AUL American Series Fund, Inc.
Annual Report
June 30, 2000
This report and the financial statements contained herein are submitted for the
general information of the Participants. The report is not be distributed to
prospective investors as sales literature unless accompanied or preceded by an
effective prospectus of AUL American Series Fund, Inc., AUL American Unit Trust,
AUL American Individual Unit Trust, AUL American Individual Variable Life Unit
Trust or AUL American Individual Variable Annuity Unit Trust which contains
further information concerning the sales charge, expenses and other pertinent
information.
<PAGE>
Directors and Officers of AUL American Series Fund, Inc.
R. Stephen Radcliffe, Chairman of the Board and President
James P. Shanahan, Director
Dr. Ronald D. Anderson, Director
Professor, Kelley School of Business
Indiana University, Indianapolis, Indiana
Dr. Leslie Lenkowsky, Director
Professor, Indiana University,
Center of Philanthropy, Indianapolis, Indiana
James W. Murphy, Director
Richard A. Wacker, Secretary
Constance E. Lund, Treasurer
<PAGE>
A Message From The Chairman of the Board and President
Recent evidence suggests the growth rate of the U.S. economy is finally
moderating as consumer spending and residential real estate activity slowed
during the second quarter. Although second quarter GDP rose at a 5.2% annualized
rate, many economists believe economic growth during the second half of this
year will slow to a more moderate 3.5% to 4.0% rate, well within the Federal
Reserve's estimate of the non-inflationary growth potential for our economy.
Federal Reserve intervention is a primary factor contributing to this slowdown.
Fearing that inflationary pressures were mounting, Fed officials raised the
Federal Funds rate by 175 basis points during the past twelve months. The goal
was to orchestrate a "soft landing" by slowing growth just enough to cut off
inflationary pressures while keeping unemployment stable.
During the first half of 2000, the equity market resembled a roller coaster ride
as investors rotated repeatedly between "New Economy" stocks (primarily
technology and growth companies) and "Old Economy" stocks (economically
sensitive, value companies). The NASDAQ Composite, an index that is heavily
weighted in technology companies, experienced extremely volatile returns during
the first half of the year. Investors poured a great deal of money into
technology stocks, pushing this index up 24% from the beginning of the year to
its peak on March 10. The NASDAQ subsequently experienced a dramatic sell-off
during April and May and although a recovery occurred in late May, this index
still reported negative investment returns for the first six months of the year.
The S&P 500 and the Dow Jones Industrial Average, two other commonly quoted
equity benchmarks, also experienced negative returns during the first half of
the year.
Treasuries were the best performing sector of the bond market, outpacing
corporate bonds and mortgage-backed securities by a wide margin. The huge
federal government surplus has drastically reduced the supply of Treasuries.
Government buy backs of existing long Treasury issues helped boost thirty-year
Treasury returns to 9.8% in the first half of the year, well ahead of the 4.0%
return for the Lehman Aggregate Bond Index as well as the returns of major stock
indices.
The late 1990s handsomely rewarded equity investors. Based on this experience,
many investors now consider 20% annual returns to be "normal." Since major
equity indices were still in negative territory for the first half of the year,
the equity market may have trouble repeating this "normal" performance in the
current year.
Signs of a slowing economy have raised the hopes of many bond investors that the
Federal Reserve Bank has won the battle against inflation, eliminating the need
for further short-term interest rate increases. The question remains, however,
whether inflation has truly been suppressed given the low 4% unemployment rate
in the U.S., higher energy prices, and mounting global economic strength.
Investment performance for the AUL American Series Fund, Inc for the first half
of 2000 was:
Equity Portfolio -3.7% Tactical Asset Allocation Portfolio -0.5%
Money Market Portfolio 2.8% Aggressive Investor Portfolio -1.1%
Bond Portfolio 3.6% Moderate Investor Portfolio -0.4%
Managed Portfolio -0.3% Conservative Investor Portfolio 0.8%
The performance numbers for the AUL American Series Fund, Inc. are net of
investment advisory fees and other expenses paid by each portfolio but do not
reflect specified contract charges and mortality and expense risk charges that
may be incurred when investing in a variable annuity or variable life contract.
In closing, American United Life remains committed to serving your investment
needs. We appreciate your continued confidence and support.
R. Stephen Radcliffe
Chairman of the Board of Directors and President
Indianapolis, Indiana
July 31, 2000
1
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF NET ASSETS
June 30, 2000
(unaudited)
Portfolio
Equity Money Market Bond Managed Tactical Asset
<S> <C> <C> <C> <C> <C>
Assets:
Investments at value $ 75,922,104 $ 117,239,253 $ 46,933,350 $ 60,774,707 $ 4,025,973
(cost: $79,731,268, $117,239,253,
$48,305,293, $62,750,023,
and $4,058,136, respectively)
Capital stock sold 11,618 1,059,979 0 0 885
Receivable for investments sold 0 0 0 0 0
Dividends and interest receivable 131,851 497,436 525,888 352,672 25,972
Other assets 52 1,097 2,810 53 573
Deferred organization costs 0 0 0 0 142
Total assets 76,065,625 118,797,765 47,462,048 61,127,432 4,053,545
Liabilities:
Capital stock reacquired 0 0 12,719 150,368 0
Distribution payable 0 19,004 0 0 0
Payable for investments purchased 351,259 1,100,000 0 0 0
Accrued investment advisory fees 32,888 40,224 19,950 26,198 2,904
Accrued expenses 51,239 26,612 13,721 25,194 1,886
Organization costs payable 0 0 0 0 1,610
Total liabilities 435,385 1,185,840 46,390 201,759 6,400
Net assets $ 75,630,240 $ 117,611,925 $ 47,415,658 $ 60,925,674 $ 4,047,145
Shares outstanding 4,892,720 117,611,925 4,551,528 4,767,976 344,425
Net asset value per share $ 15.46 $ 1.00 $ 10.42 $ 12.78 $ 11.75
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF NET ASSETS (continued)
June 30, 2000
(unaudited)
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
<S> <C> <C> <C>
Assets:
Investments at value $ 7,728,284 $ 8,021,517 $ 8,158,553
(cost: $7,851,968,
$8,049,860, and
$8,015,784, respectively)
Capital stock sold 2,510 6,677 6,440
Receivable for investments sold 125,791 203,044 283,934
Dividends and interest receivable 50,214 37,533 21,718
Other assets 4,844 4,917 4,922
Deferred organization costs 4,299 4,299 4,299
Total assets 7,915,942 8,277,987 8,479,866
Liabilities:
Capital stock reacquired 0 0 0
Distribution payable 0 0 0
Payable for investments purchased 11,250 205,148 291,318
Accrued investment advisory fees 4,646 4,753 4,799
Accrued expenses 17,773 18,314 17,161
Organization costs payable 5,924 5,924 5,924
Total liabilities 39,593 234,139 319,202
Net assets $ 7,876,349 $ 8,043,848 $ 8,160,664
Shares outstanding 770,012 770,139 759,179
Net asset value per share $ 10.23 $ 10.45 $ 10.75
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENT OF OPERATIONS
For the six months ended June 30, 2000
(unaudited)
Portfolio
Equity Money Market Bond Managed Tactical Asset
<S> <C> <C> <C> <C> <C>
Investment Income:
Income:
Dividends (net of foreign $ 909,867 $ 0 $ 0 $ 420,875 $ 47,979
taxes withheld of $0, $0,
$0, $1,908, and $76,
respectively)
Interest 85,206 3,489,653 1,668,788 951,604 49,724
995,073 3,489,653 1,668,788 1,372,479 97,703
Expenses:
Investment advisory fee 195,557 231,756 117,422 156,284 18,511
Custodian and service agent fee 39,124 51,598 24,489 31,917 2,783
Professional fees 3,160 5,735 2,370 2,714 152
Amortization of deferred
organization costs 0 0 0 0 803
Director fees 2,111 3,188 1,277 1,712 305
Printing 0 1,251 1,312 666 418
Other 437 399 238 346 0
Total expenses before
reduction 240,389 293,927 147,108 193,639 22,972
Expense reduction 0 0 0 0 (166)
240,389 293,927 147,108 193,639 23,138
Net investment income 754,684 3,195,726 1,521,680 1,178,840 74,565
Gain (loss) on investments and Foreign currency:
Net realized gain (loss)
on investments 1,376,211 0 (502,523) 456,018 114,107
Net realized loss on
foreign currency transactions 0 0 0 0 0
Net change in unrealized
appreciation on investments (5,707,199) 0 644,129 (2,086,129) (200,103)
Translation of assets and
liabilities in foreign currencies 0 0 0 0 0
Net gain (loss) (4,330,988) 0 141,606 (1,630,111) (85,996)
Net increase (decrease) in
net assets from operations $ (3,576,304) $ 3,195,726 $ 1,663,286 $ (451,271) $ (11,431)
</TABLE>
The accompanying notes are an integral part of the financial statement.
4
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF OPERATIONS (continued)
For the six months ended June 30, 2000
unaudited)
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
<S> <C> <C> <C>
Investment Income:
Income:
Dividends (net of foreign $ 22,650 $ 40,412 $ 49,495
taxes withheld of $402, $855,
and $882,
respectively)
Interest 157,135 106,990 61,166
179,785 147,402 110,661
Expenses:
Investment advisory fee 25,115 26,999 27,158
Custodian and service agent fee 27,662 27,619 28,832
Professional fees 426 514 493
Amortization of deferred
organization costs 779 779 779
Director fees 311 359 347
Printing 1,787 1,883 1,898
Other 0 0 0
Total expenses before
reduction 56,080 58,153 59,507
Expense reduction 20,203 19,598 20,709
35,877 38,555 38,798
Net investment income 143,908 108,847 71,863
Gain (loss) on investments and
Foreign currency:
Net realized gain (loss)
on investments 89,295 113,163 121,098
Net realized loss on
foreign currency transactions 0 0 0
Net change in unrealized
appreciation on investments (142,841) (246,150) (269,756)
Translation of assets and
liabilities in foreign currencies 0 0 0
Net gain (loss) (53,546) (132,987) (148,658)
Net increase (decrease) in
net assets from operations $ 90,362 $ (24,140) (76,795)
</TABLE>
The accompanying notes are an integral part of the financial statement.
