EQUITY SERIES
                            (formerly GROWTH SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =           814.00
                          (1+T)^1               =        (0.814)^1
                           1+T                  =         0.81400
                             T                  =        -0.1860

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =         1062.76
                         ((1+T)^2.31)^1/2.31    =        (1.06276)^1/2.31
                           1+T                  =         1.02670
                             T                  =         0.0267

                             LARGE CAP VALUE SERIES
                        (formerly GROWTH-INCOME SERIES)
              AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          867.60
                          (1+T)^1               =       (0.86760)^1
                           1+T                  =        0.86760
                             T                  =       -0.1324

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          983.45
                         ((1+T)^2.31)^1/2.31    =        (.98345)^1/2.31
                           1+T                  =        0.99280
                             T                  =       -0.0072

                               MONEY MARKET YIELD
             Money Market Series (Series C) as of December 31, 2000

CALCULATION OF CHANGE IN UNIT VALUE:
-----------------------------------

( Underlying        Underlying  )
( Fund Price        Fund Price  )
(12-31-00    -       12-25-00   )
 -------------------------------  = Weekly Earnings
(      Underlying Fund Price    )
(            12-25-00           )

        12.69358302- 12.6810569          =  .000987782
----------------------------------------

[(1 + Weekly Earnings)^1/7 - (Daily M&E Charge + Daily Admin. Fee)]^7 - 1
 = Base Period Return

[(1 +.000987782)^1/7 - (.000032876712 +.000003938633)]^7 - 1 =

CURRENT 7-DAY YIELD:
-------------------

(Base Period Return)365/7 = Current 7-Day Yield

(.000729885)365/7 = 3.81%

EFFECTIVE YIELD:
---------------

[(Base Period Return + 1)^365/7] - 1 = Effective Yield

[(.00729885+ 1)^365/7] - 1 = 3.88%

                               MONEY MARKET SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =         988.70
                          (1+T)^1               =      (0.98870)^1
                           1+T                  =       0.98870
                             T                  =      -0.0113

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =         1019.28
                         ((1+T)^2.31)^1/2.31    =      (1.01928)^1/2.31
                           1+T                  =       1.00830
                             T                  =       0.0083

                                  GLOBAL SERIES
                       (formerly WORLDWIDE EQUITY SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          964.80
                          (1+T)^1               =       (0.96480)^1
                           1+T                  =        0.96480
                             T                  =       -0.0352

2.31 Year (from date of inception September 10, 1998)
           1000            (1+T)^2.31           =          1459.69
                         ((1+T)^2.31)^1/2.31    =       (1.45969)^1/2.31
                           1+T                  =        1.17790
                             T                  =        0.1779

                            DIVERSIFIED INCOME SERIES
                       (formerly HIGH GRADE INCOME SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          1015.20
                          (1+T)^1               =       (1.01520)^1
                           1+T                  =        1.01520
                             T                  =        0.0152

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          957.11
                         ((1+T)^2.31)^1/2.31    =       (0.95711)^1/2.31
                           1+T                  =        0.98120
                             T                  =       -0.0188

                            DIVERSIFIED INCOME SERIES
                       (formerly HIGH GRADE INCOME SERIES)

Yield Calculation As Of December 31, 2000 = 6.39%
                                            ----

  [         (13.43-0.00)              ]^6
2[------------------------------- + 1 ] - 1
  [       (188.4641)(13.57)           ]


  [((           13.43       )      )^6]
2[((----------------------- ) + 1  )  ] - 1
  [((         2,557.05      )      )  ]


2[((.005253095+ 1)^6) - 1]


2[(1.005253095)^6 - 1]


2[(1.031935409- 1)]


2(.0319)

              =     .0639

                             LARGE CAP GROWTH SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          748.80
                         ((1+T)^.66)^1/.66      =       (0.74880)^1/1
                           1+T                  =        0.74880
                             T                  =       -0.2512

                              ENHANCED INDEX SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

           1000           (1+T)^1               =          835.20
                          (1+T)^1               =       (0.83520)^1
                           1+T                  =        0.83520
                             T                  =       -0.1648

1.66 Years (date of inception May 3, 1999)
           1000           (1+T)^1/1.66          =          925.13
                         ((1+T)^1.66)^1/1.66    =       (0.92513)^1/1.66
                           1+T                  =        0.95420
                             T                  =       -0.0458

