Pre-Effective Amendment to Registration Statement for a Separate Account (Unit Investment Trust) — Form N-4
Filing Table of Contents
Document/Exhibit Description Pages Size
1: N-4 EL/A Pre-Effective Amendment to Registration Statement 83± 317K
for a Separate Account (Unit Investment
Trust)
8: EX-99.B10 Independent Auditors' Consent 1 6K
9: EX-99.B13 Calculation of Performance Information 35± 145K
10: EX-99.B15 Organizational Chart 1 7K
2: EX-99.B3 Form of Principal Underwriters Agreement 2± 13K
3: EX-99.B6(I) Articles of Incorporation 25± 83K
4: EX-99.B6(II) Amendment to Bylaws 23± 87K
5: EX-99.B8(I) Participation Agreement 16± 74K
6: EX-99.B8(II) Form of Participation Agreement 20± 76K
7: EX-99.B9 Opinion and Consent of Counsel 2± 9K
EX-99.B13 — Calculation of Performance Information
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EXHIBIT 13
MERRILL LYNCH INTERNATIONAL EQUITY FOCUS FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 10.6527413
----------
EQUALS ORIGINAL UNITS PURCHASED 93.8725512
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 1.3074874
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.7187348
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 92.4613038
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 11.0345443
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,020.27
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0203
SUBTRACT 1.0 0.0203
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 2.03%
====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 01-Jul-93 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-Jul-93 10.0000000
----------
EQUALS ORIGINAL UNITS PURCHASED 100
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.8495484
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -11.0902597
----------
EQUALS UNITS HELD ON 31-Dec-96 95.7592887
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 11.0345443
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,056.66
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0567
SUBTRACT 1.0 0.0567
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 5.67%
====
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MERRILL LYNCH INTERNATIONAL EQUITY FOCUS FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,020.27 $1,000 (1 + T)** 3.5041 = $1,056.66
T = 2.03% T = 1.59%
==== ====
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MERRILL LYNCH INTERNATIONAL EQUITY FOCUS FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 10.6527413
----------
EQUALS ORIGINAL UNITS PURCHASED 93.8725512
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 1.3074874
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.7187348
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 92.4613038
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 11.0345443
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,020.27
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $940.27
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9403
SUBTRACT 1.0 -0.0597
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -5.97%
====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 01-Jul-93 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-Jul-93 10.0000000
----------
EQUALS ORIGINAL UNITS PURCHASED 100
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.8495484
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -11.0902597
----------
EQUALS UNITS HELD ON 31-Dec-96 95.7592887
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 11.0345443
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,056.66
LESS WITHDRAWAL CHARGE @ 5.00% ON% 90% (8% MAX ON PURCHASES) 47.55
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,009.11
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0091
SUBTRACT 1.0 0.0091
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 0.91%
====
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MERRILL LYNCH INTERNATIONAL EQUITY FOCUS FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $940.27 $1,000 (1 + T)** 3.5041 = $1,009.11
T = -5.97% T = 0.26%
==== ====
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EXHIBIT 13
MERRILL LYNCH HIGH CURRENT INCOME FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 9.82845567
----------
EQUALS ORIGINAL UNITS PURCHASED 101.7453843
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 10.0731576
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -3.0605324
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 108.7580095
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.80221623
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,066.07
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0661
SUBTRACT 1.0 0.0661
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 6.61%
====
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5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 9.49036386
----------
EQUALS ORIGINAL UNITS PURCHASED 105.370038
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 59.8706769
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -15.0138964
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 150.2268185
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.80221623
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,472.56
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.4726
SUBTRACT 1.0 0.4726
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 47.26%
====
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10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 11.4200000
-
EQUALS ORIGINAL UNITS PURCHASED 87.5656743
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 150.9577227
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -30.8982011
-
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 207.6251959
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.8022162
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $2,035.19
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 2.0352
