N-CSR 1 d808875dncsr.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, 2019

 

 

 

Item 1.

Reports to Shareholders

 

LOGO

 

LOGO

 

 

Annual Report

 

and Investment Performance Review for the fiscal year ended October 31, 2019

  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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund or your financial intermediary electronically by going to carillontower.com/eDelivery.

You may elect to receive all future reports in paper free of charge. You can inform a Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800.421.4184, or you may directly inform your financial intermediary of your wish. A notice that will be mailed to you each time a report is posted will also include instructions for informing a Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper from a Fund will apply to all Funds held with the Carillon Mutual Funds or your financial intermediary, as applicable.

 

880 Carillon Parkway  |  St. Petersburg, FL 33716  |  800.421.4184  |  carillontower.com

 

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Carillon Fund Distributors, Inc. , Member FINRA

Table of Contents

 

President’s Letter1
Performance Summary and Commentary 2
Growth of a $100,000 Investment 8
Description of Indices11
Investment Portfolios
Carillon ClariVest Capital Appreciation Fund12
Carillon ClariVest International Stock Fund13
Carillon Cougar Tactical Allocation Fund14
Carillon Eagle Growth & Income Fund15
Carillon Eagle Mid Cap Growth Fund15
Carillon Eagle Small Cap Growth Fund17
Carillon Scout International Fund19
Carillon Scout Mid Cap Fund 20
Carillon Scout Small Cap Fund22
Carillon Reams Core Bond Fund24
Carillon Reams Core Plus Bond Fund26
Carillon Reams Unconstrained Bond Fund29
Statements of Assets and Liabilities31
Statements of Operations34
Statements of Changes in Net Assets 37
Financial Highlights40
Notes to Financial Statements48
Report of Independent Registered Public Accounting Firm62
Understanding Your Ongoing Costs63
Renewal of Investment Advisory and Subadvisory Agreements65
Principal Risks69
Trustees and Officers 76

 

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President’s Letter

 

Dear Fellow Shareholders:

We are 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, 2019.

The past year is a reminder of just how quickly economic sentiment can shift, and the opportunities that these changing perspectives can provide for research-based active management. About 12 months ago, conventional wisdom was “convinced” that rising interest rates and quantitative tightening were imminent; now the consensus view is that lower rates, including meaningfully negative rates in much of the world, and quantitative easing are likely, with potential for future fiscal stimulus. During the past year, markets experienced some of the strongest market volatility in years, with declines near the start of the period and near-record market highs at the end of the period. This volatility may be a sign of things to come, and a reminder that the market cycle has not yet run its course.

We believe that industry-wide changes are creating a backdrop in which deep, in-house research is becoming less prevalent in asset management. Amidst this development, we see potential for our active managers and their experience-driven, research-based strategies to help clients with their financial goals. Carillon’s ability to offer investors a diverse array of quality active strategies – including small-cap, mid-cap, large-cap and international equities, fixed income and tactical allocation – can also help navigate current conditions.

Later-cycle investing can be challenging; we believe investors benefit from knowing what they are invested in and how those investments fit with their financial goals. We hope investors will not let short-term volatility affect their long-term focus and will work with their financial advisors to be deliberate in their decision-making.

We invite you to read the commentaries in this report in which our Portfolio Managers discuss their specific funds. 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 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 and will continue to work as your partner to help you achieve your long-term financial goals.

Sincerely,

 

LOGO

Cooper Abbott, CFA, CAIA, CFE

President

December 18, 2019

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   Carillon ClariVest International Stock Fund

 

Portfolio Managers  |  David J. Pavan, CFA®, C. Frank Feng, Ph.D., Ed Wagner, CFA®, and Todd N. Wolter, CFA® of ClariVest Asset Management LLC (“ClariVest”), are Co- Portfolio Managers of the ClariVest Capital Appreciation Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the fund. Messrs. Pavan, Feng, and Wagner have been Portfolio Co-Managers since June 2013. Mr. Wolter has served as the fund’s Portfolio Co-Manager since February 2019.

Performance discussion  |  For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 11.54%, underperforming its benchmark index, the Russell 1000® Growth Index, which returned 17.10%. For the most part, equities rallied across the globe over the last year, albeit with some sharp sell offs along the way. Investor confidence was supported by accommodative central banks but concerns around slowing growth remain. This environment has made it much more difficult to have quarter-over-quarter persistence in fundamentals. Sector attribution, relative to the benchmark, shows that the Fund underperformed the benchmark primarily due to stock selection in the consumer discretionary and health care sectors. Nevertheless, stock selection in the consumer staples and energy sectors contributed to performance during the period. Overweight positions in the information technology and health care sectors contributed to performance, while the Fund lost ground due to an underweight position in the materials sector and an overweight position in the real estate sector. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

Portfolio Managers  |  David Vaughn, CFA®, Alex Turner, CFA® , and Priyanshu Mutreja, CFA®, are Co-Portfolio Managers of the Carillon ClariVest International Stock Fund (the “Fund”). Mr. Vaughn has 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, 2019, the Fund’s Class I shares returned 5.07%,underperforming its benchmark index, the MSCI EAFE® Index, which returned 11.04%. For the most part, equities rallied across the globe over the last year, albeit with some sharp sell offs along the way. Investor confidence was supported by accommodative central banks but concerns around slowing growth remain. Outside the US, excessive macro-driven dynamics have been a major headwind for our strategies as well, as they drown out stock-specific fundamentals. (Since most Non-US economies are less domestically focused than the US, they tend to be more affected by macro headwinds.) This environment has made it much more difficult to have quarter-over-quarter persistence in fundamentals. Sector and country attribution, relative to the benchmark, show that the Fund underperformed the benchmark primarily due to stock selection in the materials and information technology sectors. Nevertheless, stock selection was strong within the financials and utilities sectors. Stock selection within countries was strongest within Switzerland and Italy, while investments in Japan and the Netherlands detracted from performance. Consequently, overweight positions in Switzerland and Italy contributed to performance, while an overweight position in Japan and an underweight position in Australia detracted from performance. Overweight positions in the information technology and health care sectors helped performance. Conversely, underweight positions in the consumer staples and real estate sectors tempered returns. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

 

 

2   

Performance Summary and Commentary

 

Carillon Cougar Tactical Allocation Fund   Carillon Eagle Growth & Income Fund

 

Portfolio Manager  |  Abdullah Sheikh, FSA, MAAA, of Cougar Global Investments Ltd. (“Cougar”), is the Portfolio Manager of the Carillon 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.

Performance discussion  |  For the fiscal year ended October 31, 2019, Cougar continues to maintain a more defensive stance with an overweight to bonds relative to its benchmark index. This results from a consistently more cautious view of the macroeconomic environment over the next 12 months. Our probability of a sluggish economic environment (“Stagnation”) increased from 56% as of October 31, 2018 to 74% as of October 31, 2019. Additionally, as the macroeconomic environment has slowed over the past year, we have introduced an explicit probability of recession for the first time since 2012. We continue to monitor a host of leading economic indicators, as well as major geopolitical pressure points and central bank policy. While the labor market remains resilient, recent surveys of economic data, including manufacturing and consumer confidence, have continued to soften. The Federal Reserve has joined many other central banks worldwide in cutting interest rates, with the intention of pre-empting any economic downturn. From a geopolitical standpoint, U.S.-China trade negotiations dominate the economic discussion, though it appears both sides have attempted to ratchet down the rhetoric. There also appears to be a growing realization on both sides that the trade war has negatively impacted the global economy. In fact, a multi-phase deal between the two countries has been discussed, and talks to reduce or eliminate previous or announced tariffs fueled a rise in equities late in the fiscal year. Separately, drone and missile strikes on Saudi oil facilities should remind investors of the ever-present “Black Swan” risk of military escalation in the Middle East. Overall, while we expect the U.S. economy to grow at a moderate pace over the next year, we are keeping our eyes peeled for signs of an incoming recession. These macroeconomic and geopolitical concerns have caused us to reposition the portfolio from a target of 80% domestic equities as of October 31, 2018 to 78% domestic fixed income as of October 31, 2019. Finally, the Fund introduced international and emerging market equities during January and February of 2019; that has since been reduced to a 5% target as of October 2019.

For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 6.02%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI ACWI® Index, which performed 11.51% and 12.59%, respectively. The Fund also underperformed a custom blended index, which is a combination of the Bloomberg Barclays U.S. Aggregate Bond Index (60%) and the MSCI ACWI® Index (40%) (the “blended benchmark”), which returned 12.30% for the same period. A primary contributor to this underperformance was equity exposure during the fourth quarter of 2018 as the U.S. equity market drawdown approached 20%. The Fund was overweight equities relative to its blended benchmark index during this period and has since tactically adjusted to an underweight equity position during 2019. Since the adjustment, equities have outperformed fixed income during much of 2019, and the Fund participated less than the blended benchmark index. Additionally, international equity exposure during the early part of 2019 detracted from Fund performance on a relative basis, though international equities have provided positive absolute returns. The bulk of fixed income exposure has been through U.S. government bonds, and the Fund maintains a shorter duration than the blended benchmark index, reducing relative performance. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

Portfolio Managers  |  Edmund Cowart, CFA®, David Blount, CFA®, CPA, Harald Hvideberg, CFA®, and Brad Erwin, CFA® are Co-Portfolio Managers of the Carillon 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. Mr. Hvideberg has served as the Fund’s portfolio manager since August 2014. Mr. Erwin has served as the Fund’s Portfolio Manager since July 1, 2019.

Performance discussion  |  For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 11.76%, underperforming its benchmark index, the S&P 500® Index, which returned 14.33%. The Fund’s Portfolio Management team (“PM team”) was satisfied with performance compared to the benchmark given the market environment. The underperformance was due, in part, to a dividend-yield headwind. During the fiscal year, dividend paying stocks returned 13.44%, while the benchmark returned 14.33%. Furthermore, returns on stocks with above median yields underperformed their below median yield counterparts by 1.71 %. This represents a headwind because the fund strategy focuses on buying stocks with above median dividend yields. Investments in the real estate, health care and industrials sectors contributed positively to the Fund’s performance relative to the benchmark. Meanwhile, investments in information technology, communication services, and consumer discretionary sectors were detractors from the Fund’s performance. The PM team believes that the strong stock market returns were supported by several factors including declining interest rates, a strong consumer, solid housing market, monetary easing, and a snap back from a decline in the stock market in 2018. Strong growth markets, such as this one, represent a headwind for a conservative strategy such as ours. Historically, the Fund performs much stronger in down markets or even periods of increased volatility. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

 

 

     3  

Performance Summary and Commentary

 

Carillon Eagle Mid Cap Growth Fund   Carillon Eagle Small Cap Growth Fund

 

Portfolio Managers  |  Bert L. Boksen, CFA®, and Eric Mintz, CFA®, are Co-Portfolio Managers of the Carillon 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, 2019, the Fund’s Class I shares returned 16.20%, underperforming its benchmark index, the Russell Midcap® Growth Index, which returned 18.93%. Despite posting solid absolute returns during the reporting period, the Fund trailed the strong performance of its benchmark Russell Midcap Growth Index over the course of the trailing 12-month period ended October 31st, 2019. The Fund’s holdings within the health care sector detracted most notably from relative returns during the reporting period. The Fund’s Portfolio Management team (“PM team”) believes that this was attributable to the increasing prevalence of political rhetoric and resulting regulatory uncertainty; in addition to increased competitive pressures presenting within the health care equipment & supplies industry. Relative weakness experienced by the Fund’s communications services sector holdings also contributed to the Fund’s broader underperformance during the reporting period. The PM team believes that despite the broader long-term tailwinds in streaming video consumption, rapidly intensifying competition for subscribers as well as content on the part of major industry players has created an environment of increased volatility in the entertainment space. Solid absolute as well as relative returns were produced by the Fund’s holdings within the financials sector where broader volatility in the markets proved to be a positive for capital markets industry firms which benefit from increased trading activity. Positive relative returns within the Information technology sector; specifically within the software industry, also helped to temper the Fund’s broader underperformance as it appears that strong value propositions offered by some firms have translated into rapid growth and adoption of the firms’ products and services while subsequently resulting in encouraging merger and acquisition activity during the reporting period. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

Portfolio Managers  |  Bert L. Boksen, CFA®, and Eric Mintz, CFA®, are Co-Portfolio Managers of the Carillon 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, 2019, the Fund’s Class I shares returned 3.96%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 6.40%. The Fund underperformed its benchmark index, the Russell 2000 Growth Index over the course of the trailing 12-month period ended October 31, 2019. Soft results generated by the Fund’s health care sector holdings weighed most notably on the Fund’s relative returns, as the broader positive trends in merger and acquisition activity appears to have been overshadowed by integration concerns. The subsequent near-term growth outlook for some of the Fund’s holdings in the health care providers and services industry, which made sizable acquisitions during the period, also appeared to have overshadowed the merger and acquisition activity positive trends. Weak stock selection was encountered within the Fund’s financials sector exposure which also contributed to the Fund’s underperformance, primarily within the consumer finance industry as the competitive dynamic appeared to intensify within segments of the banking services and prepaid card space. Positive absolute as well as relative returns generated within the Fund’s information technology sector helped to offset some of the Fund’s broader relative underperformance as ongoing innovation and advancement within the semiconductor industry and related production processes bode well for some of the Fund’s positions in the space. To a lesser extent, solid absolute as well as relative returns within the industrials sector also offset some of the broader underperformance as low interest rates have contributed to encouraging trends in housing and subsequently to success within some of the Fund’s holdings within the building products industry. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

 

 

4   

Performance Summary and Commentary

 

Carillon Scout International Fund   Carillon Scout Mid Cap Fund

 

Portfolio Managers  |  Michael D. Stack, CFA®, is Lead Portfolio Manager, and Angel M. Lupercio is Co-Portfolio Manager of the Carillon 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, 2019, the Fund’s Class I shares returned 12.24%, outperforming its benchmark index, the MSCI EAFE® Index, which returned 11.04%. Despite posting double digit, returns over the aforementioned time-period, international markets lagged their US counterpart as the MSCI EAFE® Index trailed the S&P 500. Returns were broadly positive in the MSCI EAFE® Index during the period. The utilities sector was the top performing sector (up 21.5%), but was a detractor to the Fund’s performance relative to the benchmark as there were not holdings in that sector that met our stringent investment criteria. The energy sector (down -6.6%) was the only sector in the index that ended the period in negative territory, and the Fund’s overweight position within that sector further detracted from the Fund’s performance. The Fund’s performance, relative to the benchmark, was driven primarily from positive stock selection in the financials and information technology sectors, which counteracted poor stock selection in the industrials sector. Within the financial sector, stock selection in the banks and insurance industries benefitted the Fund’s performance. Stock selection in the semiconductors and semiconductor equipment industry in the information technology sector provided a positive impact the Fund’s performance as well. In contrast, stock selection in the machinery and construction and engineering and commercial services and supplies industries within the Industrials sector detracted from Fund performance. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

Portfolio Managers  |  G. Patrick Dunkerley, CFA® is the Lead Portfolio Manager, and Derek M. Smashey, CFA®, John A. Indellicate II, CFA® and Jason J. Votruba, CFA®, are Co-Portfolio Managers of the Carillon Scout Mid Cap Fund (the “Fund”). Messrs. Dunkerley, Smashey, Indellicate and Votruba 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, 2019, the Fund’s Class I shares returned 8.42%, underperforming its benchmark index, the Russell Midcap® Index, which returned 13.72%. Throughout the aforementioned fiscal year, markets were driven by sudden narrative changes to both interest rate policy and trade policy. Given the shifts based on quick changes to narratives, the Fund was negatively impacted by some of its more defensive positioning which included an overweight to the utilities sector and an underweight to the information technology sector. Alternatively, the Fund’s performance also benefited from an overweight position in the consumer staples and health care sectors. The Fund’s performance, relative to the benchmarks, was adversely affected by stock selection in the health care, industrials, and consumer discretionary sectors. However, this was partially counteracted by positive stock selections in the utilities sector. Within the consumer discretionary sector, stock selections in the hotel, restaurants, and leisure and auto components industries were the primary detractors. In contrast, stock selections in the electric utilities and gas utilities industries contributed positively to the Fund’s performance. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

 

 

     5  

Performance Summary and Commentary

 

Carillon Scout Small Cap Fund   Carillon Reams Core Bond Fund

 

Portfolio Managers  |  James R. McBride, CFA®, is Lead Portfolio Manager, and Timothy L. Miller, CFA® is Co-Portfolio Manager of the Carillon 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, 2019, the Fund’s Class I shares returned 4.55%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 6.40%. Small cap stocks posted modest gains during the trailing 12-month period ended October 31, 2019. From a style perspective, growth bested value during the period as the Russell 2000 Growth Index which was up 6.4%, double the performance of the Russell 2000 Value Index, which was up 3.2% during the trailing 12-months ended October 31, 2019. Within Growth, returns varied substantially. The largest laggard from an allocation standpoint was a result of strong returns within the nominally weighted utilities sector (up 33.5%) as the Fund does not invest in companies within that sector because they do not meet the Fund’s investment criteria. Strong returns were also seen in the information technology sector (up 21.8%) and the Fund benefited from an overweight position and strong security selection within this sector. The Fund’s performance was impacted negatively by stock selection, in the industrials sector; however, this was partially offset by positive stock selection in the information technology, consumer staples, and financials sectors. Within the information technology sector, the Fund benefited from stock selections in the software and semiconductors and semiconductor equipment industries in particular. In contrast, stock selections in the machinery, construction and engineering and commercial services and supplies industries within the Industrials sector detracted from Fund performance. As you review this summary and the Growth of a $100,000 investment table, 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.

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. Returns discussed 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.

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 Carillon 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, and 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, 2019, the Fund’s Class I shares returned 11.64%, outperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 11.51%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve Board (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet appeared to be on “auto pilot”. When economic growth began to slow globally near the 2018 calendar year end, in part as a result of heightened trade war concerns, the Fed reversed course. First indicating a pause in rate increases, then outright rate interest rate declines. This sparked a U.S. stock-market rally in the first half of the 2019 calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the 2-year Treasury Yield and the 10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, we believe that it is more likely the case that the brief inversion and response from the Fed could have averted such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the Fund’s yield curve positioning with an underweight to the underperforming long end of the curve as well as an elevated weight in investment grade credit when this sector outperformed, particularly in the first several months of the calendar year. Security selection in agency mortgage backed bonds hurt the Fund’s performance as an increase in Treasury yield volatility hurt this sector. The Fund’s underweight position in the government issued bonds also detracted from performance after this sector outperformed. As you review this summary and the Growth of a $100,000 investment table, 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.

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 carilontower.com. Returns discussed 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.

 

 

6   

Performance Summary and Commentary

 

Carillon Reams Core Plus Bond Fund   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® and Clark W. Holland, CFA®,and Jason Hoyer, CFA® are Co- Portfolio Managers of the Carillon 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, and 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 to 2017. Messrs. Fink, Thompson, Vincent and Holland served as Co-Portfolio Managers of the fund’s predecessor from 2000, 2001, 2009 and 2014, respectively, to 2017.

Performance discussion  |  For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 12.32%, outperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 11.51%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet were on “auto pilot”. When economic growth began to slow globally near the calendar year end, in part as a result of heightened trade war concerns, the Fed felt the need to reverse course. First indicating a pause in rate increases, then outright rate declines. This sparked a U.S. stock market rally in the first half of the calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the 2-year Treasury Yield and the 10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, more than likely, the brief inversion and response from the Fed may avoid such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the slightly longer duration position as well as an elevated weight in high yield credit when this sector outperformed in the first several months of the calendar year. Security selection in agency mortgage backed bonds hurt the Fund’s performance as an increase in Treasury yield volatility hurt this sector. The Fund’s underweight position in the government issued bonds also detracted from performance after this sector outperformed. As you review this summary and the Growth of a $100,000 investment table, 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.

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 carilontower.com. Returns discussed 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.

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 Carillon Reams Unconstrained 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, and 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, 2019, the Fund’s Class I shares returned 8.31%, outperforming its benchmark index, the BofA Merrill Lynch 3-Month LIBOR Constant Maturity Index, which returned 2.68%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet were on “auto pilot”. When economic growth began to slow globally near the calendar year end, in part as a result of heightened trade war concerns, the Fed felt the need to reverse course. First indicating a pause in rate increases, then outright rate declines. This sparked a U.S. stock market rally in the first half of the calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the 2-year Treasury Yield and the 10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, more than likely, the brief inversion and response from the Fed may avoid such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the longer duration position as interest rates declined, as well as an elevated weight in high yield and investment grade credit when these sectors outperformed, particularly in the first several months of the calendar year. Positions in Treasury Inflation Protected Securities (TIPS) and Commercial Mortgage-Backed Securities (CMBS) also contributed to the Fund’s performance. As you review this summary and the Growth of a $100,000 investment table, 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.

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 carilontower.com. Returns discussed 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.

 

 

     7  

Growth of a $100,000 Investment

 

Carillon ClariVest Capital Appreciation Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

Carillon ClariVest International Stock Fund from 2/28/13 to 10/31/19 (a)

 

LOGO

 

Carillon Cougar Tactical Allocation Fund from 12/31/15 to 10/31/19 (a)

 

LOGO

Carillon Eagle Growth & Income Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

 

Carillon Eagle Mid Cap Growth Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

(a) Each 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, 2019, each 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 each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, 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.

 

 

8   

Growth of a $100,000 Investment

 

Carillon Eagle Small Cap Growth Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

Carillon Scout International Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

 

 

Carillon Scout Mid Cap Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

Carillon Scout Small Cap Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

 

 

Carillon Reams Core Bond Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

(a) Each 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, 2019, each 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 each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, 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.

 

 

     9  

Growth of a $100,000 Investment

 

Carillon Reams Core Plus Bond Fund from 10/31/09 to 10/31/19 (a)

 

LOGO

Carillon Reams Unconstrained Bond Fund from 9/29/11 to 10/31/19 (a)

 

LOGO

 

(a) Each 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, 2019, each 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 each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, 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.

 

10   

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.

 

     11  

Investment Portfolios

 

10.31.2019

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND  
COMMON STOCKS—99.0%         Shares     Value  
Aerospace & defense—2.2%      

Northrop Grumman Corp.

       10,200       $ 3,595,296  

The Boeing Co.

       13,300       4,520,803  

United Technologies Corp.

       28,800       4,135,104  
Airlines—1.6%      

Delta Air Lines, Inc.

       42,500       2,340,900  

United Airlines Holdings, Inc.*

       72,500       6,585,900  
Beverages—1.2%      

Keurig Dr Pepper, Inc.

       102,300       2,880,768  

The Coca-Cola Co.

       73,700       4,011,491  
Biotechnology—3.4%      

AbbVie, Inc.

       88,800       7,064,040  

Amgen, Inc.

       42,100       8,977,825  

Celgene Corp.*

       27,300       2,949,219  
Commercial services & supplies—0.7%      

Copart, Inc.*

       47,000       3,884,080  
Communications equipment—1.1%      

Cisco Systems, Inc.

       131,400       6,242,814  
Consumer finance—0.7%      

Capital One Financial Corp.

       43,600       4,065,700  
Electronic equipment, instruments & components—0.7%      

Keysight Technologies, Inc.*

       36,400       3,673,124  
Entertainment—0.6%      

The Walt Disney Co.

       27,400       3,559,808  
Equity real estate investment trusts (REITs)—3.7%      

American Tower Corp.

       38,000       8,287,040  

Medical Properties Trust, Inc.

       141,532       2,933,958  

Omega Healthcare Investors, Inc.

       63,000       2,774,520  

Public Storage

       18,600       4,145,196  

Realty Income Corp.