                              INTERNATIONAL SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

           1000           (1+T)^1               =          739.80
                          (1+T)^1               =       (0.73980)^1
                           1+T                  =        0.73980
                             T                  =       -0.2602

1.66 Years (date of inception May 3, 1999)
           1000           (1+T)^1/1.66          =          951.18
                         ((1+T)^1.66)^1/1.66    =       (0.95118)^1/1.66
                           1+T                  =        0.97030
                             T                  =       -0.0297

                              MID CAP GROWTH SERIES
                            (formerly MID CAP SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =         1095.80
                          (1+T)^1               =      (1.09580)^1
                           1+T                  =       1.09580
                             T                  =       0.0958

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =         2404.52
                         ((1+T)^2.31)^1/2.31    =      (2.40452)^1/2.31
                           1+T                  =       1.46200
                             T                  =       0.4620

                         GLOBAL STRATEGIC INCOME SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          968.50
                          (1+T)^1               =       (0.96850)^1
                           1+T                  =        0.96850
                             T                  =       -0.0315

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          1031.70
                         ((1+T)^2.31)^1/2.31    =       (1.03170)^1/2.31
                           1+T                  =        1.01360
                             T                  =        0.0136

                              CAPITAL GROWTH SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          755.50
                         ((1+T)^.66)^1/.66      =       (0.75550)^1/1
                           1+T                  =        0.75550
                             T                  =       -0.2445

                           GLOBAL TOTAL RETURN SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000                (1+T)^1               =         802.00
                               (1+T)^1               =      (0.80200)^1
                                1+T                  =       0.80200
                                  T                  =      -0.1980

2.31 Year (from date of inception September 10, 1998)
           1000                (1+T)^2.31            =         1050.13
                              ((1+T)^2.31)^1/2.31    =      (1.05013)^1/2.31
                                1+T                  =       1.02140
                                  T                  =       0.0214

                         MANAGED ASSET ALLOCATION SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          923.10
                          (1+T)^1               =       (0.92310)^1
                           1+T                  =        0.92310
                             T                  =       -0.0769

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          1131.16
                         ((1+T)^2.31)^1/2.31    =       (1.13116)^1/2.31
                           1+T                  =        1.05480
                             T                  =        0.0548

                              EQUITY INCOME SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          1057.90
                          (1+T)^1               =       (1.05790)^1
                           1+T                  =        1.05790
                             T                  =        0.0579

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          1236.62
                         ((1+T)^2.31)^1/2.31    =       (1.23662)^1/2.31
                           1+T                  =        1.09630
                             T                  =        0.0963

                                HIGH YIELD SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          916.40
                          (1+T)^1               =       (0.091640)^1
                           1+T                  =        0.91640
                             T                  =       -0.0836

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          931.17
                         ((1+T)^2.31)^1/2.31    =       (0.93117)^1/2.31
                           1+T                  =        0.96960
                             T                  =       -0.0304

                             SMALL CAP VALUE SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          1012.00
                         ((1+T)^.66)^1/.66      =       (1.01200)^1/1
                           1+T                  =        1.01200
                             T                  =        0.0120

                             SOCIAL AWARENESS SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

            1000          (1+T)^1               =          809.70
                          (1+T)^1               =       (0.80970)^1
                           1+T                  =        0.80970
                             T                  =       -0.1903

2.31 Year (from date of inception September 10, 1998)
            1000          (1+T)^2.31            =          1213.04
                         ((1+T)^2.31)^1/2.31    =       (1.21304)^1/2.31
                           1+T                  =        1.08720
                             T                  =        0.0872

                                TECHNOLOGY SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          574.00
                         ((1+T)^.66)^1/.66      =       (0.57400)^1/1
                           1+T                  =        0.57400
                             T                  =       -0.4260

                              MID CAP VALUE SERIES
                             (formerly VALUE SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          1264.50
                          (1+T)^1               =       (1.26450)^1
                           1+T                  =        1.26450
                             T                  =        0.2645

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          1842.33
                         ((1+T)^2.31)^1/2.31    =       (1.84233)^1/2.31
                           1+T                  =        1.30280
                             T                  =        0.3028


                     MAIN STREET GROWTH AND INCOME(R) SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          846.70
                         ((1+T)^.66)^1/.66      =       (0.84670)^1/1
                           1+T                  =        0.84670
                             T                  =       -0.1533

