(Report Cover)
----------
CARILLON
----------
FUND, INC.
----------
Semiannual
Report
June 30, 1996
<PAGE>
<PAGE>
CARILLON FUND INC.
SEMIANNUAL REPORT -- A Message from the President
June 30, 1996
We are pleased to present the Semiannual Report for Carillon
Fund, Inc. Our Equity, S&P 500 Index, Capital and Bond
Portfolios all have solid relative performance so far in 1996.
This is the first reporting period for our newest Portfolio --
The Carillon S&P 500 Index Portfolio. This Portfolio even
managed to record results slightly ahead of its benchmark index
- -- The S&P 500 Stock Index during the period. An excellent
period of stock selection highlighted Equity and Capital
Portfolio performance as energy stocks and other selected issues
helped lead these funds higher. The Bond Portfolio continued
its long string of excellent relative performance during a
difficult period for fixed income investors.
The first six months of 1996 produced a dichotomy of investment
results, as stock prices continued moving higher while bond
prices turned downward. These opposing market directions were
attributed to many of the same economic forces occurring during
the first half of 1996. Stronger-than-expected economic growth
allowed stock investors to shake off the threat of an impending
recession as the government shutdown, the General Motors strike,
and the severe winter weather faded into investors' memories and
the warming up of the weather and the economy took over. While
this encouraged stock investors to believe that corporate
earnings would continue to be strong, bond managers fretted that
the renewed economic strength would both create inflation and
catch the eye of the Federal Reserve Board--resulting in an
increase in key short-term interest rates. Primarily over this
issue, the stock and bond markets parted company with stocks
returning around 10 percent for 1996's inaugural half and bonds
generally recording negative total returns during the period.
On the positive side for both stocks and bonds, the inflation
outlook remained generally subdued outside a pickup in energy
prices and some stirring in the labor market toward higher
wages. If the inflation rate can remain around the 3 percent
level, bond prices should be able to stabilize or even advance
during the balance of the year. The stock market, meanwhile,
should become increasingly focused on corporate earnings
reports. Excellent profits have been a main driver of stock
prices for the last several years, but earnings are at extremely
high levels that may not be sustainable. Despite the robust
economic growth, several bellwether companies have warned of
slower profit growth ahead.
We believe that the stock market continues to be substantially
overpriced compared with historical valuation levels. Ratios of
current stock prices to various valuation techniques remain much
higher than long-term averages. This overvaluation should
restrain future stock market advances, and the market's value
should return closer to historical norms sometime during the
late 1990s. However, since we never know the exact timing of a
return to a long-term, historical valuation level, our Equity
Portfolio will maintain its equity exposure but will be
selective, widely diversified, and more defensive than normal in
its stock positions.
Our Capital Portfolio's asset allocation remains conservative in
this environment at 39 percent stocks, 47 percent bonds, and
14 percent money market investments. Stock positions were
increased early in the year, but later reduced due to both
higher stock prices and higher interest rates that make bond
positions more attractive than stocks. Bonds have increased in
the portfolio to take advantage of higher interest rates that
have occurred without a corresponding increase in our outlook
for the inflation rate. We remain with an uncharacteristically
high cash and short-term bond position in the Capital Portfolio
that will be deployed when stock valuations are more
realistically aligned with long-term earnings, interest rates,
and other economic fundamentals. The second half of 1996 has
begun with a stock market correction that may have further to go
on the downside. All of our portfolios have held up relatively
well during the turbulent month of July. We hope to continue
this performance during the current period of financial market
uncertainty.
We include individual portfolio reports within this report.
Carillon Advisers is determined to offer excellent money
management and service related to all portfolios. We want each
client to feel confident that investing with Carillon Fund, Inc.
is a prudent choice for the long term.
Sincerely,
/s/George L. Clucas
George L. Clucas, President
Carillon Fund, Inc.
This report as been prepared for the information of Contract
owners and is not authorized for distribution to prospective
purchasers of contracts unless it is preceded or accompanied by
an effective prospectus for Carillon Fund, Inc.<PAGE>
<PAGE>
Carillon Fund, Inc.
EQUITY PORTFOLIO
The stock and bond markets have taken divergent paths thus far
in 1996, as investors have grappled with newfound indications
that economic growth may be stronger than anticipated. While
the stock market has found some comfort in these upward
revisions for economic growth and its positive implications for
corporate profitability, participants have also struggled with
the threat of higher interest rates. However, stock prices
managed to shake off a volatile bond market and move higher
during the first half of the year. Small capitalization stocks
displayed improved relative strength, given their close link to
the domestic economy and the improved perception for its
outlook.
The Equity Portfolio posted an excellent return of 12.1% for the
period, outperforming both the S&P 500 Stock Index (10.1%) and
the Lipper Growth Fund Average (10.6%). The Fund's above-
average relative performance was due to the improved performance
of small capitalization stocks, and good individual security
selection. Energy was the best performing sector of the Fund on
the heels of higher oil and natural gas prices. Big gainers in
the Portfolio included Global Industries, Swift Energy, and
Plains Resources. AEP Industries, a plastic film manufacturer;
Claire's Stores, a specialty retailer; and Lindsay
Manufacturing, an irrigation systems provider were also among
the Account's best performing issues for the period.
The Equity Portfolio remains positioned with stocks featuring
the financial qualities of high return on equity, low price
earnings ratios, strong balance sheets, and favorable historic
sales and earnings performance which we believe will yield
better-than-average long-term results. The table below
illustrates our strategy by comparing the stocks in the Equity
Portfolio to the S&P 500 Index based on these criteria. New
stock purchases were made in Real Estate Investment Trusts,
energy-related issues, select financial stocks, and a few
unloved recent initial public offerings. The Equity Portfolio
also added opportunistically to several of its favorite current
holdings during the period, and remains very selective and
widely diversified in its stock position. Our mixture of small
capitalization growth and value stocks, out-of-favor larger U.S.
stocks, and exposure to foreign markets provides both balance
and diversity. The Equity Portfolio remains in a highly invested
position, and is currently 94% invested in stocks.
(The following table of percentage information is encased in a
box)
<TABLE>
<CAPTION>
LONG-TERM REVENUE
RETURN ON PRICE/EARNINGS DEBT/INVESTED 5-YR.
EQUITY RATIO CAPITAL GROWTH
- --------------------------------------------------------------
<S> <C> <C> <C> <C>
EQUITY
PORTFOLIO 16% 13 28% 14%
S&P 500
INDEX 15% 18 34% 6%
</TABLE>
(end box)
- ----------------------------------------------------------
TOP TEN HOLDINGS
1. Bayer AG 6. ABT Building Products
2. Lindsay Manufacturing 7. DH Technology
3. AEP Industries 8. PennCorp Financial Group
4. Banco Latinoamericano 9. Devon Group
5. Helen of Troy 10. NCI Building Systems
- ----------------------------------------------------------
<PAGE>
Carillon Fund, Inc.
EQUITY PORTFOLIO
Summary
- ------------------------------------------------
OBJECTIVE: Seeks long-term appreciation of capital by investing
in common stocks and other equity securities with
values that are, at present, not fully recognized by
the market.
STRATEGY: The Equity Portfolio will remain in a highly invested
position ranging from 86% to 98%. The cash position
will be held in highly liquid money market
instruments to meet redemptions and to provide cash
for future stock purchases as new opportunities
arise.
INCEPTION: August 15, 1984
MANAGER: George Clucas
Highlights
- ----------------------------------------------------------
On June 30, 1996, the Equity Portfolio had net assets of
$257,677,817 and diversified holdings of
(The following percentage information is encased in a box)
Common Stocks 93.6%
Short-Term and Other 6.4%
(end box)
As an investor in the Carillon Equity Portfolio, for every $1
you had invested on June 30, 1996, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Utilities 2.40%
Real Estate 11.89%
Consumer-Nondurable 10.12%
Consumer Cyclical 2.03%
Banking & Financial Services 17.45%
Capital Goods 13.12%
Transportation 2.29%
Energy 10.86%
Technology 6.40%
Short-Term and Other 6.37%
Service 1.72%
Manufacturing 15.35%
- --------
* International holdings comprised 12.14% of net assets in the
Equity Portfolio.
<PAGE>
Carillon Fund, Inc.
CAPITAL PORTFOLIO
The Capital Portfolio posted an excellent return for the first
half of 1996, outperforming the benchmark average Lipper
Flexible Fund. The Fund's good relative performance was
attributable to superior individual security selection and the
defensive nature of its bond position. Energy-related issues,
in particular, performed well due to higher oil and gas prices.
The Portfolio had a number of big winners in this sector
including Global Industries, Nuevo Energy, Plains Resources and
Swift Energy. Several of the Fund's largest holdings posted
exceptional gains during the period, including AEP Industries,
Lindsay Manufacturing, and Helen of Troy.
The Capital Portfolio is a professionally managed asset
allocation fund that shifts assets among stocks, bonds, and
money market instruments to take advantage of opportunities that
the portfolio manager believes will yield the most desirable
returns. The table below highlights the allocation of fund
assets at June 30, 1996, six months ago, one year ago and at a
long-term normal portfolio allocation.
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO ASSET ALLOCATION
- -------------------------------------------------------------
6/30/96 12/31/95 6/30/95 Long-Term
------- -------- ------- ---------
<S> <C> <C> <C> <C>
Stocks 39% 38% 35% 63%
Bonds 47% 37% 41% 30%
Money Market 14% 25% 24% 7%
---- ---- ---- ----
Total 100% 100% 100% 100%
==== ==== ==== ====
</TABLE>
The Capital Account's exposure to stocks rose only slightly
during the period. After increasing exposure to stocks early
this year based on improved technical factors, our asset
allocation model prompted us to back away from stocks again. The
rise in interest rates incented us to increase our fixed income
allocation, as bonds represented better relative value. We will
become more aggressive toward equities when stock valuations are
more realistically aligned with long-term earnings, interest
rates, and economic fundamentals.
The Capital Portfolio continued to implement its strategy of
seeking long-term capital appreciation by purchasing stocks with
earnings growth potential that may not be recognized by the
market. During the period, the Portfolio added primarily to its
holdings of energy-related issues, gold stocks, and select
financials. However, stock sales offset purchases, and the
allocation to equities increased only slightly for the six-
month period. New bond purchases were made in U.S. Treasury
and mortgage-backed securities, as well as a number of oversold
retail issues which were purchased early in the year, and
subsequently sold at higher prices.
TOP TEN HOLDINGS
- --------------------------------------------------------
1. Bayer AG 6. Standard Federal Bank
2. AEP Industries 7. Lindsay Manufacturing
3. Banco Latinoamericano 8. Mid-America Apartment
4. Helen of Troy 9. Illinois Central
5. Charter One Financial 10. Giant Industries
- --------------------------------------------------------
<PAGE>
Carillon Fund, Inc.
CAPITAL PORTFOLIO
Summary
- --------------------------------------------------------
OBJECTIVE: Seeks high total return by investing in a mix
of stocks, bonds and money market securities at
the discretion of the portfolio manager.
STRATEGY: When the investment climate is near long-term
historical relationships, the portfolio will
allocate its assets approximately 63% stocks,
30% bonds, and 7% money market instruments. As
market conditions dictate, the Capital Portfolio
repositions its assets mix to take advantage of
existing opportunities.
INCEPTION: May 1, 1990
MANAGER: George Clucas
Highlights
- -------------------------------------------------------
On June 30, 1996, the Capital Portfolio had net assets
of $152,638,307 and diversified holdings of:
(The following percentage information is encased in a box)
Common Stocks 39.3%
Bonds and Notes 47.0%
Short-Term and Other 13.7%
(end box)
As an investor in the Carillon Capital Portfolio, for every $1
you had invested on June 30, 1996, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
U.S. Stocks 30.99%
International Stocks 6.01%
Precious Metals 2.29%
U.S. Government and Agency Securities 39.86%
Corporate Bonds 7.13%
Short-Term and Other 13.72%
<PAGE>
<PAGE>
Carillon Fund, Inc.
BOND PORTFOLIO
In the first half of 1996, the yield on U.S. Treasuries rose for
all maturities as U.S. economic growth turned out to be much
stronger than expected. Fixed income markets traded poorly
throughout the period with the majority of participants worried
that the economy was rebounding too rapidly. The consensus view
on monetary policy shifted significantly and now suggests that
the next Federal Reserve action will be an increase in interest
rates. The two-year U.S. Treasury increased in yield from 5.15%
to 6.11% or 96 basis points, while intermediate- and long-term
Treasuries rose 110 and 95 basis points respectively. The
Treasury yield curve remained unchanged with the 2-to-30 years
bellwether spread at approximately 80 basis points. The bond
market (as measured by the Lehman Brothers Aggregate Index) had
a total return of -1.21% for the first six months of 1996.
