .000900
03/31/95 .716058 .000900
06/30/95 .780700 -.56 -.724 -.71 -.905 .000900
09/30/95 .839966 .000900
12/31/95 .886832 1,000.00 1,127.609 -.66 -.740 -.82 -.925 .000900
03/31/96 .932031 .000900
06/30/96 .970585 -.47 -.486 -.73 -.753 -.91 -.941 .000900
09/30/96 .996876 .000900
12/31/96 1.076146 -.52 -.482 -.80 -.748 -1.01 -.935 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,126.641 1,746.329 2,184.060
ACCOUNT VALUE 1,212.43 1,879.30 2,350.37
SURRENDER VALUE 1,151.81 1,822.93 2,303.36
TOTAL RETURN 15.18 % 82.29 % 130.34 %
ANNUALIZED RETURN 12.76 % 12.18 %
</TABLE>
<PAGE> 69
PAGE 2
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FA/3R - FIDELITY ASSET MANAGER FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 .499854 1,000.00 2,000.584 .000900
09/30/89 .499055 .000900
12/31/89 .502410 -.29 -.571 .000900
03/31/90 .499210 .000900
06/30/90 .520599 -.46 -.884 .000900
09/30/90 .490846 .000900
12/31/90 .531077 -.47 -.891 .000900
03/31/91 .586280 .000900
06/30/91 .596235 -.51 -.850 .000900
09/30/91 .625676 .000900
12/31/91 .644730 1,000.00 1,551.037 -.56 -.865 .000900
03/31/92 .662465 .000900
06/30/92 .676979 -.46 -.681 -.59 -.877 .000900
09/30/92 .688740 .000900
12/31/92 .714363 -.49 -.679 -.62 -.875 .000900
03/31/93 .751867 .000900
06/30/93 .773522 -.52 -.671 -.67 -.863 .000900
09/30/93 .804529 .000900
12/31/93 .856477 -.57 -.663 -.73 -.854 .000900
03/31/94 .813500 .000900
06/30/94 .803450 -.58 -.720 -.74 -.926 .000900
09/30/94 .824674 .000900
12/31/94 .796715 -.56 -.699 -.72 -.900 .000900
03/31/95 .813037 .000900
06/30/95 .841659 -.57 -.678 -.73 -.872 .000900
09/30/95 .891248 .000900
12/31/95 .923054 1,000.00 1,083.360 -.61 -.665 -.79 -.856 .000900
03/31/96 .948151 .000900
06/30/96 .972028 -.46 -.475 -.66 -.678 -.85 -.873 .000900
09/30/96 .990122 .000900
12/31/96 1.047821 -.49 -.470 -.70 -.670 -.90 -.863 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,082.415 1,544.232 1,987.764
ACCOUNT VALUE 1,134.18 1,618.08 2,082.82
SURRENDER VALUE 1,077.47 1,569.54 2,041.16
TOTAL RETURN 7.75 % 56.95 % 104.12 %
ANNUALIZED RETURN 9.43 % 10.23 %
</TABLE>
<PAGE> 70
PAGE 3
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FB/3R - FIDELITY HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .388012 1,000.00 2,577.240 .000900
03/31/87 .411877 .000900
06/30/87 .402877 -.46 -1.138 .000900
09/30/87 .391549 .000900
12/31/87 .389016 -.46 -1.180 .000900
03/31/88 .409891 .000900
06/30/88 .420121 -.47 -1.116 .000900
09/30/88 .424835 .000900
12/31/88 .430199 -.49 -1.145 .000900
03/31/89 .435981 .000900
06/30/89 .450628 -.51 -1.131 .000900
09/30/89 .428475 .000900
12/31/89 .408357 -.50 -1.217 .000900
03/31/90 .388111 .000900
06/30/90 .402563 -.47 -1.165 .000900
09/30/90 .391483 .000900
12/31/90 .395441 -.46 -1.167 .000900
03/31/91 .440309 .000900
06/30/91 .471547 -.50 -1.062 .000900
09/30/91 .505940 .000900
12/31/91 .529109 1,000.00 1,889.970 -.58 -1.092 .000900
03/31/92 .594863 .000900
06/30/92 .611613 -.49 -.793 -.66 -1.077 .000900
09/30/92 .641733 .000900
12/31/92 .644960 -.53 -.828 -.73 -1.124 .000900
03/31/93 .688139 .000900
06/30/93 .719399 -.58 -.806 -.79 -1.094 .000900
09/30/93 .735060 .000900
12/31/93 .769899 -.63 -.822 -.86 -1.115 .000900
03/31/94 .766060 .000900
06/30/94 .755128 -.65 -.857 -.88 -1.164 .000900
09/30/94 .761717 .000900
12/31/94 .750845 -.64 -.851 -.87 -1.155 .000900
03/31/95 .792458 .000900
06/30/95 .836949 -.67 -.805 -.91 -1.092 .000900
09/30/95 .876027 .000900
12/31/95 .897036 1,000.00 1,114.782 -.74 -.819 -1.00 -1.113 .000900
03/31/96 .928406 .000900
06/30/96 .957929 -.47 -.486 -.79 -.821 -1.07 -1.114 .000900
09/30/96 .994529 .000900
12/31/96 1.013206 -.49 -.488 -.83 -.824 -1.13 -1.119 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,113.809 1,881.744 2,554.659
ACCOUNT VALUE 1,128.52 1,906.59 2,588.40
SURRENDER VALUE 1,072.09 1,849.40 2,588.40
TOTAL RETURN 7.21 % 84.94 % 158.84 %
ANNUALIZED RETURN 13.09 % 9.98 %
</TABLE>
<PAGE> 71
PAGE 4
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FE/3R - FIDELITY EQUITY INCOME PORTFOLIO FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .316633 1,000.00 3,158.231 .000900
03/31/87 .369494 .000900
06/30/87 .369198 -.49 -1.320 .000900
09/30/87 .384624 .000900
12/31/87 .310081 -.48 -1.556 .000900
03/31/88 .341719 .000900
06/30/88 .371183 -.48 -1.303 .000900
09/30/88 .374046 .000900
12/31/88 .376910 -.53 -1.409 .000900
03/31/89 .405796 .000900
06/30/89 .433257 -.57 -1.326 .000900
09/30/89 .459556 .000900
12/31/89 .438112 -.62 -1.410 .000900
03/31/90 .410648 .000900
06/30/90 .417440 -.61 -1.453 .000900
09/30/90 .344825 .000900
12/31/90 .367610 -.56 -1.513 .000900
03/31/91 .421630 .000900
06/30/91 .427567 -.56 -1.317 .000900
09/30/91 .457058 .000900
12/31/91 .478632 1,000.00 2,089.288 -.64 -1.340 .000900
03/31/92 .493540 .000900
06/30/92 .507375 -.46 -.914 -.70 -1.375 .000900
09/30/92 .515540 .000900
12/31/92 .554177 -.50 -.900 -.75 -1.355 .000900
03/31/93 .599525 .000900
06/30/93 .613530 -.55 -.894 -.83 -1.345 .000900
09/30/93 .641697 .000900
12/31/93 .649241 -.59 -.913 -.89 -1.374 .000900
03/31/94 .631272 .000900
06/30/94 .653624 -.61 -.935 -.92 -1.408 .000900
09/30/94 .696913 .000900
12/31/94 .688559 -.63 -.914 -.95 -1.376 .000900
03/31/95 .749262 .000900
06/30/95 .802795 -.70 -.871 -1.05 -1.311 .000900
09/30/95 .870132 .000900
12/31/95 .921390 1,000.00 1,085.317 -.81 -.877 -1.22 -1.320 .000900
03/31/96 .959052 .000900
06/30/96 .970743 -.46 -.476 -.89 -.913 -1.33 -1.374 .000900
09/30/96 .980299 .000900
12/31/96 1.042911 -.49 -.471 -.94 -.904 -1.42 -1.361 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,084.369 2,080.252 3,130.686
ACCOUNT VALUE 1,130.90 2,169.52 3,265.03
SURRENDER VALUE 1,074.36 2,104.43 3,265.03
TOTAL RETURN 7.44 % 110.44 % 226.50 %
ANNUALIZED RETURN 16.05 % 12.56 %
</TABLE>
<PAGE> 72
PAGE 5
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FS/3R - FIDELITY GROWTH STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .266131 1,000.00 3,757.548 .000900
03/31/87 .313423 .000900
06/30/87 .324057 -.50 -1.540 .000900
09/30/87 .342283 .000900
12/31/87 .273270 -.50 -1.847 .000900
03/31/88 .298436 .000900
06/30/88 .313824 -.50 -1.580 .000900
09/30/88 .312538 .000900
12/31/88 .312867 -.53 -1.691 .000900
03/31/89 .337476 .000900
06/30/89 .362307 -.57 -1.573 .000900
09/30/89 .403988 .000900
12/31/89 .407611 -.65 -1.593 .000900
03/31/90 .391458 .000900
06/30/90 .421320 -.70 -1.659 .000900
09/30/90 .332880 .000900
12/31/90 .356359 -.66 -1.839 .000900
03/31/91 .419831 .000900
06/30/91 .406835 -.64 -1.580 .000900
09/30/91 .467872 .000900
12/31/91 .513654 1,000.00 1,946.836 -.78 -1.509 .000900
03/31/92 .520788 .000900
06/30/92 .476204 -.43 -.911 -.83 -1.750 .000900
09/30/92 .488435 .000900
12/31/92 .556514 -.45 -.812 -.87 -1.561 .000900
03/31/93 .576584 .000900
06/30/93 .617894 -.51 -.832 -.99 -1.598 .000900
09/30/93 .657565 .000900
12/31/93 .657960 -.56 -.848 -1.07 -1.630 .000900
03/31/94 .635715 .000900
06/30/94 .591640 -.55 -.924 -1.05 -1.775 .000900
09/30/94 .637502 .000900
12/31/94 .651607 -.54 -.834 -1.04 -1.602 .000900
03/31/95 .688291 .000900
06/30/95 .802731 -.64 -.792 -1.22 -1.521 .000900
09/30/95 .913954 .000900
12/31/95 .873771 1,000.00 1,144.465 -.73 -.838 -1.41 -1.610 .000900
03/31/96 .918625 .000900
06/30/96 .962910 -.47 -.491 -.80 -.833 -1.54 -1.600 .000900
09/30/96 .974944 .000900
12/31/96 .992762 -.50 -.507 -.85 -.860 -1.64 -1.652 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,143.466 1,938.354 3,724.836
ACCOUNT VALUE 1,135.19 1,924.32 3,697.88
SURRENDER VALUE 1,078.43 1,866.59 3,697.88
TOTAL RETURN 7.84 % 86.66 % 269.79 %
ANNUALIZED RETURN 13.29 % 13.97 %
</TABLE>
<PAGE> 73
PAGE 6
401(K) REGISTERED - STANDARDIZED PERFORMANCE
GV/3R - US GOVERNMENT SECURITIES
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 .763488 1,000.00 1,309.778 .000900
03/31/92 .767606 .000900
06/30/92 .786289 -.40 -.503 .000900
09/30/92 .814626 .000900
12/31/92 .816375 -.47 -.578 .000900
03/31/93 .853495 .000900
06/30/93 .872134 -.50 -.570 .000900
09/30/93 .896767 .000900
12/31/93 .885484 -.52 -.584 .000900
03/31/94 .842161 .000900
06/30/94 .828378 -.50 -.609 .000900
09/30/94 .817767 .000900
12/31/94 .827567 -.49 -.588 .000900
03/31/95 .872218 .000900
06/30/95 .949391 -.52 -.550 .000900
09/30/95 .959489 .000900
12/31/95 1.020452 1,000.00 979.958 -.58 -.567 .000900
03/31/96 .970149 .000900
06/30/96 .969596 -.44 -.453 -.58 -.603 .000900
09/30/96 .985943 .000900
12/31/96 1.025386 -.44 -.429 -.59 -.571 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 979.077 1,304.055
ACCOUNT VALUE 1,003.93 1,337.16
SURRENDER VALUE 953.73 1,297.04
TOTAL RETURN -4.63 % 29.70 % %
ANNUALIZED RETURN 5.41 % %
</TABLE>
<PAGE> 74
PAGE 7
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HA/3R - ALLIANCE GROWTH STOCK - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .593354 1,000.00 1,685.335 .000900
06/30/94 .584761 -.02 -.042 .000900
09/30/94 .625851 .000900
12/31/94 .622074 -.46 -.736 .000900
03/31/95 .665207 .000900
06/30/95 .756273 -.52 -.691 .000900
09/30/95 .821720 .000900
12/31/95 .830990 1,000.00 1,203.384 -.60 -.724 .000900
03/31/96 .882489 .000900
06/30/96 .927102 -.48 -.513 -.67 -.718 .000900
09/30/96 .972622 .000900
12/31/96 1.064804 -.54 -.506 -.75 -.708 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,202.364 1,681.716
ACCOUNT VALUE 1,280.28 1,790.70
SURRENDER VALUE 1,216.27 1,719.07
TOTAL RETURN 21.63 % 71.91 % %
ANNUALIZED RETURN 23.84 % %
</TABLE>
<PAGE> 75
PAGE 8
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HH/3R - SB HIGH INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 .797347 1,000.00 1,254.159 .000900
06/30/94 .797978 -.02 -.025 .000900
09/30/94 .804020 .000900
12/31/94 .788360 -.45 -.568 .000900
03/31/95 .826920 .000900
06/30/95 .865285 -.47 -.539 .000900
09/30/95 .892212 .000900
12/31/95 .929915 1,000.00 1,075.367 -.51 -.544 .000900
03/31/96 .949448 .000900
06/30/96 .960566 -.46 -.476 -.53 -.555 .000900
09/30/96 1.001587 .000900
12/31/96 1.042221 -.48 -.465 -.56 -.541 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,074.426 1,251.387
ACCOUNT VALUE 1,119.79 1,304.22
SURRENDER VALUE 1,063.80 1,252.05
TOTAL RETURN 6.38 % 25.21 % %
ANNUALIZED RETURN 9.30 % %
</TABLE>
<PAGE> 76
PAGE 9
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HI/3R - SB INTERNATIONAL EQUITY - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .828081 1,000.00 1,207.611 .000900
06/30/94 .850220 -.02 -.029 .000900
09/30/94 .847364 .000900
12/31/94 .791692 -.45 -.563 .000900
03/31/95 .761067 .000900
06/30/95 .839634 -.44 -.528 .000900
09/30/95 .872010 .000900
12/31/95 .872642 1,000.00 1,145.945 -.46 -.533 .000900
03/31/96 .945530 .000900
06/30/96 .986399 -.48 -.486 -.50 -.511 .000900
09/30/96 .994529 .000900
12/31/96 1.017435 -.52 -.508 -.54 -.534 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,144.952 1,204.913
ACCOUNT VALUE 1,164.91 1,225.92
SURRENDER VALUE 1,106.67 1,176.88
TOTAL RETURN 10.67 % 17.69 % %
ANNUALIZED RETURN 6.64 % %
</TABLE>
<PAGE> 77
PAGE 10
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HJ/3R - SB INCOME AND GROWTH - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .688784 1,000.00 1,451.834 .000900
06/30/94 .679662 -.02 -.036 .000900
09/30/94 .697257 .000900
12/31/94 .676822 -.44 -.655 .000900
03/31/95 .732917 .000900
06/30/95 .783937 -.48 -.608 .000900
09/30/95 .840877 .000900
12/31/95 .892120 1,000.00 1,120.925 -.55 -.613 .000900
03/31/96 .941191 .000900
06/30/96 .967266 -.47 -.485 -.61 -.627 .000900
09/30/96 .996582 .000900
12/31/96 1.058434 -.51 -.482 -.66 -.624 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,119.958 1,448.670
ACCOUNT VALUE 1,185.40 1,533.32
SURRENDER VALUE 1,126.13 1,471.99
TOTAL RETURN 12.61 % 47.20 % %
ANNUALIZED RETURN 16.48 % %
</TABLE>
<PAGE> 78
PAGE 11
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HM/3R - SB MONEY MARKET
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .914762 1,000.00 1,093.181 .000900
06/30/94 .915374 -.02 -.027 .000900
09/30/94 .922006 .000900
12/31/94 .930193 -.45 -.488 .000900
03/31/95 .940216 .000900
06/30/95 .950826 -.46 -.486 .000900
09/30/95 .961076 .000900
12/31/95 .971251 1,000.00 1,029.600 -.47 -.486 .000900
03/31/96 .980739 .000900
06/30/96 .989996 -.45 -.459 -.48 -.487 .000900
09/30/96 .999893 .000900
12/31/96 1.009724 -.46 -.459 -.49 -.486 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,028.682 1,090.720
ACCOUNT VALUE 1,038.69 1,101.33
SURRENDER VALUE 986.75 1,057.27
TOTAL RETURN -1.32 % 5.73 % %
ANNUALIZED RETURN 2.22 % %
</TABLE>
<PAGE> 79
PAGE 12
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HP/3R - PUTNAM DIVERSIFIED INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .810004 1,000.00 1,234.562 .000900
06/30/94 .810604 -.02 -.030 .000900
09/30/94 .822400 .000900
12/31/94 .817848 -.45 -.553 .000900
03/31/95 .856468 .000900
06/30/95 .894905 -.48 -.531 .000900
09/30/95 .911367 .000900
12/31/95 .950973 1,000.00 1,051.555 -.51 -.539 .000900
03/31/96 .946200 .000900
06/30/96 .954026 -.45 -.472 -.53 -.554 .000900
09/30/96 .989335 .000900
12/31/96 1.019493 -.47 -.458 -.55 -.537 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,050.624 1,231.818
ACCOUNT VALUE 1,071.10 1,255.83
SURRENDER VALUE 1,017.55 1,205.60
TOTAL RETURN 1.75 % 20.56 % %
ANNUALIZED RETURN 7.66 % %
</TABLE>
<PAGE> 80
PAGE 13
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HT/3R - MFS TOTAL RETURN - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .755314 1,000.00 1,323.953 .000900
06/30/94 .743721 -.02 -.033 .000900
09/30/94 .757857 .000900
12/31/94 .740136 -.44 -.597 .000900
03/31/95 .783825 .000900
06/30/95 .831883 -.47 -.563 .000900
09/30/95 .873669 .000900
12/31/95 .921491 1,000.00 1,085.198 -.52 -.566 .000900
03/31/96 .947876 .000900
06/30/96 .962580 -.46 -.478 -.56 -.582 .000900
09/30/96 .985599 .000900
12/31/96 1.045178 -.49 -.469 -.60 -.571 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,084.251 1,321.040
ACCOUNT VALUE 1,133.24 1,380.72
SURRENDER VALUE 1,076.57 1,325.49
TOTAL RETURN 7.66 % 32.55 % %
ANNUALIZED RETURN 11.76 % %
</TABLE>
<PAGE> 81
PAGE 14
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IB/3R - TEMPLETON GLOBAL BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .589523 1,000.00 1,696.287 .000900
09/30/88 .592597 .000900
12/31/88 .598835 -.30 -.506 .000900
03/31/89 .607813 .000900
06/30/89 .617726 -.46 -.751 .000900
09/30/89 .626397 .000900
12/31/89 .638566 -.48 -.750 .000900
03/31/90 .632738 .000900
06/30/90 .649136 -.49 -.756 .000900
09/30/90 .650678 .000900
12/31/90 .672551 -.50 -.749 .000900
03/31/91 .688542 .000900
06/30/91 .692728 -.52 -.751 .000900
09/30/91 .733726 .000900
12/31/91 .771909 1,000.00 1,295.489 -.56 -.722 .000900
03/31/92 .746092 .000900
06/30/92 .782524 -.45 -.579 -.59 -.756 .000900
09/30/92 .807754 .000900
12/31/92 .806359 -.46 -.574 -.60 -.750 .000900
03/31/93 .842843 .000900
06/30/93 .858496 -.48 -.565 -.63 -.737 .000900
09/30/93 .879956 .000900
12/31/93 .890297 -.51 -.572 -.66 -.747 .000900
03/31/94 .851078 .000900
06/30/94 .832763 -.50 -.602 -.65 -.786 .000900
09/30/94 .836966 .000900
12/31/94 .838851 -.49 -.580 -.63 -.757 .000900
03/31/95 .871867 .000900
06/30/95 .912621 -.51 -.558 -.66 -.728 .000900
09/30/95 .921748 .000900
12/31/95 .954946 1,000.00 1,047.180 -.54 -.568 -.71 -.742 .000900
03/31/96 .944959 .000900
06/30/96 .964192 -.45 -.469 -.56 -.578 -.73 -.755 .000900
09/30/96 .990392 .000900
12/31/96 1.035182 -.47 -.455 -.58 -.561 -.76 -.732 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,046.256 1,289.753 1,683.812
ACCOUNT VALUE 1,083.07 1,335.13 1,743.05
SURRENDER VALUE 1,028.91 1,295.08 1,743.05
TOTAL RETURN 2.89 % 29.51 % 74.31 %
ANNUALIZED RETURN 5.31 % 6.89 %
</TABLE>
<PAGE> 82
PAGE 15
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IN/3R - TEMPLETON GLOBAL ALLOCATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .438513 1,000.00 2,280.434 .000900
09/30/88 .441238 .000900
12/31/88 .449374 -.30 -.678 .000900
03/31/89 .460094 .000900
06/30/89 .466415 -.47 -1.007 .000900
09/30/89 .492710 .000900
12/31/89 .504125 -.50 -.987 .000900
03/31/90 .498291 .000900
06/30/90 .513491 -.52 -1.016 .000900
09/30/90 .442939 .000900
12/31/90 .459480 -.50 -1.085 .000900
03/31/91 .505005 .000900
06/30/91 .501531 -.49 -.981 .000900
09/30/91 .545954 .000900
12/31/91 .581170 1,000.00 1,720.667 -.55 -.953 .000900
03/31/92 .583403 .000900
06/30/92 .619783 -.46 -.750 -.61 -.991 .000900
09/30/92 .615938 .000900
12/31/92 .621830 -.48 -.773 -.63 -1.021 .000900
03/31/93 .656694 .000900
06/30/93 .684847 -.51 -.738 -.67 -.975 .000900
09/30/93 .727442 .000900
12/31/93 .776848 -.57 -.727 -.75 -.961 .000900
03/31/94 .750121 .000900
06/30/94 .737343 -.59 -.794 -.77 -1.049 .000900
09/30/94 .770406 .000900
12/31/94 .746688 -.57 -.768 -.76 -1.015 .000900
03/31/95 .765170 .000900
06/30/95 .831932 -.61 -.733 -.81 -.968 .000900
09/30/95 .881888 .000900
12/31/95 .906419 1,000.00 1,103.243 -.67 -.740 -.89 -.978 .000900
03/31/96 .943836 .000900
06/30/96 .976206 -.47 -.479 -.73 -.744 -.96 -.983 .000900
09/30/96 .991073 .000900
12/31/96 1.067183 -.51 -.475 -.79 -.738 -1.04 -.976 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,102.289 1,713.162 2,263.810
ACCOUNT VALUE 1,176.34 1,828.26 2,415.90
SURRENDER VALUE 1,117.53 1,773.41 2,415.90
TOTAL RETURN 11.75 % 77.34 % 141.59 %
ANNUALIZED RETURN 12.14 % 11.16 %
</TABLE>
<PAGE> 83
PAGE 16
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IS/3R - TEMPLETON GLOBAL STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .407064 1,000.00 2,456.616 .000900
09/30/88 .409187 .000900
12/31/88 .416740 -.30 -.730 .000900
03/31/89 .435606 .000900
06/30/89 .436598 -.47 -1.080 .000900
09/30/89 .474723 .000900
12/31/89 .473196 -.50 -1.062 .000900
03/31/90 .465738 .000900
06/30/90 .481376 -.53 -1.095 .000900
09/30/90 .404879 .000900
12/31/90 .417095 -.50 -1.189 .000900
03/31/91 .465825 .000900
06/30/91 .455558 -.48 -1.057 .000900
09/30/91 .493041 .000900
12/31/91 .526642 1,000.00 1,898.823 -.54 -1.028 .000900
03/31/92 .532796 .000900
06/30/92 .555329 -.46 -.832 -.60 -1.074 .000900
09/30/92 .543968 .000900
12/31/92 .558566 -.48 -.852 -.61 -1.099 .000900
03/31/93 .596379 .000900
06/30/93 .626824 -.51 -.807 -.65 -1.041 .000900
09/30/93 .681285 .000900
12/31/93 .741378 -.58 -.787 -.75 -1.016 .000900
03/31/94 .717798 .000900
06/30/94 .715669 -.62 -.868 -.80 -1.120 .000900
09/30/94 .753487 .000900
12/31/94 .718193 -.61 -.851 -.79 -1.098 .000900
03/31/95 .741896 .000900
06/30/95 .815761 -.65 -.801 -.84 -1.034 .000900
09/30/95 .869131 .000900
12/31/95 .891010 1,000.00 1,122.322 -.73 -.816 -.94 -1.052 .000900
03/31/96 .940787 .000900
06/30/96 .980335 -.47 -.482 -.80 -.813 -1.03 -1.048 .000900
09/30/96 .992134 .000900
12/31/96 1.080163 -.52 -.481 -.88 -.812 -1.13 -1.047 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,121.358 1,890.583 2,438.747
ACCOUNT VALUE 1,211.25 2,042.14 2,634.24
SURRENDER VALUE 1,150.69 1,980.87 2,634.24
TOTAL RETURN 15.07 % 98.09 % 163.42 %
ANNUALIZED RETURN 14.65 % 12.32 %
</TABLE>
<PAGE> 84
PAGE 17
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OB/3R - ODYSSEY LONG TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .827927 1,000.00 1,207.836 .000900
06/30/93 .847122 -.15 -.177 .000900
09/30/93 .893185 .000900
12/31/93 .899898 -.47 -.528 .000900
03/31/94 .864173 .000900
06/30/94 .838701 -.47 -.563 .000900
09/30/94 .837503 .000900
12/31/94 .840075 -.46 -.543 .000900
03/31/95 .888219 .000900
06/30/95 .951271 -.49 -.511 .000900
09/30/95 .969508 .000900
12/31/95 1.018998 1,000.00 981.356 -.53 -.524 .000900
03/31/96 .969339 .000900
06/30/96 .968945 -.44 -.453 -.54 -.556 .000900
09/30/96 .984832 .000900
12/31/96 1.022469 -.44 -.430 -.54 -.528 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 980.473 1,203.907
ACCOUNT VALUE 1,002.50 1,230.96
SURRENDER VALUE 952.38 1,181.72
TOTAL RETURN -4.76 % 18.17 % %
ANNUALIZED RETURN 4.65 % %
</TABLE>
<PAGE> 85
PAGE 18
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OC/3R - ODYSSEY CORE EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .648585 1,000.00 1,541.818 .000900
06/30/93 .645081 -.15 -.229 .000900
09/30/93 .658772 .000900
12/31/93 .657927 -.45 -.687 .000900
03/31/94 .641143 .000900
06/30/94 .641529 -.45 -.702 .000900
09/30/94 .660230 .000900
12/31/94 .645113 -.45 -.691 .000900
03/31/95 .698607 .000900
06/30/95 .767813 -.49 -.637 .000900
09/30/95 .834793 .000900
12/31/95 .885465 1,000.00 1,129.350 -.57 -.646 .000900
03/31/96 .937396 .000900
06/30/96 .957016 -.47 -.489 -.64 -.666 .000900
09/30/96 .981730 .000900
12/31/96 1.080064 -.52 -.479 -.70 -.652 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,128.382 1,536.906
ACCOUNT VALUE 1,218.72 1,659.96
SURRENDER VALUE 1,157.79 1,593.56
TOTAL RETURN 15.78 % 59.36 % %
ANNUALIZED RETURN 13.53 % %
</TABLE>
<PAGE> 86
PAGE 19
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OE/3R - ODYSSEY EMERGING OPPORTUNITIES FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .599715 1,000.00 1,667.459 .000900
06/30/93 .581710 -.15 -.251 .000900
09/30/93 .605272 .000900
12/31/93 .648265 -.46 -.712 .000900
03/31/94 .649693 .000900
06/30/94 .609815 -.47 -.774 .000900
09/30/94 .679555 .000900
12/31/94 .704262 -.49 -.699 .000900
03/31/95 .732377 .000900
06/30/95 .852046 -.58 -.684 .000900
09/30/95 .948119 .000900
12/31/95 .922570 1,000.00 1,083.929 -.66 -.720 .000900
03/31/96 .948638 .000900
06/30/96 .977566 -.46 -.474 -.71 -.728 .000900
09/30/96 1.003843 .000900
12/31/96 .885084 -.45 -.513 -.70 -.787 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,082.942 1,662.104
ACCOUNT VALUE 958.49 1,471.10
SURRENDER VALUE 910.57 1,412.26
TOTAL RETURN -8.94 % 41.23 % %
ANNUALIZED RETURN 9.86 % %
</TABLE>
<PAGE> 87
PAGE 20
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OI/3R - ODYSSEY INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .703800 1,000.00 1,420.858 .000900
06/30/93 .685633 -.15 -.213 .000900
09/30/93 .711154 .000900
12/31/93 .832393 -.49 -.583 .000900
03/31/94 .777730 .000900
06/30/94 .768278 -.51 -.666 .000900
09/30/94 .799559 .000900
12/31/94 .766972 -.49 -.639 .000900
03/31/95 .773691 .000900
06/30/95 .832888 -.51 -.613 .000900
09/30/95 .895353 .000900
12/31/95 .904097 1,000.00 1,106.076 -.55 -.613 .000900
03/31/96 .953093 .000900
06/30/96 .973546 -.47 -.480 -.60 -.615 .000900
09/30/96 .995935 .000900
12/31/96 1.091420 -.51 -.471 -.66 -.603 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,105.125 1,416.313
ACCOUNT VALUE 1,206.16 1,545.79
SURRENDER VALUE 1,145.85 1,483.96
TOTAL RETURN 14.58 % 48.40 % %
ANNUALIZED RETURN 11.35 % %
</TABLE>
<PAGE> 88
PAGE 21
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OM/3R - ODYSSEY INTERMEDIATE TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .868600 1,000.00 1,151.278 .000900
06/30/93 .880285 -.15 -.169 .000900
09/30/93 .901497 .000900
12/31/93 .900603 -.46 -.512 .000900
03/31/94 .879310 .000900
06/30/94 .867639 -.46 -.528 .000900
09/30/94 .869910 .000900
12/31/94 .866699 -.45 -.518 .000900
03/31/95 .898876 .000900
06/30/95 .942538 -.47 -.496 .000900
09/30/95 .953749 .000900
12/31/95 .987458 1,000.00 1,012.701 -.50 -.505 .000900
03/31/96 .978470 .000900
06/30/96 .979933 -.45 -.457 -.51 -.519 .000900
09/30/96 .993596 .000900
12/31/96 1.016539 -.45 -.447 -.52 -.507 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,011.797 1,147.523
ACCOUNT VALUE 1,028.53 1,166.50
SURRENDER VALUE 977.10 1,119.84
TOTAL RETURN -2.29 % 11.98 % %
ANNUALIZED RETURN 3.13 % %
</TABLE>
<PAGE> 89
PAGE 22
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OS/3R - ODYSSEY SHORT TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .884780 1,000.00 1,130.224 .000900
06/30/93 .890532 -.15 -.167 .000900
09/30/93 .899869 .000900
12/31/93 .904389 -.46 -.505 .000900
03/31/94 .897806 .000900
06/30/94 .892999 -.46 -.512 .000900
09/30/94 .897100 .000900
12/31/94 .894600 -.45 -.508 .000900
03/31/95 .922021 .000900
06/30/95 .952963 -.47 -.492 .000900
09/30/95 .960802 .000900
12/31/95 .982429 1,000.00 1,017.885 -.49 -.500 .000900
03/31/96 .978182 .000900
06/30/96 .983520 -.45 -.458 -.50 -.507 .000900
09/30/96 .995435 .000900
12/31/96 1.009964 -.46 -.452 -.51 -.501 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,016.976 1,126.534
ACCOUNT VALUE 1,027.11 1,137.76
SURRENDER VALUE 975.75 1,092.25
TOTAL RETURN -2.42 % 9.22 % %
ANNUALIZED RETURN 2.43 % %
</TABLE>
<PAGE> 90
PAGE 23
401(K) REGISTERED - STANDARDIZED PERFORMANCE
SA/3R - SOCIAL AWARENESS PORTFOLIO
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 .589983 1,000.00 1,694.964 .000900
06/30/92 .584351 -.15 -.252 .000900
09/30/92 .595294 .000900
12/31/92 .641946 -.47 -.728 .000900
03/31/93 .669620 .000900
06/30/93 .665093 -.50 -.749 .000900
09/30/93 .689418 .000900
12/31/93 .683653 -.51 -.752 .000900
03/31/94 .652163 .000900
06/30/94 .645819 -.51 -.784 .000900
09/30/94 .674187 .000900
12/31/94 .659460 -.50 -.753 .000900
03/31/95 .719567 .000900
06/30/95 .786364 -.55 -.700 .000900
09/30/95 .830880 .000900
12/31/95 .871423 1,000.00 1,147.548 -.63 -.723 .000900
03/31/96 .920856 .000900
06/30/96 .945285 -.47 -.496 -.69 -.731 .000900
09/30/96 .935518 .000900
12/31/96 1.035541 -.51 -.494 -.75 -.727 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,146.558 1,688.065
ACCOUNT VALUE 1,187.31 1,748.06
SURRENDER VALUE 1,127.94 1,695.62
TOTAL RETURN 12.79 % 69.56 % %
ANNUALIZED RETURN 11.97 % %
</TABLE>
<PAGE> 91
PAGE 24
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UA/3R - MANAGED ASSET TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .398593 1,000.00 2,508.825 .000900
03/31/87 .471614 .000900
06/30/87 .483446 -.50 -1.030 .000900
09/30/87 .505265 .000900
12/31/87 .403283 -.50 -1.241 .000900
03/31/88 .416588 .000900
06/30/88 .431451 -.47 -1.091 .000900
09/30/88 .424745 .000900
12/31/88 .436346 -.49 -1.121 .000900
03/31/89 .458695 .000900
06/30/89 .496176 -.53 -1.059 .000900
09/30/89 .536012 .000900
12/31/89 .549512 -.59 -1.072 .000900
03/31/90 .537218 .000900
06/30/90 .565351 -.63 -1.110 .000900
09/30/90 .524633 .000900
12/31/90 .555274 -.63 -1.136 .000900
03/31/91 .597095 .000900
06/30/91 .596550 -.65 -1.086 .000900
09/30/91 .631127 .000900
12/31/91 .672876 1,000.00 1,486.158 -.71 -1.061 .000900
03/31/92 .651839 .000900
06/30/92 .665864 -.45 -.672 -.75 -1.130 .000900
09/30/92 .682305 .000900
12/31/92 .700664 -.46 -.652 -.77 -1.096 .000900
03/31/93 .728974 .000900
06/30/93 .735836 -.48 -.652 -.81 -1.096 .000900
09/30/93 .754448 .000900
12/31/93 .759054 -.50 -.658 -.84 -1.105 .000900
03/31/94 .728047 .000900
06/30/94 .722873 -.49 -.684 -.83 -1.150 .000900
09/30/94 .741206 .000900
12/31/94 .734874 -.49 -.662 -.82 -1.112 .000900
03/31/95 .782762 .000900
06/30/95 .844498 -.53 -.624 -.89 -1.048 .000900
09/30/95 .887989 .000900
12/31/95 .925293 1,000.00 1,080.739 -.59 -.638 -.99 -1.072 .000900
03/31/96 .939953 .000900
06/30/96 .964801 -.46 -.476 -.63 -.653 -1.06 -1.097 .000900
09/30/96 .984698 .000900
12/31/96 1.042755 -.49 -.468 -.67 -.641 -1.12 -1.078 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,079.794 1,479.623 2,486.834
ACCOUNT VALUE 1,125.96 1,542.88 2,593.16
SURRENDER VALUE 1,069.66 1,496.60 2,593.16
TOTAL RETURN 6.97 % 49.66 % 159.32 %
ANNUALIZED RETURN 8.40 % 10.00 %
</TABLE>
<PAGE> 92
PAGE 25
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UB/3R - HIGH YIELD BOND TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .498982 1,000.00 2,004.080 .000900
03/31/87 .522867 .000900
06/30/87 .516439 -.46 -.887 .000900
09/30/87 .506296 .000900
12/31/87 .491919 -.45 -.924 .000900
03/31/88 .522842 .000900
06/30/88 .531863 -.46 -.867 .000900
09/30/88 .544988 .000900
12/31/88 .558450 -.49 -.879 .000900
03/31/89 .570885 .000900
06/30/89 .597768 -.52 -.871 .000900
09/30/89 .587060 .000900
12/31/89 .560867 -.52 -.929 .000900
03/31/90 .532620 .000900
06/30/90 .544381 -.50 -.913 .000900
09/30/90 .507648 .000900
12/31/90 .501382 -.47 -.938 .000900
03/31/91 .546207 .000900
06/30/91 .570499 -.48 -.844 .000900
09/30/91 .601001 .000900
12/31/91 .633598 1,000.00 1,578.288 -.54 -.853 .000900
03/31/92 .665347 .000900
06/30/92 .677389 -.47 -.687 -.59 -.869 .000900
09/30/92 .697344 .000900
12/31/92 .710031 -.49 -.694 -.62 -.877 .000900
03/31/93 .746400 .000900
06/30/93 .771648 -.53 -.681 -.66 -.861 .000900
09/30/93 .787183 .000900
12/31/93 .801770 -.56 -.696 -.71 -.880 .000900
03/31/94 .781354 .000900
06/30/94 .774865 -.56 -.721 -.71 -.912 .000900
09/30/94 .788754 .000900
12/31/94 .784110 -.55 -.704 -.70 -.891 .000900
03/31/95 .824312 .000900
06/30/95 .866455 -.58 -.675 -.74 -.853 .000900
09/30/95 .878389 .000900
12/31/95 .897254 1,000.00 1,114.512 -.62 -.696 -.79 -.880 .000900
03/31/96 .951843 .000900
06/30/96 .963960 -.47 -.484 -.66 -.683 -.83 -.864 .000900
09/30/96 .996899 .000900
12/31/96 1.031245 -.50 -.485 -.71 -.684 -.89 -.865 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,113.542 1,571.366 1,986.425
ACCOUNT VALUE 1,148.34 1,620.46 2,048.49
SURRENDER VALUE 1,090.92 1,571.85 2,048.49
TOTAL RETURN 9.09 % 57.18 % 104.85 %
ANNUALIZED RETURN 9.47 % 7.43 %
</TABLE>
<PAGE> 93
PAGE 26
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UP/3R - GREENWICH UTILITY (UP)
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 .752079 1,000.00 1,329.648 .000900
03/31/94 .751008 .000900
06/30/94 .740985 -.36 -.482 .000900
09/30/94 .752665 .000900
12/31/94 .758288 -.45 -.591 .000900
03/31/95 .794639 .000900
06/30/95 .842891 -.48 -.568 .000900
09/30/95 .898518 .000900
12/31/95 .971170 1,000.00 1,029.686 -.54 -.558 .000900
03/31/96 .969057 .000900
06/30/96 1.011253 -.46 -.454 -.59 -.586 .000900
09/30/96 .981523 .000900
12/31/96 1.033794 -.47 -.458 -.61 -.591 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,028.774 1,326.272
ACCOUNT VALUE 1,063.54 1,371.09
SURRENDER VALUE 1,010.36 1,316.25
TOTAL RETURN 1.04 % 31.62 % %
ANNUALIZED RETURN 9.91 % %
</TABLE>
<PAGE> 94
PAGE 27
401(K) REGISTERED - STANDARDIZED PERFORMANCE
US/3R - CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .334677 1,000.00 2,987.956 .000900
03/31/87 .436475 .000900
06/30/87 .429594 -.51 -1.196 .000900
09/30/87 .444325 .000900
12/31/87 .305298 -.49 -1.618 .000900
03/31/88 .330250 .000900
06/30/88 .355817 -.44 -1.248 .000900
09/30/88 .333761 .000900
12/31/88 .332789 -.46 -1.389 .000900
03/31/89 .352685 .000900
06/30/89 .365978 -.47 -1.281 .000900
09/30/89 .406520 .000900
12/31/89 .380647 -.50 -1.316 .000900
03/31/90 .376825 .000900
06/30/90 .407070 -.53 -1.297 .000900
09/30/90 .326340 .000900
12/31/90 .360594 -.51 -1.427 .000900
03/31/91 .432405 .000900
06/30/91 .427194 -.53 -1.235 .000900
09/30/91 .447118 .000900
12/31/91 .478348 1,000.00 2,090.528 -.61 -1.268 .000900
03/31/92 .493415 .000900
06/30/92 .471513 -.45 -.948 -.64 -1.348 .000900
09/30/92 .495297 .000900
12/31/92 .557334 -.48 -.868 -.69 -1.235 .000900
03/31/93 .590342 .000900
06/30/93 .610891 -.55 -.899 -.78 -1.279 .000900
09/30/93 .646106 .000900
12/31/93 .635233 -.59 -.922 -.83 -1.311 .000900
03/31/94 .609359 .000900
06/30/94 .572282 -.57 -.991 -.81 -1.410 .000900
09/30/94 .599106 .000900
12/31/94 .599149 -.55 -.918 -.78 -1.306 .000900
03/31/95 .628618 .000900
06/30/95 .715861 -.62 -.862 -.88 -1.226 .000900
09/30/95 .803431 .000900
12/31/95 .809308 1,000.00 1,235.624 -.72 -.884 -1.02 -1.257 .000900
03/31/96 .888961 .000900
06/30/96 .941155 -.49 -.517 -.82 -.872 -1.17 -1.241 .000900
09/30/96 .986636 .000900
12/31/96 1.027704 -.55 -.532 -.92 -.898 -1.31 -1.277 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,234.574 2,081.469 2,961.790
ACCOUNT VALUE 1,268.78 2,139.13 3,043.84
SURRENDER VALUE 1,205.34 2,074.96 3,043.84
TOTAL RETURN 20.53 % 107.50 % 204.38 %
ANNUALIZED RETURN 15.72 % 11.77 %
</TABLE>
<PAGE> 95
QP - Goldtrack - .95% M&E - American Odyssey Funds Nonstandardized
Reflects nonstandardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.827927 1000 1207.836 0.000%
06/30/93 0.847122 0.00000 0.000 0.000%
07/31/93 0.853810 -3.22270 -3.774 0.000% 0.3125%
10/31/93 0.909569 -3.42243 -3.763 0.000% 0.3125%
12/31/93 0.899898 1000 1111.237 0.00000 0.000 0.000%
01/31/94 0.909041 -3.15675 -3.473 -3.40975 -3.751 0.000% 0.3125%
04/30/94 0.844404 -2.92313 -3.462 -3.15741 -3.739 0.000% 0.3125%
06/30/94 0.838701 0.00000 0.000 0.000%
07/31/94 0.858150 -2.96143 -3.451 -3.19878 -3.728 0.000% 0.3125%
10/31/94 0.832452 -2.86377 -3.440 -3.09329 -3.716 0.000% 0.3125%
12/31/94 0.840075 0.00000 0.000 0.000%
01/31/95 0.858241 -2.94326 -3.429 -3.17915 -3.704 0.000% 0.3125%
04/30/95 0.900982 -3.08018 -3.419 -3.32705 -3.693 0.000% 0.3125%
06/30/95 0.951271 0.00000 0.000 0.000%
07/31/95 0.943371 -3.21502 -3.408 -3.47269 -3.681 0.000% 0.3125%
09/30/95 0.969508 0.000%
10/31/95 0.986496 -3.35148 -3.397 -3.62009 -3.670 0.000% 0.3125%
12/31/95 1.018998 1000 981.356 0.00000 0.000 0.000%
01/31/96 1.020138 -3.12850 -3.067 -3.45495 -3.387 -3.73185 -3.658 0.000% 0.3125%
03/31/96 0.969339 0.000%
04/30/96 0.958858 -2.93138 -3.057 -3.23726 -3.376 -3.49671 -3.647 0.000% 0.3125%
06/30/96 0.968945 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.970037 -2.95628 -3.048 -3.26477 -3.366 -3.52642 -3.635 0.000% 0.3125%
09/30/96 0.984832 0.000%
10/31/96 1.015722 -3.08584 -3.038 -3.40784 -3.355 -3.68097 -3.624 0.000% 0.3125%
12/31/96 1.022469 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 969.146 1070.274 1156.053
Cash Value $990.92 $1,094.32 $1,182.03
Total Return -0.91% 9.43% 18.20%
Annualized Return 3.05% 4.66%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.648585 1000 1541.818 0.000% 0.1886
06/30/93 0.645081 0.00000 0.000 0.000% 0.0482
07/31/93 0.649663 -3.13019 -4.818 0.000% 0.3125%
10/31/93 0.664593 -3.19212 -4.803 0.000% 0.3125%
12/31/93 0.657927 1000 1519.925 0.00000 0.000 0.000%
01/31/94 0.682869 -3.24347 -4.750 -3.26966 -4.788 0.000% 0.3125%
04/30/94 0.651460 -3.08461 -4.735 -3.10952 -4.773 0.000% 0.3125%
06/30/94 0.641529 0.00000 0.000 0.000%
07/31/94 0.661950 -3.12449 -4.720 -3.14972 -4.758 0.000% 0.3125%
10/31/94 0.666017 -3.13386 -4.705 -3.15916 -4.743 0.000% 0.3125%
12/31/94 0.645113 0.00000 0.000 0.000%
01/31/95 0.654830 -3.07159 -4.691 -3.09639 -4.729 0.000% 0.3125%
04/30/95 0.722394 -3.37792 -4.676 -3.40520 -4.714 0.000% 0.3125%
06/30/95 0.767813 0.00000 0.000 0.000%
07/31/95 0.796540 -3.71299 -4.661 -3.74297 -4.699 0.000% 0.3125%
09/30/95 0.834793 0.000%
10/31/95 0.829638 -3.85519 -4.647 -3.88632 -4.684 0.000% 0.3125%
12/31/95 0.885465 1000 1129.350 0.00000 0.000 0.000%
01/31/96 0.915582 -3.23129 -3.529 -4.24126 -4.632 -4.27551 -4.670 0.000% 0.3125%
03/31/96 0.937396 0.000%
04/30/96 0.944575 -3.32319 -3.518 -4.36189 -4.618 -4.39711 -4.655 0.000% 0.3125%
06/30/96 0.957016 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.914551 -3.20751 -3.507 -4.21005 -4.603 -4.24404 -4.641 0.000% 0.3125%
09/30/96 0.981730 0.000%
10/31/96 1.024449 -3.58172 -3.496 -4.70122 -4.589 -4.73917 -4.626 0.000% 0.3125%
12/31/96 1.080064 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1115.3 1463.898 1475.717
Cash Value $1,204.60 $1,581.10 $1,593.87
Total Return 20.46% 58.11% 59.39%
Annualized Return 16.50% 13.54%
</TABLE>
<PAGE> 96
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.599715 1000 1667.459 0.000%
06/30/93 0.581710 0.00000 0.000 0.000%
07/31/93 0.564001 -2.93890 -5.211 0.000% 0.3125%
10/31/93 0.640430 -3.32673 -5.195 0.000% 0.3125%
12/31/93 0.648265 1000 1542.579 0.00000 0.000 0.000%
01/31/94 0.669057 -3.22523 -4.821 -3.46457 -5.178 0.000% 0.3125%
04/30/94 0.665752 -3.19927 -4.805 -3.43668 -5.162 0.000% 0.3125%
06/30/94 0.609815 0.00000 0.000 0.000%
07/31/94 0.604635 -2.89649 -4.790 -3.11144 -5.146 0.000% 0.3125%
10/31/94 0.703701 -3.36053 -4.776 -3.60991 -5.130 0.000% 0.3125%
12/31/94 0.704262 0.00000 0.000 0.000%
01/31/95 0.690105 -3.28530 -4.761 -3.52910 -5.114 0.000% 0.3125%
04/30/95 0.744892 -3.53504 -4.746 -3.79737 -5.098 0.000% 0.3125%
06/30/95 0.852046 0.00000 0.000 0.000%
07/31/95 0.912909 -4.31886 -4.731 -4.63936 -5.082 0.000% 0.3125%
09/30/95 0.948119 0.000%
10/31/95 0.908348 -4.28385 -4.716 -4.60176 -5.066 0.000% 0.3125%
12/31/95 0.922570 1000 1083.929 0.00000 0.000 0.000%
01/31/96 0.881341 -2.98535 -3.387 -4.14350 -4.701 -4.45098 -5.050 0.000% 0.3125%
03/31/96 0.948638 0.000%
04/30/96 1.019491 -3.44251 -3.377 -4.77801 -4.687 -5.13259 -5.034 0.000% 0.3125%
06/30/96 0.977566 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.889361 -2.99371 -3.366 -4.15511 -4.672 -4.46346 -5.019 0.000% 0.3125%
09/30/96 1.003843 0.000%
10/31/96 0.927471 -3.11224 -3.356 -4.31962 -4.657 -4.64018 -5.003 0.000% 0.3125%
12/31/96 0.885084 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1070.443 1485.716 1595.971
Cash Value $947.43 $1,314.98 $1,412.57
Total Return -5.26% 31.50% 41.26%
Annualized Return 9.56% 9.87%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.703800 1000 1420.858 0.000%
06/30/93 0.685633 0.00000 0.000 0.000%
07/31/93 0.680911 -3.02337 -4.440 0.000% 0.3125%
10/31/93 0.756548 -3.34871 -4.426 0.000% 0.3125%
12/31/93 0.832393 1000 1201.356 0.00000 0.000 0.000%
01/31/94 0.857418 -3.21895 -3.754 -3.78334 -4.412 0.000% 0.3125%
04/30/94 0.795159 -2.97589 -3.743 -3.49766 -4.399 0.000% 0.3125%
06/30/94 0.768278 0.00000 0.000 0.000%
07/31/94 0.792580 -2.95696 -3.731 -3.47542 -4.385 0.000% 0.3125%
10/31/94 0.816151 -3.03539 -3.719 -3.56759 -4.371 0.000% 0.3125%
12/31/94 0.766972 0.00000 0.000 0.000%
01/31/95 0.736415 -2.73028 -3.708 -3.20899 -4.358 0.000% 0.3125%
04/30/95 0.802978 -2.96776 -3.696 -3.48810 -4.344 0.000% 0.3125%
06/30/95 0.832888 0.00000 0.000 0.000%
07/31/95 0.884694 -3.25956 -3.684 -3.83107 -4.330 0.000% 0.3125%
09/30/95 0.895353 0.000%
10/31/95 0.871261 -3.20004 -3.673 -3.76111 -4.317 0.000% 0.3125%
12/31/95 0.904097 1000 1106.076 0.00000 0.000 0.000%
01/31/96 0.933180 -3.22553 -3.456 -3.41675 -3.661 -4.01581 -4.303 0.000% 0.3125%
03/31/96 0.953093 0.000%
04/30/96 0.974335 -3.35725 -3.446 -3.55628 -3.650 -4.17981 -4.290 0.000% 0.3125%
06/30/96 0.973546 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.932994 -3.20476 -3.435 -3.39475 -3.639 -3.98996 -4.277 0.000% 0.3125%
09/30/96 0.995935 0.000%
10/31/96 1.007151 -3.44867 -3.424 -3.65312 -3.627 -4.29363 -4.263 0.000% 0.3125%
12/31/96 1.091420 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1092.315 1157.071 1359.943
Cash Value $1,192.17 $1,262.85 $1,484.27
Total Return 19.22% 26.29% 48.43%
Annualized Return 8.09% 11.36%
</TABLE>
<PAGE> 97
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.868600 1000 1151.278 0.000%
06/30/93 0.880285 0.00000 0.000 0.000%
07/31/93 0.882192 -3.17390 -3.598 0.000% 0.3125%
10/31/93 0.904249 -3.24309 -3.587 0.000% 0.3125%
12/31/93 0.900603 1000 1110.367 0.00000 0.000 0.000%
01/31/94 0.907802 -3.14998 -3.470 -3.24566 -3.575 0.000% 0.3125%
04/30/94 0.870787 -3.01210 -3.459 -3.10359 -3.564 0.000% 0.3125%
06/30/94 0.867639 0.00000 0.000 0.000%
07/31/94 0.877442 -3.02563 -3.448 -3.11753 -3.553 0.000% 0.3125%
10/31/94 0.868339 -2.98489 -3.437 -3.07555 -3.542 0.000% 0.3125%
12/31/94 0.866699 0.00000 0.000 0.000%
01/31/95 0.878633 -3.01084 -3.427 -3.10229 -3.531 0.000% 0.3125%
04/30/95 0.910810 -3.11134 -3.416 -3.20585 -3.520 0.000% 0.3125%
06/30/95 0.942538 0.00000 0.000 0.000%
07/31/95 0.940879 -3.20402 -3.405 -3.30133 -3.509 0.000% 0.3125%
09/30/95 0.953749 0.000%
10/31/95 0.964589 -3.27449 -3.395 -3.37395 -3.498 0.000% 0.3125%
12/31/95 0.987458 1000 1012.701 0.00000 0.000 0.000%
01/31/96 0.996116 -3.15240 -3.165 -3.37095 -3.384 -3.47334 -3.487 0.000% 0.3125%
03/31/96 0.978470 0.000%
04/30/96 0.973852 -3.07231 -3.155 -3.28531 -3.374 -3.38509 -3.476 0.000% 0.3125%
06/30/96 0.979933 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.981930 -3.08811 -3.145 -3.30221 -3.363 -3.40250 -3.465 0.000% 0.3125%
09/30/96 0.993596 0.000%
10/31/96 1.008843 -3.16284 -3.135 -3.38211 -3.352 -3.48484 -3.454 0.000% 0.3125%
12/31/96 1.016539 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1000.101 1069.437 1101.919
Cash Value $1,016.64 $1,087.12 $1,120.14
Total Return 1.66% 8.71% 12.01%
Annualized Return 2.82% 3.14%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.884780 1000 1130.224 0.000%
06/30/93 0.890532 0.00000 0.000 0.000%
07/31/93 0.892488 -3.15222 -3.532 0.000% 0.3125%
10/31/93 0.902711 -3.17837 -3.521 0.000% 0.3125%
12/31/93 0.904389 1000 1105.719 0.00000 0.000 0.000%
01/31/94 0.907268 -3.13495 -3.455 -3.18443 -3.510 0.000% 0.3125%
04/30/94 0.893546 -3.07789 -3.445 -3.12646 -3.499 0.000% 0.3125%
06/30/94 0.892999 0.00000 0.000 0.000%
07/31/94 0.901257 -3.09474 -3.434 -3.14359 -3.488 0.000% 0.3125%
10/31/94 0.898157 -3.07446 -3.423 -3.12299 -3.477 0.000% 0.3125%
12/31/94 0.894600 0.00000 0.000 0.000%
01/31/95 0.904050 -3.08496 -3.412 -3.13365 -3.466 0.000% 0.3125%
04/30/95 0.929643 -3.16238 -3.402 -3.21230 -3.455 0.000% 0.3125%
06/30/95 0.952963 0.00000 0.000 0.000%
07/31/95 0.953114 -3.23209 -3.391 -3.28311 -3.445 0.000% 0.3125%
09/30/95 0.960802 0.000%
10/31/95 0.967340 -3.27008 -3.380 -3.32170 -3.434 0.000% 0.3125%
12/31/95 0.982429 1000 1017.885 0.00000 0.000 0.000%
01/31/96 0.989267 -3.14675 -3.181 -3.33376 -3.370 -3.38638 -3.423 0.000% 0.3125%
03/31/96 0.978182 0.000%
04/30/96 0.977365 -3.09918 -3.171 -3.28336 -3.359 -3.33518 -3.412 0.000% 0.3125%
06/30/96 0.983520 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.986499 -3.11836 -3.161 -3.30369 -3.349 -3.35583 -3.402 0.000% 0.3125%
09/30/96 0.995435 0.000%
10/31/96 1.006079 -3.17032 -3.151 -3.35873 -3.338 -3.41174 -3.391 0.000% 0.3125%
12/31/96 1.009964 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1005.221 1064.961 1081.769
Cash Value $1,015.24 $1,075.57 $1,092.55
Total Return 1.52% 7.56% 9.25%
Annualized Return 2.46% 2.44%
</TABLE>
<PAGE> 98
QP - Goldtrack - .95% M&E - American Odyssey Funds Standardized
Reflects standardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.827927 1000 1207.836 0.090%
06/30/93 0.847122 -0.14966 -0.177 0.090%
07/31/93 0.853810 -3.22222 -3.774 0.3125%
10/31/93 0.909569 -3.42193 -3.762 0.3125%
12/31/93 0.899898 -0.47174 -0.524 0.090%
01/31/94 0.909041 -3.40776 -3.749 0.3125%
04/30/94 0.844404 -3.15556 -3.737 0.3125%
06/30/94 0.838701 -0.46634 -0.556 0.090%
07/31/94 0.858150 -3.19542 -3.724 0.3125%
10/31/94 0.832452 -3.09004 -3.712 0.3125%
12/31/94 0.840075 -0.44727 -0.532 0.090%
01/31/95 0.858241 -3.17439 -3.699 0.3125%
04/30/95 0.900982 -3.32206 -3.687 0.3125%
06/30/95 0.951271 -0.47407 -0.498 0.090%
07/31/95 0.943371 -3.46602 -3.674 0.3125%
09/30/95 0.969508 0.090%
10/31/95 0.986496 -3.61314 -3.663 0.3125%
12/31/95 1.018998 1000 981.356 -0.51795 -0.508 0.090%
01/31/96 1.020138 -3.12850 -3.067 -3.72306 -3.650 0.3125%
03/31/96 0.969339 0.090%
04/30/96 0.958858 -2.93138 -3.057 -3.48848 -3.638 0.3125%
06/30/96 0.968945 -0.43621 -0.450 -0.51911 -0.536 0.090%
07/31/96 0.970037 -2.95492 -3.046 -3.51649 -3.625 0.3125%
09/30/96 0.984832 0.090%
10/31/96 1.015722 -3.08442 -3.037 -3.67060 -3.614 0.3125%
12/31/96 1.022469 -0.43404 -0.425 -0.51653 -0.505 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 968.274 1152.292
Account Value $990.03 $1,178.18
Surrender Value $940.53 $1,131.06
Total Return -5.95% 13.11%
Annualized Return 3.41%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.648585 1000 1541.818 0.090%
06/30/93 0.645081 -0.14755 -0.229 0.090%
07/31/93 0.649663 -3.12973 -4.817 0.3125%
10/31/93 0.664593 -3.19165 -4.802 0.3125%
12/31/93 0.657927 -0.44914 -0.683 0.090%
01/31/94 0.682869 -3.26771 -4.785 0.3125%
04/30/94 0.651460 -3.10767 -4.770 0.3125%
06/30/94 0.641529 -0.44492 -0.694 0.090%
07/31/94 0.661950 -3.14641 -4.753 0.3125%
10/31/94 0.666017 -3.15585 -4.738 0.3125%
12/31/94 0.645113 -0.43758 -0.678 0.090%
01/31/95 0.654830 -3.09176 -4.721 0.3125%
04/30/95 0.722394 -3.40010 -4.707 0.3125%
06/30/95 0.767813 -0.47732 -0.622 0.090%
07/31/95 0.796540 -3.73582 -4.690 0.3125%
09/30/95 0.834793 0.090%
10/31/95 0.829638 -3.87889 -4.675 0.3125%
12/31/95 0.885465 1000 1129.350 -0.55480 -0.627 0.090%
01/31/96 0.915582 -3.23129 -3.529 -4.26554 -4.659 0.3125%
03/31/96 0.937396 0.090%
04/30/96 0.944575 -3.32319 -3.518 -4.38687 -4.644 0.3125%
06/30/96 0.957016 -0.46526 -0.486 -0.61418 -0.642 0.090%
07/31/96 0.914551 -3.20612 -3.506 -4.23232 -4.628 0.3125%
09/30/96 0.981730 0.090%
10/31/96 1.024449 -3.58016 -3.495 -4.72608 -4.613 0.3125%
12/31/96 1.080064 -0.51097 -0.473 -0.67452 -0.625 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1114.343 1471.016
Account Value $1,203.56 $1,588.79
Surrender Value $1,143.38 $1,525.24
Total Return 14.34% 52.52%
Annualized Return 12.19%
</TABLE>
<PAGE> 99
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.599715 1000 1667.459 0.090%
06/30/93 0.581710 -0.14572 -0.251 0.090%
07/31/93 0.564001 -2.93846 -5.210 0.3125%
10/31/93 0.640430 -3.32623 -5.194 0.3125%
12/31/93 0.648265 -0.45851 -0.707 0.090%
01/31/94 0.669057 -3.46257 -5.175 0.3125%
04/30/94 0.665752 -3.43470 -5.159 0.3125%
06/30/94 0.609815 -0.46586 -0.764 0.090%
07/31/94 0.604635 -3.10820 -5.141 0.3125%
10/31/94 0.703701 -3.60616 -5.125 0.3125%
12/31/94 0.704262 -0.48334 -0.686 0.090%
01/31/95 0.690105 -3.52395 -5.106 0.3125%
04/30/95 0.744892 -3.79183 -5.090 0.3125%
06/30/95 0.852046 -0.56862 -0.667 0.090%
07/31/95 0.912909 -4.63069 -5.072 0.3125%
09/30/95 0.948119 0.090%
10/31/95 0.908348 -4.59315 -5.057 0.3125%
12/31/95 0.922570 1000 1083.929 -0.64407 -0.698 0.090%
01/31/96 0.881341 -2.98535 -3.387 -4.44074 -5.039 0.3125%
03/31/96 0.948638 0.090%
04/30/96 1.019491 -3.44251 -3.377 -5.12077 -5.023 0.3125%
06/30/96 0.977566 -0.46052 -0.471 -0.68503 -0.701 0.090%
07/31/96 0.889361 -2.99241 -3.365 -4.45124 -5.005 0.3125%
09/30/96 1.003843 0.090%
10/31/96 0.927471 -3.11088 -3.354 -4.62747 -4.989 0.3125%
12/31/96 0.885084 -0.44842 -0.507 -0.66703 -0.754 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1069.468 1590.846
Account Value $946.57 $1,408.03
Surrender Value $899.24 $1,351.71
Total Return -10.08% 35.17%
Annualized Return 8.56%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.703800 1000 1420.858 0.090%
06/30/93 0.685633 -0.14604 -0.213 0.090%
07/31/93 0.680911 -3.02292 -4.440 0.3125%
10/31/93 0.756548 -3.34821 -4.426 0.3125%
12/31/93 0.832393 -0.48220 -0.579 0.090%
01/31/94 0.857418 -3.78121 -4.410 0.3125%
04/30/94 0.795159 -3.49569 -4.396 0.3125%
06/30/94 0.768278 -0.50507 -0.657 0.090%
07/31/94 0.792580 -3.47184 -4.380 0.3125%
10/31/94 0.816151 -3.56392 -4.367 0.3125%
12/31/94 0.766972 -0.48118 -0.627 0.090%
01/31/95 0.736415 -3.20424 -4.351 0.3125%
04/30/95 0.802978 -3.48295 -4.338 0.3125%
06/30/95 0.832888 -0.49808 -0.598 0.090%
07/31/95 0.884694 -3.82375 -4.322 0.3125%
09/30/95 0.895353 0.090%
10/31/95 0.871261 -3.75392 -4.309 0.3125%
12/31/95 0.904097 1000 1106.076 -0.53716 -0.594 0.090%
01/31/96 0.933180 -3.22553 -3.456 -4.00641 -4.293 0.3125%
03/31/96 0.953093 0.090%
04/30/96 0.974335 -3.35725 -3.446 -4.17003 -4.280 0.3125%
06/30/96 0.973546 -0.46437 -0.477 -0.57679 -0.592 0.090%
07/31/96 0.932994 -3.20337 -3.433 -3.97889 -4.265 0.3125%
09/30/96 0.995935 0.090%
10/31/96 1.007151 -3.44718 -3.423 -4.28172 -4.251 0.3125%
12/31/96 1.091420 -0.50729 -0.465 -0.63010 -0.577 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1091.376 1355.593
Account Value $1,191.15 $1,479.52
Surrender Value $1,131.59 $1,420.34
Total Return 13.16% 42.03%
Annualized Return 10.03%
</TABLE>
<PAGE> 100
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.868600 1000 1151.278 0.090%
06/30/93 0.880285 -0.14894 -0.169 0.090%
07/31/93 0.882192 -3.17343 -3.597 0.3125%
10/31/93 0.904249 -3.24261 -3.586 0.3125%
12/31/93 0.900603 -0.45837 -0.509 0.090%
01/31/94 0.907802 -3.24374 -3.573 0.3125%
04/30/94 0.870787 -3.10175 -3.562 0.3125%
06/30/94 0.867639 -0.45207 -0.521 0.090%
07/31/94 0.877442 -3.11426 -3.549 0.3125%
10/31/94 0.868339 -3.07232 -3.538 0.3125%
12/31/94 0.866699 -0.44044 -0.508 0.090%
01/31/95 0.878633 -3.09764 -3.526 0.3125%
04/30/95 0.910810 -3.20104 -3.515 0.3125%
06/30/95 0.942538 -0.45639 -0.484 0.090%
07/31/95 0.940879 -3.29496 -3.502 0.3125%
09/30/95 0.953749 0.090%
10/31/95 0.964589 -3.36744 -3.491 0.3125%
12/31/95 0.987458 1000 1012.701 -0.48360 -0.490 0.090%
01/31/96 0.996116 -3.15240 -3.165 -3.46511 -3.479 0.3125%
03/31/96 0.978470 0.090%
04/30/96 0.973852 -3.07231 -3.155 -3.37707 -3.468 0.3125%
06/30/96 0.979933 -0.44549 -0.455 -0.48968 -0.500 0.090%
07/31/96 0.981930 -3.08672 -3.144 -3.39291 -3.455 0.3125%
09/30/96 0.993596 0.090%
10/31/96 1.008843 -3.16141 -3.134 -3.47501 -3.445 0.3125%
12/31/96 1.016539 -0.44905 -0.442 -0.49359 -0.486 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 999.206 1098.325
Account Value $1,015.73 $1,116.49
Surrender Value $964.95 $1,071.83
Total Return -3.51% 7.18%
Annualized Return 1.91%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.884780 1000 1130.224 0.090%
06/30/93 0.890532 -0.14843 -0.167 0.090%
07/31/93 0.892488 -3.15176 -3.531 0.3125%
10/31/93 0.902711 -3.17790 -3.520 0.3125%
12/31/93 0.904389 -0.45353 -0.501 0.090%
01/31/94 0.907268 -3.18254 -3.508 0.3125%
04/30/94 0.893546 -3.12461 -3.497 0.3125%
06/30/94 0.892999 -0.45112 -0.505 0.090%
07/31/94 0.901257 -3.14030 -3.484 0.3125%
10/31/94 0.898157 -3.11972 -3.473 0.3125%
12/31/94 0.894600 -0.44566 -0.498 0.090%
01/31/95 0.904050 -3.12897 -3.461 0.3125%
04/30/95 0.929643 -3.20750 -3.450 0.3125%
06/30/95 0.952963 -0.45753 -0.480 0.090%
07/31/95 0.953114 -3.27677 -3.438 0.3125%
09/30/95 0.960802 0.090%
10/31/95 0.967340 -3.31529 -3.427 0.3125%
12/31/95 0.982429 1000 1017.885 -0.47608 -0.485 0.090%
01/31/96 0.989267 -3.14675 -3.181 -3.37834 -3.415 0.3125%
03/31/96 0.978182 0.090%
04/30/96 0.977365 -3.09918 -3.171 -3.32727 -3.404 0.3125%
06/30/96 0.983520 -0.44744 -0.455 -0.48037 -0.488 0.090%
07/31/96 0.986499 -3.11696 -3.160 -3.34636 -3.392 0.3125%
09/30/96 0.995435 0.090%
10/31/96 1.006079 -3.16889 -3.150 -3.40212 -3.382 0.3125%
12/31/96 1.009964 -0.45067 -0.446 -0.48384 -0.479 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1004.322 1078.239
Account Value $1,014.33 $1,088.98
Surrender Value $963.61 $1,045.42
Total Return -3.64% 4.54%
Annualized Return 1.22%
</TABLE>
<PAGE> 101
PAGE 1
QP - 401(K) REGISTERED - STANDARDIZED PERFORMANCE - 1.15% M&E
DI/4R - DREYFUS STOCK INDEX FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 .461384 1,000.00 2,167.392 .000900
12/31/89 .470001 -.23 -.492 .000900
03/31/90 .454206 .000900
06/30/90 .480461 -.46 -.964 .000900
09/30/90 .413621 .000900
12/31/90 .448400 -.45 -1.010 .000900
03/31/91 .511598 .000900
06/30/91 .508440 -.47 -.917 .000900
09/30/91 .533226 .000900
12/31/91 .575581 1,000.00 1,737.375 -.53 -.917 .000900
03/31/92 .558937 .000900
06/30/92 .567053 -.45 -.788 -.56 -.981 .000900
09/30/92 .582535 .000900
12/31/92 .609375 -.46 -.754 -.57 -.939 .000900
03/31/93 .632637 .000900
06/30/93 .632832 -.49 -.767 -.60 -.955 .000900
09/30/93 .646275 .000900
12/31/93 .658616 -.50 -.765 -.63 -.953 .000900
03/31/94 .631371 .000900
06/30/94 .631607 -.50 -.797 -.63 -.992 .000900
09/30/94 .659301 .000900
12/31/94 .656828 -.50 -.765 -.63 -.953 .000900
03/31/95 .718217 .000900
06/30/95 .782665 -.56 -.717 -.70 -.893 .000900
09/30/95 .841661 .000900
12/31/95 .888179 1,000.00 1,125.899 -.65 -.733 -.81 -.913 .000900
03/31/96 .932981 .000900
06/30/96 .971090 -.47 -.485 -.72 -.746 -.90 -.929 .000900
09/30/96 .996882 .000900
12/31/96 1.075610 -.52 -.482 -.80 -.741 -.99 -.922 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,124.932 1,729.802 2,153.663
ACCOUNT VALUE 1,209.99 1,860.59 2,316.50
SURRENDER VALUE 1,149.49 1,804.77 2,270.17
TOTAL RETURN 14.95 % 80.48 % 127.02 %
ANNUALIZED RETURN 12.53 % 11.95 %
</TABLE>
<PAGE> 102
PAGE 2
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FA/4R - FIDELITY ASSET MANAGER FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 .506976 1,000.00 1,972.480 .000900
09/30/89 .506103 .000900
12/31/89 .509250 -.29 -.563 .000900
03/31/90 .505754 .000900
06/30/90 .527162 -.46 -.872 .000900
09/30/90 .496785 .000900
12/31/90 .537227 -.47 -.879 .000900
03/31/91 .592787 .000900
06/30/91 .602548 -.51 -.839 .000900
09/30/91 .631976 .000900
12/31/91 .650894 1,000.00 1,536.348 -.56 -.853 .000900
03/31/92 .668465 .000900
06/30/92 .682770 -.46 -.675 -.59 -.865 .000900
09/30/92 .694282 .000900
12/31/92 .719748 -.48 -.673 -.62 -.863 .000900
03/31/93 .757161 .000900
06/30/93 .778581 -.52 -.665 -.66 -.852 .000900
09/30/93 .809383 .000900
12/31/93 .861210 -.57 -.657 -.73 -.842 .000900
03/31/94 .817592 .000900
06/30/94 .807089 -.58 -.713 -.74 -.914 .000900
09/30/94 .827992 .000900
12/31/94 .799522 -.55 -.693 -.71 -.888 .000900
03/31/95 .815495 .000900
06/30/95 .843782 -.57 -.671 -.73 -.860 .000900
09/30/95 .893052 .000900
12/31/95 .924461 1,000.00 1,081.711 -.61 -.659 -.78 -.845 .000900
03/31/96 .949123 .000900
06/30/96 .972539 -.46 -.475 -.65 -.672 -.84 -.861 .000900
09/30/96 .990133 .000900
12/31/96 1.047302 -.49 -.469 -.70 -.664 -.89 -.851 .000900
ONE YEAR FIVE YEAR TEN YEAR
ENDING UNITS 1,080.767 1,529.605 1,959.834
ACCOUNT VALUE 1,131.89 1,601.96 2,052.54
SURRENDER VALUE 1,075.30 1,553.90 2,011.49
TOTAL RETURN 7.53 % 55.39 % 101.15 %
ANNUALIZED RETURN 9.22 % 10.01 %
</TABLE>
<PAGE> 103
PAGE 3
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FB/4R - FIDELITY HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .395672 1,000.00 2,527.346 .000900
03/31/87 .419801 .000900
06/30/87 .410424 -.46 -1.117 .000900
09/30/87 .398682 .000900
12/31/87 .395903 -.46 -1.158 .000900
03/31/88 .416940 .000900
06/30/88 .427133 -.47 -1.095 .000900
09/30/88 .431707 .000900
12/31/88 .436941 -.49 -1.123 .000900
03/31/89 .442592 .000900
06/30/89 .457234 -.51 -1.110 .000900
09/30/89 .434539 .000900
12/31/89 .413929 -.49 -1.194 .000900
03/31/90 .393212 .000900
06/30/90 .407649 -.47 -1.143 .000900
09/30/90 .396232 .000900
12/31/90 .400032 -.46 -1.145 .000900
03/31/91 .445209 .000900
06/30/91 .476555 -.50 -1.042 .000900
09/30/91 .511050 .000900
12/31/91 .534184 1,000.00 1,872.014 -.57 -1.072 .000900
03/31/92 .600270 .000900
06/30/92 .616865 -.48 -.786 -.65 -1.056 .000900
09/30/92 .646918 .000900
12/31/92 .649843 -.53 -.821 -.72 -1.103 .000900
03/31/93 .693007 .000900
06/30/93 .724127 -.58 -.799 -.78 -1.073 .000900
09/30/93 .739518 .000900
12/31/93 .774179 -.63 -.814 -.85 -1.094 .000900
03/31/94 .769939 .000900
06/30/94 .758573 -.64 -.850 -.87 -1.142 .000900
09/30/94 .764807 .000900
12/31/94 .753514 -.64 -.843 -.85 -1.134 .000900
03/31/95 .794879 .000900
06/30/95 .839088 -.67 -.797 -.90 -1.072 .000900
09/30/95 .877828 .000900
12/31/95 .898433 1,000.00 1,113.049 -.73 -.812 -.98 -1.092 .000900
03/31/96 .929388 .000900
06/30/96 .958464 -.47 -.485 -.78 -.813 -1.05 -1.093 .000900
09/30/96 .994572 .000900
12/31/96 1.012742 -.49 -.487 -.83 -.817 -1.11 -1.098 .000900
ONE YEAR FIVE YEAR TEN YEAR
ENDING UNITS 1,112.077 1,863.863 2,505.192
ACCOUNT VALUE 1,126.25 1,887.61 2,537.11
SURRENDER VALUE 1,069.93 1,830.98 2,537.11
TOTAL RETURN 6.99 % 83.10 % 153.71 %
ANNUALIZED RETURN 12.86 % 9.76 %
</TABLE>
<PAGE> 104
PAGE 4
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FE/4R - FIDELITY EQUITY INCOME PORTFOLIO FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .322882 1,000.00 3,097.107 .000900
03/31/87 .376601 .000900
06/30/87 .376112 -.49 -1.295 .000900
09/30/87 .391629 .000900
12/31/87 .315568 -.48 -1.527 .000900
03/31/88 .347593 .000900
06/30/88 .377375 -.48 -1.278 .000900
09/30/88 .380095 .000900
12/31/88 .382814 -.53 -1.382 .000900
03/31/89 .411948 .000900
06/30/89 .439606 -.57 -1.301 .000900
09/30/89 .466058 .000900
12/31/89 .444089 -.61 -1.384 .000900
03/31/90 .416042 .000900
06/30/90 .422713 -.60 -1.425 .000900
09/30/90 .349006 .000900
12/31/90 .371876 -.55 -1.484 .000900
03/31/91 .426320 .000900
06/30/91 .432105 -.56 -1.292 .000900
09/30/91 .461671 .000900
12/31/91 .483220 1,000.00 2,069.451 -.64 -1.315 .000900
03/31/92 .498022 .000900
06/30/92 .511728 -.46 -.905 -.69 -1.349 .000900
09/30/92 .519701 .000900
12/31/92 .558368 -.50 -.892 -.74 -1.329 .000900
03/31/93 .603762 .000900
06/30/93 .617558 -.55 -.886 -.82 -1.320 .000900
09/30/93 .645584 .000900
12/31/93 .652846 -.59 -.905 -.88 -1.348 .000900
03/31/94 .634464 .000900
06/30/94 .656602 -.61 -.927 -.91 -1.381 .000900
09/30/94 .699735 .000900
12/31/94 .691003 -.63 -.906 -.93 -1.350 .000900
03/31/95 .751547 .000900
06/30/95 .804842 -.69 -.863 -1.04 -1.286 .000900
09/30/95 .871917 .000900
12/31/95 .922819 1,000.00 1,083.636 -.80 -.869 -1.19 -1.295 .000900
03/31/96 .960061 .000900
06/30/96 .971281 -.46 -.475 -.88 -.905 -1.31 -1.348 .000900
09/30/96 .980336 .000900
12/31/96 1.042422 -.49 -.471 -.93 -.896 -1.39 -1.335 .000900
ONE YEAR FIVE YEAR TEN YEAR
ENDING UNITS 1,082.690 2,060.497 3,070.082
ACCOUNT VALUE 1,128.62 2,147.91 3,200.32
SURRENDER VALUE 1,072.19 2,083.47 3,200.32
TOTAL RETURN 7.22 % 108.35 % 220.03 %
ANNUALIZED RETURN 15.81 % 12.34 %
</TABLE>
<PAGE> 105
PAGE 5
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FS/4R - FIDELITY GROWTH STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .271384 1,000.00 3,684.816 .000900
03/31/87 .319452 .000900
06/30/87 .330126 -.50 -1.511 .000900
09/30/87 .348518 .000900
12/31/87 .278107 -.50 -1.813 .000900
03/31/88 .303567 .000900
06/30/88 .319061 -.49 -1.550 .000900
09/30/88 .317593 .000900
12/31/88 .317769 -.53 -1.659 .000900
03/31/89 .342593 .000900
06/30/89 .367617 -.57 -1.543 .000900
09/30/89 .409705 .000900
12/31/89 .413173 -.65 -1.563 .000900
03/31/90 .396601 .000900
06/30/90 .426643 -.69 -1.628 .000900
09/30/90 .336917 .000900
12/31/90 .360496 -.65 -1.805 .000900
03/31/91 .424503 .000900
06/30/91 .411154 -.64 -1.550 .000900
09/30/91 .472596 .000900
12/31/91 .518579 1,000.00 1,928.347 -.77 -1.481 .000900
03/31/92 .525519 .000900
06/30/92 .480290 -.43 -.902 -.82 -1.717 .000900
09/30/92 .492378 .000900
12/31/92 .560724 -.45 -.805 -.86 -1.532 .000900
03/31/93 .580660 .000900
06/30/93 .621952 -.51 -.824 -.98 -1.568 .000900
09/30/93 .661550 .000900
12/31/93 .661614 -.56 -.841 -1.06 -1.599 .000900
03/31/94 .638930 .000900
06/30/94 .594335 -.54 -.915 -1.03 -1.741 .000900
09/30/94 .640084 .000900
12/31/94 .653920 -.54 -.826 -1.03 -1.572 .000900
03/31/95 .690390 .000900
06/30/95 .804778 -.63 -.784 -1.20 -1.492 .000900
09/30/95 .915829 .000900
12/31/95 .875127 1,000.00 1,142.691 -.73 -.830 -1.38 -1.580 .000900
03/31/96 .919592 .000900
06/30/96 .963443 -.47 -.491 -.79 -.825 -1.51 -1.570 .000900
09/30/96 .974981 .000900
12/31/96 .992302 -.50 -.507 -.85 -.852 -1.61 -1.621 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,141.694 1,919.941 3,652.721
ACCOUNT VALUE 1,132.91 1,905.16 3,624.60
SURRENDER VALUE 1,076.26 1,848.01 3,624.60
TOTAL RETURN 7.63 % 84.80 % 262.46 %
ANNUALIZED RETURN 13.07 % 13.74 %
</TABLE>
<PAGE> 106
PAGE 6
401(K) REGISTERED - STANDARDIZED PERFORMANCE
GV/4R - US GOVERNMENT SECURITIES
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 .770712 1,000.00 1,297.502 .000900
03/31/92 .774585 .000900
06/30/92 .793042 -.40 -.498 .000900
09/30/92 .821208 .000900
12/31/92 .822557 -.47 -.573 .000900
03/31/93 .859534 .000900
06/30/93 .877867 -.50 -.565 .000900
09/30/93 .902208 .000900
12/31/93 .890408 -.52 -.579 .000900
03/31/94 .846425 .000900
06/30/94 .832157 -.50 -.603 .000900
09/30/94 .821084 .000900
12/31/94 .830509 -.48 -.583 .000900
03/31/95 .874884 .000900
06/30/95 .951818 -.52 -.545 .000900
09/30/95 .961463 .000900
12/31/95 1.022042 1,000.00 978.433 -.57 -.562 .000900
03/31/96 .971175 .000900
06/30/96 .970139 -.44 -.452 -.58 -.597 .000900
09/30/96 .985986 .000900
12/31/96 1.024911 -.44 -.428 -.58 -.566 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 977.553 1,291.829
ACCOUNT VALUE 1,001.90 1,324.01
SURRENDER VALUE 951.81 1,279.01
TOTAL RETURN -4.82 % 27.90 % %
ANNUALIZED RETURN 5.11 % %
</TABLE>
<PAGE> 107
PAGE 7
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HA/4R - ALLIANCE GROWTH STOCK - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .596093 1,000.00 1,677.591 .000900
06/30/94 .587428 -.02 -.042 .000900
09/30/94 .628390 .000900
12/31/94 .624285 -.46 -.733 .000900
03/31/95 .667239 .000900
06/30/95 .758206 -.52 -.688 .000900
09/30/95 .823410 .000900
12/31/95 .832284 1,000.00 1,201.513 -.60 -.721 .000900
03/31/96 .883423 .000900
06/30/96 .927621 -.48 -.513 -.66 -.715 .000900
09/30/96 .972664 .000900
12/31/96 1.064311 -.54 -.506 -.75 -.705 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,200.494 1,673.987
ACCOUNT VALUE 1,277.70 1,781.64
SURRENDER VALUE 1,213.81 1,710.38
TOTAL RETURN 21.38 % 71.04 % %
ANNUALIZED RETURN 23.59 % %
</TABLE>
<PAGE> 108
PAGE 8
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HH/4R - SB HIGH INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 .801112 1,000.00 1,248.265 .000900
06/30/94 .801711 -.02 -.025 .000900
09/30/94 .807374 .000900
12/31/94 .791254 -.45 -.565 .000900
03/31/95 .829542 .000900
06/30/95 .867596 -.47 -.537 .000900
09/30/95 .894150 .000900
12/31/95 .931470 1,000.00 1,073.572 -.50 -.542 .000900
03/31/96 .950562 .000900
06/30/96 .961214 -.46 -.476 -.53 -.552 .000900
09/30/96 1.001746 .000900
12/31/96 1.041860 -.48 -.464 -.56 -.539 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,072.632 1,245.505
ACCOUNT VALUE 1,117.53 1,297.64
SURRENDER VALUE 1,061.66 1,245.74
TOTAL RETURN 6.17 % 24.57 % %
ANNUALIZED RETURN 9.08 % %
</TABLE>
<PAGE> 109
PAGE 9
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HI/4R - SB INTERNATIONAL EQUITY - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .831906 1,000.00 1,202.059 .000900
06/30/94 .854100 -.02 -.029 .000900
09/30/94 .850803 .000900
12/31/94 .794508 -.45 -.561 .000900
03/31/95 .763393 .000900
06/30/95 .841780 -.44 -.525 .000900
09/30/95 .873803 .000900
12/31/95 .874001 1,000.00 1,144.163 -.46 -.530 .000900
03/31/96 .946530 .000900
06/30/96 .986951 -.48 -.485 -.50 -.509 .000900
09/30/96 .994572 .000900
12/31/96 1.016968 -.52 -.507 -.54 -.532 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,143.171 1,199.371
ACCOUNT VALUE 1,162.57 1,219.72
SURRENDER VALUE 1,104.44 1,170.93
TOTAL RETURN 10.44 % 17.09 % %
ANNUALIZED RETURN 6.42 % %
</TABLE>
<PAGE> 110
PAGE 10
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HJ/4R - SB INCOME AND GROWTH - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .691937 1,000.00 1,445.218 .000900
06/30/94 .682735 -.02 -.036 .000900
09/30/94 .700057 .000900
12/31/94 .679202 -.44 -.652 .000900
03/31/95 .735127 .000900
06/30/95 .785910 -.48 -.606 .000900
09/30/95 .842574 .000900
12/31/95 .893474 1,000.00 1,119.227 -.55 -.611 .000900
03/31/96 .942151 .000900
06/30/96 .967770 -.47 -.484 -.60 -.625 .000900
09/30/96 .996587 .000900
12/31/96 1.057905 -.51 -.482 -.66 -.622 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,118.260 1,442.068
ACCOUNT VALUE 1,183.01 1,525.57
SURRENDER VALUE 1,123.86 1,464.55
TOTAL RETURN 12.39 % 46.45 % %
ANNUALIZED RETURN 16.25 % %
</TABLE>
<PAGE> 111
PAGE 11
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HM/4R - SB MONEY MARKET
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .918951 1,000.00 1,088.197 .000900
06/30/94 .919516 -.02 -.027 .000900
09/30/94 .925711 .000900
12/31/94 .933465 -.45 -.486 .000900
03/31/95 .943053 .000900
06/30/95 .953220 -.46 -.484 .000900
09/30/95 .963015 .000900
12/31/95 .972726 1,000.00 1,028.039 -.47 -.484 .000900
03/31/96 .981739 .000900
06/30/96 .990511 -.45 -.458 -.48 -.485 .000900
09/30/96 .999898 .000900
12/31/96 1.009219 -.46 -.458 -.49 -.484 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,027.122 1,085.747
ACCOUNT VALUE 1,036.59 1,095.76
SURRENDER VALUE 984.76 1,050.76
TOTAL RETURN -1.52 % 5.08 % %
ANNUALIZED RETURN 1.97 % %
</TABLE>
<PAGE> 112
PAGE 12
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HP/4R - PUTNAM DIVERSIFIED INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .813744 1,000.00 1,228.888 .000900
06/30/94 .814302 -.02 -.030 .000900
09/30/94 .825736 .000900
12/31/94 .820756 -.45 -.551 .000900
03/31/95 .859085 .000900
06/30/95 .897193 -.47 -.529 .000900
09/30/95 .913241 .000900
12/31/95 .952454 1,000.00 1,049.919 -.51 -.536 .000900
03/31/96 .947201 .000900
06/30/96 .954560 -.45 -.472 -.53 -.552 .000900
09/30/96 .989379 .000900
12/31/96 1.019029 -.47 -.457 -.54 -.535 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,048.990 1,226.155
ACCOUNT VALUE 1,068.95 1,249.49
SURRENDER VALUE 1,015.50 1,199.51
TOTAL RETURN 1.55 % 19.95 % %
ANNUALIZED RETURN 7.44 % %
</TABLE>
<PAGE> 113
PAGE 13
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HT/4R - MFS TOTAL RETURN - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .758801 1,000.00 1,317.869 .000900
06/30/94 .747114 -.02 -.033 .000900
09/30/94 .760931 .000900
12/31/94 .742768 -.44 -.595 .000900
03/31/95 .786220 .000900
06/30/95 .834009 -.47 -.560 .000900
09/30/95 .875466 .000900
12/31/95 .922926 1,000.00 1,083.510 -.52 -.564 .000900
03/31/96 .948879 .000900
06/30/96 .963118 -.46 -.477 -.56 -.580 .000900
09/30/96 .985642 .000900
12/31/96 1.044695 -.49 -.468 -.59 -.569 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,082.565 1,314.968
ACCOUNT VALUE 1,130.95 1,373.74
SURRENDER VALUE 1,074.40 1,318.79
TOTAL RETURN 7.44 % 31.88 % %
ANNUALIZED RETURN 11.54 % %
</TABLE>
<PAGE> 114
PAGE 14
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IB/4R - TEMPLETON GLOBAL BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .599160 1,000.00 1,669.003 .000900
09/30/88 .602186 .000900
12/31/88 .608221 -.30 -.498 .000900
03/31/89 .617033 .000900
06/30/89 .626783 -.46 -.740 .000900
09/30/89 .635265 .000900
12/31/89 .647284 -.48 -.739 .000900
03/31/90 .641056 .000900
06/30/90 .657342 -.49 -.744 .000900
09/30/90 .658575 .000900
12/31/90 .680362 -.50 -.737 .000900
03/31/91 .696207 .000900
06/30/91 .700087 -.52 -.739 .000900
09/30/91 .741139 .000900
12/31/91 .779315 1,000.00 1,283.178 -.55 -.711 .000900
03/31/92 .752875 .000900
06/30/92 .789245 -.45 -.574 -.59 -.744 .000900
09/30/92 .814280 .000900
12/31/92 .812464 -.46 -.569 -.60 -.738 .000900
03/31/93 .848806 .000900
06/30/93 .864140 -.48 -.560 -.63 -.726 .000900
09/30/93 .885295 .000900
12/31/93 .895247 -.51 -.567 -.66 -.735 .000900
03/31/94 .855388 .000900
06/30/94 .836562 -.50 -.597 -.65 -.774 .000900
09/30/94 .840361 .000900
12/31/94 .841834 -.48 -.574 -.63 -.745 .000900
03/31/95 .874530 .000900
06/30/95 .914953 -.51 -.553 -.66 -.717 .000900
09/30/95 .923644 .000900
12/31/95 .956433 1,000.00 1,045.552 -.54 -.563 -.70 -.730 .000900
03/31/96 .945958 .000900
06/30/96 .964731 -.45 -.468 -.55 -.573 -.72 -.743 .000900
09/30/96 .990435 .000900
12/31/96 1.034701 -.47 -.454 -.57 -.556 -.75 -.721 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,044.629 1,277.494 1,656.723
ACCOUNT VALUE 1,080.88 1,321.82 1,714.21
SURRENDER VALUE 1,026.83 1,276.82 1,714.21
TOTAL RETURN 2.68 % 27.68 % 71.42 %
ANNUALIZED RETURN 5.01 % 6.68 %
</TABLE>
<PAGE> 115
PAGE 15
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IN/4R - TEMPLETON GLOBAL ALLOCATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .445681 1,000.00 2,243.757 .000900
09/30/88 .448377 .000900
12/31/88 .456417 -.30 -.667 .000900
03/31/89 .467072 .000900
06/30/89 .473253 -.47 -.991 .000900
09/30/89 .499684 .000900
12/31/89 .511006 -.50 -.972 .000900
03/31/90 .504840 .000900
06/30/90 .519980 -.52 -1.000 .000900
09/30/90 .448313 .000900
12/31/90 .464815 -.50 -1.068 .000900
03/31/91 .510626 .000900
06/30/91 .506858 -.49 -.966 .000900
09/30/91 .551468 .000900
12/31/91 .586745 1,000.00 1,704.318 -.55 -.939 .000900
03/31/92 .588705 .000900
06/30/92 .625104 -.46 -.743 -.61 -.976 .000900
09/30/92 .620913 .000900
12/31/92 .626537 -.48 -.766 -.63 -1.005 .000900
03/31/93 .661339 .000900
06/30/93 .689348 -.50 -.731 -.66 -.960 .000900
09/30/93 .731854 .000900
12/31/93 .781167 -.56 -.721 -.74 -.946 .000900
03/31/94 .753919 .000900
06/30/94 .740706 -.58 -.787 -.76 -1.032 .000900
09/30/94 .773530 .000900
12/31/94 .749342 -.57 -.761 -.75 -.999 .000900
03/31/95 .767508 .000900
06/30/95 .834058 -.61 -.726 -.79 -.953 .000900
09/30/95 .883702 .000900
12/31/95 .907830 1,000.00 1,101.528 -.67 -.734 -.87 -.963 .000900
03/31/96 .944834 .000900
06/30/96 .976752 -.47 -.478 -.72 -.737 -.95 -.968 .000900
09/30/96 .991117 .000900
12/31/96 1.066688 -.51 -.475 -.78 -.732 -1.02 -.960 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,100.575 1,696.880 2,227.393
ACCOUNT VALUE 1,173.97 1,810.04 2,375.93
SURRENDER VALUE 1,115.27 1,755.74 2,375.93
TOTAL RETURN 11.53 % 75.57 % 137.59 %
ANNUALIZED RETURN 11.92 % 10.93 %
</TABLE>
<PAGE> 116
PAGE 16
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IS/4R - TEMPLETON GLOBAL STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .413716 1,000.00 2,417.117 .000900
09/30/88 .415805 .000900
12/31/88 .423270 -.30 -.719 .000900
03/31/89 .442211 .000900
06/30/89 .442997 -.47 -1.063 .000900
09/30/89 .481441 .000900
12/31/89 .479653 -.50 -1.045 .000900
03/31/90 .471857 .000900
06/30/90 .487458 -.53 -1.078 .000900
09/30/90 .409789 .000900
12/31/90 .421936 -.49 -1.170 .000900
03/31/91 .471007 .000900
06/30/91 .460393 -.48 -1.040 .000900
09/30/91 .498018 .000900
12/31/91 .531691 1,000.00 1,880.792 -.54 -1.012 .000900
03/31/92 .537636 .000900
06/30/92 .560094 -.46 -.825 -.59 -1.057 .000900
09/30/92 .548359 .000900
12/31/92 .562791 -.47 -.844 -.61 -1.081 .000900
03/31/93 .600594 .000900
06/30/93 .630940 -.50 -.800 -.65 -1.025 .000900
09/30/93 .685414 .000900
12/31/93 .745495 -.58 -.780 -.75 -1.000 .000900
03/31/94 .721429 .000900
06/30/94 .718930 -.62 -.861 -.79 -1.103 .000900
09/30/94 .756539 .000900
12/31/94 .720742 -.61 -.843 -.78 -1.081 .000900
03/31/95 .744159 .000900
06/30/95 .817841 -.65 -.794 -.83 -1.017 .000900
09/30/95 .870913 .000900
12/31/95 .892393 1,000.00 1,120.583 -.72 -.809 -.92 -1.036 .000900
03/31/96 .941778 .000900
06/30/96 .980878 -.47 -.482 -.79 -.805 -1.01 -1.032 .000900
09/30/96 .992172 .000900
12/31/96 1.079665 -.52 -.481 -.87 -.804 -1.11 -1.031 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,119.620 1,872.626 2,399.526
ACCOUNT VALUE 1,208.81 2,021.81 2,590.68
SURRENDER VALUE 1,148.37 1,961.15 2,590.68
TOTAL RETURN 14.84 % 96.12 % 159.07 %
ANNUALIZED RETURN 14.42 % 12.09 %
</TABLE>
<PAGE> 117
PAGE 17
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OB/4R - ODYSSEY LONG TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .833644 1,000.00 1,199.553 .000900
06/30/93 .852692 -.15 -.175 .000900
09/30/93 .898605 .000900
12/31/93 .904902 -.47 -.524 .000900
03/31/94 .868550 .000900
06/30/94 .842528 -.47 -.559 .000900
09/30/94 .840900 .000900
12/31/94 .843062 -.45 -.539 .000900
03/31/95 .890933 .000900
06/30/95 .953703 -.48 -.508 .000900
09/30/95 .971502 .000900
12/31/95 1.020585 1,000.00 979.830 -.53 -.521 .000900
03/31/96 .970365 .000900
06/30/96 .969486 -.44 -.453 -.54 -.553 .000900
09/30/96 .984875 .000900
12/31/96 1.022005 -.44 -.429 -.54 -.524 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 978.948 1,195.649
ACCOUNT VALUE 1,000.49 1,221.96
SURRENDER VALUE 950.47 1,173.08
TOTAL RETURN -4.95 % 17.31 % %
ANNUALIZED RETURN 4.44 % %
</TABLE>
<PAGE> 118
PAGE 18
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OC/4R - ODYSSEY CORE EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .653061 1,000.00 1,531.251 .000900
06/30/93 .649320 -.15 -.227 .000900
09/30/93 .662766 .000900
12/31/93 .661583 -.45 -.683 .000900
03/31/94 .644389 .000900
06/30/94 .644455 -.45 -.698 .000900
09/30/94 .662906 .000900
12/31/94 .647405 -.44 -.687 .000900
03/31/95 .700741 .000900
06/30/95 .769774 -.49 -.633 .000900
09/30/95 .836509 .000900
12/31/95 .886844 1,000.00 1,127.594 -.57 -.642 .000900
03/31/96 .938387 .000900
06/30/96 .957551 -.47 -.489 -.63 -.662 .000900
09/30/96 .981773 .000900
12/31/96 1.079564 -.52 -.479 -.70 -.648 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,126.627 1,526.370
ACCOUNT VALUE 1,216.27 1,647.81
SURRENDER VALUE 1,155.45 1,581.90
TOTAL RETURN 15.55 % 58.19 % %
ANNUALIZED RETURN 13.31 % %
</TABLE>
<PAGE> 119
PAGE 19
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OE/4R - ODYSSEY EMERGING OPPORTUNITIES FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .603852 1,000.00 1,656.035 .000900
06/30/93 .585531 -.15 -.249 .000900
09/30/93 .608940 .000900
12/31/93 .651865 -.46 -.707 .000900
03/31/94 .652979 .000900
06/30/94 .612593 -.47 -.769 .000900
09/30/94 .682307 .000900
12/31/94 .706762 -.49 -.695 .000900
03/31/95 .734611 .000900
06/30/95 .854220 -.58 -.680 .000900
09/30/95 .950065 .000900
12/31/95 .924003 1,000.00 1,082.248 -.66 -.716 .000900
03/31/96 .949637 .000900
06/30/96 .978108 -.46 -.474 -.71 -.723 .000900
09/30/96 1.003881 .000900
12/31/96 .884669 -.45 -.513 -.69 -.782 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,081.262 1,650.714
ACCOUNT VALUE 956.56 1,460.34
SURRENDER VALUE 908.73 1,401.92
TOTAL RETURN -9.13 % 40.19 % %
ANNUALIZED RETURN 9.64 % %
</TABLE>
<PAGE> 120
PAGE 20
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OI/4R - ODYSSEY INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .708655 1,000.00 1,411.124 .000900
06/30/93 .690136 -.15 -.212 .000900
09/30/93 .715464 .000900
12/31/93 .837017 -.48 -.579 .000900
03/31/94 .781664 .000900
06/30/94 .771780 -.51 -.661 .000900
09/30/94 .802799 .000900
12/31/94 .769696 -.49 -.635 .000900
03/31/95 .776051 .000900
06/30/95 .835013 -.51 -.609 .000900
09/30/95 .897190 .000900
12/31/95 .905500 1,000.00 1,104.362 -.55 -.609 .000900
03/31/96 .954096 .000900
06/30/96 .974085 -.47 -.479 -.60 -.611 .000900
09/30/96 .995973 .000900
12/31/96 1.090914 -.51 -.470 -.65 -.599 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,103.413 1,406.607
ACCOUNT VALUE 1,203.73 1,534.49
SURRENDER VALUE 1,143.54 1,473.11
TOTAL RETURN 14.35 % 47.31 % %
ANNUALIZED RETURN 11.13 % %
</TABLE>
<PAGE> 121
PAGE 21
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OM/4R - ODYSSEY INTERMEDIATE TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .874597 1,000.00 1,143.384 .000900
06/30/93 .886073 -.15 -.168 .000900
09/30/93 .906967 .000900
12/31/93 .905610 -.46 -.509 .000900
03/31/94 .883763 .000900
06/30/94 .871597 -.46 -.524 .000900
09/30/94 .873439 .000900
12/31/94 .869781 -.45 -.515 .000900
03/31/95 .901623 .000900
06/30/95 .944947 -.47 -.493 .000900
09/30/95 .955710 .000900
12/31/95 .988996 1,000.00 1,011.126 -.50 -.502 .000900
03/31/96 .979506 .000900
06/30/96 .980481 -.45 -.457 -.51 -.516 .000900
09/30/96 .993639 .000900
12/31/96 1.016061 -.45 -.447 -.51 -.504 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,010.223 1,139.653
ACCOUNT VALUE 1,026.45 1,157.96
SURRENDER VALUE 975.13 1,111.64
TOTAL RETURN -2.49 % 11.16 % %
ANNUALIZED RETURN 2.92 % %
</TABLE>
<PAGE> 122
PAGE 22
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OS/4R - ODYSSEY SHORT TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .890889 1,000.00 1,122.474 .000900
06/30/93 .896386 -.15 -.166 .000900
09/30/93 .905328 .000900
12/31/93 .909418 -.46 -.501 .000900
03/31/94 .902352 .000900
06/30/94 .897074 -.46 -.508 .000900
09/30/94 .900740 .000900
12/31/94 .897781 -.45 -.504 .000900
03/31/95 .924839 .000900
06/30/95 .955399 -.47 -.489 .000900
09/30/95 .962778 .000900
12/31/95 .983959 1,000.00 1,016.303 -.49 -.497 .000900
03/31/96 .979217 .000900
06/30/96 .984070 -.45 -.457 -.50 -.504 .000900
09/30/96 .995479 .000900
12/31/96 1.009488 -.46 -.451 -.50 -.497 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,015.394 1,118.807
ACCOUNT VALUE 1,025.03 1,129.42
SURRENDER VALUE 973.78 1,084.25
TOTAL RETURN -2.62 % 8.42 % %
ANNUALIZED RETURN 2.23 % %
</TABLE>
<PAGE> 123
PAGE 23
401(K) REGISTERED - STANDARDIZED PERFORMANCE
SA/4R - SOCIAL AWARENESS PORTFOLIO
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 .595245 1,000.00 1,679.981 .000900
06/30/92 .589369 -.15 -.250 .000900
09/30/92 .600102 .000900
12/31/92 .646806 -.47 -.722 .000900
03/31/93 .674357 .000900
06/30/93 .669464 -.50 -.743 .000900
09/30/93 .693599 .000900
12/31/93 .687453 -.51 -.745 .000900
03/31/94 .655464 .000900
06/30/94 .648765 -.50 -.777 .000900
09/30/94 .676921 .000900
12/31/94 .661804 -.49 -.747 .000900
03/31/95 .721765 .000900
06/30/95 .788373 -.55 -.694 .000900
09/30/95 .832588 .000900
12/31/95 .872779 1,000.00 1,145.765 -.63 -.717 .000900
03/31/96 .921831 .000900
06/30/96 .945813 -.47 -.496 -.69 -.724 .000900
09/30/96 .935558 .000900
12/31/96 1.035065 -.51 -.493 -.75 -.721 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,144.777 1,673.139
ACCOUNT VALUE 1,184.92 1,731.81
SURRENDER VALUE 1,125.67 1,679.85
TOTAL RETURN 12.57 % 67.99 % %
ANNUALIZED RETURN 11.74 % %
</TABLE>
<PAGE> 124
PAGE 24
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UA/4R - MANAGED ASSET TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .406463 1,000.00 2,460.249 .000900
03/31/87 .480689 .000900
06/30/87 .492504 -.50 -1.010 .000900
09/30/87 .514472 .000900
12/31/87 .410422 -.50 -1.217 .000900
03/31/88 .423751 .000900
06/30/88 .438652 -.47 -1.071 .000900
09/30/88 .431616 .000900
12/31/88 .443184 -.49 -1.100 .000900
03/31/89 .465651 .000900
06/30/89 .503450 -.52 -1.039 .000900
09/30/89 .543599 .000900
12/31/89 .557012 -.59 -1.052 .000900
03/31/90 .544279 .000900
06/30/90 .572496 -.62 -1.089 .000900
09/30/90 .530998 .000900
12/31/90 .561722 -.63 -1.114 .000900
03/31/91 .603741 .000900
06/30/91 .602886 -.64 -1.066 .000900
09/30/91 .637502 .000900
12/31/91 .679331 1,000.00 1,472.036 -.71 -1.041 .000900
03/31/92 .657764 .000900
06/30/92 .671581 -.45 -.666 -.74 -1.109 .000900
09/30/92 .687817 .000900
12/31/92 .705969 -.46 -.646 -.76 -1.075 .000900
03/31/93 .734131 .000900
06/30/93 .740673 -.48 -.646 -.80 -1.075 .000900
09/30/93 .759024 .000900
12/31/93 .763273 -.50 -.652 -.83 -1.084 .000900
03/31/94 .731733 .000900
06/30/94 .726171 -.49 -.678 -.82 -1.128 .000900
09/30/94 .744212 .000900
12/31/94 .737486 -.48 -.656 -.80 -1.091 .000900
03/31/95 .785154 .000900
06/30/95 .846656 -.52 -.618 -.87 -1.028 .000900
09/30/95 .889816 .000900
12/31/95 .926734 1,000.00 1,079.058 -.59 -.632 -.97 -1.051 .000900
03/31/96 .940948 .000900
06/30/96 .965340 -.46 -.476 -.62 -.647 -1.04 -1.076 .000900
09/30/96 .984741 .000900
12/31/96 1.042278 -.49 -.467 -.66 -.635 -1.10 -1.057 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,078.115 1,465.560 2,438.673
ACCOUNT VALUE 1,123.70 1,527.52 2,541.78
SURRENDER VALUE 1,067.51 1,481.70 2,541.78
TOTAL RETURN 6.75 % 48.17 % 154.18 %
ANNUALIZED RETURN 8.18 % 9.78 %
</TABLE>
<PAGE> 125
PAGE 25
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UB/4R - HIGH YIELD BOND TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .508833 1,000.00 1,965.281 .000900
03/31/87 .532927 .000900
06/30/87 .526112 -.46 -.870 .000900
09/30/87 .515519 .000900
12/31/87 .500628 -.45 -.906 .000900
03/31/88 .531834 .000900
06/30/88 .540740 -.46 -.851 .000900
09/30/88 .553805 .000900
12/31/88 .567202 -.49 -.863 .000900
03/31/89 .579543 .000900
06/30/89 .606531 -.52 -.854 .000900
09/30/89 .595369 .000900
12/31/89 .568522 -.52 -.912 .000900
03/31/90 .539620 .000900
06/30/90 .551260 -.49 -.896 .000900
09/30/90 .513806 .000900
12/31/90 .507204 -.47 -.920 .000900
03/31/91 .552286 .000900
06/30/91 .576558 -.48 -.828 .000900
09/30/91 .607071 .000900
12/31/91 .639675 1,000.00 1,563.294 -.54 -.837 .000900
03/31/92 .671395 .000900
06/30/92 .683205 -.47 -.681 -.58 -.852 .000900
09/30/92 .702977 .000900
12/31/92 .715406 -.49 -.687 -.62 -.860 .000900
03/31/93 .751680 .000900
06/30/93 .776719 -.52 -.675 -.66 -.845 .000900
09/30/93 .791957 .000900
12/31/93 .806227 -.56 -.690 -.70 -.863 .000900
03/31/94 .785309 .000900
06/30/94 .778399 -.56 -.715 -.70 -.895 .000900
09/30/94 .791952 .000900
12/31/94 .786897 -.55 -.698 -.69 -.874 .000900
03/31/95 .826830 .000900
06/30/95 .868669 -.58 -.669 -.73 -.837 .000900
09/30/95 .880195 .000900
12/31/95 .898651 1,000.00 1,112.779 -.62 -.690 -.78 -.863 .000900
03/31/96 .952850 .000900
06/30/96 .964499 -.47 -.484 -.65 -.677 -.82 -.847 .000900
09/30/96 .996943 .000900
12/31/96 1.030763 -.50 -.484 -.70 -.678 -.87 -.849 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,111.811 1,556.434 1,947.959
