A Message
From
The Chairman of the Board
and President of
AUL American Series Fund, Inc.
To Participants in AUL American Unit Trust
The U.S. economy continued to astound investors
during the first half of 1997. After more than
six years of steady expansion, economic growth
was still healthy and strong. Although the rate
of economic growth during the first quarter was
more robust than expected, economic activity
moderated during the second quarter to a more
sustainable pace. The unemployment rate
declined to a 24 year low, yet inflation remained
calm. As a result, the Federal Reserve Board
tightened monetary policy only one time during
the six months by raising short term rates.
Since then, the Fed has been waiting patiently on
the sidelines always on the lookout for signs
of inflationary pressures.
Despite a short term correction during March and
April, the stock market produced remarkable investment
results for the first half of 1997. However, major
stock indices were still dominated by the returns of large
capitalization companies, just like in 1996. As a
result, valuations of many of these large companies appeared
excessive by mid-year. Although small stock
performance improved during the second quarter,
a divergence in
investment returns between large companies and
small companies still existed.
Bond market returns exceeded money market
returns in the first six months of 1997 but trailed far behind the
performance of most common stock indices. Mortgage-
backed securities and lower quality corporate bonds
provided the best returns for bond investors in the
first half of 1997 while high quality, longer maturity Treasuries
were the poorest performers.
Bond yields moved higher in the first quarter in
reaction to the Federal Reserve Board's 25 basis point increase in
the Federal Funds target rate. Interest rates at the
end of June, however, were only moderately higher than at the
beginning of the year as bond investors became
convinced that inflation was well under control.
Although economic fundamentals are still positive as
we begin the second half of 1997, the speed and magnitude
of the current stock market advance is worrisome.
Whenever the stock market experiences above average returns,
it becomes much more susceptible to negative surprises.
As a result, equity investors should be prepared for
increased volatility during the remainder of 1997.
Bond prices responded positively to the Federal
Reserve Board's decision in early July to leave the
Federal Funds
target rate unchanged at 5.50%. Bond returns for the
remainder of the year, however, will be highly dependent
on investors remaining confident that moderate economic
growth and low inflation will persist into 1998.
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
July 23, 1997<PAGE>
AUL American Unit Trust
statementS of net assets
June 30, 1997
(unaudited)
Series Fund Fidelity
EquityMoney Market Bond Managed Tactical Asset
High Income
Assets:
Investment at value $ 28,011,632 $ 6,121,141 $ 7,737,090
$ 21,173,821
$ 104 $ 11,711,261
Net Assets $ 28,011,632 $ 6,121,141 $ 7,737,090 $ 21,173,821
$ 104 $ 11,711,261
Units outstanding 11,457,810 4,888,868 4,690,513 10,427,906
100 7,562,345
Accumulation Unit Value $ 2.44 $ 1.25 $ 1.65
$ 2.03 $ 1.04 $ 1.55
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
Fidelity
Growth Overseas Asset Manager Index 500
Equity-Income Contrafund
Assets:
Investment at value $ 47,247,217 $ 14,671,384 $ 44,129,701
$ 29,513,264 $ 8,665,619 $ 11,727,355
Net Assets $ 47,247,217 $ 14,671,384 $ 44,129,701
$ 29,513,264 $ 8,665,619 $ 11,727,355
Units outstanding 24,482,013 9,153,905 29,169,916
14,162,819 5,422,981 6,971,913
Accumulation Unit Value $ 1.93 $ 1.60 $ 1.51
$ 2.08 $ 1.60 $ 1.68
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