5
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
Portfolio
Equity Money Market
<S> <C> <C> <C> <C>
Six months ended Six months ended
June 30, 2000 Year ended June 30, 2000 Year ended
(unaudited) Dec. 31, 1999 (unaudited) Dec. 31, 1999
Increase in net assets from operations:
Net investment income $ 754,684 $ 1,450,454 $ 3,195,726 $ 4,592,703
Net realized gain (loss) 1,376,211 16,133,015 0 0
Net change in unrealized
appreciation (5,707,199) (18,190,485) 0 0
Net increase (decrease) in net assets
from Operations (3,576,304) (607,016) 3,195,726 4,592,703
Dividends and distributions:
From net investment income 0 (1,450,241) (3,195,726) (4,592,703)
From net realized gain 0 (16,545,094) 0 0
Decrease 0 (17,995,335) (3,195,726) (4,592,703)
Shareholder Transactions:
Proceeds from shares sold 775,320 14,631,379 80,872,324 158,840,614
Reinvested distributions 0 16,749,821 2,674,169 4,602,804
Cost of shares redeemed (10,187,911) (19,645,267) (92,466,384) (118,966,855)
Increase (decrease) (9,412,591) 11,735,933 (8,919,891) 44,476,563
Net increase (decrease) (12,988,895) (6,866,418) (8,919,891) 44,476,563
Net Assets at beginning of year 88,619,135 95,485,553 126,531,816 82,055,253
Net Assets at end of year $ 75,630,240 $ 88,619,135 $ 117,611,925 $ 126,531,816
Shares sold 49,584 703,472 80,872,324 158,840,614
Reinvested distributions 0 1,052,984 2,674,169 4,602,804
Shares redeemed (675,518) (947,933) (92,466,384) (118,966,855)
Net Increase (decrease) (625,934) 808,523 (8,919,891) 44,476,563
Shares outstanding at beginning of year 5,518,654 4,710,131 126,531,816 82,055,253
Shares outstanding at end of year 4,892,720 5,518,654 117,611,925 126,531,816
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Portfolio
Bond Managed
<S> <C> <C> <C> <C>
Six months ended Six months ended
June 30, 2000 Year ended June 30, 2000 Year ended
(unaudited) Dec. 31, 1999 (unaudited) Dec. 31, 1999
Increase in net assets from operations:
Net investment income $ 1,521,680 $ 2,904,802 $ 1,178,840 $ 2,389,654
Net realized gain (loss) (502,523) (526,053) 456,018 7,330,258
Net change in unrealized
appreciation 644,129 (2,959,889) (2,086,129) (10,171,248)
Net increase (decrease) in net assets
from Operations 1,663,286 (581,140) (451,271) (451,336)
Dividends and distributions:
From net investment income (142,883) (2,916,994) 0 (2,419,622)
From net realized gain 0 0 0 (7,660,616)
Decrease (142,883) (2,916,994) 0 (10,080,238)
Shareholder Transactions:
Proceeds from shares sold 3,217,623 20,853,214 813,723 8,648,452
Reinvested distributions 0 2,916,994 0 10,080,238
Cost of shares redeemed (7,150,346) (20,533,807) (8,253,178) (12,492,676)
Increase (decrease) (3,932,723) 3,236,401 (7,439,455) 6,236,014
Net increase (decrease) (2,412,320) (261,733) (7,890,726) (4,295,560)
Net Assets at beginning of year 49,827,978 50,089,711 68,816,400 73,111,960
Net Assets at end of year $ 47,415,658 $ 49,827,978 $ 60,925,674 $ 68,816,400
Shares sold 314,576 1,934,109 63,397 564,421
Reinvested distributions 0 288,783 0 790,359
Shares redeemed (703,847) (1,907,042) (665,838) (817,303)
Net Increase (decrease) (389,271) 315,850 (602,441) 537,477
Shares outstanding at beginning of year 4,940,799 4,624,949 5,370,417 4,832,940
Shares outstanding at end of year 4,551,528 4,940,799 4,767,976 5,370,417
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Portfolio
Tactical Asset Conservative Investor
<S> <C> <C> <C> <C>
Six months ended Six months ended
June 30, 2000 Year ended June 30, 2000 Year ended
(unaudited) Dec. 31, 1999 (unaudited) Dec. 31, 1999
Increase in net assets from operations:
Net investment income $ 74,565 $ 172,080 $ 143,908 $ 210,141
Net realized gain (loss) 114,107 (119,972) 89,295 302,423
Net change in unrealized
appreciation (200,103) (209,826) (142,841) (141,649)
Net increase (decrease) in net assets
from Operations (11,431) (157,718) 90,362 370,915
Dividends and distributions:
From net investment income (121,911) (171,580) 0 (210,871)
From net realized gain 0 0 0 (260,746)
Decrease (121,911) (171,580) 0 (471,617)
Shareholder Transactions:
Proceeds from shares sold 137,713 484,093 1,516,352 813,634
Reinvested distributions 0 130,420 0 98,034
Cost of shares redeemed (1,111,933) (1,599,397) (237,006) (585,566)
Increase (decrease) (974,220) (984,884) 1,279,346 326,102
Net increase (decrease) (1,107,562) (1,314,182) 1,369,708 225,400
Net Assets at beginning of year 5,154,707 6,468,889 6,506,641 6,281,241
Net Assets at end of year $ 4,047,145 $ 5,154,707 $ 7,876,349 $ 6,506,641
Shares sold 11,481 37,148 152,557 78,005
Reinvested distributions 0 10,783 0 9,679
Shares redeemed (92,213) (122,986) (23,835) (56,352)
Net Increase (decrease) (80,732) (75,055) 128,722 31,332
Shares outstanding at beginning of year 425,157 500,212 641,290 609,958
Shares outstanding at end of year 344,425 425,157 770,012 641,290
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS (continued)
Portfolio
Moderate Investor Aggressive Investor
<S> <C> <C> <C> <C>
Six months ended Six months ended
June 30, 2000 Year ended June 30, 2000 Year ended
(unaudited) Dec. 31, 1999 (unaudited) Dec. 31, 1999
Increase in net assets from operations:
Net investment income $ 108,847 $ 172,144 $ 71,863 $ 108,119
Net realized gain (loss) 113,163 437,891 121,098 611,523
Net change in unrealized
appreciation (246,150) (2,225) (269,756) 115,559
Net increase (decrease) in net assets
from Operations (24,140) 607,810 (76,795) 835,201
Dividends and distributions:
From net investment income 0 (172,903) 0 (108,804)
From net realized gain 0 (322,282) 0 (395,749)
Decrease 0 (495,185) 0 (504,553)
Shareholder Transactions:
Proceeds from shares sold 438,607 1,188,164 636,865 1,333,348
Reinvested distributions 0 155,723 0 150,301
Cost of shares redeemed (182,588) (448,230) (301,012) (593,446)
Increase (decrease) 256,019 895,657 335,853 890,203
Net increase (decrease) 231,879 1,008,282 259,058 1,220,851
Net Assets at beginning of year 7,811,969 6,803,687 7,901,606 6,680,755
Net Assets at end of year $ 8,043,848 $ 7,811,969 $ 8,160,664 $ 7,901,606
Shares sold 43,026 113,195 60,578 124,928
Reinvested distributions 0 14,896 0 13,888
Shares redeemed (17,649) (42,721) (28,346) (56,149)
Net Increase (decrease) 25,377 85,370 32,232 82,667
Shares outstanding at beginning of year 744,762 659,392 726,947 644,280
Shares outstanding at end of year 770,139 744,762 759,179 726,947
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
EQUITY PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (95.1%)
Aerospace (6.5%)
Boeing Co. 39,300 $ 1,643,231
Precision Castparts Corp. 72,500 3,280,625
4,923,856
Automotive & Auto Parts (9.9%)
Bandag, Inc. 67,300 1,632,025
Carlisle Companies, Inc. 57,800 2,601,000
Ford Motor Co. 42,900 1,844,700
TBC Corp.* 301,800 1,395,825
Visteon Corp. 5,617 68,106
7,541,656
Banks & Financial (9.8%)
Associates First Capital Corp.57,024 1,272,348
Bank One Corp. 47,063 1,250,111
Citigroup, Inc. 19,500 1,174,875
Ohio Casualty Corp. 134,600 1,430,125
Washington Mutual, Inc. 79,085 2,283,579
7,411,038
Broadcasting & Publishing (3.7%)
Chris-Craft Industries, Inc.* 30,743 2,030,989
Meredith Corp. 22,600 762,750
2,793,739
Building (3.4%)
Fleetwood Enterprises, Inc. 102,300 1,457,775
Toll Brothers, Inc. 56,400 1,156,200
2,613,975
Computer Hardware & Software (3.5%)
Autodesk, Inc. 62,400 2,164,500
International Business
Machines Corp. 4,700 514,944
2,679,444
Diversified Manufacturing (3.3%)
Crane Co. 50,300 1,222,919
Trinity Industries 68,400 1,265,400
2,488,319
Furniture & Apparel (17.1%)
Hillenbrand Industries, Inc. 52,500 1,643,906
Kellwood Co. 101,900 2,152,638
Kimball International 82,800 1,221,300
La-Z-Boy, Inc. 151,200 2,116,800
Liz Claiborne, Inc. 71,500 2,520,375
Reebok International* 206,700 3,294,281
12,949,300
Health Care (2.6%)
Acuson Corp.* 84,200 $ 1,136,700
McKeeson HBOC, Inc. 38,600 808,188
1,944,888
Machinery (3.6%)
Baldor Electric Co. 147,880 2,754,265
2,754,265
Metals & Mining (7.1%)
AK Steel Holding Corp. 127,000 1,016,000
Alcoa, Inc. 53,800 1,560,200
Cleveland-Cliffs, Inc. 54,300 1,401,619
Oregon Steel Mills, Inc. 58,600 113,538
Phelps Dodge Corp. 35,600 1,323,875
5,415,231
Oil & Oil Services (9.5%)
Royal Dutch Petroleum Co. 35,000 2,154,688
Tidewater, Inc. 70,300 2,530,800
Valero Energy Corp. 79,700 2,530,475
7,215,963
Paper & Forest Products (0.7%)
Wausau-Mosinee Paper Corp. 28,400 243,175
Willamette Industries 10,000 272,500
515,675
Retail (4.6%)
Lands' End, Inc.* 39,850 1,329,994
Longs Drug Stores, Inc. 100,700 2,190,225
3,520,219
Transportation (4.0%)
Alexander & Baldwin, Inc. 81,400 1,795,888
Norfolk Southern Corp. 83,400 1,240,575
3,036,463
Miscellaneous (5.8%)
Brunswick Corp. 18,500 306,406
Kelly Services, Inc. 64,300 1,486,938
Lafarge Corp. 14,800 310,800
Michael Foods, Inc. 22,500 551,250
P G & E Corporation 71,794 1,767,927
4,423,321
Total common stock (cost: $76,036,514) 72,227,350
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
EQUITY PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C>
Market
Description Shares Value
Money Market Mutual Funds (2.9%)
Federated Investors Prime Obligation 2,226,287 $ 2,226,287
Total money market mutual funds (cost: $2,226,287) 2,226,287
Cash and Cash Equivalents (2.0%)
BONY Cash Reserve 1,468,466
Total cash and cash equivalents (cost: $1,468,466) 1,468,466
Total Investments (cost: $79,731,268) $75,922,104
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MONEY MARKET PORTFOLIO
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Short-term Notes (95.8%)
U.S. Government & Agency Obligations (48.9%)
Federal Home Loan Bank Discount Notes 6.596% 09/07/00 $ 1,500,000 $ 1,481,640
Federal Home Loan Mortgage Corp. Discount Notes 6.402% 08/03/00 3,200,000 3,181,520
Federal Home Loan Mortgage Corp. Discount Notes 6.103% 07/13/00 3,000,000 2,993,990
Federal Home Loan Mortgage Corp. Discount Notes 6.129% 07/13/00 2,000,000 1,995,973
Federal Home Loan Mortgage Corp. Discount Notes 6.051% 07/13/00 4,600,000 4,590,842
Federal Home Loan Mortgage Corp. Discount Notes 6.126% 07/13/00 1,800,000 1,796,376
Federal Home Loan Mortgage Corp. Discount Notes 6.123% 07/20/00 4,800,000 4,784,724
Federal Home Loan Mortgage Corp. Discount Notes 6.640% 08/17/00 3,000,000 2,974,424
Federal Home Loan Mortgage Corp. Discount Notes 6.609% 08/31/00 5,000,000 4,944,931
Federal Home Loan Mortgage Corp. Discount Notes 6.609% 08/31/00 5,300,000 5,241,626
Federal National Mortgage Association Discount Notes 6.423% 08/03/00 4,000,000 3,976,827
Federal National Mortgage Association Discount Notes 6.041% 07/06/00 7,500,000 7,493,802
Federal National Mortgage Association Discount Notes 6.088% 07/13/00 4,000,000 3,992,000
Federal National Mortgage Association Discount Notes 6.098% 07/27/00 5,000,000 4,978,319
Federal National Mortgage Association Discount Notes 6.557% 09/14/00 3,000,000 2,959,687
57,386,682
Corporate Obligations (46.9%)
Agricultural & Constructional Machinery (4.2%)
John Deere Capital Corp. 6.174% 07/10/00 800,000 800,000
John Deere Capital Corp. 6.155% 07/06/00 1,000,000 1,000,000
John Deere Capital Corp. 6.423% 07/31/00 1,500,000 1,500,000
John Deere Capital Corp. 6.671% 08/08/00 1,500,000 1,500,000
4,800,000
Automotive (9.1%)
Ford Motor Credit Corp. 6.165% 07/06/00 1,000,000 1,000,000
Ford Motor Credit Corp. 6.712% 08/29/00 1,100,000 1,100,000
Ford Motor Credit Corp. 6.659% 09/14/00 2,100,000 2,100,000
Ford Motor Credit Corp. 6.701% 10/05/00 1,200,000 1,200,000
General Motors Acceptance Corp. 6.267% 07/19/00 2,400,000 2,400,000
General Motors Acceptance Corp. 6.514% 08/01/00 1,400,000 1,400,000
General Motors Acceptance Corp. 6.690% 09/11/00 1,500,000 1,500,000
10,700,000
Business Finance (6.7%)
Cit Group Holdings 6.194% 07/10/00 1,000,000 1,000,000
Cit Group Holdings 6.246% 07/13/00 1,500,000 1,500,000
General Electric Capital Corp. 6.202% 07/05/00 1,500,000 1,500,000
General Electric Capital Corp. 6.215% 07/17/00 1,500,000 1,500,000
General Electric Capital Corp. 6.237% 07/24/00 2,300,000 2,300,000
