Annual Report
AUL American Individual
Variable Annuity Unit Trust
December 31, 1999
This report and the financial statements contained herein are for the
general information of 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 Annuity Unit Trust, which contains further information
concerning the sales charge, expenses and other pertinent information.
American United Life Insurance Company
Front cover
<PAGE>
A Message
From
The Chairman of the Board
and President of
AUL American Series Fund, Inc.
To Participants in AUL American Individual Variable Annuity Unit Trust
It is with great pleasure that I welcome you to the year 2000. Although
doomsayers hypothesized potential calamities due to year 2000 computer problems,
I am happy to announce an uneventful transition into this new era.
The year 1999 can be characterized by its excesses. Technology companies
rocketed to new highs even though the majority of stocks registered poor
performance. New records were set in the IPO (initial public offering) market
with well known names such as UPS and Goldman Sachs. Technology start-ups were
prolific as investors seemed to have an insatiable appetite for Internet
retailers, web-site operators and anything carrying the dot-com title. It was
also the year of megamergers, the launch of the euro, and the recovery from
Asias financial woes.
The U.S. economic expansion has also been unique in that it has now lasted for
nine years, making it the longest period of economic growth on record. The fact
that our economy has endured only eight months of recession since 1982 is
another unparalleled feat.
Good economic news can mean tough times for the bond market as investors worry
about the potential for an increase in inflation. The sharp 179 basis point
increase in the ten-year Treasury yield to 6.44% last year reflects this
concern.
Although inflation has not been a problem up to now, the Federal Reserve Board
felt compelled to take a pre-emptive stance last year by raising the Federal
Funds rate on three different occasions. The continued momentum of the economy
suggests that the Feds credit tightening had little apparent impact. The
Federal Reserve is expected to raise rates further this year to help achieve a
sustainable rate of economic growth.
Most economists are expecting the economy to continue on its current path, but
to moderate somewhat from current levels. The equity market is also expected to
report positive returns, but could experience a change or moderation in
leadership. Bonds will ultimately benefit if the Federal Reserve is successful
in slowing economic growth. For now, however, bond market investors remain
cautious. In closing, American United Life remains committed to serving your
investment needs. We appreciate your continued confidence and support.
/s/ James W. Murphy
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
January 31, 2000
1
<PAGE>
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2
Report of Independent Accountants
The Contract Owners of
AUL American Individual Variable Annuity Unit Trust and
Board of Directors of
American United Life Insurance Company
In our opinion, the accompanying statements of net assets, and the related
statements of operations and of changes in net assets present fairly, in all
material respects, the financial position of AUL American Individual Variable
Annuity Unit Trust at December 31, 1999, the results of its operations and
changes in its net assets from April 30, 1999 (commencement of operations) to
December 31, 1999, in conformity with accounting principles generally accepted
in the United States. These financial statements are the responsibility of the
Trusts management; our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit of these
financial statements in accordance with auditing standards generally accepted in
the United States which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at December 31, 1999, by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
Indianapolis, Indiana
February 9, 2000
3
<PAGE>
(This page is intentionally blank.)
4
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of net assets
December 31, 1999
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
Equity Money Market Bond Managed High Income Growth
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments at value $ 119,087 $ 2,068,285 $ 279,685 $ 228,867 $ 391,601 $ 3,052,745
Net assets $ 119,087 $ 2,068,285 $ 279,685 $ 228,867 $ 391,601 $ 3,052,745
Units outstanding 26,106 2,004,240 56,480 48,423 79,913 483,747
Accumulation unit value $ 4.56 $ 1.03 $ 4.95 $ 4.73 $ 4.90 $ 6.31
</TABLE>
<TABLE>
<CAPTION>
Fidelity
Overseas Asset Manager Index 500 Equity-Income Contrafund
<S> <C> <C> <C> <C> <C>
Assets:
Investments at value $ 172,947 $ 1,723,612 $ 3,765,934 $ 709,203 $ 2,028,866
Net assets $ 172,947 $ 1,723,612 $ 3,765,934 $ 709,203 $ 2,028,866
Units outstanding 26,030 320,165 679,942 148,240 351,784
Accumulation unit value $ 6.64 $ 5.38 $ 5.54 $ 4.78 $ 5.77
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of net assets (continued)
December 31, 1999
<TABLE>
<CAPTION>
American Century Alger Calvert PBHG
VP VP Income American Social Mid-Cap Tech. &
Internationaland Growth Growth Growth Growth II Comm.