American
Century Alger CalvertT. Rowe Price PBHG
VP Capital American Capital
Technology &
Appreciation Growth Accumulation Equity Income
Growth II Communications
Assets:
Investment at value $ 2,073,648 $ 14,251,125 $ 1,340,433
$ 13,458,608 $ 2,492 $ 188
Net Assets $ 2,073,648 $ 14,251,125 $ 1,340,433 $ 13,458,608
$ 2,492 $ 188
Units outstanding 1,761,738 8,752,338 912,404 8,124,052
2,389 182
Accumulation Unit Value $ 1.18 $ 1.63 $ 1.47
$ 1.66 $ 1.04 $ 1.03
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
Janus Safeco
Worldwide Flexible
Growth Income Equity Growth
Assets:
Investment at value $ 61,302 $ 100 $ 111
$ 3,952
Net Assets $ 61,302 $ 100 $ 111
$ 3,952
Units outstanding 54,880 98 102
3,456
Accumulation Unit Value $ 1.12 $ 1.02 $ 1.09
$ 1.14
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets
for the six months ended June 30, 1997 and 1996
(unaudited)
Series Fund
Equity Money Market Bond
1997 1996 1997 1996 1997 1996
Operations:
Dividend income $ 192,068 $ 77,609 $ 129,177
$ 85,943 $ 190,487 $ 182,790
Mortality & expense
charges 152,860 112,384 32,462 22,774
46,342 37,494
Net Investment Income
(Expense) 39,208 (34,775) 96,715 63,169
144,145 145,296
Gain (Loss) on Investments:
Net realized gain (loss) 643,170 361,881
32,487 (30,935)
Net change in
unrealized gain (loss) 3,068,273 1,008,499
(20,766) (285,692)
Net Gain (Loss) 3,711,443 1,370,380
11,721 (316,627)
Increase (Decrease)
in Assets from
Operations 3,750,651 1,335,605 96,715 63,169
155,866 (171,331)
Contract Owner Transactions:
Proceeds from units sold 4,063,825 2,818,244 14,786,100
9,470,266 1,147,101 1,489,617
Cost of units redeemed (2,120,912) (1,557,705)
(13,597,922) (7,394,780) (892,888) (682,530)
Increase 1,942,913 1,260,539 1,188,178 2,075,486
254,213 807,087
Net increase 5,693,564 2,596,144 1,284,893 2,138,655
410,079 635,756
Net Assets, beginning 22,318,068 16,712,742 4,836,248
2,457,387 7,327,011 5,780,313
Net Assets, ending $ 28,011,632 $ 19,308,886 $ 6,121,141
$ 4,596,042 $ 7,737,090 $ 6,416,069
Units sold 1,823,499 1,506,411 11,913,470 7,898,458
720,241 953,466
Units redeemed (955,044) (830,353) (10,955,874) (6,165,038)
(564,899) (438,370)
Net increase 868,455 676,058 957,596 1,733,420
155,342 515,096
Units outstanding, beginning 10,589,355 9,332,222
3,931,272 2,066,493 4,535,171 3,613,483
Units outstanding, ending 11,457,810 10,008,280 4,888,868
3,799,913 4,690,513 4,128,579
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
Series Fund Fidelity
Managed Tactical Asset High Income
1997 1996 1997(1) 1997 1996
Operations:
Dividend income $ 319,126 $ 128,519 $
$ 796,755 $ 559,290
Mortality & expense
charges 121,456 99,913
67,020 42,680
Net Investment Income
(Expense) 197,670 28,606
729,735 516,610
Gain (Loss) on Investments:
Net realized gain (loss) 249,564 119,199
153,207 61,544
Net change in
unrealized gain (loss) 1,526,362 381,916 4
(131,645) (146,641)
Net Gain (Loss) 1,775,926 501,115
4
21,562 (85,097)
Increase (Decrease)
in Assets from
Operations 1,973,596 529,721 4 751,297
431,513
Contract Owner Transactions:
Proceeds from units sold 2,217,008 1,962,158 100
2,406,760 2,165,969
Cost of units redeemed (1,559,168) (1,226,618)
(1,109,893) (917,161)
Increase 657,840 735,540 100
1,296,867 1,248,808
Net increase 2,631,436 1,265,261 104
2,048,164 1,680,321
Net Assets, beginning 18,542,385 15,384,723
9,663,097 6,063,352
Net Assets, ending $ 21,173,821 $ 16,649,984 $ 104
$ 11,711,261 $ 7,743,673
Units sold 1,163,145 1,160,152 100
1,624,446 1,618,257
Units redeemed (822,425) (721,670)
(741,328) (685,123)
Net increase 340,720 438,482 100
883,118 933,134
Units outstanding, beginning 10,087,186 9,242,020
6,679,227 4,719,928
Units outstanding, ending 10,427,906 9,680,502 100
7,562,345 5,653,062
(1) for the Period from May 1, 1997 to June 30, 1997.
