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CARILLON FUND, INC.
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ANNUAL REPORT // DECEMBER 31, 1999
[GRAPHIC]
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CARILLON FUND, INC.
ANNUAL REPORT - TABLE OF CONTENTS
<TABLE>
<S> <C>
President's Message......................................... 1
Investment Review
Equity Portfolio........................................ 2
Bond Portfolio.......................................... 4
S&P 500 Index Portfolio................................. 6
S&P MidCap 400 Index Portfolio.......................... 8
Balanced Index Portfolio................................ 10
Lehman Aggregate Bond 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
Bond Portfolio.......................................... 22
S&P 500 Index Portfolio................................. 25
S&P MidCap 400 Index Portfolio.......................... 31
Balanced Index Portfolio................................ 36
Lehman Aggregate Bond Index Portfolio................... 43
Notes to Financial Statements............................... 44
Independent Auditors' Report................................ 54
</TABLE>
THIS REPORT HAS BEEN PREPARED FOR THE INFORMATION OF CONTRACT OWNERS AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS OF CONTRACTS UNLESS IT IS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS FOR CARILLON FUND, INC.
<PAGE>
CARILLON FUND, INC.
ANNUAL REPORT - A MESSAGE FROM THE PRESIDENT
We are pleased to send you the Carillon Fund, Inc. (the "Fund") Annual Report
for the period ended December 31, 1999. The past year presented us with many
challenges, from a strategic business initiative, to the launch of new mutual
funds, as well as the continuing challenges of being effective money managers.
During the past several years, the benefits of investing have been readily
apparent, while the risks have been somewhat less obvious. Over the past six
months, however, investors have witnessed sharp drops and significant
recoveries, sometimes within the same day or week. After enjoying favorable
market conditions for years, investors have had to adjust to significant
political and economic developments, both domestic and foreign, that have
contributed to quick sentiment swings and market volatility. These developments
have been accentuated by the lingering expectation that stock prices are overdue
for correction according to several traditional, widely followed indicators.
However, in spite of recent market turbulence, the markets continue to flourish,
boosted by solid economic growth, low interest rates, low inflation, and an
influx of money from investors.
All of these trends serve to remind us that although the market's extreme ups
and downs can be harrowing, they are a natural part of market dynamics. This is
why we think it is a good time to reaffirm one of our primary investment
principles: Regardless of short-term market fluctuations, our philosophy has
always been that regular investing is the best strategy over the long run.
The past year has been eventful not only because of financial market activity,
but also because of the following significant developments:
- - James McGlynn joined Carillon Advisers to lead our equity portfolio management
effort, and is leading the team that manages the Carillon Equity Fund. James
has 20+ years experience in managing equity portfolios and was recently co-
portfolio manager of a Morningstar four-star rated value fund.
- - Stephen J. Dillenburg joined Carillon Advisers as Director of Marketing from
Scudder Kemper Investments. Steve also has 20+ years of experience in the
investment field and will be leading our marketing and communication efforts.
- - The Fund introduced a number of new mutual funds in 1999 - particularly in the
index or "passively managed" arena. These new funds are:
CARILLON S&P MIDCAP 400 INDEX PORTFOLIO - The S&P 400 Index is based on mid cap
U.S. stocks;
CARILLON RUSSELL 2000 SMALL CAP INDEX FUND - The Russell 2000 Index is based on
small cap stocks;
CARILLON NASDAQ 100 INDEX FUND - The Nasdaq 100 Index consists of the 100
largest and most active non-financial domestic and foreign issues listed on the
Nasdaq.
CARILLON LEHMAN AGGREGATE BOND INDEX PORTFOLIO - The Lehman Index consists of
U.S. Government and agency securities, investment grade corporate bonds, and
mortgage and asset backed-securities; and
CARILLON BALANCED INDEX PORTFOLIO - a fund that consists of 60% S&P 500 Index
and 40% Lehman Bond Index.
On the following pages you will find commentary from Carillon's portfolio
managers and specific details as to each Fund's portfolio and total return
investment performance.
Carillon Advisers maintains a firm commitment to making intelligent investments
and taking sensible risks. We know you work hard for your money. As we have
since 1984, all of us at Carillon plan to do everything we can to help your fund
investments work hard for you.
Sincerely,
/s/ Steven R. Sutermeister
Steven R. Sutermeister
President
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1
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CARILLON FUND, INC.
EQUITY PORTFOLIO
MANAGER'S COMMENTS:
The Carillon Equity Portfolio performance in 1999 did not keep pace with the
major stock indices. The Portfolio's performance trailed the S&P 500 and
Russell 2000 index returns due to the explosive returns in technology in these
indexes. For the year, the Carillon Equity Portfolio was up 2.05% versus the
S&P 500 up 21.0% and the Russell 2000 up 21.4%.
The gaping valuation disparity between growth equities and value equities hit a
crescendo in December-the last trading month of the year. This dichotomy of
performance was best exhibited by the various index performances during 1999.
The technology dominated Nasdaq index returned 85% - in spite of three interest
rate increases - while interest sensitive stocks were down significantly. For
example, regional banks were off 18%. As most value managers are more heavily
weighted toward the financials and less weighted toward technology, the value
managers had a difficult year. Carillon Equity Portfolio was no exception.
Exposure to sectors such as REITs and oil and gas that were overweighted
relative to market indices were reduced. The holding of smaller capitalization
stocks were also reduced in favor of larger capitalization issues in order to
improve the liquidity of the portfolio's holdings. Foreign stocks were also
reduced significantly. The above initiatives also led to a reduction in the
number of stocks held from over 120 to 60 at the end of the year.
Value stocks carry low price-to-earnings (P/E) ratios, low price-to-sales
ratios, low price-to-book values, or a mix of these, plus other value-oriented
measures. The last few years have not been kind to value investors because the
stock market has been roaring ahead on the strength of the high-growth stocks.
But value investing may come back into favor if interest rates start to go up
again, or if investors begin to look more for preservation of capital rather
than quick upward-moving stocks. Over time, however, value investing has done
well.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C> <C>
Carillon Equity Portfolio Average Annual Total Return
1-Year 5-Year 10-Year
2.1% 10.5% 10.3%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
Russell 2000 Index Carillon Equity Portfolio
12/89 $10,000 $10,000
$9,106 $9,592
$9,371 $9,685
$9,723 $9,935
$9,393 $9,549
$10,036 $10,217
$10,048 $10,112
$9,596 $9,779
$8,289 $8,583
$7,530 $7,703
$7,060 $7,369
$7,576 $8,048
12/90 $7,854 $8,455
$8,566 $9,299
$9,507 $10,211
$10,160 $10,712
$10,138 $10,789
$10,596 $11,396
$9,947 $10,856
$10,266 $11,204
$10,642 $11,466
$10,703 $11,398
$10,990 $11,720
$10,479 $11,447
12/91 $11,283 $12,307
$12,186 $12,805
$12,545 $13,283
$12,103 $13,043
$11,661 $12,707
$11,795 $12,974
$11,204 $12,648
$11,570 $12,996
$11,217 $12,738
$11,462 $12,867
$11,818 $12,907
$12,703 $13,406
12/92 $13,131 $13,756
$13,552 $14,066
$13,214 $14,187
$13,618 $14,558
$13,230 $14,238
$13,795 $14,547
$13,864 $14,430
$14,049 $14,398
$14,627 $15,018
$15,029 $15,212
$15,399 $15,588
$14,878 $15,180
12/93 $15,364 $15,697
$15,835 $16,289
$15,776 $16,224
$14,917 $15,773
$15,005 $15,987
$14,811 $16,088
$14,277 $15,805
$14,501 $15,963
$15,288 $16,719
$15,217 $16,526
$15,152 $16,628
$14,512 $16,108
12/94 $14,875 $16,234
$14,666 $16,404
$15,244 $16,949
$15,493 $17,207
$15,814 $17,614
$16,057 $18,046
$16,852 $18,453
$17,808 $18,985
$18,140 $19,443
$18,441 $19,840
$17,601 $19,294
$18,334 $19,939
12/95 $18,773 $20,610
$18,738 $20,810
$19,305 $21,395
$19,652 $21,999
$20,693 $22,638
$21,499 $23,264
$20,594 $23,096
$18,775 $21,890
$19,837 $22,860
$20,580 $23,359
$20,235 $24,030
$21,039 $24,885
12/96 $21,544 $25,664
$21,951 $26,337
$21,392 $26,073
$20,353 $25,111
$20,379 $24,945
$22,623 $26,858
$23,550 $27,794
$24,626 $29,018
$25,158 $29,563
$26,963 $31,652
$25,742 $30,772
$25,543 $30,621
12/97 $25,965 $30,940
$25,551 $30,271
$27,439 $31,700
$28,559 $33,877
$28,691 $34,450
$27,130 $32,834
$27,176 $31,932
$24,939 $29,508
$20,079 $23,648
$21,602 $24,691
$22,468 $25,533
$23,632 $25,971
12/98 $25,070 $26,203
$25,396 $25,956
$23,350 $23,933
$23,710 $24,337
$25,831 $26,530
$26,213 $26,509
$27,389 $27,734
$26,634 $27,755
$25,654 $27,269
$25,654 $26,529
$25,763 $26,550
$27,333 $27,099
12/99 $30,425 $26,739
December 31, 1989 through December 31, 1999
</TABLE>
TOP TEN HOLDINGS
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<TABLE>
<C> <S> <C> <C>
1. MidCap SPDR Trust Unit Series I 6. SBC Communications, Inc.
2. S&P 500 Depositary Receipt 7. Convergys Corporation
3. Microsoft Corporation 8. Conoco, Inc. Class B
4. International Business Machines 9. Scana Corporation
5. Bank of America Corporation 10. Watson Pharmaceuticals, Inc.
</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 primarily 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: James McGlynn
</TABLE>
HIGHLIGHTS
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On December 31, 1999, the Equity Portfolio had net assets of $124,444,356 and
diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 89.3%
Short-Term and Other 10.7%
</TABLE>
As an investor in the Carillon Equity Portfolio, for every $1 you had invested
on December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Energy/Utilities 21.4%
Banking & Financial Service 16.0%
Consumer Nondurable 14.2%
Consumer Cyclical 11.7%
Short-Term & Other 10.7%
Technology 8.9%
Manufacturing 5.7%
Transportation 5.2%
Real Estate 3.5%
Service 2.2%
Capital Goods 0.5%
</TABLE>
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3
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CARILLON FUND, INC.
BOND PORTFOLIO
MANAGER'S COMMENTS:
The U.S. economy closed 1999 on a strong note and this expansion is on the verge
of becoming the longest in the postwar period. At the start of 2000, momentum in
the U.S. economy continues to surprise on the upside, and the late 1999 surge in
equity wealth will add to demand over the coming quarters. The Federal Reserve
and financial markets are concerned that the continued strong growth coupled
with tight labor markets will lift inflation despite strong productivity growth.
The Fed raised interest rates several times during 1999 while maintaining a
restrictive monetary bias most likely resulting in further rates increases in
2000.
For the year ended December 31, 1999, the Carillon Bond Portfolio had a total
return of -1.11%, before contract fees and expenses, versus the Lehman Brothers
Aggregate Bond Index return of -0.82%. The underperformance for the year is
attributed to the over-weighting of corporate bonds relative to mortgage-backed
securities which had much better performance in 1999's rising interest rate
environment. The fixed income market had a difficult year in 1999, with the
sharp increase in interest rates resulting in one of the worst total return
performances in the past thirty years.
Looking ahead to 2000, 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. The strategy we have employed has been successful over the last 10
years and we expect it to be successful in the future.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C> <C>
Carillon Bond Portfolio Average Annual Total Return
1-Year 5-Year 10-Year
-1.1% 8.3% 8.5%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
Lehman Aggregate Bond Index Carillon Bond Portfolio
12/89 $10,000 $10,000
$9,881 $9,970
$9,913 $10,010
$9,920 $10,045
$9,828 $9,943
$10,119 $10,187
$10,282 $10,330
$10,424 $10,454
$10,284 $10,361
$10,370 $10,434
$10,501 $10,539
$10,727 $10,739
12/90 $10,895 $10,866
$11,030 $11,005
$11,123 $11,134
$11,200 $11,244
$11,321 $11,387
$11,387 $11,486
$11,381 $11,487
$11,539 $11,667
$11,788 $11,937
$12,028 $12,174
$12,161 $12,335
$12,273 $12,461
12/91 $12,638 $12,809
$12,466 $12,704
$12,547 $12,739
$12,477 $12,711
$12,566 $12,819
$12,804 $13,046
$12,981 $13,239
$13,245 $13,483
$13,378 $13,617
$13,537 $13,825
$13,357 $13,589
$13,360 $13,602
12/92 $13,572 $13,789
$13,833 $14,080
$14,075 $14,383
$14,134 $14,470
$14,233 $14,587
$14,251 $14,613
$14,509 $14,902
$14,592 $15,008
$14,847 $15,233
$14,887 $15,260
$14,943 $15,381
$14,816 $15,314
12/93 $14,896 $15,436
$15,097 $15,722
$14,834 $15,490
$14,468 $15,181
$14,352 $15,038
$14,350 $15,052
$14,319 $15,064
$14,559 $15,196
$14,577 $15,196
$14,363 $15,019
$14,350 $15,004
$14,318 $14,989
12/94 $14,417 $15,185
$14,702 $15,472
$15,052 $15,835
$15,144 $15,939
$15,356 $16,171
$15,950 $16,819
$16,067 $16,912
$16,032 $16,975
$16,226 $17,147
$16,384 $17,305
$16,597 $17,559
$16,845 $17,798
12/95 $17,081 $18,074
$17,194 $18,335
$16,895 $18,139
$16,777 $18,105
$16,683 $18,055
$16,649 $18,089
$16,872 $18,328
$16,918 $18,380
$16,889 $18,431
$17,183 $18,830
$17,565 $19,162
$17,865 $19,477
12/96 $17,699 $19,374
$17,754 $19,480
$17,798 $19,640
$17,600 $19,412
$17,864 $19,611
$18,034 $19,864
$18,249 $20,135
$18,741 $20,723
$18,582 $20,558
$18,857 $20,945
$19,131 $21,151
$19,219 $21,282
12/97 $19,413 $21,509
$19,661 $21,852
$19,645 $21,852
$19,712 $22,304
$19,815 $22,422
$20,003 $22,559
$20,173 $22,715
$20,215 $22,794
$20,545 $22,735
$21,026 $23,075
$20,914 $22,548
$21,033 $22,852
12/98 $21,099 $22,912
$21,249 $23,035
$20,879 $22,665
$20,994 $23,035
$21,061 $22,933
$20,873 $22,703
$20,807 $22,662
$20,718 $22,598
$20,708 $22,662
$20,951 $22,598
$21,028 $22,555
$21,027 $22,683
12/99 $20,926 $22,662
December 31, 1989 through December 31, 1999
</TABLE>
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4
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CARILLON FUND, INC.
BOND PORTFOLIO
SUMMARY
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<TABLE>
<S> <C>
OBJECTIVE: Seeks a high level of current income, without
undue risk to principal, by investing primarily in
long-term, fixed-income, investment-grade
corporate bonds.
STRATEGY: The Portfolio intends to invest at least 75% of
the value of its assets in publicly-traded
straight debt securities which have a rating
within the four highest grades as rated by a
national rating agency. Up to 25% of the portfolio
may be invested in below investment grade
securities, convertible debt securities,
convertible preferred and preferred stock, or
other securities.
INCEPTION: August 15, 1984
MANAGERS: Gary R. Rodmaker and Michael J. Schultz
</TABLE>
HIGHLIGHTS
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On December 31, 1999, the Bond Portfolio had net assets of $98,427,736 and
diversified holdings of:
<TABLE>
<S> <C>
Bonds 96.8%
Short-Term and Other 3.2%
</TABLE>
As an investor in the Carillon Bond Portfolio, for every $1 you had invested on
December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Corporate Bond 50.4%
U.S. Treasuries 32.9%
Mortgage & Asset-Backed Securities 13.5%
Short-Term & Other 3.2%
</TABLE>
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5
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CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO
MANAGER'S COMMENTS:
The year ended December 31, 1999 proved to be another excellent year to be
invested in the Carillon S&P 500 Index Portfolio. During the period, the
S&P Index gained 21.04%, while the Carillon S&P 500 Index Portfolio gained
20.52%, before contract fees and expenses. The Carillon S&P 500 Index Portfolio
returned 28.54% in 1998, 32.72% in 1997, and 23.37% in 1996. The combination of
low fees, limited transaction costs, and excellent 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 1999, the portfolio's assets
grew from $133.9 million to $284.2 million, an increase of 112%. New money
continued to flow into the Portfolio as investors recognized the strong
performance the Portfolio has provided since its December 29, 1995 inception.
The larger 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
managers is to monitor and minimize the difference between the returns of the
Portfolio and the underlying S&P 500 Index before fees and expenses. For the
period ended December 31, 1999, the difference in returns was .52%. During the
same period, the Portfolio incurred approximately .39% in mutual fund fees and
expenses.
The Portfolio currently holds all 500 names contained in the Index. The stocks
included in the Portfolio are properly weighted by name, sector, and industry in
an effort to produce a return that is highly correlated with the return of the
S&P 500 Index. Since the Portfolio's inception, it has maintained a correlation
in excess of 99% with the S&P 500 Index.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C> <C>
Carillon S&P 500 Index Portfolio Average Annual Total Return
1-Year Since Inception
20.5% 26.2%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
S&P 500 INDEX Carillon S&P 500 Index Portfolio
12/31/95 $10,000 $10,000
1/31/96 $10,340 $10,400
2/29/96 $10,436 $10,490
3/31/96 $10,537 $10,600
4/30/96 $10,692 $10,740
5/31/96 $10,968 $11,021
6/30/96 $11,010 $11,072
7/31/96 $10,523 $10,598
8/31/96 $10,745 $10,820
9/30/96 $11,350 $11,405
10/31/96 $11,663 $11,739
11/30/96 $12,544 $12,600
12/31/96 $12,296 $12,337
1/31/97 $13,064 $13,110
2/28/97 $13,167 $13,221
3/31/97 $12,626 $12,669
4/30/97 $13,379 $13,421
5/31/97 $14,194 $14,224
6/30/97 $14,830 $14,852
7/31/97 $16,010 $16,040
8/31/97 $15,183 $15,110
9/30/97 $15,940 $15,947
10/31/97 $15,408 $15,419
11/30/97 $16,121 $16,124
12/31/97 $16,398 $16,373
1/31/98 $16,579 $16,712
2/28/98 $17,775 $17,908
3/31/98 $18,686 $18,818
4/30/98 $18,874 $19,013
5/31/98 $18,549 $18,678
6/30/98 $19,303 $19,435
7/31/98 $19,097 $19,240
8/31/98 $16,336 $16,458
9/30/98 $17,382 $17,506
10/31/98 $18,796 $18,930
11/30/98 $19,936 $20,082
12/31/98 $21,084 $21,225
1/31/99 $21,966 $22,097
2/28/99 $21,284 $21,410
3/31/99 $22,135 $22,249
4/30/99 $22,992 $23,228
5/31/99 $22,449 $22,535
6/30/99 $23,695 $23,779
7/31/99 $22,955 $23,261
8/31/99 $22,841 $22,930
9/30/99 $22,214 $22,302
10/31/99 $23,617 $23,713
11/30/99 $24,098 $24,175
12/31/99 $25,512 $25,581
December 29, 1995 through December 31, 1999
</TABLE>
TOP TEN HOLDINGS
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<TABLE>
<C> <S> <C> <C>
1. Microsoft Corporation 6. Intel Corporation.
2. General Electric Company 7. Lucent Technologies
3. Cisco System, Inc. 8. International Business Machines
4. Wal-Mart Stores, Inc. 9. Citigroup, Inc.
5. Exxon Corporation 10. American Online, Inc.
</TABLE>
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6
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CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO
SUMMARY
- -------------------------------------------------------------------------------
<TABLE>
<S> <C>
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
MANAGERS: Team Managed
</TABLE>
HIGHLIGHTS
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On December 31, 1999, the S&P 500 Index Portfolio had net assets of $284,132,085
and diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 92.6%
Short-Term, Futures, and Other 7.4%
</TABLE>
As an investor in the Carillon S&P 500 Index Portfolio, for every $1 you had
invested on December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Technology 24.3%
Consumer Nondurable 16.8%
Banking & Financial Service 12.2%
Consumer Cyclical 12.0%
Utilities 9.4%
Capital Goods 7.9%
Short-Term, Futures, & Other 7.4%
Energy 5.1%
Manufacturing 2.9%
Service 1.4%
Transportation 0.6%
</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 Carillon
Fund, Inc. The Product is not sponsored, endorsed, sold or promoted by
Standard & Poor's and Standard & Poor's makes no representation regarding the
advisability of investing in the Product.
