AUL American Individual Unit Trust
Annual Report
December 31, 1996
asxc
This report may be used as sales literature only when accompanied or preceded by
effective prospectuses of AUL
American Series Fund, Inc. and AUL American Individual Unit Trust, which relate
sales expense and other
pertinent information.
<PAGE>
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 its moderate expansion during 1996. Investors began
the year fearing that the economic growth
rate would accelerate, forcing the Federal Reserve to tighten monetary policy.
However, GDP (gross domestic product) grew
at a sustainable pace during the year while core inflation remained subdued.
This seemed to have the effect of calming
investors and reduced prospects for monetary tightening by the Federal Reserve
in the near term.
The stock market experienced another rewarding year in 1996 with the Dow Jones
Industrial Average and the S&P 500
(commonly quoted equity indices) establishing new highs throughout the year.
Throughout 1996, investors continued to react
positively to the combination of slow growth and moderate inflation. However,
not all stocks had identical performance.
These major equity indices were driven by the superior returns of large
capitalization growth companies while small and
medium size companies lagged conspicuously.
Long maturity Treasury bonds yielded just below 6% at the beginning of 1996. By
midyear, however, investors were
increasingly concerned about the inflationary impact of rapid employment growth
in the U.S. economy. Long maturity
Treasury bond yields increased to more than 7%. Although a brief market rally
occurred in the fourth quarter, year-end
intermediate and longer maturity bond yields remained seventy to eighty basis
points above levels at the beginning of the
year. Because of the move to higher interest rates and lower bond prices in
1996, bond market returns were modest, especially
relative to stock market returns.
At the present time, economists are expecting 1997 to be another year of
moderate growth and low inflation. The Federal
Reserve is expected to stay on the sidelines until concrete evidence of
excessive economic growth or weakness surfaces.
Interest rates will be highly dependent upon the Federal Reserve Bank's reaction
to the various indicators of economic growth
and inflation.
Equity investors have now experienced two back-to-back years of excellent stock
performance. Even after the exuberance of
the last two years, the major stock averages could still post further gains
during 1997, but the gains are expected to be on a
more modest scale. The market could also experience increased volatility as
equity concerns heighten. Good bond
performance is likely to be highly dependent on investors' comfort level with
the pace of economic growth and continued
moderate inflation.
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
January 15, 1997
<PAGE>
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<PAGE>
Report of Independent Accountants
The Contract Owners of
AUL American Individual Unit Trust and
Board of Directors of
American United Life Insurance Company
We have audited the accompanying statements of net assets of AUL American
Individual Unit Trust as of
December 31, 1996, and the related statements of operations and changes in net
assets for each of the two years in
the period then ended. These financial statements are the responsibility of the
Trust's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December
31, 1996, by correspondence with the custodian. An audit also includes assessing
the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation.
An audit also includes assessing the accounting principles used and significant
estimates made by management,
as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial
position of AUL American Individual Unit Trust as of December 31, 1996, and the
results of its operations and
changes in net assets for each of the two years in the period then ended, in
conformity with generally accepted
accounting principles.
Indianapolis, Indiana
January 31, 1997<PAGE>
AUL American Individual Unit Trust
statementS of net assets
December 31, 1996
Series Fund
Fidelity
EquityMoney Market Bond Managed Tactical Asset
High Income
Assets:
Investment at market
value $ 3,674,588 $ 2,686,771 $ 1,945,983 $ 3,265,685 $ 979,464
$ 2,078,002
Net Assets $ 3,674,588 $ 2,686,771 $ 1,945,983 $ 3,265,685 $ 979,464
$ 2,078,002
Units outstanding 528,267 2,487,983 327,311 499,401 161,866
310,544
Accumulation Unit Value $ 6.96 $ 1.08 $ 5.94 $ 6.54 $ 6.05
$ 6.69
The accompanying notes are an integral part of the financial statements.