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
Fidelity
Growth Overseas Asset Manager
1997 1996 1997 1996 1997 1996
Operations:
Dividend income $ 1,439,710 $ 1,686,076 $ 1,001,818
$ 195,921 $ 4,572,177 $ 1,858,564
Mortality & expense
charges 261,517 167,192 78,265 53,902
249,781 184,317
Net Investment Income
(Expense) 1,178,193 1,518,884 923,553 142,019
4,322,396 1,674,247
Gain (Loss) on Investments:
Net realized gain (loss) 1,445,452 1,075,811 524,569
273,294 440,935 71,760
Net change in
unrealized gain (loss) 2,744,107 (86,600) 501,094
149,948 (654,330) (255,856)
Net Gain (Loss) 4,189,559 989,211 1,025,663
423,242 (213,395) (184,096)
Increase (Decrease)
in Assets from
Operations 5,367,752 2,508,095 1,949,216 565,261
4,109,001 1,490,151
Contract Owner Transactions:
Proceeds from units sold 9,090,720 9,771,231 6,912,883
4,512,767 6,298,147 5,114,433
Cost of units redeemed (5,682,771) (3,489,002)
(5,598,961) (3,471,909) (3,043,703)
Increase 3,407,949 6,282,229 1,313,922 1,040,858
3,254,444 2,263,249
Net increase 8,775,701 8,790,324 3,263,138 1,606,119
7,363,445 3,753,400
Net Assets, beginning 38,471,516 22,533,118 11,408,246
7,901,597 36,766,256 27,724,302
Net Assets, ending $ 47,247,217 $ 31,323,442 $ 14,671,384
$ 9,507,716 $ 44,129,701 $ 31,477,702
Units sold 5,126,880 6,174,921 4,710,220 3,518,827
4,430,111 4,118,038
Units redeemed (3,204,937) (2,235,893) (3,801,504) (2,709,240)
(2,128,273) (2,289,369)
Net increase 1,921,943 3,939,028 908,716 809,587
2,301,838 1,828,669
Units outstanding, beginning 22,560,070 14,966,606
8,245,189 6,385,519 26,868,078 22,931,563
Units outstanding, ending 24,482,013 18,905,634 9,153,905
7,195,106 29,169,916 24,760,232
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes IN net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
Fidelity
Index 500 Equity-Income Contrafund
1997 1996 1997 1996 1997 1996
Operations:
Dividend income $ 653,527 $ 270,229 $ 626,460
$ 57,407 $ 231,986 $ 11,446
Mortality & expense
charges 142,850 49,516 44,138 12,845
57,165 12,985
Net Investment Income
(Expense) 510,677 220,713 582,322
174,821 (1,539)
Gain (Loss) on Investments:
Net realized gain (loss) 1,321,811 430,177 55,534
32,190 201,525 19,899
Net change in
unrealized gain (loss) 2,331,128 30,836 447,696
(12,560) 707,142 128,406
Net Gain (Loss) 3,652,939 461,013 503,230 19,630
908,667 148,305
Increase (Decrease)
in Assets from
Operations 4,163,616 681,726 1,085,552 64,192
1,083,488 146,766
Contract Owner Transactions:
Proceeds from units sold 15,015,717 5,443,597 2,419,402
2,826,473 4,714,480 2,783,437
Cost of units redeemed (6,831,520) (1,489,440) (697,488)
(526,481) (1,130,238) (420,105)
Increase 8,184,197 3,954,157 1,721,914 2,299,992
3,584,242 2,363,332
Net increase 12,347,813 4,635,883 2,807,466 2,364,184
4,667,730 2,510,098
Net Assets, beginning 17,165,451 5,717,034 5,858,153
932,218 7,059,625 875,740
Net Assets, ending $ 29,513,264 $ 10,352,917 $ 8,665,619
$ 3,296,402 $ 11,727,355 $ 3,385,838
Units sold 7,948,068 3,581,047 1,647,369 2,209,889
3,035,990 2,112,174
Units redeemed (3,626,448) (978,150) (467,847) (410,398)
(720,252) (317,784)
Net increase 4,321,620 2,602,897 1,179,522 1,799,491
2,315,738 1,794,390
Units outstanding, beginning 9,841,199 3,976,682
4,243,459 762,132 4,656,175 691,978
Units outstanding, ending 14,162,819 6,579,579 5,422,981
2,561,623 6,971,913 2,486,368
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
American Century Alger Calvert
VP Capital Appreciation American Growth Capital
Accumulation
1997 1996 1997 1996 1997 1996
Operations:
Dividend income $ 44,837 $ 158,096 $ 123,940
