(Cover Page)
(Upper left corner shows a gray graphic sketch
of the side of a face)
- -----------------------------------------------
CARILLON
FUND, INC.
Semiannual
Report
June 30, 1997
<PAGE>
CARILLON FUND INC.
SEMIANNUAL REPORT - A MESSAGE FROM THE PRESIDENT
=============================================================
June 30, 1997
We are pleased to present the Semiannual Report for Carillon
Fund, Inc. After excellent relative performance in 1996 from all
of our portfolios, 1997 has been a much more difficult year for
our Equity and Capital Portfolios. Although we are disappointed
with these short-term results, we remain convinced that our
long-term
strategies for these funds are sound. The Bond and S&P 500 Index
Portfolios continued their solid performances during 1997's
first half. The details on the portfolios' performances are
included inside this report.
Economy and Financial Markets The U.S. economy continued its
long run of success and even exceeded economists' expectations
with extremely strong first half growth. The growth occurred
broadly across most economic sectors and geographic regions of
the country. Despite this strong economic growth that also
included the lowest level of unemployment in many years, the
normal signs of impending price inflation have failed to
materialize. This somewhat abnormal occurrence left Federal
Reserve Board policy makers without their usual penchant for
raising short-term interest rates this far into an economic
expansion. In fact, the Fed moved only once, and at that a
cautious quarter point increase, to raise the key Federal Funds
Rate in an attempt to derail potential future inflation. Lastly,
corporate profits continued to move higher during 1997's first
half as cost cutting and other productivity enhancements, as
well as the benefits of strong economic growth, flowed to
companies' bottom lines.
This combination of strong economic growth, low inflation and
solid corporate profitability left stock investors in a euphoric
mood that was only briefly interrupted by concerns over higher
interest rates in March. Stocks advanced at a surprisingly rapid
rate in the second quarter to add to the excellent gains of the
last two years. Also helping the advance was a continued strong
flow of money into the coffers of America's mutual funds. The
individual winners from all these developments were the large
capitalization stocks such as Microsoft, Coca-Cola and General
Electric as these stocks far outpaced stocks of smaller, less
familiar companies. Good earnings reports, index fund buying and
a tendency for investors to continue buying stocks that were
rising contributed to the large stock advance. The bond market
experienced a much more subdued half year than the stock
market. Market yields increased slightly during the period as a
move up in rates earlier in the year was mostly reversed in a
spring bond rally. That left bond investors mostly earning their
interest rate for a total return.
Valuation Levels The U.S. stock market is selling at its
highest combined level of earnings, dividends, book values,
replacement values and percentage of Gross Domestic Product in
this century. This overvaluation does not mean that stocks will
go down in price anytime soon. However, future stock market
returns should be far lower over the next five years than during
the last five years. Bond prices seem much more closely aligned
with fundamental long-term economic and inflationary conditions
and should continue to produce modestly positive returns close
to their interest rate levels.
Outlook I believe almost all stocks are at historically high
levels of valuation and smaller stocks represent better relative
value than larger stocks. These beliefs have not helped our
Equity and Capital Portfolios' performances so far this year,
but I believe they will be well rewarded in the future. The
Equity Portfolio remains, as always, substantially invested in
stocks. However, security selection remains targeted at smaller,
highly profitable companies selling at reasonable prices and
stocks in developing country markets where prices have fallen to
attractive levels. The Capital Portfolio maintains a
conservative posture toward stocks due to overall valuation
levels, has increased exposure to seemingly more attractive
foreign markets, and kept a healthy cash position available to
invest at the lower prices we see ahead. Corporate earnings
remain the key to this stock market's advance and will be
watched closely. Any overall reduction in earnings would be
devastating for a market so richly valued.
Individual Portfolio reports are included within this report.
Carillon Advisers is determined to provide excellent money
management and service related to all portfolios. We want each
Contract Owner to feel confident that investing with Carillon
Fund, Inc. is a prudent, long-term decision.
Sincerely,
/s/ George L. Clucas
George L. Clucas, President
Carillon Fund, Inc.
August 6, 1997
This report as been prepared for 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>
Carillon Fund, Inc.
EQUITY PORTFOLIO
The Equity Portfolio posted a solid return for the period which
was generally in line with the performance of small
capitalization indices such as the Russell 2000, but
underperformed both the S&P 500 Stock Index and the Lipper
Growth Fund Average mainly due to the Portfolio's small
capitalization bias. Energy has been a major theme in the
Portfolio for several quarters and continued to contribute
positively to performance. Financial issues and capital goods
manufacturers were also strong performing sectors of the fund
due to a favorable interest rate environment and solid economic
growth, respectively. However, the market exhibited little
tolerance for earnings disappointments and punished a few of the
fund's holdings severely that did not meet profit expectations.
In addition, a number of the Portfolio's top holdings, after
posting large price gains in 1996, underpeformed the market
during the first half of 1997.
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. Recent
purchases have placed additional emphasis on earnings quality
and relative price strength which has proven effective as many
new holdings have posted strong price gains shortly after
purchase. Conversely, selling of issues whose fundamentals have
fallen short of expectations has been more aggressive.
Significant underperformance of a style or sector of stocks such
as that which we have witnessed in small capitalization issues
eventually reverses itself. We anticipate that as the pace of
large company earnings growth and money into index mutual funds
slow, small company stocks will return to favor. The stocks in
the Equity Portfolio have experienced stronger growth than the
market as measured by the S&P 500 Stock Index, yet currently
sell at lower valuations, giving us confidence that they will
enjoy positive future relative price performance.
<TABLE>
<CAPTION>
LONG-TERM
RETURN PRICE/ DEBT/ REVENUE
ON EARNINGS INVESTED 5-YR.
EQUITY RATIO CAPITAL GROWTH
------ -------- -------- --------
<S> <C> <C> <C> <C>
EQUITY PORTFOLIO 18% 13 32% 16%
S&P 500 INDEX 16% 19 34% 8%
</TABLE>
TOP TEN HOLDINGS
- --------------------------------------------
1. Lindsay Manufacturing
2. YPF S.A.
3. FPIC Insurance Group
4. ABT Building Products
5. PennCorp Financial Group
6. DH Technology
7. Giant Industries
8. Comair Holdings
9. Nam Tai Electronics
10. Maverick Tube
<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, 1997, the Equity Portfolio had net assets of
$309,830,334 and diversified holdings of:
Common Stocks 91.1%
Short-Term and Other 8.9%
As an investor in the Carillon Equity Portfolio, for every $1
you had invested on June 30, 1997, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Utilities 1.95%
Real Estate 10.54%
Consumer-Nondurable 7.94%
Consumer Cyclical 17.75%
Banking and Financial Services 14.92%
Capital Goods 6.44%
Transportation 4.51%
Energy 12.00%
Technology 7.09%
Short-Term and Other 8.9%
Manufacturing 7.96%
*International holdings comprised 9.9% of net assets in the
Equity Portfolio.
<PAGE>
Carillon Fund, Inc.
CAPITAL PORTFOLIO
The Capital Portfolio continues to adhere to its disciplined
approach toward the markets. However, our investment strategy
has not worked in our favor thus far in 1997. Our lower-than-
normal allocation to stocks during a strong period for equities
has held back performance. In addition, our individual stock
holdings have not kept up with the fevered pace of the market
due to their small capitalization bias and exposure to precious
metals. We continue to feel very positive about the outlook for
our stock holdings as they are projected to enjoy above-market
growth rates over the next year while currently selling at
below-market valuations.
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, 1997, six months ago, one year ago and at a
long-term normal portfolio allocation.
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO ASSET ALLOCATION
6/30/97 12/31/96 6/30/96 Long-Term
- -------------------------------------------------------------
<S> <C> <C> <C> <C>
Stocks 35% 34% 39% 63%
Bonds 40% 41% 47% 30%
Money Market 25% 25% 14% 7%
---- ---- ---- ----
Total 100% 100% 100% 100%
==== ==== ==== ====
</TABLE>
Although the stock market remains overvalued by historical
standards, the favorable monetary environment, strong price
chart patterns and good momentum have prompted us to add
slightly to the stock position after reducing exposure earlier
in the year. The Portfolio's exposure to bonds remains higher
than normal due to the relative attractiveness of fixed income
instruments versus stocks. Cash reserves stand ready to be
deployed as buying opportunities in the market arise.
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. New stock purchases during the period focused on strong
fundamentals. Energy continued to be a theme in the fund as
well as developing markets in Asia and Latin America where we
feel valuations are attractive. The Portfolio subtracted from
its exposure to European equities and Real Estate Investment
Trusts that had appreciated in price. Stock sales offset
purchases, and the allocation to equities increased only
slightly for the six-month period. The bond position remained
relatively stable during the period, as improved fundamentals in
the market justified higher bond prices.
TOP TEN HOLDINGS
- -------------------------------------------
1. Charter One Financial
2. YPF S.A.
3. Lindsay Manufacturing
4. DH Technology
5. FPIC Insurance Group
6. Winston Hotels
7. Washington Federal S&L
8. Carbide Graphite Group
9. Giant Industries
10. Newmont Mining
<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, 1997, the Capital Portfolio had net assets
of $159,815,963 and diversified holdings of:
Common Stocks 34.7%
Bonds and Notes 39.5%
Short-Term and Other 25.8%
As an investor in the Carillon Capital Portfolio, for every $1
you had invested on June 30, 1997, your fund owned:
U.S. Stocks 25.44%
International Stocks 6.44%
Precious Metals 2.82%
U.S. Government and Agency Securities 36.65%
Corporate Bonds 2.85%
Short-Term and Other 25.8%
<PAGE>
Carillon Fund, Inc.
BOND PORTFOLIO
The first quarter of 1997 was characterized by rising interest
rates primarily as a result of strong GDP growth (+5.6%) and a
precautionary tightening by the Federal Reserve. However,
beginning in April, sentiment changed dramatically and bond
investors benefitted from shifting expectations about inflation
and the pace of economic growth. Interest rates fell across all
maturities. The yield on the 10-year U.S. Treasury fell from
6.90% to 6.49%, as evidence mounted that the Federal Reserve
would not have to further increase interest rates to control
inflation. The Treasury yield curve was virtually unchanged
with the 2-to-30 years bellwether spread at approximately 75
basis points. This environment provided fixed income investors
solid performance, with the Lehman Brothers Aggregate Bond Index
posting a total return of 3.7% for the second quarter.
The Bond Portfolio continued its strong performance in the first
half of 1997, outperforming both its peer group and broader bond
market indices. In the Lipper survey, the Bond Portfolio's
performance was ranked #5 of 35 funds in its category based on
total return performance for the first half of 1997. Long-term
Lipper rankings are impressive as well with the Bond Portfolio
ranked #4 (of 31 funds), #3 (of 26 funds), and #2 (of 17 funds)
for the last 3, 5, and 10-year time periods, respectively. This
superior performance can be attributed to two factors. First,
the active sector allocation that has been employed allowed the
Bond Portfolio to be overweighted to corporate bonds, including
high yield securities, whose relative performance was very
strong. Second, the individual securities selected in each
sector, particularly the corporate area, further enhanced
returns due to improving credit fundamentals.
