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CARILLON FUND, INC.
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SEMIANNUAL REPORT - JUNE 30, 1999
[GRAPHIC]
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CARILLON FUND, INC.
SEMIANNUAL REPORT - TABLE OF CONTENTS
<TABLE>
<S> <C>
President's Message.......................................................................................... 1
Investment Review
Equity Portfolio......................................................................................... 2
Capital Portfolio........................................................................................ 4
Bond Portfolio........................................................................................... 6
S&P 500 Index Portfolio.................................................................................. 8
S&P MidCap 400 Index Portfolio........................................................................... 10
Balanced Index Portfolio................................................................................. 12
Statements of Assets and Liabilities......................................................................... 14
Statements of Operations..................................................................................... 16
Statements of Changes in Net Assets.......................................................................... 18
Schedule of Investments
Equity Portfolio......................................................................................... 20
Capital Portfolio........................................................................................ 22
Bond Portfolio........................................................................................... 24
S&P 500 Index Portfolio.................................................................................. 27
S&P MidCap 400 Index Portfolio........................................................................... 33
Balanced Index Portfolio................................................................................. 38
Notes to Financial Statements................................................................................ 44
</TABLE>
THIS REPORT HAS 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.
SEMIANNUAL REPORT - A MESSAGE FROM THE PRESIDENT
JUNE 30, 1998
PERFORMANCE - The performance of our Equity Portfolio, particularly in the
second quarter of 1999, has begun to reward long-term investors. On a net asset
value basis, the portfolio returned 14.0% (before contract fees and expenses) in
that period and is a direct result of the smaller capitalization stocks the
Portfolio owns that have rallied nicely. In addition, our new portfolio
management team has selectively pruned holdings that would be classified as
non-performers. Sectors that have been reduced include foreign stocks and REITs.
Energy stocks were sold as oil prices rebounded lifting the prices of our
holdings. The Carillon Bond Portfolio has had very good performance during
1999's first half, despite the increase in interest rates that has occurred this
year. The long-term track record of this portfolio continues to be first rate.
The S&P 500 Index Portfolio has performed well, producing strong returns that
have reflected investors' preference for larger capitalization stocks. The
returns of the Capital Portfolio continue to be disappointing for a number of
reasons. The relatively low allocation to common stocks coupled with poor
performing individual stocks hampered returns. In addition, the rise in interest
rates in the first half of 1999 has hurt the performance of the fixed income
allocation.
INTRODUCTION OF NEW PORTFOLIOS - I am pleased to announce three additions to the
Carillon Fund family. Effective May 3, the Carillon Balanced Index Portfolio and
the Carillon S&P MidCap 400 Portfolio were launched. Investors have
enthusiastically received both portfolios with the Balanced Index Portfolio
approaching $100 million in assets! This portfolio is composed of 60% of the S&P
500 Index and 40% of the Lehman Aggregate Bond Index. This portfolio will give
the individual investor a prudent investment mix across the spectrum of equity
and fixed income investments. The Carillon S&P MidCap 400 Index has been
introduced to allow the investor to invest in an index that is comprised of
companies whose market capitalizations range from $1 billion to $14 billion.
Mid-cap stocks are viewed by a number of investment professionals as having
excellent value as this sector has not appreciated in recent years as
dramatically as the large capitalization stocks represented by the S&P 500.
Finally, on June 30, the Carillon Lehman Aggregate Bond Index Portfolio was
launched. This portfolio will try to replicate the returns produced by Lehman
Brothers Aggregate Bond Index. This high credit quality index is comprised of
U.S. Treasury and agency securities, investment-grade corporate bonds, and
asset-and mortgage-backed securities.
MID-YEAR OUTLOOK - For the balance of 1999, expect the following:
- - In response to the increase in both energy prices and interest rates, GDP
growth should slow somewhat in the latter half of 1999.
- - The unemployment rate should remain unchanged at 4.3%, as the acceleration in
productivity growth is likely to be sustained for some time.
- - On the inflation front, a combination of higher oil prices, but slightly lower
price increases for goods and services should nudge the inflation rate from
1.6% to just under 2%.
- - The development of the Internet continues to be the most deflationary event of
our lifetime as this development allows productivity gains from cost cutting
and increased competition in an environment where businesses cannot raise
prices.
- - The Federal Reserve will leave the Fed funds rate unchanged at 5%. However,
long-term interest rates should decline due to a slowing economy, inflation
that remains in check, and a Federal budget surplus that cause the Federal
government to issue less debt.
- - While there will be some minor Y2K issues, expect that the majority of the
financial impact has already been incurred by businesses.
This report contains individual reports on all Carillon portfolios. Our
portfolio management teams are pleased by the trust you have placed in us. Your
thoughts and comments are important to us. Please drop me a note on any issue
relating to performance or service of our Portfolios.
Sincerely,
/s/ Steven R. Sutermeister
Steven R. Sutermeister, President
Carillon Fund, Inc.
July 28, 1999
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1
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CARILLON FUND, INC.
EQUITY PORTFOLIO
MANAGER'S COMMENTS:
The Carillon Equity Portfolio's performance in 1999 has been a tale of two
quarters. While the first quarter's performance was disappointing, the second
quarter of 1999 has been quiet rewarding to long-term investors. Aided by a
rally in small-cap stocks and a return to value investing, the Carillon Equity
Portfolio recorded a return of 13.96% in the second quarter of 1999, before
contract fees and expenses, beating the S&P 500 Index by 6.91% in that period.
For the year, the Portfolio's performance still trails the S&P 500 and Russell
2000 Index return, but we have seen a tremendous turnaround in relative
performance over the last few months.
Effective March 18, 1999, a new interim portfolio manager was named for the
Carillon Equity Portfolio. During this interim period, the objective of the
Portfolio remains the same: to seek long term appreciation by investing in
undervalued stocks. The strategy for meeting the objective will be similar to
the past, as dictated by the prospectus, but not identical. The Portfolio will
remain a "value" fund with a small cap bias. However, this does not mean that
every stock in the Portfolio is, or will be, a small cap stock. The primary
strategy of the Portfolio is to find "value" investments.
Substantial changes to the Portfolio have been made during this interim period
and will continue to be made as we enter the third quarter of 1999. Some of the
changes include reducing the foreign stock holdings in the Portfolio, reducing
the REIT exposure, and reducing the number of stocks in the Portfolio to a more
manageable number. In addition, certain stocks in the oil and gas sector were
sold into strength, as that sector performed nicely during the second quarter of
1999. Finally, the liquidity of the Portfolio has improved as a conscious effort
is being made to sell the smallest of the small-cap stocks in the Portfolio and
move into issues that have a higher trading volume.
As we enter the third quarter, the Carillon Equity Portfolio has continued to
gain ground on the S&P 500 Index and has outperformed the Russell 2000 Index
substantially. In fact, as of the writing of this report on August 4, 1999, the
performance of the Carillon Equity Portfolio has overtaken the Russell 2000
Index for the year (5.44% vs. 4.24%), before contract fees and expenses.
Furthermore, the Portfolio's performance is closing in on the S&P 500 Index for
the year (5.44% vs. 8.34%), before contract fees and expenses. After the poor
performance the Portfolio exhibited in 1998 and early 1999 verses the Indexes,
this is welcomed news!
As the third quarter of 1999 unfolds, I will endeavor to build upon the success
of the last several months and continue to improve the relative performance of
the Carillon Equity Portfolio.
TOP TEN HOLDINGS
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<TABLE>
<S> <C> <C>
1. MidCap SPDR Trust Unit Series I 6. LSI Industries, Inc.
2. Midwest Express Holdings 7. Charter One Financial, Inc.
3. Raymond James Financial Corp. 8. FPIC Insurance Group, Inc.
4. Basin Exploration, Inc. 9. D.R. Horton, Inc.
5. Mueller Industries, Inc. 10. CTS Corp.
</TABLE>
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2
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CARILLON FUND, INC.
EQUITY PORTFOLIO
SUMMARY
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<TABLE>
<S> <C>
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: Gary R. Rodmaker (Interim Portfolio Manager
03/18/99 - Present)
</TABLE>
HIGHLIGHTS
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On June 30, 1999, the Equity Portfolio had net assets of $171,391,435 and
diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 96.2%
Short-Term and Other 3.8%
</TABLE>
As an investor in the Carillon Equity Portfolio, for every $1 you had invested
on June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Banking & Financial Service 19.6%
Manufacturing 17.3%
Consumer Nondurable 13.4%
Energy/Utilities 11.9%
Consumer Cyclical 9.9%
Technology 8.3%
Real Estate 5.7%
Transportation 5.1%
Short-Term & Other 3.8%
Capital Goods 3.8%
Service 1.2%
</TABLE>
*International holdings comprised 8% of net assets in the Equity Portfolio.
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3
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CARILLON FUND, INC.
CAPITAL PORTFOLIO
MANAGER'S COMMENTS:
The Carillon Capital Portfolio's performance has been disappointing in 1999, but
has improved markedly in the second quarter. Through June 30, 1999, the
Portfolio posted a return of 1.47%, before contract fees and expenses. However,
during the second quarter of 1999, the Portfolio gained over 4%.
The stock portion of the Portfolio benefited from a rally in small-cap stocks
and a return of value investing during the second quarter of 1999. In addition,
several changes were made to the equity portion of the Portfolio during the
second quarter that were designed to enhance current and future performance. The
general themes that were implemented include reducing foreign stock exposure,
reducing REIT exposure, reducing the number of stocks held in the Portfolio,
selling oil and gas stocks into strength, and adding liquidity to the Portfolio
by selling the smallest of the small-cap stocks in the Portfolio. As we enter
the third quarter of 1999, changes to the equity portion of the Portfolio will
continue.
The bond portion of the Portfolio outperformed the Lehman Brothers Aggregate
Bond Index handily during the first half of 1999. Although the Lehman Index
posted a return of -1.38% for the period, the bond portion of the Carillon
Capital Portfolio posted a return of +.68% for the period. The positive
performance was attributable to an over-weighting of the Treasury bond sector in
the Portfolio and good individual security selection.
The cash portion of the Portfolio performed in-line with other money market
instruments, as one would expect. During the first half of 1999, the asset
allocation between stocks, bonds and cash remained fairly constant with stocks
averaging just below 60% of the Portfolio, bonds averaging approximately 40%,
and cash averaging 1%-3% of the Portfolio. The asset allocation between stocks,
bonds, and cash is expected to remain approximately the same for this Portfolio
in the future.
TOP TEN HOLDINGS
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<TABLE>
<S> <C> <C>
1. Convergy's Corp. 6. Invacare Corp.
2. Jefferies Group, Inc. 7. Whitman Corp.
3. Andrew Corp. 8. Midwest Express Holdings
4. Hewlett-Packard Company 9. National RV Holdings, Inc.
5. CTS Corp. 10. Mueller Industries, Inc.
</TABLE>
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4
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CARILLON FUND, INC.
CAPITAL PORTFOLIO
SUMMARY
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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 investing climate is near long-term historical
relationships, the portfolio will allocate its assets approximately
55-65% stocks, 35-45% bonds, and 0-5% money markets instruments. As
market conditions dictate, the Capital Portfolio repositions its
asset mix to take advantage of existing opportunities.
INCEPTION: May 1, 1990
MANAGER: Gary R. Rodmaker (03/18/99 - Present)
HIGHLIGHTS
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On June 30, 1999, the Capital Portfolio had net assets of $19,681,998 and
diversified holdings of:
<TABLE>
<CAPTION>
06/30/99 12/31/98 Long-Term
<S> <C> <C> <C>
Stocks 63.2% 61.0% 55-65%
Bonds and Notes 27.7% 38.8% 33-45%
Short-Term and Other 9.1% .2% 0-5%
</TABLE>
As an investor in the Carillon Capital Portfolio, for every $1 you had invested
on June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
U.S. Stocks 56.4%
Mortgage & Asset-Backed Securities 15.2%
Corporate Bonds 12.5%
Short-Term & Other 9.1%
International Stocks 6.8%
</TABLE>
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5
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CARILLON FUND, INC.
BOND PORTFOLIO
MANAGER'S COMMENTS:
The U.S. economy continued to show strong growth in the first and second quarter
of 1999, after growing at an annual rate in excess of 6% during the fourth
quarter of 1998. Consumer confidence has remained strong, and the labor markets
remain tight. This has led the Federal Reserve to take a more restrictive
approach to monetary policy in an effort to make a pre-emptive strike against
future inflation. Put simply, that means higher interest rates and lower bond
prices. The last six months have not been very kind to bond market investors as
most bond portfolios have exhibited negative returns during the period.
During the first half of 1999, the Carillon Bond Portfolio posted a return of
- -1.09%, before contract fees and expenses, compared to a return of -1.38% for
the Lehman Brothers Aggregate Bond Index. The Portfolio out-performed the Index
slightly during the period due to its over-weighting of corporate bonds and good
individual security selection. Although we are never satisfied with negative
returns, we believe the Carillon Bond Portfolio is continuing to meet its
objective of out-performing the bond market as a whole. Rising interest rates
are never the friend of bond market investors, but interest rates will not rise
forever.
Looking ahead to the third quarter of 1999, the strategy for the Carillon Bond
Portfolio will not change. We will continue to attempt to outperform the bond
market through superior individual security selection, sector rotation and
relative value analysis. We at Carillon Advisers cannot control the direction of
interest rates in general, but we can control the strategies we employ in an
effort to meet our objectives. The strategy we have employed has been successful
over the last 10 years and has been successful so far in 1999. We expect our
strategy to be successful in the future, as well. We are anxiously looking
forward to a time when interest rates stabilize and positive returns come back
to the market.
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6
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CARILLON FUND, INC.
BOND PORTFOLIO
SUMMARY
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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 Bond 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 below
investment grade securities, convertible debt securities, convertible
preferred and preferred stock, and other securities.
INCEPTION: August 15, 1984
MANAGERS: Gary R. Rodmaker and Michael J. Schultz (11/01/98 - Present)
HIGHLIGHTS
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On June 30, 1999, the Bond Portfolio had net assets of $109,451,324 and
diversified holdings of:
<TABLE>
<S> <C>
Bonds 94.6%
Short-Term and Other 5.4%
</TABLE>
As an investor in the Carillon Bond Portfolio, for every $1 you had invested on
June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Corporate Bonds 46.5%
U.S. Treasuries 33.3%
Mortgage & Asset-Backed Securities 14.8%
Short-Term & Other 5.4%
</TABLE>
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7
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CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO
MANAGER'S COMMENTS:
The first half of 1999 proved to be another excellent time to be invested in the
Carillon S&P 500 Index Portfolio. During the period, the S&P 500 Index gained
12.38%, while the underlying Carillon S&P 500 Index Portfolio gained 12.03%,
before contract fees and expenses. This is on top of a 28.54% return in 1998, a
32.72% return in 1997 and a 23.37% return in 1996 for the underlying Carillon
S&P 500 Index Portfolio. The combination of low fees, limited transaction costs,
and superior performance continues to attract investors.
The Carillon S&P 500 Index Portfolio continues to be the fastest growing
Portfolio in the family of Carillon funds. During the first half of 1999, the
Portfolio's assets grew from $131.3 million to $210.8 million, an increase of
over 60%. The flow of funds into the Portfolio continues to increase as
individuals recognize the strong performance the Portfolio has provided since
its 12/29/95 inception. The larger portfolio size will continue to drive down
the already low expense ratio of the Portfolio.
The primary objective of the S&P 500 Index Portfolio is to produce a return that
corresponds to the total return of the S&P 500 Index. The focus of the portfolio
manager is to monitor and minimize the difference between the return of the
Portfolio and the return of the underlying S&P 500 Index before fees and
expenses. This objective was met in the first half of 1999 as the difference in
return was -.35%. This is acceptable since the Portfolio incurred approximately
.22% in fees and expenses during the period.
The Portfolio currently holds approximately 450 of the 500 names contained in
the Index. The stocks included in the Portfolio are properly weighted by name
and industry to produce a return that is highly correlated with the return of
the S&P 500 Index. Since its inception, the Portfolio has maintained a
correlation in excess of 99% with the underlying S&P 500 Index.
TOP TEN HOLDINGS
- --------------------------------------------------------
<TABLE>
<S> <C> <C>
1. Microsoft Corporation 6. Lucent Technologies, Inc.
2. General Electric Company 7. Intel Corporation
3. International Business Machines Corp. 8. Exxon Corporation
4. Wal-Mart Stores, Inc. 9. AT&T Corporation
5. Cisco Systems, Inc. 10. Merck & Company, Inc.
</TABLE>
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8
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CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO
SUMMARY
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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 S&P 500 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
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On June 30, 1999, the S&P 500 Index Portfolio had net assets of $216,928,375 and
diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 95.2%
Short-Term, Futures, and Other 4.8%
</TABLE>
As an investor in the Carillon S&P 500 Index Portfolio, for every $1 you had
invested on June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Consumer Nondurable 21.4%
Technology 20.2%
Banking & Financial Service 15.3%
Utilities 11.1%
Consumer Cyclical 8.3%
Capital Goods 7.0%
Energy 5.6%
Short-Term & Other 4.8%
Manufacturing 3.9%
Service 1.4%
Transportation 1.0%
</TABLE>
"Standard & Poor's", "S&P", "S&P 500", "Standard & Poor's 500", "500", "S&P
MidCap 400 Index", and "Standard & Poor's MidCap 400 Index" are trademarks of
The McGraw-Hill Companies, Inc. and have been licensed for use by the Fund. The
Portfolio is not sponsored, endorsed, sold, or promoted by Standard & Poor's
("S&P"). S&P makes no representation regarding the advisability of investing in
the Portfolio.
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9
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CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO
MANAGER'S COMMENTS:
The S&P MidCap 400 Index Portfolio is one of the newest editions to Carillon
Advisers' family of index portfolios. With an inception date of May 3, 1999, the
Portfolio is off to an excellent start. For the stub period, May 3, 1999 to June
30, 1999, the S&P MidCap 400 Index recorded a gain of 4.17%, while the
underlying Carillon S&P MidCap 400 Index Portfolio gained 4.30%, before contract
fees and expenses. The acceptance of this fund has been positive as new assets
are already flowing into the Portfolio. The S&P MidCap 400 Index Portfolio is a
natural extension to the S&P 500 Index Portfolio that Carillon Advisers
introduced in 1995. Like the S&P 500 Index Portfolio, the MidCap 400 Portfolio
offers a combination of low fees, limited transaction costs, and competitive
performance.
The S&P MidCap 400 Index is a stock market index that includes common stocks of
companies with equity market capitalizations ranging from roughly $1 billion to
$14 billion. While smaller than the companies found in the S&P 500 Index, these
companies offer investors a nice blend of growth, value and performance. For
those interested in diversification, this Portfolio offers the investor a way to
participate in a segment of the stock market that is not served by simply
investing in the S&P 500 Index Portfolio. Furthermore, by using this investment
vehicle, the investor obtains all the value of indexing.
The primary objective of the S&P MidCap 400 Index Portfolio is to produce a
return that corresponds to the total return of the S&P MidCap 400 Index. The
focus of the portfolio manager is to monitor and minimize the difference between
the return of the Portfolio and the return of the underlying S&P MidCap 400
Index before fees and expenses. This objective was met in the stub period of May
3, 1999 to June 30, 1999, as the difference in return was +.13%. This is good
since the Portfolio incurred approximately .10% in fees and expenses during the
period. The Portfolio currently holds virtually all of the 400 names contained
in the actual S&P MidCap 400 Index. Furthermore, the stocks held in the
Portfolio are properly weighted by name and industry to produce a return that is
highly correlated with the S&P MidCap 400 Index. Since its inception, the
Portfolio has maintained a correlation in excess of 99% with the underlying
Index.
TOP TEN HOLDINGS
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
1. MidCap SPDR Unit Trust Series I 6. E*Trade Group, Inc.
2. Qualcom, Inc. 7. Maxim Integrated Products, Inc.
3. Allmerica Financial Corp. 8. Lexmark International Group, Inc.
4. Linear Technology Corp. 9. Xilinx, Inc.
5. Biogen, Inc. 10. Harley-Davidson, Inc.
</TABLE>
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10
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 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 MidCap 400 Composite Stock Index ("the S&P 400").