$ 118,973 $ $
Mortality & expense
charges 12,761 8,600 72,541 19,913
7,385 (2,527)
Net Investment Income
(Expense) 32,076 149,496 51,399 99,060
(7,385) (2,527)
Gain (Loss) on Investments:
Net realized gain (loss) (205,940) 42,990 660,936
95,965 61,706 64,038
Net change in
unrealized gain (loss) 58,500 (187,560) 1,036,243
(95,442) 53,458 (22,691)
Net Gain (Loss) (147,440) (144,570) 1,697,179
523 115,164 41,347
Increase (Decrease)
in Assets from
Operations (115,364) 4,926 1,748,578 99,583
107,779 38,820
Contract Owner Transactions:
Proceeds from units sold 646,561 868,263 8,436,920
5,699,220 2,252,075 2,570,945
Cost of units redeemed (646,991) (113,692) (5,341,870)
(2,035,502) (2,322,334) (1,909,106)
Increase (430) 754,571 3,095,050 3,663,718
(70,259) 661,839
Net increase (115,794) 759,497 4,843,628 3,763,301
37,520 700,659
Net Assets, beginning 2,189,442 969,741 9,407,497
1,295,373 1,302,913 89,922
Net Assets, ending $ 2,073,648 $ 1,729,238 $ 14,251,125
$ 5,058,674 $ 1,340,433 $ 790,581
Units sold 564,332 661,698 5,662,898 4,300,426
1,631,154 1,859,258
Units redeemed (588,448) (86,006) (3,585,552) (1,532,503)
(1,689,190) (1,352,153)
Net increase (24,116) 575,692 2,077,346 2,767,923
(58,036) 507,105
Units outstanding, beginning 1,785,854 747,779
6,674,992 1,028,839 970,440 71,033
Units outstanding, ending 1,761,738 1,323,471 8,752,338
3,796,762 912,404 578,138
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
T. Rowe Price PBHG Janus
Equity-Income Growth IITech. & Comm.
Worldwide Growth Flexible
Income
1997 1996 1997(1) 1997(1) 1997(1) 1997(1)
Operations:
Dividend income $ 179,073 $ 30,193 $ $
$ 590 $ 4
Mortality & expense
charges 59,499 8,794 1
21 1
Net Investment Income
(Expense) 119,574 21,399 (1)
569 3
Gain (Loss) on Investments:
Net realized gain (loss) 111,590 21,206 (9)
12 (8)
Net change in
unrealized gain (loss) 1,091,271 37,201 (1)
5 (56) (4)
Net Gain (Loss) 1,202,861 58,407 (10) 5
(44) (12)
Increase (Decrease)
in Assets from
Operations 1,322,435 79,806 (11) 5
525 (9)
Contract Owner Transactions:
Proceeds from units sold 6,579,523 2,235,097 4,779
183 60,782 2,391
Cost of units redeemed (628,892) (233,782) (2,276)
(5) (2,282)
Increase 5,950,631 2,001,315 2,503
183 60,777 109
Net increase 7,273,066 2,081,121 2,492
188 61,302 100
Net Assets, beginning 6,185,542 478,071
Net Assets, ending $ 13,458,608 $ 2,559,192 $ 2,492
$ 188 $ 61,302 $ 100
Units sold 4,274,380 1,739,653 4,585 182
54,884 2,332
Units redeemed (409,482) (182,390) (2,196)
(4) (2,234)
Net increase 3,864,898 1,557,263 2,389 182
54,880 98
Units outstanding, beginning 4,259,154 388,732
Units outstanding, ending 8,124,052 1,945,995 2,389
182 54,880 98
(1) for the Period from May 1, 1997 to June 30, 1997.
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Unit Trust
statementS of operations and changes in net assets (continued)
for the six months ended June 30, 1997 and 1996
(unaudited)
Safeco
Equity Growth
1997(1) 1997(1)
Operations:
Dividend income $ $
Mortality & expense
charges 2
Net Investment Income
(Expense) (2)
Gain (Loss) on Investments:
Net realized gain (loss) 33
Net change in
unrealized gain (loss) 11 106
Net Gain (Loss) 11 139
Increase (Decrease)
in Assets from
Operations 11 137
Contract Owner Transactions:
Proceeds from units sold 100 5,490
Cost of units redeemed (1,675)
Increase 100 3,815
Net increase 111 3,952
Net Assets, beginning
Net Assets, ending $ 111 $ 3,952
Units sold 102 4,949
Units redeemed (1,493)
Net increase 102 3,456
Units outstanding, beginning
Units outstanding, ending 102 3,456
(1) for the Period from May 1, 1997 to June 30, 1997.
