Registration Nos. 333-32387
811-3050
As filed with the Commission on February 18, 1998
--------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. 2
---
Post-Effective Amendment No.
---
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 20
---
AMERICAN GENERAL LIFE INSURANCE COMPANY OF NEW YORK
SEPARATE ACCOUNT E
(Exact Name of Registrant)
AMERICAN GENERAL LIFE INSURANCE COMPANY OF NEW YORK
(Name of Depositor)
300 South State Street, P.O. Box 1456
Syracuse, NY 13201-1456
(Address of Depositor's Principal Executive Officers) (Zip Code)
(315) 471-1121
(Depositor's Telephone Number, including Area Code)
Sandra M. Smith, Esq.
Associate General Counsel and Secretary
American General Life Insurance Company of New York
300 South State Street, P.O. Box 1456
Syracuse, NY 13201-1456
(Name and Address of Agent for Service)
Copies of all communications and order to
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washington, D.C. 20036
Attention: Gary O. Cohen, Esq.
<PAGE>
Approximate Date of Proposed Public Offering: As soon as practicable after the
effective date of the Registration Statement.
Registrant hereby amends this Registration Statement on such date or dates as
may be necessary to delay its effective date until Registrant shall file
another amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section
8(a), may determine.
<PAGE>
Registrant is filing this Pre-Effective Amendment No. 2 for the sole purpose
of including in the Registration Statement a revised Exhibit List (Item
24.(b)), a new Exhibit Index, and revised Exhibits (13)(a)(i), (13)(a)(ii),
(13)(b)(i), (13)(b)(ii), (13)(c)(i) and (13)(c)(ii).
Registrant does not intend for this Pre-Effective Amendment No. 2 to delete
any document included in the Registration Statement, or otherwise amend the
disclosure contained in the Registation Statement, except as provided herein.
iv
<PAGE>
PART C
ITEM 24(b). is amended as follows:
<TABLE>
Exhibits
<S> <C>
(1)(a) American General Life Insurance Company of New
York Board of Directors resolution authorizing
the establishment of Separate Account E.(1)
(b) Resolution of the Board of Directors of American
General Life Insurance Company of New York
providing for, among other things (i) the
reactivation of Separate Account E of American
General Life Insurance Company of New York; and
(ii) the marketing of variable annuity products
in New York.(4)
(2) None
(3)(a) Master Marketing and Distribution Agreement By
and Among American General Life Insurance
Company of New York, American General Securities
Incorporated and Van Kampen
C-1
<PAGE>
American Capital Distributors, Inc.(5)
(b)(i) Form of Participation Agreement by and among
American General Life Insurance Company of New
York, American General Securities Incorporated,
Van Kampen American Capital Life Investment
Trust, Van Kampen American Capital Asset
Management, Inc., and Van Kampen American
Capital Distributors, Inc.(5)
(ii) Form of Participation Agreement by and among
American General Life Insurance Company of New
York, Morgan Stanley Universal Funds, Inc.,
Morgan Stanley Asset Management, Inc. And Miller
Anderson & Sherrerd LLP.(5)
(c) Specimen form of Selling Group Agreement by and
among American General Life Insurance Company of
New York, American General Securities
Incorporated, and Van Kampen American Capital
Distributors, Inc.(5)
(4)(a) Specimen form of Master Group Annuity Contract
(Form No. 96034N).(5)
(b) Specimen form of Group Annuity Certificate (Form
No. 96033N).(5)
(5)(a) Specimen form of Application for Certificate
Form No. 96033N.(5)
(b) Specimen form of Generations Service Request.(4)
(c) Specimen form of Special Request for Surrender
Charge Waiver under Certificate Form No.
96033N.(4)
(6)(a) Copy of the Charter and all amendments thereto
of American General Life Insurance Company of
New York.(2)
(b) Copy of the Bylaws, as amended, of American
General Life Insurance Company of New York.(3)
(7) None
(8) Form of Administrative Services Agreement,
Section 1.(f), between American General Life
Insurance Company of New York and American
General Life Insurance Company.(5)
(9) Opinion and Consent of Counsel.(4)
(10) Consent of Independent Auditors.(5)
C-2
<PAGE>
(11) None
(12) None
(13)(a)(i) Computations of hypothetical historical average
annual total returns for the Emerging Growth,
Enterprise, Domestic Income, Government, and
Money Market Divisions, available under
Certificate Form No 96033N for the one and five
year periods ended December 31, 1996, and since
inception.
