AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Bond Portfolio
June 30, 1995
(unaudited)
InterestMaturityPrincipalMarket
DescriptionRateDateAmountValue
Long-Term Notes and Bonds (94.6%)
U.S. Government and Agency Obligations (52.3%)
U.S. Treasury Notes7.375%5/15/96$1,825,000$1,849,072
Federal Home Loan Banks Notes8.250%9/25/962,850,0002,922,647
U.S. Treasury Notes8.875%2/15/992,150,0002,351,670
U.S. Treasury Notes8.500%11/15/001,000,0001,112,020
U.S. Treasury Notes8.000%5/15/01800,000876,304
U.S. Treasury Strips9.375%2/15/071,300,000614,861
U.S. Treasury Bonds8.750%5/15/172,200,0002,706,220
(cost: $12,014,380)12,432,794
Collateralized Mortgage Obligations (20.1%)
Federal National Mortgage Association6.500%5/25/08800,000777,624
Prudential-Bache Remic Trust 12D5.350%10/20/091,700,0001,650,394
Federal National Mortgage Association7.500%12/25/09600,000603,102
American Southwest Financial Corporation8.900%3/01/18202,378211,829
Merrill Lynch Trust XXXVIID8.150%11/01/18720,000749,037
Fleet Mortgage Securities, Inc.7.950%6/01/19750,000767,925
(cost: $4,416,985)4,759,911
Corporate Obligations (22.2%)
Associates Corporation of North America
Notes8.750%4/04/96550,000560,714
General Motors Acceptance Corporation
Notes7.700%1/24/971,000,0001,023,750
Allstate Corporation Notes5.875%6/15/98625,000614,844
El Paso Natural Gas Company Notes7.750%1/15/02200,000211,750
Western National Corporation Notes7.125%2/15/04800,000787,000
Eli Lilly & Company Bonds8.375%12/01/06850,000964,750
Hydro-Quebec Debenture Bonds8.050%7/07/24400,000434,500
Sun, Inc. Debenture Bonds9.000%11/01/24600,000673,500
(cost: $4,953,572)5,270,808
Total long-term notes and bonds (cost: $21,384,937)22,463,513
Shares
Money Market Mutual Funds (5.4%)
Dreyfus U.S. Treasury Prime1,178,9721,178,972
Merrill Lynch Institutional Fund46,41846,418
Riverfront U.S. Government Securities67,84267,842
Total mutual funds (cost: $1,293,232)1,293,232
Total Investments (cost: $22,678,169)$23,756,745
The accompanying notes are an integral part of the financial statements.
10
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Managed Portfolio
June 30, 1995
(unaudited)
Market
DescriptionSharesValue
Common Stock (46.6%)
Banks & Financial (4.3%)
American Express Co.8,500$298,563
Banc One Corp.12,800412,800
Ohio Casualty Corp.7,700242,550
Salomon, Inc.7,600304,950
1,258,863
Broadcasting & Publishing (6.1%)
CBS, Inc.2,730182,910
Chris-Craft Industries, Inc.*9,794342,790
Deluxe Corp.10,900361,062
Gibson Greetings, Inc.14,600195,275
Harland (John H.) Co.10,400237,900
Meredith Corp.7,000177,625
Moore Corp., Ltd.12,500276,563
1,774,125
Chemicals (1.2%)
Carlisle Companies, Inc.3,100118,575
Quaker Chemical Corp.14,000227,500
346,075
Electrical Equipment &
Electronics (3.0%)
Baldor Electric Co.9,900283,387
Dynatech Corp.*24,500459,375
General Electric Co.2,500140,938
883,700
Entertainment & Leisure (2.6%)
CPI Corp.21,600413,100
Fleetwood Enterprises, Inc.13,400264,650
Huffy Corp.6,10079,300
757,050
Furniture and Apparel (4.2%)
Blair Corp.2,80096,250
Hillenbrand Industries, Inc.10,600329,925
Kellwood Co.6,600112,200
La Z Boy Chair Co.5,000131,875
Liz Claiborne, Inc.19,500414,375
Oshkosh B'Gosh, Inc.
Class A9,800156,800
1,241,425
Market
DescriptionSharesValue
Health Care (3.1%)
Acuson Corp.*12,600$152,775
Community Psychiatric12,800144,000
Centers, Inc.
