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 is exhibiting surprising strength despite the opposing forces
that exist. The Asian crisis worsened during the first half of 1998 resulting in
a decline in U.S. exports and an increase in inexpensive imports. This created a
great deal of pressure on U.S. corporate earnings and resulted in an inventory
build-up during the first quarter.
In contrast, we continue to experience the positive effects of low inflation and
low nominal interest rates. Another favorable development has been the amazing
strength in consumer spending right here at home. Consumers are benefiting from
inexpensive imports, low inflation, low mortgage rates and the wealth effect of
a rising stock market.
The stock market provided impressive returns during the first half of 1998, with
the average equity fund earning most of this return during the first quarter.
Second quarter returns were much more volatile as Asian concerns resurfaced.
Large capitalization companies continued to dominate the market as investors
searched for stability
of earnings and liquidity.
Although bonds performed reasonably well in the first half of 1998, returns
still lagged the performance of the S&P 500 Index by a wide margin. Treasury
yields declined during the first half of the year with the biggest decrease
occurring in the longer maturities. The thirty year treasury bond yielded 5.63%
at the end of June, thirty basis points below the level at the beginning of the
year.
As we enter the second half of 1998, commonly used valuation measures suggest
that the stock market is expensive at current levels. It is expected that market
volatility will continue through the remainder of 1998 as investors closely
monitor economic and corporate earnings growth as well as the level of interest
rates. Bond performance will be dependent on interest rate movements and the
potential "flight to quality" in the event investors become concerned about the
stock market.
/s/James W. Murphy
James W. Murphy
Chairman of the Board of Directors and President
Indianapolis, Indiana
July 31, 1998
1
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2
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AUL American Individual Unit Trust
STATEMENTS OF NET ASSETS
June 30, 1998
(unaudited)
Series Fund Fidelity
------------------------------------------------------ ---------
Equity Money Mkt Bond Managed Tac. Asset High Inc.
Assets:
Investments
at value $11,792,844 $5,123,070 $3,580,651 $9,492,471 $4,637,663 $6,133,556
Net Assets $11,792,844 $5,123,070 $3,580,651 $9,492,471 $4,637,663 $6,133,556
Units
outstanding 1,217,720 4,495,622 547,076 1,138,308 621,409 757,372
Accumulation
Unit Value $ 9.68 $ 1.14 $ 6.55 $ 8.34 $ 7.46 $ 8.10
The accompanying notes are an integral part of the financial statements.
3
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AUL American Individual Unit Trust
STATEMENTS OF NET ASSETS (continued)
June 30, 1998
(unaudited)
Fidelity
--------------------------------------------------------------------
Growth Overseas Asset Mgr Index 500 Equity-Inc Contrafund
Assets:
Investments
at value $17,145,602 $2,183,972 $17,180,671 $29,198,857 $13,644,413 $15,678,325
Net Asset $17,145,602 $2,183,972 $17,180,671 $29,198,857 $13,644,413 $15,678,325
Units
outstanding 1,559,322 288,993 2,079,727 2,314,282 1,456,122 1,525,940
Accumulation
Unit Value $ 10.99 $ 7.56 $ 8.26 $ 12.62 $ 9.37 $ 10.27
The accompanying notes are an integral part of the financial statements.
4
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AUL American Individual Unit Trust
STATEMENTS OF NET ASSETS (continued)
June 30, 1998
(unaudited)
T. Rowe
American Century Alger Calvert Price
--------------------- --------- --------- ---------
VP Cap. VP American Soc Mid-Cap
Apprec. Intl Growth Growth Eqty Inc
Assets:
Investments
at value $1,838,508 $3,964,838 $21,488,561 $2,818,539 $25,693,849
Net Assets $1,838,508 $3,964,838 $21,488,561 $2,818,539 $25,693,849
Units
outstanding 313,261 448,674 2,039,242 291,906 2,689,341
Accumulation
Unit Value $ 5.87 $ 8.84 $ 10.54 $ 9.65 $ 9.55
The accompanying notes are an integral part of the financial statements.
5
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AUL American Individual Unit Trust
STATEMENTS OF NET ASSETS (continued)
June 30, 1998
(unaudited)
PBHG
----------------------
Tech &
Growth II Comm.