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7
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO
MANAGER'S COMMENTS:
The S&P MidCap 400 Index Portfolio is one of Carillon's newer index portfolios.
With an inception date of May 3, 1999, the Portfolio is off to an excellent
start. For the period May 3, 1999 to December 31, 1999, the S&P MidCap 400 Index
recorded a gain of 11.79%, while the Carillon S&P MidCap 400 Index Portfolio
gained 11.14%, before contract fees and expenses. The Portfolio has been widely
accepted, as new assets have been flowing into the Portfolio. The S&P MidCap 400
Index Portfolio was a natural extension of Carillon's successful S&P 500 Index
Portfolio that was introduced in 1995. As with 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 contains common stock of companies that have equity
market capitalizations ranging from roughly $1 billion to $14 billion. While
smaller than the companies typically found in the S&P 500 Index, these companies
offer investors the opportunity for growth, value, and performance. For
investors interested in diversification, this Portfolio offers a means by which
investors can participate in a sector not typically served by simply investing
in an S&P 500 Index fund.
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 managers is to monitor and minimize the difference
between the returns of the underlying S&P MidCap 400 Index and the Carillon S&P
MidCap 400 Index Portfolio, before fees and expenses. During the period of
May 3, 1999 to December 31, 1999, the difference in returns was .65%. During the
same period, the Portfolio incurred approximately .41% (.60% annualized) in
mutual fund fees and expenses. The Portfolio currently contains all 400 names
held in the Index. The companies are properly weighted by name, sector, and
industry to produce a return that is highly correlated with the S&P MidCap 400
Index.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C>
Carillon S&P MidCap 400 Index Portfolio Total Return
Since Inception
11.14%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
Carillon MidCap 400 Index Fund S&P MidCap 400 Index
Apr-99 $10,000 $10,000
May-99 $9,930 $10,043
Jun-99 $10,430 $10,581
Jul-99 $10,180 $10,356
Aug-99 $9,830 $10,001
Sep-99 $9,500 $9,693
Oct-99 $9,960 $10,186
Nov-99 $10,480 $10,721
Dec-99 $11,114 $11,358
May 3, 1999 through December 31, 1999
</TABLE>
TOP TEN HOLDINGS
- -------------------------------------------------------
<TABLE>
<C> <S> <C> <C>
1. MidCap SPDR Trust Unit Series I 6. Intuit, Inc.
2. Veritas Software, Inc. 7. Medimmune, Inc.
3. Siebel Systems, Inc. 8. Linear Technology Corporation
4. Biogen, Inc. 9. Univision Communications, Inc.
5. Maxim Integrated Products, Inc. 10. Altera Corporation
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO
SUMMARY
- -------------------------------------------------------------------------------
<TABLE>
<S> <C>
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
MANAGERS: Team Managed
</TABLE>
HIGHLIGHTS
- -------------------------------------------------------------------------------
On December 31, 1999, the S&P 400 MidCap Index Portfolio had net assets of
$23,963,372 and diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 63.1%
Short-Term, Futures, and Other 36.9%
</TABLE>
As an investor in the Carillon S&P MidCap 400 Index Portfolio, for every $1 you
had invested on December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Short-Term, Futures, & Other 36.9%
Technology 16.6%
consumer Nondurable 12.5%
Banking & Financial Service 7.5%
Utilities 6.6%
Consumer Cyclical 5.5%
Capital Goods 4.0%
Manufacturing 3.6%
Energy 3.5%
Service 1.9%
Transportation 1.4%
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO
MANAGER'S COMMENTS:
The Balanced Index Portfolio is one of the newer editions to the Carillon Fund
family of index portfolios. With an inception date of May 3, 1999, the Portfolio
is off to an excellent start. For the period, May 3, 1999 to December 31, 1999,
the underlying Balanced Index recorded a gain of 5.36%, while the Carillon
Balanced Index Portfolio gained 5.31%, before contract fees and expenses. The
Balanced Index Portfolio was a logical extension of the successful S&P 500 Index
Portfolio that was launched by Carillon in 1995. As with 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 hold a combination of stocks and
bonds in a constant ratio of approximately 60% stocks and 40% bonds (the
"Balanced Index"). The stock portion will be indexed to the S&P 500 Index, and
the bond portion of the portfolio will be indexed to the Lehman Brothers
Aggregate Bond Index. The Portfolio is monitored daily to ensure that its return
is properly tracking the index and that the weighting of individual securities
and industries is appropriate. The portfolio is rebalanced as needed.
The primary objective of the Carillon Balanced Index Portfolio is to produce a
return that corresponds to the total return of the underlying Balanced Index.
The portfolio managers' primary focus is to monitor and minimize the difference
in returns between the Portfolio and the Index before fees and expenses. For the
period of May 3, 1999 to December 31, 1999, the difference in returns was .05%.
During the same period, the Portfolio incurred approximately .31% (.47%
annualized) in mutual fund fees and expenses. The stocks and bonds held in the
portfolio are properly weighted by name, industry, and sector to produce the
desired results. Since inception, the Portfolio has maintained a correlation in
excess of 99% with the underlying Balanced Index.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C> <C>
Carillon Balanced Index Portfolio Total Return
Since Inception
5.3%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
Carillon Balanced S&P 500 Lehman Aggregate
Index Portfolio Stock Index Bond Index
4/30/99 $10,000 $10,000 $10,000
5/31/99 $9,740 $9,764 $9,911
6/30/99 $10,050 $10,301 $9,879
7/31/99 $9,840 $9,979 $9,837
8/31/99 $9,810 $9,930 $9,832
9/30/99 $9,690 $9,658 $9,948
10/31/99 $10,076 $10,269 $9,985
11/30/99 $10,197 $10,478 $9,984
12/31/99 $10,531 $11,095 $9,936
May 3, 1999 through December 31, 1999
</TABLE>
TOP TEN EQUITY HOLDINGS
- -------------------------------------------------------
<TABLE>
<C> <S> <C> <C>
1. Microsoft Corporation 6. Intel Corporation.
2. General Electric Company 7. Lucent Technologies
3. Cisco Systems, Inc. 8. International Business Machines
4. Wal-Mart Stores, Inc. 9. Citigroup, Inc.
5. Exxon Corporation 10. American Online, Inc.
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO
SUMMARY
- -------------------------------------------------------------------------------
<TABLE>
<S> <C>
OBJECTIVE: Seeks investment results, with respect to 60% of
its assets, that correspond to the total return 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.
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 Aggregate Bond Index.
INCEPTION: May 3, 1999
MANAGERS: Team Managed
</TABLE>
HIGHLIGHTS
- -------------------------------------------------------------------------------
On December 31, 1999, the Balanced Index Portfolio had net assets of $55,707,916
and diversified holdings of:
<TABLE>
<S> <C>
Common Stocks 57.2%
Bonds and Notes 37.6%
Short-Term and Other 5.2%
</TABLE>
As an investor in the Carillon Balanced Index Portfolio, for every $1 you had
invested on December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
U.S. Stocks 57.2%
Mortgage-Backed Securities 14.4%
Treasuries & Agency Notes 12.3%
Corporate Bonds 10.9%
Short-Term & Other 5.2%
</TABLE>
- --------------------------------------------------------------------------------
11
<PAGE>
CARILLON FUND, INC.
LEHMAN AGGREGATE BOND INDEX
MANAGER'S COMMENTS:
The Carillon Lehman Aggregate Bond Index Portfolio is one of the newer editions
to Carillon's family of Index Portfolios. The Carillon Lehman Aggregate Bond
Index Portfolio was a natural extension of the already successful family of
index funds currently offered by Carillon. With an inception date of June 30,
1999, the Portfolio is off to an excellent start. For the period, June 30, 1999
to December 31, 1999, the Lehman Aggregate Bond Index returned .56%, while the
Carillon Lehman Aggregate Bond Index Portfolio gained .47%.
The Carillon Lehman Aggregate Bond Index Portfolio was designed to replicate the
total return of the Lehman Aggregate Bond Index. The Lehman Aggregate Bond Index
is a broadly diversified, high-quality composite of intermediate-term U.S.
Treasury bonds, mortgage-backed bonds, and corporate bonds.
The primary objective of the portfolio manager is to produce a return that
corresponds to the total return of the Lehman Aggregate Bond Index. The focus of
the portfolio manager is to monitor and minimize the difference between the
return of the Carillon Lehman Aggregate Bond Index Portfolio and the underlying
Lehman Aggregate Bond Index. For the period, June 30, 1999 to December 31, 1999,
the difference in returns was .09%, which is excellent given that the Portfolio
incurred approximately .28% (.56% annualized) in mutual fund fees and expenses.
The bonds held in the Portfolio are properly weighted by sector in an effort to
produce a return that is highly correlated with the Lehman Aggregate Bond Index.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C> <C>
Carillon Lehman Aggregate Bond Portfolio Total Return
Since Inception
0.5%
Past performance is not predictive of future results.
Separate account expenses are not reflected.
Carillon Lehman Lehman Aggregate
Aggregate Bond Index Portfolio Bond Index
6/30/99 $10,000 $10,000
7/31/99 $10,000 $9,958
8/31/99 $9,950 $9,952
9/30/99 $10,070 $10,069
10/31/99 $10,070 $10,106
11/30/99 $10,098 $10,106
12/31/99 $10,098 $10,057
June 30, 1999 through December 31, 1999
</TABLE>
- --------------------------------------------------------------------------------
12
<PAGE>
CARILLON FUND, INC.
LEHMAN AGGREGATE BOND INDEX
SUMMARY
- -------------------------------------------------------------------------------
<TABLE>
<S> <C>
OBJECTIVE: Seeks investment results that correspond to the
total return performance of the bond market, as
represented by the Lehman Brothers Aggregate Bond
Index.
STRATEGY: The Lehman Aggregate Bond Index Portfolio will
invest at least 80% of the value of its assets in
obligations issued or guaranteed by the U.S.
Government, publicly-traded debt securities rated
BBB- or BAA3 or higher by a national rating
agency, or cash and cash equivalents. Up to 20% of
the Portfolio's total assets may be invested in
financial futures or options contracts. The
Portfolio will not purchase bonds rated below
investment grade.
INCEPTION: June 30, 1999
MANAGERS: Team Managed
</TABLE>
HIGHLIGHTS
- -------------------------------------------------------------------------------
On December 31, 1999 the Lehman Aggregate Bond Index Portfolio had net assets of
$15,329,919 and diversified holdings of:
<TABLE>
<S> <C>
Bonds 97.6%
Short-Term and Other 2.4%
</TABLE>
As an investor in the Carillon Lehman Aggregate Bond Index Portfolio, for every
$1 you had invested on December 31, 1999, your fund owned:
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<S> <C>
Mortgage & Asset-Backed Securities 36.9%
Treasuries & Agency Notes 40.3%
Corporate Bonds 20.4%
Short-Term & Other 2.4%
</TABLE>
- --------------------------------------------------------------------------------
13
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
EQUITY BOND S&P 500 INDEX S&P MIDCAP 400 INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ------------- --------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$117,983,514; $102,150,381; $212,828,461;
$22,858,671) $121,761,182 $96,867,215 $283,095,748 $23,884,387
Cash 1,028,346 -- 245,948 30,586
Receivables:
Shares sold 21,904 423 362,891 141,278
Securities sold 1,941,766 -- 158,191 --
Interest and dividends 144,881 1,886,486 326,280 21,523
Variation margin -- -- 46,750 50,400
Prepaid expenses and other 21,192 9,335 9,450 707
------------ ----------- ------------ -----------
124,919,271 98,763,459 284,245,258 24,128,881
------------ ----------- ------------ -----------
LIABILITIES
Payables:
Investment securities purchased 350,600 -- -- --
Shares redeemed 31,779 132,201 348 146,945
Investment advisory fees 66,945 40,550 68,045 2,539
Custodian and portfolio
accounting fees 11,351 7,289 8,602 2,752
Professional fees 12,320 12,519 13,609 12,397
Other accrued expenses 1,920 1,803 22,569 876
Deferred directors' compensation -- 141,361 -- --
------------ ----------- ------------ -----------
474,915 335,723 113,173 165,509
------------ ----------- ------------ -----------
NET ASSETS
Paid-in capital 136,005,906 103,016,838 211,762,698 21,744,598
Undistributed net investment income 152,655 1,076,167 422,075 73,642
Accumulated net realized gain / (loss) on
investments and futures contracts (15,491,873) (382,103) 1,153,950 54,716
Net unrealized appreciation /
(depreciation) on investments and
futures contracts 3,777,668 (5,283,166) 70,793,362 2,090,416
------------ ----------- ------------ -----------
$124,444,356 $98,427,736 $284,132,085 $23,963,372
============ =========== ============ ===========
Shares authorized ($.10) par value 40,000,000 30,000,000 30,000,000 20,000,000
Shares outstanding 9,864,734 9,497,171 12,290,004 2,171,259
Net asset value, offering and redemption
price per share $12.62 $10.36 $23.12 $11.04
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
14
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
BALANCED INDEX LEHMAN AGGREGATE BOND
PORTFOLIO INDEX PORTFOLIO
-------------- ---------------------
<S> <C> <C>
ASSETS
Investments in securities, at value
(cost $52,932,437; $15,461,461) $55,072,783 $15,109,051
Cash 286,322 --
Receivables:
Shares sold -- 1,533
Securities sold 21,572 --
Interest and dividends 362,508 239,912
Variation margin 4,250 --
Prepaid expenses and other 1,092 206
----------- -----------
55,748,527 15,350,702
----------- -----------
LIABILITIES
Payables:
Investment securities purchased -- --
Shares redeemed 11,194 564
Investment advisory fees 9,982 3,920
Custodian and portfolio accounting
fees 4,234 2,001
Professional fees 12,395 13,488
Other accrued expenses 2,806 810
Deferred directors' compensation -- --
----------- -----------
40,611 20,783
----------- -----------
NET ASSETS
Paid-in capital 54,133,169 15,595,910
Undistributed net investment income 386,128 126,945
Accumulated net realized gain / (loss)
on investments and futures
contracts (1,003,027) (40,526)
Net unrealized
appreciation / (depreciation) on
investments and futures contracts 2,191,646 (352,410)
----------- -----------
$55,707,916 $15,329,919
=========== ===========
Shares authorized ($.10) par value 20,000,000 20,000,000
Shares outstanding 5,351,487 1,561,278
Net asset value, offering and redemption
price per share $10.41 $9.82
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
15
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
EQUITY BOND S&P 500 INDEX S&P MIDCAP 400 INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ----------- ------------- --------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest $ 273,980 $ 7,844,702 $ 551,258 $ 204,182
Dividends (net of foreign
withholding taxes of
$66,850; $0; $38,219; $0) 2,037,883 -- 2,588,328 112,906
------------ ----------- ----------- ----------
2,311,863 7,844,702 3,139,586 317,088
------------ ----------- ----------- ----------
EXPENSES
Investment advisory fees 1,025,375 514,217 632,729 41,235
Custodian fees and expenses 42,087 26,969 65,041 9,948
Portfolio accounting fees 37,005 53,137 54,348 20,149
Professional fees 15,606 13,833 15,956 15,649
Director's fees 12,092 11,770 13,795 7,122
Transfer agent fees 6,994 6,815 6,663 2,158
Other 33,320 27,252 27,831 849
------------ ----------- ----------- ----------
1,172,479 653,993 816,363 97,110
Expense reimbursement -- -- -- (12,912)
------------ ----------- ----------- ----------
1,172,479 653,993 816,363 84,198
------------ ----------- ----------- ----------
NET INVESTMENT INCOME 1,139,384 7,190,709 2,323,223 232,890
------------ ----------- ----------- ----------
REALIZED AND UNREALIZED
GAIN / (LOSS)
Net realized gain / (loss)
on investments (15,155,238) 69,654 58,334 520,589
Net realized gain / (loss)
on futures contracts -- -- 1,260,613 (465,873)
------------ ----------- ----------- ----------
(15,155,238) 69,654 1,318,947 54,716
------------ ----------- ----------- ----------
Net change in unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and translation
of assets and liabilities
in foreign currencies 15,500,859 (8,498,194) 37,850,127 2,090,416
------------ ----------- ----------- ----------
NET REALIZED AND UNREALIZED
GAIN / (LOSS) 345,621 (8,428,540) 39,169,074 2,145,132
------------ ----------- ----------- ----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 1,485,005 $(1,237,831) $41,492,297 $2,378,022
============ =========== =========== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
16
<PAGE>
CARILLON FUND, INC.
