Semi-Annual Report
AUL American Individual
Variable Life Unit Trust
June 30, 1999
This report and the financial statements contained herein are for the general
information of the Participants. The Report is not to be distributed to
prospective investors as sales literature unless accompanied or preceded by an
effective prospectus of AUL American Series Fund, Inc. and AUL American
Individual Variable Life Unit Trust, which contains further information
concerning the sales charge, expenses and other pertinent information.
American United Life Insurance Company
<PAGE>
A Message
From
The Chairman of the Board
and President of
AUL American Series Fund, Inc.
To Participants in AUL American Individual Variable Life Unit Trust
The current economic expansion continues to surprise investors with its
longevity. It has now endured for 100 months, making it the longest peacetime
expansion in U.S. history. If the economy can remain on its current track for
another six months, it will achieve the distinction of being the longest
expansion of all time.
However, economic growth can represent a mixed blessing. The Federal Reserve has
been keeping a close eye on domestic growth watching for signs of inflationary
pressures. At its June 29-30 meeting, the Fed decided to take a pre-emptive step
by raising the Federal Funds rate by 25 basis points, representing the first
such increase since March 1997. The Fed is hoping that this modest move will
eliminate the need for more drastic action at some later date.
Bond prices declined steadily during the first half of the year as market
participants reacted to the surprisingly strong growth of the U.S. economy and
the rekindling of expectations for a rebound in the global economy. The ten-year
Treasury yield increased from 4.65% at the beginning of the year to over 5.75%
at the end of June.
As we began 1999, stock market performance was driven by large growth and
technology companies, the same as in 1998. But the increase in long-term
interest rates stalled the upward momentum in the equity market. The stock
market experienced a dramatic change in leadership in April as investors began
focusing on industries that would benefit from stronger global growth. This
rotation resulted in a remarkable rebound in economically sensitive and small
capitalization companies.
As we enter the second half of 1999, the marketplace remains vulnerable to
external surprises. The Federal Reserve will be closely watching the growth rate
of the U.S. economy. Without some moderation, the Federal Reserve may feel
forced to take additional action. Y2K issues will also provide additional
uncertainty as we near the end of 1999. For more information regarding AULs
preparation for Y2K, please see our website at www.aul.com or call
1-800-863-9354.
/s/James W. Murphy
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
July 15,1999
1
<PAGE>
(This page is intentionally blank.)
2
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF NET ASSETS
June 30, 1999
(unaudited)
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
<S> <C> <C> <C> <C> <C> <C>
Equity Money Market Bond Managed High Income Growth
Assets:
Investments at value $ 233,161 $ 361,028 $ 262,828 $ 73,823 $ 136,968 $ 1,107,934
Net Assets $ 233,161 $ 361,028 $ 262,828 $ 73,823 $ 136,968 $ 1,107,934
Units outstanding 43,569 342,213 50,326 13,896 28,020 159,654
Accumulation Unit Value $ 5.35 $ 1.05 $ 5.22 $ 5.31 $ 4.89 $ 6.94
</TABLE>
<TABLE>
<CAPTION>
Fidelity
<S> <C> <C> <C> <C> <C> <C>
Overseas Asset Manager Index 500 Equity-Income Contrafund Money Market
Assets:
Investments at value $ 40,314 $ 455,325 $ 2,617,510 $ 462,141 $ 914,659 $ 153,893
Net Assets $ 40,314 $ 455,325 $ 2,617,510 $ 462,141 $ 914,659 $ 153,893
Units outstanding 7,756 81,035 418,265 81,629 143,507 145,635
