UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-1571
---------------

American United Life Pooled Equity Fund B
------------------------------------------------------
(Exact name of registrant as specified in charter)

One American Square
Indianapolis, IN 46282-8216
------------------------------------------------------
(Address of principal executive offices) (Zip Code)

Constance E. Lund
American United Life Insurance Company
One American Square
Indianapolis, IN 46282-8216
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(Name and address of agent for service)

Registrant's telephone number, including area code: 317-285-1877
-------------

Date of fiscal year end: December 31, 2003
------------------

Date of reporting period: December 31, 2003

Form N-CSR is to be used by management investment companies to file reports with
the Commission no later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Invesment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, D.C. 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS

American United Life
Pooled Equity Fund B
Annual Report
December 31, 2003

American United Life Insurance Company
P.O. Box 6148, Indianapolis, Indiana 46206-6148

American United Life Pooled Equity Fund B

R. STEPHEN RADCLIFFE
Chairman of the Board of Managers;
President, AUL

RONALD D. ANDERSON
Director, Board of Managers;
Retired Professor, Kelley School of Business,
Indiana University, Indianapolis, Indiana

DONALD J. STUHLDREHER
Director, Board of Managers;
Former President, The Huntington Company

JAMES W. MURPHY
Director, Board of Managers;
Former Senior Vice President, Corporate Finance, AUL

JEAN L. WOJTOWICZ
Director, Board of Managers; President,
Cambridge Capital Management

THOMAS M. ZUREK
Secretary to the Board; General Counsel and Secretary, AUL

JOHN C. SWHEAR
Assistant Secretary to the Board; Assistant General Counsel, AUL

CUSTODIAN
National City Bank Indianapolis, Indiana

LEGAL COUNSEL
Dechert, LLP Washington, D.C.

INVESTMENT MANAGER
American United Life
Insurance Company Indianapolis, Indiana
G. David Sapp, Senior Vice President, Investments

This Report and the financial statements contained herein are for the general
information of the Participants. A Message From The Chairman of the Board of
Managers

<Page>

A Message From The Chairman of the Board of Managers

To All Participants in American United Life
Pooled Equity Fund B

Investor sentiment changed dramatically during 2003. As we began the year,
negative investor sentiment was being fueled by the possibility of another
economic recession, deflation, and an imminent war with Iraq. Throughout the
year, we were also plagued with several accounting scandals involving major U.S.
and foreign corporations, as well as controversy surrounding the New York Stock
Exchange. Additionally, New York Attorney General Eliot Spitzer began
investigating the mutual fund industry. His probe revealed mutual fund
executives and managers from some of the biggest mutual fund companies were
involved in market timing and/or after hours trading, to the detriment of
long-term investors.

Fortunately, these concerns dissipated as investors focused on positive
developments during the year. The Federal Reserve continued its accommodative
stance by keeping short-term rates at 45-year lows. The federal government also
supplied stimulus through tax cuts, childcare credits, and increased spending.
These factors were critical in orchestrating an improvement in economic growth
and corporate earnings.

This improvement in underlying fundamentals led to a marked contrast in returns
earned by investors last year. After experiencing a three-year equity bear
market, diversified U.S. stock funds advanced more than 32%, on average, during
2003, according to Lipper Inc., which represented their best return since 1991.
Bonds, which were classified as one of the best performing asset_classes from
2000 to 2002, were not able to keep up with these remarkable gains.
Nevertheless, bonds still provided respectable returns during the year, as the
Lehman Bond Index advanced 4.1% during 2003.

As we move into a new year, investors are wondering what lies in store for 2004.
Stocks have finished an exceptional year, and valuation measures have risen.
Bond investors are fearful of an ultimate increase in interest rates by the
Federal Reserve if an improving economy results in increased inflation.
Therefore, while the economic and profit outlook is brighter than it was a year
ago, the increase in valuations and the possibility of higher interest rates
during 2004 suggest that a more cautious approach to the marketplace is in
order.

Investment performance for the American United Life Pooled Equity Fund B during
calendar 2003 was 36.8%, which means it outperformed the average diversified
U.S. stock fund and the S&P 500. This performance is net of investment advisory
fees as well as mortality and expense risk charges. We encourage your careful
review of the comments of the Portfolio Manager on the following page.

/s/ R. Stephen Radcliffe
Chairman of the Board of Managers

Indianapolis, Indiana
January 30, 2004

1
<page>

A Message From Kathryn Hudspeth,
Portfolio Manager of Fund B

Fund B invests primarily in equity securities selected on the basis of
fundamental investment research for their long-term growth prospects. The
Portfolio uses a value style in selecting securities, concentrating on companies
that appear undervalued compared to the market and to their own historic
valuation levels.