Lilly (Eli) and Co.2,600204,100
Marion Merrell Dow, Inc.7,500191,250
Merck & Co.4,600225,400
917,525
Information Processing &
Telecommunications (6.2%)
Apple Computer, Inc.9,200427,225
Cray Research, Inc.*7,900192,562
Hunt Manufacturing Co.7,100108,275
International Business
Machines Corp.3,600345,600
Software Publishing Corp.*19,60068,600
Sun Microsystems, Inc.*9,200446,200
Telxon Corp.10,900237,075
1,825,537
Machinery (1.6%)
Lawson Products, Inc.10,600280,900
Precision Castparts Corp.5,100179,138
460,038
Merchandising (3.2%)
Hechinger Co. Class A8,50061,093
Longs Drug Stores Corp.8,400315,000
Mac Frugal's Bargains
Close-outs, Inc.17,500306,250
Mercantile Stores Co.5,200241,800
924,143
Metals & Mining (1.5%)
Aluminum Company of
America4,000200,500
Oregon Steel Mills, Inc.14,500248,313
448,813
Oil & Oil Services (1.8%)
Royal Dutch Petroleum Co.2,000243,750
Valero Energy Corp.14,000283,500
527,250
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
11
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Managed Portfolio (continued)
June 30, 1995
(unaudited)
Market
DescriptionSharesValue
Common Stock (46.6%), continued
Paper & Containers (1.5%)
Sealright, Inc.18,500$309,875
Zero Corp.9,300139,500
449,375
Transportation (1.4%)
Alexander & Baldwin, Inc.10,200226,950
Norfolk Southern Corp.2,900195,387
422,337
Miscellaneous (4.9%)
Boeing Co.4,600288,075
Cross (A.T.) Co. Class A8,100120,488
Ford Motor Co.5,500163,625
Groundwater Technology, Inc.*23,100280,087
Michael Foods, Inc.20,400224,400
Seagram Company, Ltd.2,20076,175
Stanhome, Inc.8,500280,500
1,433,350
Total common stock (cost: $12,398,896)13,669,606
Money Market Mutual Funds (5.6%)
Dreyfus U.S. Treasury Prime721,387721,387
Merrill Lynch Institutional Fund923,243923,243
Total mutual funds (cost: $1,644,630)1,644,630
InterestMaturityPrincipalMarket
DescriptionRateDateAmountValue
DRH50DRH50
Long-Term Notes and Bonds (41.7%)
U.S. Government and Agency Obligations (31.0%)
U.S. Treasury Notes7.375%5/15/96$1,750,0001,773,083
Federal Home Loan Banks Notes8.250%9/25/961,200,0001,230,588
U.S. Treasury Notes8.875%2/15/991,700,0001,859,460
Federal Home Loan Banks Bonds8.600%6/25/99500,000542,445
Federal National Mortgage Association
Bonds8.350%11/10/99500,000540,170
U.S. Treasury Notes8.000%5/15/01400,000438,152
U.S. Treasury Strips5.750%2/15/07700,000331,079
Federal National Mortgage Association
CMO6.500%5/25/08500,000486,015
U.S. Treasury Bonds8.750%5/15/171,550,0001,906,655
(cost: $8,838,146)9,107,647
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
12
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Money Market Portfolio
June 30, 1995
(unaudited)
InterestMaturityPrincipalMarket
DescriptionRateDateAmountValue
Short-Term Notes (90.4%)
U.S. Government & Agency Obligations (44.2%)
Federal Home Loan Mortgage Corporation
Notes5.830%7/05/95$3,000,000$2,998,057
Federal Home Loan Banks Notes5.880%7/06/951,000,000999,183
Federal Farm Credit Banks Notes5.830%7/10/953,000,0002,995,628
Federal National Mortgage Association
Notes5.850%7/25/951,000,000921,393
(cost: $7,914,261)7,914,261
Corporate Obligations (46.2%)
Automotive (4.2%)
Ford Motor Credit Corporation5.960%7/21/95750,000750,000
Electrical Equipment (8.4%)
General Electric Capital Corporation5.890%7/05/95750,000750,000
General Electric Company5.910%8/02/95750,000750,000
Financial (16.8%)
American General Finance Corporation5.910%8/01/95750,000750,000
General Electric Capital Services, Inc.5.940%7/13/95750,000750,000
Norwest Financial Corporation5.940%7/13/95750,000750,000
Prudential Funding Corporation5.930%7/10/95750,000750,000
Machinery (8.4%)
John Deere & Company5.920%7/24/95750,000750,000
John Deere Capital Corporation5.950%7/12/95750,000750,000
Oil and Gas (4.2%)
Chevron Oil Finance Company5.920%7/05/95750,000750,000
Real Estate (4.2%)
Associates Corporation of North America5.930%7/25/95750,000750,000
Total short-term notes (cost: $16,164,261)16,164,261
Certificates of Deposit (2.8%)
Fifth Third Bank of Indiana5.870%7/06/95500,000500,000
Shares
Money Market Mutual Funds (6.8%)
Dreyfus U.S. Treasury Prime825,000825,000
Riverfront U.S. Government Securities401,247401,247
Total mutual funds (cost: $1,226,247)1,226,247
Total Investments (cost: $17,890,508)$17,890,508
*variable rate note
The accompanying notes are an integral part of the financial statements.