STRATEGY: The S&P MidCap 400 Index Portfolio will remain fully invested in
stocks included in the S&P 400 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: May 3, 1999
MANAGER: Gary R. Rodmaker
HIGHLIGHTS
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On June 30, 1999, the S&P MidCap 400 Index Portfolio had net assets of
$17,561,115 and diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 90.6%
Short-Term, Futures, and Other 9.4%
</TABLE>
As an investor in the Carillon S&P MidCap 400 Index Portfolio, for every $1 you
had invested on June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Technology 20.3%
Consumer Nondurable 13.2%
Consumer Cyclical 12.4%
Banking & Financial Service 11.9%
Short-Term & Other 9.4%
Utilities 8.2%
Capital Goods 6.9%
Energy 4.6%
Manufacturing 4.6%
MidCap SPDRs 4.0%
Service 3.3%
Transportation 1.2%
</TABLE>
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11
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO
MANAGER'S COMMENTS:
The Balanced Index Portfolio is one of the newest editions to Carillon Advisers'
family of index portfolios. With an inception date of May 3, 1999, the Portfolio
is off to an excellent start. For the stub period, May 3, 1999 to June 30, 1999,
the Balanced Index recorded a gain of .49%, while the underlying Carillon
Balanced Index Portfolio gained .50%, before contract fees and expenses. The
acceptance of this fund has been positive as new assets are already flowing into
the Portfolio. The Balanced Index Portfolio is another extension to the S&P 500
Index Portfolio that Carillon Advisers introduced in 1995. Like the S&P 500
Index Portfolio, the Balanced Index Portfolio offers a combination of low fees,
limited transaction costs, and competitive performance.
The Balanced Index Portfolio is designed to be a portfolio that holds a
combination of stocks and bonds in a predetermined, constant ratio of 60% stocks
and 40% bonds (the "Balanced Index"). Furthermore, the stock portion of the
portfolio is indexed to the S&P 500 Index, while the bond portion of the
portfolio is indexed to the Lehman Brothers Aggregate Bond Index. The portfolio
is monitored daily to ensure its return is properly tracking the index and that
the weighting of individual securities and industry groups is appropriate. The
portfolio is rebalanced as needed.
The primary objective of the Balanced Index Portfolio is to produce a return
that corresponds to the total return of the Balanced Index. The focus of the
portfolio manager is to monitor and minimize the difference between the return
of the Portfolio and the return of the underlying Balanced Index before fees and
expenses. This objective was met in the stub period of May 3, 1999 to June 30,
1999, as the difference in return was +.01%. This is excellent since the
Portfolio incurred approximately .10% in fees and expenses during the period.
The stocks and bonds included in the Portfolio are properly weighted by name,
industry and sector to produce the desired results. The Portfolio has maintained
a correlation in excess of 99% with the underlying Balanced Index since its
inception.
TOP TEN HOLDINGS
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
1. Microsoft Corporation 6. Lucent Technologies, Inc.
2. General Electric Company 7. Intel Corporation
3. International Business Machines Corp. 8. Exxon Corporation
4. Wal-Mart Stores, Inc. 9. AT&T Corporation
5. Cisco Systems, Inc. 10. Merck & Company, Inc.
</TABLE>
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12
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO
SUMMARY
- -------------------------------------------------------------------------------
OBJECTIVE: Seeks investment results, with respect to 60% of its net assets,
that correspond to the total return of U.S. common stocks, as
represented by the Standard & Poor's Composite 500 Index and, with
respect to 40% of its assets, that correspond to the total return
performance of investment grade bonds, as represented by the Lehman
Brothers Aggregate Bond Index.
STRATEGY: The Balanced Index Portfolio will invest approximately 60% of its net
assets in a portfolio of stocks included in the S&P 500 and in
futures of the Index and approximately 40% of its net assets in a
portfolio of investment grade bonds designed to track the Lehman
Brothers Aggregate Bond Index.
INCEPTION: May 3, 1999
MANAGER: Gary R. Rodmaker
HIGHLIGHTS
- -------------------------------------------------------------------------------
On June 30, 1999, the Balanced Index Portfolio had net assets of $74,007,905 and
diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 63.2%
Bonds and Notes 26.5%
Short-Term, Futures, and Other 10.3%
</TABLE>
As an investor in the Carillon Balanced Index Portfolio, for every $1 you had
invested on June 30, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
U.S. Stocks 63.2%
Treasuries & Agency Notes 23.1%
Short-Term & Other 10.3%
Mortgage-Backed Securities 2.67%
Corporate Bonds 0.7%
</TABLE>
- --------------------------------------------------------------------------------
13
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
EQUITY CAPITAL BOND S&P 500 INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ------------ --------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $154,280,189; $39,446,157;
$112,863,420; $158,785,974) $173,613,205 $37,208,915 $110,847,236 $209,902,565
Cash -- -- -- --
Receivables:
Shares sold 2,805 1,487 1,195 6,444,795
Securities sold 3,615,110 44,494,862 -- 1,135,169
Interest and dividends 44,905 113,810 1,872,741 177,468
Variation margin -- -- -- 63,350
Prepaid expenses and other 20,130 13,119 7,809 28,114
------------ ----------- ------------ --------------
177,296,155 81,832,193 112,728,981 217,751,461
------------ ----------- ------------ --------------
LIABILITIES
Payables:
Investment securities purchased -- -- -- 448,072
Shares redeemed 5,786,932 62,078,734 3,087,810 311,282
Investment advisory fees 86,523 48,519 43,394 47,472
Custodian and portfolio accounting fees 21,462 11,965 5,831 --
Professional fees 7,639 8,186 8,969 9,256
Other accrued expenses 2,164 2,791 2,469 7,004
Deferred directors' compensation -- -- 129,184 --
------------ ----------- ------------ --------------
5,904,720 62,150,195 3,277,657 823,086
------------ ----------- ------------ --------------
NET ASSETS
Paid-in capital 177,170,610 35,356,012 111,212,454 164,947,336
Undistributed net investment income 48,464 112,725 384,562 63,876
Accumulated net realized gain / (loss) on
investments and futures contracts (25,160,655) (13,549,497) (129,508) 691,672
Net unrealized
appreciation / (depreciation) on
investments, futures contracts, and
translation of assets and liabilities in
foreign currencies 19,333,016 (2,237,242) (2,016,184) 51,225,491
------------ ----------- ------------ --------------
$171,391,435 $19,681,998 $109,451,324 $216,928,375
------------ ----------- ------------ --------------
------------ ----------- ------------ --------------
Shares authorized ($.10) par value 40,000,000 30,000,000 30,000,000 30,000,000
Shares outstanding 13,068,615 1,760,988 10,274,390 10,055,146
Net asset value, offering and redemption
price per share $13.11 $11.18 $10.65 $21.57
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENT.
- --------------------------------------------------------------------------------
14
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
S&P MIDCAP 400 INDEX BALANCED INDEX
PORTFOLIO PORTFOLIO
--------------------- ---------------
<S> <C> <C>
ASSETS
Investments in securities, at value
(cost $15,499,043; $66,219,315) $15,997,686 $66,356,827
Cash 750 45,359
Receivables:
Shares sold 1,190,709 58,923,407
Securities sold 467,133 895,800
Interest and dividends 10,245 326,004
Variation margin (725) --
Prepaid expenses and other 1,459 1,459
--------------------- ---------------
17,667,257 126,548,856
--------------------- ---------------
LIABILITIES
Payables:
Investment securities purchased 93,985 52,530,098
Shares redeemed -- --
Investment advisory fees 1,514 76
Custodian and portfolio accounting
fees 6,707 6,707
Professional fees 2,973 2,973
Other accrued expenses 963 1,097
Deferred directors' compensation -- --
--------------------- ---------------
106,142 52,540,951
--------------------- ---------------
NET ASSETS
Paid-in capital 16,921,800 73,895,198
Undistributed net investment income 24,339 67,579
Accumulated net realized gain / (loss)
on investments and futures
contracts 117,058 (92,384)
Net unrealized
appreciation / (depreciation) on
investments, futures contracts, and
translation of assets and
liabilities in foreign currencies 497,918 137,512
--------------------- ---------------
$17,561,115 $74,007,905
--------------------- ---------------
--------------------- ---------------
Shares authorized ($.10) par value 30,000,000 30,000,000
Shares outstanding 1,684,216 7,366,377
Net asset value, offering and redemption
price per share $10.43 $10.05
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENT.
- --------------------------------------------------------------------------------
15
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
EQUITY CAPITAL BOND S&P 500 INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 227,521 $ 1,330,181 $ 4,073,255 $ 188,988
Dividends (net of foreign
withholding taxes of
$26,446; $5,000; $0;
$27,667) 1,157,708 350,360 -- 1,109,194
------------ ------------ ----------- --------------
1,385,229 1,680,541 4,073,255 1,298,182
------------ ------------ ----------- --------------
EXPENSES
Investment advisory fees 577,297 325,954 266,949 258,438
Custodian fees and expenses 31,660 14,851 13,579 12,789
Portfolio accounting fees 17,204 15,118 24,119 17,357
Professional fees 7,815 7,837 7,186 8,403
Director's fees 6,733 6,731 6,726 6,733
Transfer agent fees 3,261 3,360 3,284 3,078
Other 22,568 8,222 14,631 1,372
------------ ------------ ----------- --------------
666,538 382,073 336,474 308,170
Expense reimbursement -- -- -- --
------------ ------------ ----------- --------------
666,538 382,073 336,474 308,170
------------ ------------ ----------- --------------
NET INVESTMENT INCOME 718,691 1,298,468 3,736,781 990,012
------------ ------------ ----------- --------------
REALIZED AND UNREALIZED GAIN /
(LOSS)
Net realized gain / (loss)
on investments (24,824,020) (10,890,185) 292,720 511,822
Net realized gain / (loss)
on futures contracts -- -- -- 344,847
------------ ------------ ----------- --------------
(24,824,020) (10,890,185) 292,720 856,669
------------ ------------ ----------- --------------
Net change in unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and translation
of assets and liabilities
in foreign currencies 31,056,207 10,458,631 (5,231,212) 18,282,256
------------ ------------ ----------- --------------
NET REALIZED AND UNREALIZED
GAIN / (LOSS) 6,232,187 (431,554) (4,938,492) 19,138,925
------------ ------------ ----------- --------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 6,950,878 $ 866,914 $(1,201,711) $20,128,937
------------ ------------ ----------- --------------
------------ ------------ ----------- --------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
16
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
S&P MIDCAP 400 INDEX BALANCED INDEX
PORTFOLIO PORTFOLIO
--------------------- ---------------
<S> <C> <C>
INVESTMENT INCOME
Interest $ 10,228 $ 58,484
Dividends (net of foreign withholding
taxes of $0; $1,265) 28,212 21,640
-------- ---------------
38,440 80,124
-------- ---------------
EXPENSES
Investment advisory fees 7,051 6,653
Custodian fees and expenses 1,894 1,894
Portfolio accounting fees 4,814 4,814
Professional fees 2,973 2,973
Director's fees 1,136 1,136
Transfer agent fees 290 290
Other 962 1,095
-------- ---------------
19,120 18,855
Expense reimbursement (5,019) (6,310)
-------- ---------------
14,101 12,545
-------- ---------------
NET INVESTMENT INCOME 24,339 67,579
-------- ---------------
REALIZED AND UNREALIZED GAIN / (LOSS)
Net realized gain / (loss) on
investments 117,528 2,136
Net realized gain / (loss) on futures
contracts (470) (94,520)
-------- ---------------
117,058 (92,384)
-------- ---------------
Net change in unrealized appreciation
/ (depreciation) on investments,
futures contracts, and translation
of assets and liabilities in
foreign currencies 497,918 137,512
-------- ---------------
NET REALIZED AND UNREALIZED GAIN /
(LOSS) 614,976 45,128
-------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $639,315 $112,707
-------- ---------------
-------- ---------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
17
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY PORTFOLIO CAPITAL PORTFOLIO
--------------------------------------- ---------------------------------------
FOR THE SIX MONTHS FOR THE YEAR ENDED FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
------------------ ------------------ ------------------ ------------------
(UNAUDITED) (UNAUDITED)
1999 1998 1999 1998
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 718,691 $ 4,315,972 $ 1,298,468 $ 4,346,302
Net realized gain /
(loss) on
investments and
futures (24,824,020) 29,356,244 (10,890,185) (2,555,124)
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies 31,056,207 (82,894,401) 10,458,631 (21,439,855)
------------------ ------------------ ------------------ ------------------
6,950,878 (49,222,185) 866,914 (19,648,677)
------------------ ------------------ ------------------ ------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (1,218,332) (3,999,567) (1,428,861) (4,682,563)
Net realized gain (29,666,177) (43,531,579) -- (7,315,800)
------------------ ------------------ ------------------ ------------------
(30,884,509) (47,531,146) (1,428,861) (11,998,363)
------------------ ------------------ ------------------ ------------------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 2,167,885 27,909,508 934,127 23,465,642
Reinvestment of
distributions 30,884,509 47,531,146 1,428,861 11,998,363
Payments for shares
redeemed (86,510,136) (65,531,975) (91,797,125) (42,968,753)
------------------ ------------------ ------------------ ------------------
(53,457,742) 9,908,679 (89,434,137) (7,504,748)
------------------ ------------------ ------------------ ------------------
NET INCREASE (DECREASE)
IN NET ASSETS (77,391,373) (86,844,652) (89,996,084) (39,151,788)
NET ASSETS
Beginning of period 248,782,808 335,627,460 109,678,082 148,829,870
------------------ ------------------ ------------------ ------------------
End of period $171,391,435 $248,782,808 $ 19,681,998 $109,678,082
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
UNDISTRIBUTED NET
INVESTMENT INCOME $ 48,464 $ 548,105 $ 112,725 $ 233,033
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
FUND SHARE TRANSACTIONS
Sold 154,463 1,482,774 84,296 1,762,635
Reinvestment of
distributions 2,702,934 2,544,159 131,063 925,235
Redeemed (6,492,526) (3,814,089) (8,247,187) (3,453,975)
------------------ ------------------ ------------------ ------------------
Net increase
(decrease) from
fund share
transactions (3,635,129) 212,844 (8,031,828) (766,105)
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
18
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BOND PORTFOLIO S&P 500 INDEX PORTFOLIO
--------------------------------------- ---------------------------------------
FOR THE SIX MONTHS FOR THE YEAR ENDED FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
------------------ ------------------ ------------------ ------------------
(UNAUDITED) (UNAUDITED)
1999 1998 1999 1998
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,736,781 $ 8,002,882 $ 990,012 $ 1,144,225
Net realized gain /
(loss) on
investments and
futures 292,720 (382,978) 856,669 1,188,196
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies (5,231,212) (644,567) 18,282,256 20,913,178
------------------ ------------------ ------------------ ------------------
(1,201,711) 6,975,337 20,128,937 23,245,599
------------------ ------------------ ------------------ ------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (3,752,387) (7,895,961) (1,008,068) (1,101,958)
Net realized gain -- (1,121,637) (1,193,873) (1,947,719)
------------------ ------------------ ------------------ ------------------
(3,752,387) (9,017,598) (2,201,941) (3,049,677)
------------------ ------------------ ------------------ ------------------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 12,740,609 50,015,086 68,888,114 58,542,452
Reinvestment of
distributions 3,752,387 9,017,598 2,201,941 3,049,677
Payments for shares
redeemed (15,849,885) (43,120,208) (3,433,461) (6,037,935)
------------------ ------------------ ------------------ ------------------
643,111 15,912,476 67,656,594 55,554,194
------------------ ------------------ ------------------ ------------------
NET INCREASE (DECREASE)
IN NET ASSETS (4,310,987) 13,870,215 85,583,590 75,750,116
NET ASSETS
Beginning of period 113,762,311 99,892,096 131,344,785 55,594,669
------------------ ------------------ ------------------ ------------------
End of period $109,451,324 $113,762,311 $216,928,375 $131,344,785
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
UNDISTRIBUTED NET
INVESTMENT INCOME $ 384,562 $ 382,160 $ 63,876 $ 81,932
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
FUND SHARE TRANSACTIONS
Sold 1,157,082 4,379,828 3,375,249 3,377,397
Reinvestment of
distributions 347,948 799,240 107,819 175,601
Redeemed (1,450,011) (3,811,138) (165,992) (345,887)
------------------ ------------------ ------------------ ------------------
Net increase
(decrease) from
fund share
transactions 55,019 1,367,930 3,317,076 3,207,111
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------ ------------------
<CAPTION>
S&P MIDCAP 400 INDEX
PORTFOLIO BALANCED INDEX PORTFOLIO
----------------------- ------------------------
PERIOD FROM MAY 3, 1999 PERIOD FROM MAY 3, 1999
TO JUNE 30, TO JUNE 30,
----------------------- ------------------------
(UNAUDITED) (UNAUDITED)
1999 1999
----------------------- ------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 24,339 $ 67,579
Net realized gain /
(loss) on
investments and
futures 117,058 (92,384)
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies 497,918 137,512
----------- -----------
639,315 112,707
----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income -- --
Net realized gain -- --
----------- -----------
-- --
----------- -----------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 17,325,672 74,063,787
Reinvestment of
distributions -- --
Payments for shares
redeemed (403,872) (168,589)
----------- -----------
16,921,800 73,895,198
----------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS 17,561,115 74,007,905
NET ASSETS
Beginning of period -- --
----------- -----------
End of period $17,561,115 $ 74,007,905
----------- -----------
----------- -----------
UNDISTRIBUTED NET
INVESTMENT INCOME $ 24,339 $ 67,579
----------- -----------
----------- -----------
FUND SHARE TRANSACTIONS
Sold 1,724,058 7,383,618
Reinvestment of
distributions -- --
Redeemed (39,842) (17,241)
----------- -----------
Net increase
(decrease) from
fund share
transactions 1,684,216 7,366,377
----------- -----------
----------- -----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
19
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 96.18%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
-----------------
BANKING &
FINANCIAL SERVICE - 19.65%
Allied Capital Corporation 133,639 $ 2,727,336
Amresco, Incorporated* 154,000 991,375
Banco Latinoamericano De
Exportanciones Sponsored ADR 75,000 2,006,250
Charter One Financial, Incorporated 120,462 3,350,349
Corvel Corporation* 132,000 2,838,000
Duff & Phelps Credit Rating Company 40,300 2,695,063
Fahnestock Viner Holdings,
Incorporated 150,000 2,343,750
FPIC Insurance Group, Incorporated* 68,000 3,298,000
Golden State Bancorp* 51,000 1,122,000
Hamilton Bancorp, Incorporated* 50,000 1,200,000
Investment Technology Group,
Incorporated 52,800 1,709,400
Jefferies Group, Incorporated 52,800 1,584,000
Peoples Heritage Financial Group 100,000 1,881,250
Raymond James Financial Corporation 143,725 3,440,417
UICI* 90,000 2,486,250
------------
33,673,440
------------
CAPITAL GOODS - 3.79%
CTS Corporation 45,000 3,150,000
LSI Industries, Incorporated 138,900 3,350,963
------------
6,500,963
------------
CONSUMER CYCLICAL - 9.88%
Claire's Stores, Incorporated 78,100 2,001,313
Ethan Allen Interiors 62,400 2,355,600
Maxwell Shoe Company, Incorporated* 167,500 1,517,969
National RV Holdings, Incorporated* 110,000 2,667,500
Perry Ellis International,
Incorporated* 40,900 547,038
Stanley Furniture Company* 134,000 3,015,000
Strattec Security Corporation* 70,000 2,362,500
Toll Brothers, Incorporated* 115,000 2,465,313
------------
16,932,233
------------
<CAPTION>
SHARES VALUE
<S> <C> <C>
-----------------
CONSUMER NON-DURABLE - 13.45%
Anchor Gaming* 46,500 $ 2,234,905
Health Management Association Class A* 137,000 1,541,250
Invacare Corporation 117,000 3,129,750
Laboratorio Chile ADR 156,700 2,820,600
Landry's Seafood Restaurants,
Incorporated* 110,000 880,000
Luxottica Group S.p.A. Sponsored ADR* 185,000 2,879,062
Orthofix International N.V.* 84,536 1,257,472
Richfood Holdings, Incorporated 122,000 2,150,250
Schlotzsky's, Incorporated* 156,900 1,716,093
Scientific Games Holdings Corporation* 126,200 2,460,900
Watson Pharmaceuticals, Incorporated* 14,500 508,405
Young Innovations, Incorporated* 101,000 1,477,124
------------
23,055,811
------------
ENERGY - 10.50%
Atwood Oceanics, Incorporated* 63,700 1,990,625
Basin Exploration, Incorporated* 170,000 3,410,625
Cabot Oil & Gas Corporation 85,000 1,583,125
Callon Petroleum Company* 165,000 1,701,563
Houston Exploration Company* 100,000 1,893,750
Marine Drilling Company, Incorporated* 210,000 2,874,375
Newfield Exploration Company* 100,000 2,843,750
Pride International, Incorporated* 160,000 1,690,000
------------
17,987,813
------------
MANUFACTURING - 17.26%
Carbide Graphite Group, Incorporated* 81,000 1,159,313
Champion Enterprises, Incorporated* 88,000 1,639,000
CompX International, Incorporated* 173,000 3,092,375
Cotelligent, Incorporated* 65,000 507,813
DeBeers Consolidated Mines ADR 125,000 2,984,375
D.R. Horton, Incorporated 190,000 3,158,750
Fibermark, Incorporated* 115,000 1,516,563
Giant Cement Holding, Incorporated* 94,000 2,150,250
Matthews International Corporation -
Class A 89,000 2,636,625
Mueller Industries, Incorporated* 100,000 3,393,750
NCI Building Systems, Incorporated* 123,400 2,637,675
Omniquip International, Incorporated 218,000 1,716,750
Sawtek, Incorporated* 65,000 2,981,875
------------
29,575,114
------------
REAL ESTATE - 5.65%
Chicago Title Corporation 25,300 902,894
Duke Realty Investments, Incorporated 29,000 654,313
FelCor Lodging Trust, Incorporated 115,600 2,398,700
Gables Residential Trust 80,000 1,930,000
Hospitality Properties Trust 64,000 1,736,000
Mid-America Apartment Communities 90,000 2,081,250
------------
9,703,157
------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
20
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
-----------------
SERVICE - 1.23%
Convergys Corporation* 100,000 $ 1,925,000
Miami Computer Supply Corporation* 10,000 188,750
------------
2,113,750
------------
TECHNOLOGY - 8.28%
3DFX Interactive, Incorporated* 37,370 583,906
Andrew Corporation* 92,000 1,742,250
Cybex Corporation* 80,000 2,230,000
ECI Telecommunications 94,500 3,136,219
Mastec, Incorporated* 40,000 1,130,000
Performance Technologies,
Incorporated* 115,500 2,324,438
SPSS, Incorporated* 118,500 3,043,969
------------
14,190,782
------------
TRANSPORTATION - 5.12%
America West Holdings Corporation
Class B* 100,000 1,887,500
Comair Holdings, Incorporated 102,000 2,122,875
Midwest Express Holdings* 104,550 3,554,700
Whitman Corporation 66,800 1,202,400
------------
8,767,475
------------
UTILITIES - 1.37%
Avista Corporation 79,000 1,283,750
Niagara Mohawk Holdings, Incorporated* 66,000 1,060,125
------------
2,343,875
------------
Total Common Stocks (cost
$144,756,155) 164,844,413
------------
UNIT INVESTMENT TRUST - 2.84%
MidCap SPDR Trust Unit Series I 61,950 4,859,203
------------
Total Unit Investment Trust (cost
$5,614,445)
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
SHORT-TERM INVESTMENTS - 2.28%
VARIABLE RATE
DEMAND NOTES(1) - 2.28%
Firstar Bank
(4.970% due 12/31/31) $3,909,589 $ 3,909,589
------------
Total Short-Term Investments (cost
$3,909,589) 3,909,589
------------
TOTAL INVESTMENTS - 101.30%
(cost $154,280,189)(2) 173,613,205
------------
OTHER ASSETS AND LIABILITIES - (1.30)% (2,221,770)
------------
TOTAL NET ASSETS - 100% $171,391,435
------------
------------
</TABLE>
- ----------
* Non-income producing
(ADR) American Depository Receipt
(1) 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, 1999.