7,800,000
Consumer Finance (18.1%)
American Express Credit Corp. 6.649% 08/16/00 1,000,000 1,000,000
American Express Credit Corp. 6.700% 08/30/00 1,500,000 1,500,000
American Express Credit Corp. 6.628% 09/21/00 1,300,000 1,300,000
American Express Credit Corp. 6.660% 09/11/00 1,300,000 1,300,000
</TABLE>
(continued on next page)
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MONEY MARKET PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Short-term Notes (95.9%) (continued)
Consumer Finance (18.1%) (continued)
American General Finance 6.659% 08/08/00 $ 1,000,000 $ 1,000,000
American General Finance 6.607% 08/21/00 1,000,000 1,000,000
American General Finance 6.153% 07/18/00 1,000,000 1,000,000
American General Finance 6.700% 08/22/00 2,200,000 2,200,000
Associates First Capital Corp. 6.659% 08/07/00 1,400,000 1,400,000
Associates First Capital Corp. 6.660% 08/14/00 1,000,000 1,000,000
Associates First Capital Corp. 6.721% 08/24/00 1,200,000 1,200,000
Associates First Capital Corp. 6.712% 09/11/00 1,800,000 1,800,000
Household Finance Corp. 6.205% 07/11/00 1,000,000 1,000,000
Household Finance Corp. 6.185% 07/17/00 3,000,000 3,000,000
Household Finance Corp. 6.649% 09/13/00 1,500,000 1,500,000
21,200,000
Information Technology (1.7%)
International Business Machines Credit Corp. 6.288% 07/31/00 2,000,000 2,000,000
2,000,000
Insurance (4.5%)
Prudential Funding Corp. 6.174% 07/12/00 1,000,000 1,000,000
Prudential Funding Corp. 6.640% 09/25/00 2,300,000 2,300,000
Prudential Funding Corp. 6.707% 08/21/00 1,000,000 1,000,000
Prudential Funding Corp. 6.731% 08/30/00 1,000,000 1,000,000
5,300,000
Oil & Oil Services (2.6%)
Texaco, Inc. 6.236% 07/26/00 1,700,000 1,700,000
Texaco, Inc. 6.575% 08/25/00 1,400,000 1,400,000
3,100,000
Total short-term notes (cost: $112,286,682) 112,286,682
Shares
Money Market Mutual Funds (4.2%)
Dreyfus Masternote Account 2,892,040 2,892,040
Federated Investors Prime Obligation 2,060,531 2,060,531
Total money market mutual funds (cost: $4,952,571) 4,952,571
Total Investments (cost: $117,239,253) $117,239,253
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
BOND PORTFOLIO
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (94.6%)
U.S. Government & Agency Obligations (22.8%)
Federal National Mortgage Association MTN 5.750% 04/15/03 $ 2,300,000 $ 2,227,136
Federal National Mortgage Association MTN 5.625% 05/14/04 350,000 333,431
U.S. Treasury Inflation Indexed Bond 3.375% 01/15/07 1,911,456 1,833,201
U.S. Treasury Bonds 8.000% 11/15/21 1,200,000 1,450,692
U.S. Treasury Notes 7.250% 05/15/16 2,875,000 3,168,796
U.S. Treasury Notes 7.250% 05/15/04 600,000 618,846
U.S. Treasury Notes 6.125% 08/15/07 300,000 297,984
U.S. Treasury Notes 5.750% 11/30/02 800,000 788,376
10,718,462
Mortgage-Backed and Asset-Backed Securities (43.2%)
Californial Infrastructure SCE01 199700010A4 6.220% 03/25/04 400,000 395,000
Federal National Mortgage Association CMO 19910G460G 7.500% 12/25/09 600,000 598,500
Federal Home Loan Mortgage Corp. Gold Pool #E77962 6.500% 07/01/14 1,104,194 1,065,503
Federal Home Loan Mortgage Corp. Gold Pool #E72468 5.500% 10/01/13 654,156 607,135
Federal Home Loan Mortgage Corp. Gold Pool #C14364 6.500% 09/01/28 612,291 578,676
Federal Home Loan Mortgage Corp. Gold Pool #C14872 6.500% 09/01/28 155,431 146,898
Federal Home Loan Mortgage Corp. Gold Pool #C17374 6.000% 11/01/28 462,965 424,238
Federal Home Loan Mortgage Corp. Gold Pool #C20300 6.500% 01/01/29 1,075,000 1,015,983
Federal Home Loan Mortgage Corp. Gold Pool #C21571 6.000% 02/01/29 373,805 342,536
Federal Home Loan Mortgage Corp. Gold Pool #C21896 6.000% 02/01/29 951,588 871,988
Federal Home Loan Mortgage Corp. Gold Pool #E71048 6.000% 07/01/13 30,010 28,438
Federal Home Loan Mortgage Corp. Gold Pool #G10817 6.000% 06/01/13 577,240 547,016
Federal Home Loan Mortgage Corp. Gold Pool #C17991 6.000% 11/01/28 186,280 170,698
Federal Home Loan Mortgage Corp. Gold Pool #C20918 6.000% 01/01/29 707,596 648,405
Federal Home Loan Mortgage Corp. Gold Pool #C30716 6.000% 09/01/29 991,604 935,925
Federal Home Loan Mortgage Corp. Gold Pool #E00543 6.000% 04/01/13 195,269 185,045
Federal Home Loan Mortgage Corp. Gold Pool #E00565 6.000% 08/01/13 426,206 403,890
Federal Home Loan Mortgage Corp. Series 2075
Class PE CMO 6.500% 04/15/21 400,000 389,872
Federal Home Loan Mortgage Corp. Gold Pool 6.500% 07/01/29 994,578 939,976
Federal Home Loan Mortgage Corp. Gold Pool 7.000% 01/01/30 766,645 740,924
Federal Home Loan Mortgage Corp. Gold Pool 7.000% 12/01/29 1,228,095 1,186,892
Federal Home Loan Mortgage Corp. Gold Pool 6.500% 06/01/29 325,157 307,305
Federal Home Loan Mortgage Corp. Gold Pool 6.500% 07/01/29 1,982,494 1,873,655
FNMA Pool #511483 8.000% 09/01/29 699,930 702,709
FNMA Pool #522919 8.000% 06/01/30 170,000 170,760
FNMA Pool #533500 8.000% 03/01/30 599,940 602,370
GNMA Pool #415539 8.000% 07/15/27 157,931 159,818
GNMA Pool #416402 7.500% 07/15/26 15,419 15,323
GNMA Pool #424739 7.500% 05/15/26 318,535 316,557
GNMA Pool #443216 8.000% 07/15/27 388,250 392,890
GNMA Pool #425039 7.500% 05/15/26 16,532 16,429
GNMA Pool #452827 7.500% 02/15/28 251,869 250,464
GNMA Pool #519095 7.500% 12/15/29 972,535 965,882
GNMA Pool #521472 7.500% 01/15/30 797,223 791,770
GNMA Pool #521584 7.500% 11/15/29 1,491,266 1,481,066
20,270,537
</TABLE>
(continued on next page)
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
BOND PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-term Notes and Bonds (94.6%) (continued)
Corporate Obligations (28.6%)
Aerospace & Defense (3.3%)
Lockheed Martin Corp. 8.500% 12/01/29 $ 850,000 $ 858,313
Raytheon Co. Notes 6.150% 11/01/08 800,000 713,656
1,571,969
Banking (1.9%)
Korea Development Bank Notes 7.375% 09/17/04 500,000 487,401
PNC Funding Corp. Notes 6.875% 03/01/03 400,000 390,368
877,769
Chemicals (3.6%)
Dow Chemical 7.375% 11/01/29 500,000 484,785
Equistar Chemicals LP 8.750% 02/15/09 600,000 587,348
ICI Wilmington Notes 6.750% 09/15/02 600,000 584,238
1,656,371
Consumer Non-Durables (0.8%)
Anheuser-Busch Cos. Inc. Debentures 6.750% 12/15/27 400,000 353,484
353,484
Consumer Services (1.0%)
Service Corp. International 6.875% 10/01/07 900,000 481,500
481,500
Electric Utility (2.6%)
Hydro-Quebec Debenture 8.050% 07/07/24 400,000 424,228
Public Service New Mexico 7.100% 08/01/05 350,000 331,345
Texas-New Mexico Power 6.250% 01/15/09 500,000 430,685
1,186,258
Energy (1.6%)
Petroliam Nasional Berhad Notes 7.125% 10/18/06 500,000 470,662
Union Pacific Resources Debentures 7.050% 05/15/18 300,000 271,467
742,129
Finance Company (2.9%)
Ford Motor Credit Corp. Notes 7.750% 11/15/02 850,000 853,732
Pemex Finance 9.140% 08/15/04 500,000 510,098
1,363,829
Gas Utility (0.4%)
El Paso Natural Gas Company Notes 7.750% 01/15/02 200,000 200,328
200,328
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
BOND PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-term Notes and Bonds (94.6%) (continued)
Corporate Obligations (28.6%) (continued)
Health Care (1.9%)
Beckman Coulter 7.450% 03/04/08 $ 500,000 $ 455,360
Boston Scientific 6.250% 03/15/05 500,000 454,700
910,060
Insurance (1.0%)
Allstate Corp. 7.200% 12/01/09 500,000 477,960
477,960
Other Finance (2.1%)
Osprey Trust 8.310% 01/15/03 1,000,000 1,003,799
1,003,799
Real Estate Investment Trust (REIT) (1.0%)
Simon Property Group, Inc. 6.750% 02/09/04 500,000 475,425
475,425
Retail Merchandising (1.0%)
K-Mart Corp. 8.375% 12/01/04 500,000 477,689
477,689
Telecommunications (2.4%)
GTE Corp. Debentures 6.940% 04/15/28 500,000 442,570
Sprint Capital Corp. 6.875% 11/15/28 200,000 173,854
Vodafone Airtouch 7.750% 02/15/10 500,000 487,730
1,104,154
Transportation (1.1%)
Continental Airlines 1999001A0A EETC 6.545% 02/02/19 584,333 526,209
526,209
Total long-term notes and bonds (cost: $45,769,875) 44,397,932
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
BOND PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C>
Market
Description Shares Value
Money Market Mutual Funds (4.3%)
Federated Investors Prime Obligation 2,014,206 $ 2,014,206
Total money market mutual funds (cost: $2,014,206) 2,014,206
Cash and Cash Equivalents (1.1%)
BONY Cash Reserve 521,212
Total cash and cash equivalents (cost: $521,212) 521,212
Total Investments (cost: $48,305,293) $46,933,350
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (54.9%)
Aerospace (3.6%)
Boeing Co. 18,600 $ 777,713
Precision Castparts Corp. 31,400 1,420,850
2,198,563
Automotive & Auto Parts (5.7%)
Bandag, Inc. 34,300 831,775
Carlisle Companies, Inc. 25,800 1,161,000
Ford Motor Co. 18,600 799,800
TBC Corp.* 133,600 617,900
Visteon Corp. 2,435 29,524
3,439,999
Banks & Financial (5.5%)
Associates First Capital Corp.25,240 563,168
Bank One Corp. 21,585 573,352
Citigroup, Inc. 9,013 543,033
Ohio Casualty Corp. 59,800 635,375
Washington Mutual, Inc. 35,705 1,030,982
3,345,909
Broadcasting & Publishing (2.2%)
Chris-Craft Industries, Inc.* 12,448 822,346
Meredith Corp. 15,800 533,250
1,355,596
Building (2.1%)
Brunswick Corp. 8,400 139,125
Fleetwood Enterprises, Inc. 44,800 638,400
Toll Brothers, Inc. 24,700 506,350
1,283,875
Computer Hardware & Software (2.0%)
Autodesk, Inc. 28,100 974,719
International Business
Machines Corp. 2,300 251,994
1,226,713
Diversified Manufacturing (2.0%)
Crane Co. 25,400 617,538
Trinity Industries 31,400 580,900
1,198,438
Furniture & Apparel (9.7%)
Hillenbrand Industries, Inc. 23,100 723,319
Kellwood Co. 45,500 961,188
Kimball International 40,400 595,900
La-Z-Boy, Inc. 66,900 936,600
Liz Claiborne, Inc. 32,200 1,135,050
Reebok International* 95,700 1,525,219
5,877,275
Health Care (1.5%)
Acuson Corp.* 39,700 $ 535,950
McKeeson HBOC, Inc. 18,000 376,875
912,825
Machinery (2.0%)
Baldor Electric Co. 64,200 1,195,725
1,195,725
Metals & Mining (4.1%)
AK Steel Holding Corp. 59,900 479,200
Alcoa, Inc. 24,600 713,400
Cleveland-Cliffs, Inc. 25,900 668,544
Oregon Steel Mills, Inc. 16,400 31,775
Phelps Dodge Corp. 16,600 617,313
2,510,231
Oil & Oil Services (5.4%)
Royal Dutch Petroleum Co. 16,400 1,009,625
Tidewater, Inc. 31,800 1,144,800
Valero Energy Corp. 36,100 1,146,175
3,300,600
Paper & Forest Products (0.5%)
Wausau-Mosinee Paper Corp. 12,800 109,600
Willamette Industries 7,800 212,550
322,150
Retail (2.6%)
Lands' End, Inc.* 18,600 620,775
Longs Drug Stores, Inc. 44,700 972,225
1,593,000
Transportation (2.5%)
Alexander & Baldwin, Inc. 42,400 935,450
Norfolk Southern Corp. 38,600 574,175
1,509,625
Miscellaneous (3.5%)
Lafarge Corp. 6,600 138,600
Kelly Services, Inc. 30,500 705,313
Michael Foods, Inc. 21,000 514,500
P G & E Corp. 31,954 786,867
2,145,280
Total common stock (cost: $34,720,469) 33,415,803
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (43.5%)
U.S. Government and Agency Obligations (12.7%)
Federal National Mortgage Association MTN 5.750% 04/15/03 $ 900,000 $ 871,488
Federal National Mortgage Association MTN 5.625% 05/14/04 375,000 357,248
U.S. Treasury Inflation Indexed Bonds 3.375% 01/15/07 849,536 814,756
U.S. Treasury Bonds 8.000% 11/15/21 1,050,000 1,269,356
U.S. Treasury Notes 7.250% 05/15/16 1,125,000 1,239,964
U.S. Treasury Notes 6.125% 08/15/07 300,000 297,984
U.S. Treasury Notes 7.250% 05/15/04 1,500,000 1,547,115
U.S. Treasury Notes 6.250% 02/28/02 1,350,000 1,345,356
7,743,266
Mortgage-Backed and Asset-Backed Securities (19.8%)
California Infrastructure SCE01 199700010A4 6.220% 03/25/04 300,000 296,250
Federal Home Loan Mortgage Corp. Gold Pool #C17374 6.000% 11/01/28 462,964 424,237
Federal Home Loan Mortgage Corp. Gold Pool #E77962 6.500% 07/01/14 690,121 665,939
Federal Home Loan Mortgage Corp. Gold Pool #C22301 6.000% 02/01/29 369,808 338,874
Federal Home Loan Mortgage Corp. Gold Pool #C20918 6.000% 01/01/29 663,371 607,880
Federal Home Loan Mortgage Corp. Gold Pool #E00543 6.000% 04/01/13 401,164 380,159
Federal Home Loan Mortgage Corp. Pool #C14872 6.500% 09/01/28 581,795 549,855
Federal Home Loan Mortgage Corp. Series 2075
Class PE CMO 6.500% 04/15/21 300,000 292,404