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
BALANCED INDEX LEHMAN AGGREGATE BOND
PORTFOLIO INDEX PORTFOLIO
-------------- ---------------------
<S> <C> <C>
INVESTMENT INCOME
Interest $ 942,872 $ 525,582
Dividends (net of foreign withholding
taxes of $2,929; $0) 265,876 --
----------- ---------
1,208,748 525,582
----------- ---------
EXPENSES
Investment advisory fees 106,499 25,344
Custodian fees and expenses 20,699 2,428
Portfolio accounting fees 23,946 10,510
Professional fees 15,665 15,648
Director's fees 7,124 4,895
Transfer agent fees 1,834 945
Other 3,417 480
----------- ---------
179,184 60,250
Expense reimbursement (13,736) (12,692)
----------- ---------
165,448 47,558
----------- ---------
NET INVESTMENT INCOME 1,043,300 478,024
----------- ---------
REALIZED AND UNREALIZED GAIN / (LOSS)
Net realized gain / (loss) on
investments (1,230,497) (40,526)
Net realized gain / (loss) on futures
contracts 227,470 --
----------- ---------
(1,003,027) (40,526)
----------- ---------
Net change in unrealized appreciation
/ (depreciation) on investments,
futures contracts, and translation
of assets and liabilities in
foreign currencies 2,191,646 (352,410)
----------- ---------
NET REALIZED AND UNREALIZED GAIN /
(LOSS) 1,188,619 (392,936)
----------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 2,231,919 $ 85,088
=========== =========
</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 BOND PORTFOLIO
------------------------------------ ------------------------------------
Year Ended December 31, Year Ended December 31,
------------------------------------ ------------------------------------
1999 1998 1999 1998
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,139,384 $ 4,315,972 $ 7,190,709 $ 8,002,882
Net realized gain /
(loss) on
investments and
futures (15,155,238) 29,356,244 69,654 (382,978)
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies 15,500,859 (82,894,401) (8,498,194) (644,567)
------------- ------------ ------------ ------------
1,485,005 (49,222,185) (1,237,831) 6,975,337
------------- ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (1,534,834) (3,999,567) (6,544,239) (7,895,961)
Net realized gain (29,666,177) (43,531,579) -- (1,121,637)
------------- ------------ ------------ ------------
(31,201,011) (47,531,146) (6,544,239) (9,017,598)
------------- ------------ ------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 4,114,679 27,909,508 23,415,382 50,015,086
Reinvestment of
distributions 31,201,011 47,531,146 6,544,239 9,017,598
Payments for shares
redeemed (129,938,136) (65,531,975) (37,512,126) (43,120,208)
------------- ------------ ------------ ------------
(94,622,446) 9,908,679 (7,552,505) 15,912,476
------------- ------------ ------------ ------------
NET INCREASE (DECREASE)
IN NET ASSETS (124,338,452) (86,844,652) (15,334,575) 13,870,215
NET ASSETS
Beginning of year 248,782,808 335,627,460 113,762,311 99,892,096
------------- ------------ ------------ ------------
End of year $ 124,444,356 $248,782,808 $ 98,427,736 $113,762,311
============= ============ ============ ============
UNDISTRIBUTED NET
INVESTMENT INCOME $ 152,655 $ 548,105 $ 1,076,167 $ 382,160
============= ============ ============ ============
FUND SHARE TRANSACTIONS
Sold 305,666 1,482,774 2,160,763 4,379,828
Reinvestment of
distributions 2,727,392 2,544,159 615,367 799,240
Redeemed (9,872,069) (3,814,089) (3,498,330) (3,811,138)
------------- ------------ ------------ ------------
Net increase
(decrease) from
fund share
transactions (6,839,011) 212,844 (722,200) 1,367,930
============= ============ ============ ============
</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>
S&P 500 INDEX S&P MIDCAP 400 INDEX
PORTFOLIO PORTFOLIO
------------------------------------ ------------------------
Period from May 3, 1999
Year Ended December 31, to December 31, 1999
------------------------------------ ------------------------
1999 1998
----------------- -----------------
<S> <C> <C> <C>
OPERATIONS
Net investment income $ 2,323,223 $ 1,144,225 $ 232,890
Net realized gain /
(loss) on
investments and
futures 1,318,947 1,188,196 54,716
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies 37,850,127 20,913,178 2,090,416
------------ ------------ ------------
41,492,297 23,245,599 2,378,022
------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (1,983,080) (1,101,958) (159,248)
Net realized gain (1,193,873) (1,947,719) --
------------ ------------ ------------
(3,176,953) (3,049,677) (159,248)
------------ ------------ ------------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 128,095,131 58,542,452 33,292,532
Reinvestment of
distributions 3,176,953 3,049,677 159,248
Payments for shares
redeemed (16,800,128) (6,037,935) (11,707,182)
------------ ------------ ------------
114,471,956 55,554,194 21,744,598
------------ ------------ ------------
NET INCREASE (DECREASE)
IN NET ASSETS 152,787,300 75,750,116 23,963,372
NET ASSETS
Beginning of year 131,344,785 55,594,669 --
------------ ------------ ------------
End of year $284,132,085 $131,344,785 $ 23,963,372
============ ============ ============
UNDISTRIBUTED NET
INVESTMENT INCOME $ 442,075 $ 81,932 $ 73,642
============ ============ ============
FUND SHARE TRANSACTIONS
Sold 6,182,960 3,377,397 3,297,454
Reinvestment of
distributions 152,279 175,601 15,195
Redeemed (783,304) (345,887) (1,141,390)
------------ ------------ ------------
Net increase
(decrease) from
fund share
transactions 5,551,935 3,207,111 2,171,259
============ ============ ============
<CAPTION>
BALANCED INDEX LEHMAN AGGREGATE BOND
PORTFOLIO INDEX PORTFOLIO
----------------------- -------------------------
Period from May 3, 1999 Period from June 30, 1999
to December 31, 1999 to December 31, 1999
----------------------- -------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 1,043,300 $ 478,024
Net realized gain /
(loss) on
investments and
futures (1,003,027) (40,526)
Net change of
unrealized
appreciation /
(depreciation) on
investments, futures
contracts, and
translation of
assets and
liabilities in
foreign currencies 2,191,646 (352,410)
------------ -----------
2,231,919 85,088
------------ -----------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income (657,172) (351,079)
Net realized gain -- --
------------ -----------
(657,172) (351,079)
------------ -----------
FUND SHARE TRANSACTIONS
Proceeds from shares
sold 98,304,751 18,759,494
Reinvestment of
distributions 657,172 351,079
Payments for shares
redeemed (44,828,754) (3,514,663)
------------ -----------
54,133,169 15,595,910
------------ -----------
NET INCREASE (DECREASE)
IN NET ASSETS 55,707,916 15,329,919
NET ASSETS
Beginning of year -- --
------------ -----------
End of year $ 55,707,916 $15,329,919
============ ===========
UNDISTRIBUTED NET
INVESTMENT INCOME $ 386,128 $ 126,945
============ ===========
FUND SHARE TRANSACTIONS
Sold 9,807,128 1,876,067
Reinvestment of
distributions 69,542 35,284
Redeemed (4,525,183) (350,073)
------------ -----------
Net increase
(decrease) from
fund share
transactions 5,351,487 1,561,278
============ ===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
19
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO
DECEMBER 31, 1999
COMMON STOCKS - 89.28%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
-----------------
BANKING &
FINANCIAL SERVICE - 16.00%
Banc One Corporation 65,000 $ 2,084,062
Banco Latinoamericano De
Exportanciones Sponsored ADR 75,000 1,762,500
Bank of America Corporation 60,000 3,011,250
Charter One Financial, Incorporated 110,085 2,105,375
Chase Manhattan, N.A. 15,000 1,165,312
Fannie Mae 30,000 1,873,125
Federal Home Loan Mortgage Corporation 30,000 1,411,875
First Union Corporation 70,000 2,296,875
Golden State Bancorp* 100,000 1,725,000
Jefferies Group, Incorporated 27,800 611,600
Raymond James Financial Corporation 100,000 1,868,750
-----------
19,915,724
-----------
CAPITAL GOODS - .47%
LSI Industries, Incorporated 26,900 581,712
-----------
CONSUMER CYCLICAL - 11.68%
Ford Motor Company 50,000 2,671,875
Dayton Hudson Corporation 20,000 1,468,750
General Motors Corporation 23,000 1,671,812
Media General, Incorporated Class A 40,000 2,080,000
National RV Holdings, Incorporated* 29,100 560,175
Stanley Furniture Company* 130,700 2,401,612
Strattec Security Corporation* 56,000 1,813,000
Toll Brothers, Incorporated* 100,000 1,862,500
-----------
14,529,724
-----------
CONSUMER NON-DURABLE - 14.20%
General Mills, Incorporated 60,000 2,145,000
H. J. Heinz Company 35,000 1,393,438
Invacare Corporation 117,000 2,347,313
PepsiCo, Incorporated 50,000 1,762,500
Pharmacia & Upjohn, Incorporated 30,000 1,350,000
Sara Lee Corporation 65,000 1,434,063
SPX Corporation* 30,000 2,424,375
TRICON Global Restaurants* 55,000 2,124,375
Watson Pharmaceuticals, Incorporated* 75,000 2,685,938
-----------
17,667,002
-----------
ENERGY - 7.75%
Coastal Corporation 30,000 1,063,125
Conoco, Incorporated Class B 110,000 2,736,250
Houston Exploration Company* 86,500 1,713,781
Newfield Exploration Company* 40,000 1,070,000
Pride International, Incorporated 100,000 1,462,500
<CAPTION>
SHARES VALUE
<S> <C> <C>
-----------------
ENERGY - 7.75% (CONTINUED)
Union Pacific Resources Group 125,000 $ 1,593,750
-----------
9,639,406
-----------
MANUFACTURING - 5.66%
Cytec, Incorporated* 90,000 2,081,250
D.R. Horton, Incorporated 190,000 2,624,375
ITT Industries, Incorporated 70,000 2,340,625
-----------
7,046,250
-----------
REAL ESTATE - 3.54%
Chicago Title Corporation 32,800 1,517,000
FelCor Lodging Trust, Incorporated 100,000 1,750,000
Hospitality Properties Trust 60,000 1,143,750
-----------
4,410,750
-----------
SERVICE - 2.22%
Convergys Corporation* 90,000 2,767,500
-----------
TECHNOLOGY - 8.95%
Intel Corporation 30,000 2,469,375
Cisco Systems, Incorporated* 20,000 2,142,500
International Business Machines
Corporation 28,000 3,024,000
Microsoft Corporation* 30,000 3,502,500
-----------
11,138,375
-----------
TRANSPORTATION - 5.18%
America West Holdings Corporation
Class B* 90,000 1,867,500
AMR Corporation* 20,000 1,340,000
Delta Air Lines, Incorporated 30,000 1,494,375
Whitman Corporation 130,000 1,746,875
-----------
6,448,750
-----------
UTILITIES - 13.63%
Alliant Energy Corporation 25,000 687,500
Avista Corporation 79,000 1,219,563
Bell Atlantic Corporation 40,000 2,462,500
Bell South Corporation 53,200 2,490,425
GTE Corporation 35,000 2,469,688
Niagara Mohawk Holdings, Incorporated* 145,000 2,020,938
SBC Communications, Incorporated 60,000 2,925,000
Scana Corporation 100,000 2,687,500
-----------
16,963,114
-----------
Total Common Stocks
(cost $108,315,886) 111,108,307
-----------
UNIT INVESTMENT TRUST - 8.56%
MidCap SPDR Trust Unit Series I 77,000 6,246,625
</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>
-----------------
UNIT INVESTMENT TRUST - 8.56%
(CONTINUED)
S&P 500 Depositary Receipt 30,000 $ 4,406,250
-----------
Total Unit Investment Trust
(cost $9,667,628) 10,652,875
-----------
TOTAL INVESTMENTS - 97.84%
(cost $117,983,514)(1) 121,761,182
-----------
OTHER ASSETS AND LIABILITIES - 2.16% 2,683,174
-----------
TOTAL NET ASSETS - 100% $124,444,356
===========
</TABLE>
- ----------
* Non-income producing
(ADR) American Depository Receipt
(1) Represents cost for Federal income tax purposes. Gross unrealized
appreciation and depreciation of securities at December 31,1999 for
financial reporting purposes was $11,105,310 and ($7,538,152).
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
21
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BOND PORTFOLIO
DECEMBER 31, 1999
U.S. TREASURY OBLIGATIONS - 32.87%
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
U.S. TREASURY NOTES & BONDS - 32.87%
7.750% due 02/15/01 $5,000,000 $5,085,940
0.000% due 08/15/02 2,000,000 1,700,338
5.875% due 11/15/05 6,000,000 5,825,628
5.625% due 02/15/06 5,000,000 4,784,375
7.000% due 07/15/06 2,000,000 2,048,750
6.500% due 10/15/06 6,000,000 5,983,128
6.625% due 05/15/07 5,000,000 5,020,315
6.125% due 08/15/29 2,000,000 1,906,876
----------
Total U.S. Treasury Obligations
(cost $33,552,586) 32,355,350
----------
MORTGAGE-BACKED SECURITIES - 1.26%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - .34%
7.500% due 02/01/02 11,544 11,586
9.500% due 04/01/05 21,799 22,566
7.500% due 06/01/07 54,783 54,743
11.000% due 05/01/10 979 1,026
12.500% due 08/01/10 7,648 8,353
8.000% due 11/01/16 22,971 23,193
9.500% due 02/01/18 31,040 32,690
6.500% due 07/01/23 192,554 183,671
----------
337,828
----------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - .86%
12.000% due 04/01/00 886 901
9.000% due 08/01/01 11,088 11,292
8.500% due 01/01/02 9,918 10,177
10.500% due 06/01/04 5,539 5,759
10.500% due 05/01/05 133,418 138,694
6.500% due 06/01/08 592,511 580,424
8.000% due 08/01/17 97,821 99,069
----------
846,316
----------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - .06%
9.000% due 05/15/20 56,689 59,471
----------
Total Mortgage-backed Securities
(cost $1,245,367) 1,243,615
----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 5.07%
FEDERAL HOME LOAN
MORTGAGE CORPORATION - 1.29%
59 E (8.900% due 11/15/20) $ 487,165 $ 499,399
106 G (8.250% due 12/15/20) 758,778 771,462
----------
1,270,861
----------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - .08%
1988-30 D (9.500% due 12/25/18) 73,313 76,338
----------
PRIVATE SECTOR - 3.70%
Securitized Asset Sales, Inc. 1993-2
B2
(6.500% due 07/25/08) 221,947 213,484
CMC2 Securities Corp. 1993 E 1 E 1CP
(0.000% due 12/25/08) 230,974 182,239
Country Wide Mortgage-Backed
Securities, Inc. 1994 - 8B1
(6.000% due 03/01/09) 689,032 649,558
Capstead Mortgage Securities Corp.
C - 4
(10.950% due 02/01/14) 90,454 90,455
Boams 99-3 B3
(6.250% due 05/25/14) 942,744 827,164
NSCOR 1996 - 5 B1
(8.000% due 11/25/26) 1,617,510 1,600,332
MSC (1998 - 1) PO
(0.000% due 03/25/28) 112,724 77,824
----------
3,641,056
----------
Total Collateralized Mortgage
Obligations
(cost $5,012,535) 4,988,255
----------
ASSET-BACKED SECURITIES - 7.14%
COMMERCIAL MORTGAGE-
BACKED SECURITIES - 5.26%
Chase Commercial Mortgage Sec.
(6.600% due 12/19/07) 2,609,885 2,208,615
NMFC 98-4 B3
(6.250% due 10/25/2028) 1,356,843 1,123,969
Paine Webber Mortgage
Acceptance 96 M1 E
(7.655% due 01/02/12) 2,000,000 1,840,000
----------
5,172,584
----------
HOME EQUITY - 1.88%
Ditech Home Loan Owner Trust
(7.250% due 06/15/21) 2,000,000 1,855,620
----------
Total Asset-backed Securities
(cost $7,768,030) 7,028,204
----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
22
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BOND PORTFOLIO
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
CORPORATE BONDS
AND NOTES - 50.42%
AIR TRANSPORTATION - 1.84%
Continental Airlines
(7.820% due 10/15/13) $ 911,413 $ 903,439
NWA Trust No. 2 Class B
(10.230% due 06/21/14) 876,923 912,763
----------
1,816,202
----------
BANK, BANK HOLDING
COMPANIES, & OTHER
BANK SERVICES - 10.71%
Ahmanson Capital Trust
(8.360% due 12/01/26) 1,500,000 1,418,686
Banc Tec Inc.
(7.500% due 06/01/08) 1,500,000 1,348,568
Erac USA Finance
(7.950% due 12/15/09) 1,000,000 990,873
Fairfax Financial Holdings
(7.375% due 03/15/06) 1,000,000 900,678
GS Escrow Corp.
(6.750% due 08/01/01) 300,000 289,151
GS Escrow Corp.
(7.000% due 08/01/03) 1,000,000 925,226
Household Finance Corp.
(7.200% due 07/15/06) 1,500,000 1,474,046
Lodgian Finance Corp.
(12.250% due 07/15/09) 1,000,000 990,000
NationsBank Corp.
(7.625% due 04/15/05) 1,000,000 1,014,290
Sovereign Bancorp
(10.500% due 11/15/06) 250,000 255,000
Svenska Handelsbanken
(7.125% due 03/07/07) 1,000,000 932,710
----------
10,539,228
----------
CONSUMER NON-DURABLE - 3.00%
LTV Corp. Sr. Nts.
(11.750% due 11/15/09) 1,000,000 1,040,000
Sequa Corp. Sr. Nts.
(9.000% due 08/01/09) 1,000,000 967,500
World Color Press Inc. Sr. Nts.
(7.750% due 02/15/09) 1,000,000 950,000
----------
2,957,500
----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
ELECTRIC - 3.21%
Carolina Power & Light Sr. Nts.
(5.950% due 03/01/09) $1,000,000 $ 903,392
Edison Mission Nts.
(7.730% due 06/15/09) 1,000,000 992,254
Niagara Mohawk Power
(8.000% due 06/01/04) 1,250,000 1,265,509
----------
3,161,155
----------
ENERGY - 4.88%
Eagle Geophysical Inc.*
(10.750% due 07/15/08)(1) 1,000,000 80,000
Federal-Mogul Co.
(7.375% due 01/15/06) 1,000,000 916,258
Louis Dreyfus Nts.
(6.875% due 12/01/07) 1,500,000 1,353,510
Mitchell Energy Development Corp.
(6.750% due 02/15/04) 1,750,000 1,663,613
Rural/Metro Corp. Sr. Nts.
(7.875% due 03/15/08) 1,000,000 787,500
----------
4,800,881
----------
ENTERTAINMENT & LEISURE - 2.39%
Imax Corp. Sr. Nts.
(7.875% due 12/01/05) 1,000,000 945,000
Royal Caribbean
(7.000% due 10/15/07) 1,500,000 1,405,804
----------
2,350,804
----------
FOOD, BEVERAGE, & TOBACCO - .96%
RJR Nabisco Inc.
(7.550% due 06/15/15) 1,000,000 945,311
----------
GAMING INDUSTRY - 1.15%
Casino Magic of Louisiana
(13.000% due 08/15/03) 1,000,000 1,128,750
----------
HEALTH CARE - 2.48%
Tenet Healthcare Corp.
(7.875% due 01/15/03) 1,000,000 968,750
Universal Health Services Sr. Notes
(8.750% due 08/15/05) 1,500,000 1,475,372
----------
2,444,122
----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
23
<PAGE>
CARILLON FUND, INC.
BOND PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
INSURANCE - 3.07%
Farmers Insurance Exchange
(8.500% due 08/01/04) $1,000,000 $1,025,546
Prudential Ins. Surplus Notes
(8.100% due 07/15/15) 1,000,000 1,000,658
USF&G Capital
(8.470% due 01/10/27) 1,000,000 992,427
----------
3,018,631
----------
MEDIA & CABLE - 2.13%
CF Cable TV Inc.
(9.125% due 07/15/07) 1,000,000 1,064,039
Continental Cablevision
(8.300% due 05/15/06) 1,000,000 1,028,658
----------
2,092,697
----------
MEDIA CONGLOMERATE - 4.00%
News American Holdings
(6.625% due 01/09/08) 1,500,000 1,396,831
Time Warner Inc.
(8.110% due 08/15/06) 1,500,000 1,533,786
Viacom Inc. Sr. Notes
(7.750% due 06/01/05) 1,000,000 1,010,867
----------
3,941,484
----------
PAPER & FOREST PRODUCT - .54%
Westvaco Corp.
(10.300% due 01/15/19) 500,000 526,850
----------
REAL ESTATE - 2.80%
Colonial Properties Sr. Nts.
(8.050% due 07/15/06) 1,500,000 1,434,543
Healthcare Properties Nts.
(6.875% due 06/08/05) 1,500,000 1,319,023
----------
2,753,566
----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
TELECOMMUNICATIONS - 6.36%
360 Communications Sr. Nts.
(7.500% due 03/01/06) $1,500,000 $1,509,892
Arch Communications Group Sub. Deb.
(6.750% due 12/01/03) 1,000,000 560,000
Call-Net Enterprises
(10.800% due 05/15/09) 1,000,000 492,500
IMC Global Nts.