9
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Equity Portfolio (continued)
June 30, 1995
(unaudited)
Market
DescriptionSharesValue
Common Stock (84.4%), continued
Paper & Containers (2.4%)
Sealright, Inc.32,500$544,375
Zero Corp.10,900163,500
707,875
Transportation (3.0%)
Alexander & Baldwin, Inc.21,600480,600
Norfolk Southern Corp.6,000404,250
884,850
Miscellaneous (8.9%)
Boeing Co.8,800551,100
Cross (A.T.) Co. Class A14,600217,175
Ford Motor Co.9,500282,625
Groundwater Technology, Inc.*42,400514,100
Michael Foods, Inc.38,700425,700
Seagram Company, Ltd.4,600159,275
Stanhome, Inc.14,600481,800
2,631,775
Total common stock (cost: $22,103,469)24,979,416
Money Market Mutual Funds (3.5%)
Dreyfus U.S. Treasury Prime329,626329,626
Merrill Lynch Institutional Fund691,907691,907
Total mutual funds (cost: $1,021,533)1,021,533
InterestMaturityPrincipalMarket
DescriptionRateDateAmountValue
DRH50DRH50
Short-Term Notes (12.1%)
American Express Credit Corporation5.900%7/31/95$600,000597,050
American General Finance Corporation5.720%8/04/95600,000596,759
Chevron Oil Finance Corporation5.800%8/11/95500,000496,697
Ford Motor Credit Corporation5.950%7/11/95500,000499,174
General Electric Capital Corporation5.950%7/18/95600,000598,314
General Electric Capital Services, Inc.5.920%7/10/95800,000798,816
Total short-term notes (cost: $3,586,810)3,586,810
Total Investments (cost: $26,711,812)$29,587,759
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
8
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Managed Portfolio (continued)
June 30, 1995
(unaudited)
InterestMaturityPrincipalMarket
DescriptionRateDateAmountValue
Long-Term Notes and Bonds (41.7%), continued
Corporate Obligations (10.7%)
Associates Corporation of North America
Notes8.750%4/04/96$125,000$127,435
General Motors Acceptance Corporation
Notes7.700%1/24/97800,000819,000
Allstate Corporation Notes5.875%6/15/98250,000245,937
El Paso Natural Gas Company Notes7.750%1/15/02100,000105,875
Western National Corporation Bonds7.125%2/15/04600,000590,250
Eli Lilly & Company Bonds8.375%12/01/06450,000510,750
Hydro-Quebec Debenture Bonds8.050%7/07/24250,000271,563
Sun, Inc. Debenture Bonds9.000%11/01/24400,000449,000
(cost: $2,913,617)3,119,810
Total long-term notes and bonds (cost: $11,751,763)12,227,457
Short-Term Notes (6.1%)
American Express Credit Corporation5.920%7/17/95500,000498,685
General Electric Capital Corporation5.890%8/08/95800,000795,026
General Electric Capital Services, Inc.5.920%7/10/95500,000499,260
Total short-term notes (cost: $1,792,971)1,792,971
Total Investments (cost: $27,588,260)$29,334,664
The accompanying notes are an integral part of the financial statements.