SUBTRACT 1.0 1.0352
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 103.52%
======
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MERRILL LYNCH HIGH CURRENT INCOME FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,066.07 $1,000 (1 + T)**5 = $1,472.56 $1,000 (1 + T)**10 = $2,035.19
T = 6.61% T = 8.05% T = 7.36%
=== ==== ====
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MERRILL LYNCH HIGH CURRENT INCOME FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 9.82845567
----------
EQUALS ORIGINAL UNITS PURCHASED 101.7453843
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 10.0731576
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -3.0605324
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 108.7580095
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.80221623
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,066.07
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $986.07
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9861
SUBTRACT 1.0 -0.0139
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -1.39%
====
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5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 9.490363856
-----------
EQUALS ORIGINAL UNITS PURCHASED 105.370038
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 59.8706769
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -15.0138964
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 150.2268185
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.80221623
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,472.56
LESS WITHDRAWAL CHARGE @ 4.00% ON 90% (8% MAX ON PURCHASES) 53.01
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,419.55
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.4196
SUBTRACT 1.0 0.4196
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 41.96%
=====
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10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 11.4200000
----------
EQUALS ORIGINAL UNITS PURCHASED 87.5656743
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 150.9577227
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -30.8982011
----------
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 207.6251959
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 9.80221623
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $2,035.19
LESS WITHDRAWAL CHARGE @ 0.00% ON 90% (8% MAX ON PURCHASES) 0.00
----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $2,035.19
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 2.0352
SUBTRACT 1.0 1.0352
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 103.52%
======
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MERRILL LYNCH HIGH CURRENT INCOME FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $986.07 $1,000 (1 + T)**5 = $1,419.55 $1,000 (1 + T)**10 = $2,035.19
T = -1.39% T = 7.26% T = 7.36%
==== ==== ====
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EXHIBIT 13
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 16.7400399
----------
EQUALS ORIGINAL UNITS PURCHASED 59.737014
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.6612319
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.5675155
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 60.8307304
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 19.1385667
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,164.21
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.1642
SUBTRACT 1.0 0.1642
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 16.42%
=====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 07-Oct-93 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 07-Oct-93 12.5000000
----------
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 7.9868223
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -7.9195126
---------
EQUALS UNITS HELD ON 31-Dec-96 80.0673097
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 19.1385667
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,532.37
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.5324
SUBTRACT 1.0 0.5324
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 53.24%
[Download Table]
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,164.21 $1,000 (1 + T)** 3.2356 = $1,532.37
T = 16.42% T = 14.10%
===== =====
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THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 16.7400399
----------
EQUALS ORIGINAL UNITS PURCHASED 59.737014
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.6612319
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.5675155
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 60.8307304
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 19.1385667
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,164.21
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,084.21
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0842
SUBTRACT 1.0 0.0842
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 8.42%
====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 07-Oct-93 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 07-Oct-93 12.5000000
----------
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 7.9868223
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -7.9195126
---------
EQUALS UNITS HELD ON 31-Dec-96 80.0673097
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 19.1385667
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,532.37
LESS WITHDRAWAL CHARGE @ 5.00% ON 90% (8% MAX ON PURCHASES) 68.96
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,463.41
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.4634
SUBTRACT 1.0 0.4634
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 46.34%
=====
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THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,084.21 $1,000 (1 + T)** 3.2356 = $1,463.41
T = 8.42% T = 12.49%
==== =====
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EXHIBIT 13