Accumulation Unit Value 5.20 5.62 6.26 5.66 6.37 1.06
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF NET ASSETS (continued)
June 30, 1999
(unaudited)
<TABLE>
<CAPTION>
American Century Alger T. Rowe Price
<S> <C> <C> <C> <C> <C>
VP Capital VP VP Income American
Appreciation International and Growth Growth Equity income
Assets:
Investments at value $ 35,385 $ 225,884 $ 0 $ 1,704,522 $ 497,674
Net Assets $ 35,385 $ 225,884 $ 0 $ 1,704,522 $ 497,674
Units outstanding 6,699 42,423 0 233,141 88,035
Accumulation Unit Value $ 5.28 $ 5.32 $ 5.12 $ 7.31 $ 5.65
</TABLE>
<TABLE>
<CAPTION>
Janus SAFECO
<S> <C> <C> <C> <C>
Worldwide Flexible
Growth Income Equity Growth
Assets:
Investments at value $ 12,293 $ 24 $ 0 $ 0
Net Assets $ 12,293 $ 24 $ 0 $ 0
Units outstanding 2,370 5 0 0
Accumulation Unit Value $ 5.19 $ 4.90 $ 4.97 $ 5.17
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
AUL American Series Fund
Equity Money Market Bond
<S> <C> <C> <C> <C> <C> <C>
Six months For the period Six months For the period Six months For the period
ended from 4/30/98 ended from 4/30/98 ended from 4/30/98
6/30/99 (commencement) 6/30/99 (commencement) 6/30/99 (commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 (unaudited) to 12/31/98
Operations:
Dividend income $ 0 $ 8,675 $ 4,704 $ 1,077 $ 0 $ 1,028
Net Investment income 0 8,675 4,704 1,077 0 1,028
Gain (Loss) on Investments:
Net realized gain (loss) 3,668 (230) 0 0 (829) 390
Net change in
unrealized appreciation
(depreciation) 17,459 911 0 0 (2,598) (649)
Net Gain (Loss) 21,127 681 0 0 (3,427) (259)
Increase
in Net Assets
from Operations 21,127 9,356 4,704 1,077 (3,427) 769
Contract Owner Transactions:
Proceeds from units sold 169,034 116,012 474,077 235,711 375,505 140,768
Cost of units redeemed (40,796) (26,360) (239,424) (99,765) (137,385) (104,420)
Account charges (11,823) (3,389) (9,334) (6,018) (7,606) (1,376)
Increase 116,415 86,263 225,319 129,928 230,514 34,972
Net increase 137,542 95,619 230,023 131,005 227,087 35,741
Net Assets, beginning 95,619 0 131,005 0 35,741 00
Net Assets, ending $ 233,161 $ 95,619 $ 361,028 $ 131,005 $ 262,828 $ 35,741
Units sold 34,403 26,537 453,716 229,979 70,974 26,926
Units redeemed (10,644) (6,727) (238,364) (103,118) (27,380) (20,194)
Net increase 23,759 19,810 215,352 126,861 43,594 6,732
Units outstanding, beginning 19,810 0 126,861 0 6,732 0
Units outstanding, ending 43,569 19,810 342,213 126,861 50,326 6,732
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
Managed High Income Growth
<S> <C> <C> <C> <C> <C> <C>
Six months For the period Six months For the period Six months For the period
ended from 4/30/98 ended from 4/30/98 ended from 4/30/98
6/30/99 (commencement) 6/30/99 (commencement) 6/30/99 (commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 (unaudited) to 12/31/98
Operations:
Dividend income $ 0 $ 1,892 $ 3,310 $ 0 $ 19,251 $ 0
Net Investment income 0 1,892 3,310 0 19,251 0
Gain (Loss) on Investments:
Net realized gain (loss) 477 75 801 (295) 13,878 318
Net change in
unrealized appreciation
(depreciation) 2,948 608 (1,349) 1,954 34,772 17,221
Net Gain (Loss) 3,425 683 (548) 1,659 48,650 17,539
Increase
in Net Assets
from Operations 3,425 2,575 2,762 1,659 67,901 17,539
Contract Owner Transactions:
Proceeds from units sold 45,389 30,838 114,683 27,265 1,009,695 118,862
Cost of units redeemed (8) (2,548) (1,626) (257) (40,659) (106)
Account charges (4,175) (1,673) (5,353) (2,165) (58,174) (7,124)
Increase 41,206 26,617 107,704 24,843 910,862 111,632
Net increase 44,631 29,192 110,466 26,502 978,764 129,171
Net Assets, beginning 29,192 0 26,502 0 129,171 0
Net Assets, ending $ 73,823 $ 29,192 $ 136,968 $ 26,502 $1,107,934 $ 129,171
Units sold 8,907 6,673 23,655 6,401 153,424 22,644