High-yield corporate bonds (+3.46%) were the top performing
fixed income sector.
The Bond Portfolio continued its strong performance in the first
half of 1996, significantly outperforming both broader market
indices and various peer groups. In the Lipper survey*, the
Bond Portfolio's performance was ranked #1 out of 33 funds in
the category based on total return performance for the first
half of 1996. This excellent performance can be attributed to
two factors. First, the active sector allocation strategy that
we employed allowed the Bond Portfolio to be overweighted to
corporate bonds, including high-yield bonds, whose performance
was very strong. Second, the individual securities selected in
each sector, particularly the corporate area, further enhanced
returns due to improving credit fundamentals. The long-term
rankings of the Bond Portfolio continue to be excellent. In
addition, the Bond Portfolio continues to be rated 5 stars by
Morningstar** -- their highest risk-adjusted rating given to the
top 10% of the 271 funds within its respective category. Past
performance is no guarantee of future results.
The Bond Portfolio remains of good quality as of June 30, 1996
(as shown in the chart below) and we believe it is well-
positioned for the market conditions that are expected in the
latter half of 1996. With subdued inflation and the economy
slowing slightly from its robust pace of earlier in the year, we
are cautiously optimistic for slightly lower interest rates at
year-end.
(Appearing here is a pie graph depicting the following
information, beginning with the upper left slice and continuing
clockwise:)
BB and Less 24.6%
BBB 22.1%
A 8.7%
AA 2.1%
AAA 1.3%
U.S. Treasury and Agency 41.2%
(end of graph)
* The Lipper Analytical Variable Insurance Products Performance
Analysis Service Underlying Funds Report has ranked the Bond
Portfolio number 1 out of 33, 4 out of 26, and 2 out of 14 funds
in similar categories, for the one, five and ten year periods
ended June 30, 1996, respectively, based on total return
performance.
** Morningstar, Inc. Ratings are updated each month. The
composite rating is calculated using a weighted-average of the
three (five stars), five (five stars) and ten (four stars) year
ratings. These ratings are based on each period's risk-adjusted
average annual total returns (including the impact of insurance
expense charges). Ten percent of the funds in a category receive
five stars, the next 22.5% receive four stars and the next 35%
receive three stars.
<PAGE>
Carillon Fund, Inc.
BOND PORTFOLIO
Summary
- ------------------------------------------------
OBJECTIVE: Seeks a high level of current income, without undue
risk to principal, by investing in long-term, fixed-
income, investment-grade corporate bonds.
STRATEGY: The portfolio intends to invest at least 75% of the
value of its assets in publicly-traded straight debt
securities which have a rating within the four
highest grades as rated by a national rating agency.
Up to 25% of the portfolio may be invested in
convertible debt securities, convertible preferred
and preferred stock, or other securities.
INCEPTION: August 15, 1984
MANAGER: Steven Sutermeister
Highlights
- -------------------------------------------------------
On June 30, 1996, the Bond Portfolio had net assets of
$79,964,512 and diversified holdings of:
(The following percentage information is encased in a box)
Bonds 89.2%
Short-Term and Other 10.8%
(end box)
As an investor in the Carillon Bond Portfolio, for every $1 you
had invested on June 30, 1996, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Corporate Bonds 44.7%
Mortgage-Backed Securities 12.5%
U.S. Treasuries 32.8%
Short-Term and Other 10.8%
<page)
Carillon Fund, Inc.
S&P 500 INDEX PORTFOLIO
Common stocks, as measured by the S&P 500 Index, posted
excellent returns during the first half of 1996. The Index
Portfolio was ranked #1 out of 19 similar funds by Lipper
Analytical Variable Insurance Products Performance Analysis
Service based on its year-to-date total return performance. The
Index Portfolio began operations December 29, 1995, and,
therefore, is not ranked for any other period than 1996 year-
to-date.
The primary objective of the Carillon S&P 500 Index Portfolio is
to produce a return that corresponds with the total return of
the S&P 500 Index. During the first half of 1996, the Portfolio
maintained a 99.8 percent correlation with the underlying S&P
500 Index.
The strategy used to operate the Carillon S&P 500 Index
Portfolio during this initial period has been to select 300
stocks from the underlying S&P 500 Index that would closely
replicate the performance of the actual Index. The 300 stocks
were chosen to insure a high correlation with the Index while
keeping transaction costs at a minimum. The 300 stocks selected
represent over 90 percent of the total market value of the
Index. Furthermore, the Carillon S&P 500 Index Portfolio was
carefully constructed to insure that the weighting in each of
the S&P's 90 industry categories varied by less than 1 percent
versus the actual S&P 500 Index.
The Portfolio is designed to be highly correlated with the S&P
500 Index. Cash is held to a minimum, since it does not
correlate with the S&P 500 Index, and transactions are limited
to keep expenses low. As a temporary investment strategy until
the Portfolio reaches $25 million in net assets, the portfolio
may invest up to 100 percent of its assets in futures contracts
on the S&P 500 Index. As of June 30, 1996, the Portfolio had
open futures contracts totaling approximately 25 percent of its
assets. This strategy also helps keep transaction costs low
while maintaining a high correlation with the S&P 500 Index.
As the second half of 1996 unfolds, we will endeavor to build
upon the success we have had in managing the Carillon S&P 500
Index Portfolio. We are confident that we can, and will,
continue to provide a return that closely correlates with the
underlying S&P 500 Index.
<PAGE>
Carillon Fund, Inc.
S&P 500 INDEX PORTFOLIO
Summary
- ---------------------------------------------------
OBJECTIVE: Seeks investment results that correspond to the
total return performance of U.S. common stocks, as
represented by the Standard & Poor's 500 Composite
Stock Index (the "S&P 500").
STRATEGY: The Index Portfolio will remain fully invested in
stocks included in the S&P 500 and in futures
contracts on the Index. The cash position will be
held in highly liquid money market instruments to
meet redemptions and to provide cash for future
stock purchases.
INCEPTION: December 29, 1995
MANAGER: Gary R. Rodmaker
Highlights
- ------------------------------------------------------------
On June 30, 1996, the S&P 500 Index Portfolio had net assets of
$15,009,528 and diversified holdings of
(The following percentage information is encased in a box)
Common Stocks 96.9%
Short-Term and Other 3.1%
(end box)
As an investor in the Carillon S&P 500 Index Portfolio, for
every $1 you had invested on June 30, 1996, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Transportation 1.1%
Service 0.1%
Banking & Financial Service 9.7%
Capital Goods 4.0%
Technology 10.1%
Consumer Cyclical 5.5%
Manufacturing 6.9%
Consumer Nondurable 20.0%
Short-Term and Other 3.1%
Energy 7.1%
Futures Contracts 24.6%
Utilities 7.8%
The S&P 500 is an unmanaged index of common stocks comprised of
500 industrial, financial, utility and transportation companies.
"Standard & Poor's(R)", "S&P(R)", "S&P 500(R)", "Standard &
Poor's 500(R)", "Standard & Poor's Depositary Receipts(R)",
"SPDRs(R)", and "500" are trademarks of McGraw-Hill, Inc. The
Carillon S&P 500 Index Portfolio is not sponsored, endorsed,
sold or promoted by Standard & Poor's and Standard & Poor's
makes no representation regarding the advisability of investing
in the Portfolio or in SPDRs.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
S&P 500
Equity Capital Bond Index
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities,
at value $259,936,895 $156,579,034 $79,249,538 $14,931,896
cost $207,752,006;
$145,314,308;$78,495,097;
$14,009,373)
Cash 143,977 --- --- 380
Receivables:
Shares sold 260,748 8,128 4,514,755 46,671
Securities sold 131,964 64,564 53,371 ---
Interest and Dividends 480,832 910,586 1,265,370 18,381
Prepaid expenses and other 10,984 9,025 5,599 2,517
Expense reimbursements --- --- --- 25,572
Variation margin --- --- --- 20,625
------------ ------------ ----------- -----------
260,965,400 157,571,337 85,088,633 15,046,042
------------ ------------ ----------- -----------
LIABILITIES
Investment securities
purchased 3,159,107 4,837,320 4,998,075 ---
Investment advisory fees 119,714 84,664 30,971 16,619
Custodial and portfolio
accounting fees 3,333 6,089 4,599 12,798
Professional fees 4,254 3,730 3,602 2,398
Deferred compensation
for directors --- --- 81,740 ---
Bank overdraft --- --- 3,915 ---
Other accrued expenses 1,175 1,227 1,219 4,699
------------ ------------ ----------- -----------
3,287,583 4,933,030 5,124,121 36,514
------------ ------------ ----------- -----------
NET ASSETS
Paid-in capital 189,335,639 136,500,029 79,563,996 14,025,223
Undistributed net
investment income 355,724 262,600 163,338 6,807
Accumulated net realized
gain/(loss) 15,801,565 4,610,952 (517,263) 43,975
Net unrealized appreciation 52,184,889 11,264,726 754,441 933,523
------------ ------------ ----------- -----------
$257,677,817 $152,638,307 $79,964,512 $15,009,528
============ ============ =========== ===========
Shares authorized
($.10) par value 20,000,000 15,000,000 10,000,000 10,000,000
Shares outstanding 14,622,906 10,816,375 7,491,385 1,366,982
Net asset value, offering,
and redemption price $17.62 $14.11 $10.67 $10.98
per share (Net assets/ ============ ============ =========== ===========
shares outstanding)
</TABLE>
The accompanying notes are an integral part of the
financial statement.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Six Month Ended
June 30, 1996
(Unaudited)
S&P 500
Equity Capital Bond Index
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 502,984 $2,920,075 $3,012,555 $ 30,527
Dividends
(net of foreign withholding
taxes of $97,620; $37,520;
$0; $1,192) 2,293,989 787,687 --- 114,958
----------- ---------- ---------- ----------
2,796,973 3,707,762 3,012,555 145,485
----------- ---------- ---------- ----------
EXPENSES
Investment advisory fees 682,365 506,966 184,830 16,619
Custodial fees and expenses 25,845 21,834 6,268 9,746
Portfolio accounting fees 21,629 21,777 18,935 17,279
Professional fees 4,473 4,434 4,594 4,725
Director's fees 6,153 6,153 6,154 994
Transfer agent fees 2,626 2,621 2,682 2,486
Registration and filing fees 3,308 4,245 3,351 1,492
Other 6,732 4,947 4,560 5,469
----------- ---------- ---------- ----------
753,131 572,977 231,374 58,810
Fees waived and expenses
reimbursed by the Adviser --- --- --- (25,572)
----------- ---------- ---------- ----------
753,131 572,977 231,374 33,238
----------- ---------- ---------- ----------
NET INVESTMENT INCOME 2,043,842 3,134,785 2,781,181 112,247
----------- ---------- ---------- ----------
REALIZED AND UNREALIZED
GAIN/(LOSS)
Net realized gain
on investments 15,687,927 4,264,338 935,474 18,067
Net realized gain on
futures contracts --- --- --- 25,908
----------- ---------- ---------- ----------
15,687,927 4,264,338 935,474 43,975
----------- ---------- ---------- ----------
Net change in unrealized
appreciation/(depreciation)
of investments 9,269,774 1,642,310 (2,600,474) 922,523
Net changes in unrealized
appreciation/(depreciation)
of futures contracts --- --- --- 10,975
