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N-CSR 1 d595378dncsr.htm N-CSR N-CSR

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) 567-1000

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: October 31, 2018

Item 1. Reports to Shareholders

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		Annual Report

		and Investment Performance Review for the fiscal year ended October 31, 2018

		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 Small Cap Growth 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

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Table of Contents

President’s Letter1

Performance Summary and Commentary

Carillon ClariVest Capital Appreciation Fund2

Carillon ClariVest International Stock Fund3

Carillon Cougar Tactical Allocation Fund4

Carillon Eagle Growth & Income Fund5

Carillon Eagle Mid Cap Growth Fund6

Carillon Eagle Small Cap Growth Fund7

Carillon Scout International Fund8

Carillon Scout Mid Cap Fund9

Carillon Scout Small Cap Fund10

Carillon Reams Core Bond Fund11

Carillon Reams Core Plus Bond Fund12

Carillon Reams Unconstrained Bond Fund13

Description of Indices14

Investment Portfolios

Carillon ClariVest Capital Appreciation Fund15

Carillon ClariVest International Stock Fund16

Carillon Cougar Tactical Allocation Fund18

Carillon Eagle Growth & Income Fund18

Carillon Eagle Mid Cap Growth Fund19

Carillon Eagle Small Cap Growth Fund20

Carillon Scout International Fund22

Carillon Scout Mid Cap Fund24

Carillon Scout Small Cap Fund26

Carillon Reams Core Bond Fund27

Carillon Reams Core Plus Bond Fund29

Carillon Reams Unconstrained Bond Fund32

Statements of Assets and Liabilities35

Statements of Operations38

Statements of Changes in Net Assets42

Financial Highlights46

Notes to Financial Statements53

Report of the Independent Registered Public Accounting Firm68

Understanding Your Ongoing Costs69

Renewal of Investment Advisory and Subadvisory Agreements71

Principal Risks74

Trustees and Officers81

Privacy Policy83

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President’s Letter

Dear Fellow Shareholders:

I am pleased to present the annual report and investment-performance review of the Carillon Family of Funds for the 12-month period that ended on October 31, 2018.

In the past year, the dedicated women and men at Carillon Tower Advisers, Inc. (“Carillon”) have worked to enhance investment opportunities and control costs for you and your funds. As part of our efforts to bring high quality managers to you, alpha-oriented* equity manager Scout Investments, Inc., and its fixed income specialist division, Reams Asset Management, joined our existing affiliate line up of Eagle Asset Management, Inc., ClariVest Asset Management LLC, and Cougar Global Investments Ltd., resulting in fund options covering an expanded range of asset classes and investment strategies. We are delighted to have this new firm in our family.

Fiscal year 2018 presented different market conditions throughout the reporting period, suggesting increased volatility and long-term opportunities to come. The S&P 500 Index, buoyed in part by the Tax Cuts and Jobs Act of 2017 and strong corporate earnings, presented early gains; yet the period also saw heightened volatility and sharp market declines. A decade’s worth of accommodative monetary policy by the U.S. Federal Reserve (“the Fed”) continues to be withdrawn, and the Fed has indicated rates will continue to rise: our investment teams strive to identify which companies stand to benefit amidst these changes.

With an outlook growing potentially more complex, we continue to believe that our investment teams’ abilities to distinguish among competitive businesses, quality companies and earnings potential can help investors seek their long-term financial goals. Our multi-boutique affiliate model offers an array of actively managed solutions for clients navigating uncertain times.

As with all investments, investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this annual report. Carefully consider the investment objectives, charges and expenses of any fund before you invest. Contact us at 800.421.4184 or carillontower.com or call your financial advisor 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.

We are grateful for your continued support of the Carillon Family of Funds.

Sincerely,

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J. Cooper Abbott, CAIA, CFA

President

December 19, 2018

Performance data represented are historical and do not guarantee future results. Investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please call us at 800.421.4184 or visit our website at carillontower.com.

* Alpha measures performance vs. a benchmark on a risk-adjusted basis. A positive alpha of 1.0 means the portfolio has outperformed its benchmark on a risk adjusted basis. Correspondingly, a similar negative alpha would indicate an underperformance of 1%.

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

Performance Summary and Commentary


Carillon ClariVest Capital Appreciation Fund

Portfolio Managers | David J. Pavan, CFA^®, C. Frank Feng, Ph.D., Ed Wagner, CFA^®, and Stacey R. Nutt, Ph.D., of ClariVest Asset Management LLC (“ClariVest”), are Co-Portfolio Managers of the ClariVest Capital Appreciation Fund (the “Fund”) and have been responsible for the day-to-day management of the Fund’s investment portfolio since June 2013.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned 6.15%, underperforming its benchmark index, the Russell 1000^® Growth Index, which returned 10.71%. The Fund’s performance, relative to the benchmark, was negative, primarily due to stock selection, where selection within the Health Care and Materials sectors was strongest, and was weak within the Consumer Discretionary and Information Technology sectors. Sector selection was also negative, where underweights to the Industrials and Real Estate sectors contributed to performance, while the Fund lost ground from an underweight to the Consumer Staples sector and an overweight to the Energy sector. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.

Growth of a $100,000 investment from 10/31/08 to 10/31/18 (a)

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(a) The Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of October 31, 2018, the Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of the Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in the Fund’s Prospectus dated March 1, 2018, and elsewhere in this report. Returns shown are

calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.

Underperformers | Facebook, the social media company, was hurt by concerns widely publicized regarding the security of user data. The company missed estimates on revenue for the first time in three years, and it expects the revenue slowdown to continue. The position was trimmed. Owens Corning is in the business of residential and commercial building materials such as composites, insulation, and roofing. A weak outlook for roofing and composites appeared to weigh on the company due to inflationary cost pressures for oil, asphalt, and transportation. The stock was sold from the portfolio. Micron Technology Inc. engages in the provision of innovative memory and storage solutions. The stock struggled as the markets for both DRAM and NAND continued to slide. Meanwhile, supply growth accelerated, leading to oversupply in both markets. The Fund continues to hold this security. Applied Materials, the worldwide semiconductor equipment manufacturer and services company, fell on a weak forward guidance driven by weaker adoption of its organic light-emitting diode (OLED) display in smartphones. Trade disputes also have appeared to negatively impact sentiment for the semiconductor industry. The stock was sold from the portfolio. Lam Research, a semiconductor manufacturing equipment maker, fell after a lower forecast for shipments overshadowed strong results. The stock was sold from the portfolio.

Top performers | Apple, the tech giant, released better-than-expected second and third quarter earnings. iPhone revenue grew, with iPhone X as the best-selling iPhone model for every week of the fiscal second quarter. The Fund continues to hold this security. Microsoft develops and markets software and hardware services. The company’s focus on cloud computing and its Azure cloud platform contributed to strong growth and margins. The stock rose following its announcement to acquire GitHub, a leading software development platform. Microsoft also announced a quarterly dividend increase of about 9.5%. The Fund continues to hold this security. Amazon, the world’s largest online retailer, appeared to benefit from strong retail sales in North America; accelerating revenue across its advertising, cloud computing, and third-party marketplace services; improving fulfillment efficiency; and stronger margin guidance. The Fund continues to hold this security. UnitedHealth Group, the largest U.S. health insurer, appeared to benefit from the growth of enrollment in its Medicare Advantage plans. The company also appeared to reduce its risk by withdrawing from the Affordable Care Act (ACA) individual marketplace, while maintaining strong momentum and performance. The Fund continues to hold this security. Boeing Corp., the world’s largest aerospace company, rose on a stronger outlook for commercial aircraft production and margins, in addition to a federal budget deal that increased defense spending. The Fund continues to hold this security.


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Performance Summary and Commentary


Carillon ClariVest International Stock Fund

Portfolio Managers | David Vaughn, CFA^®, Stacey R. Nutt, Ph.D., Alex Turner, CFA^®, and Priyanshu Mutreja, CFA^®, are Co-Portfolio Managers of the ClariVest International Stock Fund (the “Fund”). Mr. Vaughn and Dr. Nutt have been responsible for the day-to-day management of the Fund’s investment portfolio since 2013. Mr. Turner has been a Co-Portfolio Manager of the Fund since March 2015 and previously served as Assistant Portfolio Manager of the Fund since its inception in 2013. Mr. Mutreja has been a Co-Portfolio Manager since March 2017 and previously served as Assistant Portfolio Manager of the Fund since March 2015.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned (8.29)%,underperforming its benchmark index, the MSCI-EAFE Index, which returned (6.85)%. The Fund’s performance, relative to the benchmark, was negative primarily due to stock selection within countries, where selection was strong within Switzerland and Japan, and weak within France and Germany. An overweight to Switzerland and an underweight to Hong Kong contributed to performance, while underweights to Australia and Finland hurt. Stock selection within sectors was strong within the financials and industrials sectors and weak within the information technology and materials sectors. An overweight to the energy sector and an underweight to the consumer discretionary sector helped performance, while underweights to the health care and consumer staples sectors tempered returns. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.

Growth of a $100,000 investment from 2/28/13 to 10/31/18 (a)

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Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of the Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in the Fund’s Prospectus dated March 1, 2018, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Underperformers | Covestro, based in Germany, manufactures polymers and high-performance plastics. The share price fell in concert with other European stocks apparently on tariff concerns, despite announcing fourth quarter earnings that beat expectations. Hitachi Ltd, based in Japan, manufactures electrical equipment. Despite reporting record profits early in the year, the share price fell alongside industry peers apparently due to renewed trade war concerns. NXP Semiconductors NV is a semiconductor company based in Netherlands. The company revised its guidance lower, fueling concerns of a peaking industry. Investors were also disappointed by the ultimate collapse of its proposed acquisition by Qualcomm, as trade relations between the US and China continued to sour. The position was trimmed. Enel SpA, based in Italy, is a holding company which engages in the distribution of electricity and gas. The company struggled apparently due to macroeconomic factors including falling margins in domestic retail activities and the adverse evolution of Latin American exchange rates. BASF SE is a German-based chemical company. The company reported profit that missed analysts’ expectations as it appeared to experience the effects of an automotive slowdown and higher raw-material prices.

Top performers | Xinyi Glass is one of China’s largest glass producers. Strong demand for float glass appeared to help drive price increases which in turn led to higher margins. Marubeni Corporation, a Japanese trading company, posted strong results apparently helped by the rally in commodity prices, the announcement of a higher-than-expected dividend and improved sentiment with regards to global trade. The Fund continues to hold this security. Cosmo Energy, a Japanese holding company involved in the oil business, released strong quarterly results apparently driven by rising Japanese refining margins and an improving balance sheet. Sony Corporation is a Japanese consumer electronics and media company. Apparently contributing to better-than-expected earnings were robust sales of the PlayStation console due to the popularity of new game launches, and strength in the company’s image sensing division. The Fund continues to hold this security. Lonza Group AG is a Switzerland-based chemicals producer. It appeared that strong end-market demand coupled with fast progress in integrating a recent acquisition led to better-than-expected results and improved confidence in its earnings outlook. The Fund continues to hold this security.


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Performance Summary and Commentary


Carillon Cougar Tactical Allocation Fund

Portfolio Managers | Abdullah Sheikh, FSA, MAAA, of Cougar Global Investments Ltd. (“Cougar”), is the Portfolio Manager of the Cougar Tactical Allocation Fund (the “Fund”) and has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018. From the Fund’s inception, through September 30, 2018, James Breech, Ph.D. also served as a Portfolio Manager of the Fund.

Performance discussion | During the fiscal period, Cougar’s 12-month forward looking outlook and Macro Economic Scenario analysis (MES) for the U.S. economy remained positive, boosted by the stimulative effects of the Trump administration’s tax cuts, as well as the continued positive performance of the U.S. consumer. The probability assigned to the most optimistic scenario, Growth, rose from 29% to peak at 71% in April, before falling back to 35%. Overall, the outlook remained positive given the continued strength of the labor market and modest inflation. Recession risks remained at 0%. The probability assigned to Inflation hovered at 1 to 3% as transitory effects faded and higher energy prices fed through, but remains at modest levels. Wage inflation has accelerated somewhat in line with expectations. The chance that a high impact, low probability event, Chaos, would occur was stable. It decreased in May to 7% from 8% around a de-escalation of geopolitical risks, in particular North and South Korea holding a historic summit committing to a nuclear-free peninsula and ending the Korean War. The ex-U.S. growth trends showed signs of slowing, albeit from solid levels. Risks stemmed primarily from rising interest rates in the U.S., as well as effects of trade wars initiated by the Trump administration. The firm’s Portfolio Management team (“PM team”) further increased overall equity exposure with an emphasis on diversified exposure in large, mid and small-caps in the U.S. market, which benefitted the Fund’s performance. International holdings were sold given the combination of a rising USD, fallout from tariffs and trade, and geopolitical risks. The improvement in U.S. growth, robust corporate earnings, and modest pace in removal of monetary policy appeared to fuel a continuation of the equity market rally. After new highs in September, October saw what appeared to be a correction take hold as the U.S. succumbed to fears of slowing growth and earnings ahead. Fixed income suffered modest losses as the Fed continued on its tightening path and rates normalized. With the rest of the world’s major central banks largely still in easing mode, the USD strengthened.

For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned 0.74%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI ACWI^® Index, which performed (2.05)% and (0.52)%, respectively. The Fund also outperformed a custom blended index, which is a combination of the Bloomberg Barclays U.S. Aggregate Bond Index (60%) and the MSCI ACWI^® Index (40%), which returned (1.29)% for the same period. The Fund, relative to the blended benchmark, outperformed due to a higher weight to equities than the benchmark for most of the year. At the start of the fiscal year, the Fund’s investments in exchange-traded funds (ETFs) that invest in primarily equity securities represented 67% of its portfolio. This equity allocation was gradually increased to 85%, where it peaked at the end of Q2, before falling back to 80% where it ended the fiscal year. Within equities, international equities peaked at 17% in April and were sold in June, avoiding most of the losses that occurred particularly in Emerging Markets. Within fixed income, the duration of the holdings of the Fund’s investments in ETFs that invested in fixed income was in line with the index exposure. Gold was not held in the fiscal period. The PM team believes that the next 12-month period could be a good year for U.S. large, mid and small cap stocks if economic growth holds up or accelerates. However, the PM team believes that a cautious stance on Emerging Markets is still warranted as the U.S.-China trade war is likely to continue.

Growth of a $100,000 investment from 12/31/15 to 10/31/18 (a)

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Top performers | The largest contributors to performance were the ETFs that held large cap U.S. equities. The two S&P 500 ETFs, SPY and IVV represented an average 50% weight over the year and as such the largest asset class exposure.

Underperformers | U.S. small and mid-cap ETFs (IJR, MDY, IJH) at an average 10% and 12% holding respectively were mild detractors due to underperformance later in the fiscal year. The Fund moved to increasing mid- and small-cap equity ETFs as it favored more domestically oriented companies. The largest detractors were Emerging Markets ETFs (IEMG) which entered a bear market apparently due to trade risks and a strong USD, followed by fixed income ETFs (AGG) which was impacted by higher yields. Japan (IJH) and Europe (EWJ) ETFs were very mild detractors.


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Performance Summary and Commentary


Carillon Eagle Growth & Income Fund

Portfolio Managers | Edmund Cowart, CFA^®, David Blount, CFA^®, CPA, and Harald Hvideberg, CFA^®, are Co-Portfolio Managers of the Eagle Growth & Income Fund (the “Fund”). Messrs. Cowart and Blount have been responsible for the day-to-day management of the Fund’s investment portfolio since June 2011 and Mr. Hvideberg since August 2014.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class A shares returned 9.76% (excluding front-end sales charges of 4.75%), outperforming its benchmark index, the S&P 500^® Index, which returned 7.35%. The Fund’s Portfolio Management team (“PM team”) was satisfied with performance compared to the benchmark given the market environment. Positive stock selection in the health care, information technology and industrials sectors contributed positively to the Fund’s outperformance relative to the benchmark. Meanwhile, investments in the materials and consumer discretionary sectors, as well as a small cash position, all were detractors from performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

Growth of a $10,000 investment from 10/31/08 to 10/31/18 (a)

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(a) The Fund’s values and returns reflect the maximum front-end sales charge of 4.75%, fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of October 31, 2018, the Fund also offered Class C, Class I, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges and expenses. Additional information regarding the performance and the expenses of the Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in the Fund’s Prospectus dated March 1, 2018, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Performance data represented is historical and does not guarantee future results. The investment return and principal value of an

investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.

Top performers | Microsoft Corp., developer and marketer of software and hardware services, appreciated as the company continued to gain market share in its cloud business. Azure, Microsoft’s cloud based business, continued to see higher utilization levels with additional margin expansion. The PM team believes this growth will continue and remains invested in the company. Apple Inc., designer, manufacturer, and marketer of mobile communication and media devices, personal computing products, and portable digital music players, traded higher as the company launched its next generation of iPhones. The PM team believes that built-up demand will lead to a successful launch and increase unit sales growth. The Fund continues to hold this position. Regal Entertainment Group (Class A), an operator of multi-screen theaters, traded higher after the announcement that it was being acquired by a competitor, Cineworld. The acquisition appeared to be a commanding premium so the Fund sold the position prior to the deal closing in early 2018. Cisco Systems, a manufacturer of networking products and services, returned to revenue growth after facing headwinds during its transition to a recurring-revenue model. The company also announced it would bring back all foreign cash and return it to shareholders, thus increasing its dividend and announcing a share buyback. The PM team likes the growth outlook for the company and continues to own the stock. Management at Pfizer, a pharmaceutical products manufacturer, provided bullish commentary around the company’s long term growth prospects, and expressed comfort with the Trump Administration’s efforts to reshape the country’s drug pricing and reimbursement landscape. The PM team believes the stock also benefited from a sector rotation into health care, with favorable Fund flows into the pharmaceutical industry in particular. The Fund continues to hold the position.

Underperformers | DowDuPont, a global chemicals company, traded lower due to what the PM team believed were continued questions surrounding upcoming corporate actions. The company is expected to split into three units next year. The PM team views the split as positive and believes the market has yet to price the change into the stock. The Fund continues to hold the stock. Management at Carnival Corp., a cruise ship operator, issued forward looking guidance that disappointed many investors. Last year’s hurricane season appears to have softened demand, especially in the affected Eastern Caribbean. The PM team believes the weakness is temporary and continues to own the stock. Management at 3M, a global manufacturer, reduced its growth guidance as well as earnings expectations. The company appears to have signaled a deceleration in organic growth tied to auto aftermarket, oral care and slowing in electronics markets. The company had been growing faster than peers but the deceleration puts it in a weaker position relative to peers. The PM team believes this trend is likely to reverse and the Fund continues to hold the stock. PNC Financial Services Group, Inc, a large financial institution, underperformed apparently as a result of bearish sentiment surrounding financials given the recent trade war fears. Moreover, the bank noted it has become slightly more conservative in its underwriting, which will in turn modestly impact loan growth. The PM team believes the conservative guidance is appropriate in the current economic environment and the Fund continues to own the stock. AT&T, a telecommunications and digital entertainment services provider, reported weakness in its traditional video segment. Cord-cutting accelerated as customers continue to drop or switch to lower margin products. The stock also traded lower following the turbulence surrounding the proposed acquisition of Time Warner. The PM team believes the valuation remains attractive and the Fund continues to own the stock.


			5

Performance Summary and Commentary


Carillon Eagle Mid Cap Growth Fund

Portfolio Managers | Bert L. Boksen, CFA^®, and Eric Mintz, CFA^®, are Co-Portfolio Managers of the Eagle Mid Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 1998. Mr. Mintz has been a Co-Portfolio Manager of the Fund since March 2011, and had previously served as Assistant Portfolio Manager since 2008. Christopher Sassouni, D.M.D., has served as Assistant Portfolio Manager of the Fund since January 2006.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned 5.05%, underperforming its benchmark index, the Russell Midcap^® Growth Index, which returned 6.14%. The Fund’s underperformance relative to the benchmark was driven by weak relative returns within the consumer staples and discretionary sectors which lagged their benchmark counterparts during the reporting period. The Fund did generate solid absolute as well as relative returns within the health care and information technology sectors, offsetting a substantial portion of the Fund’s broader underperformance during the reporting period. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.

Growth of a $100,000 investment from 10/31/08 to 10/31/18 (a)

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transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Underperformers | Coherent makes laser systems primarily used for industrial applications. Following success in 2017 driven by a new laser integral to producing organic light-emitting diode (OLED) display, shares fell after an underwhelming initial launch, relative to expectations, of Apple’s iPhone X early in the period. Despite the near-term setback, the Portfolio Management team (“PM team”) believes the OLED market will rebound in 2020 and Coherent is oversold at current levels. Veoneer develops and produces automotive safety components. While the firm’s investments in process enhancements are expected to improve longer-term capabilities, the PM team believes that the combination of the near-term costs with softening auto production volumes has weighed on margins and subsequently the stock during the reporting period. Microchip Technology is a microcontroller semiconductor company. The firm encountered what appeared to be acquisition-related growing pains during the period, which have proven challenging in the context of a potential slowdown in the semiconductor industry. The PM team believes the firm possesses a solid track record of effectively integrating and leveraging strategic acquisitions and is keeping a close eye on signs of deterioration within the semiconductor end markets. Fortune Brands Home & Security is a home and security consumer products company. Shares waned as signs of growth moderation in the housing end market, coupled with some weather-related headwinds, appeared to weigh on results within the firm’s building products segment during the period. The PM team maintains a cautiously optimistic view of management’s ability to navigate the firm’s near-term difficulties, through repositioning of some of its existing business segments while continuing to pursue strategic acquisitions to enhance growth prospects going forward. Ameriprise Financial saw what appeared to be the combination of significant market volatility, coupled with outflows from its asset management arm Columbia Threadneedle subsequently lead shares lower during the period. Near-term difficulties aside, the PM team expects Ameriprise’s wealth-management segment to perform well and believes the firm also appears poised to benefit from a rising-interest-rate environment. The Fund continues to hold each of the securities noted above as “under performers.”

Top Performers | Clothing retailer Burlington Stores saw shares climb over the course of the period, benefitting from solid positioning within the strong off-price retail channel. Advanced Micro Devices saw increased adoption in datacenter markets through the application of its graphics-processing units used in artificial intelligence, machine learning and other heavy-duty computing. Square, a mobile-payment service, is experiencing rapid growth due to its easy-to-use hardware and strong capabilities in software. ABIOMED, which sells cardiac medical devices, generated strong results during the period, while possessing a strong pipeline of new technologies in addition to implementing enhancements to its existing platforms. Shares of Illumina, which manufactures genetic sequencing equipment and systems, posted strong results during the period in addition to raising guidance. Demand for its high-end sequencers appears to have continued to remain robust. The Fund continues to hold each of the securities noted above as “top performers.”


6

Performance Summary and Commentary


Carillon Eagle Small Cap Growth Fund

Portfolio Managers | Bert L. Boksen, CFA^®, and Eric Mintz, CFA^®, are Co-Portfolio Managers of the Eagle Small Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for the day-to-day management of the Fund’s investment portfolio since August 1995 and Mr. Mintz since March 2011. Christopher Sassouni, D.M.D., has served as Assistant Portfolio Manager of the Fund since March 2015.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned 2.91%, underperforming its benchmark index, the Russell 2000^® Growth Index, which returned 4.13%. The Fund’s underperformance relative to the benchmark was driven by weak relative returns within the information technology and, to a lesser extent, financials sectors which trailed their benchmark counterparts during the reporting period. A bright spot for the Fund was the health care sector which generated very strong absolute and relative returns, offsetting a substantial portion of the Fund’s broader underperformance during the reporting period. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

Growth of a $100,000 investment from 10/31/08 to 10/31/18 (a)

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performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.

Under performers | Coherent makes laser systems primarily used for industrial applications. Following success in 2017 driven by a new laser integral to producing organic light-emitting diode (OLED) displays, shares fell after an underwhelming initial launch, relative to expectations, of Apple’s iPhone X early in the period. Despite the near-term setback, the Portfolio Management team (“PM team”) believes the OLED market will rebound in 2020 and that Coherent is oversold at current levels. Universal Electronics, a manufacturer of voice-activated remote controls, provided weak guidance during the period which reflected a significant cutback in orders from Comcast (a 20 percent customer), as well as continued delays in the start-up of multiple new programs for advanced remote controls. Long-delayed programs are now starting to ramp and the PM team believes that 2018 is shaping up as a strong revenue year with margins improving sequentially. Construction materials provider Summit Materials saw shares wane as the firm missed consensus estimates and reduced guidance towards the end of the period. The decline appeared to be attributed in part to a weaker-than-expected pricing environment within its cement segment as well as weather-related delays in projects which tempered cement volumes. The PM team remains constructive on the name at current levels given the reset in investor expectations, and they believe that going forward Summit is also poised to benefit from the easing “year-over-year comparisons. Camping World Holdings, Inc. is a leading retailer of recreational vehicles (RVs) and outdoor lifestyle products across the U.S. Investor concerns arose as moderating growth in the firm’s core RV segment, coupled with Camping World’s recent acquisition of Gander Mountain appear to have pressured the stock during the period. While disappointing in the near-term, the PM team maintains a cautiously optimistic view on the name given Camping World’s favorable alignment with consumers’ increasing preference for experiential-related purchases. Cognex sells “machine vision” systems used to optimize manufacturing processes, which the PM team believes to be a secular growth story. After a very strong run in 2017, Cognex stock performed poorly in 2018 due to what the PM team believes is the cyclicality of a large customer in the consumer electronics segment, as well as geopolitical concerns (tariffs) affecting end demand in China. The PM team continues to like the company’s technology and competitive position and believe that the consumer electronics segment may rebound in 2019. The Fund continues to hold each of the securities noted above as “underperformers.”

Top performers | Sarepta Therapeutics develops therapies used to treat rare neuromuscular diseases. Preliminary results from one of the firm’s clinical trials assessing a Duchenne Muscular Dystrophy (DMD) drug candidate exceeded expectations, which sent shares of Sarepta higher. Planet Fitness operates fitness centers across the United States. The PM team believes that firm’s strong value proposition via clean and well maintained fitness centers providing members with “judgment-free zones” at an affordable price has generated strong membership growth, which has helped drive shares of Planet Fitness higher during the period. Teladoc Health is a telemedicine provider that offers remote physician access to patients. The PM team believes that Teladoc is benefitting from an increasing awareness of its compelling value proposition, while leveraging strategic acquisitions to expand its customer base and further drive growth. Off-price retailer Ollie’s Bargain Outlet Holdings performed well as the PM team believes that its business model demonstrated resiliency to online competition, while management has continued to successfully execute the firm’s prudent growth strategy during the period. SAGE Therapeutics, which develops therapies used to treat rare central-nervous system disorders, saw shares rise during the period after announcing positive trial results for drugs aimed at treating postpartum depression and major depressive disorder. The Fund continues to hold each of the securities noted above as “top performers.”


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Performance Summary and Commentary


Carillon Scout International Fund

Portfolio Managers | Michael D. Stack, CFA^®, is Lead Portfolio Manager, and Angel M. Lupercio is Co-Portfolio Manager of the Scout International Fund (the “Fund”). Messrs. Stack and Lupercio have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Stack was Assistant Portfolio Manager of the Fund’s predecessor from February 2006 through December 2007; Co-Portfolio Manager of the Fund’s predecessor from April 2012 through March 30, 2014; Co-Lead Portfolio Manager of the Fund’s predecessor from March 31, 2014 through December 2014; and Lead Portfolio Manager of the Fund’s predecessor from 2015 to 2017. Mr. Lupercio served as Co-Portfolio Manager of the Fund’s predecessor from 2015 to 2017.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned (10.12)%, underperforming its benchmark index, the MSCI-EAFE Index, which returned (6.85)%. The Fund’s performance, relative to the benchmark, was negative primarily due to stock selection. Stock selection within the financials sector was strong, but stock selection within the industrials and information technology sectors was weak. Country stock selection was strongest in Australia and the Netherlands, while stock selection in Japan and the United Kingdom detracted from performance. An overweight in the energy and consumer staples sectors as well as an underweight in the consumer discretionary sector slightly mitigated the underperformance of those sectors. Exposure to Mexico and Peru positively contributed to performance, while exposure to China and Taiwan detracted from performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.

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Underperformers | AAC Holdings, Inc., a Chinese miniaturized technologies manufacturer company which is a key supplier of acoustic and haptic components used in Apple products, underperformed due to lower projected demand for the iPhone. Over the long run, the Portfolio Management team (“PM team”) believes that AAC is likely to benefit from an increasing dollar content in smartphones as phone makers migrate to acoustic, radio frequency and haptic components with higher capability. The Fund continues to hold this security. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), is the largest financial institution in Spain and Mexico with substantial business across the Americas and Turkey. BBVA slumped as the European economic outlook became less certain and the value of the Turkish lira and Argentine peso fell. The PM team believes that market concerns surrounding the Turkish financial system appear to be overblown and BBVA’s diversification across regions will offset risks in individual emerging markets. The Fund continues to hold this security. Adecco Group AG, a generalist human resource and employment services company, underperformed as new staffing technology appeared to create headwinds and the company faced negative outlooks in the European staffing markets. The Fund continues to hold this stock as the company is trading on a FCF yield of 10% and at a discount to the median of global service providers. The PM team believes that BNP Paribas S.A., a global financial service company based in France, underperformed under an uncertain European economic outlook and concerns surrounding the company’s exposure to political and financial stresses in Italy and Turkey. The PM team maintains that the global diversification and growth prospects of BNP’s services remain positive. The Fund continues to hold the stock. Continental AG, a German automobile parts and service provider, underperformed after the company lowered full-year guidance for the second time this year. The PM team believes that several company-specific issues continued to plague the parts supplier and that announced changes following a structural review were less than anticipated. The Fund still holds this stock.

Top performers | CSL Limited is an Australian biotechnology company specializing in pharmaceuticals and diagnostic products derived from human plasma. The PM team believes that CSL benefited from strong sales of the company’s flu vaccines during the past year’s flu season. The company’s core immunoglobulin and hemophilia franchises appear to be showing stable growth due to new drug launches along with greater usage of chronic therapies and earlier diagnosis. The Fund continues to hold this position. Gemalto N.V. is a Dutch software and services company. News of an expected tender offer from Thales S.A. drove Gemalto’s stock price upward. The PM team capitalized and sold the holding. The PM team believes that Astellas Pharma Inc., one of the largest Japanese prescription drug companies, has benefited from the company’s main drug Xtandi’s approval as treatment for non-metastatic prostate cancer. The Fund continues to hold this position. BHP Billiton Limited, a metals and mining industry company, outperformed as it continued to divest oil holdings and iron ore prices surged in October. The Fund continues to hold this security. Credicorp, Ltd., a financials service holding company operating in Peru, outperformed as political uncertainty declined after Peru’s President Pedro Pablo Kuczynski resigned. The PM team believes that positive Peruvian economic outlook will continue to drive the stock. The Fund still holds this stock.


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Performance Summary and Commentary


Carillon Scout Mid Cap Fund

Portfolio Managers | G. Patrick Dunkerley, CFA^® is the Lead Portfolio Manager, and Derek M. Smashey, CFA^®, John A. Indellicate II, CFA^® and Jason J. Vortruba, CFA^®, are Co-Portfolio Managers of the Scout Mid Cap Fund (the “Fund”). Messrs. Dunkerley, Smashey, Indelliate and Vortruba have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Dunkerley served as Lead Portfolio Manager of the Fund’s predecessor and Mr. Smashey served as Co-Portfolio Manager of the Fund’s predecessor from its inception in 2006 to 2017. Messrs. Indellicate and Votruba served as Co-Portfolio Managers of the Fund’s predecessor from 2011 and 2013, respectively, to 2017.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned 0.79%, underperforming its benchmark index, the Russell Midcap^® Index, which returned 2.79%. The Fund’s performance, relative to the benchmark, underperformed due to both sector allocation and stock selection. Positive stock selection in the health care sector, specifically the health care equipment and supplies industry, partially offset negative selection in the information technology, financials, consumer discretionary, and energy sectors. Underweight in the real estate sector benefited the Fund. The Fund’s positioning in the financials and information technology sectors were a slight drag on performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Under performers | Nektar Therapeutics, a biopharmaceutical company focused on cancer, autoimmune diseases and chronic pain, suffered upon disappointing preliminary clinical trial data on an experimental cancer drug. The Portfolio Management team (“PM team”) has historically believed that the expected FDA approval and release of a non-addictive opioid back pain reliever remains a potential growth driver for this company. The Fund continues to hold the security but the PM team is monitoring the FDA approval process closely. The PM team believes that Newfield Exploration Company, an oil and gas exploration and development company, failed to rally with oil prices in the third quarter due to ongoing concern about their pace of oil production growth versus natural gas. The PM team believes these concerns are short-sighted. The Fund continues to hold this stock. Thor Industries, Inc. produces and sells recreational vehicles. The PM team believes that the company underperformed as fears regarding excess recreational vehicle inventory and rising interest rates mount. The Fund still holds this security but the PM team is monitoring inventory levels as well as the Federal Reserve’s interest rate policy which could hinder Thor’s business. SVB Financial Group runs Silicon Valley Bank, focused on serving niche technology and life science industry growth companies. This holding underperformed late in the fiscal year after missing third quarter net interest income estimates. The PM team believes that SVB Financial Group’s dominant position in niche markets (tech and life sciences) offers unique growth opportunities. The Fund still holds this security. Albemarle Corporation, a specialty chemical production company that includes the production of low-cost lithium, underperformed apparently under expectations that the company will lose market share and lithium will be oversupplied after a lithium production competitor resolved a four-year mining dispute allowing them to increase production. The PM team expects ALB to benefit as the transportation industry moves toward battery electric vehicles/plug-in hybrid electric vehicles (BEV/PHEVs) and grid-tied stationary energy storage. The Fund still holds this security.

Top performers | ABIOMED, Inc., a medical device company specializing in cardiovascular pumps, outperformed as it maintained a near monopoly market position in small cardiovascular pumps. The Fund continues to hold this security. Advanced Micro Devices, Inc. (AMD) designs and markets semiconductor products including central processing units (CPUs) and graphics processing units (GPUs). AMD partnered with Taiwan Semiconductor Manufacturing to produce advanced semiconductors that are expected to compete effectively with market leader Intel for the first time in many years. The Fund sold AMD after a strong run in the name pushed valuations higher. Andeavor refines and markets petroleum products. During the second quarter of 2018, Andeavor benefited from a merger offered at a significant premium from Marathon Petroleum Corp. The Fund continues to hold the Marathon Petroleum shares received from this acquisition. Molina Healthcare provides government funded healthcare insurance through Medicaid, Medicare, and state insurance marketplaces. The PM team believes that Molina benefited from a strong cost-cutting initiative instituted by its new management team. The Fund continues to hold this security. The PM team believes that American Eagle Outfitters, Inc., a mall-based clothing retailer, outperformed due, in part, to the growth in market share gained by Aerie, the company’s lingerie brand. The Fund still holds this security.