Units redeemed (813) (871) (1,487) (549) (15,059) (1,355)
Net increase 8,094 5,802 22,168 5,852 138,365 21,289
Units outstanding, beginning 5,802 0 5,852 0 21,289 0
Units outstanding, ending 13,896 5,802 28,020 5,852 159,654 21,289
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
Fidelity
Overseas Asset Manager Index 500
<S> <C> <C> <C> <C> <C> <C>
Six months For the period Six months For the period Six months For the period
ended from 4/30/98 ended from 4/30/98 ended from 4/30/98
6/30/99 (commencement) 6/30/99 (commencement) 6/30/99 (commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 (unaudited) to 12/31/98
Operations:
Dividend income $ 618 $ 0 $ 13,510 $ 0 $ 25,695 $ 0
Net Investment income 618 0 13,510 0 25,695 0
Gain (Loss) on Investments:
Net realized gain (loss) 832 97 5,783 (108) 49,068 5,321
Net change in
unrealized appreciation
(depreciation) 961 704 6,430 9,675 168,502 133,825
Net Gain (Loss) 1,793 801 12,213 9,567 217,570 139,146
Increase
in Net Assets
from Operations 2,411 801 25,723 9,567 243,265 139,146
Contract Owner Transactions:
Proceeds from units sold 29,467 13,531 585,598 130,304 1,139,530 1,314,494
Cost of units redeemed (138) (60) (266,777) (2,218) (75,608) (1,971)
Account charges (4,258) (1,440) (20,131) (6,741) (107,363) (33,983)
Increase 25,071 12,031 298,690 121,345 956,559 1,278,540
Net increase 27,482 12,832 324,413 130,912 1,199,824 1,417,686
Net Assets, beginning 12,832 0 130,912 0 1,417,686 0
Net Assets, ending $ 40,314 $ 12,832 $ 455,325 $ 130,912 $2,617,510 $ 1,417,686
Units sold 6,000 2,998 108,560 26,314 195,111 260,809
Units redeemed (912) (330) (52,049) (1,790) (30,668) (6,987)
Net increase 5,088 2,668 56,511 24,524 164,443 253,822
Units outstanding, beginning 2,668 0 24,524 0 253,822 0
Units outstanding, ending 7,756 2,668 81,035 24,524 418,265 253,822
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
Fidelity
Equity-Income Contrafund Money Market
<S> <C> <C> <C> <C> <C> <C>
Six months For the period Six months For the period Six months For the period
ended from 4/30/98 ended from 4/30/98 ended from 4/30/98
6/30/99 (commencement) 6/30/99 (commencement) 6/30/99 (commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 (unaudited) to 12/31/98
Operations:
Dividend income $ 9,291 $ 0 $ 8,511 $ 0 $ 1,704 $ 109
Net Investment income 9,291 0 8,511 0 1,704 109
Gain (Loss) on Investments:
Net realized gain (loss) 17,595 382 24,696 201 0 0
Net change in
unrealized appreciation
(depreciation) 11,290 15,629 25,179 22,720 0 0
Net Gain (Loss) 28,885 16,011 49,875 22,921 0 0
Increase
in Net Assets
from Operations 38,176 16,011 58,386 22,921 1,704 109
Contract Owner Transactions:
Proceeds from units sold 305,863 152,705 792,252 175,608 132,802 40,979
Cost of units redeemed (13,855) (2,283) (53,158) (20,791) (1,131) (14,744)
Account charges (25,814) (8,662) (48,988) (11,571) (4,559) (1,267)
Increase 266,194 141,760 690,106 143,246 127,112 24,968
Net increase 304,370 157,771 748,492 166,167 128,816 25,077
Net Assets, beginning 157,771 0 166,167 0 25,077 0
Net Assets, ending $ 462,141 $ 157,771 $ 914,659 $ 166,167 $ 153,893 $ 25,077
Units sold 57,636 33,752 131,397 35,686 126,842 39,905
Units redeemed (7,412) (2,347) (16,894) (6,682) (5,410) (15,702)
Net increase 50,224 31,405 114,503 29,004 121,432 24,203
Units outstanding, beginning 31,405 0 29,004 0 24,203 0
Units outstanding, ending 81,629 31,405 143,507 29,004 145,635 24,203
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
American Century
VP Income
VP Capital Appreciation VP International and Growth
<S> <C> <C> <C> <C> <C>
Six months For the period Six months For the periodFor the period
ended from 4/30/98 ended from 4/30/98 from 5/01/99
6/30/99 (commencement) 6/30/99 (commencement)(commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 to 6/30/99