13
NOTES TO FINANCIAL STATEMENTS
1.Summary of Significant Accounting Policies
AUL American Series Fund, Inc. (Fund) was incorporated under the laws
of
Maryland on July 26,
1989, and is registered under the Investment Company Act of 1940, as
amended,
as an open-end,
diversified management investment company. As a "series" type of mutual
fund,
the Fund issues
shares of common stock relating to separate investment portfolios
consisting of the
Equity
Portfolio, Money Market Portfolio, Bond Portfolio, and Managed
Portfolio.
Currently, the Fund
offers shares only to separate accounts of American United Life Insurance
Company (AUL) to
serve as an underlying investment vehicle for variable annuity contracts.
The Fund
commenced
operations on April 10, 1990.
Investments
Securities traded on a national securities exchange are valued at the last
trade
price. Listed
securities for which no sale was reported on the valuation date are valued
at the
latest bid price.
Short-term notes are valued at amortized cost which approximates market
value.
Fixed income
securities for which representative market quotes are readily available are
valued at
the latest bid
price as quoted by one or more dealers who make a market in such
securities. U.S.
Government
obligations are valued at the latest bid price; however, such obligations
maturing in
60 days or less
are valued at amortized cost which approximates market value.
The Money Market Portfolio securities are valued at amortized cost. The
Fund's
use of the
amortized cost method is conditioned on its compliance with certain
provisions of
Rule 2a-7 of
the Investment Company Act of 1940. The Investment Manager reviews
this
method of valuation
to ensure the portfolio securities are reflected at their fair value.
Security transactions are recorded one business day after the trade date.
Realized
gains and losses
are determined on a specific identification basis.
Income and Expense
Dividend income is recorded on the ex-dividend date, and interest income
is
accrued daily.
Portfolio expenses are recorded on an accrual basis.
Deferred Organization Costs
Expenses incurred by the Fund in connection with its organization have
been
capitalized and are
amortized over five years on a straight-line basis.
Taxes
The Fund qualifies as a regulated investment company under the Internal
Revenue
Code; thus, no
tax provision is required. The Fund's policy is to distribute all income to
shareholders.
Dividend and Capital Gain Distributions
For the Money Market Portfolio, dividends from net investment income are
declared and paid
daily. For all other portfolios, dividends from net investment income are
declared
and paid
quarterly. Distributions from net realized gains on investments are declared
and
paid at least
annually for all portfolios.
2.Transactions with AUL
AUL invested $23,000,000 to establish the Fund. AUL's investment in the
Fund is:
Equity Portfolio$3,091,634
Money Market Portfolio--
Bond Portfolio9,184,877
Managed Portfolio4,406,610
$16,683,121
The Fund has an investment advisory agreement with AUL to act as its
investment
advisor. For its
services, AUL receives a fee at an annual rate of .50% of the Portfolio's
average
daily net assets.
AUL has also agreed that its fee may be reduced if the aggregate ordinary
operating expenses of
the Portfolios exceed 1% of the average daily net assets during the year. To
the
extent that AUL
has reduced its advisory fees to prevent the Portfolio's aggregate ordinary
operating expenses
from exceeding 1%, it may increase its advisory fee during any of the next
succeeding
5 years, provided that the aggregate ordinary operating expenses in any
given year
do not exceed
1% of the average daily net assets in that year. The total amount of any
increase in
AUL's fees will
not exceed the prior fee reduction.
14
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
Equity Portfolio
June 30, 1995
(unaudited)
Market
DescriptionSharesValue
Common Stock (84.4%)
Banks & Financial (7.7%)
American Express Co.15,300$537,413
Banc One Corp.24,400786,900
Ohio Casualty Corp.13,200415,800
Salomon, Inc.13,600545,700
2,285,813
Broadcasting & Publishing (10.6%)
CBS, Inc.3,640243,880
Chris-Craft Industries, Inc.*18,126634,410
Deluxe Corp.19,800655,875
Gibson Greetings, Inc.26,600355,775
Harland (John H.) Co.18,000411,750
Meredith Corp.13,400340,025
Moore Corp., Ltd.22,300493,387
3,135,102
Chemicals (2.0%)
Carlisle Companies, Inc.5,000191,250
Quaker Chemical Corp.24,800403,000
594,250
Electrical Equipment &
Electronics (5.6%)
Baldor Electric Co.19,740565,058
Dynatech Corp.*44,200828,750
General Electric Co.4,800270,600
1,664,408
Entertainment & Leisure (4.8%)
CPI Corp.42,800818,550
Fleetwood Enterprises, Inc.23,500464,125
Huffy Corp.10,600137,800
1,420,475
Furniture and Apparel (7.5%)
Blair Corp.4,400151,250
Hillenbrand Industries, Inc.19,700613,162
Kellwood Co.12,200207,400
La Z Boy Chair Co.8,100213,638
Liz Claiborne, Inc.34,500733,125
Oshkosh B'Gosh, Inc.