ACCOUNT VALUE 1,146.01 1,604.31 2,007.88
SURRENDER VALUE 1,088.71 1,556.19 2,007.88
TOTAL RETURN 8.87 % 55.62 % 100.79 %
ANNUALIZED RETURN 9.25 % 7.22 %
</TABLE>
<PAGE> 126
PAGE 26
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UP/4R - GREENWICH UTILITY (UP)
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 .756115 1,000.00 1,322.550 .000900
03/31/94 .754811 .000900
06/30/94 .744366 -.36 -.480 .000900
09/30/94 .755718 .000900
12/31/94 .760984 -.45 -.588 .000900
03/31/95 .797067 .000900
06/30/95 .845045 -.48 -.565 .000900
09/30/95 .900366 .000900
12/31/95 .972683 1,000.00 1,028.084 -.54 -.555 .000900
03/31/96 .970083 .000900
06/30/96 1.011819 -.46 -.454 -.59 -.583 .000900
09/30/96 .981566 .000900
12/31/96 1.033318 -.47 -.458 -.61 -.588 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,027.173 1,319.191
ACCOUNT VALUE 1,061.40 1,363.14
SURRENDER VALUE 1,008.33 1,308.62
TOTAL RETURN .83 % 30.86 % %
ANNUALIZED RETURN 9.69 % %
</TABLE>
<PAGE> 127
PAGE 27
401(K) REGISTERED - STANDARDIZED PERFORMANCE
US/4R - CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .343190 1,000.00 2,913.838 .000900
03/31/87 .447357 .000900
06/30/87 .440084 -.51 -1.167 .000900
09/30/87 .454946 .000900
12/31/87 .312435 -.49 -1.578 .000900
03/31/88 .337803 .000900
06/30/88 .363773 -.44 -1.218 .000900
09/30/88 .341052 .000900
12/31/88 .339889 -.46 -1.355 .000900
03/31/89 .360030 .000900
06/30/89 .373414 -.47 -1.250 .000900
09/30/89 .414573 .000900
12/31/89 .387993 -.50 -1.284 .000900
03/31/90 .383906 .000900
06/30/90 .414513 -.52 -1.266 .000900
09/30/90 .330299 .000900
12/31/90 .364781 -.51 -1.396 .000900
03/31/91 .437218 .000900
06/30/91 .431731 -.52 -1.205 .000900
09/30/91 .451634 .000900
12/31/91 .482936 1,000.00 2,070.668 -.60 -1.237 .000900
03/31/92 .497900 .000900
06/30/92 .475561 -.45 -.939 -.63 -1.316 .000900
09/30/92 .499298 .000900
12/31/92 .561553 -.48 -.860 -.68 -1.205 .000900
03/31/93 .594518 .000900
06/30/93 .614906 -.55 -.891 -.77 -1.248 .000900
09/30/93 .650025 .000900
12/31/93 .638764 -.58 -.913 -.82 -1.279 .000900
03/31/94 .612444 .000900
06/30/94 .574892 -.56 -.982 -.79 -1.376 .000900
09/30/94 .601535 .000900
12/31/94 .601279 -.55 -.909 -.77 -1.274 .000900
03/31/95 .630538 .000900
06/30/95 .717691 -.61 -.854 -.86 -1.196 .000900
09/30/95 .805084 .000900
12/31/95 .810568 1,000.00 1,233.703 -.71 -.876 -.99 -1.227 .000900
03/31/96 .889901 .000900
06/30/96 .941682 -.49 -.517 -.81 -.864 -1.14 -1.210 .000900
09/30/96 .986679 .000900
12/31/96 1.027235 -.55 -.532 -.91 -.890 -1.28 -1.246 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,232.654 2,061.691 2,888.305
ACCOUNT VALUE 1,266.23 2,117.84 2,966.97
SURRENDER VALUE 1,202.91 2,054.31 2,966.97
TOTAL RETURN 20.29 % 105.43 % 196.70 %
ANNUALIZED RETURN 15.49 % 11.49 %
</TABLE>
<PAGE> 128
QP - Goldtrack - 1.15% M&E - American Odyssey Funds Nonstandardized
Reflects nonstandardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.833644 1000 1199.553 0.000%
06/30/93 0.852692 0.00000 0.000 0.000%
07/31/93 0.859282 -3.22111 -3.749 0.000% 0.3125%
10/31/93 0.914942 -3.41904 -3.737 0.000% 0.3125%
12/31/93 0.904902 1000 1105.092 0.00000 0.000 0.000%
01/31/94 0.913940 -3.15621 -3.453 -3.40462 -3.725 0.000% 0.3125%
04/30/94 0.848546 -2.92122 -3.443 -3.15113 -3.714 0.000% 0.3125%
06/30/94 0.842528 0.00000 0.000 0.000%
07/31/94 0.861929 -2.95802 -3.432 -3.19083 -3.702 0.000% 0.3125%
10/31/94 0.835687 -2.85900 -3.421 -3.08401 -3.690 0.000% 0.3125%
12/31/94 0.843062 0.00000 0.000 0.000%
01/31/95 0.861142 -2.93688 -3.410 -3.16802 -3.679 0.000% 0.3125%
04/30/95 0.903597 -3.07204 -3.400 -3.31382 -3.667 0.000% 0.3125%
06/30/95 0.953703 0.00000 0.000 0.000%
07/31/95 0.945622 -3.20487 -3.389 -3.45711 -3.656 0.000% 0.3125%
09/30/95 0.971502 0.000%
10/31/95 0.988352 -3.33922 -3.379 -3.60203 -3.644 0.000% 0.3125%
12/31/95 1.020585 1000 979.830 0.00000 0.000 0.000%
01/31/96 1.021543 -3.12793 -3.062 -3.44057 -3.368 -3.71136 -3.633 0.000% 0.3125%
03/31/96 0.970365 0.000%
04/30/96 0.959704 -2.92940 -3.052 -3.22220 -3.357 -3.47580 -3.622 0.000% 0.3125%
06/30/96 0.969486 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.970404 -2.95281 -3.043 -3.24794 -3.347 -3.50357 -3.610 0.000% 0.3125%
09/30/96 0.984875 0.000%
10/31/96 1.015597 -3.08066 -3.033 -3.38858 -3.337 -3.65528 -3.599 0.000% 0.3125%
12/31/96 1.022005 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 967.64 1064.356 1148.126
Cash Value $988.93 $1,087.78 $1,173.39
Total Return -1.11% 8.78% 17.34%
Annualized Return 2.84% 4.45%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.653061 1000 1531.251 0.000%
06/30/93 0.649320 0.00000 0.000 0.000%
07/31/93 0.653825 -3.12866 -4.785 0.000% 0.3125%
10/31/93 0.668517 -3.18896 -4.770 0.000% 0.3125%
12/31/93 0.661583 1000 1511.526 0.00000 0.000 0.000%
01/31/94 0.686548 -3.24292 -4.724 -3.26474 -4.755 0.000% 0.3125%
04/30/94 0.654653 -3.08260 -4.709 -3.10334 -4.740 0.000% 0.3125%
06/30/94 0.644455 0.00000 0.000 0.000%
07/31/94 0.664863 -3.12089 -4.694 -3.14190 -4.726 0.000% 0.3125%
10/31/94 0.668604 -3.12865 -4.679 -3.14970 -4.711 0.000% 0.3125%
12/31/94 0.647405 0.00000 0.000 0.000%
01/31/95 0.657042 -3.06494 -4.665 -3.08556 -4.696 0.000% 0.3125%
04/30/95 0.724489 -3.36900 -4.650 -3.39167 -4.681 0.000% 0.3125%
06/30/95 0.769774 0.00000 0.000 0.000%
07/31/95 0.798439 -3.70128 -4.636 -3.72618 -4.667 0.000% 0.3125%
09/30/95 0.836509 0.000%
10/31/95 0.831198 -3.84109 -4.621 -3.86694 -4.652 0.000% 0.3125%
12/31/95 0.886844 1000 1127.594 0.00000 0.000 0.000%
01/31/96 0.916842 -3.23070 -3.524 -4.22363 -4.607 -4.25205 -4.638 0.000% 0.3125%
03/31/96 0.938387 0.000%
04/30/96 0.945408 -3.32095 -3.513 -4.34161 -4.592 -4.37083 -4.623 0.000% 0.3125%
06/30/96 0.957551 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.914896 -3.20373 -3.502 -4.18836 -4.578 -4.21655 -4.609 0.000% 0.3125%
09/30/96 0.981773 0.000%
10/31/96 1.024319 -3.57569 -3.491 -4.67464 -4.564 -4.70610 -4.594 0.000% 0.3125%
12/31/96 1.079564 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1113.564 1455.807 1465.604
Cash Value $1,202.16 $1,571.64 $1,582.21
Total Return 20.22% 57.16% 58.22%
Annualized Return 16.27% 13.31%
</TABLE>
<PAGE> 129
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.603852 1000 1656.035 0.000%
06/30/93 0.585531 0.00000 0.000 0.000%
07/31/93 0.567612 -2.93745 -5.175 0.000% 0.3125%
10/31/93 0.644209 -3.32343 -5.159 0.000% 0.3125%
12/31/93 0.651865 1000 1534.060 0.00000 0.000 0.000%
01/31/94 0.672658 -3.22468 -4.794 -3.45936 -5.143 0.000% 0.3125%
04/30/94 0.669013 -3.19718 -4.779 -3.42986 -5.127 0.000% 0.3125%
06/30/94 0.612593 0.00000 0.000 0.000%
07/31/94 0.607293 -2.89316 -4.764 -3.10371 -5.111 0.000% 0.3125%
10/31/94 0.706432 -3.35494 -4.749 -3.59909 -5.095 0.000% 0.3125%
12/31/94 0.706762 0.00000 0.000 0.000%
01/31/95 0.692433 -3.27818 -4.734 -3.51675 -5.079 0.000% 0.3125%
04/30/95 0.747049 -3.52570 -4.720 -3.78228 -5.063 0.000% 0.3125%
06/30/95 0.854220 0.00000 0.000 0.000%
07/31/95 0.915083 -4.30524 -4.705 -4.61855 -5.047 0.000% 0.3125%
09/30/95 0.950065 0.000%
10/31/95 0.910053 -4.26819 -4.690 -4.57881 -5.031 0.000% 0.3125%
12/31/95 0.924003 1000 1082.248 0.00000 0.000 0.000%
01/31/96 0.882549 -2.98480 -3.382 -4.12626 -4.675 -4.42655 -5.016 0.000% 0.3125%
03/31/96 0.949637 0.000%
04/30/96 1.020387 -3.44019 -3.371 -4.75580 -4.661 -5.10190 -5.000 0.000% 0.3125%
06/30/96 0.978108 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.889692 -2.99019 -3.361 -4.13370 -4.646 -4.43453 -4.984 0.000% 0.3125%
09/30/96 1.003881 0.000%
10/31/96 0.927346 -3.10700 -3.350 -4.29519 -4.632 -4.60776 -4.969 0.000% 0.3125%
12/31/96 0.884669 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1068.784 1477.511 1585.036
Cash Value $945.52 $1,307.11 $1,402.23
Total Return -5.45% 30.71% 40.22%
Annualized Return 9.34% 9.65%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.708655 1000 1411.124 0.000%
06/30/93 0.690136 0.00000 0.000 0.000%
07/31/93 0.685270 -3.02188 -4.410 0.000% 0.3125%
10/31/93 0.761012 -3.34539 -4.396 0.000% 0.3125%
12/31/93 0.837017 1000 1194.719 0.00000 0.000 0.000%
01/31/94 0.862035 -3.21840 -3.733 -3.77765 -4.382 0.000% 0.3125%
04/30/94 0.799055 -2.97395 -3.722 -3.49071 -4.369 0.000% 0.3125%
06/30/94 0.771780 0.00000 0.000 0.000%
07/31/94 0.796066 -2.95356 -3.710 -3.46679 -4.355 0.000% 0.3125%
10/31/94 0.819318 -3.03033 -3.699 -3.55689 -4.341 0.000% 0.3125%
12/31/94 0.769696 0.00000 0.000 0.000%
01/31/95 0.738900 -2.72436 -3.687 -3.19775 -4.328 0.000% 0.3125%
04/30/95 0.805304 -2.95991 -3.676 -3.47424 -4.314 0.000% 0.3125%
06/30/95 0.835013 0.00000 0.000 0.000%
07/31/95 0.886800 -3.24927 -3.664 -3.81387 -4.301 0.000% 0.3125%
09/30/95 0.897190 0.000%
10/31/95 0.872895 -3.18833 -3.653 -3.74234 -4.287 0.000% 0.3125%
12/31/95 0.905500 1000 1104.362 0.00000 0.000 0.000%
01/31/96 0.934460 -3.22494 -3.451 -3.40253 -3.641 -3.99377 -4.274 0.000% 0.3125%
03/31/96 0.954096 0.000%
04/30/96 0.975190 -3.35499 -3.440 -3.53974 -3.630 -4.15482 -4.261 0.000% 0.3125%
06/30/96 0.974085 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.933341 -3.20098 -3.430 -3.37725 -3.618 -3.96409 -4.247 0.000% 0.3125%
09/30/96 0.995973 0.000%
10/31/96 1.007019 -3.44288 -3.419 -3.63246 -3.607 -4.26365 -4.234 0.000% 0.3125%
12/31/96 1.090914 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1090.622 1150.679 1350.625
Cash Value $1,189.77 $1,255.29 $1,473.42
Total Return 18.98% 25.53% 47.34%
Annualized Return 7.87% 11.13%
</TABLE>
<PAGE> 130
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874597 1000 1143.384 0.000%
06/30/93 0.886073 0.00000 0.000 0.000%
07/31/93 0.887846 -3.17234 -3.573 0.000% 0.3125%
10/31/93 0.909590 -3.23988 -3.562 0.000% 0.3125%
12/31/93 0.905610 1000 1104.228 0.00000 0.000 0.000%
01/31/94 0.912695 -3.14945 -3.451 -3.24078 -3.551 0.000% 0.3125%
04/30/94 0.875057 -3.01013 -3.440 -3.09742 -3.540 0.000% 0.3125%
06/30/94 0.871597 0.00000 0.000 0.000%
07/31/94 0.881305 -3.02215 -3.429 -3.10979 -3.529 0.000% 0.3125%
10/31/94 0.871713 -2.97992 -3.418 -3.06633 -3.518 0.000% 0.3125%
12/31/94 0.869781 0.00000 0.000 0.000%
01/31/95 0.881603 -3.00431 -3.408 -3.09143 -3.507 0.000% 0.3125%
04/30/95 0.913453 -3.10312 -3.397 -3.19310 -3.496 0.000% 0.3125%
06/30/95 0.944947 0.00000 0.000 0.000%
07/31/95 0.943124 -3.19390 -3.387 -3.28652 -3.485 0.000% 0.3125%
09/30/95 0.955710 0.000%
10/31/95 0.966403 -3.26251 -3.376 -3.35711 -3.474 0.000% 0.3125%
12/31/95 0.988996 1000 1011.126 0.00000 0.000 0.000%
01/31/96 0.997487 -3.15183 -3.160 -3.35692 -3.365 -3.45426 -3.463 0.000% 0.3125%
03/31/96 0.979506 0.000%
04/30/96 0.974712 -3.07024 -3.150 -3.27003 -3.355 -3.36485 -3.452 0.000% 0.3125%
06/30/96 0.980481 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.982302 -3.08448 -3.140 -3.28519 -3.344 -3.38045 -3.441 0.000% 0.3125%
09/30/96 0.993639 0.000%
10/31/96 1.008711 -3.15750 -3.130 -3.36297 -3.334 -3.46049 -3.431 0.000% 0.3125%
12/31/96 1.016061 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 998.546 1063.524 1094.362
Cash Value $1,014.58 $1,080.61 $1,111.94
Total Return 1.46% 8.06% 11.19%
Annualized Return 2.62% 2.93%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.890889 1000 1122.474 0.000%
06/30/93 0.896386 0.00000 0.000 0.000%
07/31/93 0.898208 -3.15067 -3.508 0.000% 0.3125%
10/31/93 0.908043 -3.17522 -3.497 0.000% 0.3125%
12/31/93 0.909418 1000 1099.604 0.00000 0.000 0.000%
01/31/94 0.912157 -3.13441 -3.436 -3.17963 -3.486 0.000% 0.3125%
04/30/94 0.897929 -3.07588 -3.426 -3.12026 -3.475 0.000% 0.3125%
06/30/94 0.897074 0.00000 0.000 0.000%
07/31/94 0.905226 -3.09118 -3.415 -3.13578 -3.464 0.000% 0.3125%
10/31/94 0.901648 -3.06934 -3.404 -3.11363 -3.453 0.000% 0.3125%
12/31/94 0.897781 0.00000 0.000 0.000%
01/31/95 0.907106 -3.07827 -3.394 -3.12269 -3.442 0.000% 0.3125%
04/30/95 0.932341 -3.15402 -3.383 -3.19953 -3.432 0.000% 0.3125%
06/30/95 0.955399 0.00000 0.000 0.000%
07/31/95 0.955388 -3.22188 -3.372 -3.26837 -3.421 0.000% 0.3125%
09/30/95 0.962778 0.000%
10/31/95 0.969160 -3.25812 -3.362 -3.30513 -3.410 0.000% 0.3125%
12/31/95 0.983959 1000 1016.303 0.00000 0.000 0.000%
01/31/96 0.990628 -3.14618 -3.176 -3.31988 -3.351 -3.36778 -3.400 0.000% 0.3125%
03/31/96 0.979217 0.000%
04/30/96 0.978228 -3.09709 -3.166 -3.26808 -3.341 -3.31523 -3.389 0.000% 0.3125%
06/30/96 0.984070 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.986872 -3.11469 -3.156 -3.28665 -3.330 -3.33408 -3.378 0.000% 0.3125%
09/30/96 0.995479 0.000%
10/31/96 1.005946 -3.16497 -3.146 -3.33971 -3.320 -3.38790 -3.368 0.000% 0.3125%
12/31/96 1.009488 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1003.659 1059.07 1074.351
Cash Value $1,013.18 $1,069.12 $1,084.54
Total Return 1.32% 6.91% 8.45%
Annualized Return 2.25% 2.24%
</TABLE>
<PAGE> 131
QP - Goldtrack - 1.15% M&E - American Odyssey Funds Standardized
Reflects standardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.833644 1000 1199.553 0.090%
06/30/93 0.852692 -0.14964 -0.175 0.090%
07/31/93 0.859282 -3.22064 -3.748 0.3125%
10/31/93 0.914942 -3.41854 -3.736 0.3125%
12/31/93 0.904902 -0.47134 -0.521 0.090%
01/31/94 0.913940 -3.40264 -3.723 0.3125%
04/30/94 0.848546 -3.14930 -3.711 0.3125%
06/30/94 0.842528 -0.46549 -0.552 0.090%
07/31/94 0.861929 -3.18749 -3.698 0.3125%
10/31/94 0.835687 -3.08078 -3.687 0.3125%
12/31/94 0.843062 -0.44601 -0.529 0.090%
01/31/95 0.861142 -3.16328 -3.673 0.3125%
04/30/95 0.903597 -3.30886 -3.662 0.3125%
06/30/95 0.953703 -0.47225 -0.495 0.090%
07/31/95 0.945622 -3.45047 -3.649 0.3125%
09/30/95 0.971502 0.090%
10/31/95 0.988352 -3.59511 -3.637 0.3125%
12/31/95 1.020585 1000 979.830 -0.51545 -0.505 0.090%
01/31/96 1.021543 -3.12793 -3.062 -3.70262 -3.625 0.3125%
03/31/96 0.970365 0.090%
04/30/96 0.959704 -2.92940 -3.052 -3.46761 -3.613 0.3125%
06/30/96 0.969486 -0.43600 -0.450 -0.51610 -0.532 0.090%
07/31/96 0.970404 -2.95144 -3.041 -3.49370 -3.600 0.3125%
09/30/96 0.984875 0.090%
10/31/96 1.015597 -3.07924 -3.032 -3.64498 -3.589 0.3125%
12/31/96 1.022005 -0.43339 -0.424 -0.51301 -0.502 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 966.769 1144.391
Account Value $988.04 $1,169.57
Surrender Value $938.64 $1,122.79
Total Return -6.14% 12.28%
Annualized Return 3.21%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.653061 1000 1531.251 0.090%
06/30/93 0.649320 -0.14752 -0.227 0.090%
07/31/93 0.653825 -3.12819 -4.784 0.3125%
10/31/93 0.668517 -3.18849 -4.770 0.3125%
12/31/93 0.661583 -0.44876 -0.678 0.090%
01/31/94 0.686548 -3.26280 -4.752 0.3125%
04/30/94 0.654653 -3.10150 -4.738 0.3125%
06/30/94 0.644455 -0.44411 -0.689 0.090%
07/31/94 0.664863 -3.13860 -4.721 0.3125%
10/31/94 0.668604 -3.14639 -4.706 0.3125%
12/31/94 0.647405 -0.43635 -0.674 0.090%
01/31/95 0.657042 -3.08094 -4.689 0.3125%
04/30/95 0.724489 -3.38659 -4.674 0.3125%
06/30/95 0.769774 -0.47548 -0.618 0.090%
07/31/95 0.798439 -3.71906 -4.658 0.3125%
09/30/95 0.836509 0.090%
10/31/95 0.831198 -3.85955 -4.643 0.3125%
12/31/95 0.886844 1000 1127.594 -0.55211 -0.623 0.090%
01/31/96 0.916842 -3.23070 -3.524 -4.24213 -4.627 0.3125%
03/31/96 0.938387 0.090%
04/30/96 0.945408 -3.32095 -3.513 -4.36064 -4.612 0.3125%
06/30/96 0.957551 -0.46502 -0.486 -0.61060 -0.638 0.090%
07/31/96 0.914896 -3.20234 -3.500 -4.20489 -4.596 0.3125%
09/30/96 0.981773 0.090%
10/31/96 1.024319 -3.57414 -3.489 -4.69309 -4.582 0.3125%
12/31/96 1.079564 -0.51018 -0.473 -0.66990 -0.621 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1112.609 1460.931
Account Value $1,201.13 $1,577.17
Surrender Value $1,141.08 $1,514.08
Total Return 14.11% 51.41%
Annualized Return 11.96%
</TABLE>
<PAGE> 132
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.603852 1000 1656.035 0.090%
06/30/93 0.585531 -0.14570 -0.249 0.090%
07/31/93 0.567612 -2.93701 -5.174 0.3125%
10/31/93 0.644209 -3.32293 -5.158 0.3125%
12/31/93 0.651865 -0.45812 -0.703 0.090%
01/31/94 0.672658 -3.45736 -5.140 0.3125%
04/30/94 0.669013 -3.42788 -5.124 0.3125%
06/30/94 0.612593 -0.46502 -0.759 0.090%
07/31/94 0.607293 -3.10047 -5.105 0.3125%
10/31/94 0.706432 -3.59535 -5.089 0.3125%
12/31/94 0.706762 -0.48195 -0.682 0.090%
01/31/95 0.692433 -3.51161 -5.071 0.3125%
04/30/95 0.747049 -3.77676 -5.056 0.3125%
06/30/95 0.854220 -0.56642 -0.663 0.090%
07/31/95 0.915083 -4.60991 -5.038 0.3125%
09/30/95 0.950065 0.090%
10/31/95 0.910053 -4.57024 -5.022 0.3125%
12/31/95 0.924003 1000 1082.248 -0.64096 -0.694 0.090%
01/31/96 0.882549 -2.98480 -3.382 -4.41635 -5.004 0.3125%
03/31/96 0.949637 0.090%
04/30/96 1.020387 -3.44019 -3.371 -5.09015 -4.988 0.3125%
06/30/96 0.978108 -0.46028 -0.471 -0.68104 -0.696 0.090%
07/31/96 0.889692 -2.98888 -3.359 -4.42238 -4.971 0.3125%
09/30/96 1.003881 0.090%
10/31/96 0.927346 -3.10564 -3.349 -4.59514 -4.955 0.3125%
12/31/96 0.884669 -0.44776 -0.506 -0.66251 -0.749 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1067.81 1579.945
Account Value $944.66 $1,397.73
Surrender Value $897.43 $1,341.82
Total Return -10.26% 34.18%
Annualized Return 8.34%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.708655 1000 1411.124 0.090%
06/30/93 0.690136 -0.14601 -0.212 0.090%
07/31/93 0.685270 -3.02142 -4.409 0.3125%
10/31/93 0.761012 -3.34489 -4.395 0.3125%
12/31/93 0.837017 -0.48178 -0.576 0.090%
01/31/94 0.862035 -3.77553 -4.380 0.3125%
04/30/94 0.799055 -3.48875 -4.366 0.3125%
06/30/94 0.771780 -0.50416 -0.653 0.090%
07/31/94 0.796066 -3.46322 -4.350 0.3125%
10/31/94 0.819318 -3.55324 -4.337 0.3125%
12/31/94 0.769696 -0.47982 -0.623 0.090%
01/31/95 0.738900 -3.19302 -4.321 0.3125%
04/30/95 0.805304 -3.46910 -4.308 0.3125%
06/30/95 0.835013 -0.49617 -0.594 0.090%
07/31/95 0.886800 -3.80659 -4.293 0.3125%
09/30/95 0.897190 0.090%
10/31/95 0.872895 -3.73519 -4.279 0.3125%
12/31/95 0.905500 1000 1104.362 -0.53457 -0.590 0.090%
01/31/96 0.934460 -3.22494 -3.451 -3.98441 -4.264 0.3125%
03/31/96 0.954096 0.090%
04/30/96 0.975190 -3.35499 -3.440 -4.14509 -4.251 0.3125%
06/30/96 0.974085 -0.46413 -0.476 -0.57343 -0.589 0.090%
07/31/96 0.933341 -3.19960 -3.428 -3.95309 -4.235 0.3125%
09/30/96 0.995973 0.090%
10/31/96 1.007019 -3.44138 -3.417 -4.25182 -4.222 0.3125%
12/31/96 1.090914 -0.50651 -0.464 -0.62579 -0.574 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1089.686 1346.303
Account Value $1,188.75 $1,468.70
Surrender Value $1,129.32 $1,409.95
Total Return 12.93% 41.00%
Annualized Return 9.81%
</TABLE>
<PAGE> 133
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874597 1000 1143.384 0.090%
06/30/93 0.886073 -0.14892 -0.168 0.090%
07/31/93 0.887846 -3.17187 -3.573 0.3125%
10/31/93 0.909590 -3.23940 -3.561 0.3125%
12/31/93 0.905610 -0.45799 -0.506 0.090%
01/31/94 0.912695 -3.23886 -3.549 0.3125%
04/30/94 0.875057 -3.09559 -3.538 0.3125%
06/30/94 0.871597 -0.45125 -0.518 0.090%
07/31/94 0.881305 -3.10652 -3.525 0.3125%
10/31/94 0.871713 -3.06311 -3.514 0.3125%
12/31/94 0.869781 -0.43919 -0.505 0.090%
01/31/95 0.881603 -3.08679 -3.501 0.3125%
04/30/95 0.913453 -3.18831 -3.490 0.3125%
06/30/95 0.944947 -0.45463 -0.481 0.090%
07/31/95 0.943124 -3.28017 -3.478 0.3125%
09/30/95 0.955710 0.090%
10/31/95 0.966403 -3.35063 -3.467 0.3125%
12/31/95 0.988996 1000 1011.126 -0.48127 -0.487 0.090%
01/31/96 0.997487 -3.15183 -3.160 -3.44608 -3.455 0.3125%
03/31/96 0.979506 0.090%
04/30/96 0.974712 -3.07024 -3.150 -3.35687 -3.444 0.3125%
06/30/96 0.980481 -0.44527 -0.454 -0.48684 -0.497 0.090%
07/31/96 0.982302 -3.08308 -3.139 -3.37091 -3.432 0.3125%
09/30/96 0.993639 0.090%
10/31/96 1.008711 -3.15608 -3.129 -3.45072 -3.421 0.3125%
12/31/96 1.016061 -0.44837 -0.441 -0.49022 -0.482 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 997.653 1090.792
Account Value $1,013.68 $1,108.31
Surrender Value $962.99 $1,063.31
Total Return -3.70% 6.33%
Annualized Return 1.69%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.890889 1000 1122.474 0.090%
06/30/93 0.896386 -0.14840 -0.166 0.090%
07/31/93 0.898208 -3.15021 -3.507 0.3125%
10/31/93 0.908043 -3.17475 -3.496 0.3125%
12/31/93 0.909418 -0.45316 -0.498 0.090%
01/31/94 0.912157 -3.17775 -3.484 0.3125%
04/30/94 0.897929 -3.11840 -3.473 0.3125%
06/30/94 0.897074 -0.45030 -0.502 0.090%
07/31/94 0.905226 -3.13250 -3.460 0.3125%
10/31/94 0.901648 -3.11037 -3.450 0.3125%
12/31/94 0.897781 -0.44440 -0.495 0.090%
01/31/95 0.907106 -3.11802 -3.437 0.3125%
04/30/95 0.932341 -3.19474 -3.427 0.3125%
06/30/95 0.955399 -0.45578 -0.477 0.090%
07/31/95 0.955388 -3.26206 -3.414 0.3125%
09/30/95 0.962778 0.090%
10/31/95 0.969160 -3.29874 -3.404 0.3125%
12/31/95 0.983959 1000 1016.303 -0.47379 -0.482 0.090%
01/31/96 0.990628 -3.14618 -3.176 -3.35978 -3.392 0.3125%
03/31/96 0.979217 0.090%
04/30/96 0.978228 -3.09709 -3.166 -3.30736 -3.381 0.3125%
06/30/96 0.984070 -0.44722 -0.454 -0.47758 -0.485 0.090%
07/31/96 0.986872 -3.11329 -3.155 -3.32466 -3.369 0.3125%
09/30/96 0.995479 0.090%
10/31/96 1.005946 -3.16355 -3.145 -3.37833 -3.358 0.3125%
12/31/96 1.009488 -0.44999 -0.446 -0.48054 -0.476 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1002.761 1070.841
Account Value $1,012.28 $1,081.00
Surrender Value $961.66 $1,036.00
Total Return -3.83% 3.60%
Annualized Return 0.97%
</TABLE>
<PAGE> 134
PAGE 1
QP - 401(K) REGISTERED - STANDARDIZED PERFORMANCE - 1.20% M&E + .10% ADMIN
DI/5R - DREYFUS STOCK INDEX FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 .466259 1,000.00 2,144.731 .000900
12/31/89 .474790 -.23 -.487 .000900
03/31/90 .458662 .000900
06/30/90 .484993 -.46 -.955 .000900
09/30/90 .417367 .000900
12/31/90 .452286 -.45 -.999 .000900
03/31/91 .515848 .000900
06/30/91 .512469 -.47 -.907 .000900
09/30/91 .537244 .000900
12/31/91 .579700 1,000.00 1,725.030 -.53 -.908 .000900
03/31/92 .562726 .000900
06/30/92 .570683 -.45 -.782 -.55 -.971 .000900
09/30/92 .586043 .000900
12/31/92 .612814 -.46 -.749 -.57 -.930 .000900
03/31/93 .635972 .000900
06/30/93 .635930 -.48 -.761 -.60 -.945 .000900
09/30/93 .649193 .000900
12/31/93 .661340 -.50 -.760 -.62 -.943 .000900
03/31/94 .633748 .000900
06/30/94 .633748 -.50 -.792 -.62 -.982 .000900
09/30/94 .661285 .000900
12/31/94 .658559 -.50 -.760 -.62 -.943 .000900
03/31/95 .719841 .000900
06/30/95 .784142 -.56 -.712 -.69 -.884 .000900
09/30/95 .842934 .000900
12/31/95 .889190 1,000.00 1,124.619 -.65 -.728 -.80 -.904 .000900
03/31/96 .933695 .000900
06/30/96 .971470 -.47 -.485 -.72 -.741 -.89 -.919 .000900
09/30/96 .996886 .000900
12/31/96 1.075207 -.52 -.481 -.79 -.736 -.98 -.913 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,123.653 1,717.508 2,131.140
ACCOUNT VALUE 1,208.16 1,846.68 2,291.42
SURRENDER VALUE 1,147.75 1,791.28 2,245.59
TOTAL RETURN 14.78 % 79.13 % 124.56 %
ANNUALIZED RETURN 12.37 % 11.79 %
</TABLE>
<PAGE> 135
PAGE 2
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FA/5R - FIDELITY ASSET MANAGER FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 .512385 1,000.00 1,951.657 .000900
09/30/89 .511453 .000900
12/31/89 .514442 -.29 -.557 .000900
03/31/90 .510719 .000900
06/30/90 .532138 -.46 -.863 .000900
09/30/90 .501287 .000900
12/31/90 .541886 -.47 -.870 .000900
03/31/91 .597715 .000900
06/30/91 .607327 -.50 -.830 .000900
09/30/91 .636743 .000900
12/31/91 .655556 1,000.00 1,525.423 -.55 -.845 .000900
03/31/92 .673001 .000900
06/30/92 .687146 -.46 -.671 -.59 -.856 .000900
09/30/92 .698467 .000900
12/31/92 .723814 -.48 -.669 -.62 -.854 .000900
03/31/93 .761157 .000900
06/30/93 .782397 -.52 -.660 -.66 -.843 .000900
09/30/93 .813043 .000900
12/31/93 .864778 -.56 -.653 -.72 -.834 .000900
03/31/94 .820675 .000900
06/30/94 .809829 -.57 -.708 -.73 -.905 .000900
09/30/94 .830489 .000900
12/31/94 .801633 -.55 -.688 -.70 -.879 .000900
03/31/95 .817343 .000900
06/30/95 .845378 -.56 -.667 -.72 -.852 .000900
09/30/95 .894407 .000900
12/31/95 .925517 1,000.00 1,080.477 -.61 -.655 -.77 -.836 .000900
03/31/96 .949852 .000900
06/30/96 .972923 -.46 -.474 -.65 -.667 -.83 -.852 .000900
09/30/96 .990141 .000900
12/31/96 1.046915 -.49 -.469 -.69 -.660 -.88 -.842 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,079.534 1,518.725 1,939.141
ACCOUNT VALUE 1,130.18 1,589.98 2,030.12
SURRENDER VALUE 1,073.67 1,539.98 1,989.51
TOTAL RETURN 7.37 % 54.00 % 98.95 %
ANNUALIZED RETURN 9.02 % 9.85 %
</TABLE>
<PAGE> 136
PAGE 3
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FB/5R - FIDELITY HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .401516 1,000.00 2,490.561 .000900
03/31/87 .425844 .000900
06/30/87 .416176 -.46 -1.101 .000900
09/30/87 .404117 .000900
12/31/87 .401149 -.46 -1.141 .000900
03/31/88 .422306 .000900
06/30/88 .432468 -.47 -1.079 .000900
09/30/88 .436935 .000900
12/31/88 .442066 -.49 -1.107 .000900
03/31/89 .447617 .000900
06/30/89 .462252 -.51 -1.094 .000900
09/30/89 .439143 .000900
12/31/89 .418159 -.49 -1.177 .000900
03/31/90 .397081 .000900
06/30/90 .411507 -.46 -1.127 .000900
09/30/90 .399832 .000900
12/31/90 .403510 -.46 -1.128 .000900
03/31/91 .448920 .000900
06/30/91 .480346 -.49 -1.027 .000900
09/30/91 .514917 .000900
12/31/91 .538022 1,000.00 1,858.660 -.57 -1.056 .000900
03/31/92 .604357 .000900
06/30/92 .620833 -.48 -.781 -.65 -1.041 .000900
09/30/92 .650833 .000900
12/31/92 .653529 -.53 -.815 -.71 -1.087 .000900
03/31/93 .696681 .000900
06/30/93 .727694 -.58 -.793 -.77 -1.058 .000900
09/30/93 .742880 .000900
12/31/93 .777404 -.63 -.809 -.84 -1.079 .000900
03/31/94 .772861 .000900
06/30/94 .761166 -.64 -.844 -.86 -1.126 .000900
09/30/94 .767132 .000900
12/31/94 .755522 -.63 -.838 -.84 -1.118 .000900
03/31/95 .796700 .000900
06/30/95 .840696 -.67 -.792 -.89 -1.056 .000900
09/30/95 .879181 .000900
12/31/95 .899482 1,000.00 1,111.751 -.73 -.807 -.97 -1.076 .000900
03/31/96 .930125 .000900
06/30/96 .958866 -.46 -.485 -.77 -.808 -1.03 -1.077 .000900
09/30/96 .994605 .000900
12/31/96 1.012395 -.49 -.487 -.82 -.811 -1.10 -1.082 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,110.779 1,850.564 2,468.721
ACCOUNT VALUE 1,124.55 1,873.50 2,499.32
SURRENDER VALUE 1,068.32 1,817.30 2,499.32
TOTAL RETURN 6.83 % 81.73 % 149.93 %
ANNUALIZED RETURN 12.69 % 9.59 %
</TABLE>
<PAGE> 137
PAGE 4
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FE/5R - FIDELITY EQUITY INCOME PORTFOLIO FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .327650 1,000.00 3,052.037 .000900
03/31/87 .382021 .000900
06/30/87 .381382 -.49 -1.277 .000900
09/30/87 .396966 .000900
12/31/87 .319747 -.48 -1.505 .000900
03/31/88 .352064 .000900
06/30/88 .382087 -.48 -1.260 .000900
09/30/88 .384696 .000900
12/31/88 .387303 -.53 -1.362 .000900
03/31/89 .416622 .000900
06/30/89 .444428 -.57 -1.283 .000900
09/30/89 .470995 .000900
12/31/89 .448625 -.61 -1.364 .000900
03/31/90 .420134 .000900
06/30/90 .426711 -.60 -1.405 .000900
09/30/90 .352175 .000900
12/31/90 .375108 -.55 -1.463 .000900
03/31/91 .429872 .000900
06/30/91 .435540 -.55 -1.274 .000900
09/30/91 .465162 .000900
12/31/91 .486690 1,000.00 2,054.696 -.63 -1.296 .000900
03/31/92 .501411 .000900
06/30/92 .515017 -.46 -.899 -.68 -1.330 .000900
09/30/92 .522844 .000900
12/31/92 .561533 -.50 -.886 -.74 -1.310 .000900
03/31/93 .606960 .000900
06/30/93 .620597 -.55 -.880 -.81 -1.301 .000900
09/30/93 .648516 .000900
12/31/93 .655562 -.59 -.899 -.87 -1.329 .000900
03/31/94 .636868 .000900
06/30/94 .658844 -.61 -.921 -.90 -1.362 .000900
09/30/94 .701859 .000900
12/31/94 .692841 -.62 -.900 -.92 -1.331 .000900
03/31/95 .753265 .000900
06/30/95 .806381 -.69 -.857 -1.02 -1.268 .000900
09/30/95 .873258 .000900
12/31/95 .923893 1,000.00 1,082.376 -.80 -.863 -1.18 -1.276 .000900
03/31/96 .960819 .000900
06/30/96 .971684 -.46 -.475 -.87 -.899 -1.29 -1.329 .000900
09/30/96 .980364 .000900
12/31/96 1.042056 -.49 -.470 -.93 -.890 -1.37 -1.316 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,081.431 2,045.802 3,025.396
ACCOUNT VALUE 1,126.91 2,131.84 3,152.63
SURRENDER VALUE 1,070.57 2,067.89 3,152.63
TOTAL RETURN 7.06 % 106.79 % 215.26 %
ANNUALIZED RETURN 15.64 % 12.17 %
</TABLE>
<PAGE> 138
PAGE 5
401(K) REGISTERED - STANDARDIZED PERFORMANCE
FS/5R - FIDELITY GROWTH STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .275392 1,000.00 3,631.188 .000900
03/31/87 .324051 .000900
06/30/87 .334753 -.50 -1.489 .000900
09/30/87 .353269 .000900
12/31/87 .281790 -.50 -1.787 .000900
03/31/88 .307473 .000900
06/30/88 .323045 -.49 -1.528 .000900
09/30/88 .321438 .000900
12/31/88 .321495 -.53 -1.636 .000900
03/31/89 .346481 .000900
06/30/89 .371650 -.57 -1.521 .000900
09/30/89 .414045 .000900
12/31/89 .417394 -.64 -1.541 .000900
03/31/90 .400503 .000900
06/30/90 .430680 -.69 -1.605 .000900
09/30/90 .339977 .000900
12/31/90 .363630 -.65 -1.779 .000900
03/31/91 .428040 .000900
06/30/91 .414424 -.63 -1.528 .000900
09/30/91 .476170 .000900
12/31/91 .522304 1,000.00 1,914.594 -.76 -1.459 .000900
03/31/92 .529096 .000900
06/30/92 .483378 -.43 -.896 -.82 -1.692 .000900
09/30/92 .495356 .000900
12/31/92 .563903 -.45 -.800 -.85 -1.510 .000900
03/31/93 .583736 .000900
06/30/93 .625013 -.51 -.819 -.97 -1.546 .000900
09/30/93 .664555 .000900
12/31/93 .664368 -.55 -.835 -1.05 -1.577 .000900
03/31/94 .641352 .000900
06/30/94 .596365 -.54 -.909 -1.02 -1.717 .000900
09/30/94 .642027 .000900
12/31/94 .655660 -.54 -.821 -1.02 -1.550 .000900
03/31/95 .691968 .000900
06/30/95 .806317 -.63 -.779 -1.19 -1.471 .000900
09/30/95 .917239 .000900
12/31/95 .876145 1,000.00 1,141.364 -.72 -.825 -1.36 -1.557 .000900
03/31/96 .920318 .000900
06/30/96 .963844 -.47 -.490 -.79 -.820 -1.49 -1.547 .000900
09/30/96 .975009 .000900
12/31/96 .991955 -.50 -.506 -.84 -.846 -1.58 -1.598 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,140.367 1,906.245 3,599.549
ACCOUNT VALUE 1,131.19 1,890.91 3,570.59
SURRENDER VALUE 1,074.63 1,834.18 3,570.59
TOTAL RETURN 7.46 % 83.42 % 257.06 %
ANNUALIZED RETURN 12.90 % 13.57 %
</TABLE>
<PAGE> 139
PAGE 6
401(K) REGISTERED - STANDARDIZED PERFORMANCE
GV/5R - US GOVERNMENT SECURITIES
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 .776175 1,000.00 1,288.369 .000900
03/31/92 .779860 .000900
06/30/92 .798144 -.40 -.495 .000900
09/30/92 .826180 .000900
12/31/92 .827224 -.47 -.569 .000900
03/31/93 .864092 .000900
06/30/93 .882192 -.50 -.561 .000900
09/30/93 .906310 .000900
12/31/93 .894118 -.51 -.575 .000900
03/31/94 .849638 .000900
06/30/94 .835003 -.50 -.599 .000900
09/30/94 .823581 .000900
12/31/94 .832723 -.48 -.579 .000900
03/31/95 .876888 .000900
06/30/95 .953643 -.52 -.542 .000900
09/30/95 .962946 .000900
12/31/95 1.023236 1,000.00 977.292 -.57 -.558 .000900
03/31/96 .971946 .000900
06/30/96 .970545 -.44 -.452 -.58 -.593 .000900
09/30/96 .986018 .000900
12/31/96 1.024560 -.44 -.428 -.58 -.562 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 976.412 1,282.734
ACCOUNT VALUE 1,000.39 1,314.24
SURRENDER VALUE 950.37 1,264.24
TOTAL RETURN -4.96 % 26.42 % %
ANNUALIZED RETURN 4.86 % %
</TABLE>
<PAGE> 140
PAGE 7
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HA/5R - ALLIANCE GROWTH STOCK - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .598155 1,000.00 1,671.807 .000900
06/30/94 .589437 -.02 -.042 .000900
09/30/94 .630300 .000900
12/31/94 .625949 -.46 -.730 .000900
03/31/95 .668768 .000900
06/30/95 .759658 -.52 -.686 .000900
09/30/95 .824680 .000900
12/31/95 .833256 1,000.00 1,200.111 -.60 -.718 .000900
03/31/96 .884124 .000900
06/30/96 .928010 -.48 -.512 -.66 -.713 .000900
09/30/96 .972696 .000900
12/31/96 1.063943 -.54 -.505 -.75 -.703 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,199.094 1,668.215
ACCOUNT VALUE 1,275.77 1,774.89
SURRENDER VALUE 1,211.98 1,703.89
TOTAL RETURN 21.20 % 70.39 % %
ANNUALIZED RETURN 23.40 % %
</TABLE>
<PAGE> 141
PAGE 8
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HH/5R - SB HIGH INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 .803947 1,000.00 1,243.863 .000900
06/30/94 .804522 -.02 -.025 .000900
09/30/94 .809898 .000900
12/31/94 .793431 -.45 -.564 .000900
03/31/95 .831514 .000900
06/30/95 .869333 -.47 -.535 .000900
09/30/95 .895605 .000900
12/31/95 .932638 1,000.00 1,072.227 -.50 -.540 .000900
03/31/96 .951398 .000900
06/30/96 .961699 -.46 -.475 -.53 -.551 .000900
09/30/96 1.001865 .000900
12/31/96 1.041589 -.48 -.464 -.56 -.537 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,071.288 1,241.112
ACCOUNT VALUE 1,115.84 1,292.73
SURRENDER VALUE 1,060.05 1,241.02
TOTAL RETURN 6.01 % 24.10 % %
ANNUALIZED RETURN 8.91 % %
</TABLE>
<PAGE> 142
PAGE 9
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HI/5R - SB INTERNATIONAL EQUITY - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .834786 1,000.00 1,197.912 .000900
06/30/94 .857022 -.02 -.029 .000900
09/30/94 .853391 .000900
12/31/94 .796626 -.45 -.559 .000900
03/31/95 .765142 .000900
06/30/95 .843393 -.44 -.524 .000900
09/30/95 .875151 .000900
12/31/95 .875021 1,000.00 1,142.830 -.46 -.529 .000900
03/31/96 .947281 .000900
06/30/96 .987365 -.48 -.485 -.50 -.508 .000900
09/30/96 .994605 .000900
12/31/96 1.016615 -.52 -.507 -.54 -.530 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,141.838 1,195.232
ACCOUNT VALUE 1,160.81 1,215.09
SURRENDER VALUE 1,102.77 1,165.09
TOTAL RETURN 10.28 % 16.51 % %
ANNUALIZED RETURN 6.21 % %
</TABLE>
<PAGE> 143
PAGE 10
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HJ/5R - SB INCOME AND GROWTH - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .694311 1,000.00 1,440.277 .000900
06/30/94 .685050 -.02 -.036 .000900
09/30/94 .702165 .000900
12/31/94 .680992 -.44 -.650 .000900
03/31/95 .736790 .000900
06/30/95 .787393 -.48 -.604 .000900
09/30/95 .843848 .000900
12/31/95 .894491 1,000.00 1,117.954 -.54 -.609 .000900
03/31/96 .942871 .000900
06/30/96 .968147 -.47 -.484 -.60 -.623 .000900
09/30/96 .996591 .000900
12/31/96 1.057509 -.51 -.482 -.66 -.620 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,116.989 1,437.136
ACCOUNT VALUE 1,181.23 1,519.78
SURRENDER VALUE 1,122.16 1,458.99
TOTAL RETURN 12.22 % 45.90 % %
ANNUALIZED RETURN 16.07 % %
</TABLE>
<PAGE> 144
PAGE 11
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HM/5R - SB MONEY MARKET
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .922106 1,000.00 1,084.474 .000900
06/30/94 .922634 -.02 -.027 .000900
09/30/94 .928500 .000900
12/31/94 .935927 -.45 -.485 .000900
03/31/95 .945187 .000900
06/30/95 .955019 -.46 -.483 .000900
09/30/95 .964473 .000900
12/31/95 .973834 1,000.00 1,026.869 -.47 -.483 .000900
03/31/96 .982489 .000900
06/30/96 .990898 -.45 -.458 -.48 -.483 .000900
09/30/96 .999902 .000900
12/31/96 1.008845 -.46 -.458 -.49 -.483 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,025.953 1,082.031
ACCOUNT VALUE 1,035.03 1,091.60
SURRENDER VALUE 983.28 1,041.60
TOTAL RETURN -1.67 % 4.16 % %
ANNUALIZED RETURN 1.62 % %
</TABLE>
<PAGE> 145
PAGE 12
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HP/5R - PUTNAM DIVERSIFIED INCOME - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .816561 1,000.00 1,224.648 .000900
06/30/94 .817087 -.02 -.030 .000900
09/30/94 .828246 .000900
12/31/94 .822944 -.45 -.549 .000900
03/31/95 .861053 .000900
06/30/95 .898912 -.47 -.528 .000900
09/30/95 .914649 .000900
12/31/95 .953566 1,000.00 1,048.695 -.51 -.535 .000900
03/31/96 .947952 .000900
06/30/96 .954960 -.45 -.472 -.53 -.550 .000900
09/30/96 .989411 .000900
12/31/96 1.018678 -.47 -.457 -.54 -.533 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,047.767 1,221.924
ACCOUNT VALUE 1,067.34 1,244.75
SURRENDER VALUE 1,013.97 1,194.75
TOTAL RETURN 1.40 % 19.47 % %
ANNUALIZED RETURN 7.27 % %
</TABLE>
<PAGE> 146
PAGE 13
401(K) REGISTERED - STANDARDIZED PERFORMANCE
HT/5R - MFS TOTAL RETURN - SA
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 .761427 1,000.00 1,313.324 .000900
06/30/94 .749669 -.02 -.033 .000900
09/30/94 .763244 .000900
12/31/94 .744747 -.44 -.593 .000900
03/31/95 .788021 .000900
06/30/95 .835607 -.47 -.559 .000900
09/30/95 .876816 .000900
12/31/95 .924003 1,000.00 1,082.248 -.52 -.562 .000900
03/31/96 .949632 .000900
06/30/96 .963522 -.46 -.477 -.56 -.578 .000900
09/30/96 .985674 .000900
12/31/96 1.044336 -.49 -.468 -.59 -.567 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,081.303 1,310.432
ACCOUNT VALUE 1,129.24 1,368.53
SURRENDER VALUE 1,072.78 1,313.79
TOTAL RETURN 7.28 % 31.38 % %
ANNUALIZED RETURN 11.37 % %
</TABLE>
<PAGE> 147
PAGE 14
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IB/5R - TEMPLETON GLOBAL BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .606492 1,000.00 1,648.826 .000900
09/30/88 .609479 .000900
12/31/88 .615358 -.30 -.492 .000900
03/31/89 .624039 .000900
06/30/89 .633664 -.46 -.731 .000900
09/30/89 .641998 .000900
12/31/89 .653900 -.48 -.730 .000900
03/31/90 .647366 .000900
06/30/90 .663565 -.49 -.736 .000900
09/30/90 .664561 .000900
12/31/90 .686280 -.50 -.729 .000900
03/31/91 .702012 .000900
06/30/91 .705657 -.52 -.730 .000900
09/30/91 .746748 .000900
12/31/91 .784916 1,000.00 1,274.022 -.55 -.703 .000900
03/31/92 .758002 .000900
06/30/92 .794323 -.45 -.570 -.58 -.735 .000900
09/30/92 .819210 .000900
12/31/92 .817074 -.46 -.565 -.60 -.729 .000900
03/31/93 .853307 .000900
06/30/93 .868397 -.48 -.556 -.62 -.717 .000900
09/30/93 .889320 .000900
12/31/93 .898977 -.51 -.563 -.65 -.726 .000900
03/31/94 .858634 .000900
06/30/94 .839423 -.50 -.593 -.64 -.765 .000900
09/30/94 .842916 .000900
12/31/94 .844078 -.48 -.570 -.62 -.736 .000900
03/31/95 .876534 .000900
06/30/95 .916706 -.50 -.549 -.65 -.709 .000900
09/30/95 .925068 .000900
12/31/95 .957550 1,000.00 1,044.332 -.54 -.559 -.69 -.722 .000900
03/31/96 .946708 .000900
06/30/96 .965135 -.45 -.468 -.55 -.569 -.71 -.734 .000900
09/30/96 .990467 .000900
12/31/96 1.034348 -.47 -.454 -.57 -.552 -.74 -.712 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,043.410 1,268.376 1,636.690
ACCOUNT VALUE 1,079.25 1,311.94 1,692.91
SURRENDER VALUE 1,025.29 1,261.94 1,692.91
TOTAL RETURN 2.53 % 26.19 % 69.29 %
ANNUALIZED RETURN 4.76 % 6.52 %
</TABLE>
<PAGE> 148
PAGE 15
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IN/5R - TEMPLETON GLOBAL ALLOCATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .451134 1,000.00 2,216.636 .000900
09/30/88 .453807 .000900
12/31/88 .461771 -.30 -.659 .000900
03/31/89 .472375 .000900
06/30/89 .478447 -.47 -.980 .000900
09/30/89 .504980 .000900
12/31/89 .516229 -.50 -.960 .000900
03/31/90 .509808 .000900
06/30/90 .524902 -.52 -.988 .000900
09/30/90 .452386 .000900
12/31/90 .468858 -.49 -1.055 .000900
03/31/91 .514882 .000900
06/30/91 .510890 -.49 -.954 .000900
09/30/91 .555640 .000900
12/31/91 .590961 1,000.00 1,692.159 -.55 -.928 .000900
03/31/92 .592714 .000900
06/30/92 .629126 -.46 -.738 -.61 -.964 .000900
09/30/92 .624671 .000900
12/31/92 .630091 -.48 -.761 -.63 -.993 .000900
03/31/93 .664845 .000900
06/30/93 .692743 -.50 -.726 -.66 -.949 .000900
09/30/93 .735181 .000900
12/31/93 .784421 -.56 -.716 -.73 -.935 .000900
03/31/94 .756780 .000900
06/30/94 .743239 -.58 -.781 -.76 -1.020 .000900
09/30/94 .775882 .000900
12/31/94 .751339 -.57 -.756 -.74 -.987 .000900
03/31/95 .769266 .000900
06/30/95 .835656 -.60 -.721 -.79 -.942 .000900
09/30/95 .885064 .000900
12/31/95 .908890 1,000.00 1,100.243 -.66 -.729 -.86 -.952 .000900
03/31/96 .945584 .000900
06/30/96 .977162 -.47 -.478 -.72 -.732 -.93 -.956 .000900
09/30/96 .991149 .000900
12/31/96 1.066322 -.51 -.474 -.77 -.727 -1.01 -.949 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,099.291 1,684.772 2,200.463
ACCOUNT VALUE 1,172.20 1,796.51 2,346.40
SURRENDER VALUE 1,113.59 1,742.61 2,346.40
TOTAL RETURN 11.36 % 74.26 % 134.64 %
ANNUALIZED RETURN 11.75 % 10.77 %
</TABLE>
<PAGE> 149
PAGE 16
401(K) REGISTERED - STANDARDIZED PERFORMANCE
IS/5R - TEMPLETON GLOBAL STOCK FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 .418777 1,000.00 2,387.906 .000900
09/30/88 .420839 .000900
12/31/88 .428234 -.30 -.710 .000900
03/31/89 .447230 .000900
06/30/89 .447857 -.47 -1.051 .000900
09/30/89 .486541 .000900
12/31/89 .484553 -.50 -1.033 .000900
03/31/90 .476499 .000900
06/30/90 .492069 -.52 -1.065 .000900
09/30/90 .413511 .000900
12/31/90 .425603 -.49 -1.157 .000900
03/31/91 .474932 .000900
06/30/91 .464054 -.48 -1.028 .000900
09/30/91 .501784 .000900
12/31/91 .535509 1,000.00 1,867.382 -.54 -1.000 .000900
03/31/92 .541294 .000900
06/30/92 .563695 -.46 -.819 -.59 -1.045 .000900
09/30/92 .551675 .000900
12/31/92 .565981 -.47 -.838 -.60 -1.069 .000900
03/31/93 .603775 .000900
06/30/93 .634045 -.50 -.795 -.64 -1.013 .000900
09/30/93 .688526 .000900
12/31/93 .748598 -.58 -.775 -.74 -.988 .000900
03/31/94 .724164 .000900
06/30/94 .721385 -.62 -.855 -.79 -1.090 .000900
09/30/94 .758836 .000900
12/31/94 .722660 -.61 -.838 -.77 -1.068 .000900
03/31/95 .745860 .000900
06/30/95 .819405 -.65 -.789 -.82 -1.005 .000900
09/30/95 .872253 .000900
12/31/95 .893431 1,000.00 1,119.281 -.72 -.803 -.91 -1.024 .000900
03/31/96 .942521 .000900
06/30/96 .981285 -.47 -.481 -.78 -.800 -1.00 -1.020 .000900
09/30/96 .992200 .000900
12/31/96 1.079288 -.52 -.481 -.86 -.799 -1.10 -1.019 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,118.319 1,859.272 2,370.521
ACCOUNT VALUE 1,206.99 2,006.69 2,558.48
SURRENDER VALUE 1,146.64 1,946.49 2,558.48
TOTAL RETURN 14.66 % 94.65 % 155.85 %
ANNUALIZED RETURN 14.25 % 11.92 %
</TABLE>
<PAGE> 150
PAGE 17
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OB/5R - ODYSSEY LONG TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .837957 1,000.00 1,193.379 .000900
06/30/93 .856893 -.15 -.175 .000900
09/30/93 .902691 .000900
12/31/93 .908673 -.47 -.522 .000900
03/31/94 .871847 .000900
06/30/94 .845410 -.47 -.557 .000900
09/30/94 .843458 .000900
12/31/94 .845310 -.45 -.536 .000900
03/31/95 .892974 .000900
06/30/95 .955532 -.48 -.505 .000900
09/30/95 .973001 .000900
12/31/95 1.021777 1,000.00 978.687 -.53 -.519 .000900
03/31/96 .971135 .000900
06/30/96 .969893 -.44 -.452 -.53 -.550 .000900
09/30/96 .984907 .000900
12/31/96 1.021653 -.44 -.429 -.53 -.522 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 977.806 1,189.493
ACCOUNT VALUE 998.98 1,215.25
SURRENDER VALUE 949.03 1,165.25
TOTAL RETURN -5.10 % 16.52 % %
ANNUALIZED RETURN 4.25 % %
</TABLE>
<PAGE> 151
PAGE 18
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OC/5R - ODYSSEY CORE EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .656439 1,000.00 1,523.371 .000900
06/30/93 .652517 -.15 -.226 .000900
09/30/93 .665779 .000900
12/31/93 .664339 -.45 -.679 .000900
03/31/94 .646833 .000900
06/30/94 .646658 -.45 -.694 .000900
09/30/94 .664921 .000900
12/31/94 .649130 -.44 -.683 .000900
03/31/95 .702345 .000900
06/30/95 .771249 -.49 -.630 .000900
09/30/95 .837799 .000900
12/31/95 .887879 1,000.00 1,126.280 -.57 -.639 .000900
03/31/96 .939132 .000900
06/30/96 .957953 -.47 -.488 -.63 -.659 .000900
09/30/96 .981806 .000900
12/31/96 1.079196 -.52 -.478 -.70 -.645 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,125.313 1,518.514
ACCOUNT VALUE 1,214.43 1,638.77
SURRENDER VALUE 1,153.71 1,573.22
TOTAL RETURN 15.37 % 57.32 % %
ANNUALIZED RETURN 13.14 % %
</TABLE>
<PAGE> 152
PAGE 19
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OE/5R - ODYSSEY EMERGING OPPORTUNITIES FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .606974 1,000.00 1,647.517 .000900
06/30/93 .588412 -.15 -.248 .000900
09/30/93 .611705 .000900
12/31/93 .654579 -.46 -.704 .000900
03/31/94 .655454 .000900
06/30/94 .614685 -.47 -.765 .000900
09/30/94 .684379 .000900
12/31/94 .708644 -.49 -.692 .000900
03/31/95 .736291 .000900
06/30/95 .855855 -.58 -.677 .000900
09/30/95 .951527 .000900
12/31/95 .925078 1,000.00 1,080.990 -.66 -.712 .000900
03/31/96 .950387 .000900
06/30/96 .978515 -.46 -.473 -.70 -.719 .000900
09/30/96 1.003910 .000900
12/31/96 .884361 -.45 -.512 -.69 -.779 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,080.005 1,642.222
ACCOUNT VALUE 955.11 1,452.32
SURRENDER VALUE 907.36 1,394.22
TOTAL RETURN -9.26 % 39.42 % %
ANNUALIZED RETURN 9.47 % %
</TABLE>
<PAGE> 153
PAGE 20
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OI/5R - ODYSSEY INTERNATIONAL EQUITY FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .712318 1,000.00 1,403.867 .000900
06/30/93 .693532 -.15 -.211 .000900
09/30/93 .718713 .000900
12/31/93 .840501 -.48 -.576 .000900
03/31/94 .784627 .000900
06/30/94 .774416 -.51 -.658 .000900
09/30/94 .805237 .000900
12/31/94 .771744 -.49 -.632 .000900
03/31/95 .777826 .000900
06/30/95 .836610 -.51 -.606 .000900
09/30/95 .898570 .000900
12/31/95 .906554 1,000.00 1,103.078 -.55 -.606 .000900
03/31/96 .954849 .000900
06/30/96 .974489 -.47 -.479 -.59 -.608 .000900
09/30/96 .996002 .000900
12/31/96 1.090536 -.51 -.470 -.65 -.596 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,102.129 1,399.373
ACCOUNT VALUE 1,201.91 1,526.07
SURRENDER VALUE 1,141.82 1,465.02
TOTAL RETURN 14.18 % 46.50 % %
ANNUALIZED RETURN 10.96 % %
</TABLE>
<PAGE> 154
PAGE 21
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OM/5R - ODYSSEY INTERMEDIATE TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .879123 1,000.00 1,137.497 .000900
06/30/93 .890438 -.15 -.167 .000900
09/30/93 .911091 .000900
12/31/93 .909384 -.46 -.506 .000900
03/31/94 .887118 .000900
06/30/94 .874578 -.46 -.522 .000900
09/30/94 .876095 .000900
12/31/94 .872100 -.45 -.512 .000900
03/31/95 .903688 .000900
06/30/95 .946758 -.46 -.491 .000900
09/30/95 .957184 .000900
12/31/95 .990151 1,000.00 1,009.947 -.49 -.500 .000900
03/31/96 .980283 .000900
06/30/96 .980892 -.45 -.457 -.50 -.513 .000900
09/30/96 .993672 .000900
12/31/96 1.015718 -.45 -.446 -.51 -.502 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,009.044 1,133.784
ACCOUNT VALUE 1,024.90 1,151.61
SURRENDER VALUE 973.66 1,101.61
TOTAL RETURN -2.63 % 10.16 % %
ANNUALIZED RETURN 2.67 % %
</TABLE>
<PAGE> 155
PAGE 22
401(K) REGISTERED - STANDARDIZED PERFORMANCE
OS/5R - ODYSSEY SHORT TERM BOND FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 .895499 1,000.00 1,116.696 .000900
06/30/93 .900802 -.15 -.165 .000900
09/30/93 .909445 .000900
12/31/93 .913207 -.46 -.499 .000900
03/31/94 .905777 .000900
06/30/94 .900142 -.46 -.506 .000900
09/30/94 .903479 .000900
12/31/94 .900174 -.45 -.502 .000900
03/31/95 .926958 .000900
06/30/95 .957231 -.47 -.487 .000900
09/30/95 .964263 .000900
12/31/95 .985108 1,000.00 1,015.117 -.49 -.494 .000900
03/31/96 .979994 .000900
06/30/96 .984483 -.45 -.457 -.49 -.501 .000900
09/30/96 .995512 .000900
12/31/96 1.009145 -.46 -.451 -.50 -.495 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,014.209 1,113.047
ACCOUNT VALUE 1,023.48 1,123.23
SURRENDER VALUE 972.31 1,073.23
TOTAL RETURN -2.77 % 7.32 % %
ANNUALIZED RETURN 1.94 % %
</TABLE>
<PAGE> 156
PAGE 23
401(K) REGISTERED - STANDARDIZED PERFORMANCE
SA/5R - SOCIAL AWARENESS PORTFOLIO
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 .599221 1,000.00 1,668.833 .000900
06/30/92 .593160 -.15 -.248 .000900
09/30/92 .603734 .000900
12/31/92 .650475 -.47 -.718 .000900
03/31/93 .677932 .000900
06/30/93 .672761 -.50 -.738 .000900
09/30/93 .696752 .000900
12/31/93 .690317 -.51 -.741 .000900
03/31/94 .657951 .000900
06/30/94 .650983 -.50 -.773 .000900
09/30/94 .678978 .000900
12/31/94 .663567 -.49 -.742 .000900
03/31/95 .723418 .000900
06/30/95 .789884 -.54 -.689 .000900
09/30/95 .833872 .000900
12/31/95 .873798 1,000.00 1,144.429 -.62 -.713 .000900
03/31/96 .922562 .000900
06/30/96 .946210 -.47 -.495 -.68 -.720 .000900
09/30/96 .935589 .000900
12/31/96 1.034711 -.51 -.493 -.74 -.716 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,143.441 1,662.035
ACCOUNT VALUE 1,183.13 1,719.73
SURRENDER VALUE 1,123.97 1,668.13
TOTAL RETURN 12.40 % 66.81 % %
ANNUALIZED RETURN 11.58 % %
</TABLE>
<PAGE> 157
PAGE 24
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UA/5R - MANAGED ASSET TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .412467 1,000.00 2,424.436 .000900
03/31/87 .487610 .000900
06/30/87 .499408 -.50 -.996 .000900
09/30/87 .521487 .000900
12/31/87 .415859 -.50 -1.200 .000900
03/31/88 .429205 .000900
06/30/88 .444132 -.47 -1.055 .000900
09/30/88 .436842 .000900
12/31/88 .448383 -.49 -1.084 .000900
03/31/89 .470937 .000900
06/30/89 .508975 -.52 -1.024 .000900
09/30/89 .549359 .000900
12/31/89 .562704 -.58 -1.037 .000900
03/31/90 .549635 .000900
06/30/90 .577914 -.62 -1.074 .000900
09/30/90 .535823 .000900
12/31/90 .566607 -.62 -1.098 .000900
03/31/91 .608774 .000900
06/30/91 .607683 -.64 -1.050 .000900
09/30/91 .642326 .000900
12/31/91 .684213 1,000.00 1,461.533 -.70 -1.026 .000900
03/31/92 .662243 .000900
06/30/92 .675902 -.45 -.662 -.74 -1.093 .000900
09/30/92 .691981 .000900
12/31/92 .709973 -.46 -.642 -.75 -1.060 .000900
03/31/93 .738023 .000900
06/30/93 .744321 -.48 -.642 -.79 -1.060 .000900
09/30/93 .762475 .000900
12/31/93 .766453 -.50 -.647 -.82 -1.069 .000900
03/31/94 .734509 .000900
06/30/94 .728654 -.49 -.674 -.81 -1.112 .000900
09/30/94 .746475 .000900
12/31/94 .739452 -.48 -.651 -.80 -1.076 .000900
03/31/95 .786952 .000900
06/30/95 .848278 -.52 -.614 -.86 -1.014 .000900
09/30/95 .891188 .000900
12/31/95 .927816 1,000.00 1,077.800 -.58 -.628 -.96 -1.036 .000900
03/31/96 .941694 .000900
06/30/96 .965745 -.46 -.475 -.62 -.642 -1.02 -1.061 .000900
09/30/96 .984773 .000900
12/31/96 1.041919 -.49 -.467 -.66 -.631 -1.09 -1.042 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,076.857 1,455.101 2,403.167
ACCOUNT VALUE 1,122.00 1,516.10 2,503.91
SURRENDER VALUE 1,065.90 1,466.10 2,503.91
TOTAL RETURN 6.59 % 46.61 % 150.39 %
ANNUALIZED RETURN 7.95 % 9.61 %
</TABLE>
<PAGE> 158
PAGE 25
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UB/5R - HIGH YIELD BOND TRUST
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .516348 1,000.00 1,936.678 .000900
03/31/87 .540598 .000900
06/30/87 .533486 -.46 -.858 .000900
09/30/87 .522546 .000900
12/31/87 .507260 -.45 -.894 .000900
03/31/88 .538679 .000900
06/30/88 .547495 -.46 -.839 .000900
09/30/88 .560511 .000900
12/31/88 .573856 -.49 -.850 .000900
03/31/89 .586122 .000900
06/30/89 .613188 -.52 -.842 .000900
09/30/89 .601678 .000900
12/31/89 .574332 -.52 -.899 .000900
03/31/90 .544931 .000900
06/30/90 .556477 -.49 -.883 .000900
09/30/90 .518474 .000900
12/31/90 .511614 -.46 -.907 .000900
03/31/91 .556890 .000900
06/30/91 .581144 -.47 -.816 .000900
09/30/91 .611664 .000900
12/31/91 .644272 1,000.00 1,552.139 -.53 -.825 .000900
03/31/92 .675966 .000900
06/30/92 .687600 -.47 -.676 -.58 -.840 .000900
09/30/92 .707232 .000900
12/31/92 .719464 -.49 -.683 -.61 -.848 .000900
03/31/93 .755665 .000900
06/30/93 .780545 -.52 -.671 -.65 -.833 .000900
09/30/93 .795557 .000900
12/31/93 .809586 -.55 -.685 -.69 -.851 .000900
03/31/94 .788289 .000900
06/30/94 .781061 -.55 -.710 -.69 -.882 .000900
09/30/94 .794360 .000900
12/31/94 .788994 -.55 -.693 -.68 -.861 .000900
03/31/95 .828724 .000900
06/30/95 .870334 -.58 -.664 -.72 -.825 .000900
09/30/95 .881552 .000900
12/31/95 .899700 1,000.00 1,111.482 -.62 -.685 -.77 -.851 .000900
03/31/96 .953606 .000900
06/30/96 .964903 -.47 -.483 -.65 -.672 -.81 -.835 .000900
09/30/96 .996975 .000900
12/31/96 1.030411 -.50 -.484 -.69 -.674 -.86 -.837 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,110.514 1,545.326 1,919.602
ACCOUNT VALUE 1,144.29 1,592.32 1,977.98
SURRENDER VALUE 1,087.07 1,542.32 1,977.98
TOTAL RETURN 8.71 % 54.23 % 97.80 %
ANNUALIZED RETURN 9.05 % 7.06 %
</TABLE>
<PAGE> 159
PAGE 26
401(K) REGISTERED - STANDARDIZED PERFORMANCE
UP/5R - GREENWICH UTILITY (UP)
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 .759157 1,000.00 1,317.251 .000900
03/31/94 .757676 .000900
06/30/94 .746912 -.36 -.478 .000900
09/30/94 .758016 .000900
12/31/94 .763012 -.45 -.586 .000900
03/31/95 .798893 .000900
06/30/95 .846665 -.48 -.563 .000900
09/30/95 .901755 .000900
12/31/95 .973819 1,000.00 1,026.885 -.54 -.553 .000900
03/31/96 .970853 .000900
06/30/96 1.012244 -.46 -.453 -.59 -.581 .000900
09/30/96 .981599 .000900
12/31/96 1.032965 -.47 -.457 -.60 -.586 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C>
ENDING UNITS 1,025.974 1,313.904
ACCOUNT VALUE 1,059.80 1,357.22
SURRENDER VALUE 1,006.81 1,302.93
TOTAL RETURN .68 % 30.29 % %
ANNUALIZED RETURN 9.53 % %
</TABLE>
<PAGE> 160
PAGE 27
401(K) REGISTERED - STANDARDIZED PERFORMANCE
US/5R - CAPITAL APPRECIATION FUND
<TABLE>
<CAPTION>
SEMI-ANNUAL
PRDT PRICE DOLLAR1 UNIT1 DOLLAR5 UNIT5 DOLLAR10 UNIT10 FEE
---- ----- ------- ----- ------- ----- -------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/86 .349723 1,000.00 2,859.406 .000900
03/31/87 .455706 .000900
06/30/87 .448129 -.51 -1.145 .000900
09/30/87 .463087 .000900
12/31/87 .317904 -.49 -1.550 .000900
03/31/88 .343588 .000900
06/30/88 .369865 -.44 -1.195 .000900
09/30/88 .346632 .000900
12/31/88 .345321 -.46 -1.331 .000900
03/31/89 .365647 .000900
06/30/89 .379098 -.47 -1.227 .000900
09/30/89 .420725 .000900
12/31/89 .393604 -.50 -1.260 .000900
03/31/90 .389312 .000900
06/30/90 .420193 -.52 -1.243 .000900
09/30/90 .333300 .000900
12/31/90 .367953 -.51 -1.374 .000900
03/31/91 .440863 .000900
06/30/91 .435166 -.51 -1.183 .000900
09/30/91 .455051 .000900
12/31/91 .486407 1,000.00 2,055.891 -.59 -1.214 .000900
03/31/92 .501291 .000900
06/30/92 .478620 -.45 -.933 -.62 -1.291 .000900
09/30/92 .502320 .000900
12/31/92 .564739 -.48 -.854 -.67 -1.183 .000900
03/31/93 .597670 .000900
06/30/93 .617935 -.55 -.885 -.76 -1.225 .000900
09/30/93 .652980 .000900
12/31/93 .641425 -.58 -.907 -.81 -1.256 .000900
03/31/94 .614768 .000900
06/30/94 .576858 -.56 -.975 -.78 -1.350 .000900
09/30/94 .603364 .000900
12/31/94 .602881 -.54 -.903 -.75 -1.251 .000900
03/31/95 .631982 .000900
06/30/95 .719066 -.61 -.848 -.84 -1.174 .000900
09/30/95 .806325 .000900
12/31/95 .811514 1,000.00 1,232.265 -.71 -.870 -.98 -1.204 .000900
03/31/96 .890608 .000900
06/30/96 .942077 -.49 -.516 -.81 -.858 -1.12 -1.188 .000900
09/30/96 .986711 .000900
12/31/96 1.026875 -.55 -.531 -.91 -.883 -1.26 -1.223 .000900
</TABLE>
<TABLE>
<CAPTION>
ONE YEAR FIVE YEAR TEN YEAR
<S> <C> <C> <C>
ENDING UNITS 1,231.217 2,046.975 2,834.338
ACCOUNT VALUE 1,264.31 2,101.99 2,910.51
SURRENDER VALUE 1,201.09 2,038.93 2,910.51
TOTAL RETURN 20.11 % 103.89 % 191.05 %
ANNUALIZED RETURN 15.31 % 11.27 %
</TABLE>
<PAGE> 161
QP - Goldtrack - 1.20% M&E+.10% admin - American Odyssey Funds Nonstandardized
Reflects nonstandardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.837957 1000 1193.379 0.000%
06/30/93 0.856893 0.00000 0.000 0.000%
07/31/93 0.863409 -3.21992 -3.729 0.000% 0.3125%
10/31/93 0.918993 -3.41650 -3.718 0.000% 0.3125%
12/31/93 0.908673 1000 1100.506 0.00000 0.000 0.000%
01/31/94 0.917633 -3.15581 -3.439 -3.40078 -3.706 0.000% 0.3125%
04/30/94 0.851665 -2.91979 -3.428 -3.14644 -3.694 0.000% 0.3125%
06/30/94 0.845410 0.00000 0.000 0.000%
07/31/94 0.864774 -2.95547 -3.418 -3.18489 -3.683 0.000% 0.3125%
10/31/94 0.838121 -2.85543 -3.407 -3.07708 -3.671 0.000% 0.3125%
12/31/94 0.845310 0.00000 0.000 0.000%
01/31/95 0.863324 -2.93210 -3.396 -3.15971 -3.660 0.000% 0.3125%
04/30/95 0.905563 -3.06595 -3.386 -3.30394 -3.648 0.000% 0.3125%
06/30/95 0.955532 0.00000 0.000 0.000%
07/31/95 0.947314 -3.19728 -3.375 -3.44547 -3.637 0.000% 0.3125%
09/30/95 0.973001 0.000%
10/31/95 0.989747 -3.33006 -3.365 -3.58855 -3.626 0.000% 0.3125%
12/31/95 1.021777 1000 978.687 0.00000 0.000 0.000%
01/31/96 1.022597 -3.12751 -3.058 -3.42983 -3.354 -3.69607 -3.614 0.000% 0.3125%
03/31/96 0.971135 0.000%
04/30/96 0.960339 -2.92792 -3.049 -3.21095 -3.344 -3.46020 -3.603 0.000% 0.3125%
06/30/96 0.969893 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.970679 -2.95020 -3.039 -3.23538 -3.333 -3.48653 -3.592 0.000% 0.3125%
09/30/96 0.984907 0.000%
10/31/96 1.015497 -3.07677 -3.030 -3.37418 -3.323 -3.63611 -3.581 0.000% 0.3125%
12/31/96 1.021653 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 966.511 1059.938 1142.217
Cash Value $987.44 $1,082.89 $1,166.95
Total Return -1.26% 8.29% 16.69%
Annualized Return 2.69% 4.30%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.656439 1000 1523.371 0.000%
06/30/93 0.652517 0.00000 0.000 0.000%
07/31/93 0.656964 -3.12750 -4.761 0.000% 0.3125%
10/31/93 0.671476 -3.18659 -4.746 0.000% 0.3125%
12/31/93 0.664339 1000 1505.256 0.00000 0.000 0.000%
01/31/94 0.689320 -3.24251 -4.704 -3.26105 -4.731 0.000% 0.3125%
04/30/94 0.657059 -3.08110 -4.689 -3.09872 -4.716 0.000% 0.3125%
06/30/94 0.646658 0.00000 0.000 0.000%
07/31/94 0.667056 -3.11820 -4.675 -3.13603 -4.701 0.000% 0.3125%
10/31/94 0.670550 -3.12474 -4.660 -3.14261 -4.687 0.000% 0.3125%
12/31/94 0.649130 0.00000 0.000 0.000%
01/31/95 0.658706 -3.05995 -4.645 -3.07745 -4.672 0.000% 0.3125%
04/30/95 0.726064 -3.36232 -4.631 -3.38155 -4.657 0.000% 0.3125%
06/30/95 0.771249 0.00000 0.000 0.000%
07/31/95 0.799867 -3.69252 -4.616 -3.71363 -4.643 0.000% 0.3125%
09/30/95 0.837799 0.000%
10/31/95 0.832370 -3.83056 -4.602 -3.85246 -4.628 0.000% 0.3125%
12/31/95 0.887879 1000 1126.280 0.00000 0.000 0.000%
01/31/96 0.917788 -3.23027 -3.520 -4.21045 -4.588 -4.23453 -4.614 0.000% 0.3125%
03/31/96 0.939132 0.000%
04/30/96 0.946034 -3.31928 -3.509 -4.32647 -4.573 -4.35121 -4.599 0.000% 0.3125%
06/30/96 0.957953 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.915155 -3.20090 -3.498 -4.17217 -4.559 -4.19603 -4.585 0.000% 0.3125%
09/30/96 0.981806 0.000%
10/31/96 1.024223 -3.57119 -3.487 -4.65482 -4.545 -4.68144 -4.571 0.000% 0.3125%
12/31/96 1.079196 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1112.266 1449.769 1458.06
Cash Value $1,200.35 $1,564.58 $1,573.53
Total Return 20.04% 56.46% 57.35%
Annualized Return 16.09% 13.14%
</TABLE>
<PAGE> 162
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.606974 1000 1647.517 0.000%
06/30/93 0.588412 0.00000 0.000 0.000%
07/31/93 0.570335 -2.93636 -5.148 0.000% 0.3125%
10/31/93 0.647058 -3.32096 -5.132 0.000% 0.3125%
12/31/93 0.654579 1000 1527.699 0.00000 0.000 0.000%
01/31/94 0.675372 -3.22427 -4.774 -3.45545 -5.116 0.000% 0.3125%
04/30/94 0.671469 -3.19562 -4.759 -3.42475 -5.100 0.000% 0.3125%
06/30/94 0.614685 0.00000 0.000 0.000%
07/31/94 0.609294 -2.89065 -4.744 -3.09792 -5.084 0.000% 0.3125%
10/31/94 0.708487 -3.35075 -4.729 -3.59100 -5.069 0.000% 0.3125%
12/31/94 0.708644 0.00000 0.000 0.000%
01/31/95 0.694185 -3.27285 -4.715 -3.50752 -5.053 0.000% 0.3125%
04/30/95 0.748672 -3.51871 -4.700 -3.77100 -5.037 0.000% 0.3125%
06/30/95 0.855855 0.00000 0.000 0.000%
07/31/95 0.916717 -4.29504 -4.685 -4.60300 -5.021 0.000% 0.3125%
09/30/95 0.951527 0.000%
10/31/95 0.911333 -4.25647 -4.671 -4.56167 -5.005 0.000% 0.3125%
12/31/95 0.925078 1000 1080.990 0.00000 0.000 0.000%
01/31/96 0.883456 -2.98440 -3.378 -4.11338 -4.656 -4.40831 -4.990 0.000% 0.3125%
03/31/96 0.950387 0.000%
04/30/96 1.021059 -3.43845 -3.368 -4.73920 -4.641 -5.07901 -4.974 0.000% 0.3125%
06/30/96 0.978515 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.889941 -2.98754 -3.357 -4.11772 -4.627 -4.41296 -4.959 0.000% 0.3125%
09/30/96 1.003910 0.000%
10/31/96 0.927256 -3.10308 -3.347 -4.27696 -4.612 -4.58363 -4.943 0.000% 0.3125%
12/31/96 0.884361 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1067.54 1471.386 1576.886
Cash Value $944.09 $1,301.24 $1,394.54
Total Return -5.59% 30.12% 39.45%
Annualized Return 9.17% 9.48%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.712318 1000 1403.867 0.000%
06/30/93 0.693532 0.00000 0.000 0.000%
07/31/93 0.688557 -3.02076 -4.387 0.000% 0.3125%
10/31/93 0.764378 -3.34291 -4.373 0.000% 0.3125%
12/31/93 0.840501 1000 1189.767 0.00000 0.000 0.000%
01/31/94 0.865513 -3.21800 -3.718 -3.77339 -4.360 0.000% 0.3125%
04/30/94 0.801989 -2.97249 -3.706 -3.48551 -4.346 0.000% 0.3125%
06/30/94 0.774416 0.00000 0.000 0.000%
07/31/94 0.798690 -2.95102 -3.695 -3.46033 -4.333 0.000% 0.3125%
10/31/94 0.821702 -3.02655 -3.683 -3.54890 -4.319 0.000% 0.3125%
12/31/94 0.771744 0.00000 0.000 0.000%
01/31/95 0.740769 -2.71993 -3.672 -3.18936 -4.305 0.000% 0.3125%
04/30/95 0.807052 -2.95404 -3.660 -3.46388 -4.292 0.000% 0.3125%
06/30/95 0.836610 0.00000 0.000 0.000%
07/31/95 0.888383 -3.24158 -3.649 -3.80104 -4.279 0.000% 0.3125%
09/30/95 0.898570 0.000%
10/31/95 0.874122 -3.17958 -3.637 -3.72833 -4.265 0.000% 0.3125%
12/31/95 0.906554 1000 1103.078 0.00000 0.000 0.000%
01/31/96 0.935421 -3.22451 -3.447 -3.39192 -3.626 -3.97732 -4.252 0.000% 0.3125%
03/31/96 0.954849 0.000%
04/30/96 0.975832 -3.35330 -3.436 -3.52739 -3.615 -4.13617 -4.239 0.000% 0.3125%
06/30/96 0.974489 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.933602 -3.19816 -3.426 -3.36419 -3.603 -3.94481 -4.225 0.000% 0.3125%
09/30/96 0.996002 0.000%
10/31/96 1.006921 -3.43854 -3.415 -3.61706 -3.592 -4.24131 -4.212 0.000% 0.3125%
12/31/96 1.090536 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1089.354 1145.911 1343.68
Cash Value $1,187.98 $1,249.66 $1,465.33
Total Return 18.80% 24.97% 46.53%
Annualized Return 7.71% 10.97%
</TABLE>
<PAGE> 163
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.879123 1000 1137.497 0.000%
06/30/93 0.890438 0.00000 0.000 0.000%
07/31/93 0.892110 -3.17116 -3.555 0.000% 0.3125%
10/31/93 0.913617 -3.23746 -3.544 0.000% 0.3125%
12/31/93 0.909384 1000 1099.645 0.00000 0.000 0.000%
01/31/94 0.916381 -3.14904 -3.436 -3.23711 -3.532 0.000% 0.3125%
04/30/94 0.878274 -3.00866 -3.426 -3.09280 -3.521 0.000% 0.3125%
06/30/94 0.874578 0.00000 0.000 0.000%
07/31/94 0.884214 -3.01954 -3.415 -3.10399 -3.510 0.000% 0.3125%
10/31/94 0.874253 -2.97620 -3.404 -3.05943 -3.499 0.000% 0.3125%
12/31/94 0.872100 0.00000 0.000 0.000%
01/31/95 0.883837 -2.99942 -3.394 -3.08331 -3.489 0.000% 0.3125%
04/30/95 0.915441 -3.09697 -3.383 -3.18358 -3.478 0.000% 0.3125%
06/30/95 0.946758 0.00000 0.000 0.000%
07/31/95 0.944812 -3.18634 -3.372 -3.27545 -3.467 0.000% 0.3125%
09/30/95 0.957184 0.000%
10/31/95 0.967766 -3.25355 -3.362 -3.34454 -3.456 0.000% 0.3125%
12/31/95 0.990151 1000 1009.947 0.00000 0.000 0.000%
01/31/96 0.998517 -3.15140 -3.156 -3.34645 -3.351 -3.44003 -3.445 0.000% 0.3125%
03/31/96 0.980283 0.000%
04/30/96 0.975357 -3.06869 -3.146 -3.25861 -3.341 -3.34974 -3.434 0.000% 0.3125%
06/30/96 0.980892 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.982580 -3.08175 -3.136 -3.27249 -3.331 -3.36401 -3.424 0.000% 0.3125%
09/30/96 0.993672 0.000%
10/31/96 1.008616 -3.15353 -3.127 -3.34870 -3.320 -3.44235 -3.413 0.000% 0.3125%
12/31/96 1.015718 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 997.382 1059.11 1088.73
Cash Value $1,013.06 $1,075.76 $1,105.84
Total Return 1.31% 7.58% 10.58%
Annualized Return 2.46% 2.78%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.895499 1000 1116.696 0.000%
06/30/93 0.900802 0.00000 0.000 0.000%
07/31/93 0.902522 -3.14951 -3.490 0.000% 0.3125%
10/31/93 0.912063 -3.17286 -3.479 0.000% 0.3125%
12/31/93 0.913207 1000 1095.042 0.00000 0.000 0.000%
01/31/94 0.915841 -3.13401 -3.422 -3.17604 -3.468 0.000% 0.3125%
04/30/94 0.901229 -3.07437 -3.411 -3.11560 -3.457 0.000% 0.3125%
06/30/94 0.900142 0.00000 0.000 0.000%
07/31/94 0.908214 -3.08852 -3.401 -3.12994 -3.446 0.000% 0.3125%
10/31/94 0.904274 -3.06551 -3.390 -3.10662 -3.435 0.000% 0.3125%
12/31/94 0.900174 0.00000 0.000 0.000%
01/31/95 0.909404 -3.07327 -3.379 -3.11448 -3.425 0.000% 0.3125%
04/30/95 0.934370 -3.14777 -3.369 -3.18999 -3.414 0.000% 0.3125%
06/30/95 0.957231 0.00000 0.000 0.000%
07/31/95 0.957098 -3.21426 -3.358 -3.25737 -3.403 0.000% 0.3125%
09/30/95 0.964263 0.000%
10/31/95 0.970527 -3.24918 -3.348 -3.29275 -3.393 0.000% 0.3125%
12/31/95 0.985108 1000 1015.117 0.00000 0.000 0.000%
01/31/96 0.991651 -3.14576 -3.172 -3.30952 -3.337 -3.35391 -3.382 0.000% 0.3125%
03/31/96 0.979994 0.000%
04/30/96 0.978875 -3.09552 -3.162 -3.25668 -3.327 -3.30035 -3.372 0.000% 0.3125%
06/30/96 0.984483 0.00000 0.000 0.00000 0.000 0.000%
07/31/96 0.987151 -3.11194 -3.152 -3.27395 -3.317 -3.31785 -3.361 0.000% 0.3125%
09/30/96 0.995512 0.000%
10/31/96 1.005852 -3.16099 -3.143 -3.32554 -3.306 -3.37014 -3.351 0.000% 0.3125%
12/31/96 1.009145 0.00000 0.000 0.00000 0.000 0.000%
</TABLE>
<TABLE>
<CAPTION>
One-Year Three-Year Since inception
<S> <C> <C> <C>
Ending units 1002.488 1054.677 1068.82
Cash Value $1,011.66 $1,064.32 $1,078.59
Total Return 1.17% 6.43% 7.86%
Annualized Return 2.10% 2.08%
</TABLE>
<PAGE> 164
P - Goldtrack - 1.20% M&E+.10% admin - American Odyssey Standardized
Reflects standardized performance of those who participate in the CHART Asset
Allocation Program
AO Long Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.837957 1000 1193.379 0.090%
06/30/93 0.856893 -0.14962 -0.175 0.090%
07/31/93 0.863409 -3.21945 -3.729 0.3125%
10/31/93 0.918993 -3.41600 -3.717 0.3125%
12/31/93 0.908673 -0.47105 -0.518 0.090%
01/31/94 0.917633 -3.39880 -3.704 0.3125%
04/30/94 0.851665 -3.14460 -3.692 0.3125%
06/30/94 0.845410 -0.46486 -0.550 0.090%
07/31/94 0.864774 -3.18154 -3.679 0.3125%
10/31/94 0.838121 -3.07385 -3.668 0.3125%
12/31/94 0.845310 -0.44506 -0.527 0.090%
01/31/95 0.863324 -3.15496 -3.654 0.3125%
04/30/95 0.905563 -3.29898 -3.643 0.3125%
06/30/95 0.955532 -0.47088 -0.493 0.090%
07/31/95 0.947314 -3.43884 -3.630 0.3125%
09/30/95 0.973001 0.090%
10/31/95 0.989747 -3.58165 -3.619 0.3125%
12/31/95 1.021777 1000 978.687 -0.51358 -0.503 0.090%
01/31/96 1.022597 -3.12751 -3.058 -3.68735 -3.606 0.3125%
03/31/96 0.971135 0.090%
04/30/96 0.960339 -2.92792 -3.049 -3.45203 -3.595 0.3125%
06/30/96 0.969893 -0.43584 -0.449 -0.51386 -0.530 0.090%
07/31/96 0.970679 -2.94883 -3.038 -3.47669 -3.582 0.3125%
09/30/96 0.984907 0.090%
10/31/96 1.015497 -3.07535 -3.028 -3.62585 -3.571 0.3125%
12/31/96 1.021653 -0.43289 -0.424 -0.51038 -0.500 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 965.641 1138.494
Account Value $986.55 $1,163.15
Surrender Value $937.22 $1,113.15
Total Return -6.28% 11.31%
Annualized Return 2.96%
</TABLE>
AO Core Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.656439 1000 1523.371 0.090%
06/30/93 0.652517 -0.14750 -0.226 0.090%
07/31/93 0.656964 -3.12704 -4.760 0.3125%
10/31/93 0.671476 -3.18612 -4.745 0.3125%
12/31/93 0.664339 -0.44848 -0.675 0.090%
01/31/94 0.689320 -3.25912 -4.728 0.3125%
04/30/94 0.657059 -3.09688 -4.713 0.3125%
06/30/94 0.646658 -0.44350 -0.686 0.090%
07/31/94 0.667056 -3.13274 -4.696 0.3125%
10/31/94 0.670550 -3.13931 -4.682 0.3125%
12/31/94 0.649130 -0.43542 -0.671 0.090%
01/31/95 0.658706 -3.07284 -4.665 0.3125%
04/30/95 0.726064 -3.37648 -4.650 0.3125%
06/30/95 0.771249 -0.47410 -0.615 0.090%
07/31/95 0.799867 -3.70653 -4.634 0.3125%
09/30/95 0.837799 0.090%
10/31/95 0.832370 -3.84509 -4.619 0.3125%
12/31/95 0.887879 1000 1126.280 -0.55010 -0.620 0.090%
01/31/96 0.917788 -3.23027 -3.520 -4.22465 -4.603 0.3125%
03/31/96 0.939132 0.090%
04/30/96 0.946034 -3.31928 -3.509 -4.34106 -4.589 0.3125%
06/30/96 0.957953 -0.46484 -0.485 -0.60793 -0.635 0.090%
07/31/96 0.915155 -3.19951 -3.496 -4.18443 -4.572 0.3125%
09/30/96 0.981806 0.090%
10/31/96 1.024223 -3.56964 -3.485 -4.66849 -4.558 0.3125%
12/31/96 1.079196 -0.50960 -0.472 -0.66647 -0.618 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1111.313 1453.411
Account Value $1,199.32 $1,568.52
Surrender Value $1,139.36 $1,505.77
Total Return 13.94% 50.58%
Annualized Return 11.79%
</TABLE>
<PAGE> 165
AO Emerging Opportunities
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.606974 1000 1647.517 0.090%
06/30/93 0.588412 -0.14568 -0.248 0.090%
07/31/93 0.570335 -2.93592 -5.148 0.3125%
10/31/93 0.647058 -3.32046 -5.132 0.3125%
12/31/93 0.654579 -0.45782 -0.699 0.090%
01/31/94 0.675372 -3.45345 -5.113 0.3125%
04/30/94 0.671469 -3.42276 -5.097 0.3125%
06/30/94 0.614685 -0.46438 -0.755 0.090%
07/31/94 0.609294 -3.09469 -5.079 0.3125%
10/31/94 0.708487 -3.58726 -5.063 0.3125%
12/31/94 0.708644 -0.48092 -0.679 0.090%
01/31/95 0.694185 -3.50239 -5.045 0.3125%
04/30/95 0.748672 -3.76549 -5.030 0.3125%
06/30/95 0.855855 -0.56478 -0.660 0.090%
07/31/95 0.916717 -4.59438 -5.012 0.3125%
09/30/95 0.951527 0.090%
10/31/95 0.911333 -4.55313 -4.996 0.3125%
12/31/95 0.925078 1000 1080.990 -0.63864 -0.690 0.090%
01/31/96 0.883456 -2.98440 -3.378 -4.39815 -4.978 0.3125%
03/31/96 0.950387 0.090%
04/30/96 1.021059 -3.43845 -3.368 -5.06730 -4.963 0.3125%
06/30/96 0.978515 -0.46011 -0.470 -0.67807 -0.693 0.090%
07/31/96 0.889941 -2.98624 -3.356 -4.40086 -4.945 0.3125%
09/30/96 1.003910 0.090%
10/31/96 0.927256 -3.10172 -3.345 -4.57106 -4.930 0.3125%
12/31/96 0.884361 -0.44726 -0.506 -0.65913 -0.745 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1066.567 1571.817
Account Value $943.23 $1,390.05
Surrender Value $896.07 $1,334.45
Total Return -10.39% 33.45%
Annualized Return 8.18%
</TABLE>
AO International Equity
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.712318 1000 1403.867 0.090%
06/30/93 0.693532 -0.14599 -0.211 0.090%
07/31/93 0.688557 -3.02030 -4.386 0.3125%
10/31/93 0.764378 -3.34241 -4.373 0.3125%
12/31/93 0.840501 -0.48146 -0.573 0.090%
01/31/94 0.865513 -3.77127 -4.357 0.3125%
04/30/94 0.801989 -3.48356 -4.344 0.3125%
06/30/94 0.774416 -0.50347 -0.650 0.090%
07/31/94 0.798690 -3.45676 -4.328 0.3125%
10/31/94 0.821702 -3.54525 -4.315 0.3125%
12/31/94 0.771744 -0.47881 -0.620 0.090%
01/31/95 0.740769 -3.18464 -4.299 0.3125%
04/30/95 0.807052 -3.45875 -4.286 0.3125%
06/30/95 0.836610 -0.49473 -0.591 0.090%
07/31/95 0.888383 -3.79377 -4.270 0.3125%
09/30/95 0.898570 0.090%
10/31/95 0.874122 -3.72120 -4.257 0.3125%
12/31/95 0.906554 1000 1103.078 -0.53263 -0.588 0.090%
01/31/96 0.935421 -3.22451 -3.447 -3.96799 -4.242 0.3125%
03/31/96 0.954849 0.090%
04/30/96 0.975832 -3.35330 -3.436 -4.12648 -4.229 0.3125%
06/30/96 0.974489 -0.46395 -0.476 -0.57092 -0.586 0.090%
07/31/96 0.933602 -3.19677 -3.424 -3.93385 -4.214 0.3125%
09/30/96 0.996002 0.090%
10/31/96 1.006921 -3.43705 -3.413 -4.22953 -4.200 0.3125%
12/31/96 1.090536 -0.50593 -0.464 -0.62258 -0.571 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1088.418 1339.377
Account Value $1,186.96 $1,460.64
Surrender Value $1,127.61 $1,402.21
Total Return 12.76% 40.22%
Annualized Return 9.65%
</TABLE>
<PAGE> 166
AO Intermediate Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.879123 1000 1137.497 0.090%
06/30/93 0.890438 -0.14890 -0.167 0.090%
07/31/93 0.892110 -3.17070 -3.554 0.3125%
10/31/93 0.913617 -3.23699 -3.543 0.3125%
12/31/93 0.909384 -0.45770 -0.503 0.090%
01/31/94 0.916381 -3.23520 -3.530 0.3125%
04/30/94 0.878274 -3.09098 -3.519 0.3125%
06/30/94 0.874578 -0.45063 -0.515 0.090%
07/31/94 0.884214 -3.10073 -3.507 0.3125%
10/31/94 0.874253 -3.05622 -3.496 0.3125%
12/31/94 0.872100 -0.43826 -0.503 0.090%
01/31/95 0.883837 -3.07868 -3.483 0.3125%
04/30/95 0.915441 -3.17880 -3.472 0.3125%
06/30/95 0.946758 -0.45332 -0.479 0.090%
07/31/95 0.944812 -3.26913 -3.460 0.3125%
09/30/95 0.957184 0.090%
10/31/95 0.967766 -3.33809 -3.449 0.3125%
12/31/95 0.990151 1000 1009.947 -0.47952 -0.484 0.090%
01/31/96 0.998517 -3.15140 -3.156 -3.43188 -3.437 0.3125%
03/31/96 0.980283 0.090%
04/30/96 0.975357 -3.06869 -3.146 -3.34180 -3.426 0.3125%
06/30/96 0.980892 -0.44510 -0.454 -0.48472 -0.494 0.090%
07/31/96 0.982580 -3.08036 -3.135 -3.35452 -3.414 0.3125%
09/30/96 0.993672 0.090%
10/31/96 1.008616 -3.15210 -3.125 -3.43264 -3.403 0.3125%
12/31/96 1.015718 -0.44786 -0.441 -0.48772 -0.480 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 996.49 1085.179
Account Value $1,012.15 $1,102.24
Surrender Value $961.55 $1,052.24
Total Return -3.85% 5.22%
Annualized Return 1.40%
</TABLE>
AO Short Term Bond
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee CHART Fee
----------- ------- ----- ------- ----- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.895499 1000 1116.696 0.090%
06/30/93 0.900802 -0.14838 -0.165 0.090%
07/31/93 0.902522 -3.14904 -3.489 0.3125%
10/31/93 0.912063 -3.17239 -3.478 0.3125%
12/31/93 0.913207 -0.45287 -0.496 0.090%
01/31/94 0.915841 -3.17416 -3.466 0.3125%
04/30/94 0.901229 -3.11375 -3.455 0.3125%
06/30/94 0.900142 -0.44968 -0.500 0.090%
07/31/94 0.908214 -3.12666 -3.443 0.3125%
10/31/94 0.904274 -3.10337 -3.432 0.3125%
12/31/94 0.900174 -0.44346 -0.493 0.090%
01/31/95 0.909404 -3.10982 -3.420 0.3125%
04/30/95 0.934370 -3.18521 -3.409 0.3125%
06/30/95 0.957231 -0.45446 -0.475 0.090%
07/31/95 0.957098 -3.25107 -3.397 0.3125%
09/30/95 0.964263 0.090%
10/31/95 0.970527 -3.28638 -3.386 0.3125%
12/31/95 0.985108 1000 1015.117 -0.47207 -0.479 0.090%
01/31/96 0.991651 -3.14576 -3.172 -3.34593 -3.374 0.3125%
03/31/96 0.979994 0.090%
04/30/96 0.978875 -3.09552 -3.162 -3.29250 -3.364 0.3125%
06/30/96 0.984483 -0.44705 -0.454 -0.47550 -0.483 0.090%
07/31/96 0.987151 -3.11054 -3.151 -3.30847 -3.352 0.3125%
09/30/96 0.995512 0.090%
10/31/96 1.005852 -3.15956 -3.141 -3.36061 -3.341 0.3125%
12/31/96 1.009145 -0.44948 -0.445 -0.47808 -0.474 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1001.592 1065.325
Account Value $1,010.75 $1,075.07
Surrender Value $960.21 $1,025.07
Total Return -3.98% 2.51%
Annualized Return 0.68%
</TABLE>
<PAGE> 167
TRAVELERS QUALITY BOND PORTFOLIO - QP - REGISTERED GOLDTRACK
Standardized Performance Since Inception as of 12/31/96
1.30%
<TABLE>
<CAPTION>
Unit Value Dollars Units S/A Fee
<S> <C> <C> <C> <C>
08/30/96 1.000000 1000.00 1000.000 0.090%
09/30/96 1.010884 0.090%
12/31/96 1.030975 -0.30798 -0.299 0.090%
</TABLE>
<TABLE>
<CAPTION>
Since Inception
<S> <C>
Ending Units 999.701
Account Value $1,030.67
Surrender Value $979.13
Total Return -2.09%
</TABLE>
Standardized Performance Since Inception as of 12/31/96
1.15%
<TABLE>
<S> <C> <C> <C> <C>
08/30/96 1.000000 1000.00 1000.000 0.090%
09/30/96 1.011013 0.090%
12/31/96 1.031496 -0.308 -0.299 0.090%
</TABLE>
<TABLE>
<CAPTION>
Since Inception
<S> <C>
Ending Units 999.701
Account Value $1,031.19
Surrender Value $979.63
Total Return -2.04%
</TABLE>
Standardized Performance Since Inception as of 12/31/96
0.95%
<TABLE>
<S> <C> <C> <C> <C>
08/30/96 1.000000 1000.00 1000.000 0.090%
09/30/96 1.011184 0.090%
12/31/96 1.032191 -0.308 -0.299 0.090%
</TABLE>
<TABLE>
<CAPTION>
Since Inception
<S> <C>
Ending Units 999.701
Account Value $1,031.88
Surrender Value $980.29
Total Return -1.97%
</TABLE>
Standardized Performance Since Inception as of 12/31/96
0.80%
<TABLE>
<S> <C> <C> <C> <C>
08/30/96 1.000000 1000.00 1000.000 0.090%
09/30/96 1.011313 0.090%
12/31/96 1.032713 -0.308 -0.298 0.090%
</TABLE>
<TABLE>
<CAPTION>
Since Inception
<S> <C>
Ending Units 999.702
Account Value $1,032.41
Surrender Value $980.79
Total Return -1.92%
</TABLE>
Standardized Performance Since Inception as of 12/31/96
0.60%
<TABLE>
<S> <C> <C> <C> <C>
08/30/96 1.000000 1000.00 1000.000 0.090%
09/30/96 1.011485 0.090%
12/31/96 1.033409 -0.30835 -0.298 0.090%
</TABLE>
<TABLE>
<CAPTION>
Since Inception
<S> <C>
Ending Units 999.702
Account Value $1,033.10
Surrender Value $1,033.10
Total Return 3.31%
</TABLE>
<PAGE> 168
Spotlight on Registered Gold Track - Performance Update as of 12/31/96
<TABLE>
<CAPTION>
Cumulative Returns Average Annual Returns
YTD 1 YR 3YR 5YR 10YR 3YR 5YR 10YR Inception +
STOCK ACCOUNTS:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth Portfolio 28.33% 28.33% - - - - - - 26.14%
American Odyssey Core Equity Fund 22.16% 22.16% 64.90% - - 18.13% - - 15.07%
American Odyssey Emerging Opportunities Fund -3.92% -3.92% 37.15% - - 11.09% - - 11.35%
American Odyssey International Equity Fund 20.90% 20.90% 31.71% - - 9.61% - - 12.86%
Capital Appreciation Fund (Janus sub-adviser) 27.18% 27.18% 62.51% 116.46% 213.01% 17.55% 16.68% 12.08% 9.08%
Dreyfus Stock Index Fund 21.53% 21.53% 65.04% 90.17% - 18.16% 13.70% - 12.76%
Fidelity's Equity-Income Portfolio 13.36% 13.36% 61.36% 119.53% 234.35% 17.27% 17.01% 12.82% 12.52%
Fidelity's Growth Portfolio 13.79% 13.79% 51.57% 94.73% 278.68% 14.85% 14.24% 14.23% 13.91%
Smith Barney Income and Growth Portfolio 18.82% 18.82% - - - - - - 18.65%
Smith Barney International Equity Portfolio 16.77% 16.77% - - - - - - 8.63%
Social Awareness Stock Portfolio (Smith Barney) 19.01% 19.01% 52.15% - - 15.00% - - 12.97%
Templeton's Global Stock Fund 21.41% 21.41% 46.36% 106.65% - 13.52% 15.61% - 12.58%
Utilities Portfolio (Smith Barney) 6.61% 6.61% - - - - - - 11.73%
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 3.10% 3.10% 13.38% - - 4.27% - - 4.53%
American Odyssey Long-Term Bond Fund 0.49% 0.49% 14.13% - - 4.50% - - 6.08%
American Odyssey Short-Term Bond Fund 2.96% 2.96% 12.18% - - 3.90% - - 3.83%
Fidelity's High Income Portfolio 13.12% 13.12% 32.20% 92.93% 165.08% 9.74% 14.03% 10.23% 11.11%
Putnam Diversified Income Portfolio 7.37% 7.37% - - - - - - 9.67%
Smith Barney High Income Portfolio 12.25% 12.25% - - - - - - 11.34%
Templeton's Global Bond Fund 8.57% 8.57% 16.80% 35.12% - 5.31% 6.20% - 7.14%
Travelers High Yield Bond Trust 15.11% 15.11% 29.20% 63.99% 109.79% 8.91% 10.39% 7.68% 7.91%
Travelers U.S. Government Securities Portfolio 0.63% 0.63% 16.32% - - 5.16% - - 6.31%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.69% 13.69% 22.89% 63.74% - 7.11% 10.35% - 10.80%
MFS Total Return Portfolio 13.59% 13.59% - - - - - - 13.84%
Templeton's Global Asset Allocation Fund 17.91% 17.91% 37.99% 85.01% - 11.32% 13.08% - 11.42%
Travelers Managed Assets Trust 12.87% 12.87% 38.00% 56.14% 165.57% 11.32% 9.31% 10.25% 9.19%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 4.12% 4.12% - - - - - - 4.13%
</TABLE>
<TABLE>
<CAPTION>
Calendar Year Returns
Inception + 1996 1995 1994 1993
STOCK ACCOUNTS:
<S> <C> <C> <C> <C> <C>
Alliance Growth Portfolio (6/94) 28.33% 33.78% - -
American Odyssey Core Equity Fund (5/93) 22.16% 37.46% -1.80% -
American Odyssey Emerging Opportunities Fund (5/93) -3.92% 31.19% 8.80% -
American Odyssey International Equity Fund (5/93) 20.90% 18.06% -7.72% -
Capital Appreciation Fund (Janus sub-adviser) (5/83) 27.18% 35.28% -5.54% 14.15%
Dreyfus Stock Index Fund (9/89) 21.53% 35.69% 0.08% 8.46%
Fidelity's Equity-Income Portfolio (10/86) 13.36% 34.01% 6.21% 17.33%
Fidelity's Growth Portfolio (10/86) 13.79% 34.30% -0.82% 18.41%
Smith Barney Income and Growth Portfolio (6/94) 18.82% 32.01% - -
Smith Barney International Equity Portfolio (6/94) 16.77% 10.39% - -
Social Awareness Stock Portfolio (Smith Barney) (5/92) 19.01% 32.34% -3.39% 6.66%
Templeton's Global Stock Fund (8/88) 21.41% 24.25% -2.98% 32.93%
Utilities Portfolio (Smith Barney) (2/94) 6.61% 28.27% - -
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund (5/93) 3.10% 14.10% -3.62% -
American Odyssey Long-Term Bond Fund (5/93) 0.49% 21.48% -6.51% -
American Odyssey Short-Term Bond Fund (5/93) 2.96% 9.98% -0.93% -
Fidelity's High Income Portfolio (9/85) 13.12% 19.65% -2.33% 19.55%
Putnam Diversified Income Portfolio (6/94) 7.37% 16.45% - -
Smith Barney High Income Portfolio (6/94) 12.25% 18.13% - -
Templeton's Global Bond Fund (8/88) 8.57% 14.01% -5.64% 10.58%
Travelers High Yield Bond Trust (6/83) 15.11% 14.60% -2.06% 13.09%
Travelers U.S. Government Securities Portfolio (1/92) 0.63% 23.49% -6.40% 8.63%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio (9/89) 13.69% 16.03% -6.84% 20.07%
MFS Total Return Portfolio (6/94) 13.59% 24.69% - -
Templeton's Global Asset Allocation Fund (8/88) 17.91% 21.57% -3.74% 25.12%
Travelers Managed Assets Trust (6/83) 12.87% 26.10% -3.04% 8.50%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio (6/94) 4.12% 4.57% - -
</TABLE>
Gold Track is a variable annuity. These returns reflect: 1) the 0.80% annual
mortality and expense in risk charge and 2) portfolio management fees. The
deduction of the semi-annual administrative charge, if applicable, is not
reflected. Likewise, the deferred sales charge (maximum 5% of each purchase
payment for a period of 5 years from the date the purchase payment was made) or
the surrender charge (maximum 5% of the amount surrendered in the first two
contract years; up to 4% in years three or four, up to 3% in years five and six;
up to 2% in years seven and eight and 0% beginning in the ninth year) is not
reflected. The deduction of those charges would reduce any percentage increase
or make greater any percentage decrease.