(7.625% due 11/01/05) 1,250,000 1,218,161
Talton Holdings Inc. Sr. Nts.
(11.000% due 06/30/07) 1,000,000 950,000
Worldcom Inc.
(7.750% due 04/01/07) 1,500,000 1,529,078
----------
6,259,631
----------
TRANSPORTATION - .90%
Midway Air Lines
(8.140% due 01/02/13) 1,000,000 889,560
----------
Total Corporate Bond and Notes
(cost $52,946,444) 49,626,372
----------
SHORT TERM INVESTMENTS - 1.65%
VARIABLE RATE
DEMAND NOTES(2) - 1.65%
Firstar Bank
(6.240% due 12/31/31) 1,625,419 1,625,419
----------
Total Short-Term Investments
(cost $1,625,419) 1,625,419
----------
TOTAL INVESTMENTS - 98.41%
(cost $102,150,381)(3) 96,867,215
----------
OTHER ASSETS AND LIABILITIES - 1.59% 1,560,521
----------
TOTAL NET ASSETS - 100.00% $98,427,736
==========
</TABLE>
- ----------
* Non-Income Producing
(1) Bond is in default.
(2) Interest rates vary periodically based on current market rates. Rates shown
are as of December 31, 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 December 31, 1999.
(3) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities at December 31, 1999 was $686,535 and
($6,017,244) respectively.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
24
<PAGE>
CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
COMMON STOCKS - 92.60%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 12.21%
Aetna Life and Casualty Company 3,200 $ 178,600
AFLAC, Incorporated 5,700 268,969
Allstate (The) Corporation 17,200 412,800
American Express Company 9,600 1,596,000
American General Corporation 5,300 402,137
American International Group,
Incorporated 33,122 3,581,315
AmSouth Bancorp, Incorporated 8,400 162,225
Aon Corporation 5,500 220,000
Associates First Capital Corporation 15,600 428,025
BB&T Corporation 7,100 194,362
Banc One Corporation 24,546 787,005
BankAmerica Corporation 36,452 1,829,435
Bank of New York Company, Incorporated 15,700 628,000
Bear Stearns Companies, Incorporated 2,504 107,045
Capital One Financial Corporation 4,200 202,387
Charles Schwab Corporation 17,500 671,562
Chase Manhattan Corporation 17,600 1,367,300
Chubb Corporation 3,800 213,987
CIGNA Corporation 4,000 322,250
Cincinnati Financial Corporation 3,500 109,155
Citigroup, Incorporated 72,050 4,003,277
Comerica, Incorporated 3,300 154,068
Conseco, Incorporated 7,000 125,125
Countrywide Credit Industries,
Incorporated 2,400 60,600
Fannie Mae 21,900 1,367,380
Federal Home Loan Mortgage Corporation 14,900 701,230
Fifth Third Bancorp 6,600 484,275
First Union Corporation 21,100 692,343
Firstar Corporation 20,914 441,807
Fleet Financial Group, Incorporated 19,580 681,628
Franklin Resources, Incorporated 5,400 173,137
Golden West Financial 3,500 117,250
Hartford Financial Services Group 4,700 222,662
Household International, Incorporated 10,000 372,500
Huntington Bancshares 4,932 117,751
Jefferson-Pilot Corporation 2,200 150,150
KeyCorp 9,600 212,400
Lehman Brothers Holdings 2,600 220,187
Lincoln National Corporation 4,200 168,000
Loews Corporation 2,300 139,580
Marsh & McLennan Companies,
Incorporated 5,700 545,418
MBIA, Incorporated 2,100 110,905
MBNA Corporation 17,100 465,975
Mellon Bank Corporation 10,900 371,280
Merrill Lynch & Company 7,900 659,650
MGIC Investment Corporation 2,300 138,430
Morgan (J. P.) & Company 3,700 468,512
Morgan Stanley, Dean Witter & Company 11,900 1,698,725
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 12.21%
(CONTINUED)
National City Corporation 13,200 $ 312,675
Northern Trust Corporation 4,800 254,400
Old Kent Financial Corporation 2,550 90,205
PaineWebber, Incorporated 3,000 116,437
Pinnacle West, Incorporated 1,850 56,540
PNC Bank Corporation 6,300 280,350
Progressive Corporation 1,600 117,000
Providian Financial Corporation 3,000 273,187
Regions Financial Corporation 4,700 118,087
SAFECO Corporation 2,800 69,650
SLM Holding Corporation 3,400 143,650
SouthTrust Corporation 3,600 136,124
State Street Corporation 3,400 248,412
St. Paul Companies 4,900 165,068
Summit Bancorp 3,700 113,312
SunTrust Banks, Incorporated 6,800 467,925
Synovus Financial Corporation 6,000 119,250
T. Rowe Price Associates, Incorporated 2,600 96,037
Torchmark Corporation 2,800 81,375
Union Planters Corporation 3,000 118,312
UNUMprovident Corporation 5,098 163,455
U.S. Bancorp 15,500 369,093
Wachovia Corporation 4,300 292,400
Washingon Mutual, Incorporated 12,384 321,983
Wells Fargo & Company 35,100 1,419,355
----------
34,691,086
----------
CAPITAL GOODS - 7.87%
Allied Waste Industries, Incorporated* 4,000 35,250
Armstrong World Industries,
Incorporated 900 30,037
Briggs & Stratton 500 26,812
Boeing Company 20,000 831,250
Caterpillar, Incorporated 7,600 357,675
Cooper Industries, Incorporated 2,000 80,875
Corning, Incorporated 5,200 670,475
Crane Company 1,400 27,825
Cummins Engine Company, Incorporated 900 43,480
Danaher Corporation 3,000 144,750
Deere & Company 5,000 216,875
Dover Corporation 4,400 199,650
Emerson Electric Company 9,300 533,587
Fluor Corporation 1,600 73,400
Foster Wheeler Corporation 900 7,987
General Dynamics Corporation 4,300 226,825
General Electric Company 70,100 10,847,975
Grainger (W.W.), Incorporated 2,000 95,625
Honeywell, Incorporated 16,962 978,495
Illinois Tool Works, Incorporated 6,450 435,777
Ingersoll-Rand Company 3,500 192,718
ITT Industries, Incorporated 1,900 63,531
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
25
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P 500 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 7.87% (CONTINUED)
Johnson Controls, Incorporated 1,800 $ 102,375
Lockheed Martin Corporation 8,500 185,937
Masco Company 9,600 243,600
Milacron, Incorporated 800 12,300
Minnesota Mining & Manufacturing
Company 8,600 841,725
NACCO Industries, Incorporated 200 11,112
Navistar International* 1,400 66,325
Northrop Grumman Corporation 1,500 81,093
Owens Corning Fiberglass Corporation 1,200 23,175
Pall Corporation 2,700 58,218
PACCAR, Incorporated 1,700 75,330
Parker-Hannifin Corporation 2,400 123,150
Perkinelmer, Incorporated 1,000 41,688
Pitney Bowes, Incorporated 5,700 275,381
Raytheon Company - Class B 7,200 191,250
Rockwell International Corporation 4,100 196,288
Solectron Corporation* 6,300 599,288
Textron, Incorporated 3,200 245,400
Thermo Electron Corporation* 3,400 51,000
Thomas & Betts Company 1,200 38,250
Timken Company 1,300 26,568
TRW, Incorporated 2,600 135,038
Tyco International Limited 36,104 1,403,542
United Technologies Corporation 10,200 663,000
Waste Management, Incorporated 13,270 228,078
Xerox Corporation 14,200 322,163
----------
22,362,148
----------
CONSUMER CYCLICAL - 11.97%
American Greetings Company Class A 1,400 33,075
American Online, Incorporated* 47,800 3,605,913
Amgen, Incorporated* 21,800 1,309,363
AutoZone, Incorporated* 3,100 100,168
Bed Bath & Beyond, Incorporated* 3,000 104,250
Best Buy Company, Incorporated* 4,400 220,825
Black & Decker Corporation 1,900 99,275
Brunswick Corporation 2,000 44,500
Carnival Corporation 13,200 631,125
Centex Corporation 1,300 32,094
Circuit City Stores, Incorporated 4,300 193,768
Clear Channel Communications* 7,200 642,600
Comcast Corporation Class A Special 16,100 814,056
Cooper Tire & Rubber Company 1,600 24,900
Consolidated Stores Corporation* 2,400 39,000
Costco Companies, Incorporated* 4,700 428,875
Dana Corporation 3,549 106,247
Dayton Hudson Corporation 9,400 690,312
Delphi Automotive Systems 12,058 189,913
Deluxe Corporation 1,600 43,900
Dillard's, Incorporated Class A 2,300 46,430
Dollar General Corporation 5,650 128,537
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 11.97% (CONTINUED)
Donnelley (R.R.) & Sons Company 2,700 $ 66,994
Dow Jones & Company, Incorporated 1,900 129,200
Eaton Corporation 1,600 116,200
Ecolab, Incorporated 2,800 109,550
Federated Department Stores* 4,500 227,531
Fleetwood Enterprises, Incorporated 700 14,438
Ford Motor Company 25,800 1,378,688
Gannett Company, Incorporated 6,000 489,375
Gap, Incorporated 18,275 840,650
General Motors Corporation 13,700 995,819
Genuine Parts Company 3,800 94,288
Goodyear Tire & Rubber 3,300 93,019
Harcourt General, Incorporated 1,500 60,375
Harrah's Entertainment, Incorporated* 2,700 71,381
Hilton Hotels Corporation 7,900 76,038
Home Depot, Incorporated 49,200 3,373,275
Jostens, Incorporated 700 17,019
Kaufman & Broad Home Corporation 1,000 24,188
K Mart Corporation* 10,500 105,656
Knight-Ridder, Incorporated 1,800 107,100
Kohl's Department Stores Corporation* 3,500 252,656
Leggett & Platt, Incorporated 4,200 90,038
Limited (The), Incorporated 4,600 199,238
Lowe's Companies, Incorporated 8,200 489,950
Marriott International Class A 5,300 167,281
May Department Stores Company 7,150 230,588
Maytag Corporation 1,800 86,400
McGraw-Hill Companies, Incorporated 4,200 258,825
Meredith Corporation 1,100 45,856
Mirage Resorts, Incorporated* 4,100 62,781
New York Times Class A 3,700 181,763
Nordstrom, Incorporated 3,000 78,563
Office Depot, Incorporated* 7,000 76,563
Penney (J.C.) Company, Incorporated 5,600 111,650
Pep Boys - Manny, Moe & Jack 1,100 10,038
Pulte Corporation 900 20,250
Sears Roebuck & Company 8,100 246,544
Snap-On Tools, Incorporated 1,200 31,875
Stanley (The) Works 1,900 57,238
Staples, Incorporated* 9,950 206,463
Tandy Corporation 4,100 201,669
Times Mirror Company Class A 1,300 87,100
Time Warner, Incorporated 27,500 1,992,031
TJX Companies, Incorporated 6,600 134,888
Toys "R" Us, Incorporated* 5,200 74,425
Tribune Company 5,100 280,819
Wal-Mart Stores, Incorporated 95,100 6,573,788
Walt Disney Company, The 44,100 1,289,925
Whirlpool Corporation 1,600 104,100
Yahoo!, Incorporated* 5,675 2,455,502
----------
34,018,717
----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
26
<PAGE>
CARILLON FUND, INC.
S&P 500 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 16.78%
Abbott Laboratories 32,900 $1,194,681
Alberto-Culver Company Class B 1,200 30,975
Albertson's, Incorporated 9,076 292,701
Allergan, Incorporated 2,800 139,300
ALZA Corporation Class A* 2,200 76,175
American Home Products Corporation 27,900 1,100,306
Anheuser-Busch Companies, Incorporated 9,900 701,663
Archer-Daniels-Midland Company 12,956 157,901
Avon Products, Incorporated 5,200 171,600
Bausch & Lomb, Incorporated 1,200 82,125
Baxter International, Incorporated 6,200 389,438
Becton, Dickinson Company 5,300 141,775
BestFoods, Incorporated 6,000 315,375
Biomet, Incorporated 2,400 96,000
Boston Scientific Corporation* 8,900 194,688
Bristol-Meyers Squibb Company 42,400 2,721,550
Brown-Forman Corporation 1,500 85,875
Campbell Soup Company 9,100 352,056
Cardinal Health, Incorporated 6,000 287,250
CBS, Corporation* 16,315 1,043,140
Clorox Company 5,100 256,913
Coca-Cola Company 52,800 3,075,600
Coca-Cola Enterprises 9,100 183,138
Colgate-Palmolive Company 12,400 806,000
Columbia/HCA Healthcare Corporation 12,000 351,750
ConAgra, Incorporated 10,500 236,906
Coors (Adolph) Class B 800 42,000
C.R. Bard, Incorporated 1,100 58,300
CVS Corporation 8,400 335,475
Darden Resturants, Incorporated 2,800 50,750
Eastman Kodak Company 6,700 443,875
Fortune Brands, Incorporated 3,500 115,719
General Mills, Incorporated 6,500 232,375
Gillette Company 22,900 943,194
Great Atlantic & Pacific Tea Company,
Incorporated 800 22,300
Guidant Corporation 6,600 310,200
Hasbro, Incorporated 4,150 79,109
Heinz (H.J.) Company 7,700 306,556
HEALTHSOUTH Corporation* 8,300 44,613
Hershey Foods Corporation 3,000 142,500
Humana, Incorporated* 3,600 29,475
International Flavors & Fragrance,
Incorporated 2,200 83,050
Johnson & Johnson Company 29,700 2,765,813
Kellogg Company 8,700 268,069
Kimberly-Clark Corporation 11,600 756,900
Kroger Company* 17,800 335,975
Lilly (Eli) & Company 23,300 1,549,450
Liz Claiborne, Incorporated 1,300 48,913
Longs Drug Stores Corporation 800 20,650
Mallincrokdt, Incorporated 1,500 $ 47,719
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 16.78%
(CONTINUED)
Manor Care, Incorporated* 2,200 35,200
Mattel, Incorporated 9,000 118,125
Mediaone Group* 13,100 1,006,244
McDonald's Corporation 28,900 1,165,031
McKesson HBOC, Incorporated 5,972 134,743
Medtronic, Incorporated 25,500 929,156
Merck & Company, Incorporated 49,900 3,346,419
NIKE, Incorporated Class B 6,000 297,375
Newell Rubbermaid, Incorporated 5,991 173,739
PepsiCo, Incorporated 31,100 1,096,275
Pfizer, Incorporated 82,700 2,682,581
Pharmacia & Upjohn, Incorporated 11,100 499,500
Philip Morris Companies, Incorporated 50,600 1,173,288
Polaroid Corporation 1,000 18,813
Procter & Gamble Company 28,100 3,078,706
Quaker Oats Company 2,900 190,313
Quintiles Transnational Corporation* 2,450 45,784
RJR Nabisco Holdings Corporation 6,950 73,844
Ralston-Ralston Purina Group 6,900 192,338
Reebok International Limited* 1,200 9,825
Rite Aid Corporation 5,500 61,531
Russell Company 700 11,725
Safeway, Incorporated* 10,900 387,631
Sara Lee Corporation 19,400 428,013
Schering-Plough Corporation 31,400 1,324,688
Seagram Company, Limited 9,300 417,919
Supervalu, Incorporated 3,000 60,000
St. Jude Medical* 1,800 55,238
Sysco Corporation 7,000 276,938
Tenet Healthcare Corporation* 6,700 157,450
TRICON Global Restaurants* 3,300 127,463
Tupperware Corporation 1,200 20,325
Unilever N.V. ADR 12,242 666,424
United HealthCare Corporation 3,600 191,250
UST, Incorporated 3,700 93,194
V.F. Corporation 2,500 75,000
Viacom, Incorporated - Class B* 14,900 900,519
Walgreen Company 21,400 625,950
Warner-Lambert Company 18,300 1,499,456
Watson Pharmaceuticals, Incorporated* 2,100 75,206
Wellpoint Health Networks* 1,400 92,313
Wendy's International, Incorporated 2,600 53,625
Winn-Dixie Stores, Incorporated 3,200 76,600
Wrigley (Wm) Jr. Company 2,500 207,344
----------
47,670,962
----------
ENERGY - 5.07%
Amerada Hess Corporation 1,900 107,825
Anadarko Petroleum Corporation 2,700 92,138
Apache Corporation 2,400 88,650
</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>
----------------
ENERGY - 5.07% (CONTINUED)
Ashland, Incorporated 1,500 $ 49,406
Atlantic Richfield Company 6,900 596,850
Baker Hughes, Incorporated 6,990 147,227
Burlington Resources, Incorporated 4,650 153,741
Chevron Corporation 14,000 1,212,750
Conoco, Incorporated Class B 13,427 334,014
Exxon Corporation 73,778 5,943,740
Halliburton Company 9,400 378,350
Helmerich & Payne, Incorporated 1,100 23,994
Kerr-McGee Company 1,890 117,180
McDermott International, Incorporated 1,300 11,780
Occidental Petroleum 7,900 170,838
Phillips Petroleum Company 5,400 253,800
Rowan Companies, Incorporated* 1,800 39,038
Royal Dutch Petroleum Company ADR 45,800 2,768,038
Schlumberger Limited 11,800 663,750
Sunoco, Incorporated 1,900 44,650
Texaco, Incorporated 11,800 640,888
Tosco Corporation 3,100 84,281
Transocean Sedco Forex, Incorporated 2,284 76,958
Union Pacific Resources Group 5,400 68,850
Unocal Corporation 5,200 174,525
USX-Marathon Group, Incorporated 6,600 162,938
----------
14,406,199
----------
MANUFACTURING - 2.93%
Air Products & Chemicals, Incorporated 4,900 164,456
Alcan Aluminum Limited 4,700 193,581
Alcoa, Incorporated 7,800 647,400
Allegheny Teledyne, Incorporated 1,950 43,753
Avery Dennison Corporation 2,400 174,900
Ball Corporation 600 23,625
Barrick Gold Corporation 8,400 148,575
Bemis Company 1,100 38,363
Bethlehem Steel Corporation* 2,800 23,450
B.F. (The) Goodrich Company 2,400 66,000
Boise Cascade Corporation 1,200 48,600
Champion International Corporation 2,100 130,069
Crown Cork & Seal Company,
Incorporated 2,600 58,175
Dow Chemical Company 4,700 628,038
DuPont (E.I.) De Nemours & Company 22,300 1,469,000
Eastman Chemical Company 1,700 81,069
Englehard Corporation 2,700 50,963
FMC Corporation* 700 40,119
Fort James Corporation 4,600 125,925
Freeport-McMoRan Copper & Gold* 3,500 73,938
Georgia-Pacific Company 3,700 187,775
Great Lakes Chemical Corporation 1,200 45,825
Hercules, Incorporated 2,300 64,113
Homestake Mining Company 5,600 43,750
Inco, Limited* 4,100 96,350
International Paper Company 8,800 496,650
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 2.93% (CONTINUED)
Louisiana Pacific Corporation 2,300 $ 32,775
Mead Corporation 2,200 95,563
Millipore Corporation 1,000 38,625
Monsanto Company 13,600 484,500
National Service Industries,
Incorporated 900 26,550
Newmont Mining Corporation 3,600 88,200
Nucor Corporation 1,900 104,144