PORTFOLIO QUALITY DISTRIBUTION
(The Portfolio Quality Distribution is presented as a pie graph
with the following percentages:)
U.S. Treasury and Agency 42.3%
BB & Less 22.9%
BBB 23.2%
A 5.0%
AA .3%
AAA 6.3%
<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, 1997, the Bond Portfolio had net assets of
$88,014,624 and diversified holdings of
Bonds 91.59%
Short-Term and Other 8.41%
As an investor in the Carillon Bond Portfolio, for every $1 you
had invested on June 30, 1997, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Corporate Bonds 48.27%
Mortgage-Backed and Collateralized Securities 9.85%
U.S. Treasuries 33.47%
Short-Term and Other 8.41%
<PAGE>
Carillon Fund, Inc.
S&P 500 INDEX PORTFOLIO
Investors continue to pour money into the stock market, with a
large percentage of it going into index funds. The Carillon S&P
500 Index Portfolio has clearly benefited from this trend, and
the trend appears to be continuing as we start the third
quarter. Through the first half of the year, the S&P 500 Stock
Index has outperformed 95% of all mutual funds.
The primary objective of the Carillon S&P 500 Index Portfolio is
to produce a return that corresponds to the total return of the
S&P 500 Stock Index. The Portfolio produced a total return for
the first half of 1997 which did closely correspond to the total
return of 20.6% for the underlying S&P 500 Stock Index. The
Portfolio is designed to be highly correlated with the S&P 500
Stock Index. Cash is held to a minimum, since it does not
correlate with the S&P 500 Stock Index, and transactions are
limited to keep expenses low. The Portfolio contains a
combination of stocks, futures, and S&P Depository Receipts
("SPDRs") which are designed to produce a return that is highly
correlated with the return of the S&P 500 Stock Index. Year to
date, the Portfolio maintained a 99.9% correlation with the
underlying S&P 500 Stock Index.
The Portfolio currently holds 350 of the 500 stocks contained in
the S&P 500 Stock Index. These 350 stocks represent over 92% of
the total market value of the Index. The Portfolio was carefully
constructed to ensure that each of S&P's 90 industry categories
was properly weighted. The Portfolio is periodically rebalanced
to ensure that those weightings are maintained.
As the second half of 1997 unfolds, we will endeavor to build
upon the success we have enjoyed during the first 18 months of
this Portfolio's existence. We expect the Portfolio to continue
its rapid growth as investors discover the benefits of indexing.
We are confident that we can, and will, continue to provide a
return that closely correlates with the underlying S&P 500 Stock
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, 1997, the S&P 500 Index Portfolio had net assets of
$43,236,093 and diversified holdings of:
Common Stocks 90.1%
Short-Term, Futures and Other 9.9%
As an investor in the Carillon S&P 500 Index Portfolio, for
every $1 you had invested on June 30, 1997, your fund owned:
(The following percentages are graphically shown as portions of
a dollar bill)
Transportation 1.37%
Banking and Financial Service 15.88%
Service .16%
Capital Goods 5.05%
Technology 14.08%
Consumer Cyclical 6.34%
Manufacturing 7.61%
Consumer Nondurable 23.65%
Short-Term, Futures and Other 9.90%
Energy 8.07%
Utilities 7.89%
"Standard & Poor's(R)", "S&P 500(R)", "Standard & Poor's 500",
and "500" are trademarks of The McGraw-Hill Companies, Inc. and
have been licensed for use by Carillon Fund, Inc. The Product
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 Product.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997
(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 $310,759,196 $159,028,648 $87,712,519 $43,563,274
(cost $250,986,522;
$149,939,900;
$86,017,333; $35,041,087)
Cash 3,401 316 -- --
Receivables:
Shares sold 373,167 224,556 62,889 95,074
Securities sold 97,809 -- -- --
Interest and Dividends 316,416 666,019 1,369,764 50,005
Prepaid expenses and other 29,062 13,625 14,208 16,042
------------ ------------ ----------- -----------
311,579,051 159,933,164 89,159,380 43,724,395
LIABILITIES
Payables:
Investment securities
purchased 1,581,018 -- 998,907 409,314
Shares purchased -- -- -- 3,478
Investment advisory fees 139,620 88,361 34,506 8,181
Custodial and portfolio
accounting fees 19,934 20,166 15,298 10,875
Professional fees 160 2,262 -- 12,206
Bank overdraft -- -- 100 33
Variation margin -- -- -- 33,250
Other accrued expenses 7,985 6,412 3,605 10,964
Deferred compensation
for directors -- -- 92,340 --
------------ ------------ ----------- -----------
1,748,717 117,201 1,144,756 488,302
------------ ------------ ----------- -----------
NET ASSETS
Paid-in capital 227,752,582 147,641,813 85,496,428 33,803,012
Undistributed net
investment income 181,360 354,849 301,209 21,428
Accumulated net realized
gain/(loss) 22,123,718 2,730,552 521,671 604,091
of investments
Net unrealized
appreciation
of investments 59,772,674 9,088,749 1,695,186 8,807,562
------------ ------------ ----------- -----------
$309,830,334 $159,815,963 $88,014,624 $43,236,093
============ ============ =========== ===========
Shares authorized
($.10) par value 40,000,000 30,000,000 30,000,000 30,000,000
Shares outstanding 16,858,010 11,648,419 8,038,070 3,009,235
Net asset value,
offering, and
redemption price
per share $18.38 $13.72 $10.95 $14.37
</TABLE>
The accompanying notes are an integral part
of the financial statement.
<PAGE>
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
S&P 500
Equity Capital Bond Index
Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 708,997 $3,334,795 $3,374,684 $ 79,334
Dividends (net of
foreign withholding
taxes of $61,288;
$21,128; $0; $2,219) 2,171,087 599,866 -- 306,578
---------- ---------- ---------- ----------
2,880,084 3,934,661 3,374,684 385,912
---------- ---------- ---------- ----------
EXPENSES
Investment advisory fees 808,766 528,925 204,142 53,162
Custodial fees and expenses 34,498 19,965 12,509 6,865
Portfolio accounting fees 25,103 23,841 19,383 15,257
Professional fees 3,870 4,532 4,114 16,122
Director's fees 6,752 6,752 5,899 7,023
Transfer agent fees 4,023 4,169 4,087 3,544
Registration and
filing fees 5,888 2,085 53 300
Other 18,407 12,420 8,752 426
---------- ---------- ---------- ----------
907,307 602,689 258,939 102,699
Fees waived by the Adviser -- -- -- (3,002)
---------- ---------- ---------- ----------
907,307 602,089 258,939 99,697
NET INVESTMENT INCOME 1,972,777 3,331,972 3,115,745 286,215
REALIZED AND UNREALIZED
GAIN/(LOSS)
Net realized gain
on investments 22,144,959 2,798,788 521,815 203,438
Net realized gain
on futures contracts -- -- -- 452,200
---------- ---------- ---------- ----------
22,144,959 2,798,788 521,815 655,638
---------- ---------- ---------- ----------
Net change in unrealized
appreciation/(depreciation)
of investments (610,487) (2,524,282) (343,006) 5,540,713
Net change in unrealized
appreciation/(depreciation)
of futures contracts -- -- -- 235,975
---------- ---------- ---------- ----------
(610,487) (2,524,282) (343,006) 5,776,688
---------- ---------- ---------- ----------
NET REALIZED AND
UNREALIZED GAIN/(LOSS) 21,534,472 274,506 178,809 6,432,326
---------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $23,507,249 $3,606,478 $3,294,554 $6,718,541
=========== ========== ========== ==========
</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)
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income $ 1,972,777 $ 4,176,431
Net realized gain on investments 22,144,959 34,227,538
and futures
Net change in unrealized
appreciation/(depreciation)
on investments and
futures contracts (610,487) 17,468,047
------------ ------------
23,507,249 55,872,016
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (2,526,115) (3,889,965)
In excess of net investment income -- --
Net realized gain on investments (34,344,113) (9,867,342)
------------ ------------
(36,870,228) (13,757,307)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 14,569,057 41,762,282
Net asset value of shares
issued to shareholders
in reinvestment distributions 36,870,228 13,757,307
Payments for shares redeemed (16,369,695) (29,073,822)
------------ ------------
35,069,590 26,445,767
------------ ------------
NET INCREASE IN NET ASSETS 21,706,611 68,560,476
NET ASSETS
Beginning of year 288,123,723 219,563,247
------------ ------------
End of year $309,830,334 $288,123,723
============ ============
FUND SHARE TRANSACTIONS:
Sold 784,912 2,393,015
Issued in reinvestment
of distributions 2,187,096 809,878
Redeemed (927,682) (1,660,244)
------------ ------------
Net increase from fund
share transactions 2,044,326 1,542,649
------------ ------------
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Capital Portfolio
<TABLE>
<CAPTION>
For the Six Months For the Year Ended
Ended June 30, December 31,
--------------------------------------
(Unaudited)
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income $ 3,331,972 $ 6,684,340
Net realized gain on investments
and futures 2,798,788 12,459,745
Net change in unrealized
appreciation/(depreciation) on
investments and future contracts (2,524,282) 1,990,613
------------ ------------
3,606,478 21,134,698
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (3,959,663) (6,050,397)
In excess of net investment income -- --
Net realized gain on investments (12,519,532) (2,002,549)
------------ ------------
(16,479,195) (8,052,946)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 7,564,155 17,130,822
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 16,479,194 8,052,945
Payments for shares redeemed (10,648,555) (24,594,141)
------------ ------------
13,394,794 589,626
------------ ------------
NET INCREASE IN NET ASSETS 522,077 13,671,378
NET ASSETS
Beginning of year 159,293,886 145,622,508
------------ ------------
End of year 159,815,963 159,293,886
============ ============
FUND SHARE TRANSACTIONS:
Sold 533,306 1,199,385
Issued in reinvestment of
dividends and distributions 1,222,104 570,034
Redeemed (762,361) (1,729,493)
------------ ------------
Net increase from fund
share transactions 993,049 39,926
============ ============
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Bond Portfolio
For the Six Months For the Year Ended
Ended June 30, December 31,
--------------------------------------
(Unaudited)
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income $ 3,115,745 $ 5,766,633
Net realized gain on investments