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Performance Summary and Commentary


Carillon Scout Small Cap Fund

Portfolio Managers | James R. McBride, CFA^®, is Lead Portfolio Manager, and Timothy L. Miller, CFA^® is Co-Portfolio Manager of the Scout Small Cap Fund (the “Fund”). Messrs. McBride and Miller have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. McBride was Co-Portfolio Manager of the Fund’s predecessor from 2010 through 2015 and served as Lead Portfolio Manager of the Fund’s predecessor from 2015 to 2017. Mr. Miller served as Co-Portfolio Manager of the Fund’s predecessor from 2013 to 2017.

Performance discussion | For the fiscal year ended October 31, 2017, the Fund’s Class I shares returned 9.36%, outperforming its benchmark index, the Russell 2000^® Growth Index, which returned 4.13%. The Fund outperformed largely due to positive stock selection, especially the health care and industrials sectors. Within the health care sector, the health care providers and services industry stock selection, which was also positioned largely overweight, was a major contributor to the sector’s relative success. Stock selection within the consumer discretionary and information technology sectors tempered returns. The underweight positioning in the materials sector worked well for the portfolio, while the underweighting in communication services and consumer staples was a drag on performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.

Top performers | Insperity, Inc. provides an array of human resources and business solutions designed to help improve business performance. The Fund’s Portfolio Management team (“PM team”) believes that the holding outperformed as healthy client retention and new sales positioned the company to increase guidance. The PM team believes that good worksite employee (“WSE”) growth as well as gross profit per WSE/month also drove the stock price upward. The Fund continues to hold this security. BioTelemetry, Inc., a medical monitoring and management company, saw strong second quarter results, increased guidance, and well-executed integration synergies from the LifeWatch acquisition that lifted the stock. The Fund continues to hold this security. The Trade Desk, Inc., a global technology company, announced better-than-expected earnings and raised guidance during the third quarter. In addition, Trade Desk has started to experience success in the growth of digital TV ad budgets as well as expectations for new product rollouts. The Fund still holds the security. Molina Healthcare, Inc. provides government-funded healthcare insurance through Medicaid, Medicare, and state insurance marketplaces. The company reported a strong third quarter and increased guidance. The new management team has continued to focus on improved efficiencies and margin performance. The Fund still holds this security. HealthEquity, Inc. provides health savings accounts (HSA) and related services. The holding’s price rose steadily throughout the year, which the PM team believes was driven by growth in custodial assets and higher interest rates. The Fund still holds this security.

Underperformers | The PM team believes that Thor Industries, Inc., a leading manufacturer of motorhomes and towable recreational vehicles (RVs), weakened over concerns about slowing unit growth in the RV industry, heavier dealer inventories, and bad weather that slowed dealer foot traffic during the spring selling season. PM team believes these inventory issues will prove temporary and remains positive on Thor’s future growth prospects. The Fund still holds this security. Installed Building Products, Inc. installs residential insulation. The PM team believes that the company saw stock prices fall due to increased fuel costs, worker compensation, and medical expenses resulting in weaker margins. It also faced headwinds from slower housing starts as rising interest rates impacted housing demand. However revenue results have been positive and the company has continued to diversify its revenue stream by acquiring firms engaged in the installation of other home related items. The Fund still owns this security. Camping World Holdings, Inc. runs RV dealerships. During the first quarter, the stock lagged as the company was unable to file a timely 10-K due to financial reporting issues which have since been corrected. Additionally, the company trailed estimates furthering concerns regarding higher inventory and slowing unit growth within the recreational vehicle industry. Despite the relative underperformance, the PM team believes secular trends point to growth in the RV industry and should benefit the stock. The Fund still holds this security. WageWorks, Inc. is a leading provider and administrator of consumer directed health and commuter benefit programs including Health Savings (HSA) and Flexible Spending (FSA) accounts. The PM team believes that the stock price dropped sharply during the first quarter due to delays in reporting fourth quarter 2017 earnings and filing the company’s 10-K due to an internal financial reporting issue. Looking ahead, the PM team believes WageWorks is positioned to benefit from an increase in the amount of consumer directed plans. The Fund continues to hold this security. Cutera, Inc. develops and manufactures aesthetic laser systems. The PM team believes that the stock underperformed, missing average gross margin estimates, as company management awaited operational and infrastructure improvements to take effect. On the positive side, it appears that Cutera has seen favorable adoption trends with their TruSculpt ID product which, the PM team believes, could provide a strong tailwind for organic growth. The Fund continues to hold this security.


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Performance Summary and Commentary


Carillon Reams Core Bond Fund

Portfolio Managers | Mark M. Egan, CFA^®, is Lead Portfolio Manager, and Thomas M. Fink, CFA^®, Todd C. Thompson, CFA^®, Stephen T. Vincent, CFA^®, Clark W. Holland, CFA^® and Jason Hoyer, CFA^® are Co-Portfolio Managers of the Reams Core Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor and Messrs. Fink and Thompson served as Co-Portfolio Managers of the Fund’s predecessor from its inception in 2001 to 2017. Messrs. Vincent and Holland served as Co-Portfolio Managers of the Fund’s predecessor from 2009 and 2014, respectively, to 2017.

Performance discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned (1.23)%, outperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned (2.05)%. The primary contributor to the Fund’s performance, relative to the benchmark, was the Fund’s lower-than-benchmark duration positioning. Security selection within the investment-grade corporate sector also contributed to relative performance due to the Fund’s overweight to shorter-maturity corporate bonds. The main detractor from relative performance was security selection within the mortgage-backed securities sector. The Fund’s lack of exposure to the Government-Related sector, which outperformed duration-matched U.S. Treasuries, also detracted from relative performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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reimbursements or recoupments, which affect performance, is included in the Fund’s Prospectus dated March 1, 2018, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Top performers | Early in the fiscal year, the portfolio maintained overall interest rate exposure below that of the benchmark. This appeared to benefit the Fund on a relative basis as interest rates rose. As of the date hereof the Fund’s interest rate exposure is similar to that of the benchmark. Two corporate bonds backed by aircraft leases of Delta Airlines, an air transportation provider, contributed to performance due to their higher ratings and shorter maturities as these more defensive positions outperformed the broadly underperforming corporate sector. The Fund continues to hold these positions as the Fund’s Portfolio Management team (“PM team”) continues to prefer a defensive posture in the investment grade corporate sector. Various corporate bonds issued by AT&T, Inc., a company that, through its subsidiaries provides wireline and wireless phone and data communications, internet, and other telecommunications services, outperformed other holdings during the period. The shorter maturity holdings appeared to benefit the Fund due to their defensive characteristics. The Fund continues to hold these positions. The Fund also benefited from several positions in JP Morgan, a provider of global financial services and retail banking. The Fund continues to hold positions in short-maturity bonds issued by JP Morgan. The Commercial Mortgage Backed Security, MSBAM 2015-C26 A3, is a conduit, or trust, of commercial loans originated by Bank of America and Morgan Stanley in 2015. This CMBS contributed to performance as this sector broadly outperformed. The Fund continues to hold this security as the PM team believes that the credit protection and relative spread remains attractive.

Underperformers | Several bonds issued by American Express, a global payments and travel company, underperformed as the PM team believes that a flattening yield curve hurt the outlook for the company’s profitability in the future. The Fund continues to hold these bonds as the PM team believes the stability of the business and cash flow potential will not be impacted in the short term by the flat yield curve. The PM team believes that the bonds issued by Wells Fargo, a diversified financial services company, underperformed as the firm underwent scrutiny regarding its client treatment while also facing profitability concerns with a flat yield curve. The PM team maintains its holdings in these positions as the team is comfortable with asset protections for the short maturity holdings. Fannie Mae Conventional 30 year 3.0% coupon Mortgages underperformed relative to the benchmark as rates rose leading to the duration extension of the underlying mortgage loans. This security remains a holding in the Fund although the Fund is underweight to Agency MBS versus the benchmark. A bond issued by AIG, an international insurance organization, AIG 6.4 12/15/20 underperformed modestly. The Fund continues to hold this position. The PM team believes that a bond issued by Bank of America, a provider of banking, investing, asset management, and other financial services, BAC 3.5 4/19/26 underperformed due to the flat yield curve. The Fund continues to hold this position as the PM team believes the stability of the business and cash flow potential will not be impacted in the short term by the flat yield curve.


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Performance Summary and Commentary


Carillon Reams Core Plus Bond Fund

Portfolio Managers | Mark M. Egan, CFA^®, is Lead Portfolio Manager, and Thomas M. Fink, CFA^®, Todd C. Thompson, CFA^®, Stephen T. Vincent, CFA^®, Clark W. Holland, CFA^® and Jason Hoyer, CFA^® are Co- Portfolio Managers of the Reams Core Plus Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor from its inception in 1996 or from 2000, 2001, 2009 and 2014, respectively, to 2017.

Performance Discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned (2.17)%, underperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned (2.05)%. The main detractor from the Fund’s performance, relative to the benchmark, was security selection within the mortgage-backed securities sector. The Fund’s lack of exposure to the Government-Related sector, which outperformed duration-matched U.S. Treasuries, also detracted from relative performance. Security selection within the investment-grade corporate sector contributed to relative performance due to the Fund’s overweight to shorter-maturity corporate bonds. Exposure to high yield corporate bonds also contributed to relative performance, as this sector outperformed duration-matched U.S. Treasuries. The Fund’s lower-than-benchmark duration positioning also contributed to relative performance. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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Prospectus dated March 1, 2018, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

Underperformers | Several bonds issued by American Express, a global payments and travel company, underperformed as the Fund’s Portfolio Management team (“PM team”) believes that a flattening yield curve hurt the outlook for the company’s profitability in the future. The Fund continues to hold these bonds as the PM team believes the stability of the business and cash flow potential will not be impacted in the short term by the flat yield curve. The PM team believes that bonds issued by Wells Fargo, a diversified financial services company, underperformed as the firm underwent scrutiny regarding its client treatment while also facing profitability concerns with a flat yield curve. The PM team maintains its holdings in these positions as the team is comfortable with asset protections for the short maturity holdings. A bond issued by AIG, an international insurance organization, AIG 6.4 12/15/20 underperformed modestly. The Fund continues to hold this position. The PM team believes that a bond issued by Bank of America, a provider of banking, investing, asset management, and other financial services, BAC 3.5 4/19/26 underperformed due to the flat yield curve. The Fund continues to hold this position as the PM team believes the stability of the business and cash flow potential will not be impacted in the short term by the flat yield curve. Fannie Mae Conventional 30 year 3.0% coupon Mortgages underperformed relative to the benchmark as rates rose leading to the duration extension of the underlying mortgage loans. This security remains a holding in the Fund although the Fund is underweight to Agency MBS versus the benchmark.

Top performers | Early in the fiscal year, the portfolio maintained overall interest rate exposure below that of the benchmark. This appeared to benefit the Fund on a relative basis as interest rates rose. As of the date hereof the Fund’s interest rate exposure is similar to that of the benchmark. Two corporate bonds backed by aircraft leases of Delta Airlines, an air transportation provider, contributed to performance due to their higher ratings and shorter maturities as these more defensive positions outperformed the broadly underperforming corporate sector. The Fund continues to hold these positions as the PM team continues to prefer a defensive posture in the investment grade corporate sector. Various corporate bonds issued by AT&T, Inc., a company that, through its subsidiaries provides wireline and wireless phone and data communications, internet, and other telecommunications services, outperformed other holdings during the period. The shorter maturity holdings appeared to benefit the Fund due to their defensive characteristics. The Fund continues to hold these positions. The Fund also benefited from several positions in JP Morgan, a provider of global financial services and retail banking. The Fund continues to hold positions in short-maturity bonds issued by JP Morgan. The Commercial Mortgage Backed Security, MSBAM 2015-C26 A3, is a conduit, or trust, of commercial loans originated by Bank of America and Morgan Stanley in 2015. This CMBS contributed to performance as this sector broadly outperformed. The Fund continues to hold this security as the PM team believes that the credit protection and relative spread remains attractive. The holding of high yield CDX positively impacted the Fund’s performance during the fiscal year as high yield was the strongest performing sector in the fixed income universe during the fiscal year. The Fund continues to hold positions in high yield CDX.


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Performance Summary and Commentary


Carillon Reams Unconstrained Bond Fund

Portfolio Managers | Mark M. Egan, CFA^®, is Lead Portfolio Manager, and Thomas M. Fink, CFA^®, Todd C. Thompson, CFA^®, Stephen T. Vincent, CFA^®, Clark W. Holland, CFA^® and Jason Hoyer, CFA^® are Co- Portfolio Managers of the Reams Core Plus Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor and Messrs. Fink, Thompson and Vincent served as Co-Portfolio Managers of the Fund’s predecessor from its inception in 2011 to 2017. Mr. Holland served as Co-Portfolio Manager of the Fund’s predecessor from 2014 to 2017.

Performance Discussion | For the fiscal year ended October 31, 2018, the Fund’s Class I shares returned (1.79)%, underperforming its benchmark index, the BofA Merrill Lynch 3-Month LIBOR Constant Maturity Index, which returned 1.85%. The main detractor from the Fund’s performance, relative to the benchmark, was the Fund’s U.S. Treasury holdings. The Fund’s exposure to U.S. Treasury Inflation-Protected Securities and mortgage-backed securities also detracted from relative performance. The Fund’s allocation to investment-grade corporate bonds, high yield corporate bonds, asset-backed securities and commercial mortgage-backed securities added to relative performance, as these sectors outperformed duration-matched U.S. Treasuries. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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Underperformers | During the fiscal year, the portfolio maintained overall interest rate exposure above that of the benchmark. This cost the Fund on a relative basis as interest rates rose. Currently the Fund’s interest rate exposure remains above that of the benchmark which has minimal exposure. Several bonds issued by American Express, a global payments and travel company, underperformed as the Fund’s Portfolio Management team (“PM team”) believes that a flattening yield curve hurt the outlook for the company’s profitability in the future. The Fund continues to hold these bonds as the PM team believes the stability of the business and cash flow potential will not be impacted in the short term by the flat yield curve. The PM team believes that bonds issued by Wells Fargo, a diversified financial services company, underperformed as the firm underwent scrutiny regarding its client treatment while also facing profitability concerns with a flat yield curve. The PM team maintains its holdings in these positions as the team is comfortable with asset protections for the short maturity holdings. Fannie Mae Conventional 30 year 3.0% coupon Mortgages underperformed as rates rose and led to the duration extension of the underlying mortgage loans. This security remains a holding in the Fund. The PM team believes that various bonds issued by the Ford Motor Company, a manufacturer and servicer of cars and trucks, detracted from performance over concerns that a global trade war and slowing economy would hurt profitability. The PM team continues to hold positions in this issuer as they offer attractive upside and limited downside due to assets and cash flow available to service the debt.

Top performers | Two corporate bonds backed by aircraft leases of American Airlines, an air transportation provider, contributed to performance due to their higher ratings and shorter maturities as these more defensive positions outperformed the broadly underperforming corporate sector. The Fund continues to hold these positions as the PM team continues to prefer a defensive posture in the investment grade corporate sector. Various corporate bonds issued by AT&T, Inc., a company that, through its subsidiaries provides wireline and wireless phone and data communications, internet, and other telecommunications services, outperformed other holdings during the period. The shorter maturity holdings appeared to benefit the Fund due to their defensive characteristics. The Fund continues to hold these positions. The Fund also benefited from several positions in JP Morgan, a provider of global financial services and retail banking. The Fund continues to hold positions in short-maturity bonds issued by JP Morgan. The Commercial Mortgage Backed Security, GSMS 2014-GC22 A3, is a conduit, or trust, of commercial loans originated by Citigroup and GoldmanSachs in 2014. This CMBS contributed to performance as this sector broadly outperformed. The Fund continues to hold this security as the PM team believes that the credit protection and relative spread remains attractive. The holding of high yield CDX positively impacted the Fund’s performance during the fiscal year as high yield was the strongest performing sector in the fixed income universe during the fiscal year. The Fund continues to hold positions in high yield CDX.


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Description of Indices

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The returns of the index do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The BofA Merrill Lynch 3-Month LIBOR Constant Maturity Index represents the London interbank offered rate (LIBOR) with a constant three-month average maturity. Published by the British Bankers’ Association, LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market.

The MSCI ACWI^® Index captures large and mid cap representation across 23 developed markets and 23 emerging markets countries. With 2,484 constituents, the index covers approximately 85% of the global investable equity opportunity set.

The MSCI EAFE^® Index is an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the US and Canada. With 928 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

The S&P 500^® Index is an unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.


14

Investment Portfolios

10.31.2018


CARILLON CLARIVEST CAPITAL APPRECIATION FUND
COMMON STOCKS—99.8%	Shares		Value
Aerospace & defense—2.5%
Northrop Grumman Corp.		5,600		$1,466,920
The Boeing Co.		28,400		10,078,024

Airlines—1.1%
United Continental Holdings, Inc.*		57,000		4,874,070

Beverages—1.3%
The Coca-Cola Co.		119,800		5,736,024

Biotechnology—4.1%
AbbVie, Inc.		72,000		5,605,200
Amgen, Inc.		44,100		8,502,039
Biogen, Inc.*		8,200		2,495,014
Celgene Corp.*		27,200		1,947,520

Capital markets—1.7%
E*TRADE Financial Corp.		46,500		2,298,030
The Goldman Sachs Group, Inc.		25,000		5,634,250

Communications equipment—1.9%
Cisco Systems, Inc.		131,400		6,011,550
Palo Alto Networks, Inc.*		13,500		2,471,040

Consumer finance—0.6%
Capital One Financial Corp.		30,000		2,679,000

Containers & packaging—0.3%
Owens-Illinois, Inc.*		100,700		1,577,969

Entertainment—1.7%
Activision Blizzard, Inc.		63,800		4,405,390
The Walt Disney Co.		27,300		3,134,859

Equity real estate investment trusts (REITs)—0.9%
Simon Property Group, Inc.		23,300		4,276,016

Food & staples retailing—1.1%
Wal-Mart, Inc.		47,600		4,773,328

Food products—1.3%
Archer-Daniels-Midland Co.		67,100		3,170,475
Tyson Foods, Inc., Class A		44,800		2,684,416

Health care equipment & supplies—1.8%
Intuitive Surgical, Inc.*		5,600		2,918,608
The Cooper Companies, Inc.		20,400		5,269,524

Health care providers & services—6.9%
Aetna, Inc.		31,600		6,269,440
Centene Corp.*		29,370		3,827,498
CVS Health Corp.		26,400		1,911,096
Laboratory Corp. of America Holdings*		18,700		3,002,285
UnitedHealth Group, Inc.		62,400		16,308,240

Hotels, restaurants & leisure—1.4%
Dominos Pizza, Inc.		12,200		3,279,238
Wyndham Destinations, Inc.		38,400		1,377,792
Wyndham Hotels & Resorts, Inc.		38,359		1,890,715

Household durables—0.8%
D.R. Horton, Inc.		94,800		3,409,008

Insurance—1.4%
The Progressive Corp.		87,800		6,119,660

Interactive media & services—7.4%
Alphabet, Inc., Class A*		9,614		10,484,836
Alphabet, Inc., Class C*		9,612		10,349,913
Facebook, Inc., Class A*		63,400		9,623,486
Twitter, Inc.*		86,300		2,998,925



COMMON STOCKS—99.8%	Shares		Value
Internet & direct marketing retail—5.1%
Amazon.com, Inc.*		14,400		$ 23,011,344

IT services—10.8%
Amdocs Ltd.		54,800		3,467,196
Fiserv, Inc.*		72,100		5,717,530
Global Payments, Inc.		21,700		2,478,791
MasterCard, Inc., Class A		60,330		11,925,431
PayPal Holdings, Inc.*		42,300		3,561,237
Visa, Inc., Class A		107,800		14,860,230
Worldpay, Inc., Class A*		73,846		6,782,017

Life sciences tools & services—1.4%
Thermo Fisher Scientific, Inc.		26,900		6,285,185

Machinery—2.0%
Caterpillar, Inc.		34,900		4,234,068
Ingersoll-Rand PLC		37,100		3,559,374
Oshkosh Corp.		21,000		1,178,940

Media—0.5%
Comcast Corp., Class A		60,800		2,318,912

Metals & mining—0.5%
Steel Dynamics, Inc.		52,300		2,071,080

Multiline retail—1.2%
Kohl’s Corp.		70,833		5,364,183

Oil, gas & consumable fuels—2.1%
Occidental Petroleum Corp.		56,500		3,789,455
Phillips 66		29,500		3,033,190
Valero Energy Corp.		30,400		2,769,136

Pharmaceuticals—2.8%
Johnson & Johnson		37,600		5,263,624
Merck & Co., Inc.		98,700		7,265,307

Real estate management & development—0.9%
CBRE Group, Inc., Class A*		100,485		4,048,541

Road & rail—3.0%
CSX Corp.		102,600		7,065,036
Norfolk Southern Corp.		38,600		6,478,238

Semiconductors & semiconductor equipment—2.2%
KLA-Tencor Corp.		19,600		1,794,184
Micron Technology, Inc.*		56,800		2,142,496
NVIDIA Corp.		29,200		6,156,236

Software—12.8%
Adobe, Inc.*		43,000		10,567,680
Microsoft Corp.		320,700		34,253,967
salesforce.com, Inc.*		55,800		7,657,992
Synopsys, Inc.*		61,700		5,524,001

Specialty retail—4.2%
Burlington Stores, Inc.*		28,581		4,901,356
Ross Stores, Inc.		36,300		3,593,700
The Home Depot, Inc.		59,100		10,394,508

Technology hardware, storage & peripherals—9.2%
Apple, Inc.		160,166		35,053,931
NetApp, Inc.		87,400		6,860,026

Textiles, apparel & luxury goods—2.1%
Michael Kors Holdings Ltd.*		40,700		2,255,187
PVH Corp.		39,200		4,734,968
VF Corp.		31,600		2,619,008


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

Investment Portfolios

10.31.2018

CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)

COMMON STOCKS—99.8%

Shares

Value

Trading companies & distributors—0.8%

United Rentals, Inc.*

29,500

$ 3,542,065

Total common stocks (cost $303,721,853)

451,440,748

Total investment portfolio (cost $303,721,853)—99.8%

451,440,748

Other assets in excess of liabilities—0.2%

902,793

Total net assets—100.0%

$452,343,541

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Information technology		37.0%
Health care		17.0%
Consumer discretionary		14.8%
Communication services		9.6%
Industrials		9.4%
Financials		3.7%
Consumer staples		3.6%
Energy		2.1%
Real estate		1.8%
Materials		0.8%



CARILLON CLARIVEST INTERNATIONAL STOCK FUND
COMMON STOCKS—96.0%	Shares		Value
Australia—3.1%
CSL Ltd.		1,284		$171,410
Qantas Airways Ltd.		30,892		119,915
Santos Ltd.		42,348		198,764
St Barbara Ltd.		20,147		59,474

Belgium—0.2%
Anheuser-Busch InBev S.A./N.V.		395		29,215

Denmark—1.2%
DFDS A/S		1,738		74,387
GN Store Nord A/S		1,284		54,466
Royal Unibrew A/S		1,205		85,509

Finland—1.2%
Neste OYJ		1,679		137,870
Stora Enso OYJ, Class R		4,958		74,495

France—7.7%
Air France-KLM*		9,718		93,955
BNP Paribas S.A.		2,173		113,243
Cie Generale des Etablissements Michelin		691		70,740
Credit Agricole S.A.		9,560		122,439
Eiffage S.A.		2,686		262,319
ENGIE S.A.		4,247		56,430
Peugeot S.A.		12,108		287,815
Renault S.A.		1,857		138,669
VINCI S.A.		2,370		210,927



COMMON STOCKS—96.0%	Shares		Value
Germany—7.1%
Allianz SE		1,834		$ 382,057
BASF SE		1,975		151,558
CANCOM SE		1,659		67,643
Covestro AG		3,950		254,729
Deutsche Lufthansa AG		2,844		57,088
ProSiebenSat.1 Media SE		2,469		57,013
Siltronic AG		649		59,438
TAG Immobilien AG		4,069		92,822
Wirecard AG		652		121,960

Hong Kong—0.4%
CK Asset Holdings Ltd.		9,672		62,943

Israel—2.7%
Bank Leumi Le-Israel B.M.		13,036		81,289
Israel Discount Bank Ltd., Class A		47,286		154,529
Teva Pharmaceutical Industries Ltd., Sponsored ADR		9,900		197,802
Tower Semiconductor Ltd.*		2,686		41,627

Italy—2.8%
Enel SpA		55,503		272,134
Eni SpA		8,059		143,125
Intesa Sanpaolo SpA		30,438		67,422

Japan—29.0%
ANA Holdings, Inc.		2,000		67,251
Asahi Group Holdings Ltd.		3,400		149,413
Cosmo Energy Holdings Co. Ltd.		1,900		69,879
Fuji Soft, Inc.		4,000		183,269
Haseko Corp.		9,100		115,312
Hitachi Ltd.		8,000		244,562
Honda Motor Co. Ltd.		5,900		168,419
ITOCHU Corp.		23,700		439,539
JXTG Holdings, Inc.		29,600		200,007
KDDI Corp.		4,000		96,799
Kyocera Corp.		2,000		108,246
Marubeni Corp.		55,300		448,411
Meiko Electronics Co. Ltd.		2,000		50,015
Mitsubishi Chemical Holdings Corp.		7,900		61,584
Mitsubishi Corp.		4,000		112,581
Mitsubishi UFJ Financial Group, Inc.		31,600		191,259
Mitsui Chemicals, Inc.		4,000		89,697
Nihon Unisys Ltd.		2,000		43,828
Nippon Carbon Co. Ltd.		1,800		101,789
Nippon Light Metal Holdings Co. Ltd.		13,400		28,255
Nippon Suisan Kaisha Ltd.		9,900		63,238
Nippon Telegraph & Telephone Corp.		7,900		325,785
Nipro Corp.		5,900		75,132
NS Solutions Corp.		4,000		119,369
Penta-Ocean Construction Co. Ltd.		11,500		68,801
Ricoh Co. Ltd.		9,900		98,825
SCREEN Holdings Co. Ltd.		2,000		108,725
Showa Denko KK		1,600		69,670
SoftBank Group Corp.		2,000		158,278
Sony Corp.		4,000		216,467
Sumitomo Corp.		11,900		180,483
Sumitomo Mitsui Financial Group, Inc.		4,000		155,740
The Hiroshima Bank Ltd.		7,900		48,728
The Kansai Electric Power Co., Inc.		11,900		182,135
Toyota Motor Corp.		4,000		234,324


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

Investment Portfolios

10.31.2018


CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)
COMMON STOCKS—96.0%	Shares		Value
Netherlands—3.7%
Aegon N.V.		17,105		$104,899
ASR Nederland N.V.		1,205		54,703
Koninklijke Ahold Delhaize N.V.		2,726		62,399
NN Group N.V.		7,427		318,900
NXP Semiconductors N.V.		1,397		104,761

Norway—0.8%
Leroy Seafood Group ASA		15,308		141,116

Singapore—0.2%
Yanlord Land Group Ltd.		39,500		36,025

Spain—2.1%
Almirall S.A.		2,548		46,164
Banco Bilbao Vizcaya Argentaria S.A.		12,128		66,935
Banco Santander S.A.		17,876		85,053
Iberdrola S.A.		15,011		106,215
Repsol S.A.		3,674		65,650

Sweden—3.2%
Ahlsell AB		23,169		117,269
Boliden AB		2,528		57,731
SSAB AB, Class B		12,997		42,150
Svenska Cellulosa AB SCA, Class B		16,532		156,284
Volvo AB, Class B		12,720		189,963

Switzerland—14.3%
Lonza Group AG*		1,264		397,451
Nestle S.A.		5,452		460,275
Novartis AG		5,215		456,690
Roche Holding AG		1,659		403,738
Straumann Holding AG		277		189,082
Swiss Life Holding AG*		553		208,600
UBS Group AG*		10,646		148,800
Zurich Insurance Group AG		751		233,172

United Kingdom—16.3%
3i Group PLC		18,922		211,876
Ashtead Group PLC		5,531		136,543
Aviva PLC		19,811		108,265
Barclays PLC		64,826		142,831
Bellway PLC		2,923		107,209
BP PLC		49,972		360,984
Electrocomponents PLC		7,921		62,714
GlaxoSmithKline PLC		15,683		303,745
HSBC Holdings PLC		15,525		127,764
Imperial Brands PLC		3,259		110,391
Lloyds Banking Group PLC		145,789		106,388
Persimmon PLC		2,627		76,885
Redrow PLC		7,367		49,742
Royal Dutch Shell PLC, Class B		14,616		476,671
Shire PLC		1,620		97,768
Standard Chartered PLC		12,740		89,291
Tesco PLC		102,039		277,896
Total common stocks (cost $16,642,595)				16,804,024

PREFERRED STOCKS—1.1%

Shares

Value

Germany—1.1%

Volkswagen AG

1,126

$ 189,170

Total preferred stocks (cost $211,783)

189,170

Total investment portfolio (cost $16,854,378)—97.1%

16,993,194

Other assets in excess of liabilities—2.9%

498,716

Total net assets—100.0%

$17,491,910

* Non-income producing security

ADR—American Depository Receipt



Sector allocation (unaudited)
Sector	Percent of net assets
Financials		19.0%
Industrials		15.3%
Health care		13.7%
Consumer discretionary		9.5%
Energy		9.4%
Information technology		8.1%
Consumer staples		7.9%
Materials		6.0%
Communication services		3.6%
Utilities		3.5%
Real estate		1.1%



Industry allocation (unaudited)
Industry	Value		Percent of net assets
Oil, gas & consumable fuels		$1,652,950		9.4%
Banks		1,552,912		8.9%
Trading companies & distributors		1,434,827		8.2%
Insurance		1,410,595		8.1%
Pharmaceuticals		1,408,139		8.1%
Automobiles		1,018,397		5.8%
Food products		664,628		3.8%
Chemicals		627,237		3.6%
Household durables		565,614		3.2%
Electric utilities		560,483		3.2%
Construction & engineering		542,047		3.1%
Electronic equipment, instruments & components		465,537		2.7%
Life sciences tools & services		397,451		2.3%
Capital markets		360,676		2.1%
IT services		352,801		2.0%
Food & staples retailing		340,295		1.9%


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

Investment Portfolios

10.31.2018


CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)
Industry allocation (unaudited) (cont’d)
Industry	Value		Percent of net assets
Airlines		$338,209		1.9%
Diversified telecommunication services		325,785		1.9%
Health care equipment & supplies		318,680		1.8%
Semiconductors & semiconductor equipment		314,552		1.8%
Biotechnology		269,179		1.5%
Beverages		264,137		1.5%
Wireless telecommunication services		255,077		1.5%
Paper & forest products		230,779		1.3%
Real estate management & development		191,790		1.1%
Machinery		189,963		1.1%
Metals & mining		187,610		1.1%
Software		183,269		1.0%
Tobacco		110,391		0.6%
Electrical equipment		101,789		0.6%
Technology hardware, storage & peripherals		98,825		0.6%
Marine		74,387		0.4%
Auto components		70,740		0.4%
Media		57,013		0.3%
Multi-utilities		56,430		0.3%

CARILLON COUGAR TACTICAL ALLOCATION FUND

EXCHANGE TRADED FUNDS—96.3%

Shares

Value

Equity—78.9%

iShares Core S&P 500 ETF

43,126

$11,763,048

iShares Core S&P Mid-Cap ETF

19,306

3,514,657

iShares Core S&P Small-Cap ETF

45,131

3,522,475

Fixed Income—17.4%

iShares Core U.S. Aggregate Bond ETF

39,531

4,134,547

Total exchange traded funds (cost $22,460,123)

22,934,727

Total investment portfolio (cost $22,460,123)—96.3%

22,934,727

Other assets in excess of liabilities—3.7%

875,694

Total net assets—100.0%

$23,810,421

ETF—Exchange Traded Fund



Asset allocation (unaudited)
Asset class	Percent of net assets
Equity		78.9%
Fixed income		17.4%


CARILLON EAGLE GROWTH & INCOME FUND
COMMON STOCKS—97.1%	Shares		Value
Aerospace & defense—3.1%
Lockheed Martin Corp.		62,717		$18,429,390

Banks—10.6%
JPMorgan Chase & Co.		229,239		24,991,636
The PNC Financial Services Group, Inc.		160,363		20,605,042
Wells Fargo & Co.		319,147		16,988,195

Beverages—5.5%
PepsiCo, Inc.		125,033		14,051,209
The Coca-Cola Co.		381,274		18,255,399

Building products—0.0%
Resideo Technologies, Inc. (fractional shares held)*		0		7

Chemicals—1.8%
DowDuPont, Inc.		195,548		10,543,948

Communications equipment—3.4%
Cisco Systems, Inc.		435,591		19,928,288

Diversified telecommunication services—2.4%
AT&T, Inc.		470,379		14,431,228

Electric utilities—2.1%
Evergy, Inc.		223,075		12,489,969

Entertainment—3.7%
Cinemark Holdings, Inc.		532,985		22,156,187

Equity real estate investment trusts (REITs)—6.6%
Camden Property Trust		84,220		7,602,539
Crown Castle International Corp.		133,244		14,488,953
Prologis, Inc.		181,972		11,731,735
Simon Property Group, Inc.		29,486		5,411,271

Food & staples retailing—2.5%
Sysco Corp.		205,571		14,663,379

Health care equipment & supplies—5.1%
Abbott Laboratories		220,038		15,169,420
Medtronic PLC		167,304		15,027,245

Hotels, restaurants & leisure—5.1%
Carnival Corp.		304,116		17,042,660
McDonald’s Corp.		73,692		13,036,115

Household products—2.1%
The Procter & Gamble Co.		143,730		12,745,976

Industrial conglomerates—5.4%
3M Co.		60,520		11,514,535
Honeywell International, Inc.		140,144		20,295,654

Multi-utilities—2.0%
Sempra Energy		107,570		11,845,608

Oil, gas & consumable fuels—7.7%
Chevron Corp.		139,720		15,599,738
Occidental Petroleum Corp.		206,660		13,860,686
TOTAL S.A., Sponsored ADR		276,456		16,200,322

Pharmaceuticals—11.4%
Johnson & Johnson		148,400		20,774,516
Merck & Co., Inc.		223,566		16,456,694
Novartis AG, Sponsored ADR		142,496		12,462,700
Pfizer, Inc.		419,251		18,052,948

Road & rail—3.0%
Union Pacific Corp.		121,336		17,741,750


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

Investment Portfolios

10.31.2018

CARILLON EAGLE GROWTH & INCOME FUND (cont’d)

COMMON STOCKS—97.1%

Shares

Value

Software—4.8%

Microsoft Corp.

264,026

$ 28,200,617

Specialty retail—1.7%

The Home Depot, Inc.