Owens-Illinois, Incorporated* 3,200 80,200
Pactiv Corporation* 3,700 39,313
Phelps Dodge Corporation 1,765 118,476
Placer Dome, Incorporated 7,000 75,250
Potlatch Corporation 600 26,775
PPG Industries, Incorporated 3,700 231,481
Praxair, Incorporated 3,400 171,063
Reynolds Metals Company 1,400 107,275
Rohm & Haas Company 4,648 189,116
Sealed Air Corporation* 1,800 93,262
Sherwin-Williams Company 3,500 73,500
Sigma-Aldrich Corporation 2,200 66,138
Spring Industries, Incorporated 400 15,975
Temple-Inland, Incorporated 1,200 79,125
Union Carbide Corporation 2,900 193,575
USX-U.S. Steel Group, Incorporated 1,900 62,700
Vulcan Materials Company 2,100 83,869
Westvaco Corporation 2,100 68,513
Weyerhaeuser Company 5,000 359,063
Willamette Industries 2,400 111,450
Worthington Industries, Incorporated 1,900 31,469
W.R. Grace & Company* 1,500 20,813
----------
8,333,220
----------
SERVICE - 1.42%
Automatic Data Processing,
Incorporated 13,400 721,925
Block (H&R), Incorporated 2,100 91,875
Cendant Corporation* 15,200 403,750
Computer Sciences Corporation* 3,600 340,650
Dun & Bradstreet Corporation 3,400 100,300
Electronic Data Systems Corporation 10,054 672,990
Equifax, Incorporated 3,000 70,688
First Data Corporation 9,000 443,813
IMS Health, Incorporated 6,600 179,438
Interpublic (The) Group of Companies,
Incorporated 6,000 346,125
Omnicom Group, Incorporated 3,800 380,000
Paychex, Incorporated 5,300 212,000
Service Corporation International 5,800 40,238
Shared Medical System Corporation 600 30,563
----------
4,034,355
----------
TECHNOLOGY - 24.25%
3COM Corporation 7,400 347,800
Adaptec, Incorporated* 2,200 109,725
</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>
----------------
TECHNOLOGY - 24.25% (CONTINUED)
Adobe Systems, Incorporated 2,600 $ 174,850
ADC Telecommunications, Incorporated* 3,200 232,200
Advanced Micro Devices, Incorporated* 3,100 89,706
Analog Devices, Incorporated* 3,700 344,100
Andrew Corporation* 1,800 34,088
Apple Computer, Incorporated* 3,400 349,563
Applied Materials, Incorporated* 8,100 1,026,169
Autodesk, Incorporated 1,300 43,875
BMC Software, Incorporated* 5,200 415,675
Cabletron Systems, Incorporated* 3,900 101,400
Ceridian Corporation* 3,100 66,844
Cisco Systems, Incorporated* 69,900 7,488,038
Citrix Systems, Incorporated* 1,900 233,700
COMPAQ Computers Corporation 36,300 982,369
Computer Associates International,
Incorporated 11,500 804,281
Compuware, Incorporated* 7,600 283,100
Comverse Technology, Incorporated* 1,500 217,125
Dell Computer Corporation* 54,300 2,769,300
EMC Corporation Massachusetts* 21,743 2,375,423
Gateway 2000, Incorporated* 6,800 490,025
General Instrument Corporation* 3,700 314,500
Hewlett-Packard Company 21,800 2,483,838
IKON Office Solution, Incorporated 3,200 21,800
Intel Corporation 71,400 5,877,113
International Business Machines
Corporation 38,500 4,158,000
KLA-Tencor Corporation* 1,900 211,613
Lexmark International Group,
Incorporated Class A* 2,700 244,350
LSI Logic Corporation* 3,200 216,000
Lucent Technologies, Incorporated 67,000 5,012,438
Micron Technology, Incorporated* 5,800 450,950
Microsoft Corporation* 110,300 12,877,525
Molex, Incorporated 3,400 192,737
Motorola, Incorporated 13,000 1,914,250
National Semiconductor* 3,700 158,406
Network Appliance, Incorporated* 3,200 265,800
Nortel Networks Corporation 28,540 2,882,540
Novell, Incorporated* 7,100 283,556
Oracle Systems Corporation* 30,400 3,406,700
Parametric Technology Company* 5,800 156,963
PE Corporation PE Biosystems Group,
Incorporated 2,200 264,688
PeopleSoft, Incorporated* 5,200 110,825
Qualcom, Incorporated* 14,000 2,465,750
Seagate Technology, Incorporated* 4,500 209,531
Scientific-Atlanta, Incorporated 1,700 94,563
Silicon Graphics, Incorporated* 3,900 38,269
Sun Microsystems, Incorporated* 33,400 2,586,413
Tektronix, Incorporated 1,000 38,875
Tellabs, Incorporated* 8,600 552,013
Teradyne, Incorporated* 3,700 $ 244,200
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 24.25% (CONTINUED)
Texas Instruments, Incorporated 17,100 1,656,563
Unisys Corporation* 6,600 210,788
Xilinx, Incorporated* 6,900 313,734
----------
68,894,647
----------
TRANSPORTATION - .65%
AMR Corporation* 3,200 214,400
Burlington Northern Santa Fe
Corporation 9,800 237,650
CSX Corporation 4,700 147,463
Delta Air Lines, Incorporated 2,800 139,475
FDX Corporation* 6,400 262,000
Kansas City Southern Industries 2,400 179,100
Norfolk Southern Company 8,100 166,050
Ryder System 1,400 34,213
Southwest Airlines Company 10,750 174,016
Union Pacific Corporation 5,300 231,213
US Airways Group, Incorporated* 1,500 48,094
----------
1,833,674
----------
UTILITIES - 9.45%
AES Corporation* 4,400 328,900
ALLTELL Corporation 6,700 554,006
Ameren Corporation 2,900 94,975
AT & T Corporation 68,289 3,465,667
American Electric Power Company 4,100 131,713
Bell Atlantic Corporation 33,200 2,043,875
BellSouth Corporation 40,200 1,881,863
Carolina Power & Light Company 3,400 103,488
Central & SouthWest Corporation 4,500 90,000
Centurytel, Incorporated 3,000 142,125
CINergy Corporation 3,400 82,025
CMS Energy Corporation 2,500 77,969
Coastal Corporation 4,600 163,013
Columbia Energy Group 1,700 107,525
Consolidated Edison, Incorporated 4,700 162,150
Consolidated Natural Gas Company 2,000 129,875
Constellation Energy Group,
Incorporated 3,200 92,800
Dominion Resources 4,100 160,925
DTE Energy Company 3,100 97,263
Duke Energy 7,800 390,975
Eastern Enterprises 600 34,463
Edison International 7,400 193,788
El Paso Energy Corporation 4,900 190,181
Enron Corporation 15,300 678,938
Entergy Corporation 5,300 136,475
FirstEnergy Corporation 5,000 113,438
Florida Progress Corporation 2,100 88,856
FPL Group, Incorporated 3,800 162,688
General Public Utilities Corporation 2,600 77,838
Global Crossing Limited* 16,185 809,250
GTE Corporation 20,800 1,467,700
</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>
----------------
UTILITIES - 9.45% (CONTINUED)
MCI WorldCom, Incorporated* 60,709 $3,221,398
New Century Energies, Incorporated 2,500 75,938
NEXTEL Communications, Incorporated
Class A* 7,800 804,375
Niagara Mohawk Holdings, Incorporated* 4,000 55,750
Nicor, Incorporated 1,000 32,500
Northern States Power Company 3,300 64,350
Oneok, Incorporated 700 17,588
PECO Energy Company 4,000 139,000
People's Energy Corporation 800 26,800
PG & E Corporation 8,200 168,100
PP & L Resources, Incorporated 3,100 70,913
Public Service Enterprises Group,
Incorporated 4,700 163,619
Reliant Energy, Incorporated 6,300 144,113
SBC Communications, Incorporated 72,857 3,551,779
Sempra Energy 5,100 88,613
Southern Company 14,400 338,400
Sprint Corporation FON Group 18,600 1,252,013
Sprint PCS Group, Incorporated* 9,250 948,125
Texas Utilities Holdings Company 5,900 209,819
Unicom Corporation 4,600 154,100
US West Communications Group 10,800 777,600
Williams Companies, Incorporated 9,300 284,232
----------
26,843,872
----------
Total Common Stocks
(cost $192,821,593) 263,088,880
----------
SHORT-TERM INVESTMENTS(3) - 7.04%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
-------------------
VARIABLE RATE
DEMAND NOTES(1) - 6.54%
Firstar Bank (6.240% due 12/31/31) $10,708,146 $10,708,146
General Mills (6.095% due 12/31/31) 3,590,940 3,590,940
Sara Lee (6.090% due 12/31/31) 942,527 942,527
Warner Lambert (6.044% due 12/31/31) 3,193,948 3,193,948
Wisconsin Corporation (6.160% due
12/31/31) 150,128 150,128
-----------
18,585,689
-----------
U.S. TREASURY BILL - .50%
U.S. Treasury Bill (4.960% due
01/20/00) 1,425,000 1,421,179
-----------
Total Short-Term Investments
(cost $20,006,868) 20,006,868
-----------
TOTAL INVESTMENTS - 99.64%
(cost $212,828,461)(2) 283,095,748
-----------
OTHER ASSETS AND LIABILITIES - .36% 1,036,337
-----------
TOTAL NET ASSETS - 100% $284,132,085
===========
</TABLE>
- ----------
* Non-income producing
(1) Interest rates vary periodically based on current market rates. Rates shown
are as of December 31, 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 December 31, 1999.
(2) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of December 31, 1999 was $81,115,419 and
($10,887,492) respectively.
(3) Securities and other current assets with an aggregate value of $20,407,750
have been segregated with the custodian to cover margin requirements for
the following open futures contracts at December 31, 1999:
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- -------------------------------------------------------------------
Standard & Poor's 500 Index (03/00) 47 $459,425
Standard & Poor's 500 Index (03/00) 2 28,100
Standard & Poor's 500 Index (03/00) 1 12,300
Standard & Poor's 500 Index (03/00) 1 12,325
<CAPTION>
Unrealized
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- -------------------------------------------------------------------
(CONTINUED)
Standard & Poor's 500 Index (03/00) 1 $ 12,925
Standard & Poor's 500 Index (03/00) 1 1,000
Standard & Poor's 500 Index (03/00) 2 0
--------
$526,075
========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
30
<PAGE>
CARILLON FUND, INC.
S&P MIDCAP 400 INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
COMMON STOCKS - 63.14%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING &
FINANCIAL SERVICE - 7.51%
Allmerica Financial Corporation 900 $ 50,062
AMBAC Financial Group, Incorporated 1,100 57,405
American Financial Group, Incorporated 1,000 26,375
Associated Banc-Corp 1,000 34,250
Astoria Financial Corporation 900 27,393
CCB Financial Corporation 700 30,493
Charter One Financial, Incorporated 3,440 65,790
Checkfree Holding Corporation* 900 94,050
City National Corporation 700 23,055
Compass Bancshares, Incorporated 1,900 42,393
Dime Bancorp, Incorporated 1,800 27,225
E*Trade Group, Incorporated* 4,000 104,500
Edwards (A.G.), Incorporated 1,500 48,093
Everest Reinsurance Holdings 800 17,850
FINOVA (The) Group, Incorporated 1,000 35,500
Firstmerit Corporation 1,500 34,500
First Security Corporation 3,200 81,700
First Tennessee National Corporation 2,100 59,850
First Virginia Banks, Incorporated 800 34,400
Gartner Group, Incorporated Class B* 1,400 19,337
GreenPoint Financial Corporation 1,800 42,862
Hibernia Corporation 2,600 27,625
Horace Mann Educators 700 13,737
HSB Group, Incorporated 500 16,905
Investment Technology Group,
Incorporated 500 14,375
Keystone Financial, Incorporated 800 16,850
Legg Mason, Incorporated 900 32,625
Marshall & Isley Corporation 1,700 106,780
Mercantile Bankshares Corporation 1,100 35,130
National Commerce Bancorp 1,800 40,837
NCO Group, Incorporated* 400 12,050
North Fork Bancorporation,
Incorporated 2,100 36,750
Ohio Casualty Corporation 1,000 16,063
Old Republic International Corporation 2,100 28,613
Oxford Health Plans* 1,300 16,494
Pacific Century Financial Corporation 1,300 24,294
PMI Group (The), Incorporated 750 36,609
Protective Life Corporation 1,100 34,994
Provident Financial Group,
Incorporated 700 25,113
ReliaStar Financial Corporation 1,500 58,781
Sovereign Bancorp, Incorporated 3,600 26,831
TCF Financial Corporation 1,400 34,825
Unitrin, Incorporated 1,200 45,150
Webster Financial Corporation 700 16,494
Westamerica Bancorporation 600 16,763
Wilmington Trust Corporation 500 24,125
Zions Bancorporation 1,400 82,863
----------
1,798,759
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 3.99%
AGCO Corporation 1,000 $ 13,437
Albany International Corporation
Class A* 510 7,905
American Power Conversion Corporation* 3,200 84,400
American Standard Company* 1,200 55,050
AMETEK, Incorporated 500 9,530
Carlisle Compaines, Incorporated 500 18,000
Cirrus Logic, Incorporated* 1,100 14,643
Cordant Technologies, Incorporated 600 19,800
Diebold, Incorporated 1,100 25,850
Donaldson Company, Incorporated 800 19,250
Federal Signal Corporation 800 12,850
Flowserve Corporation 600 10,200
Granite Construction, Incorporated 400 7,375
Harsco Corporation 700 22,225
Hillenbrand Industries 1,100 34,855
Hubbell, Incorporated Class B 1,100 29,975
Jacobs Engineering Group,
Incorporated* 400 13,000
Kaydon Corporation 500 13,405
Kennametal, Incorporated 500 16,812
MagneTek, Incorporated* 400 3,075
Miller (Herman), Incorporated 1,300 29,900
Newport News Shipbuilding,
Incorporated 500 13,750
Nordson Corporation 300 14,475
Pentair, Incorporated 800 30,800
Precision Castparts, Incorporated 400 10,500
Rayonier, Incorporated 400 19,325
Reynolds & Reynolds Class A 1,300 29,250
SCI Systems, Incorporated* 1,200 98,625
Sensormatic Electronics Corporation* 1,200 20,925
Sequa Corporation* 200 10,787
SPX Corporation* 500 40,405
Stewart & Stevenson Services,
Incorporated 500 5,922
Structural Dynamics Research
Corporation* 600 7,650
Symbol Technologies, Incorporated 1,400 88,987
Tecumseh Products Company Class A 300 14,155
Trinity Industries 600 17,062
Vishay Intertechnology, Incorporated* 1,375 43,483
Wallace Computer Services,
Incorporated 700 11,637
York International Corporation 600 16,462
----------
955,737
----------
CONSUMER CYCLICAL - 5.55%
ACNielsen Corporation* 900 22,163
Abercrombie & Fitch Company* 1,700 45,368
American Eagle Outfitters* 800 36,000
Arvin Industries, Incorporated 400 11,350
Bandag, Incorporated 400 10,000
Barnes & Noble, Incorporated* 1,100 22,687
Belo (A.H.) Corporation 1,900 36,219
BJ's Wholesale Club, Incorporated* 1,200 43,800
Borders Group, Incorporated* 1,300 20,880
Borg-Warner Automotive, Incorporated 400 16,200
Burlington Industries, Incorporated* 900 3,600
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
31
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS S&P MIDCAP 400 INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 5.55% (CONTINUED)
Callaway Golf Company 1,200 $ 21,225
CBRL Group, Incorporated 1,000 9,702
Claire's Stores, Incorporated 800 17,900
Clayton Homes, Incorporated 2,300 21,130
CompUSA, Incorporated* 1,500 7,687
Dollar Tree Stores, Incorporated* 1,000 48,437
Family Dollar Stores, Incorporated 2,800 45,675
Fastenal Company* 600 26,962
Furniture Brands International,
Incorporated* 800 17,600
Heilig-Meyers Company 1,000 2,750
Houghton Mifflin Company 500 21,093
Imation Corporation* 600 20,137
International Game Technology* 1,500 30,468
Jones Apparel Group, Incorporated* 2,000 54,250
Lands' End, Incorporated* 500 17,375
Lear Corporation* 1,100 35,200
Lee Enterprises, Incorporated 700 22,355
Mark IV Industries, Incorporated 800 14,150
Media General, Incorporated 400 20,800
Meritor Automotive, Incorporated 1,100 21,312
Micro Warehouse, Incorporated* 600 11,100
Modine Manufacturing Company 500 12,500
Mohawk Industries, Incorporated* 1,000 26,375
Neiman-Marcus Group, Incorporated* 800 22,350
OfficeMax, Incorporated* 1,900 10,450
Payless ShoeSource, Incorporated* 500 23,500
Readers Digest Association 1,700 49,725
Ross Stores, Incorporated 1,500 26,906
Saks, Incorporated* 2,400 37,350
Scholastic Corporation* 300 18,656
Shaw Industries, Incorporated 2,200 33,963
Superior Industries, Incorporated 400 10,725
Teleflex, Incorporated 600 18,788
Tiffany & Company 1,200 107,100
Unifi, Incorporated* 1,000 12,313
USG Corporation 800 37,700
Visx, Incorporated* 1,100 56,925
Warnaco Group (The) Class A 900 11,081
WestPoint Stevens, Incorporated 900 15,750
Williams-Sonoma, Incorporated* 900 41,400
----------
1,329,132
----------
CONSUMER NON-DURABLE - 12.53%
Acuson Corporation* 400 5,025
Appria Healthcare Group, Incorporated* 900 16,144
Banta Corporation 400 9,025
Beckman Coulter, Incorporated 500 25,438
Bergen Brunswig Corporation Class A 2,200 18,288
Beverly Enterprises, Incorporated* 1,700 7,438
Bob Evans Farms, Incorporated 600 9,263
Brinker International, Incorporated* 1,100 26,400
Buffets, Incorporated* 700 7,000
Carter-Wallace, Incorporated 700 $ 12,556
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 12.53%
(CONTINUED)
Chris-Craft Industries, Incorporated* 600 43,275
Church & Dwight Company, Incorporated 600 16,013
Cintas Corporation* 1,800 95,625
Comdisco, Incorporated 2,500 93,125
Concord EFS, Incorporated* 3,350 86,263
Covance, Incorporated* 1,000 10,813
Dean Foods Company 600 23,850
DENTSPLY International, Incorporated 900 21,263
Devry, Incorporated* 1,100 20,488
Dial (The) Corporation 1,700 41,331
Dole Food Company, Incorporated 900 14,625
Dreyer's Grand Ice Cream, Incorporated 500 8,500
