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Previous: CAMBREX CORP, S-3/A, 1995-06-27 |
Next: BLANCHARD PRECIOUS METALS FUND INC, 24F-2NT, 1995-06-27 |
<PAGE>
Carillon Capital Fund
of
Carillon Investment Trust
Semiannual Report
April 30, 1995
(Unaudited)
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
The stock market's performance during the final months of
1994 was typical of its behavior for the entire year. Stock
prices engaged in a tug-of-war between strong earnings which
propelled them higher, and rising interest rates which sent them
tumbling. The bond market suffered even more last year, posting
its worst returns in over forty years as the Federal Reserve
boosted short-term interest rates on six different occasions.
Money market investments turned out to be the best performing
asset class of 1994, despite providing only a low single digit
return.
So far, 1995 has been a much friendlier environment for
stock and bond prices. Both markets have turned in rather
impressive performances year-to-date. Investors have been riding
a wave of optimism that we are approaching the ideal economic
state for financial markets: slower but healthy economic growth,
low inflationary pressures, low interest rates, and high
corporate profitability. Economic data released this year has
pointed to a slowdown in economic growth. In fact, most recent
employment and production data have been weaker than expected.
However, while lower interest rates and inflation are positives
for the stock market, a significant slowdown in the economy
without a corresponding negative impact on corporate profits
would be difficult to achieve.
When investment values are near historically normal
relationships, the Carillon Capital Fund will be structured
approximately 63 percent, 30 percent, and 7 percent in stocks,
bonds, and money market instruments respectively. However, when
market conditions change, the Fund repositions its asset mix to
take advantage of investment opportunities. The table below
highlights the allocation of fund assets at April 30, 1995, six
months ago, one year ago and at a long-term normal portfolio
allocation.
Carillon Capital Fund Asset Allocation
<TABLE>
<CAPTION>
4/30/95 10/31/94 4/30/94 Long-Term
<S> <C> <C> <C> <C>
Stocks 31% 27% 34% 63%
Bonds 46% 46% 39% 30%
Money Market 23% 27% 27% 7%
---- ---- ---- ----
Total 100% 100% 100% 100%
==== ==== ==== ====
</TABLE>
As shown in the table above, the Capital Fund has slightly
reduced its cash position in favor of stocks over the last six
months. New stock purchases were made following an improvement
in technical factors and monetary conditions, although we
continue to believe that the equity market is overvalued from a
long-term fundamental perspective. Consequently, our individual
stock selection remains exceptionally selective and reflects our
long-term view of market valuation. The Fund's bond position
continues to have a shorter than average duration, so that the 46
percent allocation at April 30, 1995 really is more like a 30-to-
35 percent allocation. Bonds have performed very well over the
last six months, but most of the rally is probably over. The
uncharacteristically high cash and short-term bond position
stands ready to take advantage of anticipated lower stock prices.
The Fund's performance this year has lagged the performance
of other flexible funds surveyed by Lipper Analytical Services
due to its conservative stance toward current financial markets.
We continue to believe, however, that the Fund's excellent
individual security selection and its conservative asset
allocation will prove beneficial and will provide good long-term
investment results as they have in the past.
We appreciate the confidence you have placed in Carillon
Capital Fund and look forward to the challenge of effective,
long-term investment management.
George L. Clucas, President
Carillon Investment Trust
June 15, 1995
This report was prepared for Carillon Capital Fund of Carillon
Investment Trust shareholders and may be distributed to others
only if preceded or accompanied by a current prospectus.