<PAGE>
AUL American Individual Unit Trust
statementS of net assets (continued)
December 31, 1996
Fidelity
Growth Overseas Asset Manager Index 500 Equity-Income
Contrafund
Assets:
Investment at market
value $ 8,613,807 $ 1,062,338 $ 5,991,767 $ 6,723,977 $ 5,678,892
$ 6,223,216
Net Assets $ 8,613,807 $ 1,062,338 $ 5,991,767 $ 6,723,977 $ 5,678,892
$ 6,223,216
Units outstanding 1,131,117 178,474 938,555 815,022 842,213
861,471
Accumulation Unit Value $ 7.61 $ 5.95 $ 6.38 $ 8.25 $ 6.74
$ 7.22
<PAGE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
AUL American Individual Unit Trust
statementS of net assets (continued)
December 31, 1996
TCI Alger Calvert T. Rowe Price
TCI TCI American Capital
GrowthInternational Growth Accumulation Equity Income
Assets:
Investment at market
value $ 2,279,864 $ 879,507 $ 8,440,581 $ 1,332,507 $ 7,681,960
Net Assets $ 2,279,864 $ 879,507 $ 8,440,581 $ 1,332,507 $ 7,681,960
Units outstanding 372,019 145,117 1,256,070 202,261 1,081,376
Accumulation Unit Value $ 6.13 $ 6.06 $ 6.72 $ 6.59 $ 7.10
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 years ended December 31, 1996 and 1995
Series Fund
Equity Money Market Bond
1996 1995 1996 1995 1996 1995
Operations:
Dividend income $ 45,758 $ 24,156 $ 115,215 $ 35,085 $ 92,504
$ 14,930
Mortality & expense
charges 29,591 7,143 30,590 8,469 16,617
2,320
Net Investment Income
(Expense) 16,167 17,013 84,625 26,616 75,887
12,610
Gain (Loss) on Investments:
Net realized gain (loss) 34,024 3,397 (2,048)
3,026
Net change in
unrealized gain (loss) 344,982 69,299 (18,274)
9,713
Net Gain (Loss) 379,006 72,696 (20,322)
12,739
Increase (Decrease)
in Assets from
Operations 395,173 89,709 84,625 26,616 55,565
25,349
Contract Owner Transactions:
Proceeds from units sold 2,342,416 869,356 21,617,520 13,858,429 1,594,898
501,910
Cost of units redeemed (66,261) (35,771)(20,667,199) (12,862,189)(186,785)
(45,556)
Increase 2,276,155 833,585 950,321 996,240 1,408,113
456,354
Net increase 2,671,328 923,294 1,034,946 1,022,856 1,463,678
481,703
Net Assets, beginning 1,003,260 79,966 1,651,825 628,969 482,305
602
Net Assets, ending $3,674,588 $1,003,260 $ 2,686,771 $1,651,825 $1,945,983
$ 482,305
Units sold 368,904 174,411 20,521,606 13,487,828 277,366
91,041
Units redeemed (10,375) (20,632) (19,616,253) (12,531,733) (31,969)
(9,246)
Net increase 358,529 153,779 905,353 956,095 245,397
81,796
Units outstanding,
beginning 169,738 15,959 1,582,630 626,535 81,914
119
Units outstanding,
ending 528,267 169,738 2,487,983 1,582,630 327,311
81,914
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 years ended December 31, 1996 and 1995
Series Fund Fidelity
Managed Tactical Asset High-Income
1996 1995 1996 1995(1) 1996 1995
Operations:
Dividend income $ 81,813 $ 25,580 $ 28,262 $ 1,374 $ 69,242
$ 7,711
Mortality & expense
charges 25,095 4,163 7,553 104 17,670
4,816
Net Investment Income
(Expense) 56,718 21,417 20,709 1,270 51,572
2,895
Gain (Loss) on Investments:
Net realized gain (loss) 25,509 5,649 2,694 528 26,834
(1,263)
Net change in
unrealized gain (loss) 159,770 21,145 64,663 (333) 83,401
54,330
Net Gain (Loss) 185,279 26,794 67,357 195 110,235
53,067
Increase (Decrease)
in Assets from
Operations 241,997 48,211 88,066 1,465 161,807
55,962
Contract Owner Transactions:
Proceeds from units sold 2,460,594 683,302 824,922 95,934 1,356,038
707,107
Cost of units redeemed (142,232) (29,532) (29,031) (1,892) (178,148)
(85,770)
Increase 2,318,362 653,770 795,891 94,042 1,177,890
621,337