Assets:
Investments
at value $1,101,644 $ 644,384
Net Assets $1,101,644 $ 644,384
Units
outstanding 188,806 111,835
Accumulation
Unit Value $ 5.83 $ 5.76
The accompanying notes are an integral part of the financial statements.
6
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
for the six months ended June 30, 1998 and 1997
(unaudited)
Series Fund
-----------------------------------------------------------------
Equity Money Market Bond
--------------------- -------------------- --------------------
1998 1997 1998 1997 1998 1997
Operations:
Dividend
income $ 35,742 $ 39,961 $ 124,758 $ 71,710 $ 37,010 $ 49,513
Mortality
& expense
charges 66,214 29,844 32,111 17,977 17,597 12,078
Net Investment Income
(Loss) (30,472) 10,117 92,647 53,733 19,413 37,435
Gain (Loss) on Investments:
Net realized gain
(loss) 189,310 101,617 0 0 (1,715) (9,489)
Net change in
unrealized gain
(loss) 667,783 629,624 0 0 73,180 15,647
Net Gain
(Loss) 857,093 731,241 0 0 71,465 6,158
Increase (Decrease)
in Net Assets from
Oper. 826,621 741,358 92,647 53,733 90,878 43,593
Contract Owner Transactions:
Proceeds from units
sold 2,392,791 1,873,943 6,492,179 3,411,553 2,534,253 457,213
Cost of units
redeemed (402,803) (241,590)(6,554,121)(2,996,589)(1,411,338) (355,278)
Increase
(Decrease) 1,989,988 1,632,353 (61,942) 414,964 1,122,915 101,935
Net increase
(decrease) 2,816,609 2,373,711 30,705 468,697 1,213,793 145,528
Net Assets,
beginning 8,976,235 3,674,588 5,092,365 2,686,771 2,366,858 1,945,984
Net Assets,
ending $11,792,844 $6,048,299 $5,123,070 $3,155,468 $3,580,651 $2,091,512
Units sold 251,967 254,540 5,749,848 3,491,063 392,931 76,443
Units redeemed (42,534) (33,145)(5,803,630)(3,108,646) (219,646) (59,129)
Net increase
(decrease) 209,433 221,395 (53,782) 382,417 173,285 17,314
Units outstanding,
beginning 1,008,287 528,267 4,549,404 2,487,983 373,791 327,311
Units outstanding,
ending 1,217,720 749,662 4,495,622 2,870,400 547,076 344,625
The accompanying notes are an integral part of the financial statements.
7
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1998 and 1997
(unaudited)
Series Fund Fidelity
------------------------------------------- --------------------
Managed Tactical Asset High Income
--------------------- -------------------- --------------------
1998 1997 1998 1997 1998 1997
Operations:
Dividend
income $ 58,220 $ 65,547 $ 25,685 $ 16,182 $ 511,093 $ 176,695
Mortality & expense
charges 49,235 24,216 24,362 10,043 31,368 15,448
Net Investment Income
(Loss) 8,985 41,331 1,323 6,139 479,725 161,247
Gain (Loss) on Investments:
Net realized gain
(loss) 129,299 30,345 50,673 6,706 98,632 15,113
Net change in
unrealized gain
(loss) 323,250 321,379 223,855 95,218 (398,300) 571
Net Gain
(Loss) 452,549 351,724 274,528 101,924 (299,668) 15,684
Increase (Decrease)
in Net Assets from
Oper. 461,534 393,055 275,851 108,063 180,057 176,931
Contract Owner Transactions:
Proceeds from units
sold 3,411,850 991,434 1,481,238 1,142,096 2,199,072 739,503
Cost of units
redeemed (559,455) (182,417) (288,173) (45,991) (732,364) (144,207)
Increase
(Decrease) 2,852,395 809,017 1,193,065 1,096,105 1,466,708 595,296
Net increase
(decrease) 3,313,929 1,202,072 1,468,916 1,204,168 1,646,765 772,227
Net Assets,
beginning 6,178,542 3,265,685 3,168,747 979,464 4,486,791 2,078,002
Net Assets,
ending $ 9,492,471 $4,467,757 $4,637,663 $2,183,632 $6,133,556 $2,850,229
Units sold 415,293 146,324 201,531 184,476 272,341 108,980
Units
redeemed (68,086) (26,807) (39,284) (7,526) (91,992) (21,576)
Net increase
(decrease) 347,207 119,517 162,247 176,950 180,349 87,404
Units outstanding,
beginning 791,101 499,401 459,162 161,866 577,023 310,544
Units outstanding,
ending 1,138,308 618,918 621,409 338,816 757,372 397,948
The accompanying notes are an integral part of the financial statements.