                             SMALL CAP GROWTH SERIES
                           (formerly SMALL CAP SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          849.40
                          (1+T)^1               =       (0.84940)^1
                           1+T                  =        0.84940
                             T                  =       -0.1506

2.31 Year (from date of inception September 10, 1998)
           1000           (1+T)^2.31            =          2025.95
                         ((1+T)^2.31)^1/2.31    =       (2.02595)^1/2.31
                           1+T                  =        1.35750
                             T                  =        0.3575

                                SELECT 25 SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
         (WITH CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

           1000            (1+T)^1               =          779.90
                           (1+T)^1               =       (0.77990)^1
                            1+T                  =        0.77990
                              T                  =       -0.2201

1.66 Years (date of inception May 3, 1999)
           1000            (1+T)^1/1.66          =          953.30
                          ((1+T)^1.66)^1/1.66    =       (0.95330)^1/1.66
                            1+T                  =        0.97160
                              T                  =       -0.0284

                                  EQUITY SERIES
                            (formerly GROWTH SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          863.90
                          (1+T)^1               =       (0.86390)^1
                           1+T                  =        0.86390
                             T                  =       -0.1361

5 Years

           1000           (1+T)^5               =          1776.55
                         ((1+T)^5)^1/5          =       (1.77655)^1/5
                           1+T                  =        1.12180
                             T                  =        0.1218
10 Years

           1000           (1+T)^10              =          3903.62
                         ((1+T)^10)^1/10        =       (3.90362)^1/10
                           1+T                  =        1.14590
                             T                  =        0.1459

                             LARGE CAP VALUE SERIES
                         (formerly GROWTH-INCOME SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          923.00
                          (1+T)^1               =       (0.92300)^1
                           1+T                  =        0.92300
                             T                  =       -0.0770
5 Years

           1000           (1+T)^5               =          1451.73
                         ((1+T)^5)^1/5          =       (1.45173)^1/5
                           1+T                  =        1.07740
                             T                  =        0.0774
10 Years

           1000           (1+T)^10              =          2791.19
                         ((1+T)^10)^1/10        =       (2.79119)^1/10
                           1+T                  =        1.10810
                             T                  =        0.1081

                               MONEY MARKET SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =           1048.70
                          (1+T)^1               =        (1.04870)^1
                           1+T                  =         1.04870
                             T                  =         0.0487
5 Years

           1000           (1+T)^5               =           1224.86
                         ((1+T)^5)^1/5          =        (1.22486)^1/5
                           1+T                  =         1.04140
                             T                  =         0.0414
10 Years

           1000           (1+T)^10              =           1420.17
                         ((1+T)^10)^1/10        =        (1.42017)^1/10
                           1+T                  =         1.03570
                             T                  =         0.0357

                                  GLOBAL SERIES
                       (formerly WORLDWIDE EQUITY SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1                =        1024.90
                          (1+T)^1                =     (1.02490)^1
                           1+T                   =      1.02490
                             T                   =      0.0249
5 Years

           1000           (1+T)^5                =        2273.25
                         ((1+T)^5)^1/5           =     (2.27325)^1/5
                           1+T                   =      1.17850
                             T                   =      0.1785
10 Years

           1000           (1+T)^10               =        1706.53
                         ((1+T)^10)^1/10         =     (1.70653)^1/10
                           1+T                   =      1.05490
                             T                   =      0.0549

                            DIVERSIFIED INCOME SERIES
                       (formerly HIGH GRADE INCOME SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

          1000            (1+T)^1               =          1075.30
                          (1+T)^1               =       (1.07530)^1
                           1+T                  =        1.07530
                             T                  =        0.0753
5 Years

          1000            (1+T)^5               =          1172.84
                         ((1+T)^5)^1/5          =       (1.17284)^1/5
                           1+T                  =        1.03240
                             T                  =        0.0324
10 Years

          1000            (1+T)^10              =          1737.51
                         ((1+T)^10)^1/10        =       (1.73751)^1/10
                           1+T                  =        1.05680
                             T                  =        0.0568

                             LARGE CAP GROWTH SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          793.00
                         ((1+T)^.66)^1/.66      =       (0.79300)^1/1
                           1+T                  =        0.79300
                             T                  =       -0.2070