Express Scripts Incorporated* 600 38,400
First Health Group Corporation* 800 21,500
Flowers Industries, Incorporated 1,600 25,500
Forest Laboratories Class A* 1,400 86,013
Foundation Health Systems Class A* 2,000 19,875
Gilead Sciences, Incorporated* 700 37,888
Gtech Holdings Corporation* 600 13,200
Hannaford Brothers Company 700 48,519
Harte-Hanks, Incorporated 1,100 23,925
Health Management Association
Class A* 4,200 56,175
Hispanic Broadcasting Corporation* 930 85,763
Hon Industries 1,000 21,938
Hormel Foods Corporation 1,200 48,750
ICN Pharmaceuticals, Incorporated 1,300 32,906
International Multifoods, Incorporated 300 3,975
International Speedway Corporation
Class A* 900 45,338
Interstate Bakeries Corporation 1,100 19,938
Iowa Beef Processing, Incorporated* 1,500 27,000
IVAX Corporation* 1,700 43,775
Lancaster Colony Corporation 700 23,188
Lance, Incorporated 500 5,000
Lincare Holdings, Incorporated* 900 31,219
Lone Star Steakhouse & Saloon,
Incorporated* 500 4,461
Mandalay Resort Group, Incorporated* 1,500 30,188
McCormick & Company, Incorporated 1,200 35,700
MedImmune, Incorporated* 1,100 182,463
Millennium Pharmaceuticals,
Incorporated* 650 79,300
Minimed, Incorporated* 500 36,625
Modis Professional Services,
Incorporated* 1,600 22,800
Mylan Laboratories, Incorporated* 2,100 52,894
Navigant Consulting Company* 700 7,613
Omnicare, Incorporated 1,500 18,000
Outback Steakhouse, Incorporated* 1,200 31,125
PacifiCare Health System Class B* 700 37,100
Papa John's International,
Incorporated* 500 13,031
Park Place Entertainment* 5,000 62,500
Perrigo Company* 1,200 9,600
Premier Parks, Incorporated* 1,300 37,538
</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
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 12.53%
(CONTINUED)
PSS World Medical, Incorporated* 1,200 $ 11,325
Quorum Health Group, Incorporated* 1,200 11,175
RJ Reynolds Tobacco Holdings,
Incorporated 1,800 31,725
Ruddick Corporation 800 12,400
Sepracor, Incorporated* 500 49,594
Smucker (The J.M.) Company Class A 500 9,750
Standard Register Company 500 9,688
Starbuck Corporation* 3,000 72,750
STERIS Corporation* 1,100 11,344
Stryker Corporation 1,600 111,400
Suiza Foods Corporation* 500 19,813
Sybron International Corporation 1,700 41,969
Total Renal Care Holdings,
Incorporated* 1,300 8,694
Trigon Healthcare, Incorporated* 600 17,700
Tyson Foods, Incorporated Class A 3,800 61,750
Universal Corporation 500 11,406
Universal Foods Corporation 800 16,300
Univision Commiunication,
Incorporated* 1,700 173,719
U.S. Foodservices, Incorporated* 1,700 28,475
Viad Corporation 1,600 44,600
Vlasic Foods International,
Incorporated* 700 3,981
Washington Post Class B 200 111,175
Westwood One, Incorporated* 900 68,400
Whitman Corporation 2,300 30,906
----------
3,002,510
----------
ENERGY - 3.47%
BJ Services Company* 1,200 50,175
Devon Energy Corporation 1,400 46,025
ENSCO International, Incorporated* 2,200 50,325
Global Marine, Incorporated* 2,900 48,213
Hanover Compressor Company* 450 16,988
Kinder Morgan, Incorporated 1,800 36,338
Murphy Oil Corporation 700 40,163
Nabor Industries, Incorporated* 2,300 71,156
National Fuel Gas Company 600 27,900
Noble Affiliates 900 19,294
Noble Drilling Corporation* 2,200 72,050
Ocean Energy, Incorporated* 2,700 20,925
Pennzoil-Quaker State Company 1,300 13,244
Pioneer Natural Resources Company* 1,600 14,300
Questar Corporation 1,400 21,000
Santa Fe Synder Corporation* 3,000 24,000
Smith International, Incorporated* 800 39,750
Tidewater, Incorporated 900 32,400
Transocean Sedco Forex, Incorporated 1,600 53,900
Ultramar Diamond Shamrock Corporation* 1,400 31,763
Valero Energy Corporation 900 17,888
Varco International, Incorporated* 1,100 11,206
Weatherford International,
Incorporated* 1,800 71,888
----------
830,891
----------
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 3.64%
Airgas, Incorporated* 1,100 $ 10,450
AK Steel Holding Corporation 1,700 32,088
Albemarle Corporation 800 15,350
Bowater, Incorporated 800 43,450
Cabot Corporation 1,100 22,413
Carpenter Technology, Incorporated 400 10,975
CDW Computer Centers* 700 55,038
Chesapeake Corporation 300 9,150
CK Witco Corporation 1,924 25,734
Cleveland-Cliffs Corporation,
Incorporated 200 6,225
Consolidated Papers, Incorporated 1,500 47,719
Cytec Industries* 700 16,188
Dexter Corporation 400 15,900
Ethyl Corporation 1,400 5,513
Federal Mogul Corporation 1,200 24,150
Ferro Corporation 600 13,200
Fuller (H.B.) Company 200 11,188
Georgia Gulf Corporation 500 15,219
Georgia-Pacific Company Timber Group 1,400 34,475
Glatfeler (P.H.) Company 700 10,194
Hanna (M.A.) Company 800 8,750
IMC Global, Incorporated 1,900 31,113
Longview Fibre Company 800 11,400
Lubrizol (The) Corporation 900 27,788
Lyondell Chemical Company 1,900 24,225
Martin Marietta Materials,
Incorporated 800 32,800
MAXXAM, Incorporated* 100 4,288
Minerals Technologies, Incorporated 300 12,019
Novellus Systems, Incorporated* 600 73,519
Olin Corporation 700 13,869
Oregon Steel Mills, Incorporated 400 3,175
Quantum Corporation-DLT & Storage* 2,700 40,838
RPM, Incorporated 1,800 18,338
Ryerson Tull, Incorporated* 400 7,775
Schulman (A.), Incorporated 500 8,156
Solutia, Incorporated 1,800 27,788
Sonoco Products, Incorporated 1,700 38,675
Southdown, Incorporated 600 30,975
UCAR International, Incorporated* 700 12,468
Wausau-Mosinee Paper Mills 800 9,350
Wellman, Incorporated 600 11,175
----------
873,103
----------
SERVICE - 1.87%
Apollo Group, Incorporated* 1,300 26,081
Cambridge Technology Partner (Mass.),
Incorporated* 1,000 26,250
Convergys Corporation 2,550 78,413
Fiserv, Incorporated 2,000 76,625
Kelly Services, Incorporated Class A 600 15,075
Manpower, Incorporated 1,200 45,150
NCH Corporation 100 4,456
NOVA Corporation* 1,200 37,875
</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>
----------------
SERVICE - 1.87% (CONTINUED)
Ogden Corporation 800 $ 9,550
Olsten Corporation 1,300 14,706
Pittston Brink's Group, Incorporated 700 15,400
Robert Half International,
Incorporated* 1,500 42,844
Rollins, Incorporated 500 7,500
Sotheby's, Incorporated 1,000 30,000
Stewart Enterprises, Incorporated
Class A 1,800 8,550
Sylvan Learning Systems, Incorporated* 800 10,400
----------
448,875
----------
TECHNOLOGY - 16.63%
Adtran, Incorporated* 600 30,863
Affiliated Computer, Incorporated* 800 36,800
Altera Corporation* 3,300 163,556
Arrow Electronics, Incorporated* 1,600 40,600
Atmel Corporation* 3,300 97,556
Avnet, Incorporated 700 42,350
Axciom Corporation* 1,400 33,600
Biogen, Incorporated* 2,500 211,250
Cadence Design Systems, Incorporated* 4,000 96,000
Chiron Corporation* 3,000 127,125
Cypress Semiconductor, Corporation* 1,800 58,275
DST Systems, Incorporated* 1,000 76,313
Electronic Arts, Incorporated* 1,000 84,000
Genzyme Corporation-General Division* 1,400 63,000
Harris Corporation 1,300 34,694
Informix Corporation* 3,300 37,744
Intergrated Device, Incorporated* 1,500 43,500
Intuit, Incorporated* 3,200 191,800
Jabil Circuit, Incorporated* 1,400 102,200
Keane, Incorporated* 1,200 38,100
Legato Systems, Incorporated* 1,400 96,338
Linear Technology Corporation 2,500 178,906
Litton Industries, Incorporated* 700 34,913
Maxim Integrated Products,
Incorporated* 4,400 207,625
Mentor Graphics Corporation* 1,100 14,506
Microchip Technologies, Incorporated* 800 54,750
NCR Corporation* 1,600 60,600
Network Associates, Incorporated* 2,300 61,381
Policy Management Systems Corporation* 600 15,338
Polycom, Incorporated* 500 31,844
QLogic Corporation* 600 95,925
Rational Software Corporation* 1,400 68,775
Sanmina Corporation* 1,000 99,875
Siebel Systems, Incorporated* 3,200 268,800
Sterling Commerce, Incorporated* 1,400 47,688
Sterling Software, Incorporated* 1,400 44,100
Storage Technology Corporation* 1,600 29,500
SunGard Data Systems, Incorporated 2,100 49,875
Sykes Enterprises, Incorporated* 700 30,713
Symantec Corporation* 1,000 58,625
Synopsys, Incorporated* 1,200 80,100
Transaction Systems Architects,
Incorporated* 500 14,000
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 16.63% (CONTINUED)
Veritas Software Corporation* 4,200 $ 601,125
Vitesse Semiconductor Corporation* 2,500 131,094
----------
3,985,722
----------
TRANSPORTATION - 1.32%
Airborne Freight Corporation 800 17,600
Alaska Airgroup, Incorporated* 400 14,050
Alexander & Baldwin, Incorporated 700 15,969
Arnold Industries, Incorporated 400 5,625
CNF Transportation, Incorporated* 800 27,600
GATX Corporation 800 27,000
Harley Davidson, Incorporated 2,500 160,156
Hunt (J.B.) Transportation Services,
Incorporated 600 8,306
Overseas Shipholding Group 600 8,888
Swift Transportation Company,
Incorporated* 1,100 19,388
Wisconsin Central Transportion
Corporation* 800 10,750
----------
315,332
----------
UTILITIES - 6.63%
AGL Resources, Incorporated 900 15,300
Allegheny Energy, Incorporated 1,800 48,488
Alliant Energy Corporation 1,300 35,750
American Water Works, Incorporated 1,600 34,000
Black Hills Corporation 300 6,656
Blyth Industries, Incorporated* 750 18,422
Broadwing, Incorporated* 3,500 129,063
Calpine Corporation* 1,000 64,000
Cleco Corporation 400 12,825
CMP Group, Incorporated 500 13,781
COMSAT Corporation 907 18,027
Conectiv, Incorporated 1,500 25,219
DPL, Incorporated 2,600 45,013
DQE, Incorporated 1,200 41,550
Energy East Corporation 1,900 39,544
Hawaiian Electric Industries,
Incorporated* 500 14,438
IDACORP, Incorporated* 600 16,088
Illinova Corporation 1,100 38,225
Indiana Energy, Incorporated 500 8,875
IPALCO, Incorporated 1,400 23,887
Kansas City Power & Light Company 1,000 22,063
KeySpan Energy Corporation 2,200 51,013
LG&E Energy Corporation 2,100 36,619
MCN Energy Group, Incorporated 1,400 33,250
MidAmerican Energy Holdings Company* 1,000 33,688
Minnesota Power, Incorporated 1,200 20,325
Montana Power Company 1,800 64,913
New England Electric System 1,000 51,750
NiSource, Incorporated 2,000 35,750
Northeast Utilities 2,200 45,238
NSTAR* 1,000 40,500
OGE Energy Corporation 1,300 24,700
Potomac Electric Power Company 1,900 43,581
</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>
----------------
UTILITIES - 6.63% (CONTINUED)
Public Services Company of New Mexico 700 $ 11,375
Puget Sound Energy, Incorporated 1,400 27,125
SCANA Corporation 1,700 45,688
Sierra Pacific Resources, Incorporated 1,300 22,506
Tech Data Corporation* 900 24,413
TECO Energy, Incorporated 2,100 38,981
Telephone & Data Systems, Incorporated 1,000 126,000
UtiliCorp United, Incorporated 1,500 29,156
Washington Gas Light Company 800 22,000
Waters Corporation* 1,000 53,000
Wisconsin Energy Corporation 1,900 36,575
----------
1,589,360
----------
Total Common Stocks
(cost $14,150,437) 15,129,421
----------
UNIT INVESTMENT TRUST - 3.10%
MidCap SPDR Trust Unit Series I 9,150 742,294
----------
Total Unit Investment Trust
(cost $695,562) 742,294
----------
SHORT-TERM INVESTMENTS(3) - 33.44%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
VARIABLE RATE DEMAND NOTES(1) - 9.69%
Firstar Bank (4.240% due 12/31/31) $ 850,005 $ 850,005
General Mills (6.095% due 12/31/31) 420,016 420,016
Pitney Bowes (6.095% due 12/31/31) 802,698 802,698
Wisconsin Corp. (6.160% due 12/31/31) 249,320 249,320
----------
2,322,039
----------
U.S. TREASURY BILL - 23.75%
U.S. Treasury Bill (4.975% due
01/13/00) 5,700,000 5,690,633
----------
Total Short-Term Investments
(cost $8,012,672) 8,012,672
----------
TOTAL INVESTMENTS - 99.68%
(cost $22,858,671)(2) 23,884,387
----------
OTHER ASSETS AND LIABILITIES - .32% 78,985
----------
TOTAL NET ASSETS - 100% $23,963,372
==========
</TABLE>
- ----------
* Non-income producing
(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 December 31, 1999.
(2) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of December 31, 1999 was $2,949,341 and
($1,961,043) respectively.
(3) Securities and other current assets with an aggregate value of $8,084,700
have been segregated with the custodian to cover margin requirements for
the following open futures contracts at December 31, 1999:
<TABLE>
<CAPTION>
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- -------------------------------------------------------------------
Standard & Poor's MidCap 400 Index
(03/00) 36 $1,064,700
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
35
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BALANCED INDEX PORTFOLIO
DECEMBER 31, 1999
COMMON STOCKS - 57.24%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 7.63%
Aetna Life and Casualty Company 400 $ 22,325
AFLAC, Incorporated 700 33,031
Allstate (The) Corporation 2,100 50,400
American Express Company 1,200 199,500
American General Corporation 600 45,525
American International Group,
Incorporated 4,000 432,500
AmSouth Bancorp, Incorporated 1,000 19,313
Aon Corporation 700 28,000
Associates First Capital Corporation 1,900 52,131
BB&T Corporation 800 21,900
Banc One Corporation 3,000 96,188
BankAmerica Corporation 4,500 225,844
Bank of New York Company, Incorporated 1,900 76,000
Bear Stearns Companies, Incorporated 300 12,825
Capital One Financial Corporation 500 24,094
Charles Schwab Corporation 2,100 80,588
Chase Manhattan Corporation 2,200 170,913
Chubb Corporation 500 28,156
CIGNA Corporation 500 40,281
Cincinnati Financial Corporation 400 12,475
Citigroup, Incorporated 8,800 488,950
Comerica, Incorporated 400 18,675
Conseco, Incorporated 800 14,300
Countrywide Credit Industries,
Incorporated 300 7,575
Fannie Mae 2,700 168,581
Federal Home Loan Mortgage Corporation 1,800 84,713
Fifth Third Bancorp 800 58,700
First Union Corporation 2,500 82,031
Firstar Corporation 2,600 54,925
Fleet Financial Group, Incorporated 2,400 83,550
Franklin Resources, Incorporated 700 22,444
Golden West Financial, Incorporated 400 13,400
Hartford Financial Services Group 600 28,425
Household International, Incorporated 1,200 44,700
Huntington Bancshares 600 14,325
Jefferson-Pilot Corporation 300 20,475
KeyCorp 1,200 26,550
Lehman Brothers Holdings 300 25,406
Lincoln National Corporation 500 20,000
Loews Corporation 300 18,206
Marsh & McLennan Companies,
Incorporated 700 66,981
MBIA, Incorporated 300 15,844
MBNA Corporation 2,100 57,225
Mellon Bank Corporation 1,300 44,281
Merrill Lynch & Company 1,000 83,500
MGIC Investment Corporation 300 18,056
Morgan (J. P.) & Company 500 63,313
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
BANKING & FINANCIAL SERVICE - 7.63%
(CONTINUED)
Morgan Stanley, Dean Witter & Company 1,500 $ 214,125
National City Corporation 1,600 37,900
Northern Trust Corporation 600 31,800
Old Kent Financial Corporation 300 10,613
PaineWebber Group, Incorporated 400 15,525
Pinnacle West, Incorporated 200 6,113
PNC Bank Corporation 800 35,600
Progressive Corporation 200 14,625
Providian Financial Corporation 400 36,425
Regions Financial Corporation 600 15,075
SAFECO Corporation 300 7,463
SLM Holding Corporation 400 16,900
SouthTrust Corporation 400 15,125
State Street Corporation 400 29,225
St. Paul Companies 600 20,213
Summit Bancorp 500 15,313
SunTrust Banks, Incorporated 800 55,050
Synovus Financial Corporation 700 13,913
Torchmark Corporation 300 8,719
T. Rowe Price Associates, Incorporated 300 11,081
Union Planters Corporation 400 15,775
UNUMprovident Corporation 600 19,238
U.S. Bancorp 1,900 45,244
Wachovia Corporation 500 34,000
Washingon Mutual, Incorporated 1,500 39,000
Wells Fargo & Company 4,300 173,881
----------
4,255,061
----------
CAPITAL GOODS - 4.85%
Allied Waste Industries, Incorporated* 500 4,406
Armstrong World Industries,
Incorporated 100 3,338
Boeing Company 2,500 103,907
Briggs & Stratton Corporation 100 5,364
Caterpillar, Incorporated 900 42,357
Cooper Industries, Incorporated 200 8,089
Corning, Incorporated 600 77,363
Crane Company 200 3,975
Cummins Engine Company, Incorporated 100 4,832
Danaher Corporation 400 19,300
Deere & Company 600 26,026
Dover Corporation 500 22,688
Emerson Electric Company 1,100 63,113
Fluor Corporation 200 9,175
Foster Wheeler Corporation 100 888
General Dynamics Corporation 500 26,375
General Electric Company 8,500 1,315,375
Grainger (W.W.), Incorporated 200 9,563
Honeywell, Incorporated 2,000 115,375
Illinois Tool Works, Incorporated 800 54,050
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
36
<PAGE>
CARILLON FUND, INC.