8
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1998 and 1997
(unaudited)
Fidelity
-----------------------------------------------------------------
Growth Overseas Asset Manager
-----------------------------------------------------------------
1998 1997 1998 1997 1998 1997
Operations:
Dividend
income $ 1,842,437 $ 325,487 $ 142,764 $ 92,988 $1,572,246 $ 763,196
Mortality
& expense
charges 93,132 59,614 12,770 7,480 88,999 44,251
Net Investment Income
(Loss) 1,749,305 265,873 129,994 85,508 1,483,247 718,945
Gain (Loss) on Investments
Net realized gain
(loss) 217,926 79,419 61,218 28,046 110,917 43,304
Net change in
unrealized gain
(loss) 546,761 914,664 82,667 76,072 (463,014) (21,254)
Net Gain
(Loss) 764,687 994,083 143,885 104,118 (352,097) 22,050
Increase (Decrease)
in Net Assets from
Operations 2,513,992 1,259,956 273,879 189,626 1,131,150 740,995
Contract Owner Transactions
Proceeds from units
sold 2,614,661 1,850,737 608,602 361,356 4,935,799 1,923,761
Cost of units
redeemed (919,693) (632,225) (647,320) (158,064) (916,500) (257,788)
Increase
(Decrease) 1,694,968 1,218,512 (38,718) 203,292 4,019,299 1,665,973
Net increase
(decrease) 4,208,960 2,478,468 235,161 392,918 5,150,449 2,406,968
Net Assets,
beginning 12,936,642 8,613,807 1,948,811 1,062,338 12,030,222 5,991,767
Net Assets,
ending $17,145,602 $11,092,275 $2,183,972 $1,455,256 $17,180,671 $8,398,735
Units sold 258,891 241,773 83,418 57,398 611,938 290,906
Units
redeemed (92,611) (85,417) (91,620) (24,601) (113,850) (39,089)
Net increase
(decrease) 166,280 156,356 (8,202) 32,797 498,088 251,817
Units outstanding,
beginning 1,393,042 1,131,117 297,195 178,474 1,581,639 938,555
Units outstanding,
ending 1,559,322 1,287,473 288,993 211,271 2,079,727 1,190,372
The accompanying notes are an integral part of the financial statements
9
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1998 and 1997
(unaudited)
Fidelity
-----------------------------------------------------------------
Index 500 Equity-Income Contrafund
--------------------- -------------------- --------------------
1998 1997 1998 1997 1998 1997
Operations:
Dividend
income $ 814,461 $ 256,760 $ 664,738 $ 616,205 $ 697,183 $ 205,387
Mortality
& expense
charges 152,599 59,720 74,489 40,187 84,451 45,964
Net Investment Income
(Loss) 661,862 197,040 590,249 576,018 612,732 159,423
Gain (Loss) on Investments:
Net realized gain
(loss) 748,173 117,295 247,731 72,142 341,981 89,758
Net change in
unrealized gain
(loss) 2,255,443 1,490,447 217,450 319,560 1,041,449 563,656
Net Gain
(Loss) 3,003,616 1,607,742 465,181 391,702 1,383,430 653,414
Increase (Decrease)
in Net Assets from
Operations 3,665,478 1,804,782 1,055,430 967,720 1,996,16 2 812,837
Contract Owner Transactions:
Proceeds from units
sold 7,601,154 5,191,821 3,500,925 1,690,433 3,115,347 1,931,650
Cost of units
redeemed (1,922,670) (409,561) (1,036,927) (710,871) (1,035,953) (290,055)
Increase
(Decrease) 5,678,484 4,782,260 2,463,998 979,562 2,079,394 1,641,595
Net increase
(decrease) 9,343,962 6,587,042 3,519,428 1,947,282 4,075,556 2,454,432
Net Assets,
beginning 19,854,895 6,723,977 10,124,985 5,678,892 11,602,769 6,223,216
Net Assets,
ending $29,198,857 $13,311,019 $13,644,413 $7,626,174 $15,678,325 $8,677,648
Units sold 639,632 582,814 382,298 235,241 324,049 260,691
Units
redeemed (161,939) (47,260) (113,145) (99,730) (108,343) (39,379)
Net increase
(decrease) 477,693 535,554 269,153 135,511 215,706 221,312
Units outstanding,
beginning 1,836,589 815,022 1,186,969 842,213 1,310,234 861,471
Units outstanding,
ending 2,314,282 1,350,576 1,456,122 977,724 1,525,940 1,082,783
The accompanying notes are an integral part of the financial statements.