57,027

10,029,909

Technology hardware, storage & peripherals—4.7%

Apple, Inc.

128,193

28,056,320

Tobacco—2.4%

Altria Group, Inc.

214,522

13,952,511

Total common stocks (cost $377,354,355)

574,834,299

Total investment portfolio (cost $377,354,355)—97.1%

574,834,299

Other assets in excess of liabilities—2.9%

17,305,886

Total net assets—100.0%

$592,140,185

* Non-income producing security

ADR—American depository receipt



Sector allocation (unaudited)
Sector	Percent of net assets
Health care		16.5%
Information technology		12.9%
Consumer staples		12.4%
Industrials		11.5%
Financials		10.6%
Energy		7.7%
Consumer discretionary		6.8%
Real estate		6.6%
Communication services		6.2%
Utilities		4.1%
Materials		1.8%



CARILLON EAGLE MID CAP GROWTH FUND
COMMON STOCKS—96.7%	Shares		Value
Aerospace & defense—1.9%
Harris Corp.		282,079		$41,947,968
Hexcel Corp.		672,008		39,325,908

Air freight & logistics—0.9%
C.H. Robinson Worldwide, Inc.		447,345		39,827,125

Auto components—1.4%
Aptiv PLC		460,823		35,391,206
Veoneer, Inc.*		770,396		25,869,898

Beverages—1.8%
Constellation Brands, Inc., Class A		112,708		22,454,815
Monster Beverage Corp.*		1,077,237		56,931,975

Biotechnology—3.3%
Bluebird Bio, Inc.*		185,686		21,298,184
Exact Sciences Corp.*		325,167		23,103,116



COMMON STOCKS—96.7%	Shares		Value
Biotechnology (cont’d)
Sage Therapeutics, Inc.*		227,166		$29,231,721
Sarepta Therapeutics, Inc.*		306,703		41,024,593
Seattle Genetics, Inc.*		453,409		25,449,847

Building products—2.3%
A.O. Smith Corp.		705,682		32,129,701
Allegion PLC		280,246		24,025,490
Fortune Brands Home & Security, Inc.		948,381		42,515,920

Capital markets—5.4%
Ameriprise Financial, Inc.		524,111		66,687,884
MarketAxess Holdings, Inc.		268,204		56,234,333
Moody’s Corp.		282,845		41,148,290
Morningstar, Inc.		216,751		27,050,525
MSCI, Inc.		267,154		40,174,618

Chemicals—0.8%
Huntsman Corp.		1,591,733		34,827,118

Commercial services & supplies—3.1%
Ritchie Bros Auctioneers, Inc.		673,811		22,646,788
Waste Connections, Inc.		1,440,657		110,123,821

Construction & engineering—0.7%
Fluor Corp.		708,162		31,059,985

Construction materials—1.4%
Martin Marietta Materials, Inc.		341,353		58,466,942

Distributors—1.4%
Pool Corp.		405,916		59,162,257

Diversified consumer services—1.6%
Bright Horizons Family Solutions, Inc.*		333,339		38,303,984
ServiceMaster Global Holdings, Inc.*		666,162		28,565,027

Diversified telecommunication services—0.9%
Zayo Group Holdings, Inc.*		1,281,371		38,287,366

Electronic equipment, instruments & components—6.5%
Amphenol Corp., Class A		546,582		48,919,089
Cognex Corp.		1,201,446		51,469,947
Coherent, Inc.*		301,601		37,139,147
FLIR Systems, Inc.		1,024,553		47,447,049
IPG Photonics Corp.*		225,372		30,098,431
Keysight Technologies, Inc.*		1,091,269		62,289,634

Entertainment—2.5%
Electronic Arts, Inc.*		310,371		28,237,554
Lions Gate Entertainment Corp., Class A		1,379,903		26,438,941
Spotify Technology S.A.*		202,201		30,267,468
Take-Two Interactive Software, Inc.*		176,218		22,709,214

Equity real estate investment trusts (REITs)—1.9%
SBA Communications Corp.*		500,952		81,239,386

Health care equipment & supplies—6.5%
ABIOMED, Inc.*		118,638		40,479,286
Align Technology, Inc.*		207,644		45,930,853
DexCom, Inc.*		203,938		27,076,848
Edwards Lifesciences Corp.*		358,559		52,923,308
IDEXX Laboratories, Inc.*		329,240		69,838,389
Intuitive Surgical, Inc.*		77,953		40,627,545

Health care providers & services—2.3%
Centene Corp.*		516,320		67,286,822
WellCare Health Plans, Inc.*		107,430		29,649,606


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

Investment Portfolios

10.31.2018


CARILLON EAGLE MID CAP GROWTH FUND (cont’d)
COMMON STOCKS—96.7%	Shares		Value
Hotels, restaurants & leisure—3.2%
Chipotle Mexican Grill, Inc.*		87,227		$ 40,153,205
Royal Caribbean Cruises Ltd.		404,300		42,342,339
Vail Resorts, Inc.		210,964		53,019,472

Insurance—1.2%
The Progressive Corp.		766,887		53,452,024

Interactive media & services—3.0%
IAC/InterActiveCorp*		264,518		52,001,593
Twitter, Inc.*		2,197,913		76,377,477

Internet & direct marketing retail—1.9%
Qurate Retail, Inc., Class A*		3,786,973		83,086,188

IT services—4.6%
Global Payments, Inc.		357,634		40,852,532
Perspecta, Inc.		1,855,776		45,447,954
Shopify, Inc., Class A*		232,152		32,071,799
Square, Inc., Class A*		390,981		28,717,554
Worldpay, Inc., Class A*		529,696		48,647,281

Leisure products—1.0%
Brunswick Corp.		824,377		42,859,360

Life sciences tools & services—2.8%
Illumina, Inc.*		153,154		47,653,867
IQVIA Holdings, Inc.*		395,495		48,618,200
PRA Health Sciences, Inc.*		263,780		25,552,369

Machinery—0.9%
WABCO Holdings, Inc.*		352,909		37,920,072

Media—1.8%
Sirius XM Holdings, Inc.		12,755,822		76,790,049

Multiline retail—1.1%
Dollar Tree, Inc.*		572,656		48,274,901

Oil, gas & consumable fuels—2.1%
Diamondback Energy, Inc.		456,379		51,278,744
Parsley Energy, Inc., Class A*		1,612,923		37,774,657

Pharmaceuticals—1.2%
Zoetis, Inc.		586,860		52,905,429

Professional services—3.4%
IHS Markit Ltd.*		1,253,275		65,834,536
TransUnion		1,245,049		81,861,972

Road & rail—0.7%
Old Dominion Freight Line, Inc.		228,848		29,846,356

Semiconductors & semiconductor equipment—4.2%
Advanced Micro Devices, Inc.*		3,205,132		58,365,454
Maxim Integrated Products, Inc.		875,707		43,802,864
Microchip Technology, Inc.		629,874		41,433,112
NVIDIA Corp.		167,924		35,403,417

Software—9.5%
Autodesk, Inc.*		348,444		45,036,387
PTC, Inc.*		546,943		45,073,573
ServiceNow, Inc.*		306,229		55,439,698
Splunk, Inc.*		609,593		60,861,765
Synopsys, Inc.*		549,196		49,169,518
Tableau Software, Inc., Class A*		509,134		54,314,415
The Ultimate Software Group, Inc.*		178,366		47,557,726
Tyler Technologies, Inc.*		226,510		47,943,107



COMMON STOCKS—96.7%	Shares		Value
Specialty retail—3.9%
AutoZone, Inc.*		58,671		$ 43,033,418
Burlington Stores, Inc.*		719,108		123,319,831

Textiles, apparel & luxury goods—2.2%
Canada Goose Holdings, Inc.*		538,313		29,375,740
Lululemon Athletica, Inc.*		474,815		66,820,715

Trading companies & distributors—1.4%
United Rentals, Inc.*		255,906		30,726,633
W.W. Grainger, Inc.		107,950		30,654,562
Total common stocks (cost $3,613,996,333)				4,145,006,787

Total investment portfolio (cost $3,613,996,333)—96.7%				4,145,006,787

Other assets in excess of liabilities—3.3%				143,000,026

Total net assets—100.0%				$4,288,006,813

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Information technology		24.7%
Consumer discretionary		17.7%
Health care		16.1%
Industrials		15.4%
Communication services		8.2%
Financials		6.6%
Materials		2.2%
Energy		2.1%
Real estate		1.9%
Consumer staples		1.8%



CARILLON EAGLE SMALL CAP GROWTH FUND
COMMON STOCKS—99.5%	Shares		Value
Aerospace & defense—2.4%
Aerojet Rocketdyne Holdings, Inc.*		1,516,519		$53,563,451
Hexcel Corp.		1,027,847		60,149,607

Auto components—1.0%
Visteon Corp.*		578,152		45,697,134

Banks—3.0%
Glacier Bancorp, Inc.		1,244,173		52,752,935
Texas Capital Bancshares, Inc.*		746,348		48,684,280
UMB Financial Corp.		603,785		38,551,672

Biotechnology—10.9%
Acceleron Pharma, Inc.*		657,640		33,388,383
Aimmune Therapeutics, Inc.*		964,906		25,647,201
Amicus Therapeutics, Inc.*		1,859,320		20,787,197
Atara Biotherapeutics, Inc.*		1,286,445		43,957,826
Biohaven Pharmaceutical Holding Co. Ltd.*		690,417		24,889,533
Blueprint Medicines Corp.*		566,166		34,405,908


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

Investment Portfolios

10.31.2018


CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)
COMMON STOCKS—99.5%	Shares		Value
Biotechnology (cont’d)
Dynavax Technologies Corp.*		1,636,176		$ 16,181,781
Exact Sciences Corp.*		453,023		32,187,284
FibroGen, Inc.*		708,315		30,365,464
Heron Therapeutics, Inc.*		1,274,695		35,385,533
Kura Oncology, Inc.*		1,502,217		16,329,099
Ligand Pharmaceuticals, Inc.*		224,422		36,986,990
Loxo Oncology, Inc.*		256,146		39,103,248
Progenics Pharmaceuticals, Inc.*		3,948,024		19,779,600
Sage Therapeutics, Inc.*		262,656		33,798,574
Sarepta Therapeutics, Inc.*		522,334		69,867,396

Building products—2.5%
Builders FirstSource, Inc.*		3,048,889		37,745,246
Trex Co., Inc.*		1,261,900		77,354,470

Capital markets—1.3%
PJT Partners, Inc., Class A		694,343		31,481,512
Stifel Financial Corp.		612,446		28,001,031

Chemicals—3.5%
Quaker Chemical Corp.		683,441		122,951,036
Sensient Technologies Corp.		619,608		40,187,775

Commercial services & supplies—1.7%
Ritchie Bros Auctioneers, Inc.		1,436,989		48,297,201
The Brink’s Co.		495,004		32,828,665

Communications equipment—0.7%
Lumentum Holdings, Inc.*		594,857		32,508,935

Construction materials—0.6%
Summit Materials, Inc., Class A*		2,180,026		29,430,351

Consumer finance—2.5%
FirstCash, Inc.		529,354		42,560,062
Green Dot Corp., Class A*		954,592		72,300,798

Distributors—0.6%
Pool Corp.		195,828		28,541,931

Diversified consumer services—0.8%
Weight Watchers International, Inc.*		578,118		38,213,600

Electrical equipment—1.2%
Bloom Energy Corp., Class A*		826,442		19,627,997
Thermon Group Holdings, Inc.*		1,616,313		34,880,035

Electronic equipment, instruments & components—4.5%
Cognex Corp.		1,426,764		61,122,570
Coherent, Inc.*		566,591		69,770,015
IPG Photonics Corp.*		338,736		45,238,193
Littelfuse, Inc.		180,457		32,691,590

Entertainment—0.8%
Take-Two Interactive Software, Inc.*		300,445		38,718,347

Equity real estate investment trusts (REITs)—1.2%
Seritage Growth Properties, Class A		1,032,564		39,258,083
The GEO Group, Inc.		663,576		14,671,666

Food & staples retailing—1.6%
Casey’s General Stores, Inc.		580,187		73,167,383

Health care equipment & supplies—8.0%
AxoGen, Inc.*		635,364		23,692,724
Haemonetics Corp.*		424,133		44,309,174
Inogen, Inc.*		139,746		26,491,649
Insulet Corp.*		404,355		35,668,155



COMMON STOCKS—99.5%	Shares		Value
Health care equipment & supplies (cont’d)
Merit Medical Systems, Inc.*		1,068,907		$ 61,055,968
Natus Medical, Inc.*		1,206,572		36,052,371
NuVasive, Inc.*		739,039		41,511,821
Penumbra, Inc.*		197,677		26,884,072
Quidel Corp.*		397,803		25,602,601
Tandem Diabetes Care, Inc.*		732,007		27,530,783
West Pharmaceutical Services, Inc.		235,498		24,943,948

Health care providers & services—2.7%
Encompass Health Corp.		348,769		23,472,154
HealthEquity, Inc.*		752,482		69,077,848
Tivity Health, Inc.*		992,903		34,165,792

Health care technology—4.3%
Evolent Health, Inc., Class A*		1,633,453		36,262,656
Medidata Solutions, Inc.*		511,726		35,974,338
Omnicell, Inc.*		500,403		35,378,492
Teladoc Health, Inc.*		1,357,735		94,145,345

Hotels, restaurants & leisure—5.4%
Dave & Buster’s Entertainment, Inc.		803,966		47,876,175
Penn National Gaming, Inc.*		2,403,342		58,353,144
Planet Fitness, Inc., Class A*		2,133,092		104,713,486
Wingstop, Inc.		712,878		44,640,421

Household durables—1.0%
Universal Electronics, Inc.*		1,502,697		46,989,335

Insurance—0.9%
Enstar Group Ltd.*		244,572		44,414,275

Internet & direct marketing retail—2.0%
Etsy, Inc.*		568,092		24,155,272
Nutrisystem, Inc.		1,957,557		69,610,727

IT services—1.2%
Everi Holdings, Inc.*		4,272,139		30,759,401
EVO Payments, Inc., Class A*		975,000		23,146,500

Life sciences tools & services—1.8%
NeoGenomics, Inc.*		2,002,651		36,928,884
PRA Health Sciences, Inc.*		504,819		48,901,817

Machinery—6.0%
Chart Industries, Inc.*		1,216,688		82,795,618
Graco, Inc.		947,349		38,490,790
John Bean Technologies Corp.		684,254		71,141,888
Kennametal, Inc.		890,978		31,585,170
Woodward, Inc.		777,879		57,283,010

Multiline retail—1.5%
Ollie’s Bargain Outlet Holdings, Inc.*		764,657		71,036,635

Oil, Gas & Consumable Fuels—0.6%
Viper Energy Partners LP		825,400		29,681,384

Pharmaceuticals—1.8%
Cymabay Therapeutics, Inc.*		2,061,772		21,751,695
Horizon Pharma PLC*		1,805,886		32,885,184
Zogenix, Inc.*		693,531		28,961,854

Professional services—0.3%
WageWorks, Inc.*		368,864		14,684,476

Road & rail—1.2%
Landstar System, Inc.		583,979		58,450,458


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

Investment Portfolios

10.31.2018


CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)
COMMON STOCKS—99.5%	Shares		Value
Semiconductors & semiconductor equipment—2.3%
Cabot Microelectronics Corp.		252,552		$24,654,126
Entegris, Inc.		2,077,267		55,130,666
Silicon Laboratories, Inc.*		367,464		29,959,340

Software—11.7%
Alarm.com Holdings, Inc.*		648,459		28,843,456
Cornerstone OnDemand, Inc.*		1,509,541		74,344,894
Ellie Mae, Inc.*		355,896		23,588,787
Guidewire Software, Inc.*		636,923		56,667,039
Manhattan Associates, Inc.*		785,826		37,515,333
Pegasystems, Inc.		1,065,831		57,043,275
Proofpoint, Inc.*		486,515		44,248,539
PTC, Inc.*		423,284		34,882,835
RealPage, Inc.*		1,568,452		83,127,956
SailPoint Technologies Holding, Inc.*		1,373,769		35,772,945
Tableau Software, Inc., Class A*		363,248		38,751,297
The Ultimate Software Group, Inc.*		126,956		33,850,278

Specialty retail—4.9%
At Home Group, Inc.*		1,336,549		36,541,250
Camping World Holdings, Inc., Class A		1,670,876		28,655,523
Floor & Decor Holdings, Inc., Class A*		953,632		24,393,907
Genesco, Inc.*		920,238		39,376,984
MarineMax, Inc.*		1,861,655		42,371,268
National Vision Holdings, Inc.*		1,387,401		57,480,023

Textiles, apparel & luxury goods—1.1%
Steven Madden Ltd.		1,684,619		52,678,036
Total common stocks (cost $3,630,159,934)				4,665,343,835

Total investment portfolio (cost $3,630,159,934)—99.5%				4,665,343,835

Other assets in excess of liabilities—0.5%				25,490,508

Total net assets—100.0%				$4,690,834,343

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Health care		29.5%
Information technology		20.3%
Consumer discretionary		18.4%
Industrials		15.3%
Financials		7.7%
Materials		4.1%
Consumer staples		1.6%
Real estate		1.2%
Communication services		0.8%
Energy		0.6%


CARILLON SCOUT INTERNATIONAL FUND
COMMON STOCKS—91.4%	Shares		Value
Australia—7.7%
BHP Billiton Ltd., Sponsored ADR		233,776		$10,795,776
Caltex Australia Ltd.		869,678		17,401,230
CSL Ltd.		81,313		10,855,056
Macquarie Group Ltd.		148,970		12,422,937
Woodside Petroleum Ltd.		474,890		11,691,927

Canada—1.4%
Enbridge, Inc.		366,342		11,396,900

Denmark—2.5%
Novo Nordisk A/S, Sponsored ADR		293,509		12,673,719
Pandora A/S		121,864		7,624,247

France—8.6%
Air Liquide S.A.		103,141		12,468,258
AXA S.A.		594,804		14,885,891
BNP Paribas S.A.		251,431		13,103,013
Dassault Systemes SE		46,375		5,805,403
L’Oreal S.A.		45,178		10,178,835
TOTAL S.A.		249,101		14,616,029

Germany—10.4%
Allianz SE, Sponsored ADR		763,441		15,864,304
BASF SE		178,578		13,703,745
Continental AG		61,578		10,147,133
Fresenius SE & Co. KGaA		164,415		10,449,476
Muenchener Rueckversicherungs-Gesellschaft AG		61,904		13,296,013
SAP SE, Sponsored ADR		105,577		11,324,189
Siemens AG		98,106		11,276,911

Hong Kong—1.3%
AAC Technologies Holdings, Inc.		1,408,708		10,730,502

Ireland—2.9%
Kerry Group PLC, Class A		103,657		10,625,286
Ryanair Holdings PLC, Sponsored ADR*		158,730		13,142,844

Japan—13.0%
Astellas Pharma, Inc.		772,215		11,930,881
FANUC Corp.		58,289		10,140,366
JGC Corp.		557,624		10,793,842
Komatsu Ltd.		497,084		12,945,288
Kubota Corp.		817,693		12,908,752
Nitto Denko Corp.		178,900		11,176,793
ORIX Corp.		974,386		15,873,725
Sysmex Corp.		111,879		7,847,142
Tokyo Electron Ltd.		99,341		13,405,939

Mexico—3.2%
Grupo Financiero Banorte S.A.B. de C.V., Class O		2,410,698		13,290,540
Wal-Mart de Mexico S.A.B. de C.V., Sponsored ADR		515,151		13,141,502

Norway—1.6%
DNB ASA		728,353		13,158,718

Singapore—1.6%
Singapore Telecommunications Ltd.		5,870,987		13,410,506

South Africa—1.0%
MTN Group Ltd.		1,424,881		8,274,183

Spain—1.7%
Banco Bilbao Vizcaya Argentaria S.A.		2,540,688		14,022,224

Sweden—2.8%
Essity AB, Class B		549,254		12,534,780
Sandvik AB		673,483		10,646,956


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

Investment Portfolios

10.31.2018


CARILLON SCOUT INTERNATIONAL FUND (cont’d)
COMMON STOCKS—91.4%	Shares		Value
Switzerland—10.6%
ABB Ltd.		597,452		$ 12,021,655
Adecco Group AG		221,868		10,864,883
Coca-Cola HBC AG*		322,404		9,523,366
Givaudan S.A.		5,485		13,295,192
Nestle S.A., Sponsored ADR		171,636		14,465,482
Novartis AG, Sponsored ADR		145,343		12,711,699
Roche Holding AG		60,357		14,688,625

Taiwan—2.4%
Largan Precision Co. Ltd.		87,500		9,560,551
MediaTek, Inc.		1,346,930		9,949,284

Turkey—0.8%
Turkiye Garanti Bankasi AS		5,493,719		6,910,652

United Kingdom—12.5%
British American Tobacco PLC		285,245		12,365,450
Compass Group PLC		641,996		12,627,298
Diageo PLC, Sponsored ADR		96,906		13,388,533
Next PLC		206,119		13,693,066
Prudential PLC, Sponsored ADR		338,212		13,470,984
Reckitt Benckiser Group PLC		179,000		14,474,680
Royal Dutch Shell PLC, Class B, Sponsored ADR		203,615		13,379,542
WPP PLC		842,844		9,537,399

United States—5.4%
Aflac, Inc.		326,754		14,073,295
Credicorp Ltd.		77,045		17,389,827
Mettler-Toledo International, Inc.*		23,765		12,995,177
Total common stocks (cost $560,800,671)				753,368,401

PREFERRED STOCKS—5.4%
Colombia—1.6%
Bancolombia S.A., Sponsored ADR		346,990		12,817,811

Germany—3.8%
Henkel AG & Co. KGaA, Sponsored ADR		109,579		11,982,464
Volkswagen AG		115,109		19,338,546
Total preferred stocks (cost $32,616,529)				44,138,821

Total investment portfolio (cost $593,417,200)—96.8%				797,507,222

Other assets in excess of liabilities—3.2%				26,658,389

Total net assets—100.0%				$824,165,611

ADR—American depository receipt

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Financials		23.1%
Consumer staples		14.9%
Industrials		12.7%
Health care		11.4%
Energy		8.3%
Consumer discretionary		7.7%



Sector allocation (unaudited) (cont’d)
Sector	Percent of net assets
Materials		7.5%
Information technology		7.4%
Communication services		3.8%



Industry allocation (unaudited)
Industry	Value		Percent of net assets
Banks		$90,692,786		11.0%
Insurance		71,590,487		8.7%
Oil, gas & consumable fuels		68,485,628		8.3%
Pharmaceuticals		52,004,923		6.3%
Chemicals		50,643,988		6.1%
Machinery		46,641,362		5.7%
Household products		38,991,923		4.7%
Food products		25,090,768		3.0%
Semiconductors & semiconductor equipment		23,355,224		2.8%
Beverages		22,911,899		2.8%
Electronic equipment, instruments & components		20,291,052		2.5%
Automobiles		19,338,546		2.4%
Software		17,129,592		2.1%
Diversified financial services		15,873,725		1.9%
Multiline retail		13,693,067		1.7%
Diversified telecommunication services		13,410,506		1.6%
Airlines		13,142,844		1.6%
Food & staples retailing		13,141,502		1.6%
Life sciences tools & services		12,995,177		1.6%
Hotels, restaurants & leisure		12,627,298		1.5%
Capital markets		12,422,937		1.5%
Tobacco		12,365,450		1.5%
Electrical equipment		12,021,655		1.5%
Industrial conglomerates		11,276,911		1.4%
Professional services		10,864,884		1.3%
Biotechnology		10,855,056		1.3%
Metals & mining		10,795,776		1.3%
Construction & engineering		10,793,842		1.3%
Health care providers & services		10,449,476		1.3%
Personal products		10,178,834		1.2%
Auto components		10,147,133		1.2%
Media		9,537,399		1.2%
Wireless telecommunication services		8,274,183		1.0%
Health care equipment & supplies		7,847,142		1.0%
Textiles, apparel & luxury goods		7,624,247		0.9%


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

Investment Portfolios

10.31.2018


CARILLON SCOUT MID CAP FUND
COMMON STOCKS—96.7%	Shares		Value
Aerospace & defense—3.6%
Aerojet Rocketdyne Holdings, Inc.*		344,425		$12,165,091
BWX Technologies, Inc.		297,300		17,380,158
Harris Corp.		68,225		10,145,740
Hexcel Corp.		176,525		10,330,243
Huntington Ingalls Industries, Inc.		88,500		19,335,480
L3 Technologies, Inc.		20,275		3,841,504
Textron, Inc.		306,209		16,421,989

Airlines—3.4%
Alaska Air Group, Inc.		316,850		19,460,927
JetBlue Airways Corp.*		1,436,750		24,036,827
Southwest Airlines Co.		388,675		19,083,942
Spirit Airlines, Inc.*		389,475		20,213,753

Auto components—0.7%
Lear Corp.		67,950		9,030,555
Tenneco, Inc., Class A		249,875		8,603,196

Automobiles—0.4%
Thor Industries, Inc.		134,199		9,345,618

Banks—3.9%
Citizens Financial Group, Inc.		470,075		17,557,301
First Horizon National Corp.		1,500,675		24,220,895
KeyCorp		449,825		8,168,822
SunTrust Banks, Inc.		140,200		8,784,932
SVB Financial Group*		92,800		22,014,944
Umpqua Holdings Corp.		822,725		15,796,320

Beverages—0.2%
Monster Beverage Corp.*		76,817		4,059,778

Biotechnology—1.4%
BioMarin Pharmaceutical, Inc.*		140,275		12,929,147
Incyte Corp.*		155,875		10,103,817
Ionis Pharmaceuticals, Inc.*		249,600		12,367,680

Building products—0.4%
Owens Corning		209,350		9,895,975

Capital markets—0.8%
Evercore, Inc., Class A		76,350		6,237,032
MarketAxess Holdings, Inc.		37,900		7,946,493
S&P Global, Inc.		28,725		5,237,142

Chemicals—1.5%
Albemarle Corp.		160,450		15,919,849
Celanese Corp., Class A		63,775		6,182,349
CF Industries Holdings, Inc.		309,110		14,846,553

Communications equipment—1.9%
Arista Networks, Inc.*		90,975		20,956,091
Palo Alto Networks, Inc.*		140,800		25,772,032

Construction & engineering—0.5%
Dycom Industries, Inc.*		166,225		11,283,353

Construction materials—1.2%
Martin Marietta Materials, Inc.		89,023		15,247,859
Vulcan Materials Co.		146,825		14,849,881

Diversified consumer services—0.5%
H&R Block, Inc.		458,700		12,173,898

Diversified financial services—1.4%
Voya Financial, Inc.		805,750		35,259,620



COMMON STOCKS—96.7%	Shares		Value
Electric utilities—4.2%
Evergy, Inc.		816,323		$ 45,705,925
FirstEnergy Corp.		331,550		12,360,184
Xcel Energy, Inc.		934,800		45,814,548

Electrical equipment—1.3%
Acuity Brands, Inc.		88,325		11,097,153
Rockwell Automation, Inc.		127,375		20,982,484

Electronic equipment, instruments & components—1.6%
IPG Photonics Corp.*		63,900		8,533,845
Keysight Technologies, Inc.*		521,850		29,787,198

Energy equipment & services—1.2%
Ensco PLC, Class A		3,557,500		25,400,550
Patterson-UTI Energy, Inc.		299,350		4,981,184

Entertainment—2.1%
Live Nation Entertainment, Inc.*		170,450		8,914,535
Take-Two Interactive Software, Inc.*		237,300		30,580,851
The Madison Square Garden Co., Class A*		43,619		12,065,888

Equity real estate investment trusts (REITs)—9.1%
Cousins Properties, Inc.		3,156,440		26,230,016
EPR Properties		631,299		43,395,493
Host Hotels & Resorts, Inc.		2,115,559		40,428,333
Lamar Advertising Co., Class A		350,698		25,713,177
Mid-America Apartment Communities, Inc.		453,250		44,287,058
Omega Healthcare Investors, Inc.		847,973		28,279,900
OUTFRONT Media, Inc.		973,131		17,243,881

Food & staples retailing—0.6%
Casey’s General Stores, Inc.		125,500		15,826,805

Food products—1.0%
Hormel Foods Corp.		256,775		11,205,661
Tyson Foods, Inc., Class A		236,900		14,195,048

Gas utilities—2.9%
Atmos Energy Corp.		513,099		47,759,255
ONE Gas, Inc.		297,931		23,509,735

Health care equipment & supplies—4.7%
ABIOMED, Inc.*		43,750		14,927,500
Align Technology, Inc.*		109,050		24,121,860
Edwards Lifesciences Corp.*		260,450		38,442,420
Masimo Corp.*		264,525		30,579,090
Teleflex, Inc.		36,700		8,835,158

Health care providers & services—1.2%
Humana, Inc.		27,160		8,702,335
Molina Healthcare, Inc.*		161,997		20,536,360

Health care technology—0.4%
Veeva Systems, Inc., Class A*		104,425		9,539,224

Hotels, restaurants & leisure—3.7%
Cracker Barrel Old Country Store, Inc.		68,300		10,837,844
Darden Restaurants, Inc.		181,750		19,365,462
Hilton Grand Vacations, Inc.*		352,675		9,476,377
Royal Caribbean Cruises Ltd.		130,675		13,685,593
Six Flags Entertainment Corp.		226,100		12,177,746
Texas Roadhouse, Inc.		165,569		10,010,302
Vail Resorts, Inc.		59,200		14,878,144

Household durables—1.7%
D.R. Horton, Inc.		377,050		13,558,718
Garmin Ltd.		209,525		13,862,174
PulteGroup, Inc.		608,825		14,958,830


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

Investment Portfolios

10.31.2018


CARILLON SCOUT MID CAP FUND (cont’d)
COMMON STOCKS—96.7%	Shares		Value
Household products—0.5%
The Clorox Co.		81,500		$12,098,675

Insurance—5.1%
Arch Capital Group Ltd.*		306,525		8,696,114
Everest Re Group Ltd.		112,750		24,563,715
Lincoln National Corp.		218,975		13,180,105
The Hanover Insurance Group, Inc.		213,900		23,824,182
The Hartford Financial Services Group, Inc.		281,225		12,773,240
White Mountains Insurance Group Ltd.		16,275		14,430,554
W.R. Berkley Corp.		391,275		29,697,773

Interactive media & services—1.0%
IAC/InterActiveCorp*		82,475		16,213,760
Match Group, Inc.*		180,475		9,334,167

Internet & direct marketing retail—0.6%
eBay, Inc.*		115,300		3,347,159
Expedia Group, Inc.		97,700		12,254,511

IT services—3.4%
DXC Technology Co.		506,000		36,851,980
Fiserv, Inc.*		43,150		3,421,795
Jack Henry & Associates, Inc.		94,350		14,136,461
Paychex, Inc.		320,000		20,956,800
Science Applications International Corp.		140,608		9,773,662

Leisure products—0.1%
Brunswick Corp.		62,800		3,264,972

Machinery—0.8%
AGCO Corp.		52,075		2,918,283
Allison Transmission Holdings, Inc.		98,175		4,327,554
The Timken Co.		86,550		3,423,052
Xylem Inc.		150,325		9,858,314

Marine—0.4%
Kirby Corp.*		123,400		8,877,396

Metals & mining—0.6%
Newmont Mining Corp.		412,075		12,741,359
Steel Dynamics, Inc.		62,300		2,467,080

Mortgage real estate investment trusts (REITs)—2.0%
AGNC Investment Corp.		2,829,850		50,484,524

Multiline retail—0.3%
Big Lots, Inc.		180,625		7,499,550

Multi-utilities—2.2%
CMS Energy Corp.		1,095,000		54,224,400

Oil, gas & consumable fuels—3.6%
Cabot Oil & Gas Corp.		420,600		10,191,138
HollyFrontier Corp.		231,100		15,585,384
Marathon Petroleum Corp.		70,650		4,977,293
Newfield Exploration Co.*		1,536,465		31,036,593
PBF Energy, Inc., Class A		199,600		8,353,260
WPX Energy, Inc.*		1,121,275		17,985,251

Pharmaceuticals—0.6%
Nektar Therapeutics*		99,925		3,865,099
Supernus Pharmaceuticals, Inc.*		243,325		11,572,537

Road & rail—1.1%
AMERCO		22,575		7,370,286
Norfolk Southern Corp.		72,000		12,083,760
Old Dominion Freight Line, Inc.		53,775		7,013,335



COMMON STOCKS—96.7%	Shares		Value
Semiconductors & semiconductor equipment—3.1%
ON Semiconductor Corp.*		1,764,300		$ 29,993,100
Skyworks Solutions, Inc.		55,903		4,850,144
Universal Display Corp.		103,875		12,777,664
Xilinx, Inc.		348,925		29,787,727

Software—4.2%
Aspen Technology, Inc.*		91,075		7,731,357
Ellie Mae, Inc.*		116,200		7,701,736
Proofpoint, Inc.*		73,500		6,684,825
Red Hat, Inc.*		64,925		11,143,727
ServiceNow, Inc.*		178,425		32,302,062
Splunk, Inc.*		82,425		8,229,312
Workday, Inc., Class A*		223,175		29,686,738

Specialty retail—4.4%
American Eagle Outfitters, Inc.		611,800		14,108,108
Best Buy Co., Inc.		173,300		12,158,728
Foot Locker, Inc.		257,025		12,116,159
O’Reilly Automotive, Inc.*		51,675		16,574,756
Ross Stores, Inc.		210,400		20,829,600
Tractor Supply Co.		184,025		16,910,057
Ulta Beauty, Inc.*		56,850		15,606,462

Technology hardware, storage & peripherals—0.3%
Pure Storage, Inc., Class A*		352,725		7,117,991

Textiles, apparel & luxury goods—0.5%
Ralph Lauren Corp.		62,650		8,120,067
Tapestry, Inc.		70,275		2,973,335

Trading companies & distributors—2.3%
United Rentals, Inc.*		308,275		37,014,579
W.W. Grainger, Inc.		73,062		20,747,416

Water utilities—1.2%
American Water Works Co., Inc.		324,000		28,683,720

Wireless telecommunication services—0.9%
Sprint Corp.*		3,752,274		22,963,917
Total common stocks (cost $2,234,959,007)				2,392,488,990

Total investment portfolio (cost $2,234,959,007)—96.7%				2,392,488,990

Other assets in excess of liabilities—3.3%				81,200,167

Total net assets—100.0%				$2,473,689,157

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Information technology		14.5%
Industrials		13.7%
Financials		13.3%
Consumer discretionary		12.8%
Utilities		10.4%
Real estate		9.1%
Health care		8.4%
Energy		4.8%


The accompanying notes are an integral part of the financial statements.			25

Investment Portfolios

10.31.2018


CARILLON SCOUT MID CAP FUND (cont’d)
Sector allocation (unaudited) (cont’d)
Sector	Percent of net assets
Communication services		4.1%
Materials		3.3%
Consumer staples		2.3%