       29,700       2,429,163  
Food & staples retailing—1.3%      

Wal-Mart, Inc.

       61,000       7,152,860  
Food products—1.1%      

Tyson Foods, Inc., Class A

       73,200       6,060,228  
Health care equipment & supplies—1.4%      

Stryker Corp.

       12,200       2,638,494  

The Cooper Companies, Inc.

       7,380       2,147,580  

Zimmer Biomet Holdings, Inc.

       20,000       2,764,600  
Health care providers & services—4.2%      

Centene Corp.*

       75,640       4,014,971  

Laboratory Corp. of America Holdings*

       16,000       2,636,320  

UnitedHealth Group, Inc.

       64,900       16,400,230  
Health care technology—0.6%      

Veeva Systems, Inc., Class A*

       21,800       3,091,894  
Hotels, restaurants & leisure—2.3%      

Starbucks Corp.

       125,300       10,595,368  

Wyndham Destinations, Inc.

       49,500       2,297,295  
Household durables—1.6%      

Lennar Corp., Class A

       70,400       4,195,840  

PulteGroup, Inc.

       113,700       4,461,588  
Household products—1.0%      

The Procter & Gamble Co.

       43,900       5,465,989  
   
COMMON STOCKS—99.0%         Shares     Value  
Interactive media & services—9.1%      

Alphabet, Inc., Class A*

       13,014       $ 16,382,023  

Alphabet, Inc., Class C*

       12,912       16,270,540  

Facebook, Inc., Class A*

       76,200       14,603,730  

Twitter, Inc.*

       93,000       2,787,210  
Internet & direct marketing retail—4.7%      

Amazon.com, Inc.*

       14,700       26,116,902  
IT services—13.5%      

Booz Allen Hamilton Holding Corp.

       39,200       2,758,504  

Euronet Worldwide, Inc.*

       17,500       2,451,225  

Fidelity National Information Services, Inc.

       51,928       6,842,033  

Fiserv, Inc.*

       77,700       8,247,078  

FleetCor Technologies, Inc.*

       11,600       3,412,952  

Global Payments, Inc.

       23,300       3,941,894  

MasterCard, Inc., Class A

       63,030       17,447,335  

PayPal Holdings, Inc.*

       89,900       9,358,590  

Visa, Inc., Class A

       113,000       20,211,180  
Life sciences tools & services—1.6%      

Thermo Fisher Scientific, Inc.

       28,900       8,727,222  
Machinery—1.4%      

Cummins, Inc.

       14,200       2,449,216  

Ingersoll-Rand PLC

       39,900       5,062,911  
Media—2.0%      

Comcast Corp., Class A

       197,200       8,838,504  

Discovery, Inc., Class A*

       84,408       2,275,218  
Multiline retail—1.1%      

Target Corp.

       55,000       5,880,050  
Pharmaceuticals—2.1%      

Eli Lilly & Co.

       20,700       2,358,765  

Merck & Co., Inc.

       106,300       9,211,958  
Real estate management & development—1.0%      

CBRE Group, Inc., Class A*

       107,585       5,761,177  
Semiconductors & semiconductor equipment—5.8%      

Broadcom, Inc.

       16,400       4,802,740  

Intel Corp.

       49,700       2,809,541  

KLA Corp.

       29,700       5,020,488  

Lam Research Corp.

       13,900       3,767,456  

Micron Technology, Inc.*

       61,300       2,914,815  

Teradyne, Inc.

       88,200       5,399,604  

Texas Instruments, Inc.

       62,400       7,362,576  
Software—14.2%      

Adobe, Inc.*

       28,400       7,893,212  

Microsoft Corp.

       336,400       48,229,668  

salesforce.com, Inc.*

       52,100       8,153,129  

SS&C Technologies Holdings, Inc.

       53,200       2,766,932  

Synopsys, Inc.*

       66,300       9,000,225  

The Trade Desk, Inc., Class A*

       13,500       2,710,800  
Specialty retail—4.8%      

Advance Auto Parts, Inc.

       20,200       3,282,096  

AutoZone, Inc.*

       4,500       5,149,710  

Ross Stores, Inc.

       39,100       4,288,097  

The Home Depot, Inc.

       59,000       13,840,220  
Technology hardware, storage & peripherals—7.5%      

Apple, Inc.

       166,166       41,335,454  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)  
COMMON STOCKS—99.0%         Shares     Value  
Trading companies & distributors—0.8%      

United Rentals, Inc.*

       31,900       $ 4,260,883  
Total common stocks (cost $347,356,164)         547,363,869  
Total investment portfolio (cost $347,356,164)—99.0%

 

     547,363,869  

Other assets in excess of liabilities—1.0%

         5,445,844  
Total net assets—100.0%         $552,809,713  

* Non-income producing security

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Information technology     42.8%  
Consumer discretionary     14.5%  
Health care     13.2%  
Communication services     11.7%  
Industrials     6.7%  
Real estate     4.8%  
Consumer staples     4.6%  
Financials     0.7%  

 

 
CARILLON CLARIVEST INTERNATIONAL STOCK FUND  
COMMON STOCKS—97.2%         Shares     Value  
Australia—3.9%      

Austal Ltd.

       20,531       $59,111  

BHP Group Ltd.

       2,120       51,966  

Fortescue Metals Group Ltd.

       10,812       66,176  

Goodman Group

       9,910       98,399  

OZ Minerals Ltd.

       13,870       96,777  

Resolute Mining Ltd.*

       37,095       31,075  

Sandfire Resources NL

       13,667       54,585  

St Barbara Ltd.

       13,906       26,828  
Belgium—0.6%      

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

       273       22,036  

UCB S.A.

       682       54,968  
Denmark—2.7%      

Carlsberg A/S, Class B

       486       68,441  

GN Store Nord A/S

       866       38,098  

H Lundbeck A/S

       1,456       49,752  

Novo Nordisk A/S, Class B

       1,957       107,613  

Royal Unibrew A/S

       812       66,616  
Finland—0.5%      

Neste OYJ

       1,736       62,726  
France—11.1%      

Air France-KLM*

       9,985       119,026  

AXA S.A.

       4,718       124,891  

Cie Generale des Etablissements Michelin

       905       110,190  

Eiffage S.A.

       1,098       117,932  

ENGIE S.A.

       7,007       117,331  

Pernod Ricard S.A.

       341       62,994  
   
COMMON STOCKS—97.2%         Shares     Value  
France (cont’d)      

Peugeot S.A.

       8,429       $ 213,474  

Publicis Groupe S.A.

       1,775       76,393  

Safran S.A.

       546       86,481  

Sanofi

       1,691       155,889  

Societe Generale S.A.

       1,876       53,351  

VINCI S.A.

       1,231       138,114  
Germany—7.7%      

Allianz SE

       1,278       312,117  

Bayer AG

       469       36,383  

Deutsche Telekom AG

       3,284       57,784  

HeidelbergCement AG

       837       62,054  

Merck KGaA

       1,065       127,019  

ProSiebenSat.1 Media SE

       8,344       123,212  

SAP SE

       1,259       166,819  

TAG Immobilien AG*

       2,808       68,239  
Hong Kong—0.4%      

Wheelock and Co. Ltd.

       8,000       49,477  
Israel—1.2%      

Israel Discount Bank Ltd., Class A

       32,640       149,159  
Italy—4.6%      

Atlantia SpA

       1,585       39,159  

Enel SpA

       38,655       299,590  

Eni SpA

       5,739       87,066  

Leonardo SpA

       11,967       139,028  
Japan—22.8%      

Asahi Group Holdings Ltd.

       2,700       135,209  

Central Glass Co. Ltd.

       2,200       53,028  

Chubu Electric Power Co., Inc.

       4,100       61,509  

Cosmo Energy Holdings Co. Ltd.

       1,300       27,800  

Hitachi Ltd.

       5,300       197,809  

Hokkaido Electric Power Co., Inc.

       6,900       36,215  

ITOCHU Corp.

       11,700       244,622  

Kajima Corp.

       4,000       54,970  

KDDI Corp.

       5,100       141,123  

Marubeni Corp.

       30,100       211,846  

Mitsubishi Corp.

       2,700       68,673  

Mitsubishi UFJ Financial Group, Inc.

       23,100       119,757  

Morinaga Milk Industry Co. Ltd.

       1,300       50,542  

NEC Corp.

       4,100       162,485  

NichiiGakkan Co. Ltd.

       2,200       37,300  

Nichi-iko Pharmaceutical Co. Ltd.

       2,700       31,636  

Nihon Unisys Ltd.

       1,300       42,912  

Nippon Suisan Kaisha Ltd.

       6,900       39,517  

Nippon Telegraph & Telephone Corp.

       5,300       263,107  

Nipro Corp.

       4,100       48,075  

NS Solutions Corp.

       2,700       91,795  

Ricoh Co. Ltd.

       6,900       61,449  

Sawai Pharmaceutical Co. Ltd.

       1,300       73,355  

Sekisui House Ltd.

       2,300       49,598  

Showa Denko KK

       3,600       101,005  

Sojitz Corp.

       13,600       42,807  

Sony Corp.

       2,700       164,347  

Sumitomo Corp.

       5,100       82,836  

The Hiroshima Bank Ltd.

       5,500       28,035  

Toyota Motor Corp.

       1,300       90,195  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)

  
COMMON STOCKS—97.2%         Shares     Value  
Netherlands—7.3%      

Aegon N.V.

       11,806       $ 51,218  

ASM International N.V.

       715       72,087  

ASR Nederland N.V.

       832       30,500  

Constellium SE*

       3,500       46,655  

Koninklijke Ahold Delhaize N.V.

       5,592       139,353  

Koninklijke Philips N.V.

       3,265       143,249  

NN Group N.V.

       5,166       197,119  

NXP Semiconductors N.V.

       1,900       215,992  
Norway—0.2%      

Austevoll Seafood ASA

       2,782       28,093  
Singapore—0.2%      

Yanlord Land Group Ltd.

       27,200       24,142  
Spain—2.2%      

Almirall S.A.

       1,757       33,000  

Banco Bilbao Vizcaya Argentaria S.A.

       8,371       44,089  

Banco Santander S.A.

       12,339       49,545  

Iberdrola S.A.

       10,453       107,446  

Repsol S.A.

       2,535       41,776  
Sweden—4.5%      

Essity AB, Class B

       5,303       165,670  

SSAB AB, Class B

       8,971       22,600  

Telefonaktiebolaget LM Ericsson, Class B

       20,399       178,262  

Volvo AB, Class B

       12,889       193,152  
Switzerland—11.4%      

Nestle S.A.

       2,722       291,203  

Novartis AG

       3,722       325,211  

Roche Holding AG

       1,187       357,235  

Straumann Holding AG

       95       84,881  

Swiss Life Holding AG

       386       193,315  

UBS Group AG

       4,270       50,536  

Zurich Insurance Group AG

       259       101,450  
United Kingdom—15.9%      

3i Group PLC

       8,948       130,756  

Ashtead Group PLC

       6,019       183,254  

Aviva PLC

       13,674       73,704  

Barclays PLC

       46,220       100,255  

Bellway PLC

       990       40,520  

BP PLC

       15,205       96,421  

British American Tobacco PLC

       2,797       97,828  

Coca-Cola European Partners PLC

       1,575       84,278  

Diageo PLC

       3,516       143,914  

Electrocomponents PLC

       5,467       48,236  

GlaxoSmithKline PLC

       10,919       250,100  

Halma PLC

       2,488       60,372  

Hammerson PLC

       13,962       52,451  

Imperial Brands PLC

       2,250       49,355  

Lloyds Banking Group PLC

       100,633       74,027  

Redrow PLC

       4,839       37,724  

Rio Tinto PLC

       1,554       80,904  

Royal Dutch Shell PLC, Class B

       4,379       126,115  

Standard Chartered PLC

       8,793       79,787  

Tesco PLC

       49,802       152,024  
Total common stocks (cost $10,907,908)         12,011,700  
   

PREFERRED STOCKS—1.2%

         Shares     Value  
Germany—1.2%      

Volkswagen AG

       799       $ 151,894  
Total preferred stocks (cost $138,944)         151,894  
EXCHANGE TRADED FUNDS—1.1%                  
United States—1.1%      

iShares MSCI EAFE ETF

       1,900       128,098  
Total exchange traded funds (cost $123,733)         128,098  
Total investment portfolio (cost $11,170,585)—99.5%         12,291,692  

Other assets in excess of liabilities—0.5%

         60,714  
Total net assets—100.0%         $12,352,406  

* Non-income producing security

ETF—Exchange Traded Fund

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Financials     15.9%  
Health care     15.8%  
Industrials     14.8%  
Consumer staples     12.9%  
Information technology     10.5%  
Consumer discretionary     6.9%  
Communication services     5.4%  
Materials     5.2%  
Utilities     5.0%  
Energy     3.6%  
Real estate     2.4%  
Exchange traded funds     1.1%  

 

 
CARILLON COUGAR TACTICAL ALLOCATION FUND  
EXCHANGE TRADED FUNDS—95.5% (a)        
Equity—20.3%      

iShares Core MSCI EAFE ETF

       20,663       $ 1,306,521  

iShares Core S&P 500 ETF

       8,465       2,581,571  

iShares Core S&P Small-Cap ETF

       16,335       1,297,326  
Fixed Income—75.2%      

iShares 1-3 Year Treasury Bond ETF

       43,542       3,698,893  

iShares Core U.S. Aggregate Bond ETF

       104,464       11,820,102  

iShares iBoxx High Yield Corporate Bond ETF

       14,305       1,241,817  

iShares Short Treasury Bond ETF

       22,299       2,468,945  
Total exchange traded funds (cost $22,986,276)         24,415,175  
Total investment portfolio
(cost $22,986,276)—95.5%		         24,415,175  

Other assets in excess of liabilities—4.5%

         1,137,929  
Total net assets—100.0%         $ 25,553,104  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON COUGAR TACTICAL ALLOCATION FUND (cont’d)

ETF—Exchange Traded Fund

(a) A copy of the financial statements for each underlying fund in which this Fund invests can be obtained by visiting www.sec.gov.

 

Asset allocation (unaudited)      
Asset class   Percent of net assets  
Fixed Income     75.2%  
Equity     20.3%  

 

       
CARILLON EAGLE GROWTH & INCOME FUND                  
COMMON STOCKS—97.2%         Shares     Value  
Aerospace & defense—3.7%      

Lockheed Martin Corp.

       83,898       $31,602,699  
Banks—9.4%      

JPMorgan Chase & Co.

       255,282       31,889,828  

The PNC Financial Services Group, Inc.

       173,092       25,392,596  

Wells Fargo & Co.

       446,637       23,059,868  
Beverages—6.0%      

PepsiCo, Inc.

       167,267       22,944,014  

The Coca-Cola Co.

       510,073       27,763,274  
Communications equipment—3.3%      

Cisco Systems, Inc.

       582,743       27,686,120  
Diversified telecommunication services—3.7%      

Verizon Communications, Inc.

       524,708       31,729,093  
Electric utilities—2.2%      

Evergy, Inc.

       298,431       19,072,725  
Entertainment—3.1%      

Cinemark Holdings, Inc.

       713,040       26,097,264  
Equity real estate investment trusts (REITs)—6.9%      

Camden Property Trust

       112,665       12,885,496  

Crown Castle International Corp.

       178,248       24,739,040  

Prologis, Inc.

       243,440       21,364,294  
Food & staples retailing—2.6%      

Sysco Corp.

       275,011       21,965,129  
Health care equipment & supplies—4.9%      

Abbott Laboratories

       203,255       16,994,150  

Medtronic PLC

       229,560       24,999,084  
Hotels, restaurants & leisure—5.2%      

Carnival Corp.

       406,848       17,449,711  

McDonald’s Corp.

       134,147       26,386,715  
Household products—3.9%      

The Procter & Gamble Co.

       264,556       32,939,868  
Industrial conglomerates—3.8%      

Honeywell International, Inc.

       187,482       32,383,766  
Insurance—1.9%      

Chubb Ltd.

       107,975       16,457,549  
IT services—2.9%      

Automatic Data Processing, Inc.

       152,312       24,709,576  
                   
COMMON STOCKS—97.2%         Shares     Value  
Media—2.0%      

Comcast Corp., Class A

       373,619       $16,745,604  
Multi-utilities—2.4%      

Sempra Energy

       143,904       20,795,567  
Oil, gas & consumable fuels—6.3%      

Chevron Corp.

       258,792       30,056,103  

TOTAL S.A., Sponsored ADR

       447,868       23,571,293  
Pharmaceuticals—9.1%      

Eli Lilly & Co.

       148,723       16,946,986  

Johnson & Johnson

       125,413       16,559,532  

Merck & Co., Inc.

       244,180       21,160,639  

Pfizer, Inc.

       589,906       22,634,693  
Road & rail—3.2%      

Union Pacific Corp.

       162,320       26,857,467  
Semiconductors & semiconductor equipment—2.4%      

Texas Instruments, Inc.

       172,187       20,316,344  
Software—4.7%      

Microsoft Corp.

       278,504       39,929,118  
Specialty retail—3.6%      

The Home Depot, Inc.

       131,168       30,769,389  
Total common stocks (cost $581,408,834)         826,854,594  
Total investment portfolio (cost $581,408,834)—97.2%

 

     826,854,594  

Other assets in excess of liabilities—2.8%

         23,823,973  
Total net assets—100.0%         $850,678,567  

ADR—American Depositary Receipt

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Health care     14.0%  
Information technology     13.2%  
Consumer staples     12.4%  
Financials     11.4%  
Industrials     10.7%  
Consumer discretionary     8.8%  
Communication services     8.8%  
Real estate     6.9%  
Energy     6.3%  
Utilities     4.7%  

 

   
CARILLON EAGLE MID CAP GROWTH FUND        
COMMON STOCKS—99.3%          Shares     Value  
Aerospace & defense—2.5%      

Hexcel Corp.

       775,804       $57,890,494  

L3Harris Technologies, Inc.

       403,122       83,168,100  
Auto components—0.8%      

Aptiv PLC

       521,722       46,720,205  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON EAGLE MID CAP GROWTH FUND (cont’d)        
COMMON STOCKS—99.3%          Shares     Value  
Beverages—1.9%      

Constellation Brands, Inc., Class A

       278,047       $52,920,686  

Monster Beverage Corp.*

       1,010,239       56,704,715  
Biotechnology—2.7%      

Bluebird Bio, Inc.*

       224,006       18,144,486  

Exact Sciences Corp.*

       526,952       45,844,824  

Incyte Corp.*

       354,257       29,729,247  

Sage Therapeutics, Inc.*

       227,166       30,815,068  

Sarepta Therapeutics, Inc.*

       339,743       28,219,054  
Building products—2.1%      

A.O. Smith Corp.

       1,023,920       50,868,345  

Fortune Brands Home & Security, Inc.

       1,108,717       66,578,456  
Capital markets—5.4%      

LPL Financial Holdings, Inc.

       515,610       41,681,913  

MarketAxess Holdings, Inc.

       229,510       84,595,091  

Moody’s Corp.

       317,665       70,105,489  

Morningstar, Inc.

       252,885       40,926,908  

MSCI, Inc.

       297,729       69,835,314  
Chemicals—2.0%      

Albemarle Corp.(a)

       505,903       30,728,548  

Corteva, Inc.

       1,668,187       44,006,773  

Huntsman Corp.

       1,743,164       38,576,220  
Commercial services & supplies—4.1%      

IAA, Inc.*

       1,057,789       40,354,650  

Ritchie Bros Auctioneers, Inc.

       1,248,410       51,334,619  

Waste Connections, Inc.

       1,504,606       139,025,595  
Construction materials—1.4%      

Martin Marietta Materials, Inc.

       294,663       77,175,186  
Containers & packaging—0.9%      

Ball Corp.

       700,106       48,986,417  
Distributors—1.8%      

Pool Corp.

       504,835       104,702,779  
Diversified consumer services—1.3%      

Bright Horizons Family Solutions, Inc.*

       372,200       55,279,144  

ServiceMaster Global Holdings, Inc.*

       419,344       16,933,111  
Electronic equipment, instruments & components—7.0%      

Amphenol Corp., Class A

       618,701       62,074,271  

Cognex Corp.

       1,482,358       76,326,613  

Coherent, Inc.*

       341,278       50,823,120  

FLIR Systems, Inc.

       1,317,092       67,909,264  

IPG Photonics Corp.*

       278,648       37,416,854  

Keysight Technologies, Inc.*

       1,009,431       101,861,682  
Energy equipment & services—1.3%      

Baker Hughes Co.

       1,929,426       41,289,717  

National Oilwell Varco, Inc.

       1,311,460       29,665,225  
Entertainment—1.0%      

Lions Gate Entertainment Corp., Class A*

       2,070,055       16,539,739  

Take-Two Interactive Software, Inc.*

       334,711       40,282,469  
Equity real estate investment trusts (REITs)—2.6%      

SBA Communications Corp.

       604,128       145,383,403  
Health care equipment & supplies—6.3%      

Align Technology, Inc.*

       234,386       59,133,244  

DENTSPLY SIRONA, Inc.

       720,855       39,488,437  

DexCom, Inc.*

       281,726       43,453,418  

IDEXX Laboratories, Inc.*

       267,606       76,270,386  
         
COMMON STOCKS—99.3%          Shares     Value  
Health care equipment & supplies (cont’d)      

Insulet Corp.*

       258,424       $37,554,176  

Masimo Corp.*

       317,034       46,220,387  

Teleflex, Inc.

       157,767       54,809,833  
Health care providers & services—1.7%      

Centene Corp.*

       854,585       45,361,372  

Chemed Corp.

       100,708       39,669,888  

Guardant Health, Inc.*

       155,307       10,793,837  
Health care technology—1.6%      

Cerner Corp.

       774,151       51,961,015  

Veeva Systems, Inc., Class A*

       283,942       40,271,494  
Hotels, restaurants & leisure—4.4%      

Caesars Entertainment Corp.*

       6,522,921       80,101,470  

Chipotle Mexican Grill, Inc.*

       81,316       63,276,859  

Royal Caribbean Cruises Ltd.

       457,466       49,786,025  

Vail Resorts, Inc.

       250,342       58,171,970  
Household durables—0.8%      

Lennar Corp., Class A

       722,492       43,060,523  
Interactive media & services—3.5%      

IAC/InterActiveCorp*

       323,411       73,495,150  

Pinterest, Inc., Class A*

       1,962,386       49,334,384  

Twitter, Inc.*

       2,557,256       76,640,962  
IT services—6.6%      

Fidelity National Information Services, Inc.

       556,701       73,350,924  

FleetCor Technologies, Inc.*

       95,040       27,962,669  

Global Payments, Inc.

       413,714       69,992,134  

Perspecta, Inc.

       2,413,810       64,062,517  

Shopify, Inc., Class A*

       134,356       42,130,011  

Square, Inc., Class A*

       835,376       51,317,148  

WEX, Inc.*

       227,031       42,949,725  
Life sciences tools & services—1.9%      

Avantor, Inc.*

       1,579,659       22,446,954  

IQVIA Holdings, Inc.*

       383,817       55,430,851  

PRA Health Sciences, Inc.*

       306,545       29,952,512  
Machinery—0.8%      

Wabtec Corp.

       689,147       47,806,127  
Media—1.3%      

Sirius XM Holdings, Inc. (a)

       11,177,628       75,113,660  
Multiline retail—1.7%      

Dollar Tree, Inc.*

       892,008       98,477,683  
Oil, gas & consumable fuels—0.8%      

Diamondback Energy, Inc.

