N-CSRS 1 d638334dncsrs.htm N-CSRS N-CSRS
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file Number: 811-07470

 

 

CARILLON SERIES TRUST

(Exact name of Registrant as Specified in Charter)

 

 

880 Carillon Parkway

St. Petersburg, FL 33716

(Address of Principal Executive Office) (Zip Code)

 

 

Registrant’s Telephone Number, including Area Code: (727) 567-8143

SUSAN L. WALZER, PRINCIPAL EXECUTIVE OFFICER

880 Carillon Parkway

St. Petersburg, FL 33716

(Name and Address of Agent for Service)

 

 

Copy to:

KATHY KRESCH INGBER, ESQ.

K&L Gates LLP

1601 K Street, NW

Washington, D.C. 20006

 

 

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

 

 

 

Table of Contents

Item 1. Reports to Shareholders

Table of Contents

LOGO

 

LOGO

 

   Semiannual Report
   for the six-month period ended
   April 30, 2018 (unaudited)
   Equity Funds
   Carillon ClariVest Capital Appreciation Fund
   Carillon ClariVest International Stock Fund
   Carillon Cougar Tactical Allocation Fund
   Carillon Eagle Growth & Income Fund
   Carillon Eagle Mid Cap Growth Fund
   Carillon Eagle Mid Cap Stock Fund
   Carillon Eagle Small Cap Growth Fund
   Carillon Eagle Smaller Company Fund
   Carillon Scout International Fund
   Carillon Scout Mid Cap Fund
   Carillon Scout Small Cap Fund
   Fixed Income Funds
   Carillon Reams Core Bond Fund
   Carillon Reams Core Plus Bond Fund
   Carillon Reams Unconstrained Bond Fund

 

LOGO

 

Table of Contents

Table of Contents

 

President’s Letter1
Investment Portfolios
Carillon ClariVest Capital Appreciation Fund2
Carillon ClariVest International Stock Fund3
Carillon Cougar Tactical Allocation Fund5
Carillon Eagle Growth & Income Fund5
Carillon Eagle Mid Cap Growth Fund6
Carillon Eagle Mid Cap Stock Fund7
Carillon Eagle Small Cap Growth Fund9
Carillon Eagle Smaller Company Fund10
Carillon Scout International Fund12
Carillon Scout Mid Cap Fund13
Carillon Scout Small Cap Fund15
Carillon Reams Core Bond Fund17
Carillon Reams Core Plus Bond Fund19
Carillon Reams Unconstrained Bond Fund22
Statements of Assets and Liabilities26
Statements of Operations30
Statements of Changes in Net Assets34
Financial Highlights38
Notes to Financial Statements48
Understanding Your Ongoing Costs64
Approval of Investment Advisory and Subadvisory Agreements67
Principal Risks69

 

LOGO

 

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Table of Contents

President’s Letter

 

Dear Fellow Shareholders:

I am pleased to present the semiannual report of the Carillon Family of Funds for the six-month period that ended April 30, 2018.

The funds’ investment adviser, Carillon Tower Advisers, Inc. (“Carillon Tower”), acquired Scout Investments, Inc. (“Scout”) and its Reams Asset Management division (“Reams”) following the close of business on November 17, 20171. This acquisition allowed further expansion of the range of distinctive investment teams and strategies that we can offer clients. Scout subadvises small-cap, mid-cap and international funds, as well as Reams’ core, core plus, and unconstrained funds. The investment teams share Carillon Tower’s strong commitment to a client-first focus and the core beliefs that drive their investment culture: that independent investment boutiques can lead to better ideas and that active management can lead to better long-term outcomes.

Each subadviser’s approach is based on research and investment in specific securities, with a focus on persistent, fundamental factors, rather than daily news and price movements. Portfolio managers build unique portfolios based upon the experience and insights of their investment teams.

With regard to the markets: in January, volatility returned amid concerns over inflation, rising interest rates, quantitative tightening, talk of “trade wars”, and the sudden implosion of certain levered short-volatility strategies. Although volatility was high on a relative basis, such market choppiness is not unusual; indeed, investors can reasonably expect to see more unrest across equities and fixed income. We believe that such markets, with movements less tethered to fundamentals, can present specific opportunities for experienced active managers. Evidence suggests that global economic growth remains reasonably strong, as reflected in positive indicators and broad, robust earnings results; however, risk awareness is warranted.

The U.S. Federal Reserve has clearly messaged a program of increasing interest rates this year, along with an unwinding of its quantitative easing program. In addition, recent domestic tax cuts and spending programs may increase the level of federal borrowing. Historically, gradually rising interest rates—from a low level, impelled by stronger economic growth—have not been an impediment to higher stock prices. The investment teams continuously monitor the potential for a flattening yield curve and other macroeconomic-level phenomena, in addition to performing proprietary security-specific research.

As with all investments, I would remind you that investing in any mutual fund carries certain risks. Carefully consider the investment objectives, charges and expenses of any fund before you invest. Contact Carillon Fund Services at 800.421.4184, carillontower.com, or your financial adviser for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.

In uncertain times, I believe that there is little substitute for active research and experience. We are grateful for your continued support of the Carillon Family of Funds.

Sincerely,

 

LOGO

J. Cooper Abbott, CFA

President

June 25, 2018

1 On June 1, 2017, in connection with the internal restructuring of the investment management business of Raymond James Financial, Inc. (“RJF”), Carillon Tower succeeded Eagle Asset Management, Inc. (“Eagle”) as the investment adviser to the funds in the Carillon Family of Funds. At that time, Carillon Tower entered into a subadvisory agreement with: (1) Eagle with respect to the Carillon Eagle Growth & Income Fund, the Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Mid Cap Stock Fund, Carillon Eagle Small Cap Growth Fund and the Carillon Eagle Smaller Company Fund; (2) Cougar Global Investments, Inc. (“Cougar”) with respect to the Carillon Cougar Tactical Allocation Fund; and (3) ClariVest Asset Management LLC (“ClariVest”) with respect to the Carillon ClariVest Capital Appreciation Fund and the Carillon ClariVest International Stock Fund. Following the close of business on November 17, 2018, Carillon Tower acquired Scout and its Reams asset management division, and seven series of Scout Funds were reorganized into corresponding newly-created series of Carillon Series Trust (“Carillon Scout Funds”). The Carillon Scout Funds are advised by Carillon Tower and subadvised by Scout.

Carillon Tower is a wholly-owned subsidiary of RJF. Eagle, Scout and Carillon Fund Services, Inc. (“CFS”) are wholly-owned subsidiaries of Carillon Tower. Cougar is wholly-owned by Raymond James International Canada, which is wholly-owned by Raymond James International Holdings, a wholly-owned subsidiary of RJF. Eagle owns Carillon Fund Distributors, Inc. (“CFD”) and 45% of ClariVest. CFD serves as the distributor and CFS serves as the shareholder servicing agent to the Carillon Family of Funds.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

     1  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND  
COMMON STOCKS—99.6%         Shares     Value  
Aerospace & defense—4.7%      

General Dynamics Corp.

       20,100       $4,046,331  

Northrop Grumman Corp.

       21,800       7,020,472  

The Boeing Co.

       31,400       10,473,784  
Airlines—0.5%      

Delta Air Lines, Inc.

       47,900       2,501,338  
Auto components—1.5%      

Lear Corp.

       36,500       6,824,405  
Automobiles—0.4%      

Thor Industries, Inc.

       15,500       1,645,170  
Banks—1.0%      

Bank of America Corp.

       76,500       2,288,880  

Zions Bancorp

       40,900       2,239,275  
Beverages—2.3%      

Constellation Brands, Inc., Class A

       20,500       4,779,165  

The Coca-Cola Co.

       131,400       5,677,794  
Biotechnology—4.3%      

AbbVie, Inc.

       72,700       7,019,185  

Amgen, Inc.

       44,500       7,764,360  

Biogen, Inc.*

       8,200       2,243,520  

Celgene Corp.*

       27,500       2,395,250  
Building products—1.3%      

Owens Corning

       87,900       5,756,571  
Capital markets—2.5%      

E*TRADE Financial Corp.*

       67,000       4,065,560  

State Street Corp.

       29,600       2,953,488  

The Bank of New York Mellon Corp.

       80,500       4,388,055  
Chemicals—1.5%      

LyondellBasell Industries N.V., Class A

       48,100       5,085,613  

Westlake Chemical Corp.

       16,065       1,718,473  
Communications equipment—1.0%      

Cisco Systems, Inc.

       106,800       4,730,172  
Containers & packaging—0.5%      

Owens-Illinois, Inc.*

       101,600       2,065,528  
Food & staples retailing—1.0%      

Wal-Mart Stores, Inc.

       49,800       4,405,308  
Food products—2.6%      

Archer-Daniels-Midland Co.

       67,700       3,072,226  

Ingredion, Inc.

       22,000       2,663,980  

Pinnacle Foods, Inc.

       50,500       3,050,200  

Tyson Foods, Inc., Class A

       45,200       3,168,520  
Health care equipment & supplies—2.1%      

Edwards Lifesciences Corp.*

       38,800       4,941,568  

The Cooper Companies, Inc.

       20,600       4,711,426  
Health care providers & services—6.1%      

Aetna, Inc.

       31,900       5,711,695  

CVS Health Corp.

       26,700       1,864,461  

Laboratory Corp. of America Holdings*

       31,200       5,327,400  

UnitedHealth Group, Inc.

       62,900       14,869,560  
Hotels, restaurants & leisure—3.8%      

Dominos Pizza, Inc.

       15,900       3,843,507  

McDonald’s Corp.

       54,000       9,041,760  

Wyndham Worldwide Corp.

       38,700       4,419,927  
COMMON STOCKS—99.6%         Shares     Value  
Household durables—1.3%      

D.R. Horton, Inc.

       136,500       $ 6,025,110  
Insurance—0.6%      

The Progressive Corp.

       42,300       2,550,267  
Internet & direct marketing retail—4.9%      

Amazon.com, Inc.*

       14,200       22,239,046  
Internet software & services—10.7%      

Alphabet, Inc., Class A*

       12,114       12,339,078  

Alphabet, Inc., Class C*

       12,212       12,423,634  

eBay, Inc.*

       138,100       5,231,228  

Facebook, Inc., Class A*

       110,400       18,988,800  
IT services—7.7%      

Amdocs Ltd.

       48,500       3,261,625  

Fiserv, Inc.*

       72,800       5,158,608  

Global Payments, Inc.

       21,900       2,475,795  

MasterCard, Inc., Class A

       53,430       9,524,966  

Visa, Inc., Class A

       69,300       8,792,784  

Worldpay, Inc., Class A*

       74,446       6,046,504  
Life sciences tools & services—1.6%      

Thermo Fisher Scientific, Inc.

       34,400       7,236,040  
Machinery—3.7%      

Caterpillar, Inc.

       52,800       7,622,208  

Ingersoll-Rand PLC

       32,700       2,743,203  

Oshkosh Corp.

       35,400       2,554,464  

Parker-Hannifin Corp.

       13,800       2,271,756  

Stanley Black & Decker, Inc.

       11,900       1,684,921  
Media—0.5%      

Comcast Corp., Class A

       79,000       2,479,810  
Metals & mining—1.2%      

Steel Dynamics, Inc.

       118,500       5,309,985  
Multiline retail—0.7%      

Kohl’s Corp.

       54,133       3,362,742  
Oil, gas & consumable fuels—0.8%      

Valero Energy Corp.

       32,500       3,605,225  
Pharmaceuticals—1.8%      

Johnson & Johnson

       37,900       4,793,971  

Merck & Co., Inc.

       58,700       3,455,669  
Semiconductors & semiconductor equipment—4.8%      

Applied Materials, Inc.

       144,600       7,182,282  

KLA-Tencor Corp.

       19,800       2,014,452  

Lam Research Corp.

       33,100       6,125,486  

NVIDIA Corp.

       29,400       6,612,060  
Software—10.5%      

Activision Blizzard, Inc.

       64,300       4,266,305  

Adobe Systems, Inc.*

       30,700       6,803,120  

Electronic Arts, Inc.*

       41,800       4,931,564  

Microsoft Corp.

       285,000       26,653,200  

Synopsys, Inc.*

       62,200       5,318,722  
Specialty retail—3.1%      

Ross Stores, Inc.

       36,700       2,967,195  

The Home Depot, Inc.

       59,600       11,014,080  
Technology hardware, storage & peripherals—6.4%      

Apple, Inc.

       150,166       24,816,433  

NetApp, Inc.

       65,400       4,354,332  
 

 

2    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)  
COMMON STOCKS—99.6%         Shares     Value  
Textiles, apparel & luxury goods—1.5%      

PVH Corp.

       43,500       $ 6,945,645  
Trading companies & distributors—0.7%      

United Rentals, Inc.*

       20,300       3,045,000  
Total common stocks (cost $283,518,085)

 

     454,001,242  
Total investment portfolio (cost $283,518,085)—99.6%         454,001,242  

Other assets in excess of liabilities—0.4%

         2,040,183  
Total net assets—100.0%         $456,041,425  

* Non-income producing security

Sector allocation  
Sector   Percent of net assets  
Information technology     41.2%  
Consumer discretionary     17.7%  
Health care     15.9%  
Industrials     10.9%  
Consumer staples     5.9%  
Financials     4.1%  
Materials     3.1%  
Energy     0.8%  

 

 
CARILLON CLARIVEST INTERNATIONAL STOCK FUND  
COMMON STOCKS—93.3%         Shares     Value  
Australia—2.8%      

Link Administration Holdings Ltd.

       26,735       $166,354  

Origin Energy Ltd*

       28,568       208,568  

Qantas Airways Ltd.

       31,764       137,372  

St Barbara Ltd.

       20,657       65,901  
Belgium—1.0%      

Anheuser-Busch InBev S.A./N.V.

       2,174       215,951  
Denmark—1.4%      

Danske Bank A/S

       5,411       188,314  

DFDS A/S

       1,775       110,510  
France—8.2%      

Atos SE

       1,439       194,265  

BNP Paribas S.A.

       2,215       170,996  

Cie Generale des Etablissements Michelin

       1,311       184,356  

Credit Agricole S.A.

       9,828       161,841  

Eiffage S.A.

       2,748       327,099  

ENGIE S.A.

       4,366       76,586  

Renault S.A.

       1,894       205,274  

Sanofi

       2,635       208,329  

VINCI S.A.

       1,704       170,372  
Germany—7.3%      

Allianz SE

       1,782       421,485  

BASF SE

       2,024       210,584  

Covestro AG

       3,863       351,010  
COMMON STOCKS—93.3%         Shares     Value  
Germany (cont’d)      

Daimler AG

       1,706       $ 134,122  

Deutsche Lufthansa AG

       2,923       84,958  

Leoni AG

       1,989       124,566  

Siltronic AG

       649       103,922  

TAG Immobilien AG

       4,176       88,247  
Hong Kong—2.0%      

CK Asset Holdings Ltd.

       6,172       53,282  

Kerry Properties Ltd.

       13,000       62,147  

Xinyi Glass Holdings Ltd.*

       202,000       290,395  
Israel—1.4%      

Bank Leumi Le-Israel B.M.

       13,380       78,937  

Israel Discount Bank Ltd., Class A*

       48,594       134,553  

Tower Semiconductor Ltd.*

       2,763       72,058  
Italy—2.3%      

Enel SpA

       57,052       361,922  

Intesa Sanpaolo SpA

       31,288       119,018  
Japan—27.9%      

ANA Holdings, Inc.

       2,600       102,919  

Asahi Group Holdings Ltd.

       7,200       364,217  

Cosmo Energy Holdings Co. Ltd.

       1,900       62,592  

Fujitsu Ltd.

       13,000       78,812  

Fukuoka Financial Group, Inc.

       13,000       69,604  

Hanwa Co. Ltd.

       2,500       109,230  

Haseko Corp.

       5,100       80,221  

Hitachi Ltd.

       51,000       372,226  

Honda Motor Co. Ltd.

       6,400       220,070  

ITOCHU Corp.

       24,200       483,962  

JFE Holdings, Inc.

       6,300       129,291  

JXTG Holdings, Inc.

       30,600       199,474  

KDDI Corp.

       3,800       102,006  

Kyocera Corp.

       2,500       159,733  

Marubeni Corp.

       57,700       433,302  

Mitsubishi Chemical Holdings Corp.

       9,000       85,136  

Mitsubishi UFJ Financial Group, Inc.

       33,100       221,814  

Mitsui Chemicals, Inc.

       5,100       146,198  

Nichirei Corp.

       3,800       110,084  

Nippon Electric Glass Co. Ltd.

       2,600       74,927  

Nippon Light Metal Holdings Co. Ltd.

       13,400       35,819  

Nippon Suisan Kaisha Ltd.

       10,900       59,073  

Nippon Telegraph & Telephone Corp.

       7,600       360,659  

Nipro Corp.

       6,400       92,115  

Penta-Ocean Construction Co. Ltd.

       11,500       90,630  

SCREEN Holdings Co. Ltd.

       1,300       106,333  

SoftBank Group Corp.

       2,500       191,022  

Sony Corp.

       3,800       177,483  

Sumitomo Corp.

       11,500       206,431  

Sumitomo Mitsui Financial Group, Inc.

       3,800       158,377  

The Hiroshima Bank Ltd.

       8,800       66,966  

The Kansai Electric Power Co., Inc.

       5,100       71,358  

Tokyo Electron Ltd.

       1,300       249,669  

Toyota Motor Corp.

       5,100       334,419  
Netherlands—5.2%      

Aegon N.V.

       17,580       128,840  

AerCap Holdings N.V.*

       2,000       104,260  

ASR Nederland N.V.

       6,085       286,991  

NN Group N.V.

       7,626       365,474  

NXP Semiconductors N.V.*

       1,800       188,820  
 

 

The accompanying notes are an integral part of the financial statements      3  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)  
COMMON STOCKS—93.3%         Shares     Value  
Norway—0.6%      

Aker BP ASA

       3,548       $ 116,373  
Singapore—2.6%      

DBS Group Holdings Ltd.

       8,900       205,342  

Oversea-Chinese Banking Corp. Ltd.

       26,500       273,708  

Yanlord Land Group Ltd.

       40,700       51,899  
Spain—1.5%      

Banco Santander S.A.

       18,377       118,732  

Iberdrola S.A.

       15,430       119,211  

Repsol S.A.

       3,778       72,095  
Sweden—2.6%      

Ahlsell AB

       23,832       142,302  

Boliden AB

       2,597       89,985  

Svenska Cellulosa AB SCA, Class B

       7,269       80,502  

Tele2 AB, Class B

       8,808       114,169  

Volvo AB, Class B

       7,078       119,946  
Switzerland—11.7%      

Baloise Holding AG

       1,757       278,493  

Bossard Holding AG, Class A

       166       34,018  

Lonza Group AG*

       1,221       298,329  

Nestle S.A.

       5,614       434,917  

Novartis AG

       5,241       403,422  

Sika AG

       25       181,406  

Straumann Holding AG

       280       190,072  

Swiss Life Holding AG*

       547       191,351  

UBS Group AG*

       10,949       183,778  

Zurich Insurance Group AG

       751       239,896  
United Kingdom—14.8%      

3i Group PLC

       19,458       251,169  

Ashtead Group PLC

       5,678       157,695  

Aviva PLC

       20,365       147,966  

Barclays PLC

       44,882       127,964  

Bellway PLC

       3,005       136,928  

BP PLC

       49,329       366,416  

Carnival PLC

       3,412       221,766  

Electrocomponents PLC

       8,148       68,117  

Glencore PLC*

       29,436       141,794  

HSBC Holdings PLC

       15,960       158,899  

Lloyds Banking Group PLC

       149,870       132,928  

Persimmon PLC

       2,699       100,823  

Redrow PLC

       7,571       65,241  

Royal Dutch Shell PLC, Class B

       14,704       524,919  

Standard Chartered PLC

       13,113       137,740  

Tesco PLC

       105,413       341,428  
Total common stocks (cost $16,833,025)         19,385,590  
PREFERRED STOCKS—1.1%      
Germany—1.1%      

Volkswagen AG

       1,138       234,695  
Total preferred stocks (cost $215,532)         234,695  
EXCHANGE TRADED FUNDS—1.0%         Shares     Value  
United States—1.0%      

iShares MSCI EAFE ETF

       2,900       $ 205,146  
Total exchange traded funds (cost $203,653)         205,146  
Total investment portfolio (cost $17,252,210)—95.4%         19,825,431  

Other assets in excess of liabilities—4.6%

         957,040  
Total net assets—100.0%         $20,782,471  

* Non-income producing security

ETF—Exchange Traded Fund

Sector allocation      
Sector   Percent of net assets  
Financials     24.2%  
Industrials     13.6%  
Consumer discretionary     12.1%  
Information technology     8.8%  
Energy     7.5%  
Consumer staples     7.3%  
Materials     7.3%  
Health care     5.7%  
Telecommunication services     3.7%  
Utilities     3.0%  
Real estate     1.2%  
Exchange traded funds     1.0%  
Industry allocation        
Industry   Value     Percent of
net assets		  
Banks     $2,525,733       12.2%  
Insurance     2,060,496       9.9%  
Trading companies & distributors     1,671,200       8.0%  
Oil, gas & consumable fuels     1,550,438       7.5%  
Automobiles     1,128,581       5.4%  
Chemicals     974,334       4.7%  
Semiconductors & semiconductor equipment     720,802       3.5%  
Electronic equipment, instruments & components     675,004       3.2%  
Pharmaceuticals     611,751       2.9%  
Food products     604,074       2.9%  
Auto components     599,317       2.9%  
Construction & engineering     588,100       2.8%  
Beverages     580,168       2.8%  
Household durables     560,696       2.7%  
Electric utilities     552,491       2.7%  
 

 

4    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)  
Industry allocation (cont’d)        
Industry   Value     Percent of
net assets		  
Metals & mining     $462,790       2.2%  
IT services     439,431       2.1%  
Capital markets     434,947       2.1%  
Wireless telecommunication services     407,196       2.0%  
Diversified telecommunication services     360,659       1.7%  
Food & staples retailing     341,428       1.6%  
Airlines     325,248       1.6%  
Life sciences tools & services     298,329       1.4%  
Health care equipment & supplies     282,186       1.4%  
Real estate management & development     255,576       1.2%  
Hotels, restaurants & leisure     221,766       1.1%  
Exchange traded funds     205,146       1.0%  
Machinery     119,946       0.6%  
Marine     110,510       0.5%  
Paper & forest products     80,502       0.4%  
Multi-utilities     76,586       0.4%  

 

 
CARILLON COUGAR TACTICAL ALLOCATION FUND  
EXCHANGE TRADED FUNDS—98.9%         Shares     Value  
Domestic—81.5%      
Equity—68.1%      

iShares Core S&P 500 ETF

       30,914       $8,232,707  

iShares Core S&P Mid-Cap ETF

       7,966       1,489,323  

iShares Core S&P Small-Cap ETF

       19,358       1,506,440  
Fixed Income—13.4%      

iShares Core U.S. Aggregate Bond ETF

       20,889       2,214,234  
Total domestic exchange traded funds (cost $13,016,547)

 

     13,442,704  
Foreign—17.4%      
Equity—17.4%      

iShares Core MSCI Emerging Markets ETF

       20,225       1,149,791  

iShares MSCI Eurozone ETF

       19,465       862,884  

iShares MSCI Japan ETF

       14,125       856,540  
Total foreign exchange traded funds (cost $2,911,415)         2,869,215  
Total exchange traded funds (cost $15,927,962)         16,311,919  
Total investment portfolio (cost $15,927,962)—98.9%         16,311,919  

Other assets in excess of liabilities—1.1%

         183,377  
Total net assets—100.0%         $16,495,296  

ETF—Exchange Traded Fund

Asset allocation      
Asset class   Percent of net assets  
Equity     85.5%  
Fixed income     13.4%  

 

 
CARILLON EAGLE GROWTH & INCOME FUND  
COMMON STOCKS—98.7%         Shares     Value  
Aerospace & defense—3.6%      

Lockheed Martin Corp.

       66,371       $21,294,472  
Banks—11.7%      

JPMorgan Chase & Co.

       242,597       26,389,702  

The PNC Financial Services Group, Inc.

       169,707       24,711,036  

Wells Fargo & Co.

       337,744       17,549,178  
Beverages—5.3%      

PepsiCo, Inc.

       132,319       13,356,280  

The Coca-Cola Co.

       403,492       17,434,889  
Chemicals—2.2%      

DowDuPont, Inc.

       206,943       13,087,075  
Communications equipment—3.5%      

Cisco Systems, Inc.

       460,974       20,416,538  
Diversified telecommunication services—2.8%      

AT&T, Inc.

       497,789       16,277,700  
Electric utilities—2.2%      

Great Plains Energy, Inc.

       394,709       12,918,825  
Equity real estate investment trusts (REITs)—6.7%      

Camden Property Trust

       89,126       7,611,361  

Crown Castle International Corp.

       141,008       14,223,477  

Prologis, Inc.

       192,575       12,500,043  

Simon Property Group, Inc.

       31,203       4,878,277  
Food & staples retailing—2.3%      

Sysco Corp.

       217,549       13,605,514  
Health care equipment & supplies—4.0%      

Abbott Laboratories

       232,859       13,536,094  

Medtronic PLC

       123,380       9,886,439  
Hotels, restaurants & leisure—5.7%      

Carnival Corp.

       321,837       20,295,041  

McDonald’s Corp.

       77,985       13,057,809  
Household products—1.9%      

The Procter & Gamble Co.

       152,105       11,003,276  
Industrial conglomerates—5.8%      

3M Co.

       64,045       12,449,708  

Honeywell International, Inc.

       148,309       21,457,346  
Media—3.3%      

Cinemark Holdings, Inc.

       493,782       19,341,441  
Multi-utilities—2.2%      

Sempra Energy

       113,837       12,726,977  
Oil, gas & consumable fuels—9.2%      

Chevron Corp.

       147,861       18,498,890  

Occidental Petroleum Corp.

       218,702       16,896,916  

TOTAL S.A., Sponsored ADR

       292,565       18,317,495  
 

 

The accompanying notes are an integral part of the financial statements      5  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON EAGLE GROWTH & INCOME FUND (cont’d)  
COMMON STOCKS—98.7%         Shares     Value  
Pharmaceuticals—9.3%      

Johnson & Johnson

       157,046       $ 19,864,749  

Merck & Co., Inc.

       236,593       13,928,230  

Pfizer, Inc.

       573,756       21,005,207  
Road & rail—2.9%      

Union Pacific Corp.

       128,406       17,158,894  
Software—4.5%      

Microsoft Corp.

       279,411       26,130,517  
Specialty retail—3.6%      

The Home Depot, Inc.

       113,792       21,028,761  
Technology hardware, storage & peripherals—3.8%      

Apple, Inc.

       135,662       22,419,502  
Tobacco—2.2%      

Altria Group, Inc.

       227,022       12,738,204  
Total common stocks (cost $387,913,490)         577,995,863  
Total investment portfolio (cost $387,913,490)—98.7%

 

     577,995,863  

Other assets in excess of liabilities—1.3%

         7,753,146  
Total net assets—100.0%         $585,749,009  

ADR—American depository receipt

Sector allocation      
Sector   Percent of net assets  
Health care     13.4%  
Consumer discretionary     12.6%  
Industrials     12.3%  
Information technology     11.8%  
Financials     11.7%  
Consumer staples     11.6%  
Energy     9.2%  
Real estate     6.7%  
Utilities     4.4%  
Telecommunication services     2.8%  
Materials     2.2%  

 

 
CARILLON EAGLE MID CAP GROWTH FUND  
COMMON STOCKS—97.9%         Shares     Value  
Aerospace & defense—2.1%      

Harris Corp.

       209,302       $32,739,019  

Hexcel Corp.

       515,975       34,296,858  
Air freight & logistics—1.0%      

C.H. Robinson Worldwide, Inc.

       340,444       31,331,061  
Airlines—1.5%      

Delta Air Lines, Inc.

       437,124       22,826,615  

Southwest Airlines Co.

       516,097       27,265,405  
COMMON STOCKS—97.9%         Shares     Value  
Auto components—0.8%      

Aptiv PLC

       298,286       $ 25,229,030  
Banks—2.2%      

Synovus Financial Corp.

       666,717       34,849,297  

Western Alliance Bancorp*

       622,113       36,692,225  
Beverages—2.8%      

Constellation Brands, Inc., Class A

       180,546       42,090,689  

Monster Beverage Corp.*

       911,725       50,144,875  
Biotechnology—1.1%      

BioMarin Pharmaceutical, Inc.*

       279,498       23,340,878  

Incyte Corp.*

       226,750       14,044,895  
Building products—2.3%      

A.O. Smith Corp.

       468,057       28,715,297  

Allegion PLC

       284,995       21,995,914  

Fortune Brands Home & Security, Inc.

       442,674       24,209,841  
Capital markets—3.8%      

Ameriprise Financial, Inc.

       383,720       53,801,381  

MarketAxess Holdings, Inc.

       169,173       33,602,833  

Moody’s Corp.

       227,794       36,948,187  
Chemicals—2.6%      

Huntsman Corp.

       958,574       28,536,748  

International Flavors & Fragrances, Inc.

       178,207       25,173,521  

The Sherwin-Williams Co.

       84,977       31,242,644  
Commercial services & supplies—2.5%      

Waste Connections, Inc.

       1,118,085       80,837,545  
Construction materials—1.6%      

Martin Marietta Materials, Inc.

       261,627       50,957,091  
Containers & packaging—1.0%      

Ball Corp.

       805,398       32,288,406  
Distributors—1.2%      

Pool Corp.

       281,958       39,138,590  
Diversified consumer services—0.7%      

Bright Horizons Family Solutions, Inc.*

       240,459       22,814,750  
Diversified telecommunication services—0.8%      

Zayo Group Holdings, Inc.*

       727,682       26,414,857  
Electronic equipment, instruments & components—5.8%      

Amphenol Corp., Class A

       364,301       30,495,636  

Coherent, Inc.*

       281,969       47,432,825  

FLIR Systems, Inc.

       634,140       33,958,197  

IPG Photonics Corp.*

       177,061       37,719,305  

Keysight Technologies, Inc.*

       772,638       39,929,932  
Equity real estate investment trusts (REITs)—2.0%      

SBA Communications Corp.*

       412,057       66,023,893  
Food products—0.6%      

The Hain Celestial Group, Inc.*

       723,706       21,081,556  
Health care equipment & supplies—7.1%      

ABIOMED, Inc.*

       175,180       52,720,421  

Align Technology, Inc.*

       198,314       49,548,753  

Edwards Lifesciences Corp.*

       384,727       48,998,830  

IDEXX Laboratories, Inc.*

       249,314       48,489,080  

Intuitive Surgical, Inc.*

       73,987       32,611,990  
Health care providers & services—1.9%      

Centene Corp.*

       316,738       34,391,412  

Cigna Corp.

       154,619       26,566,637  
 

 

6    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON EAGLE MID CAP GROWTH FUND (cont’d)  
COMMON STOCKS—97.9%         Shares     Value  
Hotels, restaurants & leisure—4.8%      

ILG, Inc.

       1,273,887       $ 43,477,763  

MGM Resorts International

       1,339,375       42,083,162  

Royal Caribbean Cruises Ltd.

       294,498       31,861,739  

Vail Resorts, Inc.

       164,202       37,653,161  
Household durables—0.8%      

Lennar Corp., Class A

       464,178       24,550,374  
Insurance—2.2%      

The Progressive Corp.

       1,166,406       70,322,618  
Internet & direct marketing retail—2.4%      

Qurate Retail Group, Inc. QVC Group, Class A*

       2,376,069       55,623,775  

TripAdvisor, Inc.*

       561,804       21,022,706  
Internet software & services—0.8%      

Spotify Technology S.A.*

       164,262       26,556,237  
IT services—3.7%      

DXC Technology Co.

       471,618       48,604,951  

Square, Inc., Class A*

       853,686       40,413,495  

Worldpay, Inc., Class A*

       382,639       31,077,940  
Leisure products—1.2%      

Brunswick Corp.

       659,673       39,501,219  
Life sciences tools & services—2.1%      

Illumina, Inc.*

       191,980       46,253,742  

IQVIA Holdings, Inc.*

       236,395       22,637,185  
Machinery—1.1%      

WABCO Holdings, Inc.*

       273,229       35,243,809  
Media—3.0%      

Lions Gate Entertainment Corp., Class A

       749,023       18,643,183  

Lions Gate Entertainment Corp., Class B

       310,166       7,140,021  

Sirius XM Holdings, Inc.

       11,196,488       70,873,769  
Multiline retail—1.0%      

Dollar Tree, Inc.*

       332,281       31,862,425  
Oil, gas & consumable fuels—3.3%      

Diamondback Energy, Inc.*

       378,793       48,655,961  

RSP Permian, Inc.*

       1,212,572       60,155,697  
Pharmaceuticals—1.7%      

Zoetis, Inc.

       679,372       56,713,975  
Professional services—3.3%      

IHS Markit Ltd.*

       811,137       39,851,161  

TransUnion*

       1,050,949       68,217,099  
Road & rail—1.0%      

Old Dominion Freight Line, Inc.

       254,205       34,027,881  
Semiconductors & semiconductor equipment—5.5%      

Advanced Micro Devices, Inc.*

       4,465,032       48,579,548  

Maxim Integrated Products, Inc.

       546,982       29,810,519  

Microchip Technology, Inc.

       478,434       40,025,788  

Micron Technology, Inc.*

       582,157       26,767,579  

NVIDIA Corp.

       157,770       35,482,473  
Software—10.4%      

Autodesk, Inc.*

       327,081       41,179,498  

Electronic Arts, Inc.*

       389,650       45,970,907  

PTC, Inc.*

       401,790       33,087,406  

ServiceNow, Inc.*

       224,783       37,345,448  

Splunk, Inc.*

       475,902       48,851,340  
COMMON STOCKS—97.9%         Shares     Value  
Software (cont’d)      

Synopsys, Inc.*

       364,550       $ 31,172,671  

Tableau Software, Inc., Class A*

       387,396       32,948,030  

The Ultimate Software Group, Inc.*

       127,964       30,701,123  

Tyler Technologies, Inc.*

       165,034       36,129,243  
Specialty retail—2.3%      

Burlington Stores, Inc.*

       553,128       75,142,439  
Trading companies & distributors—1.9%      

United Rentals, Inc.*

       262,945       39,441,750  

W.W. Grainger, Inc.

       83,009       23,354,582  
Total common stocks (cost $2,454,374,514)         3,190,512,311  
Total investment portfolio (cost $2,454,374,514)—97.9%

 

     3,190,512,311  

Other assets in excess of liabilities—2.1%

         69,874,596  
Total net assets—100.0%         $3,260,386,907  

* Non-income producing security

Sector allocation      
Sector   Percent of net assets  
Information technology     26.2%  
Consumer discretionary     18.0%  
Industrials     16.7%  
Health care     14.0%  
Financials     8.2%  
Materials     5.2%  
Consumer staples     3.5%  
Energy     3.3%  
Real estate     2.0%  
Telecommunication services     0.8%  

 

 
CARILLON EAGLE MID CAP STOCK FUND  
COMMON STOCKS—96.9%         Shares     Value  
Auto components—1.4%      

Aptiv PLC

       39,555       $3,345,562  
Banks—7.7%      

Chemical Financial Corp.

       43,584       2,392,326  

First Hawaiian, Inc.

       109,712       3,022,566  

First Republic Bank

       38,060       3,534,632  

Synovus Financial Corp.

       45,894       2,398,879  

Western Alliance Bancorp*

       40,794       2,406,030  

Zions Bancorp

       86,963       4,761,224  
Beverages—4.0%      

Constellation Brands, Inc., Class A

       27,568       6,426,928  

Monster Beverage Corp.*

       56,786       3,123,230  
Biotechnology—0.7%      

BioMarin Pharmaceutical, Inc.*

       19,596       1,636,462  
Capital markets—4.7%      

Lazard Ltd., Class A

       59,395       3,232,276  
 

 

The accompanying notes are an integral part of the financial statements      7  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON EAGLE MID CAP STOCK FUND (cont’d)  
COMMON STOCKS—96.9%         Shares     Value  
Capital markets (cont’d)      

MarketAxess Holdings, Inc.

       12,253       $ 2,433,813  

Moody’s Corp.

       14,976       2,429,107  

NASDAQ, Inc.

       35,992       3,178,814  
Chemicals—2.0%      

Huntsman Corp.

       41,753       1,242,987  

International Flavors & Fragrances, Inc.

       11,967       1,690,458  

The Sherwin-Williams Co.

       4,973       1,828,373  
Commercial services & supplies—1.7%      

Waste Connections, Inc.

       58,648       4,240,250  
Construction & engineering—0.9%      

Quanta Services, Inc.*

       68,272       2,218,840  
Construction materials—1.3%      

Martin Marietta Materials, Inc.

       15,744       3,066,459  
Containers & packaging—0.5%      

Ball Corp.

       30,728       1,231,886  
Distributors—2.8%      

LKQ Corp.*

       142,531       4,421,312  

Pool Corp.

       16,410       2,277,872  
Diversified consumer services—1.8%      

Bright Horizons Family Solutions, Inc.*

       44,969       4,266,659  
Diversified telecommunication services—0.7%      

Zayo Group Holdings, Inc.*

       46,521       1,688,712  
Electrical equipment—2.7%      

AMETEK, Inc.

       93,033       6,493,703  
Electronic equipment, instruments & components—4.9%      

Amphenol Corp., Class A

       53,482       4,476,978  

Cognex Corp.

       48,720       2,253,300  

FLIR Systems, Inc.

       95,263       5,101,334  
Equity real estate investment trusts (REITs)—2.2%      

Crown Castle International Corp.

       18,698       1,886,068  

SBA Communications Corp.*

       20,901       3,348,967  
Food products—0.6%      

The Hain Celestial Group, Inc.*

       50,154       1,460,986  
Health care equipment & supplies—6.3%      

ABIOMED, Inc.*

       12,339       3,713,422  

Align Technology, Inc.*

       13,962       3,488,406  

Intuitive Surgical, Inc.*

       4,903       2,161,144  

Teleflex, Inc.

       11,975       3,207,863  

West Pharmaceutical Services, Inc.

       29,066       2,563,912  
Health care providers & services—4.2%      

Centene Corp.*

       34,057       3,697,909  

Laboratory Corp. of America Holdings*

       38,020       6,491,915  
Health care technology—1.4%      

Medidata Solutions, Inc.*

       48,068       3,430,132  
Hotels, restaurants & leisure—1.4%      

Wyndham Worldwide Corp.

       30,081       3,435,551  
Household durables—1.8%      

Mohawk Industries, Inc.*

       20,802       4,365,924  
Industrial conglomerates—2.3%      

Roper Technologies, Inc.

       20,887       5,518,137  
COMMON STOCKS—96.9%         Shares     Value  
Insurance—3.7%      

Arch Capital Group Ltd.*

       58,630       $ 4,698,022  

The Progressive Corp.

       70,067       4,224,339  
IT services—3.4%      

Amdocs Ltd.

       36,978       2,486,770  

Fiserv, Inc.*

       54,803       3,883,341  

Gartner, Inc.*

       15,332       1,859,618  
Life sciences tools & services—1.9%      

Agilent Technologies, Inc.

       70,327       4,623,297  
Machinery—3.3%      

Snap-on, Inc.

       29,352       4,263,378  

The Middleby Corp.*

       29,625       3,728,010  
Media—0.9%      

Omnicom Group, Inc.

       31,222       2,299,813  
Multiline retail—1.1%      

Dollar Tree, Inc.*

       27,521       2,638,989  
Oil, gas & consumable fuels—3.6%      

Concho Resources, Inc.*

       34,343       5,399,063  

Diamondback Energy, Inc.*

       25,037       3,216,003  
Pharmaceuticals—3.1%      

Catalent, Inc.*

       63,462       2,608,923  

Zoetis, Inc.

       57,378       4,789,915  
Professional services—1.3%      

Verisk Analytics, Inc.*

       29,180       3,106,211  
Road & rail—2.5%      

Genesee & Wyoming, Inc., Class A*

       36,903       2,627,494  

J.B. Hunt Transport Services, Inc.

       29,243       3,434,005  
Semiconductors & semiconductor equipment—3.9%      

Analog Devices, Inc.

       25,440       2,222,184  

Microchip Technology, Inc.

       62,602       5,237,283  

Skyworks Solutions, Inc.

       21,697       1,882,432  
Software—7.1%      

ANSYS, Inc.*

       15,294       2,472,428  

Nice Ltd., Sponsored ADR*

       83,181       7,916,336  

The Ultimate Software Group, Inc.*

       28,319       6,794,294  
Specialty retail—0.8%      

Ulta Beauty, Inc.*

       7,908       1,984,196  
Textiles, apparel & luxury goods—1.3%      

PVH Corp.

       20,127       3,213,678  
Trading companies & distributors—1.0%      

Fastenal Co.

       46,582       2,328,634  
Total common stocks (cost $164,739,675)         233,529,964  
Total investment portfolio (cost $164,739,675)—96.9%

 

     233,529,964  

Other assets in excess of liabilities—3.1%

         7,587,956  
Total net assets—100.0%         $241,117,920  

* Non-income producing security

ADR—American depository receipt

 

 

8    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON EAGLE MID CAP STOCK FUND (cont’d)  
Sector allocation  
Sector   Percent of net assets  
Information technology     19.3%  
Health care     17.6%  
Financials     16.0%  
Industrials     15.7%  
Consumer discretionary     13.4%  
Consumer staples     4.6%  
Materials     3.8%  
Energy     3.6%  
Real estate     2.2%  
Telecommunication services     0.7%  

 

 
CARILLON EAGLE SMALL CAP GROWTH FUND  
COMMON STOCKS—97.5%         Shares     Value  
Aerospace & defense—1.4%      

Hexcel Corp.

       1,056,896       $70,251,877  
Airlines—1.0%      

JetBlue Airways Corp.*

       2,751,539       52,802,033  
Auto components—1.2%      

Visteon Corp.*

       516,321       64,250,985  
Banks—4.2%      

Synovus Financial Corp.

       1,863,200       97,389,464  

Texas Capital Bancshares, Inc.*

       658,553       64,966,253  

UMB Financial Corp.

       690,838       52,904,374  
Biotechnology—9.9%      

Acceleron Pharma, Inc.*

       657,640       22,958,212  

Aimmune Therapeutics, Inc.*

       964,906       29,950,682  

Akebia Therapeutics, Inc.*

       2,060,804       18,980,005  

Amicus Therapeutics, Inc.*

       1,859,320       26,309,378  

Atara Biotherapeutics, Inc.*

       1,286,445       51,908,056  

Avexis, Inc.*

       217,163       46,181,884  

Biohaven Pharmaceutical Holding Co. Ltd.*

       690,417       20,132,560  

Bluebird Bio, Inc.*

       152,795       25,998,069  

Exact Sciences Corp.*

       640,938       32,053,309  

FibroGen, Inc.*

       708,315       32,192,917  

Heron Therapeutics, Inc.*

       1,274,695       38,623,258  

Ligand Pharmaceuticals, Inc.*

       224,422       34,751,747  

Progenics Pharmaceuticals, Inc.*

       3,948,024       25,701,636  

Puma Biotechnology, Inc.*

       207,820       13,248,525  

Sage Therapeutics, Inc.*

       262,656       37,801,452  

Sarepta Therapeutics, Inc.*

       695,904       53,139,229  
Building products—2.5%      

Builders FirstSource, Inc.*

       3,393,907       61,870,925  

Trex Co., Inc.*

       655,950       68,140,086  
Capital markets—0.7%      

Stifel Financial Corp.