10
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1998 and 1997
(unaudited)
American Century Alger
------------------------------------------- --------------------
VP Capital
Appreciation VP International American Growth
--------------------- -------------------- --------------------
1998 1997 1998 1997 1998 1997
Operations:
Dividend
income $ 92,912 $ 44,016 $ 181,658 $ 37,999 $ 3,072,584 $ 102,249
Mortality
& expense
charges 11,664 12,910 19,603 7,867 108,267 61,624
Net Investment Income
(Loss) 81,248 31,106 162,055 30,132 2,964,317 40,625
Gain (Loss) on Investments:
Net realized gain
(loss) (72,325) ( 111,458) 124,686 54,161 369,136 110,748
Net change in
unrealized gain
(loss) (12,172) (12,371) 345,831 142,614 811,763 1,317,454
Net Gain
(Loss) (84,497) (123,829) 470,517 196,775 1,180,899 1,428,202
Increase (Decrease)
in Net Assets from
Operations (3,249) (92,723) 632,572 226,907 4,145,216 1,468,827
Contract Owner Transactions:
Proceeds from units
sold 1,021,681 406,395 1,715,773 775,711 3,857,303 2,384,843
Cost of units
redeemed (1,010,297) (502,993)(1,018,761) (169,662) (1,102,233) (522,016)
Increase
(Decrease) 11,384 (96,598) 697,012 606,049 2,755,070 1,862,827
Net increase
(decrease) 8,135 (189,321) 1,329,584 832,956 6,900,286 3,331,654
Net Assets,
beginning 1,830,373 2,279,864 2,635,254 879,507 14,588,275 8,440,581
Net Assets,
ending $1,838,508 $2,090,543 $3,964,838 $1,712,463 $21,488,561 $11,772,235
Units sold 176,852 73,082 210,265 118,729 409,091 349,263
Units
redeemed (176,267) (89,526) (132,747) (24,547) (118,016) (88,988)
Net increase
(decrease) 585 (16,444) 77,518 94,182 291,075 260,275
Units outstanding,
beginning 312,676 372,019 371,156 145,117 1,748,167 1,256,070
Units outstanding,
ending 313,261 355,575 448,674 239,299 2,039,242 1,516,345
The accompanying notes are an integral part of the financial statements.