       557,151       47,781,270  
Pharmaceuticals—1.5%      

Zoetis, Inc.

       687,538       87,949,861  
Professional services—3.6%      

IHS Markit Ltd.*

       1,396,215       97,762,974  

TransUnion

       1,288,403       106,447,856  
Road & rail—0.8%      

Old Dominion Freight Line, Inc.

       252,007       45,885,434  
Semiconductors & semiconductor equipment—5.2%      

Advanced Micro Devices, Inc.*

       2,688,915       91,234,886  

Marvell Technology Group Ltd.

       1,484,142       36,198,223  

Maxim Integrated Products, Inc.

       1,044,067       61,244,970  

Microchip Technology, Inc.

       765,999       72,226,046  

Xilinx, Inc.

       350,796       31,831,229  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON EAGLE MID CAP GROWTH FUND (cont’d)  
COMMON STOCKS—99.3%                  
Software—11.4%      

Autodesk, Inc.*

       252,749       $37,245,093  

Elastic NV*

       471,436       33,948,106  

PTC, Inc.*

       523,916       35,055,220  

RingCentral, Inc., Class A*

       499,851       80,735,934  

ServiceNow, Inc.*

       386,051       95,454,970  

Slack Technologies, Inc., Class A* (a)

       1,242,048       27,325,056  

Splunk, Inc.*

       746,320       89,528,547  

Synopsys, Inc.*

       688,709       93,492,247  

Tyler Technologies, Inc.*

       340,370       91,396,152  

Zendesk, Inc.*

       868,891       61,387,149  
Specialty retail—3.1%      

AutoZone, Inc.*

       59,287       67,846,857  

Burlington Stores, Inc.*

       577,172       110,915,143  
Textiles, apparel & luxury goods—2.0%      

Canada Goose Holdings, Inc.* (a)

       913,537       38,213,253  

Lululemon Athletica, Inc.*

       380,168       77,656,917  
Trading companies & distributors—1.5%      

United Rentals, Inc.*

       302,220       40,367,525  

W.W. Grainger, Inc.

       143,959       44,460,298  
Total common stocks (cost $4,448,743,001)         5,634,862,755  
MONEY MARKET FUNDS—1.3%      
First American Government Obligations
Fund—Class X, 1.74%#		       73,593,957       73,593,957  
Total money market funds (cost $73,593,957)         73,593,957  
Total investment portfolio
(cost $4,522,336,958)—100.6%		         5,708,456,712  

Liabilities in excess of other assets—(0.6)%

         (32,614,048 ) 
Total net assets—100.0%         $5,675,842,664  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $70,260,726 or 1.2% of net assets as of the date of this report.

# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.

 

Sector allocation (unaudited)  
Sector   Percent of net assets  
Information technology     30.1%  
Consumer discretionary     16.1%  
Health care     15.7%  
Industrials     15.4%  
Communication services     5.8%  
Financials     5.4%  
Materials     4.2%  
Real estate     2.6%  
Energy     2.1%  
Consumer staples     1.9%  
Money market funds     1.3%  

CARILLON EAGLE SMALL CAP GROWTH FUND

        
COMMON STOCKS—100.1%         Shares     Value  
Aerospace & defense—3.5%      

Aerojet Rocketdyne Holdings, Inc.*

       1,592,909       $68,861,456  

Hexcel Corp.

       1,027,847       76,697,943  
Auto components—0.4%      

Fox Factory Holding Corp.*

       266,083       16,215,098  
Banks—1.2%      

Glacier Bancorp, Inc.

       1,175,802       49,759,941  
Beverages—0.3%      

The Boston Beer Co., Inc., Class A*

       29,851       11,178,005  
Biotechnology—12.2%      

ACADIA Pharmaceuticals, Inc.*

       715,382       30,339,351  

Acceleron Pharma, Inc.*

       657,640       29,508,307  

Amicus Therapeutics, Inc.*

       1,859,320       15,674,068  

Arena Pharmaceuticals, Inc.*

       665,583       32,423,876  

ArQule, Inc.*

       2,396,935       24,233,013  

Atara Biotherapeutics, Inc.*

       1,220,241       13,325,032  

Biohaven Pharmaceutical Holding Co. Ltd.*

       690,417       31,703,949  

Blueprint Medicines Corp.*

       566,166       38,974,867  

Dicerna Pharmaceuticals, Inc.*

       1,120,359       18,474,720  

Exact Sciences Corp.*

       302,764       26,340,468  

Genomic Health, Inc.*

       356,393       23,764,285  

Global Blood Therapeutics, Inc.*

       307,452       14,742,323  

Halozyme Therapeutics, Inc.*

       1,052,974       16,131,562  

Insmed, Inc.*

       1,046,301       19,450,735  

Kura Oncology, Inc.*

       1,502,217       22,503,211  

Ligand Pharmaceuticals, Inc.*

       224,422       24,419,358  

Progenics Pharmaceuticals, Inc.*

       3,948,024       20,964,007  

Ra Pharmaceuticals, Inc.*

       693,726       32,653,683  

Repligen Corp.*

       340,745       27,085,820  

Sage Therapeutics, Inc.*

       173,482       23,532,833  

uniQure N.V.*

       315,456       15,785,418  
Building products—3.2%      

Builders FirstSource, Inc.*

       3,048,889       68,935,380  

Trex Co., Inc.*

       716,668       62,987,951  
Capital markets—0.8%      

PJT Partners, Inc., Class A

       777,634       32,295,140  
Chemicals—3.5%      

Quaker Chemical Corp.

       683,441       104,484,460  

Sensient Technologies Corp.

       619,608       38,762,677  
Commercial services & supplies—2.9%      

IAA, Inc.*

       512,011       19,533,219  

Ritchie Bros Auctioneers, Inc.

       1,436,989       59,088,988  

The Brink’s Co.

       495,004       42,055,540  
Communications equipment—1.1%      

Lumentum Holdings, Inc.*

       694,857       43,539,740  
Construction materials—1.2%      

Summit Materials, Inc., Class A*

       2,180,026       49,987,996  
Consumer finance—1.0%      

FirstCash, Inc.

       480,226       40,526,272  
Distributors—0.9%      

Pool Corp.

       180,444       37,424,086  
Diversified consumer services—0.7%      

Chegg, Inc.*

       885,161       27,139,036  
Electrical equipment—0.9%      

Thermon Group Holdings, Inc.*

       1,616,313       38,516,739  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)

  
COMMON STOCKS—100.1%   Shares     Value  
Electronic equipment, instruments & components—4.9%    

Cognex Corp.

     1,310,663       $67,486,038  

Coherent, Inc.*

     388,832       57,904,861  

II-VI, Inc.*

     650,000       21,547,500  

IPG Photonics Corp.*

     251,516       33,773,568  

Littelfuse, Inc.

     115,457       20,270,786  
Equity real estate investment trusts (REITs)—1.7%    

EastGroup Properties, Inc.

     155,416       20,817,973  

Seritage Growth Properties, Class A(a)

     1,169,447       50,859,250  
Food & staples retailing—1.4%    

Casey’s General Stores, Inc.

     251,505       42,959,569  

Grocery Outlet Holding Corp.*

     521,542       16,637,190  
Food products—1.1%    

Freshpet, Inc.*

     554,828       28,995,311  

The Simply Good Foods Co.*

     690,142       16,936,085  
Health care equipment & supplies—7.3%    

CONMED Corp.

     156,532       17,221,651  

Haemonetics Corp.*

     424,133       51,205,577  

Insulet Corp.*

     265,663       38,606,147  

Novocure Ltd.*

     572,680       41,026,795  

NuVasive, Inc.*

     459,540       32,415,951  

Penumbra, Inc.*

     197,677       30,831,682  

Quidel Corp.*

     397,803       22,634,991  

Tandem Diabetes Care, Inc.*

     709,019       43,661,390  

Wright Medical Group N.V.*

     1,046,373       21,764,558  
Health care providers & services—2.2%    

Amedisys, Inc.*

     191,502       24,611,837  

AMN Healthcare Services, Inc.*

     483,311       28,399,354  

BioTelemetry, Inc.*

     355,718       14,001,061  

HealthEquity, Inc.*

     392,041       22,264,008  
Health care technology—2.7%    

Evolent Health, Inc., Class A*

     2,801,065       21,344,115  

Omnicell, Inc.*

     500,403       35,223,367  

Teladoc Health, Inc.*(a)

     729,515       55,880,849  
Hotels, restaurants & leisure—4.7%    

Everi Holdings, Inc.*(b)

     4,516,662       45,437,620  

Penn National Gaming, Inc.*

     2,270,316       48,391,786  

Planet Fitness, Inc., Class A*

     954,693       60,775,756  

Wingstop, Inc.

     449,431       37,496,028  
Household durables—2.2%    

LGI Homes, Inc.*

     174,979       13,732,352  

Universal Electronics, Inc.*(b)

     1,502,697       78,320,567  
Insurance—0.6%    

eHealth, Inc.*

     370,867       25,604,658  
IT services—0.8%    

EVO Payments, Inc., Class A*

     1,124,737       31,976,273  
Leisure products—0.8%    

YETI Holdings, Inc.*(a)

     1,043,900       34,772,309  
Life sciences tools & services—1.7%    

NeoGenomics, Inc.*

     2,002,651       45,920,787  

PRA Health Sciences, Inc.*

     234,131       22,876,940  
Machinery—7.0%    

Chart Industries, Inc.*

     1,104,556       64,760,118  

Graco, Inc.

     947,349       42,820,175  

John Bean Technologies Corp.

     684,254       70,320,784  
         
COMMON STOCKS—100.1%   Shares     Value  
Machinery (cont’d)    

Kennametal, Inc.

     890,978       $27,575,769  

Woodward, Inc.

     777,879       82,968,574  
Media—0.9%    

Sinclair Broadcast Group, Inc., Class A

     971,180       38,691,811  
Oil, gas & consumable fuels—1.1%    

Viper Energy Partners LP

     1,913,390       46,055,297  
Pharmaceuticals—2.6%    

Cymabay Therapeutics, Inc.*

     2,061,772       9,257,356  

Horizon Therapeutics PLC*

     1,805,886       52,208,164  

Odonate Therapeutics, Inc.*

     459,968       14,608,584  

Zogenix, Inc.*

     693,531       30,966,159  
Road & rail—1.6%    

Landstar System, Inc.

     583,979       66,077,224  
Semiconductors & semiconductor equipment—4.3%

 

  

Cabot Microelectronics Corp.

     252,552       38,165,658  

Entegris, Inc.

     2,077,267       99,708,816  

Silicon Laboratories, Inc.*

     367,464       39,039,376  
Software—11.2%    

Alarm.com Holdings, Inc.*

     648,459       32,033,875  

Cornerstone OnDemand, Inc.*

     1,509,541       88,413,816  

Everbridge, Inc.*

     314,669       21,872,642  

Guidewire Software, Inc.*

     616,378       69,490,456  

PagerDuty, Inc.*(a)

     304,415       6,998,501  

Pegasystems, Inc.

     1,065,831       80,161,150  

Proofpoint, Inc.*

     260,387       30,040,848  

Q2 Holdings, Inc.*

     175,000       12,510,750  

RealPage, Inc.*

     1,508,001       91,309,461  

SailPoint Technologies Holding, Inc.*

     1,373,769       26,596,168  
Specialty retail—2.7%    

Floor & Decor Holdings, Inc., Class A*

     922,100       42,259,843  

Genesco, Inc.*

     516,090       20,050,096  

MarineMax, Inc.*(b)

     1,861,655       28,762,570  

National Vision Holdings, Inc.*

     868,076       20,660,209  
Textiles, apparel & luxury goods—1.7%    

Canada Goose Holdings, Inc.*(a)

     479,066       20,039,331  

Steven Madden Ltd.

     1,172,906       48,300,269  
Thrifts & mortgage finance—1.1%    

NMI Holdings, Inc., Class A*

     1,533,189       44,845,778  
Total common stocks (cost $3,159,455,419)       4,122,176,721  
MONEY MARKET FUNDS—2.2%    
First American Government Obligations
Fund—Class X, 1.74%#		     91,124,644       91,124,644  
Total money market funds (cost $91,124,644)       91,124,644  
Total investment portfolio (cost $3,250,580,063)—102.3%

 

     4,213,301,365  

Liabilities in excess of other assets—(2.3)%

       (95,894,778 ) 
Total net assets—100.0%       $ 4,117,406,587  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $90,547,553 or 2.2% of net assets as of the date of this report.

(b) Affiliated issuer. See Note 4 in the Notes to Financial Statements.

# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.

 

 

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

Investment Portfolios

 

10.31.2019

 

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)

Sector allocation (unaudited)      
Sector   Percent of net assets  
Health care     28.6%  
Information technology     22.2%  
Industrials     19.2%  
Consumer discretionary     14.1%  
Materials     4.7%  
Financials     4.7%  
Consumer staples     2.8%  
Money market funds     2.2%  
Real estate     1.7%  
Energy     1.1%  
Communication services     1.0%  

 

 
CARILLON SCOUT INTERNATIONAL FUND  
COMMON STOCKS—92.9%         Shares     Value  
Australia—5.5%      

BHP Group Ltd., Sponsored ADR(a)

       221,799       $10,848,189  

Caltex Australia Ltd.

       466,996       8,778,891  

CSL Ltd.

       61,407       10,829,527  

Woodside Petroleum Ltd.

       386,491       8,565,991  
Canada—2.7%      

Enbridge, Inc.

       223,047       8,121,141  

Great-West Lifeco, Inc.

       446,896       10,867,876  
Denmark—1.6%      

Novo Nordisk A/S, Sponsored ADR

       201,205       11,110,540  
France—9.6%      

Air Liquide S.A.

       66,358       8,823,031  

AXA S.A.

       441,001       11,673,837  

BNP Paribas S.A.

       226,377       11,830,358  

Dassault Systemes SE

       44,380       6,740,290  

Kering S.A.

       17,383       9,890,866  

L’Oreal S.A.

       29,792       8,701,105  

TOTAL S.A.

       212,870       11,254,060  
Germany—10.0%      

Allianz SE, Sponsored ADR

       506,450       12,362,444  

BASF SE

       106,892       8,125,846  

Continental AG

       81,571       10,925,686  

Fresenius SE & Co. KGaA

       213,157       11,223,841  

Muenchener Rueckversicherungs-Gesellschaft AG

       39,027       10,843,251  

SAP SE, Sponsored ADR

       69,934       9,271,850  

Siemens AG

       78,362       9,042,978  
Hong Kong—1.8%      

AAC Technologies Holdings, Inc.

       2,037,609       13,185,970  
Ireland—3.2%      

Kerry Group PLC, Class A

       71,920       8,695,019  

Ryanair Holdings PLC, Sponsored ADR*

       186,666       13,932,750  
   
COMMON STOCKS—92.9%         Shares     Value  
Japan—13.8%      

Astellas Pharma, Inc.

       822,619       $ 14,118,358  

FANUC Corp.

       32,423       6,395,414  

JGC Corp.

       749,658       10,842,631  

Komatsu Ltd.

       538,328       12,604,904  

Kubota Corp.

       669,935       10,640,750  

Nitto Denko Corp.

       201,480       11,147,026  

ORIX Corp.

       789,695       12,409,974  

SYSMEX Corp.

       120,514       7,863,305  

Tokyo Electron Ltd.

       62,688       12,700,500  
Mexico—3.3%      

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

       2,512,072       13,735,333  

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

       340,612       10,218,360  
Norway—1.8%      

DNB ASA

       725,788       13,214,637  
Singapore—2.9%      

Singapore Telecommunications Ltd.

       3,219,925       7,797,229  

United Overseas Bank Ltd.

       647,975       12,756,971  
South Africa—0.7%      

MTN Group Ltd.

       798,555       4,942,725  
Spain—1.6%      

Banco Bilbao Vizcaya Argentaria S.A.

       2,232,083       11,756,004  
Sweden—3.4%      

Essity AB, Class B

       371,989       11,621,213  

Sandvik AB

       711,542       12,571,047  
Switzerland—9.3%      

ABB Ltd.

       346,649       7,279,625  

Adecco Group AG

       213,055       12,665,300  

Coca-Cola HBC AG

       280,294       8,534,603  

Givaudan S.A.

       3,170       9,313,258  

Nestle S.A., Sponsored ADR

       82,217       8,810,374  

Novartis AG, Sponsored ADR

       92,092       8,052,524  

Roche Holding AG

       38,725       11,654,520  
Taiwan—2.8%      

Largan Precision Co. Ltd.

       92,500       13,572,929  

MediaTek, Inc.

       485,930       6,489,526  
Turkey—1.7%      

Tupras Turkiye Petrol Rafinerileri AS

       563,046       12,255,449  
United Kingdom—12.4%      

British American Tobacco PLC

       309,944       10,840,593  

Compass Group PLC

       410,977       10,941,918  

Diageo PLC, Sponsored ADR

       60,586       9,928,228  

Next PLC

       139,933       11,934,418  

Prudential PLC, Sponsored ADR

       353,500       14,189,490  

Reckitt Benckiser Group PLC

       126,425       9,782,998  

Royal Dutch Shell PLC, Class B, Sponsored ADR

       181,689       10,590,652  

WPP PLC

       852,586       10,639,925  
United States—4.8%      

Aflac, Inc.

       228,506       12,147,379  

Credicorp Ltd.

       54,930       11,757,217  

Mettler-Toledo International, Inc.*

       14,658       10,333,011  
Total common stocks (cost $450,341,810)         664,695,655  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON SCOUT INTERNATIONAL FUND (cont’d)

  
PREFERRED STOCKS—5.4%         Shares     Value  
Colombia—1.7%      

Bancolombia S.A., Sponsored ADR

       231,133       $ 11,991,180  
Germany—3.7%      

Henkel AG & Co. KGaA, Sponsored ADR

       373,058       9,673,394  

Volkswagen AG

       87,504       16,634,979  
Total preferred stocks (cost $21,455,511)         38,299,553  
MONEY MARKET FUNDS—1.5%      
First American Government Obligations
Fund—Class X, 1.74%#		       10,640,805       10,640,805  
Total money market funds (cost $10,640,805)         10,640,805  
Total investment portfolio (cost $482,438,126)—99.8%

 

     713,636,013  

Other assets in excess of liabilities—0.2%

         1,512,796  
Total net assets—100.0%         $715,148,809  

(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $10,305,777 or 1.4% of net assets as of the date of this report.

ADR—American Depositary Receipt

* Non-income producing security

# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Financials     24.0%  
Consumer staples     13.5%  
Industrials     13.4%  
Health care     11.9%  
Information technology     8.7%  
Consumer discretionary     8.4%  
Energy     8.3%  
Materials     6.8%  
Communication services     3.3%  
Money market funds     1.5%  

 

       
CARILLON SCOUT MID CAP FUND                  
COMMON STOCKS—99.7%          Shares     Value  
Aerospace & defense—3.6%      

Aerojet Rocketdyne Holdings, Inc.*

       278,250       $12,028,747  

BWX Technologies, Inc.

       416,275       24,185,578  

Hexcel Corp.

       194,075       14,481,877  

Huntington Ingalls Industries, Inc.

       69,770       15,744,298  

L3Harris Technologies, Inc.

       121,342       25,034,068  

Textron, Inc.

       257,909       11,887,026  
                   
COMMON STOCKS—99.7%          Shares     Value  
Airlines—1.5%      

Alaska Air Group, Inc.

       208,075       $14,446,647  

JetBlue Airways Corp.*

       540,925       10,439,853  

Spirit Airlines, Inc.*

       444,450       16,693,542  
Auto components—0.5%      

Lear Corp.

       119,450       14,067,627  
Automobiles—0.2%      

Thor Industries, Inc.

       91,200       5,769,312  
Banks—2.5%      

Citizens Financial Group, Inc.

       749,225       26,342,751  

First Horizon National Corp.

       864,275       13,802,471  

Synovus Financial Corp.

       754,225       25,545,601  

Umpqua Holdings Corp.

       361,900       5,725,258  
Biotechnology—0.6%      

BioMarin Pharmaceutical, Inc.*

       117,125       8,574,721  

Ionis Pharmaceuticals, Inc.*

       178,875       9,966,915  
Building products—1.0%      

Masco Corp.

       260,875       12,065,469  

Owens Corning

       254,625       15,603,420  
Capital markets—1.1%      

Evercore, Inc., Class A

       270,325       19,906,733  

MarketAxess Holdings, Inc.

       15,800       5,823,722  

Moody’s Corp.

       28,675       6,328,286  
Chemicals—1.4%      

CF Industries Holdings, Inc.

       272,757       12,369,530  

Huntsman Corp.

       917,200       20,297,636  

Westlake Chemical Corp.

       137,175       8,668,088  
Commercial services & supplies—0.7%      

Copart, Inc.*

       187,200       15,470,208  

IAA, Inc.*

       134,400       5,127,360  
Communications equipment—1.1%      

Arista Networks, Inc.*

       46,075       11,268,563  

Motorola Solutions, Inc.

       118,225       19,663,182  
Construction materials—2.2%      

Eagle Materials, Inc.

       214,250       19,569,595  

Martin Marietta Materials, Inc.

       78,648       20,598,698  

Vulcan Materials Co.

       159,550       22,794,908  
Consumer finance—1.4%      

Ally Financial, Inc.

       1,340,175       41,049,560  
Diversified financial services—0.7%      

Voya Financial, Inc.

       366,587       19,781,035  
Electric utilities—1.0%      

Portland General Electric Co.

       508,829       28,942,194  
Electrical equipment—1.1%      

Acuity Brands, Inc.

       31,100       3,880,969  

Generac Holdings, Inc.*

       294,525       28,445,224  
Electronic equipment, instruments & components—1.5%      

Keysight Technologies, Inc.*

       143,125       14,442,744  

Zebra Technologies Corp., Class A*

       124,075       29,513,720  
Energy equipment & services—0.4%      

Patterson-UTI Energy, Inc.

       1,316,065       10,949,661  
Entertainment—1.9%      

Live Nation Entertainment, Inc.*

       40,400       2,848,200  

Roku, Inc.*

       157,425       23,172,960  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON SCOUT MID CAP FUND (cont’d)

                  
COMMON STOCKS—99.7%          Shares     Value  
Entertainment (cont’d)      

Zynga, Inc., Class A*

       4,797,700       $29,601,809  
Equity real estate investment trusts (REITs)—9.9%      

Agree Realty Corp.

       74,700       5,884,119  

Americold Realty Trust

       1,350,275       54,132,525  

AvalonBay Communities, Inc.

       119,500       26,010,370  

Cousins Properties, Inc.

       738,372       29,630,868  

EPR Properties

       388,449       30,217,448  

Healthcare Realty Trust, Inc.

       509,125       17,702,276  

Host Hotels & Resorts, Inc.

       1,370,634       22,464,691  

Lamar Advertising Co., Class A

       138,173       11,055,222  

Mid-America Apartment Communities, Inc.

       411,875       57,246,506  

Omega Healthcare Investors, Inc.

       689,048       30,345,674  
Food & staples retailing—2.0%      

Casey’s General Stores, Inc.

       335,381       57,286,429  
Food products—1.5%      

Lamb Weston Holdings, Inc.

       151,125       11,793,795  

Sanderson Farms, Inc.

       17,175       2,658,862  

Tyson Foods, Inc., Class A

       349,357       28,923,266  
Gas utilities—2.3%      

Atmos Energy Corp.

       306,449       34,469,384  

ONE Gas, Inc.