BALANCED INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CAPITAL GOODS - 4.85% (CONTINUED)
Ingersoll-Rand Company 400 $ 22,025
ITT Industries, Incorporation 200 6,688
Johnson Controls, Incorporated 200 11,375
Lockheed Martin Corporation 1,000 21,875
Masco Company 1,200 30,450
Milacron, Incorporated 100 1,538
Minnesota Mining & Manufacturing
Company 1,000 97,875
Navistar International, Incorporated* 200 9,475
Northrop Grumman Corporation 200 10,813
Owens-Corning Fiberglass Corporation 100 1,931
PACCAR, Incorporated 200 8,863
Pall Corporation 300 6,469
Parker-Hannifin Corporation 300 15,394
Perkinelmer, Incorporated 100 4,169
Pitney-Bowes, Incorporated 700 33,819
Raychem Corporation 900 23,906
Rockwell International Corporation 500 23,938
Solectron Corporation* 800 76,100
Textron, Incorporated 400 30,675
Thermo Electron Corporation* 400 6,000
Thomas & Betts Company 100 3,188
Timken Company 200 4,088
TRW, Incorporated 300 15,581
Tyco International Limited 4,300 167,163
United Technologies Corporation 1,300 84,500
Waste Management, Incorporated 1,600 27,500
Xerox Corporation 1,700 38,569
----------
2,699,526
----------
CONSUMER CYCLICAL - 7.35%
American Greetings Company Class A 200 4,725
American Online, Incorporated* 5,800 437,538
AutoZone, Incorporated* 400 12,925
Bed Bath & Beyond, Incorporated* 400 13,900
Best Buy Company, Incorporated* 500 25,094
Black & Decker Corporation 200 10,450
Brunswick Corporation 200 4,450
Carnival Corporation 1,600 76,500
Centex Corporation 200 4,938
Circuit City Stores, Incorporated 500 22,531
Clear Channel Communications* 900 80,325
Comcast Corporation Class A Special 1,900 96,069
Consolidated Stores Corporation* 300 4,875
Cooper Tire & Rubber Company 200 3,113
Costco Wholesale Corporation* 600 54,750
Dana Corporation 400 11,975
Dayton Hudson Corporation 1,100 80,781
Delphi Automotive Systems 1,500 23,625
Deluxe Corporation 200 5,488
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 7.35% (CONTINUED)
Dillard's, Incorporated Class A 300 $ 6,056
Dollar General Corporation 600 13,650
Donnelley (R.R.) & Sons Company 300 7,444
Dow Jones & Company, Incorporated 200 13,600
Eaton Corporation 200 14,525
Ecolab, Incorporated 300 11,738
Federated Department Stores* 500 25,281
Fleetwood Enterprises 100 2,063
Ford Motor Company 3,100 165,656
Gannett Company, Incorporated 700 57,094
Gap, Incorporated 2,200 101,200
General Motors Corporation 1,700 123,569
Genuine Parts Company 500 12,406
Goodyear Tire & Rubber 400 11,275
Harcourt General, Incorporated 200 8,050
Harrah's Entertainment, Incorporated* 300 7,931
Hilton Hotels Corporation 1,000 9,625
Home Depot, Incorporated 5,850 401,091
Jostens, Incorporated 100 2,431
Kaufman & Broad Home Corporation 100 2,419
K Mart Corporation* 1,300 13,081
Knight-Ridder, Incorporated 200 11,900
Kohl's Department Stores Corporation* 400 28,875
Leggett & Platt, Incorporated 500 10,719
Limited (The), Incorporated 600 25,988
Lowe's Companies, Incorporated 1,000 59,750
Marriott International Class A 600 18,938
May Department Stores Company 900 29,025
Maytag Corporation 200 9,600
Mediaone Group* 1,600 122,900
McGraw-Hill Companies, Incorporated 500 30,813
Meredith Corporation 100 4,169
Mirage Resorts, Incorporated* 500 7,656
National Service Industries,
Incorporated 100 2,950
New York Times Class A 500 24,563
Nordstrom, Incorporated 400 10,475
Office Depot, Incorporated* 1,000 10,938
Penney (J.C.) Company, Incorporated 700 13,956
Pep Boys-Manny, Moe & Jack 100 913
Pulte Corporation 100 2,250
Sears Roebuck & Company 1,000 30,438
Snap-On Tools, Incorporated 200 5,313
Stanley (The) Works 200 6,025
Staples, Incorporated* 1,200 24,900
Tandy Corporation 500 24,594
Time Warner, Incorporated 3,400 246,288
Times Mirror Company Class A 200 13,400
TJX Companies, Incorporated 800 16,350
Toys "R" Us, Incorporated* 600 8,588
Tribune Company 600 33,038
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
37
<PAGE>
CARILLON FUND, INC.
SCHEDULE OF INVESTMENTS BALANCED INDEX PORTFOLIO
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER CYCLICAL - 7.35% (CONTINUED)
Wal-Mart Stores, Incorporated 11,600 $ 801,850
Walt Disney Company, The 5,400 157,950
Whirlpool Corporation 200 13,013
Yahoo!, Incorporated* 700 302,881
----------
4,095,243
----------
CONSUMER NON-DURABLE - 10.45%
Abbott Laboratories 4,000 145,250
Alberto-Culver Company Class B 100 2,581
Albertson's, Incorporated 1,100 35,475
Allergan, Incorporated 300 14,925
ALZA Corporation ClassA* 300 10,388
American Home Products Corporation 3,400 134,088
Amgen, Incorporated* 2,600 156,163
Anheuser-Busch Companies, Incorporated 1,200 85,050
Archer-Daniels-Midland Company 1,600 19,500
Avon Products, Incorporated 700 23,100
Bausch & Lomb, Incorporated 100 6,844
Baxter International, Incorporated 800 50,250
Becton, Dickinson Company 700 18,725
BestFoods, Incorporated 700 36,794
Biomet, Incorporated 300 12,000
Boston Scientific Corporation* 1,100 24,063
Bristol-Meyers Squibb Company 5,200 333,775
Brown Foremann Class B 200 11,450
Campbell Soup Company 1,100 42,556
Cardinal Health, Incorporated 700 33,513
CBS, Corporation* 2,000 127,875
Clorox Company 600 30,225
Coca-Cola Company 6,400 372,800
Coca-Cola Enterprises 1,100 22,138
Colgate-Palmolive Company 1,500 97,500
Columbia/HCA Healthcare Corporation 1,500 43,969
ConAgra, Incorporated 1,300 29,331
Coors (Adolph) Class B 100 5,250
C.R. Bard, Incorporated 100 5,300
CVS Corporation 1,000 39,938
Darden Restaurants 300 5,437
Eastman Kodak Company 800 53,000
Fortune Brands, Incorporated 400 13,224
General Mills, Incorporated 800 28,600
Gillette Company 2,800 115,324
Great Atlantic & Pacific Tea Company,
Incorporated 100 2,787
Guidant Corporation* 800 37,600
Hasbro, Incorporated 500 9,530
Heinz (H.J.) Company 900 35,830
HEALTHSOUTH Corporation* 1,100 5,912
Hershey Foods Corporation 400 19,000
Humana, Incorporated* 400 3,274
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
CONSUMER NON-DURABLE - 10.45%
(CONTINUED)
International Flavors & Fragrance,
Incorporated 300 $ 11,324
Johnson & Johnson Company 3,500 325,937
Kellogg Company 1,100 33,893
Kimberly-Clark Corporation 1,400 91,350
Kroger Company* 2,200 41,525
Lilly (Eli) & Company 2,800 186,200
Liz Claiborne, Incorporated 200 7,525
Longs Drug Stores Corporation 100 2,580
Mallincrokdt, Incorporated 200 6,362
Manor Care, Incorporated* 300 4,800
Mattel, Incorporated 1,100 14,437
McDonald's Corporation 3,500 141,093
McKesson HBOC, Incorporated 700 15,793
Medtronic, Incorporated 3,000 109,312
Merck & Company, Incorporated 6,100 409,080
Newell Rubbermaid, Incorporated 700 20,300
NIKE, Incorporated Class B 700 34,693
PepsiCo, Incorporated 3,800 133,950
Pfizer, Incorporated 10,100 327,618
Pharmacia & Upjohn, Incorporated 1,300 58,500
Philip Morris Companies, Incorporated 6,200 143,762
Polaroid Corporation 100 1,880
Procter & Gamble Company 3,500 383,468
Quaker Oats Company 300 19,687
Quintiles Transnational Corporation* 300 5,605
RJR Nabisco Holdings, Incorporated 800 8,500
Ralston-Ralston Purina Group 800 22,300
Reebok International Limited* 100 818
Rite Aid Corporation 700 7,830
Russell Company 100 1,674
Safeway, Incorporated* 1,300 46,230
Sara Lee Corporation 2,300 50,743
Schering-Plough Corporation 3,800 160,312
Seagram Company, Limited* 1,100 49,430
Supervalu, Incorporated 400 8,000
St. Jude Medical* 200 6,137
Sysco Corporation 900 35,605
Tenet Healthcare Corporation* 800 18,800
TRICON Global Restaurants* 400 15,450
Tupperware Corporation 200 3,387
Unilever N.V. ADR 1,500 81,655
United HealthCare Corporation 500 26,562
UST, Incorporated 500 12,593
V.F. Corporation 300 9,000
Viacom, Incorporated Class B* 1,800 108,787
Walgreen Company 2,600 76,050
Warner-Lambert Company 2,200 180,262
Watson Pharmaceuticals, Incorporated* 200 7,162
</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>
----------------
CONSUMER NON-DURABLE - 10.45%
(CONTINUED)
Wellpoint Health Networks,
Incorporated* 200 $ 13,187
Wendy's International, Incorporated 300 6,187
Winn-Dixie Stores, Incorporated 400 9,574
Wrigley (Wm), Jr. Company 300 24,880
----------
5,822,123
----------
ENERGY - 3.13%
Amerada Hess Corporation 200 11,350
Anadarko Petroleum Corporation 300 10,238
Apache Corporation 300 11,081
Ashland, Incorporated 200 6,588
Atlantic Richfield Company 800 69,200
Baker Hughes, Incorporated 900 18,956
Burlington Resources, Incorporated 600 19,838
Chevron Corporation 1,700 147,263
Conoco, Incorporated Class B 1,600 39,800
Exxon Corporation 9,000 725,063
Halliburton Company 1,100 44,275
Helmerich & Payne, Incoprorated 100 2,181
Kerr-McGee Company 200 12,400
McDermott International, Incorporated 200 1,813
Occidental Petroleum 900 19,463
Phillips Petroleum Company 700 32,900
Rowan Companies, Incorporated* 200 4,338
Royal Dutch Petroleum Company ADR 5,600 338,450
Schlumberger Limited 1,400 78,750
Sunoco, Incorporated 200 4,700
Texaco, Incorporated 1,400 76,038
Tosco Corporation 400 10,875
Transocean Sedco Forex, Incorporated 271 9,131
Union Pacific Resources Group 700 8,925
Unocal Corporation 600 20,138
USX-Marathon Group, Incorporated 800 19,750
----------
1,743,504
----------
MANUFACTURING - 1.81%
Air Products & Chemicals, Incorporated 600 20,137
Alcan Aluminum Limited 600 24,712
Alcoa, Incorporated 1,000 83,000
Allegheny Teledyne, Incorporated 200 4,487
Avery Dennison Company 300 21,862
Ball Corporation 100 3,938
Barrick Gold Corporation* 1,000 17,687
Bemis Company 100 3,487
Bethlehem Steel Corporation* 300 2,512
Boise Cascade Corporation 100 4,050
Champion International Corporation 200 12,387
Crown Cork & Seal Company,
Incorporated 300 6,712
Dow Chemical Company 600 80,175
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
MANUFACTURING - 1.81% (CONTINUED)
DuPont (E.I.) De Nemours & Company 2,700 $ 177,852
Eastman Chemical Company 200 9,537
Englehard Corporation 300 5,662
FMC Corporation 100 5,730
Fort James Corporation 600 16,424
Freeport-McMoRan Copper & Gold* 400 8,450
Georgia-Pacific Company 400 20,300
Goodrich BF Company 300 8,250
Grace, (W.R.) & Company* 200 2,775
Great Lake Chemical Corporation 200 7,637
Hercules, Incorporated 300 8,362
Homestake Mining Company 700 5,469
Inco, Limited* 500 11,750
International Paper Company 1,100 62,081
Louisiana Pacific Corporation 300 4,275
Mead Corporation 300 13,031
Millipore Corporation 100 3,863
Monsanto Company 1,600 57,000
Newmont Mining Corporation 400 9,800
Nucor Corporation 200 10,963
Owens-Illinois, Incorporated* 400 10,025
Pactiv Corporation* 400 4,250
Phelps Dodge, Incorporated 200 13,425
Placer Dome, Incorporated 800 8,600
Potlatch Corporation 100 4,463
PPG Industries, Incorporated 500 31,281
Praxair, Incorporated 400 20,125
Reynolds Metals Company 200 15,325
Rohm & Haas Company 600 24,413
Sealed Air Corporation* 200 10,363
Sherwin-Williams Company 400 8,400
Sigma-Aldrich Corporation 300 9,019
Temple-Inland, Incorporated 100 6,594
Union Carbide Corporation 300 20,025
USX-U.S. Steel Group, Incorporated 200 6,600
Vulcan Materials Company 300 11,981
Westvaco Corporation 300 9,788
Weyerhaeuser Company 600 43,088
Willamette Industries 300 13,931
Worthington Industries, Incorporated 200 3,313
----------
1,009,366
----------
SERVICE - .91%
Automatic Data Processing,
Incorporated 1,600 86,200
Block (H&R), Incorporated 300 13,125
Cendant Corporation* 1,900 50,469
Ceridian Corporation* 400 8,625
Computer Sciences Corporation* 400 37,850
Dun & Bradstreet Corporation 400 11,800
Electronic Data Systems Corporation 1,300 87,019
</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>
----------------
SERVICE - .91% (CONTINUED)
Equifax, Incorporated 400 $ 9,425
First Data Corporation 1,100 54,244
IMS Health, Incorporated 800 21,750
Interpublic (The) Group of Companies,
Incorporated 700 40,381
Omnicom Group, Incorporated 500 50,000
Paychex, Incorporated 600 24,000
Service Corporation International 700 4,856
Shared Medical Systems, Incorporated 100 5,094
----------
504,838
----------
TECHNOLOGY - 14.84%
3 COM Corporation* 900 42,300
Adaptec, Incorporated* 300 14,963
ADC Telecommunications, Incorporated 400 29,025
Adobe Systems, Incorporated 300 20,175
Advanced Micro Devices, Incorporated* 400 11,575
Analog Devices, Incorporated* 400 37,200
Andrew Corporation* 200 3,788
Apple Computer, Incorporated* 400 41,125
Applied Materials, Incorporated* 1,000 126,688
Autodesk, Incorporated 200 6,750
BMC Software, Incorporated* 600 47,963
Cabletron Systems, Incorporated* 500 13,000
Cisco Systems, Incorporated* 8,400 899,850
Citrix Systems, Incorporated 200 24,600
COMPAQ Computers Corporation 4,400 119,075
Computer Associates International,
Incorporated 1,400 97,913
Compuware Corporation* 900 33,525
Comverse Technology* 200 28,950
Dell Computer Corporation* 6,600 336,600
EMC Corporation Massachusetts* 2,600 284,050
Gateway, Incorporated* 800 57,650
General Instrument Corporation* 500 42,500
Hewlett-Packard Company 2,600 296,238
IKON Office Solution, Incorporated 400 2,725
Intel Corporation 8,600 707,888
International Business Machines
Corporation 4,700 507,600
KLA-Tencor Corporation* 200 22,275
Lexmark International Group,
Incorporated Class A* 300 27,150
LSI Logic Corporation* 400 27,000
Lucent Technologies, Incorporated 8,000 598,500
Micron Technology, Incorporated* 700 54,425
Microsoft Corporation* 13,300 1,552,775
Molex, Incorporated 400 22,675
Motorola, Incorporated 1,600 235,600
National Semiconductor* 400 17,125
Network Appliance, Incorporated* 400 33,225
<CAPTION>
SHARES VALUE
<S> <C> <C>
----------------
TECHNOLOGY - 14.84% (CONTINUED)
Nortel Networks Corporation 3,400 $ 343,400
Novell, Incorporated* 900 35,944
Oracle Systems Corporation* 3,700 414,631
Parametric Technology Company* 700 18,944
PE Corporation PE Biosystems Group,
Incorporated 300 36,094
PeopleSoft, Incorporated* 600 12,788
Qualcom, Incorporated* 1,600 281,800
Seagate Technology, Incorporated* 500 23,281
Scientific-Atlanta, Incorporated 200 11,125
Silicon Graphics, Incorporated* 500 4,906
Sun Microsystems, Incorporated* 4,000 309,750
Tektronix, Incorporated 100 3,888
Tellabs, Incorporated* 1,000 64,188
Teradyne, Incorporated* 400 26,400
Texas Instruments, Incorporated 2,000 193,750
Unisys Corporation* 800 25,550
Xilinx, Incorporated* 800 36,375
----------
8,267,280
----------
TRANSPORTATION - .41%
AMR Corporation* 400 26,800
Burlington Northern Santa Fe
Corporation 1,200 29,100
CSX Corporation 600 18,825
Delta Air Lines, Incorporated 400 19,925
FDX Corporation* 800 32,750
Kansas City Southern Industries 300 22,388
Norfolk Southern Company 1,000 20,500
Ryder System 200 4,888
Southwest Airlines Company 1,300 21,044
Union Pacific Corporation 600 26,175
US Airways Group, Incorporated* 200 6,413
----------
228,808
----------
UTILITIES - 5.86%
AES Corporation* 500 37,375
ALLTELL Corporation 800 66,150
Ameren Corporation 400 13,100
AT & T Corporation 8,300 421,225
American Electric Power Company 500 16,063
Bell Atlantic Corporation 4,000 246,250
BellSouth Corporation 4,900 229,381
Carolina Power & Light Company 400 12,175
Central & SouthWest Corporation 600 12,000
Centurytel, Incorporated 400 18,950
CINergy Corporation 400 9,650
CMS Energy Corporation 300 9,356
Coastal Corporation 600 21,263
Columbia Energy Group 200 12,650
Consolidated Edison, Incorporated 600 20,700
</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>
----------------
UTILITIES - 5.86% (CONTINUED)
Consolidated Natural Gas Company 200 $ 12,988
Constellation Energy Group,
Incorporated 400 11,600
Dominion Resources 500 19,625
DTE Energy Company 400 12,550
Duke Energy Corporation 900 45,113
Eastern Enterprises, Incorporated 100 5,744
Edison International 900 23,569
El Paso Energy Corporation 600 23,288
Enron Corporation 1,900 84,313
Entergy Corporation 600 15,450
FirstEnergy Corporation 600 13,613
Florida Progress Corporation 300 12,694
FPL Group, Incorporated 500 21,406
General Public Utilities Corporation 300 8,981
Global Crossing Limited* 2,000 100,000
GTE Corporation 2,500 176,406
MCI WorldCom, Incorporated* 7,350 390,009
New Century Energies, Incorporated 300 9,113
NEXTEL Communications, Incorporated
Class A* 900 92,813
Niagara Mohawk Holdings, Incorporated* 500 6,969
Nicor, Incorporated 100 3,250
Northern States Power Company 400 7,800
Oneok, Incorporated 100 2,513
PECO Energy Company 500 17,375
PG & E Corporation 1,000 20,500
PP & L Resources, Incorporated 400 9,150
People's Energy Corporation 100 3,350
Public Service Enterprises Group,
Incorporated 600 20,888
Reliant Energy, Incorporated 800 18,300
SBC Communications, Incorporated 8,900 433,875
Sempra Energy 600 10,425
Southern Company 1,800 42,300
Sprint Corporation FON Group 2,300 154,819
Sprint PCS Group, Incorporated* 1,100 112,750
Texas Utilities Holdings Companies 700 24,894
Unicom Corporation 600 20,100
US West, Incorporated 1,300 93,600
Williams Companies, Incorporated 1,100 33,619
----------
3,262,040
----------
Total Common Stocks
(cost $29,273,582) 31,887,789
----------
U.S. TREASURY OBLIGATIONS - 9.17%
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
U.S. Treasury Note
(6.250% due 01/31/02) $ 900,000 $ 900,000
U.S. Treasury Note
(7.250% due 05/15/04) 2,300,000 2,370,438
U.S. Treasury Note
(6.500% due 05/15/05) 800,000 800,250
U.S. Treasury Bond
(6.250% due 08/15/23) 1,100,000 1,037,438
----------
Total U.S. Treasury Obligations
(cost $5,235,756) 5,108,126
----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 3.13%
FEDERAL HOME LOAN MORTGAGE CORPORATION
5.750% due 07/15/03 1,800,000 1,741,559
----------
Total U.S. Government Agency
Obligations
(cost $1,778,018) 1,741,559
----------
MORTGAGE-BACKED
SECURITIES - 14.43%
FEDERAL HOME LOAN MORTGAGE CORPORATION
FNCI (6.500% due 07/01/14) 2,405,264 2,335,110
FNCL(7.000% due 07/01/29) 5,897,518 5,704,620
----------
Total Mortgage-Backed Securities
(cost $8,232,062) 8,039,730
----------
CORPORATE BONDS - 10.87%
AIR TRANSPORTATION - .88%
Delta Airlines (7.900% due 12/15/09) 500,000 489,534
----------
BANK, BANK HOLDING COMPANIES, & OTHER
BANKSERVICES - 2.21%
Erac USA Finance (7.950% due 12/15/09) 500,000 495,437
Household Finance Corp. (7.200% due
07/15/06) 750,000 737,023
----------
1,232,460
----------
CAPITAL GOODS - 1.76%
Caterpillar, Inc. (7.250% due
09/15/09) 1,000,000 981,772
----------
CONSUMER CYCLICALS - .88%
Ford Motor Cr. Corp. (6.700% due
07/16/04) 500,000 489,110
----------
</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>
PRINCIPAL VALUE
<S> <C> <C>
------------------
CONSUMER NON-DURABLE - 1.73%
Great Lakes Chemical Corp. (7.000% due
07/15/09) $ 500,000 $ 475,790
Wal-Mart Stores (6.875% due 08/10/09) 500,000 486,729
----------
962,519
----------
MANUFACTURING - 1.65%
Champion Intl. Corp. (7.200% due
11/01/26) 450,000 423,056
Rohm & Haas Co. (6.950% due 07/15/04) 500,000 494,257
----------
917,313
----------
UTILITIES - 1.76%
Sonat, Inc. (7.625% due 07/15/11)) 1,000,000 982,070
----------
Total Corporate Bonds
(cost $6,178,368) 6,054,778
----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
UNIT INVESTMENT TRUST - .11%
S&P 500 Depositary Receipt $ 400 $ 58,750
----------
Total Unit Investment Trust
(cost $52,600) 58,750
----------
SHORT-TERM INVESTMENT(3) - 3.91%
VARIABLE RATE DEMAND NOTES(1) - 3.91%
Firstar Bank (6.240% due 12/31/31) 2,182,051 2,182,051
----------
Total Short-Term Investments
(cost $2,182,051) 2,182,051
----------
TOTAL INVESTMENTS - 98.86%
(cost $52,932,437)(2) 55,072,783
----------
OTHER ASSETS AND LIABILITIES - 1.14% 635,133
----------
TOTAL NET ASSETS - 100% $55,707,916
==========
</TABLE>
- ----------
* Non-income producing
(1) Interest rates vary periodically based on current market rates. Rates shown
are as of December 31, 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 December 31, 1999.