and futures 521,815 1,210,173
Net change in unrealized
appreciation/(depreciation)
on investments and
futures contracts (343,006) (1,316,722)
------------ ------------
3,294,554 5,660,084
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (2,517,892) (6,340,623)
In excess of net investment income -- (320,260)
Net realized gain on investments (481,253) --
------------ ------------
(2,999,145) (6,660,883)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 5,884,551 17,850,341
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 2,999,145 6,660,883
Payments for shares redeemed (6,798,740) (11,443,995)
------------ ------------
2,084,956 13,067,229
------------ ------------
NET INCREASE IN NET ASSETS 2,380,365 12,066,430
NET ASSETS
Beginning of year 85,634,259 73,567,699
------------ ------------
End of year 88,014,624 85,634,129
============ ============
FUND SHARE TRANSACTIONS:
Sold 538,925 1,633,803
Issued in reinvestment of
dividends and distributions 276,691 621,662
Redeemed (624,986) (1,054,560)
------------ ------------
Net increase from
fund share transactions 190,630 1,200,905
------------ ------------
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
S&P 500 Index Portfolio
<TABLE>
<CAPTION>
For the Six Months For the Year Ended
Ended June 30, December 31,
--------------------------------------
(Unaudited)
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income $ 286,215 $ 349,515
Net realized gain on
investments and futures 655,638 218,750
Net change in unrealized
appreciation/(depreciation) on
investments and futures contracts 5,776,688 3,030,849
------------ ------------
6,718,541 3,599,114
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (307,039) (307,386)
In excess of net investment income -- --
Net realized gain on investments (270,297) --
------------ ------------
(577,336) (307,386)
------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 13,103,230 30,917,430
Net asset value of shares
issued to shareholders
in reinvestment of dividends
and distributions 577,335 307,386
Payments for shares redeemed (5,790,287) (5,617,082)
------------ ------------
7,890,278 25,607,734
------------ ------------
NET INCREASE IN NET ASSETS 14,031,483 28,899,462
NET ASSETS
Beginning of year 29,204,610 305,148
------------ ------------
End of year 43,236,093 29,204,610
============ ============
FUND SHARE TRANSACTIONS:
Sold 993,940 2,850,416
Issued in reinvestment of
dividends and distributions 44,389 26,989
Redeemed (436,596) (500,402)
------------ ------------
Net increase from
fund share transactions 601,733 2,377,003
============ ============
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(Unaudited)
EQUITY PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCKS - 91.10%
BANKING & FINANCIAL SERVICE - 14.92%
Allied Capital Corporation 28,571 457,124
Banco BHIF ADR 75,000 1,584,375
Banco Latinoamericano
De Exportanciones Sponsored ADR 54,700 2,358,938
Bank United Financial Corporation* 140,000 1,382,500
Charter One Financial, Incorporated 52,500 2,828,438
Chile Fund Incorporated* 80,000 2,090,000
Corus Bankshares, Incorporated 12,500 353,125
Czech Republic Fund 109,000 1,498,750
Deutsche Bank AG Sponsored ADR 42,000 2,456,076
Fahnestock Viner Holdings 150,000 2,831,250
First Bell Bancorp, Incorporated 15,000 248,750
FPIC Insurance Group, Incorporated* 172,500 3,881,250
Gainsco, Incorporated 217,762 2,041,519
Hamilton Bancorp, Incorporated* 100,000 2,675,000
Jefferies Group, Incorporated 64,000 2,850,000
Korea Fund, Incorporated 139,517 2,057,876
Penncorp Financial Group Corporation 95,000 3,657,500
Protective Life Corporation 40,000 2,010,000
RLI Corporation 43,625 1,589,586
Raymond James Financial Corporation 99,150 2,714,231
Thai Fund, Incorporated 145,655 2,239,446
Washington Federal, Incorporated 93,610 2,404,607
-----------
46,210,341
-----------
CAPITAL GOOD - 6.44%
AFC Cable Systems, Incorporated* 100,000 2,700,000
AGCO Corporation 59,400 2,134,688
Fibermark, Incorporated 90,000 1,878,750
Greif Brothers Corporation 82,800 2,235,600
Griffon Corporation 209,600 2,868,900
Holophane Corporation* 50,000 1,000,000
Lindsay Manufacturing Company 176,793 5,789,971
LSI Industries 100,000 1,350,000
-----------
19,957,909
-----------
CONSUMER CYCLICAL - 17.75%
Breed Technologies 125,000 2,875,000
Cemex SA -- Sponsored ADR* 200,000 1,925,938
Chromcraft Revington, Incorporated* 75,000 2,146,875
Claire's Stores, Incorporated 50,000 875,000
Conso Products Company 146,250 1,791,563
CULP, Incorporated 64,300 1,165,438
D.R. Horton, Incorporated 150,000 1,556,250
Devon Group, Incorporated* 85,000 3,038,750
Fila Holdings 50,000 1,671,875
Footstar, Incorporated* 110,000 2,873,750
Friedman's, Incorporated* 130,000 2,973,750
Helen of Troy, Bermuda* 99,000 2,536,875
Intermet Corporation 125,000 2,007,813
Kevco, Incorporated* 140,000 1,890,000
Medusa Corporation 80,300 3,081,513
NCI Building Systems, Incorporated* 80,700 2,612,663
Roberds, Incorporated* 90,000 472,500
Schult Homes 98,060 1,556,703
Scientific Games
Holdings Corporation* 72,600 1,497,375
Southern Energy Homes 217,000 1,980,125
Stanley Furniture Company* 61,000 1,410,625
Strattec Security Corporation* 145,000 2,990,625
Toll Brothers* 90,000 1,653,750
Tractor Supply Company* 30,000 540,000
Triangle Pacific Corporation* 92,500 2,960,000
Winsleow Furniture, Incorporated* 188,300 2,059,531
York Group, Incorporated 152,500 2,859,375
-----------
55,003,662
-----------
CONSUMER NON-DURABLE -7.94%
Advocat, Incorporated* 100,500 1,143,188
Complete Management, Incorporated* 120,000 1,710,000
Dairy Farm International Holdings
Sponsored ADR 200,000 750,000
Equity Marketing, Incorporated* 105,500 2,479,250
GT Bicycles, Incorporated* 175,000 1,400,000
ICN Pharmeaceuticals, Incorporated 106,600 3,058,088
IHOP Corporation* 87,000 2,697,000
Lone Star Steakhouse* 70,000 1,820,000
Oakley, Incorporated* 123,500 1,732,500
Orthofix International NV* 113,036 1,172,748
Schlotzsky's, Incorporated* 152,900 2,102,375
Standard Commercial Corporation 90,000 1,563,750
VISX, Incorporated* 45,000 1,068,750
VTECH Holdings Limited 100,000 1,884,530
-----------
24,582,179
-----------
ENERGY - 12.00%
Callon Petroleum Company* 110,000 1,760,000
Cross Timbers Oil Company 105,000 2,021,250
Giant Industries, Incorporated 205,000 3,241,563
Global Industries, Incorporated* 50,000 1,167,969
Gulf Island Fabrication, Incorpated* 110,000 2,818,750
Holly Corporation 90,000 2,233,125
KCS Energy, Incoporated 104,000 2,119,000
Maverick Tube Corporation* 83,000 3,112,500
Offshore Logistics, Incorporated* 83,000 2,265,000
Plains Resources, Incorporated* 119,500 1,762,625
Southern Mineral Corporation* 350,000 1,750,000
St. Mary Land & Exploration 60,000 2,107,500
Stone Energy Corporation* 93,900 2,570,513
Vastar Resources Incorporated 50,000 1,753,125
YPF S.A. Sponsored ADR 145,400 4,471,050
Zeigler Coal Holdings Company 87,000 2,033,625
-----------
37,187,595
-----------
MANUFACTURING -7.96%
ABT Building Products Company* 145,000 3,806,250
AEP Industries, Incorporated* 72,550 2,902,000
BWAY Corporation* 110,000 2,557,500
Bayer A G Sponsored ADR 75,000 2,884,589
Buckeye Cellulose Corporation* 51,000 1,721,250
Charoen Pok Feedmill 100,000 1,019,099
Matthews International
Corporation - Class A 77,000 2,810,500
Minorco Sponsored ADR 90,000 2,075,625
Mueller Industries* 35,000 1,531,250
Northwest Pipe Company* 32,000 588,000
Sybron Chemicals, Incorporated* 65,200 1,271,400
Wolverine Tube, Incorporated* 53,000 1,477,375
-----------
24,644,838
-----------
REAL ESTATE - 10.54%
Associated Estates Realty Corporation 65,000 1,527,500
City Developments Limited 150,000 1,468,679
Commercial Net Lease Realty 99,300 1,520,531
Evans Withycombe Residential 92,000 1,909,000
Health Care Property Investments,
Incorporated 42,600 1,501,650
Health and Retirement Property Trust 75,000 1,410,938
Health Care Realty Trust 61,400 1,711,525
Hospitality Properties Trust 64,000 1,960,000
IRT Property Company 172,300 2,024,525
Lexington Corporation Properties 100,000 1,400,000
Merry Land & Investment Company 115,000 2,494,063
Mid-America Apartment Communities 80,000 2,245,000
National Health Investors,
Incorporated 40,000 1,570,000
Oasis Residential, Incorporated 58,000 1,363,000
Pacific Gulf Properties 74,000 1,628,000
Trinet Corporate Realty
Trust Incorporated 58,000 1,917,625
United Dominion Realty
Trust Incorporated 168,000 2,383,500
Winston Hotels, Incorporated 175,000 2,635,938
-----------
32,671,474
-----------
TECHNOLOGY - 7.09%
Applied Voice Technology* 84,500 1,563,250
Carbide Graphite Group Incorporated* 130,000 3,022,500
CPAC, Incorperated* 200,000 2,425,000
Cybex Corporation* 160,000 2,840,000
DH Technology, Incorporated* 200,000 3,250,000
Kemet Corporation* 60,000 1,492,500
Nam Tai Electronics, Incorporated* 187,500 3,117,188
Recoton Corporation* 163,000 2,129,187
Vertex Communications Corporation* 80,000 2,140,000
-----------
21,979,625
-----------
TRANSPORTATION - 4.51%
Atlantic Southeast Airlines
Incorporated 95,000 2,719,375
Comair Holdings, Incorporated 115,000 3,184,063
Illinois Central Corporation - Class A 82,500 2,882,344
Landstar, Incorporated* 90,000 2,531,250
Midwest Express Holdings 97,500 2,669,063
-----------
13,986,095
-----------
UTILITY - 1.95%
CMS Energy Corporation 40,500 1,427,625
IES Industries, Incorporated 48,600 1,434,300
Rochester Gas and Electric 75,000 1,579,688
Tuscon Electric Power Company* 110,000 1,595,000
-----------
6,036,613
-----------
Total Common Stocks (cost $222,487,657) $282,260,331
-----------
SHORT-TERM INVESTMENTS - 9.20%
<CAPTION>
PRINCIPAL VALUE
--------- -----
<S> <C> <C>
COMMERCIAL PAPER - 6.00%
Merrill Lynch and Company
(5.430% due 11/26/97) $2,000,000 $1,955,353
Financial Federal
(5.700% due 10/31/97) 2,000,000 1,961,367
Financial Federal
(5.750% due 12/01/97) 1,000,000 975,563
GMAC (5.730% due 10/06/97) 2,000,000 1,969,122
Greenwich Funding Corporation
(5.640% due 9/22/97) 1,500,000 1,480,495
Hertz Corporation
(5.560% due 01/08/98) 2,000,000 1,941,002
Progress Funding Corporation
(5.730% due 9/18/97) 1,000,000 987,426
Cargill Financial Services
Corporation (5.410% due 11/26/97) 2,000,000 1,955,518
Ford Motor Credit
(5.690% due 01/27/98) 2,000,000 1,933,617
Orix Credit Alliance
(5.650% due 09/19/97) 2,000,000 1,974,889
International Lease Financial
Corporation (5.45% due 11/17/1997) 1,500,000 1,468,435
-----------
18,602,787
-----------
VARIABLE RATE DEMAND NOTES<F1> - 3.20%
Johnson Controls, Inc.