Federal Home Loan Mortgage Corp. Discount Notes 6.500% 07/01/29 994,578 939,976
Federal Home Loan Mortgage Corp. Discount Notes 7.000% 12/01/29 1,495,362 1,445,193
Federal Home Loan Mortgage Corp. Discount Notes 6.500% 06/01/29 617,400 583,505
Federal Home Loan Mortgage Corp. Discount Notes 6.500% 07/01/29 991,247 936,828
FNMA Pool #511483 8.000% 09/01/29 299,970 301,161
FNMA Pool #522919 8.000% 06/01/30 350,000 351,565
FNMA Pool #533500 8.000% 03/01/30 399,960 401,580
GNMA Pool #422407 6.500% 01/15/26 150,311 142,962
GNMA Pool #424578 6.500% 04/15/26 415,810 395,481
GNMA Pool #425983 6.500% 03/15/26 230,778 219,496
GNMA Pool #431962 6.500% 05/15/26 266,203 253,189
GNMA Pool #436741 7.500% 01/15/27 319,555 317,571
GNMA Pool #443216 8.000% 07/15/27 203,093 205,520
GNMA Pool #451312 8.000% 07/15/27 120,293 121,731
GNMA Pool #519095 7.500% 12/15/29 389,014 386,353
GNMA Pool #521472 7.500% 01/15/30 597,918 593,828
GNMA Pool #521584 7.500% 11/15/29 894,759 888,639
12,040,172
</TABLE>
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (43.5%) (continued)
Corporate Obligations (11.0%)
Aerospace & Defense (1.3%)
Lockheed Martin Corp. 8.500% 12/01/29 $ 250,000 $ 252,445
Raytheon Co. Notes 6.150% 11/01/08 650,000 579,846
832,291
Banking (1.1%)
Korea Development Bank Notes 7.375% 09/17/04 400,000 389,920
PNC Funding Corp. Notes 6.875% 03/01/03 300,000 292,776
682,696
Chemicals (1.4%)
Dow Chemical 7.375% 11/01/29 250,000 242,393
Equistar Chemicals LP 8.750% 02/15/09 200,000 195,783
ICI Wilmington Notes 6.750% 09/15/02 400,000 389,492
827,667
Consumer Non-Durables (0.7%)
Anheuser-Busch Cos. Inc. Debentures 6.750% 12/15/27 450,000 397,670
397,670
Consumer Services (0.2%)
Service Corp. International 6.875% 10/01/07 200,000 107,000
107,000
Electric Utility (1.0%)
Hydro-Quebec Debenture 8.050% 07/07/24 250,000 265,143
Public Service New Mexico 7.100% 08/01/05 200,000 189,340
Texas-New Mexico Power 6.250% 01/15/09 150,000 129,206
583,688
Energy (1.1%)
Petroliam Nasional Berhad Notes 7.125% 10/18/06 500,000 470,662
Union Pacific Resources Debentures 7.050% 05/15/18 250,000 226,223
696,884
Finance Company (1.2%)
Ford Motor Credit Corp. Notes 7.750% 11/15/02 500,000 502,195
Pemex Finance 9.140% 08/15/04 200,000 204,039
706,234
Gas Utility (0.2%)
El Paso Natural Gas Co. Notes 7.750% 01/15/02 100,000 100,164
100,164
</TABLE>
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MANAGED PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (43.5%) (continued)
Corporate Obligations (11.0%) (continued)
Health Care (0.5%)
Beckman Coulter 7.450% 03/04/08 $ 150,000 $ 136,608
Boston Scientific 6.625% 03/15/05 175,000 159,145
295,753
Other Finance (0.6%)
Osprey Trust 8.310% 01/15/03 350,000 351,330
351,330
Real Estate Investment Trust (REIT) (0.2%)
Simon Property Group, Inc. 6.750% 02/09/04 150,000 142,628
142,628
Retail Merchandising (0.3%)
K-Mart Corp. 8.375% 12/01/04 200,000 191,076
191,076
Telecommunications (0.9%)
GTE Corp. Debentures 6.940% 04/15/28 350,000 309,799
Sprint Capital Corp. 6.875% 11/15/28 50,000 43,464
Vodafone Airtouch 7.750% 02/15/10 200,000 195,092
548,355
Transportation (0.3%)
Continental Airlines 6.545% 02/02/19 194,778 175,403
175,403
Total long-term notes and bonds (cost: $27,092,925) 26,422,275
Shares
Money Market Mutual Funds (0.4%)
Federated Investors Prime Obligation 223,272 223,272
Total money market mutual funds (cost: $223,272) 223,272
Cash and Cash Equivalents (1.2%)
BONY Cash Reserve 713,357
Total cash and cash equivalents (cost: $713,357) 713,357
Total Investments (cost: $62,750,023) $60,774,707
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
21
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
TACTICAL ALLOCATION PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (66.1%)
Automotive (5.5%)
Ford Motor Co. 3,100 $ 133,300
Paccar, Inc. 2,000 79,375
Visteon Corp. 405 4,911
217,586
Banking (9.9%)
BB & T Corp. 2,000 47,750
Comerica Inc. 1,000 44,875
Fleet Boston Financial Corp. 4,700 159,800
Summit Bancorp. 6,000 147,750
400,175
Building Materials (1.0%)
Martin Marietta Materials, Inc.1,000 40,438
40,438
Capital Goods (1.9%)
Caterpillar, Inc. 1,250 42,344
Honeywell International, Inc. 1,000 33,688
76,031
Chemicals (1.7%)
E.I. Dupont De Nemours
& Co. 1,600 70,000
70,000
Electronics (1.4%)
Agilent Technologies, Inc. 190 14,013
Raytheon Co. 2,300 44,275
58,288
Energy (5.9%)
Diamond Offshore Drilling 3,000 105,375
Exxon Mobil Corp. 1,000 78,500
Texaco, Inc. 1,000 53,250
237,125
Financial Services (2.9%)
Chase Manhattan Corp. 2,550 117,459
117,459
Government Sponsored
Enterprises (6.5%)
Fannie Mae 3,500 182,656
Federal Home Loan
Mortgage Corp. 2,000 81,000
263,656
Health Care (1.5%)
Merck & Co. 800 61,300
61,300
Insurance (2.2%)
Lincoln National Corp. 2,400 $ 86,700
86,700
Real Estate (2.9%)
RFS Hotel Investors, Inc. 10,000 117,500
117,500
Restaurants (0.7%)
Tricon Global Restaurants Inc.*1,000 28,250
28,250
Technology (3.5%)
Compaq Computer Corp. 3,000 76,688
Hewlett-Packard Co. 500 62,438
139,125
Telecommunications (5.6%)
A T & T Corp. 2,000 63,250
Alltel Corp. 1,000 61,938
Bell Atlantic Corp. 2,000 101,625
226,813
Tobacco (2.3%)
Philip Morris Companies, Inc. 3,500 92,969
92,969
Miscellaneous (10.7%)
Albertson's Inc. 3,000 99,750
Alcoa, Inc. 800 23,200
Alliance Capital Management
Holdings LLP 2,200 104,363
Convergys Corp. 1,000 51,875
Minnesota Mining &
Manufacturing Co. 500 41,250
Walt Disney Co. 2,800 108,675
429,113
Total common stock (cost: $2,708,095) 2,662,526
Preferred Stock (1.8%)
News Corp. LTD 1,500 71,250
Total preferred stock (cost: $36,150) 71,250
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
22
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
TACTICAL ASSET ALLOCATION PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes & Bonds (27.2%)
Corporate Obligations (27.2%)
Banking (3.5%)
First Union National-N.C. 6.2% 02/15/36 $ 150,000 $ 138,405
138,405
Commercial Services (3.7%)
PHH Corp. 7.0% 11/09/01 150,000 150,107
150,107
Diversified Finance Service (1.8%)
Commercial Credit Co. 6.6% 06/01/15 75,000 74,237
74,237
Electric Utility (3.5%)
Washington Water Power 6.0% 12/10/07 150,000 139,188
139,188
Finance Company (7.2%)
Household Finance Co. 6.5% 03/15/01 150,000 150,340
Morgan Stanley Dean Witter 5.6% 01/20/04 150,000 141,453
291,793
Radio (2.5%)
Cox Radio, Inc. 6.4% 05/15/05 100,000 100,268
100,268
Real Estate Investment Trust (REIT) (5.0%)
New Plan 7.4% 09/15/09 200,000 199,434
199,434
Total long-term notes and bonds (cost: $1,115,125) 1,093,430
Cash and Cash Equivalents (4.9%)
BONY Cash Reserve 198,766
Total cash and cash equivalents (cost: $198,766) 198,766
Total Investments (cost: $4,058,136) $ 4,025,973
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (38.6%)
Advertising (0.1%)
Lamar Advertising Co. 240 $ 10,395
10,395
Aerospace & Air Transport (1.3%)
Boeing Co. 800 33,450
Precision Castparts Corp. 1,500 67,875
101,325
Automotive & Auto Parts (2.3%)
Bandag, Inc. 1,900 46,075
Carlisle Companies, Inc. 1,050 47,250
Ford Motor Co. 900 38,700
PSA Peugeot Citroen 78 3,929
TBC Corp.* 7,000 32,375
Toyota Motor Corp.
Sponsored ADR 63 5,871
Visteon Corp. 117 1,419
175,618
Banks (0.9%)
Abbey National PLC 111 2,654
Banco Santander CEN
Sponsored ADR 400 4,150
Bank One Corp. 1,000 26,563
Bank of Tokyo-Mitsubishi Ltd.
Sponsored ADR 200 2,425
DBS Group holdings ADR 112 9,399
Deutsche Bank Sponsored ADR 57 4,783
Fortis (NL) Sponsored ADR 71 2,075
HSBC Holdings PLC
Sponsored ADR 100 5,794
Sakura BK Ltd. ADR 42 2,910
San Paolo-IMI SPA
Sponsored ADR 99 3,502
UBS AG ADR 30 4,410
68,664
Biotechnology (0.7%)
Amgen, Inc. 440 30,910
Biogen, Inc. 110 7,095
Chiron Corp. 190 9,025
Icos Corp. 200 8,800
55,830
Broadcasting & Publishing (1.3%)
Chris-Craft Industries, Inc. * 221 $ 14,630
Clear Channel Communication 270 20,250
Infiniti Broadcasting Corp. 390 14,211
Liberty Digital, Inc. 200 6,000
Meredith Corp., Ltd. 700 23,625
The News Corp., Ltd. ADR 100 5,450
United Pan-Europe
Communications NV (UPC)
Sp-ADR 200 5,400
USA Networks, Inc. 340 7,416
VNU N.V. Sponsored ADR 98 5,081
102,063
Building & Building Products (0.8%)
Fleetwood Enterprises, Inc. 2,200 31,350
Lafarge Corporation 300 6,300
Toll Brothers, Inc. 1,200 24,600
62,250
Chemicals (0.1%)
Akzo Nobel N.V.
Sponsored ADR 73 3,071
3,071
Computer Equipment &
Hardware (2.8%)
Brocade Communications
Systems, Inc. 70 12,844
Canon, Inc. Sponsored ADR 159 8,010
Cisco Systems, Inc. 1,060 67,111
Dell Computer Corp. 760 37,478
EMC Corp. 400 30,775
Extreme Networks, Inc. 130 13,697
International Business
Machines Corp. 100 10,956
Network Appliance, Inc. 100 8,050
Sun Microsystems, Inc. 190 17,278
Systeme, Anwendungen,
Produkte AG-Sponsored ADR 200 9,388
215,586
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (38.6%) (continued)
Computer Software &
Services (2.5%)
Autodesk, Inc. 1,200 $ 41,625
Automatic Data Processing 130 6,963
Cadence Design System, Inc. 390 7,946
Microsoft, Inc. 710 56,800
New Era of Networks, Inc. 270 11,475
Oracle Corp. 410 34,466
Veritas Software, Inc. 260 27,495
Realnetworks, Inc. 170 8,596
195,366
Consumer Goods (0.0%)
Unilever PLC - ADR 95 2,387
2,387
E-Commerce (0.1%)
Ticketmaster Online -
CitySearch, Inc. 360 5,738
5,738
Electrical Equipment &
Electronics (2.3%)
Analog Devices, Inc. 120 9,120
Applied Materials, Inc. 220 19,938
Conexant Systems, Inc. 160 7,780
Fujitsu Ltd. ADR 31 5,376
Intel Corp. 570 76,202
JDS Uniphase Corp 260 31,168
PMC-Sierra, Inc. 40 7,108
ST Microelectronics N.V. ADR 300 19,256
175,947
Entertainment & Leisure (0.1%)
Brunswick Corp. 500 8,281
8,281
Financial Services (1.9%)
Associates First Capital Corp. 1,414 31,550
Citigroup, Inc. 500 30,125
Federal National Mortgage
Association 220 11,481
ING Groep N.V.
Sponsored ADR 288 19,440
Orix Corporation
Sponsored ADR 118 8,842
Washington Mutual, Inc. 1,600 46,200
147,638
Food, Beverage, Tobacco (0.6%)
Anheuser-Busch
Companies, Inc. 120 $ 8,963
Coca-Cola Co. 150 8,616
Groupe Danone Sponsored ADR 200 5,388
Michael Foods, Inc. 600 14,700
Pepsico, Inc. 280 12,443
50,108
Furniture & Apparel (3.6%)
Hillenbrand Industries, Inc. 1,100 34,444
Kellwood Co. 2,450 51,756
Kimball International, Inc.
Class "B" 1,950 28,763
La-Z-Boy, Inc. 3,200 44,800
Liz Claiborne, Inc. 1,500 52,875
Reebok International* 4,300 68,531
281,169
Insurance (0.7%)
AXA-UAP Sponsored ADR 200 15,913
American International Group 50 5,875
Ohio Casualty Corp. 3,250 34,531
56,319
Internet Services (0.5%)
America Online, Inc. 200 10,550
At Home Corp. 440 9,130
Healtheon/WebMD Corp. 440 6,518
Lycos, Inc. 120 6,480
Yahoo!, Inc. 60 7,159
39,836
Machinery (0.7%)
Baldor Electric Co. 2,900 54,013
54,013
Manufacturing (1.8%)
Crane Co. 1,150 27,959
General Electric Co. 1,270 67,310
Siemens AG 100 15,030
Trinity Industries 1,400 25,900
136,199
Medical Supply (0.7%)
Acuson Corp. * 1,800 24,300
Johnson & Johnson 100 10,188
McKesson HBOC, Inc. 900 18,844
53,331
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (38.6%) (continued)
Merchandising -
Food & Drug (0.7%)
Ito-Yokado Co. Ltd.
Sponsored ADR 100 $ 6,194
Longs Drug Stores, Inc. 2,100 45,675
51,869
Metals & Mining (1.4%)
AK Steel Holding Co. 2,700 21,600
ALCOA, Inc. 1,200 34,800
Cleveland-Cliffs, Inc. 1,150 29,684
Oregon Steel Mills, Inc. 1,500 2,906
Phelps Dodge Corp. 600 22,313
111,303
Oil & Oil Services (2.2%)
BP Amoco PLC
Sponsored ADR 100 5,656
Cooper Cameron Corp. 150 9,900
Royal Dutch Petroleum Co. 700 43,094
Tidewater, Inc. 1,400 50,400
Total Fina SA
Sponsored ADR 100 7,700
Valero Energy Corp. 1,700 53,975
170,725
Paper & Forest Products (0.3%)
Wausau-Mosinee Paper Corp. 600 5,138
Willamette Industries 600 16,350
21,488
Pharmaceutical (1.8%)
American Home Products Corp. 110 6,463
Bristol-Myers Squibb Co. 530 30,873
Glaxo Wellcome PLC
Sponsored ADR GDR 100 5,781
Medimmune, Inc. 150 11,100
Merck & Co. 660 50,573
Pfizer, Inc. 250 12,000
Pharmacia Corp. 120 6,203
Roche Holding Ltd. ADR 64 6,250
Sepracor, Inc. 50 6,031
135,272
Photography (0.1%)
Fuji Photo Film 0 ADR 100 4,238
Olympus Optical Co., Ltd.