<PAGE>
<PAGE>
Carillon Capital Fund of Carillon Investment Trust
Schedule of Investments, April 30, 1995
- ----------------------------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
Number
of Shares Value
--------- ---------
<S> <C> <C>
COMMON STOCKS - 30.50%
AIR TRANSPORTATION - .53%
Atlantic SE Airlines 10,000 $ 230,000
---------
APPAREL - .19%
Haggar Corporation 4,000 81,000
---------
APPLIANCE - .32%
Helen of Troy Ltd.# <F2> 8,000 138,000
---------
BANKS - BANK HOLDING COMPANIES - 2.72%
ABN AMRO <F2> 8,000 308,279
Banco Latinoamericano de
Exportaciones SA 15,000 465,000
Deutsche Bank AG <F2> 837 411,653
---------
1,184,932
---------
BUILDING & HOUSING - .94%
ABT Building Products Company <F2> 11,000 178,750
Falcon Products, Inc. 20,000 230,000
---------
408,750
---------
BUSINESS - MECHANICS & SOFTWARE - 1.16%
DH Technology, Inc. <F2> 20,160 504,000
---------
CHEMICALS - 2.60%
Bayer AG <F2> 25,000 616,762
Ciba-Giegy <F2> 15,000 514,891
---------
1,131,653
---------
CONGLOMERATE - .62%
Mannesman <F2> 1,000 272,027
---------
CONTAINERS - 1.57%
AEP Industries, Inc. 29,169 685,472
---------
ELECTRONICS - .68%
Advance Circuits, Inc. <F2> 20,000 295,000
---------
ENGINEERING & CONSTRUCTION - .23%
Mestek, Inc. <F2> 10,000 98,750
---------
FINANCIAL SERVICES - .46%
Student Loan Marketing Association 5,000 202,500
---------
GOLD & PRECIOUS METALS - 2.08%
Free State Consolidated Gold
Mines Ltd <F1> 7,000 $ 83,125
Minorco <F1> 21,000 490,875
Pegasus Gold, Inc. <F2> 15,000 181,875
Royal Oak Mines, Inc. <F2> 45,000 149,063
--------
904,938
--------
HEALTH CARE - 1.15%
Lunar Corporation <F2> 15,000 303,750
Rightchoice Managed Care, Inc.
- Class A <F2> 15,000 195,000
--------
498,750
--------
HEALTH CARE SERVICES - .28%
United Wisconsin Services, Inc. 6,000 121,500
--------
HOSPITAL SUPPLY & SERVICE - .75%
Allied Healthcare Products, Inc. 20,000 325,000
--------
HOUSEHOLD PRODUCT - .83%
Lifetime-Hoan Corporation 29,947 363,107
--------
INSURANCE - 1.82%
Capitol American Financial Corporation 10,000 218,750
RLI Corporation 11,616 287,496
Torchmark Corporation 5,000 195,000
United Insurance Companies, Inc. <F2> 2,200 90,200
--------
791,446
--------
INVESTMENT COMPANIES - 1.69%
Blackrock Strategic Term Trust 25,000 187,500
Chile Fund 3,000 142,125
New Germany Fund 20,000 242,500
Templeton Global Income Fund 25,000 165,625
--------
737,750
--------
MACHINERY - AGRICULTURE & CONSTRUCTION - 1.00%
Lindsay Manufacturing Company <F2> 13,359 433,333
--------
MUTUAL FUND - INTERNATIONAL BOND - .52%
Global Total Return Fund Inc. 35,000 227,500
--------
NON FERROUS METAL - .51%
Western Mines Holdings Ltd. <F1> 10,000 222,500
--------
OIL & GAS - DOMESTIC - .47%
Horsham Corporation 15,000 204,375
--------
OIL & GAS - INTERNATIONAL - .37%
YPF S.A. <F1> 8,000 162,000
--------
OIL & GAS - SERVICE - 1.50%
Global Industries, Inc. <F2> 15,000 $382,500
Offshore Logistics, Inc. <F2> 20,000 271,250
--------
653,750
--------
PRODUCTION - .43%
Briggs & Stratton 5,000 175,625
Strattec Security Corporation <F2> 1,000 11,625
----------
187,250
----------
REAL ESTATE - 1.94%
Associated Estates Realty 10,000 197,500
Health Care Property Investors, Inc. 6,704 202,796
IRT Property Company 25,000 237,500
Merry Land & Investment Company 8,000 151,000
NAB Asset Corporation 15,000 58,125
----------
846,921
----------