(ii) Computation of hypothetical historical average
annual total returns for the Real Estate
Securities Division, available under Certificate
Form No. 96033N for the one and five year
periods ended December 31, 1996, and since
inception.
(b)(i) Computations of hypothetical historical total
returns for the Emerging Growth, Enterprise,
Domestic Income, Government, and Money Market
Divisions, available under Certificate Form No.
96033N for the one and five year periods ended
December 31, 1996, and since inception.
(ii) Computation of hypothetical historical total
returns for the Real Estate Securities Division,
available under Certificate Form No. 96033N for
the one and five year periods ended December 31,
1996, and since inception.
(c)(i) Computations of hypothetical historical
cumulative total returns for the Emerging
Growth, Enterprise, Domestic Income, Government,
and Money Market Divisions, available under
Certificate Form No. 96033N for the one and five
year periods ended December 31,1996, and since
inception.
(ii) Computation of hypothetical historical
cumulative total returns for the Real Estate
Securities Division, available under Certificate
Form No. 96033N for the one and five year
periods ended December 31,1996, and since
inception.
(d) Computations of hypothetical historical 30 day
yield for the Domestic Income Division and the
Government Division, available under Certificate
Form No. 96033N for the one month period ended
December 31, 1996.(4)
(e) Computations of hypothetical historical seven
day yield and effective yield for the Money
Market Division, available under Certificate
Form No. 96033N for the seven day period ended
C-3
<PAGE>
December 31, 1996.(4)
(14) Financial Data Schedule. (See Exhibit 27 below.)
(15)(a) Power of Attorney with respect to Registration
Statements and Amendments thereto signed by the
following persons in their capacities as
directors and, where applicable, officers of
American General Life Insurance Company of New
York: Ms. Baetz and Ms. Ewers, and Messrs.
Martin, Newton, D'Agostino, Slepicka, Herbert,
Atnip, Bacas, Corcoran, Fox, Gibbons, O'Hara,
and Trotta.(4)
(b) Power of Attorney with respect to Registration
Statements and Amendments thereto signed by the
following person in his capacity as director
and, where applicable, officer of American
General Life Insurance Company of New York: Mr.
Christopher Ruisi. (5)
(27) (Inapplicable, because, notwithstanding Item
24.(b) as to Exhibits, the Commission staff has
advised that no such Schedule is required.)
<FN>
(1) Incorporated herein by reference to the initial filing of
Registrant's Form S-6 Registration Statement (File No. 2-67441 and
No. 811-3050).
(2) Incorporated herein by reference to Post-Effective Amendment No. 2
to initial filing of Registrant's Form S-6 Registration Statement
(File No. 2-67441 and No. 811-3050).
(3) Incorporated herein by reference to Post-Effective Amendment No. 3
to initial filing of Registrant's Form S-6 Registration Statement
(File No. 2-67441 and 811-3050).
(4) Previously filed in Registrant's Form N-4 Registration Statement
(File No. 333-32387 and No. 811-3050).
(5) Previously filed in Pre-Effective Amendment No. 1 to Registrant's
Form N-4 Registration Statement (File No. 333-32387 and No.
811-3050.)
</FN>
</TABLE>
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Registrant, American General Life Insurance Company of New York
Separate Account E, has duly caused this Amendment to the Registration
Statement to be signed on its behalf, in the City of Syracuse and State of New
York on this 17th day of February, 1998.
AMERICAN GENERAL LIFE INSURANCE
COMPANY OF NEW YORK
SEPARATE ACCOUNT E
(Registrant)
BY: AMERICAN GENERAL LIFE
INSURANCE COMPANY OF NEW YORK
(On behalf of the Registrant and itself)
BY: /s/ROBERT F. HERBERT, JR.
--------------------------
Robert F. Herbert, Jr.
Vice President & Controller
ATTEST: /s/SANDRA M. SMITH
-------------------
Sandra M. Smith
Associate General Counsel
and Assistant Secretary
Pursuant to the requirements of the Securities Act of 1933, this amended
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title
--------- -----
<S> <C>
CHRISTOPHER S. RUISI *
--------------------------- Principal Executive Officer
(Christopher S. Ruisi)
ROBERT F. HERBERT, JR.*
--------------------------- Principal Financial and Accounting Officer
(Robert F. Herbert, Jr.)