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments at value $ 117,087 $ 131,478 $ 4,418,861 $ 49,129 $ 316,465 $ 3,971,503
Net assets $ 117,087 $ 131,478 $ 4,418,861 $ 49,129 $ 316,465 $ 3,971,503
Units outstanding 15,100 23,497 732,954 9,364 36,740 320,093
Accumulation unit value $ 7.75 $ 5.59 $ 6.03 $ 5.25 $ 8.61 $ 12.41
</TABLE>
<TABLE>
<CAPTION>
T. Rowe Price Janus SAFECO
Worldwide Flexible
Equity Income Growth Income Equity Growth
<S> <C> <C> <C> <C> <C>
Assets:
Investments at value $ 1,556,530 $ 1,783,319 $ 283,825 $ 696,856 $ 171,154
Net assets $ 1,556,530 $ 1,783,319 $ 283,825 $ 696,856 $ 171,154
Units outstanding 330,769 235,301 56,703 139,120 29,591
Accumulation unit value $ 4.71 $ 7.58 $ 5.01 $ 5.01 $ 5.78
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of OPERATIONS
For the period from April 30, 1999 to December 31, 1999
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
Equity Money Market Bond Managed High Income Growth
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend income $ 23,809 $ 17,365 $ 15,330 $ 32,960 $ 0 $ 0
Net investment
income 23,809 17,365 15,330 32,960 0 0
Gain (loss) on investments
Net realized gain (loss) (1,129) 0 643 (2,773) (644) 26,954
Net change in unrealized
appreciation
(depreciation) (23,880) 0 (16,152) (32,118) 8,848 344,940
Net gain (loss) (25,009) 0 (15,509) (34,891) 8,204 371,894
Increase (decrease) in
net assets from operations$ ($1,200)$ 17,365 $ (179) $ (1,931) $ 8,204 $ 371,894
</TABLE>
<TABLE>
<CAPTION>
Fidelity
Overseas Asset Manager Index 500 Equity-Income Contrafund
<S> <C> <C> <C> <C> <C>
Investment income:
Dividend income $ 0 $ 0 $ 0 $ 0 $ 0
Net investment
income 0 0 0 0 0
Gain (loss) on investments
Net realized gain (loss) 15,874 7,040 (447) (914) 16,928
Net change in unrealized
appreciation
(depreciation) 15,283 63,762 227,830 5,755 208,647
Net gain (loss) 31,157 70,802 227,383 4,841 225,575
Increase (decrease) in
net assets from operations$ 31,157 $ 70,802 $ 227,383 $ 4,841 $ 225,575
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of OPERATIONS (continued)
For the period from April 30, 1999 to December 31, 1999
<TABLE>
<CAPTION>
American Century Alger Calvert PBHG
VP VP Income American Social Mid-Cap Tech. &
Internationaland Growth Growth Growth Growth II Comm.