The accompanying notes are an integral part of the financial statements.<PAGE>
notes to financial statements
1. Summary of Significant Accounting Policies
The AUL American Unit Trust (Variable Account) was
established by American United Life Insurance Company
(AUL) on August 17, 1989, under procedures established
by Indiana law and is registered as a unit investment trust under
the Investment Company Act of 1940, as amended. The
Variable Account is a segregated investment account of AUL and
invests exclusively in shares of mutual fund portfolios
offered by the AUL American Series Fund, Inc. (Series Fund),
Fidelity Investments Variable Insurance Products
Fund and Variable Insurance Products Fund II(Fidelity),
American
Century Variable Portfolios, Inc. (American Century),
Acacia Capital Corporation (Calvert), T. Rowe Price
Equity Series,
Inc. (T. Rowe Price), PBHG Insurance Series Fund, Inc.
(PBHG), Janus Aspen Series (Janus), and Safeco
Resource Series
Trust (Safeco).
Security Valuation Transactions and Related
Investment Income
The market value of investments is based on the
closing bid prices at June 30, 1997. Investment
transactions are accounted
for on the trade date and dividend income is recorded
on the ex-dividend date.
Mortality and Expense Risks Charges
AUL deducts a daily charge as compensation for the
mortality and expense risks assumed by AUL. The
charge is equal on
an annual basis to 1.25% of the average daily net assets
of each investment account. AUL guarantees that the
mortality and
expense charge shall not increase. The charges incurred
during the six months ended June 30, 1997 and 1996, were
$1,406,067 and $835,837, respectively.
Taxes
Operations of the Variable Account are part of, and are
taxed with, the operations of AUL, which is taxed as a "life
insurance company" under the Internal Revenue Code.
Under current law, investment income, including realized and
unrealized capital gains of the investment accounts,
is not taxed to AUL to the extent it is applied to increase reserves
under the contracts. The Variable Account
has not been charged for federal and state income taxes
since none have been
imposed.
Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and
expenses during the reporting period. Actual results
could differ
from those estimates.
2. Account Charges
AUL may assess a premium tax charge based on
premium taxes incurred. Premium taxes currently range
between
0% and 3.5%, but are subject to change by governmental
entities.
AUL deducts an annual administrative charge from
each participant's account which may not exceed the
lesser of 0.5% of
the participant's account value or $7.50 per quarter.
The charge is assessed every quarter on a participant
account if it is in
effect on the quarterly contract anniversary, and the
charge is assessed only during the accumulation period. The charges
incurred during the six months ended June 30, 1997
and 1996, were $173,130 and $104,118, respectively.
AUL may assess a withdrawal charge on withdrawals
that exceed 10% of the participant's account value as of the last
contract anniversary preceding the request for the
withdrawal. The amount of the charge depends up
on the number of
account years the participant's account has been in
existence, as follows:
Account Year Withdrawal Charge
1 - 5 8%
6 - 10 4%
11 or more 0%
The aggregrate withdrawal charges will not exceed
9% of the contributions made by or on behalf of a participant under a
contract. The charges incurred during the
six months ended June 30, 1997 and 1996,
were $90,541 and $93,275, respectively.<PAGE>
notes to financial statements (continued)
3.Accumulation Unit Value
The change in the Accumulation Unit Value
per unit for the six months ended June 30, 1997,
or from inception of