       662,802       38,628,101  
Chemicals—2.6%      

Quaker Chemical Corp.

       683,441       100,458,993  

Sensient Technologies Corp.

       546,716       36,438,621  
COMMON STOCKS—97.5%         Shares     Value  
Commercial services & supplies—1.2%      

Ritchie Bros Auctioneers, Inc.

       1,149,455       $ 37,621,662  

The Brink’s Co.

       345,004       25,461,295  
Communications equipment—1.2%      

Infinera Corp.*

       2,768,997       32,452,645  

Lumentum Holdings, Inc.*

       594,857       30,010,536  
Construction materials—0.7%      

Summit Materials, Inc., Class A*

       1,366,287       38,447,316  
Consumer finance—1.8%      

FirstCash, Inc.

       370,597       32,130,760  

Green Dot Corp., Class A*

       958,585       58,291,554  
Distributors—1.3%      

Pool Corp.

       464,924       64,536,100  
Diversified consumer services—1.1%      

Bright Horizons Family Solutions, Inc.*

       408,510       38,759,429  

Weight Watchers International, Inc.*

       227,826       15,959,211  
Electrical equipment—1.3%      

Acuity Brands, Inc.

       268,780       32,191,781  

Thermon Group Holdings, Inc.*

       1,591,313       36,266,023  
Electronic equipment, instruments & components—5.6%      

Cognex Corp.

       1,511,418       69,903,083  

Coherent, Inc.*

       566,591       95,311,938  

IPG Photonics Corp.*

       377,447       80,407,534  

Littelfuse, Inc.

       226,749       42,383,923  
Equity real estate investment trusts (REITs)—1.1%      

Seritage Growth Properties, Class A

       1,032,564       36,728,301  

The GEO Group, Inc.

       875,075       19,689,188  
Food & staples retailing—0.9%      

Casey’s General Stores, Inc.

       481,543       46,517,054  
Health care equipment & supplies—3.6%      

Insulet Corp.*

       404,355       34,774,530  

Merit Medical Systems, Inc.*

       923,823       44,805,415  

NuVasive, Inc.*

       739,039       39,324,265  

Penumbra, Inc.*

       361,292       44,926,660  

West Pharmaceutical Services, Inc.

       235,498       20,773,279  
Health care providers & services—2.6%      

Encompass Health Corp.

       791,396       48,132,705  

HealthEquity, Inc.*

       752,482       49,415,493  

Tivity Health, Inc.*

       992,903       35,694,863  
Health care technology—3.9%      

Cotiviti Holdings, Inc.*

       1,393,443       48,129,521  

Evolent Health, Inc., Class A*

       1,501,931       24,781,862  

Medidata Solutions, Inc.*

       511,726       36,516,767  

Omnicell, Inc.*

       500,403       21,567,369  

Teladoc, Inc.*

       1,663,489       71,530,027  
Hotels, restaurants & leisure—4.1%      

Dave & Buster’s Entertainment, Inc.*

       615,426       26,149,451  

Penn National Gaming, Inc.*

       2,322,613       70,398,400  

Planet Fitness, Inc., Class A*

       2,344,082       94,443,064  

Wingstop, Inc.

       419,119       20,478,154  
Household durables—1.3%      

Universal Electronics, Inc.*

       1,502,697       69,574,871  
Insurance—1.6%      

Enstar Group Ltd.*

       244,572       51,396,806  
 

 

The accompanying notes are an integral part of the financial statements      9  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)  
COMMON STOCKS—97.5%         Shares     Value  
Insurance (cont’d)      

ProAssurance Corp.

       628,094       $ 29,708,846  
Internet & direct marketing retail—1.0%      

Nutrisystem, Inc.

       1,827,262       52,990,598  
Internet software & services—1.3%      

Cornerstone OnDemand, Inc.*

       1,509,541       66,616,044  
IT services—0.5%      

Everi Holdings, Inc.*

       3,839,352       24,610,246  
Life sciences tools & services—1.4%      

PRA Health Sciences, Inc.*

       884,003       72,638,527  
Machinery—5.5%      

Chart Industries, Inc.*

       1,216,688       69,034,877  

Graco, Inc.

       947,349       41,673,883  

John Bean Technologies Corp.

       634,254       68,340,868  

WABCO Holdings, Inc.*

       378,643       48,841,161  

Woodward, Inc.

       777,879       55,960,615  
Multiline retail—0.9%      

Ollie’s Bargain Outlet Holdings, Inc.*

       782,688       48,683,194  
Oil, gas & consumable fuels—2.9%      

Diamondback Energy, Inc.*

       237,455       30,501,095  

RSP Permian, Inc.*

       2,452,232       121,655,229  
Pharmaceuticals—2.2%      

Catalent, Inc.*

       584,355       24,022,834  

Nektar Therapeutics*

       720,425       60,270,756  

Zogenix, Inc.*

       693,531       27,255,768  
Professional services—0.3%      

WageWorks, Inc.*

       349,189       14,543,722  
Road & rail—1.1%      

Landstar System, Inc.

       583,979       59,361,465  
Semiconductors & semiconductor equipment—2.4%      

Entegris, Inc.

       2,077,267       66,887,998  

Silicon Laboratories, Inc.*

       345,467       32,093,884  

Veeco Instruments, Inc.*

       1,632,083       25,215,682  
Software—14.3%      

Ellie Mae, Inc.*

       355,896       34,475,646  

Guidewire Software, Inc.*

       770,979       65,240,243  

Imperva, Inc.*

       927,014       41,483,876  

Manhattan Associates, Inc.*

       785,826       33,837,668  

Pegasystems, Inc.

       1,065,831       65,068,983  

Proofpoint, Inc.*

       632,558       74,603,891  

PTC, Inc.*

       1,353,880       111,492,018  

RealPage, Inc.*

       1,568,452       83,912,182  

Tableau Software, Inc., Class A*

       592,916       50,427,506  

Take-Two Interactive Software, Inc.*

       616,713       61,492,453  

The Ultimate Software Group, Inc.*

       370,970       89,003,122  

Tyler Technologies, Inc.*

       116,957       25,604,226  
Specialty retail—4.7%      

Burlington Stores, Inc.*

       452,398       61,458,268  

Camping World Holdings, Inc., Class A

       1,051,949       30,117,300  

Floor & Decor Holdings, Inc., Class A*

       488,529       27,157,327  

Genesco, Inc.*

       1,321,749       56,504,770  

MarineMax, Inc.*

       1,861,655       40,211,748  

National Vision Holdings, Inc.*

       869,000       28,920,320  
COMMON STOCKS—97.5%         Shares     Value  
Textiles, apparel & luxury goods—1.4%      

Canada Goose Holdings, Inc.*

       335,135       $ 12,426,806  

Steven Madden Ltd.

       1,271,044       61,327,873  
Thrifts & mortgage finance—0.8%      

LendingTree, Inc.*

       182,764       43,570,938  
Total common stocks (cost $3,520,255,840)         5,043,159,922  
CONTINGENT VALUE RIGHTS—0.0%      

Dyax Corp.*(a)

       303,243       242,594  
Total contingent value rights (cost $142,782)         242,594  
Total investment portfolio (cost $3,520,398,622)—97.5%

 

     5,043,402,516  

Other assets in excess of liabilities—2.5%

         126,669,931  
Total net assets—100.0%         $5,170,072,447  

* Non-income producing security

(a) Security is fair valued, using significant unobservable inputs (Level 3), as determined in good faith in accordance with the Pricing and Valuation Procedures approved by the Board of Trustees. The security is also illiquid and may not be sold by the Fund. As of April 30, 2018, the total market value of fair valued and illiquid securities held by the Fund is $242,594, representing 0.0% of the Fund’s net assets.

Sector allocation  
Sector   Percent of net assets  
Information technology     25.2%  
Health care     23.5%  
Consumer discretionary     17.1%  
Industrials     14.3%  
Financials     9.1%  
Materials     3.4%  
Energy     2.9%  
Real estate     1.1%  
Consumer staples     0.9%  

 

 
CARILLON EAGLE SMALLER COMPANY FUND  
COMMON STOCKS—99.9%         Shares     Value  
Aerospace & defense—3.3%      

Astronics Corp.*

       13,875       $507,547  

Teledyne Technologies, Inc.*

       4,450       832,551  
Air freight & logistics—0.3%      

Radiant Logistics, Inc.*

       33,775       119,226  
Automobiles—1.5%      

Thor Industries, Inc.

       5,950       631,533  
Banks—0.9%      

Hilltop Holdings, Inc.

       17,200       385,624  
Biotechnology—0.8%      

Genomic Health, Inc.*

       10,425       330,785  
 

 

10    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON EAGLE SMALLER COMPANY FUND (cont’d)  
COMMON STOCKS—99.9%         Shares     Value  
Capital markets—2.7%      

Cohen & Steers, Inc.

       15,325       $ 614,532  

Financial Engines, Inc.

       11,050       493,383  
Chemicals—1.6%      

Balchem Corp.

       7,480       660,035  
Commercial services & supplies—2.0%      

Healthcare Services Group, Inc.

       11,371       439,262  

InnerWorkings, Inc.*

       36,125       364,862  
Construction & engineering—2.5%      

Dycom Industries, Inc.*

       9,900       1,028,214  
Consumer finance—1.7%      

Green Dot Corp., Class A*

       5,675       345,097  

PRA Group, Inc.*

       9,597       341,653  
Electronic equipment, instruments & components—5.9%      

ePlus, Inc.*

       11,700       934,245  

Fabrinet*

       10,550       297,616  

II-VI, Inc.*

       24,025       915,352  

nLight, Inc.*

       1,325       33,032  

Plexus Corp.*

       4,425       242,667  
Energy equipment & services—0.3%      

Geospace Technologies Corp.*

       9,825       103,556  
Equity real estate investment trusts (REITs)—1.1%      

CareTrust REIT, Inc.

       17,975       237,449  

QTS Realty Trust, Inc., Class A

       6,025       213,225  
Food & staples retailing—1.6%      

Performance Food Group Co.*

       20,575       667,659  
Health care equipment & supplies—5.1%      

Cutera, Inc.*

       9,075       455,111  

ICU Medical, Inc.*

       4,947       1,245,160  

Varex Imaging Corp.*

       11,475       412,985  
Health care providers & services—12.0%      

AMN Healthcare Services, Inc.*

       14,700       982,695  

BioTelemetry, Inc.*

       20,975       801,245  

HealthEquity, Inc.*

       12,125       796,249  

LHC Group, Inc.*

       8,103       603,005  

Molina Healthcare, Inc.*

       8,775       730,519  

U.S. Physical Therapy, Inc.

       11,375       1,037,969  
Health care technology—3.3%      

HMS Holdings Corp.*

       21,650       389,916  

Omnicell, Inc.*

       22,475       968,673  
Hotels, restaurants & leisure—3.7%      

Cracker Barrel Old Country Store, Inc.

       5,600       921,704  

Lindblad Expeditions Holdings, Inc.*

       9,700       106,215  

The Cheesecake Factory, Inc.

       9,225       479,239  
Household durables—3.7%      

Installed Building Products, Inc.*

       10,550       608,735  

iRobot Corp.*

       6,325       369,127  

LGI Homes, Inc.*

       7,875       544,950  
Insurance—1.2%      

CNO Financial Group, Inc.

       22,750       487,760  
Internet software & services—6.6%      

Carbonite, Inc.*

       25,650       797,715  

Envestnet, Inc.*

       12,725       690,967  
COMMON STOCKS—99.9%         Shares     Value  
Internet software & services (cont’d)      

j2 Global, Inc.

       10,875       $ 863,258  

The Trade Desk, Inc., Class A*

       7,525       385,054  
IT services—2.3%      

Acxiom Corp.*

       6,825       177,313  

Jack Henry & Associates, Inc.

       2,770       330,960  

Virtusa Corp.*

       9,225       444,092  
Life sciences tools & services—5.4%      

Bruker Corp.

       25,075       740,465  

Cambrex Corp.*

       11,975       634,076  

PRA Health Sciences, Inc.*

       10,375       852,514  
Machinery—4.7%      

Albany International Corp., Class A

       8,775       519,041  

Chart Industries, Inc.*

       6,975       395,762  

Proto Labs, Inc.*

       8,500       1,012,775  
Media—0.8%      

John Wiley & Sons, Inc., Class A

       4,831       318,604  
Metals & mining—0.6%      

Carpenter Technology Corp.

       5,025       267,631  
Oil, gas & consumable fuels—0.3%      

Gulfport Energy Corp.*

       15,100       140,430  
Pharmaceuticals—3.3%      

Impax Laboratories, Inc.*

       14,150       266,020  

Supernus Pharmaceuticals, Inc.*

       23,325       1,093,943  
Professional services—3.1%      

Insperity, Inc.

       10,775       864,694  

WageWorks, Inc.*

       9,600       399,840  
Semiconductors & semiconductor equipment—7.0%      

Ambarella, Inc.*

       9,775       455,417  

Entegris, Inc.

       15,700       505,540  

Impinj, Inc.*

       11,650       143,179  

Inphi Corp.*

       9,475       270,796  

Power Integrations, Inc.

       7,528       510,398  

Semtech Corp.*

       18,374       722,098  

Veeco Instruments, Inc.*

       17,700       273,465  
Software—3.1%      

Pegasystems, Inc.

       13,775       840,964  

The Descartes Systems Group, Inc.*

       14,350       424,042  
Specialty retail—2.7%      

Camping World Holdings, Inc., Class A

       10,650       304,909  

Monro, Inc.

       14,300       800,085  
Technology hardware, storage & peripherals—0.8%      

Electronics For Imaging, Inc.*

       11,850       328,245  
Textiles, apparel & luxury goods—0.9%      

G-III Apparel Group Ltd.*

       10,500       383,145  
Thrifts & mortgage finance—3.1%      

BofI Holding, Inc.*

       17,325       697,851  

LendingTree, Inc.*

       2,350       560,240  
Total common stocks (cost $40,374,894)         41,095,890  
Total investment portfolio (cost $40,374,894)—99.9%

 

     41,095,890  

Other assets in excess of liabilities—0.1%

         51,620  
Total net assets—100.0%         $41,147,510  

* Non-income producing security

 

 

The accompanying notes are an integral part of the financial statements      11  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

 

CARILLON EAGLE SMALLER COMPANY FUND (cont’d)
Sector allocation  
Sector   Percent of net assets  
Health care     30.0%  
Information technology     25.7%  
Industrials     15.8%  
Consumer discretionary     13.3%  
Financials     9.5%  
Materials     2.3%  
Consumer staples     1.6%  
Real estate     1.1%  
Energy     0.6%  

 

 
CARILLON SCOUT INTERNATIONAL FUND  
COMMON STOCKS—91.1%         Shares     Value  
Australia—7.2%      

BHP Billiton Ltd., Sponsored ADR

       309,751       $14,480,859  

Caltex Australia Ltd.

       613,011       14,255,393  

CSL Ltd.

       127,903       16,382,923  

Macquarie Group Ltd.

       193,251       15,737,978  

Woodside Petroleum Ltd.

       538,201       13,042,458  
Canada—1.1%      

Enbridge, Inc.

       392,505       11,881,126  
Denmark—3.2%      

Novo Nordisk A/S, Sponsored ADR

       308,509       14,481,413  

Pandora A/S

       163,053       18,113,414  
France—8.6%      

Air Liquide S.A.

       111,254       14,460,370  

AXA S.A.

       578,471       16,543,469  

BNP Paribas S.A.

       217,390       16,782,342  

Dassault Systemes SE

       67,845       8,792,022  

L’Oreal S.A.

       56,086       13,504,916  

TOTAL S.A.

       286,451       18,003,921  
Germany—10.7%      

Allianz SE, Sponsored ADR

       715,926       16,938,809  

BASF SE

       161,993       16,854,290  

Continental AG

       64,798       17,257,942  

Fresenius SE & Co. KGaA

       183,045       13,939,644  

Muenchener Rueckversicherungs-Gesellschaft AG

       65,947       15,092,769  

SAP SE, Sponsored ADR

       135,671       15,036,417  

Siemens AG

       115,687       14,691,635  
Hong Kong—1.1%      

AAC Technologies Holdings, Inc.

       809,963       11,625,212  
Ireland—2.9%      

Kerry Group PLC, Class A

       123,180       12,569,539  

Ryanair Holdings PLC, Sponsored ADR*

       153,046       16,830,469  
Japan—14.5%      

Astellas Pharma, Inc.

       1,191,116       17,421,542  

FANUC Corp.

       40,702       8,718,801  

JGC Corp.

       585,039       14,338,694  

Komatsu Ltd.

       318,090       10,843,286  

Kubota Corp.

       751,487       12,670,464  

Nitto Denko Corp.

       222,959       16,575,860  
COMMON STOCKS—91.1%         Shares     Value  
Japan (cont’d)      

ORIX Corp.

       1,047,383       $ 18,369,893  

Subaru Corp.

       519,258       17,429,611  

Sysmex Corp.

       155,770       13,760,303  

Tokyo Electron Ltd.

       94,176       18,086,786  
Mexico—3.3%      

Grupo Financiero Banorte S.A.B. de C.V., Class O

       2,845,405       17,794,764  

Wal-Mart de Mexico S.A.B. de C.V., Sponsored ADR

       559,661       15,636,928  
Norway—1.5%      

DNB ASA

       832,641       15,571,511  
Singapore—1.8%      

Singapore Telecommunications Ltd.

       6,858,987       18,142,678  
South Africa—1.0%      

MTN Group Ltd.

       982,990       9,876,427  
Spain—1.4%      

Banco Bilbao Vizcaya Argentaria S.A.

       1,819,625       14,724,491  
Sweden—3.2%      

Essity AB, Class B

       597,901       15,165,862  

Sandvik AB

       1,022,161       17,428,282  
Switzerland—9.3%      

ABB Ltd.

       560,705       13,073,161  

Adecco Group AG

       225,765       14,951,332  

Coca-Cola HBC AG*

       420,410       14,084,174  

Givaudan S.A.

       6,429       14,311,272  

Nestle S.A., Sponsored ADR

       166,673       12,893,823  

Novartis AG, Sponsored ADR

       140,056       10,740,895  

Roche Holding AG

       68,865       15,300,940  
Taiwan—2.9%      

Largan Precision Co. Ltd.

       130,500       15,178,227  

MediaTek, Inc.

       1,268,930       14,432,309  
United Kingdom—12.3%      

British American Tobacco PLC

       252,050       13,824,404  

Compass Group PLC

       718,148       15,406,373  

Diageo PLC, Sponsored ADR

       111,544       15,834,786  

Next PLC

       235,412       17,005,397  

Prudential PLC, Sponsored ADR

       382,746       19,642,525  

Reckitt Benckiser Group PLC

       176,167       13,820,051  

Royal Dutch Shell PLC, Class B, Sponsored ADR

       232,609       16,845,544  

WPP PLC

       816,509       14,011,490  
United States—5.1%      

Aflac, Inc.

       412,168       18,782,496  

Credicorp Ltd.

       84,938       19,747,236  

Mettler-Toledo International, Inc.*

       25,094       14,050,883  
Total common stocks (cost $599,893,417)         933,792,831  
PREFERRED STOCKS—5.5%      
Colombia—1.9%      

Bancolombia S.A., Sponsored ADR

       407,049       19,399,955  
Germany—3.6%      

Henkel AG & Co. KGaA, Sponsored ADR

       119,341       15,149,147  

Volkswagen AG

       104,441       21,539,348  
Total preferred stocks (cost $35,126,474)         56,088,450  
Total investments portfolio (cost $635,019,891)—96.6%

 

     989,881,281  

Other assets in excess of liabilities—3.4%

         34,982,963  
Total net assets—100.0%         $1,024,864,244  
 

 

12    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

 

CARILLON SCOUT INTERNATIONAL FUND (cont’d)

* Non-income producing security

ADR—American depository receipt

Sector allocation  
Sector   Percent of net assets  
Financials     22.0%  
Consumer staples     13.9%  
Industrials     12.1%  
Consumer discretionary     11.8%  
Health care     11.3%  
Information technology     8.1%  
Materials     7.5%  
Energy     7.2%  
Telecommunication services     2.7%  
Industry allocation            
Industry   Value     Percent of
net assets		  
Banks     $104,020,299       10.1%  
Insurance     87,000,067       8.5%  
Oil, gas & consumable fuels     74,028,442       7.2%  
Chemicals     62,201,792       6.1%  
Pharmaceuticals     57,944,789       5.7%  
Machinery     49,660,834       4.8%  
Household products     44,135,060       4.3%  
Automobiles     38,968,959       3.8%  
Semiconductors & semiconductor equipment     32,519,095       3.2%  
Beverages     29,918,960       2.9%  
Electronic equipment, instruments & components     26,803,439       2.6%  
Food products     25,463,363       2.5%  
Software     23,828,439       2.3%  
Diversified financial services     18,369,893       1.8%  
Diversified telecommunication services     18,142,678       1.8%  
Textiles, apparel & luxury goods     18,113,414       1.8%  
Auto components     17,257,942       1.7%  
Multiline retail     17,005,397       1.7%  
Airlines     16,830,469       1.6%  
Biotechnology     16,382,923       1.6%  
Capital markets     15,737,978       1.5%  
Food & staples retailing     15,636,928       1.5%  
Hotels, restaurants & leisure     15,406,373       1.5%  
Professional services     14,951,332       1.5%  
Industrial conglomerates     14,691,635       1.4%  
Industry allocation (cont’d)            
Industry   Value     Percent of
net assets		  
Metals & mining     $14,480,859       1.4%  
Construction & engineering     14,338,694       1.4%  
Life sciences tools & services     14,050,883       1.4%  
Media     14,011,490       1.4%  
Health care providers & services     13,939,644       1.4%  
Tobacco     13,824,404       1.3%  
Health care equipment & supplies     13,760,303       1.3%  
Personal products     13,504,916       1.3%  
Electrical equipment     13,073,161       1.3%  
Wireless telecommunication services     9,876,427       1.0%  

 

       
CARILLON SCOUT MID CAP FUND                  
COMMON STOCKS—97.1%         Shares     Value  
Aerospace & defense—5.3%      

Aerojet Rocketdyne Holdings, Inc.*

       444,950       $12,431,903  

BWX Technologies, Inc.

       231,025       15,663,495  

Harris Corp.

       143,825       22,497,107  

Hexcel Corp.

       273,075       18,151,295  

Huntington Ingalls Industries, Inc.

       35,325       8,591,393  

L3 Technologies, Inc.

       48,825       9,563,841  

Textron, Inc.

       383,609       23,837,463  
Airlines—2.4%      

Alaska Air Group, Inc.

       275,100       17,862,243  

Southwest Airlines Co.

       265,500       14,026,365  

Spirit Airlines, Inc.*

       513,525       18,343,113  
Auto components—1.3%      

Lear Corp.

       80,025       14,962,274  

Tenneco, Inc.

       262,050       11,711,015  
Automobiles—0.5%      

Thor Industries, Inc.

       97,474       10,345,890  
Banks—6.3%      

Citizens Financial Group, Inc.

       342,917       14,227,626  

Comerica, Inc.

       278,900       26,378,362  

First Horizon National Corp.

       1,433,725       26,237,168  

KeyCorp

       877,525       17,480,298  

SunTrust Banks, Inc.

       337,350       22,534,980  

Umpqua Holdings Corp.

       1,094,600       25,788,776  
Beverages—0.5%      

Monster Beverage Corp.*

       189,054       10,397,970  
Biotechnology—1.3%      

BioMarin Pharmaceutical, Inc.*

       107,975       9,016,992  

Incyte Corp.*

       170,525       10,562,319  

Ionis Pharmaceuticals, Inc.*

       202,300       8,704,969  
Building products—0.4%      

Owens Corning

       124,600       8,160,054  
Capital markets—3.5%      

Affiliated Managers Group, Inc.

       61,309       10,107,402  

Ameriprise Financial, Inc.

       61,800       8,664,978  

Cboe Global Markets, Inc.

       80,796       8,627,397  
 

 

The accompanying notes are an integral part of the financial statements      13  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON SCOUT MID CAP FUND (cont’d)  
COMMON STOCKS—97.1%         Shares     Value  
Capital markets (cont’d)      

Evercore, Inc., Class A

       140,875       $ 14,263,594  

MarketAxess Holdings, Inc.

       41,575       8,258,042  

S&P Global, Inc.

       75,150       14,173,290  

T. Rowe Price Group, Inc.

       83,946       9,554,733  
Chemicals—3.4%      

Albemarle Corp.

       108,125       10,483,800  

Celanese Corp., Class A

       122,675       13,331,092  

CF Industries Holdings, Inc.

       405,220       15,722,536  

Huntsman Corp.

       391,325       11,649,745  

The Chemours Co.

       193,125       9,349,181  

Westlake Chemical Corp.

       95,350       10,199,590  
Communications equipment—2.4%      

Arista Networks, Inc.*

       138,050       36,521,127  

Palo Alto Networks, Inc.*

       76,325       14,693,326  
Construction & engineering—0.4%      

Dycom Industries, Inc.*

       75,950       7,888,167  
Construction materials—0.9%      

Martin Marietta Materials, Inc.

       54,623       10,638,922  

Vulcan Materials Co.

       82,750       9,242,347  
Diversified consumer services—0.7%      

H&R Block, Inc.

       500,050       13,826,383  
Diversified financial services—2.2%      

Voya Financial, Inc.

       871,250       45,609,938  
Electric utilities—1.1%      

PG&E Corp.

       126,950       5,852,395  

Xcel Energy, Inc.

       364,650       17,080,206  
Electrical equipment—0.1%      

Rockwell Automation, Inc.

       18,900       3,109,617  
Electronic equipment, instruments & components—1.6%      

Coherent, Inc.*

       14,875       2,502,273  

IPG Photonics Corp.*

       16,200       3,451,086  

Keysight Technologies, Inc.*

       532,625       27,526,060  
Energy equipment & services—1.5%      

Patterson-UTI Energy, Inc.

       388,725       8,326,490  

RPC, Inc.

       568,900       10,245,889  

TechnipFMC PLC

       420,925       13,873,688  
Equity real estate investment trusts (REITs)—5.5%      

Cousins Properties, Inc.

       2,630,015       23,380,833  

EPR Properties

       265,774       14,622,886  

Host Hotels & Resorts, Inc.

       1,946,659       38,076,650  

Lamar Advertising Co., Class A

       241,298       15,373,096  

Omega Healthcare Investors, Inc.

       400,048       10,393,247  

OUTFRONT Media, Inc.

       745,656       13,981,050  
Food & staples retailing—0.5%      

Casey’s General Stores, Inc.

       115,700       11,176,620  
Food products—1.2%      

Conagra Brands, Inc.

       149,875       5,555,866  

Hormel Foods Corp.

       277,575       10,062,094  

Tyson Foods, Inc., Class A

       133,300       9,344,330  
Gas utilities—2.9%      

Atmos Energy Corp.

       503,124       43,716,445  

ONE Gas, Inc.

       256,106       17,855,710  
COMMON STOCKS—97.1%         Shares     Value  
Health care equipment & supplies—4.9%      

ABIOMED, Inc.*

       226,150       $ 68,059,842  

Align Technology, Inc.*

       33,800       8,444,930  

Edwards Lifesciences Corp.*

       90,450       11,519,712  

NuVasive, Inc.*

       98,275       5,229,213  

Teleflex, Inc.

       40,050       10,728,594  
Health care providers & services—0.9%      

Humana, Inc.

       33,379       9,819,434  

Molina Healthcare, Inc.*

       121,472       10,112,544  
Health care technology—0.7%      

Veeva Systems, Inc., Class A*

       201,100       14,103,143  
Hotels, restaurants & leisure—4.8%      

Chipotle Mexican Grill, Inc.*

       11,850       5,016,460  

Cracker Barrel Old Country Store, Inc.

       65,250       10,739,498  

Darden Restaurants, Inc.

       236,450       21,956,747  

Hilton Grand Vacations, Inc.*

       322,575       13,870,725  

Royal Caribbean Cruises Ltd.

       177,875       19,244,296  

Six Flags Entertainment Corp.

       164,750       10,418,790  

Texas Roadhouse, Inc.

       172,819       11,074,242  

Vail Resorts, Inc.

       38,900       8,920,159  
Household durables—0.3%      

Garmin Ltd.

       93,925       5,510,580  
Household products—0.3%      

The Clorox Co.

       59,700       6,996,840  
Insurance—4.8%      

Arch Capital Group Ltd.*

       94,325       7,558,262  

Everest Re Group Ltd.

       154,325       35,906,798  

Lincoln National Corp.

       120,775       8,531,546  

The Hanover Insurance Group, Inc.

       184,600       21,201,310  

White Mountains Insurance Group Ltd.

       17,175       14,861,356  

W.R. Berkley Corp.

       173,250       12,917,520  
Internet & direct marketing retail—0.5%      

Expedia Group, Inc.

       82,650       9,516,321  
Internet software & services—1.2%      

eBay, Inc.*

       113,175       4,287,069  

IAC/InterActiveCorp*

       65,325       10,591,796  

Match Group, Inc.*

       218,750       10,307,500  
IT services—6.3%      

DXC Technology Co.

       809,500       83,427,070  

Fiserv, Inc.*

       124,450       8,818,527  

Jack Henry & Associates, Inc.

       97,400       11,637,352  

Paychex, Inc.

       240,100       14,542,857  

Science Applications International Corp.

       167,658       14,383,380  
Leisure products—0.4%      

Polaris Industries, Inc.

       82,125       8,608,343  
Life sciences tools & services—0.9%      

Illumina, Inc.*

       75,600       18,214,308  
Machinery—1.9%      

AGCO Corp.

       164,575       10,315,561  

Allison Transmission Holdings, Inc.

       170,175       6,635,123  

The Timken Co.

       221,675       9,476,606  

Xylem Inc.

       193,050       14,073,345  
Media—0.4%      

Live Nation Entertainment, Inc.*

       215,575       8,508,745  
 

 

14    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON SCOUT MID CAP FUND (cont’d)  
COMMON STOCKS—97.1%         Shares     Value  
Metals & mining—1.8%      

Newmont Mining Corp.

       531,725       $ 20,891,475  

Steel Dynamics, Inc.

       402,900       18,053,949  
Multiline retail—0.1%      

Big Lots, Inc.

       61,000       2,589,450  
Multi-utilities—1.0%      

CMS Energy Corp.

       466,900       22,033,011  
Oil, gas & consumable fuels—5.0%      

Andeavor

       220,075       30,440,774  

Devon Energy Corp.

       317,975       11,552,032  

Marathon Petroleum Corp.

       223,050       16,708,675  

Newfield Exploration Co.*

       1,025,367       30,555,937  

Parsley Energy, Inc., Class A*

       510,575       15,332,567  
Pharmaceuticals—0.5%      

Nektar Therapeutics*

       123,950       10,369,657  
Professional services—0.5%      

Robert Half International, Inc.

       169,100       10,272,825  
Road & rail—1.3%      

AMERCO

       19,400       6,547,888  

Norfolk Southern Corp.

       90,100       12,926,647  

Old Dominion Freight Line, Inc.

       63,475       8,496,763  
Semiconductors & semiconductor equipment—1.7%      

Analog Devices, Inc.

       75,750       6,616,762  

KLA-Tencor Corp.

       87,725       8,925,142  

ON Semiconductor Corp.*

       381,750       8,429,040  

Skyworks Solutions, Inc.

       82,003       7,114,580  

Xilinx, Inc.

       79,200       5,087,808  
Software—4.0%      

Aspen Technology, Inc.*

       151,825       13,322,644  

Ellie Mae, Inc.*

       33,275       3,223,349  

Proofpoint, Inc.*

       89,575       10,564,475  

Red Hat, Inc.*

       76,325       12,445,555  

ServiceNow, Inc.*

       71,675       11,908,085  

Splunk, Inc.*

       141,425       14,517,276  

Take-Two Interactive Software, Inc.*

       87,775       8,752,045  

Workday, Inc., Class A*

       69,925       8,729,437  
Specialty retail—2.9%      

American Eagle Outfitters, Inc.

       679,400       14,049,992  

Best Buy Co., Inc.

       198,525       15,193,118  

O’Reilly Automotive, Inc.*

       40,975       10,492,468  

Ross Stores, Inc.

       209,725       16,956,266  

Ulta Beauty, Inc.*

       20,725       5,200,110  
Technology hardware, storage & peripherals—0.1%      

Western Digital Corp.

       31,425       2,475,976  
Textiles, apparel & luxury goods—0.6%      

PVH Corp.

       52,975       8,458,518  

Skechers U.S.A., Inc., Class A*

       175,700       5,007,450  
Thrifts & mortgage finance—0.6%      

LendingTree, Inc.*

       52,250       12,456,400  
Trading companies & distributors—1.3%      

United Rentals, Inc.*

       111,800       16,770,000  

W.W. Grainger, Inc.

       38,884       10,940,013  
Water utilities—0.5%      

American Water Works Co., Inc.

       127,375       11,028,127  
COMMON STOCKS—97.1%         Shares     Value  
Wireless telecommunication services—1.0%      

Sprint Corp.*

       3,755,324       $ 21,067,368  
Total common stocks (cost $1,715,587,272)         2,048,379,130  
Total investment portfolio (cost $1,715,587,272)—97.1%

 

     2,048,379,130  

Assets in excess of liabilities—2.9%

         60,433,184  
Total net assets—100.0%         $2,108,812,314  

* Non-income producing security

Sector allocation  
Sector   Percent of net assets  
Financials     17.3%  
Information technology     17.3%  
Industrials     13.6%  
Consumer discretionary     12.4%  
Health care     9.2%  
Energy     6.5%  
Materials     6.2%  
Utilities     5.6%  
Real estate     5.5%  
Consumer staples     2.5%  
Telecommunication services     1.0%  

 

       
CARILLON SCOUT SMALL CAP FUND                  
COMMON STOCKS—99.4%         Shares     Value  
Aerospace & defense—3.6%      

Astronics Corp.*

       85,050       $3,111,129  

Teledyne Technologies, Inc.*

       33,975       6,356,383  
Air freight & logistics—0.4%      

Radiant Logistics, Inc.*

       275,700       973,221  
Automobiles—2.0%      

Thor Industries, Inc.

       47,956       5,090,050  
Banks—1.0%      

Hilltop Holdings, Inc.

       113,275       2,539,626  
Biotechnology—0.8%      

Genomic Health, Inc.*

       64,075       2,033,100  
Capital markets—2.7%      

Cohen & Steers, Inc.

       98,751       3,959,915  

Financial Engines, Inc.

       71,200       3,179,080  
Chemicals—1.6%      

Balchem Corp.

       47,825       4,220,078  
Commercial services & supplies—1.9%      

Healthcare Services Group, Inc.

       71,100       2,746,593  

InnerWorkings, Inc.*

       227,958       2,302,376  
Construction & engineering—2.4%      

Dycom Industries, Inc.*

       60,700       6,304,302  
 

 

The accompanying notes are an integral part of the financial statements      15  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON SCOUT SMALL CAP FUND (cont’d)  
COMMON STOCKS—99.4%         Shares     Value  
Consumer finance—1.8%      

Green Dot Corp., Class A*

       36,125       $ 2,196,761  

PRA Group, Inc.*

       73,460       2,615,176  
Electronic equipment, instruments & components—5.7%      

ePlus, Inc.*

       72,100       5,757,185  

Fabrinet*

       65,350       1,843,523  

II-VI, Inc.*

       146,700       5,589,270  

nLight, Inc.*

       8,200       204,426  

Plexus Corp.*

       27,900       1,530,036  
Energy equipment & services—0.2%      

Geospace Technologies Corp.*

       59,760       629,870  
Equity real estate investment trusts (REITs)—1.1%      

CareTrust REIT, Inc.

       112,900       1,491,409  

QTS Realty Trust, Inc., Class A

       38,400       1,358,976  
Food & staples retailing—1.6%      

Performance Food Group Co.*

       126,675       4,110,604  
Health care equipment & supplies—5.1%      

Cutera, Inc.*

       55,990       2,807,898  

ICU Medical, Inc.*

       31,645       7,965,047  

Varex Imaging Corp.*

       71,900       2,587,681  
Health care providers & services—11.7%      

AMN Healthcare Services, Inc.*

       90,225       6,031,541  

BioTelemetry, Inc.*

       129,325       4,940,215  

HealthEquity, Inc.*

       75,150       4,935,100  

LHC Group, Inc.*

       49,825       3,707,976  

Molina Healthcare, Inc.*

       53,975       4,493,419  

U.S. Physical Therapy, Inc.

       70,450       6,428,563  
Health care technology—3.2%      

HMS Holdings Corp.*

       133,425       2,402,984  

Omnicell, Inc.*

       137,600       5,930,560  
Hotels, restaurants & leisure—4.0%      

Cracker Barrel Old Country Store, Inc.

       34,275       5,641,322  

Lindblad Expeditions Holdings, Inc.*

       161,200       1,765,140  

The Cheesecake Factory, Inc.

       57,025       2,962,449  
Household durables—3.8%      

Installed Building Products, Inc.*

       65,800       3,796,660  

iRobot Corp.*

       46,825       2,732,707  

LGI Homes, Inc.*

       48,925       3,385,610  
Insurance—1.2%      

CNO Financial Group, Inc.

       144,125       3,090,040  
Internet software & services—6.5%      

Carbonite, Inc.*

       157,050       4,884,255  

Envestnet, Inc.*

       78,825       4,280,197  

j2 Global, Inc.

       67,025       5,320,445  

The Trade Desk, Inc., Class A*

       47,700       2,440,809  
IT services—2.4%      

Acxiom Corp.*

       41,800       1,085,964  

Jack Henry & Associates, Inc.

       21,600       2,580,768  

Virtusa Corp.*

       56,525       2,721,113  
Life sciences tools & services—5.2%      

Bruker Corp.

       154,000       4,547,620  

Cambrex Corp.*

       73,450       3,889,177  

PRA Health Sciences, Inc.*

       63,475       5,215,741  
COMMON STOCKS—99.4%         Shares     Value  
Machinery—4.5%      

Albany International Corp., Class A

       53,875       $ 3,186,706  

Chart Industries, Inc.*

       42,975       2,438,402  

Proto Labs, Inc.*

       52,300       6,231,545  
Metals & mining—0.6%      

Carpenter Technology Corp.

       30,700       1,635,082  
Oil, gas & consumable fuels—0.3%      

Gulfport Energy Corp.*

       90,700       843,510  
Pharmaceuticals—3.2%      

Impax Laboratories, Inc.*

       87,125       1,637,950  

Supernus Pharmaceuticals, Inc.*

       144,175       6,761,808  
Professional services—3.0%      

Insperity, Inc.

       66,050       5,300,513  

WageWorks, Inc.*

       60,300       2,511,495  
Semiconductors & semiconductor equipment—7.1%      

Ambarella, Inc.*

       59,800       2,786,082  

Entegris, Inc.

       96,650       3,112,130  

Impinj, Inc.*

       73,400       902,086  

Inphi Corp.*

       57,925       1,655,496  

Power Integrations, Inc.

       47,625       3,228,975  

Semtech Corp.*

       132,000       5,187,600  

Veeco Instruments, Inc.*

       115,150       1,779,068  
Software—3.2%      

Pegasystems, Inc.

       86,850       5,302,193  

The Descartes Systems Group, Inc.*

       106,350       3,142,642  
Specialty retail—2.6%      

Camping World Holdings, Inc., Class A

       67,400       1,929,662  

Monro, Inc.

       87,625       4,902,619  
Technology hardware, storage & peripherals—0.8%      

Electronics For Imaging, Inc.*

       77,725       2,152,982  
Textiles, apparel & luxury goods—1.0%      

G-III Apparel Group Ltd.*

       68,100       2,484,969  
Thrifts & mortgage finance—3.2%      

BofI Holding, Inc.*

       106,150       4,275,722  

LendingTree, Inc.*

       17,400       4,148,160  
Total common stocks (cost $166,698,872)         260,251,487  
Total investment portfolio (cost $166,698,872)—99.4%

 

     260,251,487  

Other assets in excess of liabilities—0.6%

         1,643,235  
Total net assets—100.0%         $261,894,722  

* Non-income producing security

Sector allocation  
Sector   Percent of net assets  
Health care     29.1%  
Information technology     25.8%  
Industrials     15.8%  
Consumer discretionary     13.3%  
Financials     9.9%  
 

 

16    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON SCOUT SMALL CAP FUND (cont’d)
Sector allocation (cont’d)  
Sector   Percent of net assets  
Materials     2.2%  
Consumer staples     1.6%  
Real estate     1.1%  
Energy     0.6%  

 

 
CARILLON REAMS CORE BOND FUND  
CORPORATE BONDS—27.8%         Principal
Amount		     Value  
Airlines—1.7%      

American Airlines, Pass Through Trust,

      

Series 2011-1, Class A, 5.25%, 07/31/22

       $263,372       $272,010  

Series 2013-1, Class A, 4.00%, 01/15/27

       546,539       546,758  

Series 2013-2, Class A, 4.95%, 07/15/24

       261,708       270,004  

Delta Air Lines, Pass Through Trust, Series 2007-1, Class A, 6.82%, 02/10/24

       501,269       550,544  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21

       373,019       391,745  
Auto manufacturers—6.1%      

Daimler Finance North America LLC,

      

144A, 1.75%, 10/30/19 (a)

       675,000       663,060  

144A, 2.30%, 01/06/20 (a)

       880,000       868,212  

144A, 3.35%, 05/04/21 (a)

       1,080,000       1,078,747  

Ford Motor Credit Co. LLC,

      

2.55%, 10/05/18

       555,000       555,026  

2.88%, 10/01/18

       2,045,000       2,045,512  

Toyota Motor Credit Corp., (3 Month LIBOR USD + 0.15%), 2.44%, 12/24/18

       2,000,000       2,002,229  
Banks—7.9%      

Bank of America Corp., 3.50%, 04/19/26

       595,000       574,004  

Bank of America NA, 2.05%, 12/07/18

       390,000       389,157  

Citigroup, Inc., 2.15%, 07/30/18

       595,000       594,806  

JPMorgan Chase & Co.