CARILLON SCOUT SMALL CAP FUND
COMMON STOCKS—99.5%	Shares		Value
Aerospace & defense—3.8%
Astronics Corp.*		114,302		$3,333,046
Astronics Corp., Class B*		16,335		475,357
Teledyne Technologies, Inc.*		38,139		8,439,398

Air freight & logistics—0.6%
Radiant Logistics, Inc.*		322,550		1,754,672

Auto components—1.0%
Stoneridge, Inc.*		120,333		3,057,662

Automobiles—1.2%
Thor Industries, Inc.		56,711		3,949,354

Banks—0.8%
Hilltop Holdings, Inc.		134,049		2,667,575

Biotechnology—2.5%
Eagle Pharmaceuticals, Inc.*		53,496		2,634,143
Genomic Health, Inc.*		75,846		5,438,917

Capital markets—1.4%
Cohen & Steers, Inc.		116,834		4,485,257

Chemicals—1.6%
Balchem Corp.		55,758		5,221,737

Commercial services & supplies—1.2%
Healthcare Services Group, Inc.		95,614		3,880,972

Construction & engineering—1.5%
Dycom Industries, Inc.*		72,334		4,910,032

Consumer finance—2.1%
Green Dot Corp., Class A*		53,166		4,026,793
PRA Group, Inc.*		86,937		2,681,137

Electronic equipment, instruments & components—4.9%
ePlus, Inc.*		52,237		4,433,877
Fabrinet*		77,373		3,351,798
II-VI, Inc.*		155,073		5,773,368
nLight, Inc.*		9,830		175,367
Plexus Corp.*		33,079		1,931,814

Energy equipment & services—0.3%
Geospace Technologies Corp.*		70,776		900,978

Equity real estate investment trusts (REITs)—1.5%
CareTrust REIT, Inc.		143,974		2,542,581
QTS Realty Trust, Inc., Class A		57,818		2,215,586

Food & staples retailing—1.4%
Performance Food Group Co.*		149,963		4,396,915

Health care equipment & supplies—3.9%
Cutera, Inc.*		86,355		1,753,006
ICU Medical, Inc.*		32,823		8,361,003
Varex Imaging Corp.*		85,104		2,209,300



COMMON STOCKS—99.5%	Shares		Value
Health care providers & services—12.9%
AMN Healthcare Services, Inc.*		106,477		$ 5,389,866
BioTelemetry, Inc.*		137,489		7,988,111
HealthEquity, Inc.*		73,906		6,784,571
LHC Group, Inc.*		58,983		5,392,791
Molina Healthcare, Inc.*		62,136		7,876,981
U.S. Physical Therapy, Inc.		71,476		7,685,099

Health care technology—4.5%
HMS Holdings Corp.*		149,577		4,310,809
Omnicell, Inc.*		142,109		10,047,106

Hotels, restaurants & leisure—4.4%
Cracker Barrel Old Country Store, Inc.		25,913		4,111,875
Dave & Buster’s Entertainment, Inc.		71,400		4,251,870
Lindblad Expeditions Holdings, Inc.*		179,555		2,425,788
The Cheesecake Factory, Inc.		67,489		3,262,418

Household durables—3.0%
Installed Building Products, Inc.*		77,897		2,372,743
iRobot Corp.*		51,429		4,534,495
LGI Homes, Inc.*		57,880		2,476,685

Insurance—1.0%
CNO Financial Group, Inc.		170,582		3,224,000

Internet & direct marketing retail—0.7%
PetMed Express, Inc.		78,164		2,183,902

IT services—3.0%
Carbonite, Inc.*		181,815		6,219,891
Virtusa Corp.*		66,913		3,318,216

Life sciences tools & services—5.4%
Bruker Corp.		182,267		5,710,425
Cambrex Corp.*		86,930		4,632,500
PRA Health Sciences, Inc.*		72,386		7,012,032

Machinery—4.9%
Albany International Corp., Class A		68,855		4,818,473
Chart Industries, Inc.*		50,897		3,463,541
Proto Labs, Inc.*		61,034		7,290,511

Metals & mining—0.5%
Carpenter Technology Corp.		36,359		1,585,616

Oil, gas & consumable fuels—0.3%
Gulfport Energy Corp.*		107,325		977,731

Pharmaceuticals—3.0%
Amneal Pharmaceuticals, Inc.*		103,119		1,902,545
Supernus Pharmaceuticals, Inc.*		158,660		7,545,870

Professional services—4.9%
InnerWorkings, Inc.*		490,720		3,528,277
Insperity, Inc.		77,949		8,562,697
WageWorks, Inc.*		84,233		3,353,316

Semiconductors & semiconductor equipment—6.0%
Ambarella, Inc.*		70,320		2,445,730
Entegris, Inc.		111,293		2,953,716
Impinj, Inc.*		86,857		1,702,397
Inphi Corp.*		68,539		2,193,248
Power Integrations, Inc.		56,083		3,158,594
Semtech Corp.*		151,171		6,793,625

Software—8.0%
Envestnet, Inc.*		87,803		4,567,512
j2 Global, Inc.		79,076		5,759,896


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

Investment Portfolios

10.31.2018


CARILLON SCOUT SMALL CAP FUND (cont’d)
COMMON STOCKS—99.5%	Shares		Value

Software (cont’d)
Pegasystems, Inc.		97,138		$ 5,198,826
The Descartes Systems Group, Inc.*		119,366		3,651,406
The Trade Desk, Inc., Class A*		51,812		6,401,372

Specialty retail—2.8%
Camping World Holdings, Inc., Class A		79,800		1,368,570
Monro, Inc.		102,696		7,640,582

Technology hardware, storage & peripherals—0.9%
Electronics For Imaging, Inc.*		92,011		2,801,735

Textiles, apparel & luxury goods—1.1%
G-III Apparel Group Ltd.*		89,201		3,555,552

Thrifts & mortgage finance—2.5%
Axos Financial, Inc.*		125,244		3,802,408
LendingTree, Inc.*		20,588		4,152,394
Total common stocks (cost $214,866,767)				317,389,959

Total investment portfolio (cost $214,866,767)—99.5%				317,389,959

Other assets in excess of liabilities—0.5%				1,579,237

Total net assets—100.0%				$318,969,196

* Non-income producing security



Sector allocation (unaudited)
Sector	Percent of net assets
Health care		32.2%
Information technology		22.8%
Industrials		16.9%
Consumer discretionary		14.2%
Financials		7.8%
Materials		2.1%
Real estate		1.5%
Consumer staples		1.4%
Energy		0.6%



CARILLON REAMS CORE BOND FUND
CORPORATE BONDS—22.9%	Principal Amount		Value
Airlines—1.8%
American Airlines, Pass Through Trust,
Series 2011-1, Class A, 5.25%, 07/31/22		$242,222		$248,229
Series 2013-1, Class A, 4.00%, 01/15/27		528,592		525,811
Series 2013-2, Class A, 4.95%, 07/15/24		249,899		255,312
Delta Air Lines, Pass Through Trust, Series 2007-1, Class A, 6.82%, 02/10/24		477,189		518,466
Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21		361,699		374,235

Auto manufacturers—2.5%
Daimler Finance North America LLC,
144A, 1.75%, 10/30/19 (a)		675,000		665,329



CORPORATE BONDS—22.9%	Principal Amount		Value
Auto manufacturers (cont’d)
Daimler Finance North America LLC, (cont’d)
144A, 2.30%, 01/06/20 (a)		$ 560,000		$ 553,012
144A, 3.35%, 05/04/21 (a)		1,080,000		1,071,773
Ford Motor Credit Co. LLC, 3.81%, 10/12/21		435,000		425,877

Banks—7.4%
Bank of America Corp., 3.50%, 04/19/26		595,000		566,060
Citibank NA, 3.40%, 07/23/21		895,000		891,232
JPMorgan Chase & Co.,
2.55%, 03/01/21		540,000		529,232
2.75%, 06/23/20		320,000		316,946
(3 Month LIBOR USD + 0.55%), 2.88%, 03/09/21		1,880,000		1,882,416
UBS AG, 144A, 2.45%, 12/01/20 (a)		415,000		405,964
U.S. Bank NA, 3.15%, 04/26/21		1,130,000		1,125,510
Wells Fargo & Co.,
2.60%, 07/22/20		795,000		784,575
(3 Month LIBOR USD + 1.23%), 3.76%, 10/31/23		1,475,000		1,495,748

Chemicals—0.3%
The Sherwin-Williams Co., 2.25%, 05/15/20		315,000		309,626

Consumer finance—1.2%
American Express Co., 2.20%, 10/30/20		665,000		649,347
American Express Credit Corp.,
1.88%, 05/03/19		95,000		94,484
2.60%, 09/14/20		540,000		532,689

Diversified telecommunication services—0.5%
AT&T, Inc.,
3.80%, 03/01/24		280,000		274,828
4.25%, 03/01/27		245,000		237,623

Food products—0.1%
Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.96%, 03/15/21		90,000		89,661

Health care providers & services—0.4%
CVS Health Corp., 3.70%, 03/09/23		460,000		454,485

Healthcare-services—1.3%
Halfmoon Parent, Inc., 144A, 3.20%, 09/17/20 (a)		1,420,000		1,412,327

Insurance—4.8%
American International Group, Inc., 6.40%, 12/15/20		535,000		564,653
Jackson National Life Global Funding (3 Month LIBOR USD + 0.30%), 144A, 2.81%, 04/27/20 (a)		2,080,000		2,080,416
MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)		875,000		854,291
Metropolitan Life Global Funding I (3 Month LIBOR USD + 0.23%), 144A, 2.64%, 01/08/21 (a)		1,275,000		1,273,716
Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)		385,000		381,101

Tobacco—0.8%
Philip Morris International, Inc., 2.00%, 02/21/20		850,000		837,318

Transportation—1.8%
Burlington Northern and Santa Fe Railway Co., Pass Through Trust,
Series 2001-2, 6.46%, 01/15/21		120,194		122,816
Series 2004-1, 4.58%, 01/15/21		245,510		247,569
CSX Transportation, Inc., 6.25%, 01/15/23		226,287		243,507
Union Pacific Railroad Co., Pass Through Trust,
Series 2004, 5.40%, 07/02/25		291,454		296,617
Series 2005, 5.08%, 01/02/29		560,928		585,246
Series 2006, 5.87%, 07/02/30		456,183		493,539
Total corporate bonds (cost $24,829,864)				24,671,586


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

Investment Portfolios

10.31.2018


CARILLON REAMS CORE BOND FUND (cont’d)
MORTGAGE AND ASSET-BACKED SECURITIES—25.1%	Principal Amount		Value
Commercial mortgage-backed securities—3.3%
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48		$ 800,000		$ 795,027
COMM Mortgage Trust, Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45		602,033		607,912
GS Mortgage Securities Trust,
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45		877,445		876,049
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46		343,225		345,970
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/19/48		955,000		937,292

Federal agency mortgage-backed obligations—21.8%
Fannie Mae Pool,
Series 1313, Class MA, 2.00%, 01/01/23		271,805		264,371
Series 1671, Class AM, 2.10%, 12/01/27		968,114		901,018
Series 2182, Class AM, 2.16%, 01/01/23		1,280,477		1,225,766
Series 2822, Class AB, 2.50%, 03/01/26		228,777		221,585
Series 5796, Class AN, 3.03%, 06/01/27		355,000		338,553
Series 6090, Class AB, 2.50%, 09/01/22		274,698		270,021
Series 8744, Class AB, 2.00%, 03/01/23		113,088		109,984
Series 8874, Class AB, 2.00%, 04/01/23		111,796		108,727
Series 9180, Class AB, 2.00%, 05/01/23		343,583		334,147
Series 9550, Class AL, 2.50%, 07/01/25		349,007		342,988
Series 387770, 3.63%, 07/01/28		455,000		449,002
Series 465468, 3.33%, 07/01/20		265,756		266,125
TBA, 3.00%, 12/15/48		5,490,000		5,187,621
TBA, 3.50%, 12/15/48		5,540,000		5,386,905
Fannie Mae-Aces,
Series 2014-M13, Class AB2, VR, 2.95%, 08/25/24		135,012		132,952
Series 2015-M11, Class A1, 2.10%, 04/25/25		196,204		194,423
Series 2016-M2, Class ABV2, 2.13%, 01/25/23		520,733		498,161
Series 2016-M3, Class ASQ2, 2.26%, 02/25/23		1,043,099		1,007,995
Series 2016-M6, Class AB2, 2.40%, 05/25/26		1,005,000		931,099
Series 2016-M7, Class AV2, 2.16%, 10/25/23		2,495,000		2,375,000
Freddie Mac Gold Pool,
Series 14660, Class G, 2.00%, 01/01/28		1,020,185		975,390
Series 15226, Class G, 4.50%, 08/01/20		3,633		3,689
Freddie Mac REMIC,
Series 3609, Class LA, 4.00%, 12/15/24		11,912		11,928
Series 4233, Class MD, 1.75%, 03/15/25		31,691		31,578
Ginnie Mae I Pool,
Series 0091, Class AD, 2.73%, 06/15/32		1,353,509		1,255,559
Series 2583, Class AB, 2.14%, 08/15/23		593,820		571,299
Total mortgage and asset-backed securities (cost $27,596,071)				26,958,136

U.S. TREASURIES—56.8%
U.S. Treasury Bonds,
2.75%, 08/15/47		7,050,000		6,219,697
2.75%, 11/15/47		1,670,000		1,472,275
U.S. Treasury Notes,
1.25%, 10/31/21		335,000		318,878
1.63%, 10/31/23		11,510,000		10,785,230
2.25%, 11/15/27		11,250,000		10,468,213
2.50%, 01/31/25		6,620,000		6,415,194
2.88%, 04/30/25		20,165,000		19,951,534
2.88%, 08/15/28		5,600,000		5,471,156
Total U.S. Treasuries (cost $62,609,390)				61,102,177

SHORT-TERM INVESTMENTS—1.1%

Principal
Amount

Value

Auto manufacturers—1.1%

Ford Motor Credit Co. LLC, Commercial paper, 144A, ZCI, 3.16%, 04/15/19 (a)

$1,185,000

$1,167,487

Total short-term investments (cost $1,168,380)

1,167,487

Total investment portfolio (cost $116,203,705)—105.9%

113,899,386

Liabilities in excess of other assets—(5.9)%

(6,334,741

)

Total net assets—100.0%

$107,564,645

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At October 31, 2018, these securities aggregated $9,865,416 or 9.2% 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

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity at October 31, 2018.



Credit quality breakdown (unaudited)*
Rating	Percent of net assets
AAA/Aaa		81.9%
AA/Aa		4.2%
A/A		16.5%
BBB/Baa		3.3%
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.


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

Investment Portfolios

10.31.2018


CARILLON REAMS CORE PLUS BOND FUND
CORPORATE BONDS—21.2%	Principal Amount		Value
Airlines—1.4%
American Airlines, Pass Through Trust,
Series 2011-1, Class A, 5.25%, 07/31/22		$ 852,101		$ 873,233
Series 2013-1, Class A, 4.00%, 01/15/27		104,969		104,417
Series 2013-2, Class A, 4.95%, 07/15/24		1,342,793		1,371,878
Delta Air Lines, Pass Through Trust, Series 2007-1, Class A, 6.82%, 02/10/24		750,185		815,076
Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21		2,513,021		2,600,122
US Airways, Pass Through Trust,
Series 2011-1, Class A, 7.13%, 04/22/25		765,773		838,522
Series 2012-1, Class A, 5.90%, 04/01/26		1,834,068		1,962,453

Auto manufacturers—2.4%
Daimler Finance North America LLC,
144A, 1.75%, 10/30/19 (a)		1,780,000		1,754,496
144A, 2.30%, 01/06/20 (a)		4,830,000		4,769,731
144A, 3.35%, 05/04/21 (a)		6,340,000		6,291,705
Ford Motor Credit Co. LLC, 3.81%, 10/12/21		2,545,000		2,491,628

Banks—6.9%
Bank of America Corp., 3.50%, 04/19/26		3,060,000		2,911,163
Bank of America NA, 2.05%, 12/07/18		1,490,000		1,489,315
Citibank NA, 3.40%, 07/23/21		4,950,000		4,929,161
JPMorgan Chase & Co.,
2.55%, 03/01/21		2,835,000		2,778,469
2.75%, 06/23/20		2,445,000		2,421,670
(3 Month LIBOR USD + 0.55%), 2.88%, 03/09/21		7,145,000		7,154,181
3.25%, 09/23/22		1,780,000		1,755,562
UBS AG, 144A, 2.45%, 12/01/20 (a)		2,600,000		2,543,388
U.S. Bank NA, 3.15%, 04/26/21		6,660,000		6,633,534
Wells Fargo & Co.,
2.60%, 07/22/20		3,877,000		3,826,158
(3 Month LIBOR USD + 1.23%), 3.76%, 10/31/23		6,390,000		6,479,887

Chemicals—0.3%
The Sherwin-Williams Co., 2.25%, 05/15/20		1,950,000		1,916,734

Consumer finance—1.7%
Ally Financial, Inc., 3.25%, 11/05/18		2,440,000		2,439,683
American Express Co., 2.20%, 10/30/20		3,230,000		3,153,973
American Express Credit Corp.,
1.88%, 05/03/19		1,920,000		1,909,572
2.60%, 09/14/20		2,915,000		2,875,531

Diversified telecommunication services—0.6%
AT&T, Inc.,
3.80%, 03/01/24		1,445,000		1,418,310
4.25%, 03/01/27		2,170,000		2,104,662

Food products—0.1%
Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.96%, 03/15/21		545,000		542,949

Health care providers & services—0.4%
CVS Health Corp., 3.70%, 03/09/23		2,750,000		2,717,028

Healthcare-services—1.4%
Halfmoon Parent, Inc., 144A, 3.20%, 09/17/20 (a)		8,525,000		8,478,934

Insurance—4.9%
American International Group, Inc., 6.40%, 12/15/20		3,175,000		3,350,977
Jackson National Life Global Funding, (3 Month LIBOR USD + 0.30%), 144A, 2.81%, 04/27/20 (a)		12,265,000		12,267,453



CORPORATE BONDS—21.2%	Principal Amount		Value

Insurance (cont’d)
MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)		$ 5,920,000		$ 5,779,889
Metropolitan Life Global Funding I, (3 Month LIBOR USD + 0.23%), 144A, 2.64%, 01/08/21 (a)		7,515,000		7,507,436
Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)		2,050,000		2,029,237

Oil, gas & consumable fuels—0.3%
Energy Transfer Operating LP, 4.05%, 03/15/25		2,205,000		2,113,331

Tobacco—0.7%
Philip Morris International, Inc., 2.00%, 02/21/20		4,130,000		4,068,380

Transportation—0.1%
Burlington Northern and Santa Fe Railway Co., Pass Through Trust,
Series 2001-2, 6.46%, 01/15/21		374,559		382,729
Series 2005-4, 4.97%, 04/01/23		355,317		365,654
Total corporate bonds (cost $132,655,593)				132,218,211

MORTGAGE AND ASSET-BACKED SECURITIES—22.8%
Asset-backed securities—0.2%
Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27		343,933		181,946
RFMSII Trust, Series 2006-HSA1, Class A4, SB, 5.99%, 02/25/36		753,097		735,095

Commercial mortgage-backed securities—3.2%
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48		5,600,000		5,565,187
COMM Mortgage Trust, Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45		3,822,433		3,859,760
GS Mortgage Securities Trust,
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45		4,659,693		4,652,281
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46		2,160,865		2,178,151
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/19/48		4,075,000		3,999,440

Federal agency mortgage-backed obligations—19.4%
Fannie Mae Pool,
Series 1313, Class MA, 2.00%, 01/01/23		1,183,473		1,151,103
Series 1500, Class MA, 2.00%, 07/01/23		1,046,665		1,022,313
Series 1671, Class AM, 2.10%, 12/01/27		1,875,720		1,745,723
Series 2182, Class AM, 2.16%, 01/01/23		6,560,795		6,280,473
Series 2822, Class AB, 2.50%, 03/01/26		477,083		462,085
Series 5796, Class AN, 3.03%, 06/01/27		2,045,000		1,950,257
Series 6090, Class AB, 2.50%, 09/01/22		1,310,919		1,288,598
Series 8744, Class AB, 2.00%, 03/01/23		496,781		483,143
Series 8874, Class AB, 2.00%, 04/01/23		490,874		477,398
Series 9180, Class AB, 2.00%, 05/01/23		1,605,647		1,561,551
Series 9550, Class AL, 2.50%, 07/01/25		1,650,106		1,621,646
Series 387770, 3.63%, 07/01/28		2,495,000		2,462,109
Series 465468, 3.33%, 07/01/20		566,314		567,100
Series 466284, 3.33%, 10/01/20		3,237,371		3,242,199
Series 466319, 3.23%, 11/01/20		3,141,018		3,139,745
TBA, 3.00%, 12/15/48		32,335,000		30,554,050
TBA, 3.50%, 12/15/48		29,670,000		28,850,083
Fannie Mae-Aces,
Series 2014-M13, Class AB2, VR, 2.95%, 08/25/24		667,559		657,373
Series 2015-M11, Class A1, 2.10%, 04/25/25		641,185		635,364
Series 2016-M2, Class ABV2, 2.13%, 01/25/23		2,038,206		1,949,856


The accompanying notes are an integral part of the financial statements.			29

Investment Portfolios

10.31.2018


CARILLON REAMS CORE PLUS BOND FUND (cont’d)
MORTGAGE AND ASSET-BACKED SECURITIES—22.8%	Principal Amount		Value

Federal agency mortgage-backed obligations (cont’d)
Fannie Mae-Aces, (cont’d)
Series 2016-M3, Class ASQ2, 2.26%, 02/25/23		$4,003,376		$3,868,646
Series 2016-M6, Class AB2, 2.40%, 05/25/26		4,655,000		4,312,702
Series 2016-M7, Class AV2, 2.16%, 10/25/23		9,610,000		9,147,796
Freddie Mac Gold Pool,
Series 14660, Class G, 2.00%, 01/01/28		5,456,646		5,217,053
Series 15226, Class G, 4.50%, 08/01/20		16,010		16,259
Freddie Mac REMIC,
Series 3609, Class LA, 4.00%, 12/15/24		56,288		56,362
Series 4233, Class MD, 1.75%, 03/15/25		93,637		93,304
Ginnie Mae I Pool,
Series 0091, Class AD, 2.73%, 06/15/32		7,438,514		6,900,211
Series 2583, Class AB, 2.14%, 08/15/23		1,537,226		1,478,926
Total mortgage and asset-backed securities (cost $145,031,214)				142,365,288

U.S. TREASURIES—61.4%
U.S. Treasury Bonds,
2.75%, 08/15/47		40,420,000		35,659,598
2.75%, 11/15/47		8,325,000		7,339,333
U.S. Treasury Notes,
1.25%, 10/31/21		1,765,000		1,680,059
1.63%, 10/31/23		88,410,000		82,842,933
2.25%, 11/15/27		83,780,000		77,957,944
2.50%, 01/31/25		37,970,000		36,795,303
2.88%, 04/30/25		112,780,000		111,586,118
2.88%, 08/15/28		30,830,000		30,120,669
Total U.S. Treasuries (cost $394,712,815)				383,981,957

SHORT-TERM INVESTMENTS—1.1%
Auto manufacturers—1.1%
Ford Motor Credit Co. LLC, Commercial paper, 144A, ZCI, 3.16%, 04/15/19 (a)		6,995,000		6,891,624
Total short-term investments (cost $6,896,895)				6,891,624

Total investment portfolio (cost $679,296,517)—106.5%				665,457,080

Liabilities in excess of other assets—(6.5)%				(40,586,218	)

Total net assets—100.0%				$624,870,862

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At October 31, 2018, these securities aggregated $58,313,893 or 9.3% of the net assets of the Fund.

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.

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 October 31, 2018.

REMIC—Real estate mortgage investment conduit

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity at October 31, 2018.



Credit quality breakdown (unaudited)*
Rating	Percent of net assets
AAA/Aaa		84.1%
AA/Aa		2.9%
A/A		15.2%
BBB/Baa		3.8%
BB/Ba		0.4%
Caa/CCC		0.0%
Ca/CC		0.0%
C/C		0.1%
Not rated		0.0%


FUTURES CONTRACTS—LONG
Description	Expiration Date		Number of Contracts		Notional Value at Trade Date		Notional Value at October 31, 2018		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		December 2018		1,352		$161,667,103		$160,127,500	$	(1,539,603	)


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

Investment Portfolios

10.31.2018

CARILLON REAMS CORE PLUS BOND FUND (cont’d)

FUTURES CONTRACTS—SHORT

Description

Expiration
Date

Number of
Contracts

Notional Value
at Trade Date

Notional Value
at October 31, 2018

Unrealized
Appreciation
(Depreciation)

Euro-Bond Futures^

December 2018

(790

)

$(142,968,020)

$(143,398,838)

$(430,818

)

Total futures contracts

$(1,970,421)

^ Euro-Bond futures contracts are denominated in Euro. Notional Value at Trade Date, Notional Value at October 31, 2018 and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of October 31, 2018.

There is $112,621 of variation margin due from the Fund to the broker as of October 31, 2018.

SWAP CONTRACTS—CREDIT DEFAULT SWAPS

Exchange

Reference Entity

Rating of
Reference Entity
(Moody’s/S&P)

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 31

B2/B

Sell

Receive

5%/Quarterly

12/20/2023

$16,120,000

$877,840

$809,698

$68,142

Total swap contracts

$16,120,000

$877,840

$809,698

$68,142

There is $40,529 of variation margin due from the broker to the Fund as of October 31, 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.			31

Investment Portfolios

10.31.2018


CARILLON REAMS UNCONSTRAINED BOND FUND
CORPORATE BONDS—18.2%	Principal Amount		Value
Aerospace & defense—1.1%
General Dynamics Corp., 2.88%, 05/11/20		$13,045,000		$12,995,696

Airlines—1.2%
American Airlines, Pass Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24		2,119,148		2,165,048
Continental Airlines, Pass Through Trust, Series 2007-1, Class A, 5.98%, 10/19/23		1,723,357		1,804,182
Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 05/01/21		3,321,339		3,436,457
US Airways, Pass Through Trust,
Series 2010-1, Class A, 6.25%, 10/22/24		4,525,688		4,827,551
Series 2012-1, Class A, 5.90%, 04/01/26		2,531,670		2,708,886

Auto manufacturers—5.0%
Daimler Finance North America LLC,
144A, 1.75%, 10/30/19 (a)		5,150,000		5,076,210
144A, 2.30%, 01/06/20 (a)		8,650,000		8,542,065
144A, 3.10%, 05/04/20 (a)		12,005,000		11,930,412
144A, 3.35%, 05/04/21 (a)		15,050,000		14,935,356
Ford Motor Credit Co. LLC,
2.43%, 06/12/20		8,440,000		8,232,179
3.81%, 10/12/21		6,300,000		6,167,880
General Motors Financial Co., Inc., 3.55%, 04/09/21		7,735,000		7,663,515

Banks—4.7%
Citigroup, Inc. (3 Month LIBOR USD + 0.95%), 3.44%, 07/24/23		11,970,000		12,018,000
JPMorgan Chase & Co., 2.75%, 06/23/20		5,485,000		5,432,663
UBS AG, 144A, 2.45%, 12/01/20 (a)		5,755,000		5,629,691
U.S. Bank NA, 3.15%, 04/26/21		15,830,000		15,767,094
Wells Fargo & Co.,
2.55%, 12/07/20		6,005,000		5,883,477
(3 Month LIBOR USD + 1.23%), 3.76%, 10/31/23		13,305,000		13,492,159

Capital markets—0.2%
The Goldman Sachs Group, Inc., 2.75%, 09/15/20		2,750,000		2,717,588

Chemicals—0.3%
The Sherwin-Williams Co., 2.25%, 05/15/20		3,895,000		3,828,553

Consumer finance—1.0%
American Express Co., 2.20%, 10/30/20		6,450,000		6,298,181
American Express Credit Corp., 2.60%, 09/14/20		6,435,000		6,347,872

Food products—0.1%
Campbell Soup Co., (3 Month LIBOR USD + 0.63%), 2.96%, 03/15/21		1,280,000		1,275,182

Health care equipment & supplies—0.9%
Becton Dickinson and Co.,
2.13%, 06/06/19		4,855,000		4,823,565
2.40%, 06/05/20		6,700,000		6,592,594

Health care providers & services—0.5%
CVS Health Corp., 3.70%, 03/09/23		6,340,000		6,263,985

Healthcare-services—1.4%
Halfmoon Parent, Inc., 144A, 3.20%, 09/17/20 (a)		18,070,000		17,972,356

Insurance—1.3%
MassMutual Global Funding II, 144A, 1.95%, 09/22/20 (a)		12,055,000		11,769,690
Reliance Standard Life Global Funding II, 144A, 2.50%, 01/15/20 (a)		4,550,000		4,503,917



CORPORATE BONDS—18.2%	Principal Amount		Value
Oil, gas & consumable fuels—0.5%
Energy Transfer Operating LP, 4.05%, 03/15/25		$ 6,392,000		$ 6,126,265
Total corporate bonds (cost $228,167,843)				227,228,269

MORTGAGE AND ASSET-BACKED SECURITIES—8.6%
Asset-backed securities—0.9%
Bank of The West Auto Trust, Series 2017-1, Class A2, 144A, 1.78%, 02/15/21 (a)		8,678,643		8,642,110
Countrywide Asset-Backed Certificates, Series 2006-S10, Class A3, (1 Month LIBOR USD + 0.32%), 2.60%, 10/25/36		1,307,135		1,242,079
Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27		3,476,390		1,839,070

Commercial mortgage-backed securities—5.3%
COMM Mortgage Trust, Series 2012-CCRE4, Class ASB, 2.44%, 10/17/45		8,218,568		8,077,957
GS Mortgage Securities Trust,
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46		4,592,443		4,629,180
Series 2014-GC22, Class A3, 3.52%, 06/12/47		14,937,222		14,968,735
UBS Commercial Mortgage Trust, Series 2018-C11, Class A1, 3.21%, 06/16/51		4,850,036		4,821,409
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class ASB, VR, 3.93%, 07/17/46		10,592,805		10,723,365
WFRBS Commercial Mortgage Trust,
Series 2012-C10, Class ASB, 2.45%, 12/15/45		5,510,833		5,425,614
Series 2013-C18, Class A3, 3.65%, 12/17/46		7,315,000		7,339,227
Series 2014-C21, Class A3, 3.43%, 08/16/47		9,870,000		9,862,923

Federal agency mortgage-backed obligations—2.4%
Fannie Mae Pool,
Series 5796, Class AN, 3.03%, 06/01/27		4,095,000		3,905,282
Series 387770, 3.63%, 07/01/28		4,760,000		4,697,250
TBA, 3.00%, 12/15/48		23,465,000		22,172,593
Total mortgage and asset-backed securities (cost $109,574,674)				108,346,794

U.S. TREASURIES—70.6%
U.S. Treasury Inflation Indexed Bonds, 1.00%, 02/15/48		14,238,313		13,180,080
U.S. Treasury Inflation Indexed Notes,
0.50%, 01/15/28		14,055,525		13,280,275
0.75%, 07/15/28		44,680,160		43,258,307
U.S. Treasury Bonds, 2.75%, 11/15/47		5,795,000		5,108,881
U.S. Treasury Notes,
1.25%, 10/31/21		99,120,000		94,349,850
1.88%, 02/28/22		26,650,000		25,748,481
2.00%, 12/31/21		137,325,000		133,435,913
2.25%, 08/15/27		51,525,000		48,036,999
2.25%, 11/15/27		279,570,000		260,142,068
2.75%, 02/28/25		63,845,000		62,750,158
2.75%, 02/15/28		126,075,000		122,095,758
2.88%, 08/15/28		61,725,000		60,304,843
Total U.S. Treasuries (cost $907,538,225)				881,691,613


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

Investment Portfolios

10.31.2018

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

SHORT-TERM INVESTMENTS—2.7%

Principal
Amount

Value

Auto manufacturers—2.7%

Ford Motor Credit Co. LLC, Commercial paper, 144A, ZCI, 3.16%, 04/15/19 (a)

$ 34,000,000

$ 33,497,527

Total short-term investments (cost $33,523,150)

33,497,527

Total investment portfolio (cost $1,278,803,892)—100.1%

1,250,764,203

Liabilities in excess of other assets—(0.1)%

(1,564,909

)

Total net assets—100.0%

$1,249,199,294

(a) Restricted securities deemed to be liquid for purpose of compliance limitations on holdings of illiquid securities. At October 31, 2018, these securities aggregated $122,499,334 or 9.8% of the net assets of the Fund.

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.

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

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity at October 31, 2018.



Credit quality breakdown (unaudited)*
Rating	Percent of net assets
AAA/Aaa		79.0%
AA/Aa		2.7%
A/A		10.5%
BBB/Baa		7.7%
BB/Ba		0.0%
Caa/CCC		0.1%
Ca/CC		0.1%
Not rated		0.0%



FUTURES CONTRACTS—LONG
Description	Expiration Date		Number of Contracts			Notional Value at Trade Date		Notional Value at October 31, 2018		Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note		December 2018		1,593			$180,311,065		$179,025,821		$(1,285,244	)
10-Year U.S. Treasury Note		December 2018		1,015			121,691,238		120,214,063		(1,477,175	)

FUTURES CONTRACTS—SHORT
Description	Expiration Date		Number of Contracts			Notional Value at Trade Date		Notional Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Euro-Bond Futures^		December 2018		(2,761	)		$(498,736,637)		$(501,169,862)		$(2,433,225)
Total futures contracts										$(5,195,644)

There is $60,362 of variation margin due from the Fund to the broker as of October 31, 2018.


The accompanying notes are an integral part of the financial statements.			33

Investment Portfolios

10.31.2018

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

SWAP CONTRACTS—CREDIT DEFAULT SWAPS

Exchange

Reference Entity

Rating of
Reference Entity
(Moody’s/S&P)

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 31

B2/B

Sell

Receive

5%/Quarterly

12/20/2023

$32,280,000

$1,757,792

$1,620,224

$137,568

Total swap contracts

$32,280,000

$1,757,792

$1,620,224

$137,568

There is $81,159 of variation margin due from the broker to the Fund as of October 31, 2018.