Performance data quoted represents past performance. Investment return and
principal value of an investment will fluctuate so that an investor's units,
when redeemed, may be worth more or less than their original cost. An investment
in the Smith Barney Money Market Portfolio is neither insured nor guaranteed by
the U.S. Government.
+Inception Date is the date that the underlying funds first received deposits.
These investment options were not available for sale under Fund QP until October
1, 1996; however, underlying funds were n existence prior to that date.
Performance figures for periods prior to 10/01/96 represent actual returns of
the underlying funds adjusted to reflect the charges that would have been
assessed had those underlying funds been offered under Fund QP during that
period.
Submitted to the Insurance Commissioner of Puerto Rico on November 11, 1996.
FL: If the annuitant's date of birth is misstated, all benefits of the contract
are what the premium paid would have purchased at the correct age.
[LOGO]
Gold Track is issued by The Travelers Insurance Company or The Travelers Life
and Annuity Company, One Tower Square, Hartford, CT 06183 (The issuing company
will be reflected on the contract; NY contracts are issued by The Travelers
Insurance Company)
<PAGE> 169
<TABLE>
<CAPTION>
Alliance Growth 12/31/96 Yearly Returns Net of M & E
<S> <C> <C> <C>
1992 ERR
06/20/94 0.591307 1993 ERR
12/31/91 - 1994 ERR
12/31/92 - 1995 33.78%
12/31/93 - YTD -1996 28.33%
12/31/94 0.620420
12/31/95 0.830021 Average Annual Net of M & E
12/31/86 - 10 YR ERR
12/31/91 - 5 YR ERR
12/31/93 - 3 YR ERR
12/31/95 0.830021 Inception 26.14%
12/31/96 1.065173
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 28.33%
Dreyfus Yearly Returns Net of M & E
09/29/89 0.450207 1992 6.24%
12/31/91 0.566084 1993 8.46%
12/31/92 0.601427 1994 0.08%
12/31/93 0.652303 1995 35.69%
12/31/94 0.652807 YTD -1996 21.53%
12/31/95 0.885824
12/31/86 - Average Annual Net of M & E
12/31/91 0.566084 10 YR ERR
12/31/93 0.652303 5 YR 13.70%
12/31/95 0.885824 3 YR 18.16%
12/31/96 1.076544 Inception 12.76%
Cumulatives Net of M & E
10 YR ERR
5 YR 90.17%
3 YR 65.04%
1 YR 21.53%
Fidelity Asset Manager Yearly Returns Net of M & E
09/06/89 0.494578 1992 10.97%
12/31/91 0.640146 1993 20.07%
12/31/92 0.710350 1994 -6.84%
12/31/93 0.852943 1995 16.03%
12/31/94 0.794617 YTD -1996 13.69%
12/31/95 0.922000
12/31/86 - Average Annual Net of M & E
12/31/91 0.640146 10 YR ERR
12/31/93 0.852943 5 YR 10.35%
12/31/95 0.922000 3 YR 7.11%
12/31/96 1.048205 Inception 10.80%
</TABLE>
<PAGE> 170
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Cumulatives Net of M & E
10 YR ERR
5 YR 63.74%
3 YR 22.89%
1 YR 13.69%
Fidelity High Income Yearly Returns Net of M & E
09/19/85 0.308585 1992 22.08%
12/31/91 0.525334 1993 19.55%
12/31/92 0.641322 1994 -2.33%
12/31/93 0.766705 1995 19.65%
12/31/94 0.748849 YTD -1996 13.12%
12/31/95 0.895991
12/31/86 0.382364 Average Annual Net of M & E
12/31/91 0.525334 10 YR 10.23%
12/31/93 0.766705 5 YR 14.03%
12/31/95 0.895991 3 YR 9.74%
12/31/96 1.013553 Inception 11.11%
Cumulatives Net of M & E
10 YR 165.08%
5 YR 92.93%
3 YR 32.20%
1 YR 13.12%
Fidelity Equity Income Yearly Returns Net of M & E
10/09/86 0.311970 1992 15.96%
12/31/91 0.475220 1993 17.33%
12/31/92 0.551054 1994 6.21%
12/31/93 0.646551 1995 34.01%
12/31/94 0.686732 YTD -1996 13.36%
12/31/95 0.920319
12/31/86 0.312026 Average Annual Net of M & E
12/31/91 0.475220 10 YR 12.82%
12/31/93 0.646551 5 YR 17.01%
12/31/95 0.920319 3 YR 17.27%
12/31/96 1.043273 Inception 12.52%
Cumulatives Net of M & E
10 YR 234.35%
5 YR 119.53%
3 YR 61.36%
1 YR 13.36%
Fidelity Growth Fund Yearly Returns Net of M & E
10/09/86 0.261950 1992 8.51%
12/31/91 0.509991 1993 18.41%
12/31/92 0.553377 1994 -0.82%
12/31/93 0.655233 1995 34.30%
12/31/94 0.649878 YTD -1996 13.79%
</TABLE>
<PAGE> 171
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/95 0.872756
12/31/86 0.262258 Average Annual Net of M & E
12/31/91 0.509991 10 YR 14.23%
12/31/93 0.655233 5 YR 14.24%
12/31/95 0.872756 3 YR 14.85%
12/31/96 0.993111 Inception 13.91%
Cumulatives Net of M & E
10 YR 278.68%
5 YR 94.73%
3 YR 51.57%
1 YR 13.79%
US Government Yearly Returns Net of M & E
01/24/92 0.758115 1992 ERR
12/31/91 - 1993 8.63%
12/31/92 0.811770 1994 -6.40%
12/31/93 0.881810 1995 23.49%
12/31/94 0.825367 YTD -1996 0.63%
12/31/95 1.019261
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.881810 5 YR ERR
12/31/95 1.019261 3 YR 5.16%
12/31/96 1.025733 Inception 6.31%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 16.32%
1 YR 0.63%
Templeton Bond Yearly Returns Net of M & E
08/31/88 0.582396 1992 4.62%
12/31/91 0.766401 1993 10.58%
12/31/92 0.801810 1994 -5.64%
12/31/93 0.886602 1995 14.01%
12/31/94 0.836621 YTD -1996 8.57%
12/31/95 0.953832
12/31/86 - Average Annual Net of M & E
12/31/91 0.766401 10 YR ERR
12/31/93 0.886602 5 YR 6.20%
12/31/95 0.953832 3 YR 5.31%
12/31/96 1.035537 Inception 7.14%
Cumulatives Net of M & E
10 YR ERR
5 YR 35.12%
3 YR 16.80%
1 YR 8.57%
</TABLE>
<PAGE> 172
<TABLE>
<CAPTION>
Templeton Asset Allocation Yearly Returns Net of M & E
<S> <C> <C> <C>
08/31/88 0.433213 1992 7.16%
12/31/91 0.577024 1993 25.12%
12/31/92 0.618323 1994 -3.74%
12/31/93 0.773625 1995 21.57%
12/31/94 0.744703 YTD -1996 17.91%
12/31/95 0.905362
12/31/86 - Average Annual Net of M & E
12/31/91 0.577024 10 YR ERR
12/31/93 0.773625 5 YR 13.08%
12/31/95 0.905362 3 YR 11.32%
12/31/96 1.067544 Inception 11.42%
Cumulatives Net of M & E
10 YR ERR
5 YR 85.01%
3 YR 37.99%
1 YR 17.91%
MFS Total Return Yearly Returns Net of M & E
06/20/94 0.752709 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 24.69%
12/31/94 0.738169 YTD -1996 13.59%
12/31/95 0.920416
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.920416 3 YR ERR
12/31/96 1.045540 Inception 13.84%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 13.59%
Putnam Diversified Yearly Returns Net of M & E
06/20/94 0.807211 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 16.45%
12/31/94 0.815674 YTD -1996 7.37%
12/31/95 0.949864
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.949864 3 YR ERR
</TABLE>
<PAGE> 173
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/96 1.019848 Inception 9.67%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 7.37%
AO Long Term Bond Yearly Returns Net of M & E
05/01/93 0.823665 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -6.51%
12/31/93 0.896163 1995 21.48%
12/31/94 0.837842 YTD -1996 0.49%
12/31/95 1.017809
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.896163 5 YR ERR
12/31/95 1.017809 3 YR 4.50%
12/31/96 1.022827 Inception 6.08%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 14.13%
1 YR 0.49%
AO Core Equity Yearly Returns Net of M & E
05/01/93 0.645247 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -1.80%
12/31/93 0.655198 1995 37.46%
12/31/94 0.643399 YTD -1996 22.16%
12/31/95 0.884433
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.655198 5 YR ERR
12/31/95 0.884433 3 YR 18.13%
12/31/96 1.080434 Inception 15.07%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 64.90%
1 YR 22.16%
AO Emerging Ops Yearly Returns Net of M & E
05/01/93 0.596631 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 8.80%
</TABLE>
<PAGE> 174
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/93 0.645578 1995 31.19%
12/31/94 0.702392 YTD -1996 -3.92%
12/31/95 0.921498
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.645578 5 YR ERR
12/31/95 0.921498 3 YR 11.09%
12/31/96 0.885396 Inception 11.35%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 37.15%
1 YR -3.92%
AO International Yearly Returns Net of M & E
05/01/93 0.700180 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -7.72%
12/31/93 0.828943 1995 18.06%
12/31/94 0.764936 YTD -1996 20.90%
12/31/95 0.903046
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.828943 5 YR ERR
12/31/95 0.903046 3 YR 9.61%
12/31/96 1.091804 Inception 12.86%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 31.71%
1 YR 20.90%
AO Intermediate Bond Yearly Returns Net of M & E
05/01/93 0.864128 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -3.62%
12/31/93 0.896866 1995 14.10%
12/31/94 0.864395 YTD -1996 3.10%
12/31/95 0.986306
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.896866 5 YR ERR
12/31/95 0.986306 3 YR 4.27%
12/31/96 1.016890 Inception 4.53%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 13.38%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 YR 3.10%
AO Short Term Bnd Yearly Returns Net of M & E
05/01/93 0.880225 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -0.93%
12/31/93 0.900636 1995 9.98%
12/31/94 0.892221 YTD -1996 2.96%
12/31/95 0.981283
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.900636 5 YR ERR
12/31/95 0.981283 3 YR 3.90%
12/31/96 1.010310 Inception 3.83%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.18%
1 YR 2.96%
Social Awareness Yearly Returns Net of M & E
05/01/92 0.586068 1992 ERR
12/31/91 - 1993 6.66%
12/31/92 0.638325 1994 -3.39%
12/31/93 0.680817 1995 32.34%
12/31/94 0.657707 YTD -1996 19.01%
12/31/95 0.870407
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.680817 5 YR ERR
12/31/95 0.870407 3 YR 15.00%
12/31/96 1.035896 Inception 12.97%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 52.15%
1 YR 19.01%
SB High Income Yearly Returns Net of M & E
06/22/94 0.794535 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 18.13%
12/31/94 0.786197 YTD -1996 12.25%
12/31/95 0.928751
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
</TABLE>
<PAGE> 175
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/95 0.928751 3 YR ERR
12/31/96 1.042489 Inception 11.34%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 12.25%
SB International Yearly Returns Net of M & E
06/20/94 0.825224 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 10.39%
12/31/94 0.789586 YTD -1996 16.77%
12/31/95 0.871625
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.871625 3 YR ERR
12/31/96 1.017783 Inception 8.63%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 16.77%
SB Inc & Grwth Yearly Returns Net of M & E
06/20/94 0.686429 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 32.01%
12/31/94 0.675043 YTD -1996 18.82%
12/31/95 0.891105
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.891105 3 YR ERR
12/31/96 1.058826 Inception 18.65%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 18.82%
SB Money Market Yearly Returns Net of M & E
06/20/94 0.911633 1992 ERR
12/31/91 - 1993 ERR
</TABLE>
<PAGE> 176
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/92 - 1994 ERR
12/31/93 - 1995 4.57%
12/31/94 0.927747 YTD -1996 4.12%
12/31/95 0.970147
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.970147 3 YR ERR
12/31/96 1.010100 Inception 4.13%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 4.12%
SB Utilities Yearly Returns Net of M & E
02/04/94 0.749066 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 28.27%
12/31/94 0.756272 YTD -1996 6.61%
12/31/95 0.970037
12/31/86 - Average Annual Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.970037 3 YR ERR
12/31/96 1.034150 Inception 11.73%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.61%
Managed Asset Trust Yearly Returns Net of M & E
06/07/83 0.316049 1992 4.29%
12/31/91 0.668075 1993 8.50%
12/31/92 0.696712 1994 -3.04%
12/31/93 0.755905 1995 26.10%
12/31/94 0.732921 YTD -1996 12.87%
12/31/95 0.924214
12/31/86 0.392790 Average Annual Net of M & E
12/31/91 0.668075 10 YR 10.25%
12/31/93 0.755905 5 YR 9.31%
12/31/95 0.924214 3 YR 11.32%
12/31/96 1.043116 Inception 9.19%
Cumulatives Net of M & E
10 YR 165.57%
5 YR 56.14%
</TABLE>
<PAGE> 177
<TABLE>
<CAPTION>
<S> <C> <C> <C>
3 YR 38.00%
1 YR 12.87%
High Yield Bond Trust Yearly Returns Net of M & E
06/10/83 0.367188 1992 12.23%
12/31/91 0.629078 1993 13.09%
12/31/92 0.706027 1994 -2.06%
12/31/93 0.798444 1995 14.60%
12/31/94 0.782026 YTD -1996 15.11%
12/31/95 0.896208
12/31/86 0.491720 Average Annual Net of M & E
12/31/91 0.629078 10 YR 7.68%
12/31/93 0.798444 5 YR 10.39%
12/31/95 0.896208 3 YR 8.91%
12/31/96 1.031599 Inception 7.91%
Cumulatives Net of M & E
10 YR 109.79%
5 YR 63.99%
3 YR 29.20%
1 YR 15.11%
Capital Appreciation Yearly Returns Net of M & E
05/26/83 0.314781 1992 16.69%
12/31/91 0.474935 1993 14.15%
12/31/92 0.554190 1994 -5.54%
12/31/93 0.632598 1995 35.28%
12/31/94 0.597557 YTD -1996 27.18%
12/31/95 0.808365
12/31/86 0.328438 Average Annual Net of M & E
12/31/91 0.474935 10 YR 12.08%
12/31/93 0.632598 5 YR 16.68%
12/31/95 0.808365 3 YR 17.55%
12/31/96 1.028057 Inception 9.08%
Cumulatives Net of M & E
10 YR 213.01%
5 YR 116.46%
3 YR 62.51%
1 YR 27.18%
Templeton Stock Yearly Returns Net of M & E
08/31/88 0.402145 1992 6.22%
12/31/91 0.522888 1993 32.93%
12/31/92 0.555418 1994 -2.98%
12/31/93 0.738305 1995 24.25%
12/31/94 0.716287 YTD -1996 21.41%
12/31/95 0.889975
12/31/86 - Average Annual Net of M & E
12/31/91 0.522888 10 YR ERR
</TABLE>
<PAGE> 178
<TABLE>
<S> <C> <C> <C>
12/31/93 0.738305 5 YR 15.61%
12/31/95 0.889975 3 YR 13.52%
12/31/96 1.080546 Inception 12.58%
Cumulatives Net of M & E
10 YR ERR
5 YR 106.65%
3 YR 46.36%
1 YR 21.41%
Yearly Returns Net of M & E
0.000000 1992 ERR
0.000000 1993 ERR
0.000000 1994 ERR
0.000000 1995 ERR
0.000000 YTD -1996 ERR
0.000000
0.000000 Average Annual Net of M & E
0.000000 10 YR ERR
0.000000 5 YR ERR
0.000000 3 YR ERR
0.000000 Inception ERR
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR ERR
</TABLE>
<PAGE> 179
<TABLE>
<CAPTION>
Date Code 80%
Alliance Growth - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.591307
06/30/94 0.582768
07/31/94 0.598502 06/20/94 0.591307 1000 1691.168 0.090%
08/31/94 0.613605 06/30/94 0.582768 -0.02448 -0.042 0.090%
09/30/94 0.623955 12/31/94 0.62042 -0.45782 -0.738 0.090%
10/31/94 0.635468 06/30/95 0.754826 -0.52306 -0.693 0.090%
11/30/94 0.608209 09/30/95 0.820454 0.090%
12/31/94 0.62042 12/31/95 0.830021 1000 1204.788 -0.60253 -0.726 0.090%
01/31/95 0.62119 03/31/96 0.881789 0.090%
02/28/95 0.649708 06/30/96 0.926713 -0.47621 -0.514 -0.66759 -0.720 0.090%
03/31/95 0.663687 09/30/96 0.97259 0.090%
04/30/95 0.681925 12/31/96 1.065173 -0.53972 -0.507 -0.75663 -0.710 0.090%
05/31/95 0.717493
06/30/95 0.754826
07/31/95 0.786731 One-Year Since inception
08/31/95 0.800584 Ending units 1203.767 1687.539
09/30/95 0.820454 Account Value $1,282.22 $1,797.52
10/31/95 0.794712 Surrender Value $1,218.11 $1,725.62
11/30/95 0.827554 Total Return 21.81% 72.56%
12/31/95 0.830021 Annualized Return 24.02%
01/31/96 0.858828
02/29/96 0.88851
03/31/96 0.881789
04/30/96 0.916846
05/31/96 0.937732
06/30/96 0.926713
07/31/96 0.866496
08/31/96 0.902099
09/30/96 0.97259
10/31/96 0.998114
11/30/96 1.066639
12/31/96 1.065173
</TABLE>
<TABLE>
<CAPTION>
Dreyfus - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 0.450207
10/31/89 0.440174
11/30/89 0.448517 09/29/89 0.450207 1000 2221.201 0.090%
12/31/89 0.459015 12/31/89 0.459015 -0.23156 -0.504 0.090%
01/31/90 0.427862 06/30/90 0.47005 -0.46421 -0.988 0.090%
02/28/90 0.432672 12/31/90 0.439462 -0.45424 -1.034 0.090%
03/31/90 0.443977 06/30/91 0.499161 -0.46856 -0.939 0.090%
04/30/90 0.432386 09/30/91 0.523966 0.090%
05/31/90 0.473628 12/31/91 0.566084 1000 1766.522 -0.53155 -0.939 0.090%
06/30/90 0.47005 06/30/92 0.558671 -0.44705 -0.800 -0.56100 -1.004 0.090%
07/31/90 0.468239 12/31/92 0.601427 -0.46089 -0.766 -0.57837 -0.962 0.090%
08/31/90 0.425782 06/30/93 0.625661 -0.48730 -0.779 -0.61150 -0.977 0.090%
09/30/90 0.405013 12/31/93 0.652303 -0.50727 -0.778 -0.63658 -0.976 0.090%
10/31/90 0.402963 06/30/94 0.62664 -0.50744 -0.810 -0.63678 -1.016 0.090%
11/30/90 0.428144 12/31/94 0.652807 -0.50741 -0.777 -0.63674 -0.975 0.090%
12/31/90 0.439462 06/30/95 0.77923 -0.56767 -0.729 -0.71237 -0.914 0.090%
01/31/91 0.458145 09/30/95 0.838697 0.090%
02/28/91 0.490224 12/31/95 0.885824 1000 1128.893 -0.65977 -0.745 -0.82794 -0.935 0.090%
03/31/91 0.501819 03/31/96 0.931319 0.090%
04/30/91 0.502051 06/30/96 0.970206 -0.47143 -0.486 -0.73513 -0.758 -0.92251 -0.951 0.090%
05/31/91 0.523004 09/30/96 0.996872 0.090%
06/30/91 0.499161 12/31/96 1.076544 -0.51965 -0.483 -0.81032 -0.753 -1.01687 -0.945 0.090%
07/31/91 0.521661
08/31/91 0.533337
09/30/91 0.523966 One-Year Five-Year Since inception
10/31/91 0.530586 Ending units 1127.924 1758.827 2207.142
11/30/91 0.508736 Account Value $1,214.26 $1,893.45 $2,376.09
12/31/91 0.566084 Surrender Value $1,153.55 $1,836.65 $2,328.56
01/31/92 0.555076 Total Return 15.35% 83.67% 132.86%
02/29/92 0.561588 Annualized Return 12.93% 12.35%
03/31/92 0.550195
04/30/92 0.565425
05/31/92 0.567328
06/30/92 0.558671
07/31/92 0.580944
08/31/92 0.568688
09/30/92 0.574431
10/31/92 0.576192
11/30/92 0.59493
12/31/92 0.601427
01/31/93 0.605382
02/28/93 0.612423
03/31/93 0.624924
</TABLE>
<PAGE> 180
<TABLE>
<CAPTION>
<S> <C>
04/30/93 0.608769
05/31/93 0.624538
06/30/93 0.625661
07/31/93 0.62249
08/31/93 0.645372
09/30/93 0.639516
10/31/93 0.652372
11/30/93 0.645161
12/31/93 0.652303
01/31/94 0.673592
02/28/94 0.654915
03/31/94 0.625859
04/30/94 0.632952
05/31/94 0.642908
06/30/94 0.62664
07/31/94 0.646638
08/31/94 0.672041
09/30/94 0.654693
10/31/94 0.668907
11/30/94 0.644
12/31/94 0.652807
01/31/95 0.669495
02/28/95 0.694277
03/31/95 0.714443
04/30/95 0.734247
05/31/95 0.762547
06/30/95 0.77923
07/31/95 0.804092
08/31/95 0.805735
09/30/95 0.838697
10/31/95 0.835047
11/30/95 0.870607
12/31/95 0.885824
01/31/96 0.915019
02/29/96 0.922638
03/31/96 0.931319
04/30/96 0.943586
05/31/96 0.966675
06/30/96 0.970206
07/31/96 0.925986
08/31/96 0.944786
09/30/96 0.996872
10/31/96 1.023828
11/30/96 1.099711
12/31/96 1.076544
</TABLE>
<TABLE>
<CAPTION>
Fidelity Asset Manager - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 0.494578
09/30/89 0.493835
10/31/89 0.494476 09/06/89 0.494578 1000 2021.926 0.090%
11/30/89 0.496126 12/31/89 0.49734 -0.28683 -0.577 0.090%
12/31/89 0.49734 06/30/90 0.515731 -0.46075 -0.893 0.090%
01/31/90 0.486013 12/31/90 0.526511 -0.47381 -0.900 0.090%
02/28/90 0.490697 06/30/91 0.591543 -0.50804 -0.859 0.090%
03/31/90 0.494357 09/30/91 0.620993 0.090%
04/30/90 0.487553 12/31/91 0.640146 1000 1562.144 -0.55944 -0.874 0.090%
05/31/90 0.512082 06/30/92 0.672668 -0.46143 -0.686 -0.59603 -0.886 0.090%
06/30/90 0.515731 12/31/92 0.71035 -0.48589 -0.684 -0.62763 -0.884 0.090%
07/31/90 0.514376 06/30/93 0.769749 -0.51977 -0.675 -0.67139 -0.872 0.090%
08/31/90 0.497157 12/31/93 0.852943 -0.56960 -0.668 -0.73575 -0.863 0.090%
09/30/90 0.486438 06/30/94 0.800731 -0.58023 -0.725 -0.74948 -0.936 0.090%
10/31/90 0.488565 12/31/94 0.794617 -0.55950 -0.704 -0.72271 -0.910 0.090%
11/30/90 0.512013 06/30/95 0.84007 -0.57304 -0.682 -0.74020 -0.881 0.090%
12/31/90 0.526511 09/30/95 0.889898 0.090%
01/31/91 0.551331 12/31/95 0.922 1000 1084.598 -0.61742 -0.670 -0.79753 -0.865 0.090%
02/28/91 0.57256 03/31/96 0.947422 0.090%
03/31/91 0.581447 06/30/96 0.971644 -0.46211 -0.476 -0.66324 -0.683 -0.85671 -0.882 0.090%
04/30/91 0.589745 09/30/96 0.990114 0.090%
05/31/91 0.602669 12/31/96 1.048205 -0.49270 -0.470 -0.70713 -0.675 -0.91341 -0.871 0.090%
06/30/91 0.591543
07/31/91 0.605958
08/31/91 0.617834 One-Year Five-Year Since inception
09/30/91 0.620993 Ending units 1083.652 1555.292 2008.973
10/31/91 0.624657 Account Value $1,135.89 $1,630.26 $2,105.82
11/30/91 0.614051 Surrender Value $1,079.09 $1,581.36 $2,063.70
12/31/91 0.640146 Total Return 7.91% 58.14% 106.37%
01/31/92 0.647888 Annualized Return 9.60% 10.40%
02/29/92 0.66007
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
03/31/92 0.658
04/30/92 0.667111
05/31/92 0.673621
06/30/92 0.672668
07/31/92 0.683403
08/31/92 0.680793
09/30/92 0.684613
10/31/92 0.685254
11/30/92 0.699663
12/31/92 0.71035
01/31/93 0.721532
02/28/93 0.72784
03/31/93 0.74792
04/30/93 0.751875
05/31/93 0.764195
06/30/93 0.769749
07/31/93 0.778679
08/31/93 0.800879
09/30/93 0.800908
10/31/93 0.821997
11/30/93 0.820313
12/31/93 0.852943
01/31/94 0.879454
02/28/94 0.851006
03/31/94 0.810444
04/30/94 0.810511
05/31/94 0.816883
06/30/94 0.800731
07/31/94 0.814089
08/31/94 0.832558
09/30/94 0.822194
10/31/94 0.825674
11/30/94 0.813019
12/31/94 0.794617
01/31/95 0.788878
02/28/95 0.801169
03/31/95 0.811199
04/30/95 0.82362
05/31/95 0.833588
06/30/95 0.84007
07/31/95 0.869388
08/31/95 0.879338
09/30/95 0.889898
10/31/95 0.877575
11/30/95 0.899793
12/31/95 0.922
01/31/96 0.94117
02/29/96 0.938049
03/31/96 0.947422
04/30/96 0.956717
05/31/96 0.963532
06/30/96 0.971644
07/31/96 0.954781
08/31/96 0.956014
09/30/96 0.990114
10/31/96 1.014883
11/30/96 1.064432
12/31/96 1.048205
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity High Income - 12/31/85 0.32752702
09/19/85 0.308585 06/30/86 0.36577569
09/30/85 0.309199 09/30/86 0.36850124 0.090%
10/31/85 0.312845 12/31/86 0.38236396 1000 2615.309 0.090%
11/30/85 0.317156 06/30/87 0.39730883 -0.45879 -1.155 0.090%
12/31/85 0.327527 12/31/87 0.38392961 -0.45951 -1.197 0.090%
01/31/86 0.331359 06/30/88 0.41493739 -0.46967 -1.132 0.090%
02/28/86 0.342358 12/31/88 0.42521088 -0.49372 -1.161 0.090%
03/31/86 0.350564 06/30/89 0.44573636 -0.51159 -1.148 0.090%
04/30/86 0.356278 12/31/89 0.40422641 -0.49905 -1.235 0.090%
05/31/86 0.361481 06/30/90 0.39878918 -0.47126 -1.182 0.090%
06/30/86 0.365776 12/31/90 0.39203229 -0.46389 -1.183 0.090%
07/31/86 0.364416 06/30/91 0.46782626 -0.50416 -1.078 0.090%
08/31/86 0.365655 09/30/91 0.50214138 0.090%
09/30/86 0.368501 12/31/91 0.52533447 1000 1903.549 -0.58208 -1.108 0.090%
10/31/86 0.379254 06/30/92 0.60770418 -0.48528 -0.799 -0.66378 -1.092 0.090%
11/30/86 0.380236 12/31/92 0.64132238 -0.53473 -0.834 -0.73142 -1.140 0.090%
12/31/86 0.382364 06/30/93 0.71587297 -0.58079 -0.811 -0.79442 -1.110 0.090%
01/31/87 0.396043 12/31/93 0.7667048 -0.63417 -0.827 -0.86744 -1.131 0.090%
02/28/87 0.40265 06/30/94 0.75255485 -0.64958 -0.863 -0.88851 -1.181 0.090%
</TABLE>
<PAGE> 181
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/87 0.406032 12/31/94 0.7488492 -0.64165 -0.857 -0.87767 -1.172 0.090%
04/30/87 0.393084 06/30/95 0.83534862 -0.67673 -0.810 -0.92565 -1.108 0.090%
05/31/87 0.389182 09/30/95 0.87467843 0.090%
06/30/87 0.397309 12/31/95 0.89599056 1000 1116.083 -0.73927 -0.825 -1.01120 -1.129 0.090%
07/31/87 0.397464 03/31/96 0.92766994 0.090%
08/31/87 0.400484 06/30/96 0.95752735 -0.46545 -0.486 -0.79110 -0.826 -1.08208 -1.130 0.090%
09/30/87 0.386284 09/30/96 0.99449621 0.090%
10/31/87 0.367569 12/31/96 1.013553 -0.49476 -0.488 -0.84091 -0.830 -1.15022 -1.135 0.090%
11/30/87 0.378138
12/31/87 0.38393
01/31/88 0.3963 One-Year Five-Year Ten-Year
02/29/88 0.407888 Ending units 1115.109 1895.267 2592.402
03/31/88 0.404682 Account Value $1,130.22 $1,920.95 $2,627.54
04/30/88 0.407578 Surrender Value $1,073.71 $1,863.32 $2,627.54
05/31/88 0.406687 Total Return 7.37% 86.33% 162.75%
06/30/88 0.414937 Annualized Return 13.26% 10.14%
07/31/88 0.41899
08/31/88 0.416687
09/30/88 0.419752
10/31/88 0.424033
11/30/88 0.422136
12/31/88 0.425211
01/31/89 0.435124
02/28/89 0.436996
03/31/89 0.431087
04/30/89 0.426051
05/31/89 0.43361
06/30/89 0.445736
07/31/89 0.442501
08/31/89 0.439635
09/30/89 0.423982
10/31/89 0.405521
11/30/89 0.405596
12/31/89 0.404226
01/31/90 0.395005
02/28/90 0.388684
03/31/90 0.38433
04/30/90 0.385206
05/31/90 0.392854
06/30/90 0.398789
07/31/90 0.404666
08/31/90 0.397625
09/30/90 0.387959
10/31/90 0.37827
11/30/90 0.386889
12/31/90 0.392032
01/31/91 0.400078
02/28/91 0.421985
03/31/91 0.43667
04/30/91 0.451839
05/31/91 0.458165
06/30/91 0.467826
07/31/91 0.485151
08/31/91 0.491451
09/30/91 0.502141
10/31/91 0.518876
11/30/91 0.522951
12/31/91 0.525334
01/31/92 0.553014
02/29/92 0.572744
03/31/92 0.59084
04/30/92 0.594748
05/31/92 0.601575
06/30/92 0.607704
07/31/92 0.619078
08/31/92 0.631747
09/30/92 0.637873
10/31/92 0.627952
11/30/92 0.635242
12/31/92 0.641322
01/31/93 0.658698
02/28/93 0.66953
03/31/93 0.684511
04/30/93 0.688558
05/31/93 0.698414
06/30/93 0.715873
07/31/93 0.72246
08/31/93 0.729649
09/30/93 0.731734
10/31/93 0.74856
</TABLE>
<PAGE> 182
<TABLE>
<CAPTION>
<S> <C>
11/30/93 0.755075
12/31/93 0.766705
01/31/94 0.791749
02/28/94 0.790313
03/31/94 0.763164
04/30/94 0.754981
05/31/94 0.755848
06/30/94 0.752555
07/31/94 0.75487
08/31/94 0.754326
09/30/94 0.759409
10/31/94 0.751923
11/30/94 0.74516
12/31/94 0.748849
01/31/95 0.755977
02/28/95 0.781453
03/31/95 0.790648
04/30/95 0.81334
05/31/95 0.833658
06/30/95 0.835349
07/31/95 0.854931
08/31/95 0.86106
09/30/95 0.874678
10/31/95 0.882256
11/30/95 0.886141
12/31/95 0.895991
01/31/96 0.916152
02/29/96 0.930708
03/31/96 0.92767
04/30/96 0.940859
05/31/96 0.953236
06/30/96 0.957527
07/31/96 0.953581
08/31/96 0.966755
09/30/96 0.994496
10/31/96 0.990588
11/30/96 1.000489
12/31/96 1.013553
</TABLE>
<TABLE>
<CAPTION>
Fidelity Equity Income -
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.31197
10/31/86 0.31525 10/09/86 0.31197015 0.090%
11/30/86 0.321912 12/31/86 0.31202566 1000 3204.865 0.090%
12/31/86 0.312026 06/30/87 0.36409607 -0.48755 -1.339 0.090%
01/31/87 0.34761 12/31/87 0.30602898 -0.48302 -1.578 0.090%
02/28/87 0.355483 06/30/88 0.36660507 -0.48459 -1.322 0.090%
03/31/87 0.364252 12/31/88 0.37254128 -0.53229 -1.429 0.090%
04/30/87 0.354951 06/30/89 0.42855578 -0.57665 -1.346 0.090%
05/31/87 0.356911 12/31/89 0.43368244 -0.62039 -1.431 0.090%
06/30/87 0.364096 06/30/90 0.4135287 -0.60931 -1.473 0.090%
07/31/87 0.37771 12/31/90 0.36444288 -0.55926 -1.535 0.090%
08/31/87 0.387843 06/30/91 0.42419489 -0.56665 -1.336 0.090%
09/30/87 0.379452 09/30/91 0.45362832 0.090%
10/31/87 0.305199 12/31/91 0.47522021 1000 2104.288 -0.64598 -1.359 0.090%
11/30/87 0.291344 06/30/92 0.50413506 -0.46369 -0.920 -0.70309 -1.395 0.090%
12/31/87 0.306029 12/31/92 0.55105387 -0.49938 -0.906 -0.75720 -1.374 0.090%
01/31/88 0.327589 06/30/93 0.61052615 -0.54949 -0.900 -0.83319 -1.365 0.090%
02/29/88 0.343589 12/31/93 0.64655101 -0.59441 -0.919 -0.90130 -1.394 0.090%
03/31/88 0.337378 06/30/94 0.65140028 -0.61347 -0.942 -0.93020 -1.428 0.090%
04/30/88 0.342745 12/31/94 0.68673184 -0.63218 -0.921 -0.95857 -1.396 0.090%
05/31/88 0.347098 06/30/95 0.8012631 -0.70267 -0.877 -1.06545 -1.330 0.090%
06/30/88 0.366605 09/30/95 0.8687964 0.090%
07/31/88 0.365708 12/31/95 0.920319 1000 1086.580 -0.81264 -0.883 -1.23219 -1.339 0.090%
08/31/88 0.359143 03/31/96 0.95829502 0.090%
09/30/88 0.369573 06/30/96 0.97034003 -0.46223 -0.476 -0.89207 -0.919 -1.35264 -1.394 0.090%
10/31/88 0.375695 09/30/96 0.98027055 0.090%
11/30/88 0.369414 12/31/96 1.043273 -0.49207 -0.472 -0.94967 -0.910 -1.43997 -1.380 0.090%
12/31/88 0.372541
01/31/89 0.395274
02/28/89 0.393003 One-Year Five-Year Ten-Year
03/31/89 0.401243 Ending units 1085.632 2095.191 3176.922
04/30/89 0.416473 Account Value $1,132.61 $2,185.86 $3,314.40
05/31/89 0.428544 Surrender Value $1,075.98 $2,120.28 $3,314.40
06/30/89 0.428556 Total Return 7.60% 112.03% 231.44%
07/31/89 0.453233 Annualized Return 16.22% 12.73%
08/31/89 0.460202
09/30/89 0.45474
10/31/89 0.428203
11/30/89 0.430367
</TABLE>
<PAGE> 183
<TABLE>
<CAPTION>
<S> <C>
12/31/89 0.433682
01/31/90 0.404101
02/28/90 0.406246
03/31/90 0.406648
04/30/90 0.392282
05/31/90 0.417953
06/30/90 0.413529
07/31/90 0.403132
08/31/90 0.370689
09/30/90 0.341723
10/31/90 0.332769
11/30/90 0.356385
12/31/90 0.364443
01/31/91 0.383726
02/28/91 0.4099
03/31/91 0.418147
04/30/91 0.419796
05/31/91 0.442536
06/30/91 0.424195
07/31/91 0.44792
08/31/91 0.457074
09/30/91 0.453628
10/31/91 0.460869
11/30/91 0.440723
12/31/91 0.47522
01/31/92 0.481309
02/29/92 0.496634
03/31/92 0.490205
04/30/92 0.505229
05/31/92 0.508945
06/30/92 0.504135
07/31/92 0.519232
08/31/92 0.50751
09/30/92 0.512441
10/31/92 0.518236
11/30/92 0.53669
12/31/92 0.551054
01/31/93 0.567143
02/28/93 0.579528
03/31/93 0.596367
04/30/93 0.593497
05/31/93 0.603825
06/30/93 0.610526
07/31/93 0.618427
08/31/93 0.641644
09/30/93 0.638796
10/31/93 0.644201
11/30/93 0.632378
12/31/93 0.646551
01/31/94 0.674571
02/28/94 0.656798
03/31/94 0.628889
04/30/94 0.650153
05/31/94 0.655881
06/30/94 0.6514
07/31/94 0.672733
08/31/94 0.70684
09/30/94 0.694804
10/31/94 0.708585
11/30/94 0.68497
12/31/94 0.686732
01/31/95 0.696983
02/28/95 0.723104
03/31/95 0.747553
04/30/95 0.767875
05/31/95 0.79043
06/30/95 0.801263
07/31/95 0.831544
08/31/95 0.841409
09/30/95 0.868796
10/31/95 0.858188
11/30/95 0.894683
12/31/95 0.920319
01/31/96 0.946366
02/29/96 0.948904
03/31/96 0.958295
04/30/96 0.970102
05/31/96 0.979908
06/30/96 0.97034
07/31/96 0.922339
</TABLE>
<PAGE> 184
<TABLE>
<CAPTION>
<S> <C>
08/31/96 0.940635
09/30/96 0.980271
10/31/96 0.995503
11/30/96 1.061382
12/31/96 1.043273
</TABLE>
<TABLE>
<CAPTION>
Fidelity Growth -
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.26195
10/31/86 0.261823 10/09/86 0.26194987 0.090%
11/30/86 0.267419 12/31/86 0.26225802 1000 3813.039 0.090%
12/31/86 0.262258 06/30/87 0.3195778 -0.49918 -1.562 0.090%
01/31/87 0.290046 12/31/87 0.26969803 -0.50535 -1.874 0.090%
02/28/87 0.304232 06/30/88 0.30995321 -0.49685 -1.603 0.090%
03/31/87 0.308975 12/31/88 0.30924023 -0.53052 -1.716 0.090%
04/30/87 0.308772 06/30/89 0.35837518 -0.57176 -1.595 0.090%
05/31/87 0.310665 12/31/89 0.4034889 -0.65220 -1.616 0.090%
06/30/87 0.319578 06/30/90 0.41737146 -0.70240 -1.683 0.090%
07/31/87 0.332136 12/31/90 0.35328824 -0.65916 -1.866 0.090%
08/31/87 0.34181 06/30/91 0.40362601 -0.64708 -1.603 0.090%
09/30/87 0.33768 09/30/91 0.46436065 0.090%
10/31/87 0.263301 12/31/91 0.50999066 1000 1960.820 -0.78071 -1.531 0.090%
11/30/87 0.244661 06/30/92 0.47316179 -0.43375 -0.917 -0.83980 -1.775 0.090%
12/31/87 0.269698 12/31/92 0.5533768 -0.45268 -0.818 -0.87645 -1.584 0.090%
01/31/88 0.275375 06/30/93 0.61486827 -0.51496 -0.838 -0.99702 -1.622 0.090%
02/29/88 0.297502 12/31/93 0.65523298 -0.55961 -0.854 -1.08348 -1.654 0.090%
03/31/88 0.294645 06/30/94 0.58962635 -0.54825 -0.930 -1.06149 -1.800 0.090%
04/30/88 0.298171 12/31/94 0.64987772 -0.54563 -0.840 -1.05642 -1.626 0.090%
05/31/88 0.295312 06/30/95 0.801199 -0.63850 -0.797 -1.23621 -1.543 0.090%
06/30/88 0.309953 09/30/95 0.91254966 0.090%
07/31/88 0.308168 12/31/95 0.87275602 1000 1145.796 -0.73627 -0.844 -1.42550 -1.633 0.090%
08/31/88 0.300537 03/31/96 0.91790004 0.090%
09/30/88 0.3088 06/30/96 0.96250987 -0.47314 -0.492 -0.80687 -0.838 -1.56220 -1.623 0.090%
10/31/88 0.309383 09/30/96 0.97491605 0.090%
11/30/88 0.306275 12/31/96 0.993111 -0.50395 -0.507 -0.85941 -0.865 -1.66393 -1.675 0.090%
12/31/88 0.30924
01/31/89 0.331172
02/28/89 0.324117 One-Year Five-Year Ten-Year
03/31/89 0.333689 Ending units 1144.797 1952.279 3779.855
04/30/89 0.351121 Account Value $1,136.91 $1,938.83 $3,753.82
05/31/89 0.363417 Surrender Value $1,080.06 $1,880.66 $3,753.82
06/30/89 0.358375 Total Return 8.01% 88.07% 275.38%
07/31/89 0.390132 Annualized Return 13.47% 14.14%
08/31/89 0.396529
09/30/89 0.399753
10/31/89 0.388295
11/30/89 0.394423
12/31/89 0.403489
01/31/90 0.379822
02/28/90 0.383215
03/31/90 0.387644
04/30/90 0.376099
05/31/90 0.409114
06/30/90 0.417371
07/31/90 0.410489
08/31/90 0.367953
09/30/90 0.329884
10/31/90 0.317862
11/30/90 0.343395
12/31/90 0.353288
01/31/91 0.376566
02/28/91 0.404413
03/31/91 0.416362
04/30/91 0.412182
05/31/91 0.436262
06/30/91 0.403626
07/31/91 0.441762
08/31/91 0.461085
09/30/91 0.464361
10/31/91 0.478392
11/30/91 0.450791
12/31/91 0.509991
01/31/92 0.540758
02/29/92 0.551476
03/31/92 0.517268
04/30/92 0.497041
05/31/92 0.492436
06/30/92 0.473162
07/31/92 0.491206
08/31/92 0.477382
</TABLE>
<PAGE> 185
<TABLE>
<CAPTION>
<S> <C>
09/30/92 0.485499
10/31/92 0.504008
11/30/92 0.537242
12/31/92 0.553377
01/31/93 0.563926
02/28/93 0.551913
03/31/93 0.573546
04/30/93 0.567172
05/31/93 0.609052
06/30/93 0.614868
07/31/93 0.612752
08/31/93 0.643068
09/30/93 0.654592
10/31/93 0.660426
11/30/93 0.633249
12/31/93 0.655233
01/31/94 0.671245
02/28/94 0.663915
03/31/94 0.633314
04/30/94 0.636831
05/31/94 0.621629
06/30/94 0.589626
07/31/94 0.609695
08/31/94 0.643805
09/30/94 0.635573
10/31/94 0.660948
11/30/94 0.634123
12/31/94 0.649878
01/31/95 0.637136
02/28/95 0.663113
03/31/95 0.686721
04/30/95 0.70944
05/31/95 0.736559
06/30/95 0.801199
07/31/95 0.879853
08/31/95 0.890051
09/30/95 0.91255
10/31/95 0.902613
11/30/95 0.901398
12/31/95 0.872756
01/31/96 0.885872
02/29/96 0.91495
03/31/96 0.9179
04/30/96 0.953177
05/31/96 0.982329
06/30/96 0.96251
07/31/96 0.888213
08/31/96 0.914172
09/30/96 0.974916
10/31/96 0.972022
11/30/96 1.025408
12/31/96 0.993111
</TABLE>
<TABLE>
<CAPTION>
US Government - Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 0.758115
01/31/92 0.758103
02/29/92 0.759914 01/24/92 0.75811509 1000 1319.061 0.090%
03/31/92 0.762414 06/30/92 0.78126227 -0.39554 -0.506 0.090%
04/30/92 0.759638 12/31/92 0.81176978 -0.47261 -0.582 0.090%
05/31/92 0.774245 06/30/93 0.86785825 -0.49808 -0.574 0.090%
06/30/92 0.781262 12/31/93 0.88180989 -0.51863 -0.588 0.090%
07/31/92 0.798729 06/30/94 0.82555453 -0.50586 -0.613 0.090%
08/31/92 0.801959 12/31/94 0.82536661 -0.48891 -0.592 0.090%
09/30/92 0.809724 06/30/95 0.94757469 -0.52481 -0.554 0.090%
10/31/92 0.801662 09/30/95 0.95801135 0.090%
11/30/92 0.801116 12/31/95 1.01926148 1000 981.103 -0.58196 -0.571 0.090%
12/31/92 0.81177 03/31/96 0.96937932 0.090%
01/31/93 0.82329 06/30/96 0.96919009 -0.43895 -0.453 -0.58810 -0.607 0.090%
02/28/93 0.841981 09/30/96 0.98591036 0.090%
03/31/93 0.848994 12/31/96 1.025733 -0.44017 -0.429 -0.89297 -0.871 0.090%
04/30/93 0.853012
05/31/93 0.854014
06/30/93 0.867858 One-Year Since inception
07/31/93 0.871853 Ending units 980.221 1313.003
08/31/93 0.884168 Account Value $1,005.45 $1,346.79
09/30/93 0.892708 Surrender Value $955.17 $1,306.39
10/31/93 0.893655 Total Return -4.48% 30.64%
11/30/93 0.880892 Annualized Return 5.56%
12/31/93 0.88181
</TABLE>
<PAGE> 186
<TABLE>
<CAPTION>
<S> <C>
01/31/94 0.888736
02/28/94 0.870181
03/31/94 0.838976
04/30/94 0.836091
05/31/94 0.836286
06/30/94 0.825555
07/31/94 0.843036
08/31/94 0.839294
09/30/94 0.815288
10/31/94 0.817078
11/30/94 0.814197
12/31/94 0.825367
01/31/95 0.842421
02/28/95 0.862572
03/31/95 0.870225
04/30/95 0.883706
05/31/95 0.935797
06/30/95 0.947575
07/31/95 0.933767
08/31/95 0.944642
09/30/95 0.958011
10/31/95 0.980336
11/30/95 1.00021
12/31/95 1.019261
01/31/96 1.022613
02/29/96 0.992401
03/31/96 0.969379
04/30/96 0.958816
05/31/96 0.953694
06/30/96 0.96919
07/31/96 0.972054
08/31/96 0.964274
09/30/96 0.98591
10/31/96 1.016424
11/30/96 1.041590
12/31/96 1.025733
</TABLE>
<TABLE>
<CAPTION>
Templeton Bond - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.582396
09/30/88 0.585505
10/31/88 0.587434 08/31/88 0.58239633 1000 1717.044 0.090%
11/30/88 0.589954 12/31/88 0.59188983 -0.30327 -0.512 0.090%
12/31/88 0.59189 06/30/89 0.6110187 -0.46459 -0.760 0.090%
01/31/89 0.594378 12/31/89 0.63210541 -0.47991 -0.759 0.090%
02/28/89 0.592281 06/30/90 0.64304916 -0.49205 -0.765 0.090%
03/31/89 0.600989 12/31/90 0.66675102 -0.50520 -0.758 0.090%
04/30/89 0.60417 06/30/91 0.68725988 -0.52202 -0.760 0.090%
05/31/89 0.605508 09/30/91 0.72821543 0.090%
06/30/89 0.611019 12/31/91 0.76640104 1000 1304.800 -0.56019 -0.731 0.090%
07/31/89 0.61769 06/30/92 0.77752162 -0.45326 -0.583 -0.59472 -0.765 0.090%
08/31/89 0.618451 12/31/92 0.8018096 -0.46345 -0.578 -0.60809 -0.758 0.090%
09/30/89 0.619827 06/30/93 0.85428789 -0.48576 -0.569 -0.63736 -0.746 0.090%
10/31/89 0.625286 12/31/93 0.88660245 -0.51041 -0.576 -0.66970 -0.755 0.090%
11/30/89 0.630176 06/30/94 0.82992524 -0.50305 -0.606 -0.66004 -0.795 0.090%
12/31/89 0.632105 12/31/94 0.83662146 -0.48817 -0.584 -0.64052 -0.766 0.090%
01/31/90 0.62614 06/30/95 0.91087502 -0.51166 -0.562 -0.67133 -0.737 0.090%
02/28/90 0.626367 09/30/95 0.92032926 0.000 0.090%
03/31/90 0.62657 12/31/95 0.9538323 1000 1048.402 -0.54574 -0.572 -0.71605 -0.751 0.090%
04/30/90 0.620024 03/31/96 0.94420977 0.090%
05/31/90 0.634895 06/30/96 0.96378816 -0.45235 -0.469 -0.56098 -0.582 -0.73605 -0.764 0.090%
06/30/90 0.643049 09/30/96 0.99035904 0.090%
07/31/90 0.649318 12/31/96 1.035537 -0.47141 -0.455 -0.58462 -0.565 -0.76706 -0.741 0.090%
08/31/90 0.641551
09/30/90 0.644817
10/31/90 0.652273 One-Year Five-Year Since inception
11/30/90 0.661615 Ending units 1047.478 1299.023 1704.421
12/31/90 0.666751 Account Value $1,084.70 $1,345.19 $1,764.99
01/31/91 0.676599 Surrender Value $1,030.47 $1,304.83 $1,764.99
02/28/91 0.6794 Total Return 3.05% 30.48% 76.50%
03/31/91 0.682849 Annualized Return 5.47% 7.05%
04/30/91 0.687505
05/31/91 0.691542
06/30/91 0.68726
07/31/91 0.694496
08/31/91 0.712659
09/30/91 0.728215
10/31/91 0.73798
11/30/91 0.746482
12/31/91 0.766401
</TABLE>
<PAGE> 187
<TABLE>
<CAPTION>
<S> <C>
01/31/92 0.747761
02/29/92 0.748576
03/31/92 0.741045
04/30/92 0.743229
05/31/92 0.760087
06/30/92 0.777522
07/31/92 0.799794
08/31/92 0.806193
09/30/92 0.802893
10/31/92 0.79611
11/30/92 0.790723
12/31/92 0.80181
01/31/93 0.81746
02/28/93 0.838274
03/31/93 0.838398
04/30/93 0.841513
05/31/93 0.84173
06/30/93 0.854288
07/31/93 0.866909
08/31/93 0.880208
09/30/93 0.875974
10/31/93 0.88417
11/30/93 0.871133
12/31/93 0.886602
01/31/94 0.903505
02/28/94 0.874531
03/31/94 0.84786
04/30/94 0.840351
05/31/94 0.835115
06/30/94 0.829925
07/31/94 0.834037
08/31/94 0.834979
09/30/94 0.834429
10/31/94 0.843893
11/30/94 0.83794
12/31/94 0.836621
01/31/95 0.840655
02/28/95 0.855915
03/31/95 0.869874
04/30/95 0.886294
05/31/95 0.908243
06/30/95 0.910875
07/31/95 0.913481
08/31/95 0.90642
09/30/95 0.920329
10/31/95 0.934961
11/30/95 0.939973
12/31/95 0.953832
01/31/96 0.947517
02/29/96 0.942121
03/31/96 0.94421
04/30/96 0.94892
05/31/96 0.952749
06/30/96 0.963788
07/31/96 0.966665
08/31/96 0.97853
09/30/96 0.990359
10/31/96 1.010164
11/30/96 1.034482
12/31/96 1.035537
</TABLE>
<TABLE>
<CAPTION>
Templeton Asset All - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.433213
09/30/88 0.435959
10/31/88 0.449075 08/31/88 0.43321277 1000 2308.335 0.090%
11/30/88 0.446185 12/31/88 0.44416297 -0.30462 -0.686 0.090%
12/31/88 0.444163 06/30/89 0.46135185 -0.47016 -1.019 0.090%
01/31/89 0.455942 12/31/89 0.49902575 -0.49843 -0.999 0.090%
02/28/89 0.450482 06/30/90 0.5086765 -0.52276 -1.028 0.090%
03/31/89 0.454929 12/31/90 0.45551857 -0.49997 -1.098 0.090%
04/30/89 0.464581 06/30/91 0.49757317 -0.49398 -0.993 0.090%
05/31/89 0.464245 09/30/91 0.54185406 0.090%
06/30/89 0.461352 12/31/91 0.57702364 1000 1733.031 -0.55671 -0.965 0.090%
07/31/89 0.486031 06/30/92 0.61582099 -0.46513 -0.755 -0.61771 -1.003 0.090%
08/31/89 0.490006 12/31/92 0.61832272 -0.48102 -0.778 -0.63882 -1.033 0.090%
09/30/89 0.487543 06/30/93 0.68149064 -0.50639 -0.743 -0.67251 -0.987 0.090%
10/31/89 0.47086 12/31/93 0.77362482 -0.56665 -0.732 -0.75254 -0.973 0.090%
11/30/89 0.478716 06/30/94 0.73483011 -0.58717 -0.799 -0.77979 -1.061 0.090%
12/31/89 0.499026 12/31/94 0.74470298 -0.57565 -0.773 -0.76449 -1.027 0.090%
</TABLE>
<PAGE> 188
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/31/90 0.486219 06/30/95 0.8303407 -0.61254 -0.738 -0.81348 -0.980 0.090%
02/28/90 0.486778 09/30/95 0.88053054 0.000 0.090%
03/31/90 0.493434 12/31/95 0.90536214 1000 1104.530 -0.67473 -0.745 -0.89607 -0.990 0.090%
04/30/90 0.475974 03/31/96 0.94308761 0.090%
05/31/90 0.505051 06/30/96 0.97579695 -0.46750 -0.479 -0.73096 -0.749 -0.97075 -0.995 0.090%
06/30/90 0.508677 09/30/96 0.9910408 0.090%
07/31/90 0.51577 12/31/96 1.067544 -0.50759 -0.475 -0.79363 -0.743 -1.05398 -0.987 0.090%
08/31/90 0.477758
09/30/90 0.438951
10/31/90 0.434698 One-Year Five-Year Since inception
11/30/90 0.447087 Ending units 1103.576 1725.476 2291.511
12/31/90 0.455519 Account Value $1,178.12 $1,842.02 $2,446.29
01/31/91 0.477031 Surrender Value $1,119.21 $1,786.76 $2,446.29
02/28/91 0.507272 Total Return 11.92% 78.68% 144.63%
03/31/91 0.50083 Annualized Return 12.31% 11.32%
04/30/91 0.506319
05/31/91 0.519918
06/30/91 0.497573
07/31/91 0.525961
08/31/91 0.537733
09/30/91 0.541854
10/31/91 0.54552
11/30/91 0.531734
12/31/91 0.577024
01/31/92 0.571736
02/29/92 0.586967
03/31/92 0.579457
04/30/92 0.593618
05/31/92 0.61803
06/30/92 0.615821
07/31/92 0.622749
08/31/92 0.614933
09/30/92 0.612232
10/31/92 0.607241
11/30/92 0.6114
12/31/92 0.618323
01/31/93 0.626155
02/28/93 0.640453
03/31/93 0.653231
04/30/93 0.665494
05/31/93 0.676358
06/30/93 0.681491
07/31/93 0.691833
08/31/93 0.724155
09/30/93 0.72415
10/31/93 0.74802
11/30/93 0.732989
12/31/93 0.773625
01/31/94 0.810473
02/28/94 0.779617
03/31/94 0.747285
04/30/94 0.75111
05/31/94 0.755824
06/30/94 0.73483
07/31/94 0.763893
08/31/94 0.78476
09/30/94 0.768071
10/31/94 0.775629
11/30/94 0.750417
12/31/94 0.744703
01/31/95 0.736116
02/28/95 0.752261
03/31/95 0.763422
04/30/95 0.787742
05/31/95 0.816316
06/30/95 0.830341
07/31/95 0.860827
08/31/95 0.852974
09/30/95 0.880531
10/31/95 0.86248
11/30/95 0.88852
12/31/95 0.905362
01/31/96 0.927892
02/29/96 0.935022
03/31/96 0.943088
04/30/96 0.965347
05/31/96 0.977923
06/30/96 0.975797
07/31/96 0.949675
08/31/96 0.972413
</TABLE>
<PAGE> 189
<TABLE>
<CAPTION>
<S> <C>
09/30/96 0.991041
10/31/96 1.002531
11/30/96 1.061196
12/31/96 1.067544
</TABLE>
<TABLE>
<CAPTION>
Templeton Stock - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.402145
09/30/88 0.404292
10/31/88 0.416468 08/31/88 0.402145 1000 2486.664 0.090%
11/30/88 0.410976 12/31/88 0.411909 -0.30447 -0.739 0.090%
12/31/88 0.411909 06/30/89 0.43186 -0.47195 -1.093 0.090%
01/31/89 0.430859 12/31/89 0.468411 -0.50333 -1.075 0.090%
02/28/89 0.422985 06/30/90 0.476865 -0.52826 -1.108 0.090%
03/31/89 0.430718 12/31/90 0.413501 -0.49735 -1.203 0.090%
04/30/89 0.440474 06/30/91 0.451965 -0.48321 -1.069 0.090%
05/31/89 0.438954 09/30/91 0.489341 0.090%
06/30/89 0.43186 12/31/91 0.522888 1000 1912.457 -0.54405 -1.040 0.090%
07/31/89 0.459966 06/30/92 0.551782 -0.46243 -0.838 -0.59951 -1.086 0.090%
08/31/89 0.471245 12/31/92 0.555418 -0.47622 -0.857 -0.61738 -1.112 0.090%
09/30/89 0.469747 06/30/93 0.623755 -0.50695 -0.813 -0.65722 -1.054 0.090%
10/31/89 0.402356 12/31/93 0.738305 -0.58533 -0.793 -0.75883 -1.028 0.090%
11/30/89 0.449162 06/30/94 0.713233 -0.62352 -0.874 -0.80834 -1.133 0.090%
12/31/89 0.468411 12/31/94 0.716287 -0.61378 -0.857 -0.79572 -1.111 0.090%
01/31/90 0.450942 06/30/95 0.814204 -0.65684 -0.807 -0.85154 -1.046 0.090%
02/28/90 0.453452 09/30/95 0.867796 0.000 0.090%
03/31/90 0.4612 12/31/95 0.889975 1000 1123.627 -0.73107 -0.821 -0.94777 -1.065 0.090%
04/30/90 0.443471 03/31/96 0.940045 0.090%
05/31/90 0.476763 06/30/96 0.979928 -0.47274 -0.482 -0.80182 -0.818 -1.03949 -1.061 0.090%
06/30/90 0.476865 09/30/96 0.992105 0.090%
07/31/90 0.483806 12/31/96 1.080546 -0.52070 -0.482 -0.88316 -0.817 -1.14494 -1.060 0.090%
08/31/90 0.441874
09/30/90 0.401235
10/31/90 0.3957 One-Year Five-Year Since inception
11/30/90 0.407534 Ending units 1122.663 1904.162 2468.581
12/31/90 0.413501 Account Value $1,213.09 $2,057.53 $2,667.42
01/31/91 0.436367 Surrender Value $1,152.43 $1,995.81 $2,667.42
02/28/91 0.465469 Total Return 15.24% 99.58% 166.74%
03/31/91 0.461976 Annualized Return 14.82% 12.48%
04/30/91 0.462055
05/31/91 0.47661
06/30/91 0.451965
07/31/91 0.480098
08/31/91 0.485552
09/30/91 0.489341
10/31/91 0.495184
11/30/91 0.481294
12/31/91 0.522888
01/31/92 0.524173
02/29/92 0.540643
03/31/92 0.529195
04/30/92 0.546317
05/31/92 0.565878
06/30/92 0.551782
07/31/92 0.552724
08/31/92 0.540636
09/30/92 0.540698
10/31/92 0.535352
11/30/92 0.544553
12/31/92 0.555418
01/31/93 0.562538
02/28/93 0.57511
03/31/93 0.593237
04/30/93 0.602159
05/31/93 0.620823
06/30/93 0.623755
07/31/93 0.632644
08/31/93 0.673582
09/30/93 0.678205
10/31/93 0.706446
11/30/93 0.688233
12/31/93 0.738305
01/31/94 0.778633
02/28/94 0.750378
03/31/94 0.715087
04/30/94 0.725691
05/31/94 0.734949
06/30/94 0.713233
07/31/94 0.748849
08/31/94 0.775447
</TABLE>
<PAGE> 190
<TABLE>
<CAPTION>
<S> <C>
09/30/94 0.751206
10/31/94 0.758318
11/30/94 0.725655
12/31/94 0.716287
01/31/95 0.706909
02/28/95 0.727807
03/31/95 0.740204
04/30/95 0.76809
05/31/95 0.796288
06/30/95 0.814204
07/31/95 0.85394
08/31/95 0.844366
09/30/95 0.867796
10/31/95 0.847507
11/30/95 0.86703
12/31/95 0.889975
01/31/96 0.906827
02/29/96 0.921145
03/31/96 0.940045
04/30/96 0.959821
05/31/96 0.973409
06/30/96 0.979928
07/31/96 0.937496
08/31/96 0.969566
09/30/96 0.992105
10/31/96 1.006317
11/30/96 1.059091
12/31/96 1.080546
</TABLE>
<TABLE>
<CAPTION>
MFS Total Return - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.752709
06/30/94 0.741187
07/31/94 0.755092 06/20/94 0.752709 1000 1328.534 0.090%
08/31/94 0.7674 06/30/94 0.741187 -0.02447 -0.033 0.090%
09/30/94 0.75556 12/31/94 0.738169 -0.44220 -0.599 0.090%
10/31/94 0.753536 06/30/95 0.830292 -0.46862 -0.564 0.090%
11/30/94 0.731906 09/30/95 0.872325 0.090%
12/31/94 0.738169 12/31/95 0.920416 1000 1086.465 -0.52285 -0.568 0.090%
01/31/95 0.748256 03/31/96 0.947124 0.090%
02/28/95 0.768237 06/30/96 0.962177 -0.46021 -0.478 -0.56200 -0.584 0.090%
03/31/95 0.782034 09/30/96 0.985566 0.090%
04/30/95 0.798186 12/31/96 1.04554 -0.49058 -0.469 -0.59909 -0.573 0.090%
05/31/95 0.824802
06/30/95 0.830292
07/31/95 0.841801 One-Year Since inception
08/31/95 0.850262 Ending units 1085.518 1325.613
09/30/95 0.872325 Account Value $1,134.95 $1,385.98
10/31/95 0.867945 Surrender Value $1,078.20 $1,330.54
11/30/95 0.899687 Total Return 7.82% 33.05%
12/31/95 0.920416 Annualized Return 11.93%
01/31/96 0.937492
02/29/96 0.935366
03/31/96 0.947124
04/30/96 0.950309
05/31/96 0.955829
06/30/96 0.962177
07/31/96 0.942228
08/31/96 0.955456
09/30/96 0.985566
10/31/96 1.0089
11/30/96 1.056501
12/31/96 1.045540
Putnam Diversified - Unit Values Dollars Units Dollars Units S/A Fee
06/20/94 0.807211
06/30/94 0.807841
07/31/94 0.812974 06/20/94 0.807211 1000 1238.834 0.090%
08/31/94 0.817223 06/30/94 0.807841 -0.02467 -0.031 0.090%
09/30/94 0.819907 12/31/94 0.815674 -0.45252 -0.555 0.090%
10/31/94 0.820157 06/30/95 0.893194 -0.47610 -0.533 0.090%
11/30/94 0.815598 09/30/95 0.909964 0.090%
12/31/94 0.815674 12/31/95 0.949864 1000 1052.782 -0.51327 -0.540 0.090%
01/31/95 0.823209 03/31/96 0.94545 0.090%
02/28/95 0.838897 06/30/96 0.953627 -0.45089 -0.473 -0.52986 -0.556 0.090%
03/31/95 0.85451 09/30/96 0.989303 0.090%
04/30/95 0.864503 12/31/96 1.019848 -0.46726 -0.458 -0.54910 -0.538 0.090%
05/31/95 0.890549
06/30/95 0.893194
</TABLE>
<PAGE> 191
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/31/95 0.899854 One-Year Since inception
08/31/95 0.901669 Ending units 1051.851 1236.081
09/30/95 0.909964 Account Value $1,072.73 $1,260.61
10/31/95 0.923021 Surrender Value $1,019.09 $1,210.19
11/30/95 0.934474 Total Return 1.91% 21.02%
12/31/95 0.949864 Annualized Return 7.82%
01/31/96 0.960104
02/29/96 0.949416
03/31/96 0.94545
04/30/96 0.948985
05/31/96 0.950018
06/30/96 0.953627
07/31/96 0.961311
08/31/96 0.965701
09/30/96 0.989303
10/31/96 1.002003
11/30/96 1.019725
12/31/96 1.019848
AO Long Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.823665
05/31/93 0.823939
06/30/93 0.842969 05/01/93 0.823665 1000 1214.086 0.090%
07/31/93 0.849729 06/30/93 0.842969 -0.14968 -0.178 0.090%
08/31/93 0.879169 12/31/93 0.896163 -0.47501 -0.530 0.090%
09/30/93 0.889142 06/30/94 0.835842 -0.47285 -0.566 0.090%
10/31/93 0.905559 12/31/94 0.837842 -0.45672 -0.545 0.090%
11/30/93 0.895233 06/30/95 0.949452 -0.48750 -0.513 0.090%
12/31/93 0.896163 09/30/95 0.968015 0.090%
01/31/94 0.905383 12/31/95 1.017809 1000 982.503 -0.53636 -0.527 0.090%
02/28/94 0.884032 03/31/96 0.96857 0.090%
03/31/94 0.860905 06/30/96 0.968539 -0.43911 -0.453 -0.54133 -0.559 0.090%
04/30/94 0.841312 09/30/96 0.9848 0.090%
05/31/94 0.839851 12/31/96 1.022827 -0.44001 -0.430 -0.54245 -0.530 0.090%
06/30/94 0.835842
07/31/94 0.855327
08/31/94 0.852108 One-Year Since inception
09/30/94 0.834964 Ending units 981.62 1210.138
10/31/94 0.830034 Account Value $1,004.03 $1,237.76
11/30/94 0.828616 Surrender Value $953.83 $1,188.25
12/31/94 0.837842 Total Return -4.62% 18.83%
01/31/95 0.856072 Annualized Return 4.81%
02/28/95 0.878757
03/31/95 0.886188
04/30/95 0.899026
05/31/95 0.940273
06/30/95 0.949452
07/31/95 0.941686
08/31/95 0.95529
09/30/95 0.968015
10/31/95 0.985106
11/30/95 1.001327
12/31/95 1.017809
01/31/96 1.019086
02/29/96 0.982713
03/31/96 0.96857
04/30/96 0.958224
05/31/96 0.953717
06/30/96 0.968539
07/31/96 0.969762
08/31/96 0.961428
09/30/96 0.9848
10/31/96 1.015816
11/30/96 1.041081
12/31/96 1.022827
AO Core Equity - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.645247
05/31/93 0.645462
06/30/93 0.64192 05/01/93 0.645247 1000 1549.793 0.090%
07/31/93 0.64656 06/30/93 0.64192 -0.14756 -0.230 0.090%
08/31/93 0.660649 12/31/93 0.655198 -0.45224 -0.690 0.090%
09/30/93 0.655791 06/30/94 0.639344 -0.45114 -0.706 0.090%
10/31/93 0.661666 12/31/94 0.643399 -0.44683 -0.694 0.090%
11/30/93 0.651083 06/30/95 0.766345 -0.49085 -0.641 0.090%
12/31/93 0.655198 09/30/95 0.833508 0.090%
01/31/94 0.680124 12/31/95 0.884433 1000 1130.668 -0.57453 -0.650 0.090%
02/28/94 0.668301 03/31/96 0.936652 0.090%
</TABLE>
<PAGE> 192
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/94 0.63872 06/30/96 0.956615 -0.46836 -0.490 -0.64048 -0.670 0.090%
04/30/94 0.649075 09/30/96 0.981698 0.090%
05/31/94 0.656206 12/31/96 1.080434 -0.51800 -0.479 -0.70836 -0.656 0.090%
06/30/94 0.639344
07/31/94 0.659773
08/31/94 0.683903 One-Year Since inception
09/30/94 0.658229 Ending units 1129.699 1544.856
10/31/94 0.664084 Account Value $1,220.57 $1,669.11
11/30/94 0.640976 Surrender Value $1,159.54 $1,602.35
12/31/94 0.643399 Total Return 15.95% 60.24%
01/31/95 0.653176 Annualized Return 13.70%
02/28/95 0.679602
03/31/95 0.697011
04/30/95 0.720826
05/31/95 0.749638
06/30/95 0.766345
07/31/95 0.795118
08/31/95 0.799679
09/30/95 0.833508
10/31/95 0.82847
11/30/95 0.865373
12/31/95 0.884433
01/31/96 0.914638
02/29/96 0.927963
03/31/96 0.936652
04/30/96 0.94395
05/31/96 0.961834
06/30/96 0.956615
07/31/96 0.914293
08/31/96 0.938121
09/30/96 0.981698
10/31/96 1.024546
11/30/96 1.103633
12/31/96 1.080434
AO Emerging Opps - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.596631
05/31/93 0.595433
06/30/93 0.578862 05/01/93 0.596631 1000 1676.078 0.090%
07/31/93 0.561308 06/30/93 0.578862 -0.14574 -0.252 0.090%
08/31/93 0.580442 12/31/93 0.645578 -0.46169 -0.715 0.090%
09/30/93 0.602535 06/30/94 0.607739 -0.47238 -0.777 0.090%
10/31/93 0.637611 12/31/94 0.702392 -0.49356 -0.703 0.090%
11/30/93 0.609968 06/30/95 0.85042 -0.58474 -0.688 0.090%
12/31/93 0.645578 09/30/95 0.946662 0.090%
01/31/94 0.666368 12/31/95 0.921498 1000 1085.190 -0.66697 -0.724 0.090%
02/28/94 0.667131 03/31/96 0.947889 0.090%
03/31/94 0.647239 06/30/96 0.97716 -0.46359 -0.474 -0.71437 -0.731 0.090%
04/30/94 0.663317 09/30/96 1.003814 0.090%
05/31/94 0.639901 12/31/96 0.885396 -0.45458 -0.513 -0.70048 -0.791 0.090%
06/30/94 0.607739
07/31/94 0.602648
08/31/94 0.663853 One-Year Since inception
09/30/94 0.677498 Ending units 1084.203 1670.697
10/31/94 0.70166 Account Value $959.95 $1,479.23
11/30/94 0.692996 Surrender Value $911.95 $1,420.06
12/31/94 0.702392 Total Return -8.80% 42.01%
01/31/95 0.688363 Annualized Return 10.02%
02/28/95 0.72113
03/31/95 0.730706
04/30/95 0.743278
05/31/95 0.764034
06/30/95 0.85042
07/31/95 0.911282
08/31/95 0.920114
09/30/95 0.946662
10/31/95 0.907072
11/30/95 0.947098
12/31/95 0.921498
01/31/96 0.880436
02/29/96 0.928884
03/31/96 0.947889
04/30/96 1.01882
05/31/96 1.055434
06/30/96 0.97716
07/31/96 0.889113
08/31/96 0.970316
09/30/96 1.003814
10/31/96 0.927564
</TABLE>
<PAGE> 193
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/96 0.909921
12/31/96 0.885396
AO International Equity Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.70018
05/31/93 0.694547
06/30/93 0.682275 05/01/93 0.70018 1000 1428.204 0.090%
07/31/93 0.67766 06/30/93 0.682275 -0.14605 -0.214 0.090%
08/31/93 0.710488 12/31/93 0.828943 -0.48555 -0.586 0.090%
09/30/93 0.707939 06/30/94 0.765663 -0.51213 -0.669 0.090%
10/31/93 0.753217 12/31/94 0.764936 -0.49135 -0.642 0.090%
11/30/93 0.731895 06/30/95 0.831299 -0.51219 -0.616 0.090%
12/31/93 0.828943 09/30/95 0.893978 0.090%
01/31/94 0.853972 12/31/95 0.903046 1000 1107.364 -0.55626 -0.616 0.090%
02/28/94 0.820246 03/31/96 0.952341 0.090%
03/31/94 0.774792 06/30/96 0.973141 -0.46746 -0.480 -0.60149 -0.618 0.090%
04/30/94 0.79225 09/30/96 0.995906 0.090%
05/31/94 0.78755 12/31/96 1.091804 -0.51427 -0.471 -0.66172 -0.606 0.090%
06/30/94 0.765663
07/31/94 0.789975
08/31/94 0.827266 One-Year Since inception
09/30/94 0.797138 Ending units 1106.413 1423.637
10/31/94 0.813783 Account Value $1,207.99 $1,554.33
11/30/94 0.778211 Surrender Value $1,147.59 $1,492.16
12/31/94 0.764936 Total Return 14.76% 49.22%
01/31/95 0.734557 Annualized Return 11.52%
02/28/95 0.749015
03/31/95 0.771926
04/30/95 0.801238
05/31/95 0.830428
06/30/95 0.831299
07/31/95 0.883117
08/31/95 0.869793
09/30/95 0.893978
10/31/95 0.870037
11/30/95 0.885703
12/31/95 0.903046
01/31/96 0.932222
02/29/96 0.939446
03/31/96 0.952341
04/30/96 0.973695
05/31/96 0.97516
06/30/96 0.973141
07/31/96 0.932733
08/31/96 0.974623
09/30/96 0.995906
10/31/96 1.007251
11/30/96 1.070245
12/31/96 1.091804
AO Intermediate Bond - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.864128
05/31/93 0.864416
06/30/93 0.87597 05/01/93 0.864128 1000 1157.235 0.090%
07/31/93 0.877976 06/30/93 0.87597 -0.14896 -0.170 0.090%
08/31/93 0.891983 12/31/93 0.896866 -0.46154 -0.515 0.090%
09/30/93 0.897417 06/30/94 0.864681 -0.45840 -0.530 0.090%
10/31/93 0.900263 12/31/94 0.864395 -0.44974 -0.520 0.090%
11/30/93 0.893631 06/30/95 0.940735 -0.46931 -0.499 0.090%
12/31/93 0.896866 09/30/95 0.95228 0.090%
01/31/94 0.90415 12/31/95 0.986306 1000 1013.884 -0.50079 -0.508 0.090%
02/28/94 0.891398 03/31/96 0.977695 0.090%
03/31/94 0.875985 06/30/96 0.979522 -0.44845 -0.458 -0.51065 -0.521 0.090%
04/30/94 0.867597 09/30/96 0.993563 0.090%
05/31/94 0.866117 12/31/96 1.01689 -0.45522 -0.448 -0.51836 -0.510 0.090%
06/30/94 0.864681
07/31/94 0.874555
08/31/94 0.877392 One-Year Since inception
09/30/94 0.867273 Ending units 1012.978 1153.462
10/31/94 0.865817 Account Value $1,030.09 $1,172.94
11/30/94 0.861784 Surrender Value $978.58 $1,126.03
12/31/94 0.864395 Total Return -2.14% 12.60%
01/31/95 0.876412 Annualized Return 3.29%
02/28/95 0.892042
03/31/95 0.896821
04/30/95 0.908832
05/31/95 0.935077
06/30/95 0.940735
</TABLE>
<PAGE> 194
<TABLE>
<CAPTION>
<S> <C>
07/31/95 0.939199
08/31/95 0.947515
09/30/95 0.95228
10/31/95 0.96323
11/30/95 0.974204
12/31/95 0.986306
01/31/96 0.995089
02/29/96 0.984963
03/31/96 0.977695
04/30/96 0.973208
05/31/96 0.970652
06/30/96 0.979522
07/31/96 0.981652
08/31/96 0.981949
09/30/96 0.993563
10/31/96 1.008937
11/30/96 1.021506
12/31/96 1.016890
</TABLE>
<TABLE>
<CAPTION>
AO Short Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.880225
05/31/93 0.880518
06/30/93 0.886166 05/01/93 0.880225 1000 1136.073 0.090%
07/31/93 0.888223 06/30/93 0.886166 -0.14844 -0.168 0.090%
08/31/93 0.893749 12/31/93 0.900636 -0.45667 -0.507 0.090%
09/30/93 0.895796 06/30/94 0.889956 -0.45743 -0.514 0.090%
10/31/93 0.898732 12/31/94 0.892221 -0.45508 -0.510 0.090%
11/30/93 0.898096 06/30/95 0.95114 -0.47049 -0.495 0.090%
12/31/93 0.900636 09/30/95 0.959323 0.090%
01/31/94 0.903618 12/31/95 0.981283 1000 1019.074 -0.49301 -0.502 0.090%
02/28/94 0.895916 03/31/96 0.977407 0.090%
03/31/94 0.894411 06/30/96 0.983108 -0.45042 -0.458 -0.50094 -0.510 0.090%
04/30/94 0.890274 09/30/96 0.995403 0.090%
05/31/94 0.889649 12/31/96 1.01031 -0.45687 -0.452 -0.50811 -0.503 0.090%
06/30/94 0.889956
07/31/94 0.898292
08/31/94 0.901201 One-Year Since inception
09/30/94 0.89438 Ending units 1018.164 1132.364
10/31/94 0.895548 Account Value $1,028.66 $1,144.04
11/30/94 0.890521 Surrender Value $977.23 $1,098.28
12/31/94 0.892221 Total Return -2.28% 9.83%
01/31/95 0.901765 Annualized Return 2.59%
02/28/95 0.914099
03/31/95 0.919913
04/30/95 0.927625
05/31/95 0.946253
06/30/95 0.95114
07/31/95 0.951412
08/31/95 0.955349
09/30/95 0.959323
10/31/95 0.965978
11/30/95 0.974497
12/31/95 0.981283
01/31/96 0.988247
02/29/96 0.980904
03/31/96 0.977407
04/30/96 0.976719
05/31/96 0.976054
06/30/96 0.983108
07/31/96 0.986219
08/31/96 0.985572
09/30/96 0.995403
10/31/96 1.006171
11/30/96 1.016017
12/31/96 1.010310
Social Awareness - Unit Values Dollars Units Dollars Units Dollars
05/01/92 0.586068
05/31/92 0.58688
06/30/92 0.580617 05/01/92 0.586068 1000 1706.286 0.090%
07/31/92 0.602451 06/30/92 0.580617 -0.14726 -0.254 0.090%
08/31/92 0.58684 12/31/92 0.638325 -0.46790 -0.733 0.090%
09/30/92 0.591712 06/30/93 0.661833 -0.49886 -0.754 0.090%
10/31/92 0.600671 12/31/93 0.680817 -0.51494 -0.756 0.090%
11/30/92 0.624183 06/30/94 0.643619 -0.50773 -0.789 0.090%
12/31/92 0.638325 12/31/94 0.657707 -0.49864 -0.758 0.090%
01/31/93 0.644335 06/30/95 0.78486 -0.55251 -0.704 0.090%
02/28/93 0.652394 09/30/95 0.829601 0.090%
</TABLE>
<PAGE> 195
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/93 0.666089 12/31/95 0.870407 1000 1148.888 -0.63371 -0.728 0.090%
04/30/93 0.639796 03/31/96 0.920126 0.090%
05/31/93 0.656436 06/30/96 0.944889 -0.46925 -0.497 -0.69468 -0.735 0.090%
06/30/93 0.661833 09/30/96 0.935487 0.090%
07/31/93 0.660224 12/31/96 1.035896 -0.51181 -0.494 -1.15393 -1.114 0.090%
08/31/93 0.684398
09/30/93 0.686298
10/31/93 0.687029 One-Year Since inception
11/30/93 0.676011 Ending units 1147.897 1698.961
12/31/93 0.680817 Account Value $1,189.10 $1,759.95
01/31/94 0.697213 Surrender Value $1,129.65 $1,707.15
02/28/94 0.678906 Total Return 12.96% 70.71%
03/31/94 0.649697 Annualized Return 12.13%
04/30/94 0.657067
05/31/94 0.66079
06/30/94 0.643619
07/31/94 0.658738
08/31/94 0.688703
09/30/94 0.672144
10/31/94 0.682417
11/30/94 0.654568
12/31/94 0.657707
01/31/95 0.671708
02/28/95 0.698837
03/31/95 0.717923
04/30/95 0.737653
05/31/95 0.762777
06/30/95 0.78486
07/31/95 0.817272
08/31/95 0.81245
09/30/95 0.829601
10/31/95 0.817446
11/30/95 0.864261
12/31/95 0.870407
01/31/96 0.899108
02/29/96 0.915002
03/31/96 0.920126
04/30/96 0.9309
05/31/96 0.954968
06/30/96 0.944889
07/31/96 0.909407
08/31/96 0.930931
09/30/96 0.935487
10/31/96 0.998886
11/30/96 1.067390
12/31/96 1.035896
SB High Income - Unit Values Dollars Units Dollars Units S/A Fee
06/22/94 0.794535
06/30/94 0.79519
07/31/94 0.797066 06/22/94 0.794535 1000 1258.597 0.090%
08/31/94 0.802039 06/30/94 0.79519 -0.01973 -0.025 0.090%
09/30/94 0.801514 12/31/94 0.786197 -0.44782 -0.570 0.090%
10/31/94 0.79701 06/30/95 0.863555 -0.46696 -0.541 0.090%
11/30/94 0.780666 09/30/95 0.890762 0.090%
12/31/94 0.786197 12/31/95 0.928751 1000 1076.715 -0.50709 -0.546 0.090%
01/31/95 0.790489 03/31/96 0.948614 0.090%
02/28/95 0.817448 06/30/96 0.960081 -0.45759 -0.477 -0.53417 -0.556 0.090%
03/31/95 0.824959 09/30/96 1.001467 0.090%
04/30/95 0.845411 12/31/96 1.042489 -0.48493 -0.465 -0.56609 -0.543 0.090%
05/31/95 0.86171
06/30/95 0.863555
07/31/95 0.879058 One-Year Since inception
08/31/95 0.880879 Ending units 1075.773 1255.816
09/30/95 0.890762 Account Value $1,121.48 $1,309.17
10/31/95 0.903787 Surrender Value $1,065.41 $1,256.81
11/30/95 0.912016 Total Return 6.54% 25.68%
12/31/95 0.928751 Annualized Return 9.46%
01/31/96 0.947328
02/29/96 0.955075
03/31/96 0.948614
04/30/96 0.953803
05/31/96 0.962339
06/30/96 0.960081
07/31/96 0.963554
08/31/96 0.973011
09/30/96 1.001467
10/31/96 1.004756
11/30/96 1.027636
</TABLE>
<PAGE> 196
<TABLE>
<S> <C>
12/31/96 1.042489
</TABLE>
<TABLE>
<CAPTION>
SB International - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.825224
06/30/94 0.847321
07/31/94 0.839365 06/20/94 0.825224 1000 1211.792 0.090%
08/31/94 0.866776 06/30/94 0.847321 -0.02499 -0.029 0.090%
09/30/94 0.844795 12/31/94 0.789586 -0.44630 -0.565 0.090%
10/31/94 0.868085 06/30/95 0.838027 -0.44356 -0.529 0.090%
11/30/94 0.817340 09/30/95 0.870667 0.090%
12/31/94 0.789586 12/31/95 0.871625 1000 1147.283 -0.46571 -0.534 0.090%
01/31/95 0.752079 03/31/96 0.944780 0.090%
02/28/95 0.754097 06/30/96 0.985986 -0.47952 -0.486 -0.50579 -0.513 0.090%
03/31/95 0.759327 09/30/96 0.994496 0.090%
04/30/95 0.787552 12/31/96 1.017783 -0.51703 -0.508 -0.54536 -0.536 0.090%
05/31/95 0.821383
06/30/95 0.838027
07/31/95 0.889002
08/31/95 0.854872
09/30/95 0.870667
10/31/95 0.855361
11/30/95 0.844194
12/31/95 0.871625
01/31/96 0.910936
02/29/96 0.916042
03/31/96 0.944780
04/30/96 0.966099
05/31/96 0.992287
06/30/96 0.985986
07/31/96 0.945461
08/31/96 0.978123
09/30/96 0.994496
10/31/96 0.988079
11/30/96 1.016646
12/31/96 1.017783
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1146.289 1209.086
Account Value $1,166.67 $1,230.59
Surrender Value $1,108.34 $1,181.36
Total Return 10.83% 18.14%
Annualized Return 6.80%
</TABLE>
<TABLE>
<CAPTION>
SB Income & Growth - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.686429
06/30/94 0.677365
07/31/94 0.688585 06/20/94 0.686429 1000 1456.815 0.090%
08/31/94 0.703152 06/30/94 0.677365 -0.02449 -0.036 0.090%
09/30/94 0.695164 12/31/94 0.675043 -0.44329 -0.657 0.090%
10/31/94 0.693322 06/30/95 0.782461 -0.47752 -0.610 0.090%
11/30/94 0.670312 09/30/95 0.839607 0.090%
12/31/94 0.675043 12/31/95 0.891105 1000 1122.202 -0.54808 -0.615 0.090%
01/31/95 0.689671 03/31/96 0.940472 0.090%
02/28/95 0.713252 06/30/96 0.966888 -0.46913 -0.485 -0.60822 -0.629 0.090%
03/31/95 0.731263 09/30/96 0.996578 0.090%
04/30/95 0.747941 12/31/96 1.058826 -0.51126 -0.483 -0.66283 -0.626 0.090%
05/31/95 0.774096
06/30/95 0.782461
07/31/95 0.804493
08/31/95 0.816917
09/30/95 0.839607
10/31/95 0.826732
11/30/95 0.879995
12/31/95 0.891105
01/31/96 0.913976
02/29/96 0.918225
03/31/96 0.940472
04/30/96 0.941880
05/31/96 0.955741
06/30/96 0.966888
07/31/96 0.928247
08/31/96 0.955207
09/30/96 0.996578
10/31/96 1.021365
11/30/96 1.075760
12/31/96 1.058826
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1121.234 1453.642
Account Value $1,187.19 $1,539.15
Surrender Value $1,127.83 $1,477.59
Total Return 12.78% 47.76%
Annualized Return 16.66%
</TABLE>
<TABLE>
<CAPTION>
SB Money Market - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.911633
06/30/94 0.912281
07/31/94 0.914252 06/20/94 0.911633 1000 1096.933 0.090%
08/31/94 0.916780 06/30/94 0.912281 -0.02467 -0.027 0.090%
09/30/94 0.919238 12/31/94 0.927747 -0.45413 -0.489 0.090%
10/31/94 0.921780 06/30/95 0.949035 -0.46299 -0.488 0.090%
</TABLE>
<PAGE> 197
<TABLE>
<CAPTION>
SB Money Market - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/94 0.924572 09/30/95 0.959624 0.090%
12/31/94 0.927747 12/31/95 0.970147 1000 1030.772 -0.47324 -0.488 0.090%
01/31/95 0.931217 03/31/96 0.979990 0.090%
02/28/95 0.934446 06/30/96 0.989609 -0.45451 -0.459 -0.48303 -0.488 0.090%
03/31/95 0.938094 09/30/96 0.999889 0.090%
04/30/95 0.941437 12/31/96 1.010100 -0.46357 -0.459 -0.49266 -0.488 0.090%
05/31/95 0.945419
06/30/95 0.949035
07/31/95 0.952697
08/31/95 0.956281
09/30/95 0.959624
10/31/95 0.963310
11/30/95 0.966801
12/31/95 0.970147
01/31/96 0.973728
02/29/96 0.976824
03/31/96 0.979990
04/30/96 0.983358
05/31/96 0.986632
06/30/96 0.989609
07/31/96 0.993186
08/31/96 0.996471
09/30/96 0.999889
10/31/96 1.003326
11/30/96 1.006542
12/31/96 1.010100
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1029.854 1094.465
Account Value 1,040.26 $1,105.52
Surrender Value $988.24 $1,061.30
Total Return -1.18% 6.13%
Annualized Return 2.38%
</TABLE>
<TABLE>
<CAPTION>
SB Utilities - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 0.749066
02/28/94 0.749422
03/31/94 0.748169 02/04/94 0.749066 1000 1334.995 0.090%