RETAIL - GENERAL - .43%
Crown Books Corporation <F2> 3,708 50,985
Value City Department Stores <F2> 15,000 135,000
----------
185,985
----------
SAVINGS AND LOANS - .99%
Standard Federal Bank 10,000 281,250
Washington Federal Savings &
Loan Association 7,260 148,830
----------
430,080
----------
MISCELLANEOUS - ENERGY - 1.10%
Holly Corporation 6,000 160,500
Repsol SA <F1> 10,000 320,000
----------
480,500
----------
MISCELLANEOUS - MANUFACTURING - .62%
ILC Technology, Inc. <F2> 10,000 100,000
Versa Technologies, Inc. 12,000 171,000
----------
271,000
----------
Total Common Stocks (cost $10,450,724) 13,279,769
----------
PREFERRED STOCK - .81%
METAL & MINERAL - .81%
Freeport McMoRan Copper & Gold Inc. 10,000 353,750
----------
Total Preferred Stock (cost $347,888) 353,750
----------
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
<FN>
<F1>
American Depository Receipt
<F2>
Nonincome producing
</FN>
</TABLE>
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
SCHEDULE OF INVESTMENTS, APRIL 30, 1995
_________________________________________________________________
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
---------- ----------
<S> <C> <C>
BONDS AND NOTES - 45.75%
U.S. GOVERNMENT - 34.41%
U.S. Treasury Note
(7.500% due 02/29/96) $ 250,000 $ 252,265
(7.250% due 08/31/96) 500,000 504,843
(7.250% due 11/15/96) 250,000 252,656
(8.000% due 01/15/97) 250,000 255,781
(6.750% due 02/28/97) 900,000 902,531
(6.750% due 05/31/97) 500,000 501,093
(6.375% due 01/15/99) 1,300,000 1,282,530
(5.500% due 02/28/99) 1,000,000 957,187
(6.375% due 07/15/99) 350,000 344,094
(6.000% due 10/15/99) 2,050,000 1,984,016
(6.250% due 02/15/03) 500,000 476,875
Federal Home Loan Mortgage Corporation
#303427 (7.500% due 06/01/07) 88,181 87,592
#1422 Floater
(6.800% due 11/15/07) <F1> 500,000 496,750
#189253 (8.250% due 03/01/12) 155,326 156,214
#303013 (8.500% due 03/01/16) 273,643 276,456
#00077F CMO
(8.500% due 06/15/17) 400,000 405,348
#298118 (7.500% due 07/01/17) 134,601 130,972
#533003 Non-Gold
(11.000% due 04/01/19) 256,463 279,101
#534438 (10.500% due 05/01/19) 160,095 171,802
#543567 Non-Gold
(11.000% due 11/01/19) 342,652 372,898
Federal National Mortgage Association
#050341 (9.500% due 09/01/05) 39,589 41,226
#050951 (6.000% due 12/01/08) 382,462 356,917
#050972 (5.500% due 01/01/09) 383,324 349,112
#190678 (6.000% due 03/01/09) 292,698 273,149
#276222 (5.500% due 04/01/09) 381,258 346,945
#093127(6.330% due 10/25/21)<F1> 500,000 474,160
#0134-2 (9.000% due 04/25/22) 1,083,630 320,353
#92-66F (6.625% due 05/25/22) 636,069 636,698
Government National Mortgage Association
#1994-6 (7.990% due 12/15/16) 1,602,200 1,595,006
#196774 (9.000% due 11/15/16) 189,099 197,113
#252046 (9.500% due 05/15/18) 96,702 101,628
#147989 (9.000% due 12/15/19) 172,250 179,302
Government National Mortgage Association (GPM) <F2>
#907301 (10.250% due 4/15/16) 21,971 23,313
----------
14,985,926
----------
ASSET BACK SECURITY - 1.09%
MLMI 1992-F B
(7.125% due 09/15/17) 500,000 474,375
----------
BANKS AND BANK HOLDING CO - 1.52%
Boatmens Bancshare Sub. Note
(9.250% due 11/01/01) 240,000 259,431
Comerica, Inc. Sub. Note
(9.750% due 05/01/99) 250,000 268,140
Golden West Financial Sub Note
(10.250% due 12/01/00) 120,000 134,157
----------
661,728
----------
ENTERTAINMENT & LEISURE - 1.19%
Circus Circus Enterprises, Inc.