(5.276% due 00/00/00) 2,420,210 2,420,210
Warner Lambert (5.226% due 00/00/00) 3,210,109 3,210,110
General Mills, Inc.
(5.245% due 00/00/00) 2,548,821 2,548,822
American Family Financial Services
(5.256% due 00/00/00) 606,286 606,287
Pitney Bowes Credit Corp
(5.225% due 00/00/00) 567,300 567,300
Wisconsin Electric Power Co.
(5.965 due 00/00/00) 543,349 543,349
-----------
9,896,078
-----------
Total Short-Term Investments
(cost $28,498,865) 28,498,865
-----------
TOTAL INVESTMENTS - 100.30%
(cost $250,986,522)<F2> 310,759,196
-----------
OTHER ASSETS AND LIABILITIES - (.30)% (928,862)
-----------
TOTAL NET ASSETS - 100% $309,830,334
===========
____________
*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 1997.
<F2> Represents cost for Federal income tax purposes. Gross unrealized
appreciation and depreciation of securities at June 30,1997 or financial
reporting purposes was $68,112,935 and $8,340,261.
</FN>
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
Carillon Fund, Inc.
Schedule of Investments
JUNE 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
COMMON STOCKS - 34.70% SHARES/
PRINCIPAL VALUE
--------- -----------
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 9.88%
Allied Capital Corporation 34,285 $ 548,560
Banco BHIF ADR 50,000 1,056,250
Banco Latinoamericano
de Exportaciones ADR 3,900 168,176
Black Rock Strategic Term Trust 75,000 609,375
Charter One Financial Incorporated 42,000 2,262,750
Chile Fund* 33,000 862,125
Corus Bankshares Incorporated 6,000 169,500
Deutsche Bank AG Sponsored ADR 12,000 701,736
Fahnestock Viner Holdings 70,000 1,321,250
FPIC Insurance Group Incorporated* 65,000 1,462,500
Korea Fund 83,792 1,235,932
New Germany Fund 79,789 1,256,677
Penncorp Financial Group
Incorporated 24,000 924,000
Templeton Global Income Fund 125,000 937,500
Thai Fund Incorporated 55,566 854,327
Washington Federal Incorporated 55,000 1,412,812
-----------
15,783,470
-----------
CAPITAL GOOD - 2.26%
Griffon Corporation 55,000 752,813
Lindsay Manufacturing Incorporated 49,362 1,616,606
Strattec Security Corporation* 60,000 1,237,500
-----------
3,606,919
-----------
CONSUMER CYCLICAL -2.21%
Chromcraft Revington Incorporated* 25,000 715,625
Evans Withycombe Residential 39,000 809,250
NCI Building Systems Incorporated* 35,000 1,133,125
Winsleow Furniture Incorporated* 80,000 875,000
-----------
3,533,000
-----------
CONSUMER NON-DURABLE -1.08%
GT Bicycles Incorporated* 80,000 640,000
IHOP Corporation* 35,000 1,085,000
-----------
1,725,000
-----------
ENERGY - 4.25%
Callon Petroleum Company* 35,000 560,000
Cross Timbers Oil Company 27,450 528,413
Giant Industries Incorporated 87,400 1,382,013
KCS Energy Incorporated 42,000 855,750
Offshore Logistics Incorporated* 47,000 887,125
Stone Energy Corporation* 27,000 739,125
YPF S.A. Sponsored ADR 60,000 1,845,000
-----------
6,797,426
-----------
MANUFACTURING - 7.01%
ABT Building Products Company* 45,000 1,181,250
AEP Industries, Incorporated* 30,831 1,233,240
Bway Corporation* 44,000 1,023,000
Carbide Graphite Group* 60,000 1,395,000
Coeur D Alene Mines 52,000 672,756
Matthews International 2,500 91,250
Newmont Mining Corporation 35,050 1,366,950
Royal Oak Mines Incorporated* 125,000 296,875
TVX Gold Incorporated* 195,000 1,035,938
Vaal Reefs Exploration
& Mining Limited ADR 120,100 577,981
York Group Incorporated 62,000 1,162,500
Zeigler Coal Holding Company 50,000 1,168,750
-----------
11,205,490
-----------
REAL ESTATE - 6.15%
Associated Estates
Realty Corporation 50,000 1,175,000
City Developments 95,000 930,163
Hospitality Properties Trust 33,000 1,010,625
LTC Properties Incorporated 46,000 833,750
Merry Land & Investment Company 60,000 1,301,250
Mid-America Apartment Communities 40,000 1,122,500
Pacific Gulf Properties 43,500 957,000
United Dominion Realty Trust 75,000 1,064,063
Winston Hotels Incorporated 95,000 1,430,938
-----------
9,825,289
-----------
TECHNOLOGY - 1.86%
AFC Cable Systems Incorporated* 19,000 513,000
DH Technology, Incorporated* 94,760 1,539,850
Vertex Communications Corporation* 34,100 912,175
-----------
2,965,025
-----------
Total Common Stocks (cost $46,839,264) 55,441,619
-----------
PREFERRED STOCKS - .39%
MANUFACTURING -.39%
Freeport McMoRan Copper
& Gold Series 20,000 617,500
Total Preferred Stock (cost $709,838) 617,500
-----------
U.S. TREASURY OBLIGATIONS - 16.65%
7.875% due 04/15/98 $ 500,000 508,125
5.750% due 12/31/98 2,000,000 1,993,750
5.500% due 02/28/99 1,000,000 991,563
6.000% due 10/15/99 5,900,000 5,888,938
5.750% due 10/31/00 1,000,000 984,063
7.500% due 11/15/01 500,000 521,094
6.375% due 08/15/02 1,750,000 1,748,906
5.750% due 08/15/03 3,000,000 2,896,875
5.875% due 02/15/04 100,000 96,875
7.250% due 05/15/04 3,500,000 3,647,658
7.875% due 11/15/04 6,800,000 7,335,500
-----------
Total U.S. Treasury Notes
($26,376,144) 26,613,347
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 11.24%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - 3.14%
1662 H (6.250% due 01/15/09) 959,423 945,377
1442 FA (6.480% due 11/15/07)<F1> 1,000,000 981,083
1559 VP (5.500% due 02/15/20) 1,700,000 1,628,396
1399 PAC (7.000% due 09/15/22) 596,484 574,662
1631 SB (5.850% due 12/15/23) 1,450,000 888,680
-----------
5,018,198
-----------
<PAGE>
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 7.78%
Remic 93-12 ED
(7.500% due 02/25/06) 1,645,000 $ 1,687,145
Remic 1992-163 PN
(7.000% due 07/25/07) 1,500,000 1,501,620
Remic 92-117 J
(7.500% due 07/25/20) 1,000,000 1,011,628
Remic 92-119 E
(8.000% due 07/25/20) 1,000,000 1,024,020
Remic 92-112E
(8.000% due 12/25/20) 1,500,000 1,540,946
Remic 93-127 FA
(5.930% due 10/25/21)<F1> 1,000,000 963,110
Remic 1992-39 FB
(6.530% due 03/25/22)<F1> 2,000,000 1,975,701
Remic 92-66 F
(6.219% due 05/25/22)<F1> 914,116 915,412
Remic 1993-119 SB
(6.808% due 07/25/23)<F1> 2,572,882 1,817,284
-----------
12,436,866
-----------
PRIVATE SECTOR - .32%
Prudential Home Mortgage Securities
(7.500% due 07/25/10) 506,988 504,610
-----------
Total Collateralized Mortgage
Obligations (cost $18,372,000) 17,959,674
-----------
MORTGAGE - BACKED SECURITIES - 8.75%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - .76%
7.500% due 06/01/07 39,450 39,723
9.500% due 10/01/08 202,360 215,806
8.250% due 03/01/12 108,680 112,266
8.500% due 03/01/16 91,603 95,400
7.500% due 07/01/17 47,255 47,453
11.000% due 04/01/19 52,498 58,570
11.000% due 11/01/19 53,211 59,366
11.000% due 05/01/20 201,492 224,710
11.000% due 06/01/20 329,392 367,632
-----------
1,220,926
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 7.67%
10.000% due 02/01/04 4,477 4,782
9.500% due 09/01/05 132,297 138,449
9.000% due 11/01/05 53,926 56,161
7.500% due 03/25/07 1,200,000 1,221,561
8.000% due 05/01/07 132,106 136,137
6.000% due 12/01/08 816,923 793,257
5.500% due 01/01/09 849,387 806,290
6.000% due 03/01/09 925,411 898,602
5.500% due 04/01/09 613,202 579,317
6.500% due 02/01/26 775,991 742,701
6.500% due 03/01/26 200,580 191,976
7.000% due 03/01/26 1,883,824 1,847,523
7.000% due 07/01/26 1,924,489 1,886,005
7.500% due 07/01/26 2,944,095 2,950,543
-----------
12,253,304
-----------
<PAGE>
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - .32%
9.000% due 11/15/16 $ 89,874 $ 96,503
10.500% due 11/20/19 263,085 292,080
9.000% due 12/15/19 115,037 123,188
-----------
511,771
-----------
Total Mortgage Backed Securities
(cost $13,406,326) 13,986,001
-----------
CORPORATE BONDS AND NOTES - 2.85%
COMMUNICATIONS AND MEDIA - .58%
Lowen Group International, Inc.
(8.250% due 04/15/03) 900,000 928,494
-----------
FINANCE COMPANY - .39%
Zions Trust (8.536% due 12/15/26)<F1> 600,000 618,153
-----------
OIL & GAS EXPLORATION SERVICES - .13%
Maxus Debentures
(11.250% due 05/01/13) 208,000 213,200
-----------
REAL ESTATE - .32%
GE Capital Marketing Services, Inc.
(6.000% due 08/25/09) 552,188 518,196
-----------
TELEPHONE & TELECOMMUNICATIONS - .66%
TCI Communications Inc
(8.650% due 09/15/04) 1,000,000 1,058,984
-----------
UTILITIES - ELECTRIC - .77%
New Orleans Public Service Inc.