      

2.55%, 03/01/21

       540,000       530,042  

(3 Month LIBOR USD + 0.55%), 2.61%, 03/09/21

       1,880,000       1,887,990  

2.75%, 06/23/20

       470,000       467,080  

JPMorgan Chase Bank NA, (3 Month LIBOR USD + 0.29%), 2.06%, 02/01/21

       970,000       970,576  

UBS AG, 144A, 2.45%, 12/01/20 (a)

       415,000       406,230  

U.S. Bank NA, 3.15%, 04/26/21

       1,130,000       1,131,216  

Wells Fargo & Co.,

      

2.60%, 07/22/20

       795,000       786,658  

(3 Month LIBOR USD + 1.23%), 3.59%, 10/31/23

       1,475,000       1,506,764  
Chemicals—0.3%      

The Sherwin-Williams Co., 2.25%, 05/15/20

       415,000       407,817  
Consumer finance—1.9%      

American Express Co., 2.20%, 10/30/20

       665,000       650,415  

American Express Credit Corp.,

      

1.70%, 10/30/19

       750,000       737,501  

1.88%, 05/03/19

       95,000       94,263  

2.60%, 09/14/20

       705,000       697,966  
Diversified telecommunication services—1.3%      

AT&T, Inc.,

      

3.40%, 08/14/24

       965,000       974,650  
CORPORATE BONDS—27.8%         Principal
Amount		     Value  
Diversified telecommunication services (cont’d)      

AT&T, Inc., (cont’d)

      

3.80%, 03/01/24

       $ 280,000       $ 278,017  

4.25%, 03/01/27

       245,000       243,092  
Food products—0.1%      

Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.78%, 03/15/21

       90,000       90,476  
Health care equipment & supplies—0.3%      

Abbott Laboratories, 2.35%, 11/22/19

       419,000       415,332  
Health care providers & services—0.4%      

CVS Health Corp., 3.70%, 03/09/23

       460,000       458,232  
Hotels, restaurants & leisure—0.3%      

McDonald’s Corp., 2.10%, 12/07/18

       405,000       404,821  
Insurance—4.6%      

American International Group, Inc., 6.40%, 12/15/20

       535,000       576,208  

Jackson National Life Global Funding, (3 Month LIBOR USD + 0.30%), 144A, 2.67%, 04/27/20 (a)

       2,080,000       2,078,586  

MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)

       1,075,000       1,047,182  

Metropolitan Life Global Funding I, (3 Month LIBOR USD + 0.23%), 144A, 2.56%, 01/08/21 (a)

       1,275,000       1,275,354  

Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)

       385,000       380,493  
Oil & Gas—0.5%      

ConocoPhillips Co., 3.35%, 05/15/25

       595,000       581,653  
Tobacco—0.7%      

Philip Morris International, Inc., 2.00%, 02/21/20

       850,000       835,514  
Transportation—1.7%      

Burlington Northern and Santa Fe Railway Co., Pass Through Trust,

      

Series 2001-2, 6.46%, 01/15/21

       121,147       126,144  

Series 2004-1, 4.58%, 01/15/21

       246,473       250,473  

CSX Transportation, Inc., 6.25%, 01/15/23

       246,803       268,053  

Union Pacific Railroad Co., Pass Through Trust,

      

Series 2004, 5.40%, 07/02/25

       291,454       301,683  

Series 2005, 5.08%, 01/02/29

       561,887       593,045  

Series 2006, 5.87%, 07/02/30

       457,993       500,762  
Total corporate bonds (cost $32,777,363)         32,756,102  
MORTGAGE AND ASSET-BACKED SECURITIES—28.6%

 

  
Asset-backed securities—1.0%      

Hertz Vehicle Financing II LP, Series 2015-2A, Class A, 144A, 2.02%, 09/25/19 (a)

       1,155,000       1,151,581  
Commercial mortgage-backed securities—3.1%      

CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48

       800,000       806,820  

COMM Mortgage Trust, Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45

       630,000       641,972  

GS Mortgage Securities Trust,

      

Series 2012-GCJ7, Class A4, 3.38%, 05/12/45

       901,199       906,577  

Series 2013-GC14, Class AAB, 3.82%, 08/10/46

       355,000       360,877  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/19/48

       955,000       934,338  
Federal agency mortgage-backed obligations—24.5%      

Fannie Mae Pool,

      

Series 1313, Class MA, 2.00%, 01/01/23

       333,277       327,409  
 

 

The accompanying notes are an integral part of the financial statements      17  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON REAMS CORE BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED SECURITIES—28.6%         Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)      

Fannie Mae Pool, (cont’d)

      

Series 1671, Class AM, 2.10%, 12/01/27

       $ 1,012,303       $ 948,144  

Series 2182, Class AM, 2.16%, 01/01/23

       1,296,982       1,242,100  

Series 2822, Class AB, 2.50%, 03/01/26

       264,219       259,867  

Series 4328, Class AA, 4.00%, 04/01/24

       173,755       178,238  

Series 6090, Class AB, 2.50%, 09/01/22

       345,919       341,582  

Series 8539, Class AL, 4.50%, 01/01/27

       35,032       35,284  

Series 8744, Class AB, 2.00%, 03/01/23

       141,520       139,017  

Series 8874, Class AB, 2.00%, 04/01/23

       137,404       134,973  

Series 9180, Class AB, 2.00%, 05/01/23

       408,084       400,863  

Series 9550, Class AL, 2.50%, 07/01/25

       415,533       410,750  

Series 465468, 3.33%, 07/01/20

       336,523       338,515  

Series 468763, 3.17%, 08/01/18

       1,360,084       1,357,670  

TBA, 3.00%, 06/15/48

       5,895,000       5,674,566  

TBA, 3.50%, 06/15/48

       5,990,000       5,934,897  

Fannie Mae-Aces,

      

Series 2013-M14, Class A, 1.70%, 08/25/18

       758,100       755,552  

Series 2014-M13, Class AB2, VR, 2.95%, 08/25/24

       308,271       299,635  

Series 2015-M11, Class A1, 2.10%, 04/25/25

       296,228       293,506  

Series 2016-M2, Class ABV2, 2.13%, 01/25/23

       714,682       686,571  

Series 2016-M3, Class ASQ2, 2.26%, 02/25/23

       1,080,000       1,044,698  

Series 2016-M6, Class AB2, 2.40%, 05/25/26

       1,005,000       940,223  

Series 2016-M7, Class AV2, 2.16%, 10/25/23

       2,495,000       2,383,670  

Freddie Mac Gold Pool,

      

Series 14074, Class G, 4.50%, 08/01/18

       30,962       31,184  

Series 14075, Class G, 4.50%, 08/01/18

       55,465       55,863  

Series 14660, Class G, 2.00%, 01/01/28

       1,119,438       1,073,595  

Series 15226, Class G, 4.50%, 08/01/20

       409,876       412,817  

Freddie Mac REMIC,

      

Series 3609, Class LA, 4.00%, 12/15/24

       28,865       28,999  

Series 4233, Class MD, 1.75%, 03/15/25

       102,611       102,173  

Series K-F17, Class A, (1 Month LIBOR USD + 0.55%), 2.43%, 03/25/23

       1,050,158       1,052,784  

Ginnie Mae I Pool,

      

Series 0091, Class AD, 2.73%, 06/15/32

       1,393,340       1,305,981  

Series 2583, Class AB, 2.14%, 08/15/23

       651,350       623,148  
Total mortgage and asset-backed securities (cost $34,161,236)

 

     33,616,439  
U.S. TREASURIES—52.3%      

U.S. Treasury Bonds,

      

2.75%, 08/15/47

       11,255,000       10,463,193  

2.75%, 11/15/47

       1,770,000       1,645,063  

U.S. Treasury Notes,

      

1.25%, 10/31/21

       13,725,000       13,066,093  

1.38%, 09/30/20

       5,760,000       5,599,125  

1.63%, 10/31/23

       11,510,000       10,805,912  

2.25%, 11/15/27

       13,685,000       12,890,094  

2.50%, 01/31/25

       7,195,000       7,016,811  
Total U.S. Treasuries (cost $62,770,651)         61,486,291  
SHORT-TERM INVESTMENTS—1.0%         Principal
Amount		     Value  
Auto manufacturers—1.0%      

Ford Motor Credit Co. LLC, Commercial paper, 144A (a)

       $ 1,185,000       $ 1,150,345  
Total short-term investments (cost $1,149,846)         1,150,345  
Total investment portfolio (cost $130,859,096)—109.7%

 

     129,009,177  

Liabilities in excess of other assets—(9.7)%

         (11,366,278 ) 
Total net assets—100.0%         $117,642,899  

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At April 30, 2018, these securities aggregated $10,099,790 or 8.6% of the net assets of the Fund.

144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.

TBA—To-be-announced security. Securities are being used in dollar roll transactions.

VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect at period end.

REMIC—Real estate mortgage investment conduit

 

Credit quality breakdown*  
Rating   Percent of net assets  
AAA/Aaa     80.9%  
AA/Aa     7.5%  
A/A     14.3%  
BBB/Baa     7.0%  
BB/Ba     0.0%  
Not rated     0.0%  

* The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA and Aaa for credit quality purposes.

 

 

18    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON REAMS CORE PLUS BOND FUND  
CORPORATE BONDS—25.5%         Principal
Amount		     Value  
Airlines—1.3%      

American Airlines, Pass Through Trust,

      

Series 2011-1, Class A, 5.25%, 07/31/22

       $926,504       $956,894  

Series 2013-1, Class A, 4.00%, 01/15/27

       108,533       108,576  

Series 2013-2, Class A, 4.95%, 07/15/24

       1,406,242       1,450,820  

Delta Air Lines, Pass Through Trust, Series 2007-1, Class A, 6.82%, 02/10/24

       788,042       865,506  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21

       2,591,675       2,721,777  

US Airways, Pass Through Trust,

      

Series 2011-1, Class A, 7.13%, 04/22/25

       811,788       905,712  

Series 2012-1, Class A, 5.90%, 04/01/26

       1,935,733       2,099,593  
Auto manufacturers—5.3%      

Daimler Finance North America LLC,

      

144A, 1.75%, 10/30/19 (a)

       1,780,000       1,748,515  

144A, 2.00%, 08/03/18 (a)

       4,350,000       4,345,461  

144A, 2.30%, 01/06/20 (a)

       4,830,000       4,765,299  

144A, 3.35%, 05/04/21 (a)

       6,340,000       6,332,646  

Ford Motor Credit Co. LLC,

      

2.55%, 10/05/18

       2,800,000       2,800,132  

5.00%, 05/15/18

       6,170,000       6,175,975  

Toyota Motor Credit Corp., (3 Month LIBOR USD + 0.15%), 2.44%, 12/24/18

       9,770,000       9,780,888  
Banks—7.4%      

Bank of America Corp., 3.50%, 04/19/26

       3,060,000       2,952,023  

Bank of America NA, 2.05%, 12/07/18

       1,490,000       1,486,779  

Capital One NA, 2.35%, 08/17/18

       2,870,000       2,868,795  

Citigroup, Inc., 2.15%, 07/30/18

       3,440,000       3,438,877  

JPMorgan Chase & Co.,

      

2.55%, 03/01/21

       2,835,000       2,782,720  

(3 Month LIBOR USD + 0.55%), 2.61%, 03/09/21

       7,145,000       7,175,367  

2.75%, 06/23/20

       2,445,000       2,429,810  

3.25%, 09/23/22

       1,780,000       1,761,604  

JPMorgan Chase Bank NA, (3 Month LIBOR USD + 0.29%), 2.06%, 02/01/21

       6,095,000       6,098,618  

UBS AG, 144A, 2.45%, 12/01/20 (a)

       2,600,000       2,545,054  

U.S. Bank NA, 3.15%, 04/26/21

       6,660,000       6,667,169  

Wells Fargo & Co.,

      

2.60%, 07/22/20

       3,877,000       3,836,320  

(3 Month LIBOR USD + 1.23%), 3.59%, 10/31/23

       6,390,000       6,527,607  
Chemicals—0.3%      

The Sherwin-Williams Co., 2.25%, 05/15/20

       1,950,000       1,916,248  
Consumer finance—2.0%      

Ally Financial, Inc., 3.25%, 11/05/18

       2,440,000       2,440,000  

American Express Co., 2.20%, 10/30/20

       3,230,000       3,159,158  

American Express Credit Corp.,

      

1.70%, 10/30/19

       3,520,000       3,461,337  

1.88%, 05/03/19

       1,920,000       1,905,105  

2.60%, 09/14/20

       2,915,000       2,885,919  
Diversified telecommunication services—1.2%      

AT&T, Inc.,

      

3.40%, 08/14/24

       4,770,000       4,817,700  

3.80%, 03/01/24

       1,445,000       1,434,767  

4.25%, 03/01/27

       2,170,000       2,153,098  
Food products—0.1%      

Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.78%, 03/15/21

       545,000       547,883  
CORPORATE BONDS—25.5%         Principal
Amount		     Value  
Health care equipment & supplies—0.3%      

Abbott Laboratories, 2.35%, 11/22/19

       $ 1,826,000       $ 1,810,012  
Health care providers & services—0.4%      

CVS Health Corp., 3.70%, 03/09/23

       2,750,000       2,739,431  
Hotels, restaurants & leisure—0.3%      

McDonald’s Corp., 2.10%, 12/07/18

       2,090,000       2,089,078  
Insurance—5.6%      

American International Group, Inc., 6.40%, 12/15/20

       3,175,000       3,419,555  

Jackson National Life Global Funding, (3 Month LIBOR USD + 0.30%), 144A, 2.67%, 04/27/20 (a)

       12,265,000       12,256,660  

MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)

       5,920,000       5,766,809  

Metropolitan Life Global Funding I, 144A, 1.35%, 09/14/18 (a)

       7,520,000       7,491,833  

(3 Month LIBOR USD + 0.23%), 144A, 2.56%, 01/08/21 (a)

       7,515,000       7,517,086  

Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)

       2,050,000       2,026,002  
Oil, gas & consumable fuels—0.3%      

Energy Transfer Partners LP, 4.05%, 03/15/25

       2,205,000       2,130,685  
Tobacco—0.9%      

Philip Morris International, Inc., 2.00%, 02/21/20

       6,130,000       6,025,531  
Transportation—0.1%      

Burlington Northern and Santa Fe Railway Co., Pass Through Trust,

      

Series 2001-2, 6.46%, 01/15/21

       377,527       393,100  

Series 2005-4, 4.97%, 04/01/23

       355,680       366,696  
Total corporate bonds (cost $174,297,397)         174,382,230  
MORTGAGE AND ASSET-BACKED SECURITIES—25.7%

 

  
Asset-backed securities—0.8%      

Hertz Vehicle Financing II LP, 144A, Series 2015-2A, Class A, 2.02%, 09/25/19 (a)

       4,165,000       4,152,670  

Home Equity Loan Trust,

      

Series 2003-HS3, Class A2A, (1 Month LIBOR USD + 0.28%), 2.18%, 08/25/33

       11,172       11,149  

Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27

       377,896       205,034  

RFMSII Trust, Series 2006-HSA1, Class A4, SB, 5.99%, 02/25/36

       856,900       830,807  
Commercial mortgage-backed securities—3.0%      

CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48

       5,600,000       5,647,740  

COMM Mortgage Trust, Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45

       4,000,000       4,076,012  

GS Mortgage Securities Trust,

      

Series 2012-GCJ7, Class A4, 3.38%, 05/12/45

       4,785,844       4,814,403  

Series 2013-GC14, Class AAB, 3.82%, 08/10/46

       2,235,000       2,272,000  

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/19/48

       4,075,000       3,986,837  
Federal agency mortgage-backed obligations—21.9%      

Fannie Mae Pool,

      

Series 1313, Class MA, 2.00%, 01/01/23

       1,451,130       1,425,578  

Series 1500, Class MA, 2.00%, 07/01/23

       1,253,039       1,230,378  

Series 1671, Class AM, 2.10%, 12/01/27

       1,961,337       1,837,029  

Series 2182, Class AM, 2.16%, 01/01/23

       6,645,361       6,364,163  

Series 2822, Class AB, 2.50%, 03/01/26

       550,994       541,918  

Series 4328, Class AA, 4.00%, 04/01/24

       519,197       532,594  
 

 

The accompanying notes are an integral part of the financial statements      19  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED
SECURITIES—25.7%		         Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)      

Fannie Mae Pool, (cont’d)

      

Series 6090, Class AB, 2.50%, 09/01/22

       $ 1,650,804       $ 1,630,106  

Series 8539, Class AL, 4.50%, 01/01/27

       154,502       155,613  

Series 8744, Class AB, 2.00%, 03/01/23

       621,676       610,681  

Series 8874, Class AB, 2.00%, 04/01/23

       603,312       592,642  

Series 9180, Class AB, 2.00%, 05/01/23

       1,907,073       1,873,331  

Series 9550, Class AL, 2.50%, 07/01/25

       1,964,642       1,942,024  

Series 465468, 3.33%, 07/01/20

       717,114       721,359  

Series 466284, 3.33%, 10/01/20

       3,275,563       3,304,436  

Series 466319, 3.23%, 11/01/20

       3,181,111       3,202,290  

Series 468763, 3.17%, 08/01/18

       5,023,894       5,014,976  

TBA, 3.00%, 06/15/48

       34,950,000       33,643,099  

TBA, 3.50%, 06/15/48

       31,800,000       31,507,465  

Fannie Mae-Aces,

      

Series 2013-M14, Class A, 1.70%, 08/25/18

       1,722,954       1,717,165  

Series 2014-M13, Class AB2, VR, 2.95%, 08/25/24

       1,524,229       1,481,529  

Series 2015-M11, Class A1, 2.10%, 04/25/25

       968,056       959,161  

Series 2016-M2, Class ABV2, 2.13%, 01/25/23

       2,797,344       2,687,313  

Series 2016-M3, Class ASQ2, 2.26%, 02/25/23

       4,145,000       4,009,511  

Series 2016-M6, Class AB2, 2.40%, 05/25/26

       4,655,000       4,354,964  

Series 2016-M7, Class AV2, 2.16%, 10/25/23

       9,610,000       9,181,188  

Freddie Mac Gold Pool,

      

Series 14074, Class G, 4.50%, 08/01/18

       135,891       136,866  

Series 14075, Class G, 4.50%, 08/01/18

       243,339       245,086  

Series 14660, Class G, 2.00%, 01/01/28

       5,987,522       5,742,321  

Series 15226, Class G, 4.50%, 08/01/20

       1,806,463       1,819,426  

Freddie Mac REMIC,

      

Series 3609, Class LA, 4.00%, 12/15/24

       136,392       137,022  

Series 4233, Class MD, 1.75%, 03/15/25

       303,182       301,888  

Series K-F15, Class A, (1 Month LIBOR USD + 0.67%), 2.55%, 02/25/23

       7,680,874       7,710,901  

Series K-F17, Class A, (1 Month LIBOR USD + 0.55%), 2.43%, 03/25/23

       3,929,343       3,939,165  

Ginnie Mae I Pool,

      

Series 0091, Class AD, 2.73%, 06/15/32

       7,657,416       7,177,314  

Series 2583, Class AB, 2.14%, 08/15/23

       1,686,157       1,613,150  
Total mortgage and asset-backed securities (cost $177,326,046)         175,340,304  
U.S. TREASURIES—57.3%      

U.S. Treasury Bonds,

      

2.75%, 08/15/47

       64,315,000       59,790,339  

2.75%, 11/15/47

       9,010,000       8,374,021  

U.S. Treasury Notes,

      

1.25%, 10/31/21

       90,540,000       86,193,373  

1.38%, 09/30/20

       17,120,000       16,641,844  

1.63%, 10/31/23

       96,860,000       90,934,892  

2.50%, 01/31/25

       41,095,000       40,077,257  

2.25%, 11/15/27

       94,295,000       88,817,786  
Total U.S. Treasuries (cost $400,521,954)         390,829,512  
SHORT-TERM INVESTMENTS—1.0%      
Auto manufacturers—1.0%      

Ford Motor Credit Co. LLC, Commercial paper, 144A (a)

       6,995,000       6,790,435  
Total short-term investments (cost $6,787,493)         6,790,435  
Total investment portfolio (cost $758,932,890)—109.5%

 

     747,342,481  

Liabilities in excess of other assets—(9.5)%

         (64,721,461 ) 
Total net assets—100.0%         $682,621,020  

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At April 30, 2018, these securities aggregated $65,738,470 or 9.6% of the net assets of the Fund.

144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.

TBA—To-be-announced security. Securities are being used in dollar roll transactions.

VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect at period end.

REMIC—Real estate mortgage investment conduit

SB—Step bond. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown is the rate in effect as of April 30, 2018.

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa     82.8%  
AA/Aa     6.7%  
A/A     12.9%  
BBB/Baa     6.6%  
BB/Ba     0.4%  
Ca/CC     0.0%  
C/C     0.1%  
Not rated     0.0%  

* The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA and Aaa for credit quality purposes.

 

 

20    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
FUTURES CONTRACTS—LONG  
Description    Expiration
Date		      Number of
Contracts		      Notional Value
at Trade Date		      Notional Value
at April 30, 2018		      Unrealized
Appreciation
(Depreciation)		  
10-Year U.S. Treasury Note      June 2018        1,095        $132,177,032        $130,989,375      $ (1,187,657 ) 
FUTURES CONTRACTS—SHORT  
Description    Expiration
Date		      Number of
Contracts		      Notional Value
at Trade Date		      Notional Value
at April 30, 2018		      Unrealized
Appreciation
(Depreciation)		  
Euro-Bond Futures^      June 2018        (855 )     $ (162,391,036 )     $ (163,898,489 )     $ (1,507,453 ) 
Total futures contracts                                $(2,695,110)  

^ Euro-Bond futures contracts are denominated in Euro. Notional Value at Trade Date, Notional Value at April 30, 2018 and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of April 30, 2018.

There is $56,224 of variation margin due from the broker to the Fund as of April 30, 2018.

SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Exchange    Reference Entity    Buy/Sell(b)
Protection		      Pay/Receive
Fixed Rate		      Fixed Rate    Expiration
Date		      Notional
Value(c)		      Value(d)      Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange    CDX North America High Yield Index Series 30      Sell        Receive      5%/Quarterly      6/20/2023        $10,590,000        $780,188        $644,372        $135,816  
Total swap contracts                                   $10,590,000      $780,188      $644,372      $135,816  

There is $2,293 of variation margin due from the Fund to the broker as of April 30, 2018.

(b) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.

(c) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(d) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

The accompanying notes are an integral part of the financial statements      21  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

CARILLON REAMS UNCONSTRAINED BOND FUND  
CORPORATE BONDS—26.4%         Principal
Amount		     Value  
Airlines—1.0%      

American Airlines, Pass Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24

       $2,219,281       $2,289,632  

Continental Airlines, Pass Through Trust, Series 2007-1, Class A, 5.98%, 10/19/23

       1,767,414       1,881,589  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21

       3,425,293       3,597,242  

US Airways, Pass Through Trust,

      

Series 2010-1, Class A, 6.25%, 10/22/24

       4,808,910       5,192,180  

Series 2012-1, Class A, 5.90%, 04/01/26

       2,672,003       2,898,188  
Auto manufacturers—6.0%      

Daimler Finance North America LLC,

      

144A, 1.75%, 10/30/19 (a)

       5,150,000       5,058,905  

144A, 2.00%, 08/03/18 (a)

       5,945,000       5,938,797  

144A, 2.30%, 01/06/20 (a)

       8,650,000       8,534,128  

144A, 3.10%, 05/04/20 (a)

       12,005,000       11,996,236  

144A, 3.35%, 05/04/21 (a)

       15,050,000       15,032,542  

Ford Motor Credit Co. LLC,

      

2.43%, 06/12/20

       8,440,000       8,278,806  

2.55%, 10/05/18

       5,690,000       5,690,268  

2.88%, 10/01/18

       15,510,000       15,513,880  

2.94%, 01/08/19

       8,500,000       8,506,576  

General Motors Financial Co., Inc., 3.55%, 04/09/21

       7,735,000       7,723,214  
Banks—7.1%      

Bank of America Corp., 2.60%, 01/15/19

       6,625,000       6,623,804  

Bank of America NA, 2.05%, 12/07/18

       2,635,000       2,629,304  

Citigroup, Inc., (3 Month LIBOR USD + 0.95%), 3.31%, 07/24/23

       11,970,000       12,096,403  

JPMorgan Chase & Co.,

      

(3 Month LIBOR USD + 0.55%), 2.61%, 03/09/21

       24,075,000       24,177,321  

2.75%, 06/23/20

       5,485,000       5,450,923  

JPMorgan Chase Bank NA, (3 Month LIBOR USD + 0.29%), 2.06%, 02/01/21

       16,690,000       16,699,909  

UBS AG, 144A, 2.45%, 12/01/20 (a)

       5,755,000       5,633,380  

U.S. Bank NA, 3.15%, 04/26/21

       15,830,000       15,847,040  

Wells Fargo & Co.,

      

2.55%, 12/07/20

       6,005,000       5,916,637  

(3 Month LIBOR USD + 1.23%), 3.59%, 10/31/23

       13,305,000       13,591,521  
Capital markets—0.2%      

The Goldman Sachs Group, Inc., 2.75%, 09/15/20

       2,750,000       2,723,728  
Chemicals—0.3%      

The Sherwin-Williams Co., 2.25%, 05/15/20

       3,895,000       3,827,582  
Consumer finance—1.8%      

Ally Financial, Inc., 3.25%, 11/05/18

       9,325,000       9,325,000  

American Express Co., 2.20%, 10/30/20

       6,450,000       6,308,535  

American Express Credit Corp.,

      

1.70%, 10/30/19

       5,500,000       5,408,339  

2.60%, 09/14/20

       6,435,000       6,370,802  
Diversified financial services—0.8%      

AIG Global Funding,

      

144A, 1.95%, 10/18/19 (a)

       8,255,000       8,135,242  

(3 Month LIBOR USD + 0.48%), 144A, 2.79%, 07/02/20 (a)

       4,770,000       4,775,536  
Diversified telecommunication services—0.5%      

AT&T, Inc., 3.40%, 08/14/24

       8,340,000       8,423,400  
CORPORATE BONDS—26.4%         Principal
Amount		     Value  
Food products—0.1%      

Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.78%, 03/15/21

       $ 1,280,000       $ 1,286,771  
Health care equipment & supplies—1.0%      

Abbott Laboratories, 2.35%, 11/22/19

       4,455,000       4,415,995  

Becton Dickinson and Co.,

      

2.13%, 06/06/19

       4,855,000       4,804,023  

2.40%, 06/05/20

       6,700,000       6,567,004  
Health care providers & services—0.4%      

CVS Health Corp., 3.70%, 03/09/23

       6,340,000       6,315,634  
Insurance—5.0%      

Jackson National Life Global Funding, (3 Month LIBOR USD + 0.30%), 144A, 2.67%, 04/27/20 (a)

       29,145,000       29,125,181  

MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)

       12,055,000       11,743,055  

Metropolitan Life Global Funding I, (3 Month LIBOR USD + 0.23%), 144A, 2.56%, 01/08/21 (a)

       17,830,000       17,834,948  

New York Life Global Funding, (3 Month LIBOR USD + 0.12%), 144A, 2.46%, 04/12/19 (a)

       14,175,000       14,186,021  

Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)

       4,550,000       4,496,737  
Machinery—construction & mining—1.2%      

Caterpillar Financial Services Corp., (3 Month LIBOR USD + 0.18%), 2.21%, 12/06/18

       17,925,000       17,939,384  
Oil, gas & consumable fuels—0.4%      

Energy Transfer Partners LP, 4.05%, 03/15/25

       6,392,000       6,176,570  
Tobacco—0.6%      

Philip Morris International, Inc., 2.00%, 02/21/20

       8,800,000       8,650,028  
Total corporate bonds (cost $405,537,372)         405,637,940  
MORTGAGE AND ASSET-BACKED SECURITIES—5.4%

 

  
Asset-backed securities—2.1%      

Bank of The West Auto Trust,

      

Series 2015-1, Class A3, 144A, 1.31%, 10/15/19 (a)

       65,531       65,500  

Series 2017-1, Class A2, 144A, 1.78%, 02/15/21 (a)

       14,815,000       14,732,310  

Countrywide Asset-Backed Certificates, Series 2006-S10, Class A3, (1 Month LIBOR USD + 0.32%), 2.22%, 10/25/36

       1,518,927       1,436,466  

Hertz Vehicle Financing II LP, Series 2015-2A, Class A, 144A, 2.02%, 09/25/19 (a)

       9,455,000       9,427,009  

Home Equity Loan Trust,

      

Series 2003-HS3, Class A2A, (1 Month LIBOR USD + 0.28%), 2.18%, 08/25/33

       711       710  

Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27

       3,819,682       2,072,438  

Hyundai Auto Receivables Trust, Series 2016-B, Class A2, 1.12%, 10/15/19

       4,770,684       4,757,830  
Commercial mortgage-backed securities—0.3%      

GS Mortgage Securities Trust, Series 2013-GC14, Class AAB, 3.82%, 08/10/46

       4,750,000       4,828,636  
Federal agency mortgage-backed obligations—3.0%      

Fannie Mae-Aces, Series 2013-M9, Class ASQ2, 1.82%, 06/25/18

       1,867,929       1,863,870  

Fannie Mae Pool, TBA, 3.00%, 06/15/48

       24,575,000       23,656,056  
 

 

22    The accompanying notes are an integral part of the financial statements

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2018  

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED
SECURITIES—5.4%		     Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)

 

  

Freddie Mac REMICS,

      

Series K-F15, Class A, (1 Month LIBOR USD + 0.67%), 2.55%, 02/25/23

       $ 14,772,087       $ 14,829,835  

Series K-F17, Class A, (1 Month LIBOR USD + 0.55%), 2.43%, 03/25/23

       5,207,035       5,220,052  
Total mortgage and asset-backed securities
(cost $83,271,676)

 

     82,890,712  
U.S. TREASURIES—68.1%      

U.S.Treasury Inflation Indexed Bonds,

      

0.50%, 01/15/28

       15,540,175       15,138,354  

1.00%, 02/15/48

       15,544,485       15,852,897  

U.S. Treasury Bonds, 2.75%, 11/15/47

       6,070,000       5,641,543  

U.S. Treasury Notes,

      

1.25%, 10/31/21

       268,505,000       255,614,663  

1.88%, 02/28/22

       31,265,000       30,303,845  

2.00%, 12/31/21

       157,705,000       153,787,016  

2.25%, 08/15/27

       53,975,000       50,917,823  

2.25%, 11/15/27

       313,115,000       294,927,421  

2.75%, 02/28/25

       86,965,000       86,122,527  

2.75%, 02/15/28

       140,830,000       138,447,993  
Total U.S. Treasuries (cost $1,069,408,995)         1,046,754,082  
SHORT-TERM INVESTMENTS—2.2%      
Auto manufacturers—2.2%      

Ford Motor Credit Co. LLC, Commercial paper, 144A (a)

       34,000,000       33,005,689  
Total short-term investments (cost $32,991,390)

 

     33,005,689  
Total investment portfolio (cost $1,591,209,433)—102.1%

 

     1,568,288,423  

Liabilities in excess of other assets—(2.1)%

         (31,558,168 ) 
Total net assets—100.0%         $1,536,730,255  

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At April 30, 2018, these securities aggregated $199,721,216 or 13.0% of the Fund’s net assets.

144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.

TBA—To-be-announced security. Securities are being used in dollar roll transactions.

VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect at period end.

REMIC—Real estate mortgage investment conduit

Credit quality breakdown*  
Rating   Percent of net assets  
AAA/Aaa     74.2%  
AA/Aa     4.2%  
A/A     14.2%  
BBB/Baa     8.7%  
BB/Ba     0.6%  
Ca/CC     0.1%  
C/C     0.1%  
Not rated     0.0%  

* The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated “A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA and Aaa for credit quality purposes.

 
FUTURES CONTRACTS—SHORT  
Description    Expiration
Date		      Number of
Contracts		      Notional Value
at Trade Date		      Notional Value
at April 30, 2018		      Unrealized
Appreciation
(Depreciation)		  
Euro-Bond Futures ^      June 2018        (2,645 )     $ (500,842,438 )     $ (507,030,999 )     $ (6,188,561 ) 
Total futures contracts                                $(6,188,561)  

^ Euro-Bond futures contracts are denominated in Euro. Notional Value at Trade Date, Notional Value at April 30, 2018 and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of April 30, 2018.

There is $246,378 of variation margin due from the Fund to the broker as of April 30, 2018.

 

The accompanying notes are an integral part of the financial statements      23  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2018

 

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)  
SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Exchange    Reference Entity    Buy/Sell(b)
Protection		      Pay/Receive
Fixed Rate		      Fixed Rate    Expiration
Date		      Notional
Value(c)		      Value(d)      Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange    CDX North America High
Yield Index Series 30		      Sell        Receive      5%/Quarterly      6/20/2023        $22,450,000        $1,653,941        $1,366,020        $287,921  
Total swap contracts                                   $22,450,000      $1,653,941      $1,366,020      $287,921  

There is $4,860 of variation margin due from the Fund to the broker as of April 30, 2018.

(b) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.

(c) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(d) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

24    The accompanying notes are an integral part of the financial statements

Table of Contents

 

 

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Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)    04.30.2018

 

     Carillon ClariVest
Capital
Appreciation
Fund		     Carillon ClariVest
International
Stock
Fund		     Carillon Cougar
Tactical
Allocation
Fund		     Carillon Eagle
Growth
& Income
Fund		  
Assets        

Investments, at value (a)

     $454,001,242       $19,825,431       $16,311,919       $577,995,863  

Cash

     2,178,407       764,264       158,430       7,884,105  

Foreign currency, at value (b)

     —       174       —       —  

Receivable for investments sold

     875,961       —       —       —  

Receivable for fund shares sold

     996,779       94,424       13,124       291,447  

Receivable for dividends and interest, net

     198,972       150,144       364       640,609  

Receivable due from adviser, net

     —       10,416       12,989       —  

Prepaid expenses

     29,727       33,641       40,799       9,770  
Total assets     458,281,088       20,878,494       16,537,625       586,821,794  
Liabilities        

Payable for investments purchased

     1,121,514       —       —       —  

Payable for fund shares redeemed

     786,270       34,853       625       543,296  

Payable for interest due on line of credit

     —       —       —       —  

Accrued custody fees

     1,648       6,686       157       2,394  

Accrued investment advisory fees, net

     168,968       —       —       227,836  

Accrued administrative fees

     37,139       1,683       1,370       48,741  

Accrued distribution fees

     58,710       4,462       1,948       145,226  

Accrued transfer agent and shareholder servicing fees

     17,398       3,318       3,003       56,183  

Accrued internal audit fees

     667       667       667       667  

Accrued trustees and officers compensation

     15,726       15,726       15,777       15,726  

Other accrued expenses

     31,623       28,628       18,782       32,716  
Total liabilities     2,239,663       96,023       42,329       1,072,785  
Net assets     456,041,425       20,782,471       16,495,296       585,749,009  
Net assets consists of        

Paid-in capital

     276,012,489       18,385,909       15,249,857       372,215,378  

Undistributed (accumulated) net investment income (loss)

     437,989       24,578       28,726       228,663  

Accumulated net realized gain (loss)

     9,107,790       (199,866 )      832,756       23,225,125  

Net unrealized appreciation (depreciation)—investments and currency

     170,483,157       2,571,850       383,957       190,079,843  
Net assets     456,041,425       20,782,471       16,495,296       585,749,009  
Net assets, at market value        

Class A

     192,951,409       7,352,992       1,726,540       168,002,984  

Class C

     21,989,176       3,164,876       1,932,881       131,430,912  

Class I

     193,504,929       9,333,692       12,767,547       243,551,901  

Class R-3

     1,268,076       874,154       11,358       1,994,597  

Class R-5

     2,970,130       3,769       35,334       445,120  

Class R-6

     43,340,257       42,668       11,524       40,313,190  

Class Y

     17,448       10,320       10,112       10,305  
NAV, offering and redemption price per share (c)        

Class A

     $42.53       $18.93       $15.86       $20.47  

Maximum offering price (d)

     44.65       19.87       16.65       21.49  

Class C

     30.96       18.57       15.70       19.61  

Class I

     44.63       18.90       15.86       20.42  

Class R-3

     40.86       18.75       15.84       20.38  

Class R-5

     44.51       18.92       15.88       20.45  

Class R-6

     44.29       18.94       15.89       20.38  

Class Y

     44.51       18.86       15.83       20.41  
Shares of beneficial interest outstanding        

Class A

     4,536,380       388,444       108,863       8,206,740  

Class C

     710,248       170,457       123,107       6,703,342  

Class I

     4,336,118       493,854       804,855       11,924,967  

Class R-3

     31,033       46,612       717       97,855  

Class R-5

     66,735       199       2,226       21,767  

Class R-6

     978,554       2,252       725       1,978,145  

Class Y

     392       547       639       505  
(a) Identified cost     $283,518,085       $17,252,210       $15,927,962       $387,913,490  
(b) Cost     —       175       —       —  

(c) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.

(d) For all funds except Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund (“the bond funds”), the maximum offering price is computed as 100/95.25 of NAV. The maximum offering price for the bond funds is computed as 100/96.25 of NAV.

 

26    The accompanying notes are an integral part of the financial statements.

Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)      04.30.2018  

 

Carillon Eagle
Mid Cap
Growth
Fund		     Carillon Eagle
Mid Cap
Stock
Fund		     Carillon Eagle
Small Cap
Growth
Fund		     Carillon Eagle
Smaller
Company
Fund		     Carillon
Scout
International
Fund		     Carillon
Scout
Mid Cap
Fund		  
         
  $3,190,512,311       $233,529,964       $5,043,402,516       $41,095,890       $989,881,281       $2,048,379,130  
  13,778,567       785,276       116,061,229       74,083       29,380,462       60,133,474  
  —       —       —       —       —       —  
  76,087,827       26,138,329       33,579,329       134,134       —       24,209,951  
  10,618,520       13,168       5,106,668       7,064       232,726       6,458,468  
  341,069       48,146       863,580       7,843       7,120,496       912,662  
  —       —       —       4,144       —       —  
  66,591       17,512       54,996       1,683       26,061       57,794  
  3,291,404,885       260,532,395       5,199,068,318       41,324,841       1,026,641,026       2,140,151,479  
         
  24,574,905       18,990,164       19,323,113       102,368       —       28,316,869  
  4,421,348       168,631       6,113,327       22,758       716,945       1,363,526  
  —       196       —       2       —       —  
  4,873       1,469       19,886       853       25,130       6,938  
  1,402,007       116,735       2,162,303       —       678,276       1,283,991  
  268,074       20,404       428,133       3,440       85,159       171,685  
  224,961       55,043       275,342       16,371       55       1,551  
  57,083       35,705       529,136       8,810       169,103       109,320  
  667       753       667       270       713       713  
  15,726       14,399       15,727       13,139       16,637       13,074  
  48,334       10,976       128,237       9,320       84,764       71,498  
  31,017,978       19,414,475       28,995,871       177,331       1,776,782       31,339,165  
  3,260,386,907       241,117,920       5,170,072,447       41,147,510       1,024,864,244       2,108,812,314  
         
  2,460,646,851       157,025,822       3,290,405,540       25,457,738       660,020,293       1,729,386,088  
  (7,243,449 )      (2,031,026 )      (15,220,002 )      (103,935 )      4,981,953       1,600,300  
  70,845,708       17,332,835       371,883,015       15,072,711       5,077,031       45,034,068  
  736,137,797       68,790,289       1,523,003,894       720,996       354,784,967       332,791,858  
  3,260,386,907       241,117,920       5,170,072,447       41,147,510       1,024,864,244       2,108,812,314  
         
  537,063,260       156,529,027       634,392,940       14,000,183       53,798       1,361,189  
  121,725,270       26,085,299       126,482,256       15,957,770       47,857       1,821,807  
  934,377,655       56,358,757       1,614,508,446       7,460,472       1,024,721,732       2,103,918,897  
  33,993,776       1,171,157       91,206,838       533,171       10,149       166,575  
  507,744,346       275,516       446,623,687       52,275       10,173       19,105  
  1,125,462,507       685,828       2,256,847,933       3,133,311       10,178       1,356,370  
  20,093       12,336       10,347       10,328       10,357       168,371  
         
  $57.92       $27.98       $60.33       $14.10       $21.45       $18.92  
  60.81       29.38       63.34       14.80       22.52       19.86  
  46.43       20.26       44.68       12.08       21.40       18.87  
  61.05       29.69       63.44       15.32       21.48       18.94  
  56.22       26.75       58.37       13.50       21.43       18.89  
  60.90       29.87       63.71       15.11       21.47       18.92  
  61.42       30.03       64.25       15.21       21.48       18.93  
  60.94       29.65       63.30       15.29       21.45       18.92  
         
  9,271,703       5,594,793       10,515,499       992,993       2,508       71,940  
  2,621,473       1,287,290       2,831,084       1,320,512       2,236       96,534  
  15,304,927       1,898,213       25,450,527       487,119       47,704,159       111,093,587  
  604,634       43,777       1,562,531       39,495       474       8,817  
  8,338,026       9,222       7,009,917       3,461       474       1,010  
  18,324,916       22,841       35,128,764       206,050       474       71,633  
  330       416       163       675       483       8,901  
  $2,454,374,514       $164,739,675       $3,520,398,622       $40,374,894       $635,019,891       $1,715,587,272  
  —       —       —       —       —       —  

 

The accompanying notes are an integral part of the financial statements.      27  

Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)    04.30.2018

 

     Carillon Scout
Small Cap
Fund		     Carillon Reams
Core Bond
Fund		     Carillon Reams
Core Plus Bond
Fund		     Carillon Reams
Unconstrained Bond
Fund		  
Assets        

Investments, at value (a)

     $260,251,487       $129,009,177       $747,342,481       $1,568,288,423  

Premiums paid—open swap contracts

     —       —       644,372       1,366,020  

Net unrealized appreciation—open swap contracts

     —       —       135,816       287,921  

Cash

     1,849,149       638,956       1,210,733       3,065,890  

Cash deposit at broker—open futures contracts

     —       —       6,241,640       13,844,592  

Cash segregated at custodian—open TBA positions

     —       —       288,187       —  

Variation margin receivable—open futures contracts

     —       —       56,224       —  

Receivable for investments sold

     677,374       11,591,038       65,048,367       28,767,922  

Receivable for fund shares sold

     111,027       223,677       201,745       1,290,609  

Receivable for dividends and interest, net

     48,633       511,366       2,945,012       7,748,616  

Receivable due from adviser, net

     —       49,061       —       —  

Prepaid expenses

     22,000       28,808       39,503       25,047  
Total assets     262,959,670       142,052,083       824,154,080       1,624,685,040  
Liabilities        

Net unrealized depreciation—open futures contracts

     —       —       2,695,110       6,188,561  

Cash collateral received from broker—open swap contracts

     —       —       244,117       517,509  

Variation margin payable—open swap contracts

     —       —       2,293       4,860  

Variation margin payable—open futures contracts

     —       —       —       246,378  

Payable for investments purchased

     655,462       24,328,157       136,805,691       74,412,869  

Payable for fund shares redeemed

     192,051       7,348       1,555,457       5,860,357  

Accrued custody fees

     3,494       892       4,977       7,841  

Accrued investment advisory fees, net

     123,476       —       64,468       366,664  

Accrued administrative fees

     21,721       9,707       56,907       127,805  

Accrued distribution fees

     93       721       4,932       11,622  

Accrued transfer agent and shareholder servicing fees

     33,135       12,878       14,224       115,107  

Accrued internal audit fees

     713       713       713       713  

Accrued trustees and officers compensation

     13,073       13,074       13,073       15,925  

Other accrued expenses

     21,730       35,694       71,098       78,574  
Total liabilities     1,064,948       24,409,184       141,533,060       87,954,785  
Net assets     261,894,722       117,642,899       682,621,020       1,536,730,255  
Net assets consists of        

Paid-in capital

     150,826,124       122,256,800       710,633,490       1,596,434,733  

Undistributed (accumulated) net investment income (loss)

     (437,184 )      178,256       910,324       2,453,200  

Accumulated net realized gain (loss)

     17,953,167       (2,942,238 )      (14,773,091 )      (33,336,099 ) 

Net unrealized appreciation (depreciation)—investments and currency

     93,552,615       (1,849,919 )      (11,590,409 )      (22,920,939 ) 

Net unrealized appreciation (depreciation)—open swap contracts

     —       —       135,816       287,921  

Net unrealized appreciation (depreciation)—open futures contracts

     —       —       (2,695,110 )      (6,188,561 ) 
Net assets     261,894,722       117,642,899       682,621,020       1,536,730,255  
Net assets, at market value        

Class A

     93,460       441,320       216,944       108,273  

Class C

     80,018       234,618       169,723       21,156  

Class I

     261,669,262       114,831,027       659,208,588       1,480,419,610  

Class R-3

     10,328       9,817       9,801       9,878  

Class R-5

     10,353       9,840       9,824       9,902  

Class R-6

     10,358       9,845       9,829       9,906  

Class Y

     20,943       2,106,432       22,996,311       56,151,530  
NAV, offering and redemption price per share (b)        

Class A

     $27.91       $11.14       $30.95       $11.63  

Maximum offering price (c)

     29.30       11.57       32.16       12.08  

Class C

     27.82       11.13       30.92       11.63  

Class I

     27.95       11.15       30.97       11.63  

Class R-3

     27.88       11.15       30.95       11.63  

Class R-5

     27.95       11.15       30.96       11.63  

Class R-6

     27.96       11.15       30.97       11.63  

Class Y

     27.91       11.14       30.95       11.69  
Shares of beneficial interest outstanding        

Class A

     3,349       39,625       7,010       9,312  

Class C

     2,877       21,080       5,488       1,820  

Class I

     9,363,362       10,300,664       21,285,571       127,249,408  

Class R-3

     370       881       317       850  

Class R-5

     370       883       317       851  

Class R-6

     370       883       317       852  

Class Y

     750       189,043       743,134       4,804,920  
(a) Identified cost     $166,698,872       $130,859,096       $758,932,890       $1,591,209,433  

(b) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.