       329,591       30,599,228  
Health care equipment & supplies—4.0%      

ABIOMED, Inc.*

       74,600       15,485,468  

Align Technology, Inc.*

       22,825       5,758,519  

Edwards Lifesciences Corp.*

       85,625       20,411,287  

IDEXX Laboratories, Inc.*

       51,950       14,806,270  

Masimo Corp.*

       143,075       20,858,904  

Teleflex, Inc.

       105,100       36,512,791  
Health care providers & services—1.2%      

Centene Corp.*

       228,750       12,142,050  

Humana, Inc.

       61,370       18,055,054  

Molina Healthcare, Inc.*

       23,522       2,767,128  
Hotels, restaurants & leisure—4.4%      

Chipotle Mexican Grill, Inc.*

       23,712       18,451,730  

Darden Restaurants, Inc.

       146,375       16,433,521  

Norwegian Cruise Line Holdings Ltd*

       609,900       30,958,524  

Planet Fitness, Inc., Class A*

       281,500       17,920,290  

Royal Caribbean Cruises Ltd.

       261,300       28,437,279  

Vail Resorts, Inc.

       62,125       14,435,986  
Household durables—1.6%      

D.R. Horton, Inc.

       428,825       22,457,565  

Garmin Ltd.

       60,875       5,707,031  

PulteGroup, Inc.

       421,400       16,535,736  
Industrial conglomerates—0.2%      

Carlisle Cos, Inc.

       46,450       7,072,941  
Insurance—6.5%      

Arch Capital Group Ltd.*

       605,750       25,296,120  

Brown & Brown, Inc.

       996,900       37,563,192  

Everest Re Group Ltd.

       28,950       7,442,756  

Lincoln National Corp.

       434,379       24,533,726  

Marsh & McLennan Cos, Inc.

       421,950       43,722,459  

The Hanover Insurance Group, Inc.

       51,275       6,753,430  

W.R. Berkley Corp.

       332,750       23,259,225  

White Mountains Insurance Group Ltd.

       15,200       16,279,200  
                   
COMMON STOCKS—99.7%          Shares     Value  
Interactive media & services—0.6%      

Match Group, Inc.(a)

       116,475       $8,501,511  

Twitter, Inc.*

       292,325       8,760,980  
Internet & direct marketing retail—0.7%      

eBay, Inc.

       438,025       15,440,381  

Expedia Group, Inc.

       42,425       5,797,801  
IT services—2.5%      

Euronet Worldwide, Inc.*

       151,475       21,217,103  

FleetCor Technologies, Inc.*

       104,825       30,841,612  

Jack Henry & Associates, Inc.

       55,575       7,867,197  

Paychex, Inc.

       126,200       10,555,368  
Machinery—2.2%      

AGCO Corp.

       192,700       14,778,163  

Allison Transmission Holdings, Inc.

       154,100       6,720,301  

The Timken Co.

       314,775       15,423,975  

Xylem, Inc.

       358,954       27,528,182  
Marine—0.0%      

Kirby Corp.*

       17,900       1,416,964  
Metals & mining—1.9%      

Agnico Eagle Mines Ltd.

       75,450       4,637,911  

Kirkland Lake Gold Ltd.

       829,400       38,940,330  

Newmont Goldcorp Corp.

       254,400       10,107,312  
Mortgage real estate investment trusts (REITs)—2.3%      

AGNC Investment Corp.

       3,934,025       67,075,126  
Multiline retail—2.4%      

Dollar General Corp.

       436,825       70,040,521  
Multi-utilities—4.9%      

CMS Energy Corp.

       915,700       58,531,544  

WEC Energy Group, Inc.

       862,450       81,415,280  
Oil, gas & consumable fuels—2.9%      

Cabot Oil & Gas Corp.

       763,625       14,233,970  

Marathon Petroleum Corp.

       458,075       29,293,896  

ONEOK, Inc.

       381,075       26,610,467  

Valero Energy Corp.

       132,717       12,870,895  
Pharmaceuticals—0.2%      

Supernus Pharmaceuticals, Inc.*

       165,575       4,601,329  
Professional services—2.5%      

CoStar Group, Inc.*

       35,525       19,521,698  

FTI Consulting, Inc.*

       240,300       26,161,461  

IHS Markit Ltd.*

       205,950       14,420,619  

Robert Half International, Inc.

       197,750       11,325,142  
Road & rail—2.2%      

AMERCO

       52,800       21,386,112  

Kansas City Southern

       202,850       28,557,223  

Knight-Swift Transportation Holdings, Inc.

       258,050       9,408,503  

Old Dominion Freight Line, Inc.

       18,925       3,445,864  
Semiconductors & semiconductor equipment—4.3%      

Advanced Micro Devices, Inc.*

       777,500       26,380,575  

Analog Devices, Inc.

       116,175       12,387,740  

KLA Corp.

       133,300       22,533,032  

Lam Research Corp.

       35,450       9,608,368  

Monolithic Power Systems, Inc.

       20,475       3,069,612  

ON Semiconductor Corp.*

       412,350       8,411,940  

Skyworks Solutions, Inc.

       356,525       32,465,166  

Universal Display Corp.

       36,325       7,271,539  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON SCOUT MID CAP FUND (cont’d)

                  
COMMON STOCKS—99.7%          Shares     Value  
Software—5.4%      

DocuSign, Inc.*

       704,525       $46,632,510  

Proofpoint, Inc.*

       118,384       13,657,962  

RealPage, Inc.*

       234,050       14,171,727  

ServiceNow, Inc.*

       86,187       21,310,598  

Splunk, Inc.*

       277,850       33,330,886  

Workday, Inc., Class A*

       107,075       17,363,282  

Zscaler, Inc.*

       190,550       8,380,389  
Specialty retail—3.2%      

American Eagle Outfitters, Inc.

       1,207,250       18,567,505  

Best Buy Co., Inc.

       183,750       13,198,762  

Burlington Stores, Inc.*

       58,725       11,285,183  

Floor & Decor Holdings, Inc., Class A*

       382,075       17,510,497  

O’Reilly Automotive, Inc.*

       22,000       9,581,220  

Ross Stores, Inc.

       95,750       10,500,903  

Tractor Supply Co.

       104,300       9,910,586  
Textiles, apparel & luxury goods—0.7%      

Lululemon Athletica, Inc.*

       99,900       20,406,573  
Thrifts & mortgage finance—0.9%      

LendingTree, Inc.*

       68,175       24,532,774  
Trading companies & distributors—0.6%      

United Rentals, Inc.*

       84,361       11,268,099  

W.W. Grainger, Inc.

       14,768       4,560,949  
Water utilities—0.9%      

American Water Works Co., Inc.

       200,825       24,755,698  
Wireless telecommunication services—0.4%      

Sprint Corp.*

       1,804,199       11,204,076  
Total common stocks (cost $2,504,473,050)         2,855,091,503  
MONEY MARKET FUNDS—0.3%      
First American Government Obligations Fund—Class X, 1.74%#       8,326,488       8,326,488  
Total money market funds (cost $8,326,488)         8,326,488  
Total investment portfolio (cost $2,512,799,538)—100.0%

 

     2,863,417,991  

Liabilities in excess of other assets—(0.0)%

         (860,052 ) 
Total net assets—100.0%         $2,862,557,939  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $8,076,416 or 0.3% of net assets as of the date of this report.

# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Industrials     15.7%  
Financials     15.4%  
Information technology     14.8%  
Consumer discretionary     13.7%  
Real estate     10.0%  
Utilities     9.0%  
Health care     5.9%  
Sector allocation (unaudited) (cont’d)      
Sector   Percent of net assets  
Materials     5.5%  
Consumer staples     3.5%  
Energy     3.3%  
Communication services     2.9%  
Money market funds     0.3%  

 

       
CARILLON SCOUT SMALL CAP FUND                  
COMMON STOCKS—100.0%         Shares     Value  
Aerospace & defense—2.4%      

Astronics Corp.*

       128,462       $3,717,690  

Kratos Defense & Security Solutions, Inc.*

       211,100       3,985,568  
Air freight & logistics—1.8%      

Forward Air Corp.

       60,200       4,164,034  

Radiant Logistics, Inc.*

       324,175       1,747,303  
Auto components—1.2%      

Stoneridge, Inc.*

       130,133       4,018,507  
Automobiles—1.1%      

Thor Industries, Inc.

       56,236       3,557,489  
Banks—1.0%      

Hilltop Holdings, Inc.

       132,074       3,085,249  
Biotechnology—1.1%      

Eagle Pharmaceuticals, Inc.*

       57,796       3,623,809  
Capital markets—3.2%      

Blucora, Inc.*

       130,825       2,829,745  

Cohen & Steers, Inc.

       114,709       7,506,557  
Chemicals—1.7%      

Balchem Corp.

       55,058       5,572,420  
Commercial services & supplies—0.8%      

Healthcare Services Group, Inc.

       108,689       2,647,664  
Construction & engineering—1.1%      

Dycom Industries, Inc.*

       74,534       3,398,005  
Consumer finance—1.5%      

Green Dot Corp., Class A*

       62,491       1,802,240  

PRA Group, Inc.*

       85,562       2,903,119  
Electrical equipment—1.2%      

TPI Composites, Inc.*

       195,012       4,003,596  
Electronic equipment, instruments & components—5.7%      

ePlus, Inc.*

       50,262       3,926,970  

Fabrinet*

       88,373       4,969,214  

II-VI, Inc.*

       153,273       5,081,000  

Plexus Corp.*

       61,404       4,540,211  
Energy equipment & services—0.6%      

Core Laboratories N.V.

       47,220       2,079,569  
Equity real estate investment trusts (REITs)—2.2%      

CareTrust REIT, Inc.

       141,799       3,437,208  

QTS Realty Trust, Inc., Class A

       66,068       3,540,584  
Food & staples retailing—1.9%      

Performance Food Group Co.*

       147,838       6,299,377  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON SCOUT SMALL CAP FUND (cont’d)                  
COMMON STOCKS—100.0%         Shares     Value  
Health care equipment & supplies—5.2%      

Cantel Medical Corp.

       18,300       $ 1,333,887  

ICU Medical, Inc.*

       31,785       5,136,774  

Integer Holdings Corp.*

       52,500       4,065,600  

Quidel Corp.*

       60,000       3,414,000  

Varex Imaging Corp.*

       97,129       2,914,841  
Health care providers & services—11.2%      

AMN Healthcare Services, Inc.*

       99,227       5,830,579  

BioTelemetry, Inc.*

       122,589       4,825,103  

HealthEquity, Inc.*

       75,306       4,276,628  

LHC Group, Inc.*

       58,258       6,464,890  

Molina Healthcare, Inc.*

       51,086       6,009,757  

U.S. Physical Therapy, Inc.

       61,651       8,721,767  
Health care technology—3.8%      

HMS Holdings Corp.*

       132,402       4,328,221  

Omnicell, Inc.*

       114,409       8,053,250  
Hotels, restaurants & leisure—4.1%      

Cracker Barrel Old Country Store, Inc.

       24,913       3,873,971  

Dave & Buster’s Entertainment, Inc.

       86,425       3,437,986  

Lindblad Expeditions Holdings, Inc.*

       188,405       2,965,495  

The Cheesecake Factory, Inc.

       74,364       3,107,672  
Household durables—3.6%      

Installed Building Products, Inc.*

       76,822       5,010,331  

iRobot Corp.*(a)

       39,979       1,921,391  

LGI Homes, Inc.*

       61,755       4,846,532  
Insurance—0.8%      

CNO Financial Group, Inc.

       161,182       2,522,498  
Internet & direct marketing retail—0.6%      

PetMed Express, Inc.(a)

       77,164       1,806,795  
IT services—2.2%      

Carbonite, Inc.*

       213,065       3,658,326  

Virtusa Corp.*

       91,563       3,413,469  
Life sciences tools & services—5.5%      

Bruker Corp.

       166,142       7,393,319  

Medpace Holdings, Inc.*

       61,825       4,552,175  

PRA Health Sciences, Inc.*

       59,086       5,773,293  
Machinery—4.9%      

Albany International Corp., Class A

       68,055       5,715,259  

Chart Industries, Inc.*

       75,522       4,427,855  

Proto Labs, Inc.*

       59,834       5,802,103  
Metals & mining—0.5%      

Carpenter Technology Corp.

       36,034       1,766,387  
Pharmaceuticals—1.3%      

Supernus Pharmaceuticals, Inc.*

       156,135       4,338,992  
Professional services—2.4%      

Insperity, Inc.

       73,174       7,729,370  
Semiconductors & semiconductor equipment—8.6%      

Ambarella, Inc.*

       69,370       3,650,943  

Entegris, Inc.

       109,243       5,243,664  

Impinj, Inc.*(a)

       85,682       2,818,510  

Inphi Corp.*

       55,539       3,992,143  

Power Integrations, Inc.

       55,383       5,045,945  

Semtech Corp.*

       137,396       6,933,002  
                   
COMMON STOCKS—100.0%         Shares     Value  
Software—9.5%      

Envestnet, Inc.*

       83,803       $ 5,236,849  

j2 Global, Inc.

       74,626       7,086,485  

Pegasystems, Inc.

       90,013       6,769,878  

Qualys, Inc.*

       47,700       4,070,241  

The Descartes Systems Group, Inc.*

       117,216       4,560,875  

Verint Systems, Inc.*

       67,900       3,081,981  
Specialty retail—2.1%      

Monro, Inc.

       96,171       6,742,549  
Textiles, apparel & luxury goods—0.8%      

G-III Apparel Group Ltd.*

       97,801       2,455,783  
Thrifts & mortgage finance—3.3%      

Axos Financial, Inc.*

       123,294       3,581,691  

LendingTree, Inc.*

       19,338       6,958,779  
Trading companies & distributors—1.1%      

Systemax, Inc.

       162,575       3,518,123  
Total common stocks (cost $220,097,667)

 

     323,623,085  
MONEY MARKET FUNDS—0.8%

 

  
First American Government Obligations Fund—Class X, 1.74%#       2,670,749       2,670,749  
Total money market funds (cost $2,670,749)

 

     2,670,749  
Total investment portfolio (cost $222,768,416)—100.8%

 

     326,293,834  

Liabilities in excess of other assets—(0.8)%

         (2,561,062 ) 
Total net assets—100.0%         $323,732,772  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $2,507,859 or 0.8% of net assets as of the date of this report.

# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Health care     28.1%  
Information technology     26.0%  
Industrials     15.7%  
Consumer discretionary     13.5%  
Financials     9.6%  
Materials     2.3%  
Real estate     2.2%  
Consumer staples     2.0%  
Money market funds     0.8%  
Energy     0.6%  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS CORE BOND FUND                  
CORPORATE BONDS—18.5%         Principal
Amount		     Value  
Airlines—1.5%      

American Airlines, Pass Through Trust,

      

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

       $ 201,719       $ 207,514  

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

       410,570       434,792  

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

       186,228       195,362  

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

       442,945       485,294  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 11/01/19

       340,073       340,050  
Auto manufacturers—2.9%      

Daimler Finance North America LLC,

      

144A, 2.30%, 01/06/20

       560,000       560,297  

144A, 3.35%, 05/04/21

       830,000       845,932  

Ford Motor Credit Co. LLC, 3.81%, 10/12/21

       235,000       239,251  

General Motors Financial Co., Inc.,

      

4.20%, 11/06/21

       495,000       511,520  

5.10%, 01/17/24

       555,000       599,496  

Volkswagen Group of America Finance LLC, 144A,
2.70%, 09/26/22

       350,000       353,365  
Banks—7.9%      

Bank of America Corp.,

      

3.50%, 04/19/26

       295,000       313,873  

(Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27

       650,000       688,138  

BB&T Corp., 2.20%, 03/16/23

       830,000       833,548  

Citibank NA, 3.40%, 07/23/21

       895,000       917,447  

JPMorgan Chase & Co.,

      

2.55%, 03/01/21

       290,000       292,406  

(3 Month LIBOR USD + 0.55%),
2.65%, 03/09/21

       1,880,000       1,882,519  

2.75%, 06/23/20

       320,000       321,587  

UBS AG, 144A, 2.45%, 12/01/20

       415,000       416,652  

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

       880,000       897,525  

Wells Fargo & Co.,

      

2.60%, 07/22/20

       795,000       798,537  

(3 Month LIBOR USD + 1.23%),
3.16%, 10/31/23

       775,000       788,580  

3.75%, 01/24/24

       380,000       402,352  
Consumer finance—0.5%      

American Express Credit Corp.,
2.60%, 09/14/20

       540,000       543,019  
Diversified telecommunication services—0.4%      

AT&T, Inc.,

      

3.80%, 03/01/24

       180,000       190,470  

4.25%, 03/01/27

       245,000       269,085  
Food products—0.1%      

Campbell Soup Co. (3 Month LIBOR USD + 0.63%),
2.75%, 03/15/21

       90,000       90,196  
Health care providers & services—2.1%      

Cigna Corp., 3.20%, 09/17/20

       1,170,000       1,182,111  

CVS Health Corp.,

      

3.25%, 08/15/29

       585,000       589,355  

3.70%, 03/09/23

       460,000       479,640  
Insurance—0.6%      

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

       285,000       298,858  

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

       385,000       385,267  
                   
CORPORATE BONDS—18.5%         Principal
Amount		     Value  
Multi-utilities—1.0%      

Dominion Energy, Inc., 144A,
2.45%, 01/15/23

       $ 1,040,000       $ 1,047,536  
Transportation—1.5%      

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

      

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

       56,168       56,871  

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

       109,101       110,344  

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

       205,770       227,055  

Union Pacific Railroad Co., Pass Through Trust,

      

Series 2004, 5.40%, 07/02/25

       224,252       232,633  

Series 2005, 5.08%, 01/02/29

       474,800       514,138  

Series 2006, 5.87%, 07/02/30

       401,491       455,322  
Total corporate bonds (cost $19,553,613)         19,997,937  
MORTGAGE AND ASSET-BACKED SECURITIES—42.3%

 

  
Asset-backed securities—1.2%      

Hertz Vehicle Financing II LP,

      

Series 2016-4A, Class A, 144A, 2.65%, 07/25/22

       670,000       673,015  

Series 2019-1A, Class A, 144A, 3.71%, 03/25/23

       635,000       654,715  
Commercial mortgage-backed securities—6.7%      

CFCRE Commercial Mortgage Trust,

      

Series 2011-C2, Class A4, 3.83%, 12/17/47

       1,704,946       1,749,398  

Series 2016-C3, Class A3, 3.87%, 01/10/48

       800,000       869,150  

COMM Mortgage Trust,

      

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

       485,009       500,809  

Series 2013-CCRE11, Class ASB, 3.66%, 08/12/50

       671,362       690,820  

GS Mortgage Securities Trust,

      

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

       759,626       772,594  

Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46

       270,011       277,962  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-CBX, Class A4, 3.48%, 06/16/45

       888,878       909,370  

LSTAR Commercial Mortgage Trust, Series 2016-4, Class A3, 144A, 2.81%, 03/12/49

       460,000       468,118  

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

       955,000       988,871  

WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A3, 3.43%, 08/16/47

       28,471       28,895  
Federal agency mortgage-backed obligations—34.4%      

Fannie Mae Pool,

      

Series 0913, Class AE, 4.15%, 09/01/20

       937,334       948,920  

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

       168,915       167,956  

Series 1614, Class AN, 2.47%, 06/01/26

       2,785,000       2,826,423  

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

       877,348       881,838  

Series 2793, Class AL, 4.54%, 01/01/21

       528,679       541,208  

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

       179,087       181,029  

Series 3663, Class MA, 3.50%, 05/01/49

       987,046       1,013,782  

Series 3686, Class MA, 3.50%, 06/01/49

       6,589,051       6,759,935  

Series 5796, Class AN, 3.03%, 06/01/27

       355,000       371,274  

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

       72,694       72,280  

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

       71,858       71,449  

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

       222,129       220,728  

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

       233,389       235,920  

Series 387770, 3.63%, 07/01/28

       455,000       484,958  

Series 465468, 3.33%, 07/01/20

       119,561       119,654  

TBA, 3.00%, 12/15/49

       6,670,000       6,771,376  

TBA, 4.50%, 12/15/49

       4,520,000       4,758,101  

Fannie Mae-Aces,

      

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

       643,447       644,617  

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

       767,352       782,384  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS CORE BOND FUND (cont’d)

       
MORTGAGE AND ASSET-BACKED
SECURITIES—42.3%		         Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)

 

  

Freddie Mac Gold Pool, Series 15226, Class G, 4.50%, 08/01/20

       $ 6       $ 6  

Freddie Mac Pool,

      

Series 2086, Class ZT, 3.50%, 06/01/49

       1,279,128       1,312,373  

Series 2087, Class ZT, 4.00%, 06/01/49

       2,301,427       2,386,339  

Series 6637, Class ZS, 2.00%, 01/01/28

       824,824       825,144  

Series 8003, Class SD, 4.00%, 07/01/49

       2,979,842       3,093,366  

Freddie Mac REMIC, Series 3609, Class LA, 4.00%, 12/15/24

       1,593       1,598  

Ginnie Mae I Pool,

      

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

       1,272,046       1,288,725  

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

       476,633       472,621  
Total mortgage and asset-backed securities
(cost $45,337,183)

 

     45,817,721  
U.S. TREASURIES—42.1%      

U.S. Treasury Bonds,

      

2.25%, 08/15/49

       7,430,000       7,538,548  

2.75%, 08/15/47

       435,000       486,164  

3.00%, 02/15/49

       2,035,000       2,396,451  

U.S. Treasury Inflation Indexed Notes,

      

0.25%, 07/15/29

       4,011,960       4,048,735  

0.50%, 04/15/24

       5,289,700       5,355,109  

U.S. Treasury Notes,

      

1.50%, 08/31/21

       5,865,000       5,858,814  

1.50%, 10/31/24

       1,000,000       999,043  

1.75%, 07/31/24

       8,050,000       8,132,701  

2.25%, 11/15/27

       830,000       868,517  

2.38%, 05/15/29

       9,415,000       9,983,210  
Total U.S. Treasuries (cost $45,538,047)         45,667,292  
SHORT-TERM INVESTMENTS—6.5%

 

  
U.S. Treasury Bills—6.5%      

ZCI, 1.70%, 03/26/20

       3,160,000       3,140,380  

ZCI, 1.71%, 01/16/20

       3,960,000       3,947,209  
Total short-term investments (cost $7,084,109)         7,087,589  
Total investment portfolio (cost $117,512,952)—109.4%

 

     118,570,539  

Liabilities in excess of other assets—(9.4)%

         (10,218,421 ) 
Total net assets—100.0%         $ 108,352,118  

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.

REMIC—Real estate mortgage investment conduit

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.

 

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa/AAA     91.0%  
AA/Aa/AA     6.3%  
A/A/A     8.6%  
BBB/Baa/BBB     3.5%  
BB/Ba/BB     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/Aaa/AAA for credit quality purposes.

 

 

SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Exchange   Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		     Buy/Sell(a)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(b)		     Value(c)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American Investment Grade Index Series 33     Baa2/BBB       Sell       Receive     1%/Quarterly     12/20/2024       $ 7,500,000       $ 168,890       $ 137,692       $ 31,198  
Total swap contracts                                   $ 7,500,000     $ 168,890     $ 137,692     $ 31,198  

There is $2,435 of variation margin due to the broker from the Fund as of the date of this report.

(a) 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.

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS CORE BOND FUND (cont’d)

(b) The maximum potential amount the Fund could be required to pay 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.

(c) 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.