                              ENHANCED INDEX SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

           1000           (1+T)^1               =          888.90
                          (1+T)^1               =       (0.88890)^1
                           1+T                  =        0.88890
                             T                  =       -0.1111


           1000           (1+T)^1/1.66          =          992.04
                         ((1+T)^1.66)^1/1.66    =       (0.99204)^1/1.66
                           1+T                  =        0.99520
                             T                  =       -0.0048

                              INTERNATIONAL SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

           1000           (1+T)^1               =          788.50
                          (1+T)^1               =       (0.78850)^1
                           1+T                  =        0.78850
                             T                  =       -0.2115

1.66 Years (date of inception May 3, 1999)
           1000           (1+T)^1/1.66          =          1017.99
                         ((1+T)^1.66)^1/1.66    =       (1.01799)^1/1.66
                           1+T                  =        1.01080
                             T                  =        0.0108

                              MID CAP GROWTH SERIES
                            (formerly MID CAP SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)


1 Year

           1000           (1+T)^1               =          1155.80
                          (1+T)^1               =       (1.15580)^1
                           1+T                  =        1.15580
                             T                  =        0.1558
5 Years

           1000           (1+T)^5               =          3002.04
                         ((1+T)^5)^1/5          =       (3.00204)^1/5
                           1+T                  =        1.24590
                             T                  =        0.2459

8.25 Years (From Date of Inception October 1, 1992)
           1000           (1+T)^8.25            =          4246.94
                         ((1+T)^8.25)^1/8.25    =       (4.24694)^1/8.25
                           1+T                  =        1.19160
                             T                  =        0.1916

                         GLOBAL STRATEGIC INCOME SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000            (1+T)^1              =          1028.60
                           (1+T)^1              =       (1.02860)^1
                            1+T                 =        1.02860
                              T                 =        0.0286
5 Years

           1000            (1+T)^5              =          1279.93
                          ((1+T)^5)^1/5         =       (1.27993)^1/5
                            1+T                 =        1.05060
                              T                 =        0.0506

5.58 Years (From Date of Inception June 1, 1995)
           1000            (1+T)^5.58           =          1374.78
                          ((1+T)^5.58)^1/5.58   =       (1.37478)^1/5.58
                            1+T                 =        1.05870
                              T                 =        0.0587

                              CAPITAL GROWTH SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

                   .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          800.00
                         ((1+T)^.66)^1/.66      =       (0.80000)^1/1
                           1+T                  =        0.80000
                             T                  =       -0.2000

                           GLOBAL TOTAL RETURN SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          885.60
                          (1+T)^1               =       (0.88560)^1
                           1+T                  =        0.88560
                             T                  =       -0.1144
5 Years

           1000           (1+T)^5               =          1325.65
                         ((1+T)^5)^1/5          =       (1.32565)^1/5
                           1+T                  =        1.05800
                             T                  =        0.0580

5.58 Years (From Date of Inception June 1, 1995)
           1000           (1+T)^5.58            =          1398.86
                         ((1+T)^5.58)^1/5.58    =       (1.39886)^1/5.58
                           1+T                  =        1.06200
                             T                  =        0.0620

                         MANAGED ASSET ALLOCATION SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          981.40
                          (1+T)^1               =       (0.98140)^1
                           1+T                  =        0.98140
                             T                  =       -0.0186
5 Years

           1000           (1+T)^5               =          1636.30
                         ((1+T)^5)^1/5          =       (1.63630)^1/5
                           1+T                  =        1.10350
                             T                  =        0.1035

5.58 Years (From Date of Inception June 1, 1995)
           1000           (1+T)^5.58            =          1733.36
                         ((1+T)^5.58)^1/5.58    =       (1.73336)^1/5.58
                           1+T                  =        1.10360
                             T                  =        0.1036

                              EQUITY INCOME SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =         1117.90
                          (1+T)^1               =      (1.11790)^1
                           1+T                  =       1.11790
                             T                  =       0.1179
5 Years

           1000           (1+T)^5               =         1860.44
                         ((1+T)^5)^1/5          =      (1.86044)^1/5
                           1+T                  =       1.13220
                             T                  =       0.1322

5.58 Years (From Date of Inception June 1, 1995)
           1000           (1+T)^5.58            =         2150.68
                         ((1+T)^5.58)^1/5.58    =      (2.15068)^1/5.58
                           1+T                  =       1.14710
                             T                  =       0.1471