Senior Sub. Note
(10.625% due 06/15/97) 250,000 265,557
Toll Corporation Senior Sub Note
(10.500% due 03/15/02) 250,000 250,625
----------
516,182
----------
FINANCE - 2.80%
Discover Credit Corporation
(6.5386% due 07/24/95) 1,000,000 999,000
Pacific Gulf Properties
(8.3750% due 02/15/01) 250,000 220,313
----------
1,219,313
----------
INSURANCE - .86%
Penn Central Corporation Sub. Note
(9.750% due 08/01/99) 120,000 123,539
Reliance Finance Services Debenture
(9.4800% due 11/01/00) 250,000 250,625
----------
374,164
----------
OIL & GAS EXPLORATION/SERVICES - 1.43%
Columbia Gas Systems Debenture
(10.500% due 06/01/12) 250,000 361,875
Rowan Companies Senior Notes
(11.875% due 12/01/01) 250,000 262,500
----------
624,375
----------
TELEPHONE AND TELECOMMUNICATIONS - .36%
United Telecommunications, Inc. Note
(9.750% due 04/01/00) 144,000 156,045
----------
UTILITIES - ELECTRIC - 2.09%
Connecticut Light & Power Company Refunding Mtg.
(7.625% due 04/01/97) 300,000 301,518
Del Norte Funding <F3>
(11.250% due 01/02/14) 200,000 124,000
UTILITIES - ELECTRIC (continued)
El Paso Electric 1st Mtg. <F3>
(6.750% due 05/01/98) 200,000 186,000
New Orleans Public Service Notes
(8.670% due 04/01/05) 300,000 298,215
----------
909,733
----------
Total Bonds and Notes (cost $19,848,234) 19,921,841
----------
SHORT-TERM INVESTMENTS - 23.41%
COMMERCIAL PAPER - 11.42%
Circus Circus Inc.
(6.170% due 05/02/95) 1,000,000 999,829
Columbia Healthcare Corporation
(6.150% due 05/30/95) 1,000,000 995,046
K-Mart (6.120% due 06/06/95) 1,000,000 993,880
Textron Financial Corporation
(6.120% due 06/07/95) 1,000,000 993,710
Union Oil Company of California
(6.150% due 06/12/95) 1,000,000 992,825
----------
Total Commercial Paper 4,975,290
----------
VARIABLE RATE DEMAND NOTES <F5> - 11.99%
Barclays American Corporation
(5.740% due 05/01/95) 217,839 217,839
General Mills, Inc.
(5.700% due 05/03/95) 1,872,390 1,872,390
Pitney Bowes Credit Corporation
(5.699% due 05/03/95) 931,803 931,803
Sara Lee Corporation
(5.679% due 05/03/95) 2,198,894 2,198,894
----------
Total Variable Rate Demand Notes 5,220,926
----------
Total Short-Term Investments (cost $10,196,216) 10,196,216
----------
TOTAL INVESTMENTS - 100.47% (cost $40,843,062)
43,751,576
----------
OTHER ASSETS AND LIABILITIES - (.46%) (204,542) <F4>
----------
TOTAL NET ASSETS - 100.00% 43,547,033
==========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
<FN>
<F1>
Interest rates vary periodically based on current market rates.
<F2>
Graduated Payment Mortgage
<F3>
Interest payments in default.
<F4>
Gross unrealized appreciation and depreciation of securities at
April 30, 1995 for both financial reporting and tax purposes was
$3,671,411 and ($762,898), respectively.
<F5>
Interest rates vary periodically based on current market rates.
The maturity shown for each variable rate demand note is the
later of hte next scheduled interest rate adjustment date or the
date on which principal can be recovered through demand.
Information shown is as of April 30, 1995.
</FN>
</TABLE>
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
STATEMENT OF ASSETS AND LIABILITIES, APRIL 30, 1995
_________________________________________________________________
(Unaudited)
<TABLE>
<S> <C>
ASSETS
Investments in securities,
at value (cost $40,843,062) $43,751,576
Cash 4,149
Receivables:
Investment securities sold 3,653
Interest and dividends 308,921
Prepaid expenses 6,431
-----------
44,074,730
-----------
LIABILITIES
Investment securities purchased 476,255
Investment advisory fees 26,703
Professional fees 15,878
Portfolio accounting and custody fees 6,425
Transfer agency fees 1,632
Other expenses 804
-----------
527,697
-----------
NET ASSETS
Paid-in capital 40,528,485
Accumulated undistributed
net investment income 239,359
Accumulated undistributed
net realized losses (129,324)
Unrealized appreciation, net 2,908,513
-----------
$43,547,033
===========
Shares outstanding (without par value,
unlimited authorization) 3,567,970
===========
Net asset value and
redemption price per share $12.20
===========
Offering price per share (Net asset
value per share/.95 <F1> $12.84
===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
<FN>
<F1>
A sales charge of 5% is imposed on investments of less than
$50,000. Reduced sales charges apply for investments in excess
of this amount.