 

CARILLON REAMS CORE PLUS BOND FUND  
CORPORATE BONDS—19.5%         Principal
Amount		     Value  
Airlines—1.2%      

American Airlines, Pass Through Trust,

      

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

       $ 709,620       $ 730,006  

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

       81,532       86,342  

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

       1,000,667       1,049,744  

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

       696,351       762,927  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 11/01/19

       2,362,768       2,362,606  

US Airways, Pass Through Trust,

      

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

       677,341       769,163  

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

       1,638,059       1,834,187  
Auto manufacturers—3.5%      

Daimler Finance North America LLC,

      

144A, 2.30%, 01/06/20

       4,830,000       4,832,560  

144A, 3.35%, 05/04/21

       6,340,000       6,461,700  

Ford Motor Credit Co. LLC, 3.81%, 10/12/21

       2,545,000       2,591,040  

General Motors Financial Co., Inc.,

      

4.20%, 11/06/21

       2,900,000       2,996,785  

5.10%, 01/17/24

       3,275,000       3,537,564  

Volkswagen Group of America Finance LLC, 144A,
2.70%, 09/26/22

       2,145,000       2,165,622  
Banks—7.7%      

Bank of America Corp.,

      

3.50%, 04/19/26

       3,060,000       3,255,768  

(Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27

       4,090,000       4,329,974  

BB&T Corp., 2.20%, 03/16/23

       5,070,000       5,091,672  

Citibank NA, 3.40%, 07/23/21

       4,950,000       5,074,151  

JPMorgan Chase & Co.,

      

2.55%, 03/01/21

       2,835,000       2,858,520  

(3 Month LIBOR USD + 0.55%), 2.65%, 03/09/21

       7,145,000       7,154,574  

2.75%, 06/23/20

       2,445,000       2,457,127  

3.25%, 09/23/22

       1,780,000       1,841,906  

UBS AG, 144A, 2.45%, 12/01/20

       2,600,000       2,610,348  

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

       6,660,000       6,792,637  

Wells Fargo & Co.,

      

(3 Month LIBOR USD + 1.23%), 3.16%, 10/31/23

       6,390,000       6,501,964  

3.75%, 01/24/24

       2,285,000       2,419,407  
Diversified telecommunication services—0.6%      

AT&T, Inc.,

      

3.80%, 03/01/24

       1,445,000       1,529,048  

4.25%, 03/01/27

       2,170,000       2,383,323  
Food products—0.1%      

Campbell Soup Co. (3 Month LIBOR USD + 0.63%),
2.75%, 03/15/21

       545,000       546,188  
   
CORPORATE BONDS—19.5%         Principal
Amount		     Value  
Health care providers & services—2.3%      

Cigna Corp., 3.20%, 09/17/20

       $ 8,525,000       $ 8,613,243  

CVS Health Corp.,

      

3.25%, 08/15/29

       3,660,000       3,687,249  

3.70%, 03/09/23

       2,750,000       2,867,415  
Insurance—2.0%      

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

       3,175,000       3,329,377  

Metropolitan Life Global Funding I (3 Month LIBOR USD + 0.23%), 144A, 2.26%, 01/08/21

       7,515,000       7,523,292  

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

       2,050,000       2,051,423  
Multi-utilities—1.0%      

Dominion Energy, Inc., 144A, 2.45%, 01/15/23

       6,475,000       6,521,920  
Oil, gas & consumable fuels—0.4%      

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

       2,205,000       2,313,683  
Tobacco—0.6%      

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

       4,130,000       4,130,852  
Transportation—0.1%      

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

      

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

       175,036       177,225  

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

       296,930       311,800  
Total corporate bonds (cost $123,360,041)

 

     126,554,332  
MORTGAGE AND ASSET-BACKED SECURITIES—38.1%

 

  
Asset-backed securities—1.2%      

Hertz Vehicle Financing II LP,

      

Series 2016-4A, Class A, 144A, 2.65%, 07/25/22

       3,245,000       3,259,605  

Series 2019-1A, Class A, 144A, 3.71%, 03/25/23

       3,855,000       3,974,684  

Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27

       320,681       151,185  

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

       569,931       563,450  
Commercial mortgage-backed securities—2.8%      

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

       4,375,000       4,753,166  

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

       3,079,425       3,179,737  

GS Mortgage Securities Trust,

      

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

       4,034,015       4,102,879  

Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46

       1,699,925       1,749,985  

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

       4,075,000       4,219,529  
Federal agency mortgage-backed obligations—34.1%      

Fannie Mae Pool,

      

Series 0913, Class AE, 4.15%, 09/01/20

       6,709,341       6,792,273  

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

       735,478       731,303  

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

       694,464       695,375  

Series 1614, Class AN, 2.47%, 06/01/26

       4,500,000       4,566,931  

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

       1,699,861       1,708,560  

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

       6,386,677       6,433,455  

Series 2793, Class AL, 4.54%, 01/01/21

       3,782,086       3,871,721  

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

       373,462       377,511  

Series 3663, Class MA, 3.50%, 05/01/49

       6,175,829       6,343,112  

Series 3686, Class MA, 3.50%, 06/01/49

       40,951,001       42,013,049  

Series 5796, Class AN, 3.03%, 06/01/27

       2,045,000       2,138,745  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED
SECURITIES—38.1%		         Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)

 

  

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

       $ 319,336       $ 317,517  

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

       315,516       313,719  

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

       1,038,060       1,031,515  

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

       1,103,465       1,115,430  

Series 387770, 3.63%, 07/01/28

       2,495,000       2,659,274  

Series 465468, 3.33%, 07/01/20

       254,779       254,976  

TBA, 3.00%, 12/15/49

       41,790,000       42,425,157  

TBA, 4.50%, 12/15/49

       27,490,000       28,938,097  

Fannie Mae-Aces,

      

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

       2,469,526       2,474,018  

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

       3,554,254       3,623,881  

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

       9,442,546       9,505,073  

Freddie Mac Pool,

      

Series 2086, Class ZT, 3.50%, 06/01/49

       7,087,318       7,271,519  

Series 2087, Class ZT, 4.00%, 06/01/49

       14,420,740       14,952,796  

Series 6637, Class ZS, 2.00%, 01/01/28

       4,411,725       4,413,432  

Series 8003, Class SD, 4.00%, 07/01/49

       17,907,612       18,589,847  

Freddie Mac Gold Pool, Series 15226, Class G,
4.50%, 08/01/20

       27       27  

Freddie Mac REMIC, Series 3609, Class LA,
4.00%, 12/15/24

       7,529       7,553  

Ginnie Mae I Pool,

      

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

       6,990,816       7,082,478  

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

       1,233,865       1,223,478  
Total mortgage and asset-backed securities
(cost $245,879,296)

 

     247,826,042  
U.S. TREASURIES—45.2%      

U.S. Treasury Bonds,

      

2.25%, 08/15/49

       44,870,000       45,525,523  

2.75%, 08/15/47

       2,030,000       2,268,763  

3.00%, 02/15/49

       12,950,000       15,250,142  

U.S. Treasury Inflation Indexed Notes,

      

0.25%, 07/15/29

       24,553,195       24,778,256  

0.50%, 04/15/24

       32,023,030       32,419,010  

U.S. Treasury Notes,

      

1.50%, 08/31/21

       35,600,000       35,562,453  

1.75%, 07/31/24

       58,765,000       59,368,719  

2.25%, 11/15/27

       17,285,000       18,087,132  

2.38%, 05/15/29

       56,835,000       60,265,081  
Total U.S. Treasuries (cost $291,721,278)         293,525,079  
SHORT-TERM INVESTMENTS—6.5%      

U.S. Treasury Bills,

      

ZCI, 1.70%, 03/26/20

       23,345,000       23,200,049  

ZCI, 1.71%, 01/16/20

       18,915,000       18,853,905  
Total short-term investments (cost $42,032,012)         42,053,954  
Total investment portfolio (cost $702,992,627)—109.3%

 

     709,959,407  

Liabilities in excess of other assets—(9.3)%

         (60,278,890 ) 
Total net assets—100.0%         $649,680,517  

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.

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 the date of this report.

REMIC—Real estate mortgage investment conduit

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.

 

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa/AAA     89.7%  
AA/Aa/AA     3.8%  
A/A/A     11.3%  
BBB/Baa/BBB     4.4%  
BB/Ba/BB     0.0%  
CCC/Caa/CCC     0.0%  
CC/Ca/CC     0.0%  
C/C/C     0.1%  
Not rated     0.0%  

 

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

 

 

 

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

Investment Portfolios

 

10.31.2019

 

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Exchange   Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		   Buy/Sell(a)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(b)		     Value(c)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American High Yield Index Series 33   B2/B     Sell       Receive     5%/Quarterly     12/20/2024       $20,250,000       $1,514,253       $1,248,353       $265,900  
Intercontinental Exchange   CDX North American Investment Grade Index Series 33   Baa2/BBB     Sell       Receive     1%/Quarterly     12/20/2024       46,210,000       1,040,586       848,368       192,218  
Total swap contracts                                 $66,460,000     $2,554,839     $2,096,721     $458,118  

There is $60,484 of variation margin due to the broker from the Fund as of the date of this report.

(a) 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.

(b) The maximum potential amount the Fund could be required to pay 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.

(c) 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.

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS UNCONSTRAINED BOND FUND  
CORPORATE BONDS—24.2%         Principal
Amount		     Value  
Airlines—1.3%      

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

       $ 1,579,217       $ 1,656,669  

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

       1,630,968       1,728,385  

Northwest Airlines, Pass Through Trust, Series 2007-1, Class A, 7.03%, 11/01/19

       3,122,758       3,122,543  

US Airways, Pass Through Trust,

      

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

       3,444,821       3,770,447  

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

       2,261,107       2,531,833  
Auto manufacturers—6.8%      

Daimler Finance North America LLC,

      

144A, 2.30%, 01/06/20

       8,650,000       8,654,584  

144A, 3.10%, 05/04/20

       12,005,000       12,067,756  

144A, 3.35%, 05/04/21

       8,745,000       8,912,866  

Ford Motor Credit Co. LLC,

      

2.43%, 06/12/20

       7,345,000       7,336,306  

3.81%, 10/12/21

       5,480,000       5,579,135  

General Motors Financial Co., Inc.,

      

3.55%, 04/09/21

       6,730,000       6,833,459  

5.10%, 01/17/24

       11,965,000       12,924,258  

Volkswagen Group of America Finance LLC, 144A, 2.70%, 09/26/22

       3,645,000       3,680,043  
Banks—6.9%      

Bank of America Corp. (Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27

       11,830,000       12,524,106  

BB&T Corp., 2.20%, 03/16/23

       7,500,000       7,532,059  

Citigroup, Inc. (3 Month LIBOR USD + 0.95%), 2.89%, 07/24/23

       10,415,000       10,477,398  

JPMorgan Chase & Co., 2.75%, 06/23/20

       5,485,000       5,512,204  

UBS AG, 144A, 2.45%, 12/01/20

       5,005,000       5,024,920  

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

       9,420,000       9,607,604  

Wells Fargo & Co.,

      

2.55%, 12/07/20

       5,225,000       5,263,203  

(3 Month LIBOR USD + 1.23%), 3.16%, 10/31/23

       7,225,000       7,351,595  

3.75%, 01/24/24

       3,045,000       3,224,111  
Consumer finance—1.2%      

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

       5,610,000       5,625,646  

American Express Credit Corp., 2.60%, 09/14/20

       6,435,000       6,470,976  
Food products—0.1%      

Campbell Soup Co. (3 Month LIBOR USD + 0.63%),
2.75%, 03/15/21

       1,280,000       1,282,789  
Health care equipment & supplies—0.7%      

Becton Dickinson and Co., 2.40%, 06/05/20

       6,700,000       6,717,241  
Health care providers & services—2.0%      

Cigna Corp., 3.20%, 09/17/20

       13,070,000       13,205,289  

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

       5,515,000       5,750,470  
Insurance—1.6%      

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

       10,490,000       10,509,671  

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

       4,550,000       4,553,158  
Multi-utilities—2.1%      

Dominion Energy, Inc., 144A, 2.45%, 01/15/23

       19,980,000       20,124,782  
Oil, gas & consumable fuels—0.6%      

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

       5,562,000       5,836,147  
   
CORPORATE BONDS—24.2%         Principal
Amount		     Value  
Pharmaceuticals—0.9%      

Bristol-Myers Squibb Co. (3 Month LIBOR USD + 0.20%), 144A, 2.37%, 11/16/20

       $ 8,365,000       $ 8,368,722  
Total corporate bonds (cost $228,755,067)         233,760,375  
MORTGAGE AND ASSET-BACKED SECURITIES—20.8%

 

  
Asset-backed securities—2.6%      

Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 144A, 3.45%, 03/20/23

       5,520,000       5,668,886  

Countrywide Asset-Backed Certificates, Series 2006-S10, Class A3 (1 Month LIBOR USD + 0.32%), 2.14%, 10/25/36

       995,488       958,899  

Hertz Vehicle Financing II LP,

      

Series 2016-2A, Class A, 144A, 2.95%, 03/25/22

       6,315,000       6,378,951  

Series 2016-4A, Class A, 144A, 2.65%, 07/25/22

       3,530,000       3,545,888  

Series 2019-1A, Class A, 144A, 3.71%, 03/25/23

       6,655,000       6,861,614  

Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27

       3,241,369       1,528,143  
Commercial mortgage-backed securities—5.8%      

Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A1, 2.86%, 03/10/51

       2,349,130       2,380,262  

COMM Mortgage Trust,

      

Series 2012-CCRE4, Class ASB, 2.44%, 10/17/45

       6,173,496       6,182,439  

Series 2013-CCRE10, Class ASB, 3.80%, 08/10/46

       1,442,702       1,492,154  

GS Mortgage Securities Trust, Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46

       3,612,817       3,719,207  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class ASB, 2.44%, 12/17/47

       8,044,389       8,090,358  

UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A3, 2.53%, 12/12/45

       3,690,773       3,692,125  

Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class ASB, VR, 3.93%, 07/17/46

       8,808,676       9,143,180  

WFRBS Commercial Mortgage Trust,

      

Series 2012-C10, Class ASB, 2.45%, 12/15/45

       4,266,571       4,281,796  

Series 2013-C13, Class A3, 2.75%, 05/17/45

       4,920,766       5,025,171  

Series 2013-C15, Class ASB, 3.72%, 08/17/46

       3,329,381       3,426,978  

Series 2013-C18, Class A3, 3.65%, 12/17/46

       7,315,000       7,408,384  

Series 2014-C21, Class A3, 3.43%, 08/16/47

       952,588       966,746  
Federal agency mortgage-backed obligations—12.4%

 

  

Fannie Mae Pool,

      

Series 3663, Class MA, 3.50%, 05/01/49

       24,789,343       25,460,803  

Series 3961, Class AN, 3.16%, 12/01/31

       3,579,271       3,859,168  

Series 5796, Class AN, 3.03%, 06/01/27

       4,095,000       4,282,720  

Series 387770, 3.63%, 07/01/28

       4,760,000       5,073,405  

TBA, 3.00%, 12/15/49

       14,215,000       14,431,051  

TBA, 4.50%, 12/15/49

       40,755,000       42,901,860  

Freddie Mac Pool, Series 2087, Class ZT, 4.00%, 06/01/49

       22,959,034       23,806,112  
Total mortgage and asset-backed securities
(cost $198,870,220)

 

     200,566,300  
U.S. TREASURIES—20.6%

 

  

U.S. Treasury Inflation Indexed Notes, 0.50%, 04/15/24

       82,966,910       83,992,836  

U.S. Treasury Notes,

      

1.75%, 07/31/24

       88,260,000       89,166,734  

2.38%, 04/30/20

       25,105,000       25,198,163  
Total U.S. Treasuries (cost $198,090,441)         198,357,733  
 

 

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

Investment Portfolios

 

10.31.2019

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

  
SHORT-TERM INVESTMENTS—37.2%         Principal
Amount		     Value  
U.S. Treasury Bills—37.2%      

ZCI, 1.61%, 04/23/20

       $ 133,290,000       $ 132,316,131  

ZCI, 1.73%, 04/02/20

       228,325,000       226,862,960  
Total short-term investments (cost $358,924,346)

 

     359,179,091  
Total investment portfolio (cost $984,640,074)—102.8%

 

     991,863,499  

Liabilities in excess of other assets—(2.8)%

         (27,220,315 ) 
Total net assets—100.0%         $ 964,643,184  

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.

VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect as of the date of this report.

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

ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.

 

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa/AAA     78.3%  
AA/Aa/AA     1.7%  
A/A/A     15.1%  
BBB/Baa/BBB     7.5%  
BB/Ba/BB     0.0%  
Credit quality breakdown (cont’d)*      
Rating   Percent of net assets  
CCC/Caa/CCC     0.1%  
CC/Ca/CC     0.1%  
Not rated     0.0%  

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

 
SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Exchange   Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		     Buy/Sell(a)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(b)		     Value(c)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American High Yield Index Series 33     B2/B       Sell       Receive     5%/Quarterly     12/20/2024       $ 38,270,000       $2,861,749       $2,359,232       $502,517  
Intercontinental Exchange   CDX North American Investment Grade Index Series 33     Baa2/BBB       Sell       Receive     1%/Quarterly     12/20/2024       67,150,000       1,512,128       1,239,288       272,840  
Total swap contracts                                   $105,420,000     $4,373,877     $3,598,520     $775,357  

There is $108,239 of variation margin due to the broker from the Fund as of the date of this report.

(a)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.

(b)The maximum potential amount the Fund could be required to pay 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.

(c)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.

 

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

Statements of Assets and Liabilities

 

10.31.2019

 

    

Carillon ClariVest

Capital

Appreciation

Fund

    

Carillon ClariVest
International

Stock

Fund

    

Carillon Cougar

Tactical

Allocation

Fund

    

Carillon Eagle

Growth

& Income

Fund

  
Assets        

Investments—unaffiliated, at value (a)

     $547,363,869       $12,291,692       $24,415,175       $826,854,594  

Cash

     4,902,917       6,249       812,748       21,949,450  

Foreign currency, at value (b)

     —       287       —       —  

Receivable for fund shares sold

     760,399       188       362,088       1,908,148  

Receivable for dividends and interest, net

     277,407       37,479       1,359       914,689  

Receivable for foreign tax reclaims

     —       84,109       —       106,144  

Receivable due from adviser, net

     —       21,555       14,651       —  

Prepaid expenses

     6,030       3,039       4,165       16,924  
Total assets     553,310,622       12,444,598       25,610,186       851,749,949  
Liabilities        

Payable for fund shares redeemed

     94,917       26,515       4,898       390,522  

Accrued custody fees

     2,938       7,423       207       3,872  

Accrued investment advisory fees, net

     166,716       —       —       316,047  

Accrued administrative fees

     45,996       1,033       2,126       70,518  

Accrued distribution fees

     48,601       2,878       2,297       149,076  

Accrued transfer agent and shareholder servicing fees

     79,556       4,277       4,390       69,161  

Accrued professional fees

     24,218       26,856       22,959       24,918  

Accrued internal audit fees

     786       788       787       786  

Accrued trustees and officers compensation

     15,910       15,911       15,909       15,910  

Other accrued expenses

     21,271       6,511       3,509       30,572  
Total liabilities     500,909       92,192       57,082       1,071,382  
Net assets     552,809,713       12,352,406       25,553,104       850,678,567  
Net assets consists of        

Paid-in capital

     346,669,006       11,963,845       23,949,560       579,770,182  

Total distributable earnings (loss)

     206,140,707       388,561       1,603,544       270,908,385  
Net assets     552,809,713       12,352,406       25,553,104       850,678,567  
Net assets, at market value        

Class A

     170,204,784       3,860,568       1,408,107       170,561,001  

Class C

     15,140,047       2,015,840       2,281,123       133,406,837  

Class I

     314,144,798       5,382,403       21,790,503       492,321,476  

Class R-3

     753,877       924,644       11,866       1,664,637  

Class R-5

     7,235,819       3,545       37,223       3,790,561  

Class R-6

     45,318,747       155,749       12,159       48,828,352  

Class Y

     11,641       9,657       12,123       105,703  
NAV, offering and redemption price per share (c)        

Class A

     $43.14       $17.47       $15.98       $21.70  

Class A maximum offering price (d)

     45.29       18.34       16.78       22.78  

Class C

     29.87       17.14       15.69       20.68  

Class I

     45.52       17.46       16.00       21.64  

Class R-3

     41.18       17.27       15.94       21.61  

Class R-5

     45.37       17.48       16.02       21.66  

Class R-6

     45.16       17.51       16.04       21.59  

Class Y

     45.42       17.34       15.95       21.60  
Shares of beneficial interest outstanding        

Class A

     3,945,777       220,922       88,105       7,859,726  

Class C

     506,907       117,613       145,406       6,450,790  

Class I

     6,900,622       308,271       1,361,828       22,748,525  

Class R-3

     18,308       53,549       744       77,037  

Class R-5

     159,472       203       2,323       174,983  

Class R-6

     1,003,531       8,893       758       2,261,607  

Class Y

     256       557       760       4,893  
(a) Identified cost     $347,356,164       $11,170,585       $22,986,276       $581,408,834  
(b) Cost     $—       $284       $—       $—  

(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.      31  

Statements of Assets and Liabilities

 

10.31.2019

 

    

Carillon Eagle

Mid Cap

Growth

Fund

    

Carillon Eagle

Small Cap

Growth

Fund

    

Carillon
Scout
International

Fund

    

Carillon
Scout

Mid Cap

Fund

  
Assets        

Investments—unaffiliated, at value (a)(b)

     $5,708,456,712       $4,060,780,608       $713,636,013       $2,863,417,991  

Investments—affiliated, at value (c)

     —       152,520,757       —       —  

Cash

     46,631,305       669,647       6,991,010       1,750,810  

Foreign currency, at value (d)

     —       —       803,030       —  

Receivable for investments sold

     390,033       4,824,060       —       39,775,807  

Receivable for fund shares sold

     3,373,525       3,133,598       164,988       5,884,648  

Receivable for dividends and interest, net

     588,076       901,725       1,545,623       3,281,299  

Receivable for foreign tax reclaims

     —       —       3,705,723       8,978  

Prepaid expenses

     37,344       34,002       7,947       21,242  
Total assets     5,759,476,995       4,222,864,397       726,854,334       2,914,140,775  
Liabilities        

Payable for securities lending collateral received

     73,593,957       91,124,644       10,640,805       8,326,488  

Payable for investments purchased

     —       —       —       34,697,668  

Payable for fund shares redeemed

     6,123,612       11,403,822       350,695       6,074,912  

Accrued custody fees

     24,558       18,500       23,983       14,194  

Accrued investment advisory fees, net

     2,467,247       1,807,198       473,029       1,768,921  

Accrued administrative fees

     480,710       348,701       59,140       240,570  

Accrued distribution fees

     288,320       170,224       321       27,073  

Accrued transfer agent and shareholder servicing fees

     436,664       372,879       67,709       250,692  

Accrued professional fees

     25,239       24,919       26,750       24,928  

Accrued internal audit fees

     788       787       787       787  

Accrued trustees and officers compensation

     15,908       15,909       15,910       15,910  

Other accrued expenses

     177,328       170,227       46,396       140,693  
Total liabilities     83,634,331       105,457,810       11,705,525       51,582,836  
Net assets     5,675,842,664       4,117,406,587       715,148,809       2,862,557,939  
Net assets consists of        

Paid-in capital

     4,383,052,287       2,941,264,067       456,177,564       2,532,803,486  

Total distributable earnings (loss)

     1,292,790,377       1,176,142,520       258,971,245       329,754,453  
Net assets     5,675,842,664       4,117,406,587       715,148,809       2,862,557,939  
Net assets, at market value        