</TABLE>
<PAGE>
DIRECTORS
<TABLE>
<S> <C>
WILLIAM A. BACUS*
--------------------------- -----------------------------
(Robert M. Devlin) (William A. Bacus)
RODNEY O. MARTIN, JR* JOHN R. CORCORAN*
--------------------------- -----------------------------
(Rodney O. Martin, Jr.) (John R. Corcoran)
JON P. NEWTON*
--------------------------- -----------------------------
(Jon P. Newton) (David N. Dunn)
<PAGE>
JAMES S. D'AGOSTINO, JR.* DR. PATRICIA O. EWERS*
--------------------------- -----------------------------
(James S. D'Agostino) (Dr. Patricia O. Ewers)
CHRISTOPHER S. RUISI* THOMAS H. FOX*
--------------------------- -----------------------------
(Christopher S. Ruisi) (Thomas H. Fox)
ROBERT F. HERBERT, JR.* WILLIAM J. O'HARA, JR.*
--------------------------- -----------------------------
(Robert F. Herbert, Jr.) (William J. O'Hara, Jr.)
GEORGE B. TROTTA*
---------------------------
(George B. Trotta)
</TABLE>
/s/SANDRA M. SMITH February 17, 1998
-------------------------------------
*By Sandra M. Smith, Attorney-in-Fact
<PAGE>
<TABLE>
EXHIBIT INDEX
<S> <C>
(13)(a)(i) Computations of hypothetical historical average annual total
returns for the Emerging Growth, Enterprise, Domestic Income,
Government, and Money Market Divisions, available under
Certificate Form No 96033N for the one and five year periods
ended December 31, 1996, and since inception.
(ii) Computation of hypothetical historical average annual total
returns for the Real Estate Securities Division, available under
Certificate Form No. 96033N for the one and five year periods
ended December 31, 1996, and since inception.
(b)(i) Computations of hypothetical historical total returns for the
Emerging Growth, Enterprise, Domestic Income, Government, and
Money Market Divisions, available under Certificate Form No.
96033N for the one and five year periods ended December 31,
1996, and since inception.
(ii) Computation of hypothetical historical total returns for the
Real Estate Securities Division, available under Certificate
Form No. 96033N for the one and five year periods ended December
31, 1996, and since inception.
(c)(i) Computations of hypothetical historical cumulative total returns
for the Emerging Growth, Enterprise, Domestic Income,
Government, and Money Market Divisions, available under
Certificate Form No. 96033N for the one and five year periods
ended December 31,1996, and since inception.
(ii) Computation of hypothetical historical cumulative total returns
for the Real Estate Securities Division, available under
Certificate Form No. 96033N for the one and five year periods
ended December 31,1996, and since inception.
</TABLE>
EXHIBIT (13)(a)(i)
12/31/96
GENERATIONS
AVERAGE ANNUAL TOTAL RETURNS
AND TOTAL RETURNS
Fees based on ave $40,000 account
<TABLE>
<CAPTION>
AAT
RETURN
1 YEAR 5 YEAR SINCE
USING HYPOTHETICAL UNIT VALUES AATR AATR INCEPTION
====================================================================================================
<S> <C> <C> <C>
11/04/87
DOMESTIC INCOME #80 12/31/96 12/31/96
365 1826 3345
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 8.426274 5.865008 5.000000
# OF UNITS PURCHASED 118.676416 170.502751 200.000000
END OF PERIOD UV 8.863028 8.863028 8.863028
END OF PERIOD VALUE 1,051.83 1,511.17 1,772.61
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.79 $4.90 $9.00
REDEEMABLE VALUE (after fees & CDSC) 991.04 1,470.27 1,763.60
PERCENT RETURN -0.90% 8.02% 6.39%
PERCENT RETURN - NO FEES & NOT SURRENDERED 5.18% 8.61% 6.45%
----------------------------------------------------------------------------------------------------