DREYFUS STOCK INDEX FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 15.66
-----
EQUALS ORIGINAL UNITS PURCHASED 63.8605376
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.5071224
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.6494682
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 64.7181918
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,177.07
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.1771
SUBTRACT 1.0 0.1771
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 17.71%
=====
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5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 14.4142252
----------
EQUALS ORIGINAL UNITS PURCHASED 69.3759105
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 30.3081131
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -10.5528098
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 89.1312138
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,621.09
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.6211
SUBTRACT 1.0 0.6211
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 62.11%
=====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 29-Sep-89 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 29-Sep-89 12.5000000
----------
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 40.1512184
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -17.6053966
----------
EQUALS UNITS HELD ON: 31-Dec-96 102.5458218
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,865.07
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.8651
SUBTRACT 1.0 0.8651
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 86.51%
=====
[Enlarge/Download Table]
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
ONE YEAR AVERAGE FIVE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,177.07 $1,000 (1 + T)**5 = $1,621.09 $1,000 (1 + T)** 7.2603 = $1,865.07
T = 17.71% T = 10.14% T = 8.96%
===== ===== ====
[Enlarge/Download Table]
DREYFUS STOCK INDEX FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 15.66
-----
EQUALS ORIGINAL UNITS PURCHASED 63.8605376
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.5071224
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.6494682
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 64.7181918
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,177.07
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,097.07
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0971
SUBTRACT 1.0 0.0971
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 9.71%
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 14.4142252
----------
EQUALS ORIGINAL UNITS PURCHASED 69.3759105
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 30.3081131
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -10.5528098
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 89.1312138
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,621.09
LESS WITHDRAWAL CHARGE @ 4.00% ON 90% (8% MAX ON PURCHASES) 58.36
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,562.73
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.5627
SUBTRACT 1.0 0.5627
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 56.27%
[Enlarge/Download Table]
SINCE INCEPTION:
INITIAL INVESTMENT ON 29-Sep-89 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 29-Sep-89 12.5000000
----------
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 40.1512184
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -17.6053966
----------
EQUALS UNITS HELD ON 31-Dec-96 102.5458218
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.1876807
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,865.07
LESS WITHDRAWAL CHARGE @ 1.00% ON 90% (8% MAX ON PURCHASES) 16.79
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,848.28
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.8483
SUBTRACT 1.0 0.8483
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 84.83%
[Enlarge/Download Table]
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
SINCE INCEPTION
ONE YEAR AVERAGE FIVE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,097.07 $1,000 1 + T)**5 = $1,562.73 $1,000 (1 + T)** 7.2603 = $1,848.28
T = 9.71% T = 9.34% T = 8.83%
==== ==== ====
[Enlarge/Download Table]
EXHIBIT 13
MERRILL LYNCH PRIME BOND FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 10.8768422
----------
EQUALS ORIGINAL UNITS PURCHASED 91.9384486
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.2957283
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.9269092
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 95.3072677
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $976.87
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9769
SUBTRACT 1.0 -0.0231
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -2.31%
====
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 11.1509926
----------
EQUALS ORIGINAL UNITS PURCHASED 89.6781156
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 35.3136611
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -14.09012
--------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 110.9016567
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,136.71
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.1367
SUBTRACT 1.0 0.1367
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 13.67%
======
[Enlarge/Download Table]
10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 12.0400000
----------
EQUALS ORIGINAL UNITS PURCHASED 83.0564784
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 81.21453
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -28.065864
---------
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 136.2051444
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,396.06
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3961
SUBTRACT 1.0 0.3961
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 39.61%
=====
[Enlarge/Download Table]