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

Statements of Assets and Liabilities

10.31.2018


	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)		$451,440,748		$16,993,194		$22,934,727		$574,834,299
Cash		2,518,541		510,070		413,737		16,740,518
Foreign currency, at value (b)		—		234		—		—
Receivable for investments sold		3,465,722		—		—		485,490
Receivable for fund shares sold		642,660		1,494		495,067		730,257
Receivable for dividends and interest, net		156,259		123,169		841		597,980
Receivable due from adviser, net		—		16,049		22,046		—
Prepaid expenses		15,903		4,060		4,979		10,873
Total assets		458,239,833		17,648,270		23,871,397		593,399,417

Liabilities
Payable for investments purchased		4,689,315		—		—		—
Payable for fund shares redeemed		829,658		89,669		9,897		704,250
Accrued custody fees		3,434		4,985		131		2,760
Accrued investment advisory fees, net		161,607		—		—		238,253
Accrued administrative fees		39,881		1,549		1,401		51,068
Accrued distribution fees		57,295		3,822		2,075		144,100
Accrued transfer agent and shareholder servicing fees		53,552		4,963		4,171		58,672
Accrued internal audit fees		783		783		784		783
Accrued trustees and officers compensation		16,114		16,114		16,114		16,114
Other accrued expenses		44,653		34,475		26,403		43,232
Total liabilities		5,896,292		156,360		60,976		1,259,232
Net assets		452,343,541		17,491,910		23,810,421		592,140,185

Net assets consists of
Paid-in capital		267,174,416		17,230,443		22,479,056		351,267,108
Total distributable earnings (loss)		185,169,125		261,467		1,331,365		240,873,077
Net assets		452,343,541		17,491,910		23,810,421		592,140,185

Net assets, at market value
Class A		177,098,391		4,979,659		1,302,538		146,548,976
Class C		19,828,710		2,607,707		2,022,595		129,613,487
Class I		203,027,020		8,882,975		20,416,381		271,535,907
Class R-3		1,398,082		883,474		11,253		1,900,486
Class R-5		7,329,218		3,374		35,104		481,876
Class R-6		43,651,653		102,122		11,455		41,997,319
Class Y		10,467		32,599		11,095		62,134

NAV, offering and redemption price per share (c)
Class A		$42.91		$16.92		$15.73		$21.44
Maximum offering price (d)		45.05		17.76		16.51		22.51
Class C		31.12		16.53		15.52		20.52
Class I		45.09		16.92		15.76		21.39
Class R-3		41.17		16.74		15.70		21.35
Class R-5		44.97		16.94		15.77		21.41
Class R-6		44.77		16.97		15.79		21.34
Class Y		44.90		16.86		15.71		21.35

Shares of beneficial interest outstanding
Class A		4,127,237		294,318		82,786		6,836,371
Class C		637,266		157,724		130,352		6,315,680
Class I		4,502,856		525,040		1,295,541		12,696,661
Class R-3		33,958		52,770		717		89,019
Class R-5		162,997		199		2,226		22,507
Class R-6		974,991		6,018		725		1,968,034
Class Y		233		1,933		706		2,910

(a) Identified cost		$303,721,853		$16,854,378		$22,460,123		$377,354,355

(b) Cost		$ —		$ 234		$ —		$ —

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

(d) The maximum offering price is computed as 100/95.25 of NAV.


The accompanying notes are an integral part of the financial statements.			35

Statements of Assets and Liabilities

10.31.2018


	Carillon Eagle Mid Cap Growth Fund		Carillon Eagle Small Cap Growth Fund		Carillon Scout International Fund		Carillon Scout Mid Cap Fund

Assets
Investments, at value (a)		$4,145,006,787		$4,665,343,835		$797,507,222		$2,392,488,990
Cash		150,538,251		25,597,489		22,525,956		237,670,509
Receivable for investments sold		10,850,140		—		—		39,243,892
Receivable for fund shares sold		10,463,290		6,319,689		618,662		11,674,948
Receivable for dividends and interest, net		445,234		835,706		5,426,245		2,414,764
Prepaid expenses		36,574		56,479		23,846		30,112
Total assets		4,317,340,276		4,698,153,198		826,101,931		2,683,523,215

Liabilities
Payable for investments purchased		21,720,339		—		—		204,857,795
Payable for fund shares redeemed		4,456,480		3,785,538		1,026,231		2,759,101
Accrued custody fees		19,322		22,926		25,761		14,180
Accrued investment advisory fees, net		1,946,749		2,144,626		586,719		1,601,090
Accrued administrative fees		376,610		416,186		73,344		216,594
Accrued distribution fees		300,154		259,053		137		9,343
Accrued transfer agent and shareholder servicing fees		332,258		426,562		126,296		232,597
Accrued internal audit fees		782		784		783		784
Accrued trustees and officers compensation		16,115		16,114		16,114		16,114
Other accrued expenses		164,654		247,066		80,935		126,460
Total liabilities		29,333,463		7,318,855		1,936,320		209,834,058
Net assets		4,288,006,813		4,690,834,343		824,165,611		2,473,689,157

Net assets consists of
Paid-in capital		3,649,414,499		2,858,135,874		566,036,656		2,186,697,335
Total distributable earnings (loss)		638,592,314		1,832,698,469		258,128,955		286,991,822
Net assets		4,288,006,813		4,690,834,343		824,165,611		2,473,689,157

Net assets, at market value
Class A		687,557,648		544,173,571		379,717		6,507,156
Class C		146,753,034		110,724,250		56,451		8,766,629
Class I		1,134,161,237		1,368,553,270		821,004,101		2,419,862,544
Class R-3		35,154,863		85,349,481		8,983		1,516,380
Class R-5		647,966,349		441,149,041		9,030		739,510
Class R-6		1,636,223,366		2,140,805,323		2,697,876		34,459,689
Class Y		190,316		79,407		9,453		1,837,249

NAV, offering and redemption price per share (b)
Class A		$56.19		$59.15		$19.02		$18.37
Maximum offering price (c)		58.99		62.10		19.97		19.29
Class C		44.61		43.65		18.89		18.26
Class I		59.38		62.28		19.07		18.41
Class R-3		54.42		57.14		18.97		18.32
Class R-5		59.22		62.56		19.06		18.35
Class R-6		59.78		63.11		19.08		18.41
Class Y		59.14		62.03		19.01		18.37

Shares of beneficial interest outstanding
Class A		12,237,305		9,199,466		19,963		354,179
Class C		3,289,389		2,536,825		2,988		480,204
Class I		19,099,875		21,973,575		43,041,717		131,465,411
Class R-3		645,966		1,493,685		474		82,766
Class R-5		10,940,811		7,052,110		474		40,293
Class R-6		27,372,896		33,922,630		141,429		1,871,628
Class Y		3,218		1,280		497		100,022

(a) Identified cost		$3,613,996,333		$3,630,159,934		$593,417,200		$2,234,959,007

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

(c) The maximum offering price is computed as 100/95.25 of NAV.


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

Statements of Assets and Liabilities

10.31.2018


	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)		$317,389,959		$113,899,386			$665,457,080			$1,250,764,203
Premiums paid—open swap contracts		—		—			809,698			1,620,224
Net unrealized appreciation—open swap contracts		—		—			68,142			137,568
Cash		1,003,957		4,259,579			12,274,967			1,271,394
Cash deposit at broker—open futures contracts		—		—			5,673,514			15,079,634
Cash segregated at custodian—open TBA positions		—		—			539,187			272,000
Variation margin receivable—open swap contracts		—		—			40,529			81,159
Receivable for investments sold		827,426		10,593,571			64,071,765			22,207,164
Receivable for fund shares sold		199,352		5,302			541,872			1,773,170
Receivable for dividends and interest, net		75,866		462,828			2,749,523			7,716,622
Receivable due from adviser, net		—		25,169			—			—
Prepaid expenses		18,990		9,690			16,741			28,078
Total assets		319,515,550		129,255,525			752,243,018			1,300,951,216

Liabilities
Net unrealized depreciation—open futures contracts		—		—			1,970,421			5,195,644
Cash collateral received from broker—open swap contracts		—		—			110,577			221,428
Variation margin payable—open futures contracts		—		—			112,621			60,362
Payable for investments purchased		—		21,315,836			124,349,674			44,659,319
Payable for fund shares redeemed		246,572		292,651			592,989			1,059,848
Accrued custody fees		2,452		1,238			4,045			6,153
Accrued investment advisory fees, net		142,830		—			64,466			128,136
Accrued administrative fees		28,057		9,254			53,743			108,503
Accrued distribution fees		15,499		774			3,909			8,105
Accrued transfer agent and shareholder servicing fees		42,708		19,411			47,581			181,117
Accrued internal audit fees		707		783			783			783
Accrued trustees and officers compensation		16,115		16,114			16,114			16,114
Other accrued expenses		51,414		34,819			45,233			106,410
Total liabilities		546,354		21,690,880			127,372,156			51,751,922
Net assets		318,969,196		107,564,645			624,870,862			1,249,199,294

Net assets consists of
Paid-in capital		216,291,151		113,213,009			663,922,416			1,331,909,114
Total distributable earnings (loss)		102,678,045		(5,648,364	)		(39,051,554	)		(82,709,820	)
Net assets		318,969,196		107,564,645			624,870,862			1,249,199,294

Net assets, at market value
Class A		12,344,337		615,493			210,938			85,018
Class C		14,215,513		300,561			208,931			43,968
Class I		286,735,572		104,862,102			607,130,701			1,183,480,893
Class R-3		303,069		9,806			9,717			9,788
Class R-5		65,336		9,857			9,768			9,839
Class R-6		5,205,251		9,866			9,777			29,029,939
Class Y		100,118		1,756,960			17,291,030			36,539,849

NAV, offering and redemption price per share (b)
Class A		$27.10		$11.03			$30.44			$11.45
Maximum offering price (c)		28.45		11.46			31.63			11.90
Class C		26.89		11.02			30.41			11.42
Class I		27.17		11.04			30.46			11.43
Class R-3		27.02		11.04			30.44			11.43
Class R-5		27.17		11.05			30.46			11.43
Class R-6		27.20		11.05			30.46			11.43
Class Y		27.09		11.04			30.44			11.49

Shares of beneficial interest outstanding
Class A		455,590		55,779			6,930			7,428
Class C		528,599		27,265			6,869			3,850
Class I		10,552,774		9,494,905			19,931,587			103,514,295
Class R-3		11,215		888			319			857
Class R-5		2,404		892			321			861
Class R-6		191,355		893			321			2,540,176
Class Y		3,696		159,154			568,082			3,181,339

(a) Identified cost		$214,866,767		$116,203,705			$679,296,517			$1,278,803,892

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

(c) The maximum offering price for the Carillon Scout Small Cap Fund is computed as 100/95.25 of NAV. The maximum offering price for the Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund is computed as 100/96.25 of NAV.


The accompanying notes are an integral part of the financial statements.			37

Statements of Operations


11.01.2017 to 10.31.2018


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

Investment income
Dividends (a)		$ 5,387,154			$ 539,488			$318,437			$17,334,345
Interest		48,900			7,107			4,420			179,870
Total income		5,436,054			546,595			322,857			17,514,215

Expenses
Investment advisory fees		2,755,834			139,531			96,112			2,828,505
Administrative fees:
Class A		188,906			6,055			1,626			160,438
Class C		39,108			4,000			1,993			151,091
Class I		185,390			9,164			13,255			258,913
Class R-3		1,388			911			12			2,196
Class R-5		4,908			4			36			460
Class R-6		44,902			33			12			41,419
Class Y		16			10			10			14
Distribution and service fees:
Class A		462,715			14,879			3,972			392,541
Class C		376,447			38,789			19,477			1,471,638
Class R-3		6,799			4,458			58			10,703
Class Y		39			25			25			36
Transfer agent and shareholder servicing fees:
Class A		163,600			10,293			2,370			147,025
Class C		40,336			8,054			3,265			145,558
Class I		188,396			14,261			26,647			232,141
Class R-3		2,489			2,083			90			3,720
Class R-5		4,069			84			135			676
Class R-6		3,834			121			84			3,129
Class Y		83			86			87			80
Custodian fees		17,948			33,217			488			16,755
Professional fees		80,012			83,216			75,748			78,986
State registration fees		101,573			91,626			91,036			106,721
Trustees and officers compensation		65,412			65,413			65,412			65,412
Internal audit fees		8,368			8,368			8,368			8,368
Interest expense on line of credit		1,598			70			163			—
Other expenses		103,671			44,788			20,064			116,499
Total expenses before adjustments		4,847,841			579,539			430,545			6,243,024
Fees and expenses waived		(612,519	)		(286,824	)		(258,549	)		(26	)
Total expenses after adjustments		4,235,322			292,715			171,996			6,242,998
Net investment income (loss)		1,200,732			253,880			150,861			11,271,217

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		36,674,734			665,029			800,208			42,111,759
Foreign currency transactions		—			(3,286	)		—			—
Net realized gain (loss)		36,674,734			661,743			800,208			42,111,759
Net change in unrealized appreciation (depreciation) on
investments and foreign currency translations		(14,784,125	)		(2,632,476	)		(632,361	)		3,264,320
Net gain (loss) on investments		21,890,609			(1,970,733	)		167,847			45,376,079
Net increase (decrease) in assets resulting from operations		23,091,341			(1,716,853	)		318,708			56,647,296

(a) Net of foreign withholding taxes		$ —			$ 55,973			$ —			$ 138,943


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

Statements of Operations

11.01.2017 to 10.31.2018


	Carillon Eagle Mid Cap Growth Fund			Carillon Eagle Small Cap Growth Fund			Carillon Scout International Fund			Carillon Scout Mid Cap Fund

Investment income
Dividends (a)		$ 19,226,220			$ 21,094,299			$ 28,164,308			$ 29,374,998
Interest		1,153,543			1,117,779			336,246			572,876
Total income		20,379,763			22,212,078			28,500,554			29,947,874

Expenses
Investment advisory fees		18,404,072			27,315,480			8,104,100			16,281,233
Administrative fees:
Class A		605,668			650,840			149			2,105
Class C		151,627			147,965			42			2,839
Class I		999,983			1,662,655			986,623			2,124,336
Class R-3		36,012			99,150			9			502
Class R-5		533,499			480,449			9			161
Class R-6		1,218,851			2,292,855			1,462			7,201
Class Y		41			44			10			522
Distribution and service fees:
Class A		1,487,343			1,590,281			373			5,262
Class C		1,482,114			1,440,816			419			28,391
Class R-3		176,456			484,491			47			2,509
Class Y		102			111			24			1,305
Transfer agent and shareholder servicing fees:
Class A		836,861			964,039			131			1,078
Class C		132,474			147,408			114			1,522
Class I		937,575			1,753,796			1,074,872			2,035,521
Class R-3		57,643			171,783			69			249
Class R-5		503,394			509,649			69			155
Class R-6		68,981			129,466			328			236
Class Y		94			101			94			278
Custodian fees		97,654			147,909			183,559			75,615
Professional fees		121,263			78,508			54,265			47,505
State registration fees		182,992			110,585			81,497			183,007
Trustees and officers compensation		63,476			65,413			64,734			64,734
Internal audit fees		8,378			8,368			7,689			7,689
Interest expense on line of credit		—			21,341			—			—
Other expenses		635,014			1,067,645			274,181			438,224
Total expenses before adjustments		28,741,567			41,341,148			10,834,869			21,312,179
Fees and expenses waived		—			—			(175	)		—
Total expenses after adjustments		28,741,567			41,341,148			10,834,694			21,312,179
Net investment income (loss)		(8,361,804	)		(19,129,070	)		17,665,860			8,635,695

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		214,018,556			842,608,510			70,039,380			139,695,786
Foreign currency transactions		—			—			(190,037	)		—
Net realized gain (loss)		214,018,556			842,608,510			69,849,343			139,695,786
Net change in unrealized appreciation (depreciation) on
investments and foreign currency translations		(187,637,581	)		(624,220,253	)		(179,307,662	)		(184,593,371	)
Net gain (loss) on investments		26,380,975			218,388,257			(109,458,319	)		(44,897,585	)
Net increase (decrease) in assets resulting from operations		18,019,171			199,259,187			(91,792,459	)		(36,261,890	)

(a) Net of foreign withholding taxes		$ 140,738			$ 185,071			$ 2,899,965			$ 1,119


The accompanying notes are an integral part of the financial statements.			39

Statements of Operations


11.01.2017 to 10.31.2018


	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)		$ 1,345,584			$ —			$ —			$ —
Interest		31,866			2,968,214			17,613,781			35,417,987
Total income		1,377,450			2,968,214			17,613,781			35,417,987

Expenses
Investment advisory fees		1,927,655			471,332			2,802,463			8,849,799
Administrative fees:
Class A		4,497			335			146			57
Class C		4,955			189			127			22
Class I		279,985			111,788			657,735			1,365,811
Class R-3		104			9			9			9
Class R-5		28			9			9			9
Class R-6		1,528			9			9			13,635
Class Y		28			2,064			22,248			53,063
Distribution and service fees:
Class A		11,242			837			364			143
Class C		49,551			1,889			1,267			224
Class R-3		519			47			47			47
Class Y		71			5,326			57,445			137,368
Transfer agent and shareholder servicing fees:
Class A		6,610			472			240			123
Class C		6,438			432			384			153
Class I		314,405			144,596			354,516			1,241,483
Class R-3		340			71			69			97
Class R-5		135			72			69			69
Class R-6		291			72			69			862
Class Y		140			4,304			37,178			85,125
Custodian fees		11,172			7,032			24,377			41,817
Professional fees		98,748			79,258			63,137			46,121
State registration fees		74,650			83,434			101,537			113,528
Trustees and officers compensation		62,797			64,734			64,734			64,734
Internal audit fees		8,148			7,689			7,689			7,689
Interest expense on line of credit		—			—			—			54
Other expenses		83,131			47,027			107,505			347,109
Total expenses before adjustments		2,947,168			1,033,027			4,303,373			12,369,151
Fees and expenses waived		(41,614	)		(549,593	)		(1,406,888	)		(4,842,654	)
Total expenses after adjustments		2,905,554			483,434			2,896,485			7,526,497
Net investment income (loss)		(1,528,104	)		2,484,780			14,717,296			27,891,490

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on:
Investments		22,581,767			(1,404,466	)		(11,405,061	)		(12,121,905	)
Foreign currency transactions		—			—			(35,625	)		(28,044	)
Swap Contracts		—			—			410,894			1,321,504
Futures contracts		—			—			(3,467,444	)		(7,905,063	)
Net realized gain (loss)		22,581,767			(1,404,466	)		(14,497,236	)		(18,733,508	)
Net change in unrealized appreciation (depreciation) on:
Investments and foreign currency translations		(784,842	)		(2,482,372	)		(13,857,430	)		(30,565,945	)
Swap Contracts		—			—			(39,557	)		(306,803	)
Futures contracts		—			—			(1,783,742	)		(3,378,268	)
Net change in unrealized appreciation (depreciation)		(784,842	)		(2,482,372	)		(15,680,729	)		(34,251,016	)
Net gain (loss) on investments		21,796,925			(3,886,838	)		(30,177,965	)		(52,984,524	)
Net increase (decrease) in assets resulting from operations		20,268,821			(1,402,058	)		(15,460,669	)		(25,093,034	)

(a) Net of foreign withholding taxes		$—			$ —			$ —			$ —


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

[THIS PAGE INTENTIONALLY LEFT BLANK]

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 10/31/18			11/1/16 to 10/31/17			11/1/17 to 10/31/18			11/1/16 to 10/31/17			11/1/17 to 10/31/18			11/1/16 to 10/31/17			11/1/17 to 10/31/18			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)		1,200,732			237,145			253,880			147,557			150,861			130,344			11,271,217			9,727,133
Net realized gain (loss)		36,674,734			25,222,151			661,743			975,148			800,208			270,576			42,111,759			15,696,282
Net change in unrealized appreciation (depreciation)		(14,784,125	)		72,880,416			(2,632,476	)		2,515,759			(632,361	)		1,070,850			3,264,320			73,789,804
Net increase (decrease) in net assets resulting from operations		23,091,341			98,339,712			(1,716,853	)		3,638,464			318,708			1,471,770			56,647,296			99,213,219
Distributions to shareholders from earnings (Note 9)		(25,472,949	)		(21,800,817	)		(206,971	)		(249,166	)		(446,042	)		(57,009	)		(26,272,595	)		(38,057,185	)
Fund share transactions
Proceeds from shares sold-Class A		49,558,565			6,795,240			3,706,159			966,809			411,667			806,285			38,687,158			9,824,277
Issued as reinvestment of distributions-Class A		9,810,169			8,461,224			53,718			46,859			35,648			7,495			6,144,566			9,358,425
Cost of shares redeemed-Class A		(44,356,804	)		(28,813,068	)		(2,620,004	)		(1,027,215	)		(715,369	)		(1,379,780	)		(52,947,759	)		(40,102,590	)
Proceeds from shares sold-Class C		2,871,775			2,860,366			520,399			719,093			715,621			1,124,089			9,892,575			10,370,279
Issued as reinvestment of distributions-Class C		5,106,005			4,718,569			28,462			50,527			36,455			1,498			5,072,430			9,423,544
Cost of shares redeemed-Class C		(51,131,138	)		(18,742,990	)		(2,863,251	)		(1,471,053	)		(596,293	)		(512,177	)		(61,909,752	)		(54,002,995	)
Proceeds from shares sold-Class I		118,549,302			41,711,259			2,881,277			2,151,420			12,887,704			11,283,307			65,439,163			88,518,674
Issued as reinvestment of distributions-Class I		7,117,568			5,648,884			115,509			137,212			366,673			46,925			8,964,349			10,193,980
Cost of shares redeemed-Class I		(40,782,238	)		(76,370,699	)		(1,528,823	)		(1,319,428	)		(6,466,185	)		(3,246,189	)		(61,303,674	)		(55,059,836	)
Proceeds from shares sold-Class R-3		413,599			767,737			159,179			37,886			—			—			222,408			396,916
Issued as reinvestment of distributions-Class R-3		80,730			42,012			7,995			13,703			262			12			80,464			133,127
Cost of shares redeemed-Class R-3		(301,074	)		(845,394	)		(16,478	)		(7,081	)		—			—			(870,732	)		(1,069,899	)
Proceeds from shares sold-Class R-5		7,695,419			1,236,365			—			—			—			20,000			32,918			124,842
Issued as reinvestment of distributions-Class R-5		195,042			466,138			45			604			978			337			20,226			24,913
Cost of shares redeemed-Class R-5		(3,469,801	)		(7,075,399	)		—			(25,140	)		—			(20,000	)		(13,106	)		(3,193	)
Proceeds from shares sold-Class R-6		6,027,841			36,802,300			100,072			804			—			—			5,641,896			4,528,156
Issued as reinvestment of distributions-Class R-6		2,575,449			1,841,311			177			219			333			72			1,918,066			2,565,438
Cost of shares redeemed-Class R-6		(6,141,206	)		(4,777,140	)		(91	)		(358	)		—			—			(7,508,808	)		(5,384,823	)
Proceeds from shares sold-Class Y		17,500			N/A			33,500			N/A			11,108			N/A			62,300			N/A
Issued as reinvestment of distributions-Class Y		619			N/A			144			N/A			289			N/A			561			N/A
Cost of shares redeemed-Class Y		(7,200	)		N/A			—			N/A			—			N/A			—			N/A
Proceeds from shares issued—fund reorganization (Note 8)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Net increase (decrease) from fund share transactions		63,830,122			(25,273,285	)		577,989			274,861			6,688,891			8,131,874			(42,374,751	)		(10,160,765	)
Increase (decrease) in net assets		61,448,514			51,265,610			(1,345,835	)		3,664,159			6,561,557			9,546,635			(12,000,050	)		50,995,269
Net assets, end of period		452,343,541			390,895,027			17,491,910			18,837,745			23,810,421			17,248,864			592,140,185			604,140,235

Shares issued and redeemed
Shares sold-Class A		1,108,742			174,563			195,834			58,651			25,051			54,084			1,824,095			511,170
Issued as reinvestment of distributions-Class A		232,303			246,468			2,847			3,128			2,213			510			291,946			503,417
Shares redeemed-Class A		(1,004,030	)		(771,842	)		(141,686	)		(63,784	)		(43,477	)		(91,722	)		(2,486,963	)		(2,070,819	)
Shares sold-Class C		88,835			101,959			27,750			42,647			43,374			75,395			482,826			568,124
Issued as reinvestment of distributions-Class C		165,618			182,749			1,534			3,423			2,280			102			251,402			530,410
Shares redeemed-Class C		(1,568,891	)		(657,104	)		(154,641	)		(91,947	)		(36,418	)		(34,171	)		(3,048,515	)		(2,916,422	)
Shares sold-Class I		2,573,878			1,075,924			155,026			123,174			814,535			753,518			3,076,647			4,625,761
Issued as reinvestment of distributions-Class I		160,777			157,702			6,138			9,190			22,774			3,194			426,255			547,143
Shares redeemed-Class I		(869,401	)		(1,981,381	)		(83,556	)		(85,412	)		(392,283	)		(214,603	)		(2,893,264	)		(2,854,755	)
Shares sold-Class R-3		9,805			20,685			8,580			2,347			—			—			10,457			20,772
Issued as reinvestment of distributions-Class R-3		1,988			1,265			427			922			16			1			3,837			7,205
Shares redeemed-Class R-3		(7,235	)		(24,129	)		(903	)		(421	)		—			—			(41,853	)		(54,951	)
Shares sold-Class R-5		167,340			31,850			—			—			—			1,357			1,539			6,604
Issued as reinvestment of distributions-Class R-5		4,418			13,064			2			41			61			23			961			1,338
Shares redeemed-Class R-5		(76,355	)		(174,308	)		—			(1,587	)		—			(1,286	)		(608	)		(166	)
Shares sold-Class R-6		130,821			988,409			5,366			48			—			—			265,422			237,517
Issued as reinvestment of distributions-Class R-6		58,640			51,795			9			15			21			5			91,436			138,259
Shares redeemed-Class R-6		(133,602	)		(121,141	)		(5	)		(21	)		—			—			(355,727	)		(281,241	)
Shares sold-Class Y		378			N/A			1,925			N/A			688			N/A			2,884			N/A
Issued as reinvestment of distributions-Class Y		14			N/A			8			N/A			18			N/A			26			N/A
Shares redeemed-Class Y		(159	)		N/A			—			N/A			—			N/A			—			N/A
Shares issued—fund reorganization (Note 8)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Shares issued and redeemed		1,043,884			(683,472	)		24,655			414			438,853			546,407			(2,097,197	)		(480,634	)


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

Statements of Changes in Net Assets


Carillon Eagle Mid Cap Growth Fund						Carillon Eagle Small Cap Growth Fund						Carillon Scout International Fund									Carillon Scout Mid Cap Fund
11/1/17 to 10/31/18			11/1/16 to 10/31/17			11/1/17 to 10/31/18			11/1/16 to 10/31/17			11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17			11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17

	$2,375,246,768			$1,373,092,497			$5,071,793,231			$4,065,433,794			$1,160,877,255			$1,186,071,198			$1,484,259,258			$1,675,214,198			$1,436,856,791			$1,292,464,719

	(8,361,804	)		(5,967,322	)		(19,129,070	)		(10,074,287	)		17,665,860			3,189,699			21,163,293			8,635,695			173,160			5,716,443
	214,018,556			78,036,959			842,608,510			403,184,419			69,849,343			57,894,069			211,739,514			139,695,786			24,725,864			170,048,847
	(187,637,581	)		433,729,847			(624,220,253	)		713,850,775			(179,307,662	)		34,699,691			(8,637,483	)		(184,593,371	)		111,794,470			93,669,684
	18,019,171			505,799,484			199,259,187			1,106,960,907			(91,792,459	)		95,783,459			224,265,324			(36,261,890	)		136,693,494			269,434,974
	(158,724,314	)		(97,570	)		(381,398,349	)		(125,420,017	)		(177,685,091	)		—			(199,956,322	)		(138,762,254	)		—			(28,725,492	)

	290,123,467			133,239,573			146,346,713			140,727,292			449,120			N/A			N/A			7,430,873			N/A			N/A
	24,654,672			—			44,021,081			24,299,552			1,591			N/A			N/A			3,347			N/A			N/A
	(221,781,650	)		(101,471,121	)		(258,789,196	)		(546,392,709	)		(25,020	)		N/A			N/A			(435,440	)		N/A			N/A
	39,467,799			27,777,900			12,169,837			11,830,049			65,498			N/A			N/A			9,580,393			N/A			N/A
	8,528,282			—			15,524,267			6,031,652			1,583			N/A			N/A			1,837			N/A			N/A
	(70,094,544	)		(28,869,024	)		(76,758,455	)		(49,512,086	)		—			N/A			N/A			(181,801	)		N/A			N/A
	566,665,458			310,616,072			333,391,456			553,933,274			60,189,648			16,931,833			89,419,257			1,317,744,550			196,138,852			275,358,446
	40,420,186			6,580			103,735,532			32,479,254			171,813,988			—			191,437,939			127,201,107			—			25,508,611
	(267,949,969	)		(125,455,278	)		(722,667,447	)		(583,745,867	)		(302,805,384	)		(137,909,235	)		(603,354,258	)		(530,416,882	)		(94,474,939	)		(397,184,467	)
	12,945,227			9,688,099			17,082,373			14,821,449			10,000			N/A			N/A			1,649,875			N/A			N/A
	1,661,600			—			7,176,466			2,846,912			1,588			N/A			N/A			770			N/A			N/A
	(11,050,282	)		(6,624,642	)		(31,495,675	)		(34,012,061	)		—			N/A			N/A			(14,805	)		N/A			N/A
	559,748,449			117,002,843			110,789,186			147,981,495			10,000			N/A			N/A			1,153,765			N/A			N/A
	23,700,917			13,068			34,589,597			13,833,099			1,594			N/A			N/A			775			N/A			N/A
	(194,371,904	)		(43,861,460	)		(154,481,135	)		(235,670,530	)		—			N/A			N/A			(345,533	)		N/A			N/A
	1,175,594,466			289,700,454			730,103,437			814,962,934			3,303,278			N/A			N/A			38,476,930			N/A			N/A
	52,993,487			77,414			147,039,395			36,051,096			1,594			N/A			N/A			775			N/A			N/A
	(221,850,346	)		(85,388,121	)		(656,682,217	)		(325,646,258	)		(265,263	)		N/A			N/A			(323,638	)		N/A			N/A
	199,790			N/A			84,326			N/A			10,500			N/A			N/A			2,041,705			N/A			N/A
	739			N/A			733			N/A			1,591			N/A			N/A			1,692			N/A			N/A
	(2,845	)		N/A			—			N/A			—			N/A			N/A			(71,192	)		N/A			N/A
	243,862,189			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
	2,053,465,188			496,452,357			(198,819,726	)		24,818,547			(67,234,094	)		(120,977,402	)		(322,497,062	)		973,499,103			101,663,913			(96,317,410	)
	1,912,760,045			1,002,154,271			(380,958,888	)		1,006,359,437			(336,711,644	)		(25,193,943	)		(298,188,060	)		798,474,959			238,357,407			144,392,072
	4,288,006,813			2,375,246,768			4,690,834,343			5,071,793,231			824,165,611			1,160,877,255			1,186,071,198			2,473,689,157			1,675,214,198			1,436,856,791


	4,805,747			2,634,506			2,291,711			2,473,642			21,081			N/A			N/A			376,289			N/A			N/A
	416,693			—			737,495			461,355			75			N/A			N/A			175			N/A			N/A
	(3,704,313	)		(2,068,456	)		(4,101,199	)		(9,469,427	)		(1,193	)		N/A			N/A			(22,285	)		N/A			N/A
	820,256			681,231			261,415			273,490			2,914			N/A			N/A			489,371			N/A			N/A
	181,436			—			350,356			149,335			74			N/A			N/A			96			N/A			N/A
	(1,435,017	)		(721,593	)		(1,622,667	)		(1,130,584	)		—			N/A			N/A			(9,263	)		N/A			N/A
	8,951,579			5,761,173			5,007,733			9,142,861			2,723,323			698,462			3,936,668			67,125,594			10,448,240			16,183,075
	648,183			139			1,654,738			591,392			8,047,494			—			9,218,609			6,663,233			—			1,520,389
	(4,242,627	)		(2,401,812	)		(10,634,607	)		(9,935,536	)		(13,828,645	)		(5,699,663	)		(26,320,445	)		(27,037,515	)		(5,060,023	)		(24,205,520	)
	222,557			199,556			275,083			267,123			399			N/A			N/A			83,463			N/A			N/A
	28,995			—			124,160			55,539			75			N/A			N/A			40			N/A			N/A
	(190,624	)		(138,206	)		(517,058	)		(619,358	)		—			N/A			N/A			(737	)		N/A			N/A
	8,819,967			2,184,137			1,658,538			2,473,948			399			N/A			N/A			57,573			N/A			N/A
	379,950			278			549,303			250,827			75			N/A			N/A			41			N/A			N/A
	(3,067,438	)		(841,367	)		(2,327,766	)		(3,971,896	)		—			N/A			N/A			(17,321	)		N/A			N/A
	18,433,936			5,465,348			10,906,856			13,715,564			154,129			N/A			N/A			1,887,914			N/A			N/A
	838,973			1,632			2,317,041			649,686			75			N/A			N/A			41			N/A			N/A
	(3,504,133	)		(1,639,474	)		(9,719,866	)		(5,405,986	)		(12,775	)		N/A			N/A			(16,327	)		N/A			N/A
	3,045			N/A			1,268			N/A			423			N/A			N/A			103,503			N/A			N/A
	12			N/A			12			N/A			74			N/A			N/A			89			N/A			N/A
	(47	)		N/A			—			N/A			—			N/A			N/A			(3,570	)		N/A			N/A
	4,000,263			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
	32,407,393			9,117,092			(2,787,454	)		(28,025	)		(2,892,003	)		(5,001,201	)		(13,165,168	)		49,680,404			5,388,217			(6,502,056	)


The accompanying notes are an integral part of the financial statements.			43

Statements of Changes in Net Assets


	Carillon Scout Small Cap Fund									Carillon Reams Core Bond Fund
	11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17			11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17