07/03/95
EMERGING GROWTH #81 12/31/96
365 N/A 547
INITIAL INVESTMENT 1,000.00 N/A 1,000.00
BEG OF PERIOD UV 5.81475 N/A 5.000000
# OF UNITS PURCHASED 171.976439 N/A 200.000000
END OF PERIOD UV 6.687952 N/A 6.687952
END OF PERIOD VALUE 1,150.17 N/A 1,337.59
SURRENDER CHARGE PERCENTAGE 6.0% N/A 6.0%
FREE 10% WITHDRAWAL 0.00 N/A 100.00
LESS SURRENDER CHARGES 60.00 N/A 54.00
LESS ANNUAL FEE ($) $0.86 N/A $1.85
REDEEMABLE VALUE (after fees & CDSC) 1,089.31 N/A 1,281.74
PERCENT RETURN 8.93% N/A 18.03%
PERCENT RETURN - NO FEES & NOT SURRENDERED 15.02% N/A 21.44%
----------------------------------------------------------------------------------------------------
04/07/86
ENTERPRISE #83 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 10.874038 7.419485 5.000000
# OF UNITS PURCHASED 91.962158 134.780244 200.000000
END OF PERIOD UV 13.380059 13.380059 13.380059
END OF PERIOD VALUE 1,230.46 1,803.37 2,676.01
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.92 $4.91 $11.25
REDEEMABLE VALUE (after fees & CDSC) 1,169.54 1,762.45 2,664.76
PERCENT RETURN 16.95% 12.00% 9.56%
PERCENT RETURN - NO FEES & NOT SURRENDERED 23.05% 12.52% 9.60%
----------------------------------------------------------------------------------------------------
04/07/86
GOVERNMENT #86 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 8.723718 7.239574 5.000000
# OF UNITS PURCHASED 114.630024 138.129674 200.000000
END OF PERIOD UV 8.783813 8.783813 8.783813
END OF PERIOD VALUE 1,006.89 1,213.31 1,756.76
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.76 $4.21 $10.33
REDEEMABLE VALUE (after fees & CDSC) 946.13 1,173.10 1,746.43
PERCENT RETURN -5.39% 3.24% 5.33%
PERCENT RETURN - NO FEES & NOT SURRENDERED 0.69% 3.94% 5.39%
----------------------------------------------------------------------------------------------------
04/07/86
MONEY MARKET #92 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 7.507298 6.840011 5.000000
# OF UNITS PURCHASED 133.203717 146.198595 200.000000
END OF PERIOD UV 7.767625 7.767625 7.767625
END OF PERIOD VALUE 1,034.68 1,135.62 1,553.53
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.78 $4.00 $10.26
REDEEMABLE VALUE (after fees & CDSC) 973.90 1,095.61 1,543.26
PERCENT RETURN -2.61% 1.84% 4.12%
PERCENT RETURN - NO FEES & NOT SURRENDERED 3.47% 2.58% 4.19%
----------------------------------------------------------------------------------------------------
</TABLE>
EXHIBIT (13)(a)(ii)
<TABLE>
<CAPTION>
12/31/96
GENERATIONS
AVERAGE ANNUAL TOTAL RETURNS AAT
AND TOTAL RETURNS RETURN
FEES BASED ON AVE $40,000 ACCOUNT 1 YEAR 5 YEAR SINCE
USING HYPOTHETICAL UNIT VALUES AATR AATR INCEPTION
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
07/03/95
REAL ESTATE SECURITIES #93 12/31/96
365 1826 547
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 5.380054 N/A 5.000000
# OF UNITS PURCHASED 185.871740 N/A 200.000000
END OF PERIOD UV 7.454877 7.454877 7.454877
END OF PERIOD VALUE 1,385.65 0.00 1,490.98
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 6.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 54.00
LESS ANNUAL FEE ($) $1.04 $0.00 $2.84
REDEEMABLE VALUE (after fees & CDSC) 1,324.61 N/A 1,434.14
PERCENT RETURN 32.46% N/A 27.22%
PERCENT RETURN - NO FEES & NOT SURRENDERED 38.57% N/A 30.57%
-------------------------------------------------------------------------------------------------------------
</TABLE>
EXHIBIT (13)(b)(i)
12/31/96
GENERATIONS
AVERAGE ANNUAL TOTAL RETURNS
AND TOTAL RETURNS
Fees based on ave $40,000 account
<TABLE>
<CAPTION>
AAT
RETURN
1 YEAR 5 YEAR SINCE
USING HYPOTHETICAL UNIT VALUES AATR AATR INCEPTION