----------- ---------- ---------- ----------
9,269,774 1,642,310 (2,600,474) 933,498
----------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) 24,957,701 5,906,648 (1,665,000) 977,473
----------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $27,001,542 $9,041,433 $1,116,181 $1,089,720
=========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Equity Portfolio
--------------------------------------
For the Six Months For the Year Ended
Ended June 30, December 31,
------------- ------------
(Unaudited)
1996 1995
---- ----
<S> <C> <C>
OPERATIONS
Net investment income $ 2,043,842 $ 3,230,075
Net realized gain/(loss) on 15,687,927 9,962,775
investments and futures
Net change in unrealized
appreciation/(depreciation)
on investments and futures
contracts 9,269,774 31,418,181
------------ ------------
27,001,543 44,611,031
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (2,136,350) (3,023,061)
Net realized gain on investments (9,849,038) (12,644,665)
------------ ------------
(11,985,388) (15,667,726)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 24,260,097 29,948,214
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 11,985,388 15,667,726
Payments for shares redeemed (13,147,070) (12,692,274)
------------ ------------
23,098,415 32,923,666
------------ ------------
NET INCREASE IN NET ASSETS 38,114,570 61,866,971
NET ASSETS
Beginning of period 219,563,247 157,696,276
------------ ------------
End of period $257,677,817 $219,563,247
============ ============
Undistributed net investment
income 355,724 448,232
============ ============
FUND SHARE TRANSACTIONS:
Sold 1,414,249 1,968,821
Issued in reinvestment of
dividends and distributions 712,000 1,111,633
Redeemed (774,378) (837,546)
------------ ------------
Net increase from fund
share transactions 1,351,871 2,242,908
============ ============
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<TABLE>
<CAPTION>
Bond Portfolio
-------------------------------------
For the Six Months For the Year
Ended June 30, Ended December 31,
-------------- -----------------
(Unaudited)
1996 1995
---- ----
<S> <C> <C>
OPERATIONS
Net investment income $ 2,781,181 $ 5,184,573
Net realized gain/(loss)
on investments and futures 935,474 (162,632)
Net change in unrealized
appreciation/(depreciation)
on investments and futures
contracts (2,600,474) 6,104,034
----------- -----------
1,116,181 11,125,975
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (3,191,833) (5,049,814)
Net realized gain on investments (747,288) ---
----------- -----------
(3,939,121) (5,049,814)
----------- -----------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 10,189,976 12,251,770
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 3,939,121 5,049,814
Payments for shares redeemed (4,909,344) (5,739,318)
----------- -----------
9,219,753 11,562,266
----------- -----------
NET INCREASE IN NET ASSETS 6,396,813 17,638,427
NET ASSETS
Beginning of period 73,562,699 55,929,272
----------- -----------
End of period $79,964,512 $73,567,699
============ ============
Undistributed net
investment income $163,338 $573,990
============ ============
FUND SHARE TRANSACTIONS:
Sold 926,772 1,141,491
Issued in reinvestment of
dividends and distributions 368,470 469,937
Redeemed (450,391) (538,145)
----------- -----------
Net increase from fund
share transactions 844,851 1,073,283
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Capital Portfolio
--------------------------------------
For Six Month For the Year Ended
Ended june 30, December 31,
----------- -----------
(Unaudited)
1996 1995
---- ----
<S> <C> <C>
OPERATIONS
Net investment income $ 3,134,785 $ 6,696,820
Net realized gain/(loss)
on investments and futures 4,264,338 1,973,190
Net change in unrealized
appreciation/(depreciation)
on investments and futures
contracts 1,642,310 8,952,302
------------ ------------
9,041,433 17,622,312
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (3,241,961) (6,389,872)
Net realized gain on investments (1,626,307) (5,716,244)
------------ ------------
(4,868,268) (12,106,116)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 9,493,855 21,179,705
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 4,868,267 12,106,115
Payments for shares redeemed (11,519,488) (12,442,444)
------------ ------------
2,842,634 20,843,376
------------ ------------
NET INCREASE IN NET ASSETS 7,015,799 26,359,572
NET ASSETS
Beginning of period 145,622,508 119,262,936
------------ ------------
End of period $152,638,307 $145,622,508
============ ============
Undistributed net investment
income $262,600 $369,776
============ ============
FUND SHARE TRANSACTIONS:
Sold 676,546 1,579,714
Issued in reinvestment of
dividends and distributions 349,283 922,915
Redeemed (824,898) (928,220)
------------ ------------
Net increase from fund
share transactions 200,931 1,574,409
============ ============
</TABLE>
<TABLE>
<CAPTION>
S&P 500 Index Portfolio
---------------------------------------
For the Period from
For the Six Months December 29,1995
Ended June 30, to December 31,
--------------- ---------------
(Unaudited)
1996 1995
---- ----
<S> <C> <C>
OPERATIONS
Net investment income $ 112,247 $ 123
Net realized gain/(loss)
on investments and futures 43,975 ---
Net change in unrealized
appreciation/(depreciation)
on investments and futures
contracts 933,498 25
----------- --------
1,089,720 148
----------- --------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (105,564) ---
Net realized gain
on investments --- ---
----------- --------
(105,564) ---
----------- --------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 14,889,818 305,000
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 105,564 ---
Payments for shares redeemed (1,275,158) ---
----------- --------
13,720,224 305,000
----------- --------
NET INCREASE IN NET ASSETS 14,704,380 305,123
NET ASSETS
Beginning of period 305,148 ---
----------- --------
End of period $15,009,528 $305,148
=========== ========
Undistributed net investment
income $6,807 $123
=========== ========
FUND SHARE TRANSACTIONS:
Sold 1,444,258 30,500
Issued in reinvestment of
dividends and distributions 9,765 ---
Redeemed (117,541) ---
----------- --------
Net increase from fund share
transactions 1,336,482 30,500
=========== ========
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
EQUITY PORTFOLIO
COMMON STOCKS - 93.63%
SHARES VALUE
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 17.45%
ABN AMRO Holdings NV Sponsored ADR 31,574 $ 1,694,322
Allied Capital Corporation 28,571 392,851
BANCO BHIF ADR* 43,000 865,375
Banco Latinoamericano
De Exportanciones Sponsored ADR 75,000 4,218,750
Bear Stearns Companies, Incorporated 73,500 1,736,437
CMAC Investment Corporation 25,500 1,466,250
Capital American Financial
Corporation 30,000 753,750
Charter One Financial, Incorporated 50,000 1,743,750
Chile Fund Incorporated 30,000 735,000
Corus Bankshares, Incorporated 70,000 2,100,000
Dean Witter Discover & Company 45,000 2,576,250
Deutsche Bank AG Sponsored ADR 42,000 1,986,676
Gainsco, Incorporated 217,762 2,150,400
Jefferies Group, Incorporated 64,000 1,984,000
Mid Ocean Limited 40,000 1,640,000
Mountain Parks Financial Corporation* 58,400 1,591,400
Payco American Corporation* 2,500 21,875
Penncorp Financial Group Corporation 95,000 3,016,250
RLI Corporation 68,625 1,672,734
Raymond James Financial Corporation 66,100 1,495,513
Rightchoice Managed Care, Incorporated
-Class A* 105,500 1,305,563
Standard Federal Bancorporation 57,900 2,229,150
Triad Guaranty, Incorporated* 45,000 1,653,750
Union Planters Corporation* 50,000 1,518,750
Washington Federal, Incorporated 45,100 924,550
Wilmington Trust Corporation 40,000 1,297,500
Zions Bancorporation 30,000 2,182,500
-----------
44,953,346
-----------
CAPITAL GOOD - 13.12%
AGCO Corporation 59,400 1,648,350
Alamo Group, Incorporated 70,000 1,277,500
Astec Industries, Incorporated* 75,000 693,750
Breed Technologies, Incorporated 90,000 2,013,750
Cemex SA Sponsored ADR 125,000 986,174
D.R. Horton, Incorporated* 100,000 1,050,000
Deere & Company 48,000 1,920,000
Ford Motor Company 55,000 1,780,625
Griffon Corporation* 209,600 1,703,000
Kysor Industries Corporation* 75,000 1,818,750
Lindsay Manufacturing Company 117,862 4,743,945
Mannesman AG Sponsored ADR 4,700 1,624,162
Medusa Corporation 80,300 2,489,300
NCI Building Systems, Incorporated* 80,700 2,723,625
Schult Homes Corporation 50,000 943,750
Scotsman Industries, Incorporated 40,000 805,000
Strattec Security Corporation* 145,000 2,573,750
Toll Brothers, Incorporated* 90,000 1,473,750
Visx, Incorporated* 45,000 1,535,625
-----------
33,804,806
-----------
CONSUMER CYCLICAL - 2.03%
Chromcraft Revington, Incorporated* 75,000 1,753,125
Rex Stores Corporation* 50,000 768,750
Roberds, Incorporated* 90,000 956,250
Tractor Supply Company* 30,000 682,500
Winsleow Furniture, Incorporated* 188,300 1,082,725
-----------
5,243,350
-----------
CONSUMER NON-DURABLE - 10.12%
Advocat, Incorporated* 100,500 954,750
Allied Healthcare Products,
Incorporated 65,100 602,175
Charoen POK Feedmill ADR 40,000 913,412
Claire's Stores, Incorporated 50,000 1,381,250
Conso Products Company* 97,500 1,584,375
Crown Books Corporation* 29,900 403,650
Dart Group Corporation - Class A 7,500 667,500
Dairy Farm Holdings Sponsored ADR 200,000 845,000
GT Bicycles, Incorporated* 94,900 1,542,125
Grupo Industrial Maseca SA de CV* 70,000 1,102,500
Helen of Troy Ltd, Bermuda* 115,000 3,277,500
Lifetime-Hoan Corporation* 154,582 1,661,757
Morningstar Group, Incorporated* 183,000 2,035,875
Nam Tai Electronics, Incorporated* 159,500 1,814,313
Orthofix International NV* 113,036 1,243,396
Schlotzsky's, Incorporated* 137,900 1,585,850
Shopko Stores, Incorporated 90,700 1,462,538
Sofamor/Danek Group* 44,500 1,234,875
Swiss Army Brands, Incorporated* 34,200 453,150
Utah Medical Products, Incorporated* 103,200 1,302,900
-----------
26,068,891
-----------
ENERGY - 10.86%
Apache Corporation 73,118 2,403,754
Callon Petroleum Company* 110,000 1,375,000
Cross Timbers Oil Company 50,000 1,237,500
Geoscience Corporation* 50,000 700,000
Giant Industries, Incorporated 165,000 2,392,500
Global Industries, Incorporated* 90,000 2,677,500
Holly Corporation 90,000 2,250,000
Horsham Corporation 150,000 2,081,250
Nuevo Energy Company* 50,000 1,612,500
Plains Resources, Incorporated* 120,000 1,560,000
Repsol S.A. Sponsored ADR 60,000 2,085,000
Stone Energy Corporation* 47,900 958,000
Swift Energy Company* 85,000 1,530,000
Total S.A. Sponsored ADR 42,014 1,559,770
Vastar Resources Incorporated* 50,000 1,868,750
World Fuel Services, Incorporated 24,500 444,063
YPF S.A. Sponsored ADR 55,000 1,237,500
-----------
27,973,087
-----------
MANUFACTURING - 15.35%
ABT Building Products Company* 145,000 3,262,500
AEP Industries, Incorporated* 107,550 4,597,763
Alltrista Corporation* 86,000 2,042,500
BWAY Corporation* 67,500 1,215,000
Bayer A G Sponsored ADR 135,000 4,767,134
Carbide Graphite Group Incorporated* 130,000 2,437,500
Ciba-Giegy Sponsored ADR 27,000 1,644,840
Consolidated Papers, Incorporated 18,000 936,000
Eastman Chemical Company 15,000 913,125
Echo Bay Mines Limited 90,000 967,500
Glaxo Wellcome PLC Sponsored ADR 45,000 1,203,750
Falcon Products, Incorporated 147,730 2,123,619
Matthews International Corporation
- Class A 77,000 2,117,500
Minorco Sponsored ADR 50,000 1,187,500
Pohang Iron & Steel Corporation 50,000 1,218,750
Shanghai Petro Chemical Company
Limited Sponsored ADR 40,000 1,140,000
Shelter Components Corporation 75,000 1,265,625
Sybron Chemicals, Incorporated* 50,700 735,150