11
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (continued)
for the six months ended June 30, 1998 and 1997
(unaudited)
Calvert T. Rowe Price PBHG
--------------------- -------------------- --------------------
Social Mid-Cap Growth Equity Income Growth II
--------------------- -------------------- --------------------
1998 1997 1998 1997 1998 1997(1)
Operations:
Dividend
income $ 0 $ 0 $ 297,688 $ 186,397 $ 0 $ 0
Mortality
& expense
charges 13,899 8,417 144,309 63,125 5,241 81
Net Investment Income
(Loss) (13,899) (8,417) 153,379 123,272 (5,241) (81)
Gain (Loss) on Investments:
Net realized gain
(loss) 21,872 13,794 530,167 142,458 (15,286) 1,924
Net change in
unrealized gain
(loss) 383,998 118,244 470,528 1,115,793 106,703 1,952
Net Gain
(Loss) 405,870 132,038 1,000,695 1,258,251 91,417 3,876
Increase (Decrease)
in Net Assets from
Operations 391,971 123,621 1,154,074 1,381,523 86,176 3,795
Contract Owner Transactions:
Proceeds from units
sold 693,876 90,822 6,186,889 4,331,854 815,969 182,526
Cost of units
redeemed (128,089) (122,940) (1,764,158) (469,983) (322,133) (117,588)
Increase
(Decrease) 565,787 (32,118) 4,422,731 3,861,871 493,836 64,938
Net increase
(decrease) 957,758 91,503 5,576,805 5,243,394 580,012 68,733
Net Assets,
beginning 1,860,781 1,332,507 20,117,044 7,681,960 521,632 0
Net Assets,
ending $ 2,818,539 $1,424,010 $25,693,849 $12,925,354 $1,101,644 $ 68,733
Units sold 74,641 21,346 650,246 575,083 150,897 35,984
Units
redeemed (14,088) (26,071) (187,396) (61,708) (59,972) (22,803)
Net increase
(decrease) 60,553 (4,725) 462,850 513,375 90,925 13,181
Units outstanding,
beginning 231,353 202,261 2,226,491 1,081,376 97,881 0
Units outstanding,
ending 291,906 197,536 2,689,341 1,594,751 188,806 13,181
(1) for the period from May 1, 1997 to June 30, 1997
The accompanying notes are an integral part of the financial statements.
12
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AUL American Individual Unit Trust
STATEMENTS OF OPERATIONS AND CHANGES NET IN ASSETS
for the six months ended June 30, 1998 and 1997
(unaudited)
PBHG
---------------------
Technology &
Communications
---------------------
1998 1997(1)
Operations:
Dividend
Income $ 0 $ 0
Mortality
& Expense
Charges 2,779 38
Net Investment Income
(Loss) (2,779) (38)
Gain (Loss) on Investments:
Net realized gain
(loss) (40,573) 13
Net change in
unrealized gain
(loss) 91,131 958
Net Gain
(Loss) 50,558 971
Increase (Decrease)
in Net Assets from
Operations 47,779 933
Contract Owner Transactions:
Proceeds from units
sold 537,721 47,799
Cost of units
redeemed (346,582) (530)
Increase
(Decrease) 191,139 47,269
Net increase
(decrease) 238,918 48,202
Net Assets,
beginning 405,466 0
Net Assets,
ending $ 644,384 $ 48,202
Units Sold 98,325 9,473
Units
Redeemed (65,038) (103)
Net Increase
(Decrease) 33,287 9,370
Units outstanding,
beginning 78,548 0
Units outstanding,
ending 111,835 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.
13
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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,
1998. 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, 1998 and 1997 were $1,033,087 and $520,884, 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 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. 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, 1998 and 1997 were $75,517 and
$47,129, 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. However,
the contract owner has a right to a full refund of the contributions made under
the contract for any reason within ten days of original contract purchase. If a
particular state allows a longer "free look" period, then such state law will be
followed for Participants residing in that state. The amount of the withdrawal
charge depends upon the type of contract and the length of time the contract has
existed, as follows:
Flexible Premium Contract One Year Flexible Premium Contract
Contract Year Withdrawal Charge Contract Year Withdrawal 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 aggregate 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.