Net assets, beginning of period		$270,531,036			$241,971,178			$197,628,825			$143,842,579			$168,933,582			$207,967,407
Increase (decrease) in net assets from operations
Net investment income (loss)		(1,528,104	)		(380,967	)		(826,064	)		2,484,780			860,985			2,531,418
Net realized gain (loss) on investments		22,581,767			5,885,428			21,034,270			(1,404,466	)		995,576			(653,745	)
Net change in unrealized appreciation (depreciation)		(784,842	)		17,318,653			36,719,366			(2,482,372	)		(369,667	)		(3,524,209	)
Net increase (decrease) in net assets resulting from operations		20,268,821			22,823,114			56,927,572			(1,402,058	)		1,486,894			(1,646,536	)
Distributions to shareholders from
Earnings (Note 9)		(46,763,407	)		—			(9,176,002	)		(2,307,527	)		(900,936	)		(7,402,842	)
Return of capital		—			—			—			—			—			—
Total distributions to shareholders		(46,763,407	)		—			(9,176,002	)		(2,307,527	)		(900,936	)		(7,402,842	)
Fund share transactions
Proceeds from shares sold-Class A		1,257,331			N/A			N/A			619,013			N/A			N/A
Issued as reinvestment of distributions-Class A		11,163			N/A			N/A			5,814			N/A			N/A
Cost of shares redeemed-Class A		(2,425,430	)		N/A			N/A			(2,383	)		N/A			N/A
Proceeds from shares sold-Class C		379,686			N/A			N/A			512,094			N/A			N/A
Issued as reinvestment of distributions-Class C		10,951			N/A			N/A			2,454			N/A			N/A
Cost of shares redeemed-Class C		(2,307,193	)		N/A			N/A			(208,754	)		N/A			N/A
Proceeds from shares sold-Class I		56,513,638			16,257,579			23,420,649			23,273,667			3,576,959			37,721,554
Issued as reinvestment of distributions-Class I		45,114,741			—			8,913,446			2,251,072			835,914			6,943,328
Cost of shares redeemed-Class I		(69,534,464	)		(10,520,835	)		(35,743,312	)		(58,375,035	)		(30,037,064	)		(73,695,489	)
Proceeds from shares sold-Class R-3		24,210			N/A			N/A			10,000			N/A			N/A
Issued as reinvestment of distributions-Class R-3		1,741			N/A			N/A			139			N/A			N/A
Cost of shares redeemed-Class R-3		(8,490	)		N/A			N/A			—			N/A			N/A
Proceeds from shares sold-Class R-5		10,000			N/A			N/A			10,000			N/A			N/A
Issued as reinvestment of distributions-Class R-5		1,741			N/A			N/A			186			N/A			N/A
Cost of shares redeemed-Class R-5		(65	)		N/A			N/A			—			N/A			N/A
Proceeds from shares sold-Class R-6		5,549,041			N/A			N/A			10,000			N/A			N/A
Issued as reinvestment of distributions-Class R-6		216,374			N/A			N/A			195			N/A			N/A
Cost of shares redeemed-Class R-6		(378,155	)		N/A			N/A			—			N/A			N/A
Proceeds from shares sold-Class Y		92,700			N/A			N/A			178,750			49,907			333,047
Issued as reinvestment of distributions-Class Y		1,764			N/A			N/A			33,728			11,211			100,478
Cost of shares redeemed-Class Y		—			N/A			N/A			(889,289	)		(113,888	)		(1,387,365	)
Proceeds from shares issued—fund reorganization (Note 8)		40,401,462			N/A			N/A			N/A			N/A			N/A
Net increase (decrease) from fund share transactions		74,932,746			5,736,744			(3,409,217	)		(32,568,349	)		(25,676,961	)		(29,984,447	)
Increase (decrease) in net assets		48,438,160			28,559,858			44,342,353			(36,277,934	)		(25,091,003	)		(39,033,825	)
Net assets, end of period		318,969,196			270,531,036			241,971,178			107,564,645			143,842,579			168,933,582

Shares issued and redeemed
Shares sold-Class A		42,461			N/A			N/A			55,471			N/A			N/A
Issued as reinvestment of distributions-Class A		387			N/A			N/A			521			N/A			N/A
Shares redeemed-Class A		(86,553	)		N/A			N/A			(213	)		N/A			N/A
Shares sold-Class C		13,233			N/A			N/A			45,751			N/A			N/A
Issued as reinvestment of distributions-Class C		381			N/A			N/A			220			N/A			N/A
Shares redeemed-Class C		(78,343	)		N/A			N/A			(18,706	)		N/A			N/A
Shares sold-Class I		1,911,641			573,693			935,976			2,068,956			313,169			3,277,843
Issued as reinvestment of distributions-Class I		1,580,008			—			381,896			200,883			73,151			615,646
Shares redeemed-Class I		(2,436,745	)		(376,822	)		(1,506,470	)		(5,167,715	)		(2,628,930	)		(6,425,619	)
Shares sold-Class R-3		843			N/A			N/A			876			N/A			N/A
Issued as reinvestment of distributions-Class R-3		61			N/A			N/A			12			N/A			N/A
Shares redeemed-Class R-3		(289	)		N/A			N/A			—			N/A			N/A
Shares sold-Class R-5		337			N/A			N/A			875			N/A			N/A
Issued as reinvestment of distributions-Class R-5		61			N/A			N/A			17			N/A			N/A
Shares redeemed-Class R-5		(2	)		N/A			N/A			—			N/A			N/A
Shares sold-Class R-6		183,537			N/A			N/A			876			N/A			N/A
Issued as reinvestment of distributions-Class R-6		7,460			N/A			N/A			17			N/A			N/A
Shares redeemed-Class R-6		(13,563	)		N/A			N/A			—			N/A			N/A
Shares sold-Class Y		3,236			N/A			N/A			15,863			4,371			28,217
Issued as reinvestment of distributions-Class Y		62			N/A			N/A			3,010			981			8,919
Shares redeemed-Class Y		—			N/A			N/A			(79,271	)		(9,973	)		(120,246	)
Shares issued—fund reorganization (Note 8)		1,393,774			N/A			N/A			N/A			N/A			N/A
Shares issued and redeemed		2,521,987			196,871			(188,598	)		(2,872,557	)		(2,247,231	)		(2,615,240	)


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

Statements of Changes in Net Assets


Carillon Reams Core Plus Bond Fund									Carillon Reams Unconstrained Bond Fund
11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17			11/1/17 to 10/31/18			7/1/17 to 10/31/17			7/1/16 to 6/30/17

	$768,561,795			$814,467,884			$925,524,225			$1,591,781,787			$1,573,568,177			$1,373,083,803

	14,717,296			4,100,068			11,613,056			27,891,490			5,175,944			12,821,365
	(14,497,236	)		5,118,881			(2,222,573	)		(18,733,508	)		6,753,052			20,161,638
	(15,680,729	)		(2,350,781	)		(14,654,117	)		(34,251,016	)		(4,424,302	)		(1,731,471	)
	(15,460,669	)		6,868,168			(5,263,634	)		(25,093,034	)		7,504,694			31,251,532

	(13,372,045	)		(3,986,035	)		(34,983,149	)		(26,231,399	)		(4,867,007	)		(15,454,884	)
	—			(197,332	)		—			—			—			—
	(13,372,045	)		(4,183,367	)		(34,983,149	)		(26,231,399	)		(4,867,007	)		(15,454,884	)

	225,876			N/A			N/A			234,199			N/A			N/A
	2,400			N/A			N/A			848			N/A			N/A
	(12,300	)		N/A			N/A			(148,617	)		N/A			N/A
	230,768			N/A			N/A			71,637			N/A			N/A
	1,315			N/A			N/A			253			N/A			N/A
	(18,277	)		N/A			N/A			(26,851	)		N/A			N/A
	94,150,257			30,109,489			184,300,025			469,850,335			166,300,043			562,801,577
	10,111,364			3,131,477			25,792,908			23,015,289			4,401,083			13,971,363
	(209,835,364	)		(79,410,892	)		(233,425,295	)		(781,026,245	)		(127,564,904	)		(397,526,066	)
	10,000			N/A			N/A			10,000			N/A			N/A
	135			N/A			N/A			132			N/A			N/A
	—			N/A			N/A			—			N/A			N/A
	10,000			N/A			N/A			10,000			N/A			N/A
	182			N/A			N/A			179			N/A			N/A
	—			N/A			N/A			—			N/A			N/A
	10,000			N/A			N/A			41,307,294			N/A			N/A
	191			N/A			N/A			290,370			N/A			N/A
	—			N/A			N/A			(12,128,000	)		N/A			N/A
	2,415,673			420,311			33,193,213			10,068,156			6,608,004			87,759,264
	343,230			109,494			2,188,398			815,539			170,833			804,443
	(12,503,669	)		(2,950,769	)		(82,858,807	)		(43,602,578	)		(34,339,136	)		(83,122,855	)
	N/A			N/A			N/A			N/A			N/A			N/A
	(114,858,219	)		(48,590,890	)		(70,809,558	)		(291,258,060	)		15,575,923			184,687,726
	(143,690,933	)		(45,906,089	)		(111,056,341	)		(342,582,493	)		18,213,610			200,484,374
	624,870,862			768,561,795			814,467,884			1,249,199,294			1,591,781,787			1,573,568,177


	7,252			N/A			N/A			20,176			N/A			N/A
	78			N/A			N/A			73			N/A			N/A
	(400	)		N/A			N/A			(12,821	)		N/A			N/A
	7,414			N/A			N/A			6,127			N/A			N/A
	42			N/A			N/A			22			N/A			N/A
	(587	)		N/A			N/A			(2,299	)		N/A			N/A
	3,015,596			946,333			5,707,300			40,214,342			14,025,178			47,894,813
	324,975			98,455			823,334			1,975,490			371,239			1,189,203
	(6,745,419	)		(2,496,559	)		(7,337,898	)		(67,050,826	)		(10,763,667	)		(33,804,727	)
	315			N/A			N/A			846			N/A			N/A
	4			N/A			N/A			11			N/A			N/A
	—			N/A			N/A			—			N/A			N/A
	315			N/A			N/A			846			N/A			N/A
	6			N/A			N/A			15			N/A			N/A
	—			N/A			N/A			—			N/A			N/A
	315			N/A			N/A			3,564,946			N/A			N/A
	6			N/A			N/A			25,134			N/A			N/A
	—			N/A			N/A			(1,049,904	)		N/A			N/A
	77,458			13,219			1,014,292			856,445			554,934			7,436,866
	11,028			3,443			69,914			69,660			14,343			68,155
	(401,555	)		(92,923	)		(2,597,161	)		(3,717,322	)		(2,885,189	)		(7,028,404	)
	N/A			N/A			N/A			N/A			N/A			N/A
	(3,703,157	)		(1,528,032	)		(2,320,219	)		(25,099,039	)		1,316,838			15,755,906


The accompanying notes are an integral part of the financial statements.			45

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions													Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon ClariVest Capital Appreciation Fund
Class A*
11/01/17		10/31/18		$43.14		$0.07			$2.40			$2.47			$—		$	(2.70	)		$—	$	(2.70	)		$42.91		1.02		1.12		0.15			45		5.83			$177
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
Class C*
11/01/17		10/31/18		32.23		(0.17	)		1.76			1.59			—			(2.70	)		—		(2.70	)		31.12		1.80		1.90		(0.53	)		45		5.02			20
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
Class I*
11/01/17		10/31/18		45.13		0.21			2.51			2.72			(0.06	)		(2.70	)		—		(2.76	)		45.09		0.72		0.88		0.46			45		6.15			203
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
Class R-3*
11/01/17		10/31/18		41.60		(0.04	)		2.31			2.27			—			(2.70	)		—		(2.70	)		41.17		1.29		1.47		(0.11	)		45		5.56			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
Class R-5*
11/01/17		10/31/18		44.97		0.18			2.53			2.71			(0.01	)		(2.70	)		—		(2.71	)		44.97		0.72		0.86		0.38			45		6.14			7
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
Class R-6*
11/01/17		10/31/18		44.82		0.26			2.48			2.74			(0.09	)		(2.70	)		—		(2.79	)		44.77		0.63		0.79		0.55			45		6.23			44
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		10/31/18		45.64		0.08			2.00			2.08			(0.12	)		(2.70	)		—		(2.82	)		44.90		1.01		1.55		0.18			45		4.67			0

Carillon ClariVest International Stock Fund
Class A*
11/01/17		10/31/18		18.71		0.28			(1.86	)		(1.58	)		(0.21	)		—			—		(0.21	)		16.92		1.45		2.85		1.50			49		(8.56	)		5
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
Class C*
11/01/17		10/31/18		18.32		0.04			(1.73	)		(1.69	)		(0.10	)		—			—		(0.10	)		16.53		2.20		3.68		0.21			49		(9.28	)		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


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

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions													Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon ClariVest International Stock Fund (cont’d)
Class I*
11/01/17		10/31/18		$18.70		$0.30			$(1.82	)		$(1.52	)		$(0.26	)		$—			$—		$(0.26	)		$16.92		1.15		2.59		1.60			49		(8.29	)		$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
Class R-3*
11/01/17		10/31/18		18.53		0.19			(1.80	)		(1.61	)		(0.18	)		—			—		(0.18	)		16.74		1.70		3.17		1.01			49		(8.80	)		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
Class R-5*
11/01/17		10/31/18		18.69		0.29			(1.81	)		(1.52	)		(0.23	)		—			—		(0.23	)		16.94		1.15		4.65		1.56			49		(8.26	)		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
Class R-6*
11/01/17		10/31/18		18.75		0.29			(1.80	)		(1.51	)		(0.27	)		—			—		(0.27	)		16.97		1.05		2.81		1.55			49		(8.21	)		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
Class Y*
11/20/17		10/31/18		18.54		0.21			(1.62	)		(1.41	)		(0.27	)		—			—		(0.27	)		16.86		1.45		3.59		1.20			49		(7.77	)		0

Carillon Cougar Tactical Allocation Fund
Class A*
11/01/17		10/31/18		16.05		0.13			(0.05	)		0.08			(0.11	)		(0.29	)		—		(0.40	)		15.73		1.17		2.62		0.79			88		0.44			1
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		10/31/18		15.87		—	(d)		(0.03	)		(0.03	)		(0.03	)		(0.29	)		—		(0.32	)		15.52		1.92		3.40		0.02			88		(0.29	)		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		10/31/18		16.09		0.17			(0.04	)		0.13			(0.17	)		(0.29	)		—		(0.46	)		15.76		0.87		2.42		1.03			88		0.74			20
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
Class R-3*
11/01/17		10/31/18		16.03		0.09			(0.04	)		0.05			(0.09	)		(0.29	)		—		(0.38	)		15.70		1.42		3.49		0.52			88		0.21			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		10/31/18		16.09		0.18			(0.05	)		0.13			(0.16	)		(0.29	)		—		(0.45	)		15.77		0.87		2.60		1.07			88		0.76			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		10/31/18		16.12		0.19			(0.05	)		0.14			(0.18	)		(0.29	)		—		(0.47	)		15.79		0.77		2.92		1.17			88		0.82			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		10/31/18		16.11		0.13			(0.06	)		0.07			(0.18	)		(0.29	)		—		(0.47	)		15.71		1.17		3.32		0.82			88		0.34			0


The accompanying notes are an integral part of the financial statements.			47

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions														Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon Eagle Growth & Income Fund
Class A*
11/01/17		10/31/18		$20.39		$0.40			$1.57			$1.97			$(0.42	)		$(0.50	)		$—			$(0.92	)		$21.44		0.98		0.98		1.91			10		9.76			$147
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
Class C*
11/01/17		10/31/18		19.54		0.24			1.49			1.73			(0.25	)		(0.50	)		—			(0.75	)		20.52		1.73		1.73		1.16			10		8.94			130
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
Class I*
11/01/17		10/31/18		20.34		0.46			1.56			2.02			(0.47	)		(0.50	)		—			(0.97	)		21.39		0.72		0.72		2.16			10		10.06			272
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
Class R-3*
11/01/17		10/31/18		20.30		0.33			1.56			1.89			(0.34	)		(0.50	)		—			(0.84	)		21.35		1.31		1.31		1.59			10		9.40			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
Class R-5*
11/01/17		10/31/18		20.36		0.45			1.56			2.01			(0.46	)		(0.50	)		—			(0.96	)		21.41		0.78		0.78		2.10			10		9.99			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
Class R-6*
11/01/17		10/31/18		20.30		0.47			1.56			2.03			(0.49	)		(0.50	)		—			(0.99	)		21.34		0.64		0.64		2.24			10		10.12			42
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
Class Y*
11/20/17		10/31/18		20.48		0.28			1.49			1.77			(0.40	)		(0.50	)		—			(0.90	)		21.35		1.25		1.43		1.35			10		8.74			0

Carillon Eagle Mid Cap Growth Fund
Class A*
11/01/17		10/31/18		56.41		(0.28	)		3.06			2.78			—			(3.00	)		—			(3.00	)		56.19		1.05		1.05		(0.46	)		44		4.75			688
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
Class C*
11/01/17		10/31/18		45.67		(0.55	)		2.49			1.94			—			(3.00	)		—			(3.00	)		44.61		1.74		1.74		(1.14	)		44		4.00			147
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


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

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions													Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon Eagle Mid Cap Growth Fund (cont’d)
Class I*
11/01/17		10/31/18		$59.29		$(0.10	)		$3.19			$3.09			$—			$(3.00	)		$—		$(3.00	)		$59.38		0.75		0.75		(0.16	)		44		5.05			$1,134
11/01/16		10/31/17		44.30		(0.11	)		15.10			14.99			—	(d)		—			—		—	(d)		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
Class R-3*
11/01/17		10/31/18		54.88		(0.42	)		2.96			2.54			—			(3.00	)		—		(3.00	)		54.42		1.32		1.32		(0.72	)		44		4.43			35
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
Class R-5*
11/01/17		10/31/18		59.14		(0.11	)		3.19			3.08			—			(3.00	)		—		(3.00	)		59.22		0.75		0.75		(0.18	)		44		5.04			648
11/01/16		10/31/17		44.19		(0.11	)		15.06			14.95			—	(d)		—			—		—	(d)		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
Class R-6*
11/01/17		10/31/18		59.62		(0.06	)		3.22			3.16			—			(3.00	)		—		(3.00	)		59.78		0.66		0.66		(0.09	)		44		5.14			1,636
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
Class Y*
11/20/17		10/31/18		60.71		(0.44	)		1.87			1.43			—			(3.00	)		—		(3.00	)		59.14		1.13		1.13		(0.72	)		44		2.18			0

Carillon Eagle Small Cap Growth Fund
Class A*
11/01/17		10/31/18		62.31		(0.40	)		2.07			1.67			—			(4.83	)		—		(4.83	)		59.15		1.05		1.05		(0.63	)		35		2.61			544
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
Class C*
11/01/17		10/31/18		47.51		(0.62	)		1.59			0.97			—			(4.83	)		—		(4.83	)		43.65		1.75		1.75		(1.31	)		35		1.89			111
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
Class I*
11/01/17		10/31/18		65.18		(0.22	)		2.15			1.93			—			(4.83	)		—		(4.83	)		62.28		0.75		0.75		(0.33	)		35		2.91			1,369
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
Class R-3*
11/01/17		10/31/18		60.51		(0.55	)		2.01			1.46			—			(4.83	)		—		(4.83	)		57.14		1.32		1.32		(0.90	)		35		2.32			85
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


The accompanying notes are an integral part of the financial statements.			49

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions													Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon Eagle Small Cap Growth Fund (cont’d)
Class R-5*
11/01/17		10/31/18		$65.45		$(0.22	)		$2.16			$1.94			$—			$(4.83	)		$—		$(4.83	)		$62.56		0.75		0.75		(0.33	)		35		2.92			$441
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
Class R-6*
11/01/17		10/31/18		65.92		(0.16	)		2.18			2.02			—			(4.83	)		—		(4.83	)		63.11		0.65		0.65		(0.24	)		35		3.02			2,141
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
Class Y*
11/20/17		10/31/18		65.89		(0.50	)		1.47			0.97			—			(4.83	)		—		(4.83	)		62.03		1.12		1.12		(0.77	)		35		1.40			0

Carillon Scout International Fund
Class A*
11/20/17		10/31/18		25.05		0.21			(2.26	)		(2.05	)		(0.22	)		(3.76	)		—		(3.98	)		19.02		1.31		1.31		1.05			13		(9.90	)		0
Class C*
11/20/17		10/31/18		25.05		0.18			(2.38	)		(2.20	)		(0.20	)		(3.76	)		—		(3.96	)		18.89		2.20		2.23		0.87			13		(10.59	)		0
Class I*
11/01/17		10/31/18		25.18		0.38			(2.51	)		(2.13	)		(0.22	)		(3.76	)		—		(3.98	)		19.07		1.06		1.06		1.73			13		(10.12	)		821
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
Class R-3*
11/20/17		10/31/18		25.05		0.23			(2.33	)		(2.10	)		(0.22	)		(3.76	)		—		(3.98	)		18.97		1.70		2.16		1.14			13		(10.16	)		0
Class R-5*
11/20/17		10/31/18		25.05		0.34			(2.34	)		(2.00	)		(0.23	)		(3.76	)		—		(3.99	)		19.06		1.15		1.66		1.69			13		(9.68	)		0
Class R-6*
11/20/17		10/31/18		25.05		0.32			(2.30	)		(1.98	)		(0.23	)		(3.76	)		—		(3.99	)		19.08		0.99		0.99		1.60			13		(9.59	)		3
Class Y*
11/20/17		10/31/18		25.05		0.28			(2.34	)		(2.06	)		(0.22	)		(3.76	)		—		(3.98	)		19.01		1.45		2.16		1.39			13		(9.94	)		0

Carillon Scout Mid Cap Fund
Class A*
11/20/17		10/31/18		20.18		0.05			(0.30	)		(0.25	)		(0.02	)		(1.54	)		—		(1.56	)		18.37		1.19		1.19		0.28			106		(1.51	)		7
Class C*
11/20/17		10/31/18		20.18		(0.09	)		(0.28	)		(0.37	)		(0.01	)		(1.54	)		—		(1.55	)		18.26		1.94		1.94		(0.47	)		106		(2.16	)		9
Class I*
11/01/17		10/31/18		19.77		0.08			0.12			0.20			(0.02	)		(1.54	)		—		(1.56	)		18.41		0.97		0.97		0.40			106		0.74			2,420
07/01/17		10/31/17		18.11		—	(d)		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		—	(d)		3.99			3.99			—	(d)		(0.95	)		—		(0.95	)		18.79		1.02		1.02		0.01			134		25.75			2,538
Class R-3*
11/20/17		10/31/18		20.18		0.01			(0.32	)		(0.31	)		(0.01	)		(1.54	)		—		(1.55	)		18.32		1.44		1.44		0.04			106		(1.83	)		2
Class R-5*
11/20/17		10/31/18		20.18		0.10			(0.36	)		(0.26	)		(0.03	)		(1.54	)		—		(1.57	)		18.35		0.99		0.99		0.53			106		(1.62	)		1
Class R-6*
11/20/17		10/31/18		20.18		0.12			(0.32	)		(0.20	)		(0.03	)		(1.54	)		—		(1.57	)		18.41		0.90		0.90		0.62			106		(1.29	)		34
Class Y*
11/20/17		10/31/18		20.18		0.07			(0.32	)		(0.25	)		(0.02	)		(1.54	)		—		(1.56	)		18.37		1.19		1.19		0.36			106		(1.51	)		2


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

Financial Highlights


Fiscal periods					From investment operations									Dividends & distributions													Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon Scout Small Cap Fund
Class A*
11/20/17		10/31/18		$29.63		$(0.26	)		$2.68			$2.42			$—			$(4.95	)		$—		$(4.95	)		$27.10		1.23		1.23		(0.95	)		22		8.00			$12
Class C*
11/20/17		10/31/18		29.63		(0.47	)		2.68			2.21			—			(4.95	)		—		(4.95	)		26.89		1.97		1.97		(1.69	)		22		7.21			14
Class I*
11/01/17		10/31/18		29.33		(0.14	)		2.93			2.79			—			(4.95	)		—		(4.95	)		27.17		0.95		0.97		(0.49	)		22		9.36			287
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
Class R-3*
11/20/17		10/31/18		29.63		(0.33	)		2.67			2.34			—			(4.95	)		—		(4.95	)		27.02		1.50		1.67		(1.20	)		22		7.70			0
Class R-5*
11/20/17		10/31/18		29.63		(0.17	)		2.66			2.49			—			(4.95	)		—		(4.95	)		27.17		0.95		1.32		(0.60	)		22		8.26			0
Class R-6*
11/20/17		10/31/18		29.63		(0.13	)		2.65			2.52			—			(4.95	)		—		(4.95	)		27.20		0.85		0.86		(0.47	)		22		8.37			5
Class Y*
11/20/17		10/31/18		29.63		(0.24	)		2.65			2.41			—			(4.95	)		—		(4.95	)		27.09		1.25		1.59		(0.87	)		22		7.96			0

Carillon Reams Core Bond Fund
Class A*
11/20/17		10/31/18		11.42		0.20			(0.40	)		(0.20	)		(0.19	)		—			—		(0.19	)		11.03		0.80		1.16		1.88			278		(1.78	)		1
Class C*
11/20/17		10/31/18		11.42		0.12			(0.40	)		(0.28	)		(0.12	)		—			—		(0.12	)		11.02		1.55		1.99		1.11			278		(2.43	)		0
Class I*
11/01/17		10/31/18		11.40		0.24			(0.38	)		(0.14	)		(0.22	)		—			—		(0.22	)		11.04		0.40		0.87		2.12			278		(1.23	)		105
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
Class R-3*
11/20/17		10/31/18		11.42		0.16			(0.38	)		(0.22	)		(0.16	)		—			—		(0.16	)		11.04		1.05		2.02		1.51			278		(1.96	)		0
Class R-5*
11/20/17		10/31/18		11.42		0.22			(0.38	)		(0.16	)		(0.21	)		—			—		(0.21	)		11.05		0.50		1.52		2.06			278		(1.40	)		0
Class R-6*
11/20/17		10/31/18		11.42		0.23			(0.38	)		(0.15	)		(0.22	)		—			—		(0.22	)		11.05		0.40		1.52		2.16			278		(1.32	)		0
Class Y*
11/01/17		10/31/18		11.40		0.19			(0.37	)		(0.18	)		(0.18	)		—			—		(0.18	)		11.04		0.80		1.19		1.71			278		(1.60	)		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

Carillon Reams Core Plus Bond Fund
Class A*
11/20/17		10/31/18		31.76		0.54			(1.36	)		(0.82	)		(0.50	)		—			—		(0.50	)		30.44		0.80		0.97		1.85			292		(2.60	)		0
Class C*
11/20/17		10/31/18		31.76		0.32			(1.36	)		(1.04	)		(0.31	)		—			—		(0.31	)		30.41		1.55		1.85		1.09			292		(3.31	)		0


The accompanying notes are an integral part of the financial statements.			51

Financial Highlights


Fiscal periods					From investment operations								Dividends & distributions														Ratios to average net asset (%)
Fiscal periods			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		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)
Carillon Reams Core Plus Bond Fund (cont’d)
Class I*
11/01/17		10/31/18		$31.74		$0.66		$(1.34	)		$(0.68	)		$(0.60	)		$—			$—			$(0.60	)		$30.46		0.40		0.60		2.11		292		(2.17	)		$607
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
Class R-3*
11/20/17		10/31/18		31.76		0.45		(1.34	)		(0.89	)		(0.43	)		—			—			(0.43	)		30.44		1.05		1.77		1.51		292		(2.84	)		0
Class R-5*
11/20/17		10/31/18		31.76		0.61		(1.34	)		(0.73	)		(0.57	)		—			—			(0.57	)		30.46		0.50		1.27		2.07		292		(2.31	)		0
Class R-6*
11/20/17		10/31/18		31.76		0.64		(1.34	)		(0.70	)		(0.60	)		—			—			(0.60	)		30.46		0.40		1.27		2.17		292		(2.23	)		0
Class Y*
11/01/17		10/31/18		31.73		0.53		(1.34	)		(0.81	)		(0.48	)		—			—			(0.48	)		30.44		0.80		0.96		1.70		292		(2.56	)		17
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

Carillon Reams Unconstrained Bond Fund
Class A*
11/20/17		10/31/18		11.83		0.21		(0.41	)		(0.20	)		(0.18	)		—			—			(0.18	)		11.45		0.80		1.20		1.85		139		(1.71	)		0
Class C*
11/20/17		10/31/18		11.83		0.11		(0.41	)		(0.30	)		(0.11	)		—			—			(0.11	)		11.42		1.55		2.42		0.99		139		(2.55	)		0
Class I*
11/01/17		10/31/18		11.85		0.22		(0.43	)		(0.21	)		(0.21	)		—			—			(0.21	)		11.43		0.50		0.83		1.90		139		(1.79	)		1,183
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
Class R-3*
11/20/17		10/31/18		11.83		0.15		(0.39	)		(0.24	)		(0.16	)		—			—			(0.16	)		11.43		1.05		2.25		1.40		139		(2.09	)		0
Class R-5*
11/20/17		10/31/18		11.83		0.21		(0.40	)		(0.19	)		(0.21	)		—			—			(0.21	)		11.43		0.50		1.45		1.95		139		(1.62	)		0
Class R-6*
11/20/17		10/31/18		11.83		0.25		(0.43	)		(0.18	)		(0.22	)		—			—			(0.22	)		11.43		0.40		0.76		2.32		139		(1.53	)		29
Class Y*
11/01/17		10/31/18		11.90		0.18		(0.41	)		(0.23	)		(0.18	)		—			—			(0.18	)		11.49		0.80		1.14		1.58		139		(1.97	)		37
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		—	(d)		0.01			(0.01	)		(0.07	)		—			(0.08	)		11.64		0.78		1.12		0.12		422		0.12			555

* Per share amounts have been calculated using the daily average share method.

(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) Per share amount is less than $0.005.


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

Notes to Financial Statements

10.31.2018

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”), each of which is 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 Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation,

•

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 October 31, 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.

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 oversight by the Trust’s 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.


			53

Notes to Financial Statements

10.31.2018

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 Trust 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 fiscal year ended October 31, 2018, only the Core Plus Bond Fund and Unconstrained Bond Fund held futures. None of the Funds held options during the fiscal year ended October 31, 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 fiscal year ended October 31, 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


54

Notes to Financial Statements

10.31.2018

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. 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 October 31, 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)		$451,440,748		$—		$—
Total investment portfolio		$451,440,748		$—		$—
International Stock Fund
Common stocks (a):
Australia		$—		$549,563		$—
Belgium		—		29,215		—
Denmark		—		214,362		—
Finland		—		212,365		—
France		—		1,356,537		—
Germany		—		1,244,308		—
Hong Kong		—		62,943		—
Israel		197,802		277,445		—
Italy		—		482,681		—
Japan		—		5,075,815		—
Netherlands		104,761		540,901		—
Norway		—		141,116		—
Singapore		—		36,025		—
Spain		—		370,017		—
Sweden		—		563,397		—
Switzerland		—		2,497,808		—
United Kingdom		—		2,846,963		—
Preferred stocks:
Germany		—		189,170		—
Total investment portfolio		$302,563		$16,690,631		$—
Tactical Allocation Fund
Exchange traded funds		$22,934,727		$—		$—
Total investment portfolio		$22,934,727		$—		$—
Growth & Income Fund
Common stocks (a)		$574,834,299		$—		$—
Total investment portfolio		$574,834,299		$—		$—
Mid Cap Growth Fund
Common stocks (a)		$4,145,006,787		$—		$—
Total investment portfolio		$4,145,006,787		$—		$—


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Small Cap Growth Fund
Common stocks (a)		$4,665,343,835		$—		$—
Total investment portfolio		$4,665,343,835		$—		$—
International Fund
Common stocks (a):
Australia		$10,795,776		$52,371,150		$—
Canada		11,396,900		—		—
Denmark		12,673,719		7,624,247		—
France		—		71,057,429		—
Germany		27,188,493		58,873,278		—
Hong Kong		—		10,730,502		—
Ireland		13,142,844		10,625,286		—
Japan		—		107,022,728		—
Mexico		26,432,042		—		—
Norway		—		13,158,718		—
Singapore		—		13,410,506		—
South Africa		—		8,274,183		—
Spain		—		14,022,224		—
Sweden		—		23,181,736		—
Switzerland		27,177,181		60,393,721		—
Taiwan		—		19,509,835		—
Turkey		—		6,910,652		—
United Kingdom		40,239,059		62,697,893		—
United States		44,458,299		—		—
Preferred stocks:
Colombia		12,817,811		—		—
Germany		11,982,464		19,338,546		—
Total investment portfolio		$238,304,588		$559,202,634		$—
Mid Cap Fund
Common stocks (a)		$2,392,488,990		$—		$—
Total investment portfolio		$2,392,488,990		$—		$—
Small Cap Fund
Common stocks (a)		$317,389,959		$—		$—
Total investment portfolio		$317,389,959		$—		$—


			55

Notes to Financial Statements

10.31.2018


	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)		$—		$24,671,586		$—
Mortgage and asset-backed securities		—		26,958,136		—
U.S. Treasuries		—		61,102,177		—
Short-term investments		—		1,167,487		—
Total investment portfolio		$—		$113,899,386		$—
Core Plus Bond Fund
Corporate bonds (a)		$—		$132,218,211		$—
Mortgage and asset-backed securities		—		142,365,288		—
U.S. Treasuries		—		383,981,957		—
Short-term investments		—		6,891,624		—
Total investment portfolio		$—		$665,457,080		$—
Futures contracts - long (b)		$(1,539,603)		$—		$—
Futures contracts - short (b)		$(430,818)		$—		$—
Credit default swaps		$—		$877,840		$—


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Unconstrained Bond Fund
Corporate bonds (a)		$—		$227,228,269		$—
Mortgage and asset-backed securities		—		108,346,794		—
U.S. Treasuries		—		881,691,613		—
Short-term investments		—		33,497,527		—
Total investment portfolio		$—		$1,250,764,203		$—
Futures contracts - long (b)		$(2,762,419)		$—		$—
Futures contracts - short (b)		$(2,433,225)		$—		$—
Credit default swaps		$—		$1,757,792		$—
(a) Please see the investment portfolio for detail by industry. (b) Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of October 31, 2018.

The following is a reconciliation of Level 3 securities held by the Small Cap Growth Fund as of October 31, 2018 for which significant unobservable inputs were used to determine fair value:


Small Cap Growth Fund	Common Stocks¹			Contingent Value Rights²
Balance as of October 31, 2017		$14,746,830			$242,594
Purchases		—			—
Change in unrealized appreciation (depreciation)		—			970,378
Sales		(14,746,830	)		(1,212,972	)
Balance as of October 31, 2018		$—			$—

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 October 31, 2018, the Funds did not hold any Level 3 investments.

¹Common 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 fiscal year ended October 31, 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.

²Contingent 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. On September 10, 2018, the Fund received $1,212,972 from Shire PLC in exchange for the CVR. The Fund recognized realized gains of $1,070,190 in connection with the disposition of 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


56

Notes to Financial Statements

10.31.2018

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 fiscal year ended October 31, 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 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.” Refer to Note 6 for additional information.

•

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.” Refer to Note 6 for additional information.

During the fiscal year ended October 31, 2018, the average of month-end derivative positions (notional value in U.S. dollars) were as follows:


	Credit Default Swap Contracts		Futures Contracts - Long		Futures Contracts - Short
Core Plus Bond Fund		$8,054,615		$71,473,209		$(129,503,127	)
Unconstrained Bond Fund		17,836,154		148,856,050		(408,015,098	)


			57

Notes to Financial Statements

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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 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 fiscal year ended October 31, 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 record 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. If a fund is involved in a reorganization wherein it acquires the net assets of another fund, or has its net assets acquired by another fund, a separate and additional distribution of net investment income and / or net realized gains may be made prior to such reorganization. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.