Class A

     719,231,313       394,235,930       958,703       20,772,170  

Class C

     136,254,306       68,483,778       148,795       20,151,064  

Class I

     1,319,283,825       1,040,114,839       710,812,265       2,685,041,005  

Class R-3

     44,942,577       66,199,731       10,018       2,688,201  

Class R-5

     758,115,014       361,969,622       10,126       2,001,915  

Class R-6

     2,694,508,607       2,186,390,884       3,197,681       108,289,356  

Class Y

     3,507,022       11,803       11,221       23,614,228  
NAV, offering and redemption price per share (e)        

Class A

     $63.14       $48.23       $18.93       $18.38  

Class A maximum offering price (f)

     66.29       50.64       19.87       19.30  

Class C

     49.40       31.93       18.83       18.17  

Class I

     67.06       51.64       19.06       18.46  

Class R-3

     60.92       46.02       18.99       18.29  

Class R-5

     66.87       51.92       19.05       18.37  

Class R-6

     67.58       52.56       19.04       18.45  

Class Y

     66.60       51.16       19.01       18.36  
Shares of beneficial interest outstanding        

Class A

     11,390,605       8,173,803       50,639       1,130,436  

Class C

     2,758,340       2,144,564       7,901       1,108,756  

Class I

     19,674,215       20,140,559       37,301,583       145,464,918  

Class R-3

     737,675       1,438,477       528       146,970  

Class R-5

     11,337,726       6,971,188       531       108,975  

Class R-6

     39,873,339       41,594,177       167,969       5,869,485  

Class Y

     52,655       231       590       1,286,368  
(a) Identified cost     $4,522,336,958       $3,136,598,042       $482,438,126       $2,512,799,538  
(b) Includes securities on loan, at value     $70,260,726       $90,547,553       $10,305,777       $8,076,416  
(c) Identified cost     $—       $113,982,021       $—       $—  
(d) Cost     $—       $—       $795,411       $—  

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

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

 

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

Statements of Assets and Liabilities

 

10.31.2019

 

    

Carillon Scout

Small Cap

Fund

    

Carillon Reams

Core Bond

Fund

    

Carillon Reams

Core Plus Bond

Fund

    

Carillon Reams
Unconstrained Bond

Fund

  
Assets        

Investments—unaffiliated, at value (a)(b)

     $326,293,834       $118,570,539       $709,959,407       $ 991,863,499  

Premiums paid—open swap contracts

     —       137,692       2,096,721       3,598,520  

Unrealized appreciation—open swap contracts

     —       31,198       458,118       775,357  

Cash

     770,962       1,748,399       6,832,065       19,610,955  

Receivable for investments sold

     645,233       11,482,424       71,070,672       59,567,854  

Receivable for fund shares sold

     130,153       23       133,014       4,692,980  

Receivable for dividends and interest, net

     113,686       482,173       2,908,629       2,423,722  

Receivable due from adviser, net

     —       28,362       —       —  

Prepaid expenses

     8,261       3,750       7,620       13,905  
Total assets     327,962,129       132,484,560       793,466,246       1,082,546,792  
Liabilities        

Cash collateral received from broker—open swap contracts

     —       12,759       787,794       1,411,296  

Variation margin payable—open swap contracts

     —       2,435       60,484       108,239  

Payable for securities lending collateral received

     2,670,749       —       —       —  

Payable for investments purchased

     651,265       24,028,916       142,544,083       114,605,792  

Payable for fund shares redeemed

     610,994       5,577       155,346       1,247,488  

Accrued custody fees

     2,128       1,115       3,702       5,227  

Accrued investment advisory fees, net

     163,928       —       51,180       211,534  

Accrued administrative fees

     27,319       9,125       55,041       81,397  

Accrued distribution fees

     9,352       1,073       3,288       5,304  

Accrued transfer agent and shareholder servicing fees

     34,170       19,425       64,003       108,090  

Accrued professional fees

     25,215       27,659       27,759       27,759  

Accrued internal audit fees

     787       787       787       787  

Accrued trustees and officers compensation

     15,908       15,909       15,909       15,911  

Other accrued expenses

     17,542       7,662       16,353       74,784  
Total liabilities     4,229,357       24,132,442       143,785,729       117,903,608  
Net assets     323,732,772       108,352,118       649,680,517       964,643,184  
Net assets consists of        

Paid-in capital

     208,551,942       104,908,061       628,714,720       978,535,126  

Total distributable earnings (loss)

     115,180,830       3,444,057       20,965,797       (13,891,942 ) 
Net assets     323,732,772       108,352,118       649,680,517       964,643,184  
Net assets, at market value        

Class A

     12,500,510       1,152,960       390,741       366,398  

Class C

     7,796,195       693,484       366,910       490,052  

Class I

     296,780,891       105,096,439       635,361,771       907,387,994  

Class R-3

     258,421       10,868       10,844       10,543  

Class R-5

     68,062       10,985       10,961       10,656  

Class R-6

     6,230,517       11,007       10,983       33,571,962  

Class Y

     98,176       1,376,375       13,528,307       22,805,579  
NAV, offering and redemption price per share (c)        

Class A

     $28.20       $12.02       $33.43       $12.13  

Class A maximum offering price (d)

     29.61       12.49       34.73       12.60  

Class C

     27.78       12.01       33.38       12.10  

Class I

     28.34       12.04       33.45       12.12  

Class R-3

     28.03       12.03       33.43       12.11  

Class R-5

     28.34       12.04       33.45       12.12  

Class R-6

     28.41       12.04       33.45       12.12  

Class Y

     28.17       12.03       33.43       12.18  
Shares of beneficial interest outstanding        

Class A

     443,217       95,888       11,690       30,197  

Class C

     280,624       57,721       10,992       40,496  

Class I

     10,471,027       8,731,385       18,992,342       74,852,068  

Class R-3

     9,218       903       324       870  

Class R-5

     2,401       912       328       879  

Class R-6

     219,334       914       328       2,769,640  

Class Y

     3,485       114,409       404,693       1,872,289  
(a) Identified cost     $222,768,416       $117,512,952       $702,992,627       $984,640,074  
(b) Includes securities on loan, at value     $2,507,859       $—       $—       $—  

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

(d) 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.      33  

Statements of Operations

 

11.01.2018 to 10.31.2019

 

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

Dividends—unaffiliated

     $6,620,934       $458,413       $ 475,996       $21,548,618  

Less: foreign taxes withheld

     —       (43,925 )      —       (240,367 ) 

Interest

     99,872       3,756       18,583       586,751  

Securities lending, net (Note 7)

     112       —       184       —  
Total investment income     6,720,918       418,244       494,763       21,895,002  
Expenses        

Investment advisory fees

     3,041,768       95,110       127,898       3,392,508  

Administrative fees:

        

Class A

     169,777       4,207       1,452       158,071  

Class C

     16,710       2,145       2,218       132,166  

Class I

     270,319       6,171       18,697       408,339  

Class R-3

     1,104       895       11       1,746  

Class R-5

     7,069       3       36       2,546  

Class R-6

     41,971       145       12       45,168  

Class Y

     11       23       12       91  

Distribution and service fees:

        

Class A

     424,443       10,517       3,631       395,179  

Class C

     167,101       21,447       22,179       1,321,662  

Class R-3

     5,519       4,472       57       8,728  

Class Y

     27       57       29       229  

Transfer agent and shareholder servicing fees:

        

Class A

     167,800       8,997       2,466       151,316  

Class C

     18,752       5,317       3,627       135,240  

Class I

     296,016       12,210       30,113       330,892  

Class R-3

     3,232       2,587       78       3,125  

Class R-5

     8,041       78       121       2,707  

Class R-6

     2,933       286       73       2,943  

Class Y

     75       129       90       189  

Custodian fees

     19,845       43,414       997       21,407  

Professional fees

     100,787       105,196       94,883       100,055  

State registration fees

     108,133       92,100       93,508       126,803  

Trustees and officers compensation

     70,855       70,855       70,854       70,855  

Internal audit fees

     9,566       9,567       9,567       9,566  

Interest expense on line of credit

     5,950       2,131       520       —  

Other expenses

     133,247       63,004       45,652       161,684  
Total expenses before adjustments     5,091,051       561,063       528,781       6,983,215  

Fees and expenses waived

     (893,402 )      (364,828 )      (305,837 )      —  

Recovered fees previously waived by Manager

     —       —       —       26  
Total expenses after adjustments     4,197,649       196,235       222,944       6,983,241  
Net investment income (loss)     2,523,269       222,009       271,819       14,911,761  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments—unaffiliated

     4,505,900       (848,938 )      17,336       24,775,533  

Foreign currency transactions

     —       (2,454 )      —       (1,810 ) 
Net realized gain (loss)     4,505,900       (851,392 )      17,336       24,773,723  

Net change in unrealized appreciation (depreciation) on

        

investments—unaffiliated and foreign currency translations

     52,288,810       983,171       954,295       47,967,429  
Net gain (loss) on investments     56,794,710       131,779       971,631       72,741,152  
Net increase (decrease) in assets resulting from operations     59,317,979       353,788       1,243,450       87,652,913  

 

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

Statements of Operations

 

11.01.2018 to 10.31.2019

 

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

Dividends—unaffiliated

     $29,285,518       $16,930,433       $25,053,242       $45,829,760  

Less: foreign taxes withheld

     (265,136 )      (159,506 )      (2,102,167 )      (38,008 ) 

Interest

     2,524,851       1,247,092       382,342       1,160,742  

Securities lending, net (Note 7)

     52,226       1,031,101       14,234       27,131  
Total investment income     31,597,459       19,049,120       23,347,651       46,979,625  
Expenses        

Investment advisory fees

     26,702,320       22,963,781       5,928,298       20,105,398  

Administrative fees:

        

Class A

     713,240       473,665       759       16,701  

Class C

     141,062       86,614       121       16,227  

Class I

     1,244,654       1,184,877       737,200       2,605,977  

Class R-3

     44,541       77,384       9       1,840  

Class R-5

     747,906       396,346       9       761  

Class R-6

     2,297,162       2,223,843       2,928       69,698  

Class Y

     1,900       27       10       18,139  

Distribution and service fees:

        

Class A

     1,783,100       1,184,164       1,898       41,751  

Class C

     1,410,619       866,139       1,211       162,270  

Class R-3

     222,706       386,918       46       9,198  

Class Y

     4,749       68       25       45,347  

Transfer agent and shareholder servicing fees:

        

Class A

     1,163,596       876,555       1,943       13,180  

Class C

     142,252       97,837       253       18,267  

Class I

     1,195,891       1,421,729       767,359       2,620,631  

Class R-3

     89,303       148,039       64       3,340  

Class R-5

     821,208       487,778       64       958  

Class R-6

     126,165       105,445       553       4,651  

Class Y

     2,371       131       95       24,240  

Custodian fees

     137,864       120,536       141,844       85,100  

Professional fees

     99,633       98,964       105,620       101,206  

State registration fees

     189,119       149,901       108,671       176,596  

Trustees and officers compensation

     70,852       70,854       70,855       70,855  

Internal audit fees

     9,569       9,566       9,566       9,566  

Interest expense on line of credit

     4,472       21,859       387       492  

Other expenses

     822,830       747,060       299,213       606,153  
Total expenses before adjustments     40,189,084       34,200,080       8,179,001       26,828,542  

Fees and expenses waived

     —       (56 )      (745 )      —  
Total expenses after adjustments     40,189,084       34,200,024       8,178,256       26,828,542  
Net investment income (loss)     (8,591,625 )      (15,150,904 )      15,169,395       20,151,083  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments—unaffiliated

     123,317,339       248,591,626       37,690,956       3,783,773  

Foreign currency transactions

     —       —       (533 )      65  
Net realized gain (loss)     123,317,339       248,591,626       37,690,423       3,783,838  

Net change in unrealized appreciation (depreciation) on:

        

Investments—unaffiliated and foreign currency translations

     655,109,300       (103,568,340 )      27,132,087       193,088,500  

Investments—affiliated

     —       31,105,741       —       —  
Net change in unrealized appreciation (depreciation)     655,109,300       (72,462,599 )      27,132,087       193,088,500  
Net gain (loss) on investments     778,426,639       176,129,027       64,822,510       196,872,338  
Net increase (decrease) in assets resulting from operations     769,835,014       160,978,123       79,991,905       217,023,421  

 

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

Statements of Operations

 

11.01.2018 to 10.31.2019

 

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

Dividends—unaffiliated

     $2,845,914       $—       $—       $—  

Less: foreign taxes withheld

     (11,805 )      —       —       —  

Interest

     40,954       2,834,372       16,907,346       29,747,751  

Securities lending, net (Note 7)

     25,324       701       4,659       299  
Total investment income     2,900,387       2,835,073       16,912,005       29,748,050  
Expenses        

Investment advisory fees

     1,961,209       423,887       2,575,418       6,934,657  

Administrative fees:

        

Class A

     12,776       938       284       267  

Class C

     10,074       526       302       128  

Class I

     297,267       102,787       628,035       1,084,395  

Class R-3

     276       10       10       10  

Class R-5

     68       10       10       10  

Class R-6

     6,304       11       10       44,010  

Class Y

     103       1,689       15,202       26,956  

Distribution and service fees:

        

Class A

     31,941       2,346       710       666  

Class C

     100,739       5,260       3,020       1,282  

Class R-3

     1,379       52       52       51  

Class Y

     258       4,223       38,005       67,390  

Transfer agent and shareholder servicing fees:

        

Class A

     10,430       990       452       345  

Class C

     9,771       820       643       256  

Class I

     321,463       135,187       555,248       1,030,620  

Class R-3

     630       65       64       56  

Class R-5

     108       65       64       64  

Class R-6

     685       65       64       2,557  

Class Y

     159       2,897       22,333       38,526  

Custodian fees

     12,790       6,566       22,211       34,564  

Professional fees

     101,994       106,742       106,873       104,363  

State registration fees

     109,753       99,608       104,977       110,518  

Trustees and officers compensation

     70,852       70,854       70,854       70,855  

Internal audit fees

     9,642       9,566       9,567       9,566  

Interest expense on line of credit

     —       —       —       988  

Other expenses

     109,492       71,271       132,528       311,520  
Total expenses before adjustments     3,180,163       1,046,435       4,286,936       9,874,620  

Fees and expenses waived

     (175 )      (605,912 )      (1,646,023 )      (4,056,680 ) 

Recovered fees previously waived by Manager

     41,261       —       —       —  
Total expenses after adjustments     3,221,249       440,523       2,640,913       5,817,940  
Net investment income (loss)     (320,862 )      2,394,550       14,271,092       23,930,110  
Realized and unrealized gain (loss) on investments        

Net realized gain (loss) on:

        

Investments—unaffiliated

     12,479,345       5,291,772       31,523,012       39,268,904  

Foreign currency transactions

     —       —       152,050       587,716  

Swap contracts

     —       476,388       4,829,474       11,398,034  

Futures contracts

     —       —       418,481       (22,797,889 ) 
Net realized gain (loss)     12,479,345       5,768,160       36,923,017       28,456,765  

Net change in unrealized appreciation (depreciation) on:

        

Investments—unaffiliated and foreign currency translations

     1,002,226       3,361,906       20,806,217       35,263,108  

Swap contracts

     —       31,198       389,976       637,789  

Futures contracts

     —       —       1,970,421       5,195,644  
Net change in unrealized appreciation (depreciation)     1,002,226       3,393,104       23,166,614       41,096,541  
Net gain (loss) on investments     13,481,571       9,161,264       60,089,631       69,553,306  
Net increase (decrease) in assets resulting from operations     13,160,709       11,555,814       74,360,723       93,483,416  

 

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

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		  
     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		  

Net assets, beginning 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  
Increase (decrease) in net assets from operations                

Net investment income (loss)

     2,523,269       1,200,732       222,009       253,880       271,819       150,861       14,911,761       11,271,217  

Net realized gain (loss)

     4,505,900       36,674,734       (851,392 )      661,743       17,336       800,208       24,773,723       42,111,759  

Net change in unrealized appreciation (depreciation)

     52,288,810       (14,784,125 )      983,171       (2,632,476 )      954,295       (632,361 )      47,967,429       3,264,320  
Net increase (decrease) in net assets resulting from operations     59,317,979       23,091,341       353,788       (1,716,853 )      1,243,450       318,708       87,652,913       56,647,296  

Distributions to shareholders from earnings

     (38,346,397 )      (25,472,949 )      (226,694 )      (206,971 )      (971,271 )      (446,042 )      (57,617,605 )      (26,272,595 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     5,995,063       49,558,565       423,485       3,706,159       921,462       411,667       43,252,391       38,687,158  

Issued as reinvestment of distributions-Class A

     14,420,308       9,810,169       62,051       53,718       62,281       35,648       12,430,046       6,144,566  

Cost of shares redeemed-Class A

     (30,212,063 )      (44,356,804 )      (1,707,774 )      (2,620,004 )      (888,350 )      (715,369 )      (35,852,999 )      (52,947,759 ) 

Proceeds from shares sold-Class C

     1,315,907       2,871,775       237,888       520,399       561,491       715,621       33,380,533       9,892,575  

Issued as reinvestment of distributions-Class C

     2,149,574       5,106,005       6,532       28,462       72,560       36,455       8,829,180       5,072,430  

Cost of shares redeemed-Class C

     (7,479,457 )      (51,131,138 )      (898,057 )      (2,863,251 )      (410,332 )      (596,293 )      (40,692,709 )      (61,909,752 ) 

Proceeds from shares sold-Class I

     155,541,570       118,549,302       697,228       2,881,277       9,391,942       12,887,704       273,711,615       65,439,163  

Issued as reinvestment of distributions-Class I

     16,869,014       7,117,568       142,992       115,509       829,258       366,673       22,258,860       8,964,349  

Cost of shares redeemed-Class I

     (78,934,381 )      (40,782,238 )      (4,265,472 )      (1,528,823 )      (9,072,825 )      (6,466,185 )      (97,370,486 )      (61,303,674 ) 

Proceeds from shares sold-Class R-3

     132,432       413,599       111,137       159,179       —       —       510,803       222,408  

Issued as reinvestment of distributions-Class R-3

     121,423       80,730       10,790       7,995       389       262       139,639       80,464  

Cost of shares redeemed-Class R-3

     (865,530 )      (301,074 )      (111,988 )      (16,478 )      —       —       (913,152 )      (870,732 ) 

Proceeds from shares sold-Class R-5

     695,534       7,695,419       —       —       —       —       3,200,340       32,918  

Issued as reinvestment of distributions-Class R-5

     617,839       195,042       55       45       1,386       978       93,954       20,226  

Cost of shares redeemed-Class R-5

     (1,564,900 )      (3,469,801 )      —       —       —       —       (235,829 )      (13,106 ) 

Proceeds from shares sold-Class R-6

     5,764,310       6,027,841       93,880       100,072       —       —       7,467,358       5,641,896  

Issued as reinvestment of distributions-Class R-6

     3,552,645       2,575,449       2,790       177       464       333       4,010,119       1,918,066  

Cost of shares redeemed-Class R-6

     (8,625,540 )      (6,141,206 )      (49,457 )      (91 )      —       —       (5,755,881 )      (7,508,808 ) 

Proceeds from shares sold-Class Y

     —       17,500       —       33,500       358       11,108       34,263       62,300  

Issued as reinvestment of distributions-Class Y

     842       619       527       144       420       289       6,433       561  

Cost of shares redeemed-Class Y

     —       (7,200 )      (23,205 )      —       —       —       (1,404 )      —  
Net increase (decrease) from fund share transactions     79,494,590       63,830,122       (5,266,598 )      577,989       1,470,504       6,688,891       228,503,074       (42,374,751 ) 
Increase (decrease) in net assets     100,466,172       61,448,514       (5,139,504 )      (1,345,835 )      1,742,683       6,561,557       258,538,382       (12,000,050 ) 

Net assets, end of period

     552,809,713       452,343,541       12,352,406       17,491,910       25,553,104       23,810,421       850,678,567       592,140,185  
Shares issued and redeemed                

Shares sold-Class A

     150,187       1,108,742       25,697       195,834       58,779       25,051       2,103,271       1,824,095  

Issued as reinvestment of distributions-Class A

     418,344       232,303       4,085       2,847       4,386       2,213       655,237       291,946  

Shares redeemed-Class A

     (749,991 )      (1,004,030 )      (103,178 )      (141,686 )      (57,846 )      (43,477 )      (1,735,153 )      (2,486,963 ) 

Shares sold-Class C

     50,273       88,835       15,003       27,750       36,690       43,374       1,706,254       482,826  

Issued as reinvestment of distributions-Class C

     89,491       165,618       436       1,534       5,172       2,280       491,799       251,402  

Shares redeemed-Class C

     (270,123 )      (1,568,891 )      (55,550 )      (154,641 )      (26,808 )      (36,418 )      (2,062,943 )      (3,048,515 ) 

Shares sold-Class I

     3,816,356       2,573,878       42,739       155,026       607,814       814,535       13,591,459       3,076,647  

Issued as reinvestment of distributions-Class I

     464,967       160,777       9,445       6,138       58,481       22,774       1,164,921       426,255  

Shares redeemed-Class I

     (1,883,557 )      (869,401 )      (268,953 )      (83,556 )      (600,008 )      (392,283 )      (4,704,516 )      (2,893,264 ) 

Shares sold-Class R-3

     3,429       9,805       6,764       8,580       —       —       24,802       10,457  

Issued as reinvestment of distributions-Class R-3

     3,683       1,988       717       427       27       16       7,441       3,837  

Shares redeemed-Class R-3

     (22,762 )      (7,235 )      (6,702 )      (903 )      —       —       (44,225 )      (41,853 ) 

Shares sold-Class R-5

     16,366       167,340       —       —       —       —       158,948       1,539  

Issued as reinvestment of distributions-Class R-5

     17,086       4,418       4       2       97       61       4,693       961  

Shares redeemed-Class R-5

     (36,977 )      (76,355 )      —       —       —       —       (11,165 )      (608 ) 

Shares sold-Class R-6

     134,360       130,821       5,634       5,366       —       —       359,577       265,422  

Issued as reinvestment of distributions-Class R-6

     98,794       58,640       184       9       33       21       211,987       91,436  

Shares redeemed-Class R-6

     (204,614 )      (133,602 )      (2,943 )      (5 )      —       —       (277,991 )      (355,727 ) 

Shares sold-Class Y

     —       378       —       1,925       24       688       1,710       2,884  

Issued as reinvestment of distributions-Class Y

     23       14       35       8       30       18       339       26  

Shares redeemed-Class Y

     —       (159 )      (1,411 )      —       —       —       (66 )      —  
Shares issued and redeemed     2,095,335       1,043,884       (327,994 )      24,655       86,871       438,853       11,646,379       (2,097,197 ) 

 

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

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  
     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		  

Net assets, beginning of period

     $4,288,006,813       $2,375,246,768       $4,690,834,343       $5,071,793,231       $824,165,611       $1,160,877,255       $2,473,689,157       $1,675,214,198  
Increase (decrease) in net assets from operations                

Net investment income (loss)

     (8,591,625 )      (8,361,804 )      (15,150,904 )      (19,129,070 )      15,169,395       17,665,860       20,151,083       8,635,695  

Net realized gain (loss) on investments

     123,317,339       214,018,556       248,591,626       842,608,510       37,690,423       69,849,343       3,783,838       139,695,786  

Net change in unrealized appreciation (depreciation)

     655,109,300       (187,637,581 )      (72,462,599 )      (624,220,253 )      27,132,087       (179,307,662 )      193,088,500       (184,593,371 ) 
Net increase (decrease) in net assets resulting from operations     769,835,014       18,019,171       160,978,123       199,259,187       79,991,905       (91,792,459 )      217,023,421       (36,261,890 ) 