</FN>
</TABLE>
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 1995
_________________________________________________________________
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 1,064,935
Dividends (net of foreign withholding
taxes of $7,985) 157,065
-----------
1,222,000
-----------
EXPENSES
Investment advisory fees 156,160
Portfolio accounting fees 14,918
Professional fees 11,408
Trustees' fees 10,673
Custodial fees and expenses 5,109
Registration and filing fees 4,916
Transfer agency fees 5,423
Other 2,114
-----------
210,721
-----------
NET INVESTMENT INCOME 1,011,279
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 52,030
Net unrealized appreciation of investments 952,659
-----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 1,004,689
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 2,015,968
===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
</TABLE>
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
STATEMENT OF CHANGES IN NET ASSETS
_________________________________________________________________
<TABLE>
<CAPTION>
Six months Year ended
ended April October
30, 1995 31, 1994
----------- ---------
(Unaudited)
<S> <C> <C>
OPERATIONS
Net investment income 1,011,279 1,466,085
Net realized gain on investments 52,030 3,195,104
Net unrealized appreciation/
(depreciation) of investments 952,659 (2,875,627)
Net increase in net assets resulting
from operations 2,015,968 1,785,562
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (1,058,784) (1,227,530)
Net realized gain on investments (3,369,426) (487,992)
------------ ----------
(2,412,242) 70,040
----------- ---------
FUND SHARE TRANSACTIONS
Proceeds from sales of shares
(873 shares for the six months
ended April 30, 1995 and 481,658
shares for the year ended
October 31, 1994) 10,425 6,256,782
Net asset value of shares issued
to shareholders in reinvestment
of dividends (379,620 shares for
the six months ended April 30,
1995 and 132,777 shares for the
year ended October 31, 1994) 4,428,137 1,715,522
Payments for shares redeemed
(28,043 shares for the six months
ended April 30, 1995 and 4,343
shares for the year ended
October 31, 1994) (328,417) (56,406)
----------- ----------
4,110,145 7,915,898
------------ ----------
NET INCREASE IN NET ASSETS 1,697,903 7,985,938
NET ASSETS
Beginning of period 41,849,130 33,863,192
----------- ----------
End of period (including
undistributed net investment
income of $239,359 for the
period ended April 30,
1995 and $286,864 for the year
ended October 31, 1994) $43,547,033 41,849,130
=========== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
<PAGE>
CARILLON CAPITAL FUND OF CARILLON INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
_________________________________________________________________
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Carillon Capital Fund (the Fund) is a series of Carillon
Investment Trust (the Trust) registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end
management investment company.
SECURITIES VALUATION
Investments in securities traded on securities 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 of valuation, or if there were
no reported sales on that date, at the last bid price.
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 by, or under procedures adopted by, the Board of Trustees.
Money market instruments with a remaining maturity of 60 days or
less are valued at amortized cost which approximates market.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are recorded on the trade date (the
date the order to buy or sell is executed). Dividend income is
recorded on the ex-dividend date and interest income is recorded
on the accrual basis. Gains and losses on sales of investments
are calculated on the identified cost basis for financial
reporting and tax purposes. The cost of investments is
substantially the same for financial reporting and tax purposes.
FEDERAL TAXES
It is the intent of the Fund to comply with the requirements
of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its income and any
net realized capital gains. Therefore, no provision for income or
excise taxes has been recorded.
DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
Dividends from net investment income are declared and paid
quarterly by the Fund. Net realized capital gains are
distributed periodically, no less frequently than annually.
Dividends from net investment income and capital gains
distributions are recorded on the ex-dividend date. All
dividends and distributions are automatically reinvested in
additional shares of the Fund at the net asset value per share
unless the shareholder requests such dividends and distributions
be paid in cash.
