A Message
From
The Chairman of the Board
and President of
AUL American Series Fund, Inc.
To Participants in AUL American Individual 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 Individual Unit Trust
statementS of net assets
June 30, 1997
(unaudited)
Series Fund Fidelity
EquityMoney Market Bond Managed Tactical Asset
High Income
Assets:
Investments at value $ 6,048,299 $ 3,155,468 $ 2,091,511
$ 4,467,757 $ 2,183,632 $ 2,850,229
Net Assets $ 6,048,299 $ 3,155,468 $ 2,091,511 $ 4,467,757
$ 2,183,632 $ 2,850,229
Units outstanding 749,662 2,870,400 344,625
618,918 338,816 397,948
Accumulation Unit Value $ 8.07 $ 1.10 $ 6.07
$ 7.22 $ 6.44 $ 7.16
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
Fidelity
Growth Overseas Asset Manager Index 500
Equity-Income Contrafund
Assets:
Investments at value $ 11,092,275 $ 1,455,256 $ 8,398,735
$ 13,311,019 $ 7,626,174 $ 8,677,648
Net Assets $ 11,092,275 $ 1,455,256 $ 8,398,735 $ 13,311,019
$ 7,626,174 $ 8,677,648
Units outstanding 1,287,473 211,271 1,190,372
1,350,576 977,724 1,082,783
Accumulation Unit Value $ 8.62 $ 6.89 $ 7.06
$ 9.86 $ 7.80 $ 8.01
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
American Century Alger Calvert T. Rowe Price
VP Capital VP American Capital
Appreciation International GrowthAccumulation
Equity Income
Assets:
Investments at value $ 2,090,543 $ 1,712,463 $ 11,772,235
$ 1,424,010 $ 12,925,354
Net Assets $ 2,090,543 $ 1,712,463 $ 11,772,235 $ 1,424,010
$ 12,925,354
Units outstanding 355,575 239,299 1,516,345
197,536 1,594,751
Accumulation Unit Value $ 5.88 $ 7.16 $ 7.76
$ 7.21 $ 8.10
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual Unit Trust
statementS of net assets (continued)
June 30, 1997
(unaudited)
PBHG
Growth II Tech. & Comm.
Assets:
Investments at value $ 68,733 $ 48,202
Net Assets $ 68,733 $ 48,202
Units outstanding 13,181 9,370
Accumulation Unit Value $ 5.21 $ 5.14
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual 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 $ 39,961 $ 17,825 $ 71,710
$ 60,671 $ 49,513 $ 35,277
Mortality & expense
charges 29,844 10,471 17,977
15,973 12,078 5,424
Net Investment Income
(Expense) 10,117 7,354 53,733
44,698 37,435 29,853
Gain (Loss) on Investments:
Net realized gain (loss) 101,617 17,116
(9,489) (425)
Net change in
unrealized gain (loss) 629,624 88,147
15,647 (43,425)
Net Gain (Loss) 731,241 105,263
6,158 (43,850)
Increase (Decrease)
in Assets from
Operations 741,358 112,617 53,733
44,698 43,593 (13,997)
Contract Owner Transactions:
Proceeds from units sold 1,873,943 1,388,943 311,553
18,973,908 457,213 1,151,097
Cost of units redeemed (241,590) (25,152) (2,996,589)
(18,661,591) (355,278) (58,994)
Increase (Decrease) 1,632,353 1,363,791 414,964
312,317 101,935 1,092,103
Net increase (decrease) 2,373,711 1,476,408 468,697
357,015 145,528 1,078,106
Net Assets, beginning 3,674,588 1,003,260 2,686,771
1,651,826 1,945,983 482,305
Net Assets, ending $ 6,048,299 $ 2,479,668 $ 3,155,468
$ 2,008,841 $ 2,091,511 $ 1,560,411
Units sold 254,540 223,728 3,491,063
18,050,423 76,443 201,251
Units redeemed (33,145) (4,056) (3,108,646)
(17,741,132) (59,129) (10,370)
Net increase (decrease) 221,395 219,672 382,417
309,291 17,314 190,881
Units outstanding, beginning 528,267 169,738 2,487,983