Net increase 2,560,359 701,981 883,957 95,507 1,339,697
677,299
Net Assets, beginning 705,326 3,345 95,507 738,305
61,006
Net Assets, ending $3,265,685 $705,326 $ 979,464 $ 95,507 $ 2,078,002
$ 738,305
Units sold 403,449 123,620 150,337 18,390 214,596
128,372
Units redeemed (23,140) (5,193) (6,501) (360) (28,308)
(16,345)
Net increase 380,309 118,427 143,836 18,030 186,288
112,027
Units outstanding, beginning 119,092 665 18,030 124,256
12,229
Units outstanding, ending 499,401 119,092 161,866 18,030 310,544
124,256
(1) for the period from July 31, 1995 through December 31, 1995
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 years ended December 31, 1996 and 1995
Fidelity
Growth Overseas Asset Manager
1996 1995 1996 1995 1996 1995
Operations:
Dividend income $ 206,470 $ 1,308 $ 9,445 $ 920 $ 98,943
$ 8,652
Mortality & expense
charges 71,907 14,630 9,283 3,218 44,655
10,713
Net Investment Income
(Expense) 134,563 (13,322) 162 (2,298) 54,288
(2,061)
Gain (Loss) on Investments:
Net realized gain (loss) 211,891 30,318 19,409 6,731 58,343
14,205
Net change in
unrealized gain (loss) 311,416 196,926 62,848 24,775 390,495
127,044
Net Gain (Loss) 523,307 227,244 82,257 31,506 448,838
141,249
Increase (Decrease)
in Assets from
Operations 657,870 213,922 82,419 29,208 503,126
139,188
Contract Owner Transactions:
Proceeds from units sold 5,798,270 2,492,131 716,922 445,508 4,311,179
1,440,553
Cost of units redeemed (415,375) (220,014) (91,954) (135,679) (212,023)
(261,952)
Increase 5,382,895 2,272,117 624,968 309,829 4,099,156
1,178,601
Net increase 6,040,765 2,486,039 707,387 339,037 4,602,282
1,317,789
Net Assets, beginning 2,573,042 87,003 354,951 15,914 1,389,485
71,696
Net Assets, ending $ 8,613,807 $2,573,042 $1,062,338 $ 354,951 $5,991,767
$ 1,389,485
Units sold 805,777 404,210 128,049 90,444 727,908
286,115
Units redeemed (57,408) (38,766) (16,250) (27,007) (35,685)
(54,465)
Net increase 748,369 365,444 111,799 63,437 692,223
231,650
Units outstanding, beginning 382,748 17,304 66,675 3,238 246,332
14,682
Units outstanding, ending 1,131,117 382,748 178,474 66,675 938,555
246,332
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 years ended December 31, 1996 and 1995
Fidelity
Index 500 Equity-Income Contrafund
1996 1995 1996 1995(2) 1996 1995(2)
Operations:
Dividend income $ 45,109 $ 852 $ 59,196 $ 7,398 $ 10,399
$ 8,934
Mortality & expense
charges 44,637 3,923 44,959 3,129 43,120
2,719
Net Investment Income
(Expense) 472 (3,071) 14,237 4,269 (32,721)
6,215
Gain (Loss) on Investments:
Net realized gain (loss) 122,509 5,555 38,790 3,381 80,913
1,068
Net change in
unrealized gain (loss) 638,522 79,090 396,053 56,632 666,789
24,117
Net Gain (Loss) 761,031 84,645 434,843 60,013 747,702
25,185
Increase (Decrease)
in Assets from
Operations 761,503 81,574 449,080 64,282 714,981
31,400
Contract Owner Transactions:
Proceeds from units sold 5,347,903 833,980 4,547,863 935,579 4,960,020
708,239
Cost of units redeemed (272,289) (28,795) (287,406) (30,506) (186,380)
(5,044)
Increase 5,075,614 805,185 4,260,457 905,073 4,773,640
703,195
Net increase 5,837,117 886,759 4,709,537 969,355 5,488,621
734,595
Net Assets, beginning 886,860 101 969,355 734,595
Net Assets, ending $ 6,723,977 $ 886,860 $ 5,678,892 $ 969,355 $ 6,223,216
$ 734,595
Units sold 721,534 134,987 725,735 167,566 767,503
122,672
Units redeemed (36,902) (4,617) (45,774) (5,314) (27,857)
(847)
Net increase 684,632 130,370 679,961 162,252 739,646
121,825
Units outstanding, beginning 130,390 20 162,252 121,825