Triangle Pacific Corporation* 70,000 1,382,500
Western Mines Holdings Limited ADR 50,000 1,437,500
Versa Technologies, Incorporated 40,500 546,750
York Group, Incorporated 140,000 2,415,000
-----------
39,557,506
-----------
REAL ESTATE - 11.89%
Apartment Investment
& Management Company - Class A* 54,000 1,012,500
Associated Estates Realty Corporation 65,000 1,365,000
CBL & Associates Properties,
Incorporated 70,000 1,566,250
Columbus Realty Trust 90,000 1,743,750
Commercial Net Lease Realty* 93,300 1,294,538
Duke Realty Investments, Incorporated 45,000 1,361,250
Felcor Suite Hotels 52,600 1,604,300
Health Care Property Investments,
Incorporated 50,000 1,687,500
Healthcare Realty Trust, Incorporated 76,000 1,805,000
Highwoods Properties, Incorporated* 40,000 1,105,000
IRT Property Company 172,300 1,636,850
LTC Properties, Incorporated 95,000 1,567,500
Merry Land & Investment Company 115,000 2,415,000
Mid-America Apartment Communities 80,000 2,030,000
National Health Investors,
Incorporated 40,000 1,310,000
Public Storage, Incorporated 80,000 1,650,000
Shurgard Storage Centers, Incorporated 70,000 1,767,500
Trinet Corporate Realty Trust
Incorporated 58,000 1,682,000
Winston Hotels, Incorporated 175,000 2,034,375
-----------
30,638,313
-----------
SERVICE - 1.72%
Devon Group, Incorporated* 85,000 2,762,500
PCA International, Incorporated 100,200 1,678,350
-----------
4,440,850
-----------
TECHNOLOGY - 6.40%
COMPAQ Computers Corporation* 22,500 1,108,125
Cybex Corporation* 100,000 1,675,000
DH Technology, Incorporated* 135,000 3,240,000
Digi International, Incorporated* 65,000 1,738,750
Gateway 2000, Incorporated* 40,000 1,360,000
Lockheed Martin Corporation 20,000 1,680,000
Macneal-Schwendler Corporation 85,000 637,500
Raytheon Company 30,000 1,548,750
Recoton Corporation* 129,000 2,257,500
Zebra Tech Corporation - Class A* 70,000 1,242,500
-----------
16,488,125
-----------
TRANSPORTATION - 2.29%
Atlantic Southeast Airlines
Incorporated 65,000 1,836,250
Illinois Central Corporation
- Class A 82,500 2,340,938
Landstar, Incorporated* 40,000 1,160,000
U. S. Xpress Enterprises, Incorporated
- Class A* 75,700 567,750
-----------
5,904,938
-----------
UTILITY - 2.40%
CMS Energy Corporation 50,000 1,543,750
Duke Power Company 12,500 640,625
Empresa Nacional de Electricidad
Sponsored ADR 30,000 1,878,750
Public Service Company of New Mexico 54,000 1,107,000
Stet Societa Finanziaria 30,000 1,027,500
-----------
6,197,625
-----------
Total Common Stocks
(cost $ 189,085,948) $241,270,837
-----------
<CAPTION>
SHORT-TERM INVESTMENTS - 7.25%
PRINCIPAL VALUE
<S> <C> <C>
COMMERCIAL PAPER - 3.87%
ConAgra, Incorporated
(5.5000% due 08/20/96) $ 1,000,000 $ 992,361
Columbia Healthcare Corporation
(5.440% due 07/18/96) 1,000,000 997,431
Cox Enterprises, Incorporated
(5.4500% due 07/09/96) 1,000,000 998,789
Cox Enterprises, Incorporated
(5.577% due 08/08/96) 1,000,000 994,163
Nabisco, Incorporated
(5.4600% due 07/16/96) 2,000,000 1,995,450
Nabisco, Incorporated
(5.4300% due 07/24/96) 1,000,000 996,531
Textron Financial Corporation
(5.4500% due 07/10/96) 2,000,000 1,997,275
White Consolidated Ind, Incorporated
(5.6018% due 08/13/96) 1,000,000 993,371
-----------
9,965,371
-----------
VARIABLE RATE DEMAND NOTES<F1> - 3.38%
General Mills, Incorporated
(5.1000% due 07/05/96) 565,000 565,000
Johnson Controls, Incorporated
(5.1349% due 07/05/96) 1,460,000 1,460,000
Pitney Bowes Credit Corporation
(5.1140% due 07/05/96) 115,000 115,000
Southwestern Bell
(5.0938% due 07/05/96) 3,939,177 3,939,177
Warner Lambert Company
(5.0848% due 07/05/96) 1,552,636 1,552,636
Wisconsin Electric Power Company
(5.1549% due 07/05/96) 1,068,874 1,068,874
-----------
8,700,687
-----------
Total Short-Term Investments
(cost $18,666,058) 18,666,058
-----------
TOTAL INVESTMENTS - 100.88%
(cost $207,752,006) 259,936,895<F2>
-----------
OTHER ASSETS AND LIABILITIES - (.88%) (2,259,078)
-----------
TOTAL NET ASSETS - 100% $257,677,817
============
____________
*Non-income producing
(ADR) American Depository Receipt
<FN>
<F1> Interest rates vary periodically based on current market rates. The
maturity shown for each variable rate demand note is the later of the next
scheduled interest rate adjustment date or the date on which principal can
be recovered through demand. Information as of June 30, 1996.
<F2> Gross unrealized appreciation and depreciation of securities at June
30, 1996 for financial reporting purposes was $56,685,462 and $4,500,573
respectively; tax amounts were substantially the same.
</FN>
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
Carillon Fund, Inc.
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
COMMON STOCKS - 38.84%
SHARES VALUE
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 8.19%
ABN Amro Holdings NV Sponsored ADR 21,049 $ 1,129,531
Allied Capital Corporation 34,285 471,419
Banco Latinoamericano
de Exportaciones ADR 30,000 1,687,500
Blackrock Strategic Term Trust 75,000 571,875
Charter One Financial Incorporated 40,000 1,395,000
Corus Bankshares Incorporated 25,000 750,000
Deutsche Bank AG Sponsored ADR 18,000 851,432
France Growth Fund, Incorporated 59,000 604,750
Gainsco Incorporated 63,000 622,125
New Germany Fund 72,229 911,891
RLI Corporation 30,480 742,950
Rightchoice Managed Care Incorporated
- Class A* 45,000 556,875
Standard Federal Bancorporation 35,000 1,347,500
Templeton Global Income Fund 125,000 859,375
-----------
12,502,223
-----------
CAPITAL GOOD - 3.11%
Alamo Group Incorporated 55,900 1,020,175
Astec Industries Incorporated* 50,000 462,500
Griffon Corporation* 55,000 446,875
Lindsay Manufacturing Incorporated 32,908 1,324,547
Lonrho PLC - Sponsored ADR 150,000 431,175
Strattec Security Corporation* 60,000 1,065,000
-----------
4,750,272
-----------
CONSUMER CYCLICAL - . 38%
Chromcraft Revington Inc.* 25,000 584,375
-----------
CONSUMER NON-DURABLE - 1.45%
Helen of Troy Likmited, Bermuda* 55,000 1,567,500
Shopko Stores, Incorporated 40,000 645,000
2,212,500
ENERGY - 5.58%
Giant Industries Incorporated 87,400 1,267,300
Global Industries Incorporated* 40,000 1,190,000
Holly Corporation 20,000 500,000
Horsham Corporation 80,000 1,110,000
Nuevo Energy Company* 30,000 967,500
Plains Resources Incorporated* 65,000 845,000
Repsol S.A. Sponsored ADR 26,000 903,500
Swift Energy Company* 65,000 1,170,000
YPF S.A. Sponsored ADR 25,000 562,500
-----------
8,515,800
-----------
MANUFACTURING - 8.47%
ABT Building Products Company* 45,000 1,012,500
AEP Industries, Incorporated* 45,831 1,959,275
Alltrista Corporation* 38,800 921,500
Bayer AG Sponsored ADR 75,000 2,648,407
Carbide Graphite Group* 40,000 750,000
Falcon Products Incorporated 75,820 1,089,913
Newmont Mining Corporation 20,000 987,500
Pohang Iron & Steel Company 32,000 780,000
Royal Oak Mines Incorporated* 25,000 460,938
Santa Fe Pacific Gold Corporation 35,000 494,375
TVX Gold Incorporated* 120,000 870,000
Vaal Reefs Exploration
& Mining Limited ADR* 120,100 960,800
-----------
12,935,208
-----------
REAL ESTATE - 8.94%
Associated Estates Realty Corporation 50,000 1,050,000
Bradley Real Estate Incorporated 41,000 594,500
CBL & Associates Properties Incorporated 45,000 1,006,875
Columbus Realty Trust 46,000 891,250
Duke Realty Investments Incorporated 36,000 1,089,000
Felcor Suite Hotels Incorporated 27,000 823,500
Health Care Property Investors,
Incorporated 26,296 887,490
IRT Properties Company 85,000 807,500
LTC Properties Incorporated 46,000 759,000
Merry Land & Investment Company 47,000 987,000
Mid-America Apartment Communities 52,000 1,319,500
Public Storage Incorporated 60,000 1,237,500
Shurgard Storage Centers Incorporated 43,000 1,085,750
Winston Hotels Incorporated 95,000 1,104,375
-----------
13,643,240
-----------
SERVICE - .33%
PCA International Incorporated 30,000 502,500
-----------
TECHNOLOGY - 1.15%
DH Technology, Incorporated* 40,260 966,240
Recoton Corporation* 45,000 787,500
-----------
1,753,740
-----------
TRANSPORTATION - .84%
Illinois Central Corporation
- Class A 45,000 1,276,875
-----------
UTILITY - .40%
CMS Energy Corporation 20,000 617,500
-----------
Total Common Stocks (cost $47,724,608) 59,294,233
-----------
PREFERRED STOCKS - .45%
MANUFACTURING -.45%
Freeport McMoRan Copper & Gold Series 20,000 690,000
-----------
Total Preferred Stock (cost $709,838) 690,000
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS - 17.48%
PRINCIPAL VALUE
<S> <C> <C>
U.S. TREASURY NOTES -
7.2500% due 11/15/96 $ 500,000 $ 503,438
6.1250% due 12/31/96 900,000 902,813
8.0000% due 01/15/97 1,000,000 1,012,812
8.5000% due 04/15/97 500,000 510,468
6.7500% due 02/28/97 650,000 654,469
6.7500% due 05/31/97 1,000,000 1,008,437
7.8750% due 04/15/98 500,000 514,843
5.5000% due 02/28/99 1,000,000 981,250
6.0000% due 10/15/99 5,900,000 5,844,688
6.3750% due 07/15/99 1,000,000 1,002,187
8.8750% due 05/15/00 500,000 541,406
5.7500% due 10/31/00 1,000,000 973,750
7.5000% due 11/15/01 500,000 521,875
6.3750% due 08/15/02 3,250,000 3,219,531
5.8750% due 02/15/04 1,600,000 1,527,499
7.2500% due 05/15/04 3,500,000 3,623,591
7.8750% due 11/15/04 3,100,000 3,332,500
-----------
Total U.S. Treasury Notes ($26,698,117) 26,675,557
-----------
MORTGAGE - BACKED SECURITIES - 22.38%
COLLATERALIZED MORTGAGE OBLIGATIONS
- 1.66%
FHLMC (8.5000% due 06/15/17) 536,210 537,604
FHLMC (6.2500% due 01/15/09) 1,159,642 1,124,447
FHLMC (6.3916% due 12/15/23)<F1> 1,450,000 876,467
2,538,518
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 3.32%
8.0000% due 10/01/96 408,845 410,350
7.5000% due 06/01/07 57,782 58,081
6.4400% due 11/15/07<F1> 1,000,000 976,020
9.5000% due 10/01/08 249,851 265,789
8.2500% due 03/01/12 133,018 136,589
8.5000% due 03/01/16 131,696 135,590
7.5000% due 07/01/17 77,546 76,781
11.0000% due 04/01/19 58,787 65,047
11.0000% due 11/01/19 97,484 107,864
5.5000% due 02/15/20 1,700,000 1,594,345
11.0000% due 05/01/20 256,997 284,337
11.0000% due 06/01/20 360,140 398,552
7.0000% due 09/15/22 596,485 561,405
-----------
5,070,750
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 15.30%
10.0000% due 02/01/04 8,942 9,488
9.5000% due 09/01/05 170,718 179,707
9.0000% due 11/01/05 71,546 74,646
7.5000% due 02/25/06 1,645,000 1,672,652
7.5000% due 03/25/07 1,200,000 1,196,532
8.0000% due 05/01/07 159,972 163,177
7.0000% due 07/25/07 1,500,000 1,471,380
6.0000% due 12/01/08 925,251 881,792
5.5000% due 01/01/09 952,050 890,586
6.0000% due 03/01/09 1,040,372 991,506
5.5000% due 04/01/09 915,538 852,942
8.5000% due 03/01/19 12,155 12,564
7.5000% due 07/25/20 1,000,000 1,008,610
8.0000% due 07/25/20 1,000,000 1,023,640
8.0000% due 12/25/20 1,500,000 1,527,240
5.9300% due 10/25/21 1,000,000 954,960
6.5000% due 03/25/22 2,000,000 1,965,860
5.9375% due 05/25/22<F1> 1,109,801 1,108,180
7.5950% due 07/25/23<F1> 2,572,882 1,523,840
6.5000% due 02/01/26 811,290 758,556
6.5000% due 03/01/26 206,816 193,373
7.0000% due 07/01/26 2,000,000 1,924,360
7.5000% due 07/01/26 3,000,000 2,961,539
-----------
23,347,130
-----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - .50%
9.0000% due 11/15/16 118,149 125,165
10.5000% due 11/20/19 440,380 484,431
9.0000% due 12/15/19 144,065 151,887
-----------
761,483
NON-GOVERNMENTAL AGENCY - 1.60%
Prudential Home Mortgage Securities
(7.500% due 07/25/10) 532,475 513,503
Merrill Lynch Mortgage Investors
(6.4375% due 09/15/17)<F1> 2,000,000 1,923,120
-----------
2,436,623
-----------
Total Mortgage Backed Securities
(cost $34,633,741) 34,154,504
-----------
CORPORATE BONDS AND NOTES - 7.13%
BANK & BANK HOLDING COMPANIES - .19%
Boatmens Bancshares, Inc.