Distributions to shareholders from earnings

     (115,636,951 )      (158,724,314 )      (819,288,090 )      (381,398,349 )      (79,149,615 )      (177,685,091 )      (174,260,790 )      (138,762,254 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     149,870,260       290,123,467       82,875,477       146,346,713       605,683       449,120       17,372,240       7,430,873  

Issued as reinvestment of distributions-Class A

     16,656,129       24,654,672       88,342,880       44,021,081       39,756       1,591       680,334       3,347  

Cost of shares redeemed-Class A

     (220,452,039 )      (221,781,650 )      (239,113,443 )      (258,789,196 )      (121,010 )      (25,020 )      (4,532,454 )      (435,440 ) 

Proceeds from shares sold-Class C

     15,417,218       39,467,799       6,865,364       12,169,837       76,977       65,498       12,452,237       9,580,393  

Issued as reinvestment of distributions-Class C

     4,521,836       8,528,282       24,802,823       15,524,267       6,071       1,583       634,558       1,837  

Cost of shares redeemed-Class C

     (45,413,694 )      (70,094,544 )      (49,091,124 )      (76,758,455 )      (1,757 )      —       (2,283,129 )      (181,801 ) 

Proceeds from shares sold-Class I

     319,640,361       566,665,458       233,491,705       333,391,456       32,665,725       60,189,648       937,504,332       1,317,744,550  

Issued as reinvestment of distributions-Class I

     25,270,730       40,420,186       184,393,203       103,735,532       77,119,092       171,813,988       156,438,374       127,201,107  

Cost of shares redeemed-Class I

     (314,949,731 )      (267,949,969 )      (547,561,594 )      (722,667,447 )      (220,685,962 )      (302,805,384 )      (865,852,084 )      (530,416,882 ) 

Proceeds from shares sold-Class R-3

     17,221,529       12,945,227       9,836,552       17,082,373       —       10,000       1,330,563       1,649,875  

Issued as reinvestment of distributions-Class R-3

     1,120,588       1,661,600       14,806,775       7,176,466       851       1,588       105,258       770  

Cost of shares redeemed-Class R-3

     (13,886,923 )      (11,050,282 )      (30,926,085 )      (31,495,675 )      —       —       (291,022 )      (14,805 ) 

Proceeds from shares sold-Class R-5

     286,083,806       559,748,449       83,728,573       110,789,186       —       10,000       1,400,239       1,153,765  

Issued as reinvestment of distributions-Class R-5

     18,246,315       23,700,917       72,168,324       34,589,597       906       1,594       50,544       775  

Cost of shares redeemed-Class R-5

     (284,656,227 )      (194,371,904 )      (176,886,905 )      (154,481,135 )      —       —       (203,270 )      (345,533 ) 

Proceeds from shares sold-Class R-6

     1,122,124,295       1,175,594,466       496,286,719       730,103,437       466,748       3,303,278       86,049,187       38,476,930  

Issued as reinvestment of distributions-Class R-6

     44,732,630       52,993,487       372,738,335       147,039,395       280,424       1,594       978,574       775  

Cost of shares redeemed-Class R-6

     (410,926,375 )      (221,850,346 )      (541,821,604 )      (656,682,217 )      (314,128 )      (265,263 )      (15,093,366 )      (323,638 ) 

Proceeds from shares sold-Class Y

     3,466,375       199,790       360       84,326       600       10,500       21,322,462       2,041,705  

Issued as reinvestment of distributions-Class Y

     9,465       739       14,071       733       932       1,591       177,896       1,692  

Cost of shares redeemed-Class Y

     (458,760 )      (2,845 )      (68,195 )      —       —       —       (2,135,322 )      (71,192 ) 

Proceeds from shares issued—fund reorganization

     N/A       243,862,189       N/A       N/A       N/A       N/A       N/A       N/A  
Net increase (decrease) from fund share transactions     733,637,788       2,053,465,188       84,882,211       (198,819,726 )      (109,859,092 )      (67,234,094 )      346,106,151       973,499,103  
Increase (decrease) in net assets     1,387,835,851       1,912,760,045       (573,427,756 )      (380,958,888 )      (109,016,802 )      (336,711,644 )      388,868,782       798,474,959  

Net assets, end of period

     5,675,842,664       4,288,006,813       4,117,406,587       4,690,834,343       715,148,809       824,165,611       2,862,557,939       2,473,689,157  
Shares issued and redeemed                

Shares sold-Class A

     2,573,310       4,805,747       1,709,879       2,291,711       34,920       21,081       1,001,989       376,289  

Issued as reinvestment of distributions-Class A

     341,244       416,693       2,178,079       737,495       2,537       75       43,527       175  

Shares redeemed-Class A

     (3,761,254 )      (3,704,313 )      (4,913,621 )      (4,101,199 )      (6,781 )      (1,193 )      (269,259 )      (22,285 ) 

Shares sold-Class C

     341,110       820,256       224,070       261,415       4,628       2,914       718,346       489,371  

Issued as reinvestment of distributions-Class C

     117,725       181,436       918,283       350,356       387       74       40,755       96  

Shares redeemed-Class C

     (989,884 )      (1,435,017 )      (1,534,614 )      (1,622,667 )      (102 )      —       (130,549 )      (9,263 ) 

Shares sold-Class I

     5,153,503       8,951,579       4,541,370       5,007,733       1,846,546       2,723,323       52,828,057       67,125,594  

Issued as reinvestment of distributions-Class I

     488,890       648,183       4,257,520       1,654,738       4,905,795       8,047,494       9,983,304       6,663,233  

Shares redeemed-Class I

     (5,068,053 )      (4,242,627 )      (10,631,906 )      (10,634,607 )      (12,492,475 )      (13,828,645 )      (48,811,854 )      (27,037,515 ) 

Shares sold-Class R-3

     308,444       222,557       212,369       275,083       —       399       73,791       83,463  

Issued as reinvestment of distributions-Class R-3

     23,736       28,995       381,815       124,160       54       75       6,743       40  

Shares redeemed-Class R-3

     (240,471 )      (190,624 )      (649,392 )      (517,058 )      —       —       (16,330 )      (737 ) 

Shares sold-Class R-5

     4,712,937       8,819,967       1,592,680       1,658,538       —       399       76,441       57,573  

Issued as reinvestment of distributions-Class R-5

     353,954       379,950       1,657,518       549,303       57       75       3,240       41  

Shares redeemed-Class R-5

     (4,669,976 )      (3,067,438 )      (3,331,120 )      (2,327,766 )      —       —       (10,999 )      (17,321 ) 

Shares sold-Class R-6

     18,089,177       18,433,936       9,347,746       10,906,856       25,977       154,129       4,766,178       1,887,914  

Issued as reinvestment of distributions-Class R-6

     859,416       838,973       8,463,631       2,317,041       17,862       75       62,529       41  

Shares redeemed-Class R-6

     (6,448,150 )      (3,504,133 )      (10,139,830 )      (9,719,866 )      (17,299 )      (12,775 )      (830,850 )      (16,327 ) 

Shares sold-Class Y

     56,218       3,045       7       1,268       34       423       1,293,956       103,503  

Issued as reinvestment of distributions-Class Y

     184       12       327       12       59       74       11,389       89  

Shares redeemed-Class Y

     (6,965 )      (47 )      (1,383 )      —       —       —       (118,999 )      (3,570 ) 

Shares issued—fund reorganization

     N/A       4,000,263       N/A       N/A       N/A       N/A       N/A       N/A  
Shares issued and redeemed     12,235,095       32,407,393       4,283,428       (2,787,454 )      (5,677,801 )      (2,892,003 )      20,721,405       49,680,404  

 

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

Statements of Changes in Net Assets

 

    Carillon Scout
Small Cap Fund		     Carillon Reams
Core Bond Fund		     Carillon Reams
Core Plus Bond Fund		     Carillon Reams
Unconstrained Bond Fund		  
     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		     11/1/18 to
10/31/19		     11/1/17 to
10/31/18		  

Net assets, beginning of period

     $318,969,196       $270,531,036       $107,564,645       $143,842,579       $624,870,862       $768,561,795       $1,249,199,294       $1,591,781,787  
Increase (decrease) in net assets from operations                

Net investment income (loss)

     (320,862 )      (1,528,104 )      2,394,550       2,484,780       14,271,092       14,717,296       23,930,110       27,891,490  

Net realized gain (loss) on investments

     12,479,345       22,581,767       5,768,160       (1,404,466 )      36,923,017       (14,497,236 )      28,456,765       (18,733,508 ) 

Net change in unrealized appreciation (depreciation)

     1,002,226       (784,842 )      3,393,104       (2,482,372 )      23,166,614       (15,680,729 )      41,096,541       (34,251,016 ) 
Net increase (decrease) in net assets resulting from operations     13,160,709       20,268,821       11,555,814       (1,402,058 )      74,360,723       (15,460,669 )      93,483,416       (25,093,034 ) 

Distributions to shareholders from earnings

     (657,924 )      (46,763,407 )      (2,463,393 )      (2,307,527 )      (14,343,374 )      (13,372,045 )      (24,665,538 )      (26,231,399 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     7,411,050       1,257,331       571,422       619,013       187,050       225,876       324,405       234,199  

Issued as reinvestment of distributions-Class A

     31,811       11,163       17,697       5,814       5,045       2,400       4,566       848  

Cost of shares redeemed-Class A

     (7,527,063 )      (2,425,430 )      (131,777 )      (2,383 )      (37,717 )      (12,300 )      (62,239 )      (148,617 ) 

Proceeds from shares sold-Class C

     1,350,532       379,686       1,121,581       512,094       312,688       230,768       459,641       71,637  

Issued as reinvestment of distributions-Class C

     27,270       10,951       5,896       2,454       3,235       1,315       1,157       253  

Cost of shares redeemed-Class C

     (8,147,278 )      (2,307,193 )      (775,179 )      (208,754 )      (183,659 )      (18,277 )      (19,997 )      (26,851 ) 

Proceeds from shares sold-Class I

     54,088,211       56,513,638       23,571,860       23,273,667       112,444,658       94,150,257       295,156,955       469,850,335  

Issued as reinvestment of distributions-Class I

     565,176       45,114,741       2,400,119       2,251,072       11,126,545       10,111,364       21,289,450       23,015,289  

Cost of shares redeemed-Class I

     (56,296,076 )      (69,534,464 )      (34,559,030 )      (58,375,035 )      (153,849,611 )      (209,835,364 )      (657,106,310 )      (781,026,245 ) 

Proceeds from shares sold-Class R-3

     37,892       24,210       —       10,000       —       10,000       —       10,000  

Issued as reinvestment of distributions-Class R-3

     488       1,741       174       139       165       135       160       132  

Cost of shares redeemed-Class R-3

     (98,300 )      (8,490 )      —       —       —       —       —       —  

Proceeds from shares sold-Class R-5

     3,002       10,000       —       10,000       —       10,000       —       10,000  

Issued as reinvestment of distributions-Class R-5

     134       1,741       233       186       223       182       218       179  

Cost of shares redeemed-Class R-5

     (3,311 )      (65 )      —       —       —       —       —       —  

Proceeds from shares sold-Class R-6

     2,777,859       5,549,041       —       10,000       —       10,000       22,626,297       41,307,294  

Issued as reinvestment of distributions-Class R-6

     11,144       216,374       244       195       233       191       970,352       290,370  

Cost of shares redeemed-Class R-6

     (1,965,342 )      (378,155 )      —       —       —       —       (21,639,898 )      (12,128,000 ) 

Proceeds from shares sold-Class Y

     3,600       92,700       193,117       178,750       593,484       2,415,673       2,927,850       10,068,156  

Issued as reinvestment of distributions-Class Y

     182       1,764       33,109       33,728       277,388       343,230       493,361       815,539  

Cost of shares redeemed-Class Y

     (10,190 )      —       (754,414 )      (889,289 )      (6,087,421 )      (12,503,669 )      (18,799,956 )      (43,602,578 ) 

Proceeds from shares issued—fund reorganization

     N/A       40,401,462       N/A       N/A       N/A       N/A       N/A       N/A  
Net increase (decrease) from fund share transactions     (7,739,209 )      74,932,746       (8,304,948 )      (32,568,349 )      (35,207,694 )      (114,858,219 )      (353,373,988 )      (291,258,060 ) 
Increase (decrease) in net assets     4,763,576       48,438,160       787,473       (36,277,934 )      24,809,655       (143,690,933 )      (284,556,110 )      (342,582,493 ) 

Net assets, end of period

     323,732,772       318,969,196       108,352,118       107,564,645       649,680,517       624,870,862       964,643,184       1,249,199,294  
Shares issued and redeemed                

Shares sold-Class A

     279,787       42,461       49,914       55,471       5,751       7,252       27,717       20,176  

Issued as reinvestment of distributions-Class A

     1,330       387       1,529       521       157       78       385       73  

Shares redeemed-Class A

     (293,490 )      (86,553 )      (11,334 )      (213 )      (1,148 )      (400 )      (5,333 )      (12,821 ) 

Shares sold-Class C

     51,424       13,233       98,165       45,751       9,788       7,414       38,241       6,127  

Issued as reinvestment of distributions-Class C

     1,149       381       512       220       102       42       97       22  

Shares redeemed-Class C

     (300,548 )      (78,343 )      (68,221 )      (18,706 )      (5,767 )      (587 )      (1,692 )      (2,299 ) 

Shares sold-Class I

     1,925,338       1,911,641       2,027,255       2,068,956       3,513,449       3,015,596       24,964,493       40,214,342  

Issued as reinvestment of distributions-Class I

     23,549       1,580,008       208,199       200,883       348,300       324,975       1,808,310       1,975,490  

Shares redeemed-Class I

     (2,030,634 )      (2,436,745 )      (2,998,974 )      (5,167,715 )      (4,800,994 )      (6,745,419 )      (55,435,030 )      (67,050,826 ) 

Shares sold-Class R-3

     1,461       843       —       876       —       315       —       846  

Issued as reinvestment of distributions-Class R-3

     20       61       15       12       5       4       13       11  

Shares redeemed-Class R-3

     (3,478 )      (289 )      —       —       —       —       —       —  

Shares sold-Class R-5

     103       337       —       875       —       315       —       846  

Issued as reinvestment of distributions-Class R-5

     6       61       20       17       7       6       18       15  

Shares redeemed-Class R-5

     (112 )      (2 )      —       —       —       —       —       —  

Shares sold-Class R-6

     97,225       183,537       —       876       —       315       1,949,189       3,564,946  

Issued as reinvestment of distributions-Class R-6

     464       7,460       21       17       7       6       82,237       25,134  

Shares redeemed-Class R-6

     (69,710 )      (13,563 )      —       —       —       —       (1,801,962 )      (1,049,904 ) 

Shares sold-Class Y

     131       3,236       16,714       15,863       18,488       77,458       245,994       856,445  

Issued as reinvestment of distributions-Class Y

     8       62       2,876       3,010       8,716       11,028       41,785       69,660  

Shares redeemed-Class Y

     (350 )      —       (64,335 )      (79,271 )      (190,593 )      (401,555 )      (1,596,829 )      (3,717,322 ) 

Shares issued—fund reorganization

     N/A       1,393,774       N/A       N/A       N/A       N/A       N/A       N/A  
Shares issued and redeemed     (316,327 )      2,521,987       (737,644 )      (2,872,557 )      (1,093,732 )      (3,703,157 )      (29,682,367 )      (25,099,039 ) 

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon ClariVest Capital Appreciation Fund

 

                            
Class A*                                
11/01/18     10/31/19       $42.91       $0.14       $3.75       $3.89       $(0.06 )    $ (3.60 )      $—     $ (3.66 )      $43.14       1.00       1.14       0.34       49       11.23       $170  
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  
Class C*                                
11/01/18     10/31/19       31.12       (0.11 )      2.46       2.35       —       (3.60 )      —       (3.60 )      29.87       1.75       1.90       (0.39 )      49       10.38       15  
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  
Class I*                                
11/01/18     10/31/19       45.09       0.26       3.97       4.23       (0.20 )      (3.60 )      —       (3.80 )      45.52       0.70       0.90       0.61       49       11.54       314  
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  
Class R-3*                                
11/01/18     10/31/19       41.17       0.05       3.56       3.61       —       (3.60 )      —       (3.60 )      41.18       1.25       1.58       0.12       49       10.96       1  
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  
Class R-5*                                
11/01/18     10/31/19       44.97       0.27       3.94       4.21       (0.21 )      (3.60 )      —       (3.81 )      45.37       0.70       0.90       0.64       49       11.53       7  
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  
Class R-6*                                
11/01/18     10/31/19       44.77       0.31       3.93       4.24       (0.25 )      (3.60 )      —       (3.85 )      45.16       0.60       0.80       0.73       49       11.67       45  
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*                                
11/01/18     10/31/19       44.90       0.14       3.99       4.13       (0.01 )      (3.60 )      —       (3.61 )      45.42       1.00       1.73       0.33       49       11.23       0  
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*                                
11/01/18     10/31/19       16.92       0.28       0.49       0.77       (0.22 )      —       —       (0.22 )      17.47       1.45       4.12       1.67       43       4.74       4  
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  
Class C*                                
11/01/18     10/31/19       16.53       0.15       0.51       0.66       (0.05 )      —       —       (0.05 )      17.14       2.20       4.91       0.90       43       4.01       2  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon ClariVest International Stock Fund (cont’d)

 

                            
Class I*                                
11/01/18     10/31/19       $16.92       $0.31       $0.51       $0.82       $(0.28 )      $—       $—     $ (0.28 )      $17.46       1.15       3.82       1.88       43       5.07       $5  
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  
Class R-3*                                
11/01/18     10/31/19       16.74       0.24       0.49       0.73       (0.20 )      —       —       (0.20 )      17.27       1.70       4.49       1.44       43       4.54       1  
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  
Class R-5*                                
11/01/18     10/31/19       16.94       0.33       0.49       0.82       (0.28 )      —       —       (0.28 )      17.48       1.15       6.06       1.99       43       5.06       0  
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  
Class R-6*                                
11/01/18     10/31/19       16.97       0.34       0.49       0.83       (0.29 )      —       —       (0.29 )      17.51       1.05       3.90       2.02       43       5.16       0  
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  
Class Y*                                
11/01/18     10/31/19       16.86       0.35       0.40       0.75       (0.27 )      —       —       (0.27 )      17.34       1.45       4.35       2.10       43       4.70       0  
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*                                
11/01/18     10/31/19       15.73       0.16       0.67       0.83       (0.08 )      (0.50 )      —       (0.58 )      15.98       1.17       2.50       1.03       139       5.74       1  
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*                                
11/01/18     10/31/19       15.52       0.04       0.66       0.70       (0.03 )      (0.50 )      —       (0.53 )      15.69       1.92       3.26       0.29       139       4.91       2  
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*                                
11/01/18     10/31/19       15.76       0.21       0.66       0.87       (0.13 )      (0.50 )      —       (0.63 )      16.00       0.87       2.24       1.33       139       6.02       22  
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*                                
11/01/18     10/31/19       15.70       0.12       0.66       0.78       (0.04 )      (0.50 )      —       (0.54 )      15.94       1.42       3.26       0.80       139       5.40       0  
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*                                
11/01/18     10/31/19       15.77       0.21       0.66       0.87       (0.12 )      (0.50 )      —       (0.62 )      16.02       0.87       2.43       1.35       139       6.04       0  
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  

 

The accompanying notes are an integral part of the financial statements.      41  

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Cougar Tactical Allocation Fund (cont’d)

 

                            
Class R-6*                                
11/01/18     10/31/19       $15.79       $0.22       $0.67       $0.89       $(0.14 )    $ (0.50 )      $—     $ (0.64 )      $16.04       0.77       2.72       1.45       139       6.15       $0  
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*                                
11/01/18     10/31/19       15.71       0.16       0.66       0.82       (0.08 )      (0.50 )      —       (0.58 )      15.95       1.17       3.12       1.05       139       5.68       0  
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  
Carillon Eagle Growth & Income Fund

 

                            
Class A*                                
11/01/18     10/31/19       21.44       0.41       1.74       2.15       (0.39 )      (1.50 )      —       (1.89 )      21.70       0.97       0.97       1.98       25       11.47       171  
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  
Class C*                                
11/01/18     10/31/19       20.52       0.24       1.66       1.90       (0.24 )      (1.50 )      —       (1.74 )      20.68       1.72       1.72       1.23       25       10.66       133  
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  
Class I*                                
11/01/18     10/31/19       21.39       0.46       1.74       2.20       (0.45 )      (1.50 )      —       (1.95 )      21.64       0.70       0.70       2.21       25       11.76       492  
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  
Class R-3*                                
11/01/18     10/31/19       21.35       0.34       1.74       2.08       (0.32 )      (1.50 )      —       (1.82 )      21.61       1.30       1.30       1.66       25       11.12       2  
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  
Class R-5*                                
11/01/18     10/31/19       21.41       0.47       1.73       2.20       (0.45 )      (1.50 )      —       (1.95 )      21.66       0.72       0.72       2.23       25       11.73       4  
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  
Class R-6*                                
11/01/18     10/31/19       21.34       0.48       1.73       2.21       (0.46 )      (1.50 )      —       (1.96 )      21.59       0.63       0.63       2.31       25       11.87       49  
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  
Class Y*                                
11/01/18     10/31/19       21.35       0.38       1.74       2.12       (0.37 )      (1.50 )      —       (1.87 )      21.60       1.10       1.07       1.82       25       11.35       0  
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*                                
11/01/18     10/31/19       56.19       (0.26 )      8.71       8.45       —       (1.50 )      —       (1.50 )      63.14       1.05       1.05       (0.44 )      32       15.81       719  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Mid Cap Growth Fund (cont’d)

 

                            
Class C*                                
11/01/18     10/31/19       $44.61       $(0.52 )      $6.81       $6.29       $—       $(1.50 )      $—       $(1.50)       49.40       1.74       1.74       (1.12 )      32       15.05       $136  
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  
Class I*                                
11/01/18     10/31/19       59.38       (0.08 )      9.26       9.18       —       (1.50 )      —       (1.50 )      67.06       0.74       0.74       (0.12 )      32       16.20       1,319  
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  
Class R-3*                                
11/01/18     10/31/19       54.42       (0.42 )      8.42       8.00       —       (1.50 )      —       (1.50 )      60.92       1.34       1.34       (0.73 )      32       15.49       45  
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  
Class R-5*                                
11/01/18     10/31/19       59.22       (0.09 )      9.24       9.15       —       (1.50 )      —       (1.50 )      66.87       0.75       0.75       (0.14 )      32       16.19       758  
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  
Class R-6*                                
11/01/18     10/31/19       59.78       (0.03 )      9.33       9.30       —       (1.50 )      —       (1.50 )      67.58       0.65       0.65       (0.04 )      32       16.30       2,695  
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  
Class Y*                                
11/01/18     10/31/19       59.14       (0.29 )      9.25       8.96       —       (1.50 )      —       (1.50 )      66.60       1.01       1.01       (0.44 )      32       15.89       4  
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*                                
11/01/18     10/31/19       59.15       (0.32 )      0.39       0.07       —       (10.99 )      —       (10.99 )      48.23       1.08       1.08       (0.65 )      26       3.64       394  
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  
Class C*                                
11/01/18     10/31/19       43.65       (0.44 )      (0.29 )      (0.73 )      —       (10.99 )      —       (10.99 )      31.93       1.76       1.76       (1.32 )      26       2.92       68  
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  
Class I*                                
11/01/18     10/31/19       62.28       (0.17 )      0.52       0.35       —       (10.99 )      —       (10.99 )      51.64       0.76       0.76       (0.33 )      26       3.96       1,040  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Eagle Small Cap Growth Fund (cont’d)