After experiencing an extremely painful bear market from 2000 to 2002, major
equity indices finally posted their first annual gains since 1999. Markets
rallied significantly from their lows, driven primarily by stronger economic
growth, low interest rates, and positive earnings results.

The S&P 500 and the Dow Jones Industrial Average (DJIA), two commonly used
equity benchmarks, advanced over 28% during 2003 and gained over 40% from their
lows hit in October 2002. During December 2003, the DJIA was able to break above
the 10,000-point level, a positive psychological factor for the stock market.

The investment return for Fund B was 36.8% during 2003. It outperformed the S&P
500 and the DJIA, as well as the average diversified U.S. stock fund, which
advanced 32.4% last year. As this Portfolio utilizes a value investment style,
it is also helpful to compare its return to the Russell 3000 Value Index, which
gained 31.1% for the twelve months ended December 2003.

In addition to being a value fund, Fund B is also characterized as multi-cap,
which means it is not limited to just one size of company. Instead, it typically
purchases a combination of large, medium and small capitalization names. During
2003, small and medium sized companies outperformed large-cap names, on average.
So these smaller company holdings provided incremental return for Fund B.

The Portfolio benefited from holding several metal companies, which advanced
handsomely during the year in response to improved economic activity. Technology
and economically sensitive holdings also provided a boost to portfolio return.
Although the Portfolio is still underweighted in health care stocks, this
weighting was increased during the year as opportunities began to look
attractive from a value standpoint.

The economic and corporate earnings landscape has improved dramatically over the
past twelve months. The problem, however, is this good news is already reflected
in the materially higher level of equity prices and valuations. As a result,
equity returns are expected to moderate in 2004 to more normalized levels.

2
<page>

American United Life Pooled Equity Fund B Fund B S&P 500

Fund B S&P 500
One Year 36.8% 28.7%
Five Years 9.1% -0.6%
Ten Years 12.0% 11.1%

Value of a hypothetical $10,000
investment made 12/31/93 $31,118 $28,545

The charts above show Fund B Portfolios total returns, which include
reinvestment of dividends and capital gains. Figures for the S&P 500, an
unmanaged index of common stocks, include reinvestment of dividends and capital
gains. Investors cannot directly invest in an index. S&P 500 is a registered
trademark of Standard & Poors Corporation.

Performance numbers are net of all portfolio operating expenses, but do not
include any separate account or contract charges. If performance data included
the effect of these charges, returns would be lower. Past performance is no
guarantee of future results. Principal and investment return will vary so units
may be worth more or less than their original cost when redeemed.

3
<Page>

Report of Independent Accountants

Board of Managers and Contract Owners
American United Life Pooled Equity Fund B

In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of American United Life Pooled Equity
Fund B (the Fund) at December 31, 2003, and the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and its financial highlights for each of the five years in
the period then ended, in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as financial statements) are the
responsibility of the Funds management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities_at
December 31, 2003 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Indianapolis, Indiana
January 30, 2004

<Page>

American United Life Pooled Equity Fund B
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003

Assets:
Investments at value (cost: $3,485,437)
Common stock $ 4,386,783
Money market mutual funds 305,969

Receivable for investments sold 71,702
Dividends and interest receivable 3,946

Total assets 4,768,400

Liabilities:
Payable for investments purchased 84,097

Net assets: $ 4,684,303

Units outstanding 185,848

Accumulation unit value $ 25.21

The accompanying notes are an integral part of the financial statements.

<Page>

American United Life Pooled Equity Fund B
STATEMENT OF OPERATIONS
for the year ended December 31, 2003

Net investment income:
Income
Dividends and interest $ 63,861

63,861

Expenses
Investment management services 11,777
Mortality and expense charges 35,237

47,014

Net investment income 16,847

Gains (losses) on investments:
Net realized gains (losses) 90,557
Net change in unrealized appreciation (depreciation) 1,158,429

Net gain (loss) 1,248,986

Increase (decrease) in net assets from operations $ 1,265,833

The accompanying notes are an integral part of the financial statements.