Class A18,300292,800
2,211,375
Market
DescriptionSharesValue
Health Care (5.4%)
Acuson Corp.*25,000$303,125
Community Psychiatric
Centers, Inc.16,700187,875
Lilly (Eli) and Co.5,100400,350
Marion Merrell Dow, Inc.9,100232,050
Merck & Co.9,300455,700
1,579,100
Information Processing &
Telecommunications (11.7%)
Apple Computer, Inc.18,300849,806
Cray Research, Inc.*14,300348,562
Hunt Manufacturing Co.11,900181,475
International Business
Machines Corp.7,100681,600
Software Publishing Corp.*23,50082,250
Sun Microsystems, Inc.*17,700858,450
Telxon Corp.21,600469,800
3,471,943
Machinery (3.0%)
Lawson Products, Inc.20,100532,650
Precision Castparts Corp.10,300361,788
894,438
Merchandising (5.8%)
Hechinger Co. Class A15,400110,687
Longs Drug Stores Corp.15,900596,250
Mac Frugal's Bargains
Close-outs, Inc.31,000542,500
Mercantile Stores Co.10,100469,650
1,719,087
Metals & Mining (2.9%)
Aluminum Company of
America8,200411,025
Oregon Steel Mills, Inc.26,000445,250
856,275
Oil & Oil Services (3.1%)
Royal Dutch Petroleum Co.3,400414,375
Valero Energy Corp.25,100508,275
922,650
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
7
AUL American Series Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1995 and 1994
(unaudited)
Portfolio
BondManaged
April 10, 1990April 10,1990
throughthrough
1995199419951994
Operations:
Net investment income$736,015$482,264$566,582$303,717
Net realized gain70,20053,829329,361363,225
Net unrealized gain (loss)1,524,354(1,283,634)2,056,584(1,421,707)
Increase (Decrease)2,330,569(747,541)2,952,527(754,765)
Distributions:
From net investment income(735,762)(479,280)(564,318)(302,273)
From net realized gain--------
Decrease(735,762)(479,280)(564,318)(302,273)
Shareholder Transactions:
Proceeds from shares sold4,090,4144,160,0824,710,5267,563,882
Reinvested distributions405,621164,758450,096208,568
Cost of shares redeemed(2,636,447)(672,892)(2,872,673)(862,232)
Increase1,859,5883,651,9482,287,9496,910,218
Net increase3,454,3952,425,1274,676,1585,853,180
Net Assets at beginning of
year20,452,71514,720,68624,558,17814,069,775
Net Assets at end of
period$23,907,110$17,145,813$29,234,336$19,922,955
Shares sold389,868385,504409,835645,810
Reinvested distributions38,54015,92838,55418,481
Shares redeemed(246,050)(62,919)(246,845)(74,534)
Net increase182,358338,513201,544589,757
Shares outstanding at beginning of
year2,046,3611,338,3602,233,2981,197,065
Shares outstanding at end of
period2,228,7191,676,8732,434,8421,786,822
The accompanying notes are an integral part of the financial statements.
6
NOTES TO FINANCIAL STATEMENTS (continued)
2.Transactions with AUL, continued:
AUL may terminate the policy of reducing its fee and/or assuming Fund
expenses
upon 30 days
prior written notice to the Fund, and in any event, the policy will
automatically
terminate if the
Investment Advisory Agreement is terminated. The investment advisory
fees
incurred during the
six months ended June 30, 1995 and 1994, were $229,526 and $137,535,
respectively.
Certain directors of the Fund are officers of AUL.
3.Agreements with Banks
The Fund has agreements with The Provident Bank (Bank) whereby the
Bank
serves as custodian
of the securities and other assets of the Fund, and as bookkeeping, transfer
and
disbursing agent
for the Fund.