Operations:
Dividend income $ 0 $ 0 $ 0 $ 0 $ 0
Net Investment income 0 0 0 0 0
Gain (Loss) on Investments:
Net realized gain (loss) 540 (18) 9,143 (2,322) 0
Net change in
unrealized appreciation
(depreciation) 4,780 595 2,718 6,162 0
Net Gain (Loss) 5,320 577 11,861 3,840 0
Increase
in Net Assets
from Operations 5,320 577 11,861 3,840 0
Contract Owner Transactions:
Proceeds from units sold 36,336 5,709 184,728 111,903 0
Cost of units redeemed (7,593) 0 (41,391) (25,776) 0
Account charges (3,166) (1,798) (13,606) (5,675) 0
Increase 25,577 3,911 129,731 80,452 0
Net increase 30,897 4,488 141,592 84,292 0
Net Assets, beginning 4,488 0 84,292 0 0
Net Assets, ending $ 35,385 $ 4,488 $ 225,884 $ 84,292 $ 0
Units sold 8,068 1,437 36,019 24,233 0
Units redeemed (2,355) (451) (10,594) (7,235) 0
Net increase 5,713 986 25,425 16,998 0
Units outstanding, beginning 986 0 16,998 0 0
Units outstanding, ending 6,699 986 42,423 16,998 0
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
Alger T. Rowe Price Janus
<S> <C> <C> <C> <C> <C> <C>
Worldwide Flexible
American Growth Equity Income Growth Income
Six months For the period Six months For the periodFor the periodFor the period
ended from 4/30/98 ended from 4/30/98 from 5/01/99 from 5/01/99
6/30/99 (commencement) 6/30/99 (commencement)(commencement)(commencement)
(unaudited) to 12/31/98 (unaudited) to 12/31/98 to 6/30/99 to 6/30/99
Operations:
Dividend income $ 116,780 $ 0 $ 5,397 $ 7,760 $ 22 $ 1
Net Investment income 116,780 0 5,397 7,760 22 1
Gain (Loss) on Investments:
Net realized gain (loss) 52,356 602 10,555 59 8 0
Net change in
unrealized appreciation
(depreciation) (28,455) 43,233 31,713 7,033 640 (1)
Net Gain (Loss) 23,901 43,835 42,268 7,092 648 (1)
Increase
in Net Assets
from Operations 140,681 43,835 47,665 14,852 670 0
Contract Owner Transactions:
Proceeds from units sold 1,419,870 248,390 259,989 245,481 11,820 50
Cost of units redeemed (37,437) (2,128) (11,469) (17,564) 0 0
Account charges (91,384) (17,305) (30,264) (11,016) (197) (26)
Increase 1,291,049 228,957 218,256 216,901 11,623 24
Net increase 1,431,730 272,792 265,921 231,753 12,293 24
Net Assets, beginning 272,792 0 231,753 0 0 0
Net Assets, ending $ 1,704,522 $ 272,792 $ 497,674 $ 231,753 $ 12,293 $ 24
Units sold 208,329 46,809 50,073 52,124 2,409 10
Units redeemed (18,471) (3,526) (8,100) (6,062) (39) (5)
Net increase 189,858 43,283 41,973 46,062 2,370 5
Units outstanding, beginning 43,283 0 46,062 0 0 0
Units outstanding, ending 233,141 43,283 88,035 46,062 2,370 5
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
AUL American Individual Variable Life Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
<TABLE>
<CAPTION>
SAFECO
Equity Growth
<S> <C> <C>
For the periodFor the period
from 5/01/99 from 5/01/99
(commencement)(commencement)
to 6/30/99 to 6/30/99
Operations:
Dividend income $ 0 $ 0
Net Investment income 0 0
Gain (Loss) on Investments:
Net realized gain (loss) 0 0
Net change in
unrealized appreciation
(depreciation) 0 0
Net Gain (Loss) 0 0
Increase
in Net Assets
from Operations 0 0
Contract Owner Transactions:
Proceeds from units sold 12 0
Cost of units redeemed 0 0
Account charges (12) 0
Increase 0 0
Net increase 0 0
Net Assets, beginning 0 0
Net Assets, ending $ 0 $ 0
Units sold 2 0
Units redeemed (2) 0
Net increase 0 0
Units outstanding, beginning 0 0
Units outstanding, ending 0 0
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
The AUL American Individual Variable Life Unit Trust (Variable Account) was
established by American United Life Insurance Company (AUL) on July 10,
1997, under procedures established by Indiana law and is registered as a
unit investment trust under the Investment Company Act of 1940, as amended.