(c) For all funds except Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund (“the bond funds”), the maximum offering price is computed as 100/95.25 of NAV. The maximum offering price for the bond funds is computed as 100/96.25 of NAV.

 

28    The accompanying notes are an integral part of the financial statements.

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Table of Contents

Statements of Operations

 

(UNAUDITED)    11.01.2017 to 04.30.2018

 

     Carillon ClariVest
Capital
Appreciation
Fund		     Carillon ClariVest
International
Stock
Fund		     Carillon Cougar
Tactical Allocation
Fund		     Carillon Eagle
Growth
& Income
Fund		  
Investment income        

Dividends (a)

     $2,553,289       $237,348       $164,948       $8,649,192  

Interest

     18,630       3,718       1,816       74,443  
Total income     2,571,919       241,066       166,764       8,723,635  
Expenses        

Investment advisory fees

     1,290,248       69,941       48,078       1,418,042  

Administrative fees:

        

Class A

     90,315       2,884       851       80,345  

Class C

     27,952       2,511       1,006       84,278  

Class I

     78,341       4,383       6,625       125,754  

Class R-3

     668       445       6       1,223  

Class R-5

     1,414       2       18       221  

Class R-6

     21,656       7       6       20,500  

Class Y

     7       5       5       5  

Distribution and service fees:

        

Class A

     216,239       6,950       2,036       192,309  

Class C

     264,895       23,895       9,612       803,509  

Class R-3

     3,195       2,130       29       5,839  

Class Y

     16       11       11       12  

Transfer agent and shareholder servicing fees:

        

Class A

     65,511       4,162       1,214       64,887  

Class C

     32,144       5,509       1,447       83,205  

Class I

     45,912       5,025       11,188       116,445  

Class R-3

     955       1,023       25       2,269  

Class R-5

     1,598       31       49       209  

Class R-6

     2,090       43       24       1,984  

Class Y

     26       28       28       26  

Custodian fees

     8,097       18,365       137       8,291  

Professional fees

     50,260       49,671       42,514       50,274  

State registration fees

     49,326       47,392       40,354       52,634  

Trustees and officers compensation

     32,452       32,452       32,503       32,452  

Internal audit fees

     3,997       3,997       3,997       3,997  

Interest expense on line of credit

     776       —       99       —  

Other expenses

     46,797       20,575       5,723       56,006  
Total expenses before adjustments     2,334,887       301,437       207,585       3,204,716  

Fees and expenses waived

     (203,063 )      (150,754 )      (121,628 )      (9 ) 

Recovered fees previously waived by Manager

     —       —       —       —  
Total expenses after adjustments     2,131,824       150,683       85,957       3,204,707  
Net investment income (loss)     440,095       90,383       80,807       5,518,928  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments

     9,530,919       525,240       874,981       22,370,618  

Foreign currency transactions

     —       286       —       —  
Net realized gain (loss)     9,530,919       525,526       874,981       22,370,618  

Net change in unrealized appreciation (depreciation) on

        

investments and foreign currency translations

     7,980,137       (197,669 )      (723,008 )      (4,131,894 ) 
Net gain (loss) on investments     17,511,056       327,857       151,973       18,238,724  
Net increase (decrease) in assets
resulting from operations		     17,951,151       418,240       232,780       23,757,652  
(a) Net of foreign withholding taxes     $ —       $25,107       $ —       $72,249  

 

30    The accompanying notes are an integral part of the financial statements.

Table of Contents

Statements of Operations

 

(UNAUDITED)      11.01.2017 to 04.30.2018

 

Carillon Eagle
Mid Cap
Growth
Fund		     Carillon Eagle
Mid Cap
Stock
Fund		     Carillon Eagle
Small Cap
Growth
Fund		     Carillon Eagle
Smaller
Company
Fund		     Carillon
Scout
International
Fund		     Carillon
Scout
Mid Cap
Fund		  
         
  $8,869,913       $1,159,619       $13,593,645       $229,792       $15,352,536       $12,150,652  
  297,008       21,609       313,418       4,273       152,312       172,107  
  9,166,921       1,181,228       13,907,063       234,065       15,504,848       12,322,759  
         
  7,591,178       771,788       13,312,683       133,050       4,287,791       7,199,771  
         
  256,367       65,928       331,187       7,768       9       245  
  75,926       35,364       82,802       8,964       15       273  
  432,361       30,712       828,708       4,363       511,011       911,732  
  17,095       637       50,197       272       5       16  
  215,438       151       236,254       26       5       5  
  461,527       426       1,079,863       1,562       5       28  
  7       5       5       5       5       32  
         
  614,088       158,177       791,150       18,511       22       613  
  725,099       334,585       789,181       85,559       153       2,726  
  81,875       3,039       239,727       1,298       23       79  
  16       12       11       11       11       80  
         
  288,876       60,563       584,950       15,200       24       86  
  63,564       45,088       90,322       12,762       38       88  
  329,968       32,185       854,348       6,940       603,368       762,111  
  27,546       1,129       77,930       545       23       23  
  145,130       297       265,539       65       23       23  
  28,318       108       77,259       534       23       25  
  26       34       28       34       23       31  
  31,237       3,811       68,589       2,269       105,410       33,279  
  75,138       54,088       51,132       57,572       31,654       28,830  
  57,461       42,638       55,013       40,940       22,828       38,447  
  32,452       31,125       32,453       29,865       32,685       29,121  
  3,997       4,083       3,997       3,600       3,364       3,364  
  —       196       21,341       2       —       —  
  255,859       39,098       528,855       13,999       161,516       186,022  
  11,810,549       1,715,267       20,453,524       445,716       5,760,034       9,197,050  
  (4 )      (361 )      (11 )      (123,125 )      (55 )      (9 ) 
  —       27,953       —       —       —       —  
  11,810,545       1,742,859       20,453,513       322,591       5,759,979       9,197,041  
  (2,643,624 )      (561,631 )      (6,546,450 )      (88,526 )      9,744,869       3,125,718  
         
         
  74,480,147       18,127,580       389,174,335       15,352,227       33,632,400       62,365,718  
  —       —       —       —       39,532       —  
  74,480,147       18,127,580       389,174,335       15,352,227       33,671,932       62,365,718  
         
  57,542,267       (11,789,783 )      (136,400,260 )      (13,517,082 )      (28,494,263 )      (9,331,496 ) 
  132,022,414       6,337,797       252,774,075       1,835,145       5,177,669       53,034,222  
 
     
129,378,790
 		     5,776,166       246,227,625       1,746,619       14,922,538       56,159,940  
  $53,558       $9,055       $115,686       $937       $1,716,272       $1,119  

 

The accompanying notes are an integral part of the financial statements.      31  

Table of Contents

Statements of Operations

 

(UNAUDITED)    11.01.2017 to 04.30.2018

 

     Carillon Scout
Small Cap
Fund		     Carillon Reams
Core Bond
Fund		     Carillon Reams
Core Plus Bond
Fund		     Carillon Reams
Unconstrained Bond
Fund		  
Investment income        

Dividends (a)

     $861,305       $ —       $ —       $ —  

Interest

     9,450       1,401,659       8,574,625       16,804,606  
Total income     870,755       1,401,659       8,574,625       16,804,606  
Expenses        

Investment advisory fees

     957,787       239,371       1,451,270       4,682,749  

Administrative fees:

        

Class A

     18       72       38       11  

Class C

     16       63       39       8  

Class I

     129,426       55,193       330,493       709,290  

Class R-3

     5       4       4       4  

Class R-5

     5       4       4       4  

Class R-6

     5       4       4       4  

Class Y

     7       1,072       11,902       28,776  

Distribution and service fees:

        

Class A

     44       181       95       28  

Class C

     164       627       392       81  

Class R-3

     23       22       22       22  

Class Y

     17       2,845       31,580       76,651  

Transfer agent and shareholder servicing fees:

        

Class A

     36       146       48       29  

Class C

     35       137       100       40  

Class I

     160,744       79,088       149,482       529,980  

Class R-3

     23       22       23       23  

Class R-5

     23       23       23       23  

Class R-6

     23       23       23       23  

Class Y

     38       2,262       14,363       40,706  

Custodian fees

     4,976       4,055       13,371       22,538  

Professional fees

     48,469       44,783       42,211       25,656  

State registration fees

     13,618       19,930       32,674       48,020  

Trustees and officers compensation

     29,121       29,121       29,121       31,972  

Internal audit fees

     3,364       3,364       3,364       3,364  

Interest expense on line of credit

     —       —       —       38  

Other expenses

     34,256       25,621       64,901       149,540  
Total expenses before adjustments     1,382,243       508,033       2,175,547       6,349,580  

Fees and expenses waived

     (74,304 )      (263,066 )      (673,114 )      (2,355,170 ) 

Recovered fees previously waived by Manager

     —       —       —       —  
Total expenses after adjustments     1,307,939       244,967       1,502,433       3,994,410  
Net investment income (loss)     (437,184 )      1,156,692       7,072,192       12,810,196  
Realized and unrealized gain (loss) on investments        

Net realized gain (loss) on:

        

Investments

     17,657,227       (825,406 )      (6,899,954 )      (5,964,550 ) 

Foreign currency transactions

     —       —       (87,287 )      (312,913 ) 

Swap contracts

     —       —       149,113       759,071  

Futures contracts

     —       —       1,905,436       5,409,189  
Net realized gain (loss)     17,657,227       (825,406 )      (4,932,692 )      (109,203 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments and foreign currency translations

     (4,967,476 )      (2,027,972 )      (11,608,400 )      (25,447,201 ) 

Swap contracts

     —       —       28,117       (156,450 ) 

Futures contracts

     —       —       (2,508,431 )      (4,371,185 ) 
Net change in unrealized appreciation (depreciation)     (4,967,476 )      (2,027,972 )      (14,088,714 )      (29,974,836 ) 
Net gain (loss) on investments     12,689,751       (2,853,378 )      (19,021,406 )      (30,084,039 ) 
Net increase (decrease) in assets
resulting from operations		     12,252,567       (1,696,686 )      (11,949,214 )      (17,273,843 ) 
(a) Net of foreign withholding taxes     $ —       $ —       $ —       $ —  

 

32    The accompanying notes are an integral part of the financial statements.

Table of Contents

 

 

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Table of Contents

Statements of Changes in Net Assets

 

    Carillon ClariVest Capital
Appreciation Fund		     Carillon ClariVest
International Stock Fund		     Carillon Cougar Tactical
Allocation Fund		     Carillon Eagle Growth &
Income Fund		  
     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		  

Net assets, beginning of period

     $390,895,027       $339,629,417       $18,837,745       $15,173,586       $17,248,864       $7,702,229       $604,140,235       $553,144,966  
Increase (decrease) in net assets from operations                

Net investment income (loss)

     440,095       237,145       90,383       147,557       80,807       130,344       5,518,928       9,727,133  

Net realized gain (loss)

     9,530,919       25,222,151       525,526       975,148       874,981       270,576       22,370,618       15,696,282  

Net change in unrealized appreciation (depreciation)

     7,980,137       72,880,416       (197,669 )      2,515,759       (723,008 )      1,070,850       (4,131,894 )      73,789,804  
Net increase (decrease) in net assets resulting from operations     17,951,151       98,339,712       418,240       3,638,464       232,780       1,471,770       23,757,652       99,213,219  
Distributions to shareholders from                

Net investment income

     (236,304 )      (587,760 )      (206,972 )      (249,166 )      (151,726 )      (44,727 )      (6,062,343 )      (9,759,572 ) 

Net realized gains

     (25,236,644 )      (21,213,057 )      —       —       (294,315 )      (12,282 )      (14,660,054 )      (28,297,613 ) 
Total distributions to shareholders     (25,472,948 )      (21,800,817 )      (206,972 )      (249,166 )      (446,041 )      (57,009 )      (20,722,397 )      (38,057,185 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     46,377,005       6,795,240       3,485,145       966,809       231,128       806,285       34,536,815       9,824,277  

Issued as reinvestment of distributions-Class A

     9,810,169       8,461,224       53,718       46,859       35,648       7,495       4,780,199       9,358,425  

Cost of shares redeemed-Class A

     (22,716,429 )      (28,813,068 )      (670,208 )      (1,027,215 )      (107,609 )      (1,379,780 )      (18,107,014 )      (40,102,590 ) 

Proceeds from shares sold-Class C

     1,550,179       2,860,366       396,809       719,093       144,496       1,124,089       3,887,128       10,370,279  

Issued as reinvestment of distributions-Class C

     5,106,005       4,718,569       28,462       50,527       36,455       1,498       4,424,743       9,423,544  

Cost of shares redeemed-Class C

     (47,400,971 )      (18,742,990 )      (2,514,470 )      (1,471,053 )      (150,816 )      (512,177 )      (47,327,190 )      (54,002,995 ) 

Proceeds from shares sold-Class I

     85,497,370       41,711,259       1,151,106       2,151,420       2,010,530       11,283,307       21,855,916       88,518,674  

Issued as reinvestment of distributions-Class I

     7,117,568       5,648,884       115,509       137,212       366,673       46,925       6,806,408       10,193,980  

Cost of shares redeemed-Class I

     (15,340,626 )      (76,370,699 )      (389,896 )      (1,319,428 )      (3,118,674 )      (3,246,189 )      (32,144,451 )      (55,059,836 ) 

Proceeds from shares sold-Class R-3

     239,374       767,737       31,731       37,886       —       —       130,494       396,916  

Issued as reinvestment of distributions-Class R-3

     80,730       42,012       7,995       13,703       262       12       67,570       133,127  

Cost of shares redeemed-Class R-3

     (252,070 )      (845,394 )      (3,201 )      (7,081 )      —       —       (584,504 )      (1,069,899 ) 

Proceeds from shares sold-Class R-5

     2,863,265       1,236,365       —       —       —       20,000       10,798       124,842  

Issued as reinvestment of distributions-Class R-5

     195,042       466,138       45       604       978       337       15,348       24,913  

Cost of shares redeemed-Class R-5

     (3,082,110 )      (7,075,399 )      —       (25,140 )      —       (20,000 )      (2,040 )      (3,193 ) 

Proceeds from shares sold-Class R-6

     3,261,352       36,802,300       30,438       804       —       —       2,410,865       4,528,156  

Issued as reinvestment of distributions-Class R-6

     2,575,449       1,841,311       177       219       333       72       1,460,169       2,565,438  

Cost of shares redeemed-Class R-6

     (3,231,226 )      (4,777,140 )      (46 )      (358 )      —       —       (3,658,080 )      (5,384,823 ) 

Proceeds from shares sold-Class Y

     17,500       N/A       10,000       N/A       10,000       N/A       10,000       N/A  

Issued as reinvestment of distributions-Class Y

     619       N/A       144       N/A       289       N/A       345       N/A  

Cost of shares redeemed-Class Y

     —       N/A       —       N/A       —       N/A       —       N/A  
Net increase (decrease) from fund share transactions     72,668,195       (25,273,285 )      1,733,458       274,861       (540,307 )      8,131,874       (21,426,481 )      (10,160,765 ) 
Increase (decrease) in net assets     65,146,398       51,265,610       1,944,726       3,664,159       (753,568 )      9,546,635       (18,391,226 )      50,995,269  

Net assets, end of period (a)

     456,041,425       390,895,027       20,782,471       18,837,745       16,495,296       17,248,864       585,749,009       604,140,235  
(a) includes undistributed (accumulated) net investment income (loss) of     $437,989       $234,198       $24,578       $141,167       $28,726       $99,645       $228,663       $772,078  
Shares issued and redeemed                

Shares sold-Class A

     1,038,285       174,563       183,859       58,651       14,206       54,084       1,631,083       511,170  

Issued as reinvestment of distributions-Class A

     232,303       246,468       2,847       3,128       2,213       510       228,507       503,417  

Shares redeemed-Class A

     (524,430 )      (771,842 )      (35,585 )      (63,784 )      (6,555 )      (91,722 )      (860,143 )      (2,070,819 ) 

Shares sold-Class C

     48,452       101,959       20,798       42,647       9,077       75,395       192,711       568,124  

Issued as reinvestment of distributions-Class C

     165,618       182,749       1,533       3,423       2,280       102       220,102       530,410  

Shares redeemed-Class C

     (1,455,526 )      (657,104 )      (134,955 )      (91,947 )      (9,366 )      (34,171 )      (2,339,438 )      (2,916,422 ) 

Shares sold-Class I

     1,873,881       1,075,924       60,939       123,174       123,570       753,518       1,042,103       4,625,761  

Issued as reinvestment of distributions-Class I

     160,777       157,702       6,137       9,190       22,775       3,194       326,121       547,143  

Shares redeemed-Class I

     (336,142 )      (1,981,381 )      (20,654 )      (85,412 )      (192,005 )      (214,603 )      (1,530,280 )      (2,854,755 ) 

Shares sold-Class R-3

     5,755       20,685       1,688       2,347       —       —       6,213       20,772  

Issued as reinvestment of distributions-Class R-3

     1,988       1,265       427       922       16       1       3,239       7,205  

Shares redeemed-Class R-3

     (6,110 )      (24,129 )      (169 )      (421 )      —       —       (28,175 )      (54,951 ) 

Shares sold-Class R-5

     62,834       31,850       —       —       —       1,357       516       6,604  

Issued as reinvestment of distributions-Class R-5

     4,417       13,064       2       41       61       23       734       1,338  

Shares redeemed-Class R-5

     (68,110 )      (174,308 )      —       (1,587 )      —       (1,286 )      (98 )      (166 ) 

Shares sold-Class R-6

     72,054       988,409       1,597       48       —       —       115,536       237,517  

Issued as reinvestment of distributions-Class R-6

     58,639       51,795       9       15       20       5       70,110       138,259  

Shares redeemed-Class R-6

     (71,271 )      (121,141 )      (2 )      (21 )      —       —       (174,404 )      (281,241 ) 

Shares sold-Class Y

     378       N/A       539       N/A       621       N/A       488       N/A  

Issued as reinvestment of distributions-Class Y

     14       N/A       8       N/A       18       N/A       17       N/A  

Shares redeemed-Class Y

     —       N/A       —       N/A       —       N/A       —       N/A  
Shares issued and redeemed     1,263,806       (683,472 )      89,018       414       (33,069 )      546,407       (1,095,058 )      (480,634 ) 

(†) The data for fiscal periods ending after October 31, 2017 is unaudited.

 

34    The accompanying notes are an integral part of the financial statements.

Table of Contents

Statements of Changes in Net Assets

 

Carillon Eagle Mid Cap
Growth Fund		     Carillon Eagle Mid Cap
Stock Fund		     Carillon Eagle Small Cap
Growth Fund		     Carillon Eagle Smaller
Company Fund		    
Carillon Scout International Fund		  
11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		  
  $2,375,246,768       $1,373,092,497       $260,620,494       $255,357,699       $5,071,793,231       $4,065,433,794       $45,826,515       $44,458,814       $1,160,877,255       $1,186,071,198       $1,484,259,258  
                   
  (2,643,624 )      (5,967,322 )      (561,631 )      (1,557,500 )      (6,546,450 )      (10,074,287 )      (88,526 )      (229,555 )      9,744,869       3,189,699       21,163,293  
  74,480,147       78,036,959       18,127,580       15,234,061       389,174,335       403,184,419       15,352,227       5,112,918       33,671,932       57,894,069       211,739,514  
  57,542,267       433,729,847       (11,789,783 )      38,583,152       (136,400,260 )      713,850,775       (13,517,082 )      5,694,665       (28,494,263 )      34,699,691       (8,637,483 ) 
  129,378,790       505,799,484       5,776,166       52,259,713       246,227,625       1,106,960,907       1,746,619       10,578,028       14,922,538       95,783,459       224,265,324  
                   
  —       (97,570 )      —       —       —       —       —       —       (10,001,536 )      —       (21,855,165 ) 
  (68,694,184 )      —       (13,835,527 )      (21,546,258 )      (381,398,349 )      (125,420,017 )      (4,445,200 )      (4,398,626 )      (167,683,555 )      —       (178,101,157 ) 
  (68,694,184 )      (97,570 )      (13,835,527 )      (21,546,258 )      (381,398,349 )      (125,420,017 )      (4,445,200 )      (4,398,626 )      (177,685,091 )      —       (199,956,322 ) 
                   
  144,639,171       133,239,573       54,596,386       3,730,550       84,507,996       140,727,292       1,094,387       700,895       53,414       N/A       N/A  
  11,300,587       —       5,453,216       8,876,493       44,021,081       24,299,552       1,404,454       1,421,448       1,591       N/A       N/A  
  (87,563,786 )      (101,471,121 )      (12,731,909 )      (30,589,070 )      (113,105,877 )      (546,392,709 )      (3,321,633 )      (3,926,139 )      —       N/A       N/A  
  19,103,291       27,777,900       834,520       1,356,614       6,999,365       11,830,049       367,166       778,632       50,000       N/A       N/A  
  4,687,506       —       5,276,416       8,734,608       15,524,267       6,031,652       1,858,636       1,796,210       1,583       N/A       N/A  
  (53,023,694 )      (28,869,024 )      (60,864,814 )      (26,387,954 )      (57,272,492 )      (49,512,086 )      (2,646,289 )      (4,230,290 )      —       N/A       N/A  
  268,654,470       310,616,072       5,315,900       20,570,228       154,426,551       553,933,274       684,846       1,942,826       35,650,867       16,931,833       89,419,257  
  18,718,286       6,580       2,706,733       3,272,151       103,735,532       32,479,254       708,035       682,837       171,813,988       —       191,437,939  
  (136,472,405 )      (125,455,278 )      (11,804,584 )      (14,981,857 )      (292,831,209 )      (583,745,867 )      (2,352,779 )      (4,218,511 )      (180,868,468 )      (137,909,235 )      (603,354,258 ) 
  6,716,535       9,688,099       98,443       305,042       6,221,449       14,821,449       71,593       164,499       10,000       N/A       N/A  
  800,829       —       58,286       104,157       7,176,466       2,846,912       18,840       17,126       1,588       N/A       N/A  
  (5,885,195 )      (6,624,642 )      (234,292 )      (673,390 )      (16,499,323 )      (34,012,061 )      (80,259 )      (58,710 )      —       N/A       N/A  
  279,366,102       117,002,843       32,719       82,327       54,988,552       147,981,495       —       —       10,000       N/A       N/A  
  10,139,695       13,068       13,587       15,754       34,589,597       13,833,099       4,510       3,692       1,594       N/A       N/A  
  (72,315,878 )      (43,861,460 )      (62,579 )      (83,241 )      (101,656,835 )      (235,670,530 )      (111 )      —       —       N/A       N/A  
  492,131,256       289,700,454       64,510       253,836       444,555,869       814,962,934       49,409       100,377       10,000       N/A       N/A  
  20,154,738       77,414       38,113       39,211       147,039,394       36,051,096       272,357       233,473       1,594       N/A       N/A  
  (96,716,225 )      (85,388,121 )      (246,547 )      (76,119 )      (288,981,176 )      (325,646,258 )      (124,465 )      (220,066 )      —       N/A       N/A  
  20,000       N/A       12,219       N/A       10,000       N/A       10,000       N/A       10,200       N/A       N/A  
  250       N/A       464       N/A       733       N/A       879       N/A       1,591       N/A       N/A  
  —       N/A       —       N/A       —       N/A       —       N/A       —       N/A       N/A  
  824,455,533       496,452,357       (11,443,213 )      (25,450,660 )      233,449,940       24,818,547       (1,980,424 )      (4,811,701 )      26,749,542       (120,977,402 )      (322,497,062 ) 
  885,140,139       1,002,154,271       (19,502,574 )      5,262,795       98,279,216       1,006,359,437       (4,679,005 )      1,367,701       (136,013,011 )      (25,193,943 )      (298,188,060 ) 
  3,260,386,907       2,375,246,768       241,117,920       260,620,494       5,170,072,447       5,071,793,231       41,147,510       45,826,515       1,024,864,244       1,160,877,255       1,186,071,198  

 

$(7,243,449

) 

     $(4,599,825 )      $(2,031,026 )      $(1,469,395 )      $(15,220,002 )      $(8,673,552 )      $(103,935 )      $(15,409 )      $4,981,953       $5,238,620       $1,735,347  
                   
  2,441,326       2,634,506       1,868,128       139,884       1,351,132       2,473,642       76,104       51,336       2,433       N/A       N/A  
  199,165       —       192,218       354,209       737,495       461,355       99,819       109,595       75       N/A       N/A  
  (1,502,960 )      (2,068,456 )      (443,162 )      (1,156,925 )      (1,844,587 )      (9,469,427 )      (233,921 )      (284,378 )      —       N/A       N/A  
  405,223       681,231       39,200       68,846       153,202       273,490       29,337       65,084       2,162       N/A       N/A  
  102,796       —       256,136       467,842       350,356       149,335       153,733       157,562       74       N/A       N/A  
  (1,087,898 )      (721,593 )      (2,873,648 )      (1,329,185 )      (1,220,195 )      (1,130,584 )      (211,609 )      (350,772 )      —       N/A       N/A  
  4,344,832       5,761,173       174,126       740,216       2,391,503       9,142,861       43,731       131,722       1,549,193       698,462       3,936,668  
  313,329       139       89,984       123,851       1,654,738       591,392       46,368       49,019       8,047,494       —       9,218,609  
  (2,214,184 )      (2,401,812 )      (388,049 )      (534,291 )      (4,541,425 )      (9,935,536 )      (153,170 )      (287,896 )      (7,992,073 )      (5,699,663 )      (26,320,445 ) 
  118,067       199,556       3,567       11,985       104,496       267,123       5,242       12,350       399       N/A       N/A  
  14,526       —       2,146       4,322       124,160       55,539       1,398       1,369       75       N/A       N/A  
  (104,512 )      (138,206 )      (8,350 )      (25,752 )      (277,625 )      (619,358 )      (5,451 )      (4,529 )      —       N/A       N/A  
  4,535,233       2,184,137       1,064       2,976       845,889       2,473,948       —       —       399       N/A       N/A  
  170,186       278       449       593       549,303       250,827       299       269       75       N/A       N/A  
  (1,173,488 )      (841,367 )      (2,046 )      (3,028 )      (1,557,310 )      (3,971,896 )      (7 )      —       —       N/A       N/A  
  7,954,050       5,465,348       2,088       9,088       6,804,754       13,715,564       3,163       6,793       399       N/A       N/A  
  335,465       1,632       1,253       1,470       2,317,041       649,686       17,977       16,894       75       N/A       N/A  
  (1,567,544 )      (1,639,474 )      (7,982 )      (2,757 )      (4,411,630 )      (5,405,986 )      (8,020 )      (15,237 )      —       N/A       N/A  
  326       N/A       401       N/A       151       N/A       617       N/A       408       N/A       N/A  
  4       N/A       15       N/A       12       N/A       58       N/A       75       N/A       N/A  
  —       N/A       —       N/A       —       N/A       —       N/A       —       N/A       N/A  
  13,283,942       9,117,092       (1,092,462 )      (1,126,656 )      3,531,460       (28,025 )      (134,332 )      (340,819 )      1,611,263       (5,001,201 )      (13,165,168 ) 

 

The accompanying notes are an integral part of the financial statements.      35  

Table of Contents

Statements of Changes in Net Assets

 

    Carillon Scout Mid Cap Fund     Carillon Scout Small Cap Fund  
     11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		     11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		  

Net assets, beginning of period

     $1,675,214,198       $1,436,856,791       $1,292,464,719       $270,531,036       $241,971,178       $197,628,825  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     3,125,718       173,160       5,716,443       (437,184 )      (380,967 )      (826,064 ) 

Net realized gain (loss) on investments

     62,365,718       24,725,864       170,048,847       17,657,227       5,885,428       21,034,270  

Net change in unrealized appreciation (depreciation)

     (9,331,496 )      111,794,470       93,669,684       (4,967,476 )      17,318,653       36,719,366  
Net increase (decrease) in net assets resulting from operations     56,159,940       136,693,494       269,434,974       12,252,567       22,823,114       56,927,572  
Distributions to shareholders from            

Net investment income

     (1,987,508 )      —       (5,659,420 )      —       —       —  

Net realized gains

     (136,774,746 )      —       (23,066,072 )      (25,739,895 )      —       (9,176,002 ) 

Return of capital

     —       —       —       —       —       —  
Total distributions to shareholders     (138,762,254 )      —       (28,725,492 )      (25,739,895 )      —       (9,176,002 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     1,432,246       N/A       N/A       116,351       N/A       N/A  

Issued as reinvestment of distributions-Class A

     3,347       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class A

     (51,375 )      N/A       N/A       (22,505 )      N/A       N/A  

Proceeds from shares sold-Class C

     1,896,633       N/A       N/A       80,000       N/A       N/A  

Issued as reinvestment of distributions-Class C

     1,837       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class C

     (44,998 )      N/A       N/A       —       N/A       N/A  

Proceeds from shares sold-Class I

     645,627,539       196,138,852       275,358,446       21,305,339       16,257,579       23,420,649  

Issued as reinvestment of distributions-Class I

     127,201,107       —       25,508,611       24,943,908       —       8,913,446  

Cost of shares redeemed-Class I

     (261,583,178 )      (94,474,939 )      (397,184,467 )      (41,627,859 )      (10,520,835 )      (35,743,312 ) 

Proceeds from shares sold-Class R-3

     166,101       N/A       N/A       10,000       N/A       N/A  

Issued as reinvestment of distributions-Class R-3

     770       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class R-3

     (1 )      N/A       N/A       —       N/A       N/A  

Proceeds from shares sold-Class R-5

     18,977       N/A       N/A       10,000       N/A       N/A  

Issued as reinvestment of distributions-Class R-5

     775       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class R-5

     —       N/A       N/A       —       N/A       N/A  

Proceeds from shares sold-Class R-6

     1,358,156       N/A       N/A       10,000       N/A       N/A  

Issued as reinvestment of distributions-Class R-6

     775       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class R-6

     (19 )      N/A       N/A       —       N/A       N/A  

Proceeds from shares sold-Class Y

     175,118       N/A       N/A       20,200       N/A       N/A  

Issued as reinvestment of distributions-Class Y

     1,692       N/A       N/A       930       N/A       N/A  

Cost of shares redeemed-Class Y

     (5,072 )      N/A       N/A       —       N/A       N/A  
Net increase (decrease) from fund share transactions     516,200,430       101,663,913       (96,317,410 )      4,851,014       5,736,744       (3,409,217 ) 
Increase (decrease) in net assets     433,598,116       238,357,407       144,392,072       (8,636,314 )      28,559,858       44,342,353  

Net assets, end of period (a)

     2,108,812,314       1,675,214,198       1,436,856,791       261,894,722       270,531,036       241,971,178  
(a) includes undistributed (accumulated) net investment income (loss) of     $1,600,300       $462,090       $300,449       $(437,184 )      $ —       $ —  
Shares issued and redeemed            

Shares sold-Class A

     74,445       N/A       N/A       4,108       N/A       N/A  

Issued as reinvestment of distributions-Class A

     175       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class A

     (2,680 )      N/A       N/A       (792 )      N/A       N/A  

Shares sold-Class C

     98,726       N/A       N/A       2,844       N/A       N/A  

Issued as reinvestment of distributions-Class C

     96       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class C

     (2,288 )      N/A       N/A       —       N/A       N/A  

Shares sold-Class I

     33,193,346       10,448,240       16,183,075       734,727       573,693       935,976  

Issued as reinvestment of distributions-Class I

     6,663,232       —       1,520,389       884,222       —       381,896  

Shares redeemed-Class I

     (13,477,090 )      (5,060,023 )      (24,205,520 )      (1,479,233 )      (376,822 )      (1,506,470 ) 

Shares sold-Class R-3

     8,777       N/A       N/A       337       N/A       N/A  

Issued as reinvestment of distributions-Class R-3

     40       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class R-3

     —       N/A       N/A       —       N/A       N/A  

Shares sold-Class R-5

     969       N/A       N/A       337       N/A       N/A  

Issued as reinvestment of distributions-Class R-5

     41       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class R-5

     —       N/A       N/A       —       N/A       N/A  

Shares sold-Class R-6

     71,593       N/A       N/A       337       N/A       N/A  

Issued as reinvestment of distributions-Class R-6

     41       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class R-6

     (1 )      N/A       N/A       —       N/A       N/A  

Shares sold-Class Y

     9,076       N/A       N/A       717       N/A       N/A  

Issued as reinvestment of distributions-Class Y

     89       N/A       N/A       33       N/A       N/A  

Shares redeemed-Class Y

     (264 )      N/A       N/A       —       N/A       N/A  
Shares issued and redeemed     26,638,323       5,388,217       (6,502,056 )      147,802       196,871       (188,598 ) 

(†) The data for fiscal periods ending after October 31, 2017 is unaudited.

 

36    The accompanying notes are an integral part of the financial statements.

Table of Contents

Statements of Changes in Net Assets

 

Carillon Reams Core Bond Fund     Carillon Reams Core Plus Bond Fund     Carillon Reams Unconstrained Bond Fund  
11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		     11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		     11/1/17 to
4/30/18 (†)		     7/1/17 to
10/31/17		     7/1/16 to
6/30/17		  
  $143,842,579       $168,933,582       $207,967,407       $768,561,795       $814,467,884       $925,524,225       $1,591,781,787       $1,573,568,177       $1,373,083,803  
               
  1,156,692       860,985       2,531,418       7,072,192       4,100,068       11,613,056       12,810,196       5,175,944       12,821,365  
  (825,406 )      995,576       (653,745 )      (4,932,692 )      5,118,881       (2,222,573 )      (109,203 )      6,753,052       20,161,638  
  (2,027,972 )      (369,667 )      (3,524,209 )      (14,088,714 )      (2,350,781 )      (14,654,117 )      (29,974,836 )      (4,424,302 )      (1,731,471 ) 
  (1,696,686 )      1,486,894       (1,646,536 )      (11,949,214 )      6,868,168       (5,263,634 )      (17,273,843 )      7,504,694       31,251,532  
               
  (978,436 )      (900,936 )      (3,193,832 )      (5,844,417 )      (3,986,035 )      (14,179,016 )      (11,045,248 )      (4,867,007 )      (15,454,884 ) 
  —       —       (4,209,010 )      —       —       (20,804,133 )      —       —       —  
  —       —       —       —       (197,332 )      —       —       —       —  
  (978,436 )      (900,936 )      (7,402,842 )      (5,844,417 )      (4,183,367 )      (34,983,149 )      (11,045,248 )      (4,867,007 )      (15,454,884 ) 
               
  442,264       N/A       N/A       218,005       N/A       N/A       108,574       N/A       N/A  
  1,063       N/A       N/A       429       N/A       N/A       127       N/A       N/A  
  (330 )      N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  444,624       N/A       N/A       186,594       N/A       N/A       44,834       N/A       N/A  
  972       N/A       N/A       373       N/A       N/A       69       N/A       N/A  
  (208,335 )      N/A       N/A       (15,401 )      N/A       N/A       (23,429 )      N/A       N/A  
  12,895,442       3,576,959       37,721,554       50,694,170       30,109,489       184,300,025       277,295,541       166,300,043       562,801,577  
  952,297       835,914       6,943,328       4,368,537       3,131,477       25,792,908       9,938,229       4,401,083       13,971,363  
  (37,738,629 )      (30,037,064 )      (73,695,489 )      (119,290,509 )      (79,410,892 )      (233,425,295 )      (300,295,235 )      (127,564,904 )      (397,526,066 ) 
  10,000       N/A       N/A       10,000       N/A       N/A       10,000       N/A       N/A  
  58       N/A       N/A       57       N/A       N/A       51       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  10,000       N/A       N/A       10,000       N/A       N/A       10,000       N/A       N/A  
  77       N/A       N/A       76       N/A       N/A       70       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  10,000       N/A       N/A       10,000       N/A       N/A       10,000       N/A       N/A  
  81       N/A       N/A       80       N/A       N/A       74       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  106,869       49,907       333,047       1,777,694       420,311       33,193,213       6,771,960       6,608,004       87,759,264  
  14,795       11,211       100,478       156,207       109,494       2,188,398       352,587       170,833       804,443  
  (465,806 )      (113,888 )      (1,387,365 )      (6,273,456 )      (2,950,769 )      (82,858,807 )      (20,955,893 )      (34,339,136 )      (83,122,855 ) 
  (23,524,558 )      (25,676,961 )      (29,984,447 )      (68,147,144 )      (48,590,890 )      (70,809,558 )      (26,732,441 )      15,575,923       184,687,726  
  (26,199,680 )      (25,091,003 )      (39,033,825 )      (85,940,775 )      (45,906,089 )      (111,056,341 )      (55,051,532 )      18,213,610       200,484,374  
  117,642,899       143,842,579       168,933,582       682,621,020       768,561,795       814,467,884       1,536,730,255       1,591,781,787       1,573,568,177  
  $178,256       $ —       $ —       $910,324       $(317,451 )      $(637,846 )      $2,453,200       $688,252       $190,614  
               
  39,559       N/A       N/A       6,996       N/A       N/A       9,301       N/A       N/A  
  95       N/A       N/A       14       N/A       N/A       11       N/A       N/A  
  (29 )      N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  39,661       N/A       N/A       5,970       N/A       N/A       3,818       N/A       N/A  
  87       N/A       N/A       12       N/A       N/A       6       N/A       N/A  
  (18,668 )      N/A       N/A       (494 )      N/A       N/A       (2,004 )      N/A       N/A  
  1,140,720       313,169       3,277,843       1,610,908       946,333       5,707,300       23,581,806       14,025,178       47,894,813  
  84,353       73,151       615,646       138,829       98,455       823,334       845,513       371,239       1,189,203  
  (3,317,190 )      (2,628,930 )      (6,425,619 )      (3,800,601 )      (2,496,559 )      (7,337,898 )      (25,553,200 )      (10,763,667 )      (33,804,727 ) 
  876       N/A       N/A       315       N/A       N/A       846       N/A       N/A  
  5       N/A       N/A       2       N/A       N/A       4       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  876       N/A       N/A       315       N/A       N/A       845       N/A       N/A  
  7       N/A       N/A       2       N/A       N/A       6       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  876       N/A       N/A       314       N/A       N/A       846       N/A       N/A  
  7       N/A       N/A       3       N/A       N/A       6       N/A       N/A  
  —       N/A       N/A       —       N/A       N/A       —       N/A       N/A  
  9,414       4,371       28,217       56,797       13,219       1,014,292       573,302       554,934       7,436,866  
  1,311       981       8,919       4,965       3,443       69,914       29,853       14,343       68,155  
  (41,234 )      (9,973 )      (120,246 )      (199,779 )      (92,923 )      (2,597,161 )      (1,770,791 )      (2,885,189 )      (7,028,404 ) 
  (2,059,274 )      (2,247,231 )      (2,615,240 )      (2,175,432 )      (1,528,032 )      (2,320,219 )      (2,279,832 )      1,316,838       15,755,906  

 

The accompanying notes are an integral part of the financial statements.      37  

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  

Carillon ClariVest Capital

Appreciation Fund

 

 