Units outstanding, ending 815,022 130,390 842,213 162,252 861,471
121,825
(2) for the period from April 28, 1995 through December 31, 1995
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 years ended December 31, 1996 and 1995
TCI Alger
TCI Growth TCI InternationalAmerican Growth
1996 1995 1996 1995 1996 1995(2)
Operations:
Dividend income $138,502 $ 35 $ 13,386 $ $131,042
$ 1
Mortality & expense
charges 21,010 5,495 7,924 2,961 64,041
3,743
Net Investment Income
(Expense) 117,492 (5,460) 5,462 (2,961) 67,001
(3,742)
Gain (Loss) on Investments:
Net realized gain (loss) 29,651 8,559 14,675 4,225 57,997
5,210
Net change in
unrealized gain (loss) (267,775) 84,124 65,251 33,996 429,314
8,939
Net Gain (Loss) (238,124) 92,683 79,926 38,221 487,311
14,149
Increase (Decrease)
in Assets from
Operations (120,632) 87,223 85,388 35,260 554,312
10,407
Contract Owner Transactions:
Proceeds from units sold 1,732,790 798,976 433,643 395,275 7,105,908
1,260,890
Cost of units redeemed (164,269) (68,299) (37,857) (36,226) (469,736)
(21,200)
Increase 1,568,521 730,677 395,786 359,049 6,636,172
1,239,690
Net increase 1,447,889 817,900 481,174 394,309 7,190,484
1,250,097
Net Assets, beginning 831,975 14,075 398,333 4,024 1,250,097
Net Assets, ending $ 2,279,864 $ 831,975 $ 879,507 $ 398,333 $ 8,440,581
$ 1,250,097
Units sold 268,925 137,785 77,615 80,369 1,122,887
211,706
Units redeemed (25,176) (12,325) (6,759) (6,939) (75,053)
(3,470)
Net increase 243,749 125,460 70,856 73,430 1,047,834
208,236
Units outstanding, beginning 128,270 2,810 74,261 831 208,236
Units outstanding, ending 372,019 128,270 145,117 74,261 1,256,070
208,236
(2) for the period from April 28, 1995 through December 31, 1995
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 years ended December 31, 1996 and 1995
Calvert T. Rowe Price
Capital AccumulationEquity Income
1996 1995(2) 1996 1995(2)
Operations:
Dividend income $ 2,162 $ 7,823 $ 175,556 $ 14,875
Mortality & expense
charges 8,980 570 51,751 3,528
Net Investment Income
(Expense) (6,818) 7,253 123,805 11,347
Gain (Loss) on Investments:
Net realized gain (loss) 8,363 190 124,056 4,723
Net change in
unrealized gain (loss) 44,730 (267) 515,833 68,278
Net Gain (Loss) 53,093 (77) 639,889 73,001
Increase (Decrease)
in Assets from
Operations 46,275 7,176 763,694 84,348
Contract Owner Transactions:
Proceeds from units sold 1,178,357 142,896 6,202,566 931,503
Cost of units redeemed (41,758) (439) (265,100) (35,051)
Increase 1,136,599 142,457 5,937,466 896,452
Net increase 1,182,874 149,633 6,701,160 980,800
Net Assets, beginning 149,633 980,800
Net Assets, ending $ 1,332,507 $ 149,633 $ 7,681,960 $ 980,800
Units sold 184,348 24,163 958,454 169,153
Units redeemed (6,178) (72) (40,121) (6,110)
Net increase 178,170 24,091 918,333 163,043
Units outstanding, beginning 24,091 163,043
Units outstanding, ending 202,261 24,091 1,081,376 163,043
(2) for the period from April 28, 1995 through December 31, 1995
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), TCI Portfolios, Inc. (TCI), Alger American
Fund (Alger), Calvert Group (Calvert),
and T. Rowe Price.
Security Valuation Transactions and Related Income
The market value of investments is based on the closing bid prices at December
31,1996. 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 years ended
December 31, 1996 and 1995 were $539,383
and $81,649, 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 years ended December 31, 1996
and 1995 were $21,722 and $729, 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.