<Page>

American United Life Pooled Equity Fund B
STATEMENTS OF CHANGES IN NET ASSETS

<Table>

Year ended Year ended
Dec. 31, 2003 Dec. 31, 2002

Operations:
Net investment income $ 16,847 $ 14,802
Net realized gain (loss) 90,557 392,974
Net change in unrealized appreciation (depreciation) 1,158,429 (791,467)

Increase (decrease) in net assets from operations 1,265,833 (383,691)

Changes from contract owner transactions:
Payments for units withdrawn (204,811) (933,568)

Decrease (204,811) (933,568)

Net increase (decrease) in net assets 1,061,022 (1,317,259)
Net assets at beginning of year 3,623,281 4,940,540

Net assets at end of year $ 4,684,303 $ 3,623,281

Units withdrawn (10,771) (45,638)

Net increase (decrease) in units outstanding (10,771) (45,638)
Units outstanding at beginning of year 196,619 242,257

Units outstanding at end of year 185,848 196,619

</Table>

The accompanying notes are an integral part of the financial statements.

<Page>

American United Life Pooled Equity Fund B
SCHEDULE OF INVESTMENTS
December 31, 2003

<Table>

Market
Description Shares Value

Common Stock (93.5%)
Aerospace & Defense (4.3%)
Boeing Co. 350 $ 14,749
General Dynamics Corp. 1,050 94,909
Precision Castparts Corp. 2,050 93,091

202,749

Apparel (9.0%)
Columbia Sportswear Co.* 850 46,325
Kellwood Co. 3,050 125,050
Liz Claiborne, Inc. 1,950 69,147
Reebok International 2,250 88,470
Wolverine World Wide, Inc. 4,350 88,653

417,645

Automotive & Auto Parts (3.7%)
TBC Corp.* 6,640 171,378

171,378

Banking & Financial Services (8.1%)
Bank One Corp. 2,382 108,595
Citigroup, Inc. 1,536 74,557
Investment Technology Group, Inc.* 5,800 93,670
Washington Mutual, Inc. 2,532 101,584

378,406

Cement & Aggregates (2.6%)
Lafarge North America, Inc. 3,000 121,560

121,560

Chemicals (1.6%)
Dow Chemical 1,800 74,826

74,826

Computer Hardware & Software (6.3%)
Autodesk, Inc. 7,200 176,976
Hewlett-Packard Co. 5,248 120,547

297,523

Consumer Products (0.8%)
Helen of Troy Ltd.* 1,600 37,024

37,024

</Table>

*does not pay cash dividends
The accompanying notes are an integral part of the financial statements.

8
<Page>

American United Life Pooled Equity Fund B
SCHEDULE OF INVESTMENTS (continued)
December 31, 2003
<Table>

Market
Description Shares Value

Common Stock (93.5%), continued
Electrical Equipment & Electronics (7.3%)
American Power Conversion 5,500 $ 134,750
Baldor Electric Co. 5,040 115,164
General Electric Co. 1,500 46,470
Kemet Corp.* 3,250 44,493

340,877

Furniture (4.5%)
Furniture Brands International, Inc. 3,350 98,255
La-Z-Boy, Inc. 5,450 114,341

212,596

Health Care & Pharmaceuticals (8.2%)
McKesson Corp. 3,850 123,816
Merck & Co., Inc. 700 32,340
Pfizer, Inc. 3,650 128,954
Priority Health Care Corp. Class B* 4,200 100,968

386,078

Housing (0.6%)
Fleetwood Enterprises, Inc.* 500 5,130
Toll Brothers, Inc.* 600 23,856

28,986

Diversified Manufacturing (7.0%)
Carlisle Companies, Inc. 2,400 146,064
Crane Co. 2,100 64,554
Trinity Industries 3,750 115,650

326,268
Metals & Mining (2.0%)
Alcoa, Inc. 1,400 53,200
Phelps Dodge Corp.* 550 41,850

95,050

Oil & Oil Services (6.4%)
Royal Dutch Petroleum Co. 2,300 120,497
Tidewater, Inc. 3,500 104,580
Valero Energy Corp. 1,650 76,461

301,538
</Table>

*does not pay cash dividends

The accompanying notes are an integral part of the financial statements.

<Page>

American United Life Pooled Equity Fund B
SCHEDULE OF INVESTMENTS (continued)
December 31, 2003
<Table>

Market
Description Shares Value

Common Stock (93.5%), continued
Paper and Forest Products (2.2%)
Wausau-Mosinee Paper Corp. 7,600 $ 102,752

102,752

Recreation (4.3%)
Brunswick Corp. 3,800 120,954
Mattel, Inc. 4,300 82,861

203,815

Restaurants (2.6%)
Outback Steakhouse, Inc. 1,550 68,525
Ryans Family Steak Houses, Inc.* 3,500 52,920

121,445

Retail (3.6%)
BJs Wholesale Club, Inc.* 5,400 123,984
Longs Drug Stores, Inc. 1,900 47,006

