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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE JAMES W. MURPHY
TITLE SENIOR V.P. FINANCE
Report of Independent Accountants
To the Board of Directors of
The AUL American Series Fund, Inc.
In planning and performing our audit of the financial statements of
the AUL American Series
Fund, Inc. for the year ended December 31, 1996, we considered its
internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and selected per share data
and ratios and to comply with the requirements of Form N-SAR, not
to provide assurance on the
internal control structure.
The management of the AUL American Series Fund, Inc. is
responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments
by management are required to assess the expected benefits and
related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to
provide management with reasonable, but not absolute, assurance
that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors and irregularities may
occur and not be detected. Also, projection of any evaluation of the
structure of future periods is
subject to the risk that it may become inadequate because of changes
in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the
internal control structure that might be material weaknesses under
standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which
the design or operation of the specific internal control structure
elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in
relation to the financial statements being audited may occur and not
be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we
noted no matters involving the internal control structure, including
procedures for safeguarding
securities, that we consider to be material weaknesses, as defined
above, as of December 31,
1996.
This report is intended solely for the information and use of
management of the AUL American
Series Fund, Inc. and the Securities and Exchange Commission.
Indianapolis, Indiana
January 31, 1997<PAGE>
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<APPREC-INCREASE-CURRENT> (1,021,212)
<NET-CHANGE-FROM-OPS> 606,389
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