04/30/94 0.755172 06/30/94 0.738460 -0.35745 -0.484 0.090%
05/31/94 0.752399 12/31/94 0.756272 -0.44882 -0.593 0.090%
06/30/94 0.738460 06/30/95 0.841279 -0.47948 -0.570 0.090%
07/31/94 0.761872 09/30/95 0.897134 0.090%
08/31/94 0.768034 12/31/95 0.970037 1000 1030.889 -0.54340 -0.560 0.090%
09/30/94 0.750384 03/31/96 0.968288 0.090%
10/31/94 0.756573 06/30/96 1.010829 -0.45946 -0.455 -0.59402 -0.588 0.090%
11/30/94 0.750866 09/30/96 0.981491 0.090%
12/31/94 0.756272 12/31/96 1.034150 -0.47412 -0.458 -0.61297 -0.593 0.090%
01/31/95 0.790826
02/28/95 0.797910
03/31/95 0.792822
04/30/95 0.807516
05/31/95 0.843348
06/30/95 0.841279
07/31/95 0.849041
08/31/95 0.859096
09/30/95 0.897134
10/31/95 0.912383
11/30/95 0.933626
12/31/95 0.970037
01/31/96 0.988344
02/29/96 0.966577
03/31/96 0.968288
04/30/96 0.951995
05/31/96 0.963836
06/30/96 1.010829
07/31/96 0.964097
08/31/96 0.975147
09/30/96 0.981491
10/31/96 1.016593
11/30/96 1.033906
12/31/96 1.034150
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1029.976 1331.607
Account Value $1,065.15 $1,377.08
Surrender Value $1,011.89 $1,322.00
Total Return 1.19% 32.20%
Annualized Return 10.08%
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust - Unit Values Dollars Units Dollars Units Dollars Units
- ------------------- ----------- ------- ----- ------- ----- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/07/83 0.316049
06/30/83 0.323095
07/31/83 0.315362 12/31/85 0.332593
08/31/83 0.305568 06/30/86 0.403002
09/30/83 0.316676 09/30/86 0.376684
10/31/83 0.291162 12/31/86 0.392790 1000 2545.887
11/30/83 0.306586 06/30/87 0.476762 -0.49810 -1.045
12/31/83 0.298272 12/31/87 0.398010 -0.50089 -1.258
01/31/84 0.283943 06/30/88 0.426128 -0.47166 -1.107
02/28/84 0.258966 12/31/88 0.431287 -0.49049 -1.137
03/31/84 0.264445 06/30/89 0.490790 -0.52725 -1.074
04/30/84 0.256422 12/31/89 0.543953 -0.59142 -1.087
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust S/A Fee
- ------------------- -------
<S> <C>
06/07/83
06/30/83
07/31/83
08/31/83
09/30/83 0.090%
10/31/83 0.090%
11/30/83 0.090%
12/31/83 0.090%
01/31/84 0.090%
02/28/84 0.090%
03/31/84 0.090%
04/30/84 0.090%
</TABLE>
<PAGE> 198
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/84 0.237756 06/30/90 0.56005 -0.63073 -1.126 0.090%
06/30/84 0.236982 12/31/90 0.550486 -0.63419 -1.152 0.090%
07/31/84 0.231489 06/30/91 0.591842 -0.65204 -1.102 0.090%
08/31/84 0.259493 09/30/91 0.626387 0.090%
09/30/84 0.258083 12/31/91 0.668075 1000 1496.838 -0.71885 -1.076 0.090%
10/31/84 0.260709 06/30/92 0.661607 -0.44782 -0.677 -0.75833 -1.146 0.090%
11/30/84 0.25679 12/31/92 0.696712 -0.45726 -0.656 -0.77432 -1.111 0.090%
12/31/84 0.264417 06/30/93 0.73223 -0.48082 -0.657 -0.81422 -1.112 0.090%
01/31/85 0.274865 12/31/93 0.755905 -0.50052 -0.662 -0.84757 -1.121 0.090%
02/28/85 0.273411 06/30/94 0.72041 -0.49633 -0.689 -0.84047 -1.167 0.090%
03/31/85 0.273559 12/31/94 0.732921 -0.48837 -0.666 -0.82700 -1.128 0.090%
04/30/85 0.273367 06/30/95 0.842883 -0.52929 -0.628 -0.89630 -1.063 0.090%
05/31/85 0.292438 09/30/95 0.886622 0.090%
06/30/85 0.29707 12/31/95 0.924214 1000 1082.000 -0.59330 -0.642 -1.00468 -1.087 0.090%
07/31/85 0.296857 03/31/96 0.939208 0.090%
08/31/85 0.298263 06/30/96 0.964396 -0.45978 -0.477 -0.63382 -0.657 -1.07330 -1.113 0.090%
09/30/85 0.290056 09/30/96 0.984666 0.090%
10/31/85 0.301371 12/31/96 1.043116 -0.48851 -0.468 -0.67343 -0.646 -1.14037 -1.093 0.090%
11/30/85 0.318453
12/31/85 0.332593
01/31/86 0.3387
02/28/86 0.362472
03/31/86 0.381858
04/30/86 0.37595
05/31/86 0.38999
06/30/86 0.403002
07/31/86 0.388801
08/31/86 0.408445
09/30/86 0.376684
10/31/86 0.393308
11/30/86 0.398724
12/31/86 0.39279
01/31/87 0.431353
02/28/87 0.452787
03/31/87 0.46492
04/30/87 0.462839
05/31/87 0.463241
06/30/87 0.476762
07/31/87 0.494159
08/31/87 0.511184
09/30/87 0.498468
10/31/87 0.400147
11/30/87 0.378623
12/31/87 0.39801
01/31/88 0.408228
02/29/88 0.420023
03/31/88 0.411294
04/30/88 0.411435
05/31/88 0.407533
06/30/88 0.426128
07/31/88 0.421848
08/31/88 0.407517
09/30/88 0.419663
10/31/88 0.428583
11/30/88 0.423103
12/31/88 0.431287
01/31/89 0.455827
02/28/89 0.445025
03/31/89 0.453546
04/30/89 0.473418
05/31/89 0.490693
06/30/89 0.49079
07/31/89 0.526484
08/31/89 0.530731
09/30/89 0.530392
10/31/89 0.525844
11/30/89 0.535942
12/31/89 0.543953
01/31/90 0.515614
02/28/90 0.521433
03/31/90 0.531983
04/30/90 0.521171
05/31/90 0.558663
06/30/90 0.56005
07/31/90 0.559656
08/31/90 0.528034
09/30/90 0.519909
10/31/90 0.524751
11/30/90 0.542201
12/31/90 0.550486
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1081.055 1490.258 2523.582
Account Value $1,127.67 $1,554.51 $2,632.39
Surrender Value $1,071.28 $1,507.88 $2,632.39
Total Return 7.13% 50.79% 163.24%
Annualized Return 8.56% 10.16%
</TABLE>
<PAGE> 199
<TABLE>
<CAPTION>
<S> <C>
01/31/91 0.566477
02/28/91 0.587064
03/31/91 0.592158
04/30/91 0.595785
05/31/91 0.602195
06/30/91 0.591842
07/31/91 0.606371
08/31/91 0.622279
09/30/91 0.626387
10/31/91 0.633208
11/30/91 0.625143
12/31/91 0.668075
01/31/92 0.651363
02/29/92 0.65639
03/31/92 0.647431
04/30/92 0.655993
05/31/92 0.661065
06/30/92 0.661607
07/31/92 0.680604
08/31/92 0.673662
09/30/92 0.6782
10/31/92 0.674771
11/30/92 0.688235
12/31/92 0.696712
01/31/93 0.703719
02/28/93 0.713855
03/31/93 0.72513
04/30/93 0.710751
05/31/93 0.724208
06/30/93 0.73223
07/31/93 0.729079
08/31/93 0.751527
09/30/93 0.751034
10/31/93 0.759081
11/30/93 0.749495
12/31/93 0.755905
01/31/94 0.775401
02/28/94 0.755078
03/31/94 0.725294
04/30/94 0.729422
05/31/94 0.732347
06/30/94 0.72041
07/31/94 0.738268
08/31/94 0.755464
09/30/94 0.73896
10/31/94 0.746454
11/30/94 0.729408
12/31/94 0.732921
01/31/95 0.745331
02/28/95 0.767092
03/31/95 0.780974
04/30/95 0.799079
05/31/95 0.82786
06/30/95 0.842883
07/31/95 0.859067
08/31/95 0.865659
09/30/95 0.886622
10/31/95 0.888983
11/30/95 0.91406
12/31/95 0.924214
01/31/96 0.942992
02/29/96 0.939806
03/31/96 0.939208
04/30/96 0.944354
05/31/96 0.956606
06/30/96 0.964396
07/31/96 0.937937
08/31/96 0.947615
09/30/96 0.984666
10/31/96 1.007884
11/30/96 1.055643
12/31/96 1.043116
</TABLE>
<TABLE>
<CAPTION>
High Yield Bond Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/10/83 0.367188
06/30/83 0.367537
07/31/83 0.367183 12/31/85 0.459006
08/31/83 0.364273 06/30/86 0.492813
09/30/83 0.366466 09/30/86 0.482151 0.090%
</TABLE>
<PAGE> 200
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/31/83 0.367541 12/31/86 0.49172 1000 2033.678 0.090%
11/30/83 0.366083 06/30/87 0.509301 -0.45804 -0.899 0.090%
12/31/83 0.367533 12/31/87 0.485487 -0.45499 -0.937 0.090%
01/31/84 0.366461 06/30/88 0.525301 -0.46210 -0.880 0.090%
02/28/84 0.366449 12/31/88 0.551975 -0.49228 -0.892 0.090%
03/31/84 0.367188 06/30/89 0.591279 -0.52220 -0.883 0.090%
04/30/84 0.366021 12/31/89 0.555194 -0.52344 -0.943 0.090%
05/31/84 0.36834 06/30/90 0.539278 -0.49947 -0.926 0.090%
06/30/84 0.367188 12/31/90 0.49706 -0.47272 -0.951 0.090%
07/31/84 0.367935 06/30/91 0.565997 -0.48468 -0.856 0.090%
08/31/84 0.3683 09/30/91 0.596488 0.090%
09/30/84 0.36645 12/31/91 0.629078 1000 1589.628 -0.54464 -0.866 0.090%
10/31/84 0.382512 06/30/92 0.67306 -0.46573 -0.692 -0.59318 -0.881 0.090%
11/30/84 0.387452 12/31/92 0.706027 -0.49304 -0.698 -0.62796 -0.889 0.090%
12/31/84 0.391265 06/30/93 0.767866 -0.52670 -0.686 -0.67084 -0.874 0.090%
01/31/85 0.400457 12/31/93 0.798444 -0.55948 -0.701 -0.71259 -0.892 0.090%
02/28/85 0.391141 06/30/94 0.772225 -0.56079 -0.726 -0.71426 -0.925 0.090%
03/31/85 0.396552 12/31/94 0.782026 -0.55468 -0.709 -0.70647 -0.903 0.090%
04/30/85 0.405122 06/30/95 0.864798 -0.58745 -0.679 -0.74822 -0.865 0.090%
05/31/85 0.422159 09/30/95 0.877037 0.090%
06/30/85 0.42305 12/31/95 0.896208 1000 1115.812 -0.62791 -0.701 -0.79975 -0.892 0.090%
07/31/85 0.419215 03/31/96 0.951088 0.090%
08/31/85 0.429495 06/30/96 0.963556 -0.46691 -0.485 -0.66284 -0.688 -0.84423 -0.876 0.090%
09/30/85 0.431087 09/30/96 0.996866 0.090%
10/31/85 0.437186 12/31/96 1.031599 -0.50068 -0.485 -0.71078 -0.689 -0.90529 -0.878 0.090%
11/30/85 0.44388
12/31/85 0.459006
01/31/86 0.459082
02/28/86 0.475256
03/31/86 0.485758
04/30/86 0.491834
05/31/86 0.493149
06/30/86 0.492813
07/31/86 0.476913
08/31/86 0.481229
09/30/86 0.482151
10/31/86 0.489372
11/30/86 0.493817
12/31/86 0.49172
01/31/87 0.505129
02/28/87 0.511845
03/31/87 0.515448
04/30/87 0.505011
05/31/87 0.501996
06/30/87 0.509301
07/31/87 0.509856
08/31/87 0.510896
09/30/87 0.499487
10/31/87 0.47564
11/30/87 0.482436
12/31/87 0.485487
01/31/88 0.501772
02/29/88 0.513623
03/31/88 0.516199
04/30/88 0.511973
05/31/88 0.512617
06/30/88 0.525301
07/31/88 0.530972
08/31/88 0.53316
09/30/88 0.538468
10/31/88 0.546323
11/30/88 0.547021
12/31/88 0.551975
01/31/89 0.562485
02/28/89 0.563228
03/31/89 0.564476
04/30/89 0.567394
05/31/89 0.579886
06/30/89 0.591279
07/31/89 0.589756
08/31/89 0.592243
09/30/89 0.580904
10/31/89 0.567235
11/30/89 0.562098
12/31/89 0.555194
01/31/90 0.53754
02/28/90 0.523383
03/31/90 0.52743
04/30/90 0.524592
05/31/90 0.532573
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1114.842 1582.659 2015.770
Account Value $1,150.07 $1,632.67 $2,079.47
Surrender Value $1,092.57 $1,583.69 $2,079.47
Total Return 9.26% 58.37% 107.95%
Annualized Return 9.63% 7.60%
</TABLE>
<PAGE> 201
<TABLE>
<CAPTION>
<S> <C>
06/30/90 0.539278
07/31/90 0.545298
08/31/90 0.531513
09/30/90 0.503077
10/31/90 0.495078
11/30/90 0.497766
12/31/90 0.49706
01/31/91 0.508399
02/28/91 0.531912
03/31/91 0.541692
04/30/91 0.552308
05/31/91 0.553373
06/30/91 0.565997
07/31/91 0.575661
08/31/91 0.588243
09/30/91 0.596488
10/31/91 0.614081
11/30/91 0.623072
12/31/91 0.629078
01/31/92 0.64516
02/29/92 0.653333
03/31/92 0.660848
04/30/92 0.663597
05/31/92 0.667959
06/30/92 0.67306
07/31/92 0.681348
08/31/92 0.685652
09/30/92 0.693149
10/31/92 0.685547
11/30/92 0.696984
12/31/92 0.706027
01/31/93 0.716677
02/28/93 0.727321
03/31/93 0.742465
04/30/93 0.747187
05/31/93 0.757142
06/30/93 0.767866
07/31/93 0.771692
08/31/93 0.782405
09/30/93 0.783621
10/31/93 0.788307
11/30/93 0.791211
12/31/93 0.798444
01/31/94 0.809883
02/28/94 0.805826
03/31/94 0.7784
04/30/94 0.771423
05/31/94 0.770881
06/30/94 0.772225
07/31/94 0.776356
08/31/94 0.785956
09/30/94 0.786363
10/31/94 0.79044
11/30/94 0.783468
12/31/94 0.782026
01/31/95 0.789398
02/28/95 0.821986
03/31/95 0.822428
04/30/95 0.843965
05/31/95 0.864366
06/30/95 0.864798
07/31/95 0.871207
08/31/95 0.8746
09/30/95 0.877037
10/31/95 0.885398
11/30/95 0.881828
12/31/95 0.896208
01/31/96 0.921244
02/29/96 0.943934
03/31/96 0.951088
04/30/96 0.954846
05/31/96 0.960833
06/30/96 0.963556
07/31/96 0.969486
08/31/96 0.983195
09/30/96 0.996866
10/31/96 1.00487
11/30/96 1.018553
12/31/96 1.031599
</TABLE>
<PAGE> 202
<TABLE>
<CAPTION>
Capital Appreciation - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/26/83 0.314781
05/31/83 0.314735
06/30/83 0.320517 12/31/85 0.301156
07/31/83 0.310815 06/30/86 0.377029
08/31/83 0.296944 09/30/86 0.31199 0.090%
09/30/83 0.308725 12/31/86 0.328438 1000 3044.712 0.090%
10/31/83 0.284167 06/30/87 0.421899 -0.51403 -1.218 0.090%
11/30/83 0.30242 12/31/87 0.300058 -0.49439 -1.648 0.090%
12/31/83 0.287555 06/30/88 0.349971 -0.44489 -1.271 0.090%
01/31/84 0.266089 12/31/88 0.327568 -0.46352 -1.415 0.090%
02/28/84 0.250916 06/30/89 0.360506 -0.47051 -1.305 0.090%
03/31/84 0.253557 12/31/89 0.375236 -0.50289 -1.340 0.090%
04/30/84 0.249022 06/30/90 0.401584 -0.53074 -1.322 0.090%
05/31/84 0.228 12/31/90 0.357485 -0.51838 -1.450 0.090%
06/30/84 0.225369 06/30/91 0.423822 -0.53331 -1.258 0.090%
07/31/84 0.218051 09/30/91 0.44376 0.090%
08/31/84 0.250533 12/31/91 0.474935 1000 2105.552 -0.61323 -1.291 0.090%
09/28/84 0.245721 06/30/92 0.468499 -0.44695 -0.954 -0.64344 -1.373 0.090%
09/30/84 0.245721 12/31/92 0.55419 -0.48428 -0.874 -0.69718 -1.258 0.090%
10/31/84 0.240579 06/30/93 0.607897 -0.55006 -0.905 -0.79188 -1.303 0.090%
11/30/84 0.230188 12/31/93 0.632598 -0.58692 -0.928 -0.84494 -1.336 0.090%
12/31/84 0.233439 06/30/94 0.570332 -0.56890 -0.997 -0.81899 -1.436 0.090%
01/31/85 0.261897 12/31/94 0.597557 -0.55206 -0.924 -0.79476 -1.330 0.090%
02/28/85 0.259224 06/30/95 0.714493 -0.61993 -0.868 -0.89247 -1.249 0.090%
03/31/85 0.254668 09/30/95 0.802194 0.090%
04/30/85 0.254803 12/31/95 0.808365 1000 1237.065 -0.71924 -0.890 -1.03544 -1.281 0.090%
05/31/85 0.274694 03/31/96 0.888256 0.090%
06/30/85 0.283295 06/30/96 0.940761 -0.48685 -0.518 -0.82576 -0.878 -1.18878 -1.264 0.090%
07/31/85 0.28215 09/30/96 0.986603 0.090%
08/31/85 0.275391 12/31/96 1.028057 -0.54777 -0.533 -0.92909 -0.904 -1.33753 -1.301 0.090%
09/30/85 0.253699
10/31/85 0.26304
11/30/85 0.283855
12/31/85 0.301156
01/31/86 0.306675
02/28/86 0.331648
03/31/86 0.350998
04/30/86 0.352235
05/31/86 0.372397
06/30/86 0.377029
07/31/86 0.331808
08/31/86 0.341847
09/30/86 0.31199
10/31/86 0.329013
11/30/86 0.335804
12/31/86 0.328438
01/31/87 0.381963
02/28/87 0.427635
03/31/87 0.428497
04/30/87 0.421123
05/31/87 0.426595
06/30/87 0.421899
07/31/87 0.435581
08/31/87 0.451736
09/30/87 0.436531
10/31/87 0.285463
11/30/87 0.266406
12/31/87 0.300058
01/31/88 0.297483
02/29/88 0.322779
03/31/88 0.324703
04/30/88 0.332833
05/31/88 0.32404
06/30/88 0.349971
07/31/88 0.336924
08/31/88 0.318654
09/30/88 0.328402
10/31/88 0.325101
11/30/88 0.314234
12/31/88 0.327568
01/31/89 0.34771
02/28/89 0.34582
03/31/89 0.347282
04/30/89 0.365065
05/31/89 0.383744
06/30/89 0.360506
07/31/89 0.383917
08/31/89 0.397759
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1236.014 2096.43 3018.063
Account Value $1,270.69 $2,155.25 $3,102.74
Surrender Value $1,207.16 $2,090.59 $3,102.74
Total Return 20.72% 109.06% 210.27%
Annualized Return 15.89% 11.99%
</TABLE>
<PAGE> 203
<TABLE>
<CAPTION>
<S> <C>
09/30/89 0.400591
10/31/89 0.376682
11/30/89 0.37381
12/31/89 0.375236
01/31/90 0.335707
02/28/90 0.351887
03/31/90 0.371608
04/30/90 0.356941
05/31/90 0.4016
06/30/90 0.401584
07/31/90 0.383522
08/31/90 0.342724
09/30/90 0.323402
10/31/90 0.315895
11/30/90 0.345231
12/31/90 0.357485
01/31/91 0.378013
02/28/91 0.410885
03/31/91 0.42883
04/30/91 0.426812
05/31/91 0.440592
06/30/91 0.423822
07/31/91 0.43806
08/31/91 0.445276
09/30/91 0.44376
10/31/91 0.448699
11/30/91 0.433416
12/31/91 0.474935
01/31/92 0.487947
02/29/92 0.495332
03/31/92 0.490078
04/30/92 0.483108
05/31/92 0.486681
06/30/92 0.468499
07/31/92 0.492487
08/31/92 0.479437
09/30/92 0.492318
10/31/92 0.508112
11/30/92 0.538994
12/31/92 0.55419
01/31/93 0.568222
02/28/93 0.560791
03/31/93 0.587229
04/30/93 0.569391
05/31/93 0.589919
06/30/93 0.607897
07/31/93 0.610438
08/31/93 0.626683
09/30/93 0.643182
10/31/93 0.637648
11/30/93 0.616902
12/31/93 0.632598
01/31/94 0.661883
02/28/94 0.644553
03/31/94 0.607055
04/30/94 0.601523
05/31/94 0.593745
06/30/94 0.570332
07/31/94 0.588082
08/31/94 0.609669
09/30/94 0.59729
10/31/94 0.627174
11/30/94 0.598443
12/31/94 0.597557
01/31/95 0.598294
02/28/95 0.613136
03/31/95 0.627182
04/30/95 0.645904
05/31/95 0.667717
06/30/95 0.714493
07/31/95 0.769271
08/31/95 0.771675
09/30/95 0.802194
10/31/95 0.797472
11/30/95 0.816916
12/31/95 0.808365
01/31/96 0.843887
02/29/96 0.874181
03/31/96 0.888256
04/30/96 0.904376
</TABLE>
<PAGE> 204
<TABLE>
<CAPTION>
<S> <C>
05/31/96 0.952035
06/30/96 0.940761
07/31/96 0.885605
08/31/96 0.923042
09/30/96 0.986603
10/31/96 0.983846
11/30/96 1.049944
12/31/96 1.028057
</TABLE>
<PAGE> 205
SPOTLIGHT ON REGISTERED GOLD TRACK - PERFORMANCE UPDATE AS OF 12/31/96
<TABLE>
<CAPTION>
CUMULATIVE RETURNS
YTD 1 YR 3YR 5YR 10YR
--- ---- --- --- ----
<S> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 27.88% 27.88% -- -- --
American Odyssey Core Equity Fund 21.73% 21.73% 63.18% -- --
American Odyssey Emerging Opportunities Fund -4.26% -4.26% 35.71% -- --
American Odyssey International Equity Fund 20.48% 20.48% 30.33% -- --
Capital Appreciation Fund (Janus sub-adviser) 26.73% 26.73% 60.82% 112.71% 199.32%
Dreyfus Stock Index Fund 21.10% 21.10% 63.31% 86.87% --
Fidelity's Equity-Income Portfolio 12.96% 12.96% 59.67% 115.72% 222.85%
Fidelity's Growth Portfolio 13.39% 13.39% 49.98% 91.35% 265.64%
Smith Barney Income and Growth Portfolio 18.40% 18.40% -- -- --
Smith Barney International Equity Portfolio 16.36% 16.36% -- -- --
Social Awareness Stock Portfolio (Smith Barney) 18.59% 18.59% 50.57% -- --
Templeton's Global Stock Fund 20.99% 20.99% 44.83% 103.06% --
Utilities Portfolio (Smith Barney) 6.23% 6.23% -- -- --
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 2.74% 2.74% 12.20% -- --
American Odyssey Long-Term Bond Fund 0.14% 0.14% 12.94% -- --
American Odyssey Short-Term Bond Fund 2.59% 2.59% 11.00% -- --
Fidelity's High Income Portfolio 12.72% 12.72% 30.82% 89.59% 155.96%
Putnam Diversified Income Portfolio 6.99% 6.99% -- -- --
Smith Barney High Income Portfolio 11.85% 11.85% -- -- --
Templeton's Global Bond Fund 8.18% 8.18% 15.58% 32.77% --
Travelers High Yield Bond Trust 14.70% 14.70% 27.85% 61.14% 102.57%
Travelers U.S. Government Securities Portfolio 0.28% 0.28% 15.11% -- --
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.29% 13.29% 21.61% 60.90% --
MFS Total Return Portfolio 13.19% 13.19% -- -- --
Templeton's Global Asset Allocation Fund 17.50% 17.50% 36.55% 81.80% --
Travelers Managed Assets Trust 12.47% 12.47% 36.55% 53.43% 156.43%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 3.75% 3.75% -- -- --
<CAPTION>
AVERAGE ANNUAL RETURNS
3YR 5YR 10YR INCEPTION +
--- --- ---- -----------
<S> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio -- -- -- 25.70% (6/94)
American Odyssey Core Equity Fund 17.71% -- -- 14.67% (5/93)
American Odyssey Emerging Opportunities Fund 10.71% -- -- 10.96% (5/93)
American Odyssey International Equity Fund 9.22% -- -- 12.47% (5/93)
Capital Appreciation Fund (Janus sub-adviser) 17.14% 16.27% 11.58% 8.63% (5/83)
Dreyfus Stock Index Fund 17.75% 13.31% -- 12.36% (9/89)
Fidelity's Equity-Income Portfolio 16.86% 16.60% 12.42% 12.12% (10/86)
Fidelity's Growth Portfolio 14.45% 13.84% 13.83% 13.51% (10/86)
Smith Barney Income and Growth Portfolio -- -- -- 18.24% (6/94)
Smith Barney International Equity Portfolio -- -- -- 8.25% (6/94)
Social Awareness Stock Portfolio (Smith Barney) 14.60% -- -- 12.57% (5/92)
Templeton's Global Stock Fund 13.13% 15.20% -- 12.19% (8/88)
Utilities Portfolio (Smith Barney) -- -- -- 11.34% (2/94)
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 3.91% -- -- 4.17% (5/93)
American Odyssey Long-Term Bond Fund 4.14% -- -- 5.71% (5/93)
American Odyssey Short-Term Bond Fund 3.54% -- -- 3.46% (5/93)
Fidelity's High Income Portfolio 9.36% 13.63% 9.85% 10.72% (9/85)
Putnam Diversified Income Portfolio -- -- -- 9.28% (6/94)
Smith Barney High Income Portfolio -- -- -- 10.95% (6/94)
Templeton's Global Bond Fund 4.94% 5.83% -- 6.77% (8/88)
Travelers High Yield Bond Trust 8.53% 10.00% 7.31% 7.57% (6/83)
Travelers U.S. Government Securities Portfolio 4.80% -- -- 5.94% (1/92)
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 6.73% 9.97% -- 10.41% (9/89)
MFS Total Return Portfolio -- -- -- 13.45% (6/94)
Templeton's Global Asset Allocation Fund 10.93% 12.68% -- 11.03% (8/88)
Travelers Managed Assets Trust 10.93% 8.93% 9.87% 8.81% (6/83)
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio -- -- -- 3.77% (6/94)
<CAPTION>
CALENDAR YEAR RETURNS
1996 1995 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 27.88% 33.32% -- --
American Odyssey Core Equity Fund 21.73% 36.98% -2.14% --
American Odyssey Emerging Opportunities Fund -4.26% 30.74% 8.42% --
American Odyssey International Equity Fund 20.48% 17.64% -8.04% --
Capital Appreciation Fund (Janus sub-adviser) 26.73% 34.81% -5.87% 13.75%
Dreyfus Stock Index Fund 21.10% 35.22% -0.27% 8.08%
Fidelity's Equity-Income Portfolio 12.96% 33.55% 5.84% 16.92%
Fidelity's Growth Portfolio 13.39% 33.83% -1.16% 17.99%
Smith Barney Income and Growth Portfolio 18.40% 31.55% -- --
Smith Barney International Equity Portfolio 16.36% 10.01% -- --
Social Awareness Stock Portfolio (Smith Barney) 18.59% 31.88% -3.73% 6.28%
Templeton's Global Stock Fund 20.99% 23.82% -3.32% 32.46%
Utilities Portfolio (Smith Barney) 6.23% 27.82% -- --
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 2.74% 13.71% -3.96% --
American Odyssey Long-Term Bond Fund 0.14% 21.06% -6.83% --
American Odyssey Short-Term Bond Fund 2.59% 9.60% -1.28% --
Fidelity's High Income Portfolio 12.72% 19.23% -2.67% 19.13%
Putnam Diversified Income Portfolio 6.99% 16.05% -- --
Smith Barney High Income Portfolio 11.85% 17.72% -- --
Templeton's Global Bond Fund 8.18% 13.61% -5.97% 10.19%
Travelers High Yield Bond Trust 14.70% 14.20% -2.40% 12.69%
Travelers U.S. Government Securities Portfolio 0.28% 23.06% -6.73% 8.25%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.29% 15.63% -7.16% 19.65%
MFS Total Return Portfolio 13.19% 24.25% -- --
Templeton's Global Asset Allocation Fund 17.50% 21.15% -4.07% 24.68%
Travelers Managed Assets Trust 12.47% 25.66% -3.38% 8.12%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 3.75% 4.21% -- --
</TABLE>
Gold Track is a variable annuity. These returns reflect: 1) the 1.15% annual
mortality and expense risk charge and 2) portfolio management fees. The
deduction of the semi-annual administrative charge, if applicable, is not
reflected. Likewise, the deferred sales charge (maximum 5% of each purchase
payment for a period of 5 years from the date the purchase payment was made) or
the surrender charge (maximum 5% of the amount surrendered in the first two
contract years; up to 4% in years three or four; up to 3% in years five and six;
up to 2% in years seven and eight and 0% beginning in the ninth year) is not
reflected. The deduction of those charges would reduce any percentage increase
or make greater any percentage decrease.
Performance data quoted represents past performance. Investment return and
principal value of an investment will fluctuate so that an investor's units,
when redeemed, may be worth more or less than their original cost. An investment
in the Smith Barney Money Market Portfolio is neither insured nor guaranteed by
the U.S. Government.
+ Inception Date is the date that the underlying funds first received deposits.
These investment options were not available for sale under Fund QP until October
1, 1996; however, underlying funds were in existence prior to that date.
Performance figures for periods prior to 10/01/96 represent actual returns of
the underlying funds adjusted to reflect the charges that would have been
assessed had those underlying funds been offered under Fund QP during that
period.
Submitted to the Insurance Commissioner of Puerto Rico on November 11, 1996
FL: If the annuitant's date of birth is misstated, all benefits of the contract
are what the premium paid would have purchased at the correct age.
Gold Track is issued by The Travelers Insurance Company or The Travelers Life
and Annuity Company, One Tower Square, Hartford, CT 06183 (The issuing company
will be reflected on the contract; NY contracts are issued by The Travelers
Insurance Company) [GOLD TRACK LOGO]
<PAGE> 206
<TABLE>
<S> <C> <C> <C>
Alliance Growth 12/31/96 YEARLY RETURNS Net of M & E
1992 ERR
06/20/94 0.596093 1993 ERR
12/31/91 -- 1994 ERR
12/31/92 -- 1995 33.32%
12/31/93 -- YTD -1996 27.88%
12/31/94 0.624285
12/31/95 0.832284 AVERAGE ANNUAL Net of M & E
12/31/86 -- 10 YR ERR
12/31/91 -- 5 YR ERR
12/31/93 -- 3 YR ERR
12/31/95 0.832284 Inception 25.70%
12/31/96 1.064311
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 27.88%
Dreyfus YEARLY RETURNS Net of M & E
09/29/89 0.461384 1992 5.87%
12/31/91 0.575581 1993 8.08%
12/31/92 0.609375 1994 -0.27%
12/31/93 0.658616 1995 35.22%
12/31/94 0.656828 YTD -1996 21.10%
12/31/95 0.888179
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.575581 10 YR ERR
12/31/93 0.658616 5 YR 13.31%
12/31/95 0.888179 3 YR 17.75%
12/31/96 1.075610 Inception 12.36%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 86.87%
3 YR 63.31%
1 YR 21.10%
Fidelity Asset Manager YEARLY RETURNS Net of M & E
09/06/89 0.506976 1992 10.58%
12/31/91 0.650894 1993 19.65%
12/31/92 0.719748 1994 -7.16%
12/31/93 0.861210 1995 15.63%
12/31/94 0.799522 YTD -1996 13.29%
12/31/95 0.924461
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.650894 10 YR ERR
12/31/93 0.861210 5 YR 9.97%
12/31/95 0.924461 3 YR 6.73%
12/31/96 1.047302 Inception 10.41%
</TABLE>
<PAGE> 207
<TABLE>
<S> <C> <C> <C>
CUMULATIVES Net of M & E
10 YR ERR
5 YR 60.90%
3 YR 21.61%
1 YR 13.29%
Fidelity High Income YEARLY RETURNS Net of M & E
09/19/85 0.320760 1992 21.65%
12/31/91 0.534184 1993 19.13%
12/31/92 0.649843 1994 -2.67%
12/31/93 0.774179 1995 19.23%
12/31/94 0.753514 YTD -1996 12.72%
12/31/95 0.898433
12/31/86 0.395672 AVERAGE ANNUAL Net of M & E
12/31/91 0.534184 10 YR 9.85%
12/31/93 0.774179 5 YR 13.63%
12/31/95 0.898433 3 YR 9.36%
12/31/96 1.012742 Inception 10.72%
CUMULATIVES Net of M & E
10 YR 155.96%
5 YR 89.59%
3 YR 30.82%
1 YR 12.72%
Fidelity Equity Income YEARLY RETURNS Net of M & E
10/09/86 0.323082 1992 15.55%
12/31/91 0.483220 1993 16.92%
12/31/92 0.558368 1994 5.84%
12/31/93 0.652846 1995 33.55%
12/31/94 0.691003 YTD -1996 12.96%
12/31/95 0.922819
12/31/86 0.322882 AVERAGE ANNUAL Net of M & E
12/31/91 0.483220 10 YR 12.42%
12/31/93 0.652846 5 YR 16.60%
12/31/95 0.922819 3 YR 16.86%
12/31/96 1.042422 Inception 12.12%
CUMULATIVES Net of M & E
10 YR 222.85%
5 YR 115.72%
3 YR 59.67%
1 YR 12.96%
Fidelity Growth Fund YEARLY RETURNS Net of M & E
10/09/86 0.271281 1992 8.13%
12/31/91 0.518579 1993 17.99%
12/31/92 0.560724 1994 -1.16%
12/31/93 0.661614 1995 33.83%
12/31/94 0.653920 YTD -1996 13.39%
</TABLE>
<PAGE> 208
<TABLE>
<S> <C> <C> <C>
12/31/95 0.875127
12/31/86 0.271384 AVERAGE ANNUAL Net of M & E
12/31/91 0.518579 10 YR 13.83%
12/31/93 0.661614 5 YR 13.84%
12/31/95 0.875127 3 YR 14.45%
12/31/96 0.992302 Inception 13.51%
CUMULATIVES Net of M & E
10 YR 265.64%
5 YR 91.35%
3 YR 49.98%
1 YR 13.39%
US Government YEARLY RETURNS Net of M & E
01/24/92 0.770712 1992 ERR
12/31/91 -- 1993 8.25%
12/31/92 0.822557 1994 -6.73%
12/31/93 0.890408 1995 23.06%
12/31/94 0.830509 YTD -1996 0.28%
12/31/95 1.022042
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.890408 5 YR ERR
12/31/95 1.022042 3 YR 4.80%
12/31/96 1.024911 Inception 5.94%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 15.11%
1 YR 0.28%
Templeton Bond YEARLY RETURNS Net of M & E
08/31/88 0.599160 1992 4.25%
12/31/91 0.779315 1993 10.19%
12/31/92 0.812464 1994 -5.97%
12/31/93 0.895247 1995 13.61%
12/31/94 0.841834 YTD -1996 8.18%
12/31/95 0.956433
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.779315 10 YR ERR
12/31/93 0.895247 5 YR 5.83%
12/31/95 0.956433 3 YR 4.94%
12/31/96 1.034701 Inception 6.77%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 32.77%
3 YR 15.58%
1 YR 8.18%
</TABLE>
<PAGE> 209
<TABLE>
<S> <C> <C> <C>
Templeton Asset Allocation YEARLY RETURNS Net of M & E
08/31/88 0.445681 1992 6.78%
12/31/91 0.586745 1993 24.68%
12/31/92 0.626537 1994 -4.07%
12/31/93 0.781167 1995 21.15%
12/31/94 0.749342 YTD -1996 17.50%
12/31/95 0.907830
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.586745 10 YR ERR
12/31/93 0.781167 5 YR 12.68%
12/31/95 0.907830 3 YR 10.93%
12/31/96 1.066688 Inception 11.03%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 81.80%
3 YR 36.55%
1 YR 17.50%
MFS Total Return YEARLY RETURNS Net of M & E
06/20/94 0.758801 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 24.25%
12/31/94 0.742768 YTD -1996 13.19%
12/31/95 0.922926
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.922926 3 YR ERR
12/31/96 1.044695 Inception 13.45%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 13.19%
Putnam Diversified YEARLY RETURNS Net of M & E
06/20/94 0.813744 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 16.05%
12/31/94 0.820756 YTD -1996 6.99%
12/31/95 0.952454
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.952454 3 YR ERR
</TABLE>
<PAGE> 210
<TABLE>
<S> <C> <C> <C>
12/31/96 1.019029 Inception 9.28%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.99%
AO Long Term Bond YEARLY RETURNS Net of M & E
05/01/93 0.833644 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -6.83%
12/31/93 0.904902 1995 21.06%
12/31/94 0.843062 YTD -1996 0.14%
12/31/95 1.020585
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.904902 5 YR ERR
12/31/95 1.020585 3 YR 4.14%
12/31/96 1.022005 Inception 5.71%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.94%
1 YR 0.14%
AO Core Equity YEARLY RETURNS Net of M & E
05/01/93 0.653061 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -2.14%
12/31/93 0.661583 1995 36.98%
12/31/94 0.647405 YTD -1996 21.73%
12/31/95 0.886844
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.661583 5 YR ERR
12/31/95 0.886844 3 YR 17.71%
12/31/96 1.079564 Inception 14.67%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 63.18%
1 YR 21.73%
AO Emerging Ops YEARLY RETURNS Net of M & E
05/01/93 0.603852 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 8.42%
</TABLE>
<PAGE> 211
<TABLE>
<S> <C> <C> <C>
12/31/93 0.651865 1995 30.74%
12/31/94 0.706762 YTD -1996 -4.26%
12/31/95 0.924003
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.651865 5 YR ERR
12/31/95 0.924003 3 YR 10.71%
12/31/96 0.884669 Inception 10.96%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 35.71%
1 YR -4.26%
AO International YEARLY RETURNS Net of M & E
05/01/93 0.708655 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -8.04%
12/31/93 0.837017 1995 17.64%
12/31/94 0.769696 YTD -1996 20.48%
12/31/95 0.905500
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.837017 5 YR ERR
12/31/95 0.905500 3 YR 9.22%
12/31/96 1.090914 Inception 12.47%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 30.33%
1 YR 20.48%
AO Intermediate Bond YEARLY RETURNS Net of M & E
05/01/93 0.874597 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -3.96%
12/31/93 0.905610 1995 13.71%
12/31/94 0.869781 YTD -1996 2.74%
12/31/95 0.988996
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.905610 5 YR ERR
12/31/95 0.988996 3 YR 3.91%
12/31/96 1.016061 Inception 4.17%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.20%
</TABLE>
<PAGE> 212
<TABLE>
<S> <C> <C> <C>
1 YR 2.74%
AO Short Term Bnd YEARLY RETURNS Net of M & E
05/01/93 0.890889 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -1.28%
12/31/93 0.909418 1995 9.60%
12/31/94 0.897781 YTD -1996 2.59%
12/31/95 0.983959
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.909418 5 YR ERR
12/31/95 0.983959 3 YR 3.54%
12/31/96 1.009488 Inception 3.46%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 11.00%
1 YR 2.59%
Social Awareness YEARLY RETURNS Net of M & E
05/01/92 0.595245 1992 ERR
12/31/91 -- 1993 6.28%
12/31/92 0.646806 1994 -3.73%
12/31/93 0.687453 1995 31.88%
12/31/94 0.661804 YTD -1996 18.59%
12/31/95 0.872779
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.687453 5 YR ERR
12/31/95 0.872779 3 YR 14.60%
12/31/96 1.035065 Inception 12.57%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 50.57%
1 YR 18.59%
SB High Income YEARLY RETURNS Net of M & E
06/22/94 0.801112 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 17.72%
12/31/94 0.791254 YTD -1996 11.85%
12/31/95 0.931470
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
</TABLE>
<PAGE> 213
<TABLE>
<S> <C> <C> <C>
12/31/95 0.931470 3 YR ERR
12/31/96 1.041860 Inception 10.95%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 11.85%
SB International YEARLY RETURNS Net of M & E
06/20/94 0.831906 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 10.01%
12/31/94 0.794508 YTD -1996 16.36%
12/31/95 0.874001
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.874001 3 YR ERR
12/31/96 1.016968 Inception 8.25%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 16.36%
SB Inc & Grwth YEARLY RETURNS Net of M & E
06/20/94 0.691937 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 31.55%
12/31/94 0.679202 YTD -1996 18.40%
12/31/95 0.893474
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.893474 3 YR ERR
12/31/96 1.057905 Inception 18.24%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 18.40%
SB Money Market YEARLY RETURNS Net of M & E
06/20/94 0.918951 1992 ERR
12/31/91 -- 1993 ERR
</TABLE>
<PAGE> 214
<TABLE>
<S> <C> <C> <C>
12/31/92 -- 1994 ERR
12/31/93 -- 1995 4.21%
12/31/94 0.933465 YTD -1996 3.75%
12/31/95 0.972726
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.972726 3 YR ERR
12/31/96 1.009219 Inception 3.77%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 3.75%
SB Utilities YEARLY RETURNS Net of M & E
02/04/94 0.756115 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 27.82%
12/31/94 0.760984 YTD -1996 6.23%
12/31/95 0.972683
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.972683 3 YR ERR
12/31/96 1.033318 Inception 11.34%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.23%
Managed Asset Trust YEARLY RETURNS Net of M & E
06/07/83 0.331162 1992 3.92%
12/31/91 0.679331 1993 8.12%
12/31/92 0.705969 1994 -3.38%
12/31/93 0.763273 1995 25.66%
12/31/94 0.737486 YTD -1996 12.47%
12/31/95 0.926734
12/31/86 0.406463 AVERAGE ANNUAL Net of M & E
12/31/91 0.679331 10 YR 9.87%
12/31/93 0.763273 5 YR 8.93%
12/31/95 0.926734 3 YR 10.93%
12/31/96 1.042278 Inception 8.81%
CUMULATIVES Net of M & E
10 YR 156.43%
5 YR 53.43%
</TABLE>
<PAGE> 215
<TABLE>
<S> <C> <C> <C>
3 YR 36.55%
1 YR 12.47%
High Yield Bond Trust YEARLY RETURNS Net of M & E
06/10/83 0.382979 1992 11.84%
12/31/91 0.639675 1993 12.69%
12/31/92 0.715406 1994 -2.40%
12/31/93 0.806227 1995 14.20%
12/31/94 0.786897 YTD -1996 14.70%
12/31/95 0.898651
12/31/86 0.508833 AVERAGE ANNUAL Net of M & E
12/31/91 0.639675 10 YR 7.31%
12/31/93 0.806227 5 YR 10.00%
12/31/95 0.898651 3 YR 8.53%
12/31/96 1.030763 Inception 7.57%
CUMULATIVES Net of M & E
10 YR 102.57%
5 YR 61.14%
3 YR 27.85%
1 YR 14.70%
Capital Appreciation YEARLY RETURNS Net of M & E
05/26/83 0.333094 1992 16.28%
12/31/91 0.482936 1993 13.75%
12/31/92 0.561553 1994 -5.87%
12/31/93 0.638764 1995 34.81%
12/31/94 0.601279 YTD -1996 26.73%
12/31/95 0.810568
12/31/86 0.343190 AVERAGE ANNUAL Net of M & E
12/31/91 0.482936 10 YR 11.58%
12/31/93 0.638764 5 YR 16.27%
12/31/95 0.810568 3 YR 17.14%
12/31/96 1.027235 Inception 8.63%
CUMULATIVES Net of M & E
10 YR 199.32%
5 YR 112.71%
3 YR 60.82%
1 YR 26.73%
Templeton Stock YEARLY RETURNS Net of M & E
08/31/88 0.413716 1992 5.85%
12/31/91 0.531691 1993 32.46%
12/31/92 0.562791 1994 -3.32%
12/31/93 0.745495 1995 23.82%
12/31/94 0.720742 YTD -1996 20.99%
12/31/95 0.892393
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.531691 10 YR ERR
</TABLE>
<PAGE> 216
<TABLE>
<S> <C> <C> <C>
12/31/93 0.745495 5 YR 15.20%
12/31/95 0.892393 3 YR 13.13%
12/31/96 1.079665 Inception 12.19%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 103.06%
3 YR 44.83%
1 YR 20.99%
YEARLY RETURNS Net of M & E
0.000000 1992 ERR
0.000000 1993 ERR
0.000000 1994 ERR
0.000000 1995 ERR
0.000000 YTD -1996 ERR
0.000000
0.000000 AVERAGE ANNUAL Net of M & E
0.000000 10 YR ERR
0.000000 5 YR ERR
0.000000 3 YR ERR
0.000000 Inception ERR
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR ERR
</TABLE>
<PAGE> 217
<TABLE>
<CAPTION>
Date Code: 1.15%
Alliance Growth - Unit Values Dollars Units Dollars Units S/A Fee
<C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.596093
06/30/94 0.587428
07/31/94 0.60312 06/20/94 0.596093 1000 1677.591 0.090%
08/31/94 0.618144 06/30/94 0.587428 -0.02448 -0.042 0.090%
09/30/94 0.62839 12/31/94 0.624285 -0.45736 -0.733 0.090%
10/31/94 0.639795 06/30/95 0.758206 -0.52159 -0.688 0.090%
11/30/94 0.612174 09/30/95 0.82341 0.090%
12/31/94 0.624285 12/31/95 0.832284 1000 1201.513 -0.59982 -0.721 0.090%
01/31/95 0.624868 03/31/96 0.883423 0.090%
02/28/95 0.65338 06/30/96 0.927621 -0.47577 -0.513 -0.66343 -0.715 0.090%
03/31/95 0.667239 09/30/96 0.972664 0.090%
04/30/95 0.685391 12/31/96 1.064311 -0.53827 -0.506 -0.75057 -0.705 0.090%
05/31/95 0.720912
06/30/95 0.758206
07/31/95 0.790019
08/31/95 0.803691
09/30/95 0.82341
10/31/95 0.797329
11/30/95 0.830041
12/31/95 0.832284
01/31/96 0.860897
02/29/96 0.890404
03/31/96 0.883423
04/30/96 0.918263
05/31/96 0.938902
06/30/96 0.927621
07/31/96 0.867068
08/31/96 0.902435
09/30/96 0.972664
10/31/96 0.997896
11/30/96 1.066108
12/31/96 1.064311
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1200.494 1673.987
Account Value $1,277.70 $1,781.64
Surrender Value $1,213.81 $1,710.38
Total Return 21.38% 71.04%
Annualized Return 23.59%
<CAPTION>
Dreyfus - Unit Value Dollars Units Dollars Units Dollars Units S/A Fee
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 0.461384
10/31/89 0.450964
11/30/89 0.459379 09/29/89 0.461384 1000 2167.390 0.090%
12/31/89 0.470001 12/31/89 0.470001 -0.23146 -0.492 0.090%
01/31/90 0.437963 06/30/90 0.480461 -0.46340 -0.964 0.090%
02/28/90 0.442768 12/31/90 0.4484 -0.45267 -1.010 0.090%
03/31/90 0.454206 06/30/91 0.50844 -0.46608 -0.917 0.090%
04/30/90 0.442217 09/30/91 0.533226 0.090%
05/31/90 0.484253 12/31/91 0.575581 1000 1737.375 -0.52781 -0.917 0.090%
06/30/90 0.480461 06/30/92 0.567053 -0.44667 -0.788 -0.55611 -0.981 0.090%
07/31/90 0.478463 12/31/92 0.609375 -0.45967 -0.754 -0.57230 -0.939 0.090%
08/31/90 0.43495 06/30/93 0.632832 -0.48516 -0.767 -0.60404 -0.955 0.090%
09/30/90 0.413621 12/31/93 0.658616 -0.50417 -0.765 -0.62771 -0.953 0.090%
10/31/90 0.411398 06/30/94 0.631607 -0.50347 -0.797 -0.62683 -0.992 0.090%
11/30/90 0.436982 12/31/94 0.656828 -0.50254 -0.765 -0.62568 -0.953 0.090%
12/31/90 0.4484 06/30/95 0.782665 -0.56121 -0.717 -0.69872 -0.893 0.090%
01/31/91 0.467323 09/30/95 0.841661 0.090%
02/28/91 0.499912 12/31/95 0.888179 1000 1125.900 -0.65114 -0.733 -0.81069 -0.913 0.090%
03/31/91 0.511598 03/31/96 0.932981 0.090%
04/30/91 0.511673 06/30/96 0.97109 -0.47100 -0.485 -0.72426 -0.746 -0.90173 -0.929 0.090%
05/31/91 0.532869 09/30/96 0.996882 0.090%
06/30/91 0.50844 12/31/96 1.075610 -0.51826 -0.482 -0.79693 -0.741 -0.99220 -0.922 0.090%
07/31/91 0.531191
08/31/91 0.542923
09/30/91 0.533226
10/31/91 0.539802
11/30/91 0.517428
12/31/91 0.575581
01/31/92 0.56422
02/29/92 0.570687
03/31/92 0.558937
04/30/92 0.574244
05/31/92 0.576016
06/30/92 0.567053
07/31/92 0.589485
08/31/92 0.576878
09/30/92 0.582535
10/31/92 0.584154
11/30/92 0.602972
12/31/92 0.609375
01/31/93 0.613212
02/28/93 0.620178
03/31/93 0.632637
04/30/93 0.616105
05/31/93 0.631895
06/30/93 0.632832
07/31/93 0.629442
08/31/93 0.65238
09/30/93 0.646275
10/31/93 0.659083
11/30/93 0.651598
12/31/93 0.658616
01/31/94 0.679909
02/28/94 0.66088
03/31/94 0.631371
04/30/94 0.638349
05/31/94 0.64819
06/30/94 0.631607
07/31/94 0.651582
08/31/94 0.676966
09/30/94 0.659301
10/31/94 0.673415
11/30/94 0.648154
12/31/94 0.656828
01/31/95 0.673413
02/28/95 0.698153
03/31/95 0.718217
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1124.933 1729.802 2153.660
Account Value $1,209.99 $1,860.59 $2,316.50
Surrender Value $1,149.49 $1,804.77 $2,270.17
Total Return 14.95% 80.48% 127.02%
Annualized Return 12.53% 11.95%
</TABLE>
<PAGE> 218
<TABLE>
<S> <C>
04/30/95 0.737929
05/31/95 0.766129
06/30/95 0.782665
07/31/95 0.807397
08/31/95 0.808806
09/30/95 0.841661
10/31/95 0.837741
11/30/95 0.873164
12/31/95 0.888179
01/31/96 0.917162
02/29/96 0.924541
03/31/96 0.932981
04/30/96 0.94498
05/31/96 0.967816
06/30/96 0.97109
07/31/96 0.926535
08/31/96 0.945075
09/30/96 0.996882
10/31/96 1.023535
11/30/96 1.099094
12/31/96 1.075610
<CAPTION>
Fidelity Asset Manager Unit Value Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 0.506976
09/30/89 0.506103
10/31/89 0.506604 09/06/89 0.506976 1000 1972.479 0.090%
11/30/89 0.508149 12/31/89 0.50925 -0.28667 -0.563 0.090%
12/31/89 0.50925 06/30/90 0.527162 -0.45984 -0.872 0.090%
01/31/90 0.497495 12/31/90 0.537227 -0.47204 -0.879 0.090%
02/28/90 0.502154 06/30/91 0.602548 -0.50525 -0.839 0.090%
03/31/90 0.505754 09/30/91 0.631976 0.090%
04/30/90 0.498646 12/31/91 0.650894 1000 1536.348 -0.55540 -0.853 0.090%
05/31/90 0.523577 06/30/92 0 -0.22500 ERR -0.28829 ERR 0.090%
06/30/90 0.527162 12/31/92 0 ERR ERR ERR ERR 0.090%
07/31/90 0.525615 06/30/93 0 ERR ERR ERR ERR 0.090%
08/31/90 0.507868 12/31/93 0 ERR ERR ERR ERR 0.090%
09/30/90 0.496785 06/30/94 0 ERR ERR ERR ERR 0.090%
10/31/90 0.498799 12/31/94 0 ERR ERR ERR ERR 0.090%
11/30/90 0.522589 06/30/95 0 ERR ERR ERR ERR 0.090%
12/31/90 0.537227 09/30/95 0 0.090%
01/31/91 0.562385 12/31/95 0 1000 1086.252 -0.62208 -0.676 -0.80728 -0.877 0.090%
02/28/91 0.583884 03/31/96 0 0.090%
03/31/91 0.592787 06/30/96 0 -0.48235 -0.478 -0.66891 -0.689 -0.86804 -0.894 0.090%
04/30/91 0.601057 09/30/96 0 0.090%
05/31/91 0.614046 12/31/96 0 -0.49345 -0.471 -0.71390 -0.681 -0.92643 -0.883 0.090%
06/30/91 0.602548
07/31/91 0.617036
08/31/91 0.628949
09/30/91 0.631976
10/31/91 0.635516
11/30/91 0.624552
12/31/91 0.650894
01/31/92 0.658571
02/29/92 0.670774
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1085.305 1507.166 2037.605
Account Value $1,138.19 $1,646.67 $2,136.89
Surrender Value $1,138.19 $1,646.67 $2,136.89
Total Return 13.82% 64.67% 113.69%
Annualized Return 10.49% 10.93%
</TABLE>
<PAGE> 219
<TABLE>
<S> <C> <C>
03/31/92 0.668465
04/30/92 0.677526
05/31/92 0.683948
06/30/92 0.68277
07/31/92 0.69346
08/31/92 0.690606
09/30/92 0.694282
10/31/92 0.694732
11/30/92 0.70913
12/31/92 0.719748
01/31/93 0.730874
02/28/93 0.737066
03/31/93 0.757161
04/30/93 0.760947
05/31/93 0.773207
06/30/93 0.778581
07/31/93 0.787387
08/31/93 0.809587
09/30/93 0.809383
10/31/93 0.830465
11/30/93 0.82851
12/31/93 0.86121
01/31/94 0.887714
02/28/94 0.858768
03/31/94 0.817592
04/30/94 0.817433
05/31/94 0.823606
06/30/94 0.807089
07/31/94 0.820325
08/31/94 0.83867
09/30/94 0.827992
10/31/94 0.831249
11/30/94 0.818273
12/31/94 0.799522
01/31/95 0.793504
02/28/95 0.805651
03/31/95 0.815495
04/30/95 0.827759
05/31/95 0.837513
06/30/95 0.843782
07/31/95 0.872971
08/31/95 0.8827
09/30/95 0.893052
10/31/95 0.880414
11/30/95 0.902445
12/31/95 0.924461
01/31/96 0.943384
02/29/96 0.939994
03/31/96 0.949123
04/30/96 0.95814
05/31/96 0.964678
06/30/96 0.972539
07/31/96 0.955358
08/31/96 0.956316
09/30/96 0.990133
10/31/96 1.014599
11/30/96 1.063841
12/31/96 1.047302
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity High Income - 12/31/85 0.340114
09/19/85 0.32076 06/30/86 0.379174
09/30/85 0.321365 09/30/86 0.381663 0.090%
10/31/85 0.325057 12/31/86 0.395672 1000 2527.348 0.090%
11/30/85 0.329445 06/30/87 0.410424 -0.45839 -1.117 0.090%
12/31/85 0.340114 12/31/87 0.395903 -0.45832 -1.158 0.090%
01/31/86 0.34399 06/30/88 0.427133 -0.46760 -1.095 0.090%
02/28/86 0.355313 12/31/88 0.436941 -0.49070 -1.123 0.090%
03/31/86 0.363723 06/30/89 0.457234 -0.50757 -1.110 0.090%
04/30/86 0.369545 12/31/89 0.413929 -0.49429 -1.194 0.090%
05/31/86 0.374834 06/30/90 0.407649 -0.46594 -1.143 0.090%
06/30/86 0.379174 12/31/90 0.400032 -0.45785 -1.145 0.090%
07/31/86 0.377652 06/30/91 0.476555 -0.49668 -1.042 0.090%
08/31/86 0.378831 09/30/91 0.51105 0.090%
09/30/86 0.381663 12/31/91 0.534184 1000 1872.015 -0.57246 -1.072 0.090%
10/31/86 0.392683 06/30/92 0.616865 -0.48483 -0.786 -0.65165 -1.056 0.090%
11/30/86 0.393594 12/31/92 0.649843 -0.53332 -0.821 -0.71682 -1.103 0.090%
12/31/86 0.395672 06/30/93 0.724127 -0.57822 -0.799 -0.77718 -1.073 0.090%
01/31/87 0.409709 12/31/93 0.774179 -0.63028 -0.814 -0.84715 -1.094 0.090%
02/28/87 0.416432 06/30/94 0.758573 -0.64449 -0.850 -0.86625 -1.142 0.090%
</TABLE>
<PAGE> 220
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/87 0.419801 12/31/94 0.753514 -0.63551 -0.843 -0.85418 -1.134 0.090%
04/30/87 0.406297 06/30/95 0.839088 -0.66905 -0.797 -0.89926 -1.072 0.090%
05/31/87 0.402152 09/30/95 0.877828 0.090%
06/30/87 0.410424 12/31/95 0.898433 1000 1113.049 -0.72962 -0.812 -0.98067 -1.092 0.090%
07/31/87 0.410462 03/31/96 0.929388 0.090%
08/31/87 0.413458 06/30/96 0.958464 -0.46503 -0.485 -0.77941 -0.813 -1.04759 -1.093 0.090%
09/30/87 0.398682 09/30/96 0.994572 0.090%
10/31/87 0.379258 12/31/96 1.012742 -0.49345 -0.487 -0.82703 -0.817 -1.11159 -1.098 0.090%
11/30/87 0.390047
12/31/87 0.395903
01/31/88 0.408546
02/29/88 0.420368
03/31/88 0.41694
04/30/88 0.419806
05/31/88 0.41876
06/30/88 0.427133
07/31/88 0.431185
08/31/88 0.428679
09/30/88 0.431707
10/31/88 0.435981
11/30/88 0.433906
12/31/88 0.436941
01/31/89 0.44699
02/28/89 0.448793
03/31/89 0.442592
04/30/89 0.437305
05/31/89 0.444922
06/30/89 0.457234
07/31/89 0.45378
08/31/89 0.450707
09/30/89 0.434539
10/31/89 0.41549
11/30/89 0.415447
12/31/89 0.413929
01/31/90 0.404359
02/28/90 0.39778
03/31/90 0.393212
04/30/90 0.393991
05/31/90 0.401694
06/30/90 0.407649
07/31/90 0.413529
08/31/90 0.406214
09/30/90 0.396232
10/31/90 0.386215
11/30/90 0.394901
12/31/90 0.400032
01/31/91 0.408121
02/28/91 0.430352
03/31/91 0.445209
04/30/91 0.46053
05/31/91 0.466839
06/30/91 0.476555
07/31/91 0.494047
08/31/91 0.500318
09/30/91 0.51105
10/31/91 0.527925
11/30/91 0.531923
12/31/91 0.534184
01/31/92 0.562163
02/29/92 0.582063
03/31/92 0.60027
04/30/92 0.604066
05/31/92 0.61083
06/30/92 0.616865
07/31/92 0.628223
08/31/92 0.64089
09/30/92 0.646918
10/31/92 0.636673
11/30/92 0.643873
12/31/92 0.649843
01/31/93 0.667264
02/28/93 0.678054
03/31/93 0.693007
04/30/93 0.696905
05/31/93 0.706691
06/30/93 0.724127
07/31/93 0.73058
08/31/93 0.737623
09/30/93 0.739518
10/31/93 0.756313
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1112.077 1863.863 2505.192
Account Value $1,126.25 $1,887.61 $2,537.11
Surrender Value $1,069.93 $1,830.98 $2,537.11
Total Return 6.99% 83.10% 153.71%
Annualized Return 12.86% 9.76%
</TABLE>
<PAGE> 221
<TABLE>
<S> <C> <C>
11/30/93 0.762662
12/31/93 0.774179
01/31/94 0.79923
02/28/94 0.797566
03/31/94 0.769939
04/30/94 0.761471
05/31/94 0.762112
06/30/94 0.758573
07/31/94 0.760694
08/31/94 0.759906
09/30/94 0.764807
10/31/94 0.757042
11/30/94 0.750017
12/31/94 0.753514
01/31/95 0.760453
02/28/95 0.785869
03/31/95 0.794879
04/30/95 0.817474
05/31/95 0.837631
06/30/95 0.839088
07/31/95 0.858503
08/31/95 0.864401
09/30/95 0.877828
10/31/95 0.885161
11/30/95 0.888804
12/31/95 0.898433
01/31/96 0.918359
02/29/96 0.932691
03/31/96 0.929388
04/30/96 0.942312
05/31/96 0.954425
06/30/96 0.958464
07/31/96 0.954211
08/31/96 0.967117
09/30/96 0.994572
10/31/96 0.990372
11/30/96 0.999997
12/31/96 1.012742
</TABLE>
<TABLE>
<CAPTION>
Fidelity Equity Income -
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.323082
10/31/86 0.32641 10/09/86 0.323082 0.090%
11/30/86 0.333218 12/31/86 0.322882 1000 3097.105 0.090%
12/31/86 0.322882 06/30/87 0.376112 -0.48709 -1.295 0.090%
01/31/87 0.359602 12/31/87 0.315568 -0.48179 -1.527 0.090%
02/28/87 0.367648 06/30/88 0.377375 -0.48244 -1.278 0.090%
03/31/87 0.376601 12/31/88 0.382814 -0.52904 -1.382 0.090%
04/30/87 0.366879 06/30/89 0.439606 -0.57209 -1.301 0.090%
05/31/87 0.368803 12/31/89 0.444089 -0.61445 -1.384 0.090%
06/30/87 0.376112 06/30/90 0.422713 -0.60244 -1.425 0.090%
07/31/87 0.390059 12/31/90 0.371876 -0.55199 -1.484 0.090%
08/31/87 0.400404 06/30/91 0.432105 -0.55825 -1.292 0.090%
09/30/87 0.391629 09/30/91 0.461671 0.090%
10/31/87 0.3149 12/31/91 0.48322 1000 2069.450 -0.63530 -1.315 0.090%
11/30/87 0.300515 06/30/92 0.511728 -0.46327 -0.905 -0.69027 -1.349 0.090%
12/31/87 0.315568 12/31/92 0.558368 -0.49805 -0.892 -0.74208 -1.329 0.090%
01/31/88 0.337707 06/30/93 0.617558 -0.54707 -0.886 -0.81511 -1.320 0.090%
02/29/88 0.354097 12/31/93 0.652846 -0.59077 -0.905 -0.88023 -1.348 0.090%
03/31/88 0.347593 06/30/94 0.656602 -0.60866 -0.927 -0.90688 -1.381 0.090%
04/30/88 0.353024 12/31/94 0.691003 -0.62611 -0.906 -0.93289 -1.350 0.090%
05/31/88 0.357397 06/30/95 0.804842 -0.69468 -0.863 -1.03505 -1.286 0.090%
06/30/88 0.377375 09/30/95 0.871917 0.090%
07/31/88 0.376347 12/31/95 0.922819 1000 1083.636 -0.80200 -0.869 -1.19496 -1.295 0.090%
08/31/88 0.369474 03/31/96 0.960061 0.090%
09/30/88 0.380095 06/30/96 0.971281 -0.46182 -0.475 -0.87889 -0.905 -1.30953 -1.348 0.090%
10/31/88 0.386277 09/30/96 0.980336 0.090%
11/30/88 0.379709 12/31/96 1.042422 -0.49076 -0.471 -0.93398 -0.896 -1.39161 -1.335 0.090%
12/31/88 0.382814
01/31/89 0.406048
02/28/89 0.403608
03/31/89 0.411948
04/30/89 0.42747
05/31/89 0.43972
06/30/89 0.439606
07/31/89 0.464781
08/31/89 0.471788
09/30/89 0.466058
10/31/89 0.438726
11/30/89 0.440816
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1082.69 2060.496 3070.081
Account Value $1,128.62 $2,147.91 $3,200.32
Surrender Value $1,072.19 $2,083.47 $3,200.32
Total Return 7.22% 108.35% 220.03%
Annualized Return 15.81% 12.34%
</TABLE>
<PAGE> 222
<TABLE>
<S> <C> <C>
12/31/89 0.444089
01/31/90 0.413666
02/28/90 0.41575
03/31/90 0.416042
04/30/90 0.401224
05/31/90 0.427354
06/30/90 0.422713
07/31/90 0.411958
08/31/90 0.378692
09/30/90 0.349006
10/31/90 0.339754
11/30/90 0.363762
12/31/90 0.371876
01/31/91 0.391436
02/28/91 0.418024
03/31/91 0.42632
04/30/91 0.427867
05/31/91 0.45091
06/30/91 0.432105
07/31/91 0.456129
08/31/91 0.465317
09/30/91 0.461671
10/31/91 0.468902
11/30/91 0.44828
12/31/91 0.48322
01/31/92 0.489266
02/29/92 0.504709
03/31/92 0.498022
04/30/92 0.513139
05/31/92 0.516769
06/30/92 0.511728
07/31/92 0.526895
08/31/92 0.514848
09/30/92 0.519701
10/31/92 0.525426
11/30/92 0.543975
12/31/92 0.558368
01/31/93 0.574511
02/28/93 0.586899
03/31/93 0.603762
04/30/93 0.600684
05/31/93 0.610956
06/30/93 0.617558
07/31/93 0.62537
08/31/93 0.64865
09/30/93 0.645584
10/31/93 0.650866
11/30/93 0.638725
12/31/93 0.652846
01/31/94 0.680937
02/28/94 0.662818
03/31/94 0.634464
04/30/94 0.655735
05/31/94 0.661308
06/30/94 0.656602
07/31/94 0.677917
08/31/94 0.712062
09/30/94 0.699735
10/31/94 0.713402
11/30/94 0.689428
12/31/94 0.691003
01/31/95 0.701103
02/28/95 0.727183
03/31/95 0.751547
04/30/95 0.77177
05/31/95 0.794188
06/30/95 0.804842
07/31/95 0.83501
08/31/95 0.844666
09/30/95 0.871917
10/31/95 0.861006
11/30/95 0.897363
12/31/95 0.922819
01/31/96 0.948637
02/29/96 0.950917
03/31/96 0.960061
04/30/96 0.971592
05/31/96 0.981122
06/30/96 0.971281
07/31/96 0.92294
</TABLE>
<PAGE> 223
<TABLE>
<S> <C> <C>
08/31/96 0.940977
09/30/96 0.980336
10/31/96 0.995274
11/30/96 1.060843
12/31/96 1.042422
</TABLE>
<TABLE>
<CAPTION>
Fidelity Growth -
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.271281
10/31/86 0.271093 10/09/86 0.271281 0.090%
11/30/86 0.276813 12/31/86 0.271384 1000 3684.809 0.090%
12/31/86 0.271384 06/30/87 0.330126 -0.49870 -1.511 0.090%
01/31/87 0.300054 12/31/87 0.278107 -0.50407 -1.813 0.090%
02/28/87 0.314645 06/30/88 0.319061 -0.49465 -1.550 0.090%
03/31/87 0.319452 12/31/88 0.317769 -0.52729 -1.659 0.090%
04/30/87 0.31915 06/30/89 0.367617 -0.56723 -1.543 0.090%
05/31/87 0.321017 12/31/89 0.413173 -0.64592 -1.563 0.090%
06/30/87 0.330126 06/30/90 0.426643 -0.69445 -1.628 0.090%
07/31/87 0.342997 12/31/90 0.360496 -0.65061 -1.805 0.090%
08/31/87 0.352883 06/30/91 0.411154 -0.63749 -1.550 0.090%
09/30/87 0.348518 09/30/91 0.472596 0.090%
10/31/87 0.271671 12/31/91 0.518579 1000 1928.347 -0.76777 -1.481 0.090%
11/30/87 0.252363 06/30/92 0.48029 -0.43339 -0.902 -0.82453 -1.717 0.090%
12/31/87 0.278107 12/31/92 0.560724 -0.45146 -0.805 -0.85891 -1.532 0.090%
01/31/88 0.283882 06/30/93 0.621952 -0.51268 -0.824 -0.97539 -1.568 0.090%
02/29/88 0.306601 12/31/93 0.661614 -0.55618 -0.841 -1.05814 -1.599 0.090%
03/31/88 0.303567 06/30/94 0.594335 -0.54398 -0.915 -1.03492 -1.741 0.090%
04/30/88 0.307115 12/31/94 0.65392 -0.54039 -0.826 -1.02809 -1.572 0.090%
05/31/88 0.304076 06/30/95 0.804778 -0.63122 -0.784 -1.20090 -1.492 0.090%
06/30/88 0.319061 09/30/95 0.915829 0.090%
07/31/88 0.317135 12/31/95 0.875127 1000 1142.691 -0.72665 -0.830 -1.38245 -1.580 0.090%
08/31/88 0.309184 03/31/96 0.919592 0.090%
09/30/88 0.317593 06/30/96 0.963443 -0.47271 -0.491 -0.79493 -0.825 -1.51237 -1.570 0.090%
10/31/88 0.318098 09/30/96 0.974981 0.090%
11/30/88 0.314812 12/31/96 0.992302 -0.50262 -0.507 -0.84523 -0.852 -1.60806 -1.621 0.090%
12/31/88 0.317769
01/31/89 0.340201
02/28/89 0.332864
03/31/89 0.342593
04/30/89 0.360394
05/31/89 0.372896
06/30/89 0.367617
07/31/89 0.400075
08/31/89 0.406514
09/30/89 0.409705
10/31/89 0.397839
11/30/89 0.404001
12/31/89 0.413173
01/31/90 0.388815
02/28/90 0.392182
03/31/90 0.396601
04/30/90 0.384675
05/31/90 0.418318
06/30/90 0.426643
07/31/90 0.419479
08/31/90 0.375899
09/30/90 0.336917
10/31/90 0.324536
11/30/90 0.350505
12/31/90 0.360496
01/31/91 0.384134
02/28/91 0.412431
03/31/91 0.424503
04/30/91 0.420107
05/31/91 0.444519
06/30/91 0.411154
07/31/91 0.44986
08/31/91 0.469402
09/30/91 0.472596
10/31/91 0.486732
11/30/91 0.458522
12/31/91 0.518579
01/31/92 0.549701
02/29/92 0.560445
03/31/92 0.525519
04/30/92 0.504824
05/31/92 0.500008
06/30/92 0.48029
07/31/92 0.498458
08/31/92 0.484285
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1141.693 1919.943 3652.714
Account Value $1,132.90 $1,905.16 $3,624.60
Surrender Value $1,076.26 $1,848.01 $3,624.60
Total Return 7.63% 84.80% 262.46%
Annualized Return 13.07% 13.74%
</TABLE>
<PAGE> 224
<TABLE>
<S> <C> <C>
09/30/92 0.492378
10/31/92 0.511003
11/30/92 0.544536
12/31/92 0.560724
01/31/93 0.571255
02/28/93 0.558935
03/31/93 0.58066
04/30/93 0.574042
05/31/93 0.616264
06/30/93 0.621952
07/31/93 0.619634
08/31/93 0.650091
09/30/93 0.66155
10/31/93 0.66726
11/30/93 0.639605
12/31/93 0.661614
01/31/94 0.67758
02/28/94 0.670002
03/31/94 0.63893
04/30/94 0.642299
05/31/94 0.626773
06/30/94 0.594335
07/31/94 0.614393
08/31/94 0.648561
09/30/94 0.640084
10/31/94 0.665441
11/30/94 0.63825
12/31/94 0.65392
01/31/95 0.640902
02/28/95 0.666854
03/31/95 0.69039
04/30/95 0.71304
05/31/95 0.740062
06/30/95 0.804778
07/31/95 0.883522
08/31/95 0.893497
09/30/95 0.915829
10/31/95 0.905578
11/30/95 0.904098
12/31/95 0.875127
01/31/96 0.887998
02/29/96 0.91689
03/31/96 0.919592
04/30/96 0.954641
05/31/96 0.983546
06/30/96 0.963443
07/31/96 0.888792
08/31/96 0.914504
09/30/96 0.974981
10/31/96 0.971801
11/30/96 1.024890
12/31/96 0.992302
</TABLE>
<TABLE>
<CAPTION>
US Government - Unit Values Dollars Units Dollars Units Dollars
------------- ----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 0.770712
01/31/92 0.770648
02/29/92 0.772282 01/24/92 0.770712 1000 1297.501 0.090%
03/31/92 0.774585 06/30/92 0.793042 -0.39523 -0.498 0.090%
04/30/92 0.771542 12/31/92 0.822557 -0.47147 -0.573 0.090%
05/31/92 0.78616 06/30/93 0.877867 -0.49601 -0.565 0.090%
06/30/92 0.793042 12/31/93 0.890408 -0.51558 -0.579 0.090%
07/31/92 0.810531 06/30/94 0.832157 -0.50202 -0.603 0.090%
08/31/92 0.813567 12/31/94 0.830509 -0.48434 -0.583 0.090%
09/30/92 0.821208 06/30/95 0.951818 -0.51896 -0.545 0.090%
10/31/92 0.812797 09/30/95 0.961463 0.090%
11/30/92 0.812003 12/31/95 1.022042 1000 978.433 -0.57449 -0.562 0.090%
12/31/92 0.822557 03/31/96 0.971175 0.090%
01/31/93 0.833999 06/30/96 0.970139 -0.43857 -0.452 -0.57957 -0.597 0.090%
02/28/93 0.852704 09/30/96 0.985986 0.090%
03/31/93 0.859534 12/31/96 1.024911 -0.43900 -0.428 -0.87817 -0.857 0.090%
04/30/93 0.863354
05/31/93 0.864136
06/30/93 0.877867
07/31/93 0.881654
08/31/93 0.893834
09/30/93 0.902208
10/31/93 0.902914
11/30/93 0.889745
12/31/93 0.890408
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 977.553 1291.539
Account Value $1,001.90 $1,323.71
Surrender Value $951.81 $1,278.71
Total Return -4.82% 27.87%
Annualized Return 5.10%
</TABLE>
<PAGE> 225
<TABLE>
<S> <C>
01/31/94 0.897135
02/28/94 0.878168
03/31/94 0.846425
04/30/94 0.84328
05/31/94 0.843217
06/30/94 0.832157
07/31/94 0.849542
08/31/94 0.845504
09/30/94 0.821084
10/31/94 0.822642
11/30/94 0.819506
12/31/94 0.830509
01/31/95 0.84741
02/28/95 0.867448
03/31/95 0.874884
04/30/95 0.888199
05/31/95 0.940258
06/30/95 0.951818
07/31/95 0.93767
08/31/95 0.948309
09/30/95 0.961463
10/31/95 0.983566
11/30/95 1.003218
12/31/95 1.022042
01/31/96 1.025078
02/29/96 0.994516
03/31/96 0.971175
04/30/96 0.960297
05/31/96 0.954884
06/30/96 0.970139
07/31/96 0.972697
08/31/96 0.964635
09/30/96 0.985986
10/31/96 1.016198
11/30/96 1.041072
12/31/96 1.024911
</TABLE>
<TABLE>
<CAPTION>
Templeton Bond - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
-------------- ----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.59916
09/30/88 0.602186
10/31/88 0.60399 08/31/88 0.59916 1000 1669.002 0.090%
11/30/88 0.606407 12/31/88 0.608221 -0.30310 -0.498 0.090%
12/31/88 0.608221 06/30/89 0.626783 -0.46364 -0.740 0.090%
01/31/89 0.61059 12/31/89 0.647284 -0.47809 -0.739 0.090%
02/28/89 0.608273 06/30/90 0.657342 -0.48934 -0.744 0.090%
03/31/89 0.617033 12/31/90 0.680362 -0.50152 -0.737 0.090%
04/30/89 0.620133 06/30/91 0.700087 -0.51732 -0.739 0.090%
05/31/89 0.621309 09/30/91 0.741139 0.090%
06/30/89 0.626783 12/31/91 0.779315 1000 1283.178 -0.55416 -0.711 0.090%
07/31/89 0.633439 06/30/92 0.789245 -0.45287 -0.574 -0.58730 -0.744 0.090%
08/31/89 0.634031 12/31/92 0.812464 -0.46223 -0.569 -0.59945 -0.738 0.090%
09/30/89 0.635265 06/30/93 0.86414 -0.48363 -0.560 -0.62720 -0.726 0.090%
10/31/89 0.640663 12/31/93 0.895247 -0.50729 -0.567 -0.65788 -0.735 0.090%
11/30/89 0.645487 06/30/94 0.836562 -0.49911 -0.597 -0.64728 -0.774 0.090%
12/31/89 0.647284 12/31/94 0.841834 -0.48350 -0.574 -0.62702 -0.745 0.090%
01/31/90 0.640972 06/30/95 0.914953 -0.50585 -0.553 -0.65601 -0.717 0.090%
02/28/90 0.641033 09/30/95 0.923644 0.000 0.090%
03/31/90 0.641056 12/31/95 0.956433 1000 1045.552 -0.53862 -0.563 -0.69851 -0.730 0.090%
04/30/90 0.63417 03/31/96 0.945958 0.090%
05/31/90 0.649187 06/30/96 0.964731 -0.45195 -0.468 -0.55270 -0.573 -0.71677 -0.743 0.090%
06/30/90 0.657342 09/30/96 0.990435 0.090%
07/31/90 0.663546 12/31/96 1.034701 -0.47015 -0.454 -0.57496 -0.556 -0.74564 -0.721 0.090%
08/31/90 0.655415
09/30/90 0.658575
10/31/90 0.665978
11/30/90 0.675321
12/31/90 0.680362
01/31/91 0.690206
02/28/91 0.692877
03/31/91 0.696207
04/30/91 0.700733
05/31/91 0.704638
06/30/91 0.700087
07/31/91 0.707234
08/31/91 0.725522
09/30/91 0.741139
10/31/91 0.750854
11/30/91 0.759293
12/31/91 0.779315
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1044.63 1277.492 1656.721
Account Value $1,080.88 $1,321.82 $1,714.21
Surrender Value $1,026.84 $1,276.82 $1,714.21
Total Return 2.68% 27.68% 71.42%
Annualized Return 5.01% 6.68%
</TABLE>
<PAGE> 226
<TABLE>
<S> <C>
01/31/92 0.760135
02/29/92 0.760759
03/31/92 0.752875
04/30/92 0.754876
05/31/92 0.771784
06/30/92 0.789245
07/31/92 0.811612
08/31/92 0.817863
09/30/92 0.81428
10/31/92 0.807169
11/30/92 0.801468
12/31/92 0.812464
01/31/93 0.828093
02/28/93 0.848949
03/31/93 0.848806
04/30/93 0.851716
05/31/93 0.851706
06/30/93 0.86414
07/31/93 0.876654
08/31/93 0.88983
09/30/93 0.885295
10/31/93 0.89333
11/30/93 0.879887
12/31/93 0.895247
01/31/94 0.912043
02/28/94 0.882558
03/31/94 0.855388
04/30/94 0.847575
05/31/94 0.842036
06/30/94 0.836562
07/31/94 0.840474
08/31/94 0.841157
09/30/94 0.840361
10/31/94 0.84964
11/30/94 0.843403
12/31/94 0.841834
01/31/95 0.845633
02/28/95 0.860752
03/31/95 0.87453
04/30/95 0.890799
05/31/95 0.912572
06/30/95 0.914953
07/31/95 0.917298
08/31/95 0.909937
09/30/95 0.923644
10/31/95 0.938041
11/30/95 0.942798
12/31/95 0.956433
01/31/96 0.9498
02/29/96 0.944128
03/31/96 0.945958
04/30/96 0.950385
05/31/96 0.953937
06/30/96 0.964731
07/31/96 0.967305
08/31/96 0.978895
09/30/96 0.990435
10/31/96 1.009941
11/30/96 1.033969
12/31/96 1.034701
</TABLE>
<TABLE>
<CAPTION>
Templeton Asset Allocation - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.445681
09/30/88 0.448377
10/31/88 0.461729 08/31/88 0.445681 1000 2243.757 0.090%
11/30/88 0.458626 12/31/88 0.456417 -0.30445 -0.667 0.090%
12/31/88 0.456417 06/30/89 0.473253 -0.46920 -0.991 0.090%
01/31/89 0.468376 12/31/89 0.511006 -0.49653 -0.972 0.090%
02/28/89 0.462644 06/30/90 0.51998 -0.51988 -1.000 0.090%
03/31/89 0.467072 12/31/90 0.464815 -0.49637 -1.068 0.090%
04/30/89 0.476853 06/30/91 0.506858 -0.48952 -0.966 0.090%
05/31/89 0.476358 09/30/91 0.551468 0.090%
06/30/89 0.473253 12/31/91 0.586745 1000 1704.319 -0.55071 -0.939 0.090%
07/31/89 0.498421 06/30/92 0.625104 -0.46471 -0.743 -0.61000 -0.976 0.090%
08/31/89 0.502348 12/31/92 0.626537 -0.47976 -0.766 -0.62975 -1.005 0.090%
09/30/89 0.499684 06/30/93 0.689348 -0.50416 -0.731 -0.66178 -0.960 0.090%
10/31/89 0.482437 12/31/93 0.781167 -0.56316 -0.721 -0.73922 -0.946 0.090%
11/30/89 0.490345 06/30/94 0.740706 -0.58258 -0.787 -0.76472 -1.032 0.090%
12/31/89 0.511006 12/31/94 0.749342 -0.57013 -0.761 -0.74838 -0.999 0.090%
</TABLE>
<PAGE> 227
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/31/90 0.497735 06/30/95 0.834058 -0.60558 -0.726 -0.79491 -0.953 0.090%
02/28/90 0.498173 09/30/95 0.883702 0.000 0.090%
03/31/90 0.50484 12/31/95 0.90783 1000 1101.527 -0.66591 -0.734 -0.87410 -0.963 0.090%
04/30/90 0.48683 03/31/96 0.944834 0.090%
05/31/90 0.516418 06/30/96 0.976752 -0.46708 -0.478 -0.72015 -0.737 -0.94530 -0.968 0.090%
06/30/90 0.51998 09/30/96 0.991117 0.090%
07/31/90 0.52707 12/31/96 1.066688 -0.50623 -0.475 -0.78052 -0.732 -1.02454 -0.960 0.090%
08/31/90 0.488079
09/30/90 0.448313
10/31/90 0.443829
11/30/90 0.456348
12/31/90 0.464815
01/31/91 0.486622
02/28/91 0.517333
03/31/91 0.510626
04/30/91 0.516059
05/31/91 0.529762
06/30/91 0.506858
07/31/91 0.535606
08/31/91 0.547437
09/30/91 0.551468
10/31/91 0.555034
11/30/91 0.540857
12/31/91 0.586745
01/31/92 0.581195
02/29/92 0.596518
03/31/92 0.588705
04/30/92 0.602919
05/31/92 0.62754
06/30/92 0.625104
07/31/92 0.631949
08/31/92 0.623831
09/30/92 0.620913
10/31/92 0.615674
11/30/92 0.619707
12/31/92 0.626537
01/31/93 0.634298
02/28/93 0.648607
03/31/93 0.661339
04/30/93 0.673561
05/31/93 0.684373
06/30/93 0.689348
07/31/93 0.699609
08/31/93 0.73207
09/30/93 0.731854
10/31/93 0.755769
11/30/93 0.740354
12/31/93 0.781167
01/31/94 0.818132
02/28/94 0.786772
03/31/94 0.753919
04/30/94 0.757567
05/31/94 0.762087
06/30/94 0.740706
07/31/94 0.769788
08/31/94 0.790566
09/30/94 0.77353
10/31/94 0.78091
11/30/94 0.755309
12/31/94 0.749342
01/31/95 0.740475
02/28/95 0.756512
03/31/95 0.767508
04/30/95 0.791746
05/31/95 0.820206
06/30/95 0.834058
07/31/95 0.864424
08/31/95 0.856284
09/30/95 0.883702
10/31/95 0.865321
11/30/95 0.89119
12/31/95 0.90783
01/31/96 0.930127
02/29/96 0.937014
03/31/96 0.944834
04/30/96 0.966839
05/31/96 0.979143
06/30/96 0.976752
07/31/96 0.950303
08/31/96 0.972776
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1100.574 1696.881 2227.392
Account Value $1,173.97 $1,810.04 $2,375.93
Surrender Value $1,115.27 $1,755.74 $2,375.93
Total Return 11.53% 75.57% 137.59%
Annualized Return 11.92% 10.93%
</TABLE>
<PAGE> 228
<TABLE>
<S> <C>
09/30/96 0.991117
10/31/96 1.00231
11/30/96 1.060670
12/31/96 1.066688
</TABLE>
<TABLE>
<CAPTION>
Templeton Stock - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
--------------- - ----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.413716
09/30/88 0.415805
10/31/88 0.4282 08/31/88 0.413716 1000 2417.116 0.090%
11/30/88 0.422432 12/31/88 0.42327 -0.30430 -0.719 0.090%
12/31/88 0.42327 06/30/89 0.442997 -0.47098 -1.063 0.090%
01/31/89 0.442606 12/31/89 0.479653 -0.50141 -1.045 0.090%
02/28/89 0.4344 06/30/90 0.487458 -0.52535 -1.078 0.090%
03/31/89 0.442211 12/31/90 0.421936 -0.49378 -1.170 0.090%
04/30/89 0.452107 06/30/91 0.460393 -0.47885 -1.040 0.090%
05/31/89 0.450403 09/30/91 0.498018 0.090%
06/30/89 0.442997 12/31/91 0.531691 1000 1880.792 -0.53818 -1.012 0.090%
07/31/89 0.471688 06/30/92 0.560094 -0.46202 -0.825 -0.59202 -1.057 0.090%
08/31/89 0.483111 12/31/92 0.562791 -0.47497 -0.844 -0.60861 -1.081 0.090%