1st Mtg. (8.670% due 04/01/05)<F1> 1,200,000 1,225,889
-----------
Total Corporate Bonds
(cost $ 4,388,737) 4,562,916
-----------
SHORT-TERM INVESTMENTS - 24.93%
COMMERCIAL PAPER - 16.12%
Cargill Financial Services
Corporation (5.410% due 11/26/97) 2,000,000 1,955,600
Case Credit Corporation
(5.800% due 08/25/97) 1,500,000 1,486,708
Credit Suisse First Boston
(5.730% due 10/17/97) 1,500,000 1,474,215
CSX (5.770% due 07/10/97) 2,000,000 1,997,115
Daimler Benz NA Corporation
(5.670% due 09/09/97) 2,000,000 1,977,950
Electronic Data System
(5.630% due 07/31/97) 2,000,000 1,990,617
Ford Motor Company
(5.320% due 07/07/97) 2,500,000 2,497,675
GMAC (5.660% due 12/31/97) 1,000,000 971,228
Houston Industries
(5.800% due 07/07/97) 1,000,000 999,033
IBM Credit (5.560% due 08/08/97) 2,000,000 1,988,880
Illinois Power Company
(5.800% due 07/29/97) 2,000,000 1,990,978
Madison Funding Corporation
(5.640% due 07/14/97) 2,000,000 1,995,927
Merrill Lynch and Company
(5.430% due 11/26/97) 1,000,000 977,677
Nationwide Building
(5.690% due 08/11/97) 1,500,000 1,490,280
Orix Credit Alliance
(5.650% due 09/19/97) 2,000,000 1,974,889
-----------
25,768,772
-----------
VARIABLE RATE DEMAND NOTES - 8.81%
American Family Financial
Services, Inc. (5.2562% due 07/02/97) 1,484,666 1,484,666
General Mills Incorporated
(5.245% due 07/02/97) 62,752 62,752
Johnson Controls, Inc.
(5.2760% due 07/02/97) 4,983,151 4,983,151
Pitney Bowes Credit Corporation
(5.2551% due 07/02/97) 560,874 560,874
Warner Lambert (5.226% due 07/02/97) 5,450,773 5,450,773
Wisconsin Electric Power Company
(5.549% due 01/01/97) 1,536,603 1,536,603
-----------
14,078,819
-----------
Total Short Term Investments
(cost $39,847,591) 39,847,591
-----------
TOTAL INVESTMENTS - 99.51%
(cost $149,939,900)<F2> 159,028,648
-----------
OTHER ASSETS AND LIABILITIES - .49% 787,315
-----------
TOTAL NET ASSETS - 100% $159,815,963
============
_______________
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, 1997. 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, 1997.
<F2> Gross unrealized appreciation and depreciation of securities at June
30, 1997 for financial reporting purposes was $12,433,734 and $3,344,986
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, 1997
(Unaudited)
<TABLE>
<CAPTION>
BOND PORTFOLIO
U.S. TREASURY OBLIGATIONS - 33.47% SHARES/
PRINCIPAL VALUE
--------- -----
<S> <C> <C>
U.S. TREASURY BOND - 2.03%
6.000% due 02/15/26 $2,000,000 $ 1,789,375
-----------
U.S. TREASURY NOTES - 26.65%
6.000% due 10/15/99 4,000,000 3,992,500
6.700% due 04/30/00 2,000,000 2,026,250
7.750% due 02/15/01 2,500,000 2,615,625
5.625% due 02/28/01 2,000,000 1,956,250
5.875% due 11/15/05 5,000,000 4,784,375
7.000% due 07/15/06 5,000,000 5,143,750
6.250% due 02/15/07 3,000,000 2,934,375
23,453,125
-----------
U.S. TREASURY STRIPS - 4.79%
0.000% due 02/15/00 3,250,000 2,766,692
0.000% due 08/15/02 2,000,000 1,448,220
-----------
4,214,912
Total U.S. Treasury Obligations
(cost $29,412,404) 29,457,412
-----------
MORTGAGE - BACKED SECURITIES - 3.10%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - 1.01%
7.500% due 02/01/02 39,345 39,812
9.500% due 04/01/05 70,650 74,028
7.500% due 06/01/07 86,826 87,426
11.000% due 05/01/10 11,080 12,334
12.500% due 08/01/10 16,401 18,769
8.000% due 11/01/16 46,309 47,365
9.500% due 02/01/18 75,613 80,788
6.500% due 07/01/23 549,494 530,877
-----------
891,399
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 1.91%
12.000% due 04/01/00 60,942 65,284
9.000% due 08/01/01 46,473 48,346
8.500% due 01/01/02 43,959 45,456
10.500% due 06/01/04 12,259 12,998
10.500% due 05/01/05 184,966 196,122
6.500% due 06/01/08 1,055,197 1,040,403
8.000% due 08/01/17 267,939 273,716
-----------
1,682,325
-----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - .18%
11.000% due 03/15/10 60,550 66,491
9.000% due 05/15/20 81,070 85,605
-----------
152,096
-----------
Total Mortgage-Backed Securities
(cost $2,686,975) 2,725,820
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 6.75%
FEDERAL HOME LOAN MORTGAGE
CORPORATION - 3.51%
59 E (8.900% due 11/15/20) $1,008,875 $ 1,051,541
106 G (8.250% due 12/15/20) 1,000,000 1,038,248
1770 B (8.250% due 01/15/24) 1,000,000 1,002,701
-----------
3,092,490
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - .23%
Remic (9.500% due 12/25/18) 190,981 202,622
-----------
PRIVATE SECTOR - 3.01%
Securitized Asset Sales, Inc.
(6.500% due 07/25/08) 296,484 282,680
CMC Securities Corp.
(0.000% due 12/25/08) 375,009 279,202
Country Wide Mortgage-Backed
Securities, Inc.(6.000% due 03/01/09) 851,430 795,022
Capstead Mortgage Securities Corp.
(10.950% due 02/01/14) 192,504 193,219
NWA Trust No. 2 Class B
(10.230% due 06/21/14) 938,462 1,099,340
-----------
2,649,463
-----------
Total Collateralized Mortgage
Obligations (cost $5,566,249) 5,944,575
-----------
CORPORATE BONDS AND NOTES - 48.27%
AIR TRANSPORTATION - 1.15%
Continental Airlines
(7.820% due 10/15/23) 980,392 1,008,765
-----------
BANK & BANK HOLDING COMPANIES - 1.17%
NationsBank Corp.
(7.625% due 04/15/05) 1,000,000 1,030,183
-----------
BUILDING PRODUCTS - .57%
Falcon Building Products
(9.5000% due 06/15/07) 500,000 497,500
-----------
COMMUNICATIONS AND MEDIA - 11.73%
Adelphia Communications
(12.500% due 05/15/02) 1,000,000 1,061,250
Call-Net Enterprises
(0.000% due 12/01/04) 1,250,000 1,079,688
CF Cable TV Inc.
(9.125% due 07/15/07) 1,000,000 1,070,000
Continental Cablevision
(8.300% due 05/15/06) 1,000,000 1,060,739
Jones Intercable, Inc.
(9.625% due 03/15/02) 500,000 505,000
Neodata Service
(12.000% due 05/01/03) 1,000,000 1,075,000
Peoples Choice TV
(0.000% due06/01/04) 1,000,000 365,000
Spanish Broadcasting Systems
(11.000% due 03/15/04) 1,000,000 1,050,000
Time Warner Inc.
(8.110% due 08/15/06)<F2> 1,000,000 1,042,947
Talton Holdings Incorporated
(11.000% due 06/30/07) 1,000,000 1,010,000
Viacom Incorporated
(7.750% due 06/01/05) 1,000,000 1,003,667
-----------
10,323,291
-----------
CONSUMER PRODUCTS - 1.05%
Coleman Holdings (0.000% due 05/27/98) 1,000,000 923,750
-----------
FINANCE COMPANIES - 7.48%
Ahmanson Capital Trust
(8.360% due 12/01/26)<F2> 1,500,000 1,491,684
Conseco Finance
(8.796% due 04/01/27)<F2> 1,500,000 1,542,532
Prudential Insurance
(8.100% due 07/15/15) 1,000,000 1,002,775
USF&G (8.470% due 01/10/27)<F2> 1,000,000 1,002,128
Zions Trust (8.536% due 12/15/26)<F2> 1,500,000 1,545,384
-----------
6,584,503
-----------
FOOD, BEVERAGE, & TOBACCO - 2.24%
RJR Nabisco, Inc.
(7.625% due 09/15/03) 500,000 483,870
Great American Cookie, Inc.
(10.875% due 01/15/01) 500,000 505,000
Nabisco Inc. (7.550% due 06/15/15) 1,000,000 985,992
-----------
1,974,862
-----------
GAMING INDUSTRY - 4.47%
Argosy Gaming (13.250% due 06/01/04) $1,000,000 $ 962,500
Boomtown, Inc. 1st Mortgage
(11.500% due 11/01/03) 1,000,000 1,070,000
Casino Magic of Louisiana
(13.000% due 08/15/03) 1,000,000 845,000
Empress River Casino Finance Corp.
(10.750% due 04/01/02) 1,000,000 1,060,000
3,937,500
-----------
GROCERY INDUSTRY - .55%
Pueblo Xtra International
(9.5000% due 08/01/03) 500,000 480,000
-----------
HEALTH CARE - 1.72%
Columbia / HCA Healthcare Corp.
(7.690% due 06/15/25)<F2> 1,000,000 1,004,062
Foundation Health Corp.
(7.750% due 06/01/03) 500,000 514,119
-----------
1,518,181
-----------
INSURANCE - 3.04%
Berkley (W.R.) Corp.
(9.875% due 05/15/08) 500,000 593,441
Farmers Insurance Exhange
(8.500% due 04) 1,000,000 1,052,931
Leucadia National Corp.
(8.250% due 06/15/05) 1,000,000 1,032,965
-----------
2,679,337
-----------
MANUFACTURING - 3.75%
General Instrument Corporation
(5.000% due 06/15/00) 500,000 570,625
International Knife & Saw Corp.
(11.375% due 11/15/06) 1,000,000 1,067,500
International Wire Group Inc.
(11.750% due 06/01/05) 500,000 543,750
Terex Corp. (13.750% due 05/15/02) 1,000,000 1,122,500
-----------
3,304,375
-----------
MISCELLANEOUS - 1.22%
Allied Waste North America
(10.250% due 12/01/06) 1,000,000 1,070,000
-----------
OIL & GAS - DOMESTIC - .60%
Penzoil Company (9.625% due 11/15/99) 500,000 531,552
-----------
OIL & GAS - SERVICES - 2.95%
All Star Gas Corporation
(7.000% due 07/15/04) 1,000,000 870,000
Mitchell Energy Development Corp.
(6.750% due 02/15/04) 750,000 709,714
PDV America, Inc.
