Carillon
Capital
Fund
of
Carillon
Investment
Trust
SemiAnnual
Report
April 30, 1999
<PAGE>
Carillon Investment Trust - Carillon Capital Fund
SEMIANNUAL REPORT - A MESSAGE FROM THE PORTFOLIO MANAGER
April 30, 1999
Financial Markets
Stock prices moved nicely higher during the last six months with the Dow Jones
Industrial Average leading the charge. From October 31, 1998 to April 30,
1999, the Dow Jones steadily rose from just below 8,600 to just under 10,800,
providing a 26.6% return. Other indexes such as the S&P 500 and the Russell
2000 also provided excellent returns of 22.3% and 15.2%, respectively, but
paled in comparison to the Dow. Continued strong economic growth and high
levels of corporate profitability propelled the market higher during the
period.
While stock prices were rising, so were interest rates. The interest rate on
the 5 year treasury note rose nearly 1% during the period, from 4.23% to 5.21%.
Interest rates on longer maturity bonds rose as well, but to a lesser extent.
For example, the rate on the 10 year note increased roughly 75 basis points
from 4.60% to 5.34%, while the interest rate on the 30 year bond increased over
50 basis points from 5.15% to 5.66%. Clearly, bond investors were less excited
about the strong growth in the economy than were stock market investors. The
only saving grace for bond market investors during the period came in the form
of tightening spreads in corporate and mortgage-backed securities. The spread
tightening in these sectors helped cushion the blow slightly.
Asset Allocation
The table below illustrates that the asset allocation of the Carillon Capital
Fund has been fairly consistent over the last two years and has been decidedly
bearish when compared to the "Normal" allocation shown at the far right side of
the table. During the most recent period, the percentage of common stocks was
decreased as the stock market rose. Likewise, the percentage of bonds was
increased as that market declined. Cash was held relatively constant, awaiting
future investment opportunities.
Effective March 18, 1999, a new portfolio manager was named to manage the
Carillon Capital Fund. Although massive immediate changes to the historical
asset allocation percentages shown below are unlikely, it is likely that cash
balances will be reduced and the allocation of assets will trend toward the
"Normal" allocations shown below.
<TABLE>
<CAPTION>
Asset Category 4/30/99 10/31/98 5/31/98 10/31/97 Normal
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Common Stocks 38% 45% 36% 37% 60%
Bonds 38% 34% 40% 37% 30%
Cash 24% 21% 24% 26% 7%
- -----------------------------------------------------------------
100% 100% 100% 100% 100%
</TABLE>
Performance
The Fund's total return over the last six months is disappointing and is a
direct result of the Fund's high cash balances and under weighting of common
stocks in its asset allocation. In addition, the stocks that are held in the
Fund are typically small-cap stocks which correlated more with the Russell 2000
Index returns, rather than the Dow Jones or the S&P 500 Index returns.
As we look to the future, it is likely that the high percentage of cash held in
the Fund will be reduced and that the asset allocation will trend toward the
"Normal" asset allocation shown on the previous page. The percentage of stocks
will likely increase, while the percentage of bonds may decline slightly. The
rate at which the asset allocation shift takes place will be determined by the
direction, and magnitude, of movement in the stock and bond markets.
Outlook
As is often the case, the outlook for both the stock and bond markets is
uncertain. The benefits the stock market is deriving from a strong economy are
being somewhat offset by higher interest rates currently. Meanwhile, the bond
market is grappling with the prospect of a more restrictive Federal Reserve in
the face of limited inflationary data and falling commodity prices, save for
oil. All in all, both the stock and bond market will likely remain volatile.
In this environment, we will attempt to take advantage of short-term
opportunities as they arise, while moving toward the "Normal" asset allocation
of the Fund.
We appreciate the confidence you have placed in the Carillon Capital Fund and
will endeavor to provide you with solid performance in the future.
Sincerely,
/s/ Gary R. Rodmaker
Gary R. Rodmaker
Portfolio Manager
June 1, 1999
This report was prepared for Carillon Capital Fund of Carillon Investment Trust
shareholders and may be distributed to others if preceded or accompanied by a
current prospectus.