09/30/89 0.481441 06/30/93 0.63094 -0.50471 -0.800 -0.64672 -1.025 0.090%
10/31/89 0.412245 12/31/93 0.745495 -0.58171 -0.780 -0.74539 -1.000 0.090%
11/30/89 0.46007 06/30/94 0.71893 -0.61864 -0.861 -0.79271 -1.103 0.090%
12/31/89 0.479653 12/31/94 0.720742 -0.60791 -0.843 -0.77895 -1.081 0.090%
01/31/90 0.461618 06/30/95 0.817841 -0.64938 -0.794 -0.83210 -1.017 0.090%
02/28/90 0.464063 09/30/95 0.870913 0.000 0.090%
03/31/90 0.471857 12/31/95 0.892393 1000 1120.583 -0.72152 -0.809 -0.92454 -1.036 0.090%
04/30/90 0.453582 03/31/96 0.941778 0.090%
05/31/90 0.487489 06/30/96 0.980878 -0.47231 -0.482 -0.78996 -0.805 -1.01224 -1.032 0.090%
06/30/90 0.487458 09/30/96 0.992172 0.090%
07/31/90 0.494401 12/31/96 1.079665 -0.51930 -0.481 -0.86856 -0.804 -1.11295 -1.031 0.090%
08/31/90 0.451416
09/30/90 0.409789
10/31/90 0.404008
11/30/90 0.415971
12/31/90 0.421936
01/31/91 0.445135
02/28/91 0.474696
03/31/91 0.471007
04/30/91 0.470939
05/31/91 0.485629
06/30/91 0.460393
07/31/91 0.488897
08/31/91 0.494309
09/30/91 0.498018
10/31/91 0.503815
11/30/91 0.489546
12/31/91 0.531691
01/31/92 0.53284
02/29/92 0.549434
03/31/92 0.537636
04/30/92 0.554871
05/31/92 0.574579
06/30/92 0.560094
07/31/92 0.560883
08/31/92 0.548454
09/30/92 0.548359
10/31/92 0.542781
11/30/92 0.551945
12/31/92 0.562791
01/31/93 0.569847
02/28/93 0.582426
03/31/93 0.600594
04/30/93 0.609452
05/31/93 0.628173
06/30/93 0.63094
07/31/93 0.639747
08/31/93 0.680937
09/30/93 0.685414
10/31/93 0.713756
11/30/93 0.695142
12/31/93 0.745495
01/31/94 0.785983
02/28/94 0.757257
03/31/94 0.721429
04/30/94 0.731922
05/31/94 0.741033
06/30/94 0.71893
07/31/94 0.754621
08/31/94 0.781177
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1119.62 1872.627 2399.526
Account Value $1,208.81 $2,021.81 $2,590.68
Surrender Value $1,148.37 $1,961.16 $2,590.68
Total Return 14.84% 96.12% 159.07%
Annualized Return 14.42% 12.09%
</TABLE>
<PAGE> 229
<TABLE>
<S> <C>
09/30/94 0.756539
10/31/94 0.763474
11/30/94 0.730379
12/31/94 0.720742
01/31/95 0.711088
02/28/95 0.731913
03/31/95 0.744159
04/30/95 0.771987
05/31/95 0.800074
06/30/95 0.817841
07/31/95 0.8575
08/31/95 0.847635
09/30/95 0.870913
10/31/95 0.85029
11/30/95 0.869627
12/31/95 0.892393
01/31/96 0.909003
02/29/96 0.923099
03/31/96 0.941778
04/30/96 0.961295
05/31/96 0.974614
06/30/96 0.980878
07/31/96 0.938107
08/31/96 0.969919
09/30/96 0.992172
10/31/96 1.006082
11/30/96 1.058548
12/31/96 1.079665
</TABLE>
<TABLE>
<CAPTION>
MFS Total Return - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.758801
06/30/94 0.747114
07/31/94 0.760919 06/20/94 0.758801 1000 1317.868 0.090%
08/31/94 0.773078 06/30/94 0.747114 -0.02447 -0.033 0.090%
09/30/94 0.760931 12/31/94 0.742768 -0.44177 -0.595 0.090%
10/31/94 0.758666 06/30/95 0.834009 -0.46732 -0.560 0.090%
11/30/94 0.736678 09/30/95 0.875466 0.090%
12/31/94 0.742768 12/31/95 0.922926 1000 1083.511 -0.52050 -0.564 0.090%
01/31/95 0.752686 03/31/96 0.948879 0.090%
02/28/95 0.772578 06/30/96 0.963118 -0.45980 -0.477 -0.55851 -0.580 0.090%
03/31/95 0.78622 09/30/96 0.985642 0.090%
04/30/95 0.802243 12/31/96 1.044695 -0.48927 -0.468 -0.59430 -0.569 0.090%
05/31/95 0.828733
06/30/95 0.834009
07/31/95 0.845318
08/31/95 0.853561
09/30/95 0.875466
10/31/95 0.870803
11/30/95 0.902391
12/31/95 0.922926
01/31/96 0.939751
02/29/96 0.937359
03/31/96 0.948879
04/30/96 0.951778
05/31/96 0.957021
06/30/96 0.963118
07/31/96 0.94285
08/31/96 0.955812
09/30/96 0.985642
10/31/96 1.008676
11/30/96 1.055973
12/31/96 1.044695
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1082.566 1314.967
Account Value $1,130.95 $1,373.74
Surrender Value $1,074.40 $1,318.79
Total Return 7.44% 31.88%
Annualized Return 11.54%
</TABLE>
<TABLE>
<CAPTION>
Putnam Diversified - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.813744
06/30/94 0.814302
07/31/94 0.819248 06/20/94 0.813744 1000 1228.887 0.090%
08/31/94 0.823269 06/30/94 0.814302 -0.02467 -0.030 0.090%
09/30/94 0.825736 12/31/94 0.820756 -0.45208 -0.551 0.090%
10/31/94 0.825742 06/30/95 0.897193 -0.47479 -0.529 0.090%
11/30/94 0.820915 09/30/95 0.913241 0.090%
12/31/94 0.820756 12/31/95 0.952454 1000 1049.920 -0.51096 -0.536 0.090%
01/31/95 0.828084 03/31/96 0.947201 0.090%
02/28/95 0.843639 06/30/96 0.95456 -0.45050 -0.472 -0.52658 -0.552 0.090%
03/31/95 0.859085 09/30/96 0.989379 0.090%
04/30/95 0.868898 12/31/96 1.019029 -0.46602 -0.457 -0.54472 -0.535 0.090%
05/31/95 0.894793
06/30/95 0.897193
</TABLE>
<PAGE> 230
<TABLE>
<S> <C>
07/31/95 0.903614
08/31/95 0.905168
09/30/95 0.913241
10/31/95 0.926061
11/30/95 0.937282
12/31/95 0.952454
01/31/96 0.962417
02/29/96 0.951438
03/31/96 0.947201
04/30/96 0.95045
05/31/96 0.951202
06/30/96 0.95456
07/31/96 0.961947
08/31/96 0.966062
09/30/96 0.989379
10/31/96 1.001787
11/30/96 1.019220
12/31/96 1.019029
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1048.991 1226.154
Account Value $1,068.95 $1,249.49
Surrender Value $1,015.50 $1,199.51
Total Return 1.55% 19.95%
Annualized Return 7.44%
</TABLE>
<TABLE>
<CAPTION>
AO Long Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.833644
05/31/93 0.833705
06/30/93 0.852692 05/01/93 0.833644 1000 1199.553 0.090%
07/31/93 0.859282 06/30/93 0.852692 -0.14964 -0.175 0.090%
08/31/93 0.888781 12/31/93 0.904902 -0.47430 -0.524 0.090%
09/30/93 0.898605 06/30/94 0.842528 -0.47136 -0.559 0.090%
10/31/93 0.914942 12/31/94 0.843062 -0.45446 -0.539 0.090%
11/30/93 0.904231 06/30/95 0.953703 -0.48422 -0.508 0.090%
12/31/93 0.904902 09/30/95 0.971502 0.090%
01/31/94 0.91394 12/31/95 1.020585 1000 979.830 -0.53184 -0.521 0.090%
02/28/94 0.892148 03/31/96 0.970365 0.090%
03/31/94 0.86855 06/30/96 0.969486 -0.43873 -0.453 -0.53585 -0.553 0.090%
04/30/94 0.848546 09/30/96 0.984875 0.090%
05/31/94 0.846812 12/31/96 1.022005 -0.43884 -0.429 -0.53599 -0.524 0.090%
06/30/94 0.842528
07/31/94 0.861929
08/31/94 0.858413
09/30/94 0.8409
10/31/94 0.835687
11/30/94 0.834019
12/31/94 0.843062
01/31/95 0.861142
02/28/95 0.883724
03/31/95 0.890933
04/30/95 0.903597
05/31/95 0.944755
06/30/95 0.953703
07/31/95 0.945622
08/31/95 0.958998
09/30/95 0.971502
10/31/95 0.988352
11/30/95 1.004337
12/31/95 1.020585
01/31/96 1.021543
02/29/96 0.984807
03/31/96 0.970365
04/30/96 0.959704
05/31/96 0.954906
06/30/96 0.969486
07/31/96 0.970404
08/31/96 0.961787
09/30/96 0.984875
10/31/96 1.015597
11/30/96 1.040566
12/31/96 1.022005
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 978.948 1195.65
Account Value $1,000.49 $1,221.96
Surrender Value $950.47 $1,173.08
Total Return -4.95% 17.31%
Annualized Return 4.44%
</TABLE>
<TABLE>
<CAPTION>
AO Core Equity - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.653061
05/31/93 0.653109
06/30/93 0.64932 05/01/93 0.653061 1000 1531.250 0.090%
07/31/93 0.653825 06/30/93 0.64932 -0.14752 -0.227 0.090%
08/31/93 0.667868 12/31/93 0.661583 -0.45158 -0.683 0.090%
09/30/93 0.662766 06/30/94 0.644455 -0.44970 -0.698 0.090%
10/31/93 0.668517 12/31/94 0.647405 -0.44462 -0.687 0.090%
11/30/93 0.657624 06/30/95 0.769774 -0.48753 -0.633 0.090%
12/31/93 0.661583 09/30/95 0.836509 0.090%
01/31/94 0.686548 12/31/95 0.886844 1000 1127.595 -0.56967 -0.642 0.090%
02/28/94 0.674432 03/31/96 0.938387 0.090%
</TABLE>
<PAGE> 231
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/94 0.644389 06/30/96 0.957551 -0.46794 -0.489 -0.63397 -0.662 0.090%
04/30/94 0.654653 09/30/96 0.981773 0.090%
05/31/94 0.661642 12/31/96 1.079564 -0.51661 -0.479 -0.69991 -0.648 0.090%
06/30/94 0.644455
07/31/94 0.664863
08/31/94 0.688961
09/30/94 0.662906
10/31/94 0.668604
11/30/94 0.645153
12/31/94 0.647405
01/31/95 0.657042
02/28/95 0.683441
03/31/95 0.700741
04/30/95 0.724489
05/31/95 0.753209
06/30/95 0.769774
07/31/95 0.798439
08/31/95 0.802781
09/30/95 0.836509
10/31/95 0.831198
11/30/95 0.867973
12/31/95 0.886844
01/31/96 0.916842
02/29/96 0.92994
03/31/96 0.938387
04/30/96 0.945408
05/31/96 0.963034
06/30/96 0.957551
07/31/96 0.914896
08/31/96 0.938471
09/30/96 0.981773
10/31/96 1.024319
11/30/96 1.103083
12/31/96 1.079564
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1126.627 1526.37
Account Value $1,216.27 $1,647.81
Surrender Value $1,155.45 $1,581.90
Total Return 15.55% 58.19%
Annualized Return 13.31%
</TABLE>
<TABLE>
<CAPTION>
AO Emerging Opps - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.603852
05/31/93 0.602483
06/30/93 0.585531 05/01/93 0.603852 1000 1656.034 0.090%
07/31/93 0.567612 06/30/93 0.585531 -0.14570 -0.249 0.090%
08/31/93 0.58678 12/31/93 0.651865 -0.46099 -0.707 0.090%
09/30/93 0.60894 06/30/94 0.612593 -0.47087 -0.769 0.090%
10/31/93 0.644209 12/31/94 0.706762 -0.49109 -0.695 0.090%
11/30/93 0.616091 06/30/95 0.85422 -0.58078 -0.680 0.090%
12/31/93 0.651865 09/30/95 0.950065 0.090%
01/31/94 0.672658 12/31/95 0.924003 1000 1082.248 -0.66134 -0.716 0.090%
02/28/94 0.673248 03/31/96 0.949637 0.090%
03/31/94 0.652979 06/30/96 0.978108 -0.46318 -0.474 -0.70711 -0.723 0.090%
04/30/94 0.669013 09/30/96 1.003881 0.090%
05/31/94 0.645198 12/31/96 0.884669 -0.45340 -0.513 -0.69218 -0.782 0.090%
06/30/94 0.612593
07/31/94 0.607293
08/31/94 0.668758
09/30/94 0.682307
10/31/94 0.706432
11/30/94 0.697508
12/31/94 0.706762
01/31/95 0.692433
02/28/95 0.725199
03/31/95 0.734611
04/30/95 0.747049
05/31/95 0.767669
06/30/95 0.85422
07/31/95 0.915083
08/31/95 0.923678
09/30/95 0.950065
10/31/95 0.910053
11/30/95 0.949937
12/31/95 0.924003
01/31/96 0.882549
02/29/96 0.930855
03/31/96 0.949637
04/30/96 1.020387
05/31/96 1.056743
06/30/96 0.978108
07/31/96 0.889692
08/31/96 0.97067
09/30/96 1.003881
10/31/96 0.927346
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1081.261 1650.713
Account Value $956.56 $1,460.33
Surrender Value $908.73 $1,401.92
Total Return -9.13% 40.19%
Annualized Return 9.64%
</TABLE>
<PAGE> 232
<TABLE>
<S> <C> <C>
11/30/96 0.909455
12/31/96 0.884669
</TABLE>
<TABLE>
<CAPTION>
AO International Equity - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.708655
05/31/93 0.702772
06/30/93 0.690136 05/01/93 0.708655 1000 1411.124 0.090%
07/31/93 0.68527 06/30/93 0.690136 -0.14601 -0.212 0.090%
08/31/93 0.718246 12/31/93 0.837017 -0.48480 -0.579 0.090%
09/30/93 0.715464 06/30/94 0.77178 -0.51051 -0.661 0.090%
10/31/93 0.761012 12/31/94 0.769696 -0.48892 -0.635 0.090%
11/30/93 0.739242 06/30/95 0.835013 -0.50875 -0.609 0.090%
12/31/93 0.837017 09/30/95 0.89719 0.090%
01/31/94 0.862035 12/31/95 0.9055 1000 1104.362 -0.55156 -0.609 0.090%
02/28/94 0.827767 03/31/96 0.954096 0.090%
03/31/94 0.781664 06/30/96 0.974085 -0.46704 -0.479 -0.59538 -0.611 0.090%
04/30/94 0.799055 09/30/96 0.995973 0.090%
05/31/94 0.79407 12/31/96 1.090914 -0.51289 -0.470 -0.65382 -0.599 0.090%
06/30/94 0.77178
07/31/94 0.796066
08/31/94 0.83338
09/30/94 0.802799
10/31/94 0.819318
11/30/94 0.783278
12/31/94 0.769696
01/31/95 0.7389
02/28/95 0.753241
03/31/95 0.776051
04/30/95 0.805304
05/31/95 0.834378
06/30/95 0.835013
07/31/95 0.8868
08/31/95 0.87316
09/30/95 0.89719
10/31/95 0.872895
11/30/95 0.888356
12/31/95 0.9055
01/31/96 0.93446
02/29/96 0.941439
03/31/96 0.954096
04/30/96 0.97519
05/31/96 0.976368
06/30/96 0.974085
07/31/96 0.933341
08/31/96 0.974978
09/30/96 0.995973
10/31/96 1.007019
11/30/96 1.069701
12/31/96 1.090914
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1103.413 1406.609
Account Value $1,203.73 $1,534.49
Surrender Value $1,143.54 $1,473.11
Total Return 14.35% 47.31%
Annualized Return 11.13%
</TABLE>
<TABLE>
<CAPTION>
AO Intermediate Bond - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874597
05/31/93 0.874662
06/30/93 0.886073 05/01/93 0.874597 1000 1143.383 0.090%
07/31/93 0.887846 06/30/93 0.886073 -0.14892 -0.168 0.090%
08/31/93 0.901735 12/31/93 0.90561 -0.46086 -0.509 0.090%
09/30/93 0.906967 06/30/94 0.871597 -0.45694 -0.524 0.090%
10/31/93 0.90959 12/31/94 0.869781 -0.44752 -0.515 0.090%
11/30/93 0.902612 06/30/95 0.944947 -0.46616 -0.493 0.090%
12/31/93 0.90561 09/30/95 0.95571 0.090%
01/31/94 0.912695 12/31/95 0.988996 1000 1011.126 -0.49657 -0.502 0.090%
02/28/94 0.899581 03/31/96 0.979506 0.090%
03/31/94 0.883763 06/30/96 0.980481 -0.44806 -0.457 -0.50547 -0.516 0.090%
04/30/94 0.875057 09/30/96 0.993639 0.090%
05/31/94 0.873296 12/31/96 1.016061 -0.45401 -0.447 -0.51218 -0.504 0.090%
06/30/94 0.871597
07/31/94 0.881305
08/31/94 0.883884
09/30/94 0.873439
10/31/94 0.871713
11/30/94 0.867403
12/31/94 0.869781
01/31/95 0.881603
02/28/95 0.897085
03/31/95 0.901623
04/30/95 0.913453
05/31/95 0.939535
06/30/95 0.944947
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1010.222 1139.652
Account Value $1,026.45 $1,157.96
Surrender Value $975.12 $1,111.64
Total Return -2.49% 11.16%
Annualized Return 2.92%
</TABLE>
<PAGE> 233
<TABLE>
<S> <C>
07/31/95 0.943124
08/31/95 0.951192
09/30/95 0.95571
10/31/95 0.966403
11/30/95 0.977133
12/31/95 0.988996
01/31/96 0.997487
02/29/96 0.987062
03/31/96 0.979506
04/30/96 0.974712
05/31/96 0.971863
06/30/96 0.980481
07/31/96 0.982302
08/31/96 0.982316
09/30/96 0.993639
10/31/96 1.008711
11/30/96 1.020990
12/31/96 1.016061
</TABLE>
<TABLE>
<CAPTION>
AO Short Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.890889
05/31/93 0.890955
06/30/93 0.896386 05/01/93 0.890889 1000 1122.474 0.090%
07/31/93 0.898208 06/30/93 0.896386 -0.14840 -0.166 0.090%
08/31/93 0.90352 12/31/93 0.909418 -0.45600 -0.501 0.090%
09/30/93 0.905328 06/30/94 0.897074 -0.45597 -0.508 0.090%
10/31/93 0.908043 12/31/94 0.897781 -0.45283 -0.504 0.090%
11/30/93 0.907122 06/30/95 0.955399 -0.46733 -0.489 0.090%
12/31/93 0.909418 09/30/95 0.962778 0.090%
01/31/94 0.912157 12/31/95 0.983959 1000 1016.302 -0.48885 -0.497 0.090%
02/28/94 0.90414 03/31/96 0.979217 0.090%
03/31/94 0.902352 06/30/96 0.98407 -0.45003 -0.457 -0.49586 -0.504 0.090%
04/30/94 0.897929 09/30/96 0.995479 0.090%
05/31/94 0.897023 12/31/96 1.009488 -0.45566 -0.451 -0.50206 -0.497 0.090%
06/30/94 0.897074
07/31/94 0.905226
08/31/94 0.90787
09/30/94 0.90074
10/31/94 0.901648
11/30/94 0.896328
12/31/94 0.897781
01/31/95 0.907106
02/28/95 0.919266
03/31/95 0.924839
04/30/95 0.932341
05/31/95 0.950763
06/30/95 0.955399
07/31/95 0.955388
08/31/95 0.959057
09/30/95 0.962778
10/31/95 0.96916
11/30/95 0.977426
12/31/95 0.983959
01/31/96 0.990628
02/29/96 0.982994
03/31/96 0.979217
04/30/96 0.978228
05/31/96 0.977272
06/30/96 0.98407
07/31/96 0.986872
08/31/96 0.98594
09/30/96 0.995479
10/31/96 1.005946
11/30/96 1.015506
12/31/96 1.009488
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1015.394 1118.808
Account Value $1,025.03 $1,129.42
Surrender Value $973.78 $1,084.25
Total Return -2.62% 8.42%
Annualized Return 2.23%
</TABLE>
<TABLE>
<CAPTION>
Social Awareness - Unit Values Dollars Units Dollars Units Dollars
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C>
05/01/92 0.595245
05/31/92 0.595909
06/30/92 0.589369 05/01/92 0.595245 1000 1679.982 0.090%
07/31/92 0.611351 06/30/92 0.589369 -0.14722 -0.250 0.090%
08/31/92 0.595332 12/31/92 0.646806 -0.46720 -0.722 0.090%
09/30/92 0.600102 06/30/93 0.669464 -0.49726 -0.743 0.090%
10/31/92 0.609012 12/31/93 0.687453 -0.51239 -0.745 0.090%
11/30/92 0.632664 06/30/94 0.648765 -0.50435 -0.777 0.090%
12/31/92 0.646806 12/31/94 0.661804 -0.49443 -0.747 0.090%
01/31/93 0.652714 06/30/95 0.788373 -0.54686 -0.694 0.090%
02/28/93 0.660701 09/30/95 0.832588 0.090%
</TABLE>
<PAGE> 234
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/93 0.674357 12/31/95 0.872779 1000 1145.765 -0.62616 -0.717 0.090%
04/30/93 0.647551 03/31/96 0.921831 0.090%
05/31/93 0.664214 06/30/96 0.945813 -0.46883 -0.496 -0.68521 -0.724 0.090%
06/30/93 0.669464 09/30/96 0.935558 0.090%
07/31/93 0.667644 12/31/96 1.035065 -0.51044 -0.493 -1.13586 -1.097 0.090%
08/31/93 0.691878
09/30/93 0.693599
10/31/93 0.694144
11/30/93 0.682803
12/31/93 0.687453
01/31/94 0.7038
02/28/94 0.685136
03/31/94 0.655464
04/30/94 0.662715
05/31/94 0.666265
06/30/94 0.648765
07/31/94 0.663821
08/31/94 0.693798
09/30/94 0.676921
10/31/94 0.687063
11/30/94 0.658834
12/31/94 0.661804
01/31/95 0.675684
02/28/95 0.702785
03/31/95 0.721765
04/30/95 0.741402
05/31/95 0.766412
06/30/95 0.788373
07/31/95 0.820687
08/31/95 0.815602
09/30/95 0.832588
10/31/95 0.820138
11/30/95 0.866858
12/31/95 0.872779
01/31/96 0.901274
02/29/96 0.916951
03/31/96 0.921831
04/30/96 0.932338
05/31/96 0.95616
06/30/96 0.945813
07/31/96 0.910008
08/31/96 0.931278
09/30/96 0.935558
10/31/96 0.998668
11/30/96 1.066861
12/31/96 1.035065
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1144.776 1672.766
Account Value $1,184.92 $1,731.42
Surrender Value $1,125.67 $1,679.48
Total Return 12.57% 67.95%
Annualized Return 11.74%
</TABLE>
<TABLE>
<CAPTION>
SB High Income - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 0.801112
06/30/94 0.801711
07/31/94 0.803379 06/22/94 0.801112 1000 1248.265 0.090%
08/31/94 0.808135 06/30/94 0.801711 -0.01973 -0.025 0.090%
09/30/94 0.807374 12/31/94 0.791254 -0.44739 -0.565 0.090%
10/31/94 0.802599 06/30/95 0.867596 -0.46568 -0.537 0.090%
11/30/94 0.785914 09/30/95 0.89415 0.090%
12/31/94 0.791254 12/31/95 0.93147 1000 1073.572 -0.50483 -0.542 0.090%
01/31/95 0.79533 03/31/96 0.950562 0.090%
02/28/95 0.822233 06/30/96 0.961214 -0.45718 -0.476 -0.53087 -0.552 0.090%
03/31/95 0.829542 09/30/96 1.001746 0.090%
04/30/95 0.849879 12/31/96 1.04186 -0.48364 -0.464 -0.56158 -0.539 0.090%
05/31/95 0.865991
06/30/95 0.867596
07/31/95 0.882909
08/31/95 0.884474
09/30/95 0.89415
10/31/95 0.906946
11/30/95 0.91494
12/31/95 0.93147
01/31/96 0.949801
02/29/96 0.957302
03/31/96 0.950562
04/30/96 0.955469
05/31/96 0.963733
06/30/96 0.961214
07/31/96 0.964386
08/31/96 0.97357
09/30/96 1.001746
10/31/96 1.004736
11/30/96 1.027329
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1072.632 1245.505
Account Value $1,117.53 $1,297.64
Surrender Value $1,061.66 $1,245.74
Total Return 6.17% 24.57%
Annualized Return 9.08%
</TABLE>
<PAGE> 235
<TABLE>
<S> <C>
12/31/96 1.041860
</TABLE>
<TABLE>
<CAPTION>
SB International - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.831906
06/30/94 0.8541
07/31/94 0.845845 06/20/94 0.831906 1000 1202.059 0.090%
08/31/94 0.873192 06/30/94 0.8541 -0.02499 -0.029 0.090%
09/30/94 0.850803 12/31/94 0.794508 -0.44588 -0.561 0.090%
10/31/94 0.873999 06/30/95 0.84178 -0.44234 -0.525 0.090%
11/30/94 0.822671 09/30/95 0.873803 0.090%
12/31/94 0.794508 12/31/95 0.874001 1000 1144.163 -0.46363 -0.530 0.090%
01/31/95 0.756534 03/31/96 0.94653 0.090%
02/28/95 0.758359 06/30/96 0.986951 -0.47908 -0.485 -0.50263 -0.509 0.090%
03/31/95 0.763393 09/30/96 0.994572 0.090%
04/30/95 0.791556 12/31/96 1.016968 -0.51566 -0.507 -0.54102 -0.532 0.090%
05/31/95 0.825299
06/30/95 0.84178
07/31/95 0.892718
08/31/95 0.85819
09/30/95 0.873803
10/31/95 0.858178
11/30/95 0.846731
12/31/95 0.874001
01/31/96 0.913132
02/29/96 0.917994
03/31/96 0.94653
04/30/96 0.967592
05/31/96 0.993526
06/30/96 0.986951
07/31/96 0.946086
08/31/96 0.978489
09/30/96 0.994572
10/31/96 0.987863
11/30/96 1.016142
12/31/96 1.016968
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1143.171 1199.373
Account Value $1,162.57 $1,219.72
Surrender Value $1,104.44 $1,170.94
Total Return 10.44% 17.09%
Annualized Return 6.42%
</TABLE>
<TABLE>
<CAPTION>
SB Income & Growth - Unit Values Dollars Units Dollars Units S/A Fee
------------------ - ----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.691937
06/30/94 0.682735
07/31/94 0.693851 06/20/94 0.691937 1000 1445.218 0.090%
08/31/94 0.708306 06/30/94 0.682735 -0.02449 -0.036 0.090%
09/30/94 0.700057 12/31/94 0.679202 -0.44286 -0.652 0.090%
10/31/94 0.697995 06/30/95 0.78591 -0.47619 -0.606 0.090%
11/30/94 0.674635 09/30/95 0.842574 0.090%
12/31/94 0.679202 12/31/95 0.893474 1000 1119.227 -0.54560 -0.611 0.090%
01/31/95 0.693707 03/31/96 0.942151 0.090%
02/28/95 0.717233 06/30/96 0.96777 -0.46871 -0.484 -0.60443 -0.625 0.090%
03/31/95 0.735127 09/30/96 0.996587 0.090%
04/30/95 0.751691 12/31/96 1.057905 -0.50990 -0.482 -0.65754 -0.622 0.090%
05/31/95 0.777732
06/30/95 0.78591
07/31/95 0.8078
08/31/95 0.820031
09/30/95 0.842574
10/31/95 0.829399
11/30/95 0.88258
12/31/95 0.893474
01/31/96 0.916116
02/29/96 0.920119
03/31/96 0.942151
04/30/96 0.943272
05/31/96 0.956869
06/30/96 0.96777
07/31/96 0.928798
08/31/96 0.955499
09/30/96 0.996587
10/31/96 1.021073
11/30/96 1.075154
12/31/96 1.057905
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1118.261 1442.066
Account Value $1,183.01 $1,525.57
Surrender Value $1,123.86 $1,464.55
Total Return 12.39% 46.45%
Annualized Return 16.25%
</TABLE>
<TABLE>
<CAPTION>
SB Money Market - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.918951
06/30/94 0.919516
07/31/94 0.921247 06/20/94 0.918951 1000 1088.197 0.090%
08/31/94 0.923502 06/30/94 0.919516 -0.02467 -0.027 0.090%
09/30/94 0.925711 12/31/94 0.933465 -0.45368 -0.486 0.090%
10/31/94 0.927996 06/30/95 0.95322 -0.46173 -0.484 0.090%
</TABLE>
<PAGE> 236
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/94 0.930539 09/30/95 0.963015 0.090%
12/31/94 0.933465 12/31/95 0.972726 1000 1028.038 -0.47112 -0.484 0.090%
01/31/95 0.93667 03/31/96 0.981739 0.090%
02/28/95 0.939665 06/30/96 0.990511 -0.45411 -0.458 -0.48003 -0.485 0.090%
03/31/95 0.943053 09/30/96 0.999898 0.090%
04/30/95 0.94616 12/31/96 1.009219 -0.46235 -0.458 -0.48874 -0.484 0.090%
05/31/95 0.949861
06/30/95 0.95322
07/31/95 0.956614
08/31/95 0.959927
09/30/95 0.963015
10/31/95 0.966418
11/30/95 0.969642
12/31/95 0.972726
01/31/96 0.976008
02/29/96 0.978839
03/31/96 0.981739
04/30/96 0.984811
05/31/96 0.987796
06/30/96 0.990511
07/31/96 0.993776
08/31/96 0.996777
09/30/96 0.999898
10/31/96 1.003039
11/30/96 1.005974
12/31/96 1.009219
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1027.122 1085.747
Account Value $1,036.59 $1,095.76
Surrender Value $984.76 $1,050.76
Total Return -1.52% 5.08%
Annualized Return 1.97%
</TABLE>
<TABLE>
<CAPTION>
SB Utilities - Unit Values Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 0.756115
02/28/94 0.7563
03/31/94 0.754811 02/04/94 0.756115 1000 1322.550 0.090%
04/30/94 0.761665 06/30/94 0.744366 -0.35720 -0.480 0.090%
05/31/94 0.758635 12/31/94 0.760984 -0.44779 -0.588 0.090%
06/30/94 0.744366 06/30/95 0.845045 -0.47753 -0.565 0.090%
07/31/94 0.767752 09/30/95 0.900366 0.090%
08/31/94 0.773717 12/31/95 0.972683 1000 1028.084 -0.54024 -0.555 0.090%
09/30/94 0.755718 03/31/96 0.970083 0.090%
10/31/94 0.761724 06/30/96 1.011819 -0.45905 -0.454 -0.58956 -0.583 0.090%
11/30/94 0.755762 09/30/96 0.981566 0.090%
12/31/94 0.760984 12/31/96 1.033318 -0.47287 -0.458 -0.60730 -0.588 0.090%
01/31/95 0.79551
02/28/95 0.80242
03/31/95 0.797067
04/30/95 0.811621
05/31/95 0.847368
06/30/95 0.845045
07/31/95 0.852589
08/31/95 0.862429
09/30/95 0.900366
10/31/95 0.915388
11/30/95 0.936432
12/31/95 0.972683
01/31/96 0.990727
02/29/96 0.968637
03/31/96 0.970083
04/30/96 0.953466
05/31/96 0.965039
06/30/96 1.011819
07/31/96 0.964735
08/31/96 0.975512
09/30/96 0.981566
10/31/96 1.016368
11/30/96 1.033390
12/31/96 1.033318
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1027.172 1319.191
Account Value $1,061.40 $1,363.14
Surrender Value $1,008.33 $1,308.62
Total Return 0.83% 30.86%
Annualized Return 9.69%
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/07/83 0.331162
06/30/83 0.33847
07/31/83 0.330274 12/31/85 0.345376
08/31/83 0.319919 06/30/86 0.417767
09/30/83 0.331453 09/30/86 0.39014 0.090%
10/31/83 0.304658 12/31/86 0.406463 1000 2460.249 0.090%
11/30/83 0.320705 06/30/87 0.492504 -0.49763 -1.010 0.090%
12/31/83 0.311918 12/31/87 0.410422 -0.49961 -1.217 0.090%
01/31/84 0.296842 06/30/88 0.438652 -0.46958 -1.071 0.090%
02/28/84 0.270657 12/31/88 0.443184 -0.48749 -1.100 0.090%
03/31/84 0.276299 06/30/89 0.50345 -0.52308 -1.039 0.090%
04/30/84 0.267839 12/31/89 0.557012 -0.58573 -1.052 0.090%
</TABLE>
<PAGE> 237
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/84 0.248268 06/30/90 0.572496 -0.62360 -1.089 0.090%
06/30/84 0.247389 12/31/90 0.561722 -0.62592 -1.114 0.090%
07/31/84 0.241582 06/30/91 0.602886 -0.64240 -1.066 0.090%
08/31/84 0.270728 09/30/91 0.637502 0.090%
09/30/84 0.269184 12/31/91 0.679331 1000 1472.036 -0.70696 -1.041 0.090%
10/31/84 0.271837 06/30/92 0.671581 -0.44743 -0.666 -0.74452 -1.109 0.090%
11/30/84 0.267673 12/31/92 0.705969 -0.45605 -0.646 -0.75886 -1.075 0.090%
12/31/84 0.275542 06/30/93 0.740673 -0.47871 -0.646 -0.79657 -1.075 0.090%
01/31/85 0.286344 12/31/93 0.763273 -0.49746 -0.652 -0.82776 -1.084 0.090%
02/28/85 0.284754 06/30/94 0.726171 -0.49244 -0.678 -0.81942 -1.128 0.090%
03/31/85 0.284829 12/31/94 0.737486 -0.48369 -0.656 -0.80486 -1.091 0.090%
04/30/85 0.284541 06/30/95 0.846656 -0.52328 -0.618 -0.87072 -1.028 0.090%
05/31/85 0.304302 09/30/95 0.889816 0.090%
06/30/85 0.309038 12/31/95 0.926734 1000 1079.058 -0.58554 -0.632 -0.97433 -1.051 0.090%
07/31/85 0.308719 03/31/96 0.940948 0.090%
08/31/85 0.310092 06/30/96 0.96534 -0.45937 -0.476 -0.62446 -0.647 -1.03909 -1.076 0.090%
09/30/85 0.30147 09/30/96 0.984741 0.090%
10/31/85 0.313137 12/31/96 1.042278 -0.48721 -0.467 -0.66230 -0.635 -1.10206 -1.057 0.090%
11/30/85 0.330801
12/31/85 0.345376
01/31/86 0.351613
02/28/86 0.376192
03/31/86 0.396194
04/30/86 0.389951
05/31/86 0.404399
06/30/86 0.417767
07/31/86 0.402926
08/31/86 0.423166
09/30/86 0.39014
10/31/86 0.407236
11/30/86 0.412742
12/31/86 0.406463
01/31/87 0.44624
02/28/87 0.468288
03/31/87 0.480689
04/30/87 0.478399
05/31/87 0.478682
06/30/87 0.492504
07/31/87 0.510323
08/31/87 0.527749
09/30/87 0.514472
10/31/87 0.412872
11/30/87 0.390547
12/31/87 0.410422
01/31/88 0.420843
02/29/88 0.432874
03/31/88 0.423751
04/30/88 0.423778
05/31/88 0.419631
06/30/88 0.438652
07/31/88 0.434126
08/31/88 0.419245
09/30/88 0.431616
10/31/88 0.440659
11/30/88 0.434899
12/31/88 0.443184
01/31/89 0.468257
02/28/89 0.457038
03/31/89 0.465651
04/30/89 0.485923
05/31/89 0.503495
06/30/89 0.50345
07/31/89 0.539905
08/31/89 0.544098
09/30/89 0.543599
10/31/89 0.538773
11/30/89 0.548961
12/31/89 0.557012
01/31/90 0.527825
02/28/90 0.533638
03/31/90 0.544279
04/30/90 0.533058
05/31/90 0.571236
06/30/90 0.572496
07/31/90 0.571917
08/31/90 0.539441
09/30/90 0.530998
10/31/90 0.535775
11/30/90 0.553432
12/31/90 0.561722
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1078.115 1465.56 2438.676
Account Value $1,123.70 $1,527.52 $2,541.78
Surrender Value $1,067.51 $1,481.70 $2,541.78
Total Return 6.75% 48.17% 154.18%
Annualized Return 8.18% 9.78%
</TABLE>
<PAGE> 238
<TABLE>
<S> <C>
01/31/91 0.577867
02/28/91 0.598708
03/31/91 0.603741
04/30/91 0.607246
05/31/91 0.613597
06/30/91 0.602886
07/31/91 0.617491
08/31/91 0.633509
09/30/91 0.637502
10/31/91 0.644252
11/30/91 0.635882
12/31/91 0.679331
01/31/92 0.66214
02/29/92 0.667071
03/31/92 0.657764
04/30/92 0.666272
05/31/92 0.671236
06/30/92 0.671581
07/31/92 0.690659
08/31/92 0.683412
09/30/92 0.687817
10/31/92 0.684143
11/30/92 0.697587
12/31/92 0.705969
01/31/93 0.712871
02/28/93 0.722944
03/31/93 0.734131
04/30/93 0.719367
05/31/93 0.73279
06/30/93 0.740673
07/31/93 0.737273
08/31/93 0.759741
09/30/93 0.759024
10/31/93 0.766944
11/30/93 0.757026
12/31/93 0.763273
01/31/94 0.782727
02/28/94 0.762008
03/31/94 0.731733
04/30/94 0.735692
05/31/94 0.738415
06/30/94 0.726171
07/31/94 0.743965
08/31/94 0.761053
09/30/94 0.744212
10/31/94 0.751536
11/30/94 0.734162
12/31/94 0.737486
01/31/95 0.749744
02/28/95 0.771427
03/31/95 0.785154
04/30/95 0.80314
05/31/95 0.831805
06/30/95 0.846656
07/31/95 0.862657
08/31/95 0.869018
09/30/95 0.889816
10/31/95 0.891911
11/30/95 0.916807
12/31/95 0.926734
01/31/96 0.945264
02/29/96 0.941808
03/31/96 0.940948
04/30/96 0.945813
05/31/96 0.957799
06/30/96 0.96534
07/31/96 0.938557
08/31/96 0.947968
09/30/96 0.984741
10/31/96 1.007661
11/30/96 1.055118
12/31/96 1.042278
</TABLE>
<TABLE>
<CAPTION>
High Yield Bond Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/10/83 0.382979
06/30/83 0.383343
07/31/83 0.382973 12/31/85 0.476645
08/31/83 0.379939 06/30/86 0.510864
09/30/83 0.382227 09/30/86 0.499371 0.090%
</TABLE>
<PAGE> 239
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/31/83 0.38334 12/31/86 0.508833 1000 1965.281 0.090%
11/30/83 0.381826 06/30/87 0.526112 -0.45764 -0.870 0.090%
12/31/83 0.383339 12/31/87 0.500628 -0.45381 -0.906 0.090%
01/31/84 0.382221 06/30/88 0.54074 -0.46006 -0.851 0.090%
02/28/84 0.382208 12/31/88 0.567202 -0.48926 -0.863 0.090%
03/31/84 0.382979 06/30/89 0.606531 -0.51809 -0.854 0.090%
04/30/84 0.381762 12/31/89 0.568522 -0.51845 -0.912 0.090%
05/31/84 0.384181 06/30/90 0.55126 -0.49383 -0.896 0.090%
06/30/84 0.382979 12/31/90 0.507204 -0.46658 -0.920 0.090%
07/31/84 0.383758 06/30/91 0.576558 -0.47750 -0.828 0.090%
08/31/84 0.384139 09/30/91 0.607071 0.090%
09/30/84 0.38221 12/31/91 0.639675 1000 1563.293 -0.53564 -0.837 0.090%
10/31/84 0.398836 06/30/92 0.683205 -0.46531 -0.681 -0.58236 -0.852 0.090%
11/30/84 0.403871 12/31/92 0.715406 -0.49173 -0.687 -0.61543 -0.860 0.090%
12/31/84 0.407725 06/30/93 0.776719 -0.52438 -0.675 -0.65629 -0.845 0.090%
01/31/85 0.417179 12/31/93 0.806227 -0.55606 -0.690 -0.69594 -0.863 0.090%
02/28/85 0.407364 06/30/94 0.778399 -0.55640 -0.715 -0.69637 -0.895 0.090%
03/31/85 0.412886 12/31/94 0.786897 -0.54936 -0.698 -0.68756 -0.874 0.090%
04/30/85 0.421679 06/30/95 0.868669 -0.58079 -0.669 -0.72688 -0.837 0.090%
05/31/85 0.439282 09/30/95 0.880195 0.090%
06/30/85 0.44009 12/31/95 0.898651 1000 1112.779 -0.61972 -0.690 -0.77562 -0.863 0.090%
07/31/85 0.435963 03/31/96 0.95285 0.090%
08/31/85 0.446525 06/30/96 0.964499 -0.46649 -0.484 -0.65304 -0.677 -0.81731 -0.847 0.090%
09/30/85 0.448048 09/30/96 0.996943 0.090%
10/31/85 0.454252 12/31/96 1.030763 -0.49935 -0.484 -0.69904 -0.678 -0.87489 -0.849 0.090%
11/30/85 0.461088
12/31/85 0.476645
01/31/86 0.476582
02/28/86 0.493241
03/31/86 0.50399
04/30/86 0.510148
05/31/86 0.511365
06/30/86 0.510864
07/31/86 0.494235
08/31/86 0.498569
09/30/86 0.499371
10/31/86 0.5067
11/30/86 0.511174
12/31/86 0.508833
01/31/87 0.522559
02/28/87 0.529364
03/31/87 0.532927
04/30/87 0.521986
05/31/87 0.518725
06/30/87 0.526112
07/31/87 0.52653
08/31/87 0.527447
09/30/87 0.515519
10/31/87 0.490765
11/30/87 0.497629
12/31/87 0.500628
01/31/88 0.517277
02/29/88 0.529337
03/31/88 0.531834
04/30/88 0.527334
05/31/88 0.527834
06/30/88 0.54074
07/31/88 0.546425
08/31/88 0.548504
09/30/88 0.553805
10/31/88 0.561717
11/30/88 0.562273
12/31/88 0.567202
01/31/89 0.577824
02/28/89 0.578433
03/31/89 0.579543
04/30/89 0.582382
05/31/89 0.595015
06/30/89 0.606531
07/31/89 0.604789
08/31/89 0.607159
09/30/89 0.595369
10/31/89 0.581181
11/30/89 0.575752
12/31/89 0.568522
01/31/90 0.55027
02/28/90 0.535633
03/31/90 0.53962
04/30/90 0.536557
05/31/90 0.544558
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1111.811 1556.433 1947.959
Account Value $1,146.01 $1,604.31 $2,007.88
Surrender Value $1,088.71 $1,556.18 $2,007.88
Total Return 8.87% 55.62% 100.79%
Annualized Return 9.25% 7.22%
</TABLE>
<PAGE> 240
<TABLE>
<S> <C>
06/30/90 0.55126
07/31/90 0.557243
08/31/90 0.542995
09/30/90 0.513806
10/31/90 0.505477
11/30/90 0.508075
12/31/90 0.507204
01/31/91 0.51862
02/28/91 0.542461
03/31/91 0.552286
04/30/91 0.562932
05/31/91 0.56385
06/30/91 0.576558
07/31/91 0.586218
08/31/91 0.598858
09/30/91 0.607071
10/31/91 0.624791
11/30/91 0.633775
12/31/91 0.639675
01/31/92 0.655834
02/29/92 0.663964
03/31/92 0.671395
04/30/92 0.673994
05/31/92 0.678236
06/30/92 0.683205
07/31/92 0.691413
08/31/92 0.695574
09/30/92 0.702977
10/31/92 0.695067
11/30/92 0.706453
12/31/92 0.715406
01/31/93 0.725997
02/28/93 0.736581
03/31/93 0.75168
04/30/93 0.756243
05/31/93 0.766114
06/30/93 0.776719
07/31/93 0.780365
08/31/93 0.790956
09/30/93 0.791957
10/31/93 0.796471
11/30/93 0.79916
12/31/93 0.806227
01/31/94 0.817534
02/28/94 0.81322
03/31/94 0.785309
04/30/94 0.778054
05/31/94 0.777269
06/30/94 0.778399
07/31/94 0.782346
08/31/94 0.79177
09/30/94 0.791952
10/31/94 0.795822
11/30/94 0.788575
12/31/94 0.786897
01/31/95 0.794072
02/28/95 0.826632
03/31/95 0.82683
04/30/95 0.848255
05/31/95 0.868485
06/30/95 0.868669
07/31/95 0.874847
08/31/95 0.877993
09/30/95 0.880195
10/31/95 0.888313
11/30/95 0.884477
12/31/95 0.898651
01/31/96 0.923463
02/29/96 0.945945
03/31/96 0.95285
04/30/96 0.956321
05/31/96 0.962031
06/30/96 0.964499
07/31/96 0.970127
08/31/96 0.983563
09/30/96 0.996943
10/31/96 1.004645
11/30/96 1.018041
12/31/96 1.030763
</TABLE>
<PAGE> 241
<TABLE>
<CAPTION>
Capital Appreciation - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/26/83 0.333094
05/31/83 0.333039
06/30/83 0.339051 12/31/85 0.315786
07/31/83 0.328693 06/30/86 0.394661
08/31/83 0.313928 09/30/86 0.32629 0.090%
09/30/83 0.326289 12/31/86 0.34319 1000 2913.841 0.090%
10/31/83 0.300244 06/30/87 0.440084 -0.51353 -1.167 0.090%
11/30/83 0.319438 12/31/87 0.312435 -0.49316 -1.578 0.090%
12/31/83 0.303648 06/30/88 0.363773 -0.44291 -1.218 0.090%
01/31/84 0.280895 12/31/88 0.339889 -0.46070 -1.355 0.090%
02/28/84 0.264806 06/30/89 0.373414 -0.46680 -1.250 0.090%
03/31/84 0.267511 12/31/89 0.387993 -0.49806 -1.284 0.090%
04/30/84 0.262651 06/30/90 0.414513 -0.52472 -1.266 0.090%
05/31/84 0.240406 12/31/90 0.364781 -0.50932 -1.396 0.090%
06/30/84 0.237564 06/30/91 0.431731 -0.52032 -1.205 0.090%
07/31/84 0.229782 09/30/91 0.451634 0.090%
08/31/84 0.263933 12/31/91 0.482936 1000 2070.666 -0.59726 -1.237 0.090%
09/28/84 0.258795 06/30/92 0.475561 -0.44656 -0.939 -0.62561 -1.316 0.090%
09/30/84 0.258795 12/31/92 0.561553 -0.48297 -0.860 -0.67662 -1.205 0.090%
10/31/84 0.253298 06/30/93 0.614906 -0.54764 -0.891 -0.76721 -1.248 0.090%
11/30/84 0.242288 12/31/93 0.638764 -0.58333 -0.913 -0.81721 -1.279 0.090%
12/31/84 0.245637 06/30/94 0.574892 -0.56446 -0.982 -0.79077 -1.376 0.090%
01/31/85 0.275501 12/31/94 0.601279 -0.54676 -0.909 -0.76599 -1.274 0.090%
02/28/85 0.272616 06/30/95 0.717691 -0.61288 -0.854 -0.85861 -1.196 0.090%
03/31/85 0.267749 09/30/95 0.805084 0.090%
04/30/85 0.26781 12/31/95 0.810568 1000 1233.703 -0.70983 -0.876 -0.99443 -1.227 0.090%
05/31/85 0.28863 03/31/96 0.889901 0.090%
06/30/85 0.297588 06/30/96 0.941682 -0.48640 -0.517 -0.81352 -0.864 -1.13970 -1.210 0.090%
07/31/85 0.296291 09/30/96 0.986679 0.090%
08/31/85 0.28911 12/31/96 1.027235 -0.54631 -0.532 -0.91374 -0.890 -1.28009 -1.246 0.090%
09/30/85 0.266258
10/31/85 0.27598
11/30/85 0.297741
12/31/85 0.315786
01/31/86 0.321477
02/28/86 0.347563
03/31/86 0.367733
04/30/86 0.368922
05/31/86 0.389927
06/30/86 0.394661
07/31/86 0.347221
08/31/86 0.357626
09/30/86 0.32629
10/31/86 0.343991
11/30/86 0.351004
12/31/86 0.34319
01/31/87 0.399005
02/28/87 0.446595
03/31/87 0.447357
04/30/87 0.439532
05/31/87 0.44512
06/30/87 0.440084
07/31/87 0.454221
08/31/87 0.470928
09/30/87 0.454946
10/31/87 0.297416
11/30/87 0.277478
12/31/87 0.312435
01/31/88 0.309668
02/29/88 0.335902
03/31/88 0.337803
04/30/88 0.346165
05/31/88 0.336916
06/30/88 0.363773
07/31/88 0.350115
08/31/88 0.331024
09/30/88 0.341052
10/31/88 0.337524
11/30/88 0.326147
12/31/88 0.339889
01/31/89 0.360679
02/28/89 0.358621
03/31/89 0.36003
04/30/89 0.378364
05/31/89 0.397599
06/30/89 0.373414
07/31/89 0.397545
08/31/89 0.411757
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1232.654 2061.688 2888.308
Account Value $1,266.23 $2,117.84 $2,966.97
Surrender Value $1,202.91 $2,054.30 $2,966.97
Total Return 20.29% 105.43% 196.70%
Annualized Return 15.49% 11.49%
</TABLE>
<PAGE> 242
<TABLE>
<S> <C>
09/30/89 0.414573
10/31/89 0.389709
11/30/89 0.386626
12/31/89 0.387993
01/31/90 0.34701
02/28/90 0.363637
03/31/90 0.383906
04/30/90 0.368644
05/31/90 0.414645
06/30/90 0.414513
07/31/90 0.391924
08/31/90 0.350127
09/30/90 0.330299
10/31/90 0.322531
11/30/90 0.352382
12/31/90 0.364781
01/31/91 0.385614
02/28/91 0.419034
03/31/91 0.437218
04/30/91 0.435023
05/31/91 0.448935
06/30/91 0.431731
07/31/91 0.446094
08/31/91 0.453312
09/30/91 0.451634
10/31/91 0.456524
11/30/91 0.440861
12/31/91 0.482936
01/31/92 0.496021
02/29/92 0.503393
03/31/92 0.4979
04/30/92 0.490677
05/31/92 0.494169
06/30/92 0.475561
07/31/92 0.499762
08/31/92 0.486374
09/30/92 0.499298
10/31/92 0.515169
11/30/92 0.546317
12/31/92 0.561553
01/31/93 0.575612
02/28/93 0.567931
03/31/93 0.594518
04/30/93 0.576293
05/31/93 0.596909
06/30/93 0.614906
07/31/93 0.617299
08/31/93 0.633533
09/30/93 0.650025
10/31/93 0.644252
11/30/93 0.6231
12/31/93 0.638764
01/31/94 0.668137
02/28/94 0.650468
03/31/94 0.612444
04/30/94 0.606693
05/31/94 0.598664
06/30/94 0.574892
07/31/94 0.592619
08/31/94 0.614179
09/30/94 0.601535
10/31/94 0.631444
11/30/94 0.602343
12/31/94 0.601279
01/31/95 0.601836
02/28/95 0.616601
03/31/95 0.630538
04/30/95 0.649187
05/31/95 0.670898
06/30/95 0.717691
07/31/95 0.772486
08/31/95 0.774669
09/30/95 0.805084
10/31/95 0.800099
11/30/95 0.81937
12/31/95 0.810568
01/31/96 0.845919
02/29/96 0.876043
03/31/96 0.889901
04/30/96 0.905773
</TABLE>
<PAGE> 243
<TABLE>
<S> <C>
05/31/96 0.953223
06/30/96 0.941682
07/31/96 0.88619
08/31/96 0.923386
09/30/96 0.986679
10/31/96 0.983629
11/30/96 1.049423
12/31/96 1.027235
</TABLE>
<PAGE> 244
SPOTLIGHT ON REGISTERED GOLD TRACK - PERFORMANCE UPDATE AS OF 12/31/96
<TABLE>
<CAPTION>
CUMULATIVE RETURNS
-------------------------------------------------------------------------
YTD 1 YR 3YR 5YR 10YR
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 28.59% 28.59% - - -
American Odyssey Core Equity Fund 22.41% 22.41% 65.89% - -
American Odyssey Emerging Opportunities Fund -3.72% -3.72% 37.97% - -
American Odyssey International Equity Fund 21.15% 21.15% 32.50% - -
Capital Appreciation Fund (Janus sub-adviser) 27.43% 27.43% 63.49% 118.64% 221.11%
Dreyfus Stock Index Fund 21.78% 21.78% 66.03% 92.09% -
Fidelity's Equity-Income Portfolio 13.59% 13.59% 62.33% 121.74% 241.11%
Fidelity's Growth Portfolio 14.02% 14.02% 52.48% 96.69% 286.33%
Smith Barney Income and Growth Portfolio 19.06% 19.06% - - -
Smith Barney International Equity Portfolio 17.00% 17.00% - - -
Social Awareness Stock Portfolio (Smith Barney) 19.25% 19.25% 53.07% - -
Templeton's Global Stock Fund 21.66% 21.66% 47.24% 108.73% -
Utilities Portfolio (Smith Barney) 6.82% 6.82% - - -
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 3.31% 3.31% 14.07% - -
American Odyssey Long-Term Bond Fund 0.70% 0.70% 14.82% - -
American Odyssey Short-Term Bond Fund 3.17% 3.17% 12.85% - -
Fidelity's High Income Portfolio 13.35% 13.35% 32.99% 94.88% 170.43%
Putnam Diversified Income Portfolio 7.58% 7.58% - - -
Smith Barney High Income Portfolio 12.47% 12.47% - - -
Templeton's Global Bond Fund 8.79% 8.79% 17.50% 36.48% -
Travelers High Yield Bond Trust 15.34% 15.34% 29.98% 65.64% 114.04%
Travelers U.S. Government Securities Portfolio 0.84% 0.84% 17.02% - -
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.92% 13.92% 23.63% 65.39% -
MFS Total Return Portfolio 13.82% 13.82% - - -
Templeton's Global Asset Allocation Fund 18.15% 18.15% 38.82% 86.87% -
Travelers Managed Assets Trust 13.09% 13.09% 38.83% 57.71% 170.93%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 4.33% 4.33% 38.83% - -
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL RETURNS
------------------------------------------------------------------
3YR 5YR 10YR INCEPTION +
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio - - - 26.40% (6/94)
American Odyssey Core Equity Fund 18.36% - - 15.30% (5/93)
American Odyssey Emerging Opportunities Fund 11.32% - - 11.57% (5/93)
American Odyssey International Equity Fund 9.83% - - 13.09% (5/93)
Capital Appreciation Fund (Janus sub-adviser) 17.79% 16.92% 12.36% 9.35% (5/83)
Dreyfus Stock Index Fund 18.39% 13.93% - 12.98% (9/89)
Fidelity's Equity-Income Portfolio 17.51% 17.24% 13.04% 12.74% (10/86)
Fidelity's Growth Portfolio 15.08% 14.47% 14.46% 14.13% (10/86)
Smith Barney Income and Growth Portfolio - - - 18.89% (6/94)
Smith Barney International Equity Portfolio - - - 8.85% (6/94)
Social Awareness Stock Portfolio (Smith Barney) 15.23% - - 13.19% (5/92)
Templeton's Global Stock Fund 13.75% 15.84% - 12.81% (8/88)
Utilities Portfolio (Smith Barney) - - - 11.96% (2/94)
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 4.48% - - 4.74% (5/93)
American Odyssey Long-Term Bond Fund 4.71% - - 6.29% (5/93)
American Odyssey Short-Term Bond Fund 4.11% - - 4.03% (5/93)
Fidelity's High Income Portfolio 9.96% 14.26% 10.45% 11.33% (9/85)
Putnam Diversified Income Portfolio - - - 9.89% (6/94)
Smith Barney High Income Portfolio - - - 11.56% (6/94)
Templeton's Global Bond Fund 5.52% 6.41% - 7.36% (8/88)
Travelers High Yield Bond Trust 9.12% 10.61% 7.90% 8.10% (5/83)
Travelers U.S. Government Securities Portfolio 5.37% - - 6.52% (1/92)
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 7.32% 10.57% - 11.02% (9/89)
MFS Total Return Portfolio - - - 14.07% (6/94)
Templeton's Global Asset Allocation Fund 11.54% 13.30% - 11.64% (8/88)
Travelers Managed Assets Trust 11.54% 9.53% 10.47% 9.41% (5/83)
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio - - - 4.34% (6/94)
</TABLE>
<TABLE>
<CAPTION>
CALENDAR YEAR RETURNS
-------------------------------------------------------
1996 1995 1994 1993
-------------------------------------------------------
<S> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 28.59% 34.05% - -
American Odyssey Core Equity Fund 22.41% 37.74% -1.60% -
American Odyssey Emerging Opportunities Fund -3.72% 31.46% 9.02% -
American Odyssey International Equity Fund 21.15% 18.29% -7.54% -
Capital Appreciation Fund (Janus sub-adviser) 27.43% 35.55% -5.35% 14.38%
Dreyfus Stock Index Fund 21.78% 35.97% 0.28% 8.68%
Fidelity's Equity-Income Portfolio 13.59% 34.28% 6.43% 17.56%
Fidelity's Growth Portfolio 14.02% 34.56% -0.62% 18.64%
Smith Barney Income and Growth Portfolio 19.06% 32.27% - -
Smith Barney International Equity Portfolio 17.00% 10.61% - -
Social Awareness Stock Portfolio (Smith Barney) 19.25% 32.60% -3.20% 6.87%
Templeton's Global Stock Fund 21.66% 24.50% -2.79% 33.19%
Utilities Portfolio (Smith Barney) 6.82% 28.52% - -
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 3.31% 14.33% -3.43% -
American Odyssey Long-Term Bond Fund 0.70% 21.72% -6.32% -
American Odyssey Short-Term Bond Fund 3.17% 10.20% -0.74% -
Fidelity's High Income Portfolio 13.35% 19.89% -2.13% 19.79%
Putnam Diversified Income Portfolio 7.58% 16.68% - -
Smith Barney High Income Portfolio 12.47% 18.37% - -
Templeton's Global Bond Fund 8.79% 14.24% -5.45% 10.80%
Travelers High Yield Bond Trust 15.34% 14.83% -1.86% 13.32%
Travelers U.S. Government Securities Portfolio 0.84% 23.74% -6.21% 8.85%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.92% 16.26% -6.65% 20.31%
MFS Total Return Portfolio 13.82% 24.94% - -
Templeton's Global Asset Allocation Fund 18.15% 21.82% -3.55% 25.37%
Travelers Managed Assets Trust 13.09% 26.35% -2.85% 8.71%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 4.33% 4.78% - -
</TABLE>
Gold Track is a variable annuity. These returns reflect: 1) the 0.60% annual
mortality and expense risk charge and 2) portfolio management fees. The
deduction of the semi-annual administrative charge, if applicable, is not
reflected. Likewise, the deferred sales charge (maximum 5% of each purchase
payment for a period of 5 years from the date the purchase payment was made) or
the surrender charge (maximum 5% of the amount surrendered in the first two
contract years; up to 4% in years three or four;
Gold Track is issued by The Travelers Insurance Company or The Travelers Life
and Annuity Company, One Tower Square, Hartford, CT 06183
(The issuing company will be reflected on the contract; NY contracts are issued
by The Travelers Insurance Company)
<PAGE> 245
<TABLE>
<CAPTION>
Alliance Growth 12/31/96 YEARLY RETURNS Net of M & E
<S> <C> <C> <C>
1992 ERR
06/20/94 0.588590 1993 ERR
12/31/91 -- 1994 ERR
12/31/92 -- 1995 34.05%
12/31/93 -- YTD -1996 28.59%
12/31/94 0.618223
12/31/95 0.828731 AVERAGE ANNUAL Net of M & E
12/31/86 -- 10 YR ERR
12/31/91 -- 5 YR ERR
12/31/93 -- 3 YR ERR
12/31/95 0.828731 Inception 26.40%
12/31/96 1.065668
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 28.59%
Dreyfus YEARLY RETURNS Net of M & E
09/29/89 0.443942 1992 6.46%
12/31/91 0.560728 1993 8.68%
12/31/92 0.596932 1994 0.28%
12/31/93 0.648723 1995 35.97%
12/31/94 0.650520 YTD -1996 21.78%
12/31/95 0.884481
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.560728 10 YR ERR
12/31/93 0.648723 5 YR 13.93%
12/31/95 0.884481 3 YR 18.39%
12/31/96 1.077080 Inception 12.98%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 92.09%
3 YR 66.03%
1 YR 21.78%
Fidelity Asset YEARLY RETURNS Net of M & E
Manager
09/06/89 0.487630 1992 11.19%
12/31/91 0.634084 1993 20.31%
12/31/92 0.705036 1994 -6.65%
12/31/93 0.848255 1995 16.26%
12/31/94 0.791828 YTD -1996 13.92%
12/31/95 0.920597
12/31/86 -- AVERAGE ANNUAL Net of M & E
12/31/91 0.634084 10 YR ERR
12/31/93 0.848255 5 YR 10.57%
12/31/95 0.920597 3 YR 7.32%
12/31/96 1.048724 Inception 11.02%
</TABLE>
<PAGE> 246
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CUMULATIVES Net of M & E
10 YR ERR
5 YR 65.39%
3 YR 23.63%
1 YR 13.92%
Fidelity High Income YEARLY RETURNS Net of M & E
09/19/85 0.301837 1992 22.32%
12/31/91 0.520344 1993 19.79%
12/31/92 0.636504 1994 -2.13%
12/31/93 0.762467 1995 19.89%
12/31/94 0.746197 YTD -1996 13.35%
12/31/95 0.894598
12/31/86 0.374962 AVERAGE ANNUAL Net of M & E
12/31/91 0.520344 10 YR 10.45%
12/31/93 0.762467 5 YR 14.26%
12/31/95 0.894598 3 YR 9.96%
12/31/96 1.014025 Inception 11.33%
CUMULATIVES Net of M & E
10 YR 170.43%
5 YR 94.88%
3 YR 32.99%
1 YR 13.35%
Fidelity Equity Income YEARLY RETURNS Net of M & E
10/09/86 0.305793 1992 16.19%
12/31/91 0.470709 1993 17.56%
12/31/92 0.546917 1994 6.43%
12/31/93 0.642981 1995 34.28%
12/31/94 0.684303 YTD -1996 13.59%
12/31/95 0.918893
12/31/86 0.305987 AVERAGE ANNUAL Net of M & E
12/31/91 0.470709 10 YR 13.04%
12/31/93 0.642981 5 YR 17.24%
12/31/95 0.918893 3 YR 17.51%
12/31/96 1.043755 Inception 12.74%
CUMULATIVES Net of M & E
10 YR 241.11%
5 YR 121.74%
3 YR 62.33%
1 YR 13.59%
Fidelity Growth Fund YEARLY RETURNS Net of M & E
10/09/86 0.256762 1992 8.73%
12/31/91 0.505147 1993 18.64%
12/31/92 0.549222 1994 -0.62%
12/31/93 0.651614 1995 34.56%
12/31/94 0.647579 YTD -1996 14.02%
</TABLE>
<PAGE> 247
<TABLE>
<CAPTION>
<S> <C> <C> <C>
12/31/95 0.871404
12/31/86 0.257181 AVERAGE ANNUAL Net of M & E
12/31/91 0.505147 10 YR 14.46%
12/31/93 0.651614 5 YR 14.47%
12/31/95 0.871404 3 YR 15.08%
12/31/96 0.993575 Inception 14.13%
CUMULATIVES Net of M & E
10 YR 286.33%
5 YR 96.69%
3 YR 52.48%
1 YR 14.02%
US Government YEARLY RETURNS Net of M & E
01/24/92 0.751009 1992 ERR
12/31/91 - 1993 8.85%
12/31/92 0.805669 1994 -6.21%
12/31/93 0.876934 1995 23.74%
12/31/94 0.822442 YTD -1996 0.84%
12/31/95 1.017676
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.876934 5 YR ERR
12/31/95 1.017676 3 YR 5.37%
12/31/96 1.026207 Inception 6.52%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 17.02%
1 YR 0.84%
Templeton Bond YEARLY RETURNS Net of M & E
08/31/88 0.573028 1992 4.83%
12/31/91 0.759118 1993 10.80%
12/31/92 0.795784 1994 -5.45%
12/31/93 0.881701 1995 14.24%
12/31/94 0.833657 YTD -1996 8.79%
12/31/95 0.952349
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.759118 10 YR ERR
12/31/93 0.881701 5 YR 6.41%
12/31/95 0.952349 3 YR 5.52%
12/31/96 1.036017 Inception 7.36%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 36.48%
3 YR 17.50%
1 YR 8.79%
</TABLE>
<PAGE> 248
<TABLE>
<CAPTION>
Templeton Asset Allocation YEARLY RETURNS Net of M & E
<S> <C> <C> <C>
08/31/88 0.426245 1992 7.37%
12/31/91 0.571541 1993 25.37%
12/31/92 0.613677 1994 -3.55%
12/31/93 0.769348 1995 21.82%
12/31/94 0.742065 YTD-1996 18.15%
12/31/95 0.903955
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.571541 10 YR ERR
12/31/93 0.769348 5 YR 13.30%
12/31/95 0.903955 3 YR 11.54%
12/31/96 1.068037 Inception 11.64%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 86.87%
3 YR 38.82%
1 YR 18.15%
MFS Total Return YEARLY RETURNS Net of M & E
06/20/94 0.749250 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 24.94%
12/31/94 0.735554 YTD-1996 13.82%
12/31/95 0.918985
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.918985 3 YR ERR
12/31/96 1.046020 Inception 14.07%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 13.82%
Putnam Diversified YEARLY RETURNS Net of M & E
06/20/94 0.803501 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 16.68%
12/31/94 0.812784 YTD-1996 7.58%
12/31/95 0.948387
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.948387 3 YR ERR
</TABLE>
<PAGE> 249
<TABLE>
<S> <C> <C> <C>
12/31/96 1.020319 Inception 9.89%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 7.58%
AO Long Term Bond YEARLY RETURNS Net of M & E
05/01/93 0.818017 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -6.32%
12/31/93 0.891207 1995 21.72%
12/31/94 0.834873 YTD -1996 0.70%
12/31/95 1.016225
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.891207 5 YR ERR
12/31/95 1.016225 3 YR 4.71%
12/31/96 1.023303 Inception 6.29%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 14.82%
1 YR 0.70%
AO Core Equity YEARLY RETURNS Net of M & E
05/01/93 0.640824 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -1.60%
12/31/93 0.651578 1995 37.74%
12/31/94 0.641121 YTD -1996 22.41%
12/31/95 0.883059
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.651578 5 YR ERR
12/31/95 0.883059 3 YR 18.36%
12/31/96 1.080928 Inception 15.30%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 65.89%
1 YR 22.41%
AO Emerging Ops YEARLY RETURNS Net of M & E
05/01/93 0.592544 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 9.02%
</TABLE>
<PAGE> 250
<TABLE>
<S> <C> <C> <C>
12/31/93 0.642013 1995 31.46%
12/31/94 0.699907 YTD -1996 -3.72%
12/31/95 0.920069
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.642013 5 YR ERR
12/31/95 0.920069 3 YR 11.32%
12/31/96 0.885807 Inception 11.57%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 37.97%
1 YR -3.72%
AO International YEARLY RETURNS Net of M & E
05/01/93 0.695383 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -7.54%
12/31/93 0.824364 1995 18.29%
12/31/94 0.762230 YTD-1996 21.15%
12/31/95 0.901646
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.824364 5 YR ERR
12/31/95 0.901646 3 YR 9.83%
12/31/96 1.092311 Inception 13.09%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 32.50%
1 YR 21.15%
AO Intermediate Bond YEARLY RETURNS Net of M & E
05/01/93 0.858203 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -3.43%
12/31/93 0.891907 1995 14.33%
12/31/94 0.861332 YTD -1996 3.31%
12/31/95 0.984773
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.891907 5 YR ERR
12/31/95 0.984773 3 YR 4.48%
12/31/96 1.017358 Inception 4.74%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 14.07%
</TABLE>
<PAGE> 251
<TABLE>
<S> <C> <C> <C>
1 YR 3.31%
AO Short Term Bnd YEARLY RETURNS Net of M & E
05/01/93 0.874189 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -0.74%
12/31/93 0.895657 1995 10.20%
12/31/94 0.889060 YTD -1996 3.17%
12/31/95 0.979757
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.895657 5 YR ERR
12/31/95 0.979757 3 YR 4.11%
12/31/96 1.010775 Inception 4.03%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.85%
1 YR 3.17%
Social Awareness YEARLY RETURNS Net of M & E
05/01/92 0.580888 1992 ERR
12/31/91 - 1993 6.87%
12/31/92 0.633529 1994 -3.20%
12/31/93 0.677054 1995 32.60%
12/31/94 0.655377 YTD -1996 19.25%
12/31/95 0.869054
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.677054 5 YR ERR
12/31/95 0.869054 3 YR 15.23%
12/31/96 1.036377 Inception 13.19%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 53.07%
1 YR 19.25%
SB High Income YEARLY RETURNS Net of M & E
06/22/94 0.790802 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 18.37%
12/31/94 0.783322 YTD -1996 12.47%
12/31/95 0.927200
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
</TABLE>
<PAGE> 252
<TABLE>
<S> <C> <C> <C>
12/31/95 0.927200 3 YR ERR
12/31/96 1.042849 Inception 11.56%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 12.47%
SB International YEARLY RETURNS Net of M & E
06/20/94 0.821430 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 10.61%
12/31/94 0.786788 YTD -1996 17.00%
12/31/95 0.870270
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.870270 3 YR ERR
12/31/96 1.018254 Inception 8.85%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 17.00%
SB Inc & Grwth YEARLY RETURNS Net of M & E
06/20/94 0.683301 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 32.27%
12/31/94 0.672678 YTD -1996 19.06%
12/31/95 0.889754
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.889754 3 YR ERR
12/31/96 1.059355 Inception 18.89%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 19.06%
SB Money Market YEARLY RETURNS Net of M & E
06/20/94 0.907477 1992 ERR
12/31/91 - 1993 ERR
</TABLE>
<PAGE> 253
<TABLE>
<S> <C> <C> <C>
12/31/92 - 1994 ERR
12/31/93 - 1995 4.78%
12/31/94 0.924495 YTD -1996 4.33%
12/31/95 0.968676
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.968676 3 YR ERR
12/31/96 1.010605 Inception 4.34%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 4.33%
SB Utilities YEARLY RETURNS Net of M & E
02/04/94 0.745068 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 28.52%
12/31/94 0.753592 YTD -1996 6.82%
12/31/95 0.968528
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.968528 3 YR ERR
12/31/96 1.034630 Inception 11.96%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.82%
Managed Asset Trust YEARLY RETURNS Net of M & E
06/07/83 0.307725 1992 4.50%
12/31/91 0.661727 1993 8.71%
12/31/92 0.691477 1994 -2.85%
12/31/93 0.751726 1995 26.35%
12/31/94 0.730325 YTD -1996 13.09%
12/31/95 0.922777
12/31/86 0.385185 AVERAGE ANNUAL Net of M & E
12/31/91 0.661727 10 YR 10.47%
12/31/93 0.751726 5 YR 9.53%
12/31/95 0.922777 3 YR 11.54%
12/31/96 1.043592 Inception 9.41%
CUMULATIVES Net of M & E
10 YR 170.93%
5 YR 57.71%
</TABLE>
<PAGE> 254
<TABLE>
<S> <C> <C> <C>
3 YR 38.83%
1 YR 13.09%
High Yield Bond Trust YEARLY RETURNS Net of M & E
06/10/83 0.358460 1992 12.46%
12/31/91 0.623102 1993 13.32%
12/31/92 0.700722 1994 -1.86%
12/31/93 0.794031 1995 14.83%
12/31/94 0.779255 YTD -1996 15.34%
12/31/95 0.894816
12/31/86 0.482201 AVERAGE ANNUAL Net of M & E
12/31/91 0.623102 10 YR 7.90%
12/31/93 0.794031 5 YR 10.61%
12/31/95 0.894816 3 YR 9.12%
12/31/96 1.032081 Inception 8.10%
CUMULATIVES Net of M & E
10 YR 114.04%
5 YR 65.64%
3 YR 29.98%
1 YR 15.34%
Capital Appreciation YEARLY RETURNS Net of M & E
05/26/83 0.304785 1992 16.92%
12/31/91 0.470422 1993 14.38%
12/31/92 0.550026 1994 -5.35%
12/31/93 0.629101 1995 35.55%
12/31/94 0.595440 YTD -1996 27.43%
12/31/95 0.807108
12/31/86 0.320309 AVERAGE ANNUAL Net of M & E
12/31/91 0.470422 10 YR 12.36%
12/31/93 0.629101 5 YR 16.92%
12/31/95 0.807108 3 YR 17.79%
12/31/96 1.028533 Inception 9.35%
CUMULATIVES Net of M & E
10 YR 221.11%
5 YR 118.64%
3 YR 63.49%
1 YR 27.43%
Templeton Stock YEARLY RETURNS Net of M & E
08/31/88 0.395679 1992 6.43%
12/31/91 0.517923 1993 33.19%
12/31/92 0.551249 1994 -2.79%
12/31/93 0.734227 1995 24.50%
12/31/94 0.713753 YTD -1996 21.66%
12/31/95 0.888596
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.517923 10 YR ERR
</TABLE>
<PAGE> 255
<TABLE>
<S> <C> <C> <C>
12/31/93 0.734227 5 YR 15.84%
12/31/95 0.888596 3 YR 13.75%
12/31/96 1.081047 Inception 12.81%
Cumulatives Net of M & E
10 YR ERR
5 YR 108.73%
3 YR 47.24%
1 YR 21.66%
</TABLE>
<PAGE> 256
<TABLE>
<CAPTION>
Date Code: 60% Unit Values Dollars Units Dollars Units S/A Fee
---- ----- --- ----------- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth -
06/20/94 0.58859 06/20/94 0.58859 1000 1698.975 0.090%
06/30/94 0.580122 06/30/94 0.580122 -0.02448 -0.042 0.090%
07/31/94 0.595879 12/31/94 0.618223 -0.45808 -0.741 0.090%
08/31/94 0.611026 06/30/95 0.752902 -0.52390 -0.696 0.090%
09/30/94 0.621434 09/30/95 0.81877 0.090%
10/31/94 0.633009 12/31/95 0.828731 1000 1206.664 -0.60408 -0.729 0.090%
11/30/94 0.605955 03/31/96 0.880857 0.090%
12/31/94 0.618223 06/30/96 0.926195 -0.47646 -0.514 -0.66998 -0.723 0.090%
01/31/95 0.619099 09/30/96 0.972548 0.090%
02/28/95 0.64762 12/31/96 1.065668 -0.54056 -0.507 -0.76011 -0.713 0.090%
03/31/95 0.661666
04/30/95 0.679952
05/31/95 0.715546
06/30/95 0.752902
07/31/95 0.784859
08/31/95 0.798814
09/30/95 0.81877
10/31/95 0.79322
11/30/95 0.826136
12/31/95 0.828731
01/31/96 0.857647
02/29/96 0.88743
03/31/96 0.880857
04/30/96 0.916037
05/31/96 0.937063
06/30/96 0.926195
07/31/96 0.866169
08/31/96 0.901907
09/30/96 0.972548
10/31/96 0.998244
11/30/96 1.066947
12/31/96 1.065668
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1205.643 1695.331
Account Value $1,284.82 $1,806.66
Surrender Value $1,284.82 $1,806.66
Total Return 28.48% 80.67%
Annualized Return 26.29%
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dreyfus -
09/29/89 0.443942
10/31/89 0.434125
11/30/89 0.442425 09/29/89 0.443942 1000 2252.546 0.090%
12/31/89 0.452853 12/31/89 0.452853 -0.23162 -0.511 0.090%
01/31/90 0.422195 06/30/90 0.464202 -0.46468 -1.001 0.090%
02/28/90 0.427007 12/31/90 0.434435 -0.45514 -1.048 0.090%
03/31/90 0.438235 06/30/91 0.493935 -0.46998 -0.952 0.090%
04/30/90 0.426867 09/30/91 0.518748 0.090%
05/31/90 0.467662 12/31/91 0.560728 1000 1783.396 -0.53369 -0.952 0.090%
06/30/90 0.464202 06/30/92 0.553937 -0.44727 -0.807 -0.56382 -1.018 0.090%
07/31/90 0.462495 12/31/92 0.596932 -0.46159 -0.773 -0.58187 -0.975 0.090%
08/31/90 0.420631 06/30/93 0.621601 -0.48852 -0.786 -0.61581 -0.991 0.090%
09/30/90 0.400174 12/31/93 0.648723 -0.50906 -0.785 -0.64170 -0.989 0.090%
10/31/90 0.398221 06/30/94 0.62382 -0.50972 -0.817 -0.64254 -1.030 0.090%
11/30/90 0.423175 12/31/94 0.65052 -0.51021 -0.784 -0.64315 -0.989 0.090%
12/31/90 0.434435 06/30/95 0.777274 -0.57140 -0.735 -0.72028 -0.927 0.090%
01/31/91 0.452981 09/30/95 0.837009 0.090%
02/28/91 0.484773 12/31/95 0.884481 1000 1130.607 -0.66475 -0.752 -0.83796 -0.947 0.090%
03/31/91 0.496314 03/31/96 0.93037 0.090%
04/30/91 0.496634 06/30/96 0.969701 -0.47168 -0.486 -0.74141 -0.765 -0.93460 -0.964 0.090%
05/31/91 0.517449 09/30/96 0.996867 0.090%
06/30/91 0.493935 12/31/96 1.077080 -0.52045 -0.483 -0.81807 -0.760 -1.03123 -0.957 0.090%
07/31/91 0.516293
08/31/91 0.527935
09/30/91 0.518748
10/31/91 0.52539
11/30/91 0.503835
12/31/91 0.560728
01/31/92 0.549917
02/29/92 0.556455
03/31/92 0.545262
04/30/92 0.560447
05/31/92 0.562422
06/30/92 0.553937
07/31/92 0.576119
08/31/92 0.564061
09/30/92 0.56985
10/31/92 0.571692
11/30/92 0.590383
12/31/92 0.596932
01/31/93 0.600952
02/28/93 0.608036
03/31/93 0.620559
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1129.638 1775.632 2238.295
Account Value $1,216.71 $1,912.50 $2,410.82
Surrender Value $1,216.71 $1,912.50 $2,410.82
Total Return 21.67% 91.25% 141.08%
Annualized Return 13.85% 12.89%
</TABLE>
<PAGE> 257
<TABLE>
<S> <C>
04/30/93 0.604616
05/31/93 0.620372
06/30/93 0.621601
07/31/93 0.618552
08/31/93 0.641401
09/30/93 0.635686
10/31/93 0.648568
11/30/93 0.641511
12/31/93 0.648723
01/31/94 0.670009
02/28/94 0.651531
03/31/94 0.622731
04/30/94 0.629889
05/31/94 0.639909
06/30/94 0.62382
07/31/94 0.643829
08/31/94 0.669243
09/30/94 0.652074
10/31/94 0.666345
11/30/94 0.641639
12/31/94 0.65052
01/31/95 0.667266
02/28/95 0.692073
03/31/95 0.712295
04/30/95 0.732152
05/31/95 0.760508
06/30/95 0.777274
07/31/95 0.802209
08/31/95 0.803985
09/30/95 0.837009
10/31/95 0.833512
11/30/95 0.869149
12/31/95 0.884481
01/31/96 0.913797
02/29/96 0.921552
03/31/96 0.93037
04/30/96 0.94279
05/31/96 0.966024
06/30/96 0.969701
07/31/96 0.925672
08/31/96 0.944621
09/30/96 0.996867
10/31/96 1.023995
11/30/96 1.100068
12/31/96 1.077080
</TABLE>
<TABLE>
<CAPTION>
Fidelity Asset Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
Manager - ----------- ------- ----- ------- ----- ------- ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 0.48763 09/06/89 0.48763 1000 2050.735 0.090%
09/30/89 0.486958 12/31/89 0.49066 -0.28692 -0.585 0.090%
10/31/89 0.487676 06/30/90 0.509311 -0.46127 -0.906 0.090%
11/30/89 0.489384 12/31/90 0.520484 -0.47482 -0.912 0.090%
12/31/89 0.49066 06/30/91 0.585345 -0.50965 -0.871 0.090%
01/31/90 0.479572 09/30/91 0.614802 0.090%
02/28/90 0.484268 12/31/91 0.634084 1000 1577.078 -0.56176 -0.886 0.090%
03/31/90 0.48796 06/30/92 0.666963 -0.46167 -0.692 -0.59911 -0.898 0.090%
04/30/90 0.481326 12/31/92 0.705036 -0.48663 -0.690 -0.63150 -0.896 0.090%
05/31/90 0.505627 06/30/93 0.764747 -0.52108 -0.681 -0.67621 -0.884 0.090%
06/30/90 0.509311 12/31/93 0.848255 -0.57161 -0.674 -0.74178 -0.874 0.090%
07/31/90 0.508062 06/30/94 0.79712 -0.58284 -0.731 -0.75635 -0.949 0.090%
08/31/90 0.491138 12/31/94 0.791828 -0.56259 -0.710 -0.73007 -0.922 0.090%
09/30/90 0.480623 06/30/95 0.837956 -0.57678 -0.688 -0.74849 -0.893 0.090%
10/31/90 0.482811 09/30/95 0.888101 0.090%
11/30/90 0.506066 12/31/95 0.920597 1000 1086.252 -0.62208 -0.676 -0.80728 -0.877 0.090%
12/31/90 0.520484 03/31/96 0.946452 0.090%
01/31/91 0.545112 06/30/96 0.971133 -0.46235 -0.476 -0.66891 -0.689 -0.86804 -0.894 0.090%
02/28/91 0.566189 09/30/96 0.990103 0.090%
03/31/91 0.575065 12/31/96 1.048724 -0.49345 -0.471 -0.71390 -0.681 -0.92643 -0.883 0.090%
04/30/91 0.583377
05/31/91 0.596263
06/30/91 0.585345
07/31/91 0.599717
08/31/91 0.611572
09/30/91 0.614802
10/31/91 0.618535
11/30/91 0.60813
12/31/91 0.634084
01/31/92 0.641862
02/29/92 0.654031
03/31/92 0.652094
04/30/92 0.661232
05/31/92 0.667791
06/30/92 0.666963
07/31/92 0.677722
08/31/92 0.675248
09/30/92 0.679148
10/31/92 0.679896
11/30/92 0.69431
12/31/92 0.705036
01/31/93 0.716247
02/28/93 0.72262
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1085.305 1570.166 2037.605
Account Value $1,138.19 $1,646.67 $2,136.89
Surrender Value $1,138.19 $1,646.67 $2,136.89
Total Return 13.82% 64.67% 113.69%
Annualized Return 10.49% 10.93%
</TABLE>
<PAGE> 258
<TABLE>
<S> <C>
03/31/93 0.74269
04/30/93 0.74674
05/31/93 0.759092
06/30/93 0.764747
07/31/93 0.773747
08/31/93 0.795945
09/30/93 0.796105
10/31/93 0.817197
11/30/93 0.815666
12/31/93 0.848255
01/31/94 0.874768
02/28/94 0.846602
03/31/94 0.806387
04/30/94 0.806582
05/31/94 0.813066
06/30/94 0.79712
07/31/94 0.810547
08/31/94 0.829085
09/30/94 0.818899
10/31/94 0.822505
11/30/94 0.810032
12/31/94 0.791828
01/31/95 0.786247
02/28/95 0.798619
03/31/95 0.808755
04/30/95 0.821264
05/31/95 0.831354
06/30/95 0.837956
07/31/95 0.867348
08/31/95 0.877423
09/30/95 0.888101
10/31/95 0.875956
11/30/95 0.898281
12/31/95 0.920597
01/31/96 0.939908
02/29/96 0.93694
03/31/96 0.946452
04/30/96 0.955905
05/31/96 0.962877
06/30/96 0.971133
07/31/96 0.954452
08/31/96 0.955841
09/30/96 0.990103
10/31/96 1.015045
11/30/96 1.064770
12/31/96 1.048724
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity High Income - 12/31/85 0.320545
09/19/85 0.301837 06/30/86 0.358333
09/30/85 0.302456 09/30/86 0.361185 0.090%
10/31/85 0.306074 12/31/86 0.374962 1000 2666.940 0.090%
11/30/85 0.310341 06/30/87 0.390004 -0.45903 -1.177 0.090%
12/31/85 0.320545 12/31/87 0.377251 -0.46020 -1.220 0.090%
01/31/86 0.32435 06/30/88 0.408126 -0.47085 -1.154 0.090%
02/28/86 0.335168 12/31/88 0.41865 -0.49546 -1.183 0.090%
03/31/86 0.34326 06/30/89 0.439297 -0.51391 -1.170 0.090%
04/30/86 0.348912 12/31/89 0.398784 -0.50179 -1.258 0.090%
05/31/86 0.354066 06/30/90 0.393813 -0.47433 -1.204 0.090%
06/30/86 0.358333 12/31/90 0.387533 -0.46739 -1.206 0.090%
07/31/86 0.357062 06/30/91 0.46291 -0.50849 -1.098 0.090%
08/31/86 0.358332 09/30/91 0.497121 0.090%
09/30/86 0.361185 12/31/91 0.520344 1000 1921.806 -0.58765 -1.129 0.090%