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend income $ 0 $ 0 $ 0 $ 3,785 $ 0 $ 0
Net investment
income 0 0 0 3,785 0 0
Gain (loss) on investments
Net realized gain (loss) 41,844 779 29,899 1 960 128,532
Net change in unrealized
appreciation
(depreciation) 3,826 6,520 460,391 661 51,705 1,325,481
Net gain (loss) 45,670 7,299 490,290 662 52,665 1,454,013
Increase (decrease) in
net assets from operations$ 45,670 $ 7,299 $ 490,290 $ 4,447 $ 52,665 $ 1,454,013
</TABLE>
<TABLE>
<CAPTION>
T. Rowe Price Janus SAFECO
Worldwide Flexible
Equity Income Growth Income Equity Growth
<S> <C> <C> <C> <C> <C>
Investment income:
dividend income $ 63,443 $ 0 $ 9,396 $ 36,991 $ 0
Net investment
income 63,443 0 9,396 36,991 0
Gain (loss) on investments
Net realized gain (loss) (6,874) 456 654 635 493
Net change in unrealized
appreciation
(depreciation) (71,712) 393,826 (7,420) (22,330) 19,076
Net gain (loss) (78,586) 394,282 (6,766) (21,695) 19,569
Increase (decrease) in
net assets from operations$ (15,143)$ 394,282 $ 2,630 $ 15,296 $ 19,569
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
AUL American Individual Variable annuity Unit Trust
statementS of changes in net assets
<TABLE>
<CAPTION>
AUL American Series Fund Fidelity
Equity Money Market Bond Managed High Income Growth
For the periodFor the periodFor the periodFor the periodFor the periodFor the period
from 4/30/99from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99
(commencement)(commencement)(commencement)(commencement)(commencement)(commencement)
to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets
from operations:
net investment income $ 23,809 $ 17,365 $ 15,330 $ 32,960 $ 0 $ 0
Net realized gain (loss) (1,129) 0 643 (2,773) (644) 26,954
Net change in unrealized
appreciation (depreciation) (23,880) 0 (16,152) (32,118) 8,848 344,940
Increase (decrease)
in net assets
from operations (1,200) 17,365 (179) (1,931) 8,204 371,894
Contract owner transactions:
Proceeds from units sold 138,557 3,462,742 358,280 327,276 428,105 3,428,715
Cost of units redeemed (17,830) (1,406,231) (77,694) (95,806) (43,589) (740,797)
Account charges (440) (5,591) (722) (672) (1,119) (7,067)
Increase 120,287 2,050,920 279,864 230,798 383,397 2,680,851
Net increase 119,087 2,068,285 279,685 228,867 391,601 3,052,745
Net assets, beginning 0 0 0 0 0 0
Net assets, ending $ 119,087 $ 2,068,285 $ 279,685 $ 228,867 $ 391,601 $ 3,052,745
Units sold 30,150 3,379,687 72,207 68,906 89,332 609,978
Units redeemed (4,044) 1,375,447) (15,727) (20,483) (9,419) (126,231)
Net increase 26,106 2,004,240 56,480 48,423 79,913 483,747
Units outstanding, beginning 0 0 0 0 0 0
Units outstanding, ending 26,106 2,004,240 56,480 48,423 79,913 483,747
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of changes in net assets (continued)
<TABLE>
<CAPTION>
American
Fidelity Century
VP
Overseas Asset Manager Index 500 Equity-Income Contrafund International
For the periodFor the periodFor the periodFor the periodFor the periodFor the period
from 4/30/99from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99
(commencement)(commencement)(commencement)(commencement)(commencement)(commencement)
to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets
from operations:
Net investment income $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Net realized gain (loss) 15,874 7,040 (447) (914) 16,928 41,844
Net change in unrealized
appreciation (depreciation) 15,283 63,762 227,830 5,755 208,647 3,826
Increase (decrease)
in net assets
from operations 31,157 70,802 227,383 4,841 225,575 45,670
Contract owner transactions:
Proceeds from units sold 430,217 1,971,095 4,019,721 806,109 2,275,731 588,572
Cost of units redeemed (288,008) (315,030) (473,610) (100,005) (467,309) (516,850)
Account charges (419) (3,255) (7,560) (1,742) (5,131) (305)
Increase 141,790 1,652,810 3,538,551 704,362 1,803,291 71,417
Net increase 172,947 1,723,612 3,765,934 709,203 2,028,866 117,087
Net assets, beginning 0 0 0 0 0 0
Net assets, ending $ 172,947 $ 1,723,612 $ 3,765,934 $ 709,203 $ 2,028,866 $ 117,087
Units sold 75,427 381,330 771,273 169,651 438,226 94,767
Units redeemed (49,397) (61,165) (91,331) (21,411) (86,442) (79,667)