                            
Class A*                                
11/01/17     04/30/18       $43.14       $0.03       $2.06       $2.09       $—     $ (2.70 )      $—     $ (2.70 )      $42.53       1.04       1.12       0.13       13       4.90       $193  
11/01/16     10/31/17       35.05       0.02       10.24       10.26       (0.03 )      (2.14 )      —       (2.17 )      43.14       1.20       1.20       0.07       33       30.84       164  
11/01/15     10/31/16       40.32       0.08       (0.09 )      (0.01 )      (0.01 )      (5.25 )      —       (5.26 )      35.05       1.23       1.23       0.22       35       0.30       145  
11/01/14     10/31/15       42.02       0.09       3.80       3.89       —       (5.59 )      —       (5.59 )      40.32       1.19       1.19       0.22       42       10.29       168  
11/01/13     10/31/14       39.59       0.01       6.64       6.65       —       (4.22 )      —       (4.22 )      42.02       1.23       1.23       0.02       33       18.34       157  
11/01/12     10/31/13       30.95       0.10       8.66       8.76       (0.12 )      —       —       (0.12 )      39.59       1.30       1.30       0.30       69 (d)      28.41       205  
Class C*                                
11/01/17     04/30/18       32.23       (0.08 )      1.51       1.43       —       (2.70 )      —       (2.70 )      30.96       1.82       1.92       (0.52 )      13       4.48       22  
11/01/16     10/31/17       26.88       (0.20 )      7.69       7.49       —       (2.14 )      —       (2.14 )      32.23       1.97       1.97       (0.70 )      33       29.83       63  
11/01/15     10/31/16       32.37       (0.15 )      (0.09 )      (0.24 )      —       (5.25 )      —       (5.25 )      26.88       2.00       2.00       (0.55 )      35       (0.45 )      62  
11/01/14     10/31/15       35.05       (0.17 )      3.08       2.91       —       (5.59 )      —       (5.59 )      32.37       1.96       1.96       (0.54 )      42       9.42       69  
11/01/13     10/31/14       33.93       (0.24 )      5.58       5.34       —       (4.22 )      —       (4.22 )      35.05       1.97       1.97       (0.73 )      33       17.45       68  
11/01/12     10/31/13       26.62       (0.13 )      7.44       7.31       —       —       —       —       33.93       2.03       2.03       (0.43 )      69 (d)      27.46       68  
Class I*                                
11/01/17     04/30/18       45.13       0.10       2.16       2.26       (0.06 )      (2.70 )      —       (2.76 )      44.63       0.74       0.85       0.44       13       5.06       194  
11/01/16     10/31/17       36.55       0.16       10.68       10.84       (0.12 )      (2.14 )      —       (2.26 )      45.13       0.88       0.88       0.39       33       31.26       119  
11/01/15     10/31/16       41.83       0.19       (0.09 )      0.10       (0.13 )      (5.25 )      —       (5.38 )      36.55       0.92       0.92       0.52       35       0.61       124  
11/01/14     10/31/15       43.34       0.21       3.93       4.14       (0.06 )      (5.59 )      —       (5.65 )      41.83       0.90       0.90       0.51       42       10.59       103  
11/01/13     10/31/14       40.60       0.13       6.83       6.96       —       (4.22 )      —       (4.22 )      43.34       0.94       0.93       0.32       33       18.68       88  
11/01/12     10/31/13       31.72       0.19       8.92       9.11       (0.23 )      —       —       (0.23 )      40.60       0.95       0.99       0.51       69 (d)      28.87       30  
Class R-3*                                
11/01/17     04/30/18       41.60       (0.03 )      1.99       1.96       —       (2.70 )      —       (2.70 )      40.86       1.33       1.44       (0.13 )      13       4.76       1  
11/01/16     10/31/17       33.95       (0.10 )      9.89       9.79       —       (2.14 )      —       (2.14 )      41.60       1.51       1.56       (0.28 )      33       30.43       1  
11/01/15     10/31/16       39.33       (0.04 )      (0.09 )      (0.13 )      —       (5.25 )      —       (5.25 )      33.95       1.57       1.57       (0.12 )      35       (0.04 )      1  
11/01/14     10/31/15       41.24       (0.04 )      3.72       3.68       —       (5.59 )      —       (5.59 )      39.33       1.51       1.51       (0.10 )      42       9.94       1  
11/01/13     10/31/14       39.05       (0.11 )      6.52       6.41       —       (4.22 )      —       (4.22 )      41.24       1.56       1.56       (0.30 )      33       17.94       1  
11/01/12     10/31/13       30.53       0.01       8.52       8.53       (0.01 )      —       —       (0.01 )      39.05       1.60       1.60       0.02       69 (d)      27.94       1  
Class R-5*                                
11/01/17     04/30/18       44.97       0.07       2.18       2.25       (0.01 )      (2.70 )      —       (2.71 )      44.51       0.77       0.90       0.31       13       5.06       3  
11/01/16     10/31/17       36.44       0.17       10.63       10.80       (0.13 )      (2.14 )      —       (2.27 )      44.97       0.89       0.89       0.45       33       31.26       3  
11/01/15     10/31/16       41.70       0.20       (0.08 )      0.12       (0.13 )      (5.25 )      —       (5.38 )      36.44       0.90       0.90       0.55       35       0.64       7  
11/01/14     10/31/15       43.20       0.18       3.93       4.11       (0.02 )      (5.59 )      —       (5.61 )      41.70       0.95       0.86       0.46       42       10.54       8  
11/01/13     10/31/14       40.50       0.10       6.82       6.92       —       (4.22 )      —       (4.22 )      43.20       0.95       0.94       0.25       33       18.62       5  
11/01/12     10/31/13       31.66       0.25       8.83       9.08       (0.24 )      —       —       (0.24 )      40.50       0.95       0.99       0.73       69 (d)      28.84       20  
Class R-6*                                
11/01/17     04/30/18       44.82       0.12       2.14       2.26       (0.09 )      (2.70 )      —       (2.79 )      44.29       0.67       0.80       0.53       13       5.09       43  
11/01/16     10/31/17       36.35       0.14       10.66       10.80       (0.19 )      (2.14 )      —       (2.33 )      44.82       0.82       0.82       0.34       33       31.36       41  
11/01/15     10/31/16       41.66       0.22       (0.09 )      0.13       (0.19 )      (5.25 )      —       (5.44 )      36.35       0.85       1.49       0.60       35       0.68       0  
07/31/15     10/31/15       41.71       0.06       (0.11 )      (0.05 )      —       —       —       —       41.66       0.82       0.82       0.57       42       (0.12 )      0  
Class Y*                                
11/20/17     04/30/18       45.64       0.03       1.66       1.69       (0.12 )      (2.70 )      —       (2.82 )      44.51       1.02       1.42       0.15       13       3.76       0  

Carillon ClariVest International

Stock Fund

 

 

                            
Class A*                                
11/01/17     04/30/18       18.71       0.12       0.31       0.43       (0.21 )      —       —       (0.21 )      18.93       1.45       2.92       1.31       18       2.30       7  
11/01/16     10/31/17       15.02       0.17       3.71       3.88       (0.19 )      —       —       (0.19 )      18.71       1.54       3.72       1.03       80       26.15       4  
11/01/15     10/31/16       16.02       0.21       (1.14 )      (0.93 )      (0.07 )      —       —       (0.07 )      15.02       1.67       3.45       1.40       100       (5.84 )      4  
11/01/14     10/31/15       16.54       0.14       0.40       0.54       (0.39 )      (0.67 )      —       (1.06 )      16.02       1.58       4.04       0.88       86       3.63       10  
11/01/13     10/31/14       16.48       0.42       (0.13 )      0.29       (0.14 )      (0.09 )      —       (0.23 )      16.54       1.57       5.96       2.49       96       1.73       4  
02/28/13     10/31/13       14.29       0.15       2.04       2.19       —       —       —       —       16.48       1.55       11.48       1.50       42       15.33       4  

 

38    The accompanying notes are an integral part of the financial statements.

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon ClariVest International Stock Fund (cont’d)

 

                            
Class C*                                
11/01/17     04/30/18       $18.32       $(0.02 )      $0.37       $0.35       $(0.10 )      $—       $—       $(0.10 )      $18.57       2.20       3.78       (0.22 )      18       1.91       $3  
11/01/16     10/31/17       14.79       0.04       3.65       3.69       (0.16 )      —       —       (0.16 )      18.32       2.29       4.50       0.27       80       25.21       5  
11/01/15     10/31/16       15.83       0.08       (1.12 )      (1.04 )      —       —       —       —       14.79       2.47       4.31       0.52       100       (6.57 )      5  
11/01/14     10/31/15       16.38       0.03       0.38       0.41       (0.29 )      (0.67 )      —       (0.96 )      15.83       2.35       4.95       0.18       86       2.80       5  
11/01/13     10/31/14       16.38       0.30       (0.14 )      0.16       (0.07 )      (0.09 )      —       (0.16 )      16.38       2.35       6.68       1.78       96       0.94       4  
02/28/13     10/31/13       14.29       0.11       1.98       2.09       —       —       —       —       16.38       2.39       12.03       1.07       42       14.63       3  
Class I*                                
11/01/17     04/30/18       18.70       0.12       0.34       0.46       (0.26 )      —       —       (0.26 )      18.90       1.15       2.64       1.28       18       2.44       9  
11/01/16     10/31/17       15.11       0.23       3.71       3.94       (0.35 )      —       —       (0.35 )      18.70       1.15       3.28       1.40       80       26.63       8  
11/01/15     10/31/16       16.08       0.30       (1.15 )      (0.85 )      (0.12 )      —       —       (0.12 )      15.11       1.15       3.12       2.03       100       (5.31 )      6  
11/01/14     10/31/15       16.62       0.21       0.39       0.60       (0.47 )      (0.67 )      —       (1.14 )      16.08       1.15       3.82       1.31       86       4.04       2  
11/01/13     10/31/14       16.52       0.53       (0.17 )      0.36       (0.17 )      (0.09 )      —       (0.26 )      16.62       1.15       5.43       3.16       96       2.18       1  
02/28/13     10/31/13       14.29       0.13       2.10       2.23       —       —         —       16.52       1.15       4.25       1.21       42       15.61       0  
Class R-3*                                
11/01/17     04/30/18       18.53       0.07       0.33       0.40       (0.18 )      —       —       (0.18 )      18.75       1.70       3.27       0.71       18       2.15       1  
11/01/16     10/31/17       15.04       0.15       3.67       3.82       (0.33 )      —       —       (0.33 )      18.53       1.71       3.98       0.89       80       25.91       1  
11/01/15     10/31/16       15.99       0.12       (1.05 )      (0.93 )      (0.02 )      —       —       (0.02 )      15.04       1.75       3.86       0.77       100       (5.84 )      1  
11/01/14     10/31/15       16.53       0.13       0.37       0.50       (0.37 )      (0.67 )      —       (1.04 )      15.99       1.74       4.38       0.79       86       3.37       0  
11/01/13     10/31/14       16.45       0.40       (0.13 )      0.27       (0.10 )      (0.09 )      —       (0.19 )      16.53       1.73       6.22       2.37       96       1.64       0  
02/28/13     10/31/13       14.29       0.19       1.97       2.16       —       —       —       —       16.45       1.75       13.83       1.84       42       15.12       0  
Class R-5*                                
11/01/17     04/30/18       18.69       0.12       0.34       0.46       (0.23 )      —       —       (0.23 )      18.92       1.15       4.17       1.23       18       2.46       0  
11/01/16     10/31/17       15.11       0.08       3.85       3.93       (0.35 )      —       —       (0.35 )      18.69       1.15       3.69       0.49       80       26.56       0  
11/01/15     10/31/16       16.09       0.27       (1.13 )      (0.86 )      (0.12 )      —       —       (0.12 )      15.11       1.15       3.22       1.79       100       (5.36 )      0  
11/01/14     10/31/15       16.63       0.25       0.35       0.60       (0.47 )      (0.67 )      —       (1.14 )      16.09       1.15       3.59       1.58       86       4.01       0  
11/01/13     10/31/14       16.52       0.50       (0.14 )      0.36       (0.16 )      (0.09 )      —       (0.25 )      16.63       1.15       5.67       2.96       96       2.18       0  
02/28/13     10/31/13       14.29       0.25       1.98       2.23       —       —       —       —       16.52       1.15       13.27       2.44       42       15.61       0  
Class R-6*                                
11/01/17     04/30/18       18.75       0.15       0.31       0.46       (0.27 )      —       —       (0.27 )      18.94       1.05       3.14       1.53       18       2.45       0  
11/01/16     10/31/17       15.14       0.26       3.71       3.97       (0.36 )      —       —       (0.36 )      18.75       1.05       3.78       1.55       80       26.82       0  
11/01/15     10/31/16       16.11       0.27       (1.11 )      (0.84 )      (0.13 )      —       —       (0.13 )      15.14       1.05       3.73       1.80       100       (5.26 )      0  
11/01/14     10/31/15       16.65       0.24       0.37       0.61       (0.48 )      (0.67 )      —       (1.15 )      16.11       1.05       3.80       1.48       86       4.11       0  
11/01/13     10/31/14       16.53       0.51       (0.13 )      0.38       (0.17 )      (0.09 )      —       (0.26 )      16.65       1.05       5.67       3.05       96       2.31       0  
02/28/13     10/31/13       14.29       0.26       1.98       2.24       —       —       —       —       16.53       1.05       13.27       2.54       42       15.68       0  
Class Y*                                
11/20/17     04/30/18       18.54       0.09       0.50       0.59       (0.27 )      —       —       (0.27 )      18.86       1.45       3.34       1.05       18       3.18       0  
Carillon Cougar Tactical Allocation Fund

 

                            
Class A*                                
11/01/17     04/30/18       16.05       0.07       0.14       0.21       (0.11 )      (0.29 )      —       (0.40 )      15.86       1.17       2.56       0.83       55       1.27       2  
11/01/16     10/31/17       14.59       0.12       1.40       1.52       (0.04 )      (0.02 )      —       (0.06 )      16.05       1.17       3.55       0.79       152       10.42       2  
12/31/15     10/31/16       14.29       0.06       0.24       0.30       —       —       —       —       14.59       1.17       17.33       0.47       66       2.10       2  
Class C*                                
11/01/17     04/30/18       15.87       —  (e)      0.15       0.15       (0.03 )      (0.29 )      —       (0.32 )      15.70       1.92       3.31       0.04       55       0.87       2  
11/01/16     10/31/17       14.50       0.01       1.38       1.39       —       (0.02 )      —       (0.02 )      15.87       1.93       4.11       0.05       152       9.58       2  
12/31/15     10/31/16       14.29       (0.04 )      0.25       0.21       —       —       —       —       14.50       1.97       10.40       (0.31 )      66       1.47       1  
Class I*                                
11/01/17     04/30/18       16.09       0.09       0.14       0.23       (0.17 )      (0.29 )      —       (0.46 )      15.86       0.87       2.32       1.11       55       1.37       13  
11/01/16     10/31/17       14.62       0.17       1.40       1.57       (0.08 )      (0.02 )      —       (0.10 )      16.09       0.87       3.00       1.09       152       10.79       14  
12/31/15     10/31/16       14.29       0.10       0.23       0.33       —       —       —       —       14.62       0.87       8.81       0.77       66       2.31       5  

 

The accompanying notes are an integral part of the financial statements.      39  

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Cougar Tactical Allocation Fund (cont’d)

 

                            
Class R-3*                                
11/01/17     04/30/18       $16.03       $0.04       $0.15       $0.19     $ (0.09 )    $ (0.29 )      $—     $ (0.38 )      $15.84       1.42       3.09       0.55       55       1.11       $0  
11/01/16     10/31/17       14.57       0.09       1.39       1.48       —       (0.02 )      —       (0.02 )      16.03       1.40       3.62       0.57       152       10.15       0  
12/31/15     10/31/16       14.29       0.03       0.25       0.28       —       —       —       —       14.57       1.37       22.76       0.21       66       1.96       0  
Class R-5*                                
11/01/17     04/30/18       16.09       0.09       0.15       0.24       (0.16 )      (0.29 )      —       (0.45 )      15.88       0.87       2.43       1.10       55       1.46       0  
11/01/16     10/31/17       14.63       0.17       1.39       1.56       (0.08 )      (0.02 )      —       (0.10 )      16.09       0.87       3.18       1.15       152       10.71       0  
12/31/15     10/31/16       14.29       0.08       0.26       0.34       —       —       —       —       14.63       0.87       21.86       0.69       66       2.38       0  
Class R-6*                                
11/01/17     04/30/18       16.12       0.10       0.14       0.24       (0.18 )      (0.29 )      —       (0.47 )      15.89       0.77       2.54       1.20       55       1.46       0  
11/01/16     10/31/17       14.64       0.18       1.41       1.59       (0.09 )      (0.02 )      —       (0.11 )      16.12       0.77       3.04       1.21       152       10.88       0  
12/31/15     10/31/16       14.29       0.10       0.25       0.35       —       —       —       —       14.64       0.77       22.16       0.82       66       2.45       0  
Class Y*                                
11/20/17     04/30/18       16.11       0.06       0.13       0.19       (0.18 )      (0.29 )      —       (0.47 )      15.83       1.17       2.98       0.90       55       1.10       0  
Carillon Eagle Growth & Income Fund

 

                            
Class A*                                
11/01/17     04/30/18       20.39       0.19       0.61       0.80       (0.22 )      (0.50 )      —       (0.72 )      20.47       0.97       0.97       1.87       7       3.83       168  
11/01/16     10/31/17       18.39       0.34       2.93       3.27       (0.33 )      (0.94 )      —       (1.27 )      20.39       1.03       1.03       1.74       10       18.56       147  
11/01/15     10/31/16       17.52       0.34       0.85       1.19       (0.32 )      —       —       (0.32 )      18.39       1.06       1.06       1.91       15       6.87       152  
11/01/14     10/31/15       18.27       0.36       (0.64 )      (0.28 )      (0.32 )      (0.13 )      (0.02 )      (0.47 )      17.52       1.02       1.02       1.99       25       (1.55 )      180  
11/01/13     10/31/14       16.68       0.30       1.91       2.21       (0.28 )      (0.34 )      —       (0.62 )      18.27       1.02       1.02       1.71       10       13.52       223  
11/01/12     10/31/13       13.87       0.33       3.06       3.39       (0.33 )      (0.25 )      —       (0.58 )      16.68       1.09       1.09       2.17       28       25.14       214  
Class C*                                
11/01/17     04/30/18       19.54       0.11       0.59       0.70       (0.13 )      (0.50 )      —       (0.63 )      19.61       1.74       1.74       1.14       7       3.49       131  
11/01/16     10/31/17       17.68       0.18       2.81       2.99       (0.19 )      (0.94 )      —       (1.13 )      19.54       1.79       1.79       0.98       10       17.62       169  
11/01/15     10/31/16       16.86       0.20       0.82       1.02       (0.20 )      —       —       (0.20 )      17.68       1.82       1.82       1.14       15       6.07       185  
11/01/14     10/31/15       17.60       0.21       (0.60 )      (0.39 )      (0.20 )      (0.13 )      (0.02 )      (0.35 )      16.86       1.79       1.79       1.21       25       (2.30 )      197  
11/01/13     10/31/14       16.10       0.16       1.83       1.99       (0.15 )      (0.34 )      —       (0.49 )      17.60       1.79       1.79       0.92       10       12.63       212  
11/01/12     10/31/13       13.41       0.21       2.95       3.16       (0.22 )      (0.25 )      —       (0.47 )      16.10       1.84       1.84       1.39       28       24.23       170  
Class I*                                
11/01/17     04/30/18       20.34       0.22       0.60       0.82       (0.24 )      (0.50 )      —       (0.74 )      20.42       0.72       0.72       2.13       7       3.96       244  
11/01/16     10/31/17       18.35       0.39       2.93       3.32       (0.39 )      (0.94 )      —       (1.33 )      20.34       0.75       0.75       2.00       10       18.90       246  
11/01/15     10/31/16       17.48       0.39       0.85       1.24       (0.37 )      —       —       (0.37 )      18.35       0.79       0.79       2.17       15       7.18       179  
11/01/14     10/31/15       18.24       0.40       (0.64 )      (0.24 )      (0.37 )      (0.13 )      (0.02 )      (0.52 )      17.48       0.76       0.76       2.23       25       (1.33 )      200  
11/01/13     10/31/14       16.65       0.33       1.93       2.26       (0.33 )      (0.34 )      —       (0.67 )      18.24       0.77       0.77       1.89       10       13.86       207  
11/01/12     10/31/13       13.85       0.37       3.06       3.43       (0.38 )      (0.25 )      —       (0.63 )      16.65       0.80       0.80       2.37       28       25.49       94  
Class R-3*                                
11/01/17     04/30/18       20.30       0.16       0.60       0.76       (0.18 )      (0.50 )      —       (0.68 )      20.38       1.33       1.33       1.55       7       3.65       2  
11/01/16     10/31/17       18.32       0.28       2.91       3.19       (0.27 )      (0.94 )      —       (1.21 )      20.30       1.34       1.34       1.44       10       18.15       2  
11/01/15     10/31/16       17.44       0.28       0.87       1.15       (0.27 )      —       —       (0.27 )      18.32       1.37       1.37       1.60       15       6.61       3  
11/01/14     10/31/15       18.19       0.28       (0.63 )      (0.35 )      (0.25 )      (0.13 )      (0.02 )      (0.40 )      17.44       1.44       1.44       1.57       25       (1.99 )      3  
11/01/13     10/31/14       16.61       0.23       1.90       2.13       (0.21 )      (0.34 )      —       (0.55 )      18.19       1.40       1.40       1.33       10       13.08       4  
11/01/12     10/31/13       13.82       0.28       3.04       3.32       (0.28 )      (0.25 )      —       (0.53 )      16.61       1.43       1.43       1.81       28       24.71       4  
Class R-5*                                
11/01/17     04/30/18       20.36       0.22       0.61       0.83       (0.24 )      (0.50 )      —       (0.74 )      20.45       0.73       0.73       2.12       7       3.99       0  
11/01/16     10/31/17       18.38       0.38       2.93       3.31       (0.39 )      (0.94 )      —       (1.33 )      20.36       0.76       0.76       1.97       10       18.82       0  
11/01/15     10/31/16       17.50       0.39       0.87       1.26       (0.38 )      —       —       (0.38 )      18.38       0.75       0.75       2.21       15       7.27       0  
11/01/14     10/31/15       18.21       0.44       (0.76 )      (0.32 )      (0.24 )      (0.13 )      (0.02 )      (0.39 )      17.50       0.78       0.79       2.39       25       (1.82 )      0  
11/01/13     10/31/14       16.63       0.34       1.90       2.24       (0.32 )      (0.34 )      —       (0.66 )      18.21       0.76       0.76       1.95       10       13.80       4  
11/01/12     10/31/13       13.84       0.33       3.10       3.43       (0.39 )      (0.25 )      —       (0.64 )      16.63       0.72       0.72       2.07       28       25.54       3  

 

40    The accompanying notes are an integral part of the financial statements.

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Growth & Income Fund (cont’d)

 

                            
Class R-6*                                
11/01/17     04/30/18       $20.30       $0.23       $0.60       $0.83       $(0.25 )      $(0.50 )      $—       $(0.75 )      $20.38       0.64       0.64       2.21       7       4.01       $40  
11/01/16     10/31/17       18.32       0.40       2.93       3.33       (0.41 )      (0.94 )      —       (1.35 )      20.30       0.65       0.65       2.10       10       18.98       40  
11/01/15     10/31/16       17.46       0.39       0.87       1.26       (0.40 )      —       —       (0.40 )      18.32       0.67       0.67       2.18       15       7.30       34  
11/01/14     10/31/15       18.26       0.45       (0.71 )      (0.26 )      (0.39 )      (0.13 )      (0.02 )      (0.54 )      17.46       0.65       0.65       2.47       25       (1.46 )      0  
11/01/13     10/31/14       16.67       0.35       1.92       2.27       (0.34 )      (0.34 )      —       (0.68 )      18.26       0.66       0.66       2.01       10       13.94       0  
11/01/12     10/31/13       13.86       0.34       3.10       3.44       (0.38 )      (0.25 )      —       (0.63 )      16.67       0.71       0.71       2.09       28       25.59       0  
Class Y*

 

                            
11/20/17     04/30/18       20.48       0.15       0.49       0.64       (0.21 )      (0.50 )      —       (0.71 )      20.41       1.25       1.44       1.59       7       3.03       0  
Carillon Eagle Mid Cap Growth Fund

 

                            
Class A*                                
11/01/17     04/30/18       56.41       (0.11 )      3.14       3.03       —       (1.52 )      —       (1.52 )      57.92       1.03       1.03       (0.39 )      14       5.42       537  
11/01/16     10/31/17       42.29       (0.26 )      14.38       14.12       —       —       —       —       56.41       1.12       1.12       (0.53 )      44       33.39       459  
11/01/15     10/31/16       43.39       (0.17 )      (0.23 )      (0.40 )      —       (0.70 )      —       (0.70 )      42.29       1.17       1.17       (0.40 )      34       (0.87 )      320  
11/01/14     10/31/15       45.68       (0.26 )      2.26       2.00       —       (4.29 )      —       (4.29 )      43.39       1.14       1.14       (0.59 )      52       4.70       354  
11/01/13     10/31/14       41.03       (0.17 )      6.74       6.57       —       (1.92 )      —       (1.92 )      45.68       1.19       1.19       (0.40 )      60       16.58       283  
11/01/12     10/31/13       31.52       (0.03 )      10.68       10.65       —       (1.14 )      —       (1.14 )      41.03       1.20       1.20       (0.08 )      52       34.81       304  
Class C*                                
11/01/17     04/30/18       45.67       (0.25 )      2.53       2.28       —       (1.52 )      —       (1.52 )      46.43       1.75       1.75       (1.09 )      14       5.05       122  
11/01/16     10/31/17       34.48       (0.50 )      11.69       11.19       —       —       —       —       45.67       1.84       1.84       (1.24 )      44       32.45       146  
11/01/15     10/31/16       35.76       (0.38 )      (0.20 )      (0.58 )      —       (0.70 )      —       (0.70 )      34.48       1.88       1.88       (1.11 )      34       (1.58 )      112  
11/01/14     10/31/15       38.65       (0.48 )      1.88       1.40       —       (4.29 )      —       (4.29 )      35.76       1.87       1.88       (1.32 )      52       3.92       117  
11/01/13     10/31/14       35.24       (0.41 )      5.74       5.33       —       (1.92 )      —       (1.92 )      38.65       1.89       1.89       (1.12 )      60       15.75       105  
11/01/12     10/31/13       27.41       (0.25 )      9.22       8.97       —       (1.14 )      —       (1.14 )      35.24       1.92       1.92       (0.80 )      52       33.87       106  
Class I*                                
11/01/17     04/30/18       59.29       (0.03 )      3.31       3.28       —       (1.52 )      —       (1.52 )      61.05       0.73       0.73       (0.09 )      14       5.58       934  
11/01/16     10/31/17       44.30       (0.11 )      15.10       14.99       —  (e)      —       —       —  (e)      59.29       0.78       0.78       (0.21 )      44       33.84       763  
11/01/15     10/31/16       45.26       (0.02 )      (0.24 )      (0.26 )      —       (0.70 )      —       (0.70 )      44.30       0.82       0.82       (0.06 )      34       (0.52 )      421  
11/01/14     10/31/15       47.33       (0.13 )      2.35       2.22       —       (4.29 )      —       (4.29 )      45.26       0.82       0.83       (0.28 )      52       5.02       358  
11/01/13     10/31/14       42.31       (0.05 )      6.99       6.94       —       (1.92 )      —       (1.92 )      47.33       0.85       0.85       (0.12 )      60       16.97       210  
11/01/12     10/31/13       32.36       0.08       11.01       11.09       —       (1.14 )      —       (1.14 )      42.31       0.87       0.87       0.22       52       35.28       126  
Class R-3*                                
11/01/17     04/30/18       54.88       (0.19 )      3.05       2.86       —       (1.52 )      —       (1.52 )      56.22       1.33       1.33       (0.69 )      14       5.26       34  
11/01/16     10/31/17       41.25       (0.39 )      14.02       13.63       —       —       —       —       54.88       1.38       1.38       (0.80 )      44       33.04       32  
11/01/15     10/31/16       42.46       (0.28 )      (0.23 )      (0.51 )      —       (0.70 )      —       (0.70 )      41.25       1.46       1.46       (0.69 )      34       (1.16 )      21  
11/01/14     10/31/15       44.90       (0.37 )      2.22       1.85       —       (4.29 )      —       (4.29 )      42.46       1.41       1.42       (0.86 )      52       4.42       24  
11/01/13     10/31/14       40.48       (0.31 )      6.65       6.34       —       (1.92 )      —       (1.92 )      44.90       1.48       1.48       (0.73 )      60       16.23       16  
11/01/12     10/31/13       31.19       (0.14 )      10.57       10.43       —       (1.14 )      —       (1.14 )      40.48       1.49       1.49       (0.39 )      52       34.46       12  
Class R-5*                                
11/01/17     04/30/18       59.14       (0.03 )      3.31       3.28       —       (1.52 )      —       (1.52 )      60.90       0.72       0.72       (0.10 )      14       5.60       508  
11/01/16     10/31/17       44.19       (0.11 )      15.06       14.95       —  (e)      —       —       —  (e)      59.14       0.79       0.79       (0.22 )      44       33.84       284  
11/01/15     10/31/16       45.15       (0.03 )      (0.23 )      (0.26 )      —       (0.70 )      —       (0.70 )      44.19       0.83       0.83       (0.06 )      34       (0.52 )      153  
11/01/14     10/31/15       47.28       (0.13 )      2.29       2.16       —       (4.29 )      —       (4.29 )      45.15       0.82       0.83       (0.28 )      52       4.89       133  
11/01/13     10/31/14       42.27       (0.06 )      6.99       6.93       —       (1.92 )      —       (1.92 )      47.28       0.87       0.87       (0.14 )      60       16.96       55  
11/01/12     10/31/13       32.34       0.09       10.98       11.07       —       (1.14 )      —       (1.14 )      42.27       0.89       0.89       0.24       52       35.24       39  
Class R-6*                                
11/01/17     04/30/18       59.62       (0.01 )      3.33       3.32       —       (1.52 )      —       (1.52 )      61.42       0.66       0.66       (0.04 )      14       5.62       1,125  
11/01/16     10/31/17       44.51       (0.07 )      15.19       15.12       (0.01 )      —       —       (0.01 )      59.62       0.69       0.69       (0.12 )      44       33.97       692  
11/01/15     10/31/16       45.43       0.02       (0.24 )      (0.22 )      —       (0.70 )      —       (0.70 )      44.51       0.72       0.72       0.04       34       (0.43 )      346  
11/01/14     10/31/15       47.44       (0.10 )      2.38       2.28       —       (4.29 )      —       (4.29 )      45.43       0.73       0.74       (0.21 )      52       5.15       190  
11/01/13     10/31/14       42.36       (0.05 )      7.05       7.00       —       (1.92 )      —       (1.92 )      47.44       0.77       0.77       (0.10 )      60       17.10       30  
11/01/12     10/31/13       32.37       0.02       11.11       11.13       —       (1.14 )      —       (1.14 )      42.36       0.78       0.78       0.05       52       35.40       7  
Class Y*                                
11/20/17     04/30/18       60.71       (0.18 )      1.93       1.75       —       (1.52 )      —       (1.52 )      60.94       1.25       1.32       (0.65 )      14       2.93       0  

 

The accompanying notes are an integral part of the financial statements.      41  

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Mid Cap Stock Fund

 

                            
Class A*                                
11/01/17     04/30/18       $28.77       $(0.05 )      $0.68       $0.63       $—       $(1.42 )      $—       $(1.42 )      $27.98       1.21       1.19       (0.34 )      22       2.13       $157  
11/01/16     10/31/17       25.38       (0.11 )      5.50       5.39       —       (2.00 )      —       (2.00 )      28.77       1.25       1.27       (0.41 )      16       22.40       114  
11/01/15     10/31/16       28.35       (0.11 )      0.48       0.37       —       (3.34 )      —       (3.34 )      25.38       1.29       1.29       (0.42 )      44       2.06       118  
11/01/14     10/31/15       30.05       (0.12 )      0.75       0.63       —       (2.33 )      —       (2.33 )      28.35       1.24       1.24       (0.40 )      56       2.07       147  
11/01/13     10/31/14       30.48       (0.13 )      1.72       1.59       —       (2.02 )      —       (2.02 )      30.05       1.22       1.22       (0.43 )      32       5.51       171  
11/01/12     10/31/13       27.14       (0.04 )      7.40       7.36       —       (4.02 )      —       (4.02 )      30.48       1.22       1.22       (0.14 )      27       30.90       208  
Class C*                                
11/01/17     04/30/18       21.29       (0.10 )      0.49       0.39       —       (1.42 )      —       (1.42 )      20.26       2.00       1.98       (1.00 )      22       1.73       26  
11/01/16     10/31/17       19.40       (0.23 )      4.12       3.89       —       (2.00 )      —       (2.00 )      21.29       2.01       2.03       (1.16 )      16       21.50       82  
11/01/15     10/31/16       22.64       (0.23 )      0.33       0.10       —       (3.34 )      —       (3.34 )      19.40       2.04       2.04       (1.17 )      44       1.28       90  
11/01/14     10/31/15       24.62       (0.27 )      0.62       0.35       —       (2.33 )      —       (2.33 )      22.64       1.99       1.99       (1.16 )      56       1.32       109  
11/01/13     10/31/14       25.52       (0.28 )      1.40       1.12       —       (2.02 )      —       (2.02 )      24.62       1.96       1.96       (1.17 )      32       4.69       124  
11/01/12     10/31/13       23.49       (0.21 )      6.26       6.05       —       (4.02 )      —       (4.02 )      25.52       1.95       1.95       (0.90 )      27       30.00       138  
Class I*                                
11/01/17     04/30/18       30.40       (— )      0.71       0.71       —       (1.42 )      —       (1.42 )      29.69       0.95       0.94       (0.03 )      22       2.28       56  
11/01/16     10/31/17       26.64       (0.04 )      5.80       5.76       —       (2.00 )      —       (2.00 )      30.40       0.95       0.96       (0.12 )      16       22.75       61  
11/01/15     10/31/16       29.50       (0.02 )      0.50       0.48       —       (3.34 )      —       (3.34 )      26.64       0.95       0.99       (0.08 )      44       2.39       45  
11/01/14     10/31/15       31.09       (0.03 )      0.77       0.74       —       (2.33 )      —       (2.33 )      29.50       0.95       1.06       (0.10 )      56       2.37       51  
11/01/13     10/31/14       31.39       (0.05 )      1.77       1.72       —       (2.02 )      —       (2.02 )      31.09       0.95       1.10       (0.16 )      32       5.78       87  
11/01/12     10/31/13       27.76       0.03       7.62       7.65       —       (4.02 )      —       (4.02 )      31.39       0.95       1.12       0.11       27       31.31       98  
Class R-3*                                
11/01/17     04/30/18       27.60       (0.08 )      0.65       0.57       —       (1.42 )      —       (1.42 )      26.75       1.50       1.53       (0.58 )      22       1.99       1  
11/01/16     10/31/17       24.48       (0.16 )      5.28       5.12       —       (2.00 )      —       (2.00 )      27.60       1.50       1.58       (0.64 )      16       22.10       1  
11/01/15     10/31/16       27.55       (0.17 )      0.44       0.27       —       (3.34 )      —       (3.34 )      24.48       1.58       1.58       (0.71 )      44       1.72       1  
11/01/14     10/31/15       29.36       (0.21 )      0.73       0.52       —       (2.33 )      —       (2.33 )      27.55       1.59       1.59       (0.73 )      56       1.71       2  
11/01/13     10/31/14       29.92       (0.21 )      1.67       1.46       —       (2.02 )      —       (2.02 )      29.36       1.53       1.53       (0.73 )      32       5.16       5  
11/01/12     10/31/13       26.78       (0.13 )      7.29       7.16       —       (4.02 )      —       (4.02 )      29.92       1.52       1.52       (0.48 )      27       30.53       6  
Class R-5*                                
11/01/17     04/30/18       30.58       (— )      0.71       0.71       —       (1.42 )      —       (1.42 )      29.87       0.95       1.03       (0.02 )      22       2.27       0  
11/01/16     10/31/17       26.79       (0.03 )      5.82       5.79       —       (2.00 )      —       (2.00 )      30.58       0.95       1.06       (0.11 )      16       22.74       0  
11/01/15     10/31/16       29.65       (0.02 )      0.50       0.48       —       (3.34 )      —       (3.34 )      26.79       0.95       1.07       (0.08 )      44       2.38       0  
11/01/14     10/31/15       31.24       (0.03 )      0.77       0.74       —       (2.33 )      —       (2.33 )      29.65       0.95       0.99       (0.10 )      56       2.36       0  
11/01/13     10/31/14       31.53       (0.05 )      1.78       1.73       —       (2.02 )      —       (2.02 )      31.24       0.94       0.94       (0.16 )      32       5.79       0  
11/01/12     10/31/13       27.77       0.19       7.59       7.78       —       (4.02 )      —       (4.02 )      31.53       0.84       0.84       0.69       27       31.84       1  
Class R-6*                                
11/01/17     04/30/18       30.72       0.01       0.72       0.73       —       (1.42 )      —       (1.42 )      30.03       0.85       0.86       0.07       22       2.32       1  
11/01/16     10/31/17       26.87       (0.01 )      5.86       5.85       —       (2.00 )      —       (2.00 )      30.72       0.85       0.87       (0.02 )      16       22.90       1  
11/01/15     10/31/16       29.70       0.01       0.50       0.51       —       (3.34 )      —       (3.34 )      26.87       0.85       0.87       0.02       44       2.48       1  
11/01/14     10/31/15       31.25       —  (e)      0.78       0.78       —       (2.33 )      —       (2.33 )      29.70       0.83       0.84       0.01       56       2.49       0  
11/01/13     10/31/14       31.50       (0.01 )      1.78       1.77       —       (2.02 )      —       (2.02 )      31.25       0.82       0.82       (0.04 )      32       5.93       1  
11/01/12     10/31/13       27.81       (0.02 )      7.73       7.71       —       (4.02 )      —       (4.02 )      31.50       0.79       0.79       (0.08 )      27       31.49       0  
Class Y*                                
11/20/17     04/30/18       30.66       (0.05 )      0.46       0.41       —       (1.42 )      —       (1.42 )      29.65       1.25       1.76       (0.40 )      22       1.28       0  
Carillon Eagle Small Cap Growth Fund

 

                            
Class A*                                
11/01/17     04/30/18       62.31       (0.17 )      3.02       2.85       —       (4.83 )      —       (4.83 )      60.33       1.08       1.08       (0.55 )      14       4.66       634  
11/01/16     10/31/17       50.48       (0.27 )      13.72       13.45       —       (1.62 )      —       (1.62 )      62.31       1.13       1.13       (0.47 )      40       27.22       640  
11/01/15     10/31/16       52.98       (0.33 )      1.29       0.96       —       (3.46 )      —       (3.46 )      50.48       1.15       1.15       (0.66 )      32       2.07       848  
11/01/14     10/31/15       57.57       (0.33 )      2.22       1.89       —       (6.48 )      —       (6.48 )      52.98       1.10       1.10       (0.60 )      45       3.23       711  
11/01/13     10/31/14       54.33       (0.34 )      4.27       3.93       —       (0.69 )      —       (0.69 )      57.57       1.11       1.11       (0.61 )      37       7.30       759  
11/01/12     10/31/13       41.13       (0.16 )      13.36       13.20       —       —       —       —       54.33       1.10       1.10       (0.33 )      38       32.09       999  

 

42    The accompanying notes are an integral part of the financial statements.

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Small Cap Growth Fund (cont’d)

 

                            
Class C*                                
11/01/17     04/30/18       $ 47.51       $ (0.28 )      $ 2.28       $ 2.00       $ —       $ (4.83 )      $ —       $ (4.83 )      $ 44.68       1.76       1.76       (1.22 )      14       4.29       $ 126  
11/01/16     10/31/17       39.10       (0.51 )      10.54       10.03       —       (1.62 )      —       (1.62 )      47.51       1.82       1.82       (1.17 )      40       26.37       169  
11/01/15     10/31/16       42.10       (0.52 )      0.98       0.46       —       (3.46 )      —       (3.46 )      39.10       1.85       1.85       (1.36 )      32       1.37       166  
11/01/14     10/31/15       47.33       (0.59 )      1.84       1.25       —       (6.48 )      —       (6.48 )      42.10       1.82       1.82       (1.32 )      45       2.49       186  
11/01/13     10/31/14       45.11       (0.61 )      3.52       2.91       —       (0.69 )      —       (0.69 )      47.33       1.82       1.82       (1.32 )      37       6.52       190  
11/01/12     10/31/13       34.40       (0.42 )      11.13       10.71       —       —       —       —       45.11       1.82       1.82       (1.05 )      38       31.13       189  
Class I*                                
11/01/17     04/30/18       65.18       (0.07 )      3.16       3.09       —       (4.83 )      —       (4.83 )      63.44       0.75       0.75       (0.21 )      14       4.83       1,615  
11/01/16     10/31/17       52.55       (0.08 )      14.33       14.25       —       (1.62 )      —       (1.62 )      65.18       0.78       0.78       (0.13 )      40       27.68       1,691  
11/01/15     10/31/16       54.84       (0.16 )      1.33       1.17       —       (3.46 )      —       (3.46 )      52.55       0.81       0.81       (0.32 )      32       2.40       1,374  
11/01/14     10/31/15       59.19       (0.16 )      2.29       2.13       —       (6.48 )      —       (6.48 )      54.84       0.78       0.78       (0.28 )      45       3.58       1,757  
11/01/13     10/31/14       55.68       (0.16 )      4.36       4.20       —       (0.69 )      —       (0.69 )      59.19       0.78       0.78       (0.29 )      37       7.61       1,770  
11/01/12     10/31/13       42.04       (0.01 )      13.67       13.66       (0.02 )      —       —       (0.02 )      55.68       0.79       0.79       (0.01 )      38       32.49       1,815  
Class R-3*                                
11/01/17     04/30/18       60.51       (0.23 )      2.92       2.69       —       (4.83 )      —       (4.83 )      58.37       1.31       1.31       (0.77 )      14       4.52       91  
11/01/16     10/31/17       49.18       (0.40 )      13.35       12.95       —       (1.62 )      —       (1.62 )      60.51       1.38       1.38       (0.73 )      40       26.92       98  
11/01/15     10/31/16       51.82       (0.43 )      1.25       0.82       —       (3.46 )      —       (3.46 )      49.18       1.39       1.39       (0.90 )      32       1.83       94  
11/01/14     10/31/15       56.59       (0.48 )      2.19       1.71       —       (6.48 )      —       (6.48 )      51.82       1.38       1.38       (0.88 )      45       2.94       119  
11/01/13     10/31/14       53.58       (0.50 )      4.20       3.70       —       (0.69 )      —       (0.69 )      56.59       1.42       1.42       (0.92 )      37       6.97       127  
11/01/12     10/31/13       40.68       (0.29 )      13.19       12.90       —       —       —       —       53.58       1.37       1.37       (0.62 )      38       31.71       134  
Class R-5*                                
11/01/17     04/30/18       65.45       (0.07 )      3.16       3.09       —       (4.83 )      —       (4.83 )      63.71       0.76       0.76       (0.21 )      14       4.81       447  
11/01/16     10/31/17       52.75       (0.07 )      14.39       14.32       —       (1.62 )      —       (1.62 )      65.45       0.77       0.77       (0.11 )      40       27.71       469  
11/01/15     10/31/16       55.02       (0.15 )      1.34       1.19       —       (3.46 )      —       (3.46 )      52.75       0.78       0.78       (0.30 )      32       2.43       444  
11/01/14     10/31/15       59.37       (0.15 )      2.28       2.13       —       (6.48 )      —       (6.48 )      55.02       0.75       0.75       (0.25 )      45       3.57       418  
11/01/13     10/31/14       55.83       (0.16 )      4.39       4.23       —       (0.69 )      —       (0.69 )      59.37       0.77       0.77       (0.28 )      37       7.64       348  
11/01/12     10/31/13       42.14       0.01       13.69       13.70       (0.01 )      —       —       (0.01 )      55.83       0.77       0.77       0.02       38       32.51       341  
Class R-6*                                
11/01/17     04/30/18       65.92       (0.04 )      3.20       3.16       —       (4.83 )      —       (4.83 )      64.25       0.65       0.65       (0.12 )      14       4.88       2,257  
11/01/16     10/31/17       53.06       (0.04 )      14.52       14.48       —       (1.62 )      —       (1.62 )      65.92       0.66       0.66       (0.06 )      40       27.86       2,005  
11/01/15     10/31/16       55.27       (0.10 )      1.35       1.25       —       (3.46 )      —       (3.46 )      53.06       0.67       0.67       (0.19 )      32       2.53       1,139  
11/01/14     10/31/15       59.55       (0.10 )      2.30       2.20       —       (6.48 )      —       (6.48 )      55.27       0.66       0.66       (0.17 )      45       3.68       737  
11/01/13     10/31/14       55.92       (0.10 )      4.42       4.32       —       (0.69 )      —       (0.69 )      59.55       0.66       0.66       (0.17 )      37       7.79       576  
11/01/12     10/31/13       42.20       0.03       13.74       13.77       (0.05 )      —       —       (0.05 )      55.92       0.68       0.68       0.07       38       32.68       502  
Class Y*                                
11/20/17     04/30/18       65.89       (0.20 )      2.44       2.24       —       (4.83 )      —       (4.83 )      63.30       1.25       1.50       (0.71 )      14       3.47       0  
Carillon Eagle Smaller Company Fund