(2) Represents cost for Federal income tax purposes. Gross unrealized
appreciation and depreciation of securities at June 30, 1999 for financial
reporting purposes was $38,527,702 and ($19,194,686).
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
21
<PAGE>
CARILLON FUND, INC.
CAPITAL PORTFOLIO SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 61.13%
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL VALUE
<S> <C> <C>
-------------------
BANKING &
FINANCIAL SERVICE - 10.56%
Amresco, Incorporated* 50,000 $ 321,874
Charter One Financial, Incorporated* 11,000 305,937
Duff & Phelps Credit Rating Company 5,000 334,374
Golden State Bancorp* 13,000 286,000
Investment Technology Group,
Incorporated 5,275 170,777
Jefferies Group, Incorporated 12,000 360,000
Texas Regional Bancshares-A 11,000 299,062
------------
2,078,024
------------
CAPITAL GOODS - 1.93%
CTS Corporation 5,000 350,000
LMI Aerospace, Incorporated* 7,000 30,188
------------
380,188
------------
CONSUMER CYCLICAL - 4.65%
National RV Holdings, Incorporated* 14,000 339,500
Newmark Homes Corporation* 50,800 273,050
Winsloew Furniture, Incorporated* 9,000 302,625
------------
915,175
------------
CONSUMER NON-DURABLE - 9.11%
Anchor Gaming* 6,500 312,405
Health Management Association Class A* 21,900 246,375
Invacare Corporation 13,000 347,750
Luxottica Group S.p.A. Sponsored ADR* 21,000 326,813
Merck & Company, Incorporated 4,000 296,000
Watson Pharmaceuticals, Incorporated* 7,500 262,969
------------
1,792,312
------------
ENERGY - 1.50%
Pride International, Incorporated* 28,000 295,750
------------
MANUFACTURING - 8.71%
Champion Enterprises, Incorporated* 15,000 279,375
D.R. Horton, Incorporated 19,000 315,875
DeBeers Consolidated Mines ADR 13,000 310,375
Lindberg Corporation 18,000 202,500
Mueller Industries, Incorporated* 10,000 339,375
Omniquip International, Incorporated 34,000 267,750
------------
1,715,250
------------
<CAPTION>
SHARES/
PRINCIPAL VALUE
<S> <C> <C>
-------------------
REAL ESTATE - 6.25%
Chicago Title Corporation 9,000 $ 321,188
Duke Realty Investments, Incorporated 13,000 293,313
FelCor Lodging Trust, Incorporated 14,000 290,500
St. Joe Company 12,000 324,000
------------
1,229,001
------------
SERVICE - 1.96%
Convergy's Corporation* 20,000 385,000
------------
TECHNOLOGY - 6.76%
Andrew Corporation* 19,000 359,813
Cybex Corporation* 11,500 320,563
ECI Telecommunications 9,000 298,688
Hewlett-Packard Company* 3,500 351,750
------------
1,330,814
------------
TRANSPORTATION - 6.59%
America West Holdings Corporation
Class B* 16,000 302,000
Comair Holdings, Incorporated* 15,000 312,188
Midwest Express Holdings* 10,000 340,000
Whitman Corporation 19,000 342,000
------------
1,296,188
------------
UTILITIES - 3.11%
Avista Corporation 17,000 276,250
Niagara Mohawk Holdings, Incorporated* 21,000 337,313
------------
613,563
------------
Total Common Stocks
(cost $13,747,766) 12,031,265
------------
FOREIGN COMMON STOCK - 2.07%
MALAYSIA - 2.07%
Bumi Armada Berhad* 500,000 407,583
------------
Total Foreign Common Stock
(cost $791,617) 407,583
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -
9.72%
FEDERAL HOME LOAN MORTGAGE CORPORATION -
.13%
1399 PAC (7.000% due 09/15/22) $ 26,780 25,558
------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
22
<PAGE>
CARILLON FUND, INC.
CAPITAL PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL VALUE
<S> <C> <C>
-------------------
PRIVATE SECTOR - 9.59%
GE Capital Mortgage Services, Inc.
(6.000% due 08/25/09) $ 479,183 $ 460,141
Prudential Home Mortgage Securities
(7.500% due 07/25/10) 449,322 453,151
MSC 1998-WF 1(7.120% due 01/15/08) 1,000,000 974,060
------------
1,887,352
------------
Total Collateralized Mortgage
Obligations (cost $1,867,247) 1,912,910
------------
MORTGAGE-
BACKED SECURITIES - .69%
FEDERAL HOME LOAN MORTGAGE CORPORATION -
.63%
7.500% due 06/01/07 441 444
9.500% due 10/01/08 109,241 116,134
8.250% due 03/01/12 690 714
8.500% due 03/01/16 299 315
7.500% due 07/01/17 4,510 4,574
11.000% due 04/01/19 25 28
11.000% due 11/01/19 57 62
11.000% due 05/01/20 816 893
11.000% due 06/01/20 270 295
------------
123,459
------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - .06%
9.000% due 11/01/05 11,481 11,978
------------
Total Mortgage-backed Securities
(cost $136,360) 135,437
------------
ASSET-BACKED SECURITY - 4.79%
PaineWebber Mtg. Accpt. 96 M1 E
(7.655% due 01/02/12) 1,005,805 941,997
------------
Total Asset-backed Securities
(cost $1,038,764) 941,997
------------
<CAPTION>
SHARES/
PRINCIPAL VALUE
<S> <C> <C>
-------------------
CORPORATE BONDS
AND NOTES - 12.54%
AIR TRANSPORTATION - 3.74%
America West Airlines (6.850% due
07/02/09) $ 289,487 $ 279,378
Midway Airlines (7.140% due 01/02/15) 500,000 456,400
------------
735,778
------------
ELECTRIC - 8.80%
Niagara Mohawk Power (9.750% due
11/01/05) 1,500,000 1,731,582
------------
Total Corporate Bonds
(cost $2,552,040) 2,467,360
------------
SHORT-TERM INVESTMENTS - 98.11%
VARIABLE RATE
DEMAND NOTES(1) - 98.11%
General Mills (4.825% due 12/31/31) 3,771,287 3,771,287
Firstar Bank (4.970% due 12/31/31) 3,810,808 3,810,808
Pitney Bowes (4.825% due 12/31/31) 3,581,133 3,581,133
Sara Lee (4.820% due 12/31/31) 3,576,916 3,576,916
Warner Lambert (4.701% due 12/31/31) 852,935 852,935
Wisconsin Electric (4.700% due
12/31/31) 3,719,284 3,719,284
------------
Total Short-Term Investments
(cost $19,312,363) 19,312,363
------------
TOTAL INVESTMENTS - 189.05%
(cost $39,446,157)(2) 37,208,915
------------
OTHER ASSETS AND LIABILITIES - (89.05%) (17,526,917)
------------
TOTAL NET ASSETS - 100% $ 19,681,998
------------
------------
</TABLE>
- ----------
* Non-income producing
(ADR) American Depository Receipt
(1) 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 1999.
(2) Represents cost for Federal income tax purposes. Gross unrealized
appreciation and depreciation of securities at June 30, 1999 for financial
reporting purposes was $1,681,707 and ($3,918,949).
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
23
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BOND PORTFOLIO
JUNE 30, 1999
(UNAUDITED)
U.S. TREASURY OBLIGATIONS - 33.36%
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
U.S. TREASURY NOTES - 33.36%
6.000% due 10/15/99 $3,000,000 $ 3,009,375
0.000% due 02/15/00 3,250,000 3,150,937
6.750% due 04/30/00 2,000,000 2,023,750
7.750% due 02/15/01 5,000,000 5,171,875
0.000% due 08/15/02 2,000,000 1,677,918
5.875% due 11/15/05 5,000,000 4,996,875
5.625% due 02/15/06 5,000,000 4,923,440
7.000% due 07/15/06 6,000,000 6,356,250
6.250% due 05/15/07 5,000,000 5,207,815
------------
Total U.S. Treasury Obligations
(cost $36,520,168) 36,518,235
------------
MORTGAGE-
BACKED SECURITIES - 1.43%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - .45%
7.500% due 02/01/02 16,149 16,321
9.500% due 04/01/05 26,516 27,645
7.500% due 06/01/07 60,660 61,037
11.000% due 05/01/10 2,380 2,511
12.500% due 08/01/10 9,659 10,686
8.000% due 11/01/16 31,486 32,478
9.500% due 02/01/18 31,389 33,494
6.500% due 07/01/23 319,368 311,430
------------
495,602
------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - .93%
12.000% due 04/01/00 3,676 3,801
9.000% due 08/01/01 14,287 14,716
8.500% due 01/01/02 17,394 17,962
10.500% due 06/01/04 6,098 6,393
10.500% due 05/01/05 144,918 151,935
6.500% due 06/01/08 715,953 708,678
8.000% due 08/01/17 107,078 110,627
------------
1,014,112
------------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - .05%
9.000% due 05/15/20 $ 57,205 $ 60,860
------------
Total Mortgage-backed Securities
(cost $1,554,978) 1,570,574
------------
COLLATERALIZED
MORTGAGE OBLIGATIONS - 5.03%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - 1.47%
59 E (8.900% due 11/15/20) 595,732 622,179
106 G (8.250% due 12/15/20) 963,169 990,971
------------
1,613,150
------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - .09%
1988-30 D (9.500% due 12/25/18) 88,897 93,739
------------
PRIVATE SECTOR - 3.47%
Securitized Asset Sales, Inc. 1993-2
B2
(6.500% due 07/25/08) 239,082 234,195
CMC2 Securities Corp. 1993 E 1 E 1CP
(0.000% due 12/25/08) 248,851 197,087
Country Wide Mortgage-Backed
Securities, Inc. 1994 - 8B1
(6.000% due 03/01/09) 730,847 702,212
Capstead Mortgage Securities Corp. C -
4
(10.950% due 02/01/14) 104,493 104,493
Boams 99-3 B3
(6.250% due 05/25/14) 962,579 871,827
NSCOR 1996 - 5 B1
(8.000% due 11/25/26) 1,626,170 1,594,736
MSC 1998 - 1PO
(0.000% due 03/25/28) 131,396 91,977
------------
3,796,527
------------
Total Collateralized Mortgage
Obligations
(cost $5,434,047) 5,503,416
------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
24
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
ASSET-BACKED
SECURITIES - 8.33%
COMMERCIAL MORTGAGE-
BACKED SECURITIES - 6.60%
Chase Commercial Mortgage Sec.
(6.600% due 12/19/07) $2,609,885 $ 2,240,430
MSC 1998 - WF1
(7.120% due 01/15/08) 2,000,000 1,948,120
NMFC 98-4 B3
(6.250% due 10/25/2028) 1,364,105 1,155,165
Paine Webber Mortgage
Acceptance 96 M1 E
(7.655% due 01/02/12) 2,000,000 1,873,120
------------
7,216,835
------------
HOME EQUITY - 1.73%
Ditech Home Loan Owner Trust
(7.250% due 06/15/21) 2,000,000 1,893,120
------------
Total Asset-backed Securities
(cost $9,803,038) 9,109,955
------------
CORPORATE BONDS
AND NOTES - 46.49%
AIR TRANSPORTATION - 1.76%
Continental Airlines
(7.820% due 10/15/23) 930,528 960,184
NWA Trust No. 2 Class B
(10.230% due 06/21/14) 889,231 968,497
------------
1,928,681
------------
BANK, BANK HOLDING
COMPANIES, & OTHER
BANK SERVICES - 6.52%
Ahmanson Capital Trust
(8.360% due 12/01/26) 1,500,000 1,510,293
Banc Tec Inc.
(7.500% due 06/01/08) 1,500,000 1,381,619
Fairfax Financial Holdings
(7.375% due 03/15/06) 1,000,000 968,375
GS Escrow Corp.
(6.750% due 08/01/01) 300,000 296,329
GS Escrow Corp.
(7.000% due 08/01/03) 1,000,000 978,355
NationsBank Corp.
(7.625% due 04/15/05) 1,000,000 1,043,361
Svenska Handelsbanken
(7.125% due 03/07/07) 1,000,000 955,135
------------
7,133,467
------------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
CONSUMER NON-DURABLE - .86%
World Color Press Inc. Sr. Nts.
(7.750% due 02/15/09) $1,000,000 $ 940,000
------------
ELECTRIC - 2.98%
Carolina Power & Light Sr. Nts.
(5.950% due 03/01/09) 1,000,000 933,830
Edison Mission Nts.
(7.730% due 06/15/09) 1,000,000 1,007,970
Niagara Mohawk Power
(8.000% due 06/01/04) 1,250,000 1,320,090
------------
3,261,890
------------
ENERGY - 4.98%
Eagle Geophysical Inc.
(10.750% due 07/15/08) 1,000,000 520,000
Federal-Mogul Co.
(7.375% due 01/15/06) 1,000,000 941,635
Louis Dreyfus Nts.
(6.875% due 12/01/07) 1,500,000 1,402,170
Mitchell Energy Development Corp.
(6.750% due 02/15/04) 1,750,000 1,681,335
Rural/Metro Corp. Sr. Nts.
(7.875% due 03/15/08) 1,000,000 905,000
------------
5,450,140
------------
ENTERTAINMENT & LEISURE - 2.17%
Imax Corp. Sr. Nts.
(7.875% due 12/01/05) 1,000,000 941,250
Royal Caribbean
(7.000% due 10/15/07) 1,500,000 1,436,175
------------
2,377,425
------------
FOOD, BEVERAGE, & TOBACCO - 1.81%
Fresh Food Inc.
(10.750% due 06/01/06) 1,000,000 992,500
RJR Nabisco Inc.
(7.550% due 06/15/15) 1,000,000 983,020
------------
1,975,520
------------
GAMING INDUSTRY - 1.03%
Casino Magic of Louisiana
(13.000% due 08/15/03) 1,000,000 1,131,250
------------
HEALTH CARE - 2.31%
Tenet Healthcare Corp.
(7.875% due 01/15/03) 1,000,000 976,250
Universal Health Services Sr. Notes
(8.750% due 08/15/05) 1,500,000 1,556,331
------------
2,532,581
------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
25
<PAGE>
CARILLON FUND, INC.
BOND PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
INSURANCE - 2.87%
Farmers Insurance Exchange
(8.500% due 08/01/04) $1,000,000 $ 1,066,365
Prudential Ins. Surplus Notes
(8.100% due 07/15/15) 1,000,000 1,060,677
USF&G Capital
(8.470% due 01/10/27) 1,000,000 1,015,547
------------
3,142,589
------------
MANUFACTURING - .86%
International Knife & Saw Corp.
(11.375% due 11/15/06) 1,000,000 940,000
------------
MEDIA & CABLE - 2.94%
CF Cable TV Inc.
(9.125% due 07/15/07) 1,000,000 1,091,438
Continental Cablevision
(8.300% due 05/15/06) 1,000,000 1,061,626
Spanish Broadcasting Systems
(11.000% due 03/15/04) 1,000,000 1,070,000
------------
3,223,064
------------
MEDIA CONGLOMERATE - 3.68%
News American Holdings
(6.625% due 01/09/08) 1,500,000 1,421,259
Time Warner Inc.
(8.110% due 08/15/06) 1,500,000 1,570,140
Viacom Inc. Sr. Notes
(7.750% due 06/01/05) 1,000,000 1,028,714
------------
4,020,113
------------
PAPER & FOREST PRODUCT - .48%
Westvaco Corp.
(10.300% due 01/15/19) 500,000 527,040
------------
REAL ESTATE - 2.62%
Colonial Properties Sr. Nts.
(8.050% due 07/15/06) 1,500,000 1,484,229
Healthcare Properties Nts.
(6.875% due 06/08/05) 1,500,000 1,386,446
------------
2,870,675
------------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
TELECOMMUNICATIONS - 7.80%
360 Communications Sr. Nts.
(7.500% due 03/01/06) $1,500,000 $ 1,547,710
Arch Communications Group Sub. Deb.
(6.750% due 12/01/03) 1,000,000 570,000
Call-Net Enterprises
(9.375% due 5/15/09) 1,000,000 952,500
Call-Net Enterprises
(10.800% due 05/15/09) 1,000,000 552,500
Comcast Cellular Holdings
(9.500% due 05/01/07) 1,000,000 1,118,750
IMC Global Nts.