(7.750% due 08/01/00) 1,000,000 1,013,210
-----------
2,592,924
-----------
PAPER & FOREST PRODUCTS - 1.17%
Crown Paper (11.000% due 09/01/05) 500,000 500,000
Westvaco Corp. (10.300% due 01/15/19) 500,000 532,418
-----------
1,032,418
-----------
RETAIL - 2.16%
Pamida Incorporated
(11.750% due 03/15/03) 500,000 470,000
Shopko Stores (6.500% due 08/15/03) 1,500,000 1,427,181
-----------
1,897,181
-----------
STEELS AND METALS - 1.25%
Gulf States Steel
(13.500% due 04/15/03) 500,000 497,500
UCAR Global Enterprises Inc.
(12.000% due 01/15/05) 530,000 598,900
-----------
1,096,400
-----------
Total Corporate Bond and Notes
(cost $41,636,488) 42,482,722
-----------
COMMON STOCKS - .04%
ENERGY - .04%
Mesa Incorproated* 6,417 36,898
Total Common Stocks (cost $ 24,365) 36,898
-----------
WARRANTS - 0.00%
RETAIL-FOOD - 0.00%
Great American Cookie 90 $ 2,250
TECHNOLOGY - .00%
Terex Corporation Appreciation Rights 4,000 40
-----------
Total Warrants (cost $ 28,050) 2,290
-----------
PREFERRED STOCKS - 1.02%
BANKING AND FINANCIAL SERVICE - 1.02%
Earthshell Container Corporation
Series A
Cumulative Senior Convertible 8%<F1> 500 900,000
Total Preferred Stocks (cost $500,000) 900,000
-----------
SHORT TERM INVESTMENTS - 7.01%
COMMERCIAL PAPER - 5.68%
ConAgra, Incorporated
(5.770% due 07/03/97) 2,000,000 1,999,359
CSX (5.800% due 07/07/97) 1,000,000 999,033
Ford Motor Company
(5.3200% due 07/07/97) 1,000,000 999,063
Ford Motor Company
(5.6200% due 07/07/97) 1,000,000 998,907
-----------
4,996,362
-----------
VARIABLE RATE DEMAND
NOTES <F2> - 1.33%
American Family Financial
Services, Inc. (5.2562% due 07/02/97) 100 100
General Mills, Inc.
(5.2450% due 07/02/97) 309,612 309,612
Johnson Controls Inc.
(5.2760% due 07/02/97) 662,051 662,051
Pitney Bowes Credit Corp.
(5.2551% due 07/02/97) 144,846 144,846
Wisconsin Electric Power Co.
(5.2962% due 07/02/97) 49,831 49,831
-----------
1,166,440
-----------
Total Short-Term Investments
(cost 6,162,802) 6,162,802
-----------
TOTAL INVESTMENTS - 99.66%
(cost $86,017,333)<F3> 87,712,519
-----------
OTHER ASSETS AND LIABILITIES - .34% 302,105
-----------
TOTAL NET ASSETS - 100% $88,014,624
-----------
* Non-Income Producing
<FN>
<F1> 144A- Privately placed security traded among qualified institutional
buyers.
<F2> Interest rates vary periodically based on current market rates.
Rates shown are as of June 30, 1997. 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, 1997.
<F3> Gross unrealized appreciation and depreciation of securities at June
30, 1997 for financial reporting purposes was $2,747,980 and $1,052,794;
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
<TABLE>
<CAPTION>
JUNE 30, 1997
(Unaudited)
S&P 500 INDEX PORTFOLIO
COMMON STOCKS - 90.10%
SHARES VALUE
------ -----
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 15.88%
Aegon ADR 348 24,313
Aetna Life & Casulaty Company 867 88,759
Allstate Corporation 2,600 189,800
American Express Company 2,800 208,600
American General Corporation 1,300 62,075
American International Group 2,700 403,313
Banc One Corporation 2,490 120,609
Bank of Boston Corporation 900 64,856
Bank of New York, Incorporated 2,300 100,050
BankAmerica Corporation 4,200 271,163
Bankers Trust New York Corporation 500 43,500
Barnett Banks, Incorporated 1,300 68,250
Chase Manhattan Corporation 2,712 263,234
Chubb Group 1,100 73,563
CIGNA Corporation 500 88,750
Citicorp 2,100 253,181
Comerica, Incorporated 700 47,600
CoreStates Financial Corporation 1,400 75,250
Fannie Mae 6,100 266,113
Federal Home Loan Mortgage Corporation 4,000 137,500
First Bank System, Incorporated 900 76,838
First Chicago NBD Corporation 1,800 108,900
First Union Corporation 1,700 157,250
Fleet Financial Group, Incorporated 1,600 101,200
General RE Corporation 500 91,000
Great Western Financial 800 43,000
Green Tree Financial Corporation 800 28,500
Household International, Incorporated 600 70,463
ITT Hartford Group Incorporated 600 49,650
KeyCorp 1,400 78,225
Lincoln National Corporation 600 38,625
Marsh & McLennan Companies, Incorporated 1,000 71,375
MBNA Corporation 1,775 65,009
Mellon Bank Corporation 1,600 72,200
Merrill Lynch & Company, Incorporated 2,000 119,250
Morgan (J. P.) & Company 1,200 125,250
Morgan Stanley Group Incorporated 3,285 141,460
National City Corporation 1,400 73,500
NationsBank Corporation 3,044 196,338
Norwest Corporation 2,300 129,375
PNC Bank Corporation 2,100 87,413
Providian Corp. 800 25,700
Republic New York Corporation 400 43,000
S & P Despository Receipt 15,000 1,326,976
SAFECO Corporation 800 37,350
Salomon, Incorporated 700 38,938
SunTrust Banks, Incorporated 1,500 82,594
Transamerica Corporation 500 46,781
Travelers Group, Incorporated 3,633 229,106
US Bancorp 900 57,713
Wachovia Corporation 1,000 58,313
Wells Fargo & Company 533 143,644
-----------
6,865,415
-----------
CAPITAL GOOD - 5.05%
AMP, Incorporated 1,500 62,625
Caterpillar, Incorporated 1,100 118,113
Cooper Industries, Incorporated 900 44,775
Deere & Company 1,500 82,313
Dover Company 800 49,200
Emerson Electric Company 2,600 143,163
Foster Wheeler Corporation 300 16,200
General Electric Company 18,400 1,202,900
Grainger (WW), Incorporated 500 39,094
Illinois Tool Works, Incorporated 1,600 79,900
Ingersoll-Rand Company 600 37,050
Tenneco, Incorporated 1,200 54,225
Tyco International 1,100 76,519
Waste Management, Incoroporated 2,900 93,163
Westinghouse Electric Corporation 3,600 83,250
-----------
2,182,490
-----------
CONSUMER CYCLICAL - 6.34%
American Greetings Company Class A 600 22,275
American Stores Company 900 44,438
Black & Decker Corp. 500 18,594
Chrysler Corporation 4,100 134,531
CVS Corporation 700 35,875
Dayton Hudson Corporation 1,400 74,463
Eaton Corporation 500 43,656
Federated Department Stores Incorporated* 1,300 45,175
Ford Motor Company 6,800 256,700
Gap (The), Incorporated 1,600 62,200
General Motors Corporation 4,400 245,025
Genuine Parts Company 1,950 66,056
Goodyear Tire & Rubber Company 1,100 69,644
HFS, Incorporated 800 46,400
Home Depot, Incorporated 2,800 193,025
Johnson Controls 800 32,850
K Mart Corporation* 2,900 35,525
Lowe's Companies, Incorporated 1,000 37,125
May Department Stores Company 1,600 75,600
NIKE, Incorporated 1,700 99,238
PACCAR, Incorporated 400 18,575
Penney, (J.C.) Company, Incorporated 1,400 73,063
Reebok International, Incorporated* 400 18,775
Rite Aid Corporation 900 44,888
Sears, Roebuck & Company 2,300 123,625
Tandy Corporation 500 28,000
Limited (The), Incorporated 1,790 36,248
Toys "R" Us, Incorporated* 1,700 59,500
TRW, Incorporated 900 51,131
V.F. Corporation 500 42,375
Wal-Mart Stores, Incorporated 14,100 476,756
Walgreen Company 1,400 75,075
Whirlpool Corporation 600 32,738
Woolworth Corporation* 1,000 24,000
-----------
2,743,144
-----------
CONSUMER NON-DURABLE - 23.65%
Abbott Laboratories 4,400 293,700
Albertson's, Incorporated 1,600 58,400
American Home Products Corporation 3,800 290,700
Andrew Corporation 600 16,875
Anheuser-Busch Companies, Incorporated 2,800 117,425
Archer-Daniels-Midland Company 3,495 82,133
Automatic Data Processing, Incorporated 1,900 89,300
Avon Products, Incorporated 800 56,450
Baxter International, Incorporated 1,700 88,825
Becton, Dickinson Company 900 45,563
Block, H&R Incorporated 700 22,575
Boston Scientific Corporation* 1,000 61,438
Bristol-Meyers Squibb Company 5,800 469,800
Browning Ferris 1,300 43,225
Brunswick Corporation 700 21,875
Campbell Soup Company 2,600 130,000
Clorox Co. 300 39,600
Coca-Cola Company 13,900 938,250
Cognizant Corporation 1,000 40,500
Colgate-Palmolive Company 1,600 104,400
Columbia/HCA Healthcare Corporation 3,950 155,284
Comcast Corporation 1,200 25,650
ConAgra, Incorporate, Class A. Special 1,500 96,188
CPC International, Incorporated 900 83,081
CUC International, Incorporated* 2,550 65,822
Donnelly (RR) & Sons Company 1,200 43,950
Dow Jones, & Company, Incorporated 700 28,131
Dun & Bradstreet Corporation 1,200 31,500
Fortune Brands, Incorporated 1,100 41,044
Gallagher Group* 1,100 20,281
Gannett Company, Incorporated 1,100 108,625
General Mills, Incorporated 1,000 65,125
Gillette Company 3,100 293,725
Heinz (H.J.) Company 2,300 106,088
Harrahs Entertainment, Incorporated* 700 12,600
Hershey Foods Corporation 1,100 60,844
Hilton Hotels Corporation 1,700 45,156
International Flavors & Fragrance,
Incorporated 700 35,350
Interpublic Group Companies, Incorporated 600 36,788
Johnson & Johnson 7,500 482,813
Kellogg Company 1,200 102,750
King World Producation, Incorporated* 500 17,500
Kroger Company* 1,600 46,400
Lilly,(Eli) & Company 3,100 338,869
Loews Corporation 800 80,100
Manor Care 500 16,313
Mattel, Incorporated 1,850 62,669
Marriott International 900 55,238
McDonalds Corporation 4,100 198,081
McGraw Hill Companies, Incorporated 800 47,050
Medtronic, Incorporated 1,400 113,400
Merck & Company, Incorporated 6,600 683,100
PepsiCo, Incorporated 8,700 326,794
Pfizer, Incorporated 3,600 430,200
Pharmacia & Upjohn, Incorporated 2,900 100,775