58

Notes to Financial Statements

10.31.2018

Distributions made to shareholders from earnings were as follows:


Distributions from earnings		Class A		Class C		Class I			Class R-3		Class R-5		Class R-6		Class Y
Capital Appreciation Fund	11/1/17 to 10/31/18		$10,158,703		$5,182,715		$7,279,691			$80,730		$195,042		$2,575,449		$619
Capital Appreciation Fund	11/1/16 to 10/31/17		8,784,424		4,827,925		5,837,778			43,242		466,137		1,841,311		N/A
International Stock Fund	11/1/17 to 10/31/18		54,124		28,696		115,789			7,995		45		177		145
International Stock Fund	11/1/16 to 10/31/17		46,900		50,527		137,212			13,703		604		220		N/A
Tactical Allocation Fund	11/1/17 to 10/31/18		38,585		36,455		369,140			262		978		333		289
Tactical Allocation Fund	11/1/16 to 10/31/17		7,638		1,498		47,453			12		336		72		N/A
Growth & Income Fund	11/1/17 to 10/31/18		6,621,319		5,933,158		11,688,591			90,673		20,226		1,918,067		561
Growth & Income Fund	11/1/16 to 10/31/17		10,226,402		11,271,182		13,799,315			169,936		24,913		2,565,437		N/A
Mid Cap Growth Fund	11/1/17 to 10/31/18		26,571,373		8,923,843		44,360,044			1,786,131		24,087,214		52,994,970		739
Mid Cap Growth Fund	11/1/16 to 10/31/17		—		—		7,063			—		13,093		77,414		N/A
Small Cap Growth Fund	11/1/17 to 10/31/18		48,179,886		16,819,785		124,152,495			7,662,535		35,062,954		149,519,961		733
Small Cap Growth Fund	11/1/16 to 10/31/17		25,774,205		6,681,303		39,849,621			3,012,673		13,984,353		36,117,862		N/A
International Fund	11/1/17 to 10/31/18		1,591		1,583		177,675,550			1,588		1,594		1,594		1,591
	7/1/17 to 10/31/17		N/A		N/A		—			N/A		N/A		N/A		N/A
	7/1/16 to 6/30/17		N/A		N/A		199,956,322			N/A		N/A		N/A		N/A
Mid Cap Fund	11/1/17 to 10/31/18		3,347		1,837		138,752,902			770		775		775		1,848
	7/1/17 to 10/31/17		N/A		N/A		—			N/A		N/A		N/A		N/A
	7/1/16 to 6/30/17		N/A		N/A		28,725,492			N/A		N/A		N/A		N/A
Small Cap Fund	11/1/17 to 10/31/18		11,163		10,951		46,518,857			1,741		1,741		216,374		2,580
	7/1/17 to 10/31/17		N/A		N/A		—			N/A		N/A		N/A		N/A
	7/1/16 to 6/30/17		N/A		N/A		9,176,002			N/A		N/A		N/A		N/A
Core Bond Fund	11/1/17 to 10/31/18		5,814		2,454		2,264,998			139		187		195		33,740
	7/1/17 to 10/31/17		N/A		N/A		889,536			N/A		N/A		N/A		11,400
	7/1/16 to 6/30/17		N/A		N/A		7,302,546			N/A		N/A		N/A		100,296
Core Plus Bond Fund	11/1/17 to 10/31/18		2,399		1,317		13,013,527			135		182		190		354,295
	7/1/17 to 10/31/17		N/A		N/A		4,068,161	*		N/A		N/A		N/A		115,206	*
	7/1/16 to 6/30/17		N/A		N/A		32,694,641			N/A		N/A		N/A		2,288,508
Unconstrained Bond Fund	11/1/17 to 10/31/18		1,119		253		25,119,317			132		179		290,370		820,029
	7/1/17 to 10/31/17		N/A		N/A		4,691,505			N/A		N/A		N/A		175,502
	7/1/16 to 6/30/17		N/A		N/A		14,623,343			N/A		N/A		N/A		831,541
* Includes return of capital in the amount of $197,332

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 | During the fiscal year ended October 31, 2018, purchases and sales of investment securities (excluding short-term obligations) were as follows:


	Capital Appreciation Fund		International Stock Fund		Tactical Allocation Fund		Growth & Income Fund		Mid Cap Growth Fund		Small Cap Growth Fund
Purchases		$243,433,809		$10,322,499		$20,921,322		$60,256,837		$3,052,730,261		$1,842,605,240
Sales		201,744,856		9,469,810		15,007,328		113,830,051		1,497,208,551		2,429,154,460


			59

Notes to Financial Statements

10.31.2018


	International Fund		Mid Cap Fund		Small Cap Fund		Core Bond Fund		Core Plus Bond Fund		Unconstrained Bond Fund
Purchases		$132,359,164		$3,034,858,126		$65,328,142		$179,530,559		$1,044,496,178		$537,632,469
Purchases - U.S. Treasury securities		—		—		—		175,268,536		1,139,854,794		1,546,682,190
Sales		364,125,035		2,261,282,450		77,934,337		214,073,867		1,163,334,150		721,324,930
Sales - U.S. Treasury securities		—		—		—		177,573,950		1,162,627,338		1,264,769,009

Rule 17a-7 Affiliated Transactions | Each Fund is permitted to purchase securities from and sell securities to certain affiliated entities under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the fiscal year ended October 31, 2018, the Small Cap Fund engaged in securities purchases of $2,850,667. These purchases are included in the total purchases amount shown for the Small Cap Fund in the preceding table.

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 $100 million to $500 million Over $500 million		0.60% 0.45% 0.40%


Investment advisory fee rate schedule (cont’d)	Breakpoint	Investment advisory fee
Mid Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund*	First $500 million $500 million to $1 billion Over $1 billion		0.60 0.55 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 Over $3 billion		0.60 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.

Subadvisory fees | The Manager has entered into subadvisory agreements with certain parties (the “subadviser” or “subadvisers”) to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds. Under these agreements, Carillon Tower pays the subadvisers, each an affiliate of Carillon Tower, annualized rates identical* to those disclosed in the investment advisory fee rate schedule. The subadvisers for the Funds are as follows:

•

ClariVest Asset Management LLC (“ClariVest”) serves as subadviser for the Capital Appreciation Fund and the International Stock Fund,

•

Cougar Global Investments Limited serves as subadviser for the Tactical Allocation Fund,

•

Eagle Asset Management, Inc. serves as subadviser for the Growth & Income Fund, Mid Cap Growth Fund, and Small Cap Growth Fund, and

•

Scout Investments, Inc. serves as subadviser for the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund.

* Prior to the Board approved change effective March 1, 2018, Carillon Tower paid ClariVest an annualized rate 0.60% on all assets of the Capital Appreciation Fund.

Administrative fees | 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, and Small Cap Growth 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.

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.


60

Notes to Financial Statements

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Sales charges | During the fiscal year ended October 31, 2018, total front-end sales charges and contingent deferred sales charges (“CDSC”) paid to the Distributor were as follows:


	Capital Appreciation Fund		International Stock Fund		Tactical Allocation Fund		Growth & Income Fund		Mid Cap Growth Fund		Small Cap Growth Fund
Front-end sales charges - Class A		$93,941		$17,514		$11,173		$111,372		$704,255		$170,425
CDSC - Class A		—		—		—		—		—		—
CDSC - Class C		82		145		150		2,715		3,384		1,251

	International Fund		Mid Cap Fund		Small Cap Fund		Core Bond Fund		Core Plus Bond Fund		Unconstrained Bond Fund
Front-end sales charges - Class A		$377		$157,710		$24,309		$1,420		$25		$1
CDSC - Class A		—		—		—		—		—		—
CDSC - Class C		—		280		38		4		5		—

The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.

Agency commissions | During the fiscal year ended October 31, 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:


	Capital Appreciation Fund		International Stock Fund		Tactical Allocation Fund		Growth & Income Fund		Mid Cap Growth Fund		Small Cap Growth Fund
Total agency brokerage commissions		$80,421		$9,895		$3,092		$75,784		$1,438,656		$1,880,339
Paid to RJA		—		—		—		—		131,388		59,931
	International Fund		Mid Cap Fund		Small Cap Fund		Core Bond Fund		Core Plus Bond Fund		Unconstrained Bond Fund
Total agency brokerage commissions		$618,689		$2,450,043		$77,571		$—		$10,458		$27,384
Paid to RJA		—		—		—		—		—		—

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. During the fiscal year ended October 31, 2018, the amount of shareholder servicing fees charged to the Funds were as follows:


Shareholder servicing fees	Class A		Class C		Class I		Class R-3		Class R-5		Class R-6		Class Y
Capital Appreciation Fund		$2,518		$464		$2,568		$19		$69		$—		$—
International Stock Fund		81		50		124		12		—		—		—
Tactical Allocation Fund		21		26		184		—		—		—		—
Growth & Income Fund		2,124		1,943		3,497		28		6		—		—
Mid Cap Growth Fund		8,237		1,995		13,816		482		7,450		—		1
Small Cap Growth Fund		8,546		1,893		22,132		1,307		6,481		—		1
International Fund		2		1		12,483		—		—		—		—
Mid Cap Fund		33		46		28,441		8		3		—		8
Small Cap Fund		69		76		3,660		2		—		—		—
Core Bond Fund		5		3		1,444		—		—		—		26
Core Plus Bond Fund		2		2		8,438		—		—		—		280
Unconstrained Bond Fund		1		—		17,249		—		—		—		660


			61

Notes to Financial Statements

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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		Class R-5		Class R-6		Class Y
Capital Appreciation Fund*		1.00%		1.75%		0.70%		1.25%		0.70%		0.60%		1.00%
International Stock Fund		1.45%		2.20%		1.15%		1.70%		1.15%		1.05%		1.45%
Tactical Allocation Fund		1.17%		1.92%		0.87%		1.42%		0.87%		0.77%		1.17%
Growth & Income Fund		1.25%		2.00%		0.95%		1.50%		0.95%		0.85%		1.25%
Mid Cap Growth Fund		1.25%		2.00%		0.95%		1.50%		0.95%		0.85%		1.25%
Small Cap Growth Fund		1.25%		2.00%		0.95%		1.50%		0.95%		0.85%		1.25%
International Fund		1.45%		2.20%		1.15%		1.70%		1.15%		1.05%		1.45%
Mid Cap Fund		1.45%		2.20%		1.15%		1.70%		1.15%		1.05%		1.45%
Small Cap Fund		1.25%		2.00%		0.95%		1.50%		0.95%		0.85%		1.25%
Core Bond Fund		0.80%		1.55%		0.40%		1.05%		0.50%		0.40%		0.80%
Core Plus Bond Fund		0.80%		1.55%		0.40%		1.05%		0.50%		0.40%		0.80%
Unconstrained Bond Fund		0.80%		1.55%		0.50%		1.05%		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		Class R-5		Class R-6		Class Y
Capital Appreciation Fund		1.25%		2.00%		0.95%		1.50%		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 10/31/18	Fund Level		Class A		Class C		Class I		Class R-3		Class R-5		Class R-6		Class Y
Capital Appreciation Fund		$314,098		$63,195		$14,943		$174,217		$1,515		$3,459		$41,017		$75
International Stock Fund		256,931		7,421		6,236		14,261		1,657		84		153		81
Tactical Allocation Fund		227,556		1,613		2,336		26,647		84		135		96		82
Growth & Income Fund		—		—		—		—		—		—		—		26
Mid Cap Growth Fund		—		—		—		—		—		—		—		—
Small Cap Growth Fund		—		—		—		—		—		—		—		—
International Fund		—		—		13		—		44		49		—		69
Mid Cap Fund		—		—		—		—		—		—		—		—
Small Cap Fund		—		—		—		41,117		172		104		123		98
Core Bond Fund		294,804		304		337		250,866		66		72		81		3,063
Core Plus Bond Fund		392,455		168		321		989,643		64		69		78		24,090
Unconstrained Bond Fund		3,602,818		95		141		1,170,586		92		69		14,497		54,356

A portion or all of a Fund’s fees and expenses waived and/or reimbursed by the Manager in prior fiscal years may be recoverable by Carillon Tower prior to their expiration date. Any previously waived and/or reimbursed fees and expenses are recoverable by Carillon Tower only from the same class of shares and within two years from the Fund’s fiscal year-end during which the fees and expenses were originally waived and/or reimbursed. Previously waived and/or reimbursed fees and expenses are recovered by Carillon Tower within the following two fiscal years when fees and expenses in the current fiscal year fall below the lesser of the current expense cap or the expense cap in effect at the time of the waiver and/or reimbursement. The following tables show the amounts that Carillon Tower may be allowed to recover by class of shares and the dates that these amounts will expire:


Recoverable expenses - 10/31/2020	Fund Level		Class A		Class C		Class I		Class R-3		Class R-5		Class R-6		Class Y
Capital Appreciation Fund		$314,098		$63,195		$14,943		$174,217		$1,515		$3,459		$41,017		$75
International Stock Fund		256,931		7,421		6,236		14,261		1,657		84		153		81
Tactical Allocation Fund		227,556		1,613		2,336		26,647		84		135		96		82
Growth & Income Fund		—		—		—		—		—		—		—		26
Mid Cap Growth Fund		—		—		—		—		—		—		—		—
Small Cap Growth Fund		—		—		—		—		—		—		—		—


62

Notes to Financial Statements

10.31.2018


Recoverable expenses - 10/31/2020 (cont’d)	Fund Level		Class A		Class C		Class I		Class R-3		Class R-5		Class R-6		Class Y
International Fund*		$—		$—		$13		$—		$44		$49		$—		$69
Mid Cap Fund*		—		—		—		—		—		—		—		—
Small Cap Fund*		—		—		—		41,117		172		104		123		98
Core Bond Fund*		289,738		304		337		245,255		66		72		81		3,063
Core Plus Bond Fund*		362,422		168		321		966,207		64		69		78		24,090
Unconstrained Bond Fund*		3,540,247		95		141		1,170,586		92		69		14,497		54,356

Recoverable expenses - 10/31/2019	Fund Level		Class A		Class C		Class I		Class R-3		Class R-5		Class R-6		Class Y
Capital Appreciation Fund		$—		$—		$—		$—		$424		$—		$—		N/A
International Stock Fund		318,472		5,471		8,001		7,594		1,682		49		74		N/A
Tactical Allocation Fund		278,988		2,731		2,441		19,305		11		64		16		N/A
Growth & Income Fund		—		—		—		—		—		—		—		N/A
Mid Cap Growth Fund		—		—		—		—		—		—		—		N/A
Small Cap Growth Fund		—		—		—		—		—		—		—		N/A
International Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Mid Cap Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Small Cap Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Core Bond Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Core Plus Bond Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Unconstrained Bond Fund*		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
* Fees waived and/or reimbursed 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 and/or reimbursed in the International Fund, Mid Cap Fund or Small Cap Fund prior to the reorganization on November 20, 2017.

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.

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, 2015 to October 31, 2018 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, 2015 to June 30, 2017, October 31, 2017 and October 31, 2018) 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:


		Capital Appreciation Fund		International Stock Fund		Tactical Allocation Fund		Growth & Income Fund		Mid Cap Growth Fund		Small Cap Growth Fund
	11/1/17 to 10/31/18		$236,305		$206,971		$410,930		$11,609,719		$—		$—
Ordinary Income	11/1/16 to 10/31/17		587,760		249,166		57,009		9,370,031		—		2,166,663
	11/1/17 to 10/31/18		25,236,644		—		35,112		14,662,876		158,724,314		381,398,349
Long-term capital gain	11/1/16 to 10/31/17		21,213,057		—		—		28,687,154		97,570		123,253,354


			63

Notes to Financial Statements

10.31.2018


		International Fund		Mid Cap Fund		Small Cap Fund		Core Bond Fund		Core Plus Bond Fund		Unconstrained Bond Fund
	11/1/17 to 10/31/18		$13,650,008		$39,970,028		$1,482,156		$2,307,527		$13,372,045		$26,231,399
Ordinary Income	7/1/17 to 10/31/17		—		—		—		900,936		3,986,035		4,867,007
	7/1/16 to 6/30/17		21,855,165		6,620,827		139,596		7,402,842		34,895,248		15,454,884
	11/1/17 to 10/31/18		164,035,083		98,792,226		45,281,251		—		—		—
Long-term capital gain	7/1/17 to 10/31/17		—		—		—		—		—		—
	7/1/16 to 6/30/17		178,101,157		22,104,665		9,036,406		—		87,901		—
Return of capital	7/1/17 to 10/31/17		—		—		—		—		197,332		—

Financial reporting records are adjusted for permanent book/tax differences to reflect tax character; these adjustments have no effect on net assets or NAV per share. Financial reporting records are not adjusted for temporary differences. The reclassifications arise from permanent book/tax differences primarily attributable to net operating losses not utilized, foreign currency transactions, return of capital distributions from REITs, return of capital distributions from non-REITs, paydowns on debt securities, sales adjustments due to passive foreign investment companies, and merger adjustments. The reclassifications were as follows:


	Capital Appreciation Fund			International Stock Fund			Tactical Allocation Fund	Growth & Income Fund	Mid Cap Growth Fund	Small Cap Growth Fund
Paid-in capital		$—			$3		$1	$—	$(189,502)	$—
Total distributable earnings (loss)		—			(3	)	(1)	—	189,502	—

	International Fund			Mid Cap Fund			Small Cap Fund	Core Bond Fund	Core Plus Bond Fund	Unconstrained Bond Fund
Paid-in capital		$(1	)		$12,574		171,238	$—	$1	$—
Total distributable earnings (loss)		1			(12,574	)	(171,238)	—	(1)	—

At October 31, 2018, capital loss carryforwards and late year loss deferrals are as follows:


	Capital loss carryforwards utilized 11/1/17 to 10/31/18		Capital loss carryforwards available indefinitely at 10/31/18		Late year loss deferrals available at 10/31/18
Capital Appreciation Fund		$—		$—	$—
International Stock Fund		661,917		28,906	—
Tactical Allocation Fund		—		—	—
Growth & Income Fund		—		—	—
Mid Cap Growth Fund		—		—	—
Small Cap Growth Fund		—		—	17,054,458
International Fund		—		—	—
Mid Cap Fund		—		—	—
Small Cap Fund		—		—	—
Core Bond Fund		—		3,274,181	—
Core Plus Bond Fund		—		23,494,715	—
Unconstrained Bond Fund		—		55,129,644	—

Capital loss carryforwards may be used to offset future realized gains and late year loss deferrals may be used to offset future ordinary income.


64

Notes to Financial Statements

10.31.2018

As of October 31, 2018, the components of distributable earnings (losses) on a tax basis were as follows:


	Capital Appreciation Fund			International Stock Fund			Tactical Allocation Fund	Growth & Income Fund	Mid Cap Growth Fund	Small Cap Growth Fund
Cost of investments		$304,394,611			$16,927,741		$22,493,976	$377,515,161	$3,621,460,988	$3,634,344,758
Gross unrealized appreciation		157,989,717			1,591,043		733,771	201,022,834	776,378,592	1,345,019,872
Gross unrealized depreciation		(10,943,580	)		(1,525,590	)	(293,020)	(3,703,696)	(252,832,793)	(314,020,795)
Net unrealized appreciation/(depreciation)		147,046,137			65,453		440,751	197,319,138	523,545,799	1,030,999,077
Undistributed ordinary income		1,198,625			226,693		160,299	974,236	10,819,279	—
Undistributed long-term gain		36,924,363			—		730,315	42,583,590	104,227,236	818,753,850
Total distributable earnings		38,122,988			226,693		890,614	43,557,826	115,046,515	818,753,850
Other accumulated losses		—			(30,679	)	—	(3,887)	—	(17,054,458)
Total accumulated gains (losses)		$185,169,125			$261,467		$1,331,365	$240,873,077	$638,592,314	$1,832,698,469

	International Fund			Mid Cap Fund			Small Cap Fund	Core Bond Fund	Core Plus Bond Fund	Unconstrained Bond Fund
Cost of investments		$608,062,310			$2,274,862,488		$215,273,659	$116,497,607	$681,038,800	$1,277,175,362
Gross unrealized appreciation		258,660,948			276,815,386		122,939,229	87,050	1,216,963	1,561,117
Gross unrealized depreciation		(69,216,036	)		(159,188,884	)	(20,822,929)	(2,685,271)	(17,891,264)	(31,410,128)
Net unrealized appreciation/(depreciation)		189,444,912			117,626,502		102,116,300	(2,598,221)	(16,674,301)	(29,849,011)
Undistributed ordinary income		22,614,737			7,090,325		356,978	224,038	1,117,464	2,268,829
Undistributed long-term gain		46,187,760			162,274,995		215,038	—	—	—
Total distributable earnings		68,802,497			169,365,320		572,016	224,038	1,117,464	2,268,829
Other accumulated losses		(118,454	)		—		(10,271)	(3,274,181)	(23,494,717)	(55,129,638)
Total accumulated gains (losses)		$258,128,955			$286,991,822		$102,678,045	$(5,648,364)	$(39,051,554)	$(82,709,820)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses from wash sales and differences in the accounting treatment for non-REIT returns of capital and investments in passive foreign investment companies.

NOTE 6 | Other Derivative Information | At October 31, 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

Core Plus Bond Fund

Credit contracts

Premiums paid - open swap contracts

$809,698

N/A

Net unrealized appreciation - open swap contracts

68,142

N/A

Interest rate contracts*

Net unrealized depreciation - open futures contracts

N/A

$1,970,421

Total

$877,840

$1,970,421

Unconstrained Bond Fund

Credit contracts

Premiums paid - open swap contracts

$1,620,224

N/A

Net unrealized appreciation - open swap contracts

137,568

N/A

Interest rate contracts*

Net unrealized depreciation - open futures contracts

N/A

$5,195,644

Total

$1,757,792

$5,195,644

* Some of these futures contracts are denomiated in Euro, which also gives the Fund exposure to foreign currency risk.

Financial Accounting Standards Board Accounting Update 2011-11, Disclosures about Offsetting Assets and Liabilities requires an entity that has financial instruments that are either 1) offset or 2) subject to an enforceable master netting arrangement or similar agreement to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. As of October 31, 2018, the Funds did not hold any financial or derivative instruments that are offset or subject to enforceable master netting agreements (or related arrangements).


			65

Notes to Financial Statements

10.31.2018

For the fiscal year ended October 31, 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		$410,894			$(39,557	)
	Interest rate contracts*		Future contracts		(3,467,444	)		(1,783,742	)

	Total				$(3,056,550	)	$	(1,823,299	)

Unconstrained Bond Fund	Credit contracts		Swap contracts		$1,321,504			$(306,803	)
	Interest rate contracts*		Future contracts		(7,905,063	)		(3,378,268	)

	Total				$(6,583,559	)	$	(3,685,071	)

* Some of these futures contracts were denominated in Euro, which also gave the Fund exposure to foreign currency risk.

Refer to Note 2 for additional information regarding investments in derivatives.

NOTE 7 | Line of Credit | As of October 31, 2018, the Trust has a secured line of credit of up to $350,000,000 with U.S. Bank N.A, secured by a first priority lien on the Trust’s 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 $350,000,000 for all Funds. Borrowings under this arrangement bear interest at U.S. Bank N.A.‘s prime rate minus 1.00%, which as of October 31, 2018 was 4.25% (prime rate of 5.25% minus 1.00%). The following table shows the details of the Funds’ borrowing activity for the fiscal year ended October 31, 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		$1,848,000		$42,219		$1,598		3.75%
International Stock Fund		104,000		1,633		70		4.25
Tactical Allocation Fund		338,000		4,408		163		3.65
Small Cap Growth Fund		28,015,000		601,403		21,341		3.50
Unconstrained Bond Fund		394,000		1,488		54		3.57

As of October 31, 2018, none of the Funds had any amounts outstanding under the line of credit.

NOTE 8 | Fund Reorganizations | After the close of business on July 13, 2018, the Mid Cap Growth Fund acquired the net assets of the Carillon Eagle Mid Cap Stock Fund (“Mid Cap Stock Fund”) and the Small Cap Fund acquired the net assets of the Carillon Eagle Smaller Company Fund (“Smaller Company Fund”) pursuant to Plans of Reorganization and Termination as approved by the Board of Trustees on November 17, 2017. The purpose was to consolidate funds of the Trust that are similar investment products and potentially increase the Trust’s operational efficiency. The reorganizations were accomplished with tax-free exchanges resulting in the following issuances of shares by the Mid Cap Growth Fund and Small Cap Fund in exchange for the outstanding shares of the Mid Cap Stock Fund and Smaller Company Fund, respectively:


	Mid Cap Growth Fund						Small Cap Fund
	Proceeds from shares issued		Shares issued		Exchange ratio		Proceeds from shares issued		Shares issued		Exchange ratio
Class A		$159,878,746		2,585,006		0.37058436		$14,499,671		499,295		0.37308862
Class C		25,654,033		521,362		0.29652840		17,139,889		593,328		0.29641154
Class I		57,584,318		881,790		0.37952233		7,979,259		274,224		0.41951090
Class R-3		508,614		8,485		0.36027165		307,237		10,600		0.35043085
Class R-5		145,691		2,237		0.38352976		58,434		2,008		0.41145025
Class R-6		77,229		1,175		0.38275682		405,422		13,921		0.41604668
Class Y		13,558		208		0.37967811		11,550		398		0.41923122

Total		$243,862,189		4,000,263		N/A		$40,401,462		1,393,774		N/A

The Mid Cap Stock Fund’s net assets at the reorganization date of $243,862,189, including $40,052,505 of unrealized appreciation, were combined with those of the Mid Cap Growth Fund. Assuming the acquisition had been completed on November 1, 2017, the beginning of the annual reporting period of the Mid Cap Growth Fund, pro forma results of operations for the fiscal year ended October 31, 2018 would include net investment loss of $(9,203,530), and net gain on investments of $50,933,922 resulting in an increase in net assets from operations of $41,730,392. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization date, it is not practicable to separate the amounts of revenue and earnings of the Mid Cap Stock Fund that have been included in the Mid Cap Growth Fund‘s statement of operations since the reorganization date. Prior to the reorganization, the net assets of the Mid Cap Growth Fund totaled $4,001,129,839. Immediately after the reorganization, the net assets of the Mid Cap Growth Fund totaled $4,244,992,028.

The Smaller Company Fund’s net assets at the reorganization date of $40,401,462, including $4,787,943 of unrealized appreciation, were combined with those of the Small Cap Fund.


66

Notes to Financial Statements

10.31.2018

Assuming the acquisition had been completed on November 1, 2017, the beginning of the annual reporting period of the Small Cap Fund, pro forma results of operations for the fiscal year ended October 31, 2018 would include net investment loss of $(1,675,966), and net gain on investments of $28,395,697, resulting in an increase in net assets from operations of $26,719,731. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization date, it is not practicable to separate the amounts of revenue and earnings of the Smaller Company Fund that have been included in the Small Cap Fund‘s statement of operations since the reorganization date. Prior to the reorganization, the net assets of the Small Cap Fund totaled $297,780,253. Immediately after the reorganization, the net assets of the Small Cap Fund totaled $338,181,715.

Note 9 | SEC Disclosure Update and Simplification Release | The SEC Disclosure Update and Simplification Release has prescribed that distributions presented in the Statements of Changes in Net Assets will no longer be presented separately as from net investment income and net realized gains and will instead be shown only in total (except for distributions deemed to be a return of capital). For reference, prior year distributions which are no longer presented separately on the Statements of Changes in Net Assets as from net investment income and net realized gains were categorized as follows:

Distributions from net investment income

Class A

Class C

Class I

Class R-3

Class R-5

Class R-6

Class Y

Capital Appreciation Fund

11/1/16 to 10/31/17

$103,196

$—

$309,650

$—

$27,256

$147,658

N/A

International Stock Fund

11/1/16 to 10/31/17

46,900

50,527

137,212

13,703

604

220

N/A

Tactical Allocation Fund

11/1/16 to 10/31/17

5,272

—

39,118

—

277

N/A

Growth & Income Fund

11/1/16 to 10/31/17

2,603,605

1,818,162

4,499,599

36,917

7,686

793,603

N/A

Mid Cap Growth Fund

11/1/16 to 10/31/17

—

7,063

—

13,093

77,414

N/A

Small Cap Growth Fund

11/1/16 to 10/31/17

—

N/A

International Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

21,855,165

N/A

Mid Cap Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

5,659,420

N/A

Small Cap Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

—

N/A

Core Bond Fund

7/1/17 to 10/31/17

N/A

889,536

N/A

$11,400

7/1/16 to 6/30/17

N/A

3,156,156

N/A

37,676

Core Plus Bond Fund

7/1/17 to 10/31/17

N/A

4,068,161

N/A

115,206

7/1/16 to 6/30/17

N/A

13,398,540

N/A

780,476

Unconstrained Bond Fund

7/1/17 to 10/31/17

N/A

4,691,505

N/A

175,502

7/1/16 to 6/30/17

N/A

14,623,343

N/A

831,541

* Includes return of capital in the amount of $197,332

Distributions from net realized gains

Class A

Class C

Class I

Class R-3

Class R-5

Class R-6

Class Y

Capital Appreciation Fund

11/1/16 to 10/31/17

$8,681,228

$4,827,925

$5,528,128

$43,242

$438,881

$1,693,653

N/A

International Stock Fund

11/1/16 to 10/31/17

—

N/A

Tactical Allocation Fund

11/1/16 to 10/31/17

2,366

1,498

8,335

N/A

Growth & Income Fund

11/1/16 to 10/31/17

7,622,797

9,453,020

9,299,716

133,019

17,227

1,771,834

N/A

Mid Cap Growth Fund

11/1/16 to 10/31/17

—

N/A

Small Cap Growth Fund

11/1/16 to 10/31/17

25,774,205

6,681,303

39,849,621

3,012,673

13,984,353

36,117,862

N/A

International Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

178,101,157

N/A

Mid Cap Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

23,066,072

N/A

Small Cap Fund

7/1/17 to 10/31/17

N/A

—

N/A

7/1/16 to 6/30/17

N/A

9,176,002

N/A

Core Bond Fund

7/1/17 to 10/31/17

N/A

—

N/A

—

7/1/16 to 6/30/17

N/A

4,146,390

N/A

$62,620

Core Plus Bond Fund

7/1/17 to 10/31/17

N/A

—

N/A

—

7/1/16 to 6/30/17

N/A

19,296,101

N/A

1,508,032

Unconstrained Bond Fund

7/1/17 to 10/31/17

N/A

—

N/A

—

7/1/16 to 6/30/17

N/A

—

N/A

—

NOTE 10 | Subsequent events | The Manager has evaluated subsequent events through December 19, 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.


			67

Report of the Independent Registered Public Accounting Firm

To the Board of Trustees of Carillon Series Trust and Shareholders of 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 Small Cap Growth Fund, 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 and Carillon Reams Unconstrained Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of 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 Small Cap Growth Fund, 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 and Carillon Reams Unconstrained Bond Fund (constituting Carillon Series Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.


Carillon Series Trust
Carillon ClariVest Capital Appreciation Fund (1)		Carillon Scout International Fund (2)
Carillon ClariVest International Stock Fund (1)		Carillon Scout Mid Cap Fund (2)
Carillon Cougar Tactical Allocation Fund (1)		Carillon Scout Small Cap Fund (2)
Carillon Eagle Growth & Income Fund (1)		Carillon Reams Core Bond Fund (2)
Carillon Eagle Mid Cap Growth Fund (1)		Carillon Reams Core Plus Bond Fund (2)
Carillon Eagle Small Cap Growth Fund (1)		Carillon Reams Unconstrained Bond Fund (2)

(1) the statement of changes in net assets for each of the two years in the period ended October 31, 2018

(2) the statement of changes in net assets for the year ended October 31, 2018, for the period from July 1, 2017 through October 31, 2017, and for the year ended June 30, 2017

The financial statements of the 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 and Carillon Reams Unconstrained Bond Fund as of and for the year ended June 30, 2017 and the financial highlights for each of the periods ended on or prior to June 30, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated August 28, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Tampa, Florida

December 19, 2018

We have served as the auditor of one or more investment companies in Carillon Series Trust since 1985.