14
<PAGE>
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,
1998 is:
6/30/98 12/31/97 Change
------------------ -------------- ----------
Series Fund:
Equity $ 9.683689 $ 8.902288 8.8%
Money Market 1.139111 1.118656 1.8%
Bond 6.544276 6.331288 3.4%
Managed 8.338671 7.809842 6.8%
Tactical 7.462556 6.900921 8.1%
Fidelity:
High Income 8.097861 7.775151 4.2%
Growth 10.994666 9.286787 18.4%
Overseas 7.556327 6.557107 15.2%
Asset Manager 8.261061 7.606226 8.6%
Index 500 12.616266 10.811089 16.7%
Equity Income 9.370283 8.530417 9.8%
Contrafund 10.274169 8.855954 16.0%
American Century:
VP Capital
Appreciation 5.870001 5.855008 0.3%
VP International 8.841692 7.100007 24.5%
Alger:
American Growth 10.536373 8.344870 26.3%
Calvert:
Social Mid-Cap
Growth 9.653488 8.041824 20.0%
T. Rowe Price:
Equity Income 9.553063 9.040136 5.7%
PBHG:
Growth II 5.834342 5.330245 9.5%
Technology &
Communications 5.761053 5.161663 11.6%
4. Cost of Investments
The cost of investments at June 30, 1998, is:
Series Fund:
Equity $ 9,683,503
Money Market 5,123,070
Bond 3,551,583
Managed 8,555,808
Tactical 4,344,472
Fidelity:
High Income 6,145,867
Growth 14,494,168
Overseas 2,051,103
Asset Manager 16,422,440
Fidelity (continued):
Index 500 $23,617,896
Equity Income 12,016,264
Contrafund 12,703,805
American Century:
VP Capital
Appreciation 1,965,546
VP International 3,588,650
Alger:
American Growth 18,349,877
Calvert:
Social Mid-Cap
Growth $ 2,320,438
T. Rowe Price:
Equity Income 22,734,922
PBHG:
Growth II 1,013,533
Technology &
Communications 605,675
15
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notes to financial statements (continued)
5. Net Assets
Net Assets at June 30, 1998, are:
Series Fund
-------------------------------------------------------------------
Equity Money Market Bond Managed Tac. Asset
Proceeds from
units sold $10,149,566 $53,677,994 $ 6,999,355 $ 9,147,418 $ 4,472,511
Cost of units
redeemed (1,100,192) (48,895,524) (3,722,136) (1,193,969) (456,806)
Net investment
income (loss) 122,199 340,600 237,680 332,692 226,316
Net realized
gain (loss) 511,930 0 36,685 269,666 102,451
Unrealized gain
(loss) on
investments 2,109,341 0 29,067 936,664 293,191
---------- --------- --------- --------- --------- ---------
$11,792,844 $ 5,123,070 $ 3,580,651 $ 9,492,471 $ 4,637,663
Fidelity
-------------------------------------------------------------------
High Income Growth Overseas Asset Manager Index 500
------------- ------------ ------------ ------------- ----------
Proceeds from
units sold $ 6,802,780 $14,817,676 $ 2,906,879 $15,940,821 $25,010,827
Cost of units
redeemed (1,514,928) (3,196,063) (1,205,432) (2,001,833) (3,581,562)
Net investment
income (loss) 673,502 2,058,502 202,339 2,189,672 749,774
Net realized
gain (loss) 184,514 814,053 147,317 293,780 1,438,857
Unrealized gain
(loss) on
investments (12,312) 2,651,434 132,869 758,231 5,580,961
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$ 6,133,556 $17,145,602 $ 2,183,972 $17,180,671 $29,198,857
Fidelity American Century Alger
--------------------------- -------------------------- ----------
VP Capital VP American
Equity-Income Contrafund Appreciation International Growth
------------- ------------ ------------ ------------ ----------
Proceeds from
units sold $13,384,214 $13,472,991 $ 4,785,150 $ 5,008,104 $17,710,579
Cost of units
redeemed (3,027,095) (2,272,242) (2,822,474) (1,973,401) (3,225,373)
Net investment
income (loss) 1,128,722 679,739 211,210 179,537 2,981,370
Net realized
gain (loss) 530,423 823,316 (208,340) 374,410 883,301
Unrealized gain
(loss) on
investments 1,628,149 2,974,521 (127,038) 376,188 3,138,684
------------- ------------ ------------ ------------ ----------
$13,644,413 $15,678,325 $ 1,838,508 $ 3,964,838 $21,488,561
Calvert T. Rowe Price PBHG
------------- ------------ ---------------------------
Social Mid-Cap Technology &
Growth Equity Income Growth II Communications
------------- ------------ ------------ -------------
Proceeds from
units sold $ 2,510,730 $23,970,255 $ 2,290,603 $ 1,190,910
Cost of units
redeemed (430,451) (3,411,038) (1,253,415) (565,633)
Net investment
income (loss) 161,262 1,051,641 (7,746) (4,903)
Net realized
gain (loss) 78,897 1,124,064 (15,909) (14,698)
Unrealized gain
(loss)on
investments 498,101 2,958,927 88,111 38,708
------------- ------------ ------------ -------------
$ 2,818,539 $25,693,849 $ 1,101,644 $ 644,384
16
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