<PAGE>
CARILLON CAPITAL FUND
STATEMENT OF ASSETS AND LIABILITIES
=============================================================
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS
Investments in securities, at value (cost $21,859,217) $21,363,243
Receivable for investment securities sold 74,806
Interest and dividends receivable 199,596
Prepaid expenses 5,885
-----------
21,643,530
-----------
LIABILITIES
Investment advisory fees 13,036
Portfolio accounting and custody fees 10,116
Professional fees 7,834
Transfer agency fees 7,223
Printing expenses 4,991
Trustees' fees and expenses 2,497
Other 128
----------
45,825
----------
NET ASSETS
Paid-in capital 22,018,027
Accumulated undistributed net investment income 109,956
Accumulated undistributed net realized gain / (loss) (34,304)
Unrealized depreciation, net (495,974)
-----------
$21,597,705
===========
Shares outstanding (without par value,
unlimited authorization) 2,121,270
===========
Net asset value and redemption price per share $ 10.18
===========
Offering price per share
(Net asset value per share/.95)* $ 10.72
===========
</TABLE>
* 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.
<PAGE>
CARILLON CAPITAL FUND
STATEMENT OF OPERATIONS
===========================================================
For the Six Months Ended April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME
Interest $ 391,458
Dividends 169,053
---------
560,511
---------
EXPENSES
Investment advisory fees 81,753
Portfolio accounting fees 16,616
Trustees' fees and expenses 14,393
Professional fees 11,062
Transfer agency fees 10,714
Other 7,029
Registration and filing fees 6,914
Custodial fees and expenses 4,275
---------
152,756
---------
NET INVESTMENT INCOME 407,755
---------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain / (loss) on investments (58,061)
Net change in unrealized appreciation/
(depreciation) of investments 159,156
---------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 101,095
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 508,850
=========
</TABLE>
The accompanying notes are an integral part of the
financial statements.
<PAGE>
CARILLON CAPITAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
====================================================
<TABLE>
<CAPTION>
Six Months Ended Year Ended
April 30, 1999 October 31, 1998
----------- -----------
(Unaudited)
<S> <C> <C>
OPERATIONS
Net investment income $ 407,755 $ 1,411,640
Net realized gain/(loss) on investments (58,061) 1,486,735
Net change in unrealized appreciation/
(depreciation) of investments 159,156 (4,011,749)
----------- -----------
508,850 (1,113,374)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income (418,031) (1,587,079)
Net realized gain on investments (1,472,594) (3,605,844)
----------- -----------
(1,890,625) (5,192,923)
----------- -----------
FUND SHARE TRANSACTIONS
Proceeds from shares sold 2,194 15,451
Issued in reinvestment of dividends 1,890,424 5,192,603
Payments for shares redeemed (1,466,368) (23,465,674)
----------- -----------
426,250 (18,257,620)
----------- -----------
Net increase/(decrease) in net assets (955,525) (24,563,917)
NET ASSETS
Beginning of period 22,553,230 47,117,147
----------- -----------
End of period $21,597,705 $22,553,230
=========== ===========
UNDISTRIBUTED NET INVESTMENT INCOME 109,956 $ 115,884
=========== ===========
FUND SHARE TRANSACTIONS:
Sold 206 1,283
Issued in reinvestment of dividends 186,935 429,389
Redeemed (142,259) (1,866,390)
----------- -----------
Net increase/(decrease) from
fund share transactions 44,882 (1,435,718)
=========== ===========
</TABLE>
The accompanying notes are an integral part of
the financial statements.