- ADR 200 3,592
7,830
Retail (1.5%)
Home Depot, Inc. 590 $ 29,463
Lands' End, Inc. * 1,050 35,044
Wal-Mart Stores, Inc. 830 47,829
112,336
Telecommunications (1.4%)
Alcatel Alsthom CGE
Sponsored ADR 171 11,372
Cable & Wireless HKT
Ltd. - ADR 100 2,150
NTL Inc. 100 5,988
NTT Mobile Comm Network
Sponsored ADR 58 8,062
Nextel Communications, Inc. 130 7,954
Nippon Telegraph & Telephone
Sponsored ADR 200 13,675
Nokia Corporation
Sponsored ADR 200 9,988
Portugal Telecom SA ADR 128 1,440
Telefonica SA ADR 202 12,941
Vodafone Airtouch PLC
Sponsored ADR 100 4,144
Worldcom, Inc. 680 29,963
107,675
Telecommunications Equipment (1.1%)
ADC Telecommunications, Inc. 150 12,581
American Tower Corp. 140 5,836
Ciena Corp. 60 10,001
General Motors Class "H"
- SHS 90 7,898
Lucent Technologies, Inc. 630 37,328
Qualcomm Inc. 170 10,200
83,844
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (38.6%) (continued)
Transportation (0.8%)
Alexander & Baldwin, Inc. 1,400 $ 30,888
Norfolk Southern Corp. 1,800 26,775
Peninsular & Oriental Sponsored ADR 177 3,032
60,695
Utilities (0.5%)
PG & E Corp. 1,500 36,938
36,938
Miscellaneous (1.0%)
KAO Corp. ADR 12 3,675
Kelly Services, Inc. Class "A" 1,250 28,906
Kirin Brewery Co. - ADR 100 12,725
Koninklijke Phillips NV ADR 200 9,500
Secom Co., Ltd. - ADR 100 14,650
UPM Kymmene Corp. Sponsored ADR 75 1,922
Vivendi Sponsored ADR 406 7,194
78,572
Total common stock (cost: $2,974,343) 2,979,677
Money Market Mutual Funds (4.5%)
Federated Investors Prime Obligation 350,000 350,000
Total money market mutual funds (cost: $350,000) 350,000
Mutual Funds (3.8%)
Federated High Yield Fund 38,636 296,341
Total mutual funds (cost: $350,000) 296,341
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
27
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (46.6%)
U.S. Government & Agency Obligations (20.3%)
Federal National Mortgage Association MTN 5.625% 05/14/04 $ 200,000 $ 190,532
U.S. Treasury Bonds 8.000% 11/15/21 75,000 90,668
U.S. Treasury Bonds 6.500% 11/15/26 100,000 104,453
U.S. Treasury Notes 7.250% 05/15/04 425,000 438,349
U.S. Treasury Notes 5.750% 11/30/02 100,000 98,547
U.S. Treasury Notes 6.125% 08/15/07 400,000 397,312
U.S. Treasury Inflation Indexed Bonds 3.375% 01/15/07 265,480 254,611
1,574,473
Mortgage Backed Securities (15.9%)
Federal Home Loan Mortgage Corp. Gold Pool #C20918 6.000% 01/01/29 176,899 162,101
Federal Home Loan Mortgage Corp. Gold Pool #C20300 6.500% 01/01/29 190,001 179,570
Federal Home Loan Mortgage Corp. Gold Pool #E77962 6.500% 07/01/14 92,017 88,793
FNMA Pool #511483 8.000% 09/01/29 249,976 250,968
GNMA Pool #456155 6.500% 04/15/28 270,838 257,174
GNMA Pool #521472 7.500% 01/15/30 298,959 296,914
1,235,520
Corporate Obligations (10.4%)
Consumer Non-Durables (0.9%)
Anheuser-Busch Cos. Inc. Debentures 6.750% 12/15/27 75,000 66,278
66,278
Electric Utility (1.8%)
Public Service New Mexico 7.100% 08/01/05 75,000 71,003
Texas-New Mexico Power 6.250% 01/15/09 75,000 64,603
135,605
Energy (0.9%)
Union Pacific Resources Debentures 7.050% 05/15/18 75,000 67,867
67,867
Finance Company (2.3%)
Ford Motor Credit Corp. Notes 7.750% 11/15/02 75,000 75,329
PEMEX Finance 9.140% 08/15/04 100,000 102,020
177,349
Health Care (0.9%)
Beckman Coulter 7.450% 03/04/08 75,000 68,304
68,304
Other Finance (1.0%)
Osprey Trust 8.310% 01/15/03 75,000 75,285
75,285
</TABLE>
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
CONSERVATIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (46.6%) (continued)
Corporate Obligations (10.4%) (continued)
Real Estate Investment Trust (REIT) (0.9%)
Simon Property Group, Inc. 6.750% 02/09/04 $ 75,000 $ 71,314
71,314
Telecommunications (1.7%)
GTE Corp. Debentures 6.940% 04/15/28 75,000 66,386
Sprint Capital Corp. 6.875% 11/15/28 75,000 65,195
131,581
Total corporate obligations 793,582
Total long-term notes and bonds (cost: $3,678,934) 3,603,575
Short-Term Notes and Bonds (2.6%)
American General Finance Corp. 6.590% 07/31/00 200,000 198,902
Total short-term notes and bonds (cost: $198,902) 198,902
Cash and Cash Equivalents (3.9%)
BONY Cash Reserve 299,789
Total cash and cash equivalents (cost: $299,789) 299,789
Total Investments (cost: $7,851,968) $ 7,728,284
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (58.8%)
Advertising (0.3%)
Lamar Advertising Co. 390 $ 16,892
WPP Group PLC -
Sponsored ADR 100 7,163
24,054
Aerospace & Air Transport (1.3%)
Boeing Co. 1,050 43,903
Precision Castparts Corp. 1,250 56,563
100,466
Automotive & Auto Parts (2.8%)
Bandag, Inc. 2,000 48,500
Carlisle Companies, Inc. 1,400 63,000
Ford Motor Co. 1,200 51,600
PSA Peugeot Citroen 177 8,915
TBC Corp.* 7,900 36,538
Toyota Motor Corp.
Sponsored ADR 142 13,233
Visteon Corp. 157 1,904
223,689
Banks (1.6%)
Abbey National PLC 281 6,719
Banco Santander CEN
Sponsored ADR 900 9,338
Bank One Corp. 1,300 34,531
Bank of Tokyo - Mitsubishi
Ltd. Sponsored ADR 600 7,275
DBS Group Holdings ADR 206 17,288
Deutsche Bank Sponsored ADR 128 10,601
Fortis (NL) Sponsored ADR 200 5,844
Fuji Bank Ltd. ADR 100 7,618
HSBC Holdings PLC
Sponsored ADR 100 5,794
Sakura BK Ltd. ADR 95 6,582
San Paolo-IMI SPA
Sponsored ADR 224 7,924
UBS AD ADR 80 11,760
131,273
Biotechnology (1.1%)
Amgen, Inc. 720 50,580
Biogen, Inc. 180 11,610
Chiron Corp. 310 14,725
Icos Corp. 320 14,080
90,995
Broadcasting & Publishing (1.9%)
Chris-Craft Industries, Inc. * 330 $ 21,801
Clear Channel Communication 440 33,000
Infiniti Broadcasting Corp. 620 22,591
Liberty Digital, Inc. 330 9,900
Meredith Corp., Ltd. 900 30,375
The News Corp., Ltd. ADR 100 5,450
United Pan-Europe
Communications NV (UPC)
Sp-ADR 300 8,100
USA Networks, Inc. 560 12,215
VNU N.V. Sponsored ADR 201 10,422
153,854
Building & Building Products(1.0%)
Fleetwood Enterprises, Inc. 2,800 39,900
Lafarge Corp. 400 8,400
Toll Brothers, Inc. 1,500 30,750
79,050
Chemicals (0.1%)
Akzo Nobel N.V.
Sponsored ADR 115 4,837
Aventis SA ADR 4 290
BASF AG Sponsored ADR 25 1,009
6,137
Computer Equipment &
Hardware (4.8%)
Brocade Communications
Systems, Inc. 110 20,183
Canon, Inc. Sponsored ADR 300 15,113
Cisco Systems, Inc. 1,730 109,531
Dell Computer Corp. 1,240 61,148
EMC Corp. 660 50,779
Emulex Corp. 160 10,510
Extreme Networks, Inc. 200 21,072
International Business
Machines Corp. 200 21,913
NEC Corp. Sponsored ADR 112 17,752
Network Appliance, Inc. 150 12,075
Sun Microsystems, Inc. 310 28,191
Systeme, Anwendungen,
Produkte AG Sponsored ADR 300 14,081
382,346
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (58.8%) (continued)
Computer Software &
Services (4.5%)
Autodesk, Inc. 1,600 $ 55,500
Automatic Data Processing 210 11,248
Cadence Design System, Inc. 620 12,633
Microsoft, Inc. 1,750 140,000
New Era of Networks, Inc. 440 18,700
Oracle Corp. 660 55,481
Realnetworks, Inc. 270 13,652
Veritas Software, Inc. 420 44,415
351,629
Consumer Goods (0.1%)
Unilever PLC - ADR 189 4,749
4,749
E-Commerce (0.1%)
Ticketmaster Online -
CitySearch, Inc. 580 9,244
9,244
Electrical Equipment &
Electronics (5.3%)
Analog Devices, Inc. 200 15,200
Applied Materials, Inc. 350 31,719
Conexant Systems, Inc. 260 12,643
Fujitsu Ltd. ADR 71 12,314
Hitachi Ltd. - Sponsored ADR 100 14,413
Intel Corp. 920 122,993
JDS Uniphase Corp. 430 51,546
Kyocera Corp. Sponsored ADR 100 17,181
Matsushita Electric
Industrial Co. Ltd. - ADR 100 25,700
PMC-Sierra, Inc. 100 17,769
Sony Corp. ADR 200 18,863
ST Microelectronics N.V. ADR 400 25,675
Xilinx, Inc. 660 53,831
419,845
Entertainment & Leisure (0.1%)
Brunswick Corp. 600 9,938
9,938
Financial Services (2.6%)
Allied Zurich PLC
Sponsored ADR 52 $ 1,230
Associates First Capital Corp. 1,818 40,564
Citigroup, Inc. 650 39,163
Federal National Mortgage
Association 360 18,788
ING Groep N.V.
Sponsored ADR 504 34,020
Orix Corporation
Sponsored ADR 120 9,023
TD Waterhouse Group, Inc. 530 9,176
Washington Mutual, Inc. 2,050 59,194
211,156
Food, Beverage, Tobacco (0.7%)
Anheuser-Busch
Companies, Inc. 190 14,191
Coca-Cola Co. 240 13,785
Group Danone Sponsored ADR 400 10,775
Pepsico, Inc. 460 20,441
59,192
Furniture & Apparel (4.9%)
Hillenbrand Industries, Inc. 1,400 43,838
Kellwood Co. 3,100 65,488
Kimball International, Inc.
Class "B" 2,700 39,825
La-Z-Boy, Inc. 4,050 56,700
Liz Claiborne, Inc. 2,400 84,600
Reebok International * 6,500 103,594
394,044
Insurance (1.0%)
American International Group 80 9,400
AXA-UAP Sponsored ADR 364 28,961
Ohio Casualty Corp. 4,300 45,688
84,048
Internet Services
America Online, Inc. 470 24,793
At Home Corp. 710 14,733
CNET Networks, Inc. 810 19,896
Healtheon/ WebMD Corp. 710 10,517
Lycos, Inc. 490 26,460
Yahoo!, Inc. 100 11,931
108,329
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (58.8%) (continued)
Machinery (1.1%)
Baldor Electric Co. 3,650 $ 67,981
Mannesmann AG -
Sponsored ADR 100 23,964
91,945
Manufacturing (2.5%)
Crane Co. 1,450 35,253
General Electric Co. 2,050 108,650
Siemens AG 171 25,701
Trinity Industries 1,800 33,300
202,904
Medical Supply (0.9%)
Acuson Corp. * 2,300 31,050
Johnson & Johnson 160 16,300
McKesson HBOC, Inc. 1,300 27,219
74,569
Merchandising -
Food & Drug (0.8%)
Ito-Yokado Co. Ltd.