10/31/86 0.371787 06/30/92 0.602531 -0.48554 -0.806 -0.67081 -1.113 0.090%
11/30/86 0.372807 12/31/92 0.636504 -0.53554 -0.841 -0.73990 -1.162 0.090%
12/31/86 0.374962 06/30/93 0.711199 -0.58226 -0.819 -0.80444 -1.131 0.090%
01/31/87 0.38844 12/31/93 0.762467 -0.63640 -0.835 -0.87925 -1.153 0.090%
02/28/87 0.39498 06/30/94 0.749138 -0.65250 -0.871 -0.90149 -1.203 0.090%
</TABLE>
<PAGE> 259
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/87 0.398368 12/31/94 0.746197 -0.64519 -0.865 -0.89138 -1.195 0.090%
04/30/87 0.385728 06/30/95 0.833219 -0.68116 -0.818 -0.94108 -1.129 0.090%
05/31/87 0.38196 09/30/95 0.872884 0.090%
06/30/87 0.390004 12/31/95 0.894598 1000 1117.821 -0.74484 -0.833 -1.02907 -1.150 0.090%
07/31/87 0.390222 03/31/96 0.92669 0.090%
08/31/87 0.393254 06/30/96 0.956993 -0.46569 -0.487 -0.79785 -0.834 -1.10230 -1.152 0.090%
09/30/87 0.379372 09/30/96 0.994453 0.090%
10/31/87 0.361052 12/31/96 1.014025 -0.49551 -0.489 -0.84894 -0.837 -1.17289 -1.157 0.090%
11/30/87 0.371497
12/31/87 0.377251
01/31/88 0.389468
02/29/88 0.400924
03/31/88 0.397841
04/30/88 0.400751
05/31/88 0.399945
06/30/88 0.408126
07/31/88 0.412178
08/31/88 0.409986
09/30/88 0.413069
10/31/88 0.417353
11/30/88 0.415555
12/31/88 0.41865
01/31/89 0.428486
02/28/89 0.430395
03/31/89 0.424647
04/30/89 0.419751
05/31/89 0.427275
06/30/89 0.439297
07/31/89 0.436183
08/31/89 0.433431
09/30/89 0.418066
10/31/89 0.399932
11/30/89 0.400072
12/31/89 0.398784
01/31/90 0.389758
02/28/90 0.383579
03/31/90 0.379345
04/30/90 0.380275
05/31/90 0.387891
06/30/90 0.393813
07/31/90 0.399686
08/31/90 0.392799
09/30/90 0.383309
10/31/90 0.373804
11/30/90 0.382384
12/31/90 0.387533
01/31/91 0.395554
02/28/91 0.417276
03/31/91 0.431864
04/30/91 0.446947
05/31/91 0.453281
06/30/91 0.46291
07/31/91 0.480139
08/31/91 0.486454
09/30/91 0.497121
10/31/91 0.513775
11/30/91 0.517892
12/31/91 0.520344
01/31/92 0.547853
02/29/92 0.567486
03/31/92 0.585518
04/30/92 0.589488
05/31/92 0.596349
06/30/92 0.602531
07/31/92 0.613912
08/31/92 0.626582
09/30/92 0.632761
10/31/92 0.623022
11/30/92 0.630362
12/31/92 0.636504
01/31/93 0.653853
02/28/93 0.664707
03/31/93 0.679702
04/30/93 0.683834
05/31/93 0.693729
06/30/93 0.711199
07/31/93 0.717861
08/31/93 0.725131
09/30/93 0.727322
10/31/93 0.744165
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1116.845 1913.447 2643.596
Account Value $1,132.51 $1,940.28 $2,680.67
Surrender Value $1,132.51 $1,940.28 $2,680.67
Total Return 13.25% 94.03% 168.07%
Annualized Return 14.18% 10.36%
</TABLE>
<PAGE> 260
<TABLE>
<S> <C>
11/30/93 0.750774
12/31/93 0.762467
01/31/94 0.787506
02/28/94 0.786199
03/31/94 0.75932
04/30/94 0.751298
05/31/94 0.752292
06/30/94 0.749138
07/31/94 0.751561
08/31/94 0.751156
09/30/94 0.756342
10/31/94 0.749013
11/30/94 0.742398
12/31/94 0.746197
01/31/95 0.753432
02/28/95 0.77894
03/31/95 0.78824
04/30/95 0.810987
05/31/95 0.831397
06/30/95 0.833219
07/31/95 0.852897
08/31/95 0.859157
09/30/95 0.872884
10/31/95 0.8806
11/30/95 0.884623
12/31/95 0.894598
01/31/96 0.914893
02/29/96 0.929577
03/31/96 0.92669
04/30/96 0.94003
05/31/96 0.952558
06/30/96 0.956993
07/31/96 0.953221
08/31/96 0.966549
09/30/96 0.994453
10/31/96 0.990716
11/30/96 1.000782
12/31/96 1.014025
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity Equity
Income -
10/09/86 0.305793
10/31/86 0.309045 10/09/86 0.305793 0.090%
11/30/86 0.315625 12/31/86 0.305987 1000 3268.116 0.090%
12/31/86 0.305987 06/30/87 0.357403 -0.48781 -1.365 0.090%
01/31/87 0.340938 12/31/87 0.300708 -0.48372 -1.609 0.090%
02/28/87 0.348714 06/30/88 0.36059 -0.48583 -1.347 0.090%
03/31/87 0.357378 12/31/88 0.366796 -0.53416 -1.456 0.090%
04/30/87 0.34831 06/30/89 0.422367 -0.57927 -1.371 0.090%
05/31/87 0.350289 12/31/89 0.427846 -0.62382 -1.458 0.090%
06/30/87 0.357403 06/30/90 0.408371 -0.61327 -1.502 0.090%
07/31/87 0.37083 12/31/90 0.360262 -0.56345 -1.564 0.090%
08/31/87 0.380843 06/30/91 0.41974 -0.57151 -1.362 0.090%
09/30/87 0.372665 09/30/91 0.449095 0.090%
10/31/87 0.29979 12/31/91 0.470709 1000 2124.457 -0.65216 -1.385 0.090%
11/30/87 0.28623 06/30/92 0.499847 -0.46393 -0.928 -0.71053 -1.421 0.090%
12/31/87 0.300708 12/31/92 0.546917 -0.50014 -0.914 -0.76598 -1.401 0.090%
01/31/88 0.321944 06/30/93 0.606544 -0.55088 -0.908 -0.84370 -1.391 0.090%
02/29/88 0.337726 12/31/93 0.642981 -0.59650 -0.928 -0.91357 -1.421 0.090%
03/31/88 0.331677 06/30/94 0.648447 -0.61624 -0.950 -0.94379 -1.455 0.090%
04/30/88 0.337007 12/31/94 0.684303 -0.63567 -0.929 -0.97356 -1.423 0.090%
05/31/88 0.341346 06/30/95 0.799225 -0.70728 -0.885 -1.08322 -1.355 0.090%
06/30/88 0.36059 09/30/95 0.867018 0.090%
07/31/88 0.359765 12/31/95 0.918893 1000 1088.266 -0.81878 -0.891 -1.25399 -1.365 0.090%
08/31/88 0.35337 03/31/96 0.957287 0.090%
09/30/88 0.363692 06/30/96 0.969803 -0.46247 -0.477 -0.89969 -0.928 -1.37791 -1.421 0.090%
10/31/88 0.369779 09/30/96 0.980233 0.090%
11/30/88 0.363656 12/31/96 1.043755 -0.49282 -0.472 -0.95874 -0.919 -1.46836 -1.407 0.090%
12/31/88 0.366796
01/31/89 0.389245
02/28/89 0.387069
03/31/89 0.395252
04/30/89 0.410317
05/31/89 0.422286
06/30/89 0.422367
07/31/89 0.446763
08/31/89 0.45371
09/30/89 0.448396
10/31/89 0.422304
11/30/89 0.424508
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1087.317 2115.277 3239.637
Account Value $1,134.89 $2,207.83 $3,381.39
Surrender Value $1,134.89 $2,207.83 $3,381.39
Total Return 13.49% 120.78% 238.14%
Annualized Return 17.16% 12.96%
</TABLE>
<PAGE> 261
<TABLE>
<S> <C>
12/31/89 0.427846
01/31/90 0.398735
02/28/90 0.400913
03/31/90 0.401376
04/30/90 0.387262
05/31/90 0.412674
06/30/90 0.408371
07/31/90 0.398174
08/31/90 0.366192
09/30/90 0.337629
10/31/90 0.328842
11/30/90 0.352237
12/31/90 0.360262
01/31/91 0.379389
02/28/91 0.405329
03/31/91 0.413547
04/30/91 0.415254
05/31/91 0.437821
06/30/91 0.41974
07/31/91 0.443296
08/31/91 0.45243
09/30/91 0.449095
10/31/91 0.456342
11/30/91 0.436463
12/31/91 0.470709
01/31/92 0.476821
02/29/92 0.492078
03/31/92 0.485793
04/30/92 0.500764
05/31/92 0.504527
06/30/92 0.499847
07/31/92 0.514902
08/31/92 0.503365
09/30/92 0.508339
10/31/92 0.514171
11/30/92 0.532571
12/31/92 0.546917
01/31/93 0.562975
02/28/93 0.575357
03/31/93 0.592182
04/30/93 0.589429
05/31/93 0.599788
06/30/93 0.606544
07/31/93 0.614494
08/31/93 0.637675
09/30/93 0.634949
10/31/93 0.640423
11/30/93 0.62878
12/31/93 0.642981
01/31/94 0.670961
02/28/94 0.653383
03/31/94 0.625725
04/30/94 0.646985
05/31/94 0.652799
06/30/94 0.648447
07/31/94 0.669789
08/31/94 0.703874
09/30/94 0.692001
10/31/94 0.705848
11/30/94 0.682436
12/31/94 0.684303
01/31/95 0.69464
02/28/95 0.720784
03/31/95 0.745281
04/30/95 0.765658
05/31/95 0.78829
06/30/95 0.799225
07/31/95 0.829569
08/31/95 0.839554
09/30/95 0.867018
10/31/95 0.856582
11/30/95 0.893156
12/31/95 0.918893
01/31/96 0.945071
02/29/96 0.947755
03/31/96 0.957287
04/30/96 0.969252
05/31/96 0.979216
06/30/96 0.969803
07/31/96 0.921996
</TABLE>
<PAGE> 262
<TABLE>
<S> <C>
08/31/96 0.94044
09/30/96 0.980233
10/31/96 0.995632
11/30/96 1.061686
12/31/96 1.043755
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity Growth -
10/09/86 0.256762
10/31/86 0.256669 10/09/86 0.256762 0.090%
11/30/86 0.262196 12/31/86 0.257181 1000 3888.305 0.090%
12/31/86 0.257181 06/30/87 0.313702 -0.49945 -1.592 0.090%
01/31/87 0.284478 12/31/87 0.265008 -0.50609 -1.910 0.090%
02/28/87 0.298437 06/30/88 0.304866 -0.49812 -1.634 0.090%
03/31/87 0.303143 12/31/88 0.30447 -0.53239 -1.749 0.090%
04/30/87 0.302994 06/30/89 0.353199 -0.57436 -1.626 0.090%
05/31/87 0.304899 12/31/89 0.398058 -0.65581 -1.648 0.090%
06/30/87 0.313702 06/30/90 0.412164 -0.70699 -1.715 0.090%
07/31/87 0.326084 12/31/90 0.349235 -0.66409 -1.902 0.090%
08/31/87 0.335639 06/30/91 0.399386 -0.65262 -1.634 0.090%
09/30/87 0.331638 09/30/91 0.459719 0.090%
10/31/87 0.258634 12/31/91 0.505147 1000 1979.621 -0.78821 -1.560 0.090%
11/30/87 0.240365 06/30/92 0.469136 -0.43396 -0.925 -0.84865 -1.809 0.090%
12/31/87 0.265008 12/31/92 0.549222 -0.45338 -0.825 -0.88663 -1.614 0.090%
01/31/88 0.270629 06/30/93 0.610857 -0.51626 -0.845 -1.00959 -1.653 0.090%
02/29/88 0.292423 12/31/93 0.651614 -0.56159 -0.862 -1.09823 -1.685 0.090%
03/31/88 0.289665 06/30/94 0.586952 -0.55071 -0.938 -1.07697 -1.835 0.090%
04/30/88 0.293178 12/31/94 0.647579 -0.54866 -0.847 -1.07295 -1.657 0.090%
05/31/88 0.290418 06/30/95 0.799161 -0.64269 -0.804 -1.25685 -1.573 0.090%
06/30/88 0.304866 09/30/95 0.910681 0.090%
07/31/88 0.303158 12/31/95 0.871404 1000 1147.573 -0.74182 -0.851 -1.45070 -1.665 0.090%
08/31/88 0.295705 03/31/96 0.916935 0.090%
09/30/88 0.303885 06/30/96 0.961977 -0.47339 -0.492 -0.81377 -0.846 -1.59140 -1.654 0.090%
10/31/88 0.30451 09/30/96 0.974879 0.090%
11/30/88 0.301501 12/31/96 0.993575 -0.50471 -0.508 -0.86762 -0.873 -1.69672 -1.708 0.090%
12/31/88 0.30447
01/31/89 0.326121
02/28/89 0.319222
03/31/89 0.328706
04/30/89 0.345931
05/31/89 0.358109
06/30/89 0.353199
07/31/89 0.384563
08/31/89 0.390935
09/30/89 0.394176
10/31/89 0.382944
11/30/89 0.389052
12/31/89 0.398058
01/31/90 0.374778
02/28/90 0.378183
03/31/90 0.382617
04/30/90 0.371285
05/31/90 0.403945
06/30/90 0.412164
07/31/90 0.405439
08/31/90 0.363488
09/30/90 0.325931
10/31/90 0.31411
11/30/90 0.339398
12/31/90 0.349235
01/31/91 0.372308
02/28/91 0.399901
03/31/91 0.41178
04/30/91 0.40772
05/31/91 0.431613
06/30/91 0.399386
07/31/91 0.4372
08/31/91 0.456399
09/30/91 0.459719
10/31/91 0.473691
11/30/91 0.446432
12/31/91 0.505147
01/31/92 0.535713
02/29/92 0.546415
03/31/92 0.512611
04/30/92 0.492648
05/31/92 0.488161
06/30/92 0.469136
07/31/92 0.48711
08/31/92 0.473481
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1146.573 1971.005 3854.482
Account Value $1,139.21 $1,958.34 $3,829.72
Surrender Value $1,139.21 $1,958.34 $3,829.72
Total Return 13.92% 95.83% 282.97%
Annualized Return 14.39% 14.37%
</TABLE>
<PAGE> 263
<TABLE>
<S> <C>
09/30/92 0.481611
10/31/92 0.500054
11/30/92 0.533117
12/31/92 0.549222
01/31/93 0.559781
02/28/93 0.54794
03/31/93 0.569521
04/30/93 0.563284
05/31/93 0.604969
06/30/93 0.610857
07/31/93 0.608855
08/31/93 0.639089
09/30/93 0.650649
10/31/93 0.656552
11/30/93 0.629645
12/31/93 0.651614
01/31/94 0.667651
02/28/94 0.660462
03/31/94 0.630127
04/30/94 0.633728
05/31/94 0.618708
06/30/94 0.586952
07/31/94 0.607026
08/31/94 0.641103
09/30/94 0.63301
10/31/94 0.658393
11/30/94 0.631776
12/31/94 0.647579
01/31/95 0.634994
02/28/95 0.660985
03/31/95 0.684633
04/30/95 0.707392
05/31/95 0.734565
06/30/95 0.799161
07/31/95 0.877762
08/31/95 0.888087
09/30/95 0.910681
10/31/95 0.900923
11/30/95 0.899858
12/31/95 0.871404
01/31/96 0.88466
02/29/96 0.913843
03/31/96 0.916935
04/30/96 0.952341
05/31/96 0.981634
06/30/96 0.961977
07/31/96 0.887883
08/31/96 0.913982
09/30/96 0.974879
10/31/96 0.972152
11/30/96 1.025706
12/31/96 0.993575
</TABLE>
<TABLE>
<CAPTION>
US Government - Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 0.751009
01/31/92 0.751026
02/29/92 0.752936 01/24/92 0.751009 1000 1331.541 0.090%
03/31/92 0.755545 06/30/92 0.77461 -0.39571 -0.511 0.090%
04/30/92 0.752918 12/31/92 0.805669 -0.47326 -0.587 0.090%
05/31/92 0.767518 06/30/93 0.86219 -0.49927 -0.579 0.090%
06/30/92 0.77461 12/31/93 0.876934 -0.52038 -0.593 0.090%
07/31/92 0.792062 06/30/94 0.821805 -0.50807 -0.618 0.090%
08/31/92 0.795401 12/31/94 0.822442 -0.49154 -0.598 0.090%
09/30/92 0.803234 06/30/95 0.945158 -0.52818 -0.559 0.090%
10/31/92 0.795367 09/30/95 0.956045 0.090%
11/30/92 0.794961 12/31/95 1.017676 1000 982.631 -0.58627 -0.576 0.090%
12/31/92 0.805669 03/31/96 0.968355 0.090%
01/31/93 0.817233 06/30/96 0.968649 -0.43916 -0.453 -0.59303 -0.612 0.090%
02/28/93 0.835915 09/30/96 0.985867 0.090%
03/31/93 0.843029 12/31/96 1.026207 -0.44084 -0.430 -0.90154 -0.879 0.090%
04/30/93 0.847158
05/31/93 0.848283
06/30/93 0.86219
07/31/93 0.866301
08/31/93 0.878692
09/30/93 0.887325
10/31/93 0.888407
11/30/93 0.875873
12/31/93 0.876934
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 981.748 1325.429
Account Value $1,007.48 $1,360.16
Surrender Value $1,007.48 $1,360.16
Total Return 0.75% 36.02%
Annualized Return 6.43%
</TABLE>
<PAGE> 264
<TABLE>
<S> <C>
01/31/94 0.883973
02/28/94 0.865649
03/31/94 0.834749
04/30/94 0.832011
05/31/94 0.832351
06/30/94 0.821805
07/31/94 0.83934
08/31/94 0.835766
09/30/94 0.811994
10/31/94 0.813915
11/30/94 0.811179
12/31/94 0.822442
01/31/95 0.839583
02/28/95 0.859798
03/31/95 0.867573
04/30/95 0.881149
05/31/95 0.933257
06/30/95 0.945158
07/31/95 0.931544
08/31/95 0.942553
09/30/95 0.956045
10/31/95 0.978495
11/30/95 0.998496
12/31/95 1.017676
01/31/96 1.021207
02/29/96 0.991194
03/31/96 0.968355
04/30/96 0.95797
05/31/96 0.953015
06/30/96 0.968649
07/31/96 0.971686
08/31/96 0.964069
09/30/96 0.985867
10/31/96 1.016549
11/30/96 1.041886
12/31/96 1.026207
</TABLE>
<TABLE>
<CAPTION>
Templeton Bond - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.573028
09/30/88 0.576182
10/31/88 0.578178 08/31/88 0.573028 1000 1745.114 0.090%
11/30/88 0.580754 12/31/88 0.582755 -0.30338 -0.521 0.090%
12/31/88 0.582755 06/30/89 0.602189 -0.46513 -0.772 0.090%
01/31/89 0.585307 12/31/89 0.623593 -0.48095 -0.771 0.090%
02/28/89 0.583332 06/30/90 0.635022 -0.49361 -0.777 0.090%
03/31/89 0.592009 12/31/90 0.659096 -0.50731 -0.770 0.090%
04/30/89 0.595234 06/30/91 0.680036 -0.52472 -0.772 0.090%
05/31/89 0.59666 09/30/91 0.720932 0.090%
06/30/89 0.602189 12/31/91 0.759118 1000 1317.318 -0.56367 -0.743 0.090%
07/31/89 0.608867 06/30/92 0.770901 -0.45349 -0.588 -0.59900 -0.777 0.090%
08/31/89 0.609721 12/31/92 0.795784 -0.46415 -0.583 -0.61308 -0.770 0.090%
09/30/89 0.611175 06/30/93 0.848709 -0.48699 -0.574 -0.64324 -0.758 0.090%
10/31/89 0.616666 12/31/93 0.881701 -0.51221 -0.581 -0.67655 -0.767 0.090%
11/30/89 0.62159 06/30/94 0.826156 -0.50531 -0.612 -0.66744 -0.808 0.090%
12/31/89 0.623593 12/31/94 0.833657 -0.49087 -0.589 -0.64836 -0.778 0.090%
01/31/90 0.617819 06/30/95 0.908553 -0.51500 -0.567 -0.68024 -0.749 0.090%
02/28/90 0.618138 09/30/95 0.918441 0.000 0.090%
03/31/90 0.61844 12/31/95 0.952349 1000 1050.035 -0.54985 -0.577 -0.72627 -0.763 0.090%
04/30/90 0.612083 03/31/96 0.943212 0.090%
05/31/90 0.62687 06/30/96 0.96325 -0.45258 -0.470 -0.56576 -0.587 -0.74729 -0.776 0.090%
06/30/90 0.635022 09/30/96 0.990316 0.090%
07/31/90 0.641324 12/31/96 1.036017 -0.47213 -0.456 -0.59021 -0.570 -0.77958 -0.752 0.090%
08/31/90 0.633761
09/30/90 0.637086
10/31/90 0.644569
11/30/90 0.653908
12/31/90 0.659096
01/31/91 0.668945
02/28/91 0.671817
03/31/91 0.675331
04/30/91 0.680059
05/31/91 0.684168
06/30/91 0.680036
07/31/91 0.68732
08/31/91 0.705411
09/30/91 0.720932
10/31/91 0.730723
11/30/91 0.739259
12/31/91 0.759118
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1049.109 1311.49 1732.290
Account Value $1,086.89 $1,358.73 $1,794.68
Surrender Value $1,086.89 $1,358.73 $1,794.68
Total Return 8.69% 35.87% 79.47%
Annualized Return 6.32% 7.26%
</TABLE>
<PAGE> 265
<TABLE>
<S> <C>
01/31/92 0.740781
02/29/92 0.741702
03/31/92 0.734369
04/30/92 0.736654
05/31/92 0.753483
06/30/92 0.770901
07/31/92 0.793118
08/31/92 0.7996
09/30/92 0.796458
10/31/92 0.789859
11/30/92 0.784647
12/31/92 0.795784
01/31/93 0.811446
02/28/93 0.832234
03/31/93 0.832507
04/30/93 0.835738
05/31/93 0.836082
06/30/93 0.848709
07/31/93 0.861389
08/31/93 0.874757
09/30/93 0.870692
10/31/93 0.878978
11/30/93 0.866169
12/31/93 0.881701
01/31/94 0.898662
02/28/94 0.869977
03/31/94 0.843589
04/30/94 0.83625
05/31/94 0.831185
06/30/94 0.826156
07/31/94 0.830382
08/31/94 0.831469
09/30/94 0.831058
10/31/94 0.840627
11/30/94 0.834834
12/31/94 0.833657
01/31/95 0.837824
02/28/95 0.853163
03/31/95 0.867224
04/30/95 0.883729
05/31/95 0.905779
06/30/95 0.908553
07/31/95 0.911307
08/31/95 0.904417
09/30/95 0.918441
10/31/95 0.933206
11/30/95 0.938363
12/31/95 0.952349
01/31/96 0.946215
02/29/96 0.940976
03/31/96 0.943212
04/30/96 0.948083
05/31/96 0.952071
06/30/96 0.96325
07/31/96 0.9663
08/31/96 0.978321
09/30/96 0.990316
10/31/96 1.010294
11/30/96 1.034784
12/31/96 1.036017
</TABLE>
<TABLE>
<CAPTION>
Templeton Asset Alloca - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.426245
09/30/88 0.429018
10/31/88 0.442 08/31/88 0.426245 1000 2346.067 0.090%
11/30/88 0.439228 12/31/88 0.437309 -0.30473 -0.697 0.090%
12/31/88 0.437309 06/30/89 0.454686 -0.47071 -1.035 0.090%
01/31/89 0.448985 12/31/89 0.492306 -0.49952 -1.015 0.090%
02/28/89 0.443677 06/30/90 0.502328 -0.52442 -1.044 0.090%
03/31/89 0.448132 12/31/90 0.45029 -0.50204 -1.115 0.090%
04/30/89 0.45771 06/30/91 0.492344 -0.49654 -1.009 0.090%
05/31/89 0.457462 09/30/91 0.536436 0.090%
06/30/89 0.454686 12/31/91 0.571541 1000 1749.655 -0.56017 -0.980 0.090%
07/31/89 0.479089 06/30/92 0.610578 -0.46537 -0.762 -0.62217 -1.019 0.090%
08/31/89 0.48309 12/31/92 0.613677 -0.48175 -0.785 -0.64406 -1.050 0.090%
09/30/89 0.480738 06/30/93 0.677041 -0.50767 -0.750 -0.67872 -1.002 0.090%
10/31/89 0.46437 12/31/93 0.769348 -0.56866 -0.739 -0.76025 -0.988 0.090%
11/30/89 0.472195 06/30/94 0.731493 -0.58981 -0.806 -0.78854 -1.078 0.090%
12/31/89 0.492306 12/31/94 0.742065 -0.57883 -0.780 -0.77385 -1.043 0.090%
</TABLE>
<PAGE> 266
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/31/90 0.479759 06/30/95 0.828224 -0.61655 -0.744 -0.82428 -0.995 0.090%
02/28/90 0.480384 09/30/95 0.878724 0.000 0.090%
03/31/90 0.487033 12/31/95 0.903955 1000 1106.250 -0.67982 -0.752 -0.90887 -1.005 0.090%
04/30/90 0.469879 03/31/96 0.942091 0.090%
05/31/90 0.498668 06/30/96 0.975252 -0.46775 -0.480 -0.73720 -0.756 -0.98559 -1.011 0.090%
06/30/90 0.502328 09/30/96 0.990997 0.090%
07/31/90 0.509422 12/31/96 1.068037 -0.50837 -0.476 -0.80123 -0.750 -1.07119 -1.003 0.090%
08/31/90 0.471958
09/30/90 0.433689
10/31/90 0.429565
11/30/90 0.44188
12/31/90 0.45029
01/31/91 0.471635
02/28/91 0.501611
03/31/91 0.495317
04/30/91 0.500836
05/31/91 0.514375
06/30/91 0.492344
07/31/91 0.520527
08/31/91 0.532266
09/30/91 0.536436
10/31/91 0.540157
11/30/91 0.52659
12/31/91 0.571541
01/31/92 0.5664
02/29/92 0.581578
03/31/92 0.574238
04/30/92 0.588368
05/31/92 0.612662
06/30/92 0.610578
07/31/92 0.617552
08/31/92 0.609905
09/30/92 0.607327
10/31/92 0.602474
11/30/92 0.606704
12/31/92 0.613677
01/31/93 0.62155
02/28/93 0.635839
03/31/93 0.648643
04/30/93 0.660928
05/31/93 0.671821
06/30/93 0.677041
07/31/93 0.687429
08/31/93 0.719671
09/30/93 0.719784
10/31/93 0.743629
11/30/93 0.728813
12/31/93 0.769348
01/31/94 0.806129
02/28/94 0.775557
03/31/94 0.74352
04/30/94 0.747445
05/31/94 0.752268
06/30/94 0.731493
07/31/94 0.760545
08/31/94 0.781461
09/30/94 0.764968
10/31/94 0.772627
11/30/94 0.747636
12/31/94 0.742065
01/31/95 0.733637
02/28/95 0.749843
03/31/95 0.761097
04/30/95 0.785463
05/31/95 0.814102
06/30/95 0.828224
07/31/95 0.858778
08/31/95 0.851089
09/30/95 0.878724
10/31/95 0.860862
11/30/95 0.886998
12/31/95 0.903955
01/31/96 0.926616
02/29/96 0.933885
03/31/96 0.942091
04/30/96 0.964496
05/31/96 0.977226
06/30/96 0.975252
07/31/96 0.949316
08/31/96 0.972205
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1105.294 1742.031 2328.978
Account Value $1,180.49 $1,860.55 $2,487.43
Surrender Value $1,180.49 $1,860.55 $2,487.43
Total Return 18.05% 86.06% 148.74%
Annualized Return 13.22% 11.55%
</TABLE>
<PAGE> 267
<TABLE>
<CAPTION>
<S> <C>
09/30/96 0.990997
10/31/96 1.002657
11/30/96 1.061499
12/31/96 1.068037
</TABLE>
<TABLE>
<CAPTION>
Templeton Stock - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.395679
09/30/88 0.397857
10/31/88 0.409908 08/31/88 0.395679 1000 2527.299 0.090%
11/30/88 0.40457 12/31/88 0.405555 -0.30458 -0.751 0.090%
12/31/88 0.405555 06/30/89 0.425623 -0.47250 -1.110 0.090%
01/31/89 0.424287 12/31/89 0.462106 -0.50443 -1.092 0.090%
02/28/89 0.416597 06/30/90 0.470916 -0.52994 -1.125 0.090%
01/08/00 0.424285 12/31/90 0.408757 -0.49941 -1.222 0.090%
04/30/89 0.433962 06/30/91 0.447218 -0.48572 -1.086 0.090%
05/31/89 0.432542 09/30/91 0.484451 0.090%
06/30/89 0.425623 12/31/91 0.517923 1000 1930.789 -0.54743 -1.057 0.090%
07/31/89 0.453399 06/30/92 0.547088 -0.46267 -0.846 -0.60383 -1.104 0.090%
08/31/89 0.464596 12/31/92 0.551249 -0.47694 -0.865 -0.62245 -1.129 0.090%
09/30/89 0.463193 06/30/93 0.619686 -0.50824 -0.820 -0.66329 -1.070 0.090%
10/31/89 0.396812 12/31/93 0.734227 -0.58741 -0.800 -0.76662 -1.044 0.090%
11/30/89 0.443046 06/30/94 0.709998 -0.62633 -0.882 -0.81742 -1.151 0.090%
12/31/89 0.462106 12/31/94 0.713753 -0.61717 -0.865 -0.80546 -1.128 0.090%
01/31/90 0.444953 06/30/95 0.812133 -0.66114 -0.814 -0.86285 -1.062 0.090%
02/28/90 0.447498 09/30/95 0.86602 0.000 0.090%
03/31/90 0.45522 12/31/95 0.888596 1000 1125.371 -0.73659 -0.829 -0.96132 -1.082 0.090%
04/30/90 0.437795 03/31/96 0.939057 0.090%
05/31/90 0.47074 06/30/96 0.979386 -0.47299 -0.483 -0.80868 -0.826 -1.05540 -1.078 0.090%
06/30/90 0.470916 09/30/96 0.992067 0.090%
07/31/90 0.477854 12/31/96 1.081047 -0.52150 -0.482 -0.89161 -0.825 -1.16363 -1.076 0.090%
08/31/90 0.436512
09/30/90 0.396428
10/31/90 0.39103
11/30/90 0.40279
12/31/90 0.408757
01/31/91 0.431434
02/28/91 0.460277
03/31/91 0.456894
04/30/91 0.457055
05/31/91 0.471532
06/30/91 0.447218
07/31/91 0.475141
08/31/91 0.480618
09/30/91 0.484451
10/31/91 0.490319
11/30/91 0.476641
12/31/91 0.517923
01/31/92 0.519284
02/29/92 0.535683
03/31/92 0.524432
04/30/92 0.541489
05/31/92 0.560966
06/30/92 0.547088
07/31/92 0.548115
08/31/92 0.536219
09/30/92 0.536369
10/31/92 0.531153
11/30/92 0.540373
12/31/92 0.551249
01/31/93 0.558403
02/28/93 0.570971
03/31/93 0.589074
04/30/93 0.598032
05/31/93 0.616662
06/30/93 0.619686
07/31/93 0.62862
08/31/93 0.669415
09/30/93 0.67412
10/31/93 0.702302
11/30/93 0.684316
12/31/93 0.734227
01/31/94 0.774464
02/28/94 0.746475
03/31/94 0.711489
04/30/94 0.722154
05/31/94 0.731495
06/30/94 0.709998
07/31/94 0.74557
08/31/94 0.772192
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1124.406 1922.417 2508.932
Account Value $1,215.54 $2,078.22 $2,712.27
Surrender Value $1,215.54 $2,078.22 $2,712.27
Total Return 21.55% 107.82% 171.23%
Annualized Return 15.75% 12.71%
</TABLE>
<PAGE> 268
<TABLE>
<CAPTION>
<S> <C>
09/30/94 0.748176
10/31/94 0.755387
11/30/94 0.722969
12/31/94 0.713753
01/31/95 0.704533
02/28/95 0.725472
03/31/95 0.737954
04/30/95 0.765872
05/31/95 0.794132
06/30/95 0.812133
07/31/95 0.851912
08/31/95 0.842504
09/30/95 0.86602
10/31/95 0.845921
11/30/95 0.86555
12/31/95 0.888596
01/31/96 0.905586
02/29/96 0.92003
03/31/96 0.939057
04/30/96 0.95898
05/31/96 0.972721
06/30/96 0.979386
07/31/96 0.937147
08/31/96 0.969364
09/30/96 0.992067
10/31/96 1.006446
11/30/96 1.059392
12/31/96 1.081047
</TABLE>
<TABLE>
<CAPTION>
MFS Total Return - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.74925
06/30/94 0.737821
07/31/94 0.751782 06/20/94 0.74925 1000 1334.668 0.090%
08/31/94 0.764175 06/30/94 0.737821 -0.02447 -0.033 0.090%
09/30/94 0.752508 12/31/94 0.735554 -0.44244 -0.602 0.090%
10/31/94 0.75062 06/30/95 0.828176 -0.46937 -0.567 0.090%
11/30/94 0.729194 09/30/95 0.870535 0.090%
12/31/94 0.735554 12/31/95 0.918985 1000 1088.157 -0.52420 -0.570 0.090%
01/31/95 0.745736 03/31/96 0.946123 0.090%
02/28/95 0.765767 06/30/96 0.961639 -0.46044 -0.479 -0.56400 -0.587 0.090%
03/31/95 0.779652 09/30/96 0.985523 0.090%
04/30/95 0.795877 12/31/96 1.04602 -0.49133 -0.470 -0.60184 -0.575 0.090%
05/31/95 0.822565
06/30/95 0.828176
07/31/95 0.839798
08/31/95 0.848382
09/30/95 0.870535
10/31/95 0.866316
11/30/95 0.898146
12/31/95 0.918985
01/31/96 0.936203
02/29/96 0.934229
03/31/96 0.946123
04/30/96 0.949472
05/31/96 0.955148
06/30/96 0.961639
07/31/96 0.941872
08/31/96 0.955252
09/30/96 0.985523
10/31/96 1.009029
11/30/96 1.056803
12/31/96 1.046020
</TABLE>
<TABLE>
<CAPTION>
Putnam Diversified - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.803501
06/30/94 0.804173
07/31/94 0.809411 06/20/94 0.803501 1000 1244.554 0.090%
08/31/94 0.813788 06/30/94 0.804173 -0.02467 -0.031 0.090%
09/30/94 0.816595 12/31/94 0.812784 -0.45278 -0.557 0.090%
10/31/94 0.816983 06/30/95 0.890917 -0.47685 -0.535 0.090%
11/30/94 0.812574 09/30/95 0.908097 0.090%
12/31/94 0.812784 12/31/95 0.948387 1000 1054.422 -0.51459 -0.543 0.090%
01/31/95 0.820436 03/31/96 0.944451 0.090%
02/28/95 0.8362 06/30/96 0.953094 -0.45112 -0.473 -0.53175 -0.558 0.090%
03/31/95 0.851907 09/30/96 0.98926 0.090%
04/30/95 0.862002 12/31/96 1.020319 -0.46797 -0.459 -0.55162 -0.541 0.090%
05/31/95 0.888133
06/30/95 0.890917
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1087.208 1331.734
Account Value $1,137.24 $1,393.02
Surrender Value $1,137.24 $1,393.02
Total Return 13.72% 39.30%
Annualized Return 13.97%
</TABLE>
<PAGE> 269
<TABLE>
<CAPTION>
<S> <C>
07/31/95 0.897712
08/31/95 0.899676
09/30/95 0.908097
10/31/95 0.921288
11/30/95 0.932873
12/31/95 0.948387
01/31/96 0.958785
02/29/96 0.948262
03/31/96 0.944451
04/30/96 0.948148
05/31/96 0.949342
06/30/96 0.953094
07/31/96 0.960948
08/31/96 0.965495
09/30/96 0.98926
10/31/96 1.002133
11/30/96 1.020019
12/31/96 1.020319
</TABLE>
<TABLE>
<CAPTION>
AO Long Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.818017
05/31/93 0.81841
06/30/93 0.837464 05/01/93 0.818017 1000 1222.469 0.090%
07/31/93 0.844317 06/30/93 0.837464 -0.14970 -0.179 0.090%
08/31/93 0.873724 12/31/93 0.891207 -0.47541 -0.533 0.090%
09/30/93 0.88378 06/30/94 0.832046 -0.47371 -0.569 0.090%
10/31/93 0.900241 12/31/94 0.834873 -0.45801 -0.549 0.090%
11/30/93 0.890131 06/30/95 0.947031 -0.48939 -0.517 0.090%
12/31/93 0.891207 09/30/95 0.966028 0.090%
01/31/94 0.90053 12/31/95 1.016225 1000 984.034 -0.53897 -0.530 0.090%
02/28/94 0.879428 03/31/96 0.967546 0.090%
03/31/94 0.856567 06/30/96 0.967997 -0.43932 -0.454 -0.54449 -0.562 0.090%
04/30/94 0.837206 09/30/96 0.984757 0.090%
05/31/94 0.835899 12/31/96 1.023303 -0.44069 -0.431 -0.54618 -0.534 0.090%
06/30/94 0.832046
07/31/94 0.851577
08/31/94 0.848525
09/30/94 0.831591
10/31/94 0.826822
11/30/94 0.825544
12/31/94 0.834873
01/31/95 0.853188
02/28/95 0.875931
03/31/95 0.883489
04/30/95 0.896424
05/31/95 0.937721
06/30/95 0.947031
07/31/95 0.939445
08/31/95 0.953178
09/30/95 0.966028
10/31/95 0.983257
11/30/95 0.99961
12/31/95 1.016225
01/31/96 1.017685
02/29/96 0.981518
03/31/96 0.967546
04/30/96 0.957379
05/31/96 0.953038
06/30/96 0.967997
07/31/96 0.969396
08/31/96 0.961223
09/30/96 0.984757
10/31/96 1.015948
11/30/96 1.041383
12/31/96 1.023303
</TABLE>
<TABLE>
<CAPTION>
AO Core Equity - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.640824
05/31/93 0.641133
06/30/93 0.63773 05/01/93 0.640824 1000 1560.490 0.090%
07/31/93 0.642444 06/30/93 0.63773 -0.14759 -0.231 0.090%
08/31/93 0.656559 12/31/93 0.651578 -0.45262 -0.695 0.090%
09/30/93 0.651838 06/30/94 0.636441 -0.45197 -0.710 0.090%
10/31/93 0.657782 12/31/94 0.641121 -0.44809 -0.699 0.090%
11/30/93 0.647376 06/30/95 0.764392 -0.49275 -0.645 0.090%
12/31/93 0.651578 09/30/95 0.831798 0.090%
01/31/94 0.67648 12/31/95 0.883059 1000 1132.428 -0.57733 -0.654 0.090%
02/28/94 0.664822 03/31/96 0.935662 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1053.49 1241.789
Account Value $1,074.90 $1,267.02
Surrender Value $1,074.90 $1,267.02
Total Return 7.49% 26.70%
Annualized Return 9.79%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 983.149 1218.496
Account Value $1,006.06 $1,246.89
Surrender Value $1,006.06 $1,246.89
Total Return 0.61% 24.69%
Annualized Return 6.19%
</TABLE>
<PAGE> 270
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/94 0.635504 06/30/96 0.956081 -0.46861 -0.490 -0.64424 -0.674 0.090%
04/30/94 0.645909 09/30/96 0.981655 0.090%
05/31/94 0.653119 12/31/96 1.080928 -0.51880 -0.480 -0.71324 -0.660 0.090%
06/30/94 0.636441
07/31/94 0.656882
08/31/94 0.68103
09/30/94 0.655571
10/31/94 0.661515
11/30/94 0.638601
12/31/94 0.641121
01/31/95 0.650978
02/28/95 0.677418
03/31/95 0.694889
04/30/95 0.718742
05/31/95 0.747605
06/30/95 0.764392
07/31/95 0.793226
08/31/95 0.797912
09/30/95 0.831798
10/31/95 0.826916
11/30/95 0.863891
12/31/95 0.883059
01/31/96 0.913382
02/29/96 0.926836
03/31/96 0.935662
04/30/96 0.943118
05/31/96 0.961149
06/30/96 0.956081
07/31/96 0.913948
08/31/96 0.937921
09/30/96 0.981655
10/31/96 1.024673
11/30/96 1.103942
12/31/96 1.080928
</TABLE>
<TABLE>
<CAPTION>
AO Emerging Opps - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.592544
05/31/93 0.591441
06/30/93 0.575085 05/01/93 0.592544 1000 1687.640 0.090%
07/31/93 0.557738 06/30/93 0.575085 -0.14577 -0.253 0.090%
08/31/93 0.576851 12/31/93 0.642013 -0.46209 -0.720 0.090%
09/30/93 0.598906 06/30/94 0.604983 -0.47323 -0.782 0.090%
10/31/93 0.63387 12/31/94 0.699907 -0.49498 -0.707 0.090%
11/30/93 0.606496 06/30/95 0.848255 -0.58701 -0.692 0.090%
12/31/93 0.642013 09/30/95 0.944723 0.090%
01/31/94 0.6628 12/31/95 0.920069 1000 1086.875 -0.67021 -0.728 0.090%
02/28/94 0.663661 03/31/96 0.946892 0.090%
03/31/94 0.643982 06/30/96 0.976618 -0.46383 -0.475 -0.71855 -0.736 0.090%
04/30/94 0.660083 09/30/96 1.003775 0.090%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/94 0.636894 12/31/96 0.885807 -0.45525 -0.514 -0.70526 -0.796 0.090%
06/30/94 0.604983
07/31/94 0.600011
08/31/94 0.661066
09/30/94 0.674765
10/31/94 0.698948
11/30/94 0.690431
12/31/94 0.699907
01/31/95 0.686048
02/28/95 0.718815
03/31/95 0.728484
04/30/95 0.741131
05/31/95 0.761965
06/30/95 0.848255
07/31/95 0.909116
08/31/95 0.918084
09/30/95 0.944723
10/31/95 0.905373
11/30/95 0.945479
12/31/95 0.920069
01/31/96 0.879231
02/29/96 0.92776
03/31/96 0.946892
04/30/96 1.017926
05/31/96 1.054687
06/30/96 0.976618
07/31/96 0.888782
08/31/96 0.970114
09/30/96 1.003775
10/31/96 0.927684
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1131.458 1555.522
Account Value $1,223.02 $1,681.41
Surrender Value $1,223.02 $1,681.41
Total Return 22.30% 68.14%
Annualized Return 15.20%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1085.886 1682.226
Account Value $961.89 $1,490.13
Surrender Value $961.89 $1,490.13
Total Return -3.81% 49.01%
Annualized Return 11.48%
</TABLE>
<PAGE> 271
<TABLE>
<CAPTION>
<S> <C>
11/30/96 0.910183
12/31/96 0.885807
</TABLE>
<TABLE>
<CAPTION>
AO International Equity - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.695383
05/31/93 0.689891
06/30/93 0.677824 05/01/93 0.695383 1000 1438.056 0.090%
07/31/93 0.673349 06/30/93 0.677824 -0.14608 -0.216 0.090%
08/31/93 0.706092 12/31/93 0.824364 -0.48598 -0.590 0.090%
09/30/93 0.703675 06/30/94 0.76219 -0.51306 -0.673 0.090%
10/31/93 0.748799 12/31/94 0.76223 -0.49274 -0.646 0.090%
11/30/93 0.72773 06/30/95 0.829184 -0.51416 -0.620 0.090%
12/31/93 0.824364 09/30/95 0.892147 0.090%
01/31/94 0.849399 12/31/95 0.901646 1000 1109.082 -0.55896 -0.620 0.090%
02/28/94 0.815979 03/31/96 0.951339 0.090%
03/31/94 0.770893 06/30/96 0.972603 -0.46771 -0.481 -0.60502 -0.622 0.090%
04/30/94 0.788389 09/30/96 0.995868 0.090%
05/31/94 0.783848 12/31/96 1.092311 -0.51506 -0.472 -0.66628 -0.610 0.090%
06/30/94 0.76219
07/31/94 0.786516
08/31/94 0.823792
09/30/94 0.793922
10/31/94 0.810637
11/30/94 0.77533
12/31/94 0.76223
01/31/95 0.732087
02/28/95 0.746611
03/31/95 0.769579
04/30/95 0.798924
05/31/95 0.828179
06/30/95 0.829184
07/31/95 0.88102
08/31/95 0.867874
09/30/95 0.892147
10/31/95 0.868409
11/30/95 0.88419
12/31/95 0.901646
01/31/96 0.930945
02/29/96 0.938309
03/31/96 0.951339
04/30/96 0.972841
05/31/96 0.974471
06/30/96 0.972603
07/31/96 0.932386
08/31/96 0.97442
09/30/96 0.995868
10/31/96 1.007385
11/30/96 1.070556
12/31/96 1.092311
</TABLE>
<TABLE>
<CAPTION>
AO Intermediate Bond - Unit Values Dollars Units Dollars Units S/A Fee
05/01/93 0.858203
05/31/93 0.858615
06/30/93 0.870249 05/01/93 0.858203 1000 1165.226 0.090%
07/31/93 0.872385 06/30/93 0.870249 -0.14898 -0.171 0.090%
08/31/93 0.886459 12/31/93 0.891907 -0.46193 -0.518 0.090%
09/30/93 0.892005 06/30/94 0.860754 -0.45923 -0.534 0.090%
10/31/93 0.894976 12/31/94 0.861332 -0.45102 -0.524 0.090%
11/30/93 0.888539 06/30/95 0.938336 -0.47112 -0.502 0.090%
12/31/93 0.891907 09/30/95 0.950325 0.090%
01/31/94 0.899303 12/31/95 0.984773 1000 1015.463 -0.50322 -0.511 0.090%
02/28/94 0.886756 03/31/96 0.976661 0.090%
03/31/94 0.871571 06/30/96 0.978975 -0.44868 -0.458 -0.51363 -0.525 0.090%
04/30/94 0.863363 09/30/96 0.993563 0.090%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/94 0.862042 12/31/96 1.017358 -0.45591 -0.448 -0.52191 -0.513 0.090%
06/30/94 0.860754
07/31/94 0.870721
08/31/94 0.873704
09/30/94 0.863769
10/31/94 0.862465
11/30/94 0.858589
12/31/94 0.861332
01/31/95 0.87346
02/28/95 0.889173
03/31/95 0.894089
04/30/95 0.906202
05/31/95 0.93254
06/30/95 0.938336
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1108.129 1433.459
Account Value $1,210.42 $1,565.78
Surrender Value $1,210.42 $1,565.78
Total Return 21.04% 56.58%
Annualized Return 12.99%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1014.557 1161.428
Account Value $1,032.17 $1,181.59
Surrender Value $1,032.17 $1,181.59
Total Return 3.22% 18.16%
Annualized Return 4.65%
</TABLE>
<PAGE> 272
<TABLE>
<CAPTION>
<S> <C>
07/31/95 0.936963
08/31/95 0.94542
09/30/95 0.950325
10/31/95 0.961421
11/30/95 0.972535
12/31/95 0.984773
01/31/96 0.993722
02/29/96 0.983766
03/31/96 0.976661
04/30/96 0.97235
05/31/96 0.969961
06/30/96 0.978975
07/31/96 0.981281
08/31/96 0.981739
09/30/96 0.993563
10/31/96 1.009068
11/30/96 1.021797
12/31/96 1.017358
</TABLE>
<TABLE>
<CAPTION>
AO Short Term Bond - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.874189
05/31/93 0.874609
06/30/93 0.880378 05/01/93 0.874189 1000 1143.918 0.090%
07/31/93 0.882567 06/30/93 0.880378 -0.14847 -0.169 0.090%
08/31/93 0.888214 12/31/93 0.895657 -0.45705 -0.510 0.090%
09/30/93 0.890394 06/30/94 0.885913 -0.45827 -0.517 0.090%
10/31/93 0.893455 12/31/94 0.88906 -0.45637 -0.513 0.090%
11/30/93 0.892978 06/30/95 0.948715 -0.47230 -0.498 0.090%
12/31/93 0.895657 09/30/95 0.957354 0.090%
01/31/94 0.898774 12/31/95 0.979757 1000 1020.661 -0.49540 -0.506 0.090%
02/28/94 0.891251 03/31/96 0.976374 0.090%
03/31/94 0.889904 06/30/96 0.982559 -0.45064 -0.459 -0.50387 -0.513 0.090%
04/30/94 0.885929 09/30/96 0.995359 0.090%
05/31/94 0.885462 12/31/96 1.010775 -0.45756 -0.453 -0.51160 -0.506 0.090%
06/30/94 0.885913
07/31/94 0.894354
08/31/94 0.897412
09/30/94 0.890767
10/31/94 0.892082
11/30/94 0.887219
12/31/94 0.88906
01/31/95 0.898727
02/28/95 0.911159
03/31/95 0.917111
04/30/95 0.92494
05/31/95 0.943685
06/30/95 0.948715
07/31/95 0.949148
08/31/95 0.953237
09/30/95 0.957354
10/31/95 0.964164
11/30/95 0.972827
12/31/95 0.979757
01/31/96 0.986889
02/29/96 0.979712
03/31/96 0.976374
04/30/96 0.975858
05/31/96 0.975359
06/30/96 0.982559
07/31/96 0.985846
08/31/96 0.985361
09/30/96 0.995359
10/31/96 1.006302
11/30/96 1.016309
12/31/96 1.010775
</TABLE>
<TABLE>
<CAPTION>
Social Awareness - Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 0.580888
05/31/92 0.581782
06/30/92 0.575674 05/01/92 0.580888 1000 1721.501 0.090%
07/31/92 0.597424 06/30/92 0.575674 -0.14728 -0.256 0.090%
08/31/92 0.582043 12/31/92 0.633529 -0.46830 -0.739 0.090%
09/30/92 0.586971 06/30/93 0.657512 -0.49978 -0.760 0.090%
10/31/92 0.595955 12/31/93 0.677054 -0.51640 -0.763 0.090%
11/30/92 0.619388 06/30/94 0.640696 -0.50967 -0.795 0.090%
12/31/92 0.633529 12/31/94 0.655377 -0.50105 -0.765 0.090%
01/31/93 0.639595 06/30/95 0.782859 -0.55576 -0.710 0.090%
02/28/93 0.647695 09/30/95 0.827898 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1019.749 1140.186
Account Value $1,030.74 $1,152.47
Surrender Value $1,030.74 $1,152.47
Total Return 3.07% 15.25%
Annualized Return 3.94%
</TABLE>
<PAGE> 273
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/93 0.661411 12/31/95 0.869054 1000 1150.677 -0.63807 -0.734 0.090%
04/30/93 0.635407 03/31/96 0.919154 0.090%
05/31/93 0.652032 06/30/96 0.944361 -0.46950 -0.497 -0.70015 -0.741 0.090%
06/30/93 0.657512 09/30/96 0.988699 0.090%
07/31/93 0.656021 12/31/96 1.036377 -0.51260 -0.495 -1.16439 -1.124 0.090%
08/31/93 0.68016
09/30/93 0.682161
10/31/93 0.682995
11/30/93 0.672161
12/31/93 0.677054
01/31/94 0.693477
02/28/94 0.675371
03/31/94 0.646425
04/30/94 0.653862
05/31/94 0.657681
06/30/94 0.640696
07/31/94 0.655852
08/31/94 0.685809
09/30/94 0.669429
10/31/94 0.679776
11/30/94 0.652142
12/31/94 0.655377
01/31/95 0.669446
02/28/95 0.69659
03/31/95 0.715736
04/30/95 0.73552
05/31/95 0.760708
06/30/95 0.782859
07/31/95 0.815327
08/31/95 0.810654
09/30/95 0.827898
10/31/95 0.815912
11/30/95 0.862781
12/31/95 0.869054
01/31/96 0.897873
02/29/96 0.91389
03/31/96 0.919154
04/30/96 0.930079
05/31/96 0.954288
06/30/96 0.944361
07/31/96 0.909064
08/31/96 0.930732
09/30/96 0.988699
10/31/96 0.999015
11/30/96 1.067698
12/31/96 1.036377
</TABLE>
<TABLE>
<CAPTION>
SB High Income - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 0.790802
06/30/94 0.791488
07/31/94 0.793481 06/22/94 0.790802 1000 1264.540 0.090%
08/31/94 0.798576 06/30/94 0.791488 -0.01973 -0.025 0.090%
09/30/94 0.798184 12/31/94 0.783322 -0.44806 -0.572 0.090%
10/31/94 0.793835 06/30/95 0.861255 -0.46770 -0.543 0.090%
11/30/94 0.777684 09/30/95 0.888832 0.090%
12/31/94 0.783322 12/31/95 0.9272 1000 1078.516 -0.50840 -0.548 0.090%
01/31/95 0.787736 03/31/96 0.947502 0.090%
02/28/95 0.814726 06/30/96 0.959435 -0.45782 -0.477 -0.53607 -0.559 0.090%
03/31/95 0.822352 09/30/96 1.001308 0.090%
04/30/95 0.842868 12/31/96 1.042849 -0.48567 -0.466 -0.56868 -0.545 0.090%
05/31/95 0.859274
06/30/95 0.861255
07/31/95 0.876865
08/31/95 0.87883
09/30/95 0.888832
10/31/95 0.901987
11/30/95 0.910349
12/31/95 0.9272
01/31/96 0.945918
02/29/96 0.953804
03/31/96 0.947502
04/30/96 0.952853
05/31/96 0.961544
06/30/96 0.959435
07/31/96 0.96308
08/31/96 0.972691
09/30/96 1.001308
10/31/96 1.004767
11/30/96 1.027808
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1149.685 1714.114
Account Value $1,191.51 $1,776.47
Surrender Value $1,191.51 $1,776.47
Total Return 19.15% 77.65%
Annualized Return 13.09%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1077.573 1261.748
Account Value $1,123.75 $1,315.81
Surrender Value $1,123.75 $1,315.81
Total Return 12.37% 31.58%
Annualized Return 11.46%
</TABLE>
<PAGE> 274
<TABLE>
<CAPTION>
<S> <C>
12/31/96 1.042849
</TABLE>
<TABLE>
<CAPTION>
SB International - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.82143
06/30/94 0.843471
07/31/94 0.835684 06/20/94 0.82143 1000 1217.389 0.090%
08/31/94 0.863131 06/30/94 0.843471 -0.02499 -0.030 0.090%
09/30/94 0.84138 12/31/94 0.786788 -0.44654 -0.568 0.090%
10/31/94 0.864723 06/30/95 0.835891 -0.44425 -0.531 0.090%
11/30/94 0.814309 09/30/95 0.86888 0.090%
12/31/94 0.786788 12/31/95 0.87027 1000 1149.069 -0.46691 -0.537 0.090%
01/31/95 0.749546 03/31/96 0.943782 0.090%
02/28/95 0.751672 06/30/96 0.985435 -0.47977 -0.487 -0.50761 -0.515 0.090%
03/31/95 0.757014 09/30/96 0.994453 0.090%
04/30/95 0.785273 12/31/96 1.018254 -0.51782 -0.509 -0.54785 -0.538 0.090%
05/31/95 0.819154
06/30/95 0.835891
07/31/95 0.886885
08/31/95 0.852982
09/30/95 0.86888
10/31/95 0.853755
11/30/95 0.842748
12/31/95 0.87027
01/31/96 0.909685
02/29/96 0.914928
03/31/96 0.943782
04/30/96 0.965247
05/31/96 0.991581
06/30/96 0.985435
07/31/96 0.945104
08/31/96 0.977914
09/30/96 0.994453
10/31/96 0.988204
11/30/96 1.016933
12/31/96 1.018254
</TABLE>
<TABLE>
<CAPTION>
SB Income & Growth - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.683301
06/30/94 0.674316
07/31/94 0.685594 06/20/94 0.683301 1000 1463.484 0.090%
08/31/94 0.700224 06/30/94 0.674316 -0.02450 -0.036 0.090%
09/30/94 0.692383 12/31/94 0.672678 -0.44353 -0.659 0.090%
10/31/94 0.690666 06/30/95 0.780496 -0.47828 -0.613 0.090%
11/30/94 0.667854 09/30/95 0.837916 0.090%
12/31/94 0.672678 12/31/95 0.889754 1000 1123.906 -0.54949 -0.618 0.090%
01/31/95 0.687375 03/31/96 0.939514 0.090%
02/28/95 0.710986 06/30/96 0.966385 -0.46938 -0.486 -0.61039 -0.632 0.090%
03/31/95 0.729064 09/30/96 0.996572 0.090%
04/30/95 0.745806 12/31/96 1.059355 -0.51205 -0.483 -0.66588 -0.629 0.090%
05/31/95 0.772026
06/30/95 0.780496
07/31/95 0.802609
08/31/95 0.815142
09/30/95 0.837916
10/31/95 0.825212
11/30/95 0.878521
12/31/95 0.889754
01/31/96 0.912755
02/29/96 0.917145
03/31/96 0.939514
04/30/96 0.941086
05/31/96 0.955097
06/30/96 0.966385
07/31/96 0.927932
08/31/96 0.95504
09/30/96 0.996572
10/31/96 1.021533
11/30/96 1.076106
12/31/96 1.059355
</TABLE>
<TABLE>
<CAPTION>
SB Money Market - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.907477
06/30/94 0.908172
07/31/94 0.910279 06/20/94 0.907477 1000 1101.956 0.090%
08/31/94 0.912961 06/30/94 0.908172 -0.02467 -0.027 0.090%
09/30/94 0.915559 12/31/94 0.924495 -0.45438 -0.491 0.090%
10/31/94 0.918247 06/30/95 0.946651 -0.46371 -0.490 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1148.073 1214.67
Account Value $1,169.03 $1,236.84
Surrender Value $1,169.03 $1,236.84
Total Return 16.90% 23.68%
Annualized Return 8.75%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1122.937 1460.297
Account Value $1,189.59 $1,546.97
Surrender Value $1,189.59 $1,546.97
Total Return 18.96% 54.70%
Annualized Return 18.79%
</TABLE>
<PAGE> 275
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/94 0.92118 09/30/95 0.957691 0.090%
12/31/94 0.924495 12/31/95 0.968676 1000 1032.337 -0.47445 -0.490 0.090%
01/31/95 0.928116 03/31/96 0.978992 0.090%
02/28/95 0.931476 06/30/96 0.989094 -0.45474 -0.460 -0.48475 -0.490 0.090%
03/31/95 0.935271 09/30/96 0.999883 0.090%
04/30/95 0.938749 12/31/96 1.010605 -0.46427 -0.459 -0.49491 -0.490 0.090%
05/31/95 0.94289
06/30/95 0.946651
07/31/95 0.950466
08/31/95 0.954203
09/30/95 0.957691
10/31/95 0.961538
11/30/95 0.965182
12/31/95 0.968676
01/31/96 0.972427
02/29/96 0.975674
03/31/96 0.978992
04/30/96 0.982529
05/31/96 0.985967
06/30/96 0.989094
07/31/96 0.992848
08/31/96 0.996296
09/30/96 0.999883
10/31/96 1.003491
11/30/96 1.006870
12/31/96 1.010605
</TABLE>
<TABLE>
<CAPTION>
SB Utilities - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 0.745068
02/28/94 0.74552
03/31/94 0.7444 02/04/94 0.745068 1000 1342.160 0.090%
04/30/94 0.751487 06/30/94 0.735106 -0.35759 -0.486 0.090%
05/31/94 0.748859 12/31/94 0.753592 -0.44940 -0.596 0.090%
06/30/94 0.735106 06/30/95 0.839134 -0.48059 -0.573 0.090%
07/31/94 0.758532 09/30/95 0.895293 0.090%
08/31/94 0.764806 12/31/95 0.968528 1000 1032.495 -0.54522 -0.563 0.090%
09/30/94 0.747352 03/31/96 0.967265 0.090%
10/31/94 0.753644 06/30/96 1.010264 -0.45970 -0.455 -0.59658 -0.591 0.090%
11/30/94 0.748083 09/30/96 0.981448 0.090%
12/31/94 0.753592 12/31/96 1.03463 -0.47484 -0.459 -0.61624 -0.596 0.090%
01/31/95 0.788162
02/28/95 0.795344
03/31/95 0.790407
04/30/95 0.805179
05/31/95 0.84106
06/30/95 0.839134
07/31/95 0.84702
08/31/95 0.857196
09/30/95 0.895293
10/31/95 0.910669
11/30/95 0.932026
12/31/95 0.968528
01/31/96 0.986985
02/29/96 0.965402
03/31/96 0.967265
04/30/96 0.951155
05/31/96 0.96315
06/30/96 1.010264
07/31/96 0.963733
08/31/96 0.974939
09/30/96 0.981448
10/31/96 1.016722
11/30/96 1.034200
12/31/96 1.034630
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/07/83 0.307725
06/30/83 0.314625
07/31/83 0.307145 12/31/85 0.325502
08/31/83 0.297659 06/30/86 0.394801
09/30/83 0.30853 09/30/86 0.369205 0.090%
10/31/83 0.28372 12/31/86 0.385185 1000 2596.153 0.090%
11/30/83 0.2988 06/30/87 0.467995 -0.49837 -1.065 0.090%
12/31/83 0.290744 12/31/87 0.391086 -0.50161 -1.283 0.090%
01/31/84 0.276825 06/30/88 0.419133 -0.47285 -1.128 0.090%
02/28/84 0.252513 12/31/88 0.424633 -0.49221 -1.159 0.090%
03/31/84 0.257902 06/30/89 0.4837 -0.52964 -1.095 0.090%
04/30/84 0.250118 12/31/89 0.536629 -0.59469 -1.108 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1031.418 1099.478
Account Value $1,042.36 $1,111.14
Surrender Value $1,042.36 $1,111.14
Total Return 4.24% 11.11%
Annualized Return 4.25%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1031.581 1338.755
Account Value $1,067.30 $1,385.12
Surrender Value $1,067.30 $1,385.12
Total Return 6.73% 38.51%
Annualized Return 11.86%
</TABLE>
<PAGE> 276
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/84 0.23195 06/30/90 0.553061 -0.63485 -1.148 0.090%
06/30/84 0.231233 12/31/90 0.544167 -0.63896 -1.174 0.090%
07/31/84 0.225912 06/30/91 0.585622 -0.65762 -1.123 0.090%
08/31/84 0.253284 09/30/91 0.620123 0.090%
09/30/84 0.251947 12/31/91 0.661727 1000 1511.197 -0.72573 -1.097 0.090%
10/31/84 0.254556 06/30/92 0.655975 -0.44804 -0.683 -0.76634 -1.168 0.090%
11/30/84 0.250771 12/31/92 0.691477 -0.45795 -0.662 -0.78329 -1.133 0.090%
12/31/84 0.258263 06/30/93 0.727448 -0.48203 -0.663 -0.82448 -1.133 0.090%
01/31/85 0.268513 12/31/93 0.751726 -0.50228 -0.668 -0.85911 -1.143 0.090%
02/28/85 0.267134 06/30/94 0.717139 -0.49856 -0.695 -0.85274 -1.189 0.090%
03/31/85 0.267321 12/31/94 0.730325 -0.49107 -0.672 -0.83993 -1.150 0.090%
04/30/85 0.26718 06/30/95 0.840734 -0.53276 -0.634 -0.91124 -1.084 0.090%
05/31/85 0.285868 09/30/95 0.884803 0.090%
06/30/85 0.29044 12/31/95 0.922777 1000 1083.685 -0.59777 -0.648 -1.02244 -1.108 0.090%
07/31/85 0.290284 03/31/96 0.938216 0.090%
08/31/85 0.291707 06/30/96 0.963857 -0.46002 -0.477 -0.63923 -0.663 -1.09335 -1.134 0.090%
09/30/85 0.283729 09/30/96 0.984623 0.090%
10/31/85 0.294847 12/31/96 1.043592 -0.48926 -0.469 -0.67987 -0.651 -1.16285 -1.114 0.090%
11/30/85 0.311606
12/31/85 0.325502
01/31/86 0.331534
02/28/86 0.354858
03/31/86 0.373901
04/30/86 0.368176
05/31/86 0.381988
06/30/86 0.394801
07/31/86 0.380954
08/31/86 0.400264
09/30/86 0.369205
10/31/86 0.385564
11/30/86 0.390929
12/31/86 0.385185
01/31/87 0.42307
02/28/87 0.444161
03/31/87 0.456143
04/30/87 0.454175
05/31/87 0.454642
06/30/87 0.467995
07/31/87 0.485153
08/31/87 0.501954
09/30/87 0.489548
10/31/87 0.393052
11/30/87 0.371974
12/31/87 0.391086
01/31/88 0.401191
02/29/88 0.412852
03/31/88 0.404341
04/30/88 0.404543
05/31/88 0.400777
06/30/88 0.419133
07/31/88 0.414989
08/31/88 0.400964
09/30/88 0.412982
10/31/88 0.421832
11/30/88 0.416506
12/31/88 0.424633
01/31/89 0.448872
02/28/89 0.438303
03/31/89 0.446771
04/30/89 0.466418
05/31/89 0.483525
06/30/89 0.4837
07/31/89 0.518966
08/31/89 0.523241
09/30/89 0.52299
10/31/89 0.518596
11/30/89 0.528642
12/31/89 0.536629
01/31/90 0.508764
02/28/90 0.514584
03/31/90 0.525082
04/30/90 0.514498
05/31/90 0.551603
06/30/90 0.553061
07/31/90 0.552768
08/31/90 0.521624
09/30/90 0.513677
10/31/90 0.518555
11/30/90 0.535886
12/31/90 0.544167
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1082.739 1504.558 2573.417
Account Value $1,129.94 $1,570.14 $2,685.60
Surrender Value $1,129.94 $1,570.14 $2,685.60
Total Return 12.99% 57.01% 168.56%
Annualized Return 9.44% 10.38%
</TABLE>
<PAGE> 277
<TABLE>
<CAPTION>
<S> <C>
01/31/91 0.560069
02/28/91 0.580512
03/31/91 0.58564
04/30/91 0.589333
05/31/91 0.595774
06/30/91 0.585622
07/31/91 0.600106
08/31/91 0.615952
09/30/91 0.620123
10/31/91 0.626982
11/30/91 0.619088
12/31/91 0.661727
01/31/92 0.645283
02/29/92 0.650364
03/31/92 0.641599
04/30/92 0.650191
05/31/92 0.655322
06/30/92 0.655975
07/31/92 0.674924
08/31/92 0.668154
09/30/92 0.672766
10/31/92 0.669474
11/30/92 0.682948
12/31/92 0.691477
01/31/93 0.698543
02/28/93 0.708712
03/31/93 0.720037
04/30/93 0.705875
05/31/93 0.719349
06/30/93 0.727448
07/31/93 0.724437
08/31/93 0.746873
09/30/93 0.746506
10/31/93 0.754625
11/30/93 0.745225
12/31/93 0.751726
01/31/94 0.771245
02/28/94 0.751147
03/31/94 0.721641
04/30/94 0.725863
05/31/94 0.728901
06/30/94 0.717139
07/31/94 0.735033
08/31/94 0.752289
09/30/94 0.735975
10/31/94 0.743565
11/30/94 0.726704
12/31/94 0.730325
01/31/95 0.742821
02/28/95 0.764626
03/31/95 0.778595
04/30/95 0.796767
05/31/95 0.825614
06/30/95 0.840734
07/31/95 0.857023
08/31/95 0.863746
09/30/95 0.884803
10/31/95 0.887315
11/30/95 0.912494
12/31/95 0.922777
01/31/96 0.941696
02/29/96 0.938664
03/31/96 0.938216
04/30/96 0.943521
05/31/96 0.955925
06/30/96 0.963857
07/31/96 0.937583
08/31/96 0.947413
09/30/96 0.984623
10/31/96 1.008007
11/30/96 1.055938
12/31/96 1.043592
</TABLE>
<TABLE>
<CAPTION>
High Yield Bond Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/10/83 0.35846
06/30/83 0.358801
07/31/83 0.358455 12/31/85 0.449221
08/31/83 0.355614 06/30/86 0.482786
09/30/83 0.357756 09/30/86 0.472579 0.090%
</TABLE>
<PAGE> 278
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/31/83 0.358809 12/31/86 0.482201 1000 2073.824 0.090%
11/30/83 0.357381 06/30/87 0.499937 -0.45828 -0.917 0.090%
12/31/83 0.358797 12/31/87 0.477041 -0.45567 -0.955 0.090%
01/31/84 0.35775 06/30/88 0.516678 -0.46326 -0.897 0.090%
02/28/84 0.357739 12/31/88 0.543458 -0.49401 -0.909 0.090%
03/31/84 0.35846 06/30/89 0.582736 -0.52456 -0.900 0.090%
04/30/84 0.357321 12/31/89 0.547719 -0.52632 -0.961 0.090%
05/31/84 0.359585 06/30/90 0.532548 -0.50272 -0.944 0.090%
06/30/84 0.35846 12/31/90 0.491355 -0.47627 -0.969 0.090%
07/31/84 0.35919 06/30/91 0.560049 -0.48883 -0.873 0.090%
08/31/84 0.359546 09/30/91 0.590524 0.090%
09/30/84 0.357739 12/31/91 0.623102 1000 1604.875 -0.54985 -0.882 0.090%
10/31/84 0.373486 06/30/92 0.66733 -0.46597 -0.698 -0.59946 -0.898 0.090%
11/30/84 0.378371 12/31/92 0.700722 -0.49378 -0.705 -0.63524 -0.907 0.090%
12/31/84 0.38216 06/30/93 0.762853 -0.52803 -0.692 -0.67929 -0.890 0.090%
01/31/85 0.391204 12/31/93 0.794031 -0.56145 -0.707 -0.72229 -0.910 0.090%
02/28/85 0.382162 06/30/94 0.768718 -0.56332 -0.733 -0.72469 -0.943 0.090%
03/31/85 0.387511 12/31/94 0.779255 -0.55774 -0.716 -0.71751 -0.921 0.090%
04/30/85 0.395955 06/30/95 0.862594 -0.59130 -0.685 -0.76068 -0.882 0.090%
05/31/85 0.412676 09/30/95 0.875238 0.090%
06/30/85 0.41361 12/31/95 0.894816 1000 1117.549 -0.63264 -0.707 -0.81387 -0.910 0.090%
07/31/85 0.409935 03/31/96 0.950083 0.090%
08/31/85 0.420056 06/30/96 0.963018 -0.46715 -0.485 -0.66850 -0.694 -0.86000 -0.893 0.090%
09/30/85 0.421685 09/30/96 0.996823 0.090%
10/31/85 0.427724 12/31/96 1.032081 -0.50145 -0.486 -0.71758 -0.695 -0.92314 -0.894 0.090%
11/30/85 0.434337
12/31/85 0.449221
01/31/86 0.449372
02/28/86 0.465275
03/31/86 0.475637
04/30/86 0.481666
05/31/86 0.483033
06/30/86 0.482786
07/31/86 0.467289
08/31/86 0.471593
09/30/86 0.472579
10/31/86 0.479738
11/30/86 0.484164
12/31/86 0.482201
01/31/87 0.495432
02/28/87 0.502096
03/31/87 0.505718
04/30/87 0.49556
05/31/87 0.49268
06/30/87 0.499937
07/31/87 0.500567
08/31/87 0.501673
09/30/87 0.49055
10/31/87 0.467207
11/30/87 0.473963
12/31/87 0.477041
01/31/88 0.493121
02/29/88 0.504854
03/31/88 0.507472
04/30/88 0.503398
05/31/88 0.504119
06/30/88 0.516678
07/31/88 0.522339
08/31/88 0.524586
09/30/88 0.529895
10/31/88 0.537717
11/30/88 0.538493
12/31/88 0.543458
01/31/89 0.553903
02/28/89 0.55472
03/31/89 0.556044
04/30/89 0.559004
05/31/89 0.571414
06/30/89 0.582736
07/31/89 0.581334
08/31/89 0.583884
09/30/89 0.572797
10/31/89 0.559416
11/30/89 0.554442
12/31/89 0.547719
01/31/90 0.530398
02/28/90 0.516509
03/31/90 0.520589
04/30/90 0.517875
05/31/90 0.525843
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1116.578 1597.843 2055.569
Account Value $1,152.40 $1,649.10 $2,121.51
Surrender Value $1,152.40 $1,649.10 $2,121.51
Total Return 15.24% 64.91% 112.15%
Annualized Return 10.52% 7.81%
</TABLE>
<PAGE> 279
<TABLE>
<CAPTION>
<S> <C>
06/30/90 0.532548
07/31/90 0.538587
08/31/90 0.525061
09/30/90 0.497047
10/31/90 0.489233
11/30/90 0.491969
12/31/90 0.491355
01/31/91 0.50265
02/28/91 0.525977
03/31/91 0.53573
04/30/91 0.546328
05/31/91 0.547474
06/30/91 0.560049
07/31/91 0.569715
08/31/91 0.582262
09/30/91 0.590524
10/31/91 0.608044
11/30/91 0.617038
12/31/91 0.623102
01/31/92 0.639139
02/29/92 0.647335
03/31/92 0.654896
04/30/92 0.657728
05/31/92 0.662157
06/30/92 0.66733
07/31/92 0.675663
08/31/92 0.680046
09/30/92 0.687594
10/31/92 0.680165
11/30/92 0.69163
12/31/92 0.700722
01/31/93 0.711406
02/28/93 0.722082
03/31/93 0.73725
04/30/93 0.74206
05/31/93 0.752063
06/30/93 0.762853
07/31/93 0.76678
08/31/93 0.777561
09/30/93 0.778897
10/31/93 0.783679
11/30/93 0.786704
12/31/93 0.794031
01/31/94 0.805543
02/28/94 0.80163
03/31/94 0.77448
04/30/94 0.76766
05/31/94 0.767255
06/30/94 0.768718
07/31/94 0.772953
08/31/94 0.782653
09/30/94 0.783187
10/31/94 0.787382
11/30/94 0.780564
12/31/94 0.779255
01/31/95 0.78674
02/28/95 0.819344
03/31/95 0.819924
04/30/95 0.841524
05/31/95 0.862021
06/30/95 0.862594
07/31/95 0.869134
08/31/95 0.872667
09/30/95 0.875238
10/31/95 0.883736
11/30/95 0.880318
12/31/95 0.894816
01/31/96 0.919979
02/29/96 0.942787
03/31/96 0.950083
04/30/96 0.954005
05/31/96 0.960149
06/30/96 0.963018
07/31/96 0.96912
08/31/96 0.982986
09/30/96 0.996823
10/31/96 1.005004
11/30/96 1.018849
12/31/96 1.032081
</TABLE>
<PAGE> 280
<TABLE>
<CAPTION>
Capital Appreciation - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/26/83 0.304785
05/31/83 0.304744
06/30/83 0.310398 12/31/85 0.293115
07/31/83 0.301052 06/30/86 0.367326
08/31/83 0.287667 09/30/86 0.304115 0.090%
09/30/83 0.299129 12/31/86 0.320309 1000 3121.985 0.090%
10/31/83 0.275382 06/30/87 0.411864 -0.51431 -1.249 0.090%
11/30/83 0.293118 12/31/87 0.293219 -0.49508 -1.688 0.090%
12/31/83 0.278756 06/30/88 0.342335 -0.44602 -1.303 0.090%
01/31/84 0.257993 12/31/88 0.320743 -0.46514 -1.450 0.090%
02/28/84 0.243319 06/30/89 0.353347 -0.47265 -1.338 0.090%
03/31/84 0.245923 12/31/89 0.368151 -0.50567 -1.374 0.090%
04/30/84 0.241564 06/30/90 0.394394 -0.53421 -1.354 0.090%
05/31/84 0.221209 12/31/90 0.353382 -0.52363 -1.482 0.090%
06/30/84 0.218693 06/30/91 0.419368 -0.54086 -1.290 0.090%
07/31/84 0.211627 09/30/91 0.439323 0.090%
08/31/84 0.243194 12/31/91 0.470422 1000 2125.750 -0.62252 -1.323 0.090%
09/28/84 0.23856 06/30/92 0.464511 -0.44717 -0.963 -0.65383 -1.408 0.090%
09/30/84 0.23856 12/31/92 0.550026 -0.48503 -0.882 -0.70917 -1.289 0.090%
10/31/84 0.233609 06/30/93 0.603927 -0.55145 -0.913 -0.80629 -1.335 0.090%
11/30/84 0.223556 12/31/93 0.629101 -0.58898 -0.936 -0.86118 -1.369 0.090%
12/31/84 0.226752 06/30/94 0.567743 -0.57145 -1.007 -0.83553 -1.472 0.090%
01/31/85 0.254438 12/31/94 0.59544 -0.55511 -0.932 -0.81165 -1.363 0.090%
02/28/85 0.25188 06/30/95 0.712672 -0.62400 -0.876 -0.91238 -1.280 0.090%
03/31/85 0.247492 09/30/95 0.800548 0.090%
04/30/85 0.247667 12/31/95 0.807108 1000 1238.991 -0.72468 -0.898 -1.05957 -1.313 0.090%
05/31/85 0.267046 03/31/96 0.887317 0.090%
06/30/85 0.27545 06/30/96 0.940235 -0.48711 -0.518 -0.83283 -0.886 -1.21771 -1.295 0.090%
07/31/85 0.274386 09/30/96 0.98656 0.090%
08/31/85 0.267858 12/31/96 1.028533 -0.54861 -0.533 -0.93798 -0.912 -1.37145 -1.333 0.090%
09/30/85 0.246801
10/31/85 0.255932
11/30/85 0.276224
12/31/85 0.293115
01/31/86 0.298537
02/28/86 0.322897
03/31/86 0.341794
04/30/86 0.343055
05/31/86 0.362751
06/30/86 0.367326
07/31/86 0.323324
08/31/86 0.333159
09/30/86 0.304115
10/31/86 0.320762
11/30/86 0.32743
12/31/86 0.320309
01/31/87 0.37257
02/28/87 0.417182
03/31/87 0.418096
04/30/87 0.410969
05/31/87 0.416376
06/30/87 0.411864
07/31/87 0.425293
08/31/87 0.441141
09/30/87 0.426364
10/31/87 0.278861
11/30/87 0.26029
12/31/87 0.293219
01/31/88 0.290748
02/29/88 0.315526
03/31/88 0.31746
04/30/88 0.32546
05/31/88 0.316918
06/30/88 0.342335
07/31/88 0.329625
08/31/88 0.311808
09/30/88 0.321399
10/31/88 0.318222
11/30/88 0.307636
12/31/88 0.320743
01/31/89 0.340525
02/28/89 0.338726
03/31/89 0.340216
04/30/89 0.357691
05/31/89 0.376061
06/30/89 0.353347
07/31/89 0.376356
08/31/89 0.389992
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1237.94 2116.545 3094.677
Account Value $1,273.26 $2,176.94 $3,182.98
Surrender Value $1,273.26 $2,176.94 $3,182.98
Total Return 27.33% 117.69% 218.30%
Annualized Return 16.83% 12.28%
</TABLE>
<PAGE> 281
<TABLE>
<CAPTION>
<S> <C>
09/30/89 0.392831
10/31/89 0.36945
11/30/89 0.366693
12/31/89 0.368151
01/31/90 0.329428
02/28/90 0.345359
03/31/90 0.364773
04/30/90 0.350435
05/31/90 0.394348
06/30/90 0.394394
07/31/90 0.378803
08/31/90 0.338564
09/30/90 0.319525
10/31/90 0.312165
11/30/90 0.34121
12/31/90 0.353382
01/31/91 0.373738
02/28/91 0.406299
03/31/91 0.424109
04/30/91 0.42219
05/31/91 0.435895
06/30/91 0.419368
07/31/91 0.433535
08/31/91 0.440749
09/30/91 0.439323
10/31/91 0.444287
11/30/91 0.429218
12/31/91 0.470422
01/31/92 0.483393
02/29/92 0.490784
03/31/92 0.485664
04/30/92 0.478836
05/31/92 0.482453
06/30/92 0.464511
07/31/92 0.488377
08/31/92 0.475517
09/30/92 0.488373
10/31/92 0.504123
11/30/92 0.534853
12/31/92 0.550026
01/31/93 0.564042
02/28/93 0.556752
03/31/93 0.583104
04/30/93 0.565485
05/31/93 0.585961
06/30/93 0.603927
07/31/93 0.606552
08/31/93 0.622803
09/30/93 0.639305
10/31/93 0.633904
11/30/93 0.613388
12/31/93 0.629101
01/31/94 0.658336
02/28/94 0.641197
03/31/94 0.603998
04/30/94 0.598588
05/31/94 0.590952
06/30/94 0.567743
07/31/94 0.585505
08/31/94 0.607107
09/30/94 0.594878
10/31/94 0.624747
11/30/94 0.596225
12/31/94 0.59544
01/31/95 0.59628
02/28/95 0.611166
03/31/95 0.625272
04/30/95 0.644036
05/31/95 0.665906
06/30/95 0.712672
07/31/95 0.767441
08/31/95 0.769969
09/30/95 0.800548
10/31/95 0.795975
11/30/95 0.815516
12/31/95 0.807108
01/31/96 0.842727
02/29/96 0.873118
03/31/96 0.887317
04/30/96 0.903578
</TABLE>
<PAGE> 282
<TABLE>
<CAPTION>
<S> <C>
05/31/96 0.951356
06/30/96 0.940235
07/31/96 0.885271
08/31/96 0.922845
09/30/96 0.98656
10/31/96 0.983972
11/30/96 1.050246
12/31/96 1.028533
</TABLE>
<PAGE> 283
SPOTLIGHT ON REGISTERED GOLD TRACK - PERFORMANCE UPDATE AS OF 12/31/96
<TABLE>
<CAPTION>
CUMULATIVE RETURNS
YTD 1 YR 3YR 5YR 10YR 3YR 5YR 10YR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 28.14% 28.14% -- -- -- -- -- --
American Odyssey Core Equity Fund 21.98% 21.98% 64.16% -- -- 17.95% -- --
American Odyssey Emerging Opportunities Fund -4.06% -4.06% 36.53% -- -- 10.93% -- --
American Odyssey International Equity Fund 20.72% 20.72% 31.12% -- -- 9.44% -- --
Capital Appreciation Fund (Janus sub-adviser) 26.99% 26.99% 61.78% 114.84% 207.07% 17.38% 16.51% 11.86%
Dreyfus Stock Index Fund 21.35% 21.35% 64.30% 88.75% -- 17.98% 13.53% --
Fidelity's Equity-Income Portfolio 13.19% 13.19% 60.64% 117.89% 229.38% 17.10% 16.84% 12.65%
Fidelity's Growth Portfolio 13.62% 13.62% 50.88% 93.27% 273.03% 14.68% 14.07% 14.06%
Smith Barney Income and Growth Portfolio 18.64% 18.64% -- -- -- -- -- --
Smith Barney International Equity Portfolio 16.59% 16.59% -- -- -- -- -- --
Social Awareness Stock Portfolio (Smith Barney) 18.83% 18.83% 51.47% -- -- 14.83% -- --
Templeton's Global Stock Fund 21.23% 21.23% 45.70% 105.10% -- 13.35% 15.43% --
Utilities Portfolio (Smith Barney) 6.45% 6.45% -- -- -- -- -- --
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 2.95% 2.95% 12.87% -- -- 4.12% -- --
American Odyssey Long-Term Bond Fund 0.34% 0.34% 13.62% -- -- 4.34% -- --
American Odyssey Short-Term Bond Fund 2.80% 2.80% 11.67% -- -- 3.75% -- --
Fidelity's High Income Portfolio 12.95% 12.95% 31.60% 91.49% 161.13% 9.58% 13.86% 10.07%
Putnam Diversified Income Portfolio 7.21% 7.21% -- -- -- -- -- --
Smith Barney High Income Portfolio 12.08% 12.08% -- -- -- -- -- --
Templeton's Global Bond Fund 8.40% 8.40% 16.27% 34.11% -- 5.15% 6.04% --
Travelers High Yield Bond Trust 14.93% 14.93% 28.62% 62.76% 106.67% 8.74% 10.22% 7.52%
Travelers U.S. Government Securities Portfolio 0.48% 0.48% 15.80% -- -- 5.01% -- --
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.52% 13.52% 22.34% 62.52% -- 6.95% 10.19% --
MFS Total Return Portfolio 13.42% 13.42% -- -- -- -- -- --
Templeton's Global Asset Allocation Fund 17.74% 17.74% 37.37% 83.63% -- 11.15% 12.91% --
Travelers Managed Assets Trust 12.69% 12.69% 37.38% 54.97% 161.61% 11.15% 9.15% 10.09%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 3.96% 3.96% -- -- -- -- -- --
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL RETURNS CALENDAR YEAR RETURNS
INCEPTION + 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 25.95% (6/94) 28.14% 33.58% -- --
American Odyssey Core Equity Fund 14.90% (5/93) 21.98% 37.26% -1.95% --
American Odyssey Emerging Opportunities Fund 11.18% (5/93) -4.06% 31.00% 8.64% --
American Odyssey International Equity Fund 12.69% (5/93) 20.72% 17.88% -7.86% --
Capital Appreciation Fund (Janus sub-adviser) 8.89% (5/83) 26.99% 35.08% -5.68% 13.98%
Dreyfus Stock Index Fund 12.59% (9/89) 21.35% 35.49% -0.07% 8.30%
Fidelity's Equity-Income Portfolio 12.35% (10/86) 13.19% 33.81% 6.06% 17.15%
Fidelity's Growth Portfolio 13.74% (10/86) 13.62% 34.09% -0.97% 18.23%
Smith Barney Income and Growth Portfolio 18.47% (6/94) 18.64% 31.81% -- --
Smith Barney International Equity Portfolio 8.47% (6/94) 16.59% 10.23% -- --
Social Awareness Stock Portfolio (Smith Barney) 12.80% (5/92) 18.83% 32.14% -3.54% 6.50%
Templeton's Global Stock Fund 12.41% (8/88) 21.23% 24.06% -3.13% 32.73%
Utilities Portfolio (Smith Barney) 11.57% (2/94) 6.45% 28.07% -- --
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 4.38% (5/93) 2.95% 13.93% -3.76% --
American Odyssey Long-Term Bond Fund 5.92% (5/93) 0.34% 21.30% -6.65% --
American Odyssey Short-Term Bond Fund 3.67% (5/93) 2.80% 9.82% -1.08% --
Fidelity's High Income Portfolio 10.94% (9/85) 12.95% 19.47% -2.47% 19.37%
Putnam Diversified Income Portfolio 9.50% (6/94) 7.21% 16.28% -- --
Smith Barney High Income Portfolio 11.17% (6/94) 12.08% 17.96% -- --
Templeton's Global Bond Fund 6.98% (8/88) 8.40% 13.84% -5.78% 10.41%
Travelers High Yield Bond Trust 7.76% (6/83) 14.93% 14.43% -2.20% 12.92%
Travelers U.S. Government Securities Portfolio 6.15% (1/92) 0.48% 23.31% -6.54% 8.47%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 10.64% (9/89) 13.52% 15.86% -6.98% 19.89%
MFS Total Return Portfolio 13.67% (6/94) 13.42% 24.50% -- --
Templeton's Global Asset Allocation Fund 11.25% (8/88) 17.74% 21.39% -3.88% 24.93%
Travelers Managed Assets Trust 9.03% (6/83) 12.69% 25.91% -3.19% 8.33%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 3.97% (6/94) 3.96% 4.41% -- --
</TABLE>
Gold Track is a variable annuity. These returns reflect: 1) the 0.95% annual
mortality and expense risk charge and 2) portfolio management fees. The
deduction of the semi-annual administrative charge, if applicable, is not
reflected. Likewise, the deferred sales charge (maximum 5% of each purchase
payment for a period of 5 years from the date the purchase payment was made) or
the surrender charge (maximum 5% of the amount surrendered in the first two
contract years; up to 4% in years three or four; up to 3% in years five and six;
up to 2% in years seven and eight and 0% beginning in the ninth year) is not
reflected. The deduction of those charges would reduce any percentage increase
or make greater any percentage decrease.
Performance data quoted represents past performance. Investment return and
principal value of an investment will fluctuate so that an investor's units,
when redeemed, may be worth more or less than their original cost. An investment
in the Smith Barney Money Market Portfolio is neither insured nor guaranteed by
the U.S. Government.
+ Inception Date is the date that the underlying funds first received deposits.
These investment options were not available for sale under Fund QP until October
1, 1996; however, underlying funds were in existence prior to that date.
Performance figures for periods prior to 10/01/96 represent actual returns of
the underlying funds adjusted to reflect the charges that would have been
assessed had those underlying funds been offered under Fund QP during that
period.
Submitted to the Insurance Commissioner of Puerto Rico on November 11, 1996
FL: If the annuitant's date of birth is misstated, all benefits of the contract
are what the premium paid would have purchased at the correct age.