MERRILL LYNCH PRIME BOND FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $976.87 $1,000 (1 + T)**5 = $1,136.71 $1,000 (1 + T)**10 = $1,396.06
T = -2.31% T = 2.60% T = 3.39%
==== ==== ====
[Enlarge/Download Table]
MERRILL LYNCH PRIME BOND FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 10.8768422
----------
EQUALS ORIGINAL UNITS PURCHASED 91.9384486
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.2957283
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.9269092
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 95.3072677
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $976.87
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 78.15
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $898.72
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.8987
SUBTRACT 1.0 -0.1013
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -10.13%
=====
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 11.1509926
----------
EQUALS ORIGINAL UNITS PURCHASED 89.6781156
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 35.3136611
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -14.09012
--------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 110.9016567
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,136.71
LESS WITHDRAWAL CHARGE @ 4.00% ON 90% (8% MAX ON PURCHASES) 40.92
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,095.79
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0958
SUBTRACT 1.0 0.0958
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 9.58%
====
[Enlarge/Download Table]
10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 12.0400000
----------
EQUALS ORIGINAL UNITS PURCHASED 83.0564784
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 81.21453
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -28.065864
---------
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 136.2051444
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 10.2497201
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,396.06
LESS WITHDRAWAL CHARGE @ 0.00% ON 90% (8% MAX ON PURCHASES) 0.00
----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,396.06
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3961
SUBTRACT 1.0 0.3961
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 39.61%
=====
[Enlarge/Download Table]
MERRILL LYNCH PRIME BOND FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $898.72 $1,000 (1 + T)**5 = $1,095.79 $1,000 (1 + T)**10 = $1,396.06
T = -10.13% T = 1.85% T = 3.39%
===== ==== ====
[Enlarge/Download Table]
EXHIBIT 13
MERRILL LYNCH AMERICAN BALANCED FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 13.5385159
----------
EQUALS ORIGINAL UNITS PURCHASED 73.8633399
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.937632
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.1314539
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 74.6695180
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748997
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,050.97
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0510
SUBTRACT 1.0 0.0510
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 5.10%
====
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 12.14917489
-----------
EQUALS ORIGINAL UNITS PURCHASED 82.3101165
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 17.1777644
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -11.6968395
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 87.7910414
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748998
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,235.65
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.2357
SUBTRACT 1.0 0.2357
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 23.57%
=====
[Enlarge/Download Table]
SINCE INCEPTION:
INITIAL INVESTMENT ON 01-Jun-88 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-Jun-88 10.0000000
----------
EQUALS ORIGINAL UNITS PURCHASED 100
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 38.4048028
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -22.4596635
----------
EQUALS UNITS HELD ON 31-Dec-96 115.9451393
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748998
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,631.92
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.6319
SUBTRACT 1.0 0.6319
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 63.19%
=====
[Enlarge/Download Table]
MERRILL LYNCH AMERICAN BALANCED FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
ONE YEAR AVERAGE FIVE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,050.97 $1,000 (1 + T)**5 = $1,235.65 $1,000 (1 + T)** 8.5890 = $1,631.92
T = 5.10% T = 4.32% T = 5.87%
==== ==== ====
[Enlarge/Download Table]
MERRILL LYNCH AMERICAN BALANCED FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 13.5385159
----------
EQUALS ORIGINAL UNITS PURCHASED 73.8633399
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 2.937632
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.1314539
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 74.6695180
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748998
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,050.97
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $970.97
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9710
SUBTRACT 1.0 -0.0290
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -2.90%
======
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 12.1491749
----------
EQUALS ORIGINAL UNITS PURCHASED 82.3101165
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 17.1777644
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -11.6968395
----------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 87.7910414
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748998
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,235.65
LESS WITHDRAWAL CHARGE @ 4.00% ON 90% (8% MAX ON PURCHASES) 44.48
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,191.17
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.1912