(7.625% due 11/01/05) 1,250,000 1,272,490
Talton Holdings Inc. Sr. Nts.
(11.000% due 06/30/07) 1,000,000 945,000
Worldcom Inc.
(7.750% due 02/15/09) 1,500,000 1,567,580
------------
8,526,530
------------
TRANSPORTATION - .82%
Midway Air Lines
(8.140% due 01/02/13) 1,000,000 902,800
------------
Total Corporate Bond and Notes
(cost $52,289,898) 50,883,765
------------
SHORT TERM INVESTMENTS - 6.63%
VARIABLE RATE
DEMAND NOTES(1) - 6.63%
American Family
(4.700% due 12/31/31) 521,982 521,982
Firstar Bank
(4.970% due 12/31/31) 3,905,674 3,905,674
General Mills
(4.825 due 12/31/31) 1,856,566 1,856,566
Warner Lambert
(4.701% due 12/31/31) 274,000 274,000
Wisconsin Electric
(4.700% due 12/31/31) 703,069 703,069
------------
7,261,291
------------
Total Short-Term Investments
(cost $7,261,291) 7,261,291
------------
TOTAL INVESTMENTS - 101.27%
(cost $112,863,420)(2) 110,847,236
------------
OTHER ASSETS AND LIABILITIES - (1.27%) (1,395,912)
------------
TOTAL NET ASSETS - 100.00% $109,451,324
------------
------------
</TABLE>
- ----------
* Non-Income Producing
(1) Interest rates vary periodically based on current market rates. Rates shown
are as of June 30, 1999. 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, 1999.
(2) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities at June 30, 1999 was $1,574,293 and ($3,590,477)
respectively.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
26
<PAGE>
CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 95.21%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 15.32%
Aetna Life and Casualty Company 2,700 $ 241,480
AFLAC, Incorporated 5,000 239,374
Allstate (The) Corporation 15,200 545,300
American Express Company 8,300 1,080,037
American General Corporation 4,700 354,262
American International Group,
Incorporated 22,658 2,652,401
Amsouth Bancorp, Incorporated 3,400 78,837
Aon Corporation 4,900 202,125
Associates First Capital Corporation 13,500 598,218
BB&T Corporation 6,400 234,800
Banc One Corporation 21,646 1,289,290
BankAmerica Corporation 31,852 2,335,150
Bankboston Corporation 5,500 281,187
Bank of New York Company, Incorporated 14,000 513,625
Bear Stearns Companies, Incorporated 1,980 92,565
Capital One Financial Corporation 3,700 206,043
Charles Schwab Corporation 7,400 813,075
Chase Manhattan Corporation 15,700 1,360,012
Chubb Corporation 3,000 208,500
CIGNA Corporation 3,900 347,100
Cincinnati Financial Corporation 3,200 120,200
Citigroup, Incorporated 62,550 2,971,125
Comerica, Incorporated 2,900 172,368
Conseco, Incorporated 6,000 182,625
Countrywide Credit Industries,
Incorporated 2,100 89,775
Fannie Mae 19,200 1,312,800
Federal Home Loan Mortgage Corporation 12,500 725,000
Fifth Third Bancorp 4,900 326,155
First Union Corporation 18,400 864,800
Firstar Corporation 12,805 358,540
Fleet Financial Group, Incorporated 10,600 470,375
Franklin Resources, Incorporated 4,700 190,937
Golden West Financial 1,100 107,800
Hartford Financial Services Group 4,400 256,575
Household International, Incorporated 9,000 426,375
Huntington Bancshares 4,120 144,200
Jefferson-Pilot Corporation 2,000 132,375
KeyCorp 8,500 273,062
Lehman Brothers Holdings 2,100 130,725
Lincoln National Corporation 3,800 198,787
Loews Corporation 2,100 166,162
Marsh & McLennan Companies,
Incorporated 4,800 362,400
MBIA, Incorporated 2,000 129,500
MBNA Corporation 15,000 459,374
Mellon Bank Corporation 9,600 349,200
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 15.32%
(CONTINUED)
Mercantile Bancorporation 3,000 171,374
Merrill Lynch & Company 6,500 $ 519,593
MGIC Investment Corporation 2,100 102,112
Morgan (J. P.) & Company 3,200 449,600
Morgan Stanley, Dean Witter & Company 10,600 1,086,500
National City Corporation 6,000 393,000
Northern Trust Corporation 2,100 203,700
PaineWebber, Incorporated 2,700 126,225
PNC Bank Corporation 5,600 322,700
Progressive Corporation 1,400 203,000
Provident Companies, Incorporated 2,600 104,000
Providian Financial Corporation 2,700 252,450
Regions Financial Corporation 4,200 161,438
Republic New York Corporation 2,000 136,375
SAFECO Corporation 2,600 114,725
SLM Holding Corporation 3,100 142,019
SouthTrust Corporation 3,200 122,800
State Street Corporation 3,000 256,125
St. Paul Companies 4,400 139,975
Summit Bancorp 3,300 137,981
SunTrust Banks, Incorporated 5,900 409,681
Synovus Financial Corporation 5,000 99,375
Torchmark Corporation 2,700 92,138
Transamerica Corporation 2,300 172,500
Union Planters Corporation 2,600 116,188
UNUM Corporation 2,700 147,825
U.S. Bancorp 13,500 459,000
Wachovia Corporation 3,700 316,581
Washingon Mutual, Incorporated 10,984 388,559
Wells Fargo & Company 30,300 1,295,325
-----------
33,237,480
-----------
CAPITAL GOODS - 7.01%
AlliedSignal, Incorporated 10,300 648,900
Avery Dennison Company 2,300 138,863
Boeing Company 17,300 764,444
Browning-Ferris Industries 2,900 124,700
Case Equipment 1,400 67,375
Caterpillar, Incorporated 6,700 402,000
Cooper Industries, Incorporated 1,800 93,600
Deere & Company 4,500 178,313
Dover Corporation 4,200 147,000
Emerson Electric Company 8,100 509,288
Fluor Corporation 1,400 56,700
General Dynamics Corporation 2,400 164,400
General Electric Company 60,500 6,836,500
Grainger (W.W.), Incorporated 1,800 96,863
Honeywell, Incorporated 2,400 278,100
Illinois Tool Works, Incorporated 4,700 385,400
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
27
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P 500 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 7.01% (CONTINUED)
Ingersoll-Rand Company 3,100 200,338
Johnson Controls, Incorporated 1,700 $ 117,831
Lockheed Martin Corporation 7,200 268,200
Minnesota Mining & Manufacturing
Company 7,500 652,031
Northrop Grumman Corporation 1,300 86,206
Pall Corporation 2,600 57,688
PACCAR, Incorporated 1,500 80,063
Parker-Hannifin Corporation 2,100 96,075
Raychem Corporation 1,500 55,500
Sealed Air Corporation* 1,600 103,800
Solectron Corporation* 4,700 313,431
Tektronix, Incorporated 900 27,169
Tenneco, Incorporated 3,200 76,400
Thermo Electron Corporation* 3,000 60,188
Thomas & Betts Corporation 1,300 61,425
Timken Company 1,400 27,300
Tyco International Limited 15,087 1,429,493
United Technologies Corporation 8,400 602,175
-----------
15,207,759
-----------
CONSUMER CYCLICAL - 8.29%
American Greetings Company Class A 1,300 39,163
Armstrong World Industries 800 46,250
AutoZone, Incorporated* 3,000 90,375
Best Buy Company, Incorporated* 3,400 229,500
Black & Decker Corporation 1,700 107,313
Brunswick Corporation 1,800 50,175
Carnival Corporation 11,400 552,900
Circuit City Stores, Incorporated 1,900 176,700
Consolidated Stores Corporation* 2,000 54,000
Costco Companies, Incorporated* 4,000 320,250
Dana Corporation 3,149 145,051
Dayton Hudson Corporation 8,100 526,500
Delphi Automotive Systems 10,658 197,839
Dillard's, Incorporated Class A 2,000 70,250
Dollar General Corporation 4,150 120,350
Dow Jones & Company, Incorporated 1,800 95,513
Eaton Corporation 1,400 128,800
Federated Department Stores* 3,900 206,456
Ford Motor Company 22,400 1,264,200
Fruit of the Loom, Incorporated* 1,300 12,675
Gannett Company, Incorporated 5,300 378,288
Gap, Incorporated 15,675 789,628
General Motors Corporation 12,200 805,200
Genuine Parts Company 3,600 126,000
Goodyear Tire & Rubber 3,000 176,438
Harcourt General, Incorporated 1,500 77,344
Harrah's Entertainment, Incorporated* 2,400 52,800
Hasbro, Incorporated 3,750 104,766
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 8.29% (CONTINUED)
Hilton Hotels Corporation 4,900 69,519
Home Depot, Incorporated 27,300 $ 1,759,144
ITT Industries, Incorporated 1,800 68,625
K Mart Corporation* 9,200 151,225
Knight-Ridder, Incorporated 1,600 87,900
Kohl's Department Stores Corporation* 3,000 231,563
Limited (The), Incorporated 4,200 190,575
Liz Claiborne, Incorporated 1,200 43,800
Lowe's Companies, Incorporated 6,900 391,144
Marriott International Class A 4,600 171,925
Masco Company 6,500 187,688
Mattel, Incorporated 7,700 203,569
May Department Stores Company 6,750 275,906
Maytag Corporation 1,800 125,438
McGraw-Hill Companies, Incorporated 3,700 199,569
Mirage Resorts, Incorporated* 3,700 61,975
New York Times Class A 3,500 128,844
NIKE, Incorporated Class B 5,300 335,556
Nordstrom, Incorporated 2,600 87,100
Office Depot, Incorporated* 6,500 143,406
Owens Corning Fiberglass Corporation 1,100 37,813
Penney (J.C.) Company, Incorporated 4,900 237,956
Sears Roebuck & Company 7,100 316,394
Sherwin-Williams Company 3,200 88,800
Snap-On Tools, Incorporated 1,400 50,663
Stanley (The) Works 1,700 54,719
Staples, Incorporated* 8,550 264,516
Tandy Corporation 3,800 185,725
Times Mirror Company 1,400 82,950
TJX Companies, Incorporated 5,800 193,213
Toys "R" Us, Incorporated* 4,700 97,231
Tribune Company 2,200 191,675
TRW, Incorporated 2,300 126,213
V.F. Corporation 2,300 98,325
Wal-Mart Stores, Incorporated 82,700 3,990,275
Whirlpool Corporation 1,400 103,600
-----------
17,979,263
-----------
CONSUMER NON-DURABLE - 21.38%
Abbott Laboratories 27,900 1,269,450
Albertson's, Incorporated 7,876 406,106
Allergan, Incorporated 1,200 133,200
ALZA Corporation Class A* 1,900 96,663
American Home Products Corporation 24,300 1,397,250
Anheuser-Busch Companies, Incorporated 8,800 624,250
Archer-Daniels-Midland Company 11,025 170,198
Autodesk, Incorporated 1,200 35,475
Avon Products, Incorporated 4,900 271,950
Bausch & Lomb, Incorporated 1,100 84,150
Baxter International, Incorporated 5,300 321,313
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
28
<PAGE>
CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 21.38%
(CONTINUED)
Becton, Dickinson Company 4,600 138,000
BestFoods, Incorporated 5,300 $ 262,350
Biomet, Incorporated 2,100 83,475
Boston Scientific Corporation* 7,200 316,350
Bristol-Meyers Squibb Company 36,600 2,578,013
Campbell Soup Company 8,100 375,638
Cardinal Health, Incorporated 5,100 327,038
CBS, Corporation* 13,100 569,031
Clear Channel Communications* 6,100 420,519
Clorox Company 2,200 234,988
Coca-Cola Company 45,200 2,825,000
Coca-Cola Enterprises 7,800 232,050
Colgate-Palmolive Company 5,400 533,250
Columbia/HCA Healthcare Corporation 12,000 273,750
Comcast Corporation Class A Special 13,700 526,594
ConAgra, Incorporated 9,000 239,625
Coors (Adolph) Class B 700 34,650
CVS Corporation 7,300 370,475
Deluxe Corporation 1,700 66,194
Donnelly (RR) & Sons Company 2,500 92,656
Fortune Brands, Incorporated 3,200 132,400
General Mills, Incorporated 2,900 233,088
Gillette Company 20,500 840,500
Great Atlantic & Pacific Tea Company,
Incorporated 800 27,050
Guidant Corporation 5,600 288,050
HCR Manor Care, Incorporated* 2,200 53,213
Heinz (H.J.) Company 6,700 335,838
HEALTHSOUTH Corporation* 8,000 119,500
Hershey Foods Corporation 2,700 160,313
Humana, Incorporated* 3,300 42,694
Johnson & Johnson Company 24,800 2,430,400
Kellogg Company 7,500 247,500
King World Productions, Incorporated* 1,400 48,738
Kroger Company* 15,200 424,650
Lilly (Eli) & Company 20,300 1,453,988
Mallincrokdt, Incorporated 1,400 50,925
McDonald's Corporation 25,000 1,032,813
McKesson HBOC, Incorporated 5,072 162,938
Medtronic, Incorporated 10,800 841,050
Merck & Company, Incorporated 43,750 3,233,800
Newell Rubbermaid, Incorporated 5,191 241,382
PepsiCo, Incorporated 27,000 1,044,563
Pfizer, Incorporated 23,900 2,623,025
Pharmacia & Upjohn, Incorporated 9,400 534,038
Philip Morris Companies, Incorporated 44,700 1,796,381
Pioneer Hi-Bred International 4,400 171,325
Procter & Gamble Company 24,500 2,186,625
Quaker Oats Company 2,600 172,575
RJR Nabisco Holdings Corporation 6,050 $ 118,353
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 21.38%
(CONTINUED)
Ralston-Ralston Purina Group 6,200 188,713
Rite Aid Corporation 4,800 118,200
Safeway, Incorporated* 9,100 450,450
Sara Lee Corporation 16,600 376,613
Schering-Plough Corporation 27,200 1,441,600
Seagram Company, Limited 7,500 377,802
Supervalu, Incorporated 2,500 64,219
St. Jude Medical* 1,600 57,000
Sysco Corporation 6,300 187,819
Tenet Healthcare Corporation* 5,700 105,806
Time Warner, Incorporated 22,700 1,668,450
TRICON Global Restaurants 2,800 151,550
Unilever N.V. ADR 10,543 735,364
United HealthCare Corporation 3,500 219,188
UST, Incorporated 3,600 105,300
Viacom, Incorporated - Class B* 12,800 563,200
Vulcan Materials Company* 1,700 82,025
Walgreen Company 18,600 546,375
Walt Disney Company, The 37,900 1,167,794
Warner-Lambert Company 15,200 1,054,500
Wendy's International, Incorporated 2,300 65,119
Winn-Dixie Stores, Incorporated 2,800 103,425
Wrigley (Wm) Jr. Company 2,200 198,000
-----------
46,385,878
-----------
ENERGY - 5.64%
Amerada Hess Corporation 1,800 107,100
Anadarko Petroleum Corporation 2,400 88,350
Apache Corporation 2,200 85,800
Ashland, Incorporated 1,600 64,200
Atlantic Richfield Company 6,000 501,375
Baker Hughes, Incorporated 6,090 204,015
Burlington Resources, Incorporated 3,300 142,725
Chevron Corporation 12,000 1,142,250
Exxon Corporation 44,800 3,455,200
Halliburton Company 8,100 366,525
Kerr-McGee Company 1,690 84,817
Mobil Corporation 14,400 1,425,600
Occidental Petroleum 6,400 135,200
Phillips Petroleum Company 4,800 241,500
Rowan Companies, Incorporated* 1,800 33,188
Royal Dutch Petroleum Company ADR 39,500 2,379,875
Schlumberger Limited 10,300 655,981
Sunoco, Incorporated 1,800 54,338
Texaco, Incorporated 9,900 618,750
Union Pacific Resources Group 4,700 76,669
Unocal Corporation 4,500 178,313
USX-Marathon Group, Incorporated 5,700 $ 185,606
-----------
12,227,377
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
29
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P 500 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 3.88%
Air Products & Chemicals, Incorporated 4,400 177,100
Alcan Aluminum Limited 4,500 143,719
Allegheny Teledyne, Incorporated 3,900 88,238
Aluminum Company of America 6,800 420,750
Applied Materials, Incorporated* 6,800 502,350
Ball Corporation 700 29,575
Barrick Gold Corporation 7,100 137,563
Bemis Company 1,000 39,750
Centex Corporation 1,200 45,075
Champion International Corporation 1,900 90,963
Corning, Incorporated 4,500 315,563
Crown Cork & Seal Company,
Incorporated 2,300 65,550
Dow Chemical Company 4,100 520,188
DuPont (E.I.) De Nemours & Company 20,800 1,420,900
Eastman Chemical Company 1,600 82,800
Englehard Corporation 2,600 58,825
FMC Corporation* 700 47,819
Fort James Corporation 4,100 155,287
Freeport-McMoRan Copper & Gold 3,300 59,194
Georgia-Pacific Company 3,400 161,075
Goodrich BF Company 1,600 68,000
Great Lakes Chemical Corporation 1,200 55,275
Hercules, Incorporated 2,000 78,625
Homestake Mining Company 5,200 42,575
Inco, Limited 3,500 63,000
International Flavors & Fragrance,
Incorporated 2,100 93,188
International Paper Company 7,600 383,800
Kimberly-Clark Corporation 10,000 570,000
Louisiana Pacific Corporation 2,100 49,874
Mead Corporation 2,200 91,850
Monsanto Company 11,600 457,474
Nalco Chemical Company 1,500 77,812
National Service Industries,
Incorporated 800 28,800
Newmont Mining Corporation 3,500 69,562
Nucor Corporation 1,800 85,387
Owens-Illinois, Incorporated* 2,900 94,793
Phelps Dodge Corporation 1,100 68,130
Placer Dome, Incorporated 6,100 72,055
Polaroid Corporation 800 22,100
PPG Industries, Incorporated 3,400 200,812
Praxair, Incorporated 3,000 146,812
Reynolds Metals Company 1,400 82,600
Rohm & Haas Company 4,048 173,565
Sigma-Aldrich Corporation 2,000 68,874
Temple-Inland, Incorporated 1,200 81,900
Union Carbide Corporation 2,500 $ 121,874
USX-U.S. Steel Group, Incorporated 1,800 48,600
Westvaco Corporation 2,200 63,800
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 3.88% (CONTINUED)
Weyerhaeuser Company 3,700 254,374
Willamette Industries 2,300 105,943
Worthington Industries, Incorporated 1,900 31,230
-----------
8,414,968
-----------
SERVICE - 1.41%
Automatic Data Processing,
Incorporated 11,500 506,000
Block (H&R), Incorporated 1,900 95,000
Cendant Corporation* 14,200 291,100
Dun & Bradstreet Corporation 3,100 109,856
Equifax, Incorporated 2,800 99,925
First Data Corporation 8,200 401,288
IMS Health, Incorporated 6,000 187,500
Interpublic Group Companies,
Incorporated 2,600 225,225
Laidlaw, Incorporated 6,500 47,938
Omnicom Group 3,200 256,000
Paychex, Incorporated 4,600 146,625
Service Corporation International 5,000 96,250
Waste Management, Incorporated 11,070 595,013
-----------
3,057,720
-----------
TECHNOLOGY - 20.20%
3COM Corporation* 6,700 178,806
Advanced Micro Devices, Incorporated* 2,800 50,575
American Online* 18,900 2,088,450
Amgen, Incorporated* 9,400 572,225
Apple Computer, Incorporated* 2,600 120,413
BMC Software, Incorporated* 4,400 237,600
Cabletron Systems, Incorporated* 3,200 41,600
Cisco Systems, Incorporated* 58,500 3,769,594
COMPAQ Computers Corporation 31,300 741,419
Computer Associates International,
Incorporated 10,000 550,000
Computer Sciences Corporation* 3,000 207,563
Compuware, Incorporated* 6,900 219,506
Dell Computer Corporation* 47,000 1,739,000
Eastman Kodak Company 6,000 406,500
Electronic Data Systems Corporation 9,154 517,773
EMC Corporation Massachusetts* 18,600 1,023,000
Gateway 2000, Incorporated* 2,900 171,100
General Instrument Corporation* 3,100 131,750
Harris Corporation 1,600 62,700
Hewlett-Packard Company 18,800 1,889,400
IKON Office Solution, Incorporated 2,700 40,500
Intel Corporation 61,800 3,677,100
International Business Machines
Corporation 34,000 4,394,500
KLA-Tencor Corporation* 1,700 110,288
LSI Logic Corporation* 2,700 $ 124,538
Lucent Technologies, Incorporated 55,400 3,736,038
Micron Technology, Incorporated* 4,600 185,438
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
30
<PAGE>
CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 20.20% (CONTINUED)
Microsoft Corporation* 93,100 8,396,456
Motorola, Incorporated 11,100 1,051,725
National Semiconductor* 3,200 81,000
Nortel Networks Corporation 12,320 1,069,530
Novell, Incorporated* 6,200 164,300
Oracle Systems Corporation* 26,600 987,525
Parametric Technology Company* 4,900 67,988
PE Corporation PE Biosystems Group 900 103,275
PeopleSoft, Incorporated* 4,400 75,900
Pitney Bowes, Incorporated 5,200 334,100
Raytheon Company - Class B 6,300 443,363
Rockwell International Corporation 3,600 218,700
Seagate Technology, Incorporated* 4,500 115,313
Silicon Graphics, Incorporated* 3,600 58,950
Sun Microsystems, Incorporated* 14,200 978,025
Tellabs, Incorporated* 7,200 486,450
Texas Instruments, Incorporated 7,200 1,044,000
Textron, Incorporated 3,000 246,938
Unisys Corporation* 4,900 190,794
Xerox Corporation 12,100 714,656
-----------
43,816,364
-----------
TRANSPORTATION - .99%
AMR Corporation* 3,400 232,050
Burlington Northern Santa Fe
Corporation 10,100 313,100
CSX Corporation 4,500 203,906
Delta Air Lines, Incorporated 2,600 149,825
FDX Corporation* 5,500 298,375
Kansas City Southern Industries 2,100 134,006
Norfolk Southern Company* 7,600 228,950
Ryder System 1,500 39,000
Southwest Airlines Company 6,300 196,088
Union Pacific Corporation 4,700 274,069
US Airways Group, Incorporated* 1,700 74,056
-----------
2,143,425
-----------
UTILITIES - 11.09%
AES Corporation* 3,500 203,438
ALLTELL Corporation 5,100 364,650
Ameren Corporation 2,600 99,775
AT & T Corporation 57,989 3,236,511
American Electric Power Company 3,400 127,713
Ameritech Corporation 20,300 1,492,050
Bell Atlantic Corporation 28,600 1,869,725
BellSouth Corporation 35,900 1,682,813
Carolina Power & Light Company 2,800 119,875
Central & SouthWest Corporation 3,800 $ 88,825
Centurytel, Incorporated 2,600 103,350
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
UTILITIES - 11.09% (CONTINUED)
CINergy Corporation 3,000 96,000
CMS Energy Corporation 2,300 96,313
Coastal Corporation 3,800 152,000
Columbia Energy Group 1,600 100,300
Consolidated Edison, Incorporated 4,200 190,050
Consolidated Natural Gas Company 1,800 109,350
Constellation Energy Group,
Incorporated 2,900 85,913
Dominion Resources 3,600 155,925
DTE Energy Company 2,600 104,000
Duke Energy 6,700 364,313
Edison International 6,600 176,550
Enron Corporation 6,500 531,375
Entergy Corporation 4,500 140,625
FirstEnergy Corporation 4,200 130,200
Florida Progress Corporation 1,800 74,363
Frontier Corporation 3,200 188,800
FPL Group, Incorporated 3,400 185,725
GPU, Incorporated 2,500 105,469
GTE Corporation 17,900 1,355,925
MCI WorldCom, Incorporated* 33,773 2,906,589
Mediaone Group 11,200 833,000
New Century Energies, Incorporated 2,300 89,269
Nextel Communications, Incorporated* 5,300 265,994
Niagara Mohawk Holdings, Incorporated* 3,700 59,431
Northern States Power Company 2,900 70,144
PacifiCorp 5,600 102,900
PECO Energy Company 4,100 171,688
PG & E Corporation 7,300 237,250
PP & L Resources, Incorporated 2,700 83,025
Public Service Enterprises Group,
Incorporated 4,300 175,763
Reliant Energy, Incorporated 5,400 149,175
SBC Communications, Incorporated 36,000 2,088,000
Sempra Energy 4,700 106,338
Sonat, Incorporated 2,000 66,250
Southern Company 12,700 336,550
Sprint Corporation FON Group 16,400 866,125
Sprint PCS Group, Incorporated* 8,150 465,569
Texas Utilities Holdings Company 5,300 218,625
Unicom Corporation 4,100 158,106
US West Communications Group 9,400 552,250
Williams Companies, Incorporated 7,900 336,244
-----------
24,070,206
-----------
Total Common Stocks
(cost $155,423,849) 206,540,440
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
31
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P 500 INDEX PORTFOLIO
<TABLE>
<S> <C> <C>
SHORT-TERM INVESTMENTS(2) - 1.55%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
VARIABLE RATE DEMAND NOTES - .08%
Firstar Bank
(4.970% due 12/31/31) $ 162,790 $ 162,790
Wisconsin Corporation
(4.890% due 12/31/31) 10,794 10,794
------------
173,584
------------
U.S. TREASURY BILL - 1.47%
U.S. Treasury Bill (4.350% due
10/21/99) 3,188,541 3,188,541
------------
Total Short-Term Investments
(cost $3,362,125) 3,362,125
------------
TOTAL INVESTMENTS - 96.76%
(cost $158,785,974)(1) 209,902,565
------------
OTHER ASSETS AND LIABILITIES - 3.24% 7,025,810
------------
TOTAL NET ASSETS - 100% $216,928,375
------------
------------
</TABLE>
- ----------
* Non-income producing
(1) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of June 30, 1999 was $56,292,319 and
($5,175,728) respectively.