====================================================================================================
<S> <C> <C> <C>
11/04/87
DOMESTIC INCOME #80 12/31/96 12/31/96
365 1826 3345
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 8.426274 5.865008 5.000000
# OF UNITS PURCHASED 118.676416 170.502751 200.000000
END OF PERIOD UV 8.863028 8.863028 8.863028
END OF PERIOD VALUE 1,051.83 1,511.17 1,772.61
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.79 $4.90 $9.00
REDEEMABLE VALUE (after fees & CDSC) 991.04 1,470.27 1,763.60
PERCENT RETURN -0.90% 8.02% 6.39%
PERCENT RETURN - NO FEES & NOT SURRENDERED 5.18% 8.61% 6.45%
----------------------------------------------------------------------------------------------------
07/03/95
EMERGING GROWTH #81 12/31/96
365 N/A 547
INITIAL INVESTMENT 1,000.00 N/A 1,000.00
BEG OF PERIOD UV 5.81475 N/A 5.000000
# OF UNITS PURCHASED 171.976439 N/A 200.000000
END OF PERIOD UV 6.687952 N/A 6.687952
END OF PERIOD VALUE 1,150.17 N/A 1,337.59
SURRENDER CHARGE PERCENTAGE 6.0% N/A 6.0%
FREE 10% WITHDRAWAL 0.00 N/A 100.00
LESS SURRENDER CHARGES 60.00 N/A 54.00
LESS ANNUAL FEE ($) $0.86 N/A $1.85
REDEEMABLE VALUE (after fees & CDSC) 1,089.31 N/A 1,281.74
PERCENT RETURN 8.93% N/A 18.03%
PERCENT RETURN - NO FEES & NOT SURRENDERED 15.02% N/A 21.44%
----------------------------------------------------------------------------------------------------
04/07/86
ENTERPRISE #83 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 10.874038 7.419485 5.000000
# OF UNITS PURCHASED 91.962158 134.780244 200.000000
END OF PERIOD UV 13.380059 13.380059 13.380059
END OF PERIOD VALUE 1,230.46 1,803.37 2,676.01
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.92 $4.91 $11.25
REDEEMABLE VALUE (after fees & CDSC) 1,169.54 1,762.45 2,664.76
PERCENT RETURN 16.95% 12.00% 9.56%
PERCENT RETURN - NO FEES & NOT SURRENDERED 23.05% 12.52% 9.60%
----------------------------------------------------------------------------------------------------
04/07/86
GOVERNMENT #86 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 8.723718 7.239574 5.000000
# OF UNITS PURCHASED 114.630024 138.129674 200.000000
END OF PERIOD UV 8.783813 8.783813 8.783813
END OF PERIOD VALUE 1,006.89 1,213.31 1,756.76
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.76 $4.21 $10.33
REDEEMABLE VALUE (after fees & CDSC) 946.13 1,173.10 1,746.43
PERCENT RETURN -5.39% 3.24% 5.33%
PERCENT RETURN - NO FEES & NOT SURRENDERED 0.69% 3.94% 5.39%
----------------------------------------------------------------------------------------------------
04/07/86
MONEY MARKET #92 12/31/96
365 1826 3921
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 7.507298 6.840011 5.000000
# OF UNITS PURCHASED 133.203717 146.198595 200.000000
END OF PERIOD UV 7.767625 7.767625 7.767625
END OF PERIOD VALUE 1,034.68 1,135.62 1,553.53
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 0.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 0.00
LESS ANNUAL FEE ($) $0.78 $4.00 $10.26
REDEEMABLE VALUE (after fees & CDSC) 973.90 1,095.61 1,543.26
PERCENT RETURN -2.61% 1.84% 4.12%
PERCENT RETURN - NO FEES & NOT SURRENDERED 3.47% 2.58% 4.19%
----------------------------------------------------------------------------------------------------
</TABLE>
EXHIBIT (13)(b)(ii)
<TABLE>
<CAPTION>
12/31/96
GENERATIONS
AVERAGE ANNUAL TOTAL RETURNS AAT
AND TOTAL RETURNS RETURN
FEES BASED ON AVE $40,000 ACCOUNT 1 YEAR 5 YEAR SINCE
USING HYPOTHETICAL UNIT VALUES AATR AATR INCEPTION
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
07/03/95
REAL ESTATE SECURITIES #93 12/31/96
365 1826 547