The Variable Account commenced operations on April 30, 1998. The Variable
Account is a segregated investment account for individual variable life
insurance contracts issued by AUL and invests exclusively in shares of
mutual fund portfolios offered by the AUL American Series Fund, Inc. (AUL
American Series Fund), Fidelity Variable Insurance Products Fund and
Fidelity Variable Insurance Products Fund II(Fidelity), American Century
Variable Portfolios, Inc. (American Century), Alger American Fund (Alger),
Janus Aspen Series (Janus), SAFECO Resources Series Trust (SAFECO), and T.
Rowe Price Equity Series, Inc. (T. Rowe Price).
Security Valuation Transactions and Related Income
The market value of investments is based on the closing bid prices at June
30, 1999. Investment transactions are accounted for on the trade date and
dividend income is recorded on the ex-dividend date.
Taxes
Operations of the Variable Account are part of, and are taxed with, the
operations of AUL, which is taxed as a life insurance company under the
Internal Revenue Code. Under current law, investment income, including
realized and unrealized capital gains of the investment accounts, is not
taxed to AUL to the extent it is applied to increase reserves under the
contracts. The Variable Account has not been charged for federal and state
income taxes since none have been imposed.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results
could differ from those estimates.
2. Account Charges
With respect to variable life insurance policies funded by the variable
account, total account charges during the six month period were $445,998.
Deductions are described as follows:
Modified Single Premium Policy: AUL assesses (1) cost of insurance charges,
(2) monthly administrative charges not to exceed 0.40% of the account value
on an annual basis, (3) mortality and expense risk charges of 0.90% per
year for the first 10 policy years and 0.80% per year thereafter, (4) a
premium tax charge equal to 0.25% of the account value annually for the
first 10 policy years, (5) federal tax charges equal to 0.15% of the
account value each year for the first 10 years, (6) an annual contract
charge of $30.00 each year in which an individual policys account value
does not exceed a specific amount, and (7) in the event of a surrender, a
surrender charge of 10% reducing to 0% of premium surrender, depending upon
policy duration. The cost of additional policy riders is assessed on a
monthly basis and will vary depending upon the riders chosen.
Flexible Premium Adjustable Policy: AUL assesses (1) cost of insurance
charges, (2) monthly administrative charges of $30.00 per month in the
first year and $5.00 per month thereafter, (3) mortality and expense risk
charges of 0.75% per year for the first 10 policy years and 0.25%
thereafter, (4) premium tax charges equal to 0.25% of the account value
annually for the first 10 years the policy is in force, (5) an annual
contract charge of $30.00 each year in which an individual policys account
value does not exceed a specific amount, and (6) in the event of a
surrender, 100% of premium for the first five contract years, reduced by
10% each year for contract years 6 through 15. The cost of additional
policy riders is assessed on a monthly basis and will vary depending upon
the riders chosen.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
3. Accumulation Unit Value
The change in the Accumulation Unit Value per unit for the six months ended
June 30, 1999, or from commencement of operation, May 1, 1999 through June
30, 1999.