<PAGE>
Carillon Capital Fund
Schedule of Investments
=========================================================
APRIL 30, 1999
(Unaudited)
COMMON STOCKS - 34.55%
<TABLE>
<CAPTION>
SHARES VALUE
<S> <C> <C>
BANKING AND FINANCIAL SERVICES - 3.38%
First Bell Bancorp, Incorporated 5,000 $ 96,250
Investment Technology Group* 11,000 380,875
Jefferies Group, Incorporated 11,000 251,625
-----------
728,750
-----------
CAPITAL GOODS - 1.68%
Lindsay Manufacturing Company 7,585 161,655
LSI Industries 10,000 200,000
-----------
361,655
-----------
CONSUMER CYCLICAL - 2.91%
National RV Holdings, Incorporated* 10,000 258,750
Newmark Homes Corporation* 20,000 132,500
Travis Boats & Motors, Incorporated* 15,000 238,125
-----------
629,375
-----------
CONSUMER NON-DURABLE - 6.21%
Anchor Gaming* 3,500 165,375
Charoen Pokphand Feedmill ADR* 21,025 108,769
Invacare Corporation 9,000 208,125
Maxwell Shoe Company, Incorporated* 16,000 126,000
Nautica Enterprises, Incorporated* 2,380 32,279
Landry's Seafood Restaurants, Incorporated* 25,000 203,125
Richfood Holdings, Incorporated* 10,000 125,000
Schlotzsky's, Incorporated* 20,000 227,500
Scientific Games Holdings Corporation* 9,000 144,000
-----------
1,340,173
-----------
ENERGY - 3.03%
Basin Exploration, Incorporated* 11,000 188,375
Callon Petroleum Company* 10,000 109,375
Giant Industries, Incorporated* 9,500 91,438
Marine Drilling Company, Incorporated* 14,000 240,625
Miller Exploration Company* 17,200 24,725
-----------
654,538
-----------
MANUFACTURING - 3.48%
Champion Enterprises, Incorporated* 10,000 185,625
CompX International, Incorporated* 10,000 150,000
Lindberg Corporation 10,300 121,025
Omniquip International, Incorporated 16,000 202,000
Zindart Limited ADR* 13,000 92,625
-----------
751,275
-----------
REAL ESTATE - 8.44%
Cornerstone Realty Income Trust, Incorporated 18,000 178,874
FelCor Lodging, Incorporated 7,300 174,743
Healthcare Realty Trust 5,400 117,787
Mills Corporation 7,000 136,937
Pacific Gulf Properties 10,000 208,125
Parkway Properties, Incorporated 5,500 159,500
Prime Retail, Incorporated 12,000 103,500
Storage USA, Incorporated 7,000 224,875
Trinet Corporate Realty Trust, Incorporated 8,200 224,987
United Investor Realty Trust, Incorporated 7,400 57,350
Winston Hotels, Incorporated 24,300 236,925
-----------
1,823,603
-----------
TECHNOLOGY - 3.27%
Faro Technologies, Incorporated* 30,000 146,250
Nam Tai Electronics, Incorporated 15,000 149,063
SPSS, Incorporated* 11,000 189,750
Vtech Holdings Limited ADR 6,500 222,253
-----------
707,316
-----------
TRANSPORTATION - 2.15%
Gulfmark Offshore, Incorporated* 9,000 153,000
Midwest Express Holdings* 10,000 312,500
-----------
465,500
-----------
Total Common Stock (cost $7,801,053) 7,462,185
-----------
FOREIGN COMMON STOCK - 3.34%
HONG KONG - 1.65%
Glorious Sun Enterprises Limited 1,138,000 193,815
Techtronic Industries 849,400 162,198
-----------
356,013
-----------
MALAYSIA - 1.69%
Bumi Armada Berhad* 150,000 79,895
Road Builder Holdings BHD 248,000 284,547
-----------
364,442
-----------
Total Foreign Common Stock (cost $839,110) 720,455
-----------
WARRANTS AND RIGHTS - .01%
TECHNOLOGY - .01%
Nam Tai Electronics, Incorporated 4,001 3,251
-----------
Total Warrants and Rights (cost $12,117) 3,251
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS - 24.28% PRINCIPAL VALUE
<S> <C> <C>
U.S. TREASURY NOTES - 24.28%
4.250% due 11/15/03 $2,250,000 $2,160,000
5.875% due 11/15/05 3,000,000 3,083,439
-----------
Total U.S. Treasury Notes (cost $5,279,487) 5,243,439
-----------
MORTGAGE-BACKED SECURITIES - 3.34%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.58%
7.500% due 06/01/07 28,444 28,757
8.250% due 03/01/12 70,948 73,676