4.Investment Transactions
Purchases and sales of investment securities (excluding short-term
securities and
money market
mutual funds) during the six months ended June 30, 1995, were:
Portfolio
EquityMoney MarketBondManaged
Common Stock:
Purchases$6,268,062$--$--$3,167,732
Proceeds from sales550,127----740,071
Corporate Bonds:
Purchases----1,717,9601,700,976
Proceeds from sales----831,82147,411
Government Bonds:
Purchases----3,702,500212,469
Proceeds from sales----3,170,2853,516,976
5.Authorized Capital Shares
The Fund has 100,000,000 authorized shares of $.001 par value capital
stock,
which includes
10,000,000 unallocated shares. The remaining shares are allocated to each
of the
Fund's portfolios
as follows:
Equity10,000,000
Money Market50,000,000
Bond10,000,000
Managed20,000,000
90,000,000
6.Net Assets
Portfolio
EquityMoney MarketBondManaged
Proceeds from shares sold
and reinvested
distributions$32,083,981$52,982,786$27,750,446$33,066,696
Cost of shares redeemed(5,743,912)(34,992,665)(4,752,034)(5,912,714)
Undistributed net investment income4,600--4,1204,589
Undistributed net realized gain (loss)191,789--(173,998)329,361
Unrealized gain2,875,947--1,078,5761,746,404
$29,412,405$17,990,121$23,907,110$29,234,336
15
NOTES TO FINANCIAL STATEMENTS (continued)
7.Selected Per Share Data and Ratios
The per share amounts are based on a share outstanding during the five
years
ended June 30,
1995.
Equity Portfolio
19951994199319921991
Investment income$0.18$0.15$0.14$0.17$0.20
Expense0.040.050.050.050.05
Net investment income0.140.100.090.120.15
Net gain (loss) on investments1.22(0.32)0.430.281.77
Shareholder distributions:
Net investment income(0.14)(0.10)(0.09)(0.12)(0.15)
Net realized gain----------
Net increase (decrease)1.22(0.32)0.430.281.77
Net asset value at beginning of year12.2712.6811.4910.899.58
Net asset value at end of period$13.49$12.36$11.92$11.17$11.35
Ratio to average net assets:*
Expense0.69%0.78%0.78%0.86%0.84%
Net investment income2.27%1.59%1.57%2.20%2.73%
Total return*22.06%3.60%9.20%7.30%40.11%
Portfolio turnover rate3%13%1%7%29%
Shares outstanding2,180,9561,212,617740,087510,440329,176
*annualized
16
AUL American Series Fund, Inc.
STATEMENT OF CHANGES IN NET ASSETS
for the six months ended June 30, 1995 and 1994
(unaudited)
Portfolio
EquityMoney Market
April 10,1990April 10,1990
throughthrough
1995199419951994
Operations:
Net investment income$281,985$108,752$474,998$101,357
Net realized gain191,789595,476----
Net unrealized gain (loss)2,256,233(1,029,324)----
Increase (Decrease)2,730,007(325,096)474,998101,357
Distributions:
From net investment income(277,587)(108,691)(474,998)(101,357)
From net realized gain--------
Decrease(277,587)(108,691)(474,998)(101,357)
Shareholder Transactions:
Proceeds from shares sold8,169,7234,809,49524,796,6004,905,806
Reinvested distributions236,09479,309474,998101,357
Cost of shares redeemed(2,009,054)(934,336)(22,777,120)(2,517,178)
Increase6,396,7633,954,4682,494,4782,489,985
Net increase8,849,1833,520,6812,494,4782,489,985
Net Assets at beginning of year20,563,22211,468,49515,495,6436,153,301
Net Assets at end of
period$29,412,405$14,989,176$17,990,121$8,643,286
Shares sold645,390374,84724,796,6004,905,806
Reinvested distributions18,1056,357474,998101,357
Shares redeemed(158,193)(72,723)(22,777,120)(2,517,178)
Net increase505,302308,4812,494,4782,489,985
Shares outstanding at beginning of
year1,675,654904,13615,495,6436,153,301
Shares outstanding at end of
period2,180,9561,212,61717,990,1218,643,286
The accompanying notes are an integral part of the financial statements.
5
AUL American Series Fund, Inc.