(9.250% due 11/01/01) 260,000 285,756
-----------
COMMUNICATIONS AND MEDIA - .58%
Loewen Group International, Inc.
(8.2500% due 04/15/03) 900,000 887,625
-----------
CONGLOMERATES - .43%
Teledyne Corp.
(10.000% due 06/01/04) 151,000 151,391
-----------
Westinghouse Electric Corp.
(8.875% due 06/01/01) 500,000 507,977
-----------
659,368
-----------
FINANCE COMPANY - .32%
Helicon Group
(9.0000% due 11/01/03)<F1> 500,000 495,000
-----------
FINANCIAL SERVICES - .50%
Pacific Gulf Properties, Inc.
(8.375% due 02/15/01) 750,000 747,188
-----------
GAMING INDUSTRY - .17%
Circus Circus Enterprises, Inc.
(10.625% due 06/15/97) 250,000 259,812
-----------
INSURANCE - .33%
The Penn Central Corp.
(9.750% due 08/01/99) 130,000 133,900
Reliance Financial Services Corp.
(9.480% due 11/01/00)<F1> 375,000 378,750
-----------
512,650
-----------
MISCELLANEOUS - .65%
Toll Corp. (10.500% due 03/15/02) 500,000 517,500
Parisian Inc. (9.8750% due 07/15/03) 500,000 477,500
-----------
995,000
-----------
OIL & GAS EXPLORATION SERVICES - 1.48%
Maxus Debentures
(11.2500% due 05/01/13) 208,000 213,200
Rowan Companies
(11.8750% due 12/10/01) 750,000 810,000
Trans Texas Gas, Corp.
(11.500% due 06/15/02) 500,000 498,750
Tenneco, Inc. (10.0000% due 08/01/98) 700,000 745,389
-----------
2,267,339
-----------
REAL ESTATE - .35%
GE Capital Marketing Services, Inc.
(6.0000% due 08/25/09) 584,834 534,755
SAVINGS & LOAN - .10%
Golden West Financial Corp.
(10.250% due 12/01/00) 130,000 145,966
TELEPHONE & TELECOMMUNICATIONS - .78%
United Telecommunications, Inc.
(9.750% due 04/01/00) 156,000 169,719
TCI Communications Inc.
(8.6500% due 09/15/04) 1,000,000 1,025,939
-----------
1,195,658
-----------
UTILITIES - ELECTRIC - 1.25%
Connecticut Light & Power Co.
1st Ref Mtg. (7.625% due 04/01/97) 677,000 677,777
New Orleans Public Service Inc.
1st Mtg.(8.670% due 04/01/05) 1,200,000 1,226,666
-----------
1,904,443
-----------
Total Corporate Bonds
(cost $10,673,824) 10,890,560
-----------
SHORT-TERM INVESTMENTS - 16.30%
COMMERCIAL PAPER - 9.79%
Circus Circus Enterprises Inc.
(5.6100% due 08/22/96) 2,000,000 1,983,793
Columbia Healthcare Corp.
(5.4300% due 07/17/96) 1,000,000 997,587
Columbia Healthcare Corp.
(5.5200% due 07/10/96) 1,000,000 998,628
Conagra Inc. (5.5000% due 08/20/96) 1,000,000 992,361
Illinois Power Fuel Company
(5.4900% due 07/17/96) 1,000,000 997,560
Nabisco Inc. (5.4700% due 07/23/96) 1,000,000 996,657
Nabisco Inc. (5.4800% due 08/01/96) 2,000,000 1,990,562
Rite Aid Corp.
(5.4500% due 08/05/96) 1,000,000 994,701
Textron Financial Group
(5.4500% due 07/10/96) 1,000,000 998,638
Union Oil Company of California
(5.4300% due 07/18/96) 2,000,000 1,994,872
White Consolidated Industries, Inc
(5.4800% due 07/25/96) 1,000,000 996,347
Yellow Freight System Inc.
(5.6800% due 07/02/96) 1,000,000 999,842
-----------
14,941,548
-----------
VARIABLE RATE DEMAND NOTES<F2> - 6.51%
American Family Financial Services
(5.1149% due 07/05/96) 15,923 15,923
General Mills Inc.
(5.1000% due 07/05/96) 2,494,171 2,494,171
Johnson Controls, Inc.
(5.1349% due 07/05/96) 1,440,871 1,440,871
Pitney Bowes Credit Corp.
(5.1440% due 07/05/961) 3,624,261 3,624,261
Warner Lambert (5.0848% due 07/05/96) 919,171 919,171
Wisconsin Electric Power Company
(5.1549% due 07/05/96) 1,438,235 1,438,235
-----------
9,932,632
Total Short Term Investments
(cost $24,874,180) 24,874,180
-----------
TOTAL INVESTMENTS - 102.58%
(cost $145,314,308) 156,579,034<F3>
-----------
OTHER ASSETS AND LIABILITIES - (2.58%) (3,940,728)
-----------
TOTAL NET ASSETS - 100% $152,638,307
============
- ---------
*Non-Income producing
(ADR) American Depository Receipt
<FN>
<F1> Interest rates vary periodically based on current market rates.
Rates shown are as of June 30,1996.
<F2> Interest rates vary periodically based on current market rates. The
maturity shown for each variable rate demand note is the later of the
next scheduled interest rate adjustment date or the date on which
principal can be recovered through demand. Information shown is as of
June 30, 1996.
<F3> Gross unrealized appreciation and depreciation of securities at June
30, 1996 for financial reporting purposes was $13,833,860 and $2,569,134
respectively; tax amounts were substantially the same.
</FN>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
</TABLE>
<TABLE>
<CAPTION>
BOND PORTFOLIO
U.S. TREASURY OBLIGATIONS - 32.04%
PRINCIPAL VALUE
---------- -----------
<S> <C> <C>
U.S. TREASURY BOND - 3.40%
6.2500% due 08/15/23 $ 3,000,000 $ 2,717,810
-----------
U.S. TREASURY NOTES - 23.73%
6.0000% due 10/15/99 4,000,000 3,962,498
6.7500% due 04/30/00 2,000,000 2,021,250
7.7500% due 02/15/01 2,500,000 2,625,780
5.6250% due 02/28/01 2,000,000 1,931,874
5.8750% due 11/15/05 4,000,000 3,767,500
7.5000% due 02/15/05 3,500,000 3,680,466
6.5000% due 08/15/05 1,000,000 985,000
-----------
18,974,368
-----------
U.S. TREASURY STRIPS - 4.91%
0.0000% due 02/15/00 3,250,000 2,582,157
0.0000% due 08/15/02 2,000,000 1,344,620
-----------
3,926,777
-----------
Total U.S. Treasury Notes
(cost $25,704,998) 25,618,955
-----------
MORTGAGE - BACKED SECURITIES - 15.07%
COLLATERALIZED
MORTGAGE OBLIGATIONS - 3.16%
FNMA (9.5000% due 12/25/18) 232,777 247,910
FHLMC (8.9000% due 11/15/20) 923,268 958,980
FHLMC (8.2500% due 12/15/20) 1,000,000 1,025,580
FNMA (6.6509% due 12/25/23)<F1> 500,000 296,385
-----------
2,528,855
-----------
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 2.91%
7.5000% due 02/01/02 53,323 53,473
9.5000% due 04/01/05 98,826 103,551
7.5000% due 06/01/07 127,171 127,829
11.0000% due 05/01/10 47,027 52,068
12.5000% due 08/01/10 20,698 23,518
8.0000% due 11/01/16 71,893 72,522
9.5000% due 02/01/18 76,684 81,452
6.5000% due 07/01/23 839,744 791,819
8.2500% due 01/15/24 1,000,000 1,017,140
-----------
2,323,372
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 2.49%
12.0000% due 04/01/00 77,931 83,581
9.0000% due 08/01/01 55,246 57,525
8.5000% due 01/01/02 51,377 53,079
10.5000% due 06/01/04 20,201 21,439
10.5000% due 05/01/05 209,137 221,947
6.5000% due 06/01/08 1,283,008 1,246,827
8.0000% due 08/01/17 300,945 303,293
-----------
1,987,691
-----------
<PAGE>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - .22%
11.000% due 03/15/10 62,591 69,261
10.750% due 02/15/16 8,577 9,425
9.000% due 05/15/20 95,680 100,104
-----------
178,790
-----------
NON-GOVERNMENTAL AGENCY - 6.29%
Securitized Asset Sales, Inc.
(6.500% due 07/25/08) 316,133 291,534
CMC Securities Corp.
(0.000% due 12/25/08) 416,146 293,658
Continental Airlines
(7.8200% due 04/15/15) 1,000,000 1,013,050
Country Wide Mortgage-Backed
Securities, Inc.(6.000% due 03/01/09) 900,381 805,274
Capstead Mortgage Securities Corp.
(10.950% due 02/01/14) 244,396 262,178
Greenwich Capital Acceptance
(8.2380% due 08/25/24) 989,978 816,732
NWA Trust No. 2 Class B
(10.2300% due 06/21/14) 963,077 1,056,661
Residential Funding Mortgage
Securities, Inc.(7.2500% due 04/25/26) 497,769 490,049
-----------
5,029,136
-----------
Total Mortgage Backed Securitie
(cost $10,058,557) 12,047,844
-----------
CORPORATE BONDS AND NOTES - 44.68%
AIR TRANSPORTATION - .25%
NWA Inc. (8.6250% due 08/01/96)<F1> 200,000 200,000
-----------
BANK & BANK HOLDING COMPANIES - 1.95%
Comerica Inc. (9.750% due 05/01/99) 500,000 536,733
Nationsbank Corp.
(7.625% due 04/15/05) 1,000,000 1,018,510
-----------
1,555,243
-----------
BUSINESS - 1.24%
Greenwich Air Services Inc.
(10.5000% due 06/01/06) 1,000,000 992,500
-----------
COMMUNICATIONS AND MEDIA - 4.41%
Arch Communication Group
(0.0000% due 03/15/08) 1,000,000 515,000
CF Cable TV Inc.
(9.125% due 07/15/07) 1,000,000 1,007,500
Jones Intercable, Inc.
(9.625% due 03/15/02) 500,000 507,500
Mesa Capital Corp.
(12.7500% due 06/31/98) 500,000 500,000
Time Warner Inc.
(8.1100% due 08/15/06) 1,000,000 994,787
-----------
3,524,787
-----------
CONGLOMERATES - 2.67%
Coastal Corp. (9.7500% due 08/01/03) 1,000,000 1,127,111
Figgie International Inc.
(9.875% due 10/01/99) 1,000,000 1,010,000
-----------
2,137,111
-----------
CONSUMER PRODUCTS - 1.67%
First Brands Corp.
(9.125% due 04/01/99) 500,000 503,750
Revlon Consumer Products Corp.
(0.000% due 03/15/98) 1,000,000 832,500
-----------
1,336,250
DIVERSIFIED - 1.24%
Dimon Inc. (8.8750% due 06/01/06) 1,000,000 995,000
-----------
ELECTRONICS - .65%
Seagate Technology Inc.
(6.5000% due 03/01/02) 500,000 520,000
-----------
FINANCE COMPANIES - 1.24%
Helicon Group (9.0000% due 11/01/03) 1,000,000 990,000
-----------
FOOD, BEVERAGE, & TOBACCO - 2.28%
RJR Nabisco, Inc.(7.625% due 09/15/03) 500,000 478,692
Great American Cookie, Inc.
(10.8750% due 01/15/01) 500,000 385,000
Nabisco Inc. (7.5500% due 06/15/15) 1,000,000 958,785
-----------
1,822,477
-----------
FOREIGN - 1.15%
Quebec Province CDA
(7.125% due 02/09/24) 1,000,000 915,370
GAMING INDUSTRY - 5.01%
Alliance Gaming Corp.