Philip Morris Companies, Incorporated 14,100 625,688
Procter & Gamble Company 3,800 536,750
Ralston-Ralston Purina Group 600 49,313
Sara Lee Corporation 2,800 116,550
Schering-Plough Corporation 4,200 201,075
Seagrams Company, Limited 2,200 88,550
St. Jude Medical* 500 19,500
Sysco Corporation 1,300 47,450
Tele-Communications, Incorporated* 2,000 29,750
Tenet Healthcare Corporation* 1,900 56,169
Time Warner, Incorporated 3,500 168,875
Tribune Company 1,000 48,063
UST, Incorporated 1,200 33,300
United HealthCare Corporation 1,100 57,200
Viacom, Inc. - Class B* 1,700 51,000
Walt Disney Company, The 3,919 314,500
Warner-Lambert Company 1,700 211,225
Wendy's International 800 20,750
Winn-Dixie Stores, Incorporated 900 33,525
Wrigley, (Wm), Jr. Company 700 46,900
-----------
10,224,451
-----------
ENERGY - 8.07%
Amerada Hess Corporation 600 33,338
Amoco Corporation 3,000 260,813
Atlantic Richfield Company 1,800 126,900
Burlington Resources, Incorporated 900 39,713
Chevron Corporation 3,700 273,569
Columbia Gas System, Incorporated 400 26,100
Dresser Industries, Incorporated 1,400 52,150
Enron Corporation 1,500 61,219
Exxon Corporation 13,400 824,100
Halliburton Company 900 71,325
Kerr-McGee Company 400 25,350
Mobil Corporation 4,200 293,475
Occidental Petroleum 2,000 50,125
Phillips Petroleum Company 1,600 70,000
Royal Dutch Petroleum Company ADR 12,400 674,250
Schlumberger Limited 1,800 225,000
Sun Company, Incorporated 800 24,800
Texaco, Incorporated 1,500 163,125
USX-Marathon 1,800 51,975
Union Pacific Resources Group 1,592 39,601
Unocal Corporation 1,400 54,338
Williams Companies 1,050 45,938
-----------
3,487,204
-----------
MANUFACTURING - 7.61%
Air Products & Chemicals, Incorporated 700 56,875
Alcan Aluminum Limited 1,900 65,906
Allegheny Teledyne, Incorporated 800 21,600
Aluminum Company of America 1,400 105,525
Applied Materials Incorporated* 1,100 77,894
Barrick Gold 2,200 48,400
Bemis Company 400 17,300
Bethlehem Steel Corporation* 800 8,350
Centex Corporation 100 4,063
Champion International Corporation 800 44,200
Corning, Incorporated 1,400 77,875
Crown Cork & Seal Company, Incorporated 800 42,750
Dow Chemical Company 1,600 139,400
DuPont (E.I.) De Nemours & Company 6,400 402,400
Eastman Chemical Company 600 38,100
Eastman Kodak Company 1,900 145,825
Englehard Corporation 800 16,750
Fluor Corporation 700 38,631
Freeport McMoran Copper 800 24,900
Georgia-Pacific Company 800 68,300
Grace, (WR) & Company 500 27,563
Great Lakes Chemical Corporation 600 31,425
Hercules, Incorporated 700 33,513
Inco, Limited 1,300 39,081
International Paper Company 1,800 87,413
ITT Corporation* 700 42,744
Kimberly-Clark Corporation 3,200 159,200
Louisiana-Pacific Corporation 900 19,013
Mallincrokdt Group, Incorporated 700 26,600
Masco Corporation 1,200 50,100
Minnesota Mining & Manufacturing Company 2,400 244,800
Mead Corporation 400 24,900
Monsanto Company 3,500 150,719
Morton International, Incorporated 1,000 30,188
Nalco Chemical Company 600 23,175
Newmont Mining Corporation 1,500 58,500
Nucor Corporation 700 39,550
Owens Corning 400 17,250
Phelps Dodge Corporation 600 51,113
Placer Dome, Incorporated 1,400 22,925
PPG Industries, Incorporated 1,200 69,750
Praxair Incorporated 1,000 56,000
Reynolds Metals Company 500 35,625
Rohm & Haas 400 36,025
Rubbermaid, Incorporated 1,200 35,700
Sherwin- Williams 1,200 37,050
Silicon Graphics Incorporated* 1,200 18,000
Union Camp Corporation 700 35,000
Union Carbide Corporation 800 37,650
Unilever (N.V.) ADR 900 196,200
USX-US Steel Group 600 21,038
Weyerhaeuser Company 1,400 72,800
Worthington Industries, Incorporated 700 12,819
-----------
3,288,473
-----------
SERVICE - 0.16%
Ikon Office Solution 800 19,950
Service Corporation International 1,500 49,313
-----------
69,263
-----------
TECHNOLOGY - 14.08%
3COM Corporation* 1,100 49,500
Advanced Micro Devices, Incorporated* 900 32,400
AirTouch Communications, Incorporated* 2,900 79,388
AlliedSignal Incorporated 1,800 151,200
Amgen, Incorporated 1,600 93,000
Boeing Company 4,084 216,707
Cabletron Systems, Incorporated* 900 25,481
Cisco Systems, Incorporated* 3,800 255,075
COMPAQ Computers Corporation* 1,500 148,875
Computer Associates International,
Incorporated 2,100 116,944
Computer Sciences Corporation* 500 36,063
Digital Equipment Corporation* 1,000 35,438
Dell Computer Corporation* 1,000 117,438
First Data Corporation 2,700 118,631
Hewlett-Packard Company 5,900 330,400
Honeywell, Incorporated 900 68,288
Intel Corporation 4,700 666,519
International Business Machines Corporation 6,000 541,125
Lockheed Martin Corporation 1,200 124,275
LSI Logic Corporation* 800 25,600
Lucent Technologies 3,685 265,550
McDonnell Douglas Corporation 1,200 82,200
Micron Technology Incorporated* 1,300 51,919
Microsoft Corporation* 6,800 859,350
Motorola Incorporated 3,400 258,400
Nothern Telecom, Limited 1,500 136,500
Novell, Incorporated* 2,000 13,875
Oracle Systems Corporation* 4,000 201,500
Perkin-Elmer Corporation 300 23,869
Pitney-Bowes Incorporated 1,000 69,500
Raytheon Company 1,500 76,500
Rockwell International Corporation 1,300 76,700
Scientific Atlanta, Incorporated 700 15,313
Seagate Technology, Incorporated* 1,500 52,781
Sun Microsystems, Incorporated* 2,200 81,881
Tandem Computer Incorporated* 800 16,200
Tektronix, Incorporated 200 12,000
Tellabs, Incorporated* 1,100 61,463
Texas Instruments, Incorporated 1,100 92,469
Textron Incorporated 1,200 79,650
Unisys Corporation* 1,200 9,150
United Technologies Corporation 1,600 132,800
Western Atlas, Incorporated* 400 29,300
Xerox Corporation 2,000 157,750
-----------
6,088,967
-----------
TRANSPORTATION - 1.37%
AMR Corporation* 600 55,500
Burlington Northern Santa Fe Corporation 1,100 98,863
Caliber System, Incorporated 400 14,900
CSX Corporation 1,600 88,800
Delta Air Lines 500 41,000
Federal Express* 700 40,425
Laidlaw Incorporated 1,900 26,244
Norfolk Southern Company 800 80,600
Ryder System 700 23,100
Southwest Airlines Company 1,000 25,875
Union Pacific Corporation 1,400 98,700
-----------
594,007
-----------
UTILITY - 7.89%
ALLTELL Corporation 1,300 43,469
American Electric Power Company, Incorporated 1,600 67,200
AT&T Corporation 9,100 319,069
Ameritech Corporation 3,100 210,606
Baltimore Gas & Electric Company 1,100 29,356
Bell Atlantic Corporation 2,600 197,275
BellSouth Corporation 5,400 250,425
Carolina Power & Light Company 1,200 43,050
Central & Southwest Corporation 1,900 40,375
CinergyCorporation 1,000 34,813
Coastal Corporation 600 31,913
Consolidated Edison Co. of N.Y. Incorporated 1,400 41,213
Consolidated Natural Gas Company 600 32,288
Dominion Resources 1,400 51,275
Duke Power 2,339 112,126
DTE Energy Company 1,100 30,388
Edison International 2,500 62,188
Entergy Corporation 1,300 35,588
FPL Group Incorporated 1,500 69,094
General Public Utilities Corporation 900 32,288
GTE Corporation 4,900 214,988
Houston Industries, Incorporated 1,400 30,013
MCI Communications Corporation 3,200 122,500
Niagara Mohawk Power Corporation* 800 6,850
NYNEX Corporation 2,600 149,825
Pacific Gas & Electric Company 2,600 63,050
PacifiCorp 2,200 48,400
PECO Energy Company 1,200 25,200
Public Service Enterprise Group, Incorporated 1,300 32,500
SBC Communications 5,055 312,778
Southern Company 3,500 76,563
Sprint Corporation* 2,000 105,250
<PAGE>
Sonat, Incorporated 600 30,750
Texas Utilities Company 1,700 58,544
Unicom Corporation 1,400 31,150
Union Electric Company 900 33,919
U.S. West Communications Group 2,700 101,756
US West Media Group* 3,700 74,925
WorldCom, Incorporated 4,900 156,800
-----------
3,409,760
-----------
Total Common Stocks (cost $30,430,987) 38,953,174
-----------
<CAPTION>
SHORT-TERM INVESTMENTS - 10.66%
PRINCIPAL VALUE
<S> <C> <C>
US Treasury Bill (5.220% due 11/13/97) $4,250,000 4,166,366
Portico US Federal Money Market Fund 443,734 443,734
-----------
Total Short-Term Investments (cost $4,610,100) 4,610,100
-----------
TOTAL INVESTMENTS - 100.76%
(cost $35,041,087)<F1> 43,563,274
-----------
OTHER ASSETS AND LIABILITIES - (0.76%) (327,181)
-----------
TOTAL NET ASSETS - 100% $43,236,093
-----------
*Non-income producing
(ADR) American Depository Receipt
<FN>
<F1> Gross unrealized appreciation and depreciation of securities and futures
at June 30, 1997 for financial reporting was $9,235,029 and $427,467
respectively.
</FN>
</TABLE>
(2) Securities with an aggregate market value of
$4,165,875 have been segregated with the custodian to
cover margin requirements for the following open futures
contracts at June 30, 1997:
<TABLE>
<CAPTION>
Unrealized Appreciation /
Type Contracts (Depreciation)
-------------------------------------------------------------------
<S> <C> <C>
Standard & Poor's 500 Index (09/97) 5 316,250
Standard & Poor's 500 Index (09/97) 5 (30,875)
--------
$285,375
========
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(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 are 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.