INITIAL INVESTMENT 1,000.00 1,000.00 1,000.00
BEG OF PERIOD UV 5.380054 N/A 5.000000
# OF UNITS PURCHASED 185.871740 N/A 200.000000
END OF PERIOD UV 7.454877 7.454877 7.454877
END OF PERIOD VALUE 1,385.65 0.00 1,490.98
SURRENDER CHARGE PERCENTAGE 6.0% 4.0% 6.0%
FREE 10% WITHDRAWAL 0.00 100.00 100.00
LESS SURRENDER CHARGES 60.00 36.00 54.00
LESS ANNUAL FEE ($) $1.04 $0.00 $2.84
REDEEMABLE VALUE (after fees & CDSC) 1,324.61 N/A 1,434.14
PERCENT RETURN 32.46% N/A 27.22%
PERCENT RETURN - NO FEES & NOT SURRENDERED 38.57% N/A 30.57%
-------------------------------------------------------------------------------------------------------------
</TABLE>
EXHIBIT 13(c)(i)
12/31/96
GENERATIONS
CUMULATIVE
TOTAL RETURNS
<TABLE>
<CAPTION>
TOTAL
1996 1 YEAR 5 YEAR RETURN
YEAR TOTAL TOTAL SINCE
USING HYPOTHETICAL UNIT VALUES TO DATE RETURN RETURN INCEPTION
=========================================================================================================
<S> <C> <C> <C> <C>
DOMESTIC INCOME #80 12/95 12/95 12/91 10/87
12/96 12/96 12/96 12/96
BEG OF PERIOD UV 8.426274 8.426274 5.865008 5.000000
# OF UNITS PURCHASED 118.676416 118.676416 170.502751 200.000000
END OF PERIOD UV 8.863028 8.863028 8.863028 8.863028
END OF PERIOD VALUE 1,051.83 1,051.83 1,511.17 1,772.61
DIFFERENCE 51.83 51.83 511.17 772.61
PERCENT CHANGE 5.18% 5.18% 51.12% 77.26%
EMERGING GROWTH #81 06/95
BEG OF PERIOD UV 5.81475 5.81475 N/A 5.000000
# OF UNITS PURCHASED 171.976439 171.976439 N/A 200.000000
END OF PERIOD UV 6.687952 6.687952 N/A 6.687952
END OF PERIOD VALUE 1,150.17 1,150.17 N/A 1,337.59
DIFFERENCE 150.17 150.17 N/A 337.59
PERCENT CHANGE 15.02% 15.02% N/A 33.76%
ENTERPRISE #83 03/86
BEG OF PERIOD UV 10.874038 10.874038 7.419485 5.000000
# OF UNITS PURCHASED 91.962158 91.962158 134.780244 200.000000
END OF PERIOD UV 13.380059 13.380059 13.380059 13.380059
END OF PERIOD VALUE 1,230.46 1,230.46 1,803.37 2,676.01
DIFFERENCE 230.46 230.46 803.37 1,676.01
PERCENT CHANGE 23.05% 23.05% 80.34% 167.60%
GOVERNMENT #86 03/86
BEG OF PERIOD UV 8.723718 8.723718 7.239574 5.000000
# OF UNITS PURCHASED 114.630024 114.630024 138.129674 200.000000
END OF PERIOD UV 8.783813 8.783813 8.783813 8.783813
END OF PERIOD VALUE 1,006.89 1,006.89 1,213.31 1,756.76
DIFFERENCE 6.89 6.89 213.31 756.76
PERCENT CHANGE 0.69% 0.69% 21.33% 75.68%
MONEY MARKET #92 03/86
BEG OF PERIOD UV 7.507298 7.507298 6.840011 5.000000
# OF UNITS PURCHASED 133.203717 133.203717 146.198595 200.000000
END OF PERIOD UV 7.767625 7.767625 7.767625 7.767625
END OF PERIOD VALUE 1,034.68 1,034.68 1,135.62 1,553.53
DIFFERENCE 34.68 34.68 135.62 553.53
PERCENT CHANGE 3.47% 3.47% 13.56% 55.35%
REAL ESTATE SECURITIES #93 06/95
BEG OF PERIOD UV 5.380054 5.380054 N/A 5.000000
# OF UNITS PURCHASED 185.871740 185.871740 N/A 200.000000
END OF PERIOD UV 7.454877 7.454877 N/A 7.454877
END OF PERIOD VALUE 1,385.65 1,385.65 N/A 1,490.98
DIFFERENCE 385.65 385.65 N/A 490.98
PERCENT CHANGE 38.57% 38.57% N/A 49.10%
</TABLE>
EXHIBIT (13)(c)(ii)
<TABLE>
<CAPTION>
12/31/96
GENERATIONS TOTAL
CUMULATIVE 1 YEAR 5 YEAR RETURN
TOTAL RETURNS TOTAL TOTAL SINCE
USING HYPOTHETICAL UNIT VALUES RETURN RETURN INCEPTION
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REAL ESTATE SECURITIES #93 06/95
BEG OF PERIOD UV 5.380054 N/A 5.000000
# OF UNITS PURCHASED 185.871740 N/A 200.000000
END OF PERIOD UV 7.454877 7.454877 7.454877
END OF PERIOD VALUE 1,385.65 N/A 1,490.98
DIFFERENCE 385.65 N/A 490.98
PERCENT CHANGE 38.57% N/A 49.10%
-------------------------------------------------------------------------------------------------------------
</TABLE>