Sponsored ADR 100 6,194
Longs Drug Stores, Inc. 2,600 56,550
62,744
Metals & Mining (1.8%)
AK Steel Holding Corp. 3,500 28,000
ALCOA, Inc. 1,400 40,600
Cleveland-Cliffs, Inc. 1,500 38,719
Phelps Dodge Corp. 950 35,328
142,647
Oil & Oil Services (3.1%)
BP Amoco PLC
Sponsored ADR 300 16,969
Cooper Cameron Corp. 250 16,500
Royal Dutch Petroleum Co. 950 58,484
Tidewater, Inc. 1,900 68,400
Total Fina SA Sponsored ADR 290 22,330
Valero Energy Corp. 2,100 66,675
249,358
Paper & Forest Products (0.3%)
Wausau-Mosinee Paper Corp. 900 7,706
Willamette Industries 700 19,075
26,781
Pharmaceutical (3.0%)
American Home
Products Corp. 180 $ 10,575
Bristol-Myers Squibb Co. 860 50,095
Glaxo Wellcome PLC
Sponsored ADR GDR 200 11,563
Medimmune, Inc. 260 19,240
Merck & Co. 1,270 97,314
Pfizer, Inc. 400 19,200
Pharmacia Corp. 200 10,338
Roche Holding Ltd. ADR 127 12,402
Sepracor, Inc. 90 10,856
241,582
Photography (0.1%)
Fuji Photo Film - ADR 100 4,238
Olympus Optical Co.,
Ltd. - ADR 400 7,184
11,422
Retail (2.1%)
Home Depot, Inc. 960 47,940
Lands' End, Inc. * 1,200 40,050
Wal-Mart Stores, Inc. 1,350 77,794
165,784
Telecommunications (2.5%)
Alcatel Alsthom CGE
Sponsored ADR 373 24,805
British Telecom PLC
Sponsored ADR 79 10,448
Cable & Wireless HKT
Ltd. - ADR 200 4,300
NTL Inc. 180 10,778
NTT Mobile Comm Network
Sponsored ADR 105 14,595
Nextel Communications, Inc. 210 12,849
Nippon Telegraph & Telephone
Sponsored ADR 300 20,513
Nokia Corporation
Sponsored ADR 400 19,975
Portugal Telecom SA ADR 100 1,125
Telefonica SA ADR 401 25,689
Tele Norte Leste Participacoes
S.A-ADR 7 165
Vodafone Airtouch PLC
Sponsored ADR 200 8,288
Worldcom, Inc. 1,100 48,469
201,997
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (58.8%) (continued)
Telecommunications Equipment (1.8%)
ADC Telecommunications, Inc. 240 $ 20,130
American Tower Corp. 240 10,005
Ciena Corp. 90 15,002
General Motors Class "H" - SHS 150 13,163
Lucent Technologies, Inc. 1,030 61,028
Qualcomm Inc. 460 27,600
146,927
Transportation (1.0%)
Alexander & Baldwin, Inc. 1,700 37,506
Norfolk Southern Corp. 2,250 33,469
Peninsular & Oriental Sponsored ADR 351 6,013
76,988
Utilities (0.6%)
PG & E Corp. 1,900 46,788
46,788
Miscellaneous (1.6%)
Hutchison Whampoa Ltd. ADR 110 6,915
KAO Corp. ADR 26 7,962
Kelly Services, Inc. Class "A" 2,150 49,719
Kirin Brewery Co. - ADR 100 12,725
Koninklijke Phillips NV ADR 392 18,620
Secom Co., Ltd. - ADR 100 14,650
UPM Kymmene Corp. Sponsored ADR 168 4,305
Vivendi Sponsored ADR 900 15,948
130,843
Total common stock (cost: $4,630,659) 4,717,314
Money Market Mutual Funds (4.9%)
Federated Investors Prime Obligation 390,000 390,000
Total money market mutual funds (cost: $390,000) 390,000
Mutual Funds (3.9%)
Federated High Yield Fund 40,936 313,978
Total mutual funds (cost: $375,000) 313,978
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (30.7%)
U.S. Government & Agency Obligations (12.4%)
Federal National Mortgage Association MTN 5.625% 05/14/04 $ 100,000 $ 95,266
U.S. Treasury Bonds 8.000% 11/15/21 50,000 60,446
U.S. Treasury Bonds 6.500% 11/15/26 100,000 104,453
U.S. Treasury Notes 6.250% 02/28/02 100,000 99,656
U.S. Treasury Notes 7.250% 05/15/04 375,000 386,779
U.S. Treasury Notes 6.125% 08/15/07 150,000 148,992
U.S. Treasury Inflation Indexed Bonds 3.375% 01/15/07 106,192 101,845
997,436
Mortgage Backed Securities (11.3%)
Federal Home Loan Mortgage Corp. Gold Pool #C20918 6.000% 01/01/29 132,674 121,576
Federal Home Loan Mortgage Corp. Gold Pool #C20300 6.500% 01/01/29 140,000 132,314
Federal Home Loan Mortgage Corp. Gold Pool #E77962 6.500% 07/01/14 92,017 88,793
FNMA Pool #511483 8.000% 09/01/29 174,983 175,678
GNMA Pool #454007 6.500% 04/15/28 204,287 193,980
GNMA Pool #521472 7.500% 01/15/30 199,306 197,943
910,284
Corporate Obligations (7.0%)
Consumer Non-Durables (0.6%)
Anheuser-Busch Cos. Inc. Debentures 6.750% 12/15/27 50,000 44,186
44,186
Electric Utility (1.1%)
Public Service New Mexico 7.100% 08/01/05 50,000 47,335
Texas-New Mexico Power 6.250% 01/15/09 50,000 43,069
90,404
Energy (0.6%)
Union Pacific Resources Debentures 7.050% 05/15/18 50,000 45,245
45,245
Finance Company (1.3%)
Ford Motor Credit Corp. Notes 7.750% 11/15/02 50,000 50,220
PEMEX Finance 9.140% 08/15/04 50,000 51,010
101,229
Health Care (1.1%)
Beckman Coulter 7.450% 03/04/08 50,000 45,536
Boston Scientific 6.625% 03/15/05 50,000 45,470
91,006
Other Finance (0.6%)
Osprey Trust 8.310% 01/15/03 50,000 50,190
50,190
</TABLE>
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
MODERATE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (30.7%) (continued)
Corporate Obligations (7.0%) (continued)
Real Estate Investment Trust (REIT) (0.6%)
Simon Property Group, Inc. 6.750% 02/09/04 $ 50,000 $ 47,543
47,543
Telecommunications (1.1%)
GTE Corp. Debentures 6.940% 04/15/28 50,000 44,257
Sprint Capital Corp. 6.875% 11/15/28 50,000 43,464
87,721
Total corporate obligations 557,522
Total long-term notes and bonds (cost: $2,519,217) 2,465,241
Cash and Cash Equivalents (1.7%)
BONY Cash Reserve 134,984 134,984
Total cash and cash equivalents (cost: $134,984) 134,984
Total Investments (cost: $8,049,860) $ 8,021,517
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (73.9%)
Advertising (0.4%)
Lamar Advertising Co. 550 $ 23,822
WPP Group PLC
Sponsored ADR 100 7,163
30,984
Aerospace & Air Transport (1.5%)
Boeing Co. 1,300 54,356
Precision Castparts Corp. 1,500 67,875
122,231
Automotive & Auto Parts (3.3%)
Bandag, Inc. 2,400 58,200
Carlisle Companies, Inc. 1,750 78,750
Ford Motor Company 1,400 60,200
PSA Peugeot Citroen 157 7,908
TBC Corp.* 11,500 53,188
Toyota Motor Corp.
Sponsored ADR 200 18,638
Visteon Corp. 183 2,219
279,102
Banks (1.7%)
Abbey National PLC 236 5,643
Banco Santander CEN
Sponsored ADR 900 9,338
Bank One Corp. 1,500 39,844
Bank of Tokyo - Mitsubishi
Ltd. Sponsored ADR 600 7,275
Deutche Bank, ADR 242 20,309
Deutche Bank A G
Sponsored ADR 115 9,651
Fortis (NL) Sponsored ADR 200 5,844
Fuji Bank Ltd. ADR 100 7,618
HSBC Holdings PLC
Sponsored ADR 100 5,794
Sakura BK Ltd. ADR 97 6,720
San Paolo-IMI SPA
Sponsored ADR 200 7,075
Sanwa Bank Ltd. ADR 61 4,878
UBS Registered 70 10,290
140,277
Biotechnology (1.6%)
Amgen, Inc. 1,020 71,655
Biogen Co. 250 16,125
Chiron Corp. 440 20,900
Icos Corp. 450 19,800
128,480
Broadcasting & Publishing (2.6%)
Chris-Craft Industries, Inc. * 542 $ 35,806
Clear Channel Communication 620 46,500
Infiniti Broadcasting Corp. 890 32,429
Liberty Digital Inc. 470 14,100
Meredith Corp., Ltd. 1,100 37,125
The News Corporation
Ltd.-ADR 200 10,900
USA Networks, Inc. 790 17,232
United Pan-Europe
Communications NV
(UPC) SP-ADR 400 10,800
VNU N.V. Sponsored ADR 201 10,422
215,314
Building & Building
Products (1.2%)
Fleetwood Enterprises, Inc. 3,400 48,450
Lafarge Corp. 500 10,500
Toll Brothers, Inc. 1,800 36,900
95,850
Chemicals (0.1%)
Akzo Nobel N.V.
Sponsored ADR 170 7,151
7,151
Computer Equipment &
Hardware (6.1%)
Brocade Communications
Systems, Inc. 160 29,358
Canon, Inc. Sponsored ADR 400 20,150
Cisco Systems, Inc. 2,450 155,116
Dell Computer Corp. 1,760 86,790
EMC Corp. 940 72,321
Emulex Corp. 230 15,108
Extreme Networks, Inc. 290 30,554
International Business
Machines Corp. 200 21,913
NEC Corp. Sponsored ADR 100 15,850
Network Appliances, Inc. 220 17,710
Sun Microsystems Inc. 440 40,013
504,882
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (73.9%) (continued)
Computer Software &
Services (6.1%)
Autodesk, Inc. 1,950 $ 67,641
Automatic Data Processing 300 16,069
Cadence Design Systems, Inc. 890 18,134
Microsoft, Inc. 2,490 199,200
New Era of Networks, Inc. 620 26,350
Oracle Corp. 940 79,019
Realnetworks, Inc. 380 19,214
Systeme, Anwendungen,
Produkte AG0SP ADR 300 14,081
Veritas Software, Inc. 590 62,393
502,099
Consumer Goods (0.1%)
Unilever PLC-ADR 202 5,075
5,075
E-Commerce (0.2%)
Ticketmaster Online
Citysearch Inc. 820 13,069
13,069
Electrical Equipment &
Electronics (6.7%)
Analog Devices, Inc. 280 21,280
Applied Materials, Inc. 500 45,313
Conexant Systems, Inc. 370 17,991
Fujitsu Ltd. ADR 74 12,834
Hitachi LTD-Sponsored ADR 100 14,413
Intel Corp. 1,300 173,794
JDS Uniphase Corp. 610 73,124
Kyocera Corp. Sponsored ADR 100 17,181
Matsushita Electric Industrial
Co. LTD-ADR 100 25,700
PMC-Sierra Inc. 140 24,876
Sony Corp. ADR 200 18,863
ST Microelectronics N.V. ADR 400 25,675
Xilinx Inc. 940 76,669
547,711
Financial Services (3.3%)
Associates First Capital Corp. 2,476 $ 55,246
Citigroup, Inc. 850 51,213
Federal National Mortgage
Association 510 26,616
ING Groep N.V.
Sponsored ADR 607 40,973
Orix Corporation
Sponsored ADR 120 9,023
TD Waterhouse Group, Inc. 760 13,158
Washington Mutual, Inc. 2,500 72,188
268,414
Food, Beverage, Tobacco (1.0%)
Anheuser-Busch
Companies, Inc. 270 20,166
Coca-Cola Co. 340 19,529
Groupe Danone
Sponsored ADR 400 10,775
Pepsico, Inc. 650 28,884
79,354
Furniture & Apparel (6.1%)
Hillenbrand Industries, Inc. 1,700 53,231
Kellwood co. 3,750 79,219
Kimball International, Inc.
Class "B" 3,150 46,463
La-Z-Boy, Inc. 4,850 67,900
Liz Claiborne, Inc. 3,200 112,800
Reebok International * 8,800 140,250
499,863
Insurance (1.3%)
American International Group 120 14,100
AXA-UAP Sponsored ADR 400 31,825
Ohio Casualty Corp. 5,800 61,625
107,550
Internet Services (1.9%)
America Online, Inc. 670 35,343
At Home Corp. 1,010 20,958
CNET Networks, Inc. 1,150 28,247
Healtheon/WEBMD Corp. 1,010 14,961
Lycos, Inc. 700 37,800
Yahoo!, Inc. 140 16,704
154,011
Leisure Time (0.1%)
Brunswick Corp. 700 11,594
11,594
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
37
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (73.9%) (continued)
Machinery (1.3%)
Baldor Electric Co. 4,450 $ 82,881
Mannesmann AG
Sponsored ADR 100 23,964
106,845
Manufacturing (3.2%)
Crane Co. 1,750 42,547
General Electric Co. 2,910 154,230
Siemens AG 174 26,152
Trinity Industries 2,200 40,700
263,629
Medical Supply (1.2%)
Acuson Corp.* 2,750 37,125
Johnson & Johnson 230 23,431
McKesson HBOC, Inc. 1,700 35,594
96,150
Merchandising -
Food & Drug (1.0%)
Ito-Yokado Co. Ltd
Sponsored ADR 100 6,194
Longs Drug Stores, Inc. 3,300 71,775
77,969
Metals & Mining (2.2%)
AK Steel Holding Corp. 4,200 33,600
ALCOA, Inc. 1,800 52,200
Cleveland-Cliffs, Inc. 1,800 46,463
Phelps Dodge Corp. 1,200 44,625
176,888
Oil & Oil Services (3.3%)
BP Amoco PLC
Sponsored ADR 300 16,969
Cooper Cameron Corp. 350 23,100
Royal Dutch Petroleum Co. 700 43,094
Tidewater, Inc. 2,300 82,800
Total Fina SA Sponsored ADR 300 23,100
Valero Energy Corp. 2,500 79,375
268,438
Paper & Forest Products (0.3%)
Wausau-Mosinee Paper Corp. 1,200 10,275
Willamette Industries 500 13,625
23,900
Pharmaceutical (3.9%)
American Home Products Corp. 250 $ 14,688
Bristol-Myers Squibb Co. 1,220 71,065
Glaxo Wellcome PLC
Sponsored ADR 300 17,344
Medimmune 360 26,640
Merck & Co. 1,520 116,470
Pfizer, Inc. 570 27,360
Pharmacia Corp. 280 14,473
Roche Holding Ltd. ADR 137 13,378
Sepracor, Inc. 120 14,475
315,892
Photography (0.2%)
Fuji Photo Film
Unsponsored ADR 200 8,475
Olympus Optical Co., Ltd-ADR 400 7,184
15,659
Retail (2.8%)
Home Depot, Inc. 1,360 67,915
Lands' End, Inc. * 1,600 53,400
Wal-Mart Stores, Inc. 1,920 110,640
231,955
Telecommunications (3.0%)
Alcatel Alsthom CGE
Sponsored ADR 362 24,073
British Telecom PLC
Sponsored ADR 82 10,845
Cable & Wireless HKT
Ltd. ADR 200 4,300
NTL Inc. 260 15,568
NTT Mobile Comm Network
Sponsored ADR 115 15,985
Nextel Communications, Inc. 300 18,356
Nippon Telegraph & Telephone
Sponsored ADR 300 20,513
Nokia Corporation
Sponsored ADR 500 24,969
Portugal Telecom SA ADR 200 2,250
Telefonica SA ADR 406 26,009
Tele Norte Leste
Participacoes S.A. 8 189
Vodafone Airtouch PLC
Sponsored ADR 300 12,431
Worldcom, Inc. 1,560 68,738
244,225
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
Market
Description Shares Value
Common Stock (73.9%) (continued)
Telecommunications Equipment (2.6%)
ADC Telecommunications Inc. 340 $ 28,518
American Tower Corp.0CL A 340 14,174
Ciena Corp. 130 21,669
General Motors Class H0SHS 210 18,428
Lucent Technologies, Inc. 1,460 86,505
Qualcomm Inc. 660 39,600
208,893
Transportation (1.2%)
Alexander & Baldwin, Inc. 2,100 46,331
Norfolk Southern Corp. 2,800 41,650
Peninsular & Oriental Sponsored ADR 376 6,441
94,422
Utilities (0.7%)
PG & E Corp. 2,300 56,638
56,638
Miscellaneous (1.7%)
Hutchison Whampoa Ltd. ADR 110 6,915
Kelly Services, Inc. Class "A" 2,800 64,750
Kirin Brewery Co Unsponsored ADR 100 12,725
Koninklijke Phillips NV ADR 400 19,000
Secom Co., Ltd ADR 100 14,650
UPM Kymmene Corp. Sponsored ADR 173 4,433
Vivendi Sponsored ADR 900 15,948
138,421
Total common stock (cost: $5,800,590) 6,032,933
Money Market Mutual Funds (3.1%)
Federated Investors Prime Obligation 250,000 250,000
Total money market mutual funds 250,000
Mutual Funds (4.1%)
Federated High Yield Fund 43,726 335,379
Total mutual funds (cost: $400,000) 335,379
*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.