1,582,630 327,311 81,914
Units outstanding, ending 749,662 389,410 2,870,400
1,891,921 344,625 272,795
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual 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 1996 1997 1996
Operations:
Dividend income $ 65,547 $ 26,188 $ 16,182
$ 5,799 $ 176,695 $ 69,243
Mortality & expense
charges 24,216 7,710 10,043
2,060 15,448 6,801
Net Investment Income
(Expense) 41,331 18,478 6,139
3,739 161,247 62,442
Gain (Loss) on Investments:
Net realized gain (loss) 30,345 9,924 6,706
1,254 15,113 14,606
Net change in
unrealized gain (loss) 321,379 12,445 95,218
(3,047) 571 (11,406)
Net Gain (Loss) 351,724 22,369 101,924
(1,793) 15,684 3,200
Increase (Decrease)
in Assets from
Operations 393,055 40,847 108,063
1,946 176,931 65,642
Contract Owner Transactions:
Proceeds from units sold 991,434 1,283,734 1,142,096
591,496 739,503 821,015
Cost of units redeemed (182,417) (62,196) (45,991)
(10,798) (144,207) (109,410)
Increase (Decrease) 809,017 1,221,538 1,096,105
580,698 595,296 711,605
Net increase (decrease) 1,202,072 1,262,385 1,204,168
582,644 772,227 777,247
Net Assets, beginning 3,265,685 705,326 979,464
95,507 2,078,002 738,305
Net Assets, ending $ 4,467,757 $ 1,967,711 $ 2,183,632
$ 678,151 $ 2,850,229 $ 1,515,552
Units sold 146,324 212,888 184,476
108,402 108,980 132,653
Units redeemed (26,807) (10,412) (7,526)
(3,321) (21,576) (17,702)
Net increase (decrease) 119,517 202,476 176,950
105,081 87,404 114,951
Units outstanding, beginning 499,401 119,092 161,866
18,030 310,544 124,256
Units outstanding, ending 618,918 321,568 338,816
123,111 397,948 239,207
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual 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 $ 325,487 $ 206,470 $ 92,988
$ 9,445 $ 763,196 $ 98,944
Mortality & expense
charges 59,614 25,226 7,480
3,504 44,251 13,771
Net Investment Income
(Expense) 265,873 181,244 85,508
5,941 718,945 85,173
Gain (Loss) on Investments:
Net realized gain (loss) 79,419 70,745 28,046
5,671 43,304 15,368
Net change in
unrealized gain (loss) 914,664 102,067 76,072
23,874 (21,254) 10,364
Net Gain (Loss) 994,083 172,812 104,118
29,545 22,050 25,732
Increase (Decrease)
in Assets from
Operations 1,259,956 354,056 189,626
35,486 740,995 110,905
Contract Owner Transactions:
Proceeds from units sold 1,850,737 3,074,130 361,356
449,324 1,923,761 2,201,566
Cost of units redeemed (632,225) (191,733) (158,064)
(23,810) (257,788) (71,935)
Increase (Decrease) 1,218,512 2,882,397 203,292
425,514 1,665,973 2,129,631
Net increase (decrease) 2,478,468 3,236,453 392,918
461,000 2,406,968 2,240,536
Net Assets, beginning 8,613,807 2,573,042 1,062,338
354,951 5,991,767 1,389,485
Net Assets, ending $ 11,092,275 $ 5,809,495 $ 1,455,256
$ 815,951 $ 8,398,735 $ 3,630,021
Units sold 241,773 429,289 57,398
81,144 290,906 378,021
Units redeemed (85,417) (26,749) (24,601)
(4,285) (39,089) (12,322)
Net increase (decrease) 156,356 402,540 32,797
76,859 251,817 365,699
Units outstanding, beginning 1,131,117 382,748 178,474
66,675 938,555 246,332
Units outstanding, ending 1,287,473 785,288 211,271
143,534 1,190,372 612,031
The accompanying notes are an integral part of the financial statements<PAGE>
AUL American Individual Unit Trust
statementS of operations and changes net IN assets