 

                            
Class A*                                
11/01/17     04/30/18       14.94       (0.01 )      0.59       0.58       —       (1.42 )      —       (1.42 )      14.10       1.25       1.83       (0.19 )      102 (f)      3.92       14  
11/01/16     10/31/17       13.01       (0.04 )      3.24       3.20       —       (1.27 )      —       (1.27 )      14.94       1.31       1.88       (0.31 )      35       26.11       16  
11/01/15     10/31/16       12.32       (0.05 )      0.74       0.69       —       —       —       —       13.01       1.43       1.83       (0.38 )      46       5.60       15  
11/01/14     10/31/15       23.65       (0.10 )      0.08       (0.02 )      —       (11.31 )      —       (11.31 )      12.32       1.41       1.60       (0.70 )      79       (1.88 )      20  
11/01/13     10/31/14       23.38       (0.09 )      0.87       0.78       —       (0.51 )      —       (0.51 )      23.65       1.38       1.36       (0.38 )      68 (g)      3.34       18  
11/01/12     10/31/13       18.93       (0.03 )      5.96       5.93       (0.09 )      (1.39 )      —       (1.48 )      23.38       1.37       1.40       (0.13 )      14       33.60       19  
Class C*                                
11/01/17     04/30/18       13.04       (0.06 )      0.52       0.46       —       (1.42 )      —       (1.42 )      12.08       2.00       2.52       (0.94 )      102 (f)      3.54       16  
11/01/16     10/31/17       11.59       (0.13 )      2.85       2.72       —       (1.27 )      —       (1.27 )      13.04       2.05       2.59       (1.05 )      35       25.07       18  
11/01/15     10/31/16       11.05       (0.12 )      0.66       0.54       —       —       —       —       11.59       2.16       2.57       (1.12 )      46       4.89       17  
11/01/14     10/31/15       22.46       (0.18 )      0.08       (0.10 )      —       (11.31 )      —       (11.31 )      11.05       2.17       2.35       (1.49 )      79       (2.64 )      21  
11/01/13     10/31/14       22.38       (0.25 )      0.84       0.59       —       (0.51 )      —       (0.51 )      22.46       2.11       2.09       (1.11 )      68 (g)      2.63       11  
11/01/12     10/31/13       18.22       (0.18 )      5.73       5.55       —       (1.39 )      —       (1.39 )      22.38       2.12       2.14       (0.88 )      14       32.62       11  

 

The accompanying notes are an integral part of the financial statements.      43  

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Smaller Company Fund (cont’d)

 

                            
Class I*                                
11/01/17     04/30/18       $ 16.08       $ 0.01       $ 0.65       $ 0.66       $ —       $ (1.42 )      $ —       $ (1.42 )      $ 15.32       0.95       1.53       0.11       102 (f)      4.15       $ 7  
11/01/16     10/31/17       13.87       0.01       3.47       3.48       —       (1.27 )      —       (1.27 )      16.08       0.95       1.56       0.06       35       26.53       9  
11/01/15     10/31/16       13.07       0.02       0.78       0.80       —       —       —       —       13.87       0.95       1.52       0.13       46       6.12       9  
11/01/14     10/31/15       24.27       (0.03 )      0.14       0.11       —       (11.31 )      —       (11.31 )      13.07       0.95       1.27       (0.17 )      79       (0.99 )      15  
11/01/13     10/31/14       23.86       0.02       0.91       0.93       (0.01 )      (0.51 )      —       (0.52 )      24.27       0.95       1.10       0.10       68 (g)      3.93       33  
11/01/12     10/31/13       19.28       0.06       6.07       6.13       (0.16 )      (1.39 )      —       (1.55 )      23.86       0.95       1.16       0.27       14       34.20       106  
Class R-3*                                
11/01/17     04/30/18       14.38       (0.03 )      0.57       0.54       —       (1.42 )      —       (1.42 )      13.50       1.50       2.09       (0.46 )      102 (f)      3.79       1  
11/01/16     10/31/17       12.60       (0.08 )      3.13       3.05       —       (1.27 )      —       (1.27 )      14.38       1.56       2.15       (0.58 )      35       25.74       1  
11/01/15     10/31/16       11.96       (0.08 )      0.72       0.64       —       —       —       —       12.60       1.70       2.19       (0.65 )      46       5.35       0  
11/01/14     10/31/15       23.33       (0.13 )      0.07       (0.06 )      —       (11.31 )      —       (11.31 )      11.96       1.70       2.07       (0.94 )      79       (2.19 )      0  
11/01/13     10/31/14       23.12       (0.17 )      0.89       0.72       —       (0.51 )      —       (0.51 )      23.33       1.70       1.77       (0.72 )      68 (g)      3.11       0  
11/01/12     10/31/13       18.77       (0.08 )      5.89       5.81       (0.07 )      (1.39 )      —       (1.46 )      23.12       1.70       1.85       (0.40 )      14       33.17       0  
Class R-5*                                
11/01/17     04/30/18       15.88       0.01       0.64       0.65       —       (1.42 )      —       (1.42 )      15.11       0.95       1.62       0.09       102 (f)      4.14       0  
11/01/16     10/31/17       13.71       0.01       3.43       3.44       —       (1.27 )      —       (1.27 )      15.88       0.95       1.63       0.04       35       26.55       0  
11/01/15     10/31/16       12.93       (0.01 )      0.79       0.78       —       —       —       —       13.71       0.95       1.67       (0.08 )      46       6.03       0  
11/01/14     10/31/15       24.20       (0.03 )      0.07       0.04       —       (11.31 )      —       (11.31 )      12.93       0.95       1.14       (0.24 )      79       (1.41 )      0  
11/01/13     10/31/14       23.82       0.04       0.87       0.91       (0.02 )      (0.51 )      —       (0.53 )      24.20       0.95       1.04       0.18       68 (g)      3.85       0  
11/01/12     10/31/13       19.25       (0.02 )      6.15       6.13       (0.17 )      (1.39 )      —       (1.56 )      23.82       0.95       1.00       (0.11 )      14       34.25       0  
Class R-6*                                
11/01/17     04/30/18       15.97       0.01       0.65       0.66       —       (1.42 )      —       (1.42 )      15.21       0.85       1.40       0.19       102 (f)      4.19       3  
11/01/16     10/31/17       13.77       0.02       3.45       3.47       —       (1.27 )      —       (1.27 )      15.97       0.85       1.41       0.14       35       26.66       3  
11/01/15     10/31/16       12.96       0.04       0.77       0.81       —       —       —       —       13.77       0.85       1.31       0.32       46       6.25       3  
11/01/14     10/31/15       24.22       (0.01 )      0.06       0.05       —       (11.31 )      —       (11.31 )      12.96       0.85       1.20       (0.07 )      79       (1.33 )      10  
11/01/13     10/31/14       23.86       0.03       0.87       0.90       (0.03 )      (0.51 )      —       (0.54 )      24.22       0.85       0.94       0.13       68 (g)      3.78       25  
11/01/12     10/31/13       19.28       0.01       6.14       6.15       (0.18 )      (1.39 )      —       (1.57 )      23.86       0.85       0.96       0.04       14       34.33       18  
Class Y*                                
11/20/17     04/30/18       16.19       (0.02 )      0.54       0.52       —       (1.42 )      —       (1.42 )      15.29       1.25       2.36       (0.23 )      102 (f)      3.25       0  
Carillon Scout International Fund

 

                            
Class A*                                
11/20/17     04/30/18       25.05       0.31       0.07       0.38       (0.22 )      (3.76 )      —       (3.98 )      21.45       1.45       1.48       3.19       4       1.61       0  
Class C*                                
11/20/17     04/30/18       25.05       0.16       0.15       0.31       (0.20 )      (3.76 )      —       (3.96 )      21.40       2.20       2.20       1.62       4       1.29       0  
Class I*                                
11/01/17     04/30/18       25.18       0.20       0.08       0.28       (0.22 )      (3.76 )      —       (3.98 )      21.48       1.06       1.06       1.80       4       1.24       1,025  
07/01/17     10/31/17       23.21       0.07       1.90       1.97       —       —       —       —       25.18       1.08       1.08       0.81       7       8.49       1,161  
07/01/16     06/30/17       23.10       0.37       3.50       3.87       (0.42 )      (3.34 )      —       (3.76 )      23.21       1.06       1.06       1.61       20       18.80       1,186  
07/01/15     06/30/16       33.69       0.56       (3.41 )      (2.85 )      (0.59 )      (7.15 )      —       (7.74 )      23.10       1.05       1.05       1.38       23       (7.89 )      1,484  
07/01/14     06/30/15       37.81       0.65       (1.59 )      (0.94 )      (0.60 )      (2.58 )      —       (3.18 )      33.69       1.02       1.02       1.48       17       (2.22 )      4,775  
07/01/13     06/30/14       33.52       0.50       4.29       4.79       (0.50 )      —       —       (0.50 )      37.81       1.01       1.01       1.23       12       14.30       8,580  
07/01/12     06/30/13       29.24       0.44       4.49       4.93       (0.65 )      —       —       (0.65 )      33.52       1.01       1.01       1.39       31       16.86       9,202  
Class R-3*                                
11/20/17     04/30/18       25.05       0.13       0.23       0.36       (0.22 )      (3.76 )      —       (3.98 )      21.43       1.70       1.93       1.29       4       1.49       0  
Class R-5*                                
11/20/17     04/30/18       25.05       0.18       0.23       0.41       (0.23 )      (3.76 )      —       (3.99 )      21.47       1.15       1.43       1.84       4       1.74       0  
Class R-6*                                
11/20/17     04/30/18       25.05       0.19       0.23       0.42       (0.23 )      (3.76 )      —       (3.99 )      21.48       1.05       1.43       1.94       4       1.79       0  
Class Y*                                
11/20/17     04/30/18       25.05       0.15       0.23       0.38       (0.22 )      (3.76 )      —       (3.98 )      21.45       1.45       1.70       1.56       4       1.61       0  

 

44    The accompanying notes are an integral part of the financial statements.

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Scout Mid Cap Fund

 

                            
Class A*                                
11/20/17     04/30/18       $ 20.18       $ 0.01       $ 0.29       $ 0.30       $ (0.02 )      $ (1.54 )      $ —       $ (1.56 )      $ 18.92       1.16       1.16       0.10       45       1.44       $ 1  
Class C*                                
11/20/17     04/30/18       20.18       (0.05 )      0.29       0.24       (0.01 )      (1.54 )      —       (1.55 )      18.87       1.91       1.91       (0.63 )      45       1.11       2  
Class I*                                
11/01/17     04/30/18       19.77       0.03       0.70       0.73       (0.02 )      (1.54 )      —       (1.56 )      18.94       0.96       0.96       0.33       45       3.64       2,104  
07/01/17     10/31/17       18.11       —  (e)      1.66       1.66       —       —       —       —       19.77       1.01       1.01       0.03       20       9.17       1,675  
07/01/16     06/30/17       15.06       0.07       3.35       3.42       (0.07 )      (0.30 )      —       (0.37 )      18.11       1.03       1.03       0.43       87       22.93       1,437  
07/01/15     06/30/16       16.02       0.21       0.13       0.34       (0.17 )      (1.13 )      —       (1.30 )      15.06       1.04       1.04       1.34       161       2.69       1,292  
07/01/14     06/30/15       18.79       0.03       0.30       0.33       (0.02 )      (3.08 )      —       (3.10 )      16.02       1.04       1.04       0.17       158       2.42       1,585  
07/01/13     06/30/14       15.75       —  (e)      3.99       3.99       —  (e)      (0.95 )      —       (0.95 )      18.79       1.02       1.02       0.01       134       25.75       2,538  
07/01/12     06/30/13       13.25       0.14       2.67       2.81       (0.11 )      (0.20 )      —       (0.31 )      15.75       1.07       1.07       0.97       127       21.53       1,601  
Class R-3*                                
11/20/17     04/30/18       20.18       (0.06 )      0.32       0.26       (0.01 )      (1.54 )      —       (1.55 )      18.89       1.52       1.52       (0.64 )      45       1.22       0  
Class R-5*                                
11/20/17     04/30/18       20.18       0.01       0.30       0.31       (0.03 )      (1.54 )      —       (1.57 )      18.92       1.15       1.35       0.16       45       1.44       0  
Class R-6*                                
11/20/17     04/30/18       20.18       0.04       0.28       0.32       (0.03 )      (1.54 )      —       (1.57 )      18.93       0.96       0.96       0.46       45       1.49       1  
Class Y*                                
11/20/17     04/30/18       20.18       —  (e)      0.30       0.30       (0.02 )      (1.54 )      —       (1.56 )      18.92       1.22       1.22       0.04       45       1.43       0  
Carillon Scout Small Cap Fund

 

                            
Class A*                                
11/20/17     04/30/18       29.63       (0.09 )      1.13       1.04       —       (2.76 )      —       (2.76 )      27.91       1.25       1.29       (0.71 )      12       3.40       0  
Class C*                                
11/20/17     04/30/18       29.63       (0.18 )      1.13       0.95       —       (2.76 )      —       (2.76 )      27.82       2.00       2.05       (1.42 )      12       3.07       0  
Class I*                                
11/01/17     04/30/18       29.33       (0.05 )      1.43       1.38       —       (2.76 )      —       (2.76 )      27.95       0.96       1.01       (0.32 )      12       4.60       262  
07/01/17     10/31/17       26.81       (0.04 )      2.56       2.52       —       —       —       —       29.33       1.03       1.03       (0.45 )      6       9.40       271  
07/01/16     06/30/17       21.45       (0.09 )      6.52       6.43       —       (1.07 )      —       (1.07 )      26.81       1.04       1.04       (0.39 )      25       30.70       242  
07/01/15     06/30/16       26.61       (0.07 )      (1.55 )      (1.62 )      —       (3.54 )      —       (3.54 )      21.45       1.13       1.13       (0.32 )      16       (6.01 )      198  
07/01/14     06/30/15       24.49       (0.07 )      2.37       2.30       —       (0.18 )      —       (0.18 )      26.61       1.12       1.12       (0.27 )      22       9.44       249  
07/01/13     06/30/14       20.55       (0.04 )      3.98       3.94       —       —       —       —       24.49       1.12       1.12       (0.15 )      17       19.17       251  
07/01/12     06/30/13       15.82       0.02       4.77       4.79       (0.06 )      —       —       (0.06 )      20.55       1.13       1.13       0.14       23       30.39       244  
Class R-3*                                
11/20/17     04/30/18       29.63       (0.11 )      1.12       1.01       —       (2.76 )      —       (2.76 )      27.88       1.50       1.86       (0.86 )      12       3.29       0  
Class R-5*                                
11/20/17     04/30/18       29.63       (0.04 )      1.12       1.08       —       (2.76 )      —       (2.76 )      27.95       0.95       1.36       (0.31 )      12       3.54       0  
Class R-6*                                
11/20/17     04/30/18       29.63       (0.03 )      1.12       1.09       —       (2.76 )      —       (2.76 )      27.96       0.85       1.36       (0.21 )      12       3.58       0  
Class Y*                                
11/20/17     04/30/18       29.63       (0.08 )      1.12       1.04       —       (2.76 )      —       (2.76 )      27.91       1.25       1.66       (0.64 )      12       3.40       0  
Carillon Reams Core Bond Fund

 

                            
Class A*                                
11/20/17     04/30/18       11.42       0.09       (0.29 )      (0.20 )      (0.08 )      —       —       (0.08 )      11.14       0.80       1.16       1.77       193       (1.74 )      0  
Class C*                                
11/20/17     04/30/18       11.42       0.05       (0.28 )      (0.23 )      (0.06 )      —       —       (0.06 )      11.13       1.55       1.92       1.01       193       (2.04 )      0  
Class I*                                
11/01/17     04/30/18       11.40       0.11       (0.27 )      (0.16 )      (0.09 )      —       —       (0.09 )      11.15       0.40       0.84       1.94       193       (1.39 )      115  
07/01/17     10/31/17       11.37       0.07       0.03       0.10       (0.07 )      —       —       (0.07 )      11.40       0.40       0.69       1.65       126       0.85       141  
07/01/16     06/30/17       11.90       0.15       (0.24 )      (0.09 )      (0.19 )      (0.25 )      —       (0.44 )      11.37       0.40       0.66       1.30       390       (0.71 )      166  
07/01/15     06/30/16       11.42       0.18       0.49       0.67       (0.19 )      —       —       (0.19 )      11.90       0.40       0.62       1.62       453       6.00       204  
07/01/14     06/30/15       11.50       0.14       (0.07 )      0.07       (0.15 )      —       —       (0.15 )      11.42       0.40       0.61       1.21       158       0.61       210  
07/01/13     06/30/14       11.41       0.15       0.15       0.30       (0.17 )      (0.04 )      —       (0.21 )      11.50       0.40       0.62       1.32       636       2.65       219  
07/01/12     06/30/13       11.61       0.13       0.01       0.14       (0.15 )      (0.19 )      —       (0.34 )      11.41       0.40       0.64       1.13       607       1.20       259  

 

The accompanying notes are an integral part of the financial statements.      45  

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Core Bond Fund (cont’d)

 

                            
Class R-3*                                
11/20/17     04/30/18       $11.42       $ 0.07       $ (0.27 )      $ (0.20 )      $ (0.07 )      $ —       $ —       $ (0.07 )      $ 11.15       1.05       1.71       1.34       193       (1.79 )      $ 0  
Class R-5*                                
11/20/17     04/30/18       11.42       0.09       (0.27 )      (0.18 )      (0.09 )      —       —       (0.09 )      11.15       0.50       1.23       1.89       193       (1.60 )      0  
Class R-6*                                
11/20/17     04/30/18       11.42       0.10       (0.28 )      (0.18 )      (0.09 )      —       —       (0.09 )      11.15       0.40       1.23       1.99       193       (1.56 )      0  
Class Y*                                
11/01/17     04/30/18       11.40       0.09       (0.28 )      (0.19 )      (0.07 )      —       —       (0.07 )      11.14       0.80       1.15       1.54       193       (1.65 )      2  
07/01/17     10/31/17       11.37       0.05       0.03       0.08       (0.05 )      —       —       (0.05 )      11.40       0.80       1.00       1.25       126       0.71       3  
07/01/16     06/30/17       11.90       0.10       (0.24 )      (0.14 )      (0.14 )      (0.25 )      —       (0.39 )      11.37       0.79       0.97       0.91       390       (1.09 )      3  
07/01/15     06/30/16       11.42       0.15       0.49       0.64       (0.16 )      —       —       (0.16 )      11.90       0.75       0.97       1.27       453       5.63       4  
07/01/14     06/30/15       11.50       0.10       (0.07 )      0.03       (0.11 )      —       —       (0.11 )      11.42       0.76       0.97       0.85       158       0.24       4  
07/01/13     06/30/14       11.40       0.11       0.16       0.27       (0.13 )      (0.04 )      —       (0.17 )      11.50       0.79       1.01       0.93       636       2.34       4  
07/01/12     06/30/13       11.61       0.10       — (e)      0.10       (0.12 )      (0.19 )      —       (0.31 )      11.40       0.71       0.95       0.82       607       0.83       6  
Carillon Reams Core Plus Bond Fund

 

                            
Class A*                                
11/20/17     04/30/18       31.76       0.24       (0.83 )      (0.59 )      (0.22 )      —       —       (0.22 )      30.95       0.80       0.92       1.75       207       (1.88 )      0  
Class C*                                
11/20/17     04/30/18       31.76       0.14       (0.84 )      (0.70 )      (0.14 )      —       —       (0.14 )      30.92       1.55       1.80       1.01       207       (2.22 )      0  
Class I*                                
11/01/17     04/30/18       31.74       0.31       (0.83 )      (0.52 )      (0.25 )      —       —       (0.25 )      30.97       0.40       0.59       1.96       207       (1.64 )      659  
07/01/17     10/31/17       31.64       0.16       0.11       0.27       (0.16 )      —       (0.01 )      (0.17 )      31.74       0.40       0.58       1.53       123       0.85       741  
07/01/16     06/30/17       32.98       0.42       (0.51 )      (0.09 )      (0.52 )      (0.73 )      —       (1.25 )      31.64       0.40       0.59       1.32       433       (0.18 )      784  
07/01/15     06/30/16       32.27       0.60       1.14       1.74       (0.56 )      (0.47 )      —       (1.03 )      32.98       0.40       0.55       1.87       480       5.53       844  
07/01/14     06/30/15       32.30       0.39       (0.01 )      0.38       (0.38 )      (0.03 )      —       (0.41 )      32.27       0.40       0.56       1.22       187       1.19       638  
07/01/13     06/30/14       31.94       0.49       0.44       0.93       (0.44 )      (0.13 )      —       (0.57 )      32.30       0.40       0.57       1.53       663       2.94       448  
07/01/12     06/30/13       33.03       0.55       0.35       0.90       (0.56 )      (1.43 )      —       (1.99 )      31.94       0.40       0.59       1.65       604       2.64       430  
Class R-3*                                
11/20/17     04/30/18       31.76       0.19       (0.82 )      (0.63 )      (0.18 )      —       —       (0.18 )      30.95       1.05       1.54       1.38       207       (1.99 )      0  
Class R-5*                                
11/20/17     04/30/18       31.76       0.27       (0.83 )      (0.56 )      (0.24 )      —       —       (0.24 )      30.96       0.50       1.04       1.93       207       (1.77 )      0  
Class R-6*                                
11/20/17     04/30/18       31.76       0.28       (0.82 )      (0.54 )      (0.25 )      —       —       (0.25 )      30.97       0.40       1.04       2.03       207       (1.70 )      0  
Class Y*                                
11/01/17     04/30/18       31.73       0.24       (0.82 )      (0.58 )      (0.20 )      —       —       (0.20 )      30.95       0.80       0.91       1.56       207       (1.84 )      23  
07/01/17     10/31/17       31.63       0.12       0.10       0.22       (0.11 )      —       (0.01 )      (0.12 )      31.73       0.80       0.93       1.13       123       0.71       28  
07/01/16     06/30/17       32.97       0.30       (0.51 )      (0.21 )      (0.39 )      (0.74 )      —       (1.13 )      31.63       0.78       0.91       0.94       433       (0.57 )      30  
07/01/15     06/30/16       32.27       0.48       1.14       1.62       (0.45 )      (0.47 )      —       (0.92 )      32.97       0.74       0.89       1.53       480       5.16       82  
07/01/14     06/30/15       32.29       0.26       (0.01 )      0.25       (0.24 )      (0.03 )      —       (0.27 )      32.27       0.80       0.96       0.82       187       0.79       57  
07/01/13     06/30/14       31.94       0.38       0.43       0.81       (0.33 )      (0.13 )      —       (0.46 )      32.29       0.78       0.95       1.15       663       2.54       102  
07/01/12     06/30/13       33.03       0.48       0.31       0.79       (0.45 )      (1.43 )      —       (1.88 )      31.94       0.75       0.94       1.30       604       2.30       54  
Carillon Reams Unconstrained Bond Fund

 

                            
Class A*                                
11/20/17     04/30/18       11.83       0.08       (0.21 )      (0.13 )      (0.07 )      —       —       (0.07 )      11.63       0.80       1.23       1.57       87       (1.09 )      0  
Class C*                                
11/20/17     04/30/18       11.83       0.04       (0.20 )      (0.16 )      (0.04 )      —       —       (0.04 )      11.63       1.55       2.20       0.75       87       (1.37 )      0  

 

46    The accompanying notes are an integral part of the financial statements.

Table of Contents

Financial Highlights

 

Fiscal periods

           From investment operations     Dividends & distributions    

 

     Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value
     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Unconstrained Bond Fund (cont’d)

 

                            
Class I*                                
11/01/17     04/30/18       $ 11.85       $ 0.10       $ (0.24 )      $ (0.14 )      $ (0.08 )      $ —       $ —       $ (0.08 )      $ 11.63       0.50       0.80       1.65       87       (1.16 )      $ 1,480  
07/01/17     10/31/17       11.83       0.04       0.02       0.06       (0.04 )      —       —       (0.04 )      11.85       0.50       0.80       1.00       83       0.48       1,521  
07/01/16     06/30/17       11.70       0.10       0.15       0.25       (0.12 )      —       —       (0.12 )      11.83       0.50       0.80       0.86       370       2.15       1,475  
07/01/15     06/30/16       11.32       0.21       0.27       0.48       (0.10 )      —       —       (0.10 )      11.70       0.50       0.82       1.88       615       4.28       1,281  
07/01/14     06/30/15       11.65       0.08       (0.29 )      (0.21 )      (0.12 )      —       —       (0.12 )      11.32       0.50       0.81       0.79       116       (1.77 )      1,477  
07/01/13     06/30/14       11.70       0.04       0.01       0.05       (0.03 )      (0.07 )      —       (0.10 )      11.65       0.50       0.84       0.40       422       0.44       1,806  
07/01/12     06/30/13       11.02       0.24       1.15       1.39       (0.23 )      (0.48 )      —       (0.71 )      11.70       0.59       0.96       1.36       140       12.72       420  
Class R-3*                                
11/20/17     04/30/18       11.83       0.06       (0.20 )      (0.14 )      (0.06 )      —       —       (0.06 )      11.63       1.05       1.72       1.15       87       (1.19 )      0  
Class R-5*                                
11/20/17     04/30/18       11.83       0.09       (0.21 )      (0.12 )      (0.08 )      —       —       (0.08 )      11.63       0.50       1.22       1.70       87       (0.99 )      0  
Class R-6*                                
11/20/17     04/30/18       11.83       0.09       (0.20 )      (0.11 )      (0.09 )      —       —       (0.09 )      11.63       0.40       1.22       1.80       87       (0.96 )      0  
Class Y*                                
11/01/17     04/30/18       11.90       0.08       (0.22 )      (0.14 )      (0.07 )      —       —       (0.07 )      11.69       0.80       1.11       1.33       87       (1.20 )      56  
07/01/17     10/31/17       11.88       0.03       0.02       0.05       (0.03 )      —       —       (0.03 )      11.90       0.80       1.07       0.69       83       0.38       71  
07/01/16     06/30/17       11.75       0.07       0.14       0.21       (0.08 )      —       —       (0.08 )      11.88       0.80       1.09       0.56       370       1.78       99  
07/01/15     06/30/16       11.30       0.13       0.32       0.45       —       —       —       —       11.75       0.79       1.11       1.59       615       3.98       92  
07/01/14     06/30/15       11.64       0.03       (0.27 )      (0.24 )      (0.10 )      —       —       (0.10 )      11.30       0.80       1.11       0.49       116       (2.05 )      260  
07/01/13     06/30/14       11.71       0.01       —  (e)      0.01       (0.01 )      (0.07 )      —       (0.08 )      11.64       0.78       1.12       0.12       422       0.12       555  
07/01/12     06/30/13       11.62       0.11       0.09       0.20       (0.11 )      —       —       (0.11 )      11.71       0.77       1.17       0.84       140       1.68       125  

* Per share amounts have been calculated using the daily average share method. The data for fiscal periods ending after October 31, 2017 is unaudited.

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.

(d) The Carillon Eagle Capital Appreciation Fund changed its subadviser effective June 28, 2013.

(e) Per share amount is less than $0.005.

(f) The Carillon Eagle Smaller Company Fund changed its subadviser effective March 1, 2018.

(g) The Carillon Eagle Smaller Company Fund changed its subadvisor effective October 20, 2014.

 

The accompanying notes are an integral part of the financial statements.      47  

Table of Contents

Notes to Financial Statements

 

(UNAUDITED)    04.30.2018

 

NOTE 1  |  Organization and investment objective  |  The Carillon Series Trust (the “Trust” or the “Carillon Family of Funds”) is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. The Trust offers shares in the following series (each a “Fund” and collectively the “Funds”) and are advised by Carillon Tower Advisers, Inc. (“Carillon Tower” or “Manager”).

 

  •  

The Carillon ClariVest Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation.

 

  •  

The Carillon ClariVest International Stock Fund (“International Stock Fund”) seeks capital appreciation,

 

  •  

The Carillon Cougar Tactical Allocation Fund (“Tactical Allocation Fund”) seeks long-term capital appreciation.

 

  •  

The Carillon Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income.

 

  •  

The Carillon Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation,

 

  •  

The Carillon Eagle Mid Cap Stock Fund (“Mid Cap Stock Fund”) seeks long-term capital appreciation,

 

  •  

The Carillon Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation,

 

  •  

The Carillon Eagle Smaller Company Fund (“Smaller Company Fund”) seeks capital growth,

 

  •  

The Carillon Scout International Fund (“International Fund”) seeks long-term growth of capital and income,

 

  •  

The Carillon Scout Mid Cap Fund (“Mid Cap Fund”) seeks long- term growth of capital,

 

  •  

The Carillon Scout Small Cap Fund (“Small Cap Fund”) seeks long-term growth of capital,

 

  •  

The Carillon Reams Core Bond Fund (“Core Bond Fund”) seeks a high level of total return consistent with the preservation of capital,

 

  •  

The Carillon Reams Core Plus Bond Fund (“Core Plus Bond Fund”) seeks a high level of total return consistent with the preservation of capital, and

 

  •  

The Carillon Reams Unconstrained Bond Fund (“Unconstrained Bond Fund”) seeks to maximize total return consistent with the preservation of capital.

Class offerings  |  As of April 30, 2018, each Fund was authorized and offered Class A, Class C, Class I, Class R-3, Class R-5, Class R-6, and Class Y shares to qualified buyers.

 

  •  

For all Funds except the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, Class A shares are sold at a maximum front-end sales charge of 4.75%. For the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, Class A shares are sold at a maximum front-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase.

 

  •  

Class C shares are sold subject to a CDSC of 1.00% of the lower of NAV or purchase price if redeemed within one year of purchase.

 

  •  

Class I, Class R-3, Class R-5, Class R-6 and Class Y shares are each sold without a front-end sales charge or a CDSC to qualified buyers.

NOTE 2  |  Significant accounting policies  |  The following is a summary of significant accounting policies of the Funds. The policies are in conformity with

accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. GAAP.

Use of estimates  |  The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.

Valuation of securities  |  The price of each Fund’s shares is based on the NAV per share of each class of a Fund. Each Fund normally determines the NAV of its shares each business day as of the scheduled close of regular trading on the New York Stock Exchange (NYSE) and the Nasdaq (typically 4:00 p.m. ET). A Fund will not treat an intraday unscheduled disruption in trading on either the NYSE or Nasdaq as a closure of that particular market, and will price its shares as of the normally scheduled close of the NYSE and Nasdaq if the disruption directly affects only one of those markets. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Funds are not required to recalculate their NAV.

Generally, the Funds value portfolio securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price to reflect events that occur between the close of those markets and the time of the Fund’s determination of the NAV.

A market quotation may be considered unreliable or unavailable for various reasons, such as:

 

  •  

The quotation may be stale;

 

  •  

The security is not actively traded;

 

  •  

Trading on the security halted before the close of the trading market;

 

  •  

The security is newly issued;

 

  •  

Issuer-specific or vendor specific events occurred after the security halted trading; or

 

  •  

Due to the passage of time between the close of the market on which the security trades and the close of the NYSE and the Nasdaq.

Issuer-specific events may cause the last market quotation to be unreliable. Such events may include:

 

  •  

A merger or insolvency;

 

  •  

Events which affect a geographical area or an industry segment, such as political events or natural disasters; or

 

  •  

Market events, such as a significant movement in the U.S. markets.

For most securities, both the latest transaction prices and adjustments are furnished by independent pricing services, subject to supervision by the Board of Trustees (“Board”). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. Fair value is the amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of all appropriate factors, including indications of fair value available from independent pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAV.

Pursuant to the Procedures, the Board has delegated the day-to-day responsibility for applying and administering the Procedures to a valuation committee (“Valuation Committee”), comprised of certain officers of the Trusts

 

 

48   

Table of Contents

Notes to Financial Statements

 

(UNAUDITED)      04.30.2018  

 

and other employees of Carillon Tower. The composition of this Valuation Committee may change from time to time. The Valuation Committee follows fair valuation guidelines as set forth in the Procedures to make fair value determinations on all securities and assets for which market quotations are unavailable or unreliable. For portfolio securities fair valued by the Valuation Committee, Carillon Tower checks fair value prices by comparing the fair value of the security with values that are available from other sources (if any). Carillon Tower compares the fair value of the security to the next-day opening price or next actual sale price, when applicable. Carillon Tower documents and reports to the Valuation Committee such comparisons when they are made. The Valuation Committee reports such comparisons to the Board at their regularly scheduled meetings. The Board retains the responsibility for periodic review and consideration of the appropriateness of any fair value pricing methodology established or implemented for a Fund. Fair value pricing methods, the Procedures and independent pricing services can change from time to time as approved by the Board, and may occur as a result of lookback testing results or changes in industry best practices.

There can be no assurance, however, that a fair value price used by a Fund on any given day will more accurately reflect the market value of a security than a market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading. Specific types of securities are valued as follows:

 

  •  

Domestic exchange-traded equity securities  |  Market quotations are generally available and reliable for domestic exchange-traded equity securities. If the prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

 

  •  

Foreign exchange-traded equity securities  |  If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE and the Nasdaq, closing market quotations may become unreliable. Consequently, fair valuation of portfolio securities may occur on a daily basis. The Valuation Committee, using the Procedures, may fair value a security if certain events occur between the time trading ends in a foreign market on a particular security and a Fund’s NAV calculation. The Valuation Committee, using the Procedures, may also fair value a particular security if the events are significant and make the closing price unavailable or unreliable. If an issuer-specific event has occurred that Carillon Tower determines, in its judgment, is likely to have affected the closing price of a foreign security, the security will be priced at fair value. Carillon Tower also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by an independent pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund.

 

  •  

Fixed income securities  |  Government bonds, corporate bonds, asset- backed bonds, municipal bonds, short-term securities (investments that have a maturity date of 60 days or less), commercial paper and convertible securities, including high yield or junk bonds, normally are valued on the basis of evaluated prices provided by independent pricing services.

   

Evaluated prices provided by the independent pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. In accordance with SEC guidance, before using certain evaluated prices from a Pricing Service to determine the fair value of a Fund’s securities, Carillon Tower or the Valuation Committee shall, as appropriate, consider the inputs, methods, models, and assumptions used by the Pricing Service to determine the evaluated prices, and how those inputs, methods, models and assumptions are affected, if at all, as market conditions change. If the evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

 

  •  

Futures and Options  |  Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2018, only the Core Plus Bond Fund and Unconstrained Bond Fund held futures. None of the Funds held options during the period ended April 30, 2018.

 

  •  

Credit default swaps  |  Credit default swaps are valued with prices provided by independent pricing services. If prices provided by independent pricing services are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2018, only the Core Plus Bond Fund and Unconstrained Bond Fund held credit default swaps.

 

  •  

Investment companies and exchange-traded funds (ETFs) | Investments in other open-end investment companies are valued at their reported NAV. The prospectuses for these companies explain the circumstances under which these companies will use fair value pricing and the effect of the fair value pricing. In addition, investments in closed-end funds and ETFs are valued on the basis of market quotations, if available and reliable. If the prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

Fair value measurements  |  Each Fund utilizes a three-level hierarchy of inputs to establish a classification of fair value measurements. The three levels are defined as:

Level 1—Valuations based on unadjusted quoted prices for identical securities in active markets;

Level 2—Valuations based on inputs other than quoted prices that are observable, either directly or indirectly, including inputs in markets that are not considered active; and

Level 3—Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

 

 

     49  

Table of Contents

Notes to Financial Statements

 

(UNAUDITED)    04.30.2018

 

Investments falling into the Level 3 category may be classified as such due to a lack of market transparency and corroboration to support the quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the

Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable entity data.

The following is a summary of the inputs used to value each Fund’s investments as of April 30, 2018:

 

    Quoted prices in
active markets
for identical
assets
(Level 1)		     Significant
other
observable
inputs
(Level 2)		     Significant
unobservable
inputs
(Level 3)		  
Capital Appreciation Fund

 

    
Common stocks (a)     $454,001,242       $—       $—  
Total investment portfolio     $454,001,242       $—       $—  
International Stock Fund

 

    
Common stocks (a):      

Australia

     $—       $578,195       $—  

Belgium

     —       215,951       —  

Denmark

     —       298,824       —  

France

     —       1,699,118       —  

Germany

     —       1,518,894       —  

Hong Kong

     —       405,824       —  

Israel

     —       285,548       —  

Italy

     —       480,940       —  

Japan

     —       5,806,172       —  

Netherlands

     293,080       781,305       —  

Norway

     —       116,373       —  

Singapore

     —       530,949       —  

Spain

     —       310,038       —  

Sweden

     —       546,904       —  

Switzerland

     —       2,435,682       —  

United Kingdom

     —       3,081,793       —  
Preferred stocks:      

Germany

     —       234,695       —  
Exchange traded funds     205,146       —       —  
Total investment portfolio     $498,226       $19,327,205       $—  
Tactical Allocation Fund

 

Domestic exchange traded funds     $13,442,704       $—       $—  
Foreign exchange traded funds     2,869,215       —       —  
Total investment portfolio     $16,311,919       $—       $—  
Growth & Income Fund

 

    
Common stocks (a)     $577,995,863       $—       $—  
Total investment portfolio     $577,995,863       $—       $—  
Mid Cap Growth Fund

 

    
Common stocks (a)     $3,190,512,311       $—       $—  
Total investment portfolio     $3,190,512,311       $—       $—  
    Quoted prices in
active markets
for identical
assets
(Level 1)		     Significant
other
observable
inputs
(Level 2)		     Significant
unobservable
inputs
(Level 3)		  
Mid Cap Stock Fund

 

    
Common stocks (a)     $233,529,964       $—       $—  
Total investment portfolio     $233,529,964       $—       $—  
Small Cap Growth Fund

 

    
Common stocks (a)     $5,043,159,922       $—       $—  
Contingent value rights     —       —       242,594  
Total investment portfolio     $5,043,159,922       $—       $242,594  
Smaller Company Fund

 

    
Common stocks (a)     $41,095,890       $—       $—  
Total investment portfolio     $41,095,890       $—       $—  
International Fund

 

    
Common stocks (a):      

Australia

     $14,480,859       $59,418,752       $—  

Canada

     11,881,126       —       —  

Denmark

     14,481,413       18,113,414       —  

France

     —       88,087,040       —  

Germany

     31,975,226       77,836,280       —  

Hong Kong

     —       11,625,212       —  

Ireland

     16,830,469       12,569,539       —  

Japan

     —       148,215,240       —  

Mexico

     33,431,692       —       —  

Norway

     —       15,571,511       —  

Singapore

     —       18,142,678       —  

South Africa

     —       9,876,427       —  

Spain

     —       14,724,491       —  

Sweden

     —       32,594,144       —  

Switzerland

     23,634,718       71,720,879       —  

Taiwan

     —       29,610,536       —  

United Kingdom

     52,322,855       74,067,715       —  

United States

     52,580,615       —       —  
Preferred stocks:      

Colombia

     19,399,955       —       —  

Germany

     15,149,147       21,539,348       —  
Total investment portfolio     $286,168,075       $703,713,206       $—  
Mid Cap Fund

 

    
Common stocks (a)     $2,048,379,130       $—       $—  
Total investment portfolio     $2,048,379,130       $—       $—  
Small Cap Fund

 

    
Common stocks (a)     $260,251,487       $—       $—  
Total investment portfolio     $260,251,487       $—       $—  
 

 

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(UNAUDITED)      04.30.2018  

 

    Quoted prices in
active markets
for identical
assets
(Level 1)		     Significant
other
observable
inputs
(Level 2)		     Significant
unobservable
inputs
(Level 3)		  
Core Bond Fund

 

    
Corporate bonds (a)     $—       $32,756,102       $—  
Mortgage and asset-backed securities     —       33,616,439       —  
U.S. Treasuries     —       61,486,291       —  
Short-term investments     —       1,150,345       —  
Total investment portfolio     $—       $129,009,177       $—  
Core Plus Bond Fund

 

    
Corporate bonds (a)     $—       $174,382,230       $—  
Mortgage and asset-backed securities     —       175,340,304       —  
U.S. Treasuries     —       390,829,512       —  
Short-term investments     —       6,790,435       —  
Total investment portfolio     $—       $747,342,481       $—  
Futures contracts—long (b)     $(1,187,657 )      $—       $—  
Futures contracts—short (b)     $(1,507,453 )      $—       $—  
Credit default swaps     $—       $780,188       $—  
Unconstrained Bond Fund

 

    
Corporate bonds (a)     $—       $405,637,940       $—  
Mortgage and asset-backed securities     —       82,890,712       —  
U.S. Treasuries     —       1,046,754,082       —  
Short-term investments     —       33,005,689       —  
Total investment portfolio     $—       $1,568,288,423       $—  
Futures contracts—short (b)     $(6,188,561)       $—       $—  
Credit default swaps     $—       $1,653,941       $—  

(a) Please see the investment portfolio for detail by industry.

(b) Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of April 30, 2018.

 

 

Each Fund recognizes transfers between levels at the end of the reporting period. During the period ended April 30, 2018, there were no transfers in or out of Levels 1, 2, or 3.

The following is a reconciliation of Level 3 securities held by the Small Cap Growth Fund as of April 30, 2018 for which significant unobservable inputs were used to determine fair value:

 

Small Cap Growth Fund   Common
stocks		     Contingent
value rights		  
Balance as of October 31, 2017     $14,746,830       $242,594  
Purchases     —       —  
Sales     (14,746,830 )      —  
Change in unrealized appreciation (depreciation)     —       —  
Balance as of April 30, 2018     $—       $242,594  

The Funds’ policy for disclosing the valuation techniques and significant unobservable inputs for Level 3 assets and liabilities is to provide such disclosures when aggregate exposure to Level 3 investments exceeds 1.00% of net asset value. At April 30, 2018, the Level 3 investments within the Fund did not exceed such threshold and therefore have not been disclosed.

Common stocks  |  On August 29, 2017, Thermo Fisher Scientific, Inc. acquired 95.3% of the outstanding Patheon N.V. ordinary shares, and Patheon N.V. was no longer exchange traded and was delisted. The Fund’s position in Patheon N.V. was sold during the period ended April 30, 2018 and is no longer held by the Fund. The Fund recognized realized gains of $2,604,859 from the sale of Patheon N.V.