                                HIGH YIELD SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          974.40
                          (1+T)^1               =       (0.97440)^1
                           1+T                  =        0.97440
                             T                  =       -0.0256

4.40 Years (From Date of Inception August 5, 1996)
           1000           (1+T)^4.40            =          1218.31
                         ((1+T)^4.40)^1/4.40    =       (1.21831)^1/4.40
                           1+T                  =        1.04590
                             T                  =        0.0459

                             SMALL CAP VALUE SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =         1067.00
                         ((1+T)^.66)^1/.66      =      (1.06700)^1/1
                           1+T                  =       1.06700
                             T                  =       0.0670

                             SOCIAL AWARENESS SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          862.10
                          (1+T)^1               =       (0.86210)^1
                           1+T                  =        0.86210
                             T                  =       -0.1379
5 Years

           1000           (1+T)^5               =          1858.80
                         ((1+T)^5)^1/5          =       (1.85880)^1/5
                           1+T                  =        1.13200
                             T                  =        0.1320

9.67 Years (From Date of Inception May 1, 1991)
           1000           (1+T)^9.67            =          2978.95
                         ((1+T)^9.67)^1/9.67    =       (2.97895)^1/9.67
                           1+T                  =        1.11950
                             T                  =        0.1195

                                TECHNOLOGY SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
          1000            (1+T)^1/.66           =         609.00
                         ((1+T)^.66)^1/.66      =      (0.60900)^1/1
                           1+T                  =       0.60900
                             T                  =      -0.3910

                              MID CAP VALUE SERIES
                             (formerly VALUE SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

           1000           (1+T)^1               =          1324.50
                          (1+T)^1               =       (1.32450)^1
                           1+T                  =        1.32450
                             T                  =        0.3245

3.67 Years (from date of inception May 1, 1997)
           1000           (1+T)^3.67            =          2347.66
                         ((1+T)^3.67)^1/3.67     =       (2.34766)^1/3.67
                           1+T                  =        1.26180
                             T                  =        0.2618

                     MAIN STREET GROWTH AND INCOME(R) SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

 .66 Years (date of inception May 1, 2000)
           1000           (1+T)^1/.66           =          896.00
                         ((1+T)^.66)^1/.66      =       (0.89600)^1/1
                           1+T                  =        0.89600
                             T                  =       -0.1040

                             SMALL CAP GROWTH SERIES
                           (formerly SMALL CAP SERIES)
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE OR ADMINISTRATIVE FEES)

1 Year

          1000            (1+T)^1               =          903.90
                          (1+T)^1               =       (0.90390)^1
                           1+T                  =        0.90390
                             T                  =       -0.0961

3.21 Years (from date of inception October 15, 1997)
          1000            (1+T)^3.21            =          1767.74
                         ((1+T)^3.21)^1/3.21    =       (1.76774)^1/3.21
                           1+T                  =        1.19420
                             T                  =        0.1942

                                SELECT 25 SERIES
               AVERAGE ANNUAL TOTAL RETURN AS OF DECEMBER 31, 2000
        (WITHOUT CONTINGENT DEFERRED SALES CHARGE AND ADMINISTRATIVE FEE)

1 Year

          1000            (1+T)^1               =          830.80
                          (1+T)^1               =       (0.83080)^1
                           1+T                  =        0.83080
                             T                  =       -0.1692

1.66 Years (date of inception May 3, 1999)
          1000            (1+T)^1/1.66          =          1021.00
                         ((1+T)^1.66)^1/1.66    =       (1.02100)^1/1.66
                           1+T                  =        1.01260
                             T                  =        0.0126

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES A (EQUITY, FORMERLY GROWTH)

Quotation  of Total  Return for the periods of January 1, 1991 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $863.90   -    $1,000      $(136.10)    /     $1,000      =      (13.61)%
1999    1,070.50   -     1,000         70.50     /      1,000      =        7.5%
1998    1,241.45   -     1,000        241.45     /      1,000      =       24.15%
1997    1,274.32   -     1,000        274.32     /      1,000      =       27.43%
1996    1,214.52   -     1,000        214.52     /      1,000      =       21.45%
1995    1,351.34   -     1,000        351.34     /      1,000      =       35.13%
1994      973.80   -     1,000        (26.20)    /      1,000      =       (2.62)%
1993    1,125.73   -     1,000        125.73     /      1,000      =       12.57%
1992    1,100.49   -     1,000        100.49     /      1,000      =       10.05%
1991    1,347.15   -     1,000        347.15     /      1,000      =       34.72%