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 $ 256,760 $ 45,109 $ 616,205
$ 59,196 $ 205,387 $ 10,399
Mortality & expense
charges 59,720 12,174 40,187
14,350 45,964 12,636
Net Investment Income
(Expense) 197,040 32,935 576,018
44,846 159,423 (2,237)
Gain (Loss) on Investments:
Net realized gain (loss) 117,295 46,691 72,142
15,142 89,758 12,768
Net change in
unrealized gain (loss) 1,490,447 80,480 319,560
15,168 563,656 131,613
Net Gain (Loss) 1,607,742 127,171 391,702
30,310 653,414 144,381
Increase (Decrease)
in Assets from
Operations 1,804,782 160,106 967,720
75,156 812,837 142,144
Contract Owner Transactions:
Proceeds from units sold 5,191,821 2,640,017 1,690,433
3,109,457 1,931,650 2,660,036
Cost of units redeemed (409,561) (162,703) (710,871)
(95,109) (290,055) (32,020)
Increase (Decrease) 4,782,260 2,477,314 979,562
3,014,348 1,641,595 2,628,016
Net increase (decrease) 6,587,042 2,637,420 1,947,282
3,089,504 2,454,432 2,770,160
Net Assets, beginning 6,723,977 886,860 5,678,892
969,355 6,223,216 734,595
Net Assets, ending $ 13,311,019 $ 3,524,280 $ 7,626,174
$ 4,058,859 $ 8,677,648 $ 3,504,755
Units sold 582,814 365,704 235,241
498,700 260,691 423,350
Units redeemed (47,260) (22,675) (99,730)
(15,179) (39,379) (4,997)
Net increase (decrease) 535,554 343,029 135,511
483,521 221,312 418,353
Units outstanding, beginning 815,022 130,390 842,213
162,252 861,471 121,825
Units outstanding, ending 1,350,576 473,419 977,724
645,773 1,082,783 540,178
The
accompanying notes are an integral part of the financial statements.
<PAGE>
AUL American Individual 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
VP Capital Appreciation VP International
American Growth
1997 1996 1997 1996 1997 1996
Operations:
Dividend income $ 44,016 $ 138,503 $ 37,999
$ 13,386 $ 102,249 $ 131,042
Mortality & expense
charges 12,910 7,913 7,867
3,184 61,624 19,767
Net Investment Income
(Expense) 31,106 130,590 30,132
10,202 40,625 111,275
Gain (Loss) on Investments:
Net realized gain (loss) (111,458) 12,415 54,161
4,630 110,748 28,586
Net change in
unrealized gain (loss) (12,371) (141,841) 142,614
19,648 1,317,454 (38,683)
Net Gain (Loss) (123,829) (129,426) 196,775
24,278 1,428,202 (10,097)
Increase (Decrease)
in Assets from
Operations (92,723) 1,164 226,907
34,480 1,468,827 101,178
Contract Owner Transactions:
Proceeds from units sold 406,395 1,026,365 775,711
225,342 2,384,843 4,381,204
Cost of units redeemed (502,993) (36,796) (169,662)
(22,299) (522,016) (224,714)
Increase (Decrease) (96,598) 989,569 606,049
203,043 1,862,827 4,156,490
Net increase (decrease) (189,321) 990,733 832,956
237,523 3,331,654 4,257,668
Net Assets, beginning 2,279,864 831,975 879,507
398,333 8,440,581 1,250,097
Net Assets, ending $ 2,090,543 $ 1,822,708 $ 1,712,463
$ 635,856 $ 11,772,235 $ 5,507,765
Units sold 73,082 156,177 118,729
40,944 349,263 695,333
Units redeemed (89,526) (5,529) (24,547)
(4,047) (88,988) (36,572)
Net increase (decrease) (16,444) 150,648 94,182
36,897 260,275 658,761
Units outstanding, beginning 372,019 128,270 145,117
74,261 1,256,070 208,236
Units outstanding, ending 355,575 278,918 239,299
111,158 1,516,345 866,997
The accompanying notes are an integral part of the financial statements.<PAGE>
AUL American Individual Unit Trust