Contingent value rights  |  The contingent value rights (“CVR”) were acquired as a result of Dyax Corp. (which was a portfolio holding of the Fund) being acquired by Shire PLC. In exchange for the Fund’s shares in Dyax Corp., the Fund received cash consideration from Shire PLC as well as the CVR.

Derivatives  |  The following disclosure provides certain information about the Funds’ derivative and hedging activities.

 

  •  

Forward currency contracts  |  Each of the Funds’ policies, except Small Cap Growth, Core Bond, International, Mid Cap, and Small Cap, permit the Funds to enter into forward currency contracts (“forward contracts”) for hedging (such as to hedge the impact of adverse changes in the relationships between the US dollar and various foreign currencies), including transaction hedging, anticipatory hedging, cross hedging, proxy hedging, and position hedging, or for any other lawful purpose consistent with their investment objectives. Forward contracts are agreements between two parties to exchange different currencies at a specified rate at an agreed upon future date. The fair value of a forward contract fluctuates with changes in currency exchange rates. Outstanding forward contracts are valued daily at current forward rates and the resulting change in market value is recorded as unrealized appreciation or depreciation. When a forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the forward contract was opened and the value at the time it was closed. The risks to the Funds of entering into forward contracts include the inability of counterparties to meet the terms of their contracts, future adverse movement in currency values and contract positions that are not exact offsets. During the period ended April 30, 2018, none of the Funds held forward contracts.

 

  •  

Credit default swap contracts  |  The International Stock, Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into credit default swap agreements to enhance the Funds’ returns, increase liquidity, manage the duration of the Funds’ portfolios and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a relatively efficient way. The credit default swap agreement may have as a reference obligation one or more securities that are or are not currently held by a Fund. The Funds may enter into credit default swap agreements either as a buyer or seller. The buyer in a credit default swap agreement is obligated to pay the seller a periodic fee, typically expressed in basis points on the principal amount of the underlying obligation (the “notional value”), over the term of the agreement in return for a contingent payment upon the occurrence of a credit event with respect to the underlying reference obligation. A credit event is typically a default. If a Fund is a buyer and no credit event occurs, the Fund may lose its investment and recover nothing. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional value of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a seller, a Fund accrues for and receives a fixed rate

 

 

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    of income throughout the term of the agreement, which typically is between one month and five years, provided that no credit event occurs. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional value of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional value of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit event occurs, the maximum payout amount for a sale contract is limited to the notional value of the swap contract (“Maximum Payout Amount”). Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Interest paid to or by the Funds is accrued daily and included in realized gain (loss) on swap agreements. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swap agreements, including accruals of periodic amounts of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. Credit default swaps sold by a Fund may involve greater risks than if a Fund had invested in the reference obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty credit risk and credit risk of the issuer. Details of swap contracts, if any, at period end are included in the Investment Portfolios under the caption “Swap Contracts.”

 

  •  

Futures contracts  |  Each of the Funds’ policies, except Small Cap Growth, International, Mid Cap, and Small Cap, permit the Funds to enter into futures contracts (“Futures”), including interest rate, bond, U.S. Treasury and fixed income index Futures, as a hedge against movements in the equity and bond markets in order to establish more definitively the

   

effective return on securities held or intended to be acquired by the Funds or for other purposes permissible under the Commodity Exchange Act, including as a means to gain or reduce exposure to a reference instrument without actually buying or selling it. When a Fund enters into Futures, it must deliver to an account controlled by the futures commission merchant (“FCM”) an amount referred to as “initial margin.” Initial margin requirements are determined by the respective exchanges on which the Futures are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the Futures. The account is marked-to-market daily and the unrealized gains or losses are recorded as variation margin and monitored by the Manager and custodian on a daily basis. When Futures are closed out, the Fund recognizes a realized gain or loss. The risks of entering into Futures include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instrument. The purchase of Futures involves the risk that the Fund could lose more than the amount invested in Futures. Details of futures contracts, if any, at period end are included in the Investment Portfolios under the caption “Futures Contracts.”

For the period ended April 30, 2018, the average of month-end derivative positions (notional value in U.S. dollars) were as follows:

 

    Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Credit default swap contracts     $5,547,143       $13,782,857  
Futures contracts—long     18,712,768       —  
Futures contracts—short     (108,843,454 )      (378,639,113 ) 

Foreign currency transactions  |  The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) on foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.

To-Be-Announced Securities  |  The Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into to-be-announced securities. A to-be-announced mortgage-backed security (“TBA”) is a mortgage-backed security, such as a Ginnie Mae pass-through security, that is purchased or sold with specific pools of cash that will constitute that Ginnie Mae pass-through security, to be announced on a future settlement date. At the time of purchase of a TBA, the seller does not specify the particular mortgage-backed securities to be delivered but rather agrees to accept any mortgage-backed security that meets specified terms. The Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. TBAs increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a Fund. As a purchaser of a TBA, the Fund will segregate or “earmark” cash or cash equivalent securities in accordance with procedures

 

 

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adopted by the Board equal to the value of the TBA, marked to-market daily in accordance with pertinent SEC positions. As a seller of a TBA, the Fund will segregate or “earmark” in accordance with procedures adopted by the Board the equivalent deliverable security up to the obligation required to be delivered.

Real estate investment trusts (“REIT(s)”)  |  There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the Funds’ fiscal year-end and may differ from the estimated amounts.

Repurchase agreements  |  Each Fund may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred. During the period ended April 30, 2018, none of the Funds held any repurchase agreements.

Revenue recognition  |  Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

Foreign taxes  |  The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds accrue such taxes and recoveries as applicable, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which a Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.

Expenses  |  Each Fund is charged for certain expenses which are directly attributable to it and certain other expenses which are allocated proportionately among the Carillon Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets.

Class allocations  |  Each class of shares has equal rights to earnings and assets except that each class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative percentage of net assets

Segregation and Collateralization  |  In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., forward currency contracts, securities with extended settlement periods, futures and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on

requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments.

Distributions  |  Each Fund, except the Growth & Income Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, distributes net investment income annually. Distributions of net investment income are made quarterly in the Growth & Income Fund and monthly in the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each applicable Fund, will be distributed to shareholders annually in the following fiscal year. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.

Dividends paid to shareholders from net investment income were as follows:

 

Distributions from net investment income   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Capital Appreciation Fund    
Class A     $—       $103,196  
Class C     —       —  
Class I     156,337       309,650  
Class R-3     —       —  
Class R-5     633       27,256  
Class R-6     79,307       147,658  
Class Y     27       N/A  
International Stock Fund    
Class A     54,124       46,900  
Class C     28,696       50,527  
Class I     115,789       137,212  
Class R-3     7,995       13,703  
Class R-5     45       604  
Class R-6     178       220  
Class Y     145       N/A  
Tactical Allocation Fund    
Class A     10,799       5,272  
Class C     3,040       —  
Class I     137,232       39,118  
Class R-3     60       —  
Class R-5     355       277  
Class R-6     130       60  
Class Y     110       N/A  
Growth & Income Fund    
Class A     1,674,806       2,603,605  
Class C     970,056       1,818,162  
Class I     2,902,107       4,499,599  
Class R-3     20,016       36,917  
Class R-5     5,068       7,686  
Class R-6     490,187       793,603  
Class Y     103       N/A  
 

 

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(UNAUDITED)    04.30.2018

 

Distributions from net investment income (cont’d)   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Mid Cap Growth Fund    
Class A     $ —       $ —  
Class C     —       —  
Class I     —       7,063  
Class R-3     —       —  
Class R-5     —       13,093  
Class R-6     —       77,414  
Class Y     —       N/A  
International Fund    
Class A     89       N/A  
Class C     80       N/A  
Class I     10,001,009       —  
Class R-3     86       N/A  
Class R-5     91       N/A  
Class R-6     92       N/A  
Class Y     89       N/A  
Mid Cap Fund    
Class A     52       N/A  
Class C     14       N/A  
Class I     1,987,383       —  
Class R-3     7       N/A  
Class R-5     12       N/A  
Class R-6     12       N/A  
Class Y     28       N/A  
Core Bond Fund    
Class A     1,063       N/A  
Class C     972       N/A  
Class I     961,383       889,536  
Class R-3     58       N/A  
Class R-5     77       N/A  
Class R-6     81       N/A  
Class Y     14,802       11,400  
Core Plus Bond Fund    
Class A     429       N/A  
Class C     373       N/A  
Class I     5,682,076       4,068,161 * 
Class R-3     57       N/A  
Class R-5     77       N/A  
Class R-6     80       N/A  
Class Y     161,325       115,206 * 
* Includes return of capital in the amount of $197,332

 

Distributions from net investment income (cont’d)   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Unconstrained Bond Fund    
Class A     $127       N/A  
Class C     69       N/A  
Class I     10,690,058       $4,691,505  
Class R-3     51       N/A  
Class R-5     70       N/A  
Class R-6     74       N/A  
Class Y     354,799       175,502  
** The data listed is for the fiscal year ended October 31, 2017 for all funds except the International Fund, Mid Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund, for which the data is for the period July 1, 2017 to October 31, 2017. For the fiscal year ended June 30, 2017, the Class I shares of the International Fund, Mid Cap Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund distributed net investment income of $21,855,165, $5,659,420, $3,156,156, $13,398,540 and $14,623,343, respectively; the Class Y shares of the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund distributed net investment income of $37,676, $780,476 and $831,541, respectively.

 

Distributions paid to shareholders from net realized gains were as follows:

 

Distributions from net realized gains   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Capital Appreciation Fund    
Class A     $10,158,703       $8,681,228  
Class C     5,182,715       4,827,925  
Class I     7,123,353       5,528,128  
Class R-3     80,730       43,242  
Class R-5     194,408       438,881  
Class R-6     2,496,142       1,693,653  
Class Y     593       N/A  
Tactical Allocation Fund    
Class A     27,785       2,366  
Class C     33,415       1,498  
Class I     231,908       8,335  
Class R-3     202       12  
Class R-5     623       59  
Class R-6     203       12  
Class Y     179       N/A  
Growth & Income Fund    
Class A     3,491,242       7,622,797  
Class C     4,176,701       9,453,020  
Class I     5,955,589       9,299,716  
Class R-3     56,017       133,019  
Class R-5     10,281       17,227  
Class R-6     969,982       1,771,834  
Class Y     242       N/A  
 

 

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Distributions from net realized gains (cont’d)   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Mid Cap Growth Fund    
Class A     $12,380,645       $—  
Class C     4,881,431       —  
Class I     20,213,403       —  
Class R-3     875,312       —  
Class R-5     10,187,891       —  
Class R-6     20,155,252       —  
Class Y     250       N/A  
Mid Cap Stock Fund    
Class A     5,571,774       9,063,060  
Class C     5,342,735       8,860,065  
Class I     2,804,999       3,459,045  
Class R-3     63,855       109,122  
Class R-5     13,587       15,755  
Class R-6     38,113       39,211  
Class Y     464       N/A  
Small Cap Growth Fund    
Class A     48,179,886       25,774,205  
Class C     16,819,785       6,681,303  
Class I     124,152,495       39,849,621  
Class R-3     7,662,535       3,012,673  
Class R-5     35,062,954       13,984,353  
Class R-6     149,519,961       36,117,862  
Class Y     733       N/A  
Smaller Company Fund    
Class A     1,460,308       1,475,728  
Class C     1,874,240       1,831,245  
Class I     785,232       811,665  
Class R-3     47,675       42,823  
Class R-5     4,509       3,692  
Class R-6     272,357       233,473  
Class Y     879       N/A  
International Fund    
Class A     1,502       N/A  
Class C     1,502       N/A  
Class I     167,674,543       —  
Class R-3     1,502       N/A  
Class R-5     1,502       N/A  
Class R-6     1,502       N/A  
Class Y     1,502       N/A  
Distributions from net realized gains (cont’d)   11/1/17 to
4/30/18		     Period ending
10/31/17**		  
Mid Cap Fund    
Class A     $3,295       N/A  
Class C     1,824       N/A  
Class I     136,765,518       $—  
Class R-3     763       N/A  
Class R-5     763       N/A  
Class R-6     763       N/A  
Class Y     1,820       N/A  
Small Cap Fund    
Class A     930       N/A  
Class C     930       N/A  
Class I     25,734,315       —  
Class R-3     930       N/A  
Class R-5     930       N/A  
Class R-6     930       N/A  
Class Y     930       N/A  
**The data listed is for the fiscal year ended October 31, 2017 for all funds except the International Fund, Mid Cap Fund and Small Cap Fund, for which the data is for the period July 1, 2017 to October 31, 2017. For the fiscal year ended June 30, 2017, the Class I shares of the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund and Core Plus Bond Fund distributed net realized gains of $178,101,157, $23,066,072, $9,176,002, $4,146,390 and $19,296,101, respectively; the Class Y shares of the Core Bond Fund and Core Plus Bond Fund distributed net realized gains of $62,620 and $1,508,032, respectively.

 

Other  |  In the normal course of business the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the risk of loss to each Fund is expected to be remote.

NOTE 3  |  Purchases and sales of securities  |  For the period ended April 30, 2018, purchases and sales of investment securities (excluding short-term obligations) were as follows:

 

    Purchases     Sales  
Capital Appreciation Fund     $102,486,816       $53,846,555  
International Stock Fund     4,937,343       3,550,820  
Tactical Allocation Fund     9,072,908       9,765,848  
Growth & Income Fund     41,001,267       64,205,509  
Mid Cap Growth Fund     1,136,686,487       399,011,137  
Mid Cap Stock Fund     54,539,563       84,197,021  
Small Cap Growth Fund     740,830,794       986,643,557  
Smaller Company Fund     44,841,752       50,864,247  
International Fund     45,960,213       200,274,882  
Mid Cap Fund     1,178,671,433       848,940,565  
Small Cap Fund     32,630,516       53,488,092  
 

 

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(cont’d)   Purchases     Sales  
Core Bond Fund    

Debt securities

     $ 108,919,875       $ 129,008,107  

U.S. Treasury securities

     148,277,099       150,859,794  
Core Plus Bond Fund    

Debt securities

     638,228,418       683,624,877  

U.S. Treasury securities

     984,961,968       1,005,269,570  
Unconstrained Bond Fund    

Debt securities

     283,349,083       315,798,106  

U.S. Treasury securities

     1,443,004,855       1,003,892,836  

The cost basis of investments for federal income tax purposes at April 30, 2018 were as follows*:

 

    Capital
Appreciation
Fund		     International
Stock Fund		     Tactical
Allocation
Fund		     Growth &
Income Fund		  
Cost of investments     $283,518,085       $17,252,210       $15,927,962       $387,913,490  
 

 

 

    

 

 

    

 

 

    

 

 

  
Gross unrealized appreciation     172,444,462       3,211,443       494,468       191,769,838  
Gross unrealized depreciation     (1,961,305 )      (638,222 )      (110,511 )      (1,687,465 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Net unrealized appreciation/(depreciation)     $170,483,157       $2,573,221       $383,957       $190,082,373  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

    Mid Cap
Growth Fund		     Mid Cap
Stock Fund		     Small Cap
Growth Fund		     Smaller
Company
Fund		  
Cost of investments     $2,454,374,514       $164,739,675       $3,520,398,622       $40,374,894  
 

 

 

    

 

 

    

 

 

    

 

 

  
Gross unrealized appreciation     782,013,747       69,953,831       1,670,972,695       2,369,874  
Gross unrealized depreciation     (45,875,950 )      (1,163,542 )      (147,968,801 )      (1,648,878 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Net unrealized appreciation/(depreciation)     $736,137,797       $68,790,289       $1,523,003,894       $720,996  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		  
Cost of investments     $635,019,891       $1,715,587,272       $166,698,872       $130,859,096  
 

 

 

    

 

 

    

 

 

    

 

 

  
Gross unrealized appreciation     387,492,900       375,494,533       106,483,285       210,055  
Gross unrealized depreciation     (32,631,510 )      (42,702,675 )      (12,930,670 )      (2,059,974 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
Net unrealized appreciation/(depreciation)     $354,861,390       $332,791,858       $93,552,615       $(1,849,919 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Cost of investments     $758,932,890       $1,591,209,433  
 

 

 

    

 

 

  
Gross unrealized appreciation     1,744,374       2,799,933  
Gross unrealized depreciation     (13,334,783 )      (25,720,943 ) 
 

 

 

    

 

 

  
Net unrealized appreciation/(depreciation)     $(11,590,409 )      $(22,921,010 ) 
 

 

 

    

 

 

  
* Because tax adjustments are calculated annually at the end of the Funds’ fiscal year, the above table does not reflect tax adjustments for the current fiscal year.

 

For the previous year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Funds’ most recent annual report.

NOTE 4  |  Investment advisory fees and other transactions with affiliates  |  Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:

 

Investment advisory fee
rate schedule		   Breakpoint     Investment
advisory fee		  
Capital Appreciation Fund    

 First $1 billion

Over $1 billion

 

    

 0.60

0.55

 % 

% 

International Stock Fund     All assets       0.70 % 
Tactical Allocation Fund     All assets       0.57 % 
Growth & Income Fund     First $100 million       0.60 % 
    $100 million to $500 million       0.45 % 
    Over $500 million       0.40 % 
Mid Cap Growth Fund, Mid Cap     First $500 million       0.60 % 
Stock Fund, Small Cap Growth     $500 million to $1 billion       0.55 % 
Fund, Smaller Company Fund, Small
Cap Fund*		     Over $1 billion       0.50 % 
International Fund, Mid Cap Fund    

 First $1 billion

Over $1 billion

  

 

    

 0.80

0.70

 % 

% 

Core Bond Fund, Core Plus Bond Fund     All assets       0.40 % 
Unconstrained Bond Fund     First $3 billion       0.60 % 
    Over $3 billion       0.55 % 
* Prior to the Board approved change effective March 1, 2018, the investment advisory fee for the Small Cap Fund was 0.75% on the first $1 billion assets and 0.65% on assets over $1 billion.

 

For administrative services provided by the Manager, each Fund has agreed to pay an administrative rate of 0.10% of the average daily net assets of all share classes. Prior to the Board approved change effective November 20, 2017, the Capital Appreciation Fund, International Stock Fund, Tactical Allocation Fund, Growth & Income Fund, Mid Cap Growth Fund, Mid Cap Stock Fund, Small Cap Growth Fund, and Smaller Company Fund paid an administrative rate of 0.15% of the average daily net assets of Class A, Class C and Class R-3 shares and 0.10% of the average daily net assets of Class I, Class R-5 and Class R-6 shares.

Subadvisory fees  |  The Manager has entered into subadvisory agreements with certain parties to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds.

 

 

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The Manager entered into subadvisory agreements with ClariVest Asset Management LLC (“ClariVest”), an affiliate of Carillon Tower, to serve as subadviser for the Capital Appreciation Fund and the International Stock Fund. Under these agreements, Carillon Tower pays ClariVest annualized rates according to the following payment schedule:

 

Investment subadvisory fee
rate schedule		   Breakpoint     Investment
subadvisory fee		  
Capital Appreciation Fund*    

 First $1 billion

Over $1 billion

 

    

 0.60

0.55

 % 

% 

International Stock Fund     All assets       0.70 % 
* Prior to the Board approved change effective March 1, 2018 Carillon Tower paid ClariVest an annualized rate 0.60% on all assets.

 

The Manager entered into a subadvisory agreement with Cougar Global Investments Limited (“Cougar Global”), an affiliate of Carillon Tower, to serve as subadviser for the Tactical Allocation Fund. Under this agreement, Carillon Tower pays Cougar Global an annualized rate of 0.57% on all assets as a percentage of the Fund’s average daily net assets, computed daily and payable monthly for the Tactical Allocation Fund.

The Manager entered into a subadvisory agreement with Eagle Asset Management, Inc. (“Eagle”), an affiliate of Carillon Tower, to serve as subadviser for the Growth & Income Fund, Mid Cap Growth Fund, Mid Cap Stock Fund, and Small Cap Growth Fund. Under this agreement, Carillon Tower pays Eagle annualized rates according to the following payment schedule:

 

Investment subadvisory fee
rate schedule		   Breakpoint     Investment
subadvisory fee		  
Growth & Income Fund     First $100 million       0.60 % 
    $100 million to $500 million     0.45 % 
    Over $500 million       0.40 % 
Mid Cap Growth Fund, Mid Cap     First $500 million       0.60 % 
Stock Fund, Small Cap Growth     $500 million to $1 billion       0.55 % 
Fund     Over $1 billion       0.50 % 

The Manager entered into a subadvisory agreement with Scout Investments, Inc. (“Scout”), an affiliate of Carillon Tower, to serve as subadviser for the Smaller Company Fund, International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund. Under this agreement, Carillon Tower pays Scout annualized rates according to the following payment schedule:

 

Investment subadvisory fee
rate schedule		    Breakpoint    Investment
subadvisory fee		  
Smaller Company Fund*, Small
Cap Fund**		    First $500 million      0.60 % 
   $500 million to $1 billion      0.55 % 
   Over $1 billion      0.50 % 
International Fund, Mid Cap Fund   

First $1 billion

Over $1 billion

     

 0.80

0.70

 % 

% 

Core Bond Fund, Core Plus Bond Fund    All assets      0.40 % 
Unconstrained Bond Fund    First $3 billion      0.60 % 
   Over $3 billion      0.55 % 

* Prior to Board approved change effective March 1, 2018, the Smaller Company Fund was subadvised by Eagle.

 

** Prior to the Board approved change effective March 1, 2018, the investment subadvisory fee for the Small Cap Fund was 0.75% on the first $1 billion assets and 0.65% on assets over $1 billion.

 

Distribution and service fees  |  Pursuant to the Class A, Class C, Class R-3 and Class Y Distribution plans and in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Carillon Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Carillon Series Trust is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and service fees of 1.00% for Class C shares, 0.50% for Class R-3 shares, and 0.25% for Class Y shares. The Funds do not incur any distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Carillon Tower or any third party may make payments for the sale and distribution of all share classes, including Class I, Class R-5 or Class R-6 shares, from its own resources.

Sales charges  |  For the period ended April 30, 2018, total front-end sales charges and CDSCs paid to the Distributor were as follows:

 

    Front-end
sales charge		     Contingent deferred
sales charges		  
    Class A     Class A     Class C  
Capital Appreciation Fund     $53,022       $—       $45  
International Stock Fund     14,056       —       124  
Tactical Allocation Fund     5,228       —       —  
Growth & Income Fund     63,635       —       1,524  
Mid Cap Growth Fund     310,561       —       1,128  
Mid Cap Stock Fund     9,445       —       199  
Small Cap Growth Fund     67,818       —       669  
Smaller Company Fund     4,437       —       —  
International Fund     24       —       —  
Mid Cap Fund     40,830       —       —  
Small Cap Fund     803       —       —  
Core Bond Fund     2       —       —  
Core Plus Bond Fund     5       —       —  
Unconstrained Bond Fund     1       —       —  

The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.

 

 

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Agency commissions  |  During the period ended April 30, 2018, total agency brokerage commissions paid and agency brokerage commissions paid directly to Raymond James & Associates, Inc. (“RJA”), an affiliate of the Manager, were as follows:

 

    Total agency
brokerage
commissions		     Paid to Raymond
James &
Associates, Inc.		  
Capital Appreciation Fund     $29,841       $—  
International Stock Fund     4,243       —  
Tactical Allocation Fund     1,591       —  
Growth & Income Fund     59,413       —  
Mid Cap Growth Fund     465,694       63,019  
Mid Cap Stock Fund     34,534       —  
Small Cap Growth Fund     792,105       32,373  
Smaller Company Fund     24,282       —  
International Fund     332,122       —  
Mid Cap Fund     1,055,972       —  
Small Cap Fund     47,274       —  
Core Bond Fund     —       —  
Core Plus Bond Fund     2,924       —  
Unconstrained Bond Fund     8,460       —  

Internal audit fees  |  RJA provides internal audit services to the Funds. Each Fund pays RJA a fixed and/or hourly fee for these services.

Shareholder servicing fees  |  Carillon Fund Services, Inc. (“CFS”), an affiliate of the Manager, is the shareholder servicing agent for each of the Funds. CFS’ actual cost of providing such services is reimbursed by the Funds on a pro-rata basis of each Fund’s relative total net assets. The amount of shareholder servicing fees charged to the Funds were as follows:

 

Shareholder servicing fees   11/1/17 to
4/30/18		  
Capital Appreciation Fund Class A     $1,023  
Capital Appreciation Fund Class C     295  
Capital Appreciation Fund Class I     944  
Capital Appreciation Fund Class R-3     8  
Capital Appreciation Fund Class R-5     15  
Capital Appreciation Fund Class R-6     —  
Capital Appreciation Fund Class Y     —  
International Stock Fund Class A     34  
International Stock Fund Class C     27  
International Stock Fund Class I     52  
International Stock Fund Class R-3     5  
International Stock Fund Class R-5     —  
International Stock Fund Class R-6     —  
International Stock Fund Class Y     —  
Tactical Allocation Fund Class A     10  
Tactical Allocation Fund Class C     11  
Tactical Allocation Fund Class I     77  
Tactical Allocation Fund Class R-3     —  
Shareholder servicing fees (cont’d)   11/1/17 to
4/30/18		  
Tactical Allocation Fund Class R-5     $ —  
Tactical Allocation Fund Class R-6     —  
Tactical Allocation Fund Class Y     —  
Growth & Income Fund Class A     908  
Growth & Income Fund Class C     929  
Growth & Income Fund Class I     1,472  
Growth & Income Fund Class R-3     14  
Growth & Income Fund Class R-5     3  
Growth & Income Fund Class R-6     —  
Growth & Income Fund Class Y     —  
Mid Cap Growth Fund Class A     2,907  
Mid Cap Growth Fund Class C     840  
Mid Cap Growth Fund Class I     5,128  
Mid Cap Growth Fund Class R-3     193  
Mid Cap Growth Fund Class R-5     2,580  
Mid Cap Growth Fund Class R-6     —  
Mid Cap Growth Fund Class Y     —  
Mid Cap Stock Fund Class A     756  
Mid Cap Stock Fund Class C     372  
Mid Cap Stock Fund Class I     357  
Mid Cap Stock Fund Class R-3     7  
Mid Cap Stock Fund Class R-5     2  
Mid Cap Stock Fund Class R-6     —  
Mid Cap Stock Fund Class Y     —  
Small Cap Growth Fund Class A     3,706  
Small Cap Growth Fund Class C     907  
Small Cap Growth Fund Class I     9,663  
Small Cap Growth Fund Class R-3     561  
Small Cap Growth Fund Class R-5     2,766  
Small Cap Growth Fund Class R-6     —  
Small Cap Growth Fund Class Y     —  
Smaller Company Fund Class A     86  
Smaller Company Fund Class C     99  
Smaller Company Fund Class I     50  
Smaller Company Fund Class R-3     3  
Smaller Company Fund Class R-5     —  
Smaller Company Fund Class R-6     —  
Smaller Company Fund Class Y     —  
International Fund Class A     —  
International Fund Class C     —  
International Fund Class I     5,324  
International Fund Class R-3     —  
International Fund Class R-5     —  
 

 

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Shareholder servicing fees (cont’d)   11/1/17 to
4/30/18		  
International Fund Class R-6     $ —  
International Fund Class Y     —  
Mid Cap Fund Class A     3  
Mid Cap Fund Class C     4  
Mid Cap Fund Class I     9,856  
Mid Cap Fund Class R-3     —  
Mid Cap Fund Class R-5     —  
Mid Cap Fund Class R-6     —  
Mid Cap Fund Class Y     —  
Small Cap Fund Class A     —  
Small Cap Fund Class C     —  
Small Cap Fund Class I     1,357  
Small Cap Fund Class R-3     —  
Small Cap Fund Class R-5     —  
Small Cap Fund Class R-6     —  
Small Cap Fund Class Y     —  
Core Bond Fund Class A     1  
Core Bond Fund Class C     1  
Core Bond Fund Class I     582  
Core Bond Fund Class R-3     —  
Core Bond Fund Class R-5     —  
Core Bond Fund Class R-6     —  
Core Bond Fund Class Y     11  
Core Plus Bond Fund Class A     —  
Core Plus Bond Fund Class C     1  
Core Plus Bond Fund Class I     3,456  
Core Plus Bond Fund Class R-3     —  
Core Plus Bond Fund Class R-5     —  
Core Plus Bond Fund Class R-6     —  
Core Plus Bond Fund Class Y     123  
Unconstrained Bond Fund Class A     —  
Unconstrained Bond Fund Class C     —  
Unconstrained Bond Fund Class I     7,482  
Unconstrained Bond Fund Class R-3     —  
Unconstrained Bond Fund Class R-5     —  
Unconstrained Bond Fund Class R-6     —  
Unconstrained Bond Fund Class Y     296  

Expense limitations  |  Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds to the extent that the annual operating expense ratio for each class of shares exceeds the following annualized ratios as a percentage of average daily net assets of each class of shares.

Expense limitations rate schedule   Class A     Class C     Class I     Class R-3  
Capital Appreciation Fund*     1.00 %      1.75 %      0.70 %      1.25 % 
International Stock Fund     1.45 %      2.20 %      1.15 %      1.70 % 
Tactical Allocation Fund     1.17 %      1.92 %      0.87 %      1.42 % 
Growth & Income Fund     1.25 %      2.00 %      0.95 %      1.50 % 
Mid Cap Growth Fund     1.25 %      2.00 %      0.95 %      1.50 % 
Mid Cap Stock Fund     1.25 %      2.00 %      0.95 %      1.50 % 
Small Cap Growth Fund     1.25 %      2.00 %      0.95 %      1.50 % 
Smaller Company Fund     1.25 %      2.00 %      0.95 %      1.50 % 
International Fund     1.45 %      2.20 %      1.15 %      1.70 % 
Mid Cap Fund     1.45 %      2.20 %      1.15 %      1.70 % 
Small Cap Fund     1.25 %      2.00 %      0.95 %      1.50 % 
Core Bond Fund     0.80 %      1.55 %      0.40 %      1.05 % 
Core Plus Bond Fund     0.80 %      1.55 %      0.40 %      1.05 % 
Unconstrained Bond Fund     0.80 %      1.55 %      0.50 %      1.05 % 
Expense limitations rate schedule (cont’d)     Class R-5     Class R-6     Class Y  
Capital Appreciation Fund*       0.70 %      0.60 %      1.00 % 
International Stock Fund       1.15 %      1.05 %      1.45 % 
Tactical Allocation Fund       0.87 %      0.77 %      1.17 % 
Growth & Income Fund       0.95 %      0.85 %      1.25 % 
Mid Cap Growth Fund       0.95 %      0.85 %      1.25 % 
Mid Cap Stock Fund       0.95 %      0.85 %      1.25 % 
Small Cap Growth Fund       0.95 %      0.85 %      1.25 % 
Smaller Company Fund       0.95 %      0.85 %      1.25 % 
International Fund       1.15 %      1.05 %      1.45 % 
Mid Cap Fund       1.15 %      1.05 %      1.45 % 
Small Cap Fund       0.95 %      0.85 %      1.25 % 
Core Bond Fund       0.50 %      0.40 %      0.80 % 
Core Plus Bond Fund       0.50 %      0.40 %      0.80 % 
Unconstrained Bond Fund       0.50 %      0.40 %      0.80 % 
* Prior to the Board approved changes effective January 1, 2018, the expense limitation rate schedule for the Capital Appreciation Fund was as follows:

 

 

Expense limitations rate schedule   Class A     Class C     Class I     Class R-3  
Capital Appreciation Fund     1.25 %      2.00 %      0.95 %      1.50 % 

 

Expense limitations rate schedule (cont’d)   Class R-5     Class R-6     Class Y  
Capital Appreciation Fund     0.95 %      0.85 %      1.25 % 

Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:

 

Expenses waived and/or reimbursed   11/1/17 to 4/30/18  
Capital Appreciation Fund     $127,221  
Capital Appreciation Fund Class A     14,402  
Capital Appreciation Fund Class C     12,328  
Capital Appreciation Fund Class I     31,733  
 

 

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(UNAUDITED)    04.30.2018

 

Expenses waived and/or reimbursed (cont’d)   11/1/17 to 4/30/18  
Capital Appreciation Fund Class R-3     $ 342  
Capital Appreciation Fund Class R-5     987  
Capital Appreciation Fund Class R-6     16,027  
Capital Appreciation Fund Class Y     23  
International Stock Fund     137,482  
International Stock Fund Class A     2,876  
International Stock Fund Class C     4,435  
International Stock Fund Class I     5,025  
International Stock Fund Class R-3     829  
International Stock Fund Class R-5     31  
International Stock Fund Class R-6     50  
International Stock Fund Class Y     26  
Tactical Allocation Fund     108,459  
Tactical Allocation Fund Class A     844  
Tactical Allocation Fund Class C     1,011  
Tactical Allocation Fund Class I     11,188  
Tactical Allocation Fund Class R-3     22  
Tactical Allocation Fund Class R-5     49  
Tactical Allocation Fund Class R-6     29  
Tactical Allocation Fund Class Y     26  
Growth & Income Fund Class Y     9  
Mid Cap Growth Fund Class Y     4  
Mid Cap Stock Fund Class R-3     164  
Mid Cap Stock Fund Class R-5     124  
Mid Cap Stock Fund Class R-6     48  
Mid Cap Stock Fund Class Y     25  
Small Cap Growth Fund Class Y     11  
Smaller Company Fund     92,809  
Smaller Company Fund Class A     11,862  
Smaller Company Fund Class C     8,892  
Smaller Company Fund Class I     6,940  
Smaller Company Fund Class R-3     428  
Smaller Company Fund Class R-5     65  
Smaller Company Fund Class R-6     2,097  
Smaller Company Fund Class Y     32  
International Fund Class A     3  
International Fund Class R-3     11  
International Fund Class R-5     13  
International Fund Class R-6     17  
International Fund Class Y     11  
Mid Cap Fund Class R-5     9  
Small Cap Fund Class A     6  
Small Cap Fund Class C     7  
Small Cap Fund Class I     74,202  
Expenses waived and/or reimbursed (cont’d)   11/1/17 to 4/30/18  
Small Cap Fund Class R-3     $ 17  
Small Cap Fund Class R-5     19  
Small Cap Fund Class R-6     24  
Small Cap Fund Class Y     29  
Core Bond Fund     132,503  
Core Bond Fund Class A     109  
Core Bond Fund Class C     105  
Core Bond Fund Class I     128,763  
Core Bond Fund Class R-3     19  
Core Bond Fund Class R-5     23  
Core Bond Fund Class R-6     27  
Core Bond Fund Class Y     1,517  
Core Plus Bond Fund     209,119  
Core Plus Bond Fund Class A     29  
Core Plus Bond Fund Class C     80  
Core Plus Bond Fund Class I     457,367  
Core Plus Bond Fund Class R-3     21  
Core Plus Bond Fund Class R-5     23  
Core Plus Bond Fund Class R-6     27  
Core Plus Bond Fund Class Y     6,448  
Unconstrained Bond Fund     1,873,877  
Unconstrained Bond Fund Class A     24  
Unconstrained Bond Fund Class C     36  
Unconstrained Bond Fund Class I     459,083  
Unconstrained Bond Fund Class R-3     20  
Unconstrained Bond Fund Class R-5     23  
Unconstrained Bond Fund Class R-6     27  
Unconstrained Bond Fund Class Y     22,080  

A portion or all of a Fund’s fees and expenses reduced and/or reimbursed by the Manager in prior fiscal years may be recoverable by Carillon Tower prior to their expiration date. Carillon Tower must recover from the same class of shares any previously reduced and/or reimbursed fees and expenses within two years from the Fund’s fiscal year-end during which the fees and expenses were originally reduced and/or reimbursed. Previously reduced and/or reimbursed fees and expenses are recovered by Carillon Tower when expenses in the current fiscal year fall below the expense rate limitation then in effect. The following table shows the amounts that Carillon Tower may be allowed to recover by class of shares and the date in which these amounts will expire:

 

Recoverable expenses   10/31/2020     10/31/2019     10/31/2018  
Capital Appreciation Fund     $127,221       $—       $—  
Capital Appreciation Fund Class A     14,402       —       —  
Capital Appreciation Fund Class C     12,328       —       —  
Capital Appreciation Fund Class I     31,733       —       —  
Capital Appreciation Fund Class R-3     342       424       —  
Capital Appreciation Fund Class R-5     987       —       —  
Capital Appreciation Fund Class R-6     16,027       —       —  
Capital Appreciation Fund Class Y     23       N/A       N/A  
 

 

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Notes to Financial Statements

 

(UNAUDITED)      04.30.2018  

 

Recoverable expenses (cont’d)   10/31/2020     10/31/2019     10/31/2018  
International Stock Fund     $ 137,482       $ 318,472       $ 342,061  
International Stock Fund Class A     2,876       5,471       —  
International Stock Fund Class C     4,435       8,001       —  
International Stock Fund Class I     5,025       7,594       6,353  
International Stock Fund Class R-3     829       1,682       103  
International Stock Fund Class R-5     31       49       59  
International Stock Fund Class R-6     50       74       42  
International Stock Fund Class Y     26       N/A       N/A  
Tactical Allocation Fund     108,459       278,988       335,970  
Tactical Allocation Fund Class A     844       2,731       7,408  
Tactical Allocation Fund Class C     1,011       2,441       1,451  
Tactical Allocation Fund Class I     11,188       19,305       2,263  
Tactical Allocation Fund Class R-3     22       11       95  
Tactical Allocation Fund Class R-5     49       64       91  
Tactical Allocation Fund Class R-6     29       16       98  
Tactical Allocation Fund Class Y     26       N/A       N/A  
Growth & Income Fund Class Y     9       N/A       N/A  
Mid Cap Growth Fund Class Y     4       N/A       N/A  
Mid Cap Stock Fund Class C     —       9,429       —  
Mid Cap Stock Fund Class I     —       4,802       17,479  
Mid Cap Stock Fund Class R-3     164       1,256       —  
Mid Cap Stock Fund Class R-5     124       268       299  
Mid Cap Stock Fund Class R-6     48       91       219  
Mid Cap Stock Fund Class Y     25       N/A       N/A  
Small Cap Growth Fund Class Y     11       N/A       N/A  
Smaller Company Fund     92,809       202,135       199,163  
Smaller Company Fund Class A     11,862       21,199       —  
Smaller Company Fund Class C     8,892       17,645       —  
Smaller Company Fund Class I     6,940       14,932       19,684  
Smaller Company Fund Class R-3     428       719       296  
Smaller Company Fund Class R-5     65       111       62  
Smaller Company Fund Class R-6     2,097       3,298       9,014  
Smaller Company Fund Class Y     32       N/A       N/A  
International Fund Class A     3       N/A       N/A  
International Fund Class R-3     11       N/A       N/A  
International Fund Class R-5     13       N/A       N/A  
International Fund Class R-6     17       N/A       N/A  
International Fund Class Y     11       N/A       N/A  
Mid Cap Fund Class R-5     9       N/A       N/A  
Small Cap Fund Class A     6       N/A       N/A  
Small Cap Fund Class C     7       N/A       N/A  
Small Cap Fund Class I     74,202       N/A       N/A  
Small Cap Fund Class R-3     17       N/A       N/A  
Small Cap Fund Class R-5     19       N/A       N/A  
Recoverable expenses (cont’d)   10/31/2020     10/31/2019     10/31/2018  
Small Cap Fund Class R-6     $ 24       N/A       N/A  
Small Cap Fund Class Y     29       N/A       N/A  
Core Bond Fund*     127,437       N/A       N/A  
Core Bond Fund Class A     109       N/A       N/A  
Core Bond Fund Class C     105       N/A       N/A  
Core Bond Fund Class I*     123,152       N/A       N/A  
Core Bond Fund Class R-3     19       N/A       N/A  
Core Bond Fund Class R-5     23       N/A       N/A  
Core Bond Fund Class R-6     27       N/A       N/A  
Core Bond Fund Class Y     1,517       N/A       N/A  
Core Plus Bond Fund*     179,085       N/A       N/A  
Core Plus Bond Fund Class A     29       N/A       N/A  
Core Plus Bond Fund Class C     80       N/A       N/A  
Core Plus Bond Fund Class I*     433,932       N/A       N/A  
Core Plus Bond Fund Class R-3     21       N/A       N/A  
Core Plus Bond Fund Class R-5     23       N/A       N/A  
Core Plus Bond Fund Class R-6     27       N/A       N/A  
Core Plus Bond Fund Class Y     6,448       N/A       N/A  
Unconstrained Bond Fund*     1,811,306       N/A       N/A  
Unconstrained Bond Fund Class A     24       N/A       N/A  
Unconstrained Bond Fund Class C     36       N/A       N/A  
Unconstrained Bond Fund Class I     459,083       N/A       N/A  
Unconstrained Bond Fund Class R-3     20       N/A       N/A  
Unconstrained Bond Fund Class R-5     23       N/A       N/A  
Unconstrained Bond Fund Class R-6     27       N/A       N/A  
Unconstrained Bond Fund Class Y     22,080       N/A       N/A  
* Fees waived in the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund prior to the reorganization on November 20, 2017 are not eligible to be recovered by Carillon Tower. There were no fees waived in the International Fund, Mid Cap Fund or Small Cap Fund prior to the reorganization on November 20, 2017.

 

The Manager recovered previously waived expenses during the current period as follows:

 

Recovered fees previously waived   11/1/17 to
4/30/18		  
Mid Cap Stock Fund Class A     $16,971  
Mid Cap Stock Fund Class C     8,184  
Mid Cap Stock Fund Class I     2,798  

Trustees and officers compensation  |  Each Trustee of the Carillon Family of Funds who is not an employee of the Manager receives an annual retainer along with meeting fees for those Carillon Family of Funds’ regular or special meetings attended in person and 25% of such meeting fees are received for telephonic meetings. All reasonable out-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are paid equally by each Fund in the Carillon Family of Funds. Certain officers of the Carillon Family of Funds may also be officers and/or directors of Carillon Tower. Such officers receive no compensation from the Funds except for the Funds’ Chief Compliance Officer. A portion of the Chief Compliance Officer’s total compensation is paid equally by each Fund in the Carillon Family of Funds.

 

 

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Notes to Financial Statements

 

(UNAUDITED)    04.30.2018

 

NOTE 5  |  Federal income taxes and distributions  |  Each Fund is treated as a single corporate taxpayer as provided for in the Tax Reform Act of 1986, as amended. Accordingly, no provision for federal income taxes is required since each of the Funds intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. The Manager has analyzed the Funds’ tax positions taken or expected to be taken on federal income tax returns for all open tax years (tax years ended October 31, 2014 to October 31, 2017 for all Funds except for the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund which have open tax years ended June 30, 2014 to June 30, 2017 and October 31, 2017) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Federal income tax regulations differ from GAAP; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.