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES B (LARGE CAP VALUE, FORMERLY GROWTH - INCOME)

Quotation  of Total  Return for the periods of January 1, 1991 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $923.00   -    $1,000      $(77.00)     /      $1,000     =        (7.70)%
1999    1,081.00   -     1,000        81.00      /       1,000     =         8.1%
1998    1,064.91   -     1,000        64.91      /       1,000     =         6.49%
1997    1,252.34   -     1,000       252.34      /       1,000     =        25.23%
1996    1,170.63   -     1,000       170.63      /       1,000     =        17.06%
1995    1,284.77   -     1,000       284.77      /       1,000     =        28.48%
1994      960.55   -     1,000       (39.45)     /       1,000     =        (3.95)%
1993    1,085.15   -     1,000        85.15      /       1,000     =         8.52%
1992    1,051.81   -     1,000        51.81      /       1,000     =         5.18%
1991    1,364.23   -     1,000       364.23      /       1,000     =        36.42%

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES C (MONEY MARKET)

Quotation  of Total  Return for the periods of January 1, 1991 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,048.70  -    $1,000      $48.70       /     $1,000      =        4.87%
1999     1,035.90  -     1,000       35.90       /      1,000      =        3.59%
1998     1,028.50  -     1,000       28.50       /      1,000      =        2.85%
1997     1,041.26  -     1,000       41.26       /      1,000      =        4.13%
1996     1,040.16  -     1,000       40.16       /      1,000      =        4.02%
1995     1,040.78  -     1,000       40.78       /      1,000      =        4.08%
1994     1,026.95  -     1,000       26.95       /      1,000      =        2.70%
1993     1,015.57  -     1,000       15.57       /      1,000      =        1.56%
1992     1,022.14  -     1,000       22.14       /      1,000      =        2.21%
1991     1,045.98  -     1,000       45.98       /      1,000      =        4.60%

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES D (GLOBAL, FORMERLY WORLDWIDE EQUITY)

Quotation of Total Return for the periods of May 1, 1991 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,024.90   -   $1,000      $24.90       /     $1,000      =        2.49%
1999     1,521.60   -    1,000      521.60       /      1,000      =       52.16%
1998     1,189.15   -    1,000      189.15       /      1,000      =       18.92%
1997     1,053.87   -    1,000       53.87       /      1,000      =        5.39%
1996     1,162.85   -    1,000      162.85       /      1,000      =       16.29%
1995     1,095.26   -    1,000       95.26       /      1,000      =        9.53%
1994     1,017.16   -    1,000       17.16       /      1,000      =        1.72%
1993     1,303.16   -    1,000      303.16       /      1,000      =       30.32%
1992       964.14   -    1,000      (35.86)      /      1,000      =       (3.59)%
1991*    1,032.35   -    1,000       32.35       /      1,000      =        3.24%

*From May 1, 1991 to December 31, 1991.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES E (DIVERSIFIED INCOME, FORMERLY HIGH GRADE INCOME)

Quotation  of Total  Return for the periods of January 1, 1991 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,075.30  -    $1,000      $75.30       /     $1,000      =        7.53%
1999       952.50  -     1,000      (47.50)      /      1,000      =       (4.75)%
1998     1,069.41  -     1,000       69.41       /      1,000      =        6.94%
1997     1,089.32  -     1,000       89.32       /      1,000      =        8.93%
1996       982.85  -     1,000      (17.15)      /      1,000      =       (1.72)%
1995     1,171.21  -     1,000      171.21       /      1,000      =       17.12%
1994       921.47  -     1,000      (78.53)      /      1,000      =       (7.85)%
1993     1,115.03  -     1,000      115.03       /      1,000      =       11.50%
1992     1,063.74  -     1,000       63.74       /      1,000      =        6.37%
1991     1,158.01  -     1,000      158.01       /      1,000      =       15.80%

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES G (LARGE CAP GROWTH)

Quotation of Total Return for the period of May 1, 2000 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)
2000*   $793.00    -    $1,000      $(207.00)    /     $1,000      =      (20.70)%