Net increase 26,030 320,165 679,942 148,240 351,784 15,100
Units outstanding, beginning 0 0 0 0 0 0
Units outstanding, ending 26,030 $ 320,165 $ 679,942 $ 148,240 $ 351,784 $ 15,100
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of changes in net assets (continued)
<TABLE>
<CAPTION>
American T. Rowe
Century Alger Calvert PBHG Price
VP Income American Social Mid-Cap Tech. &
and Growth Growth Growth Growth II Comm. Equity Income
For the periodFor the periodFor the periodFor the periodFor the periodFor the period
from 4/30/99from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99 from 4/30/99
(commencement)(commencement)(commencement)(commencement)(commencement)(commencement)
to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets
from operations:
Net investment income $ 0 $ 0 $ 3,785 $ 0 $ 0 $ 63,443
Net realized gain (loss) 779 29,899 1 960 128,532 (6,874)
Net change in unrealized
appreciation (depreciation) 6,520 460,391 661 51,705 1,325,481 (71,712)
Increase (decrease)
in net assets
from operations 7,299 490,290 4,447 52,665 1,454,013 (15,143)
Contract owner transactions:
Proceeds from units sold 135,916 5,180,465 44,789 313,141 3,105,350 1,800,003
Cost of units redeemed (11,451) (1,241,651) (1) (48,900) (581,067) (223,821)
Account charges (286) (10,243) (106) (441) (6,793) (4,509)
Increase 124,179 3,928,571 44,682 263,800 2,517,490 1,571,673
Net increase 131,478 4,418,861 49,129 316,465 3,971,503 1,556,530
Net assets, beginning 0 0 0 0 0 0
Net assets, ending $ 131,478 $ 4,418,861 $ 49,129 $ 316,465 $ 3,971,503 $ 1,556,530
Units sold 25,676 954,698 9,386 43,696 378,892 378,964
Units redeemed (2,179) (221,744) (22) (6,956) (58,799) (48,195)
Net increase 23,497 732,954 9,364 36,740 320,093 330,769
Units outstanding, beginning 0 0 0 0 0 0
Units outstanding, ending 23,497 732,954 9,364 36,740 320,093 330,769
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
AUL American Individual Variable Annuity Unit Trust
statementS of changes in net assets (continued)
<TABLE>
<CAPTION>
Janus SAFECO
Worldwide Flexible
Growth Income Equity Growth
For the periodFor the periodFor the periodFor the period
from 4/30/99from 4/30/99 from 4/30/99 from 4/30/99
(commencement)(commencement)(commencement)(commencement)
to 12/31/99 to 12/31/99 to 12/31/99 to 12/31/99
<S> <C> <C> <C> <C>
Increase in net assets
from operations:
Net investment income $ 0 $ 9,396 $ 36,991 $ 0
Net realized gain (loss) 456 654 635 493
Net change in unrealized
appreciation (depreciation) 393,826 (7,420) (22,330) 19,076
Increase (decrease)
in net assets
from operations 394,282 2,630 15,296 19,569
Contract owner transactions:
Proceeds from units sold 1,471,147 325,979 752,225 175,796
Cost of units redeemed (78,122) (44,197) (68,517) (23,833)
Account charges (3,988) (587) (2,148) (378)
Increase 1,389,037 281,195 681,560 151,585
Net increase 1,783,319 283,825 696,856 171,154
Net assets, beginning 0 0 0 0
Net assets, ending $ 1,783,319 $ 283,825 $ 696,856 $ 171,154
Units sold 247,219 65,692 153,339 34,306
Units redeemed (11,918) (8,989) (14,219) (4,715)
Net increase 235,301 56,703 139,120 29,591
Units outstanding, beginning 0 0 0 0
Units outstanding, ending 235,301 56,703 139,120 29,591
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
notes to financial statements
1. Summary of Significant Accounting Policies
The AUL American Individual Variable Annuity Unit Trust (Variable Account)
was established by American United Life Insurance Company (AUL) on
November 11, 1998, 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,
1999. The Variable Account is a segregated investment account for
individual variable annuity 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 (Equity-Income, Growth, High Income, Overseas) and Fidelity Variable
Insurance Products Fund II(Asset Manager, Contrafund, Index 500)
(Fidelity), American Century Variable Portfolios, Inc. (American Century),
Alger American Fund (Alger), Calvert Variable Series (Calvert), Janus Aspen
Series (Janus), SAFECO Resources Series Trust (SAFECO), T. Rowe Price
Equity Series, Inc. (T. Rowe Price), and PBHG Insurance Series Fund, Inc.