(2) Securities and other current assets with an aggregate market value of
$9,326,475 have been segregated with the custodian to cover margin
requirements for the following open futures contracts at June 30, 1999:
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- ---------------------------------------------------------------------
Standard & Poor's 500 Index (09/99) 2 $ 28,600
Standard & Poor's 500 Index (09/99) 1 18,125
Standard & Poor's 500 Index (09/99) 1 16,925
Standard & Poor's 500 Index (09/99) 1 5,600
Standard & Poor's 500 Index (09/99) 1 7,800
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- ---------------------------------------------------------------------
(CONTINUED)
Standard & Poor's 500 Index (09/99) 1 $ 6,575
Standard & Poor's 500 Index (09/99) 1 11,925
Standard & Poor's 500 Index (09/99) 1 12,500
Standard & Poor's 500 Index (09/99) 1 850
---------------
$108,900
---------------
---------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
32
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 86.67%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING &
FINANCIAL SERVICE - 11.91%
Allmerica Financial Corporation 3,700 $ 225,005
AMBAC Financial Group, Incorporated 1,200 68,550
American Financial Group, Incorporated 1,000 34,062
Associated Banc-Corp 1,100 45,650
Astoria Financial Corporation 900 39,543
CCB Financial Corporation 700 37,012
Charter One Financial, Incorporated 2,800 77,875
City National Corporation 800 29,950
Dime Bancorp, Incorporated 1,900 38,237
E*Trade Group, Incorporated* 3,800 151,762
Edwards (A.G.), Incorporated 1,600 51,600
Everest Reinsurance Holdings 800 26,100
FINOVA (The) Group, Incorporated 1,000 52,625
First Security Corporation 3,100 84,475
First Tennessee National Corporation 2,100 80,455
First Virginia Banks, Incorporated 800 39,300
GreenPoint Financial Corporation 1,800 59,062
Hibernia Corporation 2,600 40,787
Horace Mann Educators 700 19,030
HSB Group, Incorporated 500 20,593
Investment Technology Group,
Incorporated 500 16,187
Keystone Financial, Incorporated 900 26,605
Marshall & Isley Corporation 1,800 115,875
Mercantile Bankshares Corporation 1,200 42,450
North Fork Bancorporation,
Incorporated 2,400 51,150
Old Kent Financial Corporation 1,890 79,143
Old Republic International Corporation 2,300 39,818
Pacific Century Financial Corporation 1,300 28,030
PMI Group (The), Incorporated 500 31,405
Price (T. Rowe) Associates,
Incorporated 2,000 76,750
Protective Life Corporation 1,100 36,300
Provident Financial Group,
Incorporated 700 30,625
ReliaStar Financial Corporation 1,500 65,625
Sovereign Bancorp, Incorporated 2,700 32,737
TCF Financial Corporation 1,400 39,025
Unitrin, Incorporated 1,000 41,000
Wilmington Trust Corporation 600 34,425
Zions Bancorporation 1,300 82,550
-----------
2,091,373
-----------
CAPITAL GOODS - 6.94%
AGCO Corporation 1,000 11,313
Albany International Corporation Class
A* 500 10,375
Allied Waste Industries, Incorporated* 3,000 59,250
American Power Conversion Corporation* 3,200 64,400
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 6.94% (CONTINUED)
American Standard Company* 1,200 $ 57,600
AMETEK, Incorporated 500 11,500
Carlisle Companies, Incorporated 500 24,063
Cordant Technologies, Incorporated 600 27,113
Diebold, Incorporated 1,200 34,500
Donaldson Company, Incorporated 800 19,600
Federal Signal Corporation 800 16,950
Flowserve Corporation 600 11,363
GenCorp, Incorporated 700 17,675
Granite Construction, Incorporated 500 14,656
Harsco Corporation 700 22,400
Hillenbrand Industries 1,100 47,575
HON INDUSTRIES, Incorporated 1,000 29,188
Hubbell, Incorporated Class B 1,100 49,913
Jacobs Engineering Group,
Incorporated* 400 15,200
Kaydon Corporation 500 16,813
Kennametal, Incorporated 500 15,500
MagneTek, Incorporated* 500 5,281
Miller (Herman), Incorporated 1,400 29,400
Molex, Incorporated 2,600 96,200
Newport News Shipbuilding,
Incorporated 600 17,700
Nordson Corporation 300 18,375
Pentair, Incorporated 700 32,025
Precision Castparts Corporation 400 17,000
Premark International, Incorporated 1,000 37,500
Reynolds & Reynolds Class A 1,300 30,306
SCI Systems, Incorporated* 1,000 47,500
Sensormatic Electronics Corporation* 1,300 18,119
Sequa Corporation* 200 14,000
SPX Corporation* 500 41,750
Standard Register Company 500 15,375
Stewart & Stevenson Services,
Incorporated 500 7,625
Symbol Technologies, Incorporated 1,500 55,313
Tecumseh Products Company Class A 400 24,225
Teleflex, Incorporated 600 26,063
Trinity Industries 700 23,450
Vishay Intertechnology, Incorporated* 1,375 28,875
Wallace Computer Services,
Incorporated 700 17,500
Watts Industry 400 7,675
York International Corporation 700 29,969
-----------
1,218,173
-----------
CONSUMER CYCLICAL - 12.35%
Abercrombie & Fitch Company* 1,800 86,400
ACNielson Corporation* 1,000 30,250
Arvin Industries, Incorporated 400 15,150
Bandag, Incorporated 400 13,875
Barnes & Noble, Incorporated* 1,100 30,113
Bed Bath & Beyond, Incoporated* 2,300 88,550
Belo (A.H.) Corporation 2,000 39,375
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
33
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P MIDCAP 400 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 12.35% (CONTINUED)
BJ's Wholesale Club, Incorporated* 1,200 $ 36,075
Blyth Industries, Incorporated* 850 29,219
Borders Group, Incorporated* 1,300 20,556
Borg-Warner Automotive, Incorporated 400 22,000
Burlington Industries, Incorporated* 1,000 9,063
Callaway Golf Company 1,300 19,013
CBRL Group, Incorporated 1,000 17,312
Claire's Stores, Incorporated 800 20,500
Clayton Homes, Incorporated 2,400 27,450
CompUSA, Incorporated* 1,500 11,156
Dollar Tree Stores, Incorporated* 1,000 44,000
Enesco Group, Incorporated 900 6,938
Family Dollar Stores, Incorporated 2,900 69,600
Fastenal Company 600 31,463
Federal-Mogul Corporation 1,200 62,400
Furniture Brands International,
Incorporated* 900 25,088
GTECH Holdings Corporation* 700 16,493
Harley-Davidson, Incorporated 2,500 135,938
Heilig-Meyers Company* 1,000 6,813
Houghton Mifflin Company 500 23,531
Information Resources* 500 4,375
International Game Technology 1,800 33,300
Jones Apparel Group, Incorporated* 2,001 68,648
Lands' End, Incorporated* 500 24,250
Lear Corporation* 1,100 54,725
Lee Enterprises, Incorporated 700 21,350
Leggett & Platt, Incorporated 3,300 91,781
Mandalay Resort Group, Incorporated* 1,600 33,800
Mark IV Industries, Incorporated 900 19,013
Media General, Incorporated 400 20,400
Meritor Automotive, Incorporated 1,200 30,600
Micro Warehouse, Incorporated* 600 10,725
Modine Manufacturing Company 500 16,281
Mohawk Industries, Incorporated* 1,000 30,375
OfficeMax, Incorporated* 2,100 25,200
Payless ShoeSource, Incorporated* 600 32,100
Promus Hotel Corporation* 1,400 43,400
Readers Digest Association 1,800 71,550
Ross Stores, Incorporated 800 40,300
Saks, Incorporated* 2,400 69,300
Scholastic Corporation* 300 15,188
Shaw Industries, Incorporated* 2,300 37,950
Superior Industries, Incorporated 500 13,656
Tech Data Corporation* 800 30,600
Tiffany & Company 600 57,900
Unifi, Incorporated* 1,000 21,250
Univision Communications,
Incorporated* 1,500 99,000
USG Corporation 800 44,800
Warnaco Group (The) Class A 1,000 26,750
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 12.35% (CONTINUED)
Washington Post Class B 200 $ 107,550
Wellman, Incorporated 500 7,969
WestPoint Stevens, Incorporated 900 26,831
-----------
2,169,238
-----------
CONSUMER NON-DURABLE - 13.20%
Acuson Corporation* 500 8,593
Appria Healthcare Group, Incorporated* 900 15,300
Banta Corporation 500 10,500
Bechman Coulter, Incorporated 500 24,313
Bergen Brunswig Corporation Class A 2,200 37,950
Beverly Enterprises, Incorporated* 1,700 13,705
Bob Evans Farms, Incorporated 700 13,912
Brinker International, Incorporated* 1,100 29,905
Buffets, Incorporated* 800 9,200
Carter-Wallace, Incorporated 800 14,550
Chris-Craft Industries, Incorporated* 500 23,562
Church & Dwight Company, Incorporated 300 13,050
Cintas Corporation 1,800 120,937
Concentra Managed Care, Incorporated* 800 11,850
Concord EFS, Incorporated* 2,100 88,855
Covance, Incorporated* 1,000 23,937
Dean Foods Company 700 29,093
DENTSPLY International, Incorporated 900 25,987
Dial (The) Corporation 1,700 63,218
Dole Food Company, Incorporated 1,000 29,375
Dreyer's Grand Ice Cream, Incorporated 500 7,562
First Health Group Corporation* 1,000 21,562
Flowers Industries, Incorporated 1,700 36,868
Forest Laboratories Class A* 1,400 64,750
Foundation Health Systems Class A* 2,000 30,000
General Nutrition Companies* 1,100 25,643
Genzyme Surgical Products* 233 1,025
Gilead Sciences, Incorporated* 500 26,125
Hannaford Brothers Company 700 37,450
Health Management Association Class A* 4,200 47,250
Hormel Foods Corporation 1,200 48,300
ICN Pharmaceuticals, Incorporated 1,300 41,844
International Multifoods, Incorporated 300 6,769
Interstate Bakeries Corporation 1,200 26,925
Iowa Beef Processing 1,500 35,625
IVAX Corporation* 1,800 25,425
Lancaster Colony Corporation 700 24,150
Lance, Incorporated 500 7,813
Lincare Holdings, Incorporated* 1,000 25,000
Lone Star Steakhouse & Saloon,
Incorporated* 700 6,803
McCormick & Company, Incorporated 1,200 37,875
MedImmune, Incorporated* 900 60,975
Modis Professional Services,
Incorporated* 1,900 26,125
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
34
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 13.20%
(CONTINUED)
Mylan Laboratories, Incorporated 2,100 $ 55,650
Omnicare, Incorporated 1,500 18,938
Outback Steakhouse, Incorporated* 1,200 47,175
Oxford Health Plans, Incorporated* 1,300 20,230
PacifiCare Health System Class B* 800 57,550
Papa John's International,
Incorporated* 500 22,344
Perrigo Company* 1,200 9,150
PSS World Medical, Incorporated* 1,200 13,425
Quorum Health Group, Incorporated* 1,200 15,075
Ruddick Corporation 800 16,000
Sbarro, Incorporated* 300 8,119
Sepracor, Incorporated* 500 40,625
Smucker (The J.M.) Company Class A 500 11,125
Suiza Foods Corporation* 600 25,125
Snyder Communications, Incorporated* 1,100 36,025
Starbuck Corporation* 3,000 112,688
STERIS Corporation* 1,100 21,313
Stryker Corporation 1,600 96,200
Sybron International Corporation* 1,700 46,856
TCA Cable TV, Incorporated 800 44,400
Total Renal Care Holdings,
Incorporated* 1,300 20,231
Trigon Healthcare, Incorporated* 700 25,463
Tyson Foods, Incorporated Class A 3,800 85,500
Universal Corporation 600 17,063
Universal Foods Corporation 800 16,900
U.S. Foodservice, Incorporated* 800 34,100
Viad Corporation 1,700 52,594
Vlasic Foods International,
Incorporated* 800 5,850
Warner-Lambert Company 446 30,941
Whitman Corporation 1,700 30,600
-----------
2,316,911
-----------
ENERGY - 4.63%
BJ Services Company* 1,200 35,325
El Paso Energy Corporation 2,000 70,375
ENSCO International, Incorporated 2,300 45,856
Global Marine, Incorporated* 2,900 44,769
KN Energy, Incorporated 1,200 16,050
Murphy Oil Corporation 700 34,169
Nabors Industries, Incorporated* 1,800 43,988
National Fuel Gas Company 600 29,100
Noble Affiliates, Incorporated 900 25,369
Noble Drilling Corporation* 2,200 43,313
Ocean Energy, Incorporated* 2,800 26,950
Pennzoil-Quaker State Company 1,300 19,500
Pioneer Natural Resources Company 1,700 18,700
Questar Corporation 1,400 26,775
Ranger Oil Ltd* 2,100 10,369
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
ENERGY - 4.63% (CONTINUED)
Santa Fe Synder Corporation* 2,800 $ 21,350
Smith International, Incorporated* 800 34,750
Tidewater, Incorporated 900 27,450
Tosco Corporation 2,600 67,438
Transocean Offshore, Incorporated 1,700 44,625
Ultramar Diamond Shamrock Corporation 1,500 32,719
Valero Energy Corporation 900 19,294
Varco International, Incorporated* 1,100 12,031
Weatherford International,
Incorporated* 1,700 62,263
-----------
812,528
-----------
MANUFACTURING - 4.63%
Airgas, Incorporated* 1,200 14,700
AK Steel Holding Corporation 1,000 22,500
Albemarle Corporation 800 18,500
Bowater, Incorporated 900 42,525
Cabot Corporation 1,100 26,606
Carpenter Technology, Incorporated 400 11,425
Chesapeake Corporation 400 14,975
Cleveland-Cliffs Corporation,
Incorporated 200 6,475
Consolidated Papers, Incorporated 1,500 40,125
Crompton & Knowles Corporation 1,200 23,475
Cytec Industries* 700 22,313
Dexter Corporation 400 16,325
Ethyl Corporation 1,400 8,400
Ferro Corporation 600 16,500
Fuller (H.B.) Company 200 13,675
Georgia Gulf Corporation 500 8,438
Georgia-Pacific Company Timber Group 1,500 37,875
Glatfeler (P.H.) Company 700 10,237
Hanna (M.A.) Company 800 13,150
IMC Global, Incorporated 1,900 33,488
Longview Fibre Company 900 14,063
Lubrizol (The) Corporation 900 24,525
Lyondell Chemical Company 1,300 26,813
Martin Marietta Materials,
Incorporated 800 47,200
MAXXAM, Incorporated* 100 6,450
Minerals Technologies, Incorporated 400 22,325
Olin Corporation 800 10,550
Oregon Steel Mills, Incorporated 400 5,325
Rayonier, Incorporated 500 24,906
RPM, Incorporated 1,800 25,538
Ryerson Tull, Incorporated 400 9,025
Schulman (A.), Incorporated 500 8,594
Solutia, Incorporated 1,900 40,494
Sonoco Products, Incorporated 1,700 50,894
Southdown, Incorporated 600 38,550
UCAR International, Incorporated* 800 20,200
Wausau-Mosinee Paper Mills 900 16,200
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
35
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P MIDCAP 400 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 4.63% (CONTINUED)
Witco Corporation 1,000 $ 20,000
-----------
813,359
-----------
SERVICE - 3.33%
Apollo Group, Incorporated* 1,300 34,531
Cambridge Technology Partners (Mass.),
Incorporated* 900 15,806
Convergy's Corporation 2,500 48,125
Fiserv, Incorporated* 2,100 65,756
Kelly Services, Incorporated Class A 600 19,275
Manpower, Incorporated 1,300 29,413
NCH Corporation 100 4,950
NOVA Corporation 1,200 30,000
Ogden Corporation 800 21,550
Olsten Corporation 1,400 8,838
Pittston Brink's Group 700 18,725
Quintiles Transnational Corporation* 1,900 79,800
Robert Half International,
Incorporated* 1,500 39,000
Rollins, Incorporated 500 7,969
Sotheby's Holdings, Incorporated 900 34,313
Stewart Enterprises, Incorporated
Class A 1,800 26,213
Sylvan Learning Systems, Incorporated* 3,700 100,594
-----------
584,858
-----------
TECHNOLOGY - 20.30%
ADC Telecommunications, Incorporated* 2,200 100,238
Altera Corporation* 3,200 117,800
Analog Devices, Incorporated* 2,700 135,506
Arrow Electronics, Incorporated* 1,600 30,400
Atmel Corporation 1,700 44,519
Avnet, Incorporated 600 27,900
Biogen, Incorporated* 2,400 154,350
Cadence Design Systems, Incorporated* 3,700 47,175
Centocor, Incorporated* 1,200 55,950
Chiron Corporation* 3,000 62,250
Cirrus Logic, Incorporated* 1,000 8,875
Citrix Systems, Incorporated* 1,400 79,100
Comdisco, Incorporated 2,500 64,062
Comverse Technology* 1,100 83,050
Cypress Semiconductor, Corporation* 1,500 24,750
Electronic Arts, Incorporated* 1,000 54,250
Genzyme Corporation-General Division* 1,300 63,050
Gulfstream Aerospace Corporation* 1,200 81,075
Imation Corporation* 700 17,369
Informix Corporation* 3,000 25,594
Integrated Device Technology,
Incorporated* 1,500 16,313
Intuit, Incorporated* 1,000 90,125
Jabil Circuit, Incorporated* 1,400 63,175
Keane, Incorporated* 1,200 27,150
Legato Systems, Incorporated* 600 34,650
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 20.30% (CONTINUED)
Lexmark International Group,
Incorporated Class A* 2,200 $ 145,338
Linear Technology Corporation 2,500 168,125
Litton Industries, Incorporated* 800 57,400
Maxim Integrated Products,
Incorporated* 2,200 146,300
Mentor Graphics Corporation* 1,100 14,094
Microchip Technologies, Incorporated* 800 37,900
NCR Corporation* 1,600 78,100
Network Associates, Incorporated* 2,100 30,844
Policy Management Systems Corporation* 600 18,000
QUALCOMM, Incorporated* 2,400 344,400
Quantum Corporation* 2,800 67,550
Rational Software Corporation* 1,400 46,113
Sanmina Corporation* 900 68,288
Sequent Computer Systems,
Incorporated* 700 12,425
Siebel Systems, Incorporated* 1,500 99,469
Sterling Commerce, Incorporated* 1,600 58,400
Sterling Software, Incorporated* 1,400 37,363
Storage Technology Corporation* 1,700 38,675
Structural Dynamics Research* 600 11,138
SunGard Data Systems, Incorporated* 1,900 65,550
Symantec Corporation* 900 22,950
Synopsys, Incorporated* 1,200 66,225
Teradyne, Incorporated* 1,400 100,450
Transaction Systems Architects,
Incorporated 500 19,500
United Technologies Corporation 502 35,987
Veritas Software Corporation* 500 47,469
Vitesse Semiconductor Corporation* 1,200 80,925
Xilinx, Incorporated* 2,400 137,400
-----------
3,565,054
-----------
TRANSPORTATION - 1.19%
Airborne Freight Corporation 800 22,150
Alaska Airgroup, Incorporated* 400 16,700
Alexander & Baldwin, Incorporated 700 15,575
Arnold Industries, Incorporated 400 6,175
CNF Transportation, Incorporated 800 30,700
Comair Holding, Incorporated 1,600 33,300
GATX Corporation 800 30,450
Hunt (J.B.) Transportation Services,
Incorporated 600 9,750
Overseas Shipholding Group 600 7,725
Swift Transportation Company,
Incorporated* 900 19,800
Wisconsin Central Transportation
Corporation* 900 16,988
-----------
209,313
-----------
UTILITIES - 8.19%
AGL Resources, Incorporated 1,000 18,438
Aliant Communications, Incorporated 600 27,713
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
36
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
UTILITIES - 8.19% (CONTINUED)
Allegheny Energy, Incorporated 2,000 $ 64,125
Aliant Energy Corporation 1,300 36,888
American Water Works, Incorporated 1,300 39,975
Black Hills Corporation 400 9,250
Cincinnati Bell Company 2,300 57,356
Cleco Corporation 400 12,150
CMP Group, Incorporated 500 13,094
COMSAT Corporation 900 29,250
DPL, Incorporated 2,700 49,613
Energy East Corporation 2,100 54,600
Hawaiian Electric Industries,
Incorporated 500 17,750
IDACORP, Incorporated 600 18,900
Illinova Corporation 1,200 32,700
Indiana Energy, Incorporated 500 10,656
IPALCO, Incorporated 1,500 31,781
Kansas City Power & Light Company 1,000 25,500