SUBTRACT 1.0 0.1912
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 19.12%
=====
[Enlarge/Download Table]
SINCE INCEPTION:
INITIAL INVESTMENT ON 01-Jun-88 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-Jun-88 10.0000000
----------
EQUALS ORIGINAL UNITS PURCHASED 100
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 38.4048028
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -22.4596635
----------
EQUALS UNITS HELD ON 31-Dec-96 115.9451393
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 14.0748998
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,631.92
LESS WITHDRAWAL CHARGE @ 0.00% ON 90% (8.0% MAX ON PURCHASES) 0.00
----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,631.92
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.6319
SUBTRACT 1.0 0.6319
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 63.19%
=====
[Enlarge/Download Table]
MERRILL LYNCH AMERICAN BALANCED FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
SINCE INCEPTION
ONE YEAR AVERAGE FIVE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $970.97 $1,000 (1 + T)**5 = $1,191.17 $1,000 (1 + T)** 8.5890 = $1,631.92
T = -2.90% T = 3.56% T = 5.87%
==== ==== ====
[Enlarge/Download Table]
EXHIBIT 13
MERRILL LYNCH SPECIAL VALUE FOCUS FUND
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 24.4447515
----------
EQUALS ORIGINAL UNITS PURCHASED 40.908577
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.2880443
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.3294883
----------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 45.8671330
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.5650720
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,035.00
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0350
SUBTRACT 1.0 0.0350
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 3.50%
====
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 16.661452
----------
EQUALS ORIGINAL UNITS PURCHASED 60.0187787
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 9.3887894
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -7.7473034
---------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 61.6602647
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.5650720
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,391.37
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3914
SUBTRACT 1.0 0.3914
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 39.14%
=====
[Enlarge/Download Table]
10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 18.4200000
----------
EQUALS ORIGINAL UNITS PURCHASED 54.2888165
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 23.533674
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -19.783995
---------
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 58.0384950
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.5650720
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,309.64
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3096
SUBTRACT 1.0 0.3096
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 30.96%
=====
[Enlarge/Download Table]
MERRILL LYNCH SPECIAL VALUE FOCUS FUND
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,035.00 $1,000 (1 + T)**5 = $1,391.00 $1,000 (1 + T)**10 = $1,309.64
T = 3.50% T = 6.83% T = 2.73%
==== ==== ====
[Enlarge/Download Table]
MERRILL LYNCH SPECIAL VALUE FOCUS FUND
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 24.4447515
----------
EQUALS ORIGINAL UNITS PURCHASED 40.908577
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 6.2880443
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.3294883
---------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 45.8671330
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.5650720
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,035.00
LESS WITHDRAWAL CHARGE @ 8.00%(8% MAX ON PURCHASES): 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $955.00
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9550
SUBTRACT 1.0 -0.0450
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -4.50
====
[Enlarge/Download Table]
5 YEARS:
INITIAL INVESTMENT ON 31-Dec-91 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-91 16.661452
---------
EQUALS ORIGINAL UNITS PURCHASED 60.0187787
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 9.3887894
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -7.7473034
---------
EQUALS UNITS HELD AT END OF 5 YEARS ON 31-Dec-96 61.6602647
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.565072
---------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,391.37
LESS WITHDRAWAL CHARGE @ 4.00% ON 90% (8% MAX ON PURCHASES): 50.09
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,341.28
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3413
SUBTRACT 1.0 0.3413
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 34.13%
=====
[Enlarge/Download Table]
10 YEARS:
INITIAL INVESTMENT ON 31-Dec-86 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-86 18.4200000
----------
EQUALS ORIGINAL UNITS PURCHASED 54.2888165
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 23.533674
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -19.7839955
----------
EQUALS UNITS HELD AT END OF 10 YEARS ON 31-Dec-96 58.0384950
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 22.5650720
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,309.64
LESS WITHDRAWAL CHARGE @ 0.00% ON 90% (8% MAX ON PURCHASES): 0.00
----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,309.64
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.3096
SUBTRACT 1.0 0.3096
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 30.96%
=====
[Enlarge/Download Table]
MERRILL LYNCH SPECIAL VALUE FOCUS FUND
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
ONE YEAR AVERAGE FIVE YEAR AVERAGE TEN YEAR AVERAGE
ANNUAL RETURN ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $955.00 $1,000 (1 + T)**5 = $1,341.00 $1,000 (1 + T)**10 = $1,309.64