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.
Distributions -Distributions from net investment income in all
Portfolios are declared and paid quarterly. Net realized
capital gains are distributed periodically, no less frequently
than annually. Distributions are recorded on the ex-dividend
date. All distributions are reinvested in additional shares of
the respective Portfolio at the net asset value per share.
The amount of 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. Distributions which exceed net
investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as
distributions 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
average annual net assets. As a result, for the six months
ended June 30, 1997, the Adviser waived management fees of
$3,002 for the S&P 500 Index Portfolio.
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
S&P 500 Index Portfolio ("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 amount
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, 1997 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 $84,309,294 $15,404,296 $ -- $15,091,219
U.S. Government Securities -- 8,851,656 4,579,070 --
Corporate Bonds -- 598,356 55,470,303 --
----------- ----------- ----------- -----------
$84,309,294 $24,854,308 $60,049,373 $15,091,219
----------- ----------- ----------- -----------
Total Proceeds
from Sales of:
Common Stocks $89,850,236 $19,078,087 $ 515,000 $ 5,966,758
U.S. Government Securities -- 2,982,800 6,518,143 --
Corporate Bonds -- 4,050,824 56,265,467 --
----------- ----------- ----------- -----------
$89,850,236 $26,111,711 $63,298,610 $ 5,966,758
=========== =========== =========== ===========
</TABLE>
<PAGE>
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)
1997 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $19.45 $16.54 $14.30 $14.58 $13.74 $12.60
------ ------ ------ ------ ------ ------
Investment
Activities:
Net investment
income .18 .29 .24 .20 .16 .19
Net realized and
unrealized
gains/(losses) 1.21 3.61 3.36 .31 1.69 1.27
------ ------ ------ ------ ------ ------
Total from
Investment
Operations 1.39 3.90 3.60 .51 1.85 1.46
------ ------ ------ ------ ------ ------
Distributions:
Net investment
income (.16) (.27) (.23) (.19) (.16) (.19)
Net realized gains (2.30) (.72) (1.13) (.60) (.85) (.13)
------ ------ ------ ------ ------ ------
Total Distributions (2.46) (.99) (1.36) (.79) (1.01) (.32)
------ ------ ------ ------ ------ ------
Net Asset Value,
End of year $18.38 $19.45 $16.54 $14.30 $14.58 $13.74
====== ====== ====== ====== ====== ======
Total Return 8.30% 24.52% 26.96% 3.42% 14.11% 11.78%
Ratios/
Supplemental Data:
Ratio of Expenses
to Average
Net Assets .63%<F1> .64% .66% .69% .70% .72%
Ratio of Net
Investment
Income to Average
Net Assets 1.37%<F1> 1.66% 1.73% 1.45% 1.18% 1.47%
Portfolio Turnover
Rate 63.25%<F1> 52.53% 34.33% 40.33% 37.93% 46.75%
Average Commission
Rate Paid(2) $ .0595 $ .0628
Net Assets,
End of Year (000's) $309,830 $288,124 $219,563 $157,696 $138,239 $102,306
_________________
<FN>
<F1> The ratios are annualized.
<F2> Represents the dollar amount of commissions paid on Portfolio
transactions divided by the total number of shares purchased and sold for
which commissions were charged. Disclosure not required for periods prior to
fiscal 1996.
</FN>
</TABLE>
<PAGE>
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)
1997 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 14.95 $ 13.72 $ 13.19 $ 13.81 $ 12.99 $ 12.82
------- ------- ------- ------- ------- -------
Investment
Activities:
Net investment
income .35 .63 .64 .52 .43 .42
Net realized and
unrealized
gains/(losses) (.04) 1.36 1.15 (.39) 1.17 .56
------- ------- ------- ------- ------- -------
Total from
Investment
Operations .31 1.99 1.79 .13 1.60 .98
------- ------- ------- ------- ------- -------
Distributions:
Net investment
income (.36) (.57) (.64) (.52) (.42) (.42)
Net realized gains (1.18) (.19) (.62) (.23) (.36) (.39)
------- ------- ------- ------- ------- -------
Total Distributions (1.54) (.76) (1.26) (.75) (.78) (.81)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of year $13.72 $14.95 $13.72 $13.19 $13.81 $12.99
======= ======= ======= ======= ======= =======
Total Return 2.31% 14.94% 14.28% .94% 12.72% 7.93%
Ratios/Supplemental
Data:
Ratio of Expenses
to Average
Net Assets .77%<F1> .77% .77% .80% .82% .88%
Ratio of
Net Investment
Income to Average
Net Assets 4.24%<F1> 4.42% 4.99% 4.25% 3.31% 3.49%
Portfolio Turnover
Rate 40.92%<F1> 53.11% 43.83% 41.89% 32.42% 39.74%
Average Commission
Rate Paid<F2> $ .0603 $.0615
Net Assets,
End of Year (000's) $159,816 $159,294 $145,623 $119,263 $100,016 $68,674
_________________
<FN>
<F1> The ratios are annualized.
<F2> Represents the dollar amount of commissions paid on Portfolio
transactions divided by the total number of shares purchased and sold for
which commissions were charged. Disclosure not required for periods prior to
fiscal 1996.
</FN>
</TABLE>
<PAGE>
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)
1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 10.91 $ 11.07 $ 10.04 $ 11.30 $ 10.91 $ 10.96
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income .34 .79 .88 .77 .73 .82
Net realized and
unrealized
gains/(losses) (.08) (.04) .98 (.95) .54 (.01)
------- ------- ------- ------- ------- -------
Total from
Investment Operations .42 .75 1.86 (.18) 1.27 .81
------- ------- ------- ------- ------- -------
Distributions:
Net investment income (.32) (.87) (.83) (.78) (.73) (.82)
In excess of
net investment income -- (.04) -- -- -- --
Net realized gains (.06) -- -- (.30) (.15) (.04)
------- ------- ------- ------- ------- -------
Total Distributions (.38) (.91) (.83) (1.08) (.88) (.86)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of period $ 10.95 $ 10.91 $ 11.07 $ 10.04 $ 11.30 $ 10.91
======= ======= ======= ======= ======= =======
Total Return 3.55% 7.19% 19.03% (1.63%) 11.94% 7.65%
Ratios/Supplemental
Data:
Ratio of Expenses to
Average Net Assets .61%<F1> .62% .65% .68% .66% .69%
Ratio of Net Investment
Income to Average
Net Assets 7.31%<F1> 7.24% 7.43% 7.21% 6.65% 7.59%
Portfolio Turnover Rate 152.68%<F1> 202.44% 111.01% 70.27% 137.46% 40.91%
Net Assets,
End of Year (000's) 88,015 $85,634 $73,568 $55,929 $54,128 $38,557
________________
<FN>
<F1> The ratios are annualized.
</FN>
</TABLE>
<PAGE>
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 Year Ended
June 30, 1997 December 31, 1996
------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value,
Beginning of Year $ 12.13 $ 10.00
Investment Activities:
Net investment income .14 .20
Net realized and unrealized
gains/(losses) 2.31 2.12
------- -------
Total from Investment Operations 2.45 2.32
------- -------
Distributions:
Net investment income (.11) (.19)
Net realized gains (.10) --
------- -------
Total Distributions (.21) (.19)
------- -------
Net Asset Value,
End of Period $ 14.37 $ 12.13
======= =======
Total Return 20.39% 23.37%
Ratios/Supplemental Data:
Ratio of Net Expenses to
Average Net Assets 1.23%<F1> .59%<F2>
Ratio of Net Investment
Income to Average Net Assets 3.53%<F1> 2.14%<F2>
Portfolio Turnover Rate 36.77% 1.09%
Average Commission Rate Paid<F3> .0595 $ .0601
Net Assets, End of Year (000's) $ 43,236 $ 29,205
- -------------
<FN>
<F1> The ratios are annualized.
<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 .25%
for the six months ended December 31, 1996, had the Adviser not waived a
portion of its fee.
<F3> Represents the dollar amount of commissions paid on Portfolio
transactions divided by the total number of shares purchased and sold for
which commissions were charged. Disclosure not required for periods prior to
fiscal 1996.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000743773
<NAME> CARILLON FUND INC.
<SERIES>
<NUMBER> 1
<NAME> BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 291,017,333
<INVESTMENTS-AT-VALUE> 87,712,519
<RECEIVABLES> 1,432,653
<ASSETS-OTHER> 14,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,159,380
<PAYABLE-FOR-SECURITIES> 998,907
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,849
<TOTAL-LIABILITIES> 1,144,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,496,558
<SHARES-COMMON-STOCK> 8,038,070
<SHARES-COMMON-PRIOR> 7,847,440
<ACCUMULATED-NII-CURRENT> 301,209
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 521,671
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,695,186
<NET-ASSETS> 88,014,624
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,374,684
<OTHER-INCOME> 0
<EXPENSES-NET> 258,939
<NET-INVESTMENT-INCOME> 3,115,745
<REALIZED-GAINS-CURRENT> 521,815
<APPREC-INCREASE-CURRENT> (343,006)
<NET-CHANGE-FROM-OPS> 3,294,554
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,517,892
<DISTRIBUTIONS-OF-GAINS> 481,253
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 538,907
<NUMBER-OF-SHARES-REDEEMED> (624,968)
<SHARES-REINVESTED> 276,691
<NET-CHANGE-IN-ASSETS> 2,380,365
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 481,109
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 296,645
<GROSS-ADVISORY-FEES> 204,142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 258,939
<AVERAGE-NET-ASSETS> 85,938,564
<PER-SHARE-NAV-BEGIN> 10.91
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> .32
<PER-SHARE-DISTRIBUTIONS> .06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> .61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000743773
<NAME> CARILLON FUND INC.
<SERIES>
<NUMBER> 2
<NAME> EQUITY PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 250,986,522
<INVESTMENTS-AT-VALUE> 310,759,196
<RECEIVABLES> 787,392
<ASSETS-OTHER> 32,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311,579,051
<PAYABLE-FOR-SECURITIES> 1,581,018
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167,699
<TOTAL-LIABILITIES> 1,748,717
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 227,752,582
<SHARES-COMMON-STOCK> 16,858,010
<SHARES-COMMON-PRIOR> 14,813,685
<ACCUMULATED-NII-CURRENT> 181,360
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22,123,718
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,772,674
<NET-ASSETS> 309,830,334
<DIVIDEND-INCOME> 2,171,087
<INTEREST-INCOME> 708,997
<OTHER-INCOME> 0
<EXPENSES-NET> 907,307
<NET-INVESTMENT-INCOME> 1,972,777
<REALIZED-GAINS-CURRENT> 22,144,959
<APPREC-INCREASE-CURRENT> (610,487)
<NET-CHANGE-FROM-OPS> 23,507,249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,526,115
<DISTRIBUTIONS-OF-GAINS> 34,344,113
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 784,912
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