Gold Track is issued by The Travelers Insurance Company or The Travelers Life
and Annuity Company, One Tower Square, Hartford, CT 06183 (The issuing company
will be reflected on the contract; NY contracts are issued by The Travelers
Insurance Company)
[GOLD TRACK LOGO]
<PAGE> 284
Alliance Growth 12/31/96 Yearly Returns Net of M & E
1992 ERR
06/20/94 0.593354 1993 ERR
12/31/91 -- 1994 ERR
12/31/92 -- 1995 33.58%
12/31/93 -- YTD -1996 28.14%
12/31/94 0.622074
12/31/95 0.830990 Average Annual Net of M & E
12/31/86 -- 10 YR ERR
12/31/91 -- 5 YR ERR
12/31/93 -- 3 YR ERR
12/31/95 0.830990 Inception 25.95%
12/31/96 1.064804
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 28.14%
Dreyfus Yearly Returns Net of M & E
09/29/89 0.454964 1992 6.08%
12/31/91 0.570135 1993 8.30%
12/31/92 0.604820 1994 -0.07%
12/31/93 0.655001 1995 35.49%
12/31/94 0.654528 YTD -1996 21.35%
12/31/95 0.886832
12/31/86 -- Average Annual Net of M & E
12/31/91 0.570135 10 YR ERR
12/31/93 0.655001 5 YR 13.53%
12/31/95 0.886832 3 YR 17.98%
12/31/96 1.076146 Inception 12.59%
Cumulatives Net of M & E
10 YR ERR
5 YR 88.75%
3 YR 64.30%
1 YR 21.35%
Fidelity Asset Manager Yearly Returns Net of M & E
09/06/89 0.499854 1992 10.80%
12/31/91 0.644730 1993 19.89%
12/31/92 0.714363 1994 -6.98%
12/31/93 0.856477 1995 15.86%
12/31/94 0.796715 YTD -1996 13.52%
12/31/95 0.923054
12/31/86 -- Average Annual Net of M & E
12/31/91 0.644730 10 YR ERR
12/31/93 0.856477 5 YR 10.19%
12/31/95 0.923054 3 YR 6.95%
12/31/96 1.047821 Inception 10.64%
<PAGE> 285
Cumulatives Net of M & E
10 YR ERR
5 YR 62.52%
3 YR 22.34%
1 YR 13.52%
Fidelity High Income Yearly Returns Net of M & E
09/19/85 0.313745 1992 21.90%
12/31/91 0.529109 1993 19.37%
12/31/92 0.644960 1994 -2.47%
12/31/93 0.769899 1995 19.47%
12/31/94 0.750845 YTD -1996 12.95%
12/31/95 0.897036
12/31/86 0.388012 Average Annual Net of M & E
12/31/91 0.529109 10 YR 10.07%
12/31/93 0.769899 5 YR 13.86%
12/31/95 0.897036 3 YR 9.58%
12/31/96 1.013206 Inception 10.94%
Cumulatives Net of M & E
10 YR 161.13%
5 YR 91.49%
3 YR 31.60%
1 YR 12.95%
Fidelity Equity Income Yearly Returns Net of M & E
10/09/86 0.316685 1992 15.78%
12/31/91 0.478632 1993 17.15%
12/31/92 0.554177 1994 6.06%
12/31/93 0.649241 1995 33.81%
12/31/94 0.688559 YTD -1996 13.19%
12/31/95 0.921390
12/31/86 0.316633 Average Annual Net of M & E
12/31/91 0.478632 10 YR 12.65%
12/31/93 0.649241 5 YR 16.84%
12/31/95 0.921390 3 YR 17.10%
12/31/96 1.042911 Inception 12.35%
Cumulatives Net of M & E
10 YR 229.38%
5 YR 117.89%
3 YR 60.64%
1 YR 13.19%
Fide;ity Growth Fund Yearly Returns Net of M & E
10/09/86 0.265909 1992 8.34%
12/31/91 0.513654 1993 18.23%
12/31/92 0.556514 1994 -0.97%
12/31/93 0.657960 1995 34.09%
12/31/94 0.651607 YTD -1996 13.62%
<PAGE> 286
12/31/95 0.873771
12/31/86 0.266131 Average Annual Net of M & E
12/31/91 0.513654 10 YR 14.06%
12/31/93 0.657960 5 YR 14.07%
12/31/95 0.873771 3 YR 14.68%
12/31/96 0.992762 Inception 13.74%
Cumulatives Net of M & E
10 YR 273.03%
5 YR 93.27%
3 YR 50.88%
1 YR 13.62%
US Government Yearly Returns Net of M & E
01/24/92 0.763488 1992 ERR
12/31/91 -- 1993 8.47%
12/31/92 0.816375 1994 -6.54%
12/31/93 0.885484 1995 23.31%
12/31/94 0.827567 YTD -1996 0.48%
12/31/95 1.020452
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.885484 5 YR ERR
12/31/95 1.020452 3 YR 5.01%
12/31/96 1.025386 Inception 6.15%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 15.80%
1 YR 0.48%
Templeton Bond Yearly Returns Net of M & E
08/31/88 0.589523 1992 4.46%
12/31/91 0.771909 1993 10.41%
12/31/92 0.806359 1994 -5.78%
12/31/93 0.890297 1995 13.84%
12/31/94 0.838851 YTD -1996 8.40%
12/31/95 0.954946
12/31/86 -- Average Annual Net of M & E
12/31/91 0.771909 10 YR ERR
12/31/93 0.890297 5 YR 6.04%
12/31/95 0.954946 3 YR 5.15%
12/31/96 1.035182 Inception 6.98%
Cumulatives Net of M & E
10 YR ERR
5 YR 34.11%
3 YR 16.27%
1 YR 8.40%
<PAGE> 287
Templeton Asset Allocation Yearly Returns Net of M & E
08/31/88 0.438513 1992 7.00%
12/31/91 0.581170 1993 24.93%
12/31/92 0.621830 1994 -3.88%
12/31/93 0.776848 1995 21.39%
12/31/94 0.746688 YTD -1996 17.74%
12/31/95 0.906419
12/31/86 -- Average Annual Net of M & E
12/31/91 0.581170 10 YR ERR
12/31/93 0.776848 5 YR 12.91%
12/31/95 0.906419 3 YR 11.15%
12/31/96 1.067183 Inception 11.25%
Cumulatives Net of M & E
10 YR ERR
5 YR 83.63%
3 YR 37.37%
1 YR 17.74%
MFS Total Return Yearly Returns Net of M & E
06/20/94 0.755314 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 24.50%
12/31/94 0.740136 YTD -1996 13.42%
12/31/95 0.921491
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.921491 3 YR ERR
12/31/96 1.045178 Inception 13.67%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 13.42%
Putnam Diversified Yearly Returns Net of M & E
06/20/94 0.810004 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 16.28%
12/31/94 0.817848 YTD -1996 7.21%
12/31/95 0.950973
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.950973 3 YR ERR
<PAGE> 288
12/31/96 1.019493 Inception 9.50%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 7.21%
AO Long Term Bond Yearly Returns Net of M & E
05/01/93 0.827927 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -6.65%
12/31/93 0.899898 1995 21.30%
12/31/94 0.840075 YTD -1996 0.34%
12/31/95 1.018998
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.899898 5 YR ERR
12/31/95 1.018998 3 YR 4.34%
12/31/96 1.022469 Inception 5.92%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 13.62%
1 YR 0.34%
AO Core Equity Yearly Returns Net of M & E
05/01/93 0.648585 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -1.95%
12/31/93 0.657927 1995 37.26%
12/31/94 0.645113 YTD -1996 21.98%
12/31/95 0.885465
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.657927 5 YR ERR
12/31/95 0.885465 3 YR 17.95%
12/31/96 1.080064 Inception 14.90%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 64.16%
1 YR 21.98%
AO Emerging Ops Yearly Returns Net of M & E
05/01/93 0.599715 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 8.64%
<PAGE> 289
12/31/93 0.648265 1995 31.00%
12/31/94 0.704262 YTD -1996 -4.06%
12/31/95 0.922570
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.648265 5 YR ERR
12/31/95 0.922570 3 YR 10.93%
12/31/96 0.885084 Inception 11.18%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 36.53%
1 YR -4.06%
AO International Yearly Returns Net of M & E
05/01/93 0.703800 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -7.86%
12/31/93 0.832393 1995 17.88%
12/31/94 0.766972 YTD -1996 20.72%
12/31/95 0.904097
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.832393 5 YR ERR
12/31/95 0.904097 3 YR 9.44%
12/31/96 1.091420 Inception 12.69%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 31.12%
1 YR 20.72%
AO Intermediate Bond Yearly Returns Net of M & E
05/01/93 0.868600 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -3.76%
12/31/93 0.900603 1995 13.93%
12/31/94 0.866699 YTD -1996 2.95%
12/31/95 0.987458
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.900603 5 YR ERR
12/31/95 0.987458 3 YR 4.12%
12/31/96 1.016539 Inception 4.38%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.87%
<PAGE> 290
1 YR 2.95%
AO Short Term Bnd Yearly Returns Net of M & E
05/01/93 0.884780 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 -1.08%
12/31/93 0.904389 1995 9.82%
12/31/94 0.894600 YTD -1996 2.80%
12/31/95 0.982429
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.904389 5 YR ERR
12/31/95 0.982429 3 YR 3.75%
12/31/96 1.009964 Inception 3.67%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 11.67%
1 YR 2.80%
Social Awareness Yearly Returns Net of M & E
05/01/92 0.589983 1992 ERR
12/31/91 -- 1993 6.50%
12/31/92 0.641946 1994 -3.54%
12/31/93 0.683653 1995 32.14%
12/31/94 0.659460 YTD -1996 18.83%
12/31/95 0.871423
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 0.683653 5 YR ERR
12/31/95 0.871423 3 YR 14.83%
12/31/96 1.035541 Inception 12.80%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 51.47%
1 YR 18.83%
SB High Income Yearly Returns Net of M & E
06/22/94 0.797347 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 17.96%
12/31/94 0.788360 YTD -1996 12.08%
12/31/95 0.929915
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
<PAGE> 291
12/31/95 0.929915 3 YR ERR
12/31/96 1.042221 Inception 11.17%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 12.08%
SB International Yearly Returns Net of M & E
06/20/94 0.828081 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 10.23%
12/31/94 0.791692 YTD -1996 16.59%
12/31/95 0.872642
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.872642 3 YR ERR
12/31/96 1.017435 Inception 8.47%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 16.59%
SB Inc & Grwth Yearly Returns Net of M & E
06/20/94 0.688784 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 31.81%
12/31/94 0.676822 YTD -1996 18.64%
12/31/95 0.892120
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.892120 3 YR ERR
12/31/96 1.058434 Inception 18.47%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 18.64%
SB Money Market Yearly Returns Net of M & E
06/20/94 0.914762 1992 ERR
12/31/91 -- 1993 ERR
<PAGE> 292
12/31/92 -- 1994 ERR
12/31/93 -- 1995 4.41%
12/31/94 0.930193 YTD -1996 3.96%
12/31/95 0.971251
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.971251 3 YR ERR
12/31/96 1.009724 Inception 3.97%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 3.96%
SB Utilities Yearly Returns Net of M & E
02/04/94 0.752079 1992 ERR
12/31/91 -- 1993 ERR
12/31/92 -- 1994 ERR
12/31/93 -- 1995 28.07%
12/31/94 0.758288 YTD -1996 6.45%
12/31/95 0.971170
12/31/86 -- Average Annual Net of M & E
12/31/91 -- 10 YR ERR
12/31/93 -- 5 YR ERR
12/31/95 0.971170 3 YR ERR
12/31/96 1.033794 Inception 11.57%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.45%
Managed Asset Trust Yearly Returns Net of M & E
06/07/83 0.322440 1992 4.13%
12/31/91 0.672876 1993 8.33%
12/31/92 0.700664 1994 -3.19%
12/31/93 0.759054 1995 25.91%
12/31/94 0.734874 YTD -1996 12.69%
12/31/95 0.925293
12/31/86 0.398593 Average Annual Net of M & E
12/31/91 0.672876 10 YR 10.09%
12/31/93 0.759054 5 YR 9.15%
12/31/95 0.925293 3 YR 11.15%
12/31/96 1.042755 Inception 9.03%
Cumulatives Net of M & E
10 YR 161.61%
5 YR 54.97%
<PAGE> 293
3 YR 37.38%
1 YR 12.69%
High Yield Bond Trust Yearly Returns Net of M & E
06/10/83 0.373876 1992 12.06%
12/31/91 0.633598 1993 12.92%
12/31/92 0.710031 1994 -2.20%
12/31/93 0.801770 1995 14.43%
12/31/94 0.784110 YTD -1996 14.93%
12/31/95 0.897254
12/31/86 0.498982 Average Annual Net of M & E
12/31/91 0.633598 10 YR 7.52%
12/31/93 0.801770 5 YR 10.22%
12/31/95 0.897254 3 YR 8.74%
12/31/96 1.031245 Inception 7.76%
Cumulatives Net of M & E
10 YR 106.67%
5 YR 62.76%
3 YR 28.62%
1 YR 14.93%
Capital Appreciation Yearly Returns Net of M & E
05/26/83 0.322499 1992 16.51%
12/31/91 0.478348 1993 13.98%
12/31/92 0.557334 1994 -5.68%
12/31/93 0.635233 1995 35.08%
12/31/94 0.599149 YTD -1996 26.99%
12/31/95 0.809308
12/31/86 0.334677 Average Annual Net of M & E
12/31/91 0.478348 10 YR 11.86%
12/31/93 0.635233 5 YR 16.51%
12/31/95 0.809308 3 YR 17.38%
12/31/96 1.027704 Inception 8.89%
Cumulatives Net of M & E
10 YR 207.07%
5 YR 114.84%
3 YR 61.78%
1 YR 26.99%
Templeton Stock Yearly Returns Net of M & E
08/31/88 0.407064 1992 6.06%
12/31/91 0.526642 1993 32.73%
12/31/92 0.558566 1994 -3.13%
12/31/93 0.741378 1995 24.06%
12/31/94 0.718193 YTD -1996 21.23%
12/31/95 0.891010
12/31/86 -- Average Annual Net of M & E
12/31/91 0.526642 10 YR ERR
<PAGE> 294
12/31/93 0.741378 5 YR 15.43%
12/31/95 0.891010 3 YR 13.35%
12/31/96 1.080163 Inception 12.41%
Cumulatives Net of M & E
10 YR ERR
5 YR 105.10%
3 YR 45.70%
1 YR 21.23%
Yearly Returns Net of M & E
0.000000 1992 ERR
0.000000 1993 ERR
0.000000 1994 ERR
0.000000 1995 ERR
0.000000 YTD -1996 ERR
0.000000
0.000000 Average Annual Net of M & E
0.000000 10 YR ERR
0.000000 5 YR ERR
0.000000 3 YR ERR
0.000000 Inception ERR
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR ERR
<PAGE> 295
<TABLE>
<CAPTION>
Date Code: 0.95%
Alliance Growth -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.593354
06/30/94 0.584761
07/31/94 0.600477 06/20/94 0.593354 1000 1685.336 0.090%
08/31/94 0.615546 06/30/94 0.584761 -0.02448 -0.042 0.090%
09/30/94 0.625851 12/31/94 0.622074 -0.45762 -0.736 0.090%
10/31/94 0.637319 06/30/95 0.756273 -0.52243 -0.691 0.090%
11/30/94 0.609905 09/30/95 0.821720 0.090%
12/31/94 0.622074 12/31/95 0.830990 1000 1203.383 -0.60137 -0.724 0.090%
01/31/95 0.622764 03/31/96 0.882489 0.090%
02/28/95 0.651279 06/30/96 0.927102 -0.47602 -0.513 -0.66580 -0.718 0.090%
03/31/95 0.665207 09/30/96 0.972622 0.090%
04/30/95 0.683408 12/31/96 1.064804 -0.53910 -0.506 -0.75403 -0.708 0.090%
05/31/95 0.718956
06/30/95 0.756273
07/31/95 0.788139
08/31/95 0.801914
09/30/95 0.821720
10/31/95 0.795832
11/30/95 0.828619
12/31/95 0.830990
01/31/96 0.859714
02/29/96 0.889321
03/31/96 0.882489
04/30/96 0.917453
05/31/96 0.938233
06/30/96 0.927102
07/31/96 0.866741
08/31/96 0.902243
09/30/96 0.972622
10/31/96 0.998019
11/30/96 1.066411
12/31/96 1.064804
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1202.364 1681.717
Account Value $1,280.28 $1,790.70
Surrender Value $1,216.27 $1,719.07
Total Return 21.63% 71.91%
Annualized Return 23.84%
</TABLE>
<TABLE>
<CAPTION>
Dreyfus -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/29/89 0.454964
10/31/89 0.444766
11/30/89 0.453140 09/29/89 0.454964 1000 2197.977 0.090%
12/31/89 0.463692 12/31/89 0.463692 -0.23151 -0.499 0.090%
01/31/90 0.432162 06/30/90 0.474484 -0.46386 -0.978 0.090%
02/28/90 0.436971 12/31/90 0.443271 -0.45357 -1.023 0.090%
03/31/90 0.448332 06/30/91 0.503117 -0.46750 -0.929 0.090%
04/30/90 0.436572 09/30/91 0.527915 0.090%
05/31/90 0.478153 12/31/91 0.570135 1000 1753.971 -0.52994 -0.930 0.090%
06/30/90 0.474484 06/30/92 0.562248 -0.44689 -0.795 -0.55890 -0.994 0.090%
07/31/90 0.472594 12/31/92 0.604820 -0.46037 -0.761 -0.57576 -0.952 0.090%
08/31/90 0.429687 06/30/93 0.628724 -0.48638 -0.774 -0.60829 -0.968 0.090%
09/30/90 0.408680 12/31/93 0.655001 -0.50594 -0.772 -0.63276 -0.966 0.090%
10/31/90 0.406557 06/30/94 0.628764 -0.50573 -0.804 -0.63250 -1.006 0.090%
11/30/90 0.431910 12/31/94 0.654528 -0.50531 -0.772 -0.63198 -0.966 0.090%
12/31/90 0.443271 06/30/95 0.780700 -0.56489 -0.724 -0.70649 -0.905 0.090%
01/31/91 0.462056 09/30/95 0.839966 0.090%
02/28/91 0.494353 12/31/95 0.886832 1000 1127.609 -0.65605 -0.740 -0.82050 -0.925 0.090%
03/31/91 0.505987 03/31/96 0.932031 0.090%
04/30/91 0.506152 06/30/96 0.970585 -0.47125 -0.486 -0.73045 -0.753 -0.91354 -0.941 0.090%
05/31/91 0.527209 09/30/96 0.996876 0.090%
06/30/91 0.503117 12/31/96 1.076146 -0.51906 -0.482 -0.80455 -0.748 -1.00622 -0.935 0.090%
07/31/91 0.525724
08/31/91 0.537424
09/30/91 0.527915
10/31/91 0.534516
11/30/91 0.512443
12/31/91 0.570135
01/31/92 0.558977
02/29/92 0.565470
03/31/92 0.553925
04/30/92 0.569188
05/31/92 0.571035
06/30/92 0.562248
07/31/92 0.584589
08/31/92 0.572184
09/30/92 0.577890
10/31/92 0.579591
11/30/92 0.598363
12/31/92 0.604820
01/31/93 0.608725
02/28/93 0.615735
03/31/93 0.628218
</TABLE>
<PAGE> 296
<TABLE>
<S> <C>
04/30/93 0.611902
05/31/93 0.627680
06/30/93 0.628724
07/31/93 0.625460
08/31/93 0.648366
09/30/93 0.642404
10/31/93 0.655240
11/30/93 0.647912
12/31/93 0.655001
01/31/94 0.676292
02/28/94 0.657465
03/31/94 0.628215
04/30/94 0.635260
05/31/94 0.645166
06/30/94 0.628764
07/31/94 0.648752
08/31/94 0.674147
09/30/94 0.656664
10/31/94 0.670836
11/30/94 0.645777
12/31/94 0.654528
01/31/95 0.671171
02/28/95 0.695936
03/31/95 0.716058
04/30/95 0.735823
05/31/95 0.764080
06/30/95 0.780700
07/31/95 0.805507
08/31/95 0.807050
09/30/95 0.839966
10/31/95 0.836200
11/30/95 0.871702
12/31/95 0.886832
01/31/96 0.915937
02/29/96 0.923453
03/31/96 0.932031
04/30/96 0.944183
05/31/96 0.967164
06/30/96 0.970585
07/31/96 0.926221
08/31/96 0.944910
09/30/96 0.996876
10/31/96 1.023703
11/30/96 1.099447
12/31/96 1.076146
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1126.641 1746.328 2184.060
Account Value $1,212.43 $1,879.30 $2,350.37
Surrender Value $1,151.81 $1,822.92 $2,303.36
Total Return 15.18% 82.29% 130.34%
Annualized Return 12.76% 12.18%
</TABLE>
<TABLE>
<CAPTION>
Fidelity Asset Manager -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 0.499854
09/30/89 0.499055
10/31/89 0.499638 09/06/89 0.499854 1000 2000.584 0.090%
11/30/89 0.501243 12/31/89 0.502410 -0.28676 -0.571 0.090%
12/31/89 0.502410 06/30/90 0.520599 -0.46036 -0.884 0.090%
01/31/90 0.490901 12/31/90 0.531077 -0.47305 -0.891 0.090%
02/28/90 0.495575 06/30/91 0.596235 -0.50684 -0.850 0.090%
03/31/90 0.499210 09/30/91 0.625676 0.090%
04/30/90 0.492277 12/31/91 0.644730 1000 1551.036 -0.55770 -0.865 0.090%
05/31/90 0.516977 06/30/92 0.676979 -0.46125 -0.681 -0.59374 -0.877 0.090%
06/30/90 0.520599 12/31/92 0.714363 -0.48534 -0.679 -0.62474 -0.875 0.090%
07/31/90 0.519163 06/30/93 0.773522 -0.51879 -0.671 -0.66780 -0.863 0.090%
08/31/90 0.501719 12/31/93 0.856477 -0.56810 -0.663 -0.73127 -0.854 0.090%
09/30/90 0.490846 06/30/94 0.803450 -0.57828 -0.720 -0.74437 -0.926 0.090%
10/31/90 0.492925 12/31/94 0.796715 -0.55720 -0.699 -0.71724 -0.900 0.090%
11/30/90 0.516519 06/30/95 0.841659 -0.57025 -0.678 -0.73403 -0.872 0.090%
12/31/90 0.531077 09/30/95 0.891248 0.090%
01/31/91 0.556041 12/31/95 0.923054 1000 1083.360 -0.61395 -0.665 -0.79029 -0.856 0.090%
02/28/91 0.577386 03/31/96 0.948151 0.090%
03/31/91 0.586280 06/30/96 0.972028 -0.46194 -0.475 -0.65903 -0.678 -0.84831 -0.873 0.090%
04/30/91 0.594566 09/30/96 0.990122 0.090%
05/31/91 0.607519 12/31/96 1.047821 -0.49213 -0.470 -0.70211 -0.670 -0.90376 -0.863 0.090%
06/30/91 0.596235
07/31/91 0.610681
08/31/91 0.622573
09/30/91 0.625676
10/31/91 0.629288
11/30/91 0.618529
12/31/91 0.644730
01/31/92 0.652445
02/29/92 0.664637
</TABLE>
<PAGE> 297
<TABLE>
<S> <C>
03/31/92 0.662465
04/30/92 0.671555
05/31/92 0.678028
06/30/92 0.676979
07/31/92 0.687695
08/31/92 0.684981
09/30/92 0.688740
10/31/92 0.689300
11/30/92 0.703705
12/31/92 0.714363
01/31/93 0.725521
02/28/93 0.731780
03/31/93 0.751867
04/30/93 0.755750
05/31/93 0.768044
06/30/93 0.773522
07/31/93 0.782400
08/31/93 0.804599
09/30/93 0.804529
10/31/93 0.825616
11/30/93 0.823816
12/31/93 0.856477
01/31/94 0.882984
02/28/94 0.854324
03/31/94 0.813500
04/30/94 0.813470
05/31/94 0.819757
06/30/94 0.803450
07/31/94 0.816756
08/31/94 0.835172
09/30/94 0.824674
10/31/94 0.828059
11/30/94 0.815266
12/31/94 0.796715
01/31/95 0.790857
02/28/95 0.803087
03/31/95 0.813037
04/30/95 0.825391
05/31/95 0.835268
06/30/95 0.841659
07/31/95 0.870922
08/31/95 0.880777
09/30/95 0.891248
10/31/95 0.878790
11/30/95 0.900929
12/31/95 0.923054
01/31/96 0.942118
02/29/96 0.938882
03/31/96 0.948151
04/30/96 0.957327
05/31/96 0.964023
06/30/96 0.972028
07/31/96 0.955028
08/31/96 0.956143
09/30/96 0.990122
10/31/96 1.014763
11/30/96 1.064182
12/31/96 1.047821
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1082.415 1544.232 1987.764
Account Value $1,134.18 $1,618.08 $2,082.82
Surrender Value $1,077.47 $1,569.54 $2,041.16
Total Return 7.75% 56.95% 104.12%
Annualized Return 9.43% 10.23%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity High Income -- 12/31/85 0.332863
09/19/85 0.313745 06/30/86 0.371459
09/30/85 0.314356 09/30/86 0.374085 0.090%
10/31/85 0.318022 12/31/86 0.388012 1000 2577.243 0.090%
11/30/85 0.322366 06/30/87 0.402877 -0.45862 -1.138 0.090%
12/31/85 0.332863 12/31/87 0.389016 -0.45900 -1.180 0.090%
01/31/86 0.336714 06/30/88 0.420121 -0.46878 -1.116 0.090%
02/28/86 0.347851 12/31/88 0.430199 -0.49243 -1.145 0.090%
03/31/86 0.356144 06/30/89 0.450628 -0.50987 -1.131 0.090%
04/30/86 0.361905 12/31/89 0.408357 -0.49700 -1.217 0.090%
05/31/86 0.367145 06/30/90 0.402563 -0.46897 -1.165 0.090%
06/30/86 0.371459 12/31/90 0.395441 -0.46129 -1.167 0.090%
07/31/86 0.370031 06/30/91 0.471547 -0.50094 -1.062 0.090%
08/31/86 0.371244 09/30/91 0.505940 0.090%
09/30/86 0.374085 12/31/91 0.529109 1000 1889.970 -0.57794 -1.092 0.090%
10/31/86 0.384952 06/30/92 0.611613 -0.48508 -0.793 -0.65855 -1.077 0.090%
11/30/86 0.385904 12/31/92 0.644960 -0.53413 -0.828 -0.72513 -1.124 0.090%
12/31/86 0.388012 06/30/93 0.719399 -0.57969 -0.806 -0.78698 -1.094 0.090%
01/31/87 0.401843 12/31/93 0.769899 -0.63250 -0.822 -0.85868 -1.115 0.090%
02/28/87 0.408499 06/30/94 0.755128 -0.64739 -0.857 -0.87890 -1.164 0.090%
</TABLE>
<PAGE> 298
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/87 0.411877 12/31/94 0.750845 -0.63901 -0.851 -0.86753 -1.155 0.090%
04/30/87 0.398693 06/30/95 0.836949 -0.67343 -0.805 -0.91425 -1.092 0.090%
05/31/87 0.394689 09/30/95 0.876027 0.090%
06/30/87 0.402877 12/31/95 0.897036 1000 1114.782 -0.73512 -0.819 -0.99800 -1.113 0.090%
07/31/87 0.402983 03/31/96 0.928406 0.090%
08/31/87 0.405994 06/30/96 0.957929 -0.46527 -0.486 -0.78606 -0.821 -1.06716 -1.114 0.090%
09/30/87 0.391549 09/30/96 0.994529 0.090%
10/31/87 0.372534 12/31/96 1.013206 -0.49420 -0.488 -0.83493 -0.824 -1.13350 -1.119 0.090%
11/30/87 0.383197
12/31/87 0.389016
01/31/88 0.401502
02/29/88 0.413191
03/31/88 0.409891
04/30/88 0.412774
05/31/88 0.411818
06/30/88 0.420121
07/31/88 0.424174
08/31/88 0.421785
09/30/88 0.424835
10/31/88 0.429113
11/30/88 0.427141
12/31/88 0.430199
01/31/89 0.440170
02/28/89 0.442013
03/31/89 0.435981
04/30/89 0.430838
05/31/89 0.438422
06/30/89 0.450628
07/31/89 0.447300
08/31/89 0.444347
09/30/89 0.428475
10/31/89 0.409764
11/30/89 0.409789
12/31/89 0.408357
01/31/90 0.398987
02/28/90 0.392556
03/31/90 0.388111
04/30/90 0.388947
05/31/90 0.396619
06/30/90 0.402563
07/31/90 0.408441
08/31/90 0.401284
09/30/90 0.391483
10/31/90 0.381655
11/30/90 0.390302
12/31/90 0.395441
01/31/91 0.403506
02/28/91 0.425551
03/31/91 0.440309
04/30/91 0.455544
05/31/91 0.461862
06/30/91 0.471547
07/31/91 0.488943
08/31/91 0.495232
09/30/91 0.505940
10/31/91 0.522735
11/30/91 0.526777
12/31/91 0.529109
01/31/92 0.556916
02/29/92 0.576719
03/31/92 0.594863
04/30/92 0.598724
05/31/92 0.605524
06/30/92 0.611613
07/31/92 0.622981
08/31/92 0.635649
09/30/92 0.641733
10/31/92 0.631675
11/30/92 0.638926
12/31/92 0.644960
01/31/93 0.662355
02/28/93 0.673170
03/31/93 0.688139
04/30/93 0.692123
05/31/93 0.701949
06/30/93 0.719399
07/31/93 0.725929
08/31/93 0.733056
09/30/93 0.735060
10/31/93 0.751873
</TABLE>
<PAGE> 299
<TABLE>
<S> <C>
11/30/93 0.758317
12/31/93 0.769899
01/31/94 0.794947
02/28/94 0.793414
03/31/94 0.766060
04/30/94 0.757756
05/31/94 0.758526
06/30/94 0.755128
07/31/94 0.757361
08/31/94 0.756712
09/30/94 0.761717
10/31/94 0.754112
11/30/94 0.747238
12/31/94 0.750845
01/31/95 0.757892
02/28/95 0.783342
03/31/95 0.792458
04/30/95 0.815109
05/31/95 0.835358
06/30/95 0.836949
07/31/95 0.856460
08/31/95 0.862490
09/30/95 0.876027
10/31/95 0.883500
11/30/95 0.887281
12/31/95 0.897036
01/31/96 0.917097
02/29/96 0.931558
03/31/96 0.928406
04/30/96 0.941481
05/31/96 0.953745
06/30/96 0.957929
07/31/96 0.953851
08/31/96 0.966910
09/30/96 0.994529
10/31/96 0.990495
11/30/96 1.000277
12/31/96 1.013206
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1113.808 1881.744 2554.663
Account Value $1,128.52 $1,906.59 $2,588.40
Surrender Value $1,072.09 $1,849.40 $2,588.40
Total Return 7.21% 84.94% 158.84%
Annualized Return 13.09% 9.98%
</TABLE>
<TABLE>
Fidelity Equity Income --
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.316685
10/31/86 0.319985 10/09/86 0.316685 0.090%
11/30/86 0.326710 12/31/86 0.316633 1000 3158.230 0.090%
12/31/86 0.316633 06/30/87 0.369198 -0.48735 -1.320 0.090%
01/31/87 0.352699 12/31/87 0.310081 -0.48250 -1.556 0.090%
02/28/87 0.360647 06/30/88 0.371183 -0.48367 -1.303 0.090%
03/31/87 0.369494 12/31/88 0.376910 -0.53089 -1.409 0.090%
04/30/87 0.360015 06/30/89 0.433257 -0.57469 -1.326 0.090%
05/31/87 0.361960 12/31/89 0.438112 -0.61784 -1.410 0.090%
06/30/87 0.369198 06/30/90 0.417440 -0.60635 -1.453 0.090%
07/31/87 0.382954 12/31/90 0.367610 -0.55613 -1.513 0.090%
08/31/87 0.393177 06/30/91 0.427567 -0.56303 -1.317 0.090%
09/30/87 0.384624 09/30/91 0.457058 0.090%
10/31/87 0.309319 12/31/91 0.478632 1000 2089.286 -0.64138 -1.340 0.090%
11/30/87 0.295239 06/30/92 0.507375 -0.46351 -0.914 -0.69756 -1.375 0.090%
12/31/87 0.310081 12/31/92 0.554177 -0.49881 -0.900 -0.75068 -1.355 0.090%
01/31/88 0.331888 06/30/93 0.613530 -0.54845 -0.894 -0.82539 -1.345 0.090%
02/29/88 0.348054 12/31/93 0.649241 -0.59285 -0.913 -0.89221 -1.374 0.090%
03/31/88 0.341719 06/30/94 0.653624 -0.61140 -0.935 -0.92013 -1.408 0.090%
04/30/88 0.347113 12/31/94 0.688559 -0.62957 -0.914 -0.94748 -1.376 0.090%
05/31/88 0.351475 06/30/95 0.802795 -0.69923 -0.871 -1.05232 -1.311 0.090%
06/30/88 0.371183 09/30/95 0.870132 0.090%
07/31/88 0.370230 12/31/95 0.921390 1000 1085.317 -0.80806 -0.877 -1.21610 -1.320 0.090%
08/31/88 0.363534 03/31/96 0.959052 0.090%
09/30/88 0.374046 06/30/96 0.970743 -0.46205 -0.476 -0.88640 -0.913 -1.33399 -1.374 0.090%
10/31/88 0.380194 09/30/96 0.980299 0.090%
11/30/88 0.373791 12/31/96 1.042911 -0.49151 -0.471 -0.94291 -0.904 -1.41904 -1.361 0.090%
12/31/88 0.376910
01/31/89 0.399856
02/28/89 0.397513
03/31/89 0.405796
04/30/89 0.421151
05/31/89 0.433299
06/30/89 0.433257
07/31/89 0.458147
08/31/89 0.465132
09/30/89 0.459556
10/31/89 0.432682
11/30/89 0.434814
</TABLE>
<PAGE> 300
<TABLE>
<S> <C>
12/31/89 0.438112
01/31/90 0.408173
02/28/90 0.410292
03/31/90 0.410648
04/30/90 0.396090
05/31/90 0.421956
06/30/90 0.417440
07/31/90 0.406891
08/31/90 0.374098
09/30/90 0.344825
10/31/90 0.335745
11/30/90 0.359528
12/31/90 0.367610
01/31/91 0.387012
02/28/91 0.413362
03/31/91 0.421630
04/30/91 0.423236
05/31/91 0.446106
06/30/91 0.427567
07/31/91 0.451420
08/31/91 0.460588
09/30/91 0.457058
10/31/91 0.464295
11/30/91 0.443946
12/31/91 0.478632
01/31/92 0.484703
02/29/92 0.500079
03/31/92 0.493540
04/30/92 0.508604
05/31/92 0.512283
06/30/92 0.507375
07/31/92 0.522502
08/31/92 0.510642
09/30/92 0.515540
10/31/92 0.521305
11/30/92 0.539800
12/31/92 0.554177
01/31/93 0.570289
02/28/93 0.582676
03/31/93 0.599525
04/30/93 0.596566
05/31/93 0.606871
06/30/93 0.613530
07/31/93 0.621393
08/31/93 0.644637
09/30/93 0.641697
10/31/93 0.647049
11/30/93 0.635090
12/31/93 0.649241
01/31/94 0.677292
02/28/94 0.659371
03/31/94 0.631272
04/30/94 0.652539
05/31/94 0.658201
06/30/94 0.653624
07/31/94 0.674950
08/31/94 0.709074
09/30/94 0.696913
10/31/94 0.710646
11/30/94 0.686877
12/31/94 0.688559
01/31/95 0.698746
02/28/95 0.724849
03/31/95 0.749262
04/30/95 0.769542
05/31/95 0.792038
06/30/95 0.802795
07/31/95 0.833027
08/31/95 0.842803
09/30/95 0.870132
10/31/95 0.859395
11/30/95 0.895831
12/31/95 0.921390
01/31/96 0.947339
02/29/96 0.949766
03/31/96 0.959052
04/30/96 0.970741
05/31/96 0.980428
06/30/96 0.970743
07/31/96 0.922597
</TABLE>
<PAGE> 301
<TABLE>
<S> <C>
08/31/96 0.940782
09/30/96 0.980299
10/31/96 0.995407
11/30/96 1.061153
12/31/96 1.042911
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1084.37 2080.251 3130.684
Account Value $1,130.90 $2,169.52 $3,265.02
Surrender Value $1,074.36 $2,104.43 $3,265.02
Total Return 7.44% 110.44% 226.50%
Annualized Return 16.05% 12.56%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity Growth --
10/09/86 0.265909
10/31/86 0.265757 10/09/86 0.265909 0.090%
11/30/86 0.271406 12/31/86 0.266131 1000 3757.546 0.090%
12/31/86 0.266131 06/30/87 0.324057 -0.49897 -1.540 0.090%
01/31/87 0.294293 12/31/87 0.273270 -0.50480 -1.847 0.090%
02/28/87 0.308651 06/30/88 0.313824 -0.49591 -1.580 0.090%
03/31/87 0.313423 12/31/88 0.312867 -0.52913 -1.691 0.090%
04/30/87 0.313178 06/30/89 0.362307 -0.56981 -1.573 0.090%
05/31/87 0.315060 12/31/89 0.407611 -0.64950 -1.593 0.090%
06/30/87 0.324057 06/30/90 0.421320 -0.69899 -1.659 0.090%
07/31/87 0.336748 12/31/90 0.356359 -0.65548 -1.839 0.090%
08/31/87 0.346512 06/30/91 0.406835 -0.64295 -1.580 0.090%
09/30/87 0.342283 09/30/91 0.467872 0.090%
10/31/87 0.266856 12/31/91 0.513654 1000 1946.837 -0.77514 -1.509 0.090%
11/30/87 0.247932 06/30/92 0.476204 -0.43360 -0.911 -0.83322 -1.750 0.090%
12/31/87 0.273270 12/31/92 0.556514 -0.45216 -0.812 -0.86889 -1.561 0.090%
01/31/88 0.278989 06/30/93 0.617894 -0.51398 -0.832 -0.98769 -1.598 0.090%
02/29/88 0.301368 12/31/93 0.657960 -0.55814 -0.848 -1.07255 -1.630 0.090%
03/31/88 0.298436 06/30/94 0.591640 -0.54642 -0.924 -1.05002 -1.775 0.090%
04/30/88 0.301972 12/31/94 0.651607 -0.54338 -0.834 -1.04418 -1.602 0.090%
05/31/88 0.299037 06/30/95 0.802731 -0.63537 -0.792 -1.22095 -1.521 0.090%
06/30/88 0.313824 09/30/95 0.913954 0.090%
07/31/88 0.311979 12/31/95 0.873771 1000 1144.464 -0.73213 -0.838 -1.40689 -1.610 0.090%
08/31/88 0.304213 03/31/96 0.918625 0.090%
09/30/88 0.312538 06/30/96 0.962910 -0.47295 -0.491 -0.80173 -0.833 -1.54064 -1.600 0.090%
10/31/88 0.313088 09/30/96 0.974944 0.090%
11/30/88 0.309905 12/31/96 0.992762 -0.50338 -0.507 -0.85330 -0.860 -1.63975 -1.652 0.090%
12/31/88 0.312867
01/31/89 0.335012
02/28/89 0.327837
03/31/89 0.337476
04/30/89 0.355066
05/31/89 0.367450
06/30/89 0.362307
07/31/89 0.394363
08/31/89 0.400778
09/30/89 0.403988
10/31/89 0.392357
11/30/89 0.398500
12/31/89 0.407611
01/31/90 0.383651
02/28/90 0.387033
03/31/90 0.391458
04/30/90 0.379751
05/31/90 0.413033
06/30/90 0.421320
07/31/90 0.414318
08/31/90 0.371338
09/30/90 0.332880
10/31/90 0.320706
11/30/90 0.346425
12/31/90 0.356359
01/31/91 0.379791
02/28/91 0.407830
03/31/91 0.419831
04/30/91 0.415560
05/31/91 0.439782
06/30/91 0.406835
07/31/91 0.445214
08/31/91 0.464632
09/30/91 0.467872
10/31/91 0.481948
11/30/91 0.454088
12/31/91 0.513654
01/31/92 0.544573
02/29/92 0.555302
03/31/92 0.520788
04/30/92 0.500362
05/31/92 0.495667
06/30/92 0.476204
07/31/92 0.494301
08/31/92 0.480328
</TABLE>
<PAGE> 302
<TABLE>
<S> <C>
09/30/92 0.488435
10/31/92 0.506994
11/30/92 0.540356
12/31/92 0.556514
01/31/93 0.567056
02/28/93 0.554912
03/31/93 0.576584
04/30/93 0.570106
05/31/93 0.612132
06/30/93 0.617894
07/31/93 0.615692
08/31/93 0.646068
09/30/93 0.657565
10/31/93 0.663346
11/30/93 0.635965
12/31/93 0.657960
01/31/94 0.673952
02/28/94 0.666517
03/31/94 0.635715
04/30/94 0.639169
05/31/94 0.623828
06/30/94 0.591640
07/31/94 0.611704
08/31/94 0.645839
09/30/94 0.637502
10/31/94 0.662870
11/30/94 0.635889
12/31/94 0.651607
01/31/95 0.638747
02/28/95 0.664714
03/31/95 0.688291
04/30/95 0.710981
05/31/95 0.738058
06/30/95 0.802731
07/31/95 0.881423
08/31/95 0.891526
09/30/95 0.913954
10/31/95 0.903882
11/30/95 0.902554
12/31/95 0.873771
01/31/96 0.886783
02/29/96 0.915781
03/31/96 0.918625
04/30/96 0.953804
05/31/96 0.982850
06/30/96 0.962910
07/31/96 0.888461
08/31/96 0.914314
09/30/96 0.974944
10/31/96 0.971925
11/30/96 1.025182
12/31/96 0.992762
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1143.466 1938.353 3724.836
Account Value $1,135.19 $1,924.32 $3,697.88
Surrender Value $1,078.43 $1,866.59 $3,697.88
Total Return 7.84% 86.66% 269.79%
Annualized Return 13.29% 13.97%
</TABLE>
<TABLE>
<CAPTION>
US Government -- Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C> <C> <C>
01/24/92 0.763488
01/31/92 0.763454
02/29/92 0.765190 01/24/92 0.763488 1000 1309.778 0.090%
03/31/92 0.767606 06/30/92 0.786289 -0.39541 -0.503 0.090%
04/30/92 0.764717 12/31/92 0.816375 -0.47212 -0.578 0.090%
05/31/92 0.779329 06/30/93 0.872134 -0.49719 -0.570 0.090%
06/30/92 0.786289 12/31/93 0.885484 -0.51732 -0.584 0.090%
07/31/92 0.803765 06/30/94 0.828378 -0.50421 -0.609 0.090%
08/31/92 0.806913 12/31/94 0.827567 -0.48695 -0.588 0.090%
09/30/92 0.814626 06/30/95 0.949391 -0.52230 -0.550 0.090%
10/31/92 0.806415 09/30/95 0.959489 0.090%
11/30/92 0.805764 12/31/95 1.020452 1000 979.958 -0.57875 -0.567 0.090%
12/31/92 0.816375 03/31/96 0.970149 0.090%
01/31/93 0.827862 06/30/96 0.969596 -0.43879 -0.453 -0.58443 -0.603 0.090%
02/28/93 0.846560 09/30/96 0.985943 0.090%
03/31/93 0.853495 12/31/96 1.025386 -0.43967 -0.429 -0.88660 -0.865 0.090%
04/30/93 0.857429
05/31/93 0.858338
06/30/93 0.872134
07/31/93 0.876040
08/31/93 0.888298
09/30/93 0.896767
10/31/93 0.897611
11/30/93 0.884675
12/31/93 0.885484
</TABLE>
<PAGE> 303
<TABLE>
<S> <C>
01/31/94 0.892326
02/28/94 0.873595
03/31/94 0.842161
04/30/94 0.839165
05/31/94 0.839250
06/30/94 0.828378
07/31/94 0.845818
08/31/94 0.841950
09/30/94 0.817767
10/31/94 0.819458
11/30/94 0.816468
12/31/94 0.827567
01/31/95 0.844555
02/28/95 0.864658
03/31/95 0.872218
04/30/95 0.885629
05/31/95 0.937706
06/30/95 0.949391
07/31/95 0.935437
08/31/95 0.946212
09/30/95 0.959489
10/31/95 0.981719
11/30/95 1.001498
12/31/95 1.020452
01/31/96 1.023669
02/29/96 0.993307
03/31/96 0.970149
04/30/96 0.959450
05/31/96 0.954204
06/30/96 0.969596
07/31/96 0.972329
08/31/96 0.964429
09/30/96 0.985943
10/31/96 1.016329
11/30/96 1.041373
12/31/96 1.025386
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 979.076 1303.761
Account Value $1,003.93 $1,336.86
Surrender Value $953.73 $1,296.75
Total Return -4.63% 29.68%
Annualized Return 5.40%
</TABLE>
<TABLE>
<CAPTION>
Templeton Bond -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.589523
09/30/88 0.592597
10/31/88 0.594473 08/31/88 0.589523 1000 1696.288 0.090%
11/30/88 0.596950 12/31/88 0.598835 -0.30320 -0.506 0.090%
12/31/88 0.598835 06/30/89 0.617726 -0.46418 -0.751 0.090%
01/31/89 0.601273 12/31/89 0.638566 -0.47913 -0.750 0.090%
02/28/89 0.599082 06/30/90 0.649136 -0.49089 -0.756 0.090%
03/31/89 0.607813 12/31/90 0.672551 -0.50362 -0.749 0.090%
04/30/89 0.610960 06/30/91 0.692728 -0.52000 -0.751 0.090%
05/31/89 0.612230 09/30/91 0.733726 0.090%
06/30/89 0.617726 12/31/91 0.771909 1000 1295.489 -0.55760 -0.722 0.090%
07/31/89 0.624391 06/30/92 0.782524 -0.45309 -0.579 -0.59153 -0.756 0.090%
08/31/89 0.625081 12/31/92 0.806359 -0.46293 -0.574 -0.60437 -0.750 0.090%
09/30/89 0.626397 06/30/93 0.858496 -0.48485 -0.565 -0.63299 -0.737 0.090%
10/31/89 0.631830 12/31/93 0.890297 -0.50907 -0.572 -0.66461 -0.747 0.090%
11/30/89 0.636693 06/30/94 0.832763 -0.50136 -0.602 -0.65454 -0.786 0.090%
12/31/89 0.638566 12/31/94 0.838851 -0.48616 -0.580 -0.63470 -0.757 0.090%
01/31/90 0.632454 06/30/95 0.912621 -0.50916 -0.558 -0.66472 -0.728 0.090%
02/28/90 0.632611 09/30/95 0.921748 0.000 0.090%
03/31/90 0.632738 12/31/95 0.954946 1000 1047.180 -0.54267 -0.568 -0.70848 -0.742 0.090%
04/30/90 0.626047 03/31/96 0.944959 0.090%
05/31/90 0.640981 06/30/96 0.964192 -0.45218 -0.469 -0.55741 -0.578 -0.72772 -0.755 0.090%
06/30/90 0.649136 09/30/96 0.990392 0.090%
07/31/90 0.655378 12/31/96 1.035182 -0.47087 -0.455 -0.58046 -0.561 -0.75781 -0.732 0.090%
08/31/90 0.647456
09/30/90 0.650678
10/31/90 0.658112
11/30/90 0.667454
12/31/90 0.672551
01/31/91 0.682397
02/28/91 0.685144
03/31/91 0.688542
04/30/91 0.693144
05/31/91 0.697124
06/30/91 0.692728
07/31/91 0.699927
08/31/91 0.718144
09/30/91 0.733726
10/31/91 0.743470
11/30/91 0.751946
12/31/91 0.771909
</TABLE>
<PAGE> 304
<TABLE>
<S> <C>
01/31/92 0.753039
02/29/92 0.753773
03/31/92 0.746092
04/30/92 0.748198
05/31/92 0.765078
06/30/92 0.782524
07/31/92 0.804838
08/31/92 0.811174
09/30/92 0.807754
10/31/92 0.800831
11/30/92 0.795310
12/31/92 0.806359
01/31/93 0.822000
02/28/93 0.842832
03/31/93 0.842843
04/30/93 0.845871
05/31/93 0.845991
06/30/93 0.858496
07/31/93 0.871072
08/31/93 0.884319
09/30/93 0.879956
10/31/93 0.888084
11/30/93 0.874874
12/31/93 0.890297
01/31/94 0.907154
02/28/94 0.877962
03/31/94 0.851078
04/30/94 0.843440
05/31/94 0.838074
06/30/94 0.832763
07/31/94 0.836790
08/31/94 0.837621
09/30/94 0.836966
10/31/94 0.846351
11/30/94 0.840277
12/31/94 0.838851
01/31/95 0.842785
02/28/95 0.857985
03/31/95 0.871867
04/30/95 0.888222
05/31/95 0.910096
06/30/95 0.912621
07/31/95 0.915115
08/31/95 0.907926
09/30/95 0.921748
10/31/95 0.936280
11/30/95 0.941183
12/31/95 0.954946
01/31/96 0.948495
02/29/96 0.942981
03/31/96 0.944959
04/30/96 0.949547
05/31/96 0.953258
06/30/96 0.964192
07/31/96 0.966939
08/31/96 0.978686
09/30/96 0.990392
10/31/96 1.010071
11/30/96 1.034267
12/31/96 1.035182
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1046.256 1289.752 1683.813
Account Value $1,083.07 $1,335.13 $1,743.05
Surrender Value $1,028.91 $1,295.07 $1,743.05
Total Return 2.89% 29.51% 74.31%
Annualized Return 5.31% 6.89%
</TABLE>
<TABLE>
<CAPTION>
Templeton Asset Allocation -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.438513
09/30/88 0.441238
10/31/88 0.454455 08/31/88 0.438513 1000 2280.434 0.090%
11/30/88 0.451475 12/31/88 0.449374 -0.30455 -0.678 0.090%
12/31/88 0.449374 06/30/89 0.466415 -0.46975 -1.007 0.090%
01/31/89 0.461230 12/31/89 0.504125 -0.49761 -0.987 0.090%
02/28/89 0.455655 06/30/90 0.513491 -0.52152 -1.016 0.090%
03/31/89 0.460094 12/31/90 0.459480 -0.49842 -1.085 0.090%
04/30/89 0.469801 06/30/91 0.501531 -0.49206 -0.981 0.090%
05/31/89 0.469398 09/30/91 0.545954 0.090%
06/30/89 0.466415 12/31/91 0.581170 1000 1720.667 -0.55413 -0.953 0.090%
07/31/89 0.491302 06/30/92 0.619783 -0.46495 -0.750 -0.61439 -0.991 0.090%
08/31/89 0.495258 12/31/92 0.621830 -0.48048 -0.773 -0.63492 -1.021 0.090%
09/30/89 0.492710 06/30/93 0.684847 -0.50543 -0.738 -0.66789 -0.975 0.090%
10/31/89 0.475787 12/31/93 0.776848 -0.56515 -0.727 -0.74680 -0.961 0.090%
11/30/89 0.483665 06/30/94 0.737343 -0.58520 -0.794 -0.77330 -1.049 0.090%
12/31/89 0.504125 12/31/94 0.746688 -0.57328 -0.768 -0.75754 -1.015 0.090%
</TABLE>
<PAGE> 305
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01/31/90 0.491121 06/30/95 0.831932 -0.60955 -0.733 -0.80547 -0.968 0.090%
02/28/90 0.491629 09/30/95 0.881888 0.000 0.090%
03/31/90 0.498291 12/31/95 0.906419 1000 1103.242 -0.67094 -0.740 -0.88659 -0.978 0.090%
04/30/90 0.480597 03/31/96 0.943836 0.090%
05/31/90 0.509891 06/30/96 0.976206 -0.46732 -0.479 -0.72631 -0.744 -0.95976 -0.983 0.090%
06/30/90 0.513491 09/30/96 0.991073 0.090%
07/31/90 0.520583 12/31/96 1.067183 -0.50701 -0.475 -0.78799 -0.738 -1.04126 -0.976 0.090%
08/31/90 0.482154
09/30/90 0.442939
10/31/90 0.438588
11/30/90 0.451033
12/31/90 0.459480
01/31/91 0.481118
02/28/91 0.511559
03/31/91 0.505005
04/30/91 0.510470
05/31/91 0.524114
06/30/91 0.501531
07/31/91 0.530073
08/31/91 0.541871
09/30/91 0.545954
10/31/91 0.549578
11/30/91 0.535625
12/31/91 0.581170
01/31/92 0.575771
02/29/92 0.591041
03/31/92 0.583403
04/30/92 0.597587
05/31/92 0.622088
06/30/92 0.619783
07/31/92 0.626675
08/31/92 0.618731
09/30/92 0.615938
10/31/92 0.610841
11/30/92 0.614946
12/31/92 0.621830
01/31/93 0.629632
02/28/93 0.643935
03/31/93 0.656694
04/30/93 0.668939
05/31/93 0.679781
06/30/93 0.684847
07/31/93 0.695155
08/31/93 0.727537
09/30/93 0.727442
10/31/93 0.751331
11/30/93 0.736136
12/31/93 0.776848
01/31/94 0.813747
02/28/94 0.782675
03/31/94 0.750121
04/30/94 0.753870
05/31/94 0.758502
06/30/94 0.737343
07/31/94 0.766414
08/31/94 0.787243
09/30/94 0.770406
10/31/94 0.777888
11/30/94 0.752510
12/31/94 0.746688
01/31/95 0.737981
02/28/95 0.754080
03/31/95 0.765170
04/30/95 0.789455
05/31/95 0.817981
06/30/95 0.831932
07/31/95 0.862366
08/31/95 0.854391
09/30/95 0.881888
10/31/95 0.863697
11/30/95 0.889663
12/31/95 0.906419
01/31/96 0.928849
02/29/96 0.935875
03/31/96 0.943836
04/30/96 0.965986
05/31/96 0.978445
06/30/96 0.976206
07/31/96 0.949944
08/31/96 0.972569
</TABLE>
<PAGE> 306
<TABLE>
<S> <C>
09/30/96 0.991073
10/31/96 1.002437
11/30/96 1.060974
12/31/96 1.067183
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1102.288 1713.162 2263.810
Account Value $1,176.34 $1,828.26 $2,415.90
Surrender Value $1,117.53 $1,773.41 $2,415.90
Total Return 11.75% 77.34% 141.59%
Annualized Return 12.14% 11.16%
</TABLE>
<TABLE>
<CAPTION>
Templeton Stock -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.407064
09/30/88 0.409187
10/31/88 0.421456 08/31/88 0.407064 1000 2456.616 0.090%
11/30/88 0.415847 12/31/88 0.416740 -0.30440 -0.730 0.090%
12/31/88 0.416740 06/30/89 0.436598 -0.47153 -1.080 0.090%
01/31/89 0.435855 12/31/89 0.473196 -0.50251 -1.062 0.090%
02/28/89 0.427840 06/30/90 0.481376 -0.52701 -1.095 0.090%
03/31/89 0.435606 12/31/90 0.417095 -0.49582 -1.189 0.090%
04/30/89 0.445422 06/30/91 0.455558 -0.48134 -1.057 0.090%
05/31/89 0.443824 09/30/91 0.493041 0.090%
06/30/89 0.436598 12/31/91 0.526642 1000 1898.822 -0.54153 -1.028 0.090%
07/31/89 0.464954 06/30/92 0.555329 -0.46226 -0.832 -0.59628 -1.074 0.090%
08/31/89 0.476294 12/31/92 0.558566 -0.47569 -0.852 -0.61361 -1.099 0.090%
09/30/89 0.474723 06/30/93 0.626824 -0.50599 -0.807 -0.65270 -1.041 0.090%
10/31/89 0.406564 12/31/93 0.741378 -0.58378 -0.787 -0.75304 -1.016 0.090%
11/30/89 0.453805 06/30/94 0.715669 -0.62143 -0.868 -0.80161 -1.120 0.090%
12/31/89 0.473196 12/31/94 0.718193 -0.61126 -0.851 -0.78849 -1.098 0.090%
01/31/90 0.455487 06/30/95 0.815761 -0.65363 -0.801 -0.84315 -1.034 0.090%
02/28/90 0.457969 09/30/95 0.869131 0.000 0.090%
03/31/90 0.465738 12/31/95 0.891010 1000 1122.322 -0.72697 -0.816 -0.93774 -1.052 0.090%
04/30/90 0.447777 03/31/96 0.940787 0.090%
05/31/90 0.481331 06/30/96 0.980335 -0.47256 -0.482 -0.79672 -0.813 -1.02772 -1.048 0.090%
06/30/90 0.481376 09/30/96 0.992134 0.090%
07/31/90 0.488319 12/31/96 1.080163 -0.52010 -0.482 -0.87687 -0.812 -1.13112 -1.047 0.090%
08/31/90 0.445938
09/30/90 0.404879
10/31/90 0.399240
11/30/90 0.411128
12/31/90 0.417095
01/31/91 0.440103
02/28/91 0.469401
03/31/91 0.465825
04/30/91 0.465842
05/31/91 0.480455
06/30/91 0.455558
07/31/91 0.483849
08/31/91 0.489286
09/30/91 0.493041
10/31/91 0.498865
11/30/91 0.484813
12/31/91 0.526642
01/31/92 0.527870
02/29/92 0.544393
03/31/92 0.532796
04/30/92 0.549967
05/31/92 0.569591
06/30/92 0.555329
07/31/92 0.556206
08/31/92 0.543973
09/30/92 0.543968
10/31/92 0.538523
11/30/92 0.547709
12/31/92 0.558566
01/31/93 0.565659
02/28/93 0.578234
03/31/93 0.596379
04/30/93 0.605274
05/31/93 0.623963
06/30/93 0.626824
07/31/93 0.635678
08/31/93 0.676724
09/30/93 0.681285
10/31/93 0.709569
11/30/93 0.691185
12/31/93 0.741378
01/31/94 0.781774
02/28/94 0.753318
03/31/94 0.717798
04/30/94 0.728355
05/31/94 0.737550
06/30/94 0.715669
07/31/94 0.751317
08/31/94 0.777898
</TABLE>
<PAGE> 307
<TABLE>
<S> <C>
09/30/94 0.753487
10/31/94 0.760523
11/30/94 0.727676
12/31/94 0.718193
01/31/95 0.708697
02/28/95 0.729564
03/31/95 0.741896
04/30/95 0.769758
05/31/95 0.797908
06/30/95 0.815761
07/31/95 0.855464
08/31/95 0.845765
09/30/95 0.869131
10/31/95 0.848699
11/30/95 0.868142
12/31/95 0.891010
01/31/96 0.907759
02/29/96 0.921982
03/31/96 0.940787
04/30/96 0.960452
05/31/96 0.973925
06/30/96 0.980335
07/31/96 0.937758
08/31/96 0.969717
09/30/96 0.992134
10/31/96 1.006214
11/30/96 1.058852
12/31/96 1.080163
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1121.358 1890.583 2438.746
Account Value $1,211.25 $2,042.14 $2,634.24
Surrender Value $1,150.69 $1,980.87 $2,634.24
Total Return 15.07% 98.09% 163.42%
Annualized Return 14.65% 12.32%
</TABLE>
<TABLE>
<CAPTION>
MFS Total Return -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.755314
06/30/94 0.743721
07/31/94 0.757584 06/20/94 0.755314 1000 1323.952 0.090%
08/31/94 0.769828 06/30/94 0.743721 -0.02447 -0.033 0.090%
09/30/94 0.757857 12/31/94 0.740136 -0.44201 -0.597 0.090%
10/31/94 0.755730 06/30/95 0.831883 -0.46806 -0.563 0.090%
11/30/94 0.733947 09/30/95 0.873669 0.090%
12/31/94 0.740136 12/31/95 0.921491 1000 1085.198 -0.52184 -0.566 0.090%
01/31/95 0.750152 03/31/96 0.947876 0.090%
02/28/95 0.770094 06/30/96 0.962580 -0.46003 -0.478 -0.56050 -0.582 0.090%
03/31/95 0.783825 09/30/96 0.985599 0.090%
04/30/95 0.799922 12/31/96 1.045178 -0.49002 -0.469 -0.59703 -0.571 0.090%
05/31/95 0.826485
06/30/95 0.831883
07/31/95 0.843307
08/31/95 0.851674
09/30/95 0.873669
10/31/95 0.869168
11/30/95 0.900845
12/31/95 0.921491
01/31/96 0.938459
02/29/96 0.936219
03/31/96 0.947876
04/30/96 0.950938
05/31/96 0.956339
06/30/96 0.962580
07/31/96 0.942494
08/31/96 0.955608
09/30/96 0.985599
10/31/96 1.008808
11/30/96 1.056277
12/31/96 1.045178
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1084.251 1321.04
Account Value $1,133.24 $1,380.72
Surrender Value $1,076.57 $1,325.49
Total Return 7.66% 32.55%
Annualized Return 11.76%
</TABLE>
<TABLE>
<CAPTION>
Putnam Diversified -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.810004
06/30/94 0.810604
07/31/94 0.815657 06/20/94 0.810004 1000 1234.561 0.090%
08/31/94 0.819809 06/30/94 0.810604 -0.02467 -0.030 0.090%
09/30/94 0.822400 12/31/94 0.817848 -0.45233 -0.553 0.090%
10/31/94 0.822546 06/30/95 0.894905 -0.47554 -0.531 0.090%
11/30/94 0.817872 09/30/95 0.911367 0.090%
12/31/94 0.817848 12/31/95 0.950973 1000 1051.555 -0.51228 -0.539 0.090%
01/31/95 0.825295 03/31/96 0.946200 0.090%
02/28/95 0.840926 06/30/96 0.954026 -0.45072 -0.472 -0.52846 -0.554 0.090%
03/31/95 0.856468 09/30/96 0.989335 0.090%
04/30/95 0.866384 12/31/96 1.019493 -0.46672 -0.458 -0.54722 -0.537 0.090%
05/31/95 0.892365
06/30/95 0.894905
</TABLE>
<PAGE> 308
<TABLE>
<S> <C>
07/31/95 0.901464
08/31/95 0.903167
09/30/95 0.911367
10/31/95 0.924323
11/30/95 0.935677
12/31/95 0.950973
01/31/96 0.961095
02/29/96 0.950282
03/31/96 0.946200
04/30/96 0.949613
05/31/96 0.950525
06/30/96 0.954026
07/31/96 0.961583
08/31/96 0.965855
09/30/96 0.989335
10/31/96 1.001909
11/30/96 1.019506
12/31/96 1.019493
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1050.625 1231.817
Account Value $1,071.10 $1,255.83
Surrender Value $1,017.55 $1,205.60
Total Return 1.75% 20.56%
Annualized Return 7.66%
</TABLE>
<TABLE>
<CAPTION>
AO Long Term Bond -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.827927
05/31/93 0.828111
06/30/93 0.847122 05/01/93 0.827927 1000 1207.836 0.090%
07/31/93 0.853810 06/30/93 0.847122 -0.14966 -0.177 0.090%
08/31/93 0.883276 12/31/93 0.899898 -0.47471 -0.528 0.090%
09/30/93 0.893185 06/30/94 0.838701 -0.47221 -0.563 0.090%
10/31/93 0.909569 12/31/94 0.840075 -0.45575 -0.543 0.090%
11/30/93 0.899078 06/30/95 0.951271 -0.48609 -0.511 0.090%
12/31/93 0.899898 09/30/95 0.969508 0.090%
01/31/94 0.909041 12/31/95 1.018998 1000 981.357 -0.53442 -0.524 0.090%
02/28/94 0.887501 03/31/96 0.969339 0.090%
03/31/94 0.864173 06/30/96 0.968945 -0.43895 -0.453 -0.53898 -0.556 0.090%
04/30/94 0.844404 09/30/96 0.984832 0.090%
05/31/94 0.842827 12/31/96 1.022469 -0.43951 -0.430 -0.53967 -0.528 0.090%
06/30/94 0.838701
07/31/94 0.858150
08/31/94 0.854804
09/30/94 0.837503
10/31/94 0.832452
11/30/94 0.830927
12/31/94 0.840075
01/31/95 0.858241
02/28/95 0.880882
03/31/95 0.888219
04/30/95 0.900982
05/31/95 0.942191
06/30/95 0.951271
07/31/95 0.943371
08/31/95 0.956878
09/30/95 0.969508
10/31/95 0.986496
11/30/95 1.002616
12/31/95 1.018998
01/31/96 1.020138
02/29/96 0.983610
03/31/96 0.969339
04/30/96 0.958858
05/31/96 0.954226
06/30/96 0.968945
07/31/96 0.970037
08/31/96 0.961582
09/30/96 0.984832
10/31/96 1.015722
11/30/96 1.040858
12/31/96 1.022469
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 980.474 1203.906
Account Value $1,002.50 $1,230.96
Surrender Value $952.38 $1,181.72
Total Return -4.76% 18.17%
Annualized Return 4.65%
</TABLE>
<TABLE>
<CAPTION>
AO Core Equity -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.648585
05/31/93 0.648729
06/30/93 0.645081 05/01/93 0.648585 1000 1541.819 0.090%
07/31/93 0.649663 06/30/93 0.645081 -0.14755 -0.229 0.090%
08/31/93 0.663733 12/31/93 0.657927 -0.45196 -0.687 0.090%
09/30/93 0.658772 06/30/94 0.641529 -0.45053 -0.702 0.090%
10/31/93 0.664593 12/31/94 0.645113 -0.44588 -0.691 0.090%
11/30/93 0.653878 06/30/95 0.767813 -0.48942 -0.637 0.090%
12/31/93 0.657927 09/30/95 0.834793 0.090%
01/31/94 0.682869 12/31/95 0.885465 1000 1129.350 -0.57244 -0.646 0.090%
02/28/94 0.670922 03/31/96 0.937396 0.090%
</TABLE>
<PAGE> 309
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/94 0.641143 06/30/96 0.957016 -0.46818 -0.489 -0.63768 -0.666 0.090%
04/30/94 0.651460 09/30/96 0.981730 0.090%
05/31/94 0.658530 12/31/96 1.080064 -0.51741 -0.479 -0.70473 -0.652 0.090%
06/30/94 0.641529
07/31/94 0.661950
08/31/94 0.686066
09/30/94 0.660230
10/31/94 0.666017
11/30/94 0.642762
12/31/94 0.645113
01/31/95 0.654830
02/28/95 0.681245
03/31/95 0.698607
04/30/95 0.722394
05/31/95 0.751166
06/30/95 0.767813
07/31/95 0.796540
08/31/95 0.801007
09/30/95 0.834793
10/31/95 0.829638
11/30/95 0.866486
12/31/95 0.885465
01/31/96 0.915582
02/29/96 0.928810
03/31/96 0.937396
04/30/96 0.944575
05/31/96 0.962348
06/30/96 0.957016
07/31/96 0.914551
08/31/96 0.938271
09/30/96 0.981730
10/31/96 1.024449
11/30/96 1.103400
12/31/96 1.080064
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1128.382 1536.909
Account Value $1,218.72 $1,659.96
Surrender Value $1,157.79 $1,593.56
Total Return 15.78% 59.36%
Annualized Return 13.53%
</TABLE>
<TABLE>
<CAPTION>
AO Emerging Opps -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.599715
05/31/93 0.598444
06/30/93 0.581710 05/01/93 0.599715 1000 1667.458 0.090%
07/31/93 0.564001 06/30/93 0.581710 -0.14572 -0.251 0.090%
08/31/93 0.583150 12/31/93 0.648265 -0.46139 -0.712 0.090%
09/30/93 0.605272 06/30/94 0.609815 -0.47173 -0.774 0.090%
10/31/93 0.640430 12/31/94 0.704262 -0.49250 -0.699 0.090%
11/30/93 0.612584 06/30/95 0.852046 -0.58304 -0.684 0.090%
12/31/93 0.648265 09/30/95 0.948119 0.090%
01/31/94 0.669057 12/31/95 0.922570 1000 1083.928 -0.66455 -0.720 0.090%
02/28/94 0.669746 03/31/96 0.948638 0.090%
03/31/94 0.649693 06/30/96 0.977566 -0.46341 -0.474 -0.71125 -0.728 0.090%
04/30/94 0.665752 09/30/96 1.003843 0.090%
05/31/94 0.642166 12/31/96 0.885084 -0.45407 -0.513 -0.69691 -0.787 0.090%
06/30/94 0.609815
07/31/94 0.604635
08/31/94 0.665950
09/30/94 0.679555
10/31/94 0.703701
11/30/94 0.694926
12/31/94 0.704262
01/31/95 0.690105
02/28/95 0.722871
03/31/95 0.732377
04/30/95 0.744892
05/31/95 0.765590
06/30/95 0.852046
07/31/95 0.912909
08/31/95 0.921640
09/30/95 0.948119
10/31/95 0.908348
11/30/95 0.948314
12/31/95 0.922570
01/31/96 0.881341
02/29/96 0.929729
03/31/96 0.948638
04/30/96 1.019491
05/31/96 1.055995
06/30/96 0.977566
07/31/96 0.889361
08/31/96 0.970468
09/30/96 1.003843
10/31/96 0.927471
</TABLE>
<PAGE> 310
<TABLE>
<S> <C>
11/30/96 0.909721
12/31/96 0.885084
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1082.941 1662.103
Account Value $ 958.49 $1,471.10
Surrender Value $ 910.57 $1,412.26
Total Return -8.94% 41.23%
Annualized Return 9.86%
</TABLE>
<TABLE>
<CAPTION>
AO International Equity -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.703800
05/31/93 0.698060
06/30/93 0.685633 05/01/93 0.703800 1000 1420.859 0.090%
07/31/93 0.680911 06/30/93 0.685633 -0.14604 -0.213 0.090%
08/31/93 0.713803 12/31/93 0.832393 -0.48523 -0.583 0.090%
09/30/93 0.711154 06/30/94 0.768278 -0.51144 -0.666 0.090%
10/31/93 0.756548 12/31/94 0.766972 -0.49030 -0.639 0.090%
11/30/93 0.735035 06/30/95 0.832888 -0.51071 -0.613 0.090%
12/31/93 0.832393 09/30/95 0.895353 0.090%
01/31/94 0.857418 12/31/95 0.904097 1000 1106.076 -0.55424 -0.613 0.090%
02/28/94 0.823460 03/31/96 0.953093 0.090%
03/31/94 0.777730 06/30/96 0.973546 -0.46728 -0.480 -0.59886 -0.615 0.090%
04/30/94 0.795159 09/30/96 0.995935 0.090%
05/31/94 0.790338 12/31/96 1.091420 -0.51368 -0.471 -0.65832 -0.603 0.090%
06/30/94 0.768278
07/31/94 0.792580
08/31/94 0.829881
09/30/94 0.799559
10/31/94 0.816151
11/30/94 0.780378
12/31/94 0.766972
01/31/95 0.736415
02/28/95 0.750823
03/31/95 0.773691
04/30/95 0.802978
05/31/95 0.832119
06/30/95 0.832888
07/31/95 0.884694
08/31/95 0.871234
09/30/95 0.895353
10/31/95 0.871261
11/30/95 0.886839
12/31/95 0.904097
01/31/96 0.933180
02/29/96 0.940300
03/31/96 0.953093
04/30/96 0.974335
05/31/96 0.975678
06/30/96 0.973546
07/31/96 0.932994
08/31/96 0.974775
09/30/96 0.995935
10/31/96 1.007151
11/30/96 1.070011
12/31/96 1.091420
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1105.125 1416.314
Account Value $1,206.16 $1,545.79
Surrender Value $1,145.85 $1,483.96
Total Return 14.58% 48.40%
Annualized Return 11.35%
</TABLE>
<TABLE>
<CAPTION>
AO Intermediate Bond -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.868600
05/31/93 0.868792
06/30/93 0.880285 05/01/93 0.868600 1000 1151.278 0.090%
07/31/93 0.882192 06/30/93 0.880285 -0.14894 -0.169 0.090%
08/31/93 0.896150 12/31/93 0.900603 -0.46125 -0.512 0.090%
09/30/93 0.901497 06/30/94 0.867639 -0.45777 -0.528 0.090%
10/31/93 0.904249 12/31/94 0.866699 -0.44879 -0.518 0.090%
11/30/93 0.897469 06/30/95 0.942538 -0.46796 -0.496 0.090%
12/31/93 0.900603 09/30/95 0.953749 0.090%
01/31/94 0.907802 12/31/95 0.987458 1000 1012.701 -0.49898 -0.505 0.090%
02/28/94 0.894896 03/31/96 0.978470 0.090%
03/31/94 0.879310 06/30/96 0.979933 -0.44829 -0.457 -0.50842 -0.519 0.090%
04/30/94 0.870787 09/30/96 0.993596 0.090%
05/31/94 0.869187 12/31/96 1.016539 -0.45471 -0.447 -0.51570 -0.507 0.090%
06/30/94 0.867639
07/31/94 0.877442
08/31/94 0.880169
09/30/94 0.869910
10/31/94 0.868339
11/30/94 0.864188
12/31/94 0.866699
01/31/95 0.878633
02/28/95 0.894200
03/31/95 0.898876
04/30/95 0.910810
05/31/95 0.936985
06/30/95 0.942538
</TABLE>
<PAGE> 311
<TABLE>
<S> <C>
07/31/95 0.940879
08/31/95 0.949089
09/30/95 0.953749
10/31/95 0.964589
11/30/95 0.975458
12/31/95 0.987458
01/31/96 0.996116
02/29/96 0.985862
03/31/96 0.978470
04/30/96 0.973852
05/31/96 0.971171
06/30/96 0.979933
07/31/96 0.981930
08/31/96 0.982106
09/30/96 0.993596
10/31/96 1.008843
11/30/96 1.021288
12/31/96 1.016539
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1011.797 1147.524
Account Value $1,028.53 $1,166.50
Surrender Value $977.10 $1,119.84
Total Return -2.29% 11.98%
Annualized Return 3.13%
</TABLE>
<TABLE>
<CAPTION>
AO Short Term Bond -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.884780
05/31/93 0.884976
06/30/93 0.890532 05/01/93 0.884780 1000 1130.225 0.090%
07/31/93 0.892488 06/30/93 0.890532 -0.14843 -0.167 0.090%
08/31/93 0.897924 12/31/93 0.904389 -0.45638 -0.505 0.090%
09/30/93 0.899869 06/30/94 0.892999 -0.45681 -0.512 0.090%
10/31/93 0.902711 12/31/94 0.894600 -0.45411 -0.508 0.090%
11/30/93 0.901953 06/30/95 0.952963 -0.46913 -0.492 0.090%
12/31/93 0.904389 09/30/95 0.960802 0.090%
01/31/94 0.907268 12/31/95 0.982429 1000 1017.885 -0.49122 -0.500 0.090%
02/28/94 0.899432 03/31/96 0.978182 0.090%
03/31/94 0.897806 06/30/96 0.983520 -0.45025 -0.458 -0.49875 -0.507 0.090%
04/30/94 0.893546 09/30/96 0.995435 0.090%
05/31/94 0.892801 12/31/96 1.009964 -0.45635 -0.452 -0.50551 -0.501 0.090%
06/30/94 0.892999
07/31/94 0.901257
08/31/94 0.904053
09/30/94 0.897100
10/31/94 0.898157
11/30/94 0.893005
12/31/94 0.894600
01/31/95 0.904050
02/28/95 0.916310
03/31/95 0.922021
04/30/95 0.929643
05/31/95 0.948183
06/30/95 0.952963
07/31/95 0.953114
08/31/95 0.956936
09/30/95 0.960802
10/31/95 0.967340
11/30/95 0.975751
12/31/95 0.982429
01/31/96 0.989267
02/29/96 0.981799
03/31/96 0.978182
04/30/96 0.977365
05/31/96 0.976576
06/30/96 0.983520
07/31/96 0.986499
08/31/96 0.985729
09/30/96 0.995435
10/31/96 1.006079
11/30/96 1.015805
12/31/96 1.009964
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1016.975 1126.533
Account Value $1,027.11 $1,137.76
Surrender Value $ 975.75 $1,092.25
Total Return -2.42% 9.22%
Annualized Return 2.43%
</TABLE>
<TABLE>
<CAPTION>
Social Awareness -- Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/92 0.589983
05/31/92 0.590732
06/30/92 0.584351 05/01/92 0.589983 1000 1694.963 0.090%
07/31/92 0.606249 06/30/92 0.584351 -0.14724 -0.252 0.090%
08/31/92 0.590465 12/31/92 0.641946 -0.46760 -0.728 0.090%
09/30/92 0.595294 06/30/93 0.665093 -0.49817 -0.749 0.090%
10/31/92 0.604232 12/31/93 0.683653 -0.51384 -0.752 0.090%
11/30/92 0.627804 06/30/94 0.645819 -0.50627 -0.784 0.090%
12/31/92 0.641946 12/31/94 0.659460 -0.49683 -0.753 0.090%
01/31/93 0.647913 06/30/95 0.786364 -0.55008 -0.700 0.090%
02/28/93 0.655941 09/30/95 0.830880 0.090%
</TABLE>
<PAGE> 312
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
03/31/93 0.669620 12/31/95 0.871423 1000 1147.549 -0.63046 -0.723 0.090%
04/30/93 0.643108 03/31/96 0.920856 0.090%
05/31/93 0.659758 06/30/96 0.945285 -0.46907 -0.496 -0.69061 -0.731 0.090%
06/30/93 0.665093 09/30/96 0.935518 0.090%
07/31/93 0.663394 12/31/96 1.035541 -0.51123 -0.494 -1.14615 -1.107 0.090%
08/31/93 0.687593
09/30/93 0.689418
10/31/93 0.690069
11/30/93 0.678914
12/31/93 0.683653
01/31/94 0.700028
02/28/94 0.681569
03/31/94 0.652163
04/30/94 0.659482
05/31/94 0.663130
06/30/94 0.645819
07/31/94 0.660912
08/31/94 0.690882
09/30/94 0.674187
10/31/94 0.684404
11/30/94 0.656393
12/31/94 0.659460
01/31/95 0.673409
02/28/95 0.700526
03/31/95 0.719567
04/30/95 0.739258
05/31/95 0.764333
06/30/95 0.786364
07/31/95 0.818734
08/31/95 0.813799
09/30/95 0.830880
10/31/95 0.818598
11/30/95 0.865373
12/31/95 0.871423
01/31/96 0.900036
02/29/96 0.915837
03/31/96 0.920856
04/30/96 0.931516
05/31/96 0.955479
06/30/96 0.945285
07/31/96 0.909665
08/31/96 0.931079
09/30/96 0.935518
10/31/96 0.998793
11/30/96 1.067163
12/31/96 1.035541
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1146.559 1687.684
Account Value $1,187.31 $1,747.67
Surrender Value $1,127.94 $1,695.24
Total Return 12.79% 69.52%
Annualized Return 11.96%
</TABLE>
<TABLE>
<CAPTION>
SB High Income -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/22/94 0.797347
06/30/94 0.797978
07/31/94 0.799765 06/22/94 0.797347 1000 1254.159 0.090%
08/31/94 0.804646 06/30/94 0.797978 -0.01973 -0.025 0.090%
09/30/94 0.804020 12/31/94 0.788360 -0.44763 -0.568 0.090%
10/31/94 0.799401 06/30/95 0.865285 -0.46641 -0.539 0.090%
11/30/94 0.782911 09/30/95 0.892212 0.090%
12/31/94 0.788360 12/31/95 0.929915 1000 1075.367 -0.50612 -0.544 0.090%
01/31/95 0.792560 03/31/96 0.949448 0.090%
02/28/95 0.819496 06/30/96 0.960566 -0.45742 -0.476 -0.53275 -0.555 0.090%
03/31/95 0.826920 09/30/96 1.001587 0.090%
04/30/95 0.847323 12/31/96 1.042221 -0.48438 -0.465 -0.56415 -0.541 0.090%
05/31/95 0.863542
06/30/95 0.865285
07/31/95 0.880706
08/31/95 0.882418
09/30/95 0.892212
10/31/95 0.905139
11/30/95 0.913268
12/31/95 0.929915
01/31/96 0.948387
02/29/96 0.956029
03/31/96 0.949448
04/30/96 0.954517
05/31/96 0.962936
06/30/96 0.960566
07/31/96 0.963910
08/31/96 0.973250
09/30/96 1.001587
10/31/96 1.004748
11/30/96 1.027503
</TABLE>
<PAGE> 313
<TABLE>
<S> <C>
12/31/96 1.042221
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1074.426 1251.387
Account Value $1,119.79 $1,304.22
Surrender Value $1,063.80 $1,252.05
Total Return 6.38% 25.21%
Annualized Return 9.30%
</TABLE>
<TABLE>
<CAPTION>
SB International -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.828081
06/30/94 0.850220
07/31/94 0.842136 06/20/94 0.828081 1000 1207.611 0.090%
08/31/94 0.869520 06/30/94 0.850220 -0.02499 -0.029 0.090%
09/30/94 0.847364 12/31/94 0.791692 -0.44612 -0.563 0.090%
10/31/94 0.870615 06/30/95 0.839634 -0.44303 -0.528 0.090%
11/30/94 0.819621 09/30/95 0.872010 0.090%
12/31/94 0.791692 12/31/95 0.872642 1000 1145.945 -0.46482 -0.533 0.090%
01/31/95 0.753985 03/31/96 0.945530 0.090%
02/28/95 0.755921 06/30/96 0.986399 -0.47933 -0.486 -0.50443 -0.511 0.090%
03/31/95 0.761067 09/30/96 0.994529 0.090%
04/30/95 0.789265 12/31/96 1.017435 -0.51644 -0.508 -0.54349 -0.534 0.090%
05/31/95 0.823059
06/30/95 0.839634
07/31/95 0.890593
08/31/95 0.856293
09/30/95 0.872010
10/31/95 0.856567
11/30/95 0.845281
12/31/95 0.872642
01/31/96 0.911877
02/29/96 0.916878
03/31/96 0.945530
04/30/96 0.966739
05/31/96 0.992818
06/30/96 0.986399
07/31/96 0.945729
08/31/96 0.978280
09/30/96 0.994529
10/31/96 0.987986
11/30/96 1.016427
12/31/96 1.017435
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1144.951 1204.913
Account Value $1,164.91 $1,225.92
Surrender Value $1,106.67 $1,176.88
Total Return 10.67% 17.69%
Annualized Return 6.64%
</TABLE>
<TABLE>
<CAPTION>
SB Income & Growth -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.688784
06/30/94 0.679662
07/31/94 0.690837 06/20/94 0.688784 1000 1451.833 0.090%
08/31/94 0.705356 06/30/94 0.679662 -0.02449 -0.036 0.090%
09/30/94 0.697257 12/31/94 0.676822 -0.44310 -0.655 0.090%
10/31/94 0.695321 06/30/95 0.783937 -0.47695 -0.608 0.090%
11/30/94 0.672161 09/30/95 0.840877 0.090%
12/31/94 0.676822 12/31/95 0.892120 1000 1120.926 -0.54701 -0.613 0.090%
01/31/95 0.691398 03/31/96 0.941191 0.090%
02/28/95 0.714955 06/30/96 0.967266 -0.46895 -0.485 -0.60659 -0.627 0.090%
03/31/95 0.732917 09/30/96 0.996582 0.090%
04/30/95 0.749546 12/31/96 1.058434 -0.51068 -0.482 -0.66056 -0.624 0.090%
05/31/95 0.775652
06/30/95 0.783937
07/31/95 0.805908
08/31/95 0.818250
09/30/95 0.840877
10/31/95 0.827874
11/30/95 0.881101
12/31/95 0.892120
01/31/96 0.914893
02/29/96 0.919036
03/31/96 0.941191
04/30/96 0.942476
05/31/96 0.956224
06/30/96 0.967266
07/31/96 0.928483
08/31/96 0.955332
09/30/96 0.996582
10/31/96 1.021242
11/30/96 1.075502
12/31/96 1.058434
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1119.959 1448.67
Account Value $1,185.40 $1,533.32
Surrender Value $1,126.13 $1,471.99
Total Return 12.61% 47.20%
Annualized Return 16.48%
</TABLE>
<TABLE>
<CAPTION>
SB Money Market -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/20/94 0.914762
06/30/94 0.915374
07/31/94 0.917244 06/20/94 0.914762 1000 1093.180 0.090%
08/31/94 0.919654 06/30/94 0.915374 -0.02467 -0.027 0.090%
09/30/94 0.922006 12/31/94 0.930193 -0.45393 -0.488 0.090%
10/31/94 0.924439 06/30/95 0.950826 -0.46245 -0.486 0.090%
</TABLE>
<PAGE> 314
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
11/30/94 0.927124 09/30/95 0.961076 0.090%
12/31/94 0.930193 12/31/95 0.971251 1000 1029.600 -0.47233 -0.486 0.090%
01/31/95 0.933550 03/31/96 0.980739 0.090%
02/28/95 0.936679 06/30/96 0.989996 -0.45434 -0.459 -0.48174 -0.487 0.090%
03/31/95 0.940216 09/30/96 0.999893 0.090%
04/30/95 0.943459 12/31/96 1.009724 -0.46305 -0.459 -0.49097 -0.486 0.090%
05/31/95 0.947320
06/30/95 0.950826
07/31/95 0.954374
08/31/95 0.957842
09/30/95 0.961076
10/31/95 0.964640
11/30/95 0.968017
12/31/95 0.971251
01/31/96 0.974704
02/29/96 0.977687
03/31/96 0.980739
04/30/96 0.983980
05/31/96 0.987131
06/30/96 0.989996
07/31/96 0.993439
08/31/96 0.996602
09/30/96 0.999893
10/31/96 1.003201
11/30/96 1.006300
12/31/96 1.009724
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1028.682 1090.72
Account Value $1,038.68 $1,101.33
Surrender Value $ 986.75 $1,057.27
Total Return -1.32% 5.73%
Annualized Return 2.22%
</TABLE>
<TABLE>
<CAPTION>
SB Utilities -- Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
02/04/94 0.752079
02/28/94 0.752362
03/31/94 0.751008 02/04/94 0.752079 1000 1329.647 0.090%
04/30/94 0.757948 06/30/94 0.740985 -0.35734 -0.482 0.090%
05/31/94 0.755065 12/31/94 0.758288 -0.44838 -0.591 0.090%
06/30/94 0.740985 06/30/95 0.842891 -0.47864 -0.568 0.090%
07/31/94 0.764386 09/30/95 0.898518 0.090%
08/31/94 0.770464 12/31/95 0.971170 1000 1029.686 -0.54204 -0.558 0.090%
09/30/94 0.752665 03/31/96 0.969057 0.090%
10/31/94 0.758776 06/30/96 1.011253 -0.45929 -0.454 -0.59210 -0.586 0.090%
11/30/94 0.752960 09/30/96 0.981523 0.090%
12/31/94 0.758288 12/31/96 1.033794 -0.47359 -0.458 -0.61054 -0.591 0.090%
01/31/95 0.792830
02/28/95 0.799840
03/31/95 0.794639
04/30/95 0.809272
05/31/95 0.845068
06/30/95 0.842891
07/31/95 0.850560
08/31/95 0.860523
09/30/95 0.898518
10/31/95 0.913670
11/30/95 0.934828
12/31/95 0.971170
01/31/96 0.989365
02/29/96 0.967459
03/31/96 0.969057
04/30/96 0.952625
05/31/96 0.964351
06/30/96 1.011253
07/31/96 0.964370
08/31/96 0.975303
09/30/96 0.981523
10/31/96 1.016495
11/30/96 1.033685
12/31/96 1.033794
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1028.774 1326.271
Account Value $1,063.54 $1,371.09
Surrender Value $1,010.36 $1,316.25
Total Return 1.04% 31.62%
Annualized Return 9.91%
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/07/83 0.322440
06/30/83 0.329597
07/31/83 0.321669 12/31/85 0.338013
08/31/83 0.311638 06/30/86 0.409265
09/30/83 0.322927 09/30/86 0.382393 0.090%
10/31/83 0.296871 12/31/86 0.398593 1000 2508.826 0.090%
11/30/83 0.312560 06/30/87 0.483446 -0.49790 -1.030 0.090%
12/31/83 0.304046 12/31/87 0.403283 -0.50034 -1.241 0.090%
01/31/84 0.289401 06/30/88 0.431451 -0.47077 -1.091 0.090%
02/28/84 0.263913 12/31/88 0.436346 -0.48920 -1.121 0.090%
03/31/84 0.269462 06/30/89 0.496176 -0.52545 -1.059 0.090%
04/30/84 0.261254 12/31/89 0.549512 -0.58897 -1.072 0.090%
</TABLE>
<PAGE> 315
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/84 0.242205 06/30/90 0.565351 -0.62766 -1.110 0.090%
06/30/84 0.241387 12/31/90 0.555274 -0.63063 -1.136 0.090%
07/31/84 0.235762 06/30/91 0.596550 -0.64789 -1.086 0.090%
08/31/84 0.264250 09/30/91 0.631127 0.090%
09/30/84 0.262784 12/31/91 0.672876 1000 1486.158 -0.71373 -1.061 0.090%
10/31/84 0.265421 06/30/92 0.665864 -0.44766 -0.672 -0.75238 -1.130 0.090%
11/30/84 0.261399 12/31/92 0.700664 -0.45674 -0.652 -0.76765 -1.096 0.090%
12/31/84 0.269129 06/30/93 0.735836 -0.47992 -0.652 -0.80661 -1.096 0.090%
01/31/85 0.279727 12/31/93 0.759054 -0.49921 -0.658 -0.83902 -1.105 0.090%
02/28/85 0.278216 06/30/94 0.722873 -0.49466 -0.684 -0.83138 -1.150 0.090%
03/31/85 0.278333 12/31/94 0.734874 -0.48636 -0.662 -0.81744 -1.112 0.090%
04/30/85 0.278101 06/30/95 0.844498 -0.52670 -0.624 -0.88524 -1.048 0.090%
05/31/85 0.297465 09/30/95 0.887989 0.090%
06/30/85 0.302141 12/31/95 0.925293 1000 1080.738 -0.58996 -0.638 -0.99156 -1.072 0.090%
07/31/85 0.301884 03/31/96 0.939953 0.090%
08/31/85 0.303276 06/30/96 0.964801 -0.45961 -0.476 -0.62979 -0.653 -1.05850 -1.097 0.090%
09/30/85 0.294894 09/30/96 0.984698 0.090%
10/31/85 0.306358 12/31/96 1.042755 -0.48795 -0.468 -0.66863 -0.641 -1.12379 -1.078 0.090%
11/30/85 0.323688
12/31/85 0.338013
01/31/86 0.344175
02/28/86 0.368289
03/31/86 0.387937
04/30/86 0.381888
05/31/86 0.396101
06/30/86 0.409265
07/31/86 0.394793
08/31/86 0.414690
09/30/86 0.382393
10/31/86 0.399218
11/30/86 0.404672
12/31/86 0.398593
01/31/87 0.437671
02/28/87 0.459366
03/31/87 0.471614
04/30/87 0.469444
05/31/87 0.469796
06/30/87 0.483446
07/31/87 0.501022
08/31/87 0.518219
09/30/87 0.505265
10/31/87 0.405552
11/30/87 0.383688
12/31/87 0.403283
01/31/88 0.413588
02/29/88 0.425483
03/31/88 0.416588
04/30/88 0.416680
05/31/88 0.412674
06/30/88 0.431451
07/31/88 0.427067
08/31/88 0.412503
09/30/88 0.424745
10/31/88 0.433717
11/30/88 0.428119
12/31/88 0.436346
01/31/89 0.461113
02/28/89 0.450134
03/31/89 0.458695
04/30/89 0.478738
05/31/89 0.496139
06/30/89 0.496176
07/31/89 0.532195
08/31/89 0.536419
09/30/89 0.536012
10/31/89 0.531346
11/30/89 0.541483
12/31/89 0.549512
01/31/90 0.520812
02/28/90 0.526629
03/31/90 0.537218
04/30/90 0.526233
05/31/90 0.564017
06/30/90 0.565351
07/31/90 0.564878
08/31/90 0.532893
09/30/90 0.524633
10/31/90 0.529448
11/30/90 0.546986
12/31/90 0.555274
</TABLE>
<PAGE> 316
<TABLE>
<S> <C>
01/31/91 0.571330
02/28/91 0.592026
03/31/91 0.597095
04/30/91 0.600670
05/31/91 0.607055
06/30/91 0.596550
07/31/91 0.611112
08/31/91 0.627068
09/30/91 0.631127
10/31/91 0.637918
11/30/91 0.629723
12/31/91 0.672876
01/31/92 0.655960
02/29/92 0.660947
03/31/92 0.651839
04/30/92 0.660379
05/31/92 0.665405
06/30/92 0.665864
07/31/92 0.684895
08/31/92 0.677823
09/30/92 0.682305
10/31/92 0.678772
11/30/92 0.692228
12/31/92 0.700664
01/31/93 0.707627
02/28/93 0.717736
03/31/93 0.728974
04/30/93 0.714431
05/31/93 0.727873
06/30/93 0.735836
07/31/93 0.732579
08/31/93 0.755036
09/30/93 0.754448
10/31/93 0.762441
11/30/93 0.752714
12/31/93 0.759054
01/31/94 0.778532
02/28/94 0.758040
03/31/94 0.728047
04/30/94 0.732103
05/31/94 0.734941
06/30/94 0.722873
07/31/94 0.740704
08/31/94 0.757854
09/30/94 0.741206
10/31/94 0.748628
11/30/94 0.731442
12/31/94 0.734874
01/31/95 0.747219
02/28/95 0.768947
03/31/95 0.782762
04/30/95 0.800817
05/31/95 0.829549
06/30/95 0.844498
07/31/95 0.860604
08/31/95 0.867097
09/30/95 0.887989
10/31/95 0.890237
11/30/95 0.915236
12/31/95 0.925293
01/31/96 0.943965
02/29/96 0.940664
03/31/96 0.939953
04/30/96 0.944979
05/31/96 0.957117
06/30/96 0.964801
07/31/96 0.938203
08/31/96 0.947766
09/30/96 0.984698
10/31/96 1.007790
11/30/96 1.055418
12/31/96 1.042755
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1079.794 1479.622 2486.835
Account Value $1,125.96 $1,542.88 $2,593.16
Surrender Value $1,069.66 $1,496.60 $2,593.16
Total Return 6.97% 49.66% 159.32%
Annualized Return 8.40% 10.00%
</TABLE>
<TABLE>
<CAPTION>
High Yield Bond Trust -- Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/10/83 0.373876
06/30/83 0.374231
07/31/83 0.373870 12/31/85 0.466484
08/31/83 0.370908 06/30/86 0.500470
09/30/83 0.373141 09/30/86 0.489457 0.090%
</TABLE>
<PAGE> 317
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/31/83 0.374232 12/31/86 0.498982 1000 2004.078 0.090%
11/30/83 0.372751 06/30/87 0.516439 -0.45787 -0.887 0.090%
12/31/83 0.374227 12/31/87 0.491919 -0.45449 -0.924 0.090%
01/31/84 0.373136 06/30/88 0.531863 -0.46122 -0.867 0.090%
02/28/84 0.373123 12/31/88 0.558450 -0.49098 -0.879 0.090%
03/31/84 0.373876 06/30/89 0.597768 -0.52043 -0.871 0.090%
04/30/84 0.372688 12/31/89 0.560867 -0.52129 -0.929 0.090%
05/31/84 0.375049 06/30/90 0.544381 -0.49704 -0.913 0.090%
06/30/84 0.373876 12/31/90 0.501382 -0.47008 -0.938 0.090%
07/31/84 0.374637 06/30/91 0.570499 -0.48159 -0.844 0.090%
08/31/84 0.375008 09/30/91 0.601001 0.090%
09/30/84 0.373123 12/31/91 0.633598 1000 1578.288 -0.54077 -0.853 0.090%
10/31/84 0.389425 06/30/92 0.677389 -0.46555 -0.687 -0.58852 -0.869 0.090%
11/30/84 0.394405 12/31/92 0.710031 -0.49248 -0.694 -0.62256 -0.877 0.090%
12/31/84 0.398236 06/30/93 0.771648 -0.52571 -0.681 -0.66456 -0.861 0.090%
01/31/85 0.407540 12/31/93 0.801770 -0.55801 -0.696 -0.70541 -0.880 0.090%
02/28/85 0.398013 06/30/94 0.774865 -0.55891 -0.721 -0.70654 -0.912 0.090%
03/31/85 0.403472 12/31/94 0.784110 -0.55239 -0.704 -0.69830 -0.891 0.090%
04/30/85 0.412137 06/30/95 0.866455 -0.58459 -0.675 -0.73900 -0.853 0.090%
05/31/85 0.429414 09/30/95 0.878389 0.090%
06/30/85 0.430270 12/31/95 0.897254 1000 1114.511 -0.62439 -0.696 -0.78932 -0.880 0.090%
07/31/85 0.426312 03/31/96 0.951843 0.090%
08/31/85 0.436712 06/30/96 0.963960 -0.46673 -0.484 -0.65862 -0.683 -0.83258 -0.864 0.090%
09/30/85 0.438276 09/30/96 0.996899 0.090%
10/31/85 0.444420 12/31/96 1.031245 -0.50011 -0.485 -0.70573 -0.684 -0.89213 -0.865 0.090%
11/30/85 0.451174
12/31/85 0.466484
01/31/86 0.466502
02/28/86 0.482882
03/31/86 0.493489
04/30/86 0.499601
05/31/86 0.500875
06/30/86 0.500470
07/31/86 0.484261
08/31/86 0.488586
09/30/86 0.489457
10/31/86 0.496724
11/30/86 0.501182
12/31/86 0.498982
01/31/87 0.512527
02/28/87 0.519281
03/31/87 0.522867
04/30/87 0.512217
05/31/87 0.509098
06/30/87 0.516439
07/31/87 0.516936
08/31/87 0.517925
09/30/87 0.506296
10/31/87 0.482064
11/30/87 0.488890
12/31/87 0.491919
01/31/88 0.508359
02/29/88 0.520299
03/31/88 0.522842
04/30/88 0.518501
05/31/88 0.519084
06/30/88 0.531863
07/31/88 0.537541
08/31/88 0.539683
09/30/88 0.544988
10/31/88 0.552868
11/30/88 0.553506
12/31/88 0.558450
01/31/89 0.569008
02/28/89 0.569695
03/31/89 0.570885
04/30/89 0.573770
05/31/89 0.586322
06/30/89 0.597768
07/31/89 0.596153
08/31/89 0.598590
09/30/89 0.587060
10/31/89 0.573170
11/30/89 0.567910
12/31/89 0.560867
01/31/90 0.542959
02/28/90 0.528598
03/31/90 0.532620
04/30/90 0.529687
05/31/90 0.537676
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1113.542 1571.367 1986.421
Account Value $1,148.33 $1,620.46 $2,048.49
Surrender Value $1,090.92 $1,571.85 $2,048.49
Total Return 9.09% 57.19% 104.85%
Annualized Return 9.47% 7.43%
</TABLE>
<PAGE> 318
<TABLE>
<S> <C>
06/30/90 0.544381
07/31/90 0.550386
08/31/90 0.536403
09/30/90 0.507648
10/31/90 0.499508
11/30/90 0.502158
12/31/90 0.501382
01/31/91 0.512755
02/28/91 0.536408
03/31/91 0.546207
04/30/91 0.556836
05/31/91 0.557839
06/30/91 0.570499
07/31/91 0.580162
08/31/91 0.592769
09/30/91 0.601001
10/31/91 0.618649
11/30/91 0.627636
12/31/91 0.633598
01/31/92 0.649713
02/29/92 0.657868
03/31/92 0.665347
04/30/92 0.668033
05/31/92 0.672344
06/30/92 0.677389
07/31/92 0.685644
08/31/92 0.689887
09/30/92 0.697344
10/31/92 0.689611
11/30/92 0.701026
12/31/92 0.710031
01/31/93 0.720656
02/28/93 0.731275
03/31/93 0.746400
04/30/93 0.751055
05/31/93 0.760974
06/30/93 0.771648
07/31/93 0.775397
08/31/93 0.786058
09/30/93 0.787183
10/31/93 0.791796
11/30/93 0.794608
12/31/93 0.801770
01/31/94 0.813153
02/28/94 0.808986
03/31/94 0.781354
04/30/94 0.774258
05/31/94 0.773612
06/30/94 0.774865
07/31/94 0.778917
08/31/94 0.788442
09/30/94 0.788754
10/31/94 0.792742
11/30/94 0.785652
12/31/94 0.784110
01/31/95 0.791398
02/28/95 0.823974
03/31/95 0.824312
04/30/95 0.845801
05/31/95 0.866129
06/30/95 0.866455
07/31/95 0.872765
08/31/95 0.876052
09/30/95 0.878389
10/31/95 0.886646
11/30/95 0.882962
12/31/95 0.897254
01/31/96 0.922195
02/29/96 0.944795
03/31/96 0.951843
04/30/96 0.955478
05/31/96 0.961346
06/30/96 0.963960
07/31/96 0.969761
08/31/96 0.983353
09/30/96 0.996899
10/31/96 1.004778
11/30/96 1.018340
12/31/96 1.031245
</TABLE>
<PAGE> 319
<TABLE>
<CAPTION>
Capital Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
Appreciation -
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/26/83 0.322499
05/31/83 0.322449
06/30/83 0.328329 12/31/85 0.307338
07/31/83 0.318351 06/30/86 0.384483
08/31/83 0.304104 09/30/86 0.318037 0.090%
09/30/83 0.316130 12/31/86 0.334677 1000 2987.955 0.090%
10/31/83 0.290945 06/30/87 0.429594 -0.51381 -1.196 0.090%
11/30/83 0.309596 12/31/87 0.305298 -0.49386 -1.618 0.090%
12/31/83 0.294341 06/30/88 0.355817 -0.44404 -1.248 0.090%
01/31/84 0.272334 12/31/88 0.332789 -0.46231 -1.389 0.090%
02/28/84 0.256775 06/30/89 0.365978 -0.46892 -1.281 0.090%
03/31/84 0.259443 12/31/89 0.380647 -0.50082 -1.316 0.090%
04/30/84 0.254772 06/30/90 0.407070 -0.52815 -1.297 0.090%
05/31/84 0.233234 12/31/90 0.360594 -0.51448 -1.427 0.090%
06/30/84 0.230514 06/30/91 0.427194 -0.52771 -1.235 0.090%
07/31/84 0.223000 09/30/91 0.447118 0.090%
08/31/84 0.256188 12/31/91 0.478348 1000 2090.530 -0.60634 -1.268 0.090%
09/28/84 0.251238 06/30/92 0.471513 -0.44679 -0.948 -0.63574 -1.348 0.090%
09/30/84 0.251238 12/31/92 0.557334 -0.48372 -0.868 -0.68830 -1.235 0.090%
10/31/84 0.245947 06/30/93 0.610891 -0.54902 -0.899 -0.78122 -1.279 0.090%
11/30/84 0.235295 12/31/93 0.635233 -0.58538 -0.922 -0.83295 -1.311 0.090%
12/31/84 0.238588 06/30/94 0.572282 -0.56699 -0.991 -0.80679 -1.410 0.090%
01/31/85 0.267640 12/31/94 0.599149 -0.54979 -0.918 -0.78231 -1.306 0.090%
02/28/85 0.264878 06/30/95 0.715861 -0.61690 -0.862 -0.87781 -1.226 0.090%
03/31/85 0.260191 09/30/95 0.803431 0.090%
04/30/85 0.260295 12/31/95 0.809308 1000 1235.623 -0.71519 -0.884 -1.01767 -1.257 0.090%
05/31/85 0.280579 03/31/96 0.888961 0.090%
06/30/85 0.289331 06/30/96 0.941155 -0.48666 -0.517 -0.82049 -0.872 -1.16751 -1.241 0.090%
07/31/85 0.288123 09/30/96 0.986636 0.090%
08/31/85 0.281186 12/31/96 1.027704 -0.54714 -0.532 -0.92247 -0.898 -1.31262 -1.277 0.090%
09/30/85 0.259005
10/31/85 0.268507
11/30/85 0.289722
12/31/85 0.307338
01/31/86 0.312930
02/28/86 0.338373
03/31/86 0.358070
04/30/86 0.359288
05/31/86 0.379807
06/30/86 0.384483
07/31/86 0.338324
08/31/86 0.348518
09/30/86 0.318037
10/31/86 0.335347
11/30/86 0.342232
12/31/86 0.334677
01/31/87 0.389171
02/28/87 0.435655
03/31/87 0.436475
04/30/87 0.428911
05/31/87 0.434433
06/30/87 0.429594
07/31/87 0.443469
08/31/87 0.459858
09/30/87 0.444325
10/31/87 0.290522
11/30/87 0.271093
12/31/87 0.305298
01/31/88 0.302642
02/29/88 0.328335
03/31/88 0.330250
04/30/88 0.338478
05/31/88 0.329493
06/30/88 0.355817
07/31/88 0.342511
08/31/88 0.323894
09/30/88 0.333761
10/31/88 0.330364
11/30/88 0.319281
12/31/88 0.332789
01/31/89 0.353206
02/28/89 0.351245
03/31/89 0.352685
04/30/89 0.370702
05/31/89 0.389617
06/30/89 0.365978
07/31/89 0.389695
08/31/89 0.403694
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1234.574 2081.468 2961.790
Account Value $1,268.78 $2,139.13 $3,043.84
Surrender Value $1,205.34 $2,074.96 $3,043.84
Total Return 20.53% 107.50% 204.38%
Annualized Return 15.72% 11.77%
</TABLE>
<PAGE> 320
<TABLE>
<S> <C>
09/30/89 0.406520
10/31/89 0.382206
11/30/89 0.379245
12/31/89 0.380647
01/31/90 0.340501
02/28/90 0.356872
03/31/90 0.376825
04/30/90 0.361906
05/31/90 0.407135
06/30/90 0.407070
07/31/90 0.387101
08/31/90 0.345877
09/30/90 0.326340
10/31/90 0.318722
11/30/90 0.348278
12/31/90 0.360594
01/31/91 0.381252
02/28/91 0.414358
03/31/91 0.432405
04/30/91 0.430312
05/31/91 0.444149
06/30/91 0.427194
07/31/91 0.441485
08/31/91 0.448702
09/30/91 0.447118
10/31/91 0.452036
11/30/91 0.436591
12/31/91 0.478348
01/31/92 0.491391
02/29/92 0.498771
03/31/92 0.493415
04/30/92 0.486338
05/31/92 0.489876
06/30/92 0.471513
07/31/92 0.495592
08/31/92 0.482398
09/30/92 0.495297
10/31/92 0.511124
11/30/92 0.542120
12/31/92 0.557334
01/31/93 0.571378
02/28/93 0.563840
03/31/93 0.590342
04/30/93 0.572339
05/31/93 0.592905
06/30/93 0.610891
07/31/93 0.613369
08/31/93 0.629610
09/30/93 0.646106
10/31/93 0.640470
11/30/93 0.619551
12/31/93 0.635233
01/31/94 0.664556
02/28/94 0.647081
03/31/94 0.609359
04/30/94 0.603733
05/31/94 0.595848
06/30/94 0.572282
07/31/94 0.590022
08/31/94 0.611598
09/30/94 0.599106
10/31/94 0.629000
11/30/94 0.600111
12/31/94 0.599149
01/31/95 0.599810
02/28/95 0.614619
03/31/95 0.628618
04/30/95 0.647309
05/31/95 0.669078
06/30/95 0.715861
07/31/95 0.770647
08/31/95 0.772957
09/30/95 0.803431
10/31/95 0.798597
11/30/95 0.817967
12/31/95 0.809308
01/31/96 0.844757
02/29/96 0.874978
03/31/96 0.888961
04/30/96 0.904974
</TABLE>
<PAGE> 321
<TABLE>
<S> <C>
05/31/96 0.952544
06/30/96 0.941155
07/31/96 0.885856
08/31/96 0.923189
09/30/96 0.986636
10/31/96 0.983752
11/30/96 1.049723
12/31/96 1.027704
</TABLE>
<PAGE> 322
SPOTLIGHT ON REGISTERED GOLD TRACK - PERFORMANCE UPDATE AS OF 12/31/96
<TABLE>
<CAPTION>
CUMULATIVE RETURNS
YTD 1 YR 3YR 5YR 10YR
<S> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio 27.69% 27.69% - - -
American Odyssey Core Equity Fund 21.55% 21.55% 62.45% - -
American Odyssey Emerging Opportunities Fund -4.40% -4.40% 35.10% - -
American Odyssey International Equity Fund 20.29% 20.29% 29.75% - -
Capital Appreciation Fund (Janus sub-adviser) 26.54% 26.54% 60.09% 111.11% 193.63%
Dreyfus Stock Index Fund 20.92% 20.92% 62.58% 85.48% -
Fidelity's Equity-Income Portfolio 12.79% 12.79% 58.96% 114.11% 218.04%
Fidelity's Growth Portfolio 13.22% 13.22% 49.31% 89.92% 260.20%
Smith Barney Income and Growth Portfolio 18.22% 18.22% - - -
Smith Barney International Equity Portfolio 16.18% 16.18% - - -
Social Awareness Stock Portfolio (Smith Barney) 18.42% 18.42% 49.89% - -
Templeton's Global Stock Fund 20.80% 20.80% 44.17% 101.54% -
Utilities Portfolio (Smith Barney) 6.07% 6.07% - - -
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 2.58% 2.58% 11.69% - -
American Odyssey Long-Term Bond Fund -0.01% -0.01% 12.43% - -
American Odyssey Short-Term Bond Fund 2.44% 2.44% 10.51% - -
Fidelity's High Income Portfolio 12.55% 12.55% 30.23% 88.17% 152.14%
Putnam Diversified Income Portfolio 6.83% 6.83% - - -
Smith Barney High Income Portfolio 11.68% 11.68% - - -
Templeton's Global Bond Fund 8.02% 8.02% 15.06% 31.78% -
Travelers High Yield Bond Trust 14.53% 14.53% 27.28% 59.93% 99.56%
Travelers U.S. Government Securities Portfolio 0.13% 0.13% 14.59% - -
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 13.12% 13.12% 21.06% 59.70% -
MFS Total Return Portfolio 13.02% 13.02% - - -
Templeton's Global Asset Allocation Fund 17.32% 17.32% 35.94% 80.44% -
Travelers Managed Assets Trust 12.30% 12.30% 35.94% 52.28% 152.61%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio 3.60% 3.60% - - -
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL RETURNS CALENDAR YEAR RETURNS
3YR 5YR 10YR INCEPTION + 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STOCK ACCOUNTS:
Alliance Growth Portfolio - - - 25.51% (6/94) 27.69% 33.12% - -
American Odyssey Core Equity Fund 17.54% - - 14.50% (5/93) 21.55% 36.78% -2.29% -
American Odyssey Emerging Opportunities Fund 10.54% - - 10.80% (5/93) -4.40% 30.54% 8.26% -
American Odyssey International Equity Fund 9.06% - - 12.30% (5/93) 20.29% 17.47% -8.18% -
Capital Appreciation Fund (Janus sub-adviser) 16.97% 16.10% 11.36% 8.43% (5/83) 26.54% 34.61% -6.01% 13.58%
Dreyfus Stock Index Fund 17.57% 13.14% - 12.20% (9/89) 20.92% 35.02% -0.42% 7.92%
Fidelity's Equity-Income Portfolio 16.69% 16.43% 12.26% 11.96% (10/86) 12.79% 33.35% 5.69% 16.75%
Fidelity's Growth Portfolio 14.28% 13.67% 13.66% 13.34% (10/86) 13.22% 33.63% -1.31% 17.82%
Smith Barney Income and Growth Portfolio - - - 18.06% (6/94) 18.22% 31.35% - -
Smith Barney International Equity Portfolio - - - 8.09% (6/94) 16.18% 9.84% - -
Social Awareness Stock Portfolio (Smith Barney) 14.43% - - 12.41% (5/92) 18.42% 31.68% -3.88% 6.13%
Templeton's Global Stock Fund 12.96% 15.03% - 12.02% (8/88) 20.80% 23.63% -3.46% 32.27%
Utilities Portfolio (Smith Barney) - - - 11.18% (2/94) 6.07% 27.63% - -
BOND ACCOUNTS:
American Odyssey Intermediate-Term Bond Fund 3.75% - - 4.01% (5/93) 2.58% 13.54% -4.10% -
American Odyssey Long-Term Bond Fund 3.98% - - 5.55% (5/93) -0.01% 20.88% -6.97% -
American Odyssey Short-Term Bond Fund 3.38% - - 3.31% (5/93) 2.44% 9.44% -1.43% -
Fidelity's High Income Portfolio 9.19% 13.46% 9.68% 10.55% (9/85) 12.55% 19.05% -2.81% 18.95%
Putnam Diversified Income Portfolio - - - 9.12% (6/94) 6.83% 15.87% - -
Smith Barney High Income Portfolio - - - 10.78% (6/94) 11.68% 17.54% - -
Templeton's Global Bond Fund 4.78% 5.67% - 6.61% (8/88) 8.02% 13.44% -6.11% 10.02%
Travelers High Yield Bond Trust 8.36% 9.84% 7.15% 7.42% (6/83) 14.53% 14.03% -2.54% 12.53%
Travelers U.S. Government Securities Portfolio 4.64% - - 5.78% (1/92) 0.13% 22.88% -6.87% 8.09%
ASSET ALLOCATION ACCOUNTS:
Fidelity's Asset Manager Portfolio 6.57% 9.80% - 10.25% (9/89) 13.12% 15.45% -7.30% 19.48%
MFS Total Return Portfolio - - - 13.28% (6/94) 13.02% 24.07% - -
Templeton's Global Asset Allocation Fund 10.77% 12.51% - 10.87% (8/88) 17.32% 20.97% -4.22% 24.49%
Travelers Managed Assets Trust 10.77% 8.76% 9.70% 8.65% (6/83) 12.30% 25.47% -3.52% 7.96%
MONEY MARKET ACCOUNT:
Smith Barney Money Market Portfolio - - - 3.61% (6/94) 3.60% 4.05% - -
</TABLE>
Gold Track is a variable annuity. These returns reflect: 1) the 1.20% annual
mortality and expense risk charge, 2) 0.10% funding option administrative
charge, and 3) portfolio management fees. The deduction of the semi-annual
administrative charge, if applicable, is not reflected. Likewise, the deferred
sales charge (maximum 5% of each purchase payment for a period of 5 years from
the date the purchase payment was made) or the surrender charge (maximum 5% of
the amount surrendered in the first two contract years; up to 4% in years three
or four; up to 3% in years five and six; up to 2% in years seven and eight and
0% beginning in the ninth year) is not reflected. The deduction of those charges
would reduce any percentage increase or make greater any percentage decrease.
Performance data quoted represents past performance. Investment return and
principal value of an investment will fluctuate so that an investor's units,
when redeemed, may be worth more or less than their original cost. An investment
in the Smith Barney Money Market Portfolio is neither insured nor guaranteed by
the U.S. Government.
+ Inception Date is the date that the underlying funds first received deposits.
These investment options were not available for sale under Fund QP until October
1, 1996; however, underlying funds were in existence prior to that date.
Performance figures for periods prior to 10/01/96 represent actual returns of
the underlying funds adjusted to reflect the charges that would have been
assessed had those underlying funds been offered under Fund QP during that
period.
Submitted to the Insurance Commissioner of Puerto Rico on November 11, 1996
FL: If the annuitant's date of birth is misstated, all benefits of the contract
are what the premium paid would have purchased at the correct age.