(12.8750% due 06/30/03) 1,000,000 997,500
Boomtown, Inc. 1st Meeting
(11.500% due 11/01/03) 1,000,000 963,750
Empress River Casino Finance Corp.
(10.750% due 04/01/02) 1,000,000 1,045,000
Hollywood Casino Corp.
(12.750% due 11/01/03) 1,000,000 1,000,000
-----------
4,006,250
-----------
HEALTH CARE - 3.76%
Columbia/HCA Healthcare Corp.
(7.690% due 06/15/25) 1,000,000 991,266
Foundation Health Corp.
(7.750% due 06/01/03) 500,000 509,159
Tenet Healthcare Corp.
(10.125% due 03/01/05) 500,000 527,500
Universal Health Services
(8.750% due 08/15/05) 1,000,000 977,500
-----------
3,005,425
-----------
INSURANCE - 5.52%
Berkley (W.R.) Corp.
(9.875% due 05/15/08) 500,000 585,856
Farmers Insurance Exhange
(8.5000% due 04) 1,000,000 1,009,738
Leucadia National Corp.
(8.250% due 06/15/05) 1,000,000 991,677
Leucadia National Corp.
(10.375% due 06/15/02) 1,000,000 1,065,379
Penn Central Corp.
(9.750% due 08/01/99) 500,000 515,000
Reliance Financial Services Group
(9.480% due 11/01/00) 245,000 247,450
-----------
4,415,100
-----------
MISCELLANEOUS - 4.54%
Adelphia Communications Corp. PIK
(9.5000% due 02/15/04) 601,186 520,026
American Skiing Corp.
(12.0000% due 07/15/06) 1,000,000 980,000
International Wire Group Inc.
(11.750% due 06/01/05) 500,000 496,250
Terex Corp. (13.750% due 05/15/02) 1,000,000 1,035,000
UCAR Global Enterprises Inc.
(12.000% due 01/15/05) 530,000 601,550
-----------
3,632,826
-----------
OIL & GAS - DOMESTIC - .67%
Penzoil Company (9.625% due 11/15/99) 500,000 534,619
OIL & GAS - SERVICES - 3.49%
Mesa Incorporated
(12.750% due 06/30/96) 243,000 243,000
Mitchell Energy Development Corp.
(6.750% due 02/15/04) 750,000 660,691
PDV America, Inc.
(7.750% due 08/01/00) 1,000,000 985,634
Triton Incorporated
(0.000% due 11/01/97) 1,000,000 900,000
-----------
2,789,325
-----------
PAPER & FOREST PRODUCTS - .67%
Westvaco Corp. (10.300% due 01/15/19) 500,000 534,745
RETAIL - GENERAL - 1.33%
Hook - SuperX Inc.
(10.125% due 06/01/02) 1,000,000 1,063,782
SAVINGS & LOANS - .94%
Western Financial Savings Bank
(8.500% due 07/01/03) 750,000 754,292
Total Corporate Bond and Notes
(cost $37,244,749) 35,725,102
===========
<CAPTION>
COMMON STOCKS - .04%
SHARES VALUE
------ -----
<S> <C> <C>
ENERGY - .04%
Mesa Incorproated* 6,417 35,294
-----------
Total Common Stocks (cost $ 38,650) 35,294
-----------
WARRANTS - 0.00%
RETAIL-FOOD - 0.00%
Great American Cookie Warrants 90 2,250
-----------
Total Warrants (cost $ 28,050) 2,250
-----------
PREFERRED STOCKS - 1.13%
BANKING AND FINANCIAL SERVICE - 1.13%
Earthshell Container Corporation
Series A
Cumulative Senior Convertible 8%<F2> 500 900,000
-----------
Total Preferred Stocks ($500,000) 900,000
-----------
SHORT TERM INVESTMENTS - 6.15%
<CAPTION>
PRINCIPAL VALUE
--------- -----
<S> <C> <C>
VARIABLE RATE DEMAND NOTES<F3> - 3.65%
General Mills, Inc.
(5.1000% due07/05/96) $ 1,131,172 $ 1,131,172
Johnson Controls Inc.
(5.1349% due 07/05/96) 730,000 730,000
Pitney Bowes Credit Corp.
(5.1140% due 07/05/96) 500,783 500,783
Southwestern Bell Telephone Co.
(5.0938% due 07/05/96) 76,858 76,858
Wisconsin Electric Power Co.
(5.1549% due 07/05/96) 481,908 481,908
-----------
2,920,721
-----------
COMMERCIAL PAPER - 2.50%
Occidental Petrolum Corporation
(5.6500% due 07/03/96) 2,000,000 1,999,372
-----------
Total Short-Term Investments($3,120,093) 4,920,093
-----------
TOTAL INVESTMENTS - 99.11%
(cost $78,495,097) 79,249,538<F4>
-----------
OTHER ASSETS AND LIABILITIES - .89% 714,974
-----------
TOTAL NET ASSETS - 100% $79,964,512
===========
- -----------
*Non-income Producing
<FN>
<F1> Interest rates vary periodically based on current market rates.
Rates shown are as of June 30, 1996.
<F2> 144A-Privately placed security traded among qualified institutional
buyers.
<F3> Interest rates vary periodically based on current market rates. The
maturity shown for each variable rate demand note is the later of the next
scheduled interest adjustment date or the date on which principal can be
recovered through demand. Information shown is as of June 30, 1996.
<F4> Gross unrealized appreciation and depreciation of securities at June
30, 1996 for financial reporting purposes was $2,188,243 and $1,433,802;
tax amounts were substantially the same.
</FN>
</TABLE>
The accompanying notes are an integral part of
the financial statments.
<PAGE>
Carillon Fund, Inc.
SCHEDULE OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
S&P 500 INDEX PORTFOLIO
COMMON STOCKS - 72.14%
SHARES VALUE
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 9.65%
Aetna Life & Casualty Company 300 $ 21,424
Allstate Corporation 1,000 45,625
American Express Company 1,100 49,088
American General Corporation 500 18,188
American International Group, Incorporated 1,100 108,488
Banc One Corporation 990 33,660
Bank of Boston 200 9,900
Bank of New York Incorporated 500 25,625
BankAmerica Corporation 900 68,175
Bankers Trust New York Corporation 200 14,775
Barnett Banks, Incorporated 300 18,300
Boatmen's Bancshares, Incorporated 300 12,038
Chase Manhattan Corporation 812 57,348
Chubb Corporation 400 19,950
CIGNA Corporation 200 23,575
Citicorp 800 66,100
Comerica, Incorporated 300 13,388
CoreStates Financial Corporation 300 11,550
Dean Witter, Discover & Company 400 22,900
Federal Home Loan Mortgage Corporation 500 42,750
Federal National Mortgage Association 2,800 93,800
First Bank System, Incorporated 300 17,400
First Chicago NBD Corporation 700 27,388
First Union Corporation 600 36,525
Fleet Financial Group, Incorporated 600 26,100
General RE Corporation 200 30,450
Household International, Incorporated 300 22,800
ITT Hartford Group Incorporated 300 15,975
KeyCorp 600 23,250
Lincoln National Corporation 300 13,875
Marsh & McLennan Companies, Incorporated 200 19,300
MBNA Corporation 450 12,825
Mellon Bank Corporation 300 17,100
Merrill Lynch & Company, Incorporated 500 32,563
Morgan (J. P.) & Company 400 33,850
Morgan Stanley Group Incorporated 400 19,650
National City Corporation 400 14,050
NationsBank Corporation 600 49,575
Norwest Corporation 800 27,900
PNC Bank Corporation 700 20,825
Republic New York Corporation 200 12,450
SAFECO Corporation 400 14,150
Salomon, Incorporated 200 8,800
SunTrust Banks, Incorporated 600 22,200
Transamerica Corporation 200 16,200
Travelers Group, Incorporated 1,050 47,906
US Healthcare Incorporated 300 16,500
Wachovia Corporation 400 17,500
Wells Fargo & Company 233 55,658
---------
1,449,412
---------
CAPITAL GOOD - 4.04%
AMP, Incorporated 500 20,063
Caterpillar, Incorporated 500 33,875
Cooper Industries, Incorporated 300 12,450
Deere & Company 600 24,000
Emerson Electric Company 600 54,225
General Electric Company 3,800 328,700
Illinois Tool Works, Incorporated 300 20,288
Ingersoll-Rand Company 300 13,125
Scientific-Atlanta, Incorporated 300 4,650
Tenneco, Incorporated 500 25,563
Tyco International Limited 400 16,300
Westinghouse Electric Corporation 900 16,875
WMX Technologies, Incorporated 1,100 36,025
---------
606,139
---------
CONSUMER CYCLICAL - 5.50%
American Stores Company 400 16,500
Chrysler Corporation 900 55,800
Dayton Hudson Corporation 200 20,625
Eaton Corporation 200 11,725
Federated Department Stores Incorporated* 500 17,063
Ford Motor Company 2,400 77,700
Gap (The), Incorporated 800 25,700
General Motors Corporation 1,700 89,038
Genuine Parts Company 400 18,300
Goodyear Tire & Rubber Company 400 19,300
Home Depot, Incorporated 1,100 59,400
K Mart Corporation* 1,000 12,375
Lowe's Companies, Incorporated 400 14,450
May Department Stores Company 700 30,625
NIKE, Incorporated 400 41,100
Penney, (J.C.) Company, Incorporated 500 26,250
Reebok International, Incorporated 200 6,725
Sears, Roebuck & Company 900 43,763
Tandy Corporation 100 4,738
Limited (The), Incorporated 490 10,535
Toys "R" Us, Incorporated* 600 17,100
TRW, Incorporated 200 17,975
Wal-Mart Stores, Incorporated 5,900 149,713
Walgreen Company 600 20,100
Whirlpool Corporation 200 9,925
Woolworth Corporation* 400 9,000
---------
825,525
---------
CONSUMER NON-DURABLE - 19.89%
Abbott Laboratories 1,700 73,950
Albertson's, Incorporated 600 24,825
American Brands, Incorporated 400 18,150
American Home Products Corporation 1,400 84,175
Anheuser-Busch Companies, Incorporated 600 45,000
Archer-Daniels-Midland Company 1,200 22,950
Automatic Data Processing, Incorporated 800 30,900
Avon Products, Incorporated 400 18,050
Baxter International, Incorporated 700 33,075
Becton, Dickinson Company 200 16,050
Boston Scientific Corporation 400 18,000
Bristol-Meyers Squibb Company 1,200 108,000
Browning-Ferris Industries, Incorporated 500 14,500
Campbell Soup Company 600 42,300
Block, H&R Incorporated 300 9,788
Coca-Cola Company 5,800 283,475
Colgate-Palmolive Company 300 25,425
Columbia/HCA Healthcare Corporation 1,000 53,375
ConAgra, Incorporated 600 27,225
CPC International, Incorporated 400 28,800
CUC International, Incorporated* 400 14,200
Donnelly (RR) & Sons Company 400 13,950
Dow Jones, & Company, Incorporated 300 12,525
Dun & Bradstreet Corporation 500 31,250
Gannett Company, Incorporated 400 28,300
General Mills, Incorporated 400 21,800
Gillette Company 1,100 68,613
Heinz (H.J.) Company 800 24,300
Harrahs Entertainment, Incorporated* 200 5,650
Hershey Foods Corporation 200 14,675
Hilton Hotels Corporation 200 22,500
International Flavors & Fragrance, Incorporated 300 14,288
Johnson & Johnson 3,000 148,500
Kellogg Company 500 36,625
Kroger Company* 300 11,850
Lilly,(Eli) & Company 1,200 78,000
Loews Corporation 400 31,550
Mattel, Incorporated 750 21,469
Marriott International 300 16,125
McDonalds Corporation 1,600 74,800
McGraw Hill Companies, Incorporated 400 18,300
Medtronic, Incorporated 500 28,000
Merck & Company, Incorporated 2,700 174,488
PepsiCo, Incorporated 3,600 127,350
Pfizer, Incorporated 1,400 99,925
Pharmacia & Upjohn, Incorporated 1,100 48,813
Philip Morris Companies, Incorporated 1,900 197,600
Procter & Gamble Company 1,600 145,000
Ralston-Ralston Purina Group 200 12,825
Sara Lee Corporation 1,100 35,613
Schering-Plough Corporation 800 50,200
Seagrams Company, Limited 900 30,263
Service Corporation International 300 17,250
Sysco Corporation 400 13,700
Tele-Communications, Incorporated* 800 14,500
Time Warner, Incorporated 900 35,325
Tribune Company 200 14,525
US West 1,000 31,875
UST, Incorporated 400 13,700
United HealthCare Corporation 400 20,200
Viacom, Inc. - Class B* 600 23,325
Walt Disney Company, The 1,619 101,795
Warner-Lambert Company 600 33,000
Winn-Dixie Stores, Incorporated 400 14,150
Wrigley, (Wm), JR Company 300 15,150
---------
2,985,855
---------
ENERGY - 7.09%
Amerada Hess Corporation 300 16,088
Amoco Corporation 1,100 79,613
Atlantic Richfield Company 400 47,400
Burlington Resources, Incorporated 300 12,900
Chevron Corporation 1,500 88,500
Dresser Industries, Incorporated 600 17,700
Enron Corporation 600 24,525
Exxon Corporation 2,800 243,250
Halliburton Company 300 16,650
Mobil Corporation 90 100,913
Occidental Petroleum 700 17,325
Phillips Petroleum Company 600 25,125
Royal Dutch Petroleum Company ADR 1,200 184,500
Schlumberger Limited 900 75,825
Sun Company, Incorporated 300 9,113
Texaco, Incorporated 700 58,713
Unocal Corporation 700 23,625
USX-Marathon Group 600 12,075
The Williams Companies, Incorporated 200 9,900
---------
1,063,740
---------
MANUFACTURING - 6.94%
Air Products & Chemicals, Incorporated 400 23,100