170,990

Telecommunication Services & Equipment (6.0%)
Nokia Corp. ADR 5,550 94,350
Scientific-Atlanta, Inc. 1,700 46,410
Sprint Corp. (FON Group) 1,650 27,093
Telefonos de Mexico Class L ADR 3,450 113,954

281,807

Transportation (2.4%)
Alexander & Baldwin, Inc. 1,400 47,250
Norfolk Southern Corp. 2,800 66,220

113,470

Total common stock (cost: $3,179,468) 4,386,783

Money Market Mutual Funds (6.5%)
Armada Money Market Fund 15,190 15,190
Dreyfus Cash Management 152,705 152,705
Merrill Lynch Institutional Fund 138,074 138,074

Total money market mutual funds (cost: $305,969) 305,969

Total Investments (cost: $3,485,437) $ 4,692,752

</Table>

*does not pay cash dividends
Percentages shown are based on total investments at value.
The accompanying notes are an integral part of the financial statements.

10
<Page>

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies
American United Life Pooled Equity Fund B (Fund B) is registered under the
Investment Company Act of 1940 as an open-end, diversified management investment
company. Fund B was established by and is managed by American United Life
Insurance Company (AUL) for the purpose of issuing group and individual variable
annuities. As of May 1, 2000, AUL stopped accepting contributions or transfers
into Fund B.

Investments are valued at closing prices for those securities traded on
organized exchanges or listed on the NASDAQ National Market System, and at bid
prices for securities traded over-the-counter. Gains and losses on the sale of
investments are determined on a first-in, first-out (FIFO) basis. Investment
transactions are accounted for on a trade date basis.

Dividends are included in income as of the ex-dividend date. Interest income is
accrued daily.

Operations of Fund B 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 Fund B, is not taxed to AUL to the extent it is applied to increase
reserves under the contracts. Fund B has not been charged for federal and state
income taxes since none have been imposed.

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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. Plan of Reorganization
The Board of Managers called a special meeting of the participants of Fund B on
February 2, 2004. The purpose of this meeting was to approve an Agreement and
Plan of Reorganization and related transactions whereby Fund B will be
reorganized into a new sub-account of AUL American Unit Trust, a separate
account registered under the Investment Company Act of 1940 (1940 Act) as a unit
investment trust. The Agreement and Plan of Reorganization was approved by the
participants of Fund B at this meeting. The sub-account will invest all of its
assets in Class O shares of the OneAmerica Value Portfolio, a series of
OneAmerica Funds, Inc., a mutual fund registered under the 1940 Act.

3. Investment Transactions
Purchases and sales of investment securities (excluding short-term securities
and U.S. government obligations) for the year ended December 31, 2003 were
$1,079,182 and $1,363,614, respectively.

4. Transactions With AUL
Fund B pays AUL an annual fee of 1.2% of its average daily net assets for
providing investment management services (0.3%) and for mortality and expense
charges (0.9%). The expense incurred during the year ended December 31, 2003 was
$47,014.

5. Net Assets
Net assets as of December 31, 2003:
Proceeds from units sold less payments
for units withdrawn and redeemed $ (20,570,336)
Accumulated net investment income 4,510,529
Accumulated net realized gains 19,536,795
Unrealized appreciation 1,207,315

$ 4,684,303

The unrealized appreciation of $1,207,315 consists of common stock appreciation
and depreciation of $1,255,079 and $47,764, respectively.

<Page>

FINANCIAL HIGHLIGHTS

Per Unit Operating Performance (for a unit outstanding for the entire year)

<Table>
<Caption>
Year Ended December 31

2003 2002 2001 2000 1999

Net investment income $ 0.09 $ 0.07 $ 0.10 $ 0.23 $ 0.16

Net realized and unrealized
gain (loss) on investments 6.69 (2.03) 1.74 2.28 (0.44)

Net increase (decrease) 6.78 (1.96) 1.84 2.51 (0.28)
Accumulation unit value:
Beginning of year 18.43 20.39 18.55 16.04 16.32

End of year $ 25.21 $ 18.43 $ 20.39 $ 18.55 $ 16.04

Total Return 36.8% (9.6%) 10.0% 15.6% (1.7%)

Supplemental Data:

Net assets, end of period
(000) $ 4,684 $ 3,623 $ 4,941 $ 6,673 $ 10,471

Ratio to Average Net
Assets:
Expenses 1.20% 1.20% 1.20% 1.20% 1.20%
Net investment income 0.43% 0.34% 0.54% 1.34% 0.97%

Portfolio Turnover Rate 29% 16% 12% 19% 37%

Units outstanding 186 197 242 360 653
(in 000s)

</Table>
The accompanying notes are an integral part of the financial statements.