6/30/99 12/31/98 Change
AUL American Series Fund:
Equity $ 5.351596 $ 4.826818 10.9%
Money Market 1.055102 1.032790 2.2%
Bond 5.222461 5.309238 -1.6%
Managed 5.312643 5.031288 5.6%
Fidelity:
High Income 4.889321 4.528671 8.0%
Growth 6.939611 6.065156 14.4%
Overseas 5.198222 4.808152 8.1%
Asset Manager 5.618831 5.338035 5.3%
Index 500 6.257921 5.585215 12.0%
Equity Income 5.661670 5.023715 12.7%
Contrafund 6.373717 5.729026 11.3%
MoneyMarket 1.061322 1.036145 2.4%
American Century:
VP Capital
Appreciation 5.282543 4.550963 16.1%
VP International 5.323262 4.958841 7.3%
Alger:
American Growth 7.311101 6.302550 16.0%
T. Rowe Price:
Equity Income 5.653267 5.031378 12.4%
6/30/99 5/01/99 Change
American Century:
VP Income
and Growth 5.123964 5.000000 2.5%
Janus:
Worldwide Growth 5.186642 5.000000 3.7%
Flexible Income 4.895260 5.000000 -2.1%
SAFECO:
Equity 4.966901 5.000000 -0.7%
Growth 5.173824 5.000000 3.5%
<TABLE>
<CAPTION>
4. Cost of Investments
The cost of investments at June 30, 1999, is:
<S> <C> <C> <C> <C> <C>
AUL American Series Fund: Fidelity: (continued) Alger:
Equity $ 214,792 Equity Income $ 435,223 American Growth $1,689,744
Money Market 361,028 Contrafund 866,760
Bond 266,075 Money Market 153,893 T. Rowe Price:
Managed 70,266 Equity Income 458,929
American Century:
Fidelity: VP Capital Janus:
High Income 136,362 Appreciation 30,010 Worldwide
Growth 1,055,942 VP International 217,005 Growth 11,653
Overseas 38,650 VP Income Flexible Income 25
Asset Manager 439,220 and Growth 0
Index 500 2,315,183 SAFECO:
Equity 0
Growth 0
</TABLE>
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
5. Net Assets
Net Assets at June 30, 1999, are:
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
Equity Money Market Bond Managed High Income Growth
<S> <C> <C> <C> <C> <C> <C>
Proceeds from units sold $ 285,047 $ 709,788 $ 516,272 $ 76,225 $ 141,941 $1,128,558
Cost of units redeemed (67,156) (339,189) (241,805) (2,555) (1,883) (40,765)
Account charges (15,212) (15,352) (8,981) (5,848) (7,512) (65,298)
Net investment income 8,675 5,781 1,028 1,892 3,310 19,251
Net realized gain (loss) 3,438 0 (438) 552 506 14,196
Unrealized appreciation
(depreciation) 18,369 0 (3,248) 3,556 605 51,993
$ 233,161 $ 361,028 $ 262,828 $ 73,823 $ 136,968 $1,107,934
</TABLE>
<TABLE>
<CAPTION>
Fidelity
Overseas Asset Manager Index 500 Equity-income Contrafund Money Market
<S> <C> <C> <C> <C> <C> <C>
Proceeds from units sold $ 43,000 $ 715,904 $ 2,454,024 $ 458,568 $ 967,860 $ 173,780
Cost of units redeemed (199) (268,995) (77,579) (16,137) (73,949) (15,874)
Account charges (5,698) (26,874) (141,347) (34,476) (60,560) (5,827)
Net investment income 618 13,510 25,695 9,291 8,511 1,813
Net realized gain (loss) 929 5,675 54,389 17,977 24,897 0
Unrealized appreciation
(depreciation) 1,664 16,104 302,327 26,919 47,899 0
$ 40,314 $ 455,325 $ 2,617,510 $ 462,141 $ 914,659 $ 153,893
</TABLE>
<TABLE>
<CAPTION>
American Century Alger T. Rowe Price
VP Capital VP VP Income American
Appreciation International and Growth Growth Equity Income
<S> <C> <C> <C> <C> <C>
Proceeds from units sold $ 42,045 $ 296,631 $ 0 $ 1,668,259 $ 505,470
Cost of units redeemed (7,594) (67,167) 0 (39,565) (29,033)
Account charges (4,964) (19,281) 0 (108,689) (41,279)
Net investment income 0 0 0 116,780 13,157
Net realized gain (loss) 523 6,822 0 52,959 10,613
Unrealized appreciation
(depreciation) 5,375 8,879 0 14,778 38,746
$ 35,385 $ 225,884 $ 0 $ 1,704,522 $' 497,674
</TABLE>
<TABLE>
<CAPTION>
Janus SAFECO
Worldwide Flexible
Growth Income Equity Growth
<S> <C> <C> <C> <C>
Proceeds from units sold $ 11,819 $ 49 $ 12 $ 0
Cost of units redeemed 0 0 0 0
Account charges (197) (26) (12) 0
Net investment income 22 1 0 0
Net realized gain (loss) 8 0 0 0
Unrealized appreciation
(depreciation) 640 (1) 0 0
$ 12,293 $ 24 $ 0 $ 0
</TABLE>
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American United Life Insurance Company
One American Square
P.O. Box 368
Indianapolis, Indiana 46206-0368
www.aul.com
7-14587A (7/99)