*From May 1, 2000 to December 31, 2000

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES H (ENHANCED INDEX)

Quotation of Total Return for the period of May 3, 1999 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $888.90   -    $1,000     $(111.10)     /     $1,000      =      (11.11)%
1999*   1,075.12   -     1,000        75.12      /      1,000      =       11.60%

*From May 3, 1999 to December 31, 1999

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES I (INTERNATIONAL)

Quotation of Total Return for the period of May 3, 1999 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $788.50   -    $1,000     $(211.50)     /     $1,000      =      (21.50)%
1999*   1,183.62   -     1,000       183.62      /      1,000      =       29.1%

*From May 3, 1999 to December 31, 1999

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES J (MID CAP GROWTH, FORMERLY MID CAP)

Quotation  of Total  Return for the periods of October 1, 1992 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,155.80  -    $1,000     $155.80       /     $1,000      =       15.80%
1999     1,602.60  -     1,000      602.60       /      1,000      =       60.26%
1998     1,167.57  -     1,000      167.57       /      1,000      =       16.76%
1997     1,187.50  -     1,000      187.50       /      1,000      =       18.75%
1996     1,168.56  -     1,000      168.56       /      1,000      =       16.86%
1995     1,180.22  -     1,000      180.22       /      1,000      =       18.02%
1994       939.64  -     1,000      (60.36)      /      1,000      =       (6.04)%
1993     1,125.24  -     1,000      125.24       /      1,000      =       12.52%
1992*    1,244.59  -     1,000      244.59       /      1,000      =       24.46%

*From October 1, 1992 to December 31, 1992.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES K (GLOBAL STRATEGIC INCOME)

Quotation of Total Return for the periods of June 1, 1995 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,028.60   -   $1,000      $28.60       /     $1,000      =        2.86%
1999     1,001.50   -    1,000        1.50       /      1,000      =        0.15%
1998     1,058.17   -    1,000       58.17       /      1,000      =        5.82%
1997     1,043.15   -    1,000       43.15       /      1,000      =        4.32%
1996     1,125.47   -    1,000      125.47       /      1,000      =       12.55%
1995*    1,068.82   -    1,000       68.82       /      1,000      =        6.88%

*From June 1, 1995 to December 31, 1995.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN


SERIES L (CAPITAL GROWTH)

Quotation of Total Return for the period of May 1, 2000 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)
2000*   $800.00    -    $1,000      $(200.00)    /     $1,000      =      (20.00)%

*From May 1, 2000 to December 31, 2000

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES M (GLOBAL TOTAL RETURN)

Quotation of Total Return for the periods of June 1, 1995 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $885.60   -    $1,000     $(114.40)     /     $1,000      =      (11.44)%
1999    1,128.40   -     1,000       128.40      /      1,000      =       12.84%
1998    1,115.51   -     1,000       115.51      /      1,000      =       11.55%
1997    1,050.97   -     1,000        50.97      /      1,000      =        5.10%
1996    1,130.89   -     1,000       130.89      /      1,000      =       13.09%
1995*   1,063.74   -     1,000        63.74      /      1,000      =        6.37%

*From June 1, 1995 to December 31, 1995.

                                  VARIFLEX ES
                         NON-STANDARDIZED TOTAL RETURN

SERIES N (MANAGED ASSET ALLOCATION)

Quotation of Total Return for the periods of June 1, 1995 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $981.40    -    $1,000      $(18.60)     /     $1,000      =       (1.86)%
1999   1,086.20    -     1,000        86.20      /      1,000      =        8.62%
1998   1,172.76    -     1,000       172.76      /      1,000      =       17.28%
1997   1,172.49    -     1,000       172.49      /      1,000      =       17.25%
1996   1,116.64    -     1,000       116.64      /      1,000      =       11.66%
1995*  1,065.70    -     1,000        65.70      /      1,000      =        6.57%

*From June 1, 1995 to December 31, 1995.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES O (EQUITY INCOME)

Quotation of Total Return for the periods of June 1, 1995 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,117.90  -    $1,000      $117.90      /     $1,000      =       11.79%
1999     1,020.60  -     1,000        20.60      /      1,000      =        2.06%
1998     1,079.77  -     1,000        79.77      /      1,000      =        7.98%
1997     1,271.20  -     1,000       271.20      /      1,000      =       27.12%
1996     1,188.32  -     1,000       188.32      /      1,000      =       18.83%
1995*    1,162.09  -     1,000       162.09      /      1,000      =       16.21%