39
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (14.3%)
U.S. Government & Agency Obligations (4.7%)
Federal National Mortgage Association MTN 5.625% 05/14/04 $ 25,000 $ 23,817
U.S. Treasury Bonds 8.000% 11/15/21 25,000 30,223
U.S. Treasury Bonds 6.500% 11/15/26 50,000 52,227
U.S. Treasury Notes 7.250% 05/15/04 200,000 206,282
U.S. Treasury Notes 6.125% 08/15/07 25,000 24,832
U.S. Treasury Inflation Indexed Bonds 3.375% 01/15/07 53,096 50,922
388,302
Mortgage Backed Securities (5.8%)
Federal Home Loan Mortgage Corp. Gold Pool #C20918 6.000% 01/01/29 88,449 81,051
Federal Home Loan Mortgage Corp. Gold Pool #C20300 6.500% 01/01/29 95,000 89,784
Federal Home Loan Mortgage Corp. Gold Pool #E77962 6.500% 07/01/14 46,009 44,397
FNMA Pool #511483 8.000% 09/01/29 74,993 75,290
GNMA Pool #454007 6.500% 04/15/28 90,794 86,214
GNMA Pool #521472 7.500% 01/15/30 99,653 98,971
475,707
Corporate Obligations (3.8%)
Consumer Non-Durables (0.3%)
Anheuser-Busch Cos. Inc. Debentures 6.750% 12/15/27 25,000 22,093
22,093
Electric Utility (0.6%)
Public Service New Mexico 7.100% 08/01/05 25,000 23,668
Texas-New Mexico Power 6.250% 01/15/09 25,000 21,534
45,202
Energy (0.3%)
Union Pacific Resources Debentures 7.050% 05/15/18 25,000 22,622
22,622
</TABLE>
40
<PAGE>
<TABLE>
<CAPTION>
AUL American Series Fund, Inc.
SCHEDULE OF INVESTMENTS
AGGRESSIVE INVESTOR PORTFOLIO (continued)
June 30, 2000
(unaudited)
<S> <C> <C> <C> <C>
Interest Maturity Principal Market
Description Rate Date Amount Value
Long-Term Notes and Bonds (14.3%) (continued)
Corporate Obligations (3.8%) (continued)
Finance Company (0.9%)
Ford Motor Credit Corp. Notes 7.750% 11/15/02 $ 25,000 $ $25,110
PEMEX Finance 9.140% 08/15/04 50,000 51,010
76,120
Health Care (0.6%)
Beckman Coulter 7.450% 03/04/08 25,000 22,768
Boston Scientific 6.625% 03/15/05 25,000 22,735
45,503
Other Finance (0.3%)
Osprey Trust 8.310% 01/15/03 25,000 25,095
25,095
Real Estate Investment Trust (REIT) (0.3%)
Simon Property Group, Inc. 6.750% 02/09/04 25,000 23,771
23,771
Telecommunications (0.5%)
GTE Corp. Debentures 6.940% 04/15/28 25,000 22,129
Sprint Capital Corp. 6.875% 11/15/28 25,000 21,732
43,860
Total long-term notes and bonds (cost: $1,193,227) 1,168,275
Cash and Cash Equivalents (4.6%)
BONY Cash Reserve 371,967
Total cash and cash equivalents (cost: $371,967) 371,967
Total Investments (cost: $8,015,784) $ 8,158,553
</TABLE>
All investments are in United States enterprises.
The accompanying notes are an integral part of the financial statements.
41
<PAGE>
(This page is intentionally blank.)
42
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
The 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, Managed Portfolio,
Tactical Asset Allocation Portfolio (Tactical Asset), Conservative Investor
Portfolio, Moderate Investor Portfolio and Aggressive Investor Portfolio,
hereinafter, referred to as Portfolios. The Conservative Investor Portfolio,
Moderate Investor Portfolio, and Aggressive Investor Portfolio are
collectively referred to as the LifeStyle Portfolios. Currently, the Fund
offers shares only to separate accounts of American United Life Insurance
Company(R) (AUL) to serve as an underlying investment vehicle for variable
annuity and variable life contracts. The Fund commenced operations on April
10, 1990.
Investments
Securities traded on a national or international 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, short term obligations maturing in 60 days
or less, when purchased, 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. AUL
(the Investment Advisor) reviews this method of valuation to ensure that the
portfolio securities are reflected at their fair value. Security transactions
are recorded on the trade date. Realized gains and losses are determined on
specific identification basis. Discounts and premiums on securities purchased
are amortized over the life of the respective securities.
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.
Foreign Currency Transactions
The accounting records of the Portfolios are maintained in U.S. dollars. All
assets and liabilities initially expressed in foreign currencies are
converted into U.S. dollars at prevailing exchange rates. Purchases and sales
of investment securities, dividend and interest income, and certain expenses
are translated at the rates of exchange prevailing on the respective dates of
such transactions.
Net realized foreign currency exchange gains or losses arise from sales of
foreign currencies and the difference between asset and liability amounts
initially stated in foreign currencies and the U.S. dollar value of the
amounts actually received or paid. net unrealized foreign currency
translation gains or losses arise from changes in the value of assets and
liabilities, other than portfolio securities, resulting from changes in the
exchange rates.
Net realized and unrealized foreign currency exchange gains or losses
occurring during the holding period of portfolio securities are a component
of realized gain (loss) on investments and unrealized appreciation
(depreciation) on investments, respectively.
Forward Foreign Currency Exchange Contracts
The Tactical Asset and LifeStyle Portfolios may enter into forward foreign
currency exchange contracts for the purpose of settling specific purchases
or sales of securities denominated in a foreign currency or to hedge the
Portfolios' exposure to foreign currency exchange rate fluctuations. When
required, the Portfolios will segregate assets in an amount sufficient to
cover their obligations under the hedge contracts. The net U.S. dollar
value of foreign currency underlying all contractual commitments held by
the Portfolios and the resulting unrealized appreciation or depreciation
are determined daily using prevailing exchange rates. Forward contracts
involve elements of market risk in excess of the amount reflected in the
Statements of Net Assets.
43
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
1. Summary of Significant Accounting Policies (continued)
The Portfolios bear the risk of an unfavorable change in the foreign
currency exchange rate underlying the forward contract. Additionally,
losses may arise if the counterparties do not perform under the contract
terms. There are no outstanding forward foreign currency exchange
contracts.
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 section M of the
Internal Revenue Code. The Fund's policy is to distribute all net
investment income and realized capital gains to relieve it from all or
substantially all federal income taxes.
Dividend and Capital Gain Distributions
For the Money Market Portfolio, dividends from net investment income are
declared and paid daily. For the Bond and Tactical Asset portfolios, a
special "spill back" dividend was paid on April 14, 2000. During 2000, for
all other portfolios, regular dividends from net investment income will be
declared and paid annually. Distributions from net realized gains on
investments are declared and paid at least annually for all portfolios.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income
tax regulations, which may differ from generally accepted accounting
principles. The "book/tax" differences are either considered temporary or
permanent in nature. To the extent these differences are permanent in
nature, such amounts are reclassified within the composition of net assets
based on their federal tax-basis treatment; temporary differences do not
require reclassification.
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. Transactions with AUL
As of June 30, 2000, AUL's investment at value in the Fund is:
Equity $ 4,785,936
Tactical Asset Allocation 587,512
Conservative Investor 5,114,500
Moderate Investor 5,222,500
Aggressive Investor 5,374,500
$ 21,084,948
The Fund has an investment advisory agreement with AUL to act as its
investment advisor. AUL has a sub-advisory agreement with Dean Investment
Associates (Dean) under which Dean acts as the Sub-Advisor to the Tactical
Asset Allocation Portfolio. AUL also has a sub-advisory agreement with Credit
Suisse Asset Management under which Credit Suisse Asset Management acts as
the Sub-Advisor to a portion of the assets of the LifeStyle Portfolios.
AUL has agreed that its fees may be reduced if the aggregate expenses of the
Portfolios exceed 1% of the average daily net assets during the year. For the
six months ended June 30, 2000, AUL's investment advisory fee was reduced for
the LifeStyle Portfolios. To the extent that AUL has reduced its advisory
44
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
2. Transactions with AUL (continued)
fees to prevent a Portfolio's aggregate expenses from exceeding
1% of its average daily net assets, it may increase its advisory fee during
any of the next succeeding 5 years, provided that the aggregate 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 amount of
the prior fee reduction. AUL has increased its advisory fee by:
2000 Total advisory fee recoverable
Tactical Asset Allocation $ 166 $ 12,078
Under the Investment Advisory Agreement, the Investment Adviser is
compensated for its services by a monthly fee based on an annual percentage
of the average daily net assets of each Portfolio as follows:
Equity 0.50%
Money Market 0.40%
Bond 0.50%
Managed 0.50%
Tactical Asset Allocation 0.80%
Conservative Investor 0.70%
Moderate Investor 0.70%
Aggressive Investor 0.70%
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 total investment advisory fee incurred during
the six months ended June 30, 2000, for all of the Portfolios was $798,801.
As a result of certain Portfolio expenses exceeding 1% of the average daily
net assets, AUL has reduced its investment advisory fee by: 2000 Previous
Years Total
Conservative Investor 20,203 75,209 95,412
Moderate Investor 19,598 69,523 89,121
Aggressive Investor 20,709 72,470 93,179
$ 60,510 $ 217,202 $ 277,712
Certain directors of the Fund are officers of AUL.
3. Agreements with Banks
The Fund has agreements with The Bank of New York (Bank) whereby the Bank
serves as custodian of the securities and other assets of the Fund, and as
the fund accountant.