KeySpan Energy Corporation 2,500 65,938
LG&E Energy Corporation 2,200 46,200
MCN Energy Group, Incorporated 1,300 26,975
MidAmerican Energy Holdings Company 1,000 34,625
Minnesota Power, Incorporated 1,200 23,850
Montana Power Company 900 63,450
Nevada Power Company 900 22,500
New England Electric System 1,000 50,125
NiSource, Incorporated 2,100 54,206
Northeast Utilities* 2,200 38,913
OGE Energy Corporation 1,300 30,875
Pinnacle West Capital Corporation 1,400 56,350
Potomac Electric Power Company 2,000 58,875
Public Services Company of New Mexico 700 13,913
Puget Sound Energy, Incorporated 1,400 33,600
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
UTILITIES - 8.19% (CONTINUED)
SCANA Corporation 1,700 $ 39,738
TECO Energy, Incorporated 2,200 50,050
Telephone & Data Systems, Incorporated 1,000 73,063
UtiliCorp United, Incorporated 1,500 36,469
Washington Gas Light Company 800 20,800
Wisconsin Energy Corporation 1,900 47,619
-----------
1,437,873
-----------
Total Common Stocks
(cost $14,743,150) 15,218,680
-----------
UNIT INVESTMENT TRUST - 3.97%
MidCap SPDR Trust Unit Series I 8,900 698,093
-----------
Total Unit Investment Trust
(cost $674,980)
SHORT-TERM INVESTMENTS(2) - .46%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
VARIABLE RATE DEMAND NOTES - .46%
Firstar Bank
(4.970% due 12/31/31) $ 80,913 80,913
-----------
Total Short-Term Investments
(cost $80,913) 80,913
-----------
TOTAL INVESTMENTS - 91.10%
(cost $15,499,043)(1) 15,997,686
-----------
OTHER ASSETS AND LIABILITIES - 8.90% 1,563,429
-----------
TOTAL NET ASSETS - 100% $17,561,115
-----------
-----------
</TABLE>
- ----------
* Non-income producing
(1) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of June 30, 1999 was $1,059,187 and
($560,544) respectively.
(2) Securities with an aggregate market value of $1,048,375 have been
segregated with the custodian to cover margin requirements for the
following open futures contracts at June 30, 1999:
<TABLE>
<CAPTION>
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- ---------------------------------------------------------------------
Standard & Poor's 500 Index (09/99) 5 $(725)
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
37
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BALANCED INDEX PORTFOLIO
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 63.22%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 10.09%
Aetna Life and Casualty Company 600 $ 53,663
AFLAC, Incorporated 1,100 52,662
Allstate (The) Corporation 3,200 114,800
American Express Company 1,900 247,237
American General Corporation 1,000 75,375
American International Group,
Incorporated 5,200 608,725
Amsouth Bancorp, Incorporated 750 17,390
Aon Corporation 1,050 43,313
Associates First Capital Corporation 3,100 137,368
BB&T Corporation 1,300 47,694
Banc One Corporation 4,900 291,856
BankAmerica Corporation 7,300 535,182
Bankboston Corporation 1,200 61,350
Bank of New York Company, Incorporated 3,200 117,400
Bear Stearns Companies, Incorporated 500 23,375
Capital One Financial Corporation 800 44,550
Charles Schwab Corporation 1,700 186,788
Chase Manhattan Corporation 3,500 303,188
Chubb Corporation 700 48,650
CIGNA Corporation 900 80,100
Cincinnati Financial Corporation 700 26,293
Citigroup, Incorporated 14,100 669,750
Comerica, Incorporated 600 35,663
Conseco, Incorporated 1,300 39,568
Countrywide Credit Industries,
Incorporated 500 21,375
Fannie Mae 4,300 294,012
Federal Home Loan Mortgage Corporation 2,900 168,200
Fifth Third Bancorp 1,100 73,219
First Union Corporation 4,100 192,700
Firstar Corporation 2,800 78,400
Fleet Financial Group, Incorporated 2,400 106,500
Franklin Resources, Incorporated 1,100 44,687
Hartford Financial Services Group 1,000 58,313
Household International, Incorporated 2,000 94,750
Huntington Bancshares 900 31,500
Jefferson-Pilot Corporation 500 33,094
KeyCorp 1,900 61,037
Lehman Brothers Holdings 500 31,125
Lincoln National Corporation 800 41,850
Lowes Corporation 500 39,563
Marsh & McLennan Companies,
Incorporated 1,100 83,050
MBIA, Incorporated 400 25,900
MBNA Corporation 3,400 104,125
Mellon Bank Corporation 2,200 80,025
Mercantile Bancorporation 700 39,988
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 10.09%
(CONTINUED)
Merrill Lynch & Company 1,500 119,906
MGIC Investment Corporation 500 $ 24,313
Morgan (J. P.) & Company 700 98,350
Morgan Stanley, Dean Witter & Company 2,400 246,000
National City Corporation 1,300 85,150
Northern Trust Corporation 500 48,500
PaineWebber Group, Incorporated 600 28,050
PNC Bank Corporation 1,100 74,912
Progressive Corporation 300 43,500
Provident Companies, Incorporated 100 4,000
Providian Financial Corporation 600 56,100
Regions Financial Corporation 1,000 38,438
Republic New York Corporation 400 27,275
SAFECO Corporation 600 26,475
SLM Holding Corporation 700 32,068
SouthTrust Corporation 700 26,863
State Street Corporation 400 59,763
St. Paul Companies 1,000 31,813
Summit Bancorp 700 29,268
SunTrust Banks, Incorporated 1,400 97,212
Synovus Financial Corporation 1,200 23,850
Torchmark Corporation 600 20,475
Transamerica Corporation 500 37,500
Union Planters Corporation 600 26,813
UNUM Corporation 600 32,850
U.S. Bancorp 3,000 102,000
Wachovia Corporation 900 77,007
Washingon Mutual, Incorporated 2,500 88,438
Wells Fargo & Company 6,900 294,975
-----------
7,467,217
-----------
CAPITAL GOODS - 4.71%
AlliedSignal, Incorporated 2,300 144,900
Avery Dennison Company 500 30,188
Boeing Company 4,100 181,168
Browning-Ferris Industries 700 30,100
Case Equipment 300 14,437
Caterpillar, Incorporated 1,500 90,000
Cooper Industries, Incorporated 400 20,800
Crane Company 300 9,432
Danaher Corporation 600 34,875
Deere & Company 1,000 39,624
Dover Corporation 900 31,500
Emerson Electric Company 1,800 113,175
Fluor Corporation 300 12,150
General Dynamics Corporation 500 34,250
General Electric Company 13,700 1,548,100
Grainger (W.W.), Incorporated 400 21,524
Honeywell, Incorporated 500 57,938
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
38
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 4.71% (CONTINUED)
Illinois Tool Works, Incorporated 1,100 90,200
Ingersoll-Rand Company 700 $ 45,238
Johnson Controls, Incorporated 400 27,724
Lockheed Martin Corporation 1,700 63,325
Minnesota Mining & Manufacturing
Company 1,700 147,793
Navistar International, Incorporated* 300 15,000
Northrop Grumman Corporation 300 19,893
Pall Corporation 600 13,312
PACCAR, Incorporated 300 16,013
Parker-Hannifin Corporation 500 22,874
Raychem Corporation 300 11,100
Sealed Air Corporation* 400 25,950
Solectron Corporation* 1,100 73,357
Tenneco, Incorporated 800 19,100
Thermo Electron Corporation* 700 14,043
Tyco International Limited 3,400 322,150
United Technologies Corporation 2,000 143,374
-----------
3,484,607
-----------
CONSUMER CYCLICAL - 5.45%
American Greetings Company Class A 300 9,038
AutoZone, Incorporated* 700 21,087
Best Buy Company, Incorporated* 900 60,750
Black & Decker Corporation 400 25,250
Brunswick Corporation 400 11,150
Carnival Corporation 2,600 126,100
Circuit City Stores, Incorporated 400 37,200
Consolidated Stores Corporation* 500 13,500
Cooper Tire & Rubber Company 400 9,451
Costco Companies, Incorporated* 900 72,057
Dana Corporation 700 32,243
Dayton Hudson Corporation 1,800 117,000
Delphi Automotive Systems 2,549 47,316
Dillard's, Incorporated Class A 500 17,562
Dollar General Corporation 925 26,825
Dow Jones & Company, Incorporated 400 21,225
Eaton Corporation 300 27,600
Federated Department Stores* 900 47,643
Ford Motor Company 5,100 287,831
Fruit of the Loom, Incorporated Class
A* 300 2,925
Gannett Company, Incorporated 1,200 85,650
Gap, Incorporated 3,600 181,350
General Motors Corporation 2,700 178,200
Genuine Parts Company 800 28,000
Goodyear Tire & Rubber 700 41,168
Harcourt General, Incorporated 300 15,468
Harrah's Entertainment, Incorporated* 600 13,200
Hasbro, Incorporated 800 22,350
Hilton Hotels Corporation 1,200 17,025
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 5.45% (CONTINUED)
Home Depot, Incorporated 6,200 399,512
ITT Industries, Incorporated 400 $ 15,250
K Mart Corporation* 2,100 34,519
Knight-Ridder, Incorporated 400 21,974
Kohl's Department Stores Corporation* 700 54,031
Limited (The), Incorporated 900 40,837
Liz Claiborne, Incorporated 300 10,950
Lowe's Companies, Incorporated 1,500 85,030
Marriott International Class A 1,000 37,375
Masco Company 1,500 43,313
Mattel, Incorporated 1,700 44,944
May Department Stores Company 1,500 61,313
Maytag Corporation 400 27,875
McGraw-Hill Companies, Incorporated 800 43,150
Mirage Resorts, Incorporated* 900 15,075
New York Times Class A 800 29,450
NIKE, Incorporated Class B 1,200 75,975
Nordstrom, Incorporated 600 20,100
Office Depot, Incorporated* 1,600 35,300
Penney (J.C.) Company, Incorporated 1,100 53,419
Sears Roebuck & Company 1,600 71,300
Sherwin-Williams Company 700 19,425
Stanley (The) Works 400 12,875
Staples, Incorporated* 2,000 61,875
Tandy Corporation 800 39,100
Times Mirror Company Class A 300 17,775
TJX Companies, Incorporated 1,300 43,306
Toys "R" Us, Incorporated* 1,100 22,757
Tribune Company 500 43,563
TRW, Incorporated 500 27,439
V.F. Corporation 500 21,375
Wal-Mart Stores, Incorporated 18,400 887,800
Whirlpool Corporation 300 22,200
-----------
4,036,346
-----------
CONSUMER NON-DURABLE - 14.19%
Abbott Laboratories 6,300 286,650
Albertson's, Incorporated 1,726 88,996
Allergan, Incorporated 300 33,300
ALZA Corporation Class A* 400 20,350
American Home Products Corporation 5,400 310,500
Anheuser-Busch Companies, Incorporated 2,000 141,871
Archer-Daniels-Midland Company 2,500 38,594
Avon Products, Incorporated 1,100 61,050
Bausch & Lomb, Incorporated 200 15,300
Baxter International, Incorporated 1,300 78,812
Becton, Dickinson Company 1,100 33,000
BestFoods, Incorporated 1,200 59,400
Biomet, Incorporated 500 19,875
Boston Scientific Corporation* 1,700 74,693
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
39
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BALANCED INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 14.19%
(CONTINUED)
Bristol-Meyers Squibb Company 8,200 577,587
Brown Foremann Class B 300 $ 19,556
Campbell Soup Company 1,800 83,475
Cardinal Health, Incorporated 1,100 70,537
CBS, Corporation* 3,000 130,313
Ceridian Corporation* 600 19,613
Clear Channel Communications* 1,400 96,511
Clorox Company 500 53,406
Coca-Cola Company 10,300 643,750
Coca-Cola Enterprises 1,800 53,550
Colgate-Palmolive Company 1,200 118,500
Columbia/HCA Healthcare Corporation 2,400 54,750
Comcast Corporation Class A Special 3,100 119,157
ConAgra, Incorporated 2,000 53,250
CVS Corporation 1,600 81,200
Dardeen Restaurants* 600 13,087
Deluxe Corporation 400 15,575
Donnelly (RR) & Sons Company 600 22,237
Fortune Brands, Incorporated 700 28,963
General Mills, Incorporated 700 56,263
Gillette Company 4,600 188,600
Guidant Corporation 1,300 66,869
HCR Manor Care, Incorporated* 500 12,094
Heinz (H.J.) Company 1,500 75,188
HEALTHSOUTH Corporation* 1,800 26,887
Hershey Foods Corporation 600 35,625
Humana, Incorporated* 800 10,350
Johnson & Johnson Company 5,600 548,800
Kellogg Company 1,700 56,100
King World Productions, Incorporated* 300 10,443
Kroger Company* 3,400 94,988
Lilly (Eli) & Company 4,600 329,475
Mallincrokdt, Incorporated 300 10,913
McDonald's Corporation 5,700 235,481
McKesson HBOC, Incorporated 1,200 38,550
Medtronic, Incorporated 2,400 186,900
Merck & Company, Incorporated 9,800 725,200
Newell Rubbermaid, Incorporated 1,200 55,800
PepsiCo, Incorporated 6,200 239,862
Pfizer, Incorporated 5,400 592,650
Pharmacia & Upjohn, Incorporated 2,100 119,306
Philip Morris Companies, Incorporated 10,100 405,894
Pioneer Hi-Bred International 1,000 38,938
Procter & Gamble Company 5,600 499,800
Quaker Oats Company 600 39,825
RJR Nabisco Holdings Corporation 300 27,388
Ralston-Ralston Purina Group 1,400 42,612
Rite Aid Corporation 1,100 27,087
Safeway, Incorporated* 2,100 103,950
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 14.19%
(CONTINUED)
Sara Lee Corporation 3,800 86,212
Schering-Plough Corporation 6,100 $ 323,300
Seagram Company, Limited 1,800 90,676
Supervalu, Incorporated 600 15,413
St. Jude Medical* 400 14,250
Sysco Corporation 1,400 41,738
Tenet Healthcare Corporation* 1,300 24,132
Time Warner, Incorporated 5,000 367,500
TRICON Global Restaurants 600 32,476
Unilever N.V. ADR 2,346 163,663
United HealthCare Corporation 700 43,838
UST, Incorporated 800 23,400
Viacom, Incorporated Class B* 2,900 127,600
Walgreen Company 4,200 123,375
Walt Disney Company, The 8,600 264,987
Warner-Lambert Company 3,500 242,813
Watson Pharmaceuticals, Incorporated* 400 14,025
Wendy's International, Incorporated 500 14,156
Winn-Dixie Stores, Incorporated 600 22,163
Wrigley (Wm) Jr. Company 500 45,000
-----------
10,499,963
-----------
ENERGY - 3.74%
Amerada Hess Corporation 400 23,800
Anadarko Petroleum Corporation 500 18,406
Apache Corporation 500 19,500
Ashland, Incorporated 400 16,050
Atlantic Richfield Company 1,400 116,988
Baker Hughes, Incorporated 1,400 46,900
Burlington Resources, Incorporated 800 34,600
Chevron Corporation 2,700 257,006
Exxon Corporation 10,100 778,963
Halliburton Company 1,900 85,975
Kerr-McGee Company 400 20,075
Mobil Corporation 3,200 316,800
Occidental Petroleum 1,600 33,800
Phillips Petroleum Company 1,100 55,344
Rowan Companies, Incorporated* 400 7,375
Royal Dutch Petroleum Company ADR 8,900 536,224
Schlumberger Limited 2,400 152,850
Sunoco, Incorporated 400 12,075
Texaco, Incorporated 2,200 137,500
Union Pacific Resources Group 1,100 17,944
Unocal Corporation 1,000 39,625
USX-Marathon Group, Incorporated 1,300 42,332
-----------
2,770,132
-----------
MANUFACTURING - 2.58%
Air Products & Chemicals, Incorporated 1,000 40,250
Alcan Aluminum Limited 1,000 31,938
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
40
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 2.58% (CONTINUED)
Allegheny Teledyne, Incorporated 900 $ 20,362
Aluminum Company of America 1,600 99,000
Applied Materials, Incorporated* 1,600 118,200
Barrick Gold Corporation 1,700 32,937
Battle Mountain Gold Company* 800 1,950
Bethlehem Steel Corporation* 600 4,613
Champion International Corporation 500 23,938
Corning, Incorporated 1,000 70,125
Crown Cork & Seal Company,
Incorporated 500 14,250
Cyprus Amax Mineral Company* 500 7,594
Dow Chemical Company 900 114,187
DuPont (E.I.) De Nemours & Company 4,700 321,068
Ecolab, Incorporated* 600 26,175
Eastman Chemical Company 300 15,525
Englehard Corporation 600 13,575
Fort James Corporation 1,000 37,875
Freeport-McMoRan Copper & Gold 700 12,556
Georgia-Pacific Company 600 37,900
Goodrich BF Company 400 17,000
Grace, (W.R.) & Company* 300 5,513
Hercules, Incorporated 500 19,656
Homestake Mining Company 1,200 9,825
Inco, Limited 900 16,200
International Flavors & Fragrance,
Incorporated 500 22,188
International Paper Company 1,900 95,950
Kimberly-Clark Corporation 2,200 125,400
Louisiana Pacific Corporation 500 11,875
Mead Corporation 500 20,875
Monsanto Company 2,600 102,538
Nalco Chemical Company 300 15,563
Newmont Mining Corporation 700 13,913
Nucor Corporation 400 18,975
Owens-Illinois, Incorporated* 700 22,881
Placer Dome, Incorporated 1,300 15,357
PPG Industries, Incorporated 800 47,250
Praxair, Incorporated 700 34,256
Reynolds Metals Company 300 17,700
Rohm & Haas Company 937 40,169
Sigma-Aldrich Corporation 500 17,219
Union Carbide Corporation 600 29,250
USX-U.S. Steel Group, Incorporated 400 10,800
Vulcan Materials, Incorporated* 400 19,300
Westvaco Corporation 600 17,400
Weyerhaeuser Company 900 61,875
Willamette Industries 500 23,031
Worthington Industries, Incorporated 600 9,863
-----------
1,905,840
-----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
SERVICE - .93%
Automatic Data Processing,
Incorporated 2,600 $ 114,400
Block (H&R), Incorporated 400 20,000
Cendant Corporation* 3,200 65,600
Dun & Bradstreet Corporation 700 24,806
Equifax, Incorporated 600 21,413
First Data Corporation 1,800 88,087
Interpublic Group Companies,
Incorporated 600 51,975
IMS Health, Incorporation 1,300 40,625
Laidlaw, Incorporated 1,400 10,325
Omnicom Group, Incorporated 800 64,000
Paychex, Incorporated 1,050 33,468
Service Corporation International 1,100 21,175
Waste Management, Incorporated 2,500 134,375
-----------
690,249
-----------
TECHNOLOGY - 13.48%
3 COM Corporation* 1,500 40,031
Advanced Micro Devices, Incorporated* 600 10,837
American Online, Incorporated* 4,500 497,250
Amgen, Incorporated* 2,100 127,838
Andrew Corporation* 400 7,575
Apple Computer, Incorporated* 700 32,418
BMC Software, Incorporated* 1,000 54,000
Cabletron Systems, Incorporated* 700 9,100
Cisco Systems, Incorporated* 13,300 857,019
COMPAQ Computers Corporation 7,100 168,181
Computer Associates International,
Incorporated 2,200 121,000
Computer Sciences Corporation* 700 48,431
Compuware Corporation* 1,500 47,719
Dell Computer Corporation* 10,600 392,200
Eastman Kodak 1,300 88,075
Electronic Data Systems Corporation 2,100 118,781
EMC Corporation Massachusetts* 4,200 231,000
Gateway 2000, Incorporated* 700 41,300
General Instrument Corporation* 700 29,750
Harris Corporation 400 15,675
Hewlett-Packard Company 4,400 442,200
IKON Office Solution, Incorporated 600 9,000
Intel Corporation 13,900 827,050
International Business Machines
Corporation 7,600 982,300
KLA-Tencor Corporation* 400 25,950
LSI Logic Corporation* 600 27,675
Lucent Technologies, Incorporated 12,630 851,735
Micron Technology, Incorporated* 1,100 44,344
Microsoft Corporation* 21,300 1,920,994
Motorola, Incorporated 2,500 236,875
National Semiconductor* 700 17,718
Nortel Networks Corporation 2,900 251,756
Novell, Incorporated* 1,400 37,100
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
41
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BALANCED INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 13.48% (CONTINUED)
Oracle Systems Corporation* 6,100 $ 226,463