(PBHG).
Security Valuation Transactions and Related Income
The market value of investments is based on the closing bid prices at
December 31, 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 individual annuity policies funded
by the variable account, total account charges during the period ended
December 31, 1999 were $63,502. Deductions are described as follows:
No Surrender Charge Contract: AUL assesses (1) premium tax charges ranging
from 0% to 3.5% when assessed by a state or municipality, (2) mortality and
expense risk charges of 1.45% per year for the first 10 policy years and
1.35% per year thereafter, (3) an annual contract charge of $30.00 each
year in which an account value does not exceed a specific amount; (4) other
charges for federal, state, or local income taxes incurred by AUL that are
attributable to the variable account. No charge is currently being
assessed. The cost of additional policy riders is assessed on a monthly
basis and will vary depending upon the riders chosen.
Surrender Charge Contract: AUL assesses (1) premium tax charges ranging
from 0% to 3.5% when assessed by a state or municipality, (2) mortality and
expense risk charges range from 1.00% to 1.15% per year for the first 10
policy years and from .90% to 1.05% per year thereafter, (3) an annual
contract charge of $30.00 each year in which an account value does not
exceed a specific amount, (4) other charges for federal, state, or local
income taxes incurred by AUL that are attributable to the variable account.
No charge is currently being assessed. (5) withdrawal charges on surrenders
exceeding 12% of the account value range from 10% to 0%, depending on
policy duration, for flexible premium contracts, and 7% to 0%, depending on
policy duration, for one year flexible premium contracts. The cost of
additional policy riders is assessed on a monthly basis and will vary
depending upon the riders chosen.
13
notes to financial statements (continued)
<PAGE>
3. Accumulation Unit Value The change in the Accumulation Unit Value per unit
from commencement of operations, April 30, 1999, through December 31, 1999
is:
12/31/99 4/30/99 Change
AUL American Series Fund:
Equity $ 4.561758 $ 5.000000 (8.8%)
Money Market 1.031951 1.000000 3.2%
Bond 4.951919 5.000000 (1.0%)
Managed 4.726423 5.000000 (5.5%)
Fidelity:
High Income 4.900344 5.000000 (2.0%)
Growth 6.310891 5.000000 26.2%
Overseas 6.644067 5.000000 32.9%
Asset Manager 5.383504 5.000000 7.7%
Index 500 5.538617 5.000000 10.8%
Equity Income 4.784154 5.000000 (4.3%)
Contrafund 5.767705 5.000000 15.4%
American Century:
VP International 7.754350 5.000000 55.1%
VP Income
and Growth 5.586601 5.000000 11.7%
Alger:
American Growth 6.028981 5.000000 20.6%
Calvert:
Mid-Cap Growth 5.246767 5.000000 4.9%
PBHG:
Growth II 8.613602 5.000000 72.3%
Technology &
Communications 12.408317 5.000000 148.2%
T. Rowe Price:
Equity Income 4.705788 5.000000 (5.9%)
Janus:
Worldwide Growth 7.578881 5.000000 51.6%
Flexible Income 5.005508 5.000000 0.1%
SAFECO:
Equity 5.009025 5.000000 0.2%
Growth 5.784060 5.000000 15.7%
14
<PAGE>
notes to financial statements (continued)
4. Cost of Investments