statementS of operations and changes net IN assets
for the six months ended June 30, 1997 and 1996
(unaudited)
Calvert T. Rowe Price PBHG
Capital AccumulationEquity-Income Growth II(1)
Tech. & Comm.(1)
1997 1996 1997 1996 1997 1997
Operations:
Dividend income $ $ $ 186,397
$ 46,587 $ $
Mortality & expense
charges 8,417 2,092 63,125
14,676 81 38
Net Investment
Income
(Expense) (8,417) (2,092) 123,272
31,911 (81) (38)
Gain (Loss) on Investments:
Net realized gain (loss) 13,794 5,514 142,458
24,370 1,924 13
Net change in
unrealized gain (loss) 118,244 18,246 1,115,793
73,488 1,952 958
Net Gain (Loss) 132,038 23,760 1,258,251
97,858 3,876 971
Increase (Decrease)
in Assets from
Operations 123,621 21,668 1,381,523
129,769 3,795 933
Contract Owner Transactions:
Proceeds from units sold 90,822 528,803 4,331,854
3,164,822 182,526 47,799
Cost of units redeemed (122,940) (10,813) (469,983)
(47,916) (117,588) (530)
Increase (Decrease) (32,118) 517,990 3,861,871
3,116,906 64,938 47,269
Net increase (decrease) 91,503 539,658 5,243,394
3,246,675 68,733 48,202
Net Assets, beginning 1,332,507 149,633 7,681,960
980,800
Net Assets, ending $ 1,424,010 $ 689,291 $ 12,925,354
$ 4,227,475 $ 68,733 $ 48,202
Units sold 21,346 80,175 575,083
501,765 35,984 9,473
Units redeemed (26,071) (1,537) (61,708)
(7,561) (22,803) (103)
Net increase (decrease) (4,725) 78,638 513,375
494,204 13,181 9,370
Units outstanding, beginning 202,261 24,091 1,081,376
163,043
Units outstanding, ending 197,536 102,729 1,594,751
657,247 13,181 9,370
(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 Individual Unit Trust
(Variable Account) was established by American
United Life Insurance
Company (AUL) on April 14, 1994, 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
for individual annuity contracts issued by 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),
Alger American
Fund (Alger), Acacia Capital Corporation (Calvert),
T. Rowe Price Equity Series, Inc. (T. Rowe Price),
and PBHG Insurance
Series Fund, Inc. (PBHG).
Security Valuation Transactions and Related
Income
The market value of investments is based on the
closing bid prices at 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 $520,884
and $177,732, 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
contract equal to the lesser of 2% of the contract value or
$30. The
fee is assessed every year on the contract anniversary date
during the accumulation period but is waived if the contract
value exceeds $50,000 on the contract anniversary date.
The charges incurred during the six months ended June
30, 1997
and 1996 were $47,129 and $8,395, respectively.
AUL may assess a withdrawal charge on withdrawals that
exceed 12% of the contract value at the time of the first
withdrawal in a contract year. The amount of the charge
depends upon the type of contract and the length of time the
contract has existed, as follows:
Flexible Premium ContractOne Year Flexible Premium
Contract
Contract Year Withdrawal Charge Contract YearWithdrawal Charge
1 10% 1 7%
2 9% 2 6%
3 8% 3 5%
4 7% 4 4%
5 6% 5 3%
6 5% 6 2%
7 4% 7 1%
8 3% 8 0%
9 2%
10 1%
11 0%
The aggregrate withdrawal charges will not exceed 8.5% of
the total premiums paid on a Flexible Premium Contract or 8% of
the total premiums paid on a One Year Flexible Premium Contract.