[LOGO]
Gold Track is issued by The Travelers Insurance Company or The Travelers Life
and Annuity Company, One Tower Square, Hartford, CT 06183 (The issuing company
will be reflected on the contract; NY contracts are issued by The Travelers
Insurance Company)
<PAGE> 323
<TABLE>
<CAPTION>
Alliance Growth 12/31/96 YEARLY RETURNS Net of M & E
<S> <C> <C> <C>
1992 ERR
06/20/94 0.598155 1993 ERR
12/31/91 - 1994 ERR
12/31/92 - 1995 33.12%
12/31/93 - YTD -1996 27.69%
12/31/94 0.625949
12/31/95 0.833256 AVERAGE ANNUAL Net of M & E
12/31/86 - 10 YR ERR
12/31/91 - 5 YR ERR
12/31/93 - 3 YR ERR
12/31/95 0.833256 Inception 25.51%
12/31/96 1.063943
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 27.69%
Dreyfus YEARLY RETURNS Net of M & E
09/29/89 0.466259 1992 5.71%
12/31/91 0.579700 1993 7.92%
12/31/92 0.612814 1994 -0.42%
12/31/93 0.661340 1995 35.02%
12/31/94 0.658559 YTD -1996 20.92%
12/31/95 0.889190
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.579700 10 YR ERR
12/31/93 0.661340 5 YR 13.14%
12/31/95 0.889190 3 YR 17.57%
12/31/96 1.075207 Inception 12.20%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 85.48%
3 YR 62.58%
1 YR 20.92%
Fidelity Asset Manager YEARLY RETURNS Net of M & E
09/06/89 0.512385 1992 10.41%
12/31/91 0.655556 1993 19.48%
12/31/92 0.723814 1994 -7.30%
12/31/93 0.864778 1995 15.45%
12/31/94 0.801633 YTD -1996 13.12%
12/31/95 0.925517
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.655556 10 YR ERR
12/31/93 0.864778 5 YR 9.80%
12/31/95 0.925517 3 YR 6.57%
12/31/96 1.046915 Inception 10.25%
</TABLE>
<PAGE> 324
<TABLE>
<CAPTION>
CUMULATIVES Net of M & E
<S> <C> <C> <C>
10 YR ERR
5 YR 59.70%
3 YR 21.06%
1 YR 13.12%
Fidelity High Income YEARLY RETURNS Net of M & E
09/19/85 0.326124 1992 21.47%
12/31/91 0.538022 1993 18.95%
12/31/92 0.653529 1994 -2.81%
12/31/93 0.777404 1995 19.05%
12/31/94 0.755522 YTD -1996 12.55%
12/31/95 0.899482
12/31/86 0.401516 AVERAGE ANNUAL Net of M & E
12/31/91 0.538022 10 YR 9.68%
12/31/93 0.777404 5 YR 13.46%
12/31/95 0.899482 3 YR 9.19%
12/31/96 1.012395 Inception 10.55%
CUMULATIVES Net of M & E
10 YR 152.14%
5 YR 88.17%
3 YR 30.23%
1 YR 12.55%
Fidelity Equity Income YEARLY RETURNS Net of M & E
10/09/86 0.327964 1992 15.38%
12/31/91 0.486690 1993 16.75%
12/31/92 0.561533 1994 5.69%
12/31/93 0.655562 1995 33.35%
12/31/94 0.692841 YTD -1996 12.79%
12/31/95 0.923893
12/31/86 0.327650 AVERAGE ANNUAL Net of M & E
12/31/91 0.486690 10 YR 12.26%
12/31/93 0.655562 5 YR 16.43%
12/31/95 0.923893 3 YR 16.69%
12/31/96 1.042056 Inception 11.96%
CUMULATIVES Net of M & E
10 YR 218.04%
5 YR 114.11%
3 YR 58.96%
1 YR 12.79%
Fide;ity Growth Fund YEARLY RETURNS Net of M & E
10/09/86 0.275382 1992 7.96%
12/31/91 0.522304 1993 17.82%
12/31/92 0.563903 1994 -1.31%
12/31/93 0.664368 1995 33.63%
12/31/94 0.655660 YTD -1996 13.22%
</TABLE>
<PAGE> 325
<TABLE>
<S> <C> <C> <C>
12/31/95 0.876145
12/31/86 0.275392 AVERAGE ANNUAL Net of M & E
12/31/91 0.522304 10 YR 13.66%
12/31/93 0.664368 5 YR 13.67%
12/31/95 0.876145 3 YR 14.28%
12/31/96 0.991955 Inception 13.34%
CUMULATIVES Net of M & E
10 YR 260.20%
5 YR 89.92%
3 YR 49.31%
1 YR 13.22%
US Government YEARLY RETURNS Net of M & E
01/24/92 0.776175 1992 ERR
12/31/91 - 1993 8.09%
12/31/92 0.827224 1994 -6.87%
12/31/93 0.894118 1995 22.88%
12/31/94 0.832723 YTD -1996 0.13%
12/31/95 1.023236
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.894118 5 YR ERR
12/31/95 1.023236 3 YR 4.64%
12/31/96 1.024560 Inception 5.78%
Cumulatives Net of M & E
10 YR ERR
5 YR ERR
3 YR 14.59%
1 YR 0.13%
Templeton Bond YEARLY RETURNS Net of M & E
08/31/88 0.606492 1992 4.10%
12/31/91 0.784916 1993 10.02%
12/31/92 0.817074 1994 -6.11%
12/31/93 0.898977 1995 13.44%
12/31/94 0.844078 YTD -1996 8.02%
12/31/95 0.957550
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.784916 10 YR ERR
12/31/93 0.898977 5 YR 5.67%
12/31/95 0.957550 3 YR 4.78%
12/31/96 1.034348 Inception 6.61%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 31.78%
3 YR 15.06%
1 YR 8.02%
</TABLE>
<PAGE> 326
<TABLE>
<CAPTION>
Templeton Asset Allocation YEARLY RETURNS Net of M & E
<S> <C> <C> <C>
08/31/88 0.451134 1992 6.62%
12/31/91 0.590961 1993 24.49%
12/31/92 0.630091 1994 -4.22%
12/31/93 0.784421 1995 20.97%
12/31/94 0.751339 YTD -1996 17.32%
12/31/95 0.908890
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.590961 10 YR ERR
12/31/93 0.784421 5 YR 12.51%
12/31/95 0.908890 3 YR 10.77%
12/31/96 1.066322 Inception 10.87%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 80.44%
3 YR 35.94%
1 YR 17.32%
MFS Total Return YEARLY RETURNS Net of M & E
06/20/94 0.761427 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 24.07%
12/31/94 0.744747 YTD -1996 13.02%
12/31/95 0.924003
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.924003 3 YR ERR
12/31/96 1.044336 Inception 13.28%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 13.02%
Putnam Diversified YEARLY RETURNS Net of M & E
06/20/94 0.816561 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 15.87%
12/31/94 0.822944 YTD -1996 6.83%
12/31/95 0.953566
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.953566 3 YR ERR
</TABLE>
<PAGE> 327
<TABLE>
<S> <C> <C> <C>
12/31/96 1.018678 Inception 9.12%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.83%
AO Long Term Bond YEARLY RETURNS Net of M & E
05/01/93 0.837957 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -6.97%
12/31/93 0.908673 1995 20.88%
12/31/94 0.845310 YTD -1996 -0.01%
12/31/95 1.021777
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.908673 5 YR ERR
12/31/95 1.021777 3 YR 3.98%
12/31/96 1.021653 Inception 5.55%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 12.43%
1 YR -0.01%
AO Core Equity YEARLY RETURNS Net of M & E
05/01/93 0.656439 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -2.29%
12/31/93 0.664339 1995 36.78%
12/31/94 0.649130 YTD -1996 21.55%
12/31/95 0.887879
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.664339 5 YR ERR
12/31/95 0.887879 3 YR 17.54%
12/31/96 1.079196 Inception 14.50%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 62.45%
1 YR 21.55%
AO Emerging Ops YEARLY RETURNS Net of M & E
05/01/93 0.606974 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 8.26%
</TABLE>
<PAGE> 328
<TABLE>
<S> <C> <C> <C>
12/31/93 0.654579 1995 30.54%
12/31/94 0.708644 YTD -1996 -4.40%
12/31/95 0.925078
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.654579 5 YR ERR
12/31/95 0.925078 3 YR 10.54%
12/31/96 0.884361 Inception 10.80%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 35.10%
1 YR -4.40%
AO International YEARLY RETURNS Net of M & E
05/01/93 0.712318 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -8.18%
12/31/93 0.840501 1995 17.47%
12/31/94 0.771744 YTD -1996 20.29%
12/31/95 0.906554
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.840501 5 YR ERR
12/31/95 0.906554 3 YR 9.06%
12/31/96 1.090536 Inception 12.30%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 29.75%
1 YR 20.29%
AO Intermediate Bond YEARLY RETURNS Net of M & E
05/01/93 0.879123 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -4.10%
12/31/93 0.909384 1995 13.54%
12/31/94 0.872100 YTD -1996 2.58%
12/31/95 0.990151
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.909384 5 YR ERR
12/31/95 0.990151 3 YR 3.75%
12/31/96 1.015718 Inception 4.01%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 11.69%
</TABLE>
<PAGE> 329
<TABLE>
<S> <C> <C> <C>
1 YR 2.58%
AO Short Term Bnd YEARLY RETURNS Net of M & E
05/01/93 0.895499 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 -1.43%
12/31/93 0.913207 1995 9.44%
12/31/94 0.900174 YTD -1996 2.44%
12/31/95 0.985108
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.913207 5 YR ERR
12/31/95 0.985108 3 YR 3.38%
12/31/96 1.009145 Inception 3.31%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 10.51%
1 YR 2.44%
Social Awareness YEARLY RETURNS Net of M & E
05/01/92 0.599221 1992 ERR
12/31/91 - 1993 6.13%
12/31/92 0.650475 1994 -3.88%
12/31/93 0.690317 1995 31.68%
12/31/94 0.663567 YTD -1996 18.42%
12/31/95 0.873798
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 0.690317 5 YR ERR
12/31/95 0.873798 3 YR 14.43%
12/31/96 1.034711 Inception 12.41%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR 49.89%
1 YR 18.42%
SB High Income YEARLY RETURNS Net of M & E
06/22/94 0.803947 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 17.54%
12/31/94 0.793431 YTD -1996 11.68%
12/31/95 0.932638
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
</TABLE>
<PAGE> 330
<TABLE>
<S> <C> <C> <C>
12/31/95 0.932638 3 YR ERR
12/31/96 1.041589 Inception 10.78%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 11.68%
SB International YEARLY RETURNS Net of M & E
06/20/94 0.834786 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 9.84%
12/31/94 0.796626 YTD -1996 16.18%
12/31/95 0.875021
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.875021 3 YR ERR
12/31/96 1.016615 Inception 8.09%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 16.18%
SB Inc & Grwth YEARLY RETURNS Net of M & E
06/20/94 0.694311 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 31.35%
12/31/94 0.680992 YTD -1996 18.22%
12/31/95 0.894491
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.894491 3 YR ERR
12/31/96 1.057509 Inception 18.06%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 18.22%
SB Money Market YEARLY RETURNS Net of M & E
06/20/94 0.922106 1992 ERR
12/31/91 - 1993 ERR
</TABLE>
<PAGE> 331
<TABLE>
<S> <C> <C> <C>
12/31/92 - 1994 ERR
12/31/93 - 1995 4.05%
12/31/94 0.935927 YTD -1996 3.60%
12/31/95 0.973834
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.973834 3 YR ERR
12/31/96 1.008845 Inception 3.61%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 3.60%
SB Utilities YEARLY RETURNS Net of M & E
02/04/94 0.759157 1992 ERR
12/31/91 - 1993 ERR
12/31/92 - 1994 ERR
12/31/93 - 1995 27.63%
12/31/94 0.763012 YTD -1996 6.07%
12/31/95 0.973819
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 - 10 YR ERR
12/31/93 - 5 YR ERR
12/31/95 0.973819 3 YR ERR
12/31/96 1.032965 Inception 11.18%
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR 6.07%
Managed Asset Trust YEARLY RETURNS Net of M & E
06/07/83 0.337858 1992 3.76%
12/31/91 0.684213 1993 7.96%
12/31/92 0.709973 1994 -3.52%
12/31/93 0.766453 1995 25.47%
12/31/94 0.739452 YTD -1996 12.30%
12/31/95 0.927816
12/31/86 0.412467 AVERAGE ANNUAL Net of M & E
12/31/91 0.684213 10 YR 9.70%
12/31/93 0.766453 5 YR 8.76%
12/31/95 0.927816 3 YR 10.77%
12/31/96 1.041919 Inception 8.65%
CUMULATIVES Net of M & E
10 YR 152.61%
5 YR 52.28%
</TABLE>
<PAGE> 332
<TABLE>
<S> <C> <C> <C>
3 YR 35.94%
1 YR 12.30%
High Yield Bond Trust YEARLY RETURNS Net of M & E
06/10/83 0.389955 1992 11.67%
12/31/91 0.644272 1993 12.53%
12/31/92 0.719464 1994 -2.54%
12/31/93 0.809586 1995 14.03%
12/31/94 0.788994 YTD -1996 14.53%
12/31/95 0.899700
12/31/86 0.516348 AVERAGE ANNUAL Net of M & E
12/31/91 0.644272 10 YR 7.15%
12/31/93 0.809586 5 YR 9.84%
12/31/95 0.899700 3 YR 8.36%
12/31/96 1.030411 Inception 7.42%
CUMULATIVES Net of M & E
10 YR 99.56%
5 YR 59.93%
3 YR 27.28%
1 YR 14.53%
Capital Appreciation YEARLY RETURNS Net of M & E
05/26/83 0.341276 1992 16.10%
12/31/91 0.486407 1993 13.58%
12/31/92 0.564739 1994 -6.01%
12/31/93 0.641425 1995 34.61%
12/31/94 0.602881 YTD -1996 26.54%
12/31/95 0.811514
12/31/86 0.349723 AVERAGE ANNUAL Net of M & E
12/31/91 0.486407 10 YR 11.36%
12/31/93 0.641425 5 YR 16.10%
12/31/95 0.811514 3 YR 16.97%
12/31/96 1.026875 Inception 8.43%
CUMULATIVES Net of M & E
10 YR 193.63%
5 YR 111.11%
3 YR 60.09%
1 YR 26.54%
Templeton Stock YEARLY RETURNS Net of M & E
08/31/88 0.418777 1992 5.69%
12/31/91 0.535509 1993 32.27%
12/31/92 0.565981 1994 -3.46%
12/31/93 0.748598 1995 23.63%
12/31/94 0.722660 YTD -1996 20.80%
12/31/95 0.893431
12/31/86 - AVERAGE ANNUAL Net of M & E
12/31/91 0.535509 10 YR ERR
</TABLE>
<PAGE> 333
<TABLE>
<S> <C> <C> <C>
12/31/93 0.748598 5 YR 15.03%
12/31/95 0.893431 3 YR 12.96%
12/31/96 1.079288 Inception 12.02%
CUMULATIVES Net of M & E
10 YR ERR
5 YR 101.54%
3 YR 44.17%
1 YR 20.80%
YEARLY RETURNS Net of M & E
0.000000 1992 ERR
0.000000 1993 ERR
0.000000 1994 ERR
0.000000 1995 ERR
0.000000 YTD -1996 ERR
0.000000
0.000000 AVERAGE ANNUAL Net of M & E
0.000000 10 YR ERR
0.000000 5 YR ERR
0.000000 3 YR ERR
0.000000 Inception ERR
CUMULATIVES Net of M & E
10 YR ERR
5 YR ERR
3 YR ERR
1 YR ERR
</TABLE>
<PAGE> 334
<TABLE>
<CAPTION>
Date 1.30% Date Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alliance Growth -
06/20/94 0.598155 06/20/94 0.598155 1000 1671.806 0.090%
06/30/94 0.589437 06/30/94 0.589437 -0.02448 -0.042 0.090%
07/31/94 0.60511 12/31/94 0.625949 -0.45716 -0.730 0.090%
08/31/94 0.620099 06/30/95 0.759658 -0.52096 -0.686 0.090%
09/30/94 0.6303 09/30/95 0.82468 0.090%
10/31/94 0.641658 12/31/95 0.833256 1000 1200.112 -0.59866 -0.718 0.090%
11/30/94 0.613881 03/31/96 0.884124 0.090%
12/31/94 0.625949 06/30/96 0.92801 -0.47559 -0.512 -0.66165 -0.713 0.090%
01/31/95 0.626451 09/30/96 0.972696 0.090%
02/28/95 0.654959 12/31/96 1.063943 -0.53765 -0.505 -0.74799 -0.703 0.090%
03/31/95 0.668768
04/30/95 0.686881
05/31/95 0.722382
06/30/95 0.759658
07/31/95 0.791433
08/31/95 0.805026
09/30/95 0.82468
10/31/95 0.798454
11/30/95 0.831109
12/31/95 0.833256
01/31/96 0.861785
02/29/96 0.891217
03/31/96 0.884124
04/30/96 0.918871
05/31/96 0.939404
06/30/96 0.92801
07/31/96 0.867313
08/31/96 0.90258
09/30/96 0.972696
10/31/96 0.9978
11/30/96 1.065879
12/31/96 1.063943
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1199.095 1668.214
Account Value $1,275.77 $1,774.88
Surrender Value $1,211.98 $1,703.89
Total Return 21.20% 70.39%
Annualized Return 23.40%
</TABLE>
<TABLE>
<CAPTION>
Date 1.30% Date Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> - <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dreyfus
09/29/89 0.466259 09/29/89 0.466259 1000 2144.730 0.090%
10/31/89 0.455669 12/31/89 0.47479 -0.23141 -0.487 0.090%
11/30/89 0.464115 06/30/90 0.484993 -0.46305 -0.955 0.090%
12/31/89 0.47479 12/31/90 0.452286 -0.45199 -0.999 0.090%
01/31/90 0.442365 06/30/91 0.512469 -0.46503 -0.907 0.090%
02/28/90 0.447167 09/30/91 0.537244 0.090%
03/31/90 0.458662 12/31/91 0.5797 1000 1725.031 -0.52622 -0.908 0.090%
04/30/90 0.446498 06/30/92 0.570683 -0.44650 -0.782 -0.55403 -0.971 0.090%
05/31/90 0.488879 12/31/92 0.612814 -0.45914 -0.749 -0.56972 -0.930 0.090%
06/30/90 0.484993 06/30/93 0.63593 -0.48425 -0.761 -0.60087 -0.945 0.090%
07/31/90 0.482913 12/31/93 0.66134 -0.50284 -0.760 -0.62394 -0.943 0.090%
08/31/90 0.438939 06/30/94 0.633748 -0.50178 -0.792 -0.62262 -0.982 0.090%
09/30/90 0.417367 12/31/94 0.658559 -0.50047 -0.760 -0.62100 -0.943 0.090%
10/31/90 0.415067 06/30/95 0.784142 -0.55846 -0.712 -0.69296 -0.884 0.090%
11/30/90 0.440825 09/30/95 0.842934 0.090%
12/31/90 0.452286 12/31/95 0.88919 1000 1124.619 -0.64747 -0.728 -0.80340 -0.904 0.090%
01/31/91 0.471313 03/31/96 0.933695 0.090%
02/28/91 0.504123 06/30/96 0.97147 -0.47082 -0.485 -0.71965 -0.741 -0.89297 -0.919 0.090%
03/31/91 0.515848 09/30/96 0.996886 0.090%
04/30/91 0.515853 12/31/96 1.075207 -0.51767 -0.481 -0.79126 -0.736 -0.98182 -0.913 0.090%
05/31/91 0.537154
06/30/91 0.512469
07/31/91 0.535328
08/31/91 0.547084
09/30/91 0.537244
10/31/91 0.5438
11/30/91 0.521199
12/31/91 0.5797
01/31/92 0.568185
02/29/92 0.574631
03/31/92 0.562726
04/30/92 0.578065
05/31/92 0.579781
06/30/92 0.570683
07/31/92 0.593184
08/31/92 0.580423
09/30/92 0.586043
10/31/92 0.587599
11/30/92 0.606451
12/31/92 0.612814
01/31/93 0.616599
02/28/93 0.623531
03/31/93 0.635972
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1123.653 1717.510 2131.140
Account Value $1,208.16 $1,846.68 $2,291.42
Surrender Value $1,147.75 $1,791.28 $2,245.59
Total Return 14.78% 79.13% 124.56%
Annualized Return 12.37% 11.79%
</TABLE>
<PAGE> 335
<TABLE>
<S> <C>
04/30/93 0.619276
05/31/93 0.635074
06/30/93 0.63593
07/31/93 0.632446
08/31/93 0.655407
09/30/93 0.649193
10/31/93 0.661981
11/30/93 0.654376
12/31/93 0.66134
01/31/94 0.682635
02/28/94 0.663453
03/31/94 0.633748
04/30/94 0.640676
05/31/94 0.650467
06/30/94 0.633748
07/31/94 0.653713
08/31/94 0.679087
09/30/94 0.661285
10/31/94 0.675356
11/30/94 0.649942
12/31/94 0.658559
01/31/95 0.675099
02/28/95 0.69982
03/31/95 0.719841
04/30/95 0.739512
05/31/95 0.767669
06/30/95 0.784142
07/31/95 0.808817
08/31/95 0.810126
09/30/95 0.842934
10/31/95 0.838897
11/30/95 0.874262
12/31/95 0.88919
01/31/96 0.918082
02/29/96 0.925358
03/31/96 0.933695
04/30/96 0.945578
05/31/96 0.968306
06/30/96 0.97147
07/31/96 0.926771
08/31/96 0.945199
09/30/96 0.996886
10/31/96 1.023406
11/30/96 1.098827
12/31/96 1.075207
Fidelity Asset Manager -
09/06/89 0.512385
09/30/89 0.511453
10/31/89 0.511893
11/30/89 0.51339
12/31/89 0.514442
01/31/90 0.502498
02/28/90 0.507146
03/31/90 0.510719
04/30/90 0.503476
05/31/90 0.528582
06/30/90 0.532138
07/31/90 0.530507
08/31/90 0.51253
09/30/90 0.501287
10/31/90 0.503251
11/30/90 0.527188
12/31/90 0.541886
01/31/91 0.56719
02/28/91 0.588805
03/31/91 0.597715
04/30/91 0.605971
05/31/91 0.618988
06/30/91 0.607327
07/31/91 0.621846
08/31/91 0.633773
09/30/91 0.636743
10/31/91 0.640228
11/30/91 0.629107
12/31/91 0.655556
01/31/92 0.663203
02/29/92 0.675414
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
09/06/89 0.512385 1000 1951.659 0.090%
12/31/89 0.514442 -0.28660 -0.557 0.090%
06/30/90 0.532138 -0.45945 -0.863 0.090%
12/31/90 0.541886 -0.47129 -0.870 0.090%
06/30/91 0.607327 -0.50405 -0.830 0.090%
09/30/91 0.636743 0.090%
12/31/91 0.655556 1000 1525.423 -0.55367 -0.845 0.090%
06/30/92 0.687146 -0.46084 -0.671 -0.58841 -0.856 0.090%
12/31/92 0.723814 -0.48406 -0.669 -0.61805 -0.854 0.090%
06/30/93 0.782397 -0.51651 -0.660 -0.65949 -0.843 0.090%
12/31/93 0.864778 -0.56460 -0.653 -0.72090 -0.834 0.090%
06/30/94 0.809829 -0.57376 -0.708 -0.73259 -0.905 0.090%
12/31/94 0.801633 -0.55187 -0.688 -0.70464 -0.879 0.090%
06/30/95 0.845378 -0.56379 -0.667 -0.71986 -0.852 0.090%
09/30/95 0.894407 0.090%
12/31/95 0.925517 1000 1080.477 -0.60593 -0.655 -0.77366 -0.836 0.090%
03/31/96 0.949852 0.090%
06/30/96 0.972923 -0.46152 -0.474 -0.64929 -0.667 -0.82903 -0.852 0.090%
09/30/96 0.990141 0.090%
12/31/96 1.046915 -0.49082 -0.469 -0.69051 -0.660 -0.88165 -0.842 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1079.534 1518.725 1939.141
Account Value $1,130.18 $1,589.98 $2,030.12
Surrender Value $1,073.67 $1,539.98 $1,989.51
Total Return 7.37% 54.00% 98.95%
Annualized Return 9.02% 9.85%
</TABLE>
<PAGE> 336
<TABLE>
<S> <C>
03/31/92 0.673001
04/30/92 0.682039
05/31/92 0.688421
06/30/92 0.687146
07/31/92 0.697816
08/31/92 0.694855
09/30/92 0.698467
10/31/92 0.698834
11/30/92 0.713226
12/31/92 0.723814
01/31/93 0.734915
02/28/93 0.741056
03/31/93 0.761157
04/30/93 0.764868
05/31/93 0.777103
06/30/93 0.782397
07/31/93 0.791149
08/31/93 0.813348
09/30/93 0.813043
10/31/93 0.834121
11/30/93 0.832048
12/31/93 0.864778
01/31/94 0.891278
02/28/94 0.862116
03/31/94 0.820675
04/30/94 0.820417
05/31/94 0.826504
06/30/94 0.809829
07/31/94 0.823012
08/31/94 0.841304
09/30/94 0.830489
10/31/94 0.83365
11/30/94 0.820535
12/31/94 0.801633
01/31/95 0.795495
02/28/95 0.807579
03/31/95 0.817343
04/30/95 0.82954
05/31/95 0.8392
06/30/95 0.845378
07/31/95 0.874511
08/31/95 0.884144
09/30/95 0.894407
10/31/95 0.881634
11/30/95 0.903584
12/31/95 0.925517
01/31/96 0.944334
02/29/96 0.940828
03/31/96 0.949852
04/30/96 0.958751
05/31/96 0.96517
06/30/96 0.972923
07/31/96 0.955605
08/31/96 0.956445
09/30/96 0.990141
10/31/96 1.014481
11/30/96 1.063590
12/31/96 1.046915
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fidelity High Income - 12/31/85 0.345655
09/19/85 0.326124 06/30/86 0.385066
09/30/85 0.326724 09/30/86 0.387447 0.090%
10/31/85 0.330436 12/31/86 0.401516 1000 2490.562 0.090%
11/30/85 0.334857 06/30/87 0.416176 -0.45822 -1.101 0.090%
12/31/85 0.345655 12/31/87 0.401149 -0.45781 -1.141 0.090%
01/31/86 0.34955 06/30/88 0.432468 -0.46672 -1.079 0.090%
02/28/86 0.361015 12/31/88 0.442066 -0.48942 -1.107 0.090%
03/31/86 0.369512 06/30/89 0.462252 -0.50586 -1.094 0.090%
04/30/86 0.375381 12/31/89 0.418159 -0.49227 -1.177 0.090%
05/31/86 0.380707 06/30/90 0.411507 -0.46367 -1.127 0.090%
06/30/86 0.385066 12/31/90 0.40351 -0.45528 -1.128 0.090%
07/31/86 0.383471 06/30/91 0.480346 -0.49351 -1.027 0.090%
08/31/86 0.384622 09/30/91 0.514917 0.090%
09/30/86 0.387447 12/31/91 0.538022 1000 1858.660 -0.56838 -1.056 0.090%
10/31/86 0.398583 06/30/92 0.620833 -0.48463 -0.781 -0.64652 -1.041 0.090%
11/30/86 0.399462 12/31/92 0.653529 -0.53271 -0.815 -0.71066 -1.087 0.090%
12/31/86 0.401516 06/30/93 0.727694 -0.57713 -0.793 -0.76991 -1.058 0.090%
01/31/87 0.41571 12/31/93 0.777404 -0.62862 -0.809 -0.83860 -1.079 0.090%
02/28/87 0.422482 06/30/94 0.761166 -0.64232 -0.844 -0.85688 -1.126 0.090%
</TABLE>
<PAGE> 337
<TABLE>
<S> <C>
03/31/87 0.425844
04/30/87 0.412095
05/31/87 0.407842
06/30/87 0.416176
07/31/87 0.416162
08/31/87 0.419146
09/30/87 0.404117
10/31/87 0.38438
11/30/87 0.395265
12/31/87 0.401149
01/31/88 0.413909
02/29/88 0.425832
03/31/88 0.422306
04/30/88 0.425159
05/31/88 0.424043
06/30/88 0.432468
07/31/88 0.436519
08/31/88 0.433923
09/30/88 0.436935
10/31/88 0.441204
11/30/88 0.43905
12/31/88 0.442066
01/31/89 0.452174
02/28/89 0.453945
03/31/89 0.447617
04/30/89 0.442218
05/31/89 0.44986
06/30/89 0.462252
07/31/89 0.458702
08/31/89 0.455537
09/30/89 0.439143
10/31/89 0.419837
11/30/89 0.419742
12/31/89 0.418159
01/31/90 0.408435
02/28/90 0.401744
03/31/90 0.397081
04/30/90 0.397817
05/31/90 0.405544
06/30/90 0.411507
07/31/90 0.417387
08/31/90 0.409951
09/30/90 0.399832
10/31/90 0.38967
11/30/90 0.398385
12/31/90 0.40351
01/31/91 0.411617
02/28/91 0.433989
03/31/91 0.44892
04/30/91 0.464306
05/31/91 0.470606
06/30/91 0.480346
07/31/91 0.497909
08/31/91 0.504168
09/30/91 0.514917
10/31/91 0.531851
11/30/91 0.535815
12/31/91 0.538022
01/31/92 0.56613
02/29/92 0.586103
03/31/92 0.604357
04/30/92 0.608104
05/31/92 0.61484
06/30/92 0.620833
07/31/92 0.632184
08/31/92 0.644848
09/30/92 0.650833
10/31/92 0.640448
11/30/92 0.647607
12/31/92 0.653529
01/31/93 0.670969
02/28/93 0.681741
03/31/93 0.696681
04/30/93 0.700513
05/31/93 0.710267
06/30/93 0.727694
07/31/93 0.734088
08/31/93 0.741068
09/30/93 0.74288
10/31/93 0.759661
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/94 0.755522 -0.63290 -0.838 -0.84431 -1.118 0.090%
06/30/95 0.840696 -0.66578 -0.792 -0.88818 -1.056 0.090%
09/30/95 0.879181 0.090%
12/31/95 0.899482 1000 1111.751 -0.72552 -0.807 -0.96787 -1.076 0.090%
03/31/96 0.930125 0.090%
06/30/96 0.958866 -0.46485 -0.485 -0.77445 -0.808 -1.03315 -1.077 0.090%
09/30/96 0.994605 0.090%
12/31/96 1.012395 -0.49288 -0.487 -0.82115 -0.811 -1.09544 -1.082 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1110.779 1850.562 2468.725
Account Value $1,124.55 $1,873.50 $2,499.32
Surrender Value $1,068.32 $1,817.29 $2,499.32
Total Return 6.83% 81.73% 149.93%
Annualized Return 12.69% 9.59%
</TABLE>
<PAGE> 338
<TABLE>
<S> <C>
11/30/93 0.765937
12/31/93 0.777404
01/31/94 0.802458
02/28/94 0.800695
03/31/94 0.772861
04/30/94 0.764269
05/31/94 0.764812
06/30/94 0.761166
07/31/94 0.763205
08/31/94 0.76231
09/30/94 0.767132
10/31/94 0.759247
11/30/94 0.752109
12/31/94 0.755522
01/31/95 0.762379
02/28/95 0.787769
03/31/95 0.7967
04/30/95 0.819252
05/31/95 0.839339
06/30/95 0.840696
07/31/95 0.860039
08/31/95 0.865836
09/30/95 0.879181
10/31/95 0.886409
11/30/95 0.889947
12/31/95 0.899482
01/31/96 0.919306
02/29/96 0.933542
03/31/96 0.930125
04/30/96 0.942936
05/31/96 0.954935
06/30/96 0.958866
07/31/96 0.954482
08/31/96 0.967271
09/30/96 0.994605
10/31/96 0.99028
11/30/96 0.999784
12/31/96 1.012395
Fidelity Equity Income -
10/09/86 0.327964
10/31/86 0.331313
11/30/86 0.338185
12/31/86 0.32765
01/31/87 0.364867
02/28/87 0.372988
03/31/87 0.382021
04/30/87 0.372113
05/31/87 0.37402
06/30/87 0.381382
07/31/87 0.395474
08/31/87 0.405911
09/30/87 0.396966
10/31/87 0.319151
11/30/87 0.304533
12/31/87 0.319747
01/31/88 0.342139
02/29/88 0.358698
03/31/88 0.352064
04/30/88 0.357523
05/31/88 0.361905
06/30/88 0.382087
07/31/88 0.381001
08/31/88 0.373992
09/30/88 0.384696
10/31/88 0.390902
11/30/88 0.384209
12/31/88 0.387303
01/31/89 0.410756
02/28/89 0.40824
03/31/89 0.416622
04/30/89 0.432271
05/31/89 0.444599
06/30/89 0.444428
07/31/89 0.46982
08/31/89 0.476842
09/30/89 0.470995
10/31/89 0.443315
11/30/89 0.445372
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.327964 0.090%
12/31/86 0.32765 1000 3052.038 0.090%
06/30/87 0.381382 -0.48690 -1.277 0.090%
12/31/87 0.319747 -0.48127 -1.505 0.090%
06/30/88 0.382087 -0.48152 -1.260 0.090%
12/31/88 0.387303 -0.52765 -1.362 0.090%
06/30/89 0.444428 -0.57015 -1.283 0.090%
12/31/89 0.448625 -0.61192 -1.364 0.090%
06/30/90 0.426711 -0.59951 -1.405 0.090%
12/31/90 0.375108 -0.54891 -1.463 0.090%
06/30/91 0.43554 -0.55469 -1.274 0.090%
09/30/91 0.465162 0.090%
12/31/91 0.48669 1000 2054.697 -0.63077 -1.296 0.090%
06/30/92 0.515017 -0.46310 -0.899 -0.68484 -1.330 0.090%
12/31/92 0.561533 -0.49748 -0.886 -0.73569 -1.310 0.090%
06/30/93 0.620597 -0.54603 -0.880 -0.80749 -1.301 0.090%
12/31/93 0.655562 -0.58921 -0.899 -0.87134 -1.329 0.090%
06/30/94 0.658844 -0.60660 -0.921 -0.89707 -1.362 0.090%
12/31/94 0.692841 -0.62353 -0.900 -0.92209 -1.331 0.090%
06/30/95 0.806381 -0.69128 -0.857 -1.02229 -1.268 0.090%
09/30/95 0.873258 0.090%
12/31/95 0.923893 1000 1082.376 -0.79749 -0.863 -1.17935 -1.276 0.090%
03/31/96 0.960819 0.090%
06/30/96 0.971684 -0.46164 -0.475 -0.87331 -0.899 -1.29147 -1.329 0.090%
09/30/96 0.980364 0.090%
12/31/96 1.042056 -0.49020 -0.470 -0.92734 -0.890 -1.37138 -1.316 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1081.431 2045.803 3025.397
Account Value $1,126.91 $2,131.84 $3,152.63
Surrender Value $1,070.57 $2,067.89 $3,152.63
Total Return 7.06% 106.79% 215.26%
Annualized Return 15.64% 12.17%
</TABLE>
<PAGE> 339
<TABLE>
<S> <C>
12/31/89 0.448625
01/31/90 0.417834
02/28/90 0.419891
03/31/90 0.420134
04/30/90 0.405119
05/31/90 0.431448
06/30/90 0.426711
07/31/90 0.4158
08/31/90 0.382175
09/30/90 0.352175
10/31/90 0.342793
11/30/90 0.36697
12/31/90 0.375108
01/31/91 0.394788
02/28/91 0.421555
03/31/91 0.429872
04/30/91 0.431373
05/31/91 0.454547
06/30/91 0.43554
07/31/91 0.459693
08/31/91 0.468894
09/30/91 0.465162
10/31/91 0.472387
11/30/91 0.451557
12/31/91 0.48669
01/31/92 0.492717
02/29/92 0.50821
03/31/92 0.501411
04/30/92 0.516566
05/31/92 0.520159
06/30/92 0.515017
07/31/92 0.530215
08/31/92 0.518025
09/30/92 0.522844
10/31/92 0.528539
11/30/92 0.547128
12/31/92 0.561533
01/31/93 0.577699
02/28/93 0.590087
03/31/93 0.60696
04/30/93 0.60379
05/31/93 0.614038
06/30/93 0.620597
07/31/93 0.628369
08/31/93 0.651675
09/30/93 0.648516
10/31/93 0.653743
11/30/93 0.641464
12/31/93 0.655562
01/31/94 0.683684
02/28/94 0.665415
03/31/94 0.636868
04/30/94 0.658141
05/31/94 0.663648
06/30/94 0.658844
07/31/94 0.680151
08/31/94 0.714312
09/30/94 0.701859
10/31/94 0.715477
11/30/94 0.691348
12/31/94 0.692841
01/31/95 0.702876
02/28/95 0.728938
03/31/95 0.753265
04/30/95 0.773445
05/31/95 0.795805
06/30/95 0.806381
07/31/95 0.8365
08/31/95 0.846065
09/30/95 0.873258
10/31/95 0.862217
11/30/95 0.898514
12/31/95 0.923893
01/31/96 0.949613
02/29/96 0.95178
03/31/96 0.960819
04/30/96 0.972231
05/31/96 0.981642
06/30/96 0.971684
07/31/96 0.923198
</TABLE>
<PAGE> 340
<TABLE>
<S> <C>
08/31/96 0.941124
09/30/96 0.980364
10/31/96 0.995175
11/30/96 1.060610
12/31/96 1.042056
Fidelity Growth -
10/09/86 0.275382
10/31/86 0.275166
11/30/86 0.28094
12/31/86 0.275392
01/31/87 0.304448
02/28/87 0.319216
03/31/87 0.324051
04/30/87 0.323704
05/31/87 0.325559
06/30/87 0.334753
07/31/87 0.34776
08/31/87 0.357738
09/30/87 0.353269
10/31/87 0.27534
11/30/87 0.255738
12/31/87 0.28179
01/31/88 0.287608
02/29/88 0.310586
03/31/88 0.307473
04/30/88 0.31103
05/31/88 0.307912
06/30/88 0.323045
07/31/88 0.321057
08/31/88 0.312965
09/30/88 0.321438
10/31/88 0.321908
11/30/88 0.318543
12/31/88 0.321495
01/31/89 0.344145
02/28/89 0.336685
03/31/89 0.346481
04/30/89 0.364442
05/31/89 0.377034
06/30/89 0.37165
07/31/89 0.404413
08/31/89 0.410869
09/30/89 0.414045
10/31/89 0.402001
11/30/89 0.408177
12/31/89 0.417394
01/31/90 0.392734
02/28/90 0.396089
03/31/90 0.400503
04/30/90 0.38841
05/31/90 0.422326
06/30/90 0.43068
07/31/90 0.423392
08/31/90 0.379357
09/30/90 0.339977
10/31/90 0.327439
11/30/90 0.353597
12/31/90 0.36363
01/31/91 0.387424
02/28/91 0.415915
03/31/91 0.42804
04/30/91 0.423551
05/31/91 0.448106
06/30/91 0.414424
07/31/91 0.453376
08/31/91 0.473013
09/30/91 0.47617
10/31/91 0.49035
11/30/91 0.461876
12/31/91 0.522304
01/31/92 0.553579
02/29/92 0.564334
03/31/92 0.529096
04/30/92 0.508197
05/31/92 0.503289
06/30/92 0.483378
07/31/92 0.501598
08/31/92 0.487274
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
10/09/86 0.275382 0.090%
12/31/86 0.275392 1000 3631.181 0.090%
06/30/87 0.334753 -0.49850 -1.489 0.090%
12/31/87 0.28179 -0.50352 -1.787 0.090%
06/30/88 0.323045 -0.49371 -1.528 0.090%
12/31/88 0.321495 -0.52590 -1.636 0.090%
06/30/89 0.37165 -0.56531 -1.521 0.090%
12/31/89 0.417394 -0.64325 -1.541 0.090%
06/30/90 0.43068 -0.69108 -1.605 0.090%
12/31/90 0.36363 -0.64698 -1.779 0.090%
06/30/91 0.414424 -0.63343 -1.528 0.090%
09/30/91 0.47617 0.090%
12/31/91 0.522304 1000 1914.594 -0.76228 -1.459 0.090%
06/30/92 0.483378 -0.43323 -0.896 -0.81807 -1.692 0.090%
12/31/92 0.563903 -0.45094 -0.800 -0.85151 -1.510 0.090%
06/30/93 0.625013 -0.51171 -0.819 -0.96626 -1.546 0.090%
12/31/93 0.664368 -0.55471 -0.835 -1.04746 -1.577 0.090%
06/30/94 0.596365 -0.54215 -0.909 -1.02374 -1.717 0.090%
12/31/94 0.65566 -0.53815 -0.821 -1.01619 -1.550 0.090%
06/30/95 0.806317 -0.62813 -0.779 -1.18608 -1.471 0.090%
09/30/95 0.917239 0.090%
12/31/95 0.876145 1000 1141.363 -0.72256 -0.825 -1.36440 -1.557 0.090%
03/31/96 0.920318 0.090%
06/30/96 0.963844 -0.47252 -0.490 -0.78987 -0.820 -1.49150 -1.547 0.090%
09/30/96 0.975009 0.090%
12/31/96 0.991955 -0.50205 -0.506 -0.83922 -0.846 -1.58470 -1.598 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1140.367 1906.244 3599.543
Account Value $1,131.19 $1,890.91 $3,570.58
Surrender Value $1,074.63 $1,834.18 $3,570.58
Total Return 7.46% 83.42% 257.06%
Annualized Return 12.90% 13.57%
</TABLE>
<PAGE> 341
<TABLE>
<S> <C>
09/30/92 0.495356
10/31/92 0.51403
11/30/92 0.547693
12/31/92 0.563903
01/31/93 0.574425
02/28/93 0.561972
03/31/93 0.583736
04/30/93 0.577011
05/31/93 0.619381
06/30/93 0.625013
07/31/93 0.622607
08/31/93 0.653124
09/30/93 0.664555
10/31/93 0.670211
11/30/93 0.642349
12/31/93 0.664368
01/31/94 0.680314
02/28/94 0.672628
03/31/94 0.641352
04/30/94 0.644657
05/31/94 0.628991
06/30/94 0.596365
07/31/94 0.616418
08/31/94 0.650611
09/30/94 0.642027
10/31/94 0.667376
11/30/94 0.640028
12/31/94 0.65566
01/31/95 0.642522
02/28/95 0.668464
03/31/95 0.691968
04/30/95 0.714588
05/31/95 0.741568
06/30/95 0.806317
07/31/95 0.885099
08/31/95 0.894978
09/30/95 0.917239
10/31/95 0.906852
11/30/95 0.905258
12/31/95 0.876145
01/31/96 0.888911
02/29/96 0.917723
03/31/96 0.920318
04/30/96 0.955269
05/31/96 0.984068
06/30/96 0.963844
07/31/96 0.88904
08/31/96 0.914646
09/30/96 0.975009
10/31/96 0.971703
11/30/96 1.024665
12/31/96 0.991955
US Government -
01/24/92 0.776175
01/31/92 0.776088
02/29/92 0.777644
03/31/92 0.77986
04/30/92 0.776701
05/31/92 0.791322
06/30/92 0.798144
07/31/92 0.815642
08/31/92 0.818593
09/30/92 0.82618
10/31/92 0.817617
11/30/92 0.816714
12/31/92 0.827224
01/31/93 0.838631
02/28/93 0.857341
03/31/93 0.864092
04/30/93 0.867825
05/31/93 0.868511
06/30/93 0.882192
07/31/93 0.885888
08/31/93 0.898009
09/30/93 0.90631
10/31/93 0.906911
11/30/93 0.893567
12/31/93 0.894118
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars
<S> <C> <C> <C> <C> <C> <C>
01/24/92 0.776175 1000 1288.369 0.090%
06/30/92 0.798144 -0.39510 -0.495 0.090%
12/31/92 0.827224 -0.47099 -0.569 0.090%
06/30/93 0.882192 -0.49512 -0.561 0.090%
12/31/93 0.894118 -0.51427 -0.575 0.090%
06/30/94 0.835003 -0.50039 -0.599 0.090%
12/31/94 0.832723 -0.48240 -0.579 0.090%
06/30/95 0.953643 -0.51648 -0.542 0.090%
09/30/95 0.962946 0.090%
12/31/95 1.023236 1000 977.292 -0.57132 -0.558 0.090%
03/31/96 0.971946 0.090%
06/30/96 0.970545 -0.43841 -0.452 -0.57595 -0.593 0.090%
09/30/96 0.986018 0.090%
12/31/96 1.02456 -0.43850 -0.428 -0.87190 -0.851 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 976.412 1282.447
Account Value $1,000.39 $1,313.94
Surrender Value $950.37 $1,263.94
Total Return -4.96% 26.39%
Annualized Return 4.86%
</TABLE>
<PAGE> 342
<TABLE>
<S> <C>
01/31/94 0.900759
02/28/94 0.881614
03/31/94 0.849638
04/30/94 0.84638
05/31/94 0.846205
06/30/94 0.835003
07/31/94 0.852346
08/31/94 0.848179
09/30/94 0.823581
10/31/94 0.825038
11/30/94 0.821792
12/31/94 0.832723
01/31/95 0.849557
02/28/95 0.869546
03/31/95 0.876888
04/30/95 0.890132
05/31/95 0.942176
06/30/95 0.953643
07/31/95 0.939347
08/31/95 0.949885
09/30/95 0.962946
10/31/95 0.984953
11/30/95 1.004509
12/31/95 1.023236
01/31/96 1.026136
02/29/96 0.995424
03/31/96 0.971946
04/30/96 0.960932
05/31/96 0.955394
06/30/96 0.970545
07/31/96 0.972973
08/31/96 0.964789
09/30/96 0.986018
10/31/96 1.016104
11/30/96 1.040853
12/31/96 1.024560
Templeton Bond -
08/31/88 0.606492
09/30/88 0.609479
10/31/88 0.611227
11/30/88 0.613598
12/31/88 0.615358
01/31/89 0.617674
02/28/89 0.615258
03/31/89 0.624039
04/30/89 0.627102
05/31/89 0.628206
06/30/89 0.633664
07/31/89 0.64031
08/31/89 0.640827
09/30/89 0.641998
10/31/89 0.647368
11/30/89 0.652163
12/31/89 0.6539
01/31/90 0.647436
02/28/90 0.647422
03/31/90 0.647366
04/30/90 0.640331
05/31/90 0.65541
06/30/90 0.663565
07/31/90 0.66974
08/31/90 0.661448
09/30/90 0.664561
10/31/90 0.671939
11/30/90 0.681282
12/31/90 0.68628
01/31/91 0.696121
02/28/91 0.698735
03/31/91 0.702012
04/30/91 0.70648
05/31/91 0.710326
06/30/91 0.705657
07/31/91 0.712765
08/31/91 0.731106
09/30/91 0.746748
10/31/91 0.75644
11/30/91 0.764851
12/31/91 0.784916
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.606492 1000 1648.826 0.090%
12/31/88 0.615358 -0.30302 -0.492 0.090%
06/30/89 0.633664 -0.46323 -0.731 0.090%
12/31/89 0.6539 -0.47731 -0.730 0.090%
06/30/90 0.663565 -0.48818 -0.736 0.090%
12/31/90 0.68628 -0.49996 -0.729 0.090%
06/30/91 0.705657 -0.51532 -0.730 0.090%
09/30/91 0.746748 0.090%
12/31/91 0.784916 1000 1274.021 -0.55159 -0.703 0.090%
06/30/92 0.794323 -0.45270 -0.570 -0.58415 -0.735 0.090%
12/31/92 0.817074 -0.46171 -0.565 -0.59578 -0.729 0.090%
06/30/93 0.868397 -0.48272 -0.556 -0.62289 -0.717 0.090%
12/31/93 0.898977 -0.50595 -0.563 -0.65287 -0.726 0.090%
06/30/94 0.839423 -0.49744 -0.593 -0.64189 -0.765 0.090%
12/31/94 0.844078 -0.48151 -0.570 -0.62133 -0.736 0.090%
06/30/95 0.916706 -0.50338 -0.549 -0.64956 -0.709 0.090%
09/30/95 0.925068 0.000 0.090%
12/31/95 0.95755 1000 1044.332 -0.53559 -0.559 -0.69112 -0.722 0.090%
03/31/96 0.946708 0.090%
06/30/96 0.965135 -0.45178 -0.468 -0.54919 -0.569 -0.70866 -0.734 0.090%
09/30/96 0.990467 0.090%
12/31/96 1.034348 -0.46962 -0.454 -0.57087 -0.552 -0.73664 -0.712 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1043.41 1268.375 1636.690
Account Value $1,079.25 $1,311.94 $1,692.91
Surrender Value $1,025.29 $1,261.94 $1,692.91
Total Return 2.53% 26.19% 69.29%
Annualized Return 4.76% 6.52%
</TABLE>
<PAGE> 343
<TABLE>
<S> <C>
01/31/92 0.7655
02/29/92 0.766041
03/31/92 0.758002
04/30/92 0.759923
05/31/92 0.776852
06/30/92 0.794323
07/31/92 0.81673
08/31/92 0.822915
09/30/92 0.81921
10/31/92 0.811956
11/30/92 0.806118
12/31/92 0.817074
01/31/93 0.832692
02/28/93 0.853566
03/31/93 0.853307
04/30/93 0.856126
05/31/93 0.856018
06/30/93 0.868397
07/31/93 0.880864
08/31/93 0.893986
09/30/93 0.88932
10/31/93 0.897284
11/30/93 0.883666
12/31/93 0.898977
01/31/94 0.915727
02/28/94 0.886021
03/31/94 0.858634
04/30/94 0.850691
05/31/94 0.84502
06/30/94 0.839423
07/31/94 0.843248
08/31/94 0.843818
09/30/94 0.842916
10/31/94 0.852114
11/30/94 0.845755
12/31/94 0.844078
01/31/95 0.847775
02/28/95 0.862834
03/31/95 0.876534
04/30/95 0.892737
05/31/95 0.914433
06/30/95 0.916706
07/31/95 0.918939
08/31/95 0.911449
09/30/95 0.925068
10/31/95 0.939363
11/30/95 0.944011
12/31/95 0.95755
01/31/96 0.95078
02/29/96 0.944989
03/31/96 0.946708
04/30/96 0.951014
05/31/96 0.954447
06/30/96 0.965135
07/31/96 0.967579
08/31/96 0.979052
09/30/96 0.990467
10/31/96 1.009848
11/30/96 1.033752
12/31/96 1.034348
Templeton Asset
Allocation -
08/31/88 0.451134
09/30/88 0.453807
10/31/88 0.467262
11/30/88 0.464064
12/31/88 0.461771
01/31/89 0.473809
02/28/89 0.467956
03/31/89 0.472375
04/30/89 0.482212
05/31/89 0.481645
06/30/89 0.478447
07/31/89 0.503827
08/31/89 0.507732
09/30/89 0.50498
10/31/89 0.487486
11/30/89 0.495415
12/31/89 0.516229
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.451134 1000 2216.636 0.090%
12/31/88 0.461771 -0.30437 -0.659 0.090%
06/30/89 0.478447 -0.46879 -0.980 0.090%
12/31/89 0.516229 -0.49572 -0.960 0.090%
06/30/90 0.524902 -0.51865 -0.988 0.090%
12/31/90 0.468858 -0.49483 -1.055 0.090%
06/30/91 0.51089 -0.48762 -0.954 0.090%
09/30/91 0.55564 0.090%
12/31/91 0.590961 1000 1692.160 -0.54815 -0.928 0.090%
06/30/92 0.629126 -0.46453 -0.738 -0.60672 -0.964 0.090%
12/31/92 0.630091 -0.47922 -0.761 -0.62590 -0.993 0.090%
06/30/93 0.692743 -0.50320 -0.726 -0.65723 -0.949 0.090%
12/31/93 0.784421 -0.56167 -0.716 -0.73359 -0.935 0.090%
06/30/94 0.743239 -0.58062 -0.781 -0.75835 -1.020 0.090%
12/31/94 0.751339 -0.56779 -0.756 -0.74158 -0.987 0.090%
</TABLE>
<PAGE> 344
<TABLE>
<S> <C>
01/31/90 0.502753
02/28/90 0.503137
03/31/90 0.509808
04/30/90 0.491559
05/31/90 0.521367
06/30/90 0.524902
07/31/90 0.531988
08/31/90 0.492571
09/30/90 0.452386
10/31/90 0.447801
11/30/90 0.460375
12/31/90 0.468858
01/31/91 0.490791
02/28/91 0.521705
03/31/91 0.514882
04/30/91 0.52029
05/31/91 0.534038
06/30/91 0.51089
07/31/91 0.539794
08/31/91 0.551649
09/30/91 0.55564
10/31/91 0.559163
11/30/91 0.544815
12/31/91 0.590961
01/31/92 0.585297
02/29/92 0.600658
03/31/92 0.592714
04/30/92 0.60695
05/31/92 0.63166
06/30/92 0.629126
07/31/92 0.635933
08/31/92 0.627684
09/30/92 0.624671
10/31/92 0.619324
11/30/92 0.623301
12/31/92 0.630091
01/31/93 0.637819
02/28/93 0.652133
03/31/93 0.664845
04/30/93 0.677048
05/31/93 0.687837
06/30/93 0.692743
07/31/93 0.702968
08/31/93 0.735489
09/30/93 0.735181
10/31/93 0.759114
11/30/93 0.743533
12/31/93 0.784421
01/31/94 0.821436
02/28/94 0.789858
03/31/94 0.75678
04/30/94 0.760351
05/31/94 0.764788
06/30/94 0.743239
07/31/94 0.772328
08/31/94 0.793067
09/30/94 0.775882
10/31/94 0.783185
11/30/94 0.757415
12/31/94 0.751339
01/31/95 0.74235
02/28/95 0.758341
03/31/95 0.769266
04/30/95 0.793468
05/31/95 0.821879
06/30/95 0.835656
07/31/95 0.86597
08/31/95 0.857706
09/30/95 0.885064
10/31/95 0.866541
11/30/95 0.892337
12/31/95 0.90889
01/31/96 0.931087
02/29/96 0.937869
03/31/96 0.945584
04/30/96 0.967478
05/31/96 0.979666
06/30/96 0.977162
07/31/96 0.950572
08/31/96 0.972932
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
06/30/95 0.835656 -0.60263 -0.721 -0.78709 -0.942 0.090%
09/30/95 0.885064 0.000 0.090%
12/31/95 0.90889 1000 1100.243 -0.66217 -0.729 -0.86485 -0.952 0.090%
03/31/96 0.945584 0.090%
06/30/96 0.977162 -0.46690 -0.478 -0.71557 -0.732 -0.93460 -0.956 0.090%
09/30/96 0.991149 0.090%
12/31/96 1.066322 -0.50565 -0.474 -0.77497 -0.727 -1.01217 -0.949 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1099.291 1684.773 2200.465
Account Value $1,172.20 $1,796.51 $2,346.40
Surrender Value $1,113.59 $1,742.62 $2,346.40
Total Return 11.36% 74.26% 134.64%
Annualized Return 11.75% 10.77%
</TABLE>
<PAGE> 345
09/30/96 0.991149
10/31/96 1.002217
11/30/96 1.060445
12/31/96 1.066322
Templeton Stock -
08/31/88 0.418777
09/30/88 0.420839
10/31/88 0.433329
11/30/88 0.427439
12/31/88 0.428234
01/31/89 0.447739
02/28/89 0.439387
03/31/89 0.44723
04/30/89 0.457185
05/31/89 0.455401
06/30/89 0.447857
07/31/89 0.476802
08/31/89 0.488287
09/30/89 0.486541
10/31/89 0.416557
11/30/89 0.464825
12/31/89 0.484553
01/31/90 0.466271
02/28/90 0.468686
03/31/90 0.476499
04/30/90 0.457986
05/31/90 0.49216
06/30/90 0.492069
07/31/90 0.499013
08/31/90 0.455568
09/30/90 0.413511
10/31/90 0.407622
11/30/90 0.41964
12/31/90 0.425603
01/31/91 0.448947
02/28/91 0.478706
03/31/91 0.474932
04/30/91 0.474798
05/31/91 0.489547
06/30/91 0.464054
07/31/91 0.492717
08/31/91 0.49811
09/30/91 0.501784
10/31/91 0.507559
11/30/91 0.493126
12/31/91 0.535509
01/31/92 0.536598
02/29/92 0.553246
03/31/92 0.541294
04/30/92 0.558578
05/31/92 0.578349
06/30/92 0.563695
07/31/92 0.564417
08/31/92 0.551839
09/30/92 0.551675
10/31/92 0.545996
11/30/92 0.555144
12/31/92 0.565981
01/31/93 0.573008
02/28/93 0.58559
03/31/93 0.603775
04/30/93 0.612604
05/31/93 0.63135
06/30/93 0.634045
07/31/93 0.642816
08/31/93 0.684114
09/30/93 0.688526
10/31/93 0.716912
11/30/93 0.698123
12/31/93 0.748598
01/31/94 0.789154
02/28/94 0.760225
03/31/94 0.724164
04/30/94 0.734609
05/31/94 0.743655
06/30/94 0.721385
07/31/94 0.757108
08/31/94 0.783646
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/31/88 0.418777 1000 2387.908 0.090%
12/31/88 0.428234 -0.30422 -0.710 0.090%
06/30/89 0.447857 -0.47057 -1.051 0.090%
12/31/89 0.484553 -0.50060 -1.033 0.090%
06/30/90 0.492069 -0.52410 -1.065 0.090%
12/31/90 0.425603 -0.49225 -1.157 0.090%
06/30/91 0.464054 -0.47699 -1.028 0.090%
09/30/91 0.501784 0.090%
12/31/91 0.535509 1000 1867.383 -0.53568 -1.000 0.090%
06/30/92 0.563695 -0.46184 -0.819 -0.58884 -1.045 0.090%
12/31/92 0.565981 -0.47444 -0.838 -0.60490 -1.069 0.090%
06/30/93 0.634045 -0.50376 -0.795 -0.64228 -1.013 0.090%
12/31/93 0.748598 -0.58017 -0.775 -0.73970 -0.988 0.090%
06/30/94 0.721385 -0.61656 -0.855 -0.78610 -1.090 0.090%
12/31/94 0.72266 -0.60541 -0.838 -0.77188 -1.068 0.090%
06/30/95 0.819405 -0.64621 -0.789 -0.82390 -1.005 0.090%
09/30/95 0.872253 0.000 0.090%
12/31/95 0.893431 1000 1119.281 -0.71747 -0.803 -0.91475 -1.024 0.090%
03/31/96 0.942521 0.090%
06/30/96 0.981285 -0.47213 -0.481 -0.78494 -0.800 -1.00077 -1.020 0.090%
09/30/96 0.9922 0.090%
12/31/96 1.079288 -0.51871 -0.481 -0.86238 -0.799 -1.09952 -1.019 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Since inception
<S> <C> <C> <C>
Ending units 1118.319 1859.272 2370.523
Account Value $1,206.99 $2,006.69 $2,558.48
Surrender Value $1,146.64 $1,946.49 $2,558.48
Total Return 14.66% 94.65% 155.85%
Annualized Return 14.25% 11.92%
</TABLE>
<PAGE> 346
09/30/94 0.758836
10/31/94 0.765695
11/30/94 0.732413
12/31/94 0.72266
01/31/95 0.712886
02/28/95 0.733679
03/31/95 0.74586
04/30/95 0.773663
05/31/95 0.801703
06/30/95 0.819405
07/31/95 0.859031
08/31/95 0.849039
09/30/95 0.872253
10/31/95 0.851486
11/30/95 0.870743
12/31/95 0.893431
01/31/96 0.909937
02/29/96 0.923937
03/31/96 0.942521
04/30/96 0.961927
05/31/96 0.975131
06/30/96 0.981285
07/31/96 0.938369
08/31/96 0.97007
09/30/96 0.9922
10/31/96 1.005984
11/30/96 1.058319
12/31/96 1.079288
MFS Total Return -
06/20/94 0.761427
06/30/94 0.749669
07/31/94 0.76343
08/31/94 0.775524
09/30/94 0.763244
10/31/94 0.760876
11/30/94 0.738732
12/31/94 0.744747
01/31/95 0.754593
02/28/95 0.774446
03/31/95 0.788021
04/30/95 0.803988
05/31/95 0.830423
06/30/95 0.835607
07/31/95 0.84683
08/31/95 0.854978
09/30/95 0.876816
10/31/95 0.872031
11/30/95 0.903552
12/31/95 0.924003
01/31/96 0.94072
02/29/96 0.938214
03/31/96 0.949632
04/30/96 0.952407
05/31/96 0.957532
06/30/96 0.963522
07/31/96 0.943117
08/31/96 0.955965
09/30/96 0.985674
10/31/96 1.008584
11/30/96 1.055749
12/31/96 1.044336
Putnam Diversified -
06/20/94 0.816561
06/30/94 0.817087
07/31/94 0.821952
08/31/94 0.825874
09/30/94 0.828246
10/31/94 0.828148
11/30/94 0.823205
12/31/94 0.822944
01/31/95 0.830182
02/28/95 0.845679
03/31/95 0.861053
04/30/95 0.870788
05/31/95 0.896618
06/30/95 0.898912
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
06/20/94 0.761427 1000 1313.323 0.090%
06/30/94 0.749669 -0.02447 -0.033 0.090%
12/31/94 0.744747 -0.44159 -0.593 0.090%
06/30/95 0.835607 -0.46677 -0.559 0.090%
09/30/95 0.876816 0.090%
12/31/95 0.924003 1000 1082.247 -0.51949 -0.562 0.090%
03/31/96 0.949632 0.090%
06/30/96 0.963522 -0.45962 -0.477 -0.55702 -0.578 0.090%
09/30/96 0.985674 0.090%
12/31/96 1.044336 -0.48871 -0.468 -0.59227 -0.567 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1081.302 1310.431
Account Value $1,129.24 $1,368.53
Surrender Value $1,072.78 $1,313.79
Total Return 7.28% 31.38%
Annualized Return 11.37%
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
06/20/94 0.816561 1000 1224.648 0.090%
06/30/94 0.817087 -0.02467 -0.030 0.090%
12/31/94 0.822944 -0.45189 -0.549 0.090%
06/30/95 0.898912 -0.47423 -0.528 0.090%
09/30/95 0.914649 0.090%
12/31/95 0.953566 1000 1048.695 -0.50998 -0.535 0.090%
03/31/96 0.947952 0.090%
06/30/96 0.95496 -0.45033 -0.472 -0.52518 -0.550 0.090%
09/30/96 0.989411 0.090%
12/31/96 1.018678 -0.46548 -0.457 -0.54285 -0.533 0.090%
</TABLE>
<PAGE> 347
<TABLE>
<S> <C>
07/31/95 0.905231
08/31/95 0.906672
09/30/95 0.914649
10/31/95 0.927367
11/30/95 0.938488
12/31/95 0.953566
01/31/96 0.96341
02/29/96 0.952307
03/31/96 0.947952
04/30/96 0.951079
05/31/96 0.95171
06/30/96 0.95496
07/31/96 0.962219
08/31/96 0.966216
09/30/96 0.989411
10/31/96 1.001688
11/30/96 1.019003
12/31/96 1.018678
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1047.766 1221.923
Account Value $1,067.34 $1,244.75
Surrender Value $1,013.97 $1,194.75
Total Return 1.40% 19.47%
Annualized Return 7.27%
</TABLE>
<TABLE>
<CAPTION>
AO Long Term Bond Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/93 0.837957 1000 1193.378 0.090%
05/31/93 0.837926
06/30/93 0.856893 -0.14962 -0.175 0.090%
07/31/93 0.863409
08/31/93 0.892932
09/30/93 0.902691
10/31/93 0.918993
11/30/93 0.908115
12/31/93 0.908673 -0.47400 -0.522 0.090%
01/31/94 0.917633
02/28/94 0.895649
03/31/94 0.871847
04/30/94 0.851665
05/31/94 0.849813
06/30/94 0.84541 -0.47071 -0.557 0.090%
07/31/94 0.864774
08/31/94 0.86113
09/30/94 0.843458
10/31/94 0.838121
11/30/94 0.836345
12/31/94 0.84531 -045350 -0.536 0.090%
01/31/95 0.863324
02/28/95 0.885862
03/31/95 0.892974
04/30/95 0.905563
05/31/95 0.946683
06/30/95 0.955532 -0.48282 -0.505 0.090%
07/31/95 0.947314
08/31/95 0.960592
09/30/95 0.973001 0.090%
10/31/95 0.989747
11/30/95 1.00563
12/31/95 1.021777 1000 978.687 -0.52991 -0.519 0.090%
01/31/96 1.022597
02/29/96 0.985706
03/31/96 0.971135 0.090%
04/30/96 0.960339
05/31/96 0.955416
06/30/96 0.969893 -0.43857 -0.452 -0.53352 -0.550 0.090%
07/31/96 0.970679
08/31/96 0.961941
09/30/96 0.984907 0.090%
10/31/96 1.015497
11/30/96 1.040342
12/31/96 1.021653 -0.43834 -0.429 -0.53324 -0.522 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 977.806 1189.492
Account Value $998.98 $1,215.25
Surrender Value $949.03 $1,165.25
Total Return -5.10% 16.52%
Annualized Return 4.25%
</TABLE>
<TABLE>
<CAPTION>
AO Core Equity - Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
05/01/93 0.656439
05/31/93 0.656415 05/01/93 0.656439 1000 1523.371 0.090%
06/30/93 0.652517 06/30/93 0.652517 -0.14750 -0.226 0.090%
07/31/93 0.656964 12/31/93 0.664339 -0.45130 -0.679 0.090%
08/31/93 0.670986 06/30/94 0.646658 -0.44909 -0.694 0.090%
09/30/93 0.665779 12/31/94 0.64913 -0.44368 -0.683 0.090%
10/31/93 0.671476 06/30/95 0.771249 -0.48612 -0.630 0.090%
11/30/93 0.660447 09/30/95 0.837799 0.090%
12/31/93 0.664339 12/31/95 0.887879 1000 1126.280 -0.56759 -0.639 0.090%
01/31/94 0.68932 03/31/96 0.939132 0.090%
02/28/94 0.677077
</TABLE>
<PAGE> 348
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
03/31/94 0.646833
04/30/94 0.657059
05/31/94 0.663986
06/30/94 0.646658
07/31/94 0.667056
08/31/94 0.691141
09/30/94 0.664921
10/31/94 0.67055
11/30/94 0.646951
12/31/94 0.64913
01/31/95 0.658706
02/28/95 0.685093
03/31/95 0.702345
04/30/95 0.726064
05/31/95 0.754744
06/30/95 0.771249
07/31/95 0.799867
08/31/95 0.804114
09/30/95 0.837799
10/31/95 0.83237
11/30/95 0.869089
12/31/95 0.887879
01/31/96 0.917788
02/29/96 0.930788
03/31/96 0.939132
04/30/96 0.946034
05/31/96 0.963548
06/30/96 0.957953 -0.46776 -0.488 -0.63120 -0.659 0.090%
07/31/96 0.915155
08/31/96 0.93862
09/30/96 0.981806 0.090%
10/31/96 1.024223
11/30/96 1.102850
12/31/96 1.079196 -0.51602 -0.478 -0.69632 -0.645 0.090%
</TABLE>
<TABLE>
<CAPTION>
AO Emerging Opps - Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/93 0.606974 1000 1647.517 0.090%
05/31/93 0.605531
06/30/93 0.588412 -0.14568 -0.248 0.090%
07/31/93 0.570335
08/31/93 0.589518
09/30/93 0.611705
10/31/93 0.647058
11/30/93 0.618734
12/31/93 0.654579 -0.46070 -0.704 0.090%
01/31/94 0.675372
02/28/94 0.675886
03/31/94 0.655454
04/30/94 0.671469
05/31/94 0.647481
06/30/94 0.614685 -0.47023 -0.765 0.090%
07/31/94 0.609294
08/31/94 0.670871
09/30/94 0.684379
10/31/94 0.708487
11/30/94 0.69945
12/31/94 0.708644 -0.49004 -0.692 0.090%
01/31/95 0.694185
02/28/95 0.72695
03/31/95 0.736291
04/30/95 0.748672
05/31/95 0.769232
06/30/95 0.855855 -0.57910 -0.677 0.090%
07/31/95 0.916717
08/31/95 0.92521
09/30/95 0.951527 0.090%
10/31/95 0.911333
11/30/95 0.951157
12/31/95 0.925078 1000 1080.990 -0.65894 -0.712 0.090%
01/31/96 0.883456
02/29/96 0.931702
03/31/96 0.950387 0.090%
04/30/96 1.021059
05/31/96 1.057305
06/30/96 0.978515 -0.46300 -0.473 -0.70402 -0.719 0.090%
07/31/96 0.889941
08/31/96 0.970822
09/30/96 1.00391 0.090%
10/31/96 0.927256 -0.45290 -0.512 -0.68866 -0.779
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1125.314 1518.516
Account Value $1,214.43 $1,638.78
Surrender Value $1,153.71 $1,573.23
Total Return 15.37% 57.32%
Annualized Return 13.14%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1080.005 1642.221
Account Value $955.11 $1,452.32
Surrender Value $907.36 $1,394.22
Total Return -9.26% 39.42%
Annualized Return 9.47%
</TABLE>
<PAGE> 349
<TABLE>
<S> <C>
11/30/96 0.909258
12/31/96 0.884361
</TABLE>
<TABLE>
<CAPTION>
AO International Equity Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/93 0.712318 1000 1403.867 0.090%
05/31/93 0.706326
06/30/93 0.693532 -0.14599 -0.211 0.090%
07/31/93 0.688557
08/31/93 0.721597
09/30/93 0.718713
10/31/93 0.764378
11/30/93 0.742413
12/31/93 0.840501 -0.48448 -0.576 0.090%
01/31/94 0.865513
02/28/94 0.831011
03/31/94 0.784627
04/30/94 0.801989
05/31/94 0.796881
06/30/94 0.774416 -0.50982 -0.658 0.090%
07/31/94 0.79869
08/31/94 0.836015
09/30/94 0.805237
10/31/94 0.821702
11/30/94 0.78546
12/31/94 0.771744 -0.48788 -0.632 0.090%
01/31/95 0.740769
02/28/95 0.75506
03/31/95 0.777826
04/30/95 0.807052
05/31/95 0.836077
06/30/95 0.83661 -0.50728 -0.606 0.090%
07/31/95 0.888383
08/31/95 0.874608
09/30/95 0.89857 0.090%
10/31/95 0.874122
11/30/95 0.889496
12/31/95 0.906554 1000 1103.079 -0.54956 -0.606 0.090%
01/31/96 0.935421
02/29/96 0.942295
03/31/96 0.954849 0.090%
04/30/96 0.975832
05/31/96 0.976886
06/30/96 0.974489 -0.46686 -0.479 -0.59277 -0.608 0.090%
07/31/96 0.933602
08/31/96 0.97513
09/30/96 0.996002 0.090%
10/31/96 1.006921
11/30/96 1.069470
12/31/96 1.090536 -0.51230 -0.470 -0.65047 -0.596 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1102.13 1399.374
Account Value $1,201.91 $1,526.07
Surrender Value $1,141.82 $1,465.03
Total Return 14.18% 46.50%
Annualized Return 10.96%
</TABLE>
<TABLE>
<CAPTION>
AO Intermediate Bond Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/93 0.879123 1000 1137.497 0.090%
05/31/93 0.87909
06/30/93 0.890438 -0.14890 -0.167 0.090%
07/31/93 0.89211
08/31/93 0.905947
09/30/93 0.911091
10/31/93 0.913617
11/30/93 0.906489
12/31/93 0.909384 -0.46057 -0.506 0.090%
01/31/94 0.916381
02/28/94 0.90311
03/31/94 0.887118
04/30/94 0.878274
05/31/94 0.876391
06/30/94 0.874578 -0.45631 -0.522 0.090%
07/31/94 0.884214
08/31/94 0.886681
09/30/94 0.876095
10/31/94 0.874253
11/30/94 0.869823
12/31/94 0.8721 -0.44657 -0.512 0.090%
01/31/95 0.883837
02/28/95 0.899254
03/31/95 0.903688
04/30/95 0.915441
05/31/95 0.941451
06/30/95 0.946758 -0.46481 -0.491 0.090%
09/30/95 0.957184 0.090%
12/31/95 0.990151 1000 1009.947 -0.49477 -0.500 0.090%
03/31/96 0.980283 0.090%
06/30/96 0.980892 -0.44790 -0.457 -0.50327 -0.513 0.090%
09/30/96 0.993672 0.090%
12/31/96 1.015718 -0.45350 -0.446 -0.50956 -0.502 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1009.044 1133.784
Account Value $1,024.90 $1,151.60
Surrender Value $973.66 $1,101.60
Total Return -2.63% 10.16%
Annualized Return 2.67%
</TABLE>
<PAGE> 350
<TABLE>
<S> <C>
07/31/95 0.944812
08/31/95 0.952773
09/30/95 0.957184
10/31/95 0.967766
11/30/95 0.97839
12/31/95 0.990151
01/31/96 0.998517
02/29/96 0.987963
03/31/96 0.980283
04/30/96 0.975357
05/31/96 0.972382
06/30/96 0.980892
07/31/96 0.98258
08/31/96 0.982473
09/30/96 0.993672
10/31/96 1.008616
11/30/96 1.020774
12/31/96 1.015718
</TABLE>
<TABLE>
<CAPTION>
AO Short Term Bond Unit Value Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/93 0.895499 1000 1116.696 0.090%
05/31/93 0.895466
06/30/93 0.900802 -0.14838 -0.165 0.090%
07/31/93 0.902522
08/31/93 0.90774
09/30/93 0.909445
10/31/93 0.912063
11/30/93 0.911018
12/31/93 0.913207 -0.45571 -0.499 0.090%
01/31/94 0.915841
02/28/94 0.907688
03/31/94 0.905777
04/30/94 0.901229
05/31/94 0.900202
06/30/94 0.900142 -0.45535 -0.506 0.090%
07/31/94 0.908214
08/31/94 0.910743
09/30/94 0.903479
10/31/94 0.904274
11/30/94 0.898828
12/31/94 0.900174 -0.45187 -0.502 0.090%
01/31/95 0.909404
02/28/95 0.92149
03/31/95 0.926958
04/30/95 0.93437
05/31/95 0.952703
06/30/95 0.957231 -0.46599 -0.487 0.090%
07/31/95 0.957098
08/31/95 0.96065
09/30/95 0.964263 0.090%
10/31/95 0.970527
11/30/95 0.978684
12/31/95 0.985108 1000 1015.117 -0.48708 -0.494 0.090%
01/31/96 0.991651
02/29/96 0.983891
03/31/96 0.979994 0.090%
04/30/96 0.978875
05/31/96 0.977794
06/30/96 0.984483 -0.44986 -0.457 -0.49370 -0.501 0.090%
07/31/96 0.987151
08/31/96 0.986098
09/30/96 0.995512 0.090%
10/31/96 1.005852
11/30/96 1.015293
12/31/96 1.009145 -0.45514 -0.451 -0.49950 -0.495 0.090%
</TABLE>
<TABLE>
<CAPTION>
Social Awareness Unit Value Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
05/01/92 0.599221 1000 1668.833 0.090%
05/31/92 0.599821
06/30/92 0.59316 -0.14720 -0.248 0.090%
07/31/92 0.615205
08/31/92 0.599009
09/30/92 0.603734
10/31/92 0.612623
11/30/92 0.636334
12/31/92 0.650475 -0.46690 -0.718 0.090%
01/31/93 0.656339
02/28/93 0.664293
06/30/93 0.672761 -0.49657 -0.738 0.090%
12/31/93 0.690317 -0.51130 -0.741 0.090%
06/30/94 0.650983 -0.50290 -0.773 0.090%
12/31/94 0.663567 -0.49265 -0.742 0.090%
06/30/95 0.789884 -0.54446 -0.689 0.090%
09/30/95 0.833872 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1014.209 1113.047
Account Value $1,023.48 $1,123.23
Surrender Value $972.31 $1,073.23
Total Return -2.77% 7.32%
Annualized Return 1.94%
</TABLE>
<PAGE> 351
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
03/31/93 0.677932
04/30/93 0.650903
05/31/93 0.667576
06/30/93 0.672761
07/31/93 0.670849
08/31/93 0.695108
09/30/93 0.696752
10/31/93 0.697217
11/30/93 0.685735
12/31/93 0.690317
01/31/94 0.706642
02/28/94 0.687823
03/31/94 0.657951
04/30/94 0.66515
05/31/94 0.668625
06/30/94 0.650983
07/31/94 0.666011
08/31/94 0.695992
09/30/94 0.678978
10/31/94 0.689063
11/30/94 0.660671
12/31/94 0.663567
01/31/95 0.677396
02/28/95 0.704484
03/31/95 0.723418
04/30/95 0.743015
05/31/95 0.767975
06/30/95 0.789884
07/31/95 0.822155
08/31/95 0.816957
09/30/95 0.833872
10/31/95 0.821294
11/30/95 0.867973
12/31/95 0.873798 1000 1144.429 -0.62295 -0.713 0.090%
01/31/96 0.902204
02/29/96 0.917788
03/31/96 0.922562 0.090%
04/30/96 0.932955
05/31/96 0.956671
06/30/96 0.94621 -0.46865 -0.495 -0.68119 -0.720 0.090%
07/31/96 0.910266
08/31/96 0.931426
09/30/96 0.935589 0.090%
10/31/96 0.998575
11/30/96 1.066636
12/31/96 1.034711 -0.50986 -0.493 -1.12821 -1.090 0.090%
</TABLE>
<TABLE>
One-Year Since inception
<S> <C> <C>
Ending units 1143.441 1661.661
Account Value $1,183.13 $1,719.34
Surrender Value $1,123.97 $1,667.76
Total Return 12.40% 66.78%
Annualized Return 11.57%
</TABLE>
<TABLE>
<CAPTION>
Unit Shares Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
SB High Income -
06/22/94 0.803947 1000 1243.863 0.090%
06/30/94 0.804522 -0.01973 -0.025 0.090%
07/31/94 0.806099
08/31/94 0.810762
09/30/94 0.809898
10/31/94 0.805006
11/30/94 0.788173
12/31/94 0.793431 -0.44721 -0.564 0.090%
01/31/95 0.797413
02/28/95 0.824293
03/31/95 0.831514
04/30/95 0.851801
05/31/95 0.867832
06/30/95 0.869333 -0.46514 -0.535 0.090%
07/31/95 0.884564
08/31/95 0.88602
09/30/95 0.895605 0.090%
10/31/95 0.908303
11/30/95 0.916197
12/31/95 0.932638 1000 1072.227 -0.50386 -0.540 0.090%
01/31/96 0.950863
02/29/96 0.958258
03/31/96 0.951398 0.090%
04/30/96 0.956183
05/31/96 0.964331
06/30/96 0.961699 -0.45701 -0.475 -0.52946 -0.551 0.090%
07/31/96 0.964742
08/31/96 0.97381
09/30/96 1.001865 0.090%
10/31/96 1.004728
11/30/96 1.027198
12/31/96 1.041589 -0.48308 -0.464 -0.55966 -0.537 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1071.288 1241.111
Account Value $1,115.84 $1,292.73
Surrender Value $1,060.05 $1,241.02
Total Return 6.00% 24.10%
Annualized Return 8.91%
</TABLE>
<PAGE> 352
<TABLE>
<CAPTION>
Unit Shares Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C>
12/31/96 1.041589
SB International -
06/20/94 0.834786 1000 1197.911 0.090%
06/30/94 0.857022 -0.02499 -0.029 0.090%
07/31/94 0.848638
08/31/94 0.875957
09/30/94 0.853391
10/31/94 0.876546
11/30/94 0.824967
12/31/94 0.796626 -0.44570 -0.559 0.090%
01/31/95 0.758451
02/28/95 0.760193
03/31/95 0.765142
04/30/95 0.793278
05/31/95 0.826982
06/30/95 0.843393 -0.44182 -0.524 0.090%
07/31/95 0.894316
08/31/95 0.859616
09/30/95 0.875151 0.090%
10/31/95 0.859388
11/30/95 0.84782
12/31/95 0.875021 1000 1142.829 -0.46273 -0.529 0.090%
01/31/96 0.914074
02/29/96 0.918831
03/31/96 0.947281 0.090%
04/30/96 0.968232
05/31/96 0.994057
06/30/96 0.987365 -0.47889 -0.485 -0.50128 -0.508 0.090%
07/31/96 0.946354
08/31/96 0.978645
09/30/96 0.994605 0.090%
10/31/96 0.987768
11/30/96 1.015922
12/31/96 1.016615 -0.51508 -0.507 -0.53916 -0.530 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1141.837 1195.232
Account Value $1,160.81 $1,215.09
Surrender Value $1,102.77 $1,165.09
Total Return 10.28% 16.51%
Annualized Return 6.21%
</TABLE>
<TABLE>
<CAPTION>
Unit Shares Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C>
SB Income & Growth -
06/20/94 0.694311 1000 1440.276 0.090%
06/30/94 0.68505 -0.02449 -0.036 0.090%
07/31/94 0.696121
08/31/94 0.710526
09/30/94 0.702165
10/31/94 0.700007
11/30/94 0.676497
12/31/94 0.680992 -0.44267 -0.650 0.090%
01/31/95 0.695444
02/28/95 0.718947
03/31/95 0.73679
04/30/95 0.753304
05/31/95 0.779296
06/30/95 0.787393 -0.47562 -0.604 0.090%
07/31/95 0.809221
08/31/95 0.821369
09/30/95 0.843848 0.090%
10/31/95 0.830544
11/30/95 0.88369
12/31/95 0.894491 1000 1117.954 -0.54455 -0.609 0.090%
01/31/96 0.917035
02/29/96 0.920932
03/31/96 0.942871 0.090%
04/30/96 0.943869
05/31/96 0.957353
06/30/96 0.968147 -0.46853 -0.484 -0.60281 -0.623 0.090%
07/31/96 0.929034
08/31/96 0.955624
09/30/96 0.996591 0.090%
10/31/96 1.020945
11/30/96 1.074892
12/31/96 1.057509 -0.50931 -0.482 -0.65529 -0.620 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1116.988 1437.134
Account Value $1,181.22 $1,519.78
Surrender Value $1,122.16 $1,458.99
Total Return 12.22% 45.90%
Annualized Return 16.07%
</TABLE>
<TABLE>
<CAPTION>
Unit Shares Unit Values Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C>
SB Money Market -
06/20/94 0.922106 1000 1084.475 0.090%
06/30/94 0.922634 -0.02466 -0.027 0.090%
07/31/94 0.924261
08/31/94 0.926397
09/30/94 0.9285
10/31/94 0.930673
12/31/94 0.935927 -0.45349 -0.485 0.090%
06/30/95 0.955019 -0.46119 -0.483 0.090%
</TABLE>
<PAGE> 353
<TABLE>
<CAPTION>
Unit Value Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
11/30/94 0.933108
12/31/94 0.935927
01/31/95 0.939017
02/28/95 0.941911
03/31/95 0.945187
04/30/95 0.948192
05/31/95 0.951772
06/30/95 0.955019
07/31/95 0.958298
08/31/95 0.961494
09/30/95 0.964473 0.090%
10/31/95 0.967753
11/30/95 0.970861
12/31/95 0.973834 1000 1026.869 -0.47022 -0.483 0.090%
01/31/96 0.976987
02/29/96 0.979704
03/31/96 0.982489 0.090%
04/30/96 0.985434
05/31/96 0.988295
06/30/96 0.990898 -0.45394 -0.458 -0.47875 -0.483 0.090%
07/31/96 0.994029
08/31/96 0.996908
09/30/96 0.999902 0.090%
10/31/96 1.002917
11/30/96 1.005733
12/31/96 1.008845 -0.46183 -0.458 -0.48707 -0.483 0.090%
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1025.953 1082.031
Account Value $1,035.03 $1,091.60
Surrender Value $983.28 $1,041.60
Total Return -1.67% 4.16%
Annualized Return 1.62%
</TABLE>
<TABLE>
<CAPTION>
SB Utilities Unit Value Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C>
SB Utilities -
02/04/94 0.759157 1000 1317.251 0.090%
02/28/94 0.759268
03/31/94 0.757676
04/30/94 0.764465
05/31/94 0.761323
06/30/94 0.746912 -0.357100 -0.478 0.090%
07/31/94 0.770286
08/31/94 0.776165
09/30/94 0.758016
10/31/94 0.763943
11/30/94 0.75787
12/31/94 0.763012 -0.44735 -0.586 0.090%
01/31/95 0.797525
02/28/95 0.804361
03/31/95 0.798893
04/30/95 0.813386
05/31/95 0.849096
06/30/95 0.846665 -0.47669 -0.563 0.090%
07/31/95 0.854115
08/31/95 0.863862
09/30/95 0.901755 0.090%
10/31/95 0.916679
11/30/95 0.937638
12/31/95 0.973819 1000 1026.885 -0.53889 -0.553 0.090%
01/31/96 0.99175
02/29/96 0.969521
03/31/96 0.970853 0.090%
04/30/96 0.954097
05/31/96 0.965554
06/30/96 1.012244 -0.45888 -0.453 -0.58766 -0.581 0.090%
07/31/96 0.965008
08/31/96 0.975668
09/30/96 0.981599 0.090%
10/31/96 1.016274
11/30/96 1.033173
12/31/96 1.032965 -0.47234 -0.457 -0.60489 -0.586 0.090%
</TABLE>
<TABLE>
<CAPTION>
Managed Asset Trust -
<S> <C>
06/07/83 0.337858
06/30/83 0.345281
07/31/83 0.336879
08/31/83 0.326274
09/30/83 0.337996
10/31/83 0.310632
11/30/83 0.326954
12/31/83 0.317956
01/31/84 0.302548
02/28/84 0.275828
03/31/84 0.281541
04/30/84 0.272887
</TABLE>
<TABLE>
<CAPTION>
One-Year Since inception
<S> <C> <C>
Ending units 1025.975 1313.904
Account Value $1,059.80 $1,357.22
Surrender Value $1,006.81 $1,302.93
Total Return 0.68% 30.29%
Annualized Return 9.53%
</TABLE>
<TABLE>
<CAPTION>
Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C>
12/31/85 0.351005
06/30/86 0.42426
09/30/86 0.396053 0.090%
12/31/86 0.412467 1000 2424.435 0.090%
06/30/87 0.499408 -0.49743 -0.996 0.090%
12/31/87 0.415859 -0.49907 -1.200 0.090%
06/30/88 0.444132 -0.46870 -1.055 0.090%
12/31/88 0.448383 -0.48621 -1.084 0.090%
06/30/89 0.508975 -0.52130 -1.024 0.090%
12/31/89 0.562704 -0.58331 -1.037 0.090%
</TABLE>
<PAGE> 354
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/31/84 0.252914 06/30/90 0.577914 -0.62056 -1.074 0.090%
06/30/84 0.251988 12/31/90 0.566607 -0.62241 -1.098 0.090%
07/31/84 0.246042 06/30/91 0.607683 -0.63831 -1.050 0.090%
08/31/84 0.27569 09/30/91 0.642326 0.090%
09/30/84 0.274087 12/31/91 0.684213 1000 1461.533 -0.70193 -1.026 0.090%
10/31/84 0.276751 06/30/92 0.675902 -0.44727 -0.662 -0.73868 -1.093 0.090%
11/30/84 0.272478 12/31/92 0.709973 -0.45553 -0.642 -0.75233 -1.060 0.090%
12/31/84 0.280452 06/30/93 0.744321 -0.47781 -0.642 -0.78913 -1.060 0.090%
01/31/85 0.29141 12/31/93 0.766453 -0.49615 -0.647 -0.81941 -1.069 0.090%
02/28/85 0.289758 06/30/94 0.728654 -0.49079 -0.674 -0.81056 -1.112 0.090%
03/31/85 0.2898 12/31/94 0.739452 -0.48170 -0.651 -0.79555 -1.076 0.090%
04/30/85 0.289469 06/30/95 0.848278 -0.52072 -0.614 -0.85999 -1.014 0.090%
05/31/85 0.309532 09/30/95 0.891188 0.090%
06/30/85 0.314314 12/31/95 0.927816 1000 1077.800 -0.58225 -0.628 -0.96161 -1.036 0.090%
07/31/85 0.313947 03/31/96 0.941694 0.090%
08/31/85 0.315304 06/30/96 0.965745 -0.45920 -0.475 -0.62049 -0.642 -1.02477 -1.061 0.090%
09/30/85 0.306498 09/30/96 0.984773 0.090%
10/31/85 0.318319 12/31/96 1.041919 -0.48665 -0.467 -0.65759 -0.631 -1.08604 -1.042 0.090%
11/30/85 0.336239
12/31/85 0.351005
01/31/86 0.357297
02/28/86 0.382229
03/31/86 0.402502
04/30/86 0.396111
05/31/86 0.410736
06/30/86 0.42426
07/31/86 0.409135
08/31/86 0.429636
09/30/86 0.396053
10/31/86 0.413356
11/30/86 0.418899
12/31/86 0.412467
01/31/87 0.452776
02/28/87 0.475093
03/31/87 0.48761
04/30/87 0.485227
05/31/87 0.485456
06/30/87 0.499408
07/31/87 0.517411
08/31/87 0.535011
09/30/87 0.521487
10/31/87 0.418449
11/30/87 0.395771
12/31/87 0.415859
01/31/88 0.426368
02/29/88 0.438501
03/31/88 0.429205
04/30/88 0.429181
05/31/88 0.424925
06/30/88 0.444132
07/31/88 0.439496
08/31/88 0.424373
09/30/88 0.436842
10/31/88 0.445938
11/30/88 0.440055
12/31/88 0.448383
01/31/89 0.473687
02/28/89 0.462285
03/31/89 0.470937
04/30/89 0.491383
05/31/89 0.509083
06/30/89 0.508975
07/31/89 0.54576
08/31/89 0.549929
09/30/89 0.549359
10/31/89 0.54441
11/30/89 0.554637
12/31/89 0.562704
01/31/90 0.533146
02/28/90 0.538956
03/31/90 0.549635
04/30/90 0.538236
05/31/90 0.576711
06/30/90 0.577914
07/31/90 0.577253
08/31/90 0.544405
09/30/90 0.535823
10/31/90 0.54057
11/30/90 0.558316
12/31/90 0.566607
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1076.858 1455.1 2403.168
Account Value $1,122.00 $1,516.10 $2,503.91
Surrender Value $1,065.90 $1,466.10 $2,503.91
Total Return 6.59% 46.61% 150.39%
Annualized Return 7.95% 9.61%
</TABLE>
<PAGE> 355
<TABLE>
<CAPTION>
<S> <C>
01/31/91 0.582818
02/28/91 0.603769
03/31/91 0.608774
04/30/91 0.612226
05/31/91 0.61855
06/30/91 0.607683
07/31/91 0.622319
08/31/91 0.638384
09/30/91 0.642326
10/31/91 0.649045
11/30/91 0.640541
12/31/91 0.684213
01/31/92 0.666813
02/29/92 0.671702
03/31/92 0.662243
04/30/92 0.670726
05/31/92 0.675643
06/30/92 0.675902
07/31/92 0.695013
08/31/92 0.687633
09/30/92 0.691981
10/31/92 0.688199
11/30/92 0.701633
12/31/92 0.709973
01/31/93 0.71683
02/28/93 0.726875
03/31/93 0.738023
04/30/93 0.723091
05/31/93 0.736499
06/30/93 0.744321
07/31/93 0.740813
08/31/93 0.763289
09/30/93 0.762475
10/31/93 0.770339
11/30/93 0.760277
12/31/93 0.766453
01/31/94 0.785888
02/28/94 0.764997
03/31/94 0.734509
04/30/94 0.738396
05/31/94 0.741031
06/30/94 0.728654
07/31/94 0.74642
08/31/94 0.76346
09/30/94 0.746475
10/31/94 0.753725
11/30/94 0.73621
12/31/94 0.739452
01/31/95 0.751643
02/28/95 0.773292
03/31/95 0.786952
04/30/95 0.804887
05/31/95 0.833502
06/30/95 0.848278
07/31/95 0.8642
08/31/95 0.870462
09/30/95 0.891188
10/31/95 0.893169
11/30/95 0.917986
12/31/95 0.927816
01/31/96 0.94624
02/29/96 0.942668
03/31/96 0.941694
04/30/96 0.946439
05/31/96 0.958311
06/30/96 0.965745
07/31/96 0.938823
08/31/96 0.94812
09/30/96 0.984773
10/31/96 1.007566
11/30/96 1.054893
12/31/96 1.041919
</TABLE>
<TABLE>
<CAPTION>
High Yield Bond Trust - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
06/10/83 0.389955
06/30/83 0.390325
07/31/83 0.389949 12/31/85 0.484411
08/31/83 0.386859 06/30/86 0.518802
09/30/83 0.389188 09/30/86 0.506938 0.090%
</TABLE>
<PAGE> 356
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
10/31/83 0.390319 12/31/86 0.516348 1000 1936.677 0.090%
11/30/83 0.388781 06/30/87 0.533486 -0.45747 -0.858 0.090%
12/31/83 0.390321 12/31/87 0.50726 -0.45331 -0.894 0.090%
01/31/84 0.389183 06/30/88 0.547495 -0.45920 -0.839 0.090%
02/28/84 0.38917 12/31/88 0.573856 -0.48798 -0.850 0.090%
03/31/84 0.389955 06/30/89 0.613188 -0.51634 -0.842 0.090%
04/30/84 0.388716 12/31/89 0.574332 -0.51632 -0.899 0.090%
05/31/84 0.391178 06/30/90 0.556477 -0.49143 -0.883 0.090%
06/30/84 0.389955 12/31/90 0.511614 -0.46397 -0.907 0.090%
07/31/84 0.390748 06/30/91 0.581144 -0.47446 -0.816 0.090%
08/31/84 0.391135 09/30/91 0.611664 0.090%
09/30/84 0.38917 12/31/91 0.644272 1000 1552.140 -0.53183 -0.825 0.090%
10/31/84 0.406044 06/30/92 0.6876 -0.46513 -0.676 -0.57779 -0.840 0.090%
11/30/84 0.411119 12/31/92 0.719464 -0.49118 -0.683 -0.61014 -0.848 0.090%
12/31/84 0.414989 06/30/93 0.780545 -0.52339 -0.671 -0.65016 -0.833 0.090%
01/31/85 0.424558 12/31/93 0.809586 -0.55460 -0.685 -0.68892 -0.851 0.090%
02/28/85 0.414521 06/30/94 0.781061 -0.55453 -0.710 -0.68884 -0.882 0.090%
03/31/85 0.42009 12/31/94 0.788994 -0.54710 -0.693 -0.67961 -0.861 0.090%
04/30/85 0.42898 06/30/95 0.870334 -0.57795 -0.664 -0.71793 -0.825 0.090%
05/31/85 0.446831 09/30/95 0.881552 0.090%
06/30/85 0.447602 12/31/95 0.8997 1000 1111.482 -0.61625 -0.685 -0.76550 -0.851 0.090%
07/31/85 0.443345 03/31/96 0.953606 0.090%
08/31/85 0.45403 06/30/96 0.964903 -0.46631 -0.483 -0.64888 -0.672 -0.80604 -0.835 0.090%
09/30/85 0.45552 09/30/96 0.996975 0.090%
10/31/85 0.461768 12/31/96 1.030411 -0.49878 -0.484 -0.69407 -0.674 -0.86217 -0.837 0.090%
11/30/85 0.468665
12/31/85 0.484411
01/31/86 0.484285
02/28/86 0.501155
03/31/86 0.512012
04/30/86 0.518204
05/31/86 0.519376
06/30/86 0.518802
07/31/86 0.50185
08/31/86 0.506191
09/30/86 0.506938
10/31/86 0.514312
11/30/86 0.518799
12/31/86 0.516348
01/31/87 0.530211
02/28/87 0.537055
03/31/87 0.540598
04/30/87 0.529434
05/31/87 0.526064
06/30/87 0.533486
07/31/87 0.533841
08/31/87 0.534703
09/30/87 0.522546
10/31/87 0.497394
11/30/87 0.504287
12/31/87 0.50726
01/31/88 0.524068
02/29/88 0.536218
03/31/88 0.538679
04/30/88 0.534057
05/31/88 0.534494
06/30/88 0.547495
07/31/88 0.553185
08/31/88 0.555214
09/30/88 0.560511
10/31/88 0.568447
11/30/88 0.568939
12/31/88 0.573856
01/31/89 0.584526
02/28/89 0.585074
03/31/89 0.586122
04/30/89 0.588926
05/31/89 0.60162
06/30/89 0.613188
07/31/89 0.611349
08/31/89 0.613666
09/30/89 0.601678
10/31/89 0.587262
11/30/89 0.581705
12/31/89 0.574332
01/31/90 0.555817
02/28/90 0.540971
03/31/90 0.544931
04/30/90 0.541768
05/31/90 0.549777
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1110.515 1545.327 1919.601
Account Value $1,144.29 $1,592.32 $1,977.98
Surrender Value $1,087.07 $1,542.32 $1,977.98
Total Return 8.71% 54.23% 97.80%
Annualized Return 9.05% 7.06%
</TABLE>
<PAGE> 357
<TABLE>
<CAPTION>
<S> <C>
06/30/90 0.556477
07/31/90 0.562443
08/31/90 0.547991
09/30/90 0.518474
10/31/90 0.51
11/30/90 0.512558
12/31/90 0.511614
01/31/91 0.523064
02/28/91 0.547045
03/31/91 0.55689
04/30/91 0.567547
05/31/91 0.5684
06/30/91 0.581144
07/31/91 0.590801
08/31/91 0.603465
09/30/91 0.611664
10/31/91 0.629438
11/30/91 0.638417
12/31/91 0.644272
01/31/92 0.660462
02/29/92 0.668573
03/31/92 0.675966
04/30/92 0.678499
05/31/92 0.682688
06/30/92 0.6876
07/31/92 0.695772
08/31/92 0.69987
09/30/92 0.707232
10/31/92 0.699188
11/30/92 0.710551
12/31/92 0.719464
01/31/93 0.730028
02/28/93 0.740586
03/31/93 0.755665
04/30/93 0.760158
05/31/93 0.769991
06/30/93 0.780545
07/31/93 0.784112
08/31/93 0.794649
09/30/93 0.795557
10/31/93 0.799996
11/30/93 0.802592
12/31/93 0.809586
01/31/94 0.820835
02/28/94 0.81641
03/31/94 0.788289
04/30/94 0.780913
05/31/94 0.780023
06/30/94 0.781061
07/31/94 0.784927
08/31/94 0.794275
09/30/94 0.79436
10/31/94 0.79814
11/30/94 0.790774
12/31/94 0.788994
01/31/95 0.796084
02/28/95 0.82863
03/31/95 0.828724
04/30/95 0.8501
05/31/95 0.870256
06/30/95 0.870334
07/31/95 0.876411
08/31/95 0.879451
09/30/95 0.881552
10/31/95 0.889566
11/30/95 0.885615
12/31/95 0.8997
01/31/96 0.924416
02/29/96 0.946808
03/31/96 0.953606
04/30/96 0.956954
05/31/96 0.962545
06/30/96 0.964903
07/31/96 0.970402
08/31/96 0.98372
09/30/96 0.996975
10/31/96 1.004552
11/30/96 1.017826
12/31/96 1.030411
</TABLE>
<PAGE> 358
<TABLE>
<CAPTION>
Capital Appreciation - Unit Values Dollars Units Dollars Units Dollars Units S/A Fee
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
05/26/83 0.341276
05/31/83 0.341217
06/30/83 0.347328 12/31/85 0.322281
07/31/83 0.336676 06/30/86 0.402479
08/31/83 0.32151 09/30/86 0.332628 0.090%
09/30/83 0.334128 12/31/86 0.349723 1000 2859.406 0.090%
10/31/83 0.307419 06/30/87 0.448129 -0.51331 -1.145 0.090%
11/30/83 0.327031 12/31/87 0.317904 -0.49264 -1.550 0.090%
12/31/83 0.310828 06/30/88 0.369865 -0.44207 -1.195 0.090%
01/31/84 0.287499 12/31/88 0.345321 -0.45950 -1.331 0.090%
02/28/84 0.271 06/30/89 0.379098 -0.46522 -1.227 0.090%
03/31/84 0.273733 12/31/89 0.393604 -0.49601 -1.260 0.090%
04/30/84 0.268726 06/30/90 0.420193 -0.52216 -1.243 0.090%
05/31/84 0.245935 12/31/90 0.367953 -0.50548 -1.374 0.090%
06/30/84 0.242998 06/30/91 0.435166 -0.51483 -1.183 0.090%
07/31/84 0.235007 09/30/91 0.455051 0.090%
08/31/84 0.269901 12/31/91 0.486407 1000 2055.892 -0.59052 -1.214 0.090%
09/28/84 0.264616 06/30/92 0.47862 -0.44640 -0.933 -0.61810 -1.291 0.090%
09/30/84 0.264616 12/31/92 0.564739 -0.48241 -0.854 -0.66797 -1.183 0.090%
10/31/84 0.258961 06/30/93 0.617935 -0.54660 -0.885 -0.75685 -1.225 0.090%
11/30/84 0.247674 12/31/93 0.641425 -0.58179 -0.907 -0.80558 -1.256 0.090%
12/31/84 0.251066 06/30/94 0.576858 -0.56257 -0.975 -0.77896 -1.350 0.090%
01/31/85 0.281554 12/31/94 0.602881 -0.54451 -0.903 -0.75395 -1.251 0.090%
02/28/85 0.278573 06/30/95 0.719066 -0.60988 -0.848 -0.84446 -1.174 0.090%
03/31/85 0.273567 09/30/95 0.806325 0.090%
04/30/85 0.273593 12/31/95 0.811514 1000 1232.264 -0.70584 -0.870 -0.97734 -1.204 0.090%
05/31/85 0.294826 03/31/96 0.890608 0.090%
06/30/85 0.303941 06/30/96 0.942077 -0.48620 -0.516 -0.80834 -0.858 -1.11926 -1.188 0.090%
07/31/85 0.302576 09/30/96 0.986711 0.090%
08/31/85 0.295206 12/31/96 1.026875 -0.54568 -0.531 -0.90723 -0.883 -1.25619 -1.223 0.090%
09/30/85 0.271837
10/31/85 0.281726
11/30/85 0.303908
12/31/85 0.322281
01/31/86 0.328048
02/28/86 0.354626
03/31/86 0.375158
04/30/86 0.376325
05/31/86 0.397703
06/30/86 0.402479
07/31/86 0.354053
08/31/86 0.36462
09/30/86 0.332628
10/31/86 0.350628
11/30/86 0.357738
12/31/86 0.349723
01/31/87 0.406551
02/28/87 0.454989
03/31/87 0.455706
04/30/87 0.447679
05/31/87 0.453317
06/30/87 0.448129
07/31/87 0.462466
08/31/87 0.479414
09/30/87 0.463087
10/31/87 0.302699
11/30/87 0.282371
12/31/87 0.317904
01/31/88 0.315052
02/29/88 0.341698
03/31/88 0.343588
04/30/88 0.352051
05/31/88 0.3426
06/30/88 0.369865
07/31/88 0.355935
08/31/88 0.336482
09/30/88 0.346632
10/31/88 0.343002
11/30/88 0.3314
12/31/88 0.345321
01/31/89 0.366394
02/28/89 0.364262
03/31/89 0.365647
04/30/89 0.384223
05/31/89 0.4037
06/30/89 0.379098
07/31/89 0.403545
08/31/89 0.417917
</TABLE>
<TABLE>
<CAPTION>
One-Year Five-Year Ten-Year
<S> <C> <C> <C>
Ending units 1231.217 2046.976 2834.339
Account Value $1,264.31 $2,101.99 $2,910.51
Surrender Value $1,201.09 $2,038.93 $2,910.51
Total Return 20.11% 103.89% 191.05%
Annualized Return 15.31% 11.27%
</TABLE>
<PAGE> 359
<TABLE>
<CAPTION>
<S> <C>
09/30/89 0.420725
10/31/89 0.395441
11/30/89 0.392264
12/31/89 0.393604
01/31/90 0.35198
02/28/90 0.368803
03/31/90 0.389312
04/30/90 0.373787
05/31/90 0.420377
06/30/90 0.420193
07/31/90 0.395581
08/31/90 0.353349
09/30/90 0.3333
10/31/90 0.325417
11/30/90 0.355491
12/31/90 0.367953
01/31/91 0.388918
02/28/91 0.422576
03/31/91 0.440863
04/30/91 0.43859
05/31/91 0.452559
06/30/91 0.435166
07/31/91 0.449582
08/31/91 0.4568
09/30/91 0.455051
10/31/91 0.45992
11/30/91 0.444091
12/31/91 0.486407
01/31/92 0.499522
02/29/92 0.506887
03/31/92 0.501291
04/30/92 0.493957
05/31/92 0.497413
06/30/92 0.47862
07/31/92 0.502913
08/31/92 0.489378
09/30/92 0.50232
10/31/92 0.518223
11/30/92 0.549486
12/31/92 0.564739
01/31/93 0.578808
02/28/93 0.571019
03/31/93 0.59767
04/30/93 0.579276
05/31/93 0.599931
06/30/93 0.617935
07/31/93 0.620263
08/31/93 0.636491
09/30/93 0.65298
10/31/93 0.647104
11/30/93 0.625775
12/31/93 0.641425
01/31/94 0.670835
02/28/94 0.653019
03/31/94 0.614768
04/30/94 0.608923
05/31/94 0.600785
06/30/94 0.576858
07/31/94 0.594574
08/31/94 0.616122
09/30/94 0.603364
10/31/94 0.633283
11/30/94 0.604023
12/31/94 0.602881
01/31/95 0.603361
02/28/95 0.618091
03/31/95 0.631982
04/30/95 0.650599
05/31/95 0.672266
06/30/95 0.719066
07/31/95 0.773868
08/31/95 0.775956
09/30/95 0.806325
10/31/95 0.801227
11/30/95 0.820424
12/31/95 0.811514
01/31/96 0.846792
02/29/96 0.876842
03/31/96 0.890608
04/30/96 0.906372
</TABLE>
<PAGE> 360
<TABLE>
<CAPTION>
<S> <C>
05/31/96 0.953733
06/30/96 0.942077
07/31/96 0.886441
08/31/96 0.923534
09/30/96 0.986711
10/31/96 0.983534
11/30/96 1.049197
12/31/96 1.026875
</TABLE>
<PAGE> 1
THE TRAVELERS SEPARATE ACCOUNT QP FOR VARIABLE ANNUITIES
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:
That I, IAN R. STUART of East Hampton, Connecticut, Director,
Senior Vice President, Chief Financial Officer, Chief Accounting Officer and
Controller of The Travelers Insurance Company (hereafter the "Company"), do
hereby make, constitute and appoint ERNEST J. WRIGHT, Secretary of said Company,
and KATHLEEN A. McGAH, Assistant Secretary of said Company, or either one of
them acting alone, my true and lawful attorney-in-fact, for me, and in my name,
place and stead, to sign registration statements on behalf of said Company on
Form N-4 or other appropriate form under the Securities Act of 1933 for The
Travelers Separate Account QP for Variable Annuities, a separate account of the
Company dedicated specifically to the funding of variable annuity contracts to
be offered by the Company, and further, to sign any and all amendments thereto,
including post-effective amendments, that may be filed by the Company on behalf
of said registrant.
IN WITNESS WHEREOF, I have hereunto set my hand this 10th day
of February, 1997.
Ian R. Stuart
Director, Senior Vice President,
Chief Financial Officer,
Chief Accounting Officer and Controller
The Travelers Insurance Company
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001005159
<NAME> SEPARATE ACCOUNT QP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> OCT-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,905,136
<INVESTMENTS-AT-VALUE> 4,807,825
<RECEIVABLES> 147,213
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,955,050
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 779
<TOTAL-LIABILITIES> 779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 4,817,554
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (97,311)
<NET-ASSETS> 4,954,271
<DIVIDEND-INCOME> 136,356
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 5,330
<NET-INVESTMENT-INCOME> 131,026
<REALIZED-GAINS-CURRENT> 3,360
<APPREC-INCREASE-CURRENT> (97,311)
<NET-CHANGE-FROM-OPS> 37,075
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,262,673
<NUMBER-OF-SHARES-REDEEMED> 445,119
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,954,271
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,330
<AVERAGE-NET-ASSETS> 2,437,907
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