Parametric Technology Company* 1,100 15,262
PeopleSoft, Incorporated* 1,100 18,975
Pitney-Bowes, Incorporated 1,100 70,675
Raytheon Company - Class B 1,400 98,525
Rockwell International Corporation 800 48,600
Seagate Technology, Incorporated* 1,000 25,625
Scientific-Atlanta, Incorporated 500 18,000
Silicon Graphics, Incorporated* 800 13,100
Sun Microsystems, Incorporated* 3,300 227,287
Tellabs, Incorporated* 1,600 108,100
Texas Instruments, Incorporated 1,600 232,000
Textron, Incorporated 600 49,387
Unisys Corporation* 1,200 46,726
Xerox Corporation 2,800 165,375
-----------
9,976,977
-----------
TRANSPORTATION - .63%
AMR Corporation* 2,500 47,775
Burlington Northern Santa Fe
Corporation 2,100 65,100
CSX Corporation 900 40,782
Delta Air Lines, Incorporated 600 34,575
FDX Corporation* 1,300 70,525
Kansas City Southern Industries 500 31,906
Norfolk Southern Company* 1,600 48,200
Ryder System 300 7,800
Southwest Airlines Company 1,400 43,575
Union Pacific Corporation 1,100 64,144
US Airways Group, Incorporated* 300 13,069
-----------
467,451
-----------
UTILITIES - 7.42%
AES Corporation* 800 46,501
ALLTELL Corporation 1,200 85,800
Ameren Corporation 600 23,025
AT & T Corporation 13,200 736,725
American Electric Power Company 900 33,807
Ameritech Corporation 4,500 330,750
Bell Atlantic Corporation 6,400 418,400
BellSouth Corporation 7,800 365,625
Carolina Power & Light Company 600 25,687
Central & SouthWest Corporation 900 21,037
Centurytel, Incorporated 600 23,850
CINergy Corporation 700 22,400
CMS Energy Corporation 500 20,938
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
UTILITIES - 7.42% (CONTINUED)
Coastal Corporation 900 $ 36,000
Columbia Energy Group 400 25,074
Consolidated Edison, Incorporated 1,000 45,250
Consolidated Natural Gas Company 400 24,300
Constellation Energy Group,
Incorporated 700 20,738
Dominion Resources 800 34,650
DTE Energy Company 600 24,000
Duke Energy Corporation 1,500 81,563
Edison International 1,500 40,125
Enron Corporation 1,500 122,625
Entergy Corporation 1,000 31,250
FirstEnergy Corporation 1,000 31,000
Frontier Corporation 700 41,300
FPL Group, Incorporated 800 43,699
GPU, Incorporated 600 25,313
GTE Corporation 4,100 310,575
MCI WorldCom, Incorporated* 7,800 671,288
Mediaone Group 2,500 185,938
New Century Energies, Incorporated 500 19,406
Nextel Communications, Incorporated* 1,200 60,225
Niagara Mohawk Holdings, Incorporated* 900 14,456
Northern States Power Company 700 16,931
PacifiCorp 1,300 23,887
PECO Energy Company 800 33,500
PG & E Corporation 1,700 55,250
PP & L Resources, Incorporated 700 21,525
Public Service Enterprises Group,
Incorporated 1,000 40,875
Reliant Energy, Incorporated 1,300 35,912
SBC Communications, Incorporated 8,000 464,000
Sempra Energy 1,100 24,887
Sonat, Incorporated 500 16,563
Southern Company 3,000 79,500
Sprint Corporation FON Group 3,700 195,406
Sprint PCS Group, Incorporated* 1,900 108,538
Texas Utilities Holdings Companies 1,300 53,625
Unicom Corporation 900 34,707
US West, Incorporated* 2,100 123,375
Vodafone Airtouch Public LTD* 200 39,400
Williams Companies, Incorporated 1,800 76,613
-----------
5,487,814
-----------
Total Common Stocks
(cost $46,558,893) 46,786,596
-----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
42
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 22.42%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
U.S. Treasury Note
(5.625% due 04/30/00) $2,500,000 $ 2,507,032
U.S. Treasury Note
(6.250% due 01/31/02) 3,250,000 3,301,250
U.S. Treasury Note
(7.250% due 05/15/04) 3,000,000 3,187,500
U.S. Treasury Note
(6.500% due 05/15/05) 1,250,000 1,291,875
U.S. Treasury Note
(6.125% due 08/15/07) 2,500,000 2,531,719
U.S. Treasury Bond
(6.250% due 08/15/23) 3,750,000 3,776,017
-----------
Total U.S. Treasury Obligations
(cost $16,640,231) 16,595,393
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - .67%
FEDERAL HOME LOAN MORTGAGE CORPORATION
5.750% due 07/15/03 500,000 496,030
-----------
Total U.S. Government Agency
Obligations
(cost $501,648) 496,030
-----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
MORTGAGE-BACKED
SECURITIES - 2.67%
FEDERAL HOME LOAN MORTGAGE CORPORATION
FNCL
(7.000% due 05/01/29) $1,998,258 $ 1,979,168
-----------
Total Mortgage-Backed Securities
(cost $2,019,713) 1,979,168
-----------
CORPORATE BONDS - .68%
CONSUMER DURABLE - .68%
Cox Enterprises (6.625% due 06/14/02) 500,000 499,640
-----------
Total Corporate Bonds
(cost $498,830) 499,640
-----------
TOTAL INVESTMENTS - 89.66%
(cost $66,219,315)(1) 66,356,827
-----------
OTHER ASSETS AND LIABILITIES - 10.34% 7,651,078
-----------
TOTAL NET ASSETS - 100% $74,007,905
-----------
-----------
</TABLE>
- ----------
* Non-income producing
(1) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of June 30, 1999 was $481,016 and ($343,504)
respectively.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
43
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(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 seven different series - Equity Portfolio, Capital Portfolio, Bond
Portfolio, S&P 500 Index Portfolio, S&P MidCap 400 Index Portfolio, Balanced
Index Portfolio, and Micro-Cap Portfolio (individually "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 S&P MidCap 400 Index Portfolio seeks investment results that
correspond to the total return performance of U.S. common stocks, as represented
by the S&P MidCap 400 Index. The Balanced Index Portfolio seeks investment
results, with respect to 60% of its assets, that correspond to the total return
performance of U.S. common stocks, as represented by the S&P 500 Index and, with
respect to 40% of its assets, that correspond to the total return performance of
investment grade bonds, as represented by the Lehman Brothers Aggregate Bond
Index. The financial statements of the Micro-Cap Portfolio are presented
separately.
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. The Capital Portfolio and the Bond
Portfolio have a capital loss carry forward of $2,649,227 and $404,220 which can
be carried forward until 2006.
DISTRIBUTIONS - Distributions from net investment income in all Portfolios
generally 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
- --------------------------------------------------------------------------------
44
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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.
FOREIGN CURRENCY - The Funds' accounting records are maintained in U.S. dollars.
All Portfolios may purchase foreign securities within certain limitations set
forth in the Prospectus. Amounts denominated in or expected to settle in foreign
currencies are translated into U.S. dollars at the spot rate at the close of the
London Market. The Fund does not isolate that portion of the results of
operations resulting from changes in foreign exchange rates on investments from
the underlying fluctuation in the securities resulting from market prices. All
are included in net realized and unrealized gain or loss for investments.
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.
(e) for the S&P MidCap 400 Index Portfolio - .30% of the current net
asset value.
(f) for the Balanced 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 pay any other expenses of the S&P 500 Index
Portfolio, the S&P MidCap 400 Index Portfolio, and the Balanced Index Portfolio,
other than the advisory fee for that Portfolio, to the extent that such expenses
exceed 0.30% of its average annual net assets.
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, S&P MidCap 400 Index Portfolio, and
Balanced Index Portfolio. The fee is borne by the Adviser, not the Fund. As a
result, for the period ended June 30, 1999 the Adviser reimbursed the S&P MidCap
400 Index Portfolio $5,019 and the Balanced Index Portfolio $6,310.
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.
- --------------------------------------------------------------------------------
45
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - FUTURES CONTRACTS
S&P 500 Index Portfolio, S&P MidCap 400 Index Portfolio, and Balanced Index
Portfolio (collectively, the Index Portfolios) may enter into futures contracts
that relate to securities in which it may directly invest and indices comprised
of such securities may purchase and write call and put options on such
contracts. The Index Portfolios may invest up to 20% of their assets in such
futures and/or options, except that until each Portfolio reaches $25 million, it
may invest up to 100% in such futures and/or options. These contracts provide
for the sale of a specified quantity of a financial instrument at a fixed price
at a future date. When the Index Portfolios enter into a futures contract, they
are 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, the Portfolios agree 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. The Portfolios invest in futures as a substitute to investing
in the common stock positions in the Index that they intend to match. The
potential risk to the Index Portfolios 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, 1999
excluding short-term obligations, follow:
<TABLE>
<CAPTION>
EQUITY PORTFOLIO CAPITAL PORTFOLIO BOND PORTFOLIO S&P 500 INDEX
----------------- ------------------ --------------- --------------
<S> <C> <C> <C> <C>
Total Cost of Purchases of:
Common Stocks $ 38,329,573 $ 22,356,801 $ -- $ 63,677,081
U.S. Government
Securities -- 27,792,598 2,309,547 --
Corporate Bonds -- 4,241,130 31,505,835 --
----------------- ------------------ --------------- --------------
$ 38,329,573 $ 54,390,529 $ 33,815,382 $ 63,677,081
----------------- ------------------ --------------- --------------
----------------- ------------------ --------------- --------------
Total Proceeds from Sales of:
Common Stocks $ 113,373,003 $ 77,440,061 $ 630,623 $ 2,769,464
U.S. Government
Securities -- 41,113,724 15,729,675 --
Corporate Bonds -- 26,865,482 25,568,975 --
----------------- ------------------ --------------- --------------
$ 113,373,003 $ 145,419,267 $ 41,929,273 $ 2,769,464
----------------- ------------------ --------------- --------------
----------------- ------------------ --------------- --------------
</TABLE>
<TABLE>
<CAPTION>
S&P MIDCAP 400 INDEX BALANCED INDEX
--------------------- ---------------
<S> <C> <C>
Total Cost of Purchases of:
Common Stocks $ 16,008,944 $ 46,572,444
U.S. Government Securities -- 20,466,512
Corporate Bonds -- 498,830
--------------------- ---------------
$ 16,008,944 $ 67,537,786
--------------------- ---------------
--------------------- ---------------
Total Proceeds from Sales of:
Common Stocks $ 1,037,211 $ 13,902
U.S. Government Securities -- 1,038,891
Corporate Bonds -- --
--------------------- ---------------
$ 1,037,211 $ 1,052,793
--------------------- ---------------
--------------------- ---------------
</TABLE>
- --------------------------------------------------------------------------------
46
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
EQUITY PORTFOLIO
SIX MONTHS ENDED
JUNE 30,
----------------
YEAR ENDED DECEMBER 31,
(UNAUDITED) ---------------------------------------------------------
1999 1998 1997 1996 1995 1994
---------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of period $ 14.89 $ 20.35 $ 19.45 $ 16.54 $ 14.30 $ 14.58
-------- --------- --------- --------- --------- ---------
Investment Activities:
Net investment income .06 .25 .23 .29 .24 .20
Net realized and
unrealized
gains/(losses) .45 (2.80) 3.23 3.61 3.36 .31
-------- --------- --------- --------- --------- ---------
Total from Investment
Activities .51 (2.55) 3.46 3.90 3.60 .51
-------- --------- --------- --------- --------- ---------
Distributions:
Net investment income (.09) (.23) (.27) (.27) (.23) (.19)
Net realized gains (2.20) (2.68) (2.29) (.72) (1.13) (.60)
-------- --------- --------- --------- --------- ---------
Total Distributions (2.29) (2.91) (2.56) (.99) (1.36) (.79)
-------- --------- --------- --------- --------- ---------
Net Asset Value,
End of period $ 13.11 $ 14.89 $ 20.35 $ 19.45 $ 16.54 $ 14.30
-------- --------- --------- --------- --------- ---------
-------- --------- --------- --------- --------- ---------
Total Return 5.76% (15.31%) 20.56% 24.52% 26.96% 3.42%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to
Average Net Assets .68%(1) .62% .62% .64% .66% .69%
Ratio of Net Investment
Income to Average Net
Assets .73%(1) 1.41% 1.23% 1.66% 1.73% 1.45%
Portfolio Turnover Rate 39.82%(1) 62.50% 57.03% 52.53% 34.33% 40.33%
Net Assets, End of Period
(000's) $171,391 $ 248,783 $ 335,627 $ 288,124 $ 219,563 $ 157,696
</TABLE>
- ---------
(1) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
48
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
CAPITAL PORTFOLIO
SIX MONTHS ENDED
JUNE 30,
----------------
YEAR ENDED DECEMBER 31,
(UNAUDITED) ---------------------------------------------------------
1999 1998 1997 1996 1995 1994
---------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of period $ 11.20 $ 14.10 $ 14.95 $ 13.72 $ 13.19 $ 13.81
-------- --------- --------- --------- --------- ---------
Investment Activities:
Net investment income .22 .41 .62 .63 .64 .52
Net realized and
unrealized
gains/(losses) (.06) (2.14) .37 1.36 1.15 (.39)
-------- --------- --------- --------- --------- ---------
Total from Investment
Activities .16 (1.73) .99 1.99 1.79 .13
-------- --------- --------- --------- --------- ---------
Distributions:
Net investment income (.18) (.45) (.66) (.57) (.64) (.52)
Net realized gains (.00) (.72) (1.18) (.19) (.62) (.23)
-------- --------- --------- --------- --------- ---------
Total Distributions (.18) (1.17) (1.84) (.76) (1.26) (.75)
-------- --------- --------- --------- --------- ---------
Net Asset Value,
End of period $ 11.18 $ 11.20 $ 14.10 $ 14.95 $ 13.72 $ 13.19
-------- --------- --------- --------- --------- ---------
-------- --------- --------- --------- --------- ---------
Total Return 1.47% (13.25%) 7.40% 14.94% 14.28% .94%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to
Average Net Assets .82%(1) .79% .77% .77% .77% .80%
Ratio of Net Investment
Income to Average Net
Assets 2.80%(1) 3.27% 4.22% 4.42% 4.99% 4.25%
Portfolio Turnover Rate 131.90%(1) 165.00% 60.84% 53.11% 43.83% 41.89%
Net Assets, End of Period
(000's) $19,682 $109,678 $148,830 $159,294 $145,623 $119,263
</TABLE>
- ---------
(1) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
49
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
BOND PORTFOLIO
SIX MONTHS ENDED
JUNE 30,
----------------
YEAR ENDED DECEMBER 31,
(UNAUDITED) -----------------------------------------------------
1999 1998 1997 1996 1995 1994
---------------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of period $ 11.13 $ 11.29 $ 10.91 $ 11.07 $ 10.04 $ 11.30
-------- --------- -------- -------- -------- --------
Investment Activities:
Net investment income .36 .77 .79 .79 .88 .77
Net realized and
unrealized
gains/(losses) (.48) (.05) .37 (.04) .98 (.95)
-------- --------- -------- -------- -------- --------
Total from Investment
Activities (.12) .72 1.16 .75 1.86 (.18)
-------- --------- -------- -------- -------- --------
Distributions:
Net investment income (.36) (.76) (.72) (.87) (.83) (.78)
In excess of net
investment income -- -- -- (.04) -- --
Net realized gains -- (.12) (.06) -- -- (.30)
-------- --------- -------- -------- -------- --------
Total Distributions (.36) (.88) (.78) (.91) (.83) (1.08)
-------- --------- -------- -------- -------- --------
Net Asset Value,
End of period $ 10.65 $ 11.13 $ 11.29 $ 10.91 $ 11.07 $ 10.04
-------- --------- -------- -------- -------- --------
-------- --------- -------- -------- -------- --------
Total Return (1.09%) 6.52% 11.02% 7.19% 19.03% (1.63%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to
Average Net Assets .59%(1) .58% .60% .62% .65% .68%
Ratio of Net Investment
Income to Average Net
Assets 6.61%(1) 6.84% 7.15% 7.24% 7.43% 7.21%
Portfolio Turnover Rate 61.77%(1) 67.57% 113.41% 202.44% 111.01% 70.27%
Net Assets, End of Period
(000's) $109,451 $ 113,762 $ 99,892 $ 85,634 $ 73,568 $ 55,929
</TABLE>
- ---------
(1) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
50
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
S&P 500 INDEX PORTFOLIO
SIX MONTHS ENDED
JUNE 30,
----------------
YEAR ENDED DECEMBER 31,
(UNAUDITED) -------------------------------
1999 1998 1997 1996(1)
---------------- --------- -------- --------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of period $ 19.49 $ 15.74 $ 12.13 $ 10.00
-------- --------- -------- --------
Investment Activities:
Net investment income .10 .20 .20 .20
Net realized and unrealized
gains/(losses) 2.23 4.21 3.72 2.12
-------- --------- -------- --------
Total from Investment
Activities 2.33 4.41 3.92 2.32
-------- --------- -------- --------
Distributions:
Net investment income (.11) (.20) (.21) (.19)
Net realized gains (.14) (.46) (.10) --
-------- --------- -------- --------
Total Distributions (.25) (.66) (.31) (.19)
-------- --------- -------- --------
Net Asset Value,
End of period $ 21.57 $ 19.49 $ 15.74 $ 12.13
-------- --------- -------- --------
-------- --------- -------- --------
Total Return 12.03% 28.54% 32.72% 23.37%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average
Net Assets .36%(3) .43% .50% .59%(2)
Ratio of Net Investment Income
to Average Net Assets 1.15%(3) 1.25% 1.48% 2.14%(2)
Portfolio Turnover Rate 3.43%(3) 2.64% 9.06% 1.09%
Net Assets, End of Period
(000's) $216,928 $ 131,345 $ 55,595 $ 29,205
</TABLE>
- ---------
(1) THE PORTFOLIO COMMENCED OPERATION ON DECEMBER 29, 1995. THE FINANCIAL
HIGHLIGHTS TABLE FOR THE PERIOD ENDING DECEMBER 31, 1995 IS NOT PRESENTED
BECAUSE THE ACTIVITY FOR THE PERIOD DID NOT ROUND TO $0.01 IN ANY CATEGORY
OF THE RECONCILIATION OF BEGINNING TO ENDING NET ASSET VALUE PER SHARE. THE
RATIOS AND TOTAL RETURN WERE ALL LESS THAN 0.01%. THE NET ASSETS AT
DECEMBER 31, 1995 WERE $305,148.