operation, May 1, 1997, through June 30, 1997, is:
6/30/97 12/31/96 Change
Series Fund:
Equity $ 2.444053 $ 2.107103 16.0%
Money Market 1.251902 1.229861 1.8%
Bond 1.648449 1.614937 2.1%
Managed 2.028542 1.837513 10.4%
Fidelity:
High Income 1.548346 1.446567 7.0%
Growth 1.929085 1.705274 13.1%
Overseas 1.600913 1.383489 15.7%
Asset Manager 1.512123 1.368222 10.5%
Index 500 2.082910 1.743597 19.5%
Equity-Income 1.596855 1.380472 15.7%
Contrafund 1.681930 1.516110 10.9%
American Century:
VP Capital
Appreciation 1.175628 1.225326 -4.1%
Alger:
American Growth 1.628216 1.409348 15.5%
Calvert:
Capital Accumulation 1.469098 1.342590 9.4%
T. Rowe Price:
Equity Income 1.656418 1.452068 14.1%
6/30/97 5/1/97 Change
Series Fund:
Tactical Asset $ 1.036707 $ 0.982323 5.5%
PBHG:
Growth II 1.042856 1.000000 4.3%
Technology &
Communications 1.029885 1.000000 3.0%
Janus:
Worldwide Growth 1.117028 1.009977 1.6%
Flexible Income 1.021003 0.996134 2.5%
Safeco:
Equity 1.094335 0.983650 11.3%
Growth 1.143402 0.934137 22.4%<PAGE>
notes to financial statements (continued)
4. Cost of Investments
The cost of Investments at June 30, 1997, is:
Series Fund:
Equity $ 21,053,769
Money Market 6,121,141
Bond 7,747,362
Managed 17,682,115
Tactical Asset 100
Fidelity:
High Income 11,042,248
Growth 41,509,136
Overseas 13,298,156
Asset Manager 39,937,238
Index 500 25,455,366
Equity-Income 7,819,682
Contrafund 10,393,127
American Century:
VP Capital Appreciation 2,228,718
Alger:
American Growth 12,780,327
Calvert:
Capital Accumulation $ 1,268,546
T. Rowe Price:
Equity Income 12,014,341
PBHG:
Growth II 2,493
Technology &
Communications 183
Janus:
Worldwide Growth 61,358
Flexible Income 104
Safeco:
Equity 100
Growth 3,846
5. Net Assets
Net Assets at June 30, 1997, are:
Series Fund Fidelity
EquityMoney Market Bond Managed Tactical Asset
High Income
Proceeds from units sold $ 27,835,712 $ 44,312,154 $ 10,815,052
$ 22,248,099 $ 100 $ 13,244,699
Cost of units redeemed (10,089,200) (38,528,849) (4,010,015)
(7,281,133) (3,901,486)
Net investment income 1,300,389 337,836 1,002,121
2,026,602 1,458,851
Net realized gain (loss) 2,006,868 (59,796)
688,547 240,184
Unrealized gain (loss) 6,957,863 (10,272) 3,491,706
4 669,013
$ 28,011,632 $ 6,121,141 $ 7,737,090 $21,173,821
$ 104 $ 11,711,261
Fidelity
Growth Overseas Asset Manager Index 500
Equity-Income Contrafund
Proceeds from units sold $ 54,166,665 $ 25,928,705 $ 48,010,557
$ 34,653,767 $ 8,694,487 $ 12,437,925
Cost of units redeemed (20,312,821) (14,795,674) (14,658,114)
(12,531,365) (1,590,785) (2,564,436)
Net investment income 2,441,063 923,164 6,172,602
642,335 601,650 148,733
Net realized gain (loss) 5,214,229 1,241,961 412,193
2,690,629 114,330 370,905
Unrealized gain (loss) 5,738,081 1,373,228 4,192,463
4,057,898 845,937 1,334,228
$ 47,247,217 $ 14,671,384 $ 44,129,701
$ 29,513,264 $ 8,665,619 $ 11,727,355
<PAGE>
notes to financial statements (continued)
5. Net Assets (continued)
American
Century Alger CalvertT. Rowe Price PBHG
VP Capital American Capital
Technology &
Appreciation Growth Accumulation Equity Income
Growth II Communciations
Proceeds from units sold $ 3,260,294 $ 21,307,006
$ 10,510,952 $ 13,457,691 $ 4,779 $ 183
Cost of units redeemed (1,068,337) (9,391,139) (9,319,205)
(1,879,422) (2,276)
Net investment income 162,277 101,247 (9,378)
216,964 (1)
Net realized gain (loss) (125,516) 763,213 86,177
219,108 (9)
Unrealized gain (loss) (155,070) 1,470,798 71,887
1,444,267 (1) 5
$ 2,073,648 $ 14,251,125 $ 1,340,433
$ 13,458,608 $ 2,492 $ 188
Janus Safeco
Worldwide Flexible
Growth Income Equity Growth
Proceeds from units sold $ 60,782 $ 2,391
$ 100 $ 5,490
Cost of units redeemed (5) (2,282)
(1,675)
Net investment income 569 3
(2)
Net realized gain (loss) 12 (8)
33
Unrealized gain (loss) (56) (4) 11
106
$ 61,302 $ 100 $ 111
$ 3,952