8.500% due 03/01/16 89,320 94,606
7.500% due 07/01/17 25,219 25,941
11.000% due 04/01/19 68,019 75,003
10.500% due 05/01/19 85,419 93,849
11.000% due 11/01/19 150,856 166,345
-----------
558,177
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - .06%
9.500% due 09/01/05 12,381 12,940
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - .70%
9.000% due 11/15/16 69,749 75,212
9.500% due 05/15/18 22,788 24,603
9.000% due 12/15/19 47,364 50,907
-----------
150,722
-----------
Total Mortgage-Backed Securities (cost $688,710) 721,839
-----------
CORPORATE BONDS AND NOTES - 9.41%
AEROSPACE & DEFENSE - 2.49%
Lockheed Martin Notes (7.700% due 06/15/08) 500,000 $ 538,056
-----------
CONGLOMERATE - 2.28%
Hutchison Whampoa (6.950% due 08/01/07) 500,000 492,560
-----------
ENERGY - 4.64%
Gulf Canada Resources (8.350% due 08/01/06) 500,000 510,000
TE Products Pipeline (7.510% due 01/15/28) 500,000 491,422
-----------
1,001,422
-----------
Total Corporate Bonds (cost $2,058,704) 2,032,038
-----------
SHORT-TERM INVESTMENTS - 23.98%
VARIABLE RATE DEMAND NOTES <F1> - 23.98%
American Family Financial Services
(4.499% due 12/31/31) 915,516 915,516
Firstar Bank (4.653% due 12/31/31) 1,015,000 1,015,000
General Mills Incorporated (4.508% due 12/31/31) 991,937 991,937
Pitney Bowes Credit Corporation
(4.508% due 12/31/31) 571,221 571,221
Sara Lee (4.503% due 12/31/31) 611,135 611,135
Warner Lambert (4.499% due 12/31/31) 146,495 146,495
Wisconsin Electric Power Corporation
(4.573% due 12/31/31) 928,732 928,732
-----------
5,180,036
-----------
Total Short-Term Investments (cost $5,180,036) 5,180,036
-----------
TOTAL INVESTMENTS - 98.91% (cost $21,859,217) <F2> 21,363,243
-----------
OTHER ASSETS AND LIABILITIES - 1.09% 234,462
-----------
TOTAL NET ASSETS - 100.00% $21,597,705
===========
*Non-income producing
(ADR) American Depository Receipt
<FN>
<F1> Interest rates vary periodically based on current market rates. The
maturity shown for each variable rate demand note is the later of the next
scheduled interest rate adjustment date or the date on which principal can be
recovered through demand. Information as of April 30, 1999.
<F2> Represents cost for income tax purposes which is substantially the same
for financial reporting purposes Gross unrealized appreciation and
depreciation of securities as of April 30,1999 was $1,066,618 and
($1,562,592), respectively.
</FN>
</TABLE>
<PAGE>
CARILLON CAPITAL FUND
NOTES TO FINANCIAL STATEMENTS
==========================================================
April 30, 1999
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. The Fund seeks to provide the
highest total return through a combination of income and capital
appreciation consistent with the reasonable risks associated
with an investment portfolio of above average quality by
investing in equity securities, debt instruments, and money
market instruments.
The 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 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, 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 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. All accretion of discounts is recognized currently under
the effective interest method. Amortization of premiums is
recognized currently under the straight-line method. Gains and
losses on sales of investments are calculated on the identified
cost basis for financial reporting and tax purposes. The cost
of investments is substantially the same for financial reporting
and tax purposes.
Federal taxes - It is the intent of the Fund to comply with the
requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially
all of its net investment 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.