(2) 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 YEAR ENDED DECEMBER 31, 1996, HAD THE ADVISER NOT WAIVED A PORTION
OF ITS FEE.
(3) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
51
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
S&P MIDCAP 400 INDEX PORTFOLIO
PERIOD FROM MAY 3, 1999
TO JUNE 30,
-------------------------------
(UNAUDITED)
1999
-------------------------------
<S> <C>
Net Asset Value,
Beginning of period $ 10.00
-------
Investment Activities:
Net investment income .01
Net realized and unrealized gains/(losses) .42
-------
Total from Investment Activities .43
-------
Distributions:
Net investment income --
Net realized gains --
-------
Total Distributions --
-------
Net Asset Value,
End of period $ 10.43
-------
-------
Total Return 4.30%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average Net Assets(1) .60%(2)
Ratio of Net Investment Income to Average Net
Assets(1) 1.04%(2)
Portfolio Turnover Rate 64.82%(2)
Net Assets, End of Period (000's) $17,561
</TABLE>
- ---------
(1) THE RATIOS OF NET EXPENSES TO AVERAGE NET ASSETS WOULD HAVE INCREASED AND
NET INVESTMENT INCOME TO AVERAGE NET ASSETS WOULD HAVE DECREASED BY .22%
FOR THE PERIOD ENDED JUNE 30, 1999, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(2) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
52
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
BALANCED INDEX PORTFOLIO
---------------------------
PERIOD FROM MAY 3, 1999
TO JUNE 30,
---------------------------
(UNAUDITED)
1999
---------------------------
<S> <C>
Net Asset Value,
Beginning of period $ 10.00
-------
Investment Activities:
Net investment income .01
Net realized and unrealized gains/(losses) .04
-------
Total from Investment Activities .05
-------
Distributions:
Net investment income --
Net realized gains --
-------
Total Distributions --
-------
Net Asset Value,
End of period $ 10.05
-------
-------
Total Return .50%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average Net Assets(1) .58%(2)
Ratio of Net Investment Income to Average Net
Assets(1) 3.05%(2)
Portfolio Turnover Rate 24.60%(2)
Net Assets, End of Period (000's) $74,008
</TABLE>
- ---------
(1) THE RATIOS OF NET EXPENSES TO AVERAGE NET ASSETS WOULD HAVE INCREASED AND
NET INVESTMENT INCOME TO AVERAGE NET ASSETS WOULD HAVE DECREASED BY .29%
FOR THE PERIOD ENDED JUNE 30, 1999, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(2) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
53
<PAGE>
UC CF 231 8 99
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
JUNE 30, 1999
MANAGER'S COMMENTS:
The first half of 1999 proved to be an excellent period for the Carillon
Micro-Cap Portfolio. While the stock market in general posted positive returns,
the Micro-Cap Portfolio did even better. In fact, the Carillon Micro-Cap
Portfolio outperformed the S&P 500, S&P 400 and Russell 2000 Index during the
first half of 1999; all by a substantial margin.
The combination of excellent individual security selection and a rally in
small-cap stocks during the second quarter of 1999 were the primary reasons for
the substantial out-performance that the Portfolio exhibited during the first
half of 1999. The best performing individual security was clearly LCA Vision,
which rose 577% during the period. As evidence of the small-cap stock rally
during the second quarter, one only has to compare the performance of the
Russell 2000 Index vs. the S&P 500 Index. During the second quarter of 1999, the
Russell 2000 Index recorded a return of 15.52%, while the S&P 500 Index recorded
a return of 7.05%. Year to date, the S&P 500 Index has still outperformed the
Russell 2000 Index by 3.13%, but for those invested in small-cap stocks, the
second quarter of 1999 was certainly encouraging. Only time will tell if the
second quarter was a fluke or a harbinger of things to come.
Effective March 18, 1999, a new interim portfolio manager was named for the
Carillon Micro-Cap Portfolio. During this interim period, the objective of the
Portfolio will remain the same: to seek long-term appreciation of capital by
investing primarily in the common stocks of domestic companies with smaller
capitalizations. The strategy for meeting the objective will be similar to the
past, as dictated by the prospectus, but not identical.
As we enter the second half of 1999, the Carillon Micro-Cap Portfolio is well
positioned to take advantage of a continued rally in small-cap stocks, if it
occurs. The Portfolio is well diversified and very liquid. The high level of
liquidity will allow the portfolio manager to quickly take advantage of
profitable opportunities as they arise. As the second half of 1999 unfolds, we
will endeavor to build upon the success of the last several months and continue
to improve the relative performance of the Carillon Micro-Cap Portfolio.
1
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value $3,045,505
(cost $2,703,381)
Interest and dividends receivable 2,072
Prepaid expenses and other 1,172
----------
3,048,749
----------
LIABILITIES
Payables:
Professional fees 8,464
Custodian and portfolio accounting fees 1,922
Investment advisory fees 8,896
Other accrued expenses 2,038
----------
21,320
----------
NET ASSETS
Paid-in capital 2,950,428
Accumulated net realized loss
on investments (265,123)
Net unrealized appreciation of investments
and translation of assets and liabilities
in foreign currencies 342,124
----------
$3,027,429
----------
----------
Shares authorized ($.10) par value 20,000,000
Shares outstanding 300,000
Net asset value, offering and redemption price per share $10.09
----------
----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENT.
2
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding
taxes of $48) 5,773
Interest 5,647
----------
11,420
----------
EXPENSES
Investment advisory fees 13,507
Portfolio accounting fees 9,277
Directors' fees 6,664
Professional fees 6,764
Custodian's fees and expenses 596
Transfer agent fees 643
Registration and filing fees 91
Other 705
----------
38,247
Expense reimbursement (11,902)
----------
26,345
----------
NET INVESTMENT LOSS (14,925)
----------
REALIZED AND UNREALIZED GAIN
Net realized gain on investments 8,058
----------
Net change in unrealized appreciation / (depreciation)
of investments 439,456
----------
NET REALIZED AND UNREALIZED GAIN 447,514
----------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 432,589
----------
----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
3
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
-------------- ------------
(UNAUDITED)
1999 1998
-------------- ------------
<S> <C> <C>
OPERATIONS
Net investment loss $ (14,925) $ (30,894)
Net realized gain / (loss) on investments 8,058 (273,180)
Net change of unrealized appreciation / (depreciation)
on investments, and translation
of assets and liabilities in foreign currencies 439,456 (81,476)
------------- -------------
432,589 (385,550)
------------- -------------
FUND SHARE TRANSACTIONS
Proceeds from shares sold ---- ----
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS 432,589 (385,550)
NET ASSETS
Beginning of period 2,594,840 2,980,390
------------- -------------
End of period $ 3,027,429 $ 2,594,840
------------- -------------
------------- -------------
FUND SHARE TRANSACTIONS:
Sold ---- ----
------------- -------------
Net increase from fund share transactions ---- ----
------------- -------------
------------- -------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
JUNE 30, 1999
(UNAUDITED)
COMMON STOCKS - 85.02%
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BANKING & FINANCIAL SERVICE - 10.82%
Duff & Phelps Credit Rating Company 1,800 $ 120,375
Investment Technology Group 2,500 80,938
Jefferies Group, Incorporated 2,500 75,000
Warren Bancorp, Incorporated 6,200 51,150
-------------
327,463
-------------
CAPITAL GOODS - .85%
LMI Aerospace, Incorporated* 6,000 25,870
-------------
CONSUMER CYCLICAL - 16.72%
Decorator Industries, Incorporated 7,500 54,375
Freds, Incorporated Class A 5,000 78,125
Maxwell Shoe Company Incorporated - Class A* 5,000 45,313
Musicland Stores, Incorporated* 5,000 44,375
Newmark Homes Corporation* 10,000 53,750
Perry Ellis International, Incorporated* 1,600 21,400
Strattec Security Corporation* 3,200 108,000
Winsloew Furniture, Incorporated* 3,000 100,875
-------------
506,213
-------------
CONSUMER NON-DURABLE - 16.06%
Advanced Marketing Services 6,000 90,000
Boston Acoustics 2,750 49,156
Orthofix International N.V.* 6,300 93,713
Schlotzsky's, Incorporated* 6,500 71,094
Scientific Games Holdings Corporation* 5,000 97,500
Young Innovations, Incorporated* 5,800 84,825
-------------
486,288
-------------
ENERGY - 4.49%
Basin Exploration, Incorporated* 3,000 60,188
Evergreen Resources, Incorporated* 3,000 75,563
-------------
135,751
-------------
MANUFACTURING - 6.29%
CFC International, Incorporated* 7,500 80,625
CompX International* 3,500 62,563
Omniquip International, Incorporated 6,000 47,250
-------------
190,438
-------------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
5
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
SCHEDULE OF INVESTMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SERVICE - 8.08%
Innotrac Corporation* 8,000 $ 162,000
Marinemax, Incorporated* 7,000 82,688
-----------
244,688
-----------
TECHNOLOGY - 21.71%
3DFX Interactive, Incorporated* 3,500 54,688
Engineered Support Systems 5,000 59,063
Faro Technologies, Incorporated* 10,000 50,000
LCA-Vision, Incorporated* 25,000 232,813
Performance Technologies, Incorporated* 5,000 100,625
SPSS, Incorporated* 3,300 84,769
Tessco Technologies, Incorporated* 3,500 75,250
-----------
657,208
-----------
Total Common Stocks (cost $ 2,231,795) 2,573,919
-----------
SHORT-TERM INVESTMENTS - 15.58%
<CAPTION>
PRINCIPAL VALUE
--------- -----
<S> <C> <C>
VARIABLE RATE DEMAND NOTES (1) - 15.58%
Firstar Bank (5.660% due 12/31/31) $ 134,270 $ 134,270
Pitney Bowes (4.825% due 12/31/31) 105,712 105,712
Warner Lambert (4.701% due 12/31/31) 115,238 115,238
Wisc Corp. Credit Union (4.890% due 12/31/31) 116,366 116,366
-----------
471,586
-----------
Total Short-Term Investments (cost $471,586) 471,586
-----------
TOTAL INVESTMENTS - 100.60% (cost $2,703,381) (2) 3,045,505
-----------
OTHER ASSETS AND LIABILITIES - (0.60%) (18,076)
-----------
TOTAL NET ASSETS - 100% $ 3,027,429
-----------
-----------
</TABLE>
- ---------
*NON-INCOME PRODUCING
(ADR) AMERICAN DEPOSITORY RECEIPT
(1) 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, 1999.
(2) REPRESENTS COST FOR FEDERAL INCOME TAX PURPOSES. GROSS UNREALIZED
APPRECIATION AND DEPRECIATION OF SECURITIES AT JUNE 30, 1999 WAS $636,202
AND ($294,078), RESPECTIVELY.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
6
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
JUNE 30, 1999
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
The Micro-Cap Portfolio (Micro-Cap) of 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 seven different series -
Equity Portfolio, Capital Portfolio, Bond Portfolio, S&P 500 Index Portfolio,
S&P MidCap 400 Index Portfolio, Balanced Index Portfolio, and Micro-Cap
Portfolio. Micro-Cap seeks long-term appreciation by investing primarily in the
common stocks of domestic companies with smaller market capitalization. The
financial statements of the Equity, Bond, Capital, S&P 500 Index, S&P MidCap 400
Index, and Balanced Index Portfolios are presented separately.
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 except for short-term fixed income securities
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.
Short-term fixed income securities with a remaining maturity of 60 days or less
held in each Portfolio are valued at amortized cost which approximates market.
Non-U.S. dollar securities are translated into U.S. dollars using the spot
exchange rate at the close of the London 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 Micro-Cap's intent 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. Micro-Cap has a capital loss carry
forward of $273,180 which can be carried forward until 2006.
DISTRIBUTIONS - Distributions from net investment income 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 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.
7
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FOREIGN CURRENCY - The Fund's accounting records are maintained in U.S. dollars.
All Portfolios may purchase foreign securities within certain limitations set
forth in the Prospectus. Amounts dominated in or expected to settle in foreign
currencies are translated into U.S. dollars at the spot rate reported at the
close of the London market. The Fund does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the underlying fluctuation in the securities resulting from
market prices. All are included in net realized and unrealized gain or loss for
investments.
NOTE 2 - TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEES - Micro-Cap 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 on a daily basis, at an annual
rate of 1.0% of net assets.
The Adviser has agreed to limit expenses of the Fund to 2% of the average annual
net assets. As a result, for the six months ended June 30, 1999, the Adviser
reimbursed Micro-Cap $11,902.
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 .10% of the Fund's average net assets. 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 - FORWARD CURRENCY CONTRACTS
All portfolios may enter into forward foreign currency exchange contacts for the
purchase or sale of a specific foreign currency at a fixed price on a future
date. Risks may arise upon entering these contracts from the potential inability
of counter-parties to meet the terms of their contracts and from unanticipated
movements in their value of a foreign currency relative to the U.S. dollar. The
funds typically utilize the contracts as a hedge against fluctuation in currency
values between the trade and settlement dates of security transactions.
NOTE 4 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Micro-Cap purchased $741,749 and sold $1,149,363 of securities for the six
months ended June 30, 1999, excluding short-term obligations.
8
<PAGE>
CARILLON FUND, INC.
MICRO-CAP PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTE 5 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
year.
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED PERIOD FROM NOVEMBER 24
JUNE 30, DECEMBER 31, TO DECEMBER 31,
1999 1998 1997
------------ ------------ ---------------
(UNAUDITED)
<S> <C> <C> <C>
Net Asset Value,
Beginning of period $ 8.65 $ 9.93 $ 10.00
------- ------- -------
Investment Activities:
Net investment income (0.05) (.10) (.01)
Net realized and unrealized 1.49 (1.18) (.06)
---- ------ -----
gains / (losses)
Total from Investment Activities 1.44 (1.28) (.07)
---- ------ -----
Net Asset Value,
End of period $ 10.09 $ 8.65 $ 9.93
------- ------- -------
------- ------- -------
Total Return 16.65% (12.89%) (0.7%)
Ratios / Supplemental Data:
- ---------------------------
Ratio of Expenses to
Average Net Assets (1) 1.95%(2) 1.97% 2.00%
Ratio of Net Investment loss
to Average Net Assets (1) (1.10%)(2) (1.10%) (1.16%)
Portfolio Turnover Rate 59.54%(2) 64.22% ----
Net Assets, End of Period (000's) $3,027 $2,595 $2,980
</TABLE>
- -----------------
(1) THE RATIOS OF NET EXPENSES TO AVERAGE NET ASSETS WOULD HAVE INCREASED AND
NET INVESTMENT INCOME TO AVERAGE NET ASSETS WOULD HAVE DECREASED BY .88% FOR THE
SIX MONTHS ENDED JUNE 30, 1999, .74% FOR THE YEAR ENDED DECEMBER 31, 1998, AND
3.00% FOR THE PERIOD ENDED DECEMBER 31, 1997, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(2) THE RATIOS ARE ANNUALIZED.
9