<Page>

ITEM 2. CODE OF ETHICS

(a) The registrant has adopted a code of ethics (the "Code of Ethics") that
applies to the principal executive officer, principal financial officer,
principal accounting officer or controller, or person performing similar
functions.

(b) Not applicable.

(c) The registrant has not amended its Code of Ethics during the period covered
by the shareholder report presented in Item 1 of this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code
of Ethics during the period covered by the shareholder report presented in
Item 1 of this report.

(e) Not applicable.

(f) (1) The registrant's Code of Ethics is attached as an Exhibit in Item 11 of
this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The registrant does not have a standing Audit Committee. The full Board of
Managers serves the audit committee function. Therefore, there is no financial
expert serving on the Audit Committee. However, all members of the Board are
financially capable.

The Board does have one member who meets the qualifications to be considered the
"Audit Committee Financial Expert"; however, this member is not an independent
member of the Board. For this reason, the Board has not named this member the
audit committee financial expert. The Board feels that the absence of an audit
committee financial expert is mitigated by:

(1) the number of years that most of the Board members have served as members
of the Board; and

(2) the financial, educational, and public background that the members of the
Board have that allows them to understand generally accepted accounting
principles as they relate to the Fund, the Fund's internal controls, tax
laws applicable to the Fund, and Sarbane-Oxley's objectives with respect
to audit committee functions.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees - The aggregate fees billed in each of the last two fiscal years
for professional services rendered by the principal accountant
for the audit of the registrant's annual financial statements
or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements
for those fiscal years are $13,800 for 2003 and $12,300 for
2002.

(b) Audit Related Fees - There were no fees billed to the registrant in either
of the last two years for any audit-related services.

(c) Tax Fees - There were no fees billed to the registrant in either of the last
two years for tax compliance, tax advice, tax planning, or tax
preparation.

(d) All Other Fees - There were no fees billed to the registrant in either of
the last two years for any services other than those
reported in paragraphs (a)-(c) of this Item 4.

(e) (1) The entire Board of Managers of the registrant meets with the
principal accountant and management to review and pre-approve all audit
services, tax services, and any other services to be performed by the
principal accountant. All services performed by the principal accountant
must be pre-approved. The Board authorizes the Chairman of the Board of
Managers to approve specific details regarding the engagement for audit
and non-audit services, the full Board having previously determined no
conflict exists in the provisions of such services in light of all other
services provided by the consultant.

(2) 100% of the services described in paragraphs (b)-(d) of this Item were
pre-approved by the Board of Managers of the registrant.

(f) No disclosure is required by this Item 4(f).

(g) There were no non-audit fees billed in the last two fiscal years by the
principal accountant to the registrant. The non-audit fees billed in the
last two fiscal years by the principal accountant to the registrant's
investment adviser are $89,040 for 2003 and $255,093 for 2002.

(h) The Board of Managers has considered whether the non-audit services rendered
to the investment adviser that were not pre-approved are compatible with
maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. (RESERVED)

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES

Not applicable

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUNDS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable to annual reports for the period ended December 31, 2003.

ITEM 10. CONTROLS AND PROCEDURES

a) The Chairman of the Board of Managers and the Senior Vice President of
Corporate Finance have concluded that the AUL Pooled Equity Fund B's
(the "Fund") disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended) provide
reasonable assurances that material information relating to the Fund is
made known to them by the appropriate persons, based on their evaluations
of these controls and procedures as of a date within 90 days of the
filing date of this report.

b) There were no significant changes in the Fund's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act) that occurred during the Fund's last fiscal half-year that
has materially affected, or is reasonably likely to materially affect,
the Fund's internal control over financial reporting.

ITEM 11. EXHIBITS

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto.

(b) Certifications pursuant to Rule 30a-2(b) under the Investment
Company Act of 1940 (17 CFR 270.30A-2(b)) are attached hereto.

<Page>

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) AUL Pooled Equity Fund B
-------------------------------------------------------------------

By (Signature and Title)* /s/ R. Stephen Radcliffe
------------------------------------------------------
R. Stephen Radcliffe, Chairman of Board of Managers
(principal executive officer)

Date February 26, 2004
---------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ R. Stephen Radcliffe
------------------------------------------------------
R. Stephen Radcliffe, Chairman of Board of Managers
(principal executive officer)

Date February 26, 2004
---------------------------------------------------------------------------

By (Signature and Title)* /s/ Constance E. Lund
------------------------------------------------------
Constance E. Lund, Sr. Vice President, Corp.Finance
American United Life Insurance Company
(principal financial officer)

Date February 26, 2004
---------------------------------------------------------------------------

* Print the name and title of each signing officer under his or her signature.