notes to financial statements (continued)
3.Accumulation Unit Value
The change in the Net Asset Value per
unit for the six months ended June 30, 1997, or
from commencement of operation, May 1,
1997, through June 30, 1997, is:
6/30/97 12/31/96 Change
Series Fund:
Equity $ 8.068137 $ 6.955832 16.0%
Money Market 1.098974 1.079623 1.8%
Bond 6.067949 5.944584 2.1%
Managed 7.218381 6.538610 10.4%
Tactical Asset 6.444562 6.050897 6.5%
Fidelity:
High Income 7.161757 6.690998 7.0%
Growth 8.614978 7.614970 13.1%
Overseas 6.887294 5.951929 15.7%
Asset Manager 7.055063 6.383686 10.5%
Index 500 9.855087 8.249673 19.5%
Equity Income 7.799440 6.742581 15.7%
Contrafund 8.013602 7.223554 10.9%
American Century:
VP Capital
Appreciation 5.879912 6.128474 -4.1%
VP International 7.155395 6.060122 18.1%
Alger:
American Growth 7.763301 6.719732 15.5%
Calvert:
Capital Accumulation 7.207846 6.587155 9.4%
T. Rowe Price:
Equity Income 8.103875 7.104109 14.1%
6/30/97 05/01/97 Change
PBHG:
Growth II 5.214273 5.000000 4.3%
Technology &
Communications 5.149406 5.000000 3.0%
4. Cost of Investments
The cost of investments at June 30, 1997, is:
Series Fund:
Equity $ 5,006,986
Money Market 3,155,468
Bond 2,084,434
Managed 3,965,533
Tactical Asset 2,024,084
Fidelity:
High Income 2,711,648
Growth 9,688,323
Overseas 1,291,451
Asset Manager 7,902,411
Fidelity (continued):
Index $ 11,102,960
Equity-Income 6,853,928
Contrafund 7,423,085
American Century:
Vp Capital
Appreciation 2,286,523
Vp International 1,470,580
Alger:
American Growth 10,016,527
Calvert:
Capital
Accumulation $ 1,261,303
T. Rowe Price:
Equity Income 11,225,450
PBHG:
Growth II 66,781
Technology &
Communications 47,244<PAGE>
notes to financial statements (continued)
5. Net Assets
Net Assets at June 30, 1997, are:
Series Fund
EquityMoney Market Bond Managed Tactical Asset
Proceeds from units sold $ 5,164,651 $ 39,516,470 $ 2,554,623
$ 4,138,665 $ 2,062,953
Cost of units redeemed (343,623) (36,525,978) (587,619)
(354,181) (76,915)
Net investment income 46,919 164,976 125,941
119,546 28,119
Net realized gain 139,039 (8,511) 61,503
9,927
Unrealized gain (loss)
on investments 1,041,313 7,077
502,224 159,548
$ 6,048,299 $ 3,155,468 $
2,091,511 $ 4,467,757 $ 2,183,632
Fidelity
High Income Growth OverseasAsset Manager
Index 500
Proceeds from units sold $ 2,863,390 $ 10,227,214 $ 1,539,593
$ 7,747,169 $ 11,373,807
Cost of units redeemed (408,125) (1,267,616) (385,696)
(731,765) (710,646)
Net investment income 215,698 387,096 83,368
771,155 194,441
Net realized gain 40,685 321,629 54,186
115,852 245,358
Unrealized gain (loss)
on investments 138,581 1,423,952 163,805
496,324 2,208,059
$ 2,850,229 $ 11,092,275 $ 1,455,256
$ 8,398,735 $ 13,311,019
Fidelity American Century Alger
VP Capital VP American
Equity-Income Contrafund Appreciation
International Growth
Proceeds from units sold $ 7,173,875 $ 7,599,909 $ 2,952,197
$ 1,608,633 $ 10,751,642
Cost of units redeemed (1,028,783) (481,479) (735,561)
(243,745) (1,012,952)
Net investment income 594,523 132,916 143,135
32,632 103,883
Net realized gain 114,313 171,739 (73,248)
73,060 173,954
Unrealized gain (loss)
on investments 772,246 1,254,563 (195,980)
241,883 1,755,708
$ 7,626,174 $ 8,677,648 $ 2,090,543
$ 1,712,463 $ 11,772,235
Calvert T. Rowe Price PBHG
Capital
Technology &
Accumulation Equity Income Growth II
Communications
Proceeds from units sold $ 1,412,076 $ 11,465,924 $ 182,526
$ 47,799
Cost of units redeemed (165,138) (770,135) (117,588)
(530)
Net investment income (7,982) 258,424 (81)
(38)
Net realized gain 22,347 271,237 1,924
13
Unrealized gain (loss)
on investments 162,707 1,699,904 1,952
958
$ 1,424,010 $ 12,925,354 $ 68,733
$ 48,202