The cost of investments at December 31, 1999 is:
AUL American Series Fund:
Equity $ 142,967
Money Market 2,068,285
Bond 295,838
Managed 260,985
Fidelity:
High Income 382,753
Growth 2,707,805
Overseas 157,664
Asset Manager 1,659,850
Index 500 3,538,104
Equity Income 703,448
Contrafund 1,820,219
American Century:
VP International 113,261
VP Income
and Growth 124,958
Alger:
American Growth 3,958,470
Calvert:
Social Mid-Cap
Growth 48,468
PBHG:
Growth II 264,760
Technology &
Communications 2,646,022
T. Rowe Price:
Equity Income 1,628,242
Janus:
Worldwide Growth 1,389,493
Flexible Income 291,245
SAFECO:
Equity 719,186
Growth 152,078
15
<PAGE>
notes to financial statements (continued)
5. Net Assets
Net Assets at December 31, 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 $ 138,557 $ 3,462,742 $ 358,280 $ 327,276 $ 428,105 $ 3,428,715
Cost of units redeemed (17,830) (1,406,231) (77,694) (95,806) (43,589) (740,797)
Account charges (440) (5,591) (722) (672) (1,119) (7,067)
Net investment income 23,809 17,365 15,330 32,960 0 0
Net realized gain (loss) (1,129) 0 643 (2,773) (644) 26,954
Unrealized appreciation
(depreciation) (23,880) 0 (16,152) (32,118) 8,848 344,940
$ 119,087 $ 2,068,285 $ 279,685 $ 228,867 $ 391,601 $ 3,052,745
</TABLE>
<TABLE>
<CAPTION>
Fidelity
Overseas Asset Manager Index 500 Equity-income Contrafund
<S> <C> <C> <C> <C> <C>
Proceeds from units sold $ 430,217 $ 1,971,095 $ 4,019,721 $ 806,109 $ 2,275,731
Cost of units redeemed (288,008) (315,030) (473,610) (100,005) (467,309)
Account charges (419) (3,255) (7,560) (1,742) (5,131)
Net investment income 0 0 0 0 0
Net realized gain (loss) 15,874 7,040 (447) (914) 16,928
Unrealized appreciation
(depreciation) 15,283 63,762 227,830 5,755 208,647
$ 172,947 $ 1,723,612 $ 3,765,934 $ 709,203 $ 2,028,866
</TABLE>
<TABLE>
<CAPTION>
American Century Alger Calvert PBHG
VP VP Income American Social Mid-Cap Tech. &
Internationaland Growth Growth Growth Growth II Comm.
<S> <C> <C> <C> <C> <C> <C>
Proceeds from units sold $ 588,572 $ 135,916 $ 5,180,464 $ 44,789 $ 313,141 $ 3,105,349
Cost of units redeemed (516,850) (11,451) (1,241,650) (1) (48,900) (581,066)
Account charges (305) (286) (10,243) (106) (441) (6,793)
Net investment income 0 0 0 3,785 0 0
Net realized gain (loss) 41,844 779 29,899 1 960 128,532
Unrealized appreciation
(depreciation) 3,826 6,520 460,391 661 51,705 1,325,481
$ 117,087 $ 131,478 $ 4,418,861 $ 49,129 $ 316,465 $ 3,971,503
</TABLE>
<TABLE>
<CAPTION>
T.Rowe Price Janus SAFECO
Worldwide Flexible
Equity Income Growth Income Equity Growth
<S> <C> <C> <C> <C> <C>
Proceeds from units sold $ 1,800,003 $ 1,471,147 $ 325,979 $ 752,225 $ 175,796
Cost of units redeemed (223,821) (78,122) (44,197) (68,517) (23,833)
Account charges (4,509) (3,988) (587) (2,148) (378)
Net investment income 63,443 0 9,396 36,991 0
Net realized gain (loss) (6,874) 456 654 635 493
Unrealized appreciation
(depreciation) (71,712) 393,826 (7,420) (22,330) 19,076
$ 1,556,530 $ 1,783,319 $ 283,825 $ 696,856 $ 171,154
</TABLE>
16
<PAGE>
American United Life Insurance Company
One American Square
P.O. Box 368
Indianapolis, Indiana 46206-0368
www.aul.com
7-14889 (1/00)
Back cover