For income tax purposes, distributions paid during the fiscal periods indicated were as follows (tax character during the period ended April 30, 2018 is estimated):

 

    Ordinary income     Long-term capital gains  
    11/1/17 to
4/30/18		     11/1/16 to
10/31/17		     11/1/17 to
4/30/18		     11/1/16 to
10/31/17		  
Capital Appreciation Fund     $236,304       $587,760       $25,236,644       $21,213,057  
International Stock Fund     206,972       249,166       —       —  
Tactical Allocation Fund     410,929       57,009       35,112       —  
Growth & Income Fund     6,062,343       9,370,031       14,660,054       28,687,154  
Mid Cap Growth Fund     —       —       68,694,184       97,570  
Mid Cap Stock Fund     —       —       13,835,527       21,546,258  
Small Cap Growth Fund     —       2,166,663       381,398,349       123,253,354  
Smaller Company Fund     20,707       —       4,424,493       4,398,626  
    Ordinary income     Long-term capital gains  
    11/1/17 to
4/30/18		     7/1/17 to
10/31/17		     11/1/17 to
4/30/18		     7/1/17 to
10/31/17		  
International Fund     $13,650,008       $—       $164,035,083       $—  
Mid Cap Fund     39,970,028       —       98,792,226       —  
Small Cap Fund     199,920       —       25,539,975       —  
Core Bond Fund     978,436       900,936       —       —  
Core Plus Bond Fund     5,844,417       3,986,035 *      —       —  
Unconstrained Bond Fund     11,045,248       4,867,007       —       —  
* The Fund also made a return of capital distribution of $197,332.

 

For the fiscal year ended June 30, 2017, the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund distributed net investment income of $21,855,165, $6,620,827, $139,596, $7,402,842, $34,895,248 and $ 15,454,884, respectively. For the fiscal year ended June 30, 2017, the International Fund, Mid Cap Fund, Small Cap Fund and Core Plus Bond Fund distributed long-term capital gains of $178,101,157, $22,104,665, $9,036,406 and $87,901, respectively.

 

NOTE 6  |  Other Derivative Information

At April 30, 2018, the Funds have invested in derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

 

              Asset     Liability  
    Risk Exposure
Category		   Statements of Assets
and Liabilities Location		     Fair Value
Amount		     Fair Value
Amount		  
Core Plus Bond Fund   Credit contracts     Premiums paid - open swap contracts       $644,372       N/A  
     
 Net unrealized appreciation - open
swap contracts		  
 		     135,816       N/A  
  Interest rate contracts    
 Net unrealized depreciation - open
futures contracts		  
 		     N/A       $2,695,110  
     

 

 

    

 

 

  
  Total       $780,188       $2,695,110  
     

 

 

    

 

 

  
Unconstrained Bond Fund   Credit contracts     Premiums paid - open swap contracts       $1,366,020       N/A  
        Net unrealized appreciation - open swap
contracts		     287,921     N/A  
    Interest rate contracts   Net unrealized depreciation - open futures
contracts		    

N/A

     $6,188,561  
     

 

 

    

 

 

  
    Total         $1,653,941     $6,188,561  
     

 

 

    

 

 

  

 

62   

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Notes to Financial Statements

 

(UNAUDITED)      04.30.2018  

 

For the period ended April 30, 2018, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

 

     Risk Exposure
Category		    Derivative Instrument      Net Realized Gains
(Losses)		      Net Change in Unrealized
Appreciation (Depreciation)		  
Core Plus Bond Fund    Credit contracts      Swap contracts        $149,113        $28,117  
   Interest rate contracts      Futures contracts        1,905,436        (2,508,431 ) 
        

 

 

  
   Total         $2,054,549        $(2,480,314 ) 
        

 

 

  
Unconstrained Bond Fund    Credit contracts      Swap contracts        $759,071        $(156,450 ) 
   Interest rate contracts      Futures contracts        5,409,189        (4,371,185 ) 
        

 

 

  
   Total         $6,168,260        $(4,527,635 ) 
        

 

 

  

NOTE 7  |  Line of Credit  |  As of April 30, 2018, the Trusts have a secured line of credit of up to $250,000,000 with U.S. Bank N.A, secured by a first priority lien on the Trusts’ assets. Each Fund may borrow up to 33.33% of the net market value of such Fund’s assets, with the maximum aggregate limit of $250,000,000 for all Funds. Borrowings under this arrangement bear interest at U.S. Bank N.A.‘s prime rate minus 1.00%, which as of April 30, 2018 was 3.75%. The following table shows the details of the Funds’ borrowing activity for the period ended April 30, 2018. Funds that are not listed did not utilize the line of credit during the period.

 

    Maximum
Outstanding
Balance		     Average
Daily
Balance		     Total
Interest
Incurred		     Average
Interest
Rate		  
Capital Appreciation Fund     $1,120,000       $44,298       $776       3.49 % 
Tactical Allocation Fund     338,000       5,602       99       3.50  
Mid Cap Stock Fund     550,000       10,370       196       3.75  
Small Cap Growth Fund     28,015,000       1,212,773       21,341       3.50  
Smaller Company Fund     22,000       122       2       3.75  
Unconstrained Bond Fund     394,000       2,177       38       3.50  

As of April 30, 2018, none of the Funds had any amounts outstanding under the line of credit.

NOTE 8  |  Subsequent events  |  Reorganizations: On November 17, 2017, the Board approved a Plan of Reorganization and Termination pursuant to which: (i) the Carillon Eagle Smaller Company Fund will be reorganized into the Carillon Scout Small Cap; and (ii) the Carillon Eagle Mid Cap Stock Fund will be reorganized into the Carillon Eagle Mid Cap Growth Fund (each, a “Reorganization” and together, the “Reorganizations”). The Reorganizations will take effect on or about July 13, 2018. Carillon Tower proposed the Reorganizations to consolidate funds of the Trust that are similar investment products and potentially increase the Trust’s operational efficiency. The Reorganizations are expected to be tax-free transactions for federal income tax purposes.

The Manager has evaluated subsequent events through June 25, 2018, the date these financial statements were issued, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ financial statements.

 

     63  

Table of Contents

Understanding Your Ongoing Costs

 

(UNAUDITED)    04.30.2018

 

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial adviser.

Actual expenses  |  The table below shows the actual expenses you would have paid on a $1,000 investment made in each Fund on November 1, 2017 and held through April 30, 2018. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns after

ongoing expenses. This table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes  |  The table below shows each Fund’s expenses based on a $1,000 investment held from November 1, 2017 through April 30, 2018 and assuming for this period a hypothetical 5% annualized rate of return before ongoing expenses, which is not the Fund’s actual return. Please note that you should not use this information to estimate your actual ending account balance and expenses paid during the period. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the Funds with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison.

 
            Actual expenses      Hypothetical expenses         
      Beginning
Account Value		      Ending
Account Value		      Expenses paid
during period (a)		      Ending
Account Value		      Expenses paid
during period (a)		      Annualized
expense ratio		  
Capital Appreciation Fund                  

Class A

      $1,000.00        $1,049.00        $5.28        $1,019.64        $5.21        1.04 % 

Class C

      1,000.00        1,044.80        9.23        1,015.77        9.10        1.82  

Class I

      1,000.00        1,050.60        3.76        1,021.12        3.71        0.74  

Class R-3

      1,000.00        1,047.60        6.75        1,018.20        6.66        1.33  

Class R-5

      1,000.00        1,050.60        3.91        1,020.98        3.86        0.77  

Class R-6

      1,000.00        1,050.90        3.41        1,021.47        3.36        0.67  

Class Y (b)

      1,000.00        1,037.60        4.58        1,019.74        5.11        1.02  
International Stock Fund                  

Class A

      1,000.00        1,023.00        7.27        1,017.60        7.25        1.45  

Class C

      1,000.00        1,019.10        11.01        1,013.88        10.99        2.20  

Class I

      1,000.00        1,024.40        5.77        1,019.09        5.76        1.15  

Class R-3

      1,000.00        1,021.50        8.52        1,016.36        8.50        1.70  

Class R-5

      1,000.00        1,024.60        5.77        1,019.09        5.76        1.15  

Class R-6

      1,000.00        1,024.50        5.27        1,019.59        5.26        1.05  

Class Y (b)

      1,000.00        1,031.80        6.50        1,017.60        7.25        1.45  
Tactical Allocation Fund                  

Class A

      1,000.00        1,012.70        5.84        1,018.99        5.86        1.17  

Class C

      1,000.00        1,008.70        9.56        1,015.27        9.59        1.92  

Class I

      1,000.00        1,013.70        4.34        1,020.48        4.36        0.87  

Class R-3

      1,000.00        1,011.10        7.08        1,017.75        7.10        1.42  

Class R-5

      1,000.00        1,014.60        4.35        1,020.48        4.36        0.87  

Class R-6

      1,000.00        1,014.60        3.85        1,020.98        3.86        0.77  

Class Y (b)

      1,000.00        1,011.00        5.19        1,018.99        5.86        1.17  
Growth & Income Fund                  

Class A

      1,000.00        1,038.30        4.90        1,019.98        4.86        0.97  

Class C

      1,000.00        1,034.90        8.78        1,016.17        8.70        1.74  

Class I

      1,000.00        1,039.60        3.64        1,021.22        3.61        0.72  

Class R-3

      1,000.00        1,036.50        6.72        1,018.20        6.66        1.33  

Class R-5

      1,000.00        1,039.90        3.69        1,021.17        3.66        0.73  

Class R-6

      1,000.00        1,040.10        3.24        1,021.62        3.21        0.64  

Class Y (b)

      1,000.00        1,030.30        5.60        1,018.60        6.26        1.25  
Mid Cap Growth Fund                  

Class A

      1,000.00        1,054.20        5.25        1,019.69        5.16        1.03  

Class C

      1,000.00        1,050.50        8.90        1,016.12        8.75        1.75  

Class I

      1,000.00        1,055.80        3.72        1,021.17        3.66        0.73  

Class R-3

      1,000.00        1,052.60        6.77        1,018.20        6.66        1.33  

Class R-5

      1,000.00        1,056.00        3.67        1,021.22        3.61        0.72  

Class R-6

      1,000.00        1,056.20        3.36        1,021.52        3.31        0.66  

Class Y (b)

      1,000.00        1,029.30        5.59        1,018.60        6.26        1.25  

 

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(UNAUDITED)      04.30.2018  

 

            Actual expenses      Hypothetical expenses         
      Beginning
Account Value		      Ending
Account Value		      Expenses paid
during period (a)		      Ending
Account Value		      Expenses paid
during period (a)		      Annualized
expense ratio		  
Mid Cap Stock Fund                  

Class A

      $1,000.00        $1,021.30        $6.06        $1,018.79        $6.06        1.21 % 

Class C

      1,000.00        1,017.30        10.00        1,014.88        9.99        2.00  

Class I

      1,000.00        1,022.80        4.76        1,020.08        4.76        0.95  

Class R-3

      1,000.00        1,019.90        7.51        1,017.36        7.50        1.50  

Class R-5

      1,000.00        1,022.70        4.76        1,020.08        4.76        0.95  

Class R-6

      1,000.00        1,023.20        4.26        1,020.58        4.26        0.85  

Class Y (b)

      1,000.00        1,012.80        5.55        1,018.60        6.26        1.25  
Small Cap Growth Fund                  

Class A

      1,000.00        1,046.60        5.48        1,019.44        5.41        1.08  

Class C

      1,000.00        1,042.90        8.91        1,016.07        8.80        1.76  

Class I

      1,000.00        1,048.30        3.81        1,021.08        3.76        0.75  

Class R-3

      1,000.00        1,045.20        6.64        1,018.30        6.56        1.31  

Class R-5

      1,000.00        1,048.10        3.86        1,021.03        3.81        0.76  

Class R-6

      1,000.00        1,048.80        3.30        1,021.57        3.26        0.65  

Class Y (b)

      1,000.00        1,034.70        5.61        1,018.60        6.26        1.25  
Smaller Company Fund                  

Class A

      1,000.00        1,039.20        6.32        1,018.60        6.26        1.25  

Class C

      1,000.00        1,035.40        10.09        1,014.88        9.99        2.00  

Class I

      1,000.00        1,041.50        4.81        1,020.08        4.76        0.95  

Class R-3

      1,000.00        1,037.90        7.58        1,017.36        7.50        1.50  

Class R-5

      1,000.00        1,041.40        4.81        1,020.08        4.76        0.95  

Class R-6

      1,000.00        1,041.90        4.30        1,020.58        4.26        0.85  

Class Y (b)

      1,000.00        1,032.50        5.60        1,018.60        6.26        1.25  
International Fund                  

Class A (b)

      1,000.00        1,016.10        6.45        1,017.60        7.25        1.45  

Class C (b)

      1,000.00        1,012.90        9.77        1,013.88        10.99        2.20  

Class I

      1,000.00        1,012.40        5.29        1,019.54        5.31        1.06  

Class R-3 (b)

      1,000.00        1,014.90        7.55        1,016.36        8.50        1.70  

Class R-5 (b)

      1,000.00        1,017.40        5.12        1,019.09        5.76        1.15  

Class R-6 (b)

      1,000.00        1,017.90        4.67        1,019.59        5.26        1.05  

Class Y (b)

      1,000.00        1,016.10        6.45        1,017.60        7.25        1.45  
Mid Cap Fund                  

Class A (b)

      1,000.00        1,014.40        5.15        1,019.04        5.81        1.16  

Class C (b)

      1,000.00        1,011.10        8.47        1,015.32        9.54        1.91  

Class I

      1,000.00        1,036.40        4.85        1,020.03        4.81        0.96  

Class R-3 (b)

      1,000.00        1,012.20        6.75        1,017.26        7.60        1.52  

Class R-5 (b)

      1,000.00        1,014.40        5.11        1,019.09        5.76        1.15  

Class R-6 (b)

      1,000.00        1,014.90        4.27        1,020.03        4.81        0.96  

Class Y (b)

      1,000.00        1,014.30        5.42        1,018.74        6.11        1.22  
Small Cap Fund                  

Class A (b)

      1,000.00        1,034.00        5.61        1,018.60        6.26        1.25  

Class C (b)

      1,000.00        1,030.70        8.96        1,014.88        9.99        2.00  

Class I

      1,000.00        1,046.00        4.87        1,020.03        4.81        0.96  

Class R-3 (b)

      1,000.00        1,032.90        6.73        1,017.36        7.50        1.50  

Class R-5 (b)

      1,000.00        1,035.40        4.26        1,020.08        4.76        0.95  

Class R-6 (b)

      1,000.00        1,035.80        3.82        1,020.58        4.26        0.85  

Class Y (b)

      1,000.00        1,034.00        5.61        1,018.60        6.26        1.25  
Core Bond Fund                  

Class A (b)

      1,000.00        982.60        3.50        1,020.83        4.01        0.80  

Class C (b)

      1,000.00        979.60        6.77        1,017.11        7.75        1.55  

Class I

      1,000.00        986.10        1.97        1,022.81        2.01        0.40  

Class R-3 (b)

      1,000.00        982.10        4.59        1,019.59        5.26        1.05  

Class R-5 (b)

      1,000.00        984.00        2.19        1,022.32        2.51        0.50  

Class R-6 (b)

      1,000.00        984.40        1.75        1,022.81        2.01        0.40  

Class Y

      1,000.00        983.50        3.93        1,020.83        4.01        0.80  

 

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Understanding Your Ongoing Costs

 

(UNAUDITED)    04.30.2018

 

            Actual expenses      Hypothetical expenses         
      Beginning
Account Value		      Ending
Account Value		      Expenses paid
during period (a)		      Ending
Account Value		      Expenses paid
during period (a)		      Annualized
expense ratio		  
Core Plus Bond Fund                  

Class A (b)

      $ 1,000.00        $ 981.20        $ 3.50        $ 1,020.83        $ 4.01        0.80 %  

Class C (b)

      1,000.00        977.80        6.76        1,017.11        7.75        1.55  

Class I

      1,000.00        983.60        1.97        1,022.81        2.01        0.40  

Class R-3 (b)

      1,000.00        980.10        4.59        1,019.59        5.26        1.05  

Class R-5 (b)

      1,000.00        982.30        2.19        1,022.32        2.51        0.50  

Class R-6 (b)

      1,000.00        983.00        1.75        1,022.81        2.01        0.40  

Class Y

      1,000.00        981.60        3.93        1,020.83        4.01        0.80  
Unconstrained Bond Fund                  

Class A (b)

      1,000.00        989.10        3.51        1,020.83        4.01        0.80  

Class C (b)

      1,000.00        986.30        6.79        1,017.11        7.75        1.55  

Class I

      1,000.00        988.40        2.47        1,022.32        2.51        0.50  

Class R-3 (b)

      1,000.00        988.10        4.60        1,019.59        5.26        1.05  

Class R-5 (b)

      1,000.00        990.10        2.19        1,022.32        2.51        0.50  

Class R-6 (b)

      1,000.00        990.40        1.76        1,022.81        2.01        0.40  

Class Y

      1,000.00        988.00        3.94        1,020.83        4.01        0.80  

(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the period, then multiplying the result by the actual number of days in the period (181), and then dividing that result by the actual number of days in the fiscal year (365).

(b) Share class commenced operations as of the close of business on November 20, 2017. Actual expenses information is presented for the period from November 21, 2017 to April 30, 2018 (161 days).

 

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Approval of Investment Advisory and Subadvisory Agreements

(UNAUDITED)

 

Overview  |  At a meeting held on November 16-17, 2017, the Boards of Trustees of Carillon Series Trust (the “Trust”), including its independent members (together, the “Board” or the “Trustees”), approved an investment subadvisory agreement (the “Subadvisory Agreement”) between Carillon Tower Advisers, Inc. (“Carillon”) and Scout Investments, Inc. (“Scout”), appointing Scout as the subadviser to the Carillon Eagle Smaller Company Fund (“Eagle Small Cap Fund”), a series of the Trust. The Board also approved an amendment to the investment advisory agreement between Carillon and the Trust (the “Carillon Amendment”) and an amendment to the subadvisory agreement between Carillon and Scout (the “Scout Amendment,” and together with the Carillon Amendment, the “Amendments”), each with respect to the Carillon Scout Small Cap Fund, another series of the Trust.

In approving the Subadvisory Agreement, the Board considered information that had previously been provided by Carillon and Scout to the Board at its June 12, 2017 meeting in connection with the Board’s consideration of the subadvisory agreement between Carillon and Scout as it related to the Carillon Scout Small Cap Fund. In particular, the Board considered information relating to: (1) the subadvisory services proposed to be provided to the Carillon Scout Small Cap Fund; (2) the professional personnel proposed to be assigned primary responsibility for managing the Carillon Scout Small Cap Fund; (3) the financial condition of Scout; (4) the proposed subadvisory fee rate; (5) the performance of a mutual fund managed by Scout (the “Scout Fund”), which subsequently was reorganized into the Carillon Scout Small Cap Fund, and other accounts managed by Scout in the strategy of the Carillon Scout Small Cap Fund, net of fees (“Composite”) as compared to funds within the applicable Morningstar category (“Morningstar Category”), Lipper, Inc. category (“Lipper Category”) and a benchmark index; (6) the anticipated effect of growth and size on the Carillon Scout Small Cap Fund’s expenses; (7) Scout’s compliance program and any material compliance matters, as well as its trading activities; (8) benefits to be realized by Scout and its affiliates; (9) the estimated profitability of Scout under the subadvisory agreement; and (10) any other information Scout believed would be material to the Board’s consideration of the subadvisory agreement. The Board considered Carillon’s representation that this information had not changed with respect to the Carillon Scout Small Cap Fund and would not be materially different with respect to the Eagle Small Cap Fund. The Board also considered information regarding the subadvisory fee to be paid by Carillon to Scout under the Subadvisory Agreement.

In approving the Amendments, the Board considered that the Carillon Amendment would provide for the Carillon Scout Small Cap Fund to pay a lower investment advisory fee rate to Carillon. In addition, the Board considered that the Scout Amendment would provide for Carillon to pay a lower subadvisory fee rate to Scout. In each case, the Board considered that the services to be provided to the Carillon Scout Small Cap Fund would not change. The Board unanimously concluded that the terms of the Amendments were reasonable and fair and that the approval of the Amendments was in the best interests of the Carillon Scout Small Cap Fund.

Additional Considerations and Conclusions with Respect to the Subadvisory Agreement  |  Provided below is an overview of the primary factors the Board considered at its November 16-17 meeting at which the Board considered the approval of the Subadvisory Agreement. In determining whether to approve the Subadvisory Agreement, the Board considered, among other things, the following factors: (1) the nature, extent and quality of services to be provided to the Eagle Small Cap Fund; (2) the investment performance of the Composite and Scout Fund; (3) the estimated costs to be incurred by Scout and its affiliates and the resulting profits or losses; (4) the extent to which economies of scale, if any, have been taken into account in setting the fee schedule; (5) the fee to be paid under the subadvisory agreement; (6) whether the level of fees reflects economies of scale, if any, for the benefit of the Eagle Small Cap Fund’s investors; (7) comparisons of services and fees with contracts entered into by Scout with the Scout Fund and other clients (such as pension funds and other institutional investors); and (8) any other benefits derived by Scout from its relationship with the Eagle Small Cap Fund.

The Board did not identify any particular information that was most relevant to its consideration of the Subadvisory Agreement, and each Trustee may have afforded different weight to the various factors. The Trustees posed questions to various management personnel of Carillon regarding certain key aspects of the materials submitted in support of the approval. Legal counsel to the independent Trustees provided the Board with a memorandum regarding its responsibilities pertaining to the approval of the Subadvisory Agreement. The memorandum explained the regulatory requirements surrounding the Trustees’ process for evaluating investment advisers and the terms of investment advisory contracts. Based on its evaluation, the Board unanimously concluded that the terms of the Subadvisory Agreement were reasonable and fair and that the approval of the Subadvisory Agreement was in the best interests of the Eagle Small Cap Fund.

Nature, Extent and Quality of Services  |  The Trustees considered that the Board previously had considered information regarding Scout’s principal business activities, its financial condition and overall capabilities to perform the services under the Subadvisory Agreement. The Trustees also considered that the Board previously had considered the background and experience of the personnel who would be assigned responsibility for managing the Eagle Small Cap Fund. The Trustees also considered that the Board previously had considered Scout’s infrastructure and the adequacy of its compliance program. In addition, the Board took into consideration Carillon’s recommendation of Scout. The Board considered that Scout had represented that its financial condition was adequate to provide high quality advisory services and that its staffing levels were adequate. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by Scout were appropriate for the Eagle Small Cap Fund in light of its investment objective, and, thus, supported a decision to approve the Subadvisory Agreement.

Investment Performance  |  The Trustees considered that the Board previously had considered comparisons of the performance of the Composite and Scout Fund for the year-to-date, one-year, three-year and five-year periods ended April 30, 2017, relative to the performance of the relevant Morningstar Category, Lipper Category and benchmark index. In particular, the Board had considered that the Composite and the Scout Fund outperformed the Russell 2000 Growth Index, the Morningstar Category and the Lipper Category for the year-to-date, one-, three- and five-year periods.

Fees and Expenses  |  The Board considered that the proposed subadvisory fee rate payable by Carillon to Scout would be equal to the subadvisory fee rate currently paid by Carillon to Eagle and that the proposed subadvisory fee rate was higher than the average fee rate charged by Scout to the accounts within the Composite.

Costs, Profitability and Economies of Scale  |  In analyzing the cost of services and profitability of Scout, the Trustees considered that the Board previously had considered the estimated revenues to be earned and the expenses to be incurred by Scout. In particular, the Board had considered that, during the first quarter of 2017, Scout did not earn a profit with respect to the Scout Fund. The Board also considered that the proposed subadvisory fee rate was lower than the fee rate paid to Scout by the Scout Fund. The Board also considered that the subadvisory fee rate includes breakpoints as Fund assets grow, which reflects economies of scale for the benefit of the Fund’s investors.

Benefits  |  In evaluating compensation, the Trustees considered that the Board previously had considered other benefits that may be realized by Scout and its affiliates from their relationship with the Carillon Scout Small Cap Fund. In this connection, the Board had considered Scout’s representation that it expects to receive soft dollar services from broker-dealers that it selects to execute trades on behalf of the Carillon Scout Small Cap Fund, including brokerage services, proprietary research and third-party research.

 

 

 

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Approval of Investment Advisory and Subadvisory Agreements

(UNAUDITED)   

 

Conclusions  |  Based on these considerations, the Board concluded with respect to the Eagle Small Cap Fund that: (1) the Fund was reasonably likely to benefit from the nature, quality and extent of Scout’s services; (2) the performance of the Composite and the Scout Fund, as applicable, was satisfactory in light of all the factors considered by the Board; (3) the fees payable under the Subadvisory Agreement and profits projected by Scout were reasonable in the context of all the factors considered by the Board; and (4) the proposed subadvisory fee rate structure provides the Fund’s shareholders with reasonable benefits associated with economies of scale. Based on these conclusions and other factors, the Board determined in its business judgment to approve the Subadvisory Agreement between Carillon and Scout.

Overview  |  At a meeting held on February 16, 2018, the Board of the Trust approved an amendment to the subadvisory agreement between Carillon and ClariVest Asset Management LLC (“ClariVest”) with respect to the Carillon ClariVest Capital Appreciation Fund (the “ClariVest Fund”), a series of the Trust (the “ClariVest Amendment”). The Board determined that it did not need to consider certain factors that it typically considers during its regular annual review of investment advisory agreements because the Board had reviewed, among other matters, the nature, extent and quality of services being provided

to the Fund by ClariVest at the Board’s August 18, 2017 meeting. The Board considered Carillon’s representation that there had been no material changes to the information provided by Carillon or ClariVest in connection with the Board’s consideration of the ClariVest Fund’s investment advisory agreement and subadvisory agreement at that meeting.

In determining whether to approve the ClariVest Amendment, the Board considered that the ClariVest Amendment would provide for Carillon to pay a higher subadvisory fee rate to ClariVest. The Board also considered that, because Carillon pays ClariVest from the fee that Carillon receives from the Fund for acting as the ClariVest Fund’s investment adviser, the ClariVest Amendment would not result in any change in the t amount of investment advisory fees paid by the ClariVest Fund. In addition, the Board considered Carillon’s representation that the ClariVest Amendment would not result in any change or diminution in the nature or quality of services provided to the ClariVest Fund by Carillon or ClariVest. The Board unanimously concluded that the terms of the ClariVest Amendment were reasonable and fair and that the approval of the ClariVest Amendment was in the best interests of the ClariVest Fund.

 

 

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Principal Risks

     (UNAUDITED)  

 

Additional Information About Principal Risk Factors

The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table identifies the risk factors of each fund in light of its principal investment strategies. These risk factors are explained following the table.

The Carillon Cougar Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in underlying funds. Therefore, in this section, the term “fund” may include a fund, an underlying fund, or both a fund and an underlying fund.

 

Risk   Carillon
ClariVest
Capital
Appreciation
Fund		     Carillon
ClariVest
International
Stock
Fund		     Carillon
Cougar
Tactical
Allocation
Fund		     Carillon
Eagle
Growth &
Income
Fund		     Carillon
Eagle
Mid Cap
Growth
Fund		     Carillon
Eagle
Mid Cap
Stock
Fund		     Carillon
Eagle
Small Cap
Growth
Fund		     Carillon
Eagle
Smaller
Company
Fund		  
Call         X            
Commodities         X            
Credit         X            
Credit ratings                
Derivatives                
Emerging markets         X            
Equity securities     X       X       X       X       X       X       X       X  
Fixed income market         X            
Focused holdings         X       X          
Foreign and emerging market securities       X       X       X          
Fund of funds         X            
Growth stocks     X       X       X       X       X       X       X    
High-yield securities         X            
Income                
Inflation         X            
Interest rates         X            
Issuer                
Leverage                
Liquidity       X       X            
Market and Stock Market     X       X       X       X       X       X       X       X  
Market timing       X       X             X       X  
Maturity                
Mid-cap companies     X         X       X       X       X       X       X  
Mortgage and asset-backed securities         X            
Municipal securities         X            
Other investments companies and ETFs       X       X            
Portfolio turnover       X       X            
Redemptions         X            
Sectors     X             X         X    
Short sale                
Small-cap companies         X         X       X       X       X  
U.S. Government securities and Government sponsored enterprises         X            
Valuation                
Value stocks         X       X         X         X  

 

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Risk   Carillon
Scout
International
Fund		     Carillon
Scout
Mid Cap
Fund		     Carillon
Scout
Small Cap
Fund		     Carillon
Reams
Core Bond
Fund		     Carillon
Reams
Core Plus
Bond
Fund		     Carillon
Reams
Unconstrained
Bond
Fund		  
Call            
Commodities            
Credit           X       X       X  
Credit ratings           X       X       X  
Derivatives           X       X       X  
Emerging markets     X       X       X           X  
Equity securities     X       X       X        
Fixed income market           X       X       X  
Focused holdings         X        
Foreign and emerging market securities     X       X       X       X       X       X  
Fund of funds            
Growth stocks     X       X       X        
High-yield securities             X       X  
Income           X       X       X  
Inflation            
Interest rates           X       X       X  
Issuer           X       X       X  
Leverage           X       X       X  
Liquidity     X           X       X       X  
Market and Stock Market     X       X       X        
Market timing     X         X        
Maturity           X       X       X  
Mid-cap companies       X       X        
Mortgage-and asset-backed securities           X       X       X  
Municipal securities            
Other investment companies and ETFs            
Portfolio turnover     X       X         X       X       X  
Redemptions           X       X       X  
Sectors         X        
Short sale               X  
Small-cap companies       X       X        
U.S. Government securities and Government sponsored enterprises            
Valuation           X       X       X  
Value stocks     X       X       X        

 

Call  |  Call risk is the possibility that, as interest rates decline to a level that is significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.

Commodities  |  The value of commodities may be more volatile than the value of equity securities or debt instruments and their value may be affected by changes in overall market movements, commodity index volatility, changes in

interest rates, or factors affecting a particular industry or commodity. Investments in commodities, such as gold, or in commodity-linked instruments, will subject a fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities. The value of commodity-linked instruments typically is based upon the price movements of underlying commodities and, therefore, may fluctuate widely based on a variety of both macroeconomic and commodity-specific factors. At times, these price fluctuations may be significant or rapid, and may not correlate to price movements in other asset classes. There may also be an imperfect

 

 

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correlation between the value of commodity-linked instruments and the underlying assets. Investments in these types of instruments may subject a fund to additional expenses.

Credit  |  A fund could lose money if the issuer of a fixed income security is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. The downgrade of the credit rating of a security held by a fund may decrease its value. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such securities may greatly exceed their current resources. There is no assurance that the U.S. government would provide financial support to the issuing entity if not obligated to do so by law.

Further, any government guarantees on U.S. government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.

Credit Ratings  |  Ratings by nationally recognized rating agencies represent the agencies’ opinion of the credit quality of an issuer. However, these ratings are not absolute standards of quality and do not guarantee the creditworthiness of an issuer. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.

Derivatives  |  Derivatives, such as options, futures contracts, currency forwards or swap agreements, may involve greater risks than if a fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risk, and credit risks. Derivatives also present the risk that the other party to the transaction will fail to perform. Derivatives also involve an increased risk of mispricing or improper valuation

of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that a fund may not realize the intended benefits. When used for hedging, changes in the value of the derivative may also not correlate perfectly with the underlying asset, rate or index. Derivatives risk may be more significant when derivatives are used to enhance fund returns, increase liquidity, manage the duration of a fund’s portfolio and/or gain exposure to certain instruments or markets, rather than solely to hedge the risk of a position held by the fund. Derivatives can cause a fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. The regulation of cleared and uncleared swap agreements, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. It is not possible to predict fully the effects of current or future regulation. Changes in government regulation of various types of derivatives instruments may make derivatives more costly or limit the availability of derivatives, which may limit or prevent a fund from using certain types of derivative instruments as part of its investment strategy; may affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or may otherwise adversely affect the value or performance of derivatives. Compared to other types of investments, derivatives may also be less tax efficient. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

Emerging Markets  |  When investing in emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets have unique risks that are greater than or in addition to investing in developed

markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.

Equity Securities  |  A fund’s equity securities investments are subject to stock market risk. Such investments may also expose a fund to additional risks:

 

  •  

Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock.

 

  •  

Preferred Stocks. Preferred securities are subject to issuer-specific and stock market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects.

 

  •  

Convertible Securities. The investment value of a convertible security (“convertible”) is based on its yield and tends to decline as interest rates increase. The conversion value of a convertible is the market value that would be received if the convertible were converted to its underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible may be subject to redemption at the option of the issuer at a price established in the convertible’s governing instrument, which may be less than the current market price of the security. Convertibles typically are “junior” securities, which means an issuer may pay interest on its non-convertible debt before it can make payments on its convertibles. In the event of a liquidation, holders of convertibles may be paid before a company’s common stockholders but after holders of a company’s senior debt obligations.

 

  •  

Depositary Receipts. A fund may invest in securities issued by foreign companies through ADRs, GDRs and EDRs. These securities are subject to many of the risks inherent in investing in foreign securities, including, but

 

 

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    not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt.

 

  •  

REITs. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses.

 

  •  

Rights and Warrants. Investments in rights and warrants may be more speculative than certain other types of investments because rights and warrants do not carry dividend or voting rights with respect to the underlying securities or any rights in the assets of the issuer. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities and a right or a warrant ceases to have value if it is not exercised prior to its expiration date.

Fixed income market  |  Fixed income market risk is the risk that the prices of, and the income generated by, fixed income securities held by a fund may decline significantly and/or rapidly in response to adverse issuer, political, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.

Floating rate securities  |  Floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. When a fund holds floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value (“NAV”) of the fund’s shares.

Focused holdings  |  For funds that normally hold a core portfolio of securities of fewer companies than other more diversified funds, the increase or decrease of the value of a single security may have a greater impact on the fund’s NAV and total return when compared to other diversified funds.

Foreign securities  |  Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. A fund could also underperform if it invests in countries or

regions whose economic performance falls short. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. The effect of recent, worldwide economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc. Foreign security risk may also apply to ADRs, GDRs and EDRs.

Fund of funds  |  Because investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed in the 1940 Act and the rules thereunder if the Tactical Allocation Fund is unable to rely on an ETF’s exemptive order permitting unaffiliated funds to invest in the ETF’s shares beyond these statutory limitations, the fund may be unable to allocate its investments in the manner the subadviser considers prudent, or the subadviser may have to select an investment other than that which the subadviser considers suitable.

Because the Tactical Allocation Fund invests principally in underlying funds, and the fund’s performance is directly related to the performance of such underlying funds, the ability of the fund to achieve its investment objectives is directly related to the ability of the underlying funds to meet their investment objectives. The investment techniques and risk analysis used by the fund’s and the underlying funds’ portfolio managers may not produce the desired results.

Growth stocks  |  Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the prices of stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.

High-yield securities  |  Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell.

Income  |  A fund’s income could decline due to falling market interest rates. In a falling interest rate environment, a Fund may be required to invest its assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of a fund for any particular period.

Inflation  |  Inflation risk is the risk that the market value of securities will decrease as higher inflation shrinks the purchasing power of any affected currencies, thus causing the purchasing power not to keep pace with inflation.

Interest rates  |  Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund may be particularly sensitive to changes in interest rates if it invests in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For

 

 

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example, if a bond has a duration of five years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the bond. The Federal Reserve raised the federal funds rate several times since December 2015 and has signaled additional increases in the near future. Interest rates may rise significantly and/or rapidly, potentially resulting in substantial losses to the fund. During periods of very low or negative interest rates, a fund may be unable to maintain positive returns. Certain European countries and Japan have recently experienced negative interest rates on deposits and debt securities have traded at negative yields. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the United States. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.

Issuer  |  The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

Leverage  |  Certain transactions of a fund may give rise to a form of leverage. Such transactions may include, among others, the use of buybacks, dollar rolls, and when-issued, delayed delivery or forward commitment transactions. Certain derivatives that a fund may use may create leverage. Derivatives that involve leverage can result in losses to a fund that exceed the amount originally invested in the derivatives. Certain types of leveraging transactions, such as short sales that are not “against the box,” could be subject to unlimited losses in cases where a fund, for any reason, is unable to close out the transaction. The use of leverage may cause a fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leveraging may cause a fund to be more volatile than if the fund had not been leveraged. This is because leveraging tends to exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.

Liquidity  |  Liquidity risk is the possibility that the fund might be unable to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. Market developments may cause the fund’s investments to become less liquid and subject to erratic price movements. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased capital requirements for broker-dealers. Further, many broker- dealers have reduced their inventory of certain debt securities. This could negatively affect a fund’s ability to buy or sell debt securities and increase the related volatility and trading costs. The fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the fund.

Market and Stock Market  |  Markets may at times be volatile and the value of a fund’s stock holdings may decline in price, sometimes significantly and/ or rapidly, because of changes in prices of its holdings or a broad stock market decline. The value of a security may decline due to adverse issuer-specific conditions or general market conditions which are not specifically related to a particular company, such as real or perceived adverse political, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest or currency rates, public perceptions concerning these developments or adverse investment sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and

similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices could be a sustained trend or a drastic movement. The stock markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Regulatory changes are causing some financial services companies to exit long-standing lines of business, resulting in dislocations for other market participants. In addition, political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has recently reduced federal corporate income tax rates, and future legislative, regulatory and policy changes may result in more restrictions on international trade, less stringent prudential regulation of certain players in the financial market , and significant new investments in infrastructure and national defense. Markets may react strongly to expectations about the changes in these policies, which could increase volatility, especially if the markets’ expectations for changes in government policies are not borne out.

Market timing  |  Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. There is no guarantee that Carillon Tower Advisers, Inc. (the “Manager”) and transfer agent of the Funds can detect all market timing activities.

Maturity  |  A Fund will invest in fixed income securities of varying maturities. A fixed income security’s maturity is one indication of the interest rate exposure of a security. Generally, the longer a fixed income security’s maturity, the greater the risk. Conversely, the shorter a fixed income security’s maturity, the lower the risk.

Mid-cap companies  |  Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies often have narrower markets and limited managerial and financial resources compared to larger, more established companies. The performance of mid-cap companies can be more volatile, and their stocks less liquid, compared to larger, more established companies, which could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in mid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large-cap companies. Generally, the smaller the company size, the greater these risks.

Mortgage- and asset-backed securities  |  Mortgage- and asset-backed security risk, which is possible in an unstable or depressed housing market, arises from the potential for mortgage failure or premature repayment of principal, or a delay in the repayment of principal. The reduced value of the fund’s securities

 

 

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and the potential loss of principal as a result of a mortgagee’s failure to repay would have a negative impact on the fund. Premature repayment of principal would make it difficult for the fund to reinvest the prepaid principal at a time when interest rates on new mortgages are declining, thereby reducing the fund’s income. Conversely, a delay in the repayment of principal could lengthen the expected maturity of the securities, thereby increasing the potential for loss when prevailing interest rates rise, which could cause the values of the securities to fall sharply.

Municipal securities  |  A municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal bond market movements. Municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, as opposed to general tax revenues, may have increased risks. Changes in a municipality’s financial health may affect its ability to make interest and principal payments when due.

Other investment companies, including ETFs  |  Investments in the securities of other investment companies, including exchange-traded funds (“ETFs”) (which may, in turn invest in equities, bonds, and other financial vehicles), may involve duplication of advisory fees and certain other expenses. By investing in another investment company, a fund becomes a shareholder of that investment company. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by the other investment company, in addition to the fees and expenses fund shareholders indirectly bear in connection with the fund’s own operations. Investments in other investment companies will subject a fund to the risks of the types of investments in which the investment companies invest.

As a shareholder, a fund must rely on the other investment company to achieve its investment objective. If the other investment company fails to achieve its investment objective, the value of the fund’s investment will typically decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings of ETF shares at the most optimal time, adversely affecting the fund’s performance. An ETF that tracks an index may not precisely replicate the returns of its benchmark index.

Portfolio turnover  |  A fund may engage in more active and frequent trading of portfolio securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors (from increased recognition of net capital gains, which are taxable to shareholders when distributed to them) and adversely affect performance.

Redemptions  |  A fund may experience periods of heavy redemptions that could cause a fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in a fund, have short investment horizons, or have unpredictable cash flow needs. A general rise in interest rates has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt a fund’s performance.

Sectors  |  Companies that are in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to change. To the extent a fund has substantial holdings within a particular sector, the risks associated with that sector increase.

Information technology sector  |  The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.

Short sales  |  A short sale creates the risk of a loss if the price of the underlying security increases, thus increasing the cost to a fund of buying those securities to cover the short position. The potential for greater losses may be incurred due to general market forces, such as a lack of securities available for short sellers to borrow for delivery, or increases in the price of a security sold short. A fund may lose more money than the actual cost of a short sale investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a fund.

Small-cap companies  |  Investments in small-cap companies generally involve greater risks than investing in large-capitalization companies. Companies with smaller market capitalizations generally have lower volume of shares traded daily, less liquid stock and more volatile stock prices. Companies with smaller market capitalizations also tend to have a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more likely to fail than companies with larger market capitalizations, and could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in small-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in mid-cap or large-cap companies. Generally, the smaller the company size, the greater these risks.

U.S. Government securities and Government sponsored enterprises  |  A security backed by the U.S. Treasury or the full faith and credit of the United States is only guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Investments in securities issued by Government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (3) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government

 

 

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Principal Risks

     (UNAUDITED)  

 

sponsored agencies or instrumentalities if it is not legally obligated to do so. In such circumstances, if the issuer defaulted, a fund may not be able to recover its investment from the U.S. Government. Like all bonds, U.S. Government securities and Government-sponsored enterprise bonds are also subject to credit risk.

Valuation  |  Securities held by a fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s

Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.

Value stocks  |  Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.

 

 

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LOGO

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carillontower.com/eDelivery

 

Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Contact Carillon Fund Services at 800.421.4184 or carillontower.com or your financial adviser for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.

 

This report is for the information of Shareholders of the Carillon Mutual Funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s fiscal year end on Form N-Q. These filings are available on the Commissions’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2017 is available without charge, upon request, by calling the Carillon Family of Funds, toll-free at the number above, by accessing our website at carillontower.com or by accessing the Commission’s website at www.sec.gov.

 

880 Carillon Parkway | St. Petersburg, FL 33716 | 800.421.4184 | carillontower.com

Carillon Fund Distributors, Inc. , Member FINRA

 

Not FDIC Insured    May Lose Value    No Bank Guarantee

 

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Item 2. Code of Ethics

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable to the registrant.

Item 6. Schedule of Investments

Included as part of report to shareholders under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees, since the Trust last provided disclosure in response to this item. The procedures by which shareholders may recommend nominees to the Board are included in the Nominating Committee Charter for the Trust.

Item 11. Controls and Procedures

 

(a)

Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended), the Principal Executive Officer and Principal Financial Officer of Carillon Series Trust have concluded that such disclosure controls and procedures are effective as of June 25, 2018.

 

(b)

There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) of Carillon Series Trust that

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  occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Item 12. Exhibits

(a)(1) Not applicable to semi-annual reports.

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable to the registrant.

(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.906CERT.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    CARILLON SERIES TRUST
Date: June 25, 2018      
     

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: June 25, 2018       CARILLON SERIES TRUST
     

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer
Date: June 25, 2018      
     

/s/ Carolyn Gill

      Carolyn Gill
      Principal Financial Officer