(2) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of December 31, 1999 was $4,981,973 and
($2,932,191) respectively.
(3) Securities with an aggregate value of $1,855,250 have been segregated with
the custodian to cover margin requirements for the following open futures
contracts at December 31, 1999:
<TABLE>
<CAPTION>
Appreciation/
Type Contracts (Depreciation)
<S> <C> <C>
- -------------------------------------------------------------------
Standard & Poor's Balanced Index (03/00) 5 $51,300
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
42
<PAGE>
CARILLON FUND, INC.
LEHMAN BOND INDEX PORTFOLIO SCHEDULE OF INVESTMENTS
DECEMBER 31, 1999
U.S. TREASURY OBLIGATIONS - 33.96%
<TABLE>
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
U.S. TREASURY
NOTES & BONDS - 33.96%
5.625% due 04/30/00 $ 250,000 $ 249,922
6.250% due 01/31/02 1,500,000 1,500,000
6.500% due 05/15/05 1,450,000 1,450,454
6.125% due 08/15/07 800,000 779,750
6.250% due 08/15/23 1,300,000 1,226,063
----------
5,206,189
----------
Total U.S. Treasury Obligations
(cost $5,358,480) 5,206,189
----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -
6.31%
FEDERAL HOME LOAN MORTGAGE CORPORATION
5.750% due 07/15/03 1,000,000 967,533
----------
Total U.S. Government Agency
Obligations (cost $989,444) 967,533
----------
MORTGAGE-BACKED SECURITIES - 36.95%
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FNCI (6.500% due 07/01/14) 2,886,316 2,802,132
FNCL(7.000% due 07/01/29) 2,957,377 2,862,291
----------
Total Mortgage-Backed Securities
(cost $5,780,056) 5,664,423
----------
CORPORATE BONDS - 20.42%
AIR TRANSPORTATION - 1.60%
Delta Airlines (7.900% due 12/15/09) 250,000 244,767
BANK, BANK HOLDING COMPANIES, & OTHER
BANK SERVICES - 4.84%
Erac USA Finance (7.950% due 12/15/09) 250,000 247,718
Household Finance Corp. (7.200% due
07/15/06) 250,000 245,674
US West Cap. (6.875% due 08/15/01) 250,000 249,150
----------
742,542
----------
<CAPTION>
PRINCIPAL VALUE
<S> <C> <C>
------------------
CAPITAL GOODS - 3.20%
Caterpillar, Inc. (7.250% due
09/15/09) $ 500,000 $ 490,886
CONSUMER CYCLICALS - 3.20%
Ford Motor Cr. Corp. (6.700% due
07/16/04) 500,000 489,110
CONSUMER NON-DURABLE - 3.14%
Great Lakes Chemical Corp. (7.000% due
07/15/09) 250,000 237,895
Wal-Mart Stores (6.875% due 08/10/09) 250,000 243,364
----------
481,259
----------
MANUFACTURING - 2.84%
Champion Intl. Corp. (7.200% due
11/01/26) 200,000 188,025
Rohm & Haas Co. (6.950% due 07/15/04) 250,000 247,128
----------
435,153
----------
UTILITIES - 1.60%
Sonat, Inc. (7.625% due 07/15/11)) 250,000 245,518
----------
Total Corporate Bonds
(cost $3,191,810) 3,129,235
----------
SHORT-TERM INVESTMENT - .92%
VARIABLE RATE
DEMAND NOTES(1) - .92%
Firstar Bank (6.240% due 12/31/31) 141,671 141,671
----------
Total Short-Term Investment
(cost $141,671) 141,671
----------
TOTAL INVESTMENTS - 98.56%
(cost $15,461,461)(2) 15,109,051
----------
OTHER ASSETS AND LIABILITIES - 1.44% 220,868
----------
TOTAL NET ASSETS - 100% $15,329,919
==========
</TABLE>
- ----------
(1) Interest rates vary periodically based on current market rates. Rates shown
are as of December 31, 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 December 31, 1999.
(2) Represents cost for income tax purposes which is substantially the same for
financial reporting purposes. Gross unrealized appreciation and
depreciation of securities as of December 31, 1999 was $0 and ($368,567)
respectively.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
- --------------------------------------------------------------------------------
43
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
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 variable insurance series 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 nine different portfolios - Equity
Portfolio, Bond Portfolio, S&P 500 Index Portfolio, S&P MidCap 400 Index
Portfolio, Balanced Index Portfolio, Lehman Aggregate Bond Index Portfolio,
Equity Fund, Nasdaq 100 Index Fund, and Russell 2000 Small Cap Index Fund
(individually "Portfolio"). The Equity Portfolio seeks long-term appreciation of
capital by investing primarily in common stocks and other equity securities. 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 Composite Stock 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
Composite Stock Index. The Balanced Index Portfolio seeks investment results,
with respect to 60% of its assets, that correspond to the total return 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 Lehman
Aggregate Bond Index Portfolio seeks investment results that correspond to the
total performance of the bond market, as represented by the Lehman Brothers
Aggregate Bond Index. The financial statements of the Equity Fund, the Nasdaq
100 Index Fund, and the Russell 2000 Small Cap Index Fund 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 an 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 Bond Portfolio has a capital loss
carry forward of $334,560 which can be carried forward until 2006. The Equity
Portfolio, Balanced Index Portfolio, and Lehman Aggregate Bond Index Portfolio
have a capital loss carryforward of $15,358,910, $861,163, and $24,369 which can
be carried forward until 2007.
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.
- --------------------------------------------------------------------------------
44
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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.
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 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.
(c) for the S&P 500 Index Portfolio - .30% of the current net asset
value.
(d) for the S&P MidCap 400 Index Portfolio - .30% of the current net
asset value.
(e) for the Balanced Index Portfolio - .30% of the current net asset
value.
(f) for the Lehman Aggregate Bond 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 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, the Balanced Index Portfolio, and the Lehman
Aggregate Bond 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.
As a result, for the period ended December 31, 1999, the adviser reimbursed the
S&P MidCap 400 Index Portfolio $12,912, Balanced Index Portfolio $13,736 and the
Lehman Aggregate Bond Index Portfolio $12,692.
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 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, Balanced Index
Portfolio and Lehman Aggregate Bond Index Portfolio. The fee is borne by the
Adviser, not the Fund.
Carillon Advisers, Inc. and Carillon Investments, Inc. are wholly-owned
subsidiaries of Union Central.
- --------------------------------------------------------------------------------
45
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
DIRECTORS' FEES - Each director who is not affiliated with the Adviser receives
fees from the Fund for service as a director. Members of the Board of Directors
who are not affiliated with the Adviser are eligible to participate in a
deferred compensation plan. The value of each director's deferred compensation
account will increase or decrease at the same rate as if it were invested in
shares of the Scudder Money Market Fund.
NOTE 3 - FUTURES CONTRACTS
S&P 500 Index Portfolio, S&P MidCap 400 Index Portfolio, Balanced Index
Portfolio, and Lehman Aggregate Bond Index Portfolio (collectively, the Index
Portfolios) may enter into futures contracts that relate to securities or
indices in which they may invest. They may also 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.
- --------------------------------------------------------------------------------
46
<PAGE>
CARILLON FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 4 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of securities for the year ended December 31, 1999 excluding
short-term obligations, follow:
<TABLE>
<CAPTION>
EQUITY PORTFOLIO BOND PORTFOLIO S&P 500 INDEX S&P MIDCAP 400 INDEX
---------------- -------------- ------------- --------------------
<S> <C> <C> <C> <C>
Total Cost of Purchases of:
Common Stocks $146,277,984 $ -- $105,592,384 $18,397,554
U.S. Government
Securities -- 15,721,481 -- --
Corporate Bonds -- 43,591,945 -- --
------------ ----------- ------------ -----------
$146,277,984 $59,313,426 $105,592,384 $18,397,554
============ =========== ============ ===========
Total Proceeds from Sales of:
Common Stocks $263,377,283 $ 630,623 $ 6,765,962 $ 4,569,423
U.S. Government
Securities -- 34,920,009 -- --
Corporate Bonds -- 36,774,402 -- --
------------ ----------- ------------ -----------
$263,377,283 $72,325,034 $ 6,765,962 $ 4,569,423
============ =========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
BALANCED INDEX LEHMAN AGGREGATE BOND INDEX
-------------- ---------------------------
<S> <C> <C>
Total Cost of Purchases of:
Common Stocks $47,651,261 $ --
U.S. Government Securities 38,027,258 19,806,062
Corporate Bonds 11,163,893 4,686,352
----------- -----------
$96,842,412 $24,492,414
=========== ===========
Total Proceeds from Sales of:
Common Stocks $20,744,013 $ --
U.S. Government Securities 19,512,901 8,368,132
Corporate Bonds 5,002,635 753,392
----------- -----------
$45,259,549 $ 9,121,524
=========== ===========
</TABLE>
- --------------------------------------------------------------------------------
47
<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
year.
<TABLE>
<CAPTION>
EQUITY PORTFOLIO
YEAR ENDED DECEMBER 31,
------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of year $ 14.89 $ 20.35 $ 19.45 $ 16.54 $ 14.30
-------- -------- -------- -------- --------
Investment Activities:
Net investment income .10 .25 .23 .29 .24
Net realized and
unrealized
gains/(losses) (.05) (2.80) 3.23 3.61 3.36
-------- -------- -------- -------- --------
Total from Investment
Activities .05 (2.55) 3.46 3.90 3.60
-------- -------- -------- -------- --------
Distributions:
Net investment income (.12) (.23) (.27) (.27) (.23)
Net realized gains (2.20) (2.68) (2.29) (.72) (1.13)
-------- -------- -------- -------- --------
Total Distributions (2.32) (2.91) (2.56) (.99) (1.36)
-------- -------- -------- -------- --------
Net Asset Value,
End of year $ 12.62 $ 14.89 $ 20.35 $ 19.45 $ 16.54
======== ======== ======== ======== ========
Total Return 2.05% (15.31%) 20.56% 24.52% 26.96%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to
Average Net Assets .69% .62% .62% .64% .66%
Ratio of Net Investment
Income to Average Net
Assets .67% 1.41% 1.23% 1.66% 1.73%
Portfolio Turnover Rate 86.47% 62.50% 57.03% 52.53% 34.33%
Net Assets, End of Year
(000's) $124,444 $248,783 $335,627 $288,124 $219,563
</TABLE>
- --------------------------------------------------------------------------------
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
year.
<TABLE>
<CAPTION>
BOND PORTFOLIO
YEAR ENDED DECEMBER 31,
---------------------------------------------
1999 1998 1997 1996 1995
-------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of year $ 11.13 $ 11.29 $ 10.91 $ 11.07 $ 10.04
------- -------- ------- ------- -------
Investment Activities:
Net investment income .72 .77 .79 .79 .88
Net realized and
unrealized
gains/(losses) (.84) (.05) .37 (.04) .98
------- -------- ------- ------- -------
Total from Investment
Activities (.12) .72 1.16 .75 1.86
------- -------- ------- ------- -------
Distributions:
Net investment income (.65) (.76) (.72) (.87) (.83)
In excess of net
investment income -- -- -- (.04) --
Net realized gains -- (.12) (.06) -- --
------- -------- ------- ------- -------
Total Distributions (.65) (.88) (.78) (.91) (.83)
------- -------- ------- ------- -------
Net Asset Value,
End of year $ 10.36 $ 11.13 $ 11.29 $ 10.91 $ 11.07
======= ======== ======= ======= =======
Total Return (1.11%) 6.52% 11.02% 7.19% 19.03%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to
Average Net Assets .60% .58% .60% .62% .65%
Ratio of Net Investment
Income to Average Net
Assets 6.62% 6.84% 7.15% 7.24% 7.43%
Portfolio Turnover Rate 56.07% 67.57% 113.41% 202.44% 111.01%
Net Assets, End of Year
(000's) $98,428 $113,762 $99,892 $85,634 $73,568
</TABLE>
- --------------------------------------------------------------------------------
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
year.
<TABLE>
<CAPTION>
S&P 500 INDEX PORTFOLIO
YEAR ENDED DECEMBER 31,
-------------------------------------------
1999 1998 1997 1996(1)
--------------- -------- ------- -------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of year $ 19.49 $ 15.74 $ 12.13 $ 10.00
-------- -------- ------- -------
Investment Activities:
Net investment income .21 .20 .20 .20
Net realized and unrealized
gains/(losses) 3.75 4.21 3.72 2.12
-------- -------- ------- -------
Total from Investment
Activities 3.96 4.41 3.92 2.32
-------- -------- ------- -------
Distributions:
Net investment income (.19) (.20) (.21) (.19)
Net realized gains (.14) (.46) (.10) --
-------- -------- ------- -------
Total Distributions (.33) (.66) (.31) (.19)
-------- -------- ------- -------
Net Asset Value,
End of year $ 23.12 $ 19.49 $ 15.74 $ 12.13
======== ======== ======= =======
Total Return 20.52% 28.54% 32.72% 23.37%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average
Net Assets .39% .43% .50% .59%(2)
Ratio of Net Investment Income
to Average Net Assets 1.10% 1.25% 1.48% 2.14%(2)
Portfolio Turnover Rate 3.45% 2.64% 9.06% 1.09%
Net Assets, End of Year
(000's) $284,132 $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 0.1%. 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.
- --------------------------------------------------------------------------------
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
year.
<TABLE>
<CAPTION>
S&P MIDCAP 400 INDEX PORTFOLIO
PERIOD FROM MAY 3, 1999
TO DECEMBER 31,
1999(1)
---------------------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income .10
Net realized and unrealized gains/(losses) 1.01
------
Total from Investment Activities 1.11
------
Distributions:
Net investment income (.07)
Net realized gains --
------
Total Distributions (.07)
------
Net Asset Value,
End of year $11.04
======
Total Return 11.14%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average Net Assets(2) .60%(3)
Ratio of Net Investment Income to Average Net
Assets(2) 1.69%(3)
Portfolio Turnover Rate 47.55%(3)
Net Assets, End of Year (000's) $23,963
</TABLE>
- ---------
(1) THE PORTFOLIO COMMENCED OPERATIONS ON MAY 3, 1999.
(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 .09%
FOR THE PERIOD ENDED DECEMBER 31, 1999, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(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
year.
<TABLE>
<CAPTION>
BALANCED INDEX PORTFOLIO
PERIOD FROM MAY 3, 1999
TO DECEMBER 31,
1999(1)
---------------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income .18
Net realized and unrealized gains/(losses) .34
------
Total from Investment Activities .52
------
Distributions:
Net investment income (.11)
Net realized gains --
------
Total Distributions (.11)
------
Net Asset Value,
End of year $10.41
======
Total Return 5.31%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average Net Assets(2) .47%(3)
Ratio of Net Investment Income to Average Net
Assets(2) 2.94%(3)
Portfolio Turnover Rate 141.58%(3)
Net Assets, End of Year (000's) $55,708
</TABLE>
- ---------
(1) THE PORTFOLIO COMMENCED OPERATIONS ON MAY 3, 1999.
(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 .03%
FOR THE PERIOD ENDED DECEMBER 31, 1999, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(3) 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
year.
<TABLE>
<CAPTION>
LEHMAN AGGREGATE BOND INDEX PORTFOLIO
PERIOD FROM JUNE 30, 1999
TO DECEMBER 31,
1999(1)
----------------------------------------------
<S> <C>
Net Asset Value,
Beginning of period $10.00
------
Investment Activities:
Net investment income .31
Net realized and unrealized gains/(losses) (.26)
------
Total from Investment Activities .05
------
Distributions:
Net investment income (.23)
Net realized gains --
------
Total Distributions (.23)
------
Net Asset Value,
End of year $ 9.82
======
Total Return .47%
RATIOS/SUPPLEMENTAL DATA:
Ratio of Expenses to Average Net Assets(2) .56%(3)
Ratio of Net Investment Income to Average Net
Assets(2) 5.66%(3)
Portfolio Turnover Rate 112.64%(3)
Net Assets, End of Year (000's) $15,330
</TABLE>
- ---------
(1) THE PORTFOLIO COMMENCED OPERATIONS ON JUNE 30, 1999.
(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 .15%
FOR THE PERIOD ENDED DECEMBER 31, 1999, HAD THE ADVISER NOT REIMBURSED
EXPENSES.
(3) THE RATIOS ARE ANNUALIZED.
- --------------------------------------------------------------------------------
53
<PAGE>
CARILLON FUND, INC.
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
CARILLON FUND, INC.
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of Carillon Fund, Inc. (the "Fund"), consisting of
the Equity Portfolio, Bond Portfolio, S&P 500 Index Portfolio, S&P MidCap 400
Index Portfolio, Balanced Index Portfolio and the Lehman Aggregate Bond Index
Portfolio as of December 31, 1999, the related statements of operations and the
statements of changes in net assets and the financial highlights for each of the
years presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the Fund's custodian and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Fund as of
December 31, 1999, the results of its operations, the changes in its net assets,
and financial highlights for the periods presented in conformity with generally
accepted accounting principles.
Deloitte & Touche LLP
Dayton, Ohio
February 14, 2000
- --------------------------------------------------------------------------------
54
<PAGE>
UC CF 231 2/00