45
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
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, 2000,
were:
<TABLE>
<CAPTION>
Portfolio
<S> <C> <C> <C> <C> <C>
Equity Money Market Bond Managed Tactical Asset
Common Stock:
Purchases $ 4,104,323 $ 0 $ 0 $ 2,153,400 $ 398,285
Proceeds from sales 11,726,640 0 0 5,108,592 946,400
Corporate Bonds:
Purchases 0 0 1,962,425 761,771 0
Proceeds from sales 0 0 3,788,002 1,793,628 288,815
Government Bonds:
Purchases 0 0 12,186,886 7,846,383 0
Proceeds from sales 0 0 14,877,966 9,092,759 0
</TABLE>
<TABLE>
<CAPTION>
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
<S> <C> <C> <C>
Common Stock:
Purchases $ 1,242,543 $ 1,899,057 $ 2,478,098
Proceeds from sales 1,018,993 2,038,444 2,860,227
Corporate Bonds:
Purchases 100,429 96,612 73,413
Proceeds from sales 150,113 100,075 50,038
Government Bonds:
Purchases 2,097,188 983,511 567,514
Proceeds from sales 1,302,606 679,169 351,324
</TABLE>
5. Authorized Capital Shares
The Fund has 400,000,000 authorized shares of $.001 par value capital stock,
which includes 20,000,000 unallocated shares. The remaining shares are
allocated to each of the Fund's portfolios as follows:
Equity Portfolio 20,000,000
Money Market Portfolio 200,000,000
Bond Portfolio 20,000,000
Managed Portfolio 40,000,000
Tactical Asset Allocation Portfolio 25,000,000
Conservative Investor Portfolio 25,000,000
Moderate Investor Portfolio 25,000,000
Aggressive Investor Portfolio 25,000,000
380,000,000
46
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
6. Net Assets
Net Assets at June 30, 2000, are:
<TABLE>
<CAPTION>
Portfolio
<S> <C> <C> <C> <C> <C>
Equity Money Market Bond Managed Tactical Asset
Proceeds from shares sold
and reinvested distributions $ 150,543,614 $ 651,446,860 $ 139,480,924 $ 120,920,190 $ 7,805,505
Cost of shares redeemed (75,163,585) (533,834,935) (91,176,348) (60,392,930) (3,795,682)
Undistributed net investment
income 754,685 0 1,378,837 1,178,877 (46,560)
Undistributed net realized
gain (loss) 3,304,690 0 (895,813) 1,194,853 116,045
Unrealized appreciation
(depreciation) (3,809,164) 0 (1,371,942) (1,975,316) (32,163)
$ 75,630,240 $ 117,611,925 $ 47,415,658 $ 60,925,674 $ 4,047,145
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
Proceeds from shares sold
and reinvested distributions $ 8,547,532 $ 8,411,629 $ 8,559,801
Cost of shares redeemed (878,510) (728,067) (1,007,132)
Undistributed net investment
income 143,839 108,777 71,766
Undistributed net realized
gain 187,172 279,853 393,459
Unrealized appreciation
(depreciation) (123,684) (28,344) 142,770
$ 7,876,349 $ 8,043,848 $ 8,160,664
</TABLE>
47
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
7. Unrealized Appreciation (Depreciation)
Unrealized Appreciation (Depreciation) for tax purposes at June 30, 2000,
are:
<TABLE>
<CAPTION>
Portfolio
Equity Money Market Bond Managed Tactical Asset
<S> <C> <C> <C> <C> <C> <C>
Appreciation $ 9,159,748 $ 0 $ 183,320 $ 4,522,701 $ 310,479
Depreciation (12,968,912) 0 (1,555,262) (6,498,017) (342,642)
$ (3,809,164) 0 (1,371,942) (1,975,316) (32,163)
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
Appreciation $ 425,433 $ 631,798 $ 876,225
Depreciation (549,117) (660,142) (733,455)
$ (123,684) (28,344) 142,770
</TABLE>
48
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
8. Net Shareholders
Shares outstanding at June 30, 2000, are:
<TABLE>
<CAPTION>
Portfolio
Equity Money Market Bond Managed Tactical Asset
<S> <C> <C> <C> <C> <C>
AUL $ 309,609 $ 0 $ 0 $ 0 $ 50,001
Dean Investment Associates 0 0 0 0 50,000
AUL American Unit Trust 2,204,315 22,218,065 1,228,291 1,875,866 4,408
AUL Group Retirement Annuity
Separate Account I 0 0 0 0 0
AUL Group Retirement Annuity
Separate Account II 1,908,434 86,350,886 2,738,229 2,364,788 20,227
AUL American Individual
Unit Trust 439,776 6,710,752 492,347 485,944 219,789
AUL American Individual
Variable Annuity Unit Trust 15,175 1,659,968 54,644 34,519 0
AUL American Individual
Variable Life Unit Trust 15,411 672,254 38,017 6,859 0
4,892,720 117,611,925 4,551,528 4,767,976 344,425
</TABLE>
<TABLE>
<CAPTION>
LifeStyle Portfolios
Conservative Moderate Aggressive
Investor Investor Investor
<S> <C> <C> <C>
AUL $ 500,000 $ 500,000 $ 500,000
Dean Investment Associates 0 0 0
AUL American Unit Trust 20,605 34,710 21,276
AUL Group Retirement Annuity
Separate Account I 44,186 40,952 60,718
AUL Group Retirement Annuity
Separate Account II 205,221 194,477 177,185
AUL American Individual
Unit Trust 0 0 0
AUL American Individual
Variable Annuity Unit Trust 0 0 0
AUL American Individual
Variable Life Unit Trust 0 0 0
770,012 770,139 759,179
</TABLE>
49
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
9. Federal Tax Information (unaudited)
As of December 31, 1999, the following funds have capital loss carry forwards
which are available to offset future capital gains, if any.
Bond $ (536,174)
Tactical Asset Allocation (116,484)
50
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
Equity Portfolio
<S> <C> <C> <C> <C> <C>
Six months
ended For years ended
June 30, 2000
(unaudited) Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996
Per share data:
Investment Income $ 0.20 $ 0.45 $ 0.48 $ 0.42 $ 0.39
Expense 0.05 0.13 0.13 0.13 0.11
Net investment income 0.15 0.32 0.35 0.29 0.28
Net gain (loss) on investments (0.75) (0.55) 1.23 4.64 2.44
Shareholder distributions:
Net investment income 0 (0.32) (0.35) (0.30) (0.28)
Realized gain 0 (3.66) (1.99) (0.25) 0
Net increase (decrease) (0.60) (4.21) (0.76) 4.38 2.44
Net asset value at
beginning of period 16.06 20.27 21.03 16.65 14.21
Net asset value at end of period $ 15.46 $ 16.06 $ 20.27 $ 21.03 $ 16.65
Ratio to average net assets:*
Expenses 0.62% 0.63% 0.62% 0.66% 0.70%
Net investment income 1.94% 1.54% 1.61% 1.52% 1.81%
Total return** (3.7%) (0.9%) 7.1% 29.6% 19.2%
Portfolio turnover rate 5% 32% 23% 9% 11%
Shares outstanding 4,892,720 5,518,654 4,710,131 3,816,406 3,042,989
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
51
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
Money Market Portfolio
<S> <C> <C> <C> <C> <C>
Six months
ended For years ended
June 30, 2000
(unaudited) Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996
Per share data:
Investment Income $ 0.03 $ 0.06 $ 0.06 $ 0.06 $ 0.06
Expense 0 0.01 0.01 0.01 0.01
Net investment income 0.03 0.05 0.05 0.05 0.05
Net gain (loss) on investments 0 0 0 0 0
Shareholder distributions:
Net investment income (0.03) (0.05) (0.05) (0.05) (0.05)
Realized gain 0 0 0 0 0
Net increase (decrease) 0 0 0 0 0
Net asset value at
beginning of period 1.00 1.00 1.00 1.00 1.00
Net asset value at end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Ratio to average net assets:*
Expenses 0.50% 0.55% 0.61% 0.66% 0.70%
Net investment income 5.52% 4.60% 4.82% 4.83% 4.64%
Total return** 2.8% 4.6% 4.9% 4.9% 4.6%
Portfolio turnover rate 0 0 0 0 0
Shares outstanding 117,611,925 126,531,816 82,055,253 55,756,942 40,227,475
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
52
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
<S> <C> <C> <C> <C> <C>
Bond Portfolio
Six months
ended For years ended
June 30, 2000
(unaudited) Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996
Per share data:
Investment Income $ 0.37 $ 0.68 $ 0.67 $ 0.67 $ 0.70
Expense 0.03 0.07 0.07 0.07 0.08
Net investment income 0.34 0.61 0.60 0.60 0.62
Net gain (loss) on investments (0.01) (0.74) 0.36 0.25 (0.39)
Shareholder distributions:
Net investment income 0 (0.61) (0.60) (0.59) (0.63)
Realized gain 0 0 (0.21) (0.23) (0.01)
Net increase (decrease) 0.33 (0.74) 0.15 0.03 (0.41)
Net asset value at
beginning of period 10.09 10.83 10.68 10.65 11.06
Net asset value at end of period $ 10.42 $ 10.09 $ 10.83 $ 10.68 $ 10.65
Ratio to average net assets:*
Expenses 0.62% 0.62% 0.62% 0.67% 0.71%
Net investment income 6.46% 5.68% 5.48% 5.53% 5.85%
Total return** 3.6% (1.1%) 8.8% 7.9% 2.2%
Portfolio turnover rate 32% 93% 132% 107% 62%
Shares outstanding 4,551,528 4,490,799 4,624,949 3,252,044 2,648,089
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
53
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
Managed Portfolio
<S> <C> <C> <C> <C> <C>
Six months
ended For years ended
June 30, 2000
(unaudited) Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996
Per share data:
Investment Income $ 0.29 $ 0.59 $ 0.61 $ 0.58 $ 0.53
Expense 0.04 0.10 0.10 0.10 0.09
Net investment income 0.25 0.49 0.51 0.48 0.44
Net gain (loss) on investments (0.28) (0.71) 0.79 2.34 1.01
Shareholder distributions:
Net investment income 0 (0.50) (0.51) (0.48) (0.44)
Realized gain 0 (1.60) (0.99) (0.41) (0.03)
Net increase (decrease) (0.03) (2.32) (0.20) 1.93 0.98
Net asset value at
beginning of period 12.81 15.13 15.33 13.40 12.42
Net asset value at end of period $ 12.78 $ 12.81 $ 15.13 $ 15.33 $ 13.40
Ratio to average net assets:*
Expenses 0.62% 0.62% 0.62% 0.67% 0.70%
Net investment income 3.78% 3.25% 3.27% 3.27% 3.43%
Total return** (0.3%) (0.8%) 8.3% 21.0% 11.8%
Portfolio turnover rate 18% 49% 63% 27% 34%
Shares outstanding 4,767,976 5,370,417 4,832,940 3,945,223 3,215,189
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
54
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
Tactical Asset Allocation Portfolio
<S> <C> <C> <C> <C> <C>
Six months
ended For years ended
June 30, 2000
(unaudited) Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996
Per share data:
Investment Income $ 0.28 $ 0.49 $ 0.47 $ 0.41 $ 0.39
Expense 0.07 0.13 0.13 0.13 0.11
Net investment income 0.21 0.36 0.34 0.28 0.28
Net gain (loss) on investments (0.23) (0.81) 0.58 1.75 1.38
Shareholder distributions:
Net investment income (0.35) (0.36) (0.34) (0.28) (0.28)
Realized gain 0 0 (0.09) (0.96) (0.17)
Net increase (decrease) (0.37) (0.81) 0.49 0.79 1.21
Net asset value at
beginning of period 12.12 12.93 12.44 11.65 10.44
Net asset value at end of period $ 11.75 $ 12.12 $ 12.93 $ 12.44 $ 11.65
Ratio to average net assets:*
Expenses 0.98% 0.99% 1.00% 1.00% 1.00%
Expenses before expense
reduction 1.00% 0.99% 1.01% 1.30% 1.06%
Net investment income 3.20% 2.78% 2.64% 2.24% 2.62%
Total return** (0.5%) (3.1%) 7.2% 15.5% 15.7%
Portfolio turnover rate 9% 77% 41% 52% 25%
Shares outstanding 344,425 425,157 500,212 357,897 184,046
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
55
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
The per share amounts are based on shares outstanding throughout the year.
Conservative Investor Portfolio
Six months
ended For Year March 31, 1998
June 30, 2000 Ended (commencement)
(unaudited) Dec. 31, 1999to Dec. 31, 1998
<S> <C> <C> <C>
Per share data:
Investment Income $ 0.23 $ 0.44 $ 0.31
Expense 0.05 0.10 0.09
Net investment income 0.18 0.34 0.22
Net gain on investments (0.10) 0.27 0.37
Shareholder distributions:
Net investment income 0 (0.34) (0.22)
Realized gain 0 (0.42) (0.07)
Net increase (decrease) 0.08 (0.15) 0.30
Net asset value at
beginning of period 10.15 10.30 10.00
Net asset value at end of period $ 10.23 $ 10.15 $ 10.30
Ratio to average net assets:*
Expenses 1.00% 0.95% 0.95%
Expenses before expense
reduction 1.56% 1.78% 1.35%
Net investment income 4.00% 3.23% 2.21%
Total return** 0.8% 5.8% 5.8%
Portfolio turnover rate 37% 72% 82%
Shares outstanding 770,012 641,290 609,958
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
56
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (continued)
The per share amounts are based on shares outstanding throughout the year.
Moderate Investor Portfolio
Six months
ended For Year March 31, 1998
June 30, 2000 Ended (commencement)
(unaudited) Dec. 31, 1999to Dec. 31, 1998
<S> <C> <C> <C>
Per share data:
Investment Income $ 0.19 $ 0.36 $ 0.25
Expense 0.05 0.11 0.09
Net investment income 0.14 0.25 0.16
Net gain on investments (0.18) 0.63 0.36
Shareholder distributions:
Net investment income 0 (0.25) (0.16)
Realized gain 0 (0.46) (0.04)
Net increase (decrease) (0.04) 0.17 0.32
Net asset value at
beginning of period 10.49 10.32 10.00
Net asset value at end of period $ 10.45 $ 10.49 $ 10.32
Ratio to average net assets:
Expenses 1.00% 1.00% 0.94%
Expenses before expense
reduction 1.50% 1.65% 1.34%
Net investment income 2.82% 2.33% 1.62%
Total return** (0.4%) 8.2% 5.1%
Portfolio turnover rate 39% 74% 60%
Shares outstanding 770,139 744,762 659,392
</TABLE>
*Annualized
**Total return for periods less than one year are not annualized. Total return
assumes reinvestment of dividends and capital gain distributions, if any. The
accompanying notes are an integral part of the financial statements.
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
The per share amounts are based on shares outstanding throughout the year.
Aggressive Investor Portfolio
Six months
ended For Year March 31, 1998
June 30, 2000 Ended (commencement)
(unaudited) Dec. 31, 1999to Dec. 31, 1998
Per share data:
Investment Income $ 0.15 $ 0.26 $ 0.18
Expense 0.05 0.10 0.09
Net investment income 0.10 0.16 0.09
Net gain (loss) on investments (0.22) 1.09 0.41
Shareholder distributions:
Net investment income 0 (0.16) (0.09)
Realized gain 0 (0.59) (0.04)
Net increase (decrease) (0.12) 0.50 0.37
Net asset value at
beginning of period 10.87 10.37 10.00
Net asset value at end of period $ 10.75 $ 10.87 $ 10.37
Ratio to average net assets:*
Expenses 1.00% 0.96% 0.95%
Expenses before expense
reduction 1.54% 1.67% 1.34%
Net investment income 1.86% 1.50% 0.94%
Total return** (1.1%) 11.7% 5.0%
Portfolio turnover rate 42% 76% 50%
Shares outstanding 759,179 726,947 644,280
*Annualized
**Total return for periods less than one year are not annualized. Total
return assumes reinvestment of dividends and capital gain distributions, if any.
The accompanying notes are an integral part of the financial statements.
58
<PAGE>
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59
<PAGE>
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60
<PAGE>
American United Life Insurance Company
P.O. Box 368
Indianapolis, Indiana 46206-0368
www.aul.com
P-113959C (6/00)