<PAGE>
notes to financial statements (continued)
3. Accumulation Unit Value
The change in the Accumulation Unit Value per unit for the year ended
December 31, 1996, is:
12/31/96 12/31/95 Change
Series Fund:
Equity $ 6.955832 $ 5.910622 17.7%
Money Market 1.079623 1.044437 3.4%
Bond 5.944584 5.887919 1.0%
Managed 6.538610 5.922513 10.4%
Tactical Asset 6.050897 5.297110 14.2%
Fidelity:
High Income 6.690998 5.941506 12.6%
Growth 7.614970 6.722540 13.3%
Overseas 5.951929 5.323589 11.8%
Asset Manager 6.383686 5.640705 13.2%
Index 500 8.249673 6.801594 21.3%
Equity Income 6.742581 5.974362 12.9%
Contrafund 7.223554 6.029929 19.8%
TCI:
TCI Growth 6.128474 6.486115 -5.5%
TCI International 6.060122 5.363939 13.0%
Alger:
American Growth 6.719732 6.003257 11.9%
Calvert:
Capital Accumulation 6.587155 6.211190 6.1%
T. Rowe Price:
Equity Income 7.104109 6.015571 18.1%
<PAGE>
4. Cost of Investments
The cost of investments at December 31, 1996, is:
Series Fund:
Equity $ 3,262,899
Money Market 2,686,771
Bond 1,954,554
Managed 3,084,840
Tactical Asset 915,133
Fidelity: High Income 1,939,992
Growth 8,104,518
Overseas 974,604
Asset Manager 5,474,190
Index 500 6,006,364
Equity-Income 5,226,206
Contrafund 5,532,309
TCI:
TCI Growth $ 2,463,473
TCI International 780,238
Alger:
American Growth 8,002,328
Calvert:
Capital Accumulation 1,288,044
T. Rowe Price:
Equity Income 7,097,849
<PAGE>
notes to financial statements (continued)
5. Net Assets
Net Assets at December 31, 1996 are:
Series Fund
EquityMoney Market Bond Managed
Tactical Asset
Proceeds from units sold $ 3,290,709 $ 36,104,918 $ 2,097,410 $ 3,147,230
$ 920,856
Cost of units redeemed (102,032) (33,529,388) (232,341) (171,764)
(30,923)
Net investment income 36,801 111,241 88,506 78,215
21,978
Net realized gain 37,421 0 979 31,159
3,222
Unrealized gain (loss)
on investments 411,689 0 (8,571) 180,845
64,331
$ 3,674,588 $ 2,686,771 $ 1,945,983 $ 3,265,685
$ 979,464
Fidelity
High Income Growth OverseasAsset Manager
Index 500
Proceeds from units sold $ 2,123,887 $ 8,376,476 $ 1,178,236 $ 5,823,409
$ 6,181,984
Cost of units redeemed (263,918) (635,390) (227,632) (473,975)
(301,084)
Net investment income 54,451 121,222 (2,140) 52,209
(2,598)
Net realized gain 25,572 242,210 26,140 72,547
128,062
Unrealized gain (loss)
on investments 138,010 509,289 87,734 517,577
717,613
$ 2,078,002 $ 8,613,807 $ 1,062,338 $ 5,991,767
$ 6,723,977
Fidelity TCI
Alger
American
Equity-Income Contrafund TCI Growth TCI International
Growth
Proceeds from units sold $ 5,483,440 $ 5,668,258 $ 2,545,802 $ 832,923
$ 8,366,800
Cost of units redeemed (317,911) (191,424) (232,568) (74,083)
(490,936)
Net investment income 18,505 (26,506) 112,029 2,499
63,257
Net realized gain 42,172 81,981 38,210 18,899
63,207
Unrealized gain (loss)
on investments 452,686 690,907 (183,609) 99,269
438,253
$ 5,678,892 $ 6,223,216 $ 2,279,864 $ 879,507
$ 8,440,581
Calvert T. Rowe Price
Capital
Accumulation Equity Income
Proceeds from units sold $ 1,321,252 $7,134,070
Cost of units redeemed (42,197) (300,152)
Net investment income 435 135,152
Net realized gain 8,554 128,779
Unrealized gain (loss)
on investments 44,463 584,111
$ 1,332,507 $ 7,681,960
<PAGE>
(This page is intentionally blank.)
<PAGE>
American United Life Insurance Company
P.O. Box 368
Indianapolis, Indiana 46206-0368
SA-13522L