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. Certain officers and directors of the Adviser are
affiliated with the Fund. The Fund pays the Adviser, as full
compensation for all services and facilities furnished, a monthly
fee computed on a daily basis, at an annual rate of .75% of the
first $50,000,000, .65% of the next $100,000,000 and .50% of all
amounts over $150,000,000 of the net assets of the Fund.
The Investment Advisory Agreement provides that if, in any
calendar quarter, the total of all ordinary business expenses
applicable to the Trust should exceed the expense limitations as
required by any applicable state law, the Adviser will reimburse
the Trust for such excess. No such reimbursements were required
for the periods presented in the financial statements.
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. The fee is borne by the Adviser, not the Fund.
DISTRIBUTION AGREEMENT
The Distributor serves as the principal underwriter of the
shares of the Trust pursuant to a Distribution Agreement with the
Trust. Under the terms of this agreement, the Distributor will pay
all expenses related to selling and distributing the Trust's
shares, including preparing, printing and mailing sales materials.
The Distributor receives a percentage of the offering price of fund
shares sold ranging from 5% on investments of less than $50,000 to
.5% on investments in excess of $2,500,000.
OTHER
At April 30, 1995, The Union Central Life Insurance Company
(UCL) owned 2,873,435 shares of the Fund and therefore is a
controlling person of the Fund and is able to cast a deciding vote
on matters submitted to a vote of the Fund's shareholders.
UCL owns all of the outstanding stock of Carillon
Investments, Inc. and Carillon Advisers, Inc.
Each trustee who is not affiliated with the Adviser receives
fees from the Trust for services as a trustee.
The Fund utilizes UCL's printing facility to print
shareholder reports, and it reimburses UCL for the cost of this
service.
NOTE 3 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of securities for the period November 1,
1994 through April 30, 1995, excluding short-term securities,
follow:
<TABLE>
<S> <C>
Total cost of purchases:
Common stocks $ 3,458,272
U.S. Government securities 4,313,972
Corporate bonds 2,037,969
-----------
$ 9,810,213
===========
Total proceeds from sales:
Common stocks $ 1,737,504
U.S. Government securities 4,589,626
Corporate bonds 1,117,356
-----------
$ 7,444,486
===========
</TABLE>
<PAGE>
NOTE 4 - FINANCIAL HIGHLIGHTS
Computed on the basis of a share of capital stock outstanding throughout the
period.
<TABLE>
<CAPTION>
Six months ended
April 30, 1995 Year ended October 31,
---------------- -------------------------------------------------------------------------
(Unaudited)
1994 1993 1992 1991 1990
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value
Beginning of Period $13.01 $13.00 $12.45 $12.48 $ 9.79 $11.84
Investment Acitivities:
Net investment income .29 .35 .42 .45 .46 .60
Net realized and unrealized
gains (losses) .90 .16 1.27 .50 2.71 (1.44)
------ ------ ------ ------ ------ ------
Total from Investment Operations 1.19 .51 1.69 .95 3.17 (.84)
Distributions:
Net investment income (.31) (.32) (.42) (.45) (.48) (.52)
Net realized gains (1.05) (.18) (.72) (.53) - (.69)
------ ------ ------ ------ ------ ------
Total Distributions (1.36) (.50) (1.14) (.98) (.48) (1.21)
Net Asset Value,
End of period $12.84 $13.01 $13.00 $12.45 $12.48 $ 9.79
====== ====== ====== ====== ====== ======
Ratios/Supplemental Data:
Total Return <F1> 4.83% 4.72% 14.50% 8.15% 32.99% (8.00%)
Ratio of Expenses to
Average Net Assets 1.01% 1.05% 1.11% 1.10% 1.19% 1.27%
Ratio of Net Investment
Income to Average Net Assets 4.84% 3.89% 3.35% 3.61% 4.03% 5.12%
Portfolio Turnover Rate 46.85% 53.20% 43.35% 48.03% 42.07% 101.07%
Net Assets,
end of Period $43,547,033 $41,849,130 $33,863,192 $29,806,521 $27,384,641 $20,021,855
<FN>
<F1>
Assumes sales load is not imposed on either initial investment or reinvestment of distribution
</FN>
</TABLE>
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