68

Understanding Your Ongoing Costs


(UNAUDITED)		10.31.2018

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 May 1, 2018 and held through October 31, 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 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 May 1, 2018 through October 31, 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		$1,008.90		$5.06		$1,020.16		$5.09		1.00	%
Class C		1,000.00		1,005.20		8.84		1,016.38		8.89		1.75
Class I		1,000.00		1,010.30		3.55		1,021.68		3.57		0.70
Class R-3		1,000.00		1,007.60		6.33		1,018.90		6.36		1.25
Class R-5		1,000.00		1,010.30		3.55		1,021.68		3.57		0.70
Class R-6		1,000.00		1,010.80		3.04		1,022.18		3.06		0.60
Class Y		1,000.00		1,008.80		5.06		1,020.16		5.09		1.00
International Stock Fund
Class A		1,000.00		893.80		6.92		1,017.90		7.37		1.45
Class C		1,000.00		890.10		10.48		1,014.12		11.17		2.20
Class I		1,000.00		895.20		5.49		1,019.41		5.85		1.15
Class R-3		1,000.00		892.80		8.11		1,016.64		8.64		1.70
Class R-5		1,000.00		895.30		5.49		1,019.41		5.85		1.15
Class R-6		1,000.00		896.00		5.02		1,019.91		5.35		1.05
Class Y		1,000.00		894.00		6.92		1,017.90		7.37		1.45
Tactical Allocation Fund
Class A		1,000.00		991.80		5.87		1,019.31		5.96		1.17
Class C		1,000.00		988.50		9.62		1,015.53		9.75		1.92
Class I		1,000.00		993.70		4.37		1,020.82		4.43		0.87
Class R-3		1,000.00		991.20		7.13		1,018.05		7.22		1.42
Class R-5		1,000.00		993.10		4.37		1,020.82		4.43		0.87
Class R-6		1,000.00		993.70		3.87		1,021.32		3.92		0.77
Class Y		1,000.00		992.40		5.88		1,019.31		5.96		1.17
Growth & Income Fund
Class A		1,000.00		1,057.10		5.08		1,020.27		4.99		0.98
Class C		1,000.00		1,052.60		8.90		1,016.53		8.74		1.72
Class I		1,000.00		1,058.70		3.74		1,021.58		3.67		0.72
Class R-3		1,000.00		1,055.50		6.63		1,018.75		6.51		1.28
Class R-5		1,000.00		1,057.70		4.25		1,021.07		4.18		0.82
Class R-6		1,000.00		1,058.70		3.27		1,022.03		3.21		0.63
Class Y		1,000.00		1,055.50		6.48		1,018.90		6.36		1.25
Mid Cap Growth Fund
Class A		1,000.00		993.70		5.33		1,019.86		5.40		1.06
Class C		1,000.00		990.20		8.73		1,016.43		8.84		1.74
Class I		1,000.00		995.10		3.82		1,021.37		3.87		0.76
Class R-3		1,000.00		992.30		6.58		1,018.60		6.67		1.31
Class R-5		1,000.00		995.20		3.82		1,021.37		3.87		0.76
Class R-6		1,000.00		995.80		3.27		1,021.93		3.31		0.65
Class Y		1,000.00		993.10		5.58		1,019.61		5.65		1.11


			69

Understanding Your Ongoing Costs


(UNAUDITED)		10.31.2018


			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
Small Cap Growth Fund
Class A		$1,000.00		$980.40		$5.04		$1,020.11		$5.14		1.01	%
Class C		1,000.00		976.90		8.62		1,016.48		8.79		1.73
Class I		1,000.00		981.70		3.75		1,021.42		3.82		0.75
Class R-3		1,000.00		978.90		6.63		1,018.50		6.77		1.33
Class R-5		1,000.00		981.90		3.70		1,021.48		3.77		0.74
Class R-6		1,000.00		982.40		3.25		1,021.93		3.31		0.65
Class Y		1,000.00		979.90		5.49		1,019.66		5.60		1.10
International Fund
Class A		1,000.00		886.70		6.18		1,018.65		6.61		1.30
Class C		1,000.00		882.70		10.44		1,014.12		11.17		2.20
Class I		1,000.00		887.80		5.04		1,019.86		5.40		1.06
Class R-3		1,000.00		885.20		8.08		1,016.64		8.64		1.70
Class R-5		1,000.00		887.70		5.47		1,019.41		5.85		1.15
Class R-6		1,000.00		888.30		4.71		1,020.21		5.04		0.99
Class Y		1,000.00		886.20		6.89		1,017.90		7.37		1.45
Mid Cap Fund
Class A		1,000.00		971.50		5.91		1,019.21		6.06		1.19
Class C		1,000.00		967.70		9.62		1,015.43		9.86		1.94
Class I		1,000.00		972.50		4.92		1,020.21		5.04		0.99
Class R-3		1,000.00		970.40		7.10		1,018.00		7.27		1.43
Class R-5		1,000.00		970.40		4.87		1,020.27		4.99		0.98
Class R-6		1,000.00		973.10		4.48		1,020.67		4.58		0.90
Class Y		1,000.00		971.50		5.91		1,019.21		6.06		1.19
Small Cap Fund
Class A		1,000.00		1,044.50		6.34		1,019.00		6.26		1.23
Class C		1,000.00		1,040.10		10.13		1,015.27		10.01		1.97
Class I		1,000.00		1,045.50		4.90		1,020.42		4.84		0.95
Class R-3		1,000.00		1,042.60		7.72		1,017.64		7.63		1.50
Class R-5		1,000.00		1,045.50		4.90		1,020.42		4.84		0.95
Class R-6		1,000.00		1,046.30		4.38		1,020.92		4.33		0.85
Class Y		1,000.00		1,044.10		6.44		1,018.90		6.36		1.25
Core Bond Fund
Class A		1,000.00		999.60		4.03		1,021.17		4.08		0.80
Class C		1,000.00		996.00		7.80		1,017.39		7.88		1.55
Class I		1,000.00		1,001.60		2.02		1,023.19		2.04		0.40
Class R-3		1,000.00		998.40		5.29		1,019.91		5.35		1.05
Class R-5		1,000.00		1,002.00		2.52		1,022.68		2.55		0.50
Class R-6		1,000.00		1,002.50		2.02		1,023.19		2.04		0.40
Class Y		1,000.00		1,000.50		4.03		1,021.17		4.08		0.80
Core Plus Bond Fund
Class A		1,000.00		992.60		4.02		1,021.17		4.08		0.80
Class C		1,000.00		988.90		7.77		1,017.39		7.88		1.55
Class I		1,000.00		994.60		2.01		1,023.19		2.04		0.40
Class R-3		1,000.00		991.40		5.27		1,019.91		5.35		1.05
Class R-5		1,000.00		994.50		2.51		1,022.68		2.55		0.50
Class R-6		1,000.00		994.60		2.01		1,023.19		2.04		0.40
Class Y		1,000.00		992.60		4.02		1,021.17		4.08		0.80
Unconstrained Bond Fund
Class A		1,000.00		993.80		4.02		1,021.17		4.08		0.80
Class C		1,000.00		988.10		7.77		1,017.39		7.88		1.55
Class I		1,000.00		993.70		2.51		1,022.68		2.55		0.50
Class R-3		1,000.00		990.90		5.27		1,019.91		5.35		1.05
Class R-5		1,000.00		993.70		2.51		1,022.68		2.55		0.50
Class R-6		1,000.00		994.20		2.01		1,023.19		2.04		0.40
Class Y		1,000.00		992.10		4.02		1,021.17		4.08		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 (184), and then dividing that result by the actual number of days in the fiscal year (365).


70

Renewal of Investment Advisory and Subadvisory Agreements



			(UNAUDITED)

Overview | At a meeting held on August 17, 2018, the Board of Trustees of Carillon Series Trust (“Board” or “Trustees”), including its independent members (the “Independent Trustees”), approved the renewal of the investment advisory agreement between Carillon Tower Advisers, Inc. (“Carillon Tower”) and Carillon Series Trust, on behalf of the 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 and Carillon Eagle Small Cap Growth Fund. Each of the funds mentioned is referred to as a “Fund” and, collectively, as the “Funds.”

The Board also approved the renewal of the investment subadvisory agreements between Carillon Tower and: (1) Eagle Asset Management, Inc. (“Eagle”), the subadviser to the Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund; (2) ClariVest Asset Management LLC (“ClariVest”), the subadviser to the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; and (3) Cougar Global Investments Ltd. (“Cougar”), the subadviser to the Carillon Cougar Tactical Allocation Fund. Each of the investment advisory and subadvisory agreements is referred to herein as an “Agreement” and, collectively, as the “Agreements.”

On an annual basis, the Board considers renewal of the Agreements. As part of the annual renewal process, the Board took into consideration information and reports it was provided relevant to the annual renewal of the Agreements, including: reports regarding the services and support provided to the Funds and their shareholders by Carillon Tower, Eagle, ClariVest, Cougar, U.S. Bancorp Fund Services, LLC (“USBFS”), a third party that provides sub-administration, transfer agent and fund accounting services to the Funds, and U.S. Bank National Association (“USBNA”), which provides custody services to the Funds; information on the Funds’ performance and commentary on the performance presented by Raymond James Asset Management Services and Fund portfolio managers; presentations by Fund portfolio managers addressing, as applicable, the investment philosophy, investment strategies, personnel and operations of Eagle, ClariVest and Cougar; compliance and financial reports concerning the Funds, and responses by Carillon Tower, Eagle, ClariVest and Cougar to issues raised therein. The Board also considered information on relevant developments in the mutual fund industry and how the Funds and/or Carillon Tower are responding to them.

Carillon Tower, Eagle, ClariVest and Cougar also prepared comprehensive responses to items of information requested by counsel to the Independent Trustees in letters to Carillon Tower, Eagle, ClariVest and Cougar, to assist the Board in determining whether to renew the agreements. These responses contained substantial and detailed information regarding the Funds, Carillon Tower, Eagle, ClariVest and Cougar. Among other matters, these reports included information on: (1) the nature and extent of the advisory and other services provided by Carillon Tower, Eagle, ClariVest and Cougar; (2) the personnel of Carillon Tower, Eagle, ClariVest and Cougar who provide services to the Funds; (3) the financial condition of Carillon Tower, Eagle, ClariVest and Cougar; (4) the compliance programs and records of Carillon Tower, Eagle, ClariVest and Cougar; (5) the performance of the Funds as compared to funds within their Morningstar, Inc. category (“Morningstar Category”), Lipper, Inc. category (“Lipper Category”) and benchmark indices; (6) the Funds’ expenses, including the advisory fee rates, the overall expense structures of the Funds, both in absolute terms and relative to funds within a refined Morningstar Category population (“Morningstar Population”), and any applicable contractual expense limitations; (7) the anticipated effect of growth and size on the Funds’ performance and expenses, where applicable; (8) benefits to be realized by Carillon Tower, Eagle, ClariVest, Cougar and their respective affiliates; and (9) the estimated profitability of Carillon Tower, Eagle, ClariVest and Cougar under the Agreements, if available. The Board posed questions to various management personnel of Carillon Tower regarding certain key aspects of the materials submitted in support of the renewal. Many of the materials presented at these meetings were first supplied in draft form prior to the meetings to designated independent Board representatives, i.e., counsel to the Fund and

the Independent Trustees, and the final materials were revised to include information reflective of requests made by the Board. The Board also accorded appropriate weight to the work, deliberations and conclusions of the various committees in determining whether to continue the Agreements.

In addition, throughout the year, the Board regularly met with portfolio management teams and senior management personnel and reviewed information prepared by Eagle, Carillon Tower and the Funds’ subadvisers addressing the services provided by Carillon Tower and the Funds’ subadvisers, as well as Fund performance. Eagle, Carillon Tower or affiliates prepared detailed reports for the Board in November 2017 and in February, May and August 2018, including reports providing the results of analyses of the Funds’ performance and expenses.

With respect to the renewal of the Agreements, the Board took into consideration various factors, including: (1) the nature, extent and quality of services provided to the Funds; (2) the investment performance of the Funds; (3) the estimated costs of the services provided to the Funds and the estimated profits realized by Carillon Tower and its affiliates, including Eagle, ClariVest and Cougar, from their relationships with the Funds; (4) the extent to which economies of scale have been realized as the Funds grow; (5) whether the level of fees reflects those economies of scale for the benefit of the Funds’ investors; (6) comparisons of services and fees with contracts entered into by Carillon Tower, Eagle, ClariVest and Cougar with other clients (such as pension funds and other institutional investors); and (7) any benefits derived by Carillon Tower, Eagle, ClariVest and Cougar from their relationships with the Funds.

Provided below is a discussion of the factors the Board considered at its August 2018 meeting to form the basis of its renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration to renew the Agreements and each Trustee may have accorded different weight to the various factors.

Nature, Extent and Quality of Services | The Board considered that the personnel responsible for the Funds at Carillon Tower are experienced in providing investment advisory services to the Funds, and that the personnel responsible for the Funds at Eagle, ClariVest and Cougar are experienced in providing portfolio management services for the Funds, and that Carillon Tower, Eagle, ClariVest and Cougar have provided a continuous investment program for the Funds. The Board considered that Carillon Tower oversees and monitors the performance and services provided by Eagle, ClariVest, Cougar and the Funds’ other service providers, and is responsible for recommending the Funds’ subadvisers to the Board. The Board also considered that Carillon Tower and its affiliates, Carillon Fund Distributors, Inc. (“CFD”) and Carillon Fund Services, Inc. (“CFS”), provide certain administration, distribution and shareholder services to the Funds. In addition, the Board considered that Carillon Tower is responsible for oversight of compliance with the Funds’ policies and objectives, review of brokerage matters, oversight of the Funds’ compliance with applicable law and implementation of Board directives as they relate to the Funds. The Board considered that shareholders in the Funds have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Carillon Tower’s competitors, and that the Funds’ shareholders, with the opportunity to review and weigh the disclosure provided by the Funds in their prospectuses and other public disclosures, have chosen to invest in the Funds.

The Board considered that: Eagle is responsible for making investment decisions on behalf of the Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund; ClariVest is responsible for making investment decisions on behalf of the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; and Cougar is responsible for making investment decisions on behalf of the Carillon Cougar Tactical Allocation Fund. The Board considered that Eagle, ClariVest and Cougar are responsible for placing all orders for the purchase and sale of securities with broker-dealers for the Funds that they manage. The Board also


			71

Renewal of Investment Advisory and Subadvisory Agreements



(UNAUDITED)

considered: (1) information regarding the Carillon Tower, Eagle, ClariVest and Cougar personnel who provide services to the Funds; (2) certifications as to the adequacy of the compliance programs of Carillon Tower, Eagle, ClariVest and Cougar; (3) the financial information regarding Carillon Tower, Eagle, ClariVest and Cougar, as provided; and (4) Carillon Tower’s recommendations to continue to retain Eagle, ClariVest and Cougar to provide portfolio management services to the Funds.

Investment Performance | The Board considered comparisons of each Fund’s Class A performance, including, if applicable, a Fund’s year-to-date, one-, three-, five- and ten-year annualized total returns for the period ended June 30, 2018, relative to the average performance of its Morningstar Category and Lipper Category funds and benchmark indices.

With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the average performance of its Morningstar Category for the one-, three- and five-year periods and underperformed for the year-to-date and ten-year periods; (2) the Fund outperformed the average performance of its Lipper Category for the three- and five-year periods and underperformed for the year-to-date, one- and ten-year periods; and (3) the Fund underperformed its benchmark index for all relevant periods. The Board also considered Carillon Tower’s representation that the Fund’s underperformance relative to the benchmark is primarily attributable to ClariVest’s investment style, which favors stocks that are more attractively priced than many of the stocks included in the Fund’s benchmark index.

With respect to the Carillon ClariVest International Stock Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its benchmark index for the five-year period and underperformed for the year-to-date, one- and three-year periods; (2) the Fund outperformed the average performance of its Morningstar Category for the one-, three- and five-year periods and underperformed for the year-to-date period; and (3) the Fund outperformed the average performance of its Lipper Category one- and five-year periods and underperformed for the year-to-date and three-year periods.

With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its custom benchmark index (comprised 60% of the Barclays US Aggregate Bond Index and 40% of the MSCI All Country World Index), the performance of the Barclays US Aggregate Bond Index and the average performance of its Morningstar Category and Lipper Category for the year-to-date and one-year periods; and (2) the Fund outperformed the MSCI All Country World Index for the year-to-date period and underperformed for the one-year period.

With respect to the Carillon Eagle Growth & Income Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the average performance of its Morningstar Category for the year-to-date, one-, three- and ten-year periods and its Lipper Category for the one-, three-, five-, and ten-year periods; and (2) the Fund underperformed its benchmark index for all relevant periods. The Board also considered Carillon Tower’s representation that the Fund’s underperformance relative to the benchmark is primarily attributable to the Fund’s investment style favoring dividend-paying stocks, which have underperformed relative to the non-dividend-paying stocks included in the Fund’s benchmark index.

With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered a number of factors regarding performance, including: the Fund outperformed its benchmark index and the average performance of its Morningstar Category and Lipper Category for all relevant periods.

With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the average performance of its Morningstar Category and Lipper Category for the ten-year period and underperformed for the year-to-date,

one-, three- and five-year periods; and (2) the Fund underperformed its benchmark index for all relevant periods. The Board also considered Carillon Tower’s representation that the Fund’s underperformance relative to the benchmark is primarily attributable to the Fund’s investment style favoring higher quality companies, which have underperformed relative to other growth-oriented companies included in the Fund’s benchmark index.

Fees and Expenses | The Board considered the advisory fee rate payable by each Fund to Carillon Tower under the Agreements, the subadvisory fee rate payable by Carillon Tower to Eagle, ClariVest and Cougar, each Fund’s total expense ratio and its Rule 12b-1 fees. The Board considered that the subadvisory fee rate paid by Carillon Tower to Eagle, ClariVest or Cougar, as applicable, is identical to the advisory fee rate paid to Carillon Tower by the Fund. The Board also considered comparisons of a Fund’s expense ratio (with Rule 12b-1 fees) to the average expense ratio of its Morningstar Category and peer group within that Morningstar Category (“Morningstar Peer Group”) based on data ended June 30, 2018. In addition, the Board considered that Carillon Tower had undertaken contractual expense limitations with respect to the Funds for its 2018 fiscal year and that Carillon Tower was requesting that the Board approve the same expense cap levels for the Funds through February 28, 2019.

With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Population and Morningstar Peer Group. The Board also considered that ClariVest sub-advises a multi-manager mutual fund and that the subadvisory fee rate paid to ClariVest by Carillon Tower is higher than the subadvisory fee rate paid to ClariVest by that multi-manager mutual fund. The Board further considered that, for assets up to $1 billion, the subadvisory fee rate paid to ClariVest by Carillon Tower was higher than ClariVest’s standard fee schedule for its large cap growth strategy.

With respect to Carillon ClariVest International Stock Fund, the Board also considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Peer Group but higher than its Morningstar Population. The Board also considered that ClariVest does not manage any comparable accounts in the Fund’s strategy, and that the subadvisory fee rate paid to ClariVest by Carillon Tower was higher than ClariVest’s standard fee rate for its international core strategy at certain asset levels.

With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Population and Morningstar Peer Group. The Board also considered that, while Cougar does not currently manage institutional accounts in the same strategy as the Fund, the subadvisory fee rate paid to Cougar by Carillon Tower was lower than the advisory fee rates paid to Cougar by direct retail accounts in the same strategy.

With respect to Carillon Eagle Growth & Income Fund, the Board considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Population and Morningstar Peer Group. The Board also considered that the contractual subadvisory fee rate paid to Eagle by Carillon Tower was higher than Eagle’s standard fee rates for separate accounts, but that the effective fee rate paid by the Fund was lower than the average advisory fee paid to Eagle by institutional accounts in the same strategy and the fee rate Eagle charges to an investment company subadvisory client.

With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Population and Morningstar Peer Group. The Board also considered that the effective subadvisory fee rate paid to Eagle by Carillon Tower was lower than the average advisory fee rate paid by institutional accounts in the same strategy.


72

Renewal of Investment Advisory and Subadvisory Agreements



			(UNAUDITED)

With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered that the net expense ratio of the Fund’s Class A shares was lower than the average net expense ratio of its Morningstar Population and Morningstar Peer Group. The Board also considered that the effective subadvisory fee rate paid to Eagle by Carillon Tower was lower than the average advisory fee rate paid by institutional accounts in the same strategy.

Costs, Profitability and Economies of Scale | The Board considered Carillon Tower’s estimated costs and profitability in providing services to the Funds, consolidated with its affiliated subadvisers. The Board considered that the estimated costs and profitability of Eagle, ClariVest and Cougar generally are less significant to the Board’s evaluation of the fee rates and expenses paid by a Fund than Carillon Tower’s advisory fee rate and estimated profitability and the Funds’ overall expense ratios. The Board also considered that Carillon Tower’s estimated profits on the services it provided to the Funds are reasonable in light of Carillon Tower’s estimated costs in providing services to each Fund and that Carillon Tower manages each Fund’s assets and provides a comprehensive compliance program for each Fund.

In addition, the Board considered that the advisory fee rate structures for certain of the Funds provide for breakpoints, which is a reduction of the applicable fee rate as assets increase. The Board also considered that each Fund may benefit from economies of scale, and shareholders may realize such economies of scale, through: (1) reduced advisory fees achieved when a Fund’s asset size reaches breakpoints in the fee schedules instituted by Carillon Tower; (2) increased services to a Fund; or (3) allocation of fixed fund expenses over a large asset size.

Benefits | In evaluating compensation, the Board considered benefits that may be realized by Carillon Tower, Eagle, ClariVest and Cougar and their respective affiliates from their relationships with the Funds. The Board took

into consideration that Carillon Tower and its affiliates have entered into revenue sharing and services agreements with third parties for marketing and/or shareholder services. The Board also considered that the Funds compensate Carillon Tower for providing administrative services and CFS for providing shareholder services. The Board further considered that, as the Funds’ principal underwriter and distributor, CFD receives Rule 12b-1 payments from the Funds to compensate it for providing services and distribution activities. These activities could lead to growth in the Funds’ assets and the corresponding benefits of that growth, including economies of scale and greater diversification. In addition, other affiliates of Carillon Tower have entered into agreements with CFD to sell Fund shares and receive compensation from CFD. The Board considered that ClariVest and Cougar do not enter into formal soft dollar arrangements. However, the Board also considered that Carillon Tower has entered into marketing agreements with Eagle, ClariVest and Cougar pursuant to which ClariVest and Cougar pay Carillon Tower a fee for performing marketing and client services for the Funds and other clients of ClariVest and Cougar.

Conclusions | The Board concluded with respect to the Funds that: (1) each Fund was reasonably likely to benefit from the nature, quality and extent of Carillon Tower’s, Eagle’s, ClariVest’s and Cougar’s services, as applicable to the Funds; (2) each Fund’s performance was satisfactory in light of all the factors considered by the Board; (3) the fees payable under the Agreements and estimated profits earned by Carillon Tower, Eagle, ClariVest were reasonable in the context of all the factors considered by the Board; and (4) the current advisory fee rate structure provides each Fund’s shareholders with reasonable benefits associated with economies of scale. The Board also determined in its business judgment to renew the Agreements and to approve the Agreements between each Fund and Carillon Tower and between Carillon Tower and each of Eagle, ClariVest and Cougar.

2018 Federal Tax Notice

(UNAUDITED)

The following information for the fiscal year ended October 31, 2018 for the Carillon Family of Funds is provided pursuant to provisions of the Internal Revenue Code.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2018. All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Complete information will be computed and reported in conjunction with your 2018 Form 1099-DIV.

The amounts shown may differ from amounts disclosed elsewhere in this report due to differences between tax and financial reporting requirements.


	Capital Appreciation Fund			International Stock Fund			Tactical Allocation Fund			Growth & Income Fund			Mid Cap Growth Fund			Small Cap Growth Fund
Qualified dividend income		100.00	%		100.00	%		33.31	%		100.00	%		0.00	%		0.00	%
Dividends received deduction		100.00	%		0.00	%		27.50	%		100.00	%		0.00	%		0.00	%
Long-term capital gains		$25,236,644			$—			$35,112			$14,662,876			$158,724,314			$381,398,349

	International Fund			Mid Cap Fund			Small Cap Fund			Core Bond Fund			Core Plus Bond Fund			Unconstrained Bond Fund
Qualified dividend income		73.62	%		100.00	%		93.54	%		0.00	%		0.00	%		0.00	%
Dividends received deduction		1.48	%		100.00	%		93.58	%		0.00	%		0.00	%		0.00	%
Long-term capital gains		$164,035,083			$98,792,226			$45,281,251			$—			$—			$—

The funds, as applicable, may elect to pass through to shareholders the credit for taxes paid to foreign countries. Such credits for taxes paid to foreign countries will be included in shareholders’ Form 1099-DIV.


			73

Principal Risks



(UNAUDITED)

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
Small Cap
Growth
Fund

Call

Commodities

Credit

Credit ratings

Derivatives

Emerging markets

Equity securities

Fixed income market

Focused holdings

Foreign and emerging market securities

Fund of funds

Growth stocks

High-yield securities

Income

Inflation

Interest rates

Issuer

Leverage

Liquidity

Market and Stock Market

Market timing

Maturity

Mid-cap companies

Mortgage and asset-backed securities

Municipal securities

Other investments companies and ETFs

Portfolio turnover

Redemptions

Sectors

Short sale

Small-cap companies

U.S. Government securities and Government sponsored enterprises

Valuation

Value stocks


74

Principal Risks



			(UNAUDITED)

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

Credit ratings

Derivatives

Emerging markets

Equity securities

Fixed income market

Focused holdings

Foreign and emerging market securities

Fund of funds

Growth stocks

High-yield securities

Income

Inflation

Interest rates

Issuer

Leverage

Liquidity

Market and Stock Market

Market timing

Maturity

Mid-cap companies

Mortgage and asset-backed securities

Municipal securities

Other investment companies and ETFs

Portfolio turnover

Redemptions

Sectors

Short sale

Small-cap companies

U.S. Government securities and Government sponsored enterprises

Valuation

Value stocks

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 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.


			75

Principal Risks



(UNAUDITED)

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 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


76

Principal Risks



			(UNAUDITED)

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 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


			77

Principal Risks



(UNAUDITED)

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 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


78

Principal Risks



			(UNAUDITED)

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 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


			79

Principal Risks



(UNAUDITED)

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.


80

Trustees and Officers

Background of Trustees and Officers | The following is a list of the Trustees and Officers of the Trust with their principal occupations and positions as of October 31, 2018, including any affiliation with Raymond James Financial, Inc. (“RJF”), the Distributor or Carillon Tower, the length of service to the Trust, and the position, if any, that the Trustees hold on the board of directors/trustees of companies other than the Trust. The principal address of each Trustee and Officer is P.O. Box 23572, St. Petersburg, Florida 33742.


Trustees
Name, Birth Year and Position, Term of Office (a)and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds Overseen in Fund Complex	Other Directorships held by Trustee for the Past Five Years

*Interested Trustee (b):*

J. Cooper Abbott (1969) Trustee since 2017 (Carillon Series Trust) Trustee from 2012 to 2017 (Eagle Series Trust)	Executive Vice President, Investments and Co-Chief Operating Officer of Carillon Tower since 2017; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle since 2009; Director of ClariVest Asset Management LLC since 2012; Director, Carillon Fund Services, Inc. since 2017; Director, Eagle Fund Services, Inc. 2017-2019; President, Eagle Boston Management, Inc. since 2009	12	N/A

Court James (1974) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust)	Executive Vice President, Carillon Tower Advisers since 2016, Vice President, New Business Development of Eagle 2010-2016	12	Raymond James Bank

*Independent Trustees:*

John Carter (1961) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust)	Law Office of John K. Carter, P.A. since 2015; Trustee, RiverNorth Funds since 2013; Director, Operation PAR Inc.; Founder, Global Recruiters of St. Petersburg 2012-2015; President and Chief Executive Officer, Transamerica Asset Management 2006-2012; Chairman, Board Member, Transamerica Partners Portfolios, Transamerica Partners Funds Group, Transamerica Partners Funds Group II and Transamerica Asset Allocation Variable Funds 2007-2012	12	N/A

Keith B. Jarrett, PhD (1948) Trustee since 2017 (Carillon Series Trust) Trustee from 2005 to 2017 (Eagle Series Trust)	Managing Partner, PW1 LLC since 2013; Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003	12	Safeguard Scientific, Inc. Retired 2015.

William J. Meurer (1943) Trustee since 2017 (Carillon Series Trust) Trustee from 2003 to 2017 (Eagle Series Trust)	Private investor and financial consultant since 2000	12	Sykes Enterprises, Inc.; Walter Investment Mgmt. Corp. (ended 2018); LifeLink Foundation (private)

Liana O’Drobinak (1963) Trustee since 2017 (Carillon Series Trust) Trustee from 2014 to 2017 (Eagle Series Trust)	Managing Member, Bay Consulting Partners, LLC since 2010; Board Member, Florida Prepaid College Board, 2012-2014	12	Health Insurance Innovations, Inc. (2/2013-10/2013)

Stephen Roussin (1963) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust)	President, SR2X Consulting since 2013; Chief Executive Officer and President, Campbell & Company 2011-2012	12	Ramius IDF Master Fund (ended 2016)

Deborah L. Talbot, PhD (1950) Trustee since 2017 (Carillon Series Trust) Trustee from 2002 to 2017 (Eagle Series Trust)	Independent Consultant; Principal, Lazure Enterprises, since 2013; Deans’ Advisory Board, College of Arts and Sciences, University of Memphis since 2002	12	N/A


			81

Trustees and Officers


Name, Birth Year and Position, Term of Office (a) and Length of Time Served		Principal Occupation(s) During Past Five Years

*Officers (c)*

J. Cooper Abbott (1969) President since 2017 (Carillon Series Trust) President from 2016 to 2017 (Eagle Family of Funds)		President and Chairman of Carillon Tower since 2017; President and Chief Operating Officer of Eagle since 2016; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle 2009-2016; Director of ClariVest Asset Management LLC since 2012; Director, Eagle Fund Services, Inc. (“EFS”) (d) since 2009

Susan L. Walzer (1967) Principal Executive Officer since 2017 (Carillon Series Trust) Principal Executive Officer from 2011 to 2017 (Eagle Family of Funds)		Senior Vice President of Fund Administration, Carillon Tower, since 2018; Vice President of Fund Administration, Carillon Tower, 2017-2018; Vice President of Fund Administration, Eagle, since 2011

Carolyn K. Gill (1978) Principal Financial Officer and Treasurer since 2017 (Carillon Series Trust) Principal Financial Officer and Treasurer from 2011 to 2017 (Eagle Family of Funds)		Vice President of Fund Administration, Carillon Tower, since 2018; Manager of Fund Accounting for Carillon Tower 2017-2018; Manager of Fund Accounting and Fund Reporting for Eagle since 2005 and 2010, respectively

Daniel R. Dzibinski (1974) Chief Compliance Officer and Secretary since 2017 (Carillon Series Trust) Chief Compliance Officer and Secretary from 2011 to 2017 (Eagle Family of Funds)		Vice President of Fund Compliance, Carillon Tower, since 2018; Manager of Fund Compliance for Carillon Tower 2017-2018; Manager of Fund Compliance for Eagle since 2011

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, which is available, without charge, upon request, by calling the Carillon Family of Funds toll free at 1-800-421-4184 or by accessing our website at www.carillontower.com.

(a) Trustees serve for life or until they are removed, resign or retire. The Board has adopted a Board Governance Policy that requires Independent Trustees to retire no later than at the end of the meeting which occurs immediately after his or her 75th birthday.

(b) Messrs. Abbott and James are Interested Trustees as that term is defined by the 1940 Act. Messrs. Abbott and James are affiliated with ClariVest, Cougar Global Investments, Carillon Fund Distributors, Eagle, Carillon Tower and Raymond James Financial.

(c) Officers each serve one year terms.

(d) Prior to September 13, 2010, EFS served as the Funds’ transfer agent.


82

Rev. 12-13-2018


FACTS		WHAT DOES CARILLON DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Carillon chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Carillon share?	Can you limit this sharing?

For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No

For our marketing purposes – to offer our products and services to you	No	We don’t share

For joint marketing with other financial companies	No	We don’t share

For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No

For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share

For our affiliates to market to you	No	We don’t share

For non-affiliates to market to you	No	We don’t share

To limit
our sharing

∎ Call 800-421-4184 – our menu will prompt you through your choice(s) or

∎ Visit us online: carillontower.com

Please note:

If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.

However, you can contact us at any time to limit our sharing.



Questions?		Call 800-421-4184 or go to carillontower.com


Page 2


Who we are
Who is providing this notice?		Carillon Tower Advisers, Inc., Carillon Fund Distributors, Inc., Carillon Fund Services, Inc. and Carillon Family of Funds (collectively, “Carillon”)


What we do
How does Carillon protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include electronic, physical, and procedural safeguards, including computer safeguards and secured files and buildings.
How does Carillon collect my personal information?		We collect your personal information, for example, when you open an account or deposit money We also collect your personal information from others, such as affiliates or other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ∎ sharing for affiliates’ everyday business purposes – information about your creditworthiness ∎ affiliates from using your information to market to you ∎ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
What happens when I limit sharing for an account I hold jointly with someone else?		Your choices will apply to everyone on your account – unless you tell us otherwise.


Definitions
Affiliates		Companies related by common ownership or control. They can be financial and non-financial companies. ∎ Our affiliates include Raymond James & Associates, Inc., Raymond James Financial Services, Inc., Carillon Tower Advisers, Inc., Carillon Fund Distributors, Inc., Carillon Fund Services, Inc., ClariVest Asset Management LLC, Cougar Global Investments Limited, Eagle Asset Management, Inc., Scout Investments, Inc., and Reams Asset Management (a division of Scout Investments).
Non-affiliates		Companies not related by common ownership or control. They can be financial and non-financial companies. ∎ Examples of non-affiliates are broker-dealers for business related matters.
Joint marketing		A formal agreement between non-affiliated financial companies that together market financial products or services to you. ∎ Carillon does not jointly market financial services or products.

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Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Contact Carillon Fund Services at 800.421.4184 or www.carillontower.com or your financial advisor 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 for the most recent 12-month period ending June 30th of that year, and 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.

Item 2. Code of Ethics

As of the end of the fiscal period October 31, 2018, Carillon Series Trust (the “Trust”) has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to the Principal Executive Officer and Principal Financial Officer. The Trust has not made any amendments to its code of ethics during the covered period. The Trust has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Trust’s Board of Trustees (“Board”) has determined that Liana O’Drobinak is an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee. Mr. Meurer is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services¹

(a) Audit Fees

The aggregate fees billed by the Trust’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”) for professional services rendered in connection with the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $262,000 for the fiscal period ended October 31, 2017, and $390,000 for the fiscal period ended October 31, 2018.

(b) Audit-Related Fees

There were no aggregate fees PwC billed to the Trust for assurance and other services which are reasonably related to the performance of the Trust’s audit and are not reported under Item 4(a) for the fiscal periods ended October 31, 2017, and October 31, 2018. The aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for assurance and other services directly related to the operations and financial reporting of the Trust were $0.00 for the fiscal period ended October 31, 2017, and $0.00 for the fiscal period ended October 31, 2018.

The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were $37,000 for the fiscal period ended October 31, 2017, and $77,000 for the fiscal period ended October 31, 2018. There were no aggregate tax fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2017, and October 31, 2018.

¹	All accountant fees and services amounts are rounded to the nearest whole thousand.

(d) All Other Fees

For the fiscal periods ended October 31, 2017, and October 31, 2018, the Trust paid PwC no other fees. There were no aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for any other services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2017, and October 31, 2018.

(e) The Trust’s Audit Committee Charter provides that the Audit Committee (comprised of the Independent Trustees of the Trust) is responsible for pre-approval of all auditing services performed for the Trust. The Audit Committee reports to the Board regarding its approval of the engagement of the auditor and the proposed fees for the engagement, and the majority of the Board (including the members of the Board who are Independent Trustees) must approve the auditor at an in-person meeting. The Audit Committee also is responsible for pre-approval (subject to the de minimis exception for non-audit services described in the Securities Exchange Act of 1934, as amended, and applicable rule thereunder and not expecting to exceed $5,000) of all non-auditing services performed for the Trust or for any service affiliate of the Trust. The Trust’s Audit Committee Charter also permits a designated member of the Audit Committee to pre-approve, between meetings, one or more non-audit service projects, subject to ratification by the Audit Committee at the next meeting of the Audit Committee. The Trust’s Audit Committee pre-approved all fees described above which PwC billed to the Trust.

(f) Less than 50% of the hours billed by PwC for auditing services to the Trust for the fiscal period ended October 31, 2018, were for work performed by persons other than full-time, permanent employees of PwC.

(g) There were no aggregate non-audit fees billed by PwC to the Trust and to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for the fiscal periods ended October 31, 2017, and October 31, 2018.

(h) The Trust’s Audit Committee has considered the non-audit services provided to the Trust and the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable to the Trust.

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 Trust.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the Trust.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to the Trust.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the Trust’s Nominating Committee Charter, which sets forth procedures by which shareholders may recommend nominees to the Board, since the Trust last provided disclosure in response to this item.

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 the Trust have concluded that such disclosure controls and procedures are effective as of December 20, 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 the Trust that 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Trust.

Item 13. Exhibits

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit 99.CODEETH.

(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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 Trust and in the capacities and on the dates indicated.


	CARILLON SERIES TRUST

Date: December 20, 2018		/s/ Susan L. Walzer
		Susan L. Walzer Principal Executive Officer

Date: December 20, 2018		/s/ Carolyn Gill
		Carolyn Gill
		Principal Financial Officer