T = -4.50% T = 6.05% T = 2.73%
==== ==== ====
[Enlarge/Download Table]
EXHIBIT 13
DREYFUS VARIABLE INVESTMENT FUND - GROWTH AND INCOME PORTFOLIO
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 17.8779404
----------
EQUALS ORIGINAL UNITS PURCHASED 55.9348547
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 7.392402
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.5971692
----------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 61.7300875
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.7832323
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,159.49
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.1595
SUBTRACT 1.0 0.1595
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 15.95%
=====
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SINCE INCEPTION:
INITIAL INVESTMENT ON 02-May-94 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 02-May-94 12.50
-----
EQUALS ORIGINAL UNITS PURCHASED 80.0000000
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 18.0545441
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -5.8045263
----------
EQUALS UNITS HELD ON 31-Dec-96 92.2500178
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.7832324
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,732.75
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.7328
SUBTRACT 1.0 0.7328
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 73.28%
=====
[Download Table]
DREYFUS VARIABLE INVESTMENT FUND - GROWTH AND INCOME PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,159.49 $1,000 (1 + T)** 2.6685 = $1,732.75
T = 15.95% T = 22.88%
===== =====
[Enlarge/Download Table]
DREYFUS VARIABLE INVESTMENT FUND - GROWTH AND INCOME PORTFOLIO
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
1 YEAR:
INITIAL INVESTMENT ON 31-Dec-95 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-95 17.8779404
----------
EQUALS ORIGINAL UNITS PURCHASED 55.9348547
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 7.392402
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -1.5971692
----------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 61.7300875
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.7832323
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,159.49
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,079.49
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0795
SUBTRACT 1.0 0.0795
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 7.95%
====
[Enlarge/Download Table]
SINCE INCEPTION:
INITIAL INVESTMENT ON 02-May-94 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 02-May-94 12.50
-----
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 18.0545441
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -5.8045263
----------
EQUALS UNITS HELD ON 31-Dec-96 92.2500178
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 18.78
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,732.75
LESS WITHDRAWAL CHARGE @ 6.00% ON 90% (8.0% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,652.75
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.6528
SUBTRACT 1.0 0.6528
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 65.28%
=====
[Download Table]
DREYFUS VARIABLE INVESTMENT FUND - GROWTH AND INCOME PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
SINCE INCEPTION
ONE YEAR AVERAGE AVERAGE
ANNUAL RETURN ANNUAL RETURN
$1,000 (1 + T)**1 = $1,079.49 $1,000 (1 + T)** 2.6685 = $1,652.75
T = 7.95% T = 20.72%
==== =====
[Enlarge/Download Table]
EXHIBIT 13
DREYFUS VARIABLE INVESTMENT FUND - SMALL COMPANY STOCK PORTFOLIO
TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
SINCE INCEPTION:
INITIAL INVESTMENT ON 01-May-96 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-May-96 12.50
-----
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 0.3606163
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.239634
--------
EQUALS UNITS HELD ON 31-Dec-96 78.1209823
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 13.3950457
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $1,046.43
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 1.0464
SUBTRACT 1.0 0.0464
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) 4.64%
====
DREYFUS VARIABLE INVESTMENT FUND - SMALL COMPANY STOCK PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN WITH NO WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
AVERAGE
ANNUAL RETURN
$1,000 (1 + T)** 0.67 = $1,046.43
T = 7.01%
====
[Enlarge/Download Table]
DREYFUS VARIABLE INVESTMENT FUND - SMALL COMPANY STOCK PORTFOLIO
TOTAL RETURN WITH WITHDRAWAL CHARGE:
T = [ ERV / P ] - 1
where: T = total return
P = initial $1,000 investment
ERV = ending value of $1,000 investment
SINCE INCEPTION:
INITIAL INVESTMENT ON 01-May-96 $1,000.00
DIVIDED BY FEE ADJUSTED NET ASSET VALUE ON 01-May-96 12.50
-----
EQUALS ORIGINAL UNITS PURCHASED 80
PLUS UNITS ACQUIRED THROUGH DIVIDEND REINVESTMENT 0.3606163
LESS UNITS USED TO PAY FOR POLICY MAINTENANCE CHARGES -2.239634
--------
EQUALS UNITS HELD AT END OF 1 YEAR ON 31-Dec-96 78.1209823
MULTIPLIED BY FEE ADJUSTED NET ASSET VALUE ON 31-Dec-96 13.3950457
----------
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT
BEFORE WITHDRAWAL CHARGE ON 31-Dec-96 $1,046.43
LESS WITHDRAWAL CHARGE @ 8.00% (8% MAX ON PURCHASES) 80.00
-----
EQUALS ENDING REDEEMABLE VALUE OF $1,000 INVESTMENT (ERV) $966.43
DIVIDED BY ORIGINAL $1,000 INVESTMENT (P) 0.9664
SUBTRACT 1.0 -0.0336
EXPRESSED AS A PERCENTAGE EQUALS THE TOTAL RETURN FOR THE PERIOD (T) -3.36%
====
DREYFUS VARIABLE INVESTMENT FUND - SMALL COMPANY STOCK PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN WITH WITHDRAWAL CHARGE:
P [ 1 + T ]**n = ERV
where: T = average annual total return
P = initial $1,000 investment
n = number of years
** = to the power of
ERV = ending value of $1,000 investment
THUS:
SINCE INCEPTION
AVERAGE
ANNUAL RETURN
$1,000 (1 + T)** 0.67 = $966.43
T = -4.97%
====
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