Alcan Aluminum Limited 800 24,400
Aluminum Company of America 600 34,425
Applied Materials Incorporated* 400 12,200
Barrick Gold 900 24,413
Bethlehem Steel Corporation* 300 3,563
Champion International Corporation 300 12,525
Corning, Incorporated 500 19,188
Crown Cork & Seal Company, Incorporated 300 13,500
Dow Chemical Company 700 53,200
DuPont (E.I.) De Nemours & Company 1,300 102,863
Eastman Chemical Company 200 12,175
Eastman Kodak Company 800 62,200
Fluor Corporation 200 13,075
Georgia-Pacific Company 300 21,300
Grace, (WR) & Company 300 21,263
Great Lakes Chemical Corporation 200 12,450
Hercules, Incorporated 300 16,575
Inco, Limited 300 9,675
International Paper Company 800 29,500
ITT Corporation 300 19,875
Kimberly-Clark Corporation 700 54,075
Louisiana-Pacific Corporation 300 6,638
Masco Corporation 400 12,100
Minnesota Mining & Manufacturing Company 1,000 69,000
Mead Corporation 200 10,375
Monsanto Company 1,500 48,750
Morton International, Incorporated 400 14,900
Nalco Chemical Company 200 6,300
Newmont Mining Corporation 500 24,688
Nucor Corporation 200 10,125
Phelps Dodge Corporation 300 18,713
Placer Dome, Incorporated 600 14,325
PPG Industries, Incorporated 500 24,375
Praxair Incorporated 400 16,900
Reynolds Metals Company 300 15,638
Rohm & Haas 200 12,550
Rubbermaid, Incorporated 400 10,900
Silicon Graphics Incorporated* 400 9,600
Union Camp Corporation 300 14,625
Union Carbide Corporation 400 15,900
Unilever (N.V.) ADR 400 58,050
USX-US Steel Group 200 5,675
Weyerhaeuser Company 600 25,500
---------
1,041,167
---------
SERVICE - 0.09%
Alco Standard Corporation 300 13,575
---------
TECHNOLOGY - 10.05%
3COM Corporation 400 18,300
Advanced Micro Devices, Incorporated* 200 2,725
AirTouch Communications, Incorporated* 1,200 33,900
AlliedSignal Incorporated 700 39,988
Amgen, Incorporated* 600 32,400
Boeing Company 800 69,700
Cabletron Systems, Incorporated* 200 13,725
Cisco Systems, Incorporated 1,200 67,950
COMPAQ Computers Corporation* 600 29,550
Computer Associates International, Incorporated 600 42,750
Computer Sciences Corporation* 200 14,950
Digital Equipment Corporation* 300 13,500
First Data Corporation 500 39,813
Hewlett-Packard Company 1,200 119,550
Honeywell, Incorporated 300 16,350
Intel Corporation 1,900 139,531
International Business Machines Corporation 1,300 128,700
Lockheed Martin Corporation 500 42,000
Loral Corporation 400 5,450
LSI Logic Corporation* 300 7,800
McDonnell Douglas Corporation 600 29,100
Micron Technology Incorporated 500 12,938
Microsoft Corporation* 1,300 156,163
Motorola Incorporated 1,400 88,025
Nothern Telecom, Limited 600 32,625
Novell, Incorporated 800 11,100
Oracle Systems Corporation* 1,500 59,156
Pitney-Bowes Incorporated 400 19,100
Raytheon Company 600 30,975
Rockwell International Corporation 500 28,625
Sun Microsystems, Incorporated* 400 23,550
Tandem Computer Incorporated* 300 3,713
Texas Instruments, Incorporated 500 24,938
Textron Incorporated 300 23,963
Unisys Corporation* 400 2,850
United Technologies Corporation 300 34,500
Xerox Corporation 900 48,150
---------
1,508,103
---------
TRANSPORTATION - 1.10%
AMR Corporation* 200 18,200
Burlington Northern Santa Fe Corporation 400 32,350
Caliber System, Incorporated 100 3,400
Conrail Incorporated 200 13,275
CSX Corporation 600 28,950
Norfolk Southern Company 400 33,900
Union Pacific Corporation 500 34,938
---------
165,013
---------
UTILITY - 7.79%
ALLTELL Corporation 500 15,375
American Electric Power Company, Incorporated 400 17,050
AT&T Corporation 3,600 223,200
Ameritech Corporation 1,200 71,250
Baltimore Gas & Electric Company 400 11,350
Bell Atlantic Corporation 1,000 63,750
BellSouth Corporation 2,100 88,988
Carolina Power & Light Company 400 15,200
Central & Southwest Corporation 400 11,600
Coastal Corporation 300 12,525
Consolidated Edison Co. of N.Y., Incorporated 500 14,625
Consolidated Natural Gas Company 300 15,675
Dominion Resources 500 20,000
Duke Power 500 25,625
DTE Energy Company 300 9,263
Edison International 900 15,863
Entergy Corporation 500 14,188
FPL Group Incorporated 400 18,400
General Public Utilities Corporation 300 10,575
GTE Corporation 1,900 85,025
Houston Industries, Incorporated 600 14,775
MCI Communications Corporation 1,500 38,438
Niagara Mohawk Power Corporation* 200 1,550
NYNEX Corporation 1,000 47,500
Pacific Gas & Electric Company 900 20,925
Pacific Telesis Group 900 30,375
PacifiCorp 600 13,350
PanEnergy Corporation 300 9,863
PECO Energy Company 400 10,400
Public Service Enterprise Group, Incorporated 600 16,425
SBC Communications 1,400 68,950
Southern Company 1,500 36,938
Sprint Corporation* 800 33,600
Texas Utilities Company 500 21,375
Unicom Corporation 500 13,938
Union Electric Company 300 12,075
US West Media Group* 1,100 20,075
---------
1,170,079
---------
Total Common Stocks (cost $9,906,085) 10,828,608
==========
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM INVESTMENTS - 27.34%
PRINCIPAL VALUE
--------- -----
<S> <C> <C>
US Treasury Bill (4.9349% due 09/19/96) 3,750,000 3,707,891<F2>
Portico US Federal Money Market Fund 395,397 395,397<F2>
----------
Total Short-Term Investments
(cost $4,103,288) 4,103,288
----------
TOTAL INVESTMENTS - 99.48%
(cost $14,009,373) 14,931,896<F1>
----------
OTHER ASSETS AND LIABILITIES - 0.52% 77,632
----------
TOTAL NET ASSETS - 100% $15,009,528
-----------
*Non-income producing
(ADR) American Depository Receipt
<FN>
<F1> Gross unrealized appreciation and depreciation of
securities at June 30, 1996 for financial reporting was
$1,072,610 and $139,087 respectively; tax amounts were
substantially the same.
<F2> Securities with an aggregate market value of $3,711,400
have been segregated with the custodian to cover margin
requirements for the following open futures contracts at June
30, 1996:
</FN>
</TABLE>
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
---- --------- --------------
(s) <C> <C>
Standard & Poor's 500 Index (09/96) 1 $16,200
Standard & Poor's 500 Index (09/96) 3 (9,400)
Standard & Poor's 500 Index (09/96) 2 (1,800)
Standard & Poor's 500 Index (09/96) 2 3,050
Standard & Poor's 500 Index (09/96) 3 3,000
-------
$11,000
=======
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
Carillon Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Carillon Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a no-load,
diversified, open-end management investment company. The shares
of the Fund are sold only to The Union Central Life Insurance
Company (Union Central) and its separate accounts to fund the
benefits under certain variable insurance and retirement
products. The Fund's shares are offered in four different
series -- Equity Portfolio, Capital Portfolio, Bond Portfolio,
and S&P 500 Index Portfolio. The Equity Portfolio seeks long-
term appreciation of capital by investing primarily in common
stocks and other equity securities. The Capital Portfolio seeks
the highest total return through a combination of income and
capital appreciation consistent with the reasonable risks
associated with an investment portfolio of above-average quality
by investing in equity securities, debt instruments, and money
market instruments. The Bond Portfolio seeks a high level of
current income as is consistent with reasonable investment risk
by investing primarily in long-term, fixed-income, investment-
grade corporate bonds. The S & P 500 Index Portfolio seeks
investment results that correspond to the total return
performance of U.S. common stocks, as represented in the
Standard & Poor's 500 Index.
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 revenues and expenses during the reporting
period. Actual results could differ from those estimates.
SECURITIES VALUATION - Securities held in each Portfolio, except
for money market instruments maturing in 60 days or less, are
valued as follows: Securities traded on stock exchanges
(including securities traded in both the over-the-counter market
and on an exchange), or listed on the NASDAQ National Market
System, are valued at the last sales price as of the close of
the New York Stock Exchange on the day the securities are being
valued, or, lacking any sales, at the closing bid prices.
Securities traded only in the over-the-counter market are valued
at the last bid price, as of the close of trading on the New
York Stock Exchange, quoted by brokers that make markets in the
securities. Other securities for which market quotations are
not readily available are valued at fair value as determined in
good faith under procedures adopted by the Board of Directors.
Money market instruments with a remaining maturity of 60 days or
less held in each Portfolio is valued at amortized cost which
approximates market.
Securities transactions and investment income - Securities
transactions are recorded on the trade date (the date the order
to buy or sell is executed). Dividend income is recorded on the
ex-dividend date and interest income is recorded on the accrual
basis. All amortization of discount is recognized currently
under the effective interest method. Gains and losses on sales
of investments are calculated on the identified cost basis for
financial reporting and tax purposes. The cost of investments
is substantially the same for financial reporting and tax
purposes.
FEDERAL TAXES - It is the intent of the Fund to comply with the
requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute all of its net
investment income and any net realized capital gains. Regulated
investment companies owned by the segregated asset accounts of a
life insurance company, held in connection with variable annuity
contracts, are exempt from excise tax on undistributed income.
Therefore, no provision for income or excise taxes has been
recorded. The Bond Portfolio has a capital loss carry forward
for tax purposes of $704,492 at December 31, 1995, of which
$446,614 expires in 2002, and $257,878 expires in 2003.
DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS - Dividends from net
investment income in all Portfolios are declared and paid
quarterly. Net realized capital gains are distributed
periodically, no less frequently than annually. Dividends from
net investment income and capital gains distributions are
recorded on the ex-dividend date. All dividends and
distributions are reinvested in additional shares of the
respective Portfolio at the net asset value per share.
The amount of dividends and distributions are determined in
accordance with federal income tax regulations which may differ
from generally accepted accounting principles. These "book/
tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in
nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and
distributions which exceed net investment income and net
realized capital gains for financial reporting purposes but not
for tax purposes are reported as dividends in excess of net
investment income or distributions in excess of net realized
capital gains. To the extent they exceed net investment income
and net realized capital gains for tax purposes, they are
reported as distributions of paid-in-capital.
EXPENSES - Allocable expenses of the Fund are charged to each
Portfolio based on the ratio of the net assets of each Portfolio
to the combined net assets of the Fund. Nonallocable expenses
are charged to each Portfolio based on specific identification.