The amount of dividends and distributions are determined in
accordance with federal income tax regulations which may differ
from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in
nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification. Dividends and
distributions which exceed net investment income and net
realized capital gains for financial reporting purposes but not
for tax purposes are reported as dividends in excess of net
investment income or distributions in excess of net realized
capital gains. To the extent they exceed net investment income
and net realized capital gains for tax purposes, they are
reported as distributions of paid-in-capital.
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 to unaffiliated parties ranging from 5% on
investment of less that $50,000 to .5% on investments in excess
of $2,500,000.
Other - At April 30, 1999, The Union Central Life Insurance
Company owned 2,062,794 shares (97.24%) 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.
Union Central 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.
NOTE 3 - SUMMARY OF PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of securities for the year ended April 30,
1999, excluding short-term securities, follow:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Common Stocks $ 1,254,552 $ 4,799,887
U.S. Government Securities 5,279,238 2,421,234
Corporate Bonds 797,198 1,901,270
----------- -----------
$ 7,330,988 $ 9,122,391
=========== ===========
</TABLE>
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, 1999 Year ended October 31,
---------------- ------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
-------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of period $ 10.86 $ 13.42 $ 13.75 $ 12.70 $ 13.01 $ 13.00
------- ------- ------- ------- ------- -------
Investment Operations:
Net investment income .20 .57 .51 .60 .52 .35
Net realized and
unrealized gain .03 (1.51) .75 1.17 .73 .16
------- ------- ------- ------- ------- -------
Total from
Investment Operations .23 (.94) 1.26 1.77 1.25 .51
------- ------- ------- ------- ------- -------
Distributions:
Net investment income (.20) (.59) (.52) (.60) (.51) (.32)
Net realized gain (.71) (1.03) (1.07) (.12) (1.05) (.18)
------- ------- ------- ------- ------- -------
Total Distributions (.91) (1.62) (1.59) (.72) (1.56) (.50)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of period $10.18 $10.86 $13.42 $13.75 $12.70 $13.01
======= ======= ======= ======= ======= =======
Total Return <F1> 2.25% (7.77%) 9.94% 14.38% 10.88% 4.56%
Ratios/Supplemental Data:
Net Assets,
End of period (000's) $21,598 $22,553 $47,117 $42,871 $46,644 $41,849
Ratio of Expenses to
Average Net Assets 1.41% 1.11% 1.00% 1.02% 1.01% 1.05%
Ratio of Net Investment
Income to Average
Net Assets 3.76% 4.02% 3.95% 4.52% 4.44% 3.89%
Portfolio Turnover Rate 89.54% 75.47% 45.40% 47.43% 42.07% 53.20%
<FN>
<F1> Assumes sales load is not imposed on either initial investment or
reinvestment of distributions.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000820432
<NAME> CARILLON INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> CARILLON CAPITAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 21,859,217
<INVESTMENTS-AT-VALUE> 21,363,243
<RECEIVABLES> 274,402
<ASSETS-OTHER> 5,885
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,643,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,825
<TOTAL-LIABILITIES> 51,624
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,018,027
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 109,956
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34,304)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (495,974)
<NET-ASSETS> 21,597,705
<DIVIDEND-INCOME> 169,053
<INTEREST-INCOME> 391,458
<OTHER-INCOME> 0
<EXPENSES-NET> 152,756
<NET-INVESTMENT-INCOME> 407,755
<REALIZED-GAINS-CURRENT> (58,061)
<APPREC-INCREASE-CURRENT> 159,156
<NET-CHANGE-FROM-OPS> 508,850
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 418,031
<DISTRIBUTIONS-OF-GAINS> 1,472,594
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206
<NUMBER-OF-SHARES-REDEEMED> 142,259
<SHARES-REINVESTED> 186,935
<NET-CHANGE-IN-ASSETS> (955,525)
<ACCUMULATED-NII-PRIOR> 115,884
<ACCUMULATED-GAINS-PRIOR> 1,500,700
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 81,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,756
<AVERAGE-NET-ASSETS> 21,981,393
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.71
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 0.014
</TABLE>