STATEMENT OF OPERATIONS
for the six months ended June 30, 1995
(unaudited)
Portfolio
EquityMoney MarketBondManaged
Investment Income:
Income:
dividends$225,503$--$--$122,360
interest141,893538,127814,053536,732
367,396538,127814,053659,092
Expense:
investment advisory fee61,51345,10756,12866,778
custodian and service agent fee16,60812,17915,15418,030
professional fees2,9292,1572,6913,200
amortization of deferred organization costs769769769769
director fees628628628628
other expenses2,9642,2892,6683,105
85,41163,12978,03892,510
Net investment income281,985474,998736,015566,582
Gain on Investments:
Net realized gain191,789--70,200329,361
Net unrealized gain2,256,233--1,524,3542,056,584
Net gain2,448,022--1,594,5542,385,945
Increase in Net Assets$2,730,007$474,998$2,330,569$2,952,527
The accompanying notes are an integral part of the financial statements.
4
NOTES TO FINANCIAL STATEMENTS (continued)
7.Selected Per Share Data and Ratios, continued:
Money Market Portfolio
19951994199319921991
Investment income$0.04$0.02$0.02$0.02$0.04
Expense0.010.010.010.010.01
Net investment income0.030.010.010.010.03
Net gain on investments----------
Shareholder distributions:
Net investment income(0.03)(0.01)(0.01)(0.01)(0.03)
Net realized gain----------
Net increase----------
Net asset value at beginning of year1.001.001.001.001.00
Net asset value at end of period$1.00$1.00$1.00$1.00$1.00
Ratio to average net assets:*
Expense0.69%0.81%0.78%0.90%0.87%
Net investment income5.22%2.80%2.32%3.37%5.80%
Total return*5.12%2.72%2.40%3.40%5.93%
Portfolio turnover rate----------
Shares outstanding17,990,1218,643,2865,590,4825,371,6525,375,750
*annualized
17
NOTES TO FINANCIAL STATEMENTS (continued)
7.Selected Per Share Data and Ratios, continued:
Bond Portfolio
19951994199319921991
Investment income$0.38$0.35$0.38$0.41$0.43
Expense0.040.040.040.050.05
Net investment income0.340.310.340.360.38
Net gain (loss) on investments0.74(0.78)0.48(0.15)(0.11)
Shareholder distributions:
Net investment income(0.34)(0.31)(0.34)(0.36)(0.38)
Net realized gain----------
Net increase (decrease)0.74(0.78)0.48(0.15)(0.11)
Net asset value at beginning of year9.9911.0010.6510.9010.32
Net asset value at end of period$10.73$10.22$11.13$10.75$10.21
Ratio to average net assets:*
Expense0.69%0.77%0.75%0.84%0.88%
Net investment income6.50%5.86%6.21%7.04%7.33%
Total return*21.58%-8.70%15.60%4.04%5.35%
Portfolio turnover rate19%18%14%11%50%
Shares outstanding2,228,7191,676,8731,156,0331,103,3161,060,699
*annualized
18
AUL American Series Fund, Inc.
STATEMENT OF NET ASSETS
June 30, 1995
(unaudited)
Portfolio
EquityMoney MarketBondManaged
Assets:
Investments at market
value$29,587,759$17,890,508$23,756,745$29,334,664
(cost: $26,711,812, $17,890,508,
$22,678,169, and $27,588,260,
respectively)
Receivable for shares sold, net28,43499,87318,74526,178
Receivable for investments sold3,736----2,185
Dividends and interest receivable33,20929,020323,399208,729
Prepaid expense432432432432
Deferred organization costs--------
Total assets29,653,57018,019,83324,099,32129,572,188
Liabilities:
Distributions payable to AUL21,270--156,90252,821
Payable for investments purchased182,030----246,084
Investment advisory fees payable to AUL11,4716,8589,74311,545
Accrued expenses10,8947,35410,06611,902
Organization costs payable to AUL15,50015,50015,50015,500
Total liabilities241,16529,712192,211337,852
Net Assets$29,412,405$17,990,121$23,907,110$29,234,336
Shares outstanding2,180,95617,990,1212,228,7192,434,842
Net Asset Value per share$13.49$1.00$10.73$12.01
The accompanying notes are an integral part of the financial statements.