*From June 1, 1995 to December 31, 1995.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES P (HIGH YIELD)

Quotation  of Total  Return for the  periods of August 5, 1996 to  December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $974.40   -    $1,000      $(25.60)     /     $1,000      =       (2.56)%
1999    1,003.20   -     1,000         3.20      /      1,000      =        0.32%
1998    1,047.86   -     1,000        47.86      /      1,000      =        4.79%
1997    1,121.60   -     1,000       121.60      /      1,000      =       12.16%
1996*   1,061.71   -     1,000        61.71      /      1,000      =        6.17%

*From August 5, 1996 to December 31, 1996.


                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN


SERIES Q (SMALL CAP VALUE)

Quotation of Total Return for the period of May 1, 2000 to December 31, 2000.


                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)
2000*   $1,067.00  -    $1,000      $67.00       /     $1,000      =        6.70%

*From May 1, 2000 to December 31, 2000

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES S (SOCIAL AWARENESS)

Quotation of Total Return for the periods of May 1, 1991 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $862.10   -    $1,000     $(137.90)     /     $1,000      =      (13.79)%
1999    1,160.50   -     1,000       160.50      /      1,000      =       16.05%
1998    1,301.22   -     1,000       301.22      /      1,000      =       30.12%
1997    1,214.25   -     1,000       214.25      /      1,000      =       21.43%
1996    1,176.28   -     1,000       176.28      /      1,000      =       17.63%
1995    1,262.35   -     1,000       262.35      /      1,000      =       26.24%
1994      952.34   -     1,000       (47.66)     /      1,000      =       (4.77)%
1993    1,107.71   -     1,000       107.71      /      1,000      =       10.77%
1992    1,152.25   -     1,000       152.25      /      1,000      =       15.23%
1991*   1,048.42   -     1,000        48.42      /      1,000      =        4.84%

*From May 1, 1991 to December 31, 1991.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES T (TECHNOLOGY)

Quotation of Total Return for the period of May 1, 2000 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)
2000*   $609.00    -    $1,000      $(391.00)    /     $1,000      =      (39.10)%

*From May 1, 2000 to December 31, 2000

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES V (MID-CAP VALUE, FORMERLY VALUE)

Quotation of Total Return for the periods of May 1, 1997 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000    $1,324.50  -    $1,000     $324.50       /     $1,000      =       32.45%
1999     1,177.40  -     1,000      177.40       /      1,000      =       17.74%
1998     1,154.14  -     1,000      154.14       /      1,000      =       15.41%
1997*    1,304.18  -     1,000      304.18       /      1,000      =       30.42%

*From May 1, 1997 to December 31, 1997.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES W (MAIN STREET GROWTH AND INCOME(R))

Quotation of Total Return for the period of May 1, 2000 to December 31, 2000.

                           Initial Investment = $1,000


                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)
2000*   $896.00    -    $1,000      $(104.00)    /     $1,000      =      (10.40)%

*From May 1, 2000 to December 31, 2000

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN


SERIES X (SMALL CAP GROWTH, FORMERLY SMALL CAP)

Quotation  of Total  Return for the periods of October 15, 1997 to December  31,
2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $903.90   -    $1,000      $(96.10)     /     $1,000      =       (9.61)%
1999    1,852.30   -     1,000       852.30      /      1,000      =       85.23%
1998    1,104.60   -     1,000       104.60      /      1,000      =       10.46%
1997*     955.97   -     1,000       (44.03)     /      1,000      =       (4.40)%

*From October 15, 1997 to December 31, 1997.

                                   VARIFLEX ES
                          NON-STANDARDIZED TOTAL RETURN

SERIES Y (SELECT 25)

Quotation of Total Return for the period of May 3, 1999 to December 31, 2000.

                           Initial Investment = $1,000

                                    INCREASE
         ENDING         INITIAL    (DECREASE)          INITIAL          % INCREASE
          VALUE          VALUE      IN VALUE            VALUE            (DECREASE)

2000     $830.80   -    $1,000      $(169.20)    /     $1,000      =      (16.92)%
1999*   1,145.79   -     1,000        145.79     /      1,000      =       22.90%

*From May 3, 1999 to December 31, 1999