NOTE 2 - TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEES - The Fund pays investment advisory
fees to Carillon Advisers, Inc. (the Adviser), under terms of an
Investment Advisory Agreement (the Agreement). Certain officers
and directors of the Adviser are affiliated with the Fund. The
Fund pays the Adviser, as full compensation for all services and
facilities furnished, a monthly fee computed separately for each
Portfolio on a daily basis, at an annual rate, as follows:
(a) for the Equity Portfolio - .65% of the first $50,000,000,
.60% of the next $100,000,000, and .50% of all over $150,000,000
of the current net asset value:
(b) for Capital Portfolio - .75% of the first $50,000,000,
.65% of the next $100,000,000, and .50% of all over $150,000,000
of the current net asset value.
(c) for the Bond Portfolio - .50% of the first $50,000,000,
.45% of the next $100,000,000, and .40% of all over $150,000,000
of the current net asset value.
(d) for the S & P 500 Index Portfolio - .30% of the current
net asset value.
The Agreement provides that if the total operating expenses of
the Fund, exclusive of the advisory fee and certain other
expenses as described in the Agreement, for any fiscal quarter
exceed an annual rate of 1% of the average daily net assets of
the Equity, Capital , or Bond Portfolios, the Adviser will
reimburse the Fund for such excess, up to the amount of the
advisory fee for that year. The Adviser has agreed to waive its
advisory fee and pay any other expenses of the S&P 500 Index
Portfolio to the extent that such expenses exceed 0.60% of its
annual net assets. As a result for the six months ended June
30, 1996, the Adviser waived its entire management fees of
$16,619 for the S&P 500 Index Portfolio and reimbursed $8,953 in
other expenses.
In addition to providing investment advisory services, the
Adviser is responsible for providing certain administrative
functions to the Fund. The Adviser has entered into an
Administration Agreement with Carillon Investments, Inc. (the
Distributor) under which the Distributor furnishes substantially
all of such services for an annual fee of .20% of the Fund's
average net assets for the Equity, Capital, and Bond Portfolios,
and .05% of the Fund's average net assets for the S & P 500
Index Portfolio. The fee is borne by the Adviser, not the Fund.
Carillon Advisers, Inc. and Carillon Investments, Inc. are
wholly-owned subsidiaries of Union Central.
DIRECTORS' FEES - Each director who is not affiliated with the
Adviser receives fees from the Fund for service as a director.
Members of the Board of Directors who are not affiliated with
the Adviser are eligible to participate in a deferred
compensation plan. The value of each director's deferred
compensation account will increase or decrease at the same rate
as if it were invested in shares of the Scudder Money Market
Fund.
NOTE 3 - FUTURES CONTRACTS
Index may purchase futures contracts on the Standard & Poor's
500 Stock Index. These contracts provide for the sale of a
specified quantity of a financial instrument at a fixed price at
a future date. When Index enters into a futures contract, it is
required to deposit and maintain as collateral such initial
margin as required by the exchange on which the contract is
traded. Under terms on the contract, Index agrees to receive
from or pay to the broker an among equal to the daily
fluctuation in the value of the contract (known as the variation
margin). The variation margin is recorded as unrealized gain or
loss until the contract expires or is otherwise closed, at which
time the gain or loss is realized. Index invests in futures as
a substitute to investing in the 500 common stock positions in
the Standard & Poor's 500 Index. The potential risk to Index is
that the change in the value in the underlying securities may
not correlate to the value of the contracts.
NOTE 4 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of securities for the six months ended June
30, 1996 excluding short-term obligations, follow:
<TABLE>
<CAPTION>
Equity Capital Bond S&P 500
Portfolio Portfolio Portfolio Index
--------- --------- --------- -------
<S> <C> <C> <C> <C>
Total Cost
of Purchases of:
Common Stocks $74,396,254 $17,384,941 $ ---- $9,946,658
U.S. Government Securities ---- 27,927,214 10,375,894 ----
Corporate Bonds ---- 4,655,726 67,519,268 ----
----------- ----------- ----------- ----------
$74,396,254 $49,967,881 $77,895,162 $9,946,658
=========== =========== =========== ==========
Total Proceeds
from Sales of:
Common Stocks $42,444,074 $20,367,936 $ 48,571 $ 35,778
U.S. Government Securities ---- 9,525,603 7,078,688 ----
Corporate Bonds ---- 3,567,685 4,707,206 ----
----------- ----------- ----------- ----------
$42,444,074 $33,461,224 $71,834,465 $ 35,778
=========== =========== =========== ==========
</TABLE>
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock
outstanding throughout the period.
<TABLE>
<CAPTION>
EQUITY PORTFOLIO
Six Months Ended
June 30, Year Ended December 31,
------- ----------------------------------------
(Unaudited)
1996 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 16.54 $ 14.30 $ 14.58 $ 13.74 $ 12.60 $ 8.81
-------- -------- -------- -------- -------- ------
Investment Activities:
Net investment income .19 .24 .20 .16 .19 .20
Net realized and
unrealized
gains/(losses) 1.76 3.36 .31 1.69 1.27 3.79
-------- -------- -------- -------- -------- ------
Total from
Investment Operations 1.95 3.60 .51 1.85 1.46 3.99
-------- -------- -------- -------- -------- ------
Distributions:
Net investment income (.15) (.23) (.19) (.16) (.19) (.20)
Net realized gains (.72) (1.13) (.60) (.85) (.13) ---
-------- -------- -------- -------- -------- ------
Total Distributions (.87) (1.36) (.79) (1.01) (.32) (.20)
-------- -------- -------- -------- -------- ------
Net Asset Value,
End of period $17.62 $16.54 $14.30 $14.58 $13.74 $12.60
======== ======== ======== ======== ======== ======
TOTAL RETURN 12.06% 26.96% 3.42% 14.11% 11.78% 45.55%
RATIOS/SUPPLEMENTAL
DATA:
Ratio of Expenses to
Average Net Assets .63%<F1> .66% .69% .70% .72% .75%
Ratio of
Net Investment
Income to Average
Net Assets 1.72%<F1> 1.73% 1.45% 1.18% 1.47% 1.79%
Portfolio Turnover
Rate 38.47%<F1> 34.33% 40.33% 37.93% 46.75% 55.17%
Average Commission
Rate Paid $ .0640
Net Assets,
End of Year (000's) $257,678 $219,563 $157,696 $138,239 $102,306 $79,352
<FN>
<F1> These ratios are annualized.
</FN>
</TABLE>
<PAGE>
Carillon Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock
outstanding throughout the period.
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
Six Months
Ended
June 30, Year Ended December 31,
-------- ---------------------------------------
(Unaudited)
1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 13.72 $ 13.19 $ 13.81 $ 12.99 $ 12.82 $ 10.57
-------- -------- -------- -------- -------- ------
Investment Activities:
Net investment income .31 .64 .52 .43 .42 .47
Net realized and
unrealized
gains/(losses) .54 1.15 (.39) 1.17 .56 2.25
-------- -------- -------- -------- -------- ------
Total from Investment
Operations .85 1.79 .13 1.60 .98 2.72
-------- -------- -------- -------- -------- ------
Distributions:
Net investment income (.27) (.64) (.52) (.42) (.42) (.47)
Net realized gains (.19) (.62) (.23) (.36) (.39) ---
-------- -------- -------- -------- -------- ------
Total Distributions (.46) (1.26) (.75) (.78) (.81) (.47)
-------- -------- -------- -------- -------- ------
Net Asset Value,
End of period $14.11 $13.72 $13.19 $13.81 $12.99 $12.82
======== ======== ======== ======== ======== ======
TOTAL RETURN 6.26% 14.28% .94% 12.72% 7.93% 26.10%
RATIOS/SUPPLEMENTAL
DATA:
Ratio of Expenses to
Average Net Assets .77%<F1> .77% .80% .82% .88% .95%
Ratio of Net
Investment Income to
Average Net Assets 4.22%<F1> 4.99% 4.25% 3.31% 3.49% 4.05%
Portfolio Turnover
Rate 52.82%<F1> 43.83% 41.89% 32.42% 39.74% 47.93%
Net Assets,
End of Year (000's) $152,638 $145,623 $119,263 $100,016 $68,674 $41,844
<FN>
<F1> These rates are annualized.
</FN>
</TABLE>
Carillon Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock
outstanding throughout the period.
<TABLE>
<CAPTION>
BOND PORTFOLIO
Six Months
Ended
June 30, Year Ended December 31,
----------- --------------------------------------
(Unaudited)
1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 11.07 $ 10.04 $ 11.30 $ 10.91 $ 10.96 $ 10.10
-------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income .53 .88 .77 .73 .82 .86
Net realized and
unrealized (.38) .98 (.95) .54 (.01) .87
-------- ------- ------- ------- ------- -------
gains/(losses)
Total from Investment
Operations .15 1.86 (.18) 1.27 .81 1.73
-------- ------- ------- ------- ------- -------
Distributions:
Net investment income (.55) (.83) (.78) (.73) (.82) (.87)
Net realized gains .-- .-- (.30) (.15) (.04) .--
-------- ------- ------- ------- ------- -------
Total Distributions (.55) (.83) (1.08) (.88) (.86) (.87)
-------- ------- ------- ------- ------- -------
Net Asset Value,
End of period $10.67 $11.07 $10.04 $11.30 $10.91 $10.96
======== ======= ======= ======= ======= =======
TOTAL RETURN 1.41% 19.03% (1.63%) 11.94% 7.65% 17.89%
RATIOS/SUPPLEMENTAL
DATA:
Ratio of Expenses to
Average Net Assets .60%<F1> .65% .68% .66% .69% .73%
Ratio of Net
Investment Income
to Average Net Assets 7.26%<F1> 7.43% 7.21% 6.65% 7.59% 8.27%
Portfolio Turnover
Rate 201.20%<F1> 111.01% 70.27% 137.46% 40.91% 39.82%
Net Assets,
End of Year (000's) $79,965 $73,568 $55,929 $54,128 $38,557 $31,009
<FN>
<F1> These ratios are annualized.
</FN>
</TABLE>
<PAGE>
Carillon Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
Note 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock
outstanding throughout the period.
<TABLE>
<CAPTION>
S & P 500 INDEX PORTFOLIO
Six Months Ended
June 30, 1996<F1>
-----------------
(Unaudited)
<S> <C>
Net Asset Value,
Beginning of Year $ 10.00
--------
Investment Activities:
Net investment income .15
Net realized and unrealized .92
gains / (losses)
Total from Investment Operations 1.07
--------
Distributions:
Net investment income (.09)
Net realized gains .--
--------
Total Distributions (.09)
--------
Net Asset Value,
End of Period $ 10.98
========
TOTAL RETURN, NOT ANNUALIZED 10.72%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Net Expenses to
Average Net Assets .60%<F2>
Ratio of Net Investment
Income to Average Net Assets 1.60%<F2>
Portfolio Turnover Rate .79%<F2>
Average Commission Rate Paid $ .0602
Net Assets, End of Year (000's) $ 15,009
<FN>
<F1> The portfolio commenced operation on December 29, 1995. The financial
highlights table for the period ending December 31, 1995 is not presented
because the activity for the period did not round to $0.01 in any category of
the reconciliation of beginning to ending net asset value per share. The
ratios and total return were all less than 0.1%. The net assets at December
31, 1995 were $305,148.
<F2> The ratios of net expenses to average net assets would have increased
and net investment income to average net assets would have decreased by 0.46%
for the six months ended June 30, 1996, had the Adviser not waived its fee
and reimbursed other expenses. These ratios are annualized.
</FN>
</TABLE>
<PAGE>
Carillon Fund, Inc.
SEMIANNUAL REPORT
DIRECTORS AND OFFICERS
- -------------------------------------------------
George M. Callard, M.D., Director
George L. Clucas, Director, President and Chief Executive
Officer
Theodore H. Emmerich, Director
James M. Ewell, Director
Richard H. Finan, Director
Jean Patrice Harrington, S.C., Director
John H. Jacobs, Director
Charles W. McMahon, Director
Harry Rossi, Director
Stephen R. Hatcher, Senior Vice President
John F. Labmeier, Vice President and Secretary
Thomas G. Knipper, Controller
Joseph A. Tucker, Treasurer
John M. Lucas, Assistant Secretary
INVESTMENT ADVISER
Carillon Advisers, Inc.
DISTRIBUTOR
Carillon Investments, Inc.
CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING AGENT
Firstar Trust Company
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Dayton, Ohio