3
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2
NOTES TO FINANCIAL STATEMENTS (continued)
7.Selected Per Share Data and Ratios, continued:
Managed Portfolio
19951994199319921991
Investment income$0.28$0.24$0.25$0.32$0.36
Expense0.040.050.040.050.05
Net investment income0.240.190.210.270.31
Net gain (loss) on investments1.01(0.60)0.50(0.05)0.37
Shareholder distributions:
Net investment income(0.24)(0.19)(0.21)(0.27)(0.30)
Net realized gain----------
Net increase (decrease)1.01(0.60)0.50(0.05)0.38
Net asset value at beginning of year11.0011.7510.9210.8610.10
Net asset value at end of period$12.01$11.15$11.42$10.81$10.48
Ratio to average net assets:*
Expense0.69%0.77%0.76%0.85%0.94%
Net investment income4.20%3.34%3.70%4.98%5.82%
Total return*22.86%7.28%12.80%3.88%13.56%
Portfolio turnover rate19%13%2%17%33%
Shares outstanding2,434,8421,786,822877,857664,673532,927
*annualized
19
NOTES TO FINANCIAL STATEMENTS (continued)
8.Unrealized Gain
Portfolio
EquityMoney MarketBondManaged
Common Stock:
Appreciation$3,823,090$--$--$1,972,618
Depreciation(947,143)----(701,908)
Notes and Bonds:
Appreciation----1,113,951495,945
Depreciation----(35,375)(20,251)
$2,875,947$--$1,078,576$1,746,404
9.Shareholders
Portfolio
EquityMoney MarketBondManaged
AUL309,609--917,999440,814
AUL American Unit Trust1,087,3001,814,044426,5051,138,013
AUL Group Retirement Annuity
Separate Account II742,36215,585,362871,424832,723
AUL American Individual Unit Trust41,685590,71512,79123,292
2,180,95617,990,1212,228,7192,434,842
20
A Message
From
The Chairman of the Board
and President
After experiencing a dismal year in 1994, the stock market's major averages
skyrocketed during
the first half of 1995. Equity indices ascended into higher territory,
confirming the
bull market
(which began in October 1990) remained in place. The idea of a "soft
landing"
became commonly
accepted with the markets able to shrug off one problem after another.
Continued
moderate
growth, low inflation, and positive liquidity provided a positive backdrop
for the
equity market.
Three common themes existed during the first part of 1995. In some
instances,
company-specific
events, such as merger activity, were responsible for outstanding price
performance. Investors
also bought specific technology issues which offered strong unit growth
prospects,
favorable
product cycles, and potential improvement from export sales. However, the
most
important driver
for the stock market was the strength of a few large capitalization growth
stocks.
Domestic
investors, fearing an economic slowdown, chased economically insensitive
consumer stocks for
their consistent earnings growth.
As consumer stocks tend to dominate the capitalization weighted S&P 500,
their
phenomenal
returns masked the weakness in the rest of the marketplace. As a result, the
broader market
(dominated more by small and medium capitalization stocks) did not fare
nearly as
well as the
major equity indices.
The complete dominance of large capitalization growth stocks lessened
somewhat
as the second
quarter progressed. With growth stocks trading at a premium to the rest of
the
marketplace, some
investors began to rotate back into smaller capitalization and economically
sensitive issues.
The bond market also reversed course after registering negative returns
during
1994. Weaker
economic data fueled a strong rally in bond prices during the first half of
1995.
Although money
market yields were relatively stable in the first half, intermediate and longer
maturity bond yields
declined sharply. Most bond indices experienced double digit returns for
the six
month period.
Investment performance for the AUL American Series Fund, Inc. for the
first half
of 1995 was:
Equity Portfolio11.0%
Money Market Portfolio2.6%
Bond Portfolio10.8%
Managed Portfolio11.4%
Investors were anxiously awaiting the Federal Reserve Board's next move
as the
second quarter
ended. The Federal Reserve eased monetary policy in July by lowering
short-term
interest rates in
response to weak economic data. This represents the first rate cut in nearly
three
years, and the
markets assume more rate cuts are possible before the end of the year.
The performance for the AUL American Series, Fund, Inc. is net of all
portfolio
expenses but
does not reflect separate account or annuity contract charges.
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
July 10, 1995
Directors and Officers of AUL American Series Fund, Inc.
James W. Murphy, Chairman of the Board and PresidentJames P.
Shanahan,
Director, Vice
President and Treasurer
Dr. Ronald D. Anderson, DirectorDr. H. Raymond Swenson, Director
Professor, School of BusinessProfessor, College of Business
Indiana University, Indianapolis, IndianaButler University, Indianapolis,
Indiana
Leonard D. Schutt, DirectorRichard A. Wacker, Secretary
1