 

                            
Class R-3*                                
11/01/18     10/31/19       $57.14       $(0.43 )      $0.30       $(0.13)       $—       $(10.99 )      $—       $(10.99)       $46.02       1.34       1.34       (0.90 )      26       3.37       $66  
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  
Class R-5*                                
11/01/18     10/31/19       62.56       (0.18 )      0.53       0.35       —       (10.99 )      —       (10.99)       51.92       0.77       0.77       (0.34 )      26       3.94       362  
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  
Class R-6*                                
11/01/18     10/31/19       63.11       (0.12 )      0.56       0.44       —       (10.99 )      —       (10.99)       52.56       0.65       0.65       (0.23 )      26       4.07       2,186  
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  
Class Y*                                
11/01/18     10/31/19       62.03       (0.33 )      0.45       0.12       —       (10.99 )      —       (10.99)       51.16       1.17       1.37       (0.61 )      26       3.53       0  
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*                                
11/01/18     10/31/19       19.02       0.35       1.50       1.85       (0.66 )      (1.28 )      —       (1.94)       18.93       1.44       1.51       1.97       20       11.82       1  
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*                                
11/01/18     10/31/19       18.89       0.20       1.52       1.72       (0.50 )      (1.28 )      —       (1.78)       18.83       2.19       2.21       1.15       20       10.99       0  
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*                                
11/01/18     10/31/19       19.07       0.37       1.56       1.93       (0.66 )      (1.28 )      —       (1.94)       19.06       1.10       1.10       2.05       20       12.24       711  
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  
Class R-3*                                
11/01/18     10/31/19       18.97       0.26       1.56       1.82       (0.52 )      (1.28 )      —       (1.80)       18.99       1.70       2.18       1.48       20       11.53       0  
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*                                
11/01/18     10/31/19       19.06       0.36       1.55       1.91       (0.64 )      (1.28 )      —       (1.92)       19.05       1.15       1.68       2.03       20       12.10       0  
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*                                
11/01/18     10/31/19       19.08       0.39       1.54       1.93       (0.69 )      (1.28 )      —       (1.97)       19.04       1.02       1.02       2.20       20       12.27       3  
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*                                
11/01/18     10/31/19       19.01       0.31       1.55       1.86       (0.58 )      (1.28 )      —       (1.86)       19.01       1.45       2.19       1.73       20       11.79       0  
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*                                
11/01/18     10/31/19       18.37       0.09       1.20       1.29       (0.09 )      (1.19 )      —       (1.28)       18.38       1.20       1.20       0.50       170       8.31       21  
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*                                
11/01/18     10/31/19       18.26       (0.05 )      1.18       1.13       (0.03 )      (1.19 )      —       (1.22)       18.17       1.99       1.99       (0.28 )      170       7.34       20  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Scout Mid Cap Fund (cont’d)

 

                            
Class I*                                
11/01/18     10/31/19       $18.41       $0.13       $1.20       $1.33       $(0.09)       $(1.19 )      $—       $(1.28)       $18.46       0.98       0.98       0.75       170       8.48       $2,685  
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  
Class R-3*                                
11/01/18     10/31/19       18.32       0.03       1.19       1.22       (0.06)       (1.19 )      —       (1.25)       18.29       1.56       1.56       0.16       170       7.87       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*                                
11/01/18     10/31/19       18.35       0.13       1.19       1.32       (0.11)       (1.19 )      —       (1.30)       18.37       1.00       1.00       0.72       170       8.47       2  
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*                                
11/01/18     10/31/19       18.41       0.15       1.19       1.34       (0.11)       (1.19 )      —       (1.30)       18.45       0.88       0.88       0.82       170       8.60       108  
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*                                
11/01/18     10/31/19       18.37       0.08       1.20       1.28       (0.10)       (1.19 )      —       (1.29)       18.36       1.26       1.26       0.45       170       8.20       24  
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  
Carillon Scout Small Cap Fund

 

                            
Class A*                                
11/01/18     10/31/19       27.10       (0.07 )      1.23       1.16       —       (0.06 )      —       (0.06)       28.20       1.16       1.16       (0.27 )      21       4.30       13  
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*                                
11/01/18     10/31/19       26.89       (0.25 )      1.20       0.95       —       (0.06 )      —       (0.06)       27.78       1.92       1.92       (0.92 )      21       3.55       8  
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*                                
11/01/18     10/31/19       27.17       (0.02 )      1.25       1.23       —       (0.06 )      —       (0.06 )      28.34       0.95       0.94       (0.06 )      21       4.55       297  
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  
Class R-3*                                
11/01/18     10/31/19       27.02       (0.16 )      1.23       1.07       —       (0.06 )      —       (0.06 )      28.03       1.50       1.55       (0.56 )      21       3.98       0  
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*                                
11/01/18     10/31/19       27.17       (0.02 )      1.25       1.23       —       (0.06 )      —       (0.06 )      28.34       0.95       0.99       (0.07 )      21       4.55       0  
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*                                
11/01/18     10/31/19       27.20       —       1.27       1.27       —       (0.06 )      —       (0.06 )      28.41       0.84       0.84       0.01       21       4.69       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*                                
11/01/18     10/31/19       27.09       (0.10 )      1.24       1.14       —       (0.06 )      —       (0.06 )      28.17       1.25       1.23       (0.36 )      21       4.23       0  
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*                                
11/01/18     10/31/19       11.03       0.22       0.99       1.21       (0.22 )      —       —       (0.22 )      12.02       0.80       1.20       1.85       409       11.12       1  
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*                                
11/01/18     10/31/19       11.02       0.13       0.99       1.12       (0.13 )      —       —       (0.13 )      12.01       1.55       2.00       1.09       409       10.25       1  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Core Bond Fund (cont’d)

 

                            
Class I*                                
11/01/18     10/31/19       $11.04       $0.26       $1.01       $1.27       $(0.27 )      $—       $—       $(0.27 )      $12.04       0.40       0.98       2.28       409       11.64       $105  
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  
Class R-3*                                
11/01/18     10/31/19       11.04       0.19       0.99       1.18       (0.19 )      —       —       (0.19 )      12.03       1.05       1.97       1.61       409       10.82       0  
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*                                
11/01/18     10/31/19       11.05       0.25       1.00       1.25       (0.26 )      —       —       (0.26 )      12.04       0.50       1.46       2.17       409       11.42       0  
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*                                
11/01/18     10/31/19       11.05       0.26       1.00       1.26       (0.27 )      —       —       (0.27 )      12.04       0.40       1.46       2.26       409       11.53       0  
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*                                
11/01/18     10/31/19       11.04       0.22       0.99       1.21       (0.22 )      —       —       (0.22 )      12.03       0.80       1.26       1.89       409       11.09       1  
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  
Carillon Reams Core Plus Bond Fund

 

                            
Class A*                                
11/01/18     10/31/19       30.44       0.58       3.01       3.59       (0.60 )      —       —       (0.60 )      33.43       0.80       0.98       1.79       413       11.89       0  
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*                                
11/01/18     10/31/19       30.41       0.34       3.00       3.34       (0.37 )      —       —       (0.37 )      33.38       1.55       1.78       1.05       413       11.06       0  
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  
Class I*                                
11/01/18     10/31/19       30.46       0.72       2.99       3.71       (0.72 )      —       —       (0.72 )      33.45       0.40       0.66       2.23       413       12.32       635  
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  
Class R-3*                                
11/01/18     10/31/19       30.44       0.50       3.00       3.50       (0.51 )      —       —       (0.51)       33.43       1.05       1.68       1.57       413       11.60       0  
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*                                
11/01/18     10/31/19       30.46       0.68       3.00       3.68       (0.69 )      —       —       (0.69)       33.45       0.50       1.18       2.12       413       12.20       0  
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*                                
11/01/18     10/31/19       30.46       0.71       3.00       3.71       (0.72 )      —       —       (0.72)       33.45       0.40       1.18       2.22       413       12.32       0  
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*                                
11/01/18     10/31/19       30.44       0.59       2.99       3.58       (0.59 )      —       —       (0.59)       33.43       0.80       0.97       1.84       413       11.87       14  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions           Ratios to average net asset (%)                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     From
return
of
capital		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Unconstrained Bond Fund

 

                            
Class A*                                
11/01/18     10/31/19       $11.45       $0.21       $0.69       $0.90       $(0.22 )      $—       $—       $(0.22 )      $12.13       0.80       1.14       1.74       289       7.92       $0  
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*                                
11/01/18     10/31/19       11.42       0.11       0.71       0.82       (0.14 )      —       —       (0.14 )      12.10       1.55       1.96       0.92       289       7.19       0  
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*                                
11/01/18     10/31/19       11.43       0.24       0.70       0.94       (0.25 )      —       —       (0.25 )      12.12       0.50       0.85       2.07       289       8.31       907  
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  
Class R-3*                                
11/01/18     10/31/19       11.43       0.18       0.69       0.87       (0.19 )      —       —       (0.19 )      12.11       1.05       1.80       1.51       289       7.63       0  
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*                                
11/01/18     10/31/19       11.43       0.24       0.70       0.94       (0.25 )      —       —       (0.25 )      12.12       0.50       1.37       2.06       289       8.31       0  
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*                                
11/01/18     10/31/19       11.43       0.26       0.69       0.95       (0.26 )      —       —       (0.26 )      12.12       0.40       0.76       2.17       289       8.42       34  
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*                                
11/01/18     10/31/19       11.49       0.21       0.69       0.90       (0.21 )      —       —       (0.21 )      12.18       0.80       1.15       1.77       289       7.93       23  
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  

* 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.

 

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

Notes to Financial Statements

 

10.31.2019

 

Note 1  |  Organization and investment objective  |  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”):

 

  •  

Carillon ClariVest Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation,

  •  

Carillon ClariVest International Stock Fund (“International Stock Fund”) seeks capital appreciation,

  •  

Carillon Cougar Tactical Allocation Fund* (“Tactical Allocation Fund”) seeks long-term capital appreciation,

  •  

Carillon Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income,

  •  

Carillon Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation,

  •  

Carillon Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation,

  •  

Carillon Scout International Fund (“International Fund”) seeks long-term growth of capital and income,

  •  

Carillon Scout Mid Cap Fund (“Mid Cap Fund”) seeks long-term growth of capital,

  •  

Carillon Scout Small Cap Fund (“Small Cap Fund”) seeks long-term growth of capital,

  •  

Carillon Reams Core Bond Fund (“Core Bond Fund”) seeks a high level of total return consistent with the preservation of capital,

  •  

Carillon Reams Core Plus Bond Fund (“Core Plus Bond Fund”) seeks a high level of total return consistent with the preservation of capital, and

  •  

Carillon Reams Unconstrained Bond Fund (“Unconstrained Bond Fund”) seeks to maximize total return consistent with the preservation of capital.

*Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in exchange-traded funds (“ETFs”).

Class offerings  |  As of October 31, 2019, 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 less than one year after purchase. Class C shares automatically convert to Class A shares for all purchases that have surpassed their 10-year anniversary date.

  •  

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 that may cause the last market quotation to be unreliable 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.

 

48   

Notes to Financial Statements

 

     10.31.2019  

 

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 each 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 look-back 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 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 the trading of a particular security ends in a foreign market 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, it will price the security 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. Fund 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 portfolio 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), 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 and appropriate methodologies that have been considered by the Board 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, 2019, 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, 2019.

 

  •  

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, 2019, only the Core Bond Fund, 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.

 

     49  

Notes to Financial Statements

 

10.31.2019

 

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. 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, 2019:

 

    Level 1     Level 2      Level 3  
Capital Appreciation Fund       
Common stocks (a)     $547,363,869       $—        $—  
Total investment portfolio     $547,363,869       $—        $—  
International Stock Fund       
Common stocks (a):       

Australia

     $—       $484,917        $—  

Belgium

     —       77,004        —  

Denmark

     —       330,520        —  

Finland

     —       62,726        —  

France

     —       1,376,066        —  

Germany

     —       953,627        —  

Hong Kong

     —       49,477        —  

Israel

     —       149,159        —  

Italy

     —       564,843        —  

Japan

     —       2,813,557        —  

Netherlands

     262,647       633,526        —  

Norway

     —       28,093        —  

Singapore

     —       24,142        —  

Spain

     —       275,856        —  

Sweden

     —       559,684        —  

Switzerland

     —       1,403,831        —  

United Kingdom

     84,278       1,877,747        —  
Preferred stocks     —       151,894        —  
Exchange traded funds     128,098       —        —  
Total investment portfolio     $475,023       $11,816,669        $—  
Tactical Allocation Fund       
Exchange traded funds     $24,415,175       $—        $—  
Total investment portfolio     $24,415,175       $—        $—  
Growth & Income Fund       
Common stocks (a)     $826,854,594       $—        $—  
Total investment portfolio     $826,854,594       $—        $—  
Mid Cap Growth Fund       
Common stocks (a)     $5,634,862,755       $—        $—  
Money market funds     73,593,957       —        —  
Total investment portfolio     $5,708,456,712       $—        $—  
    Level 1     Level 2      Level 3  
Small Cap Growth Fund       
Common stocks (a)     $4,122,176,721       $—        $—  
Money market funds     91,124,644       —        —  
Total investment portfolio     $4,213,301,365       $—        $—  
International Fund       
Common stocks (a):       

Australia

     $10,848,189       $28,174,409        $—  

Canada

     8,121,141       10,867,876        —  

Denmark

     11,110,540       —        —  

France

     —       68,913,547        —  

Germany

     21,634,294       50,161,602        —  

Hong Kong

     —       13,185,970        —  

Ireland

     13,932,750       8,695,019        —  

Japan

     —       98,722,862        —  

Mexico

     23,953,693       —        —  

Norway

     —       13,214,637        —  

Singapore

     —       20,554,200        —  

South Africa

     —       4,942,725        —  

Spain

     —       11,756,004        —  

Sweden

     —       24,192,260        —  

Switzerland

     16,862,898       49,447,306        —  

Taiwan

     —       20,062,455        —  

Turkey

     —       12,255,449        —  

United Kingdom

     34,708,370       54,139,852        —  

United States

     34,237,607       —        —  
Preferred stocks:       

Colombia

     11,991,180       —        —  

Germany

     9,673,394       16,634,979        —  
Money market funds     10,640,805       —        —  
Total investment portfolio     $207,714,861       $505,921,152        $—  
Mid Cap Fund       
Common stocks (a)     $2,855,091,503       $—        $—  
Money market funds     8,326,488       —        —  
Total investment portfolio     $2,863,417,991       $—        $—  
 

 

50   

Notes to Financial Statements

 

10.31.2019

 

    Level 1     Level 2      Level 3  
Small Cap Fund       
Common stocks (a)     $323,623,085       $—        $—  
Money market funds     2,670,749       —        —  
Total investment portfolio     $326,293,834       $—        $—  
Core Bond Fund       
Corporate bonds (a)     $—       $19,997,937        $—  
Mortgage and asset-backed securities     —       45,817,721        —  
U.S. Treasuries     —       45,667,292        —  
Short-term investments     —       7,087,589        —  
Total investment portfolio     $—       $118,570,539        $—  
Credit default swaps     $—       $168,890        $—  
    Level 1     Level 2      Level 3  
Core Plus Bond Fund       
Corporate bonds (a)     $—       $126,554,332        $—  
Mortgage and asset-backed securities     —       247,826,042        —  
U.S. Treasuries     —       293,525,079        —  
Short-term investments     —       42,053,954        —  
Total investment portfolio     $—       $709,959,407        $—  
Credit default swaps     $—       $2,554,839        $—  
Unconstrained Bond Fund       
Corporate bonds (a)     $—       $233,760,375        $—  
Mortgage and asset-backed securities     —       200,566,300        —  
U.S. Treasuries     —       198,357,733        —  
Short-term investments     —       359,179,091        —  
Total investment portfolio     $—       $991,863,499        $—  
Credit default swaps     $—       $4,373,877        $—  
 

 

(a) Please see the investment portfolio for details.

At October 31, 2019, the Funds did not hold any Level 3 investments.

Derivatives  |  The following disclosure provides certain information about the Funds’ derivative and hedging activities.

 

  •  

Forward currency contracts  |  Each of the Funds’ policies, except Small Cap Growth, Core Bond, International, Mid Cap, and Small Cap, permit the Funds to enter into forward currency contracts (“forward contracts”) for hedging (such as to hedge the impact of adverse changes in the relationships between the US dollar and various foreign currencies), including transaction hedging, anticipatory hedging, cross hedging, proxy hedging, and position hedging, or for any other lawful purpose consistent with their investment objectives. Forward contracts are agreements between two parties to exchange different currencies at a specified rate at an agreed upon future date. The fair value of a forward contract fluctuates with changes in currency exchange rates. Outstanding forward contracts are valued daily at current forward rates and the resulting change in market value is recorded as unrealized appreciation or depreciation. When a forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the forward contract was opened and the value at the time it was closed. The risks to the Funds of entering into forward contracts include the inability of counterparties to meet the terms of their contracts, future adverse movement in currency values and contract positions that are not exact offsets. During the fiscal year ended October 31, 2019, 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

 

     51  

Notes to Financial Statements

 

10.31.2019

 

  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, 2019, 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 Bond Fund     $10,316,923       $—       $—  
Core Plus Bond Fund     83,546,662       146,775,595       (106,961,976 ) 
Unconstrained Bond Fund     170,906,892       224,575,686       (353,726,138)  

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, 2019, none of the Funds held any repurchase agreements.

 

52   

Notes to Financial Statements

 

10.31.2019

 

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.

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      11/1/18 to 10/31/19        $14,814,793        $2,225,038        $17,013,818        $121,423        $617,839        $3,552,644        $842  
     11/1/17 to 10/31/18        10,158,703        5,182,715        7,279,691        80,730        195,042        2,575,449        619  
International Stock Fund      11/1/18 to 10/31/19        62,730        6,585        143,217        10,790        55        2,790        527  
     11/1/17 to 10/31/18        54,124        28,696        115,789        7,995        45        177        145  
Tactical Allocation Fund      11/1/18 to 10/31/19        63,410        72,560        832,642        389        1,386        464        420  
     11/1/17 to 10/31/18        38,585        36,455        369,140        262        978        333        289  
Growth & Income Fund      11/1/18 to 10/31/19        13,263,144        11,192,138        28,892,434        159,383        93,954        4,010,119        6,433  
     11/1/17 to 10/31/18        6,621,319        5,933,158        11,688,591        90,673        20,226        1,918,067        561  
Mid Cap Growth Fund      11/1/18 to 10/31/19        17,751,954        4,769,705        28,112,071        1,165,639        18,599,152        45,228,966        9,464  
     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  
Small Cap Growth Fund      11/1/18 to 10/31/19        96,913,223        27,054,499        230,547,503        15,646,019        73,349,310        375,763,465        14,071  
     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  
International Fund      11/1/18 to 10/31/19        39,756        6,071        78,820,675        851        906        280,424        932  
     11/1/17 to 10/31/18        1,591        1,583        177,675,550        1,588        1,594        1,594        1,591  
Mid Cap Fund      11/1/18 to 10/31/19        691,968        704,999        169,659,120        105,258        50,544        2,868,920        179,981  
     11/1/17 to 10/31/18        3,347        1,837        138,752,902        770        775        775        1,848  
Small Cap Fund      11/1/18 to 10/31/19        32,573        27,569        585,642        650        134        11,144        212  
     11/1/17 to 10/31/18        11,163        10,951        46,518,857        1,741        1,741        216,374        2,580  
Core Bond Fund      11/1/18 to 10/31/19        17,697        5,896        2,406,030        174        233        243        33,120  
     11/1/17 to 10/31/18        5,814        2,454        2,264,998        139        187        195        33,740  
Core Plus Bond Fund      11/1/18 to 10/31/19        5,088        3,282        14,048,025        165        223        233        286,358  
     11/1/17 to 10/31/18        2,399        1,317        13,013,527        135        182        190        354,295  

 

     53  

Notes to Financial Statements

 

  10.31.2019  

 

Distributions from earnings (cont’d)      Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Unconstrained Bond Fund      11/1/18 to 10/31/19        $ 4,566        $ 1,157        $ 23,194,466        $ 160        $ 218        $ 970,353        $ 494,618  
     11/1/17 to 10/31/18        1,119        253        25,119,317        132        179        290,370        820,029  

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, 2019, 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     $284,476,918       $5,854,522       $30,674,884       $360,381,208       $2,358,001,009       $1,140,442,114  
Sales     244,935,213       10,670,917       30,166,067       180,477,163       1,645,972,988       1,855,944,185  
    International
Fund		    

Mid Cap

Fund

     Small Cap
Fund		     Core Bond
Fund		     Core Plus Bond
Fund		     Unconstrained
Bond Fund		  
Purchases     $147,428,478       $4,822,506,674       $69,736,233       $209,869,844       $1,224,735,223       $1,104,775,487  
Purchases - U.S. Treasury securities     —       —       —       244,657,781       1,525,146,012       1,907,765,973  
Sales     306,664,869       4,550,641,681       76,666,099       198,251,051       1,138,391,083       1,019,446,865  
Sales - U.S. Treasury securities     —       —       —       266,099,858       1,654,295,942       2,677,404,782  

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

   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%

  

 

 

 

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. Carillon Tower may receive payments from the subadvisers for certain marketing and related expenses. 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.

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.

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, except the Capital Appreciation Fund and the Growth & Income Fund, 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

 

54   

Notes to Financial Statements

 

10.31.2019

 

fees of 1.00% for Class C shares, 0.50% for Class R-3 shares, and 0.25% for Class Y shares. The Funds do not incur any distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Carillon Tower or any third party may make payments for the sale and distribution of all share classes, including Class I, Class R-5 or Class R-6 shares, from its own resources.

Sales charges  |  During the fiscal year ended October 31, 2019, 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     $33,864       $1,525       $14,360       $258,907       $290,882       $97,539  
CDSC - Class A     31       —       —       —       —       —  
CDSC - Class C     270       49       118       3,711       2,312       1,013  
    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Front-end sales charges - Class A     $14,737       $164,008       $34,793       $18       $81       $493  
CDSC - Class A     —       —       —       —       —       —  
CDSC - Class C     —       1,403       371       6       13       —  

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

Agency commissions  |  During the fiscal year ended October 31, 2019, 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     $86,818       $8,272       $6,425       $167,988       $1,710,820       $1,429,365  
Paid to RJA     —       —       —       3,181       81,783       98,028  
    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Total agency brokerage commissions     $351,514       $3,264,488       $81,719       $—       $12,237       $28,650  
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, 2019, 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      $3,112        $302        $5,106        $20        $130        $—        $—  
International Stock Fund      75        39        108        16        —        —        —  
Tactical Allocation Fund      26        41        342        —        1        —        —  
Growth & Income Fund      2,924        2,439        7,785        31        51        —        2  
Mid Cap Growth Fund      13,203        2,592        23,188        831        13,948        —        38  
Small Cap Growth Fund      8,582        1,546        21,446        1,409        7,197        —        —  
International Fund      15        2        13,403        —        —        —        —  
Mid Cap Fund      323        312        48,174        34        14        —        361  
Small Cap Fund      235        178        5,501        5        1        —        2  
Core Bond Fund      18        10        1,887        —        —        —        31  
Core Plus Bond Fund      5        6        11,524        —        —        —        276  
Unconstrained Bond Fund      5        3        19,533        —        —        —        474  

 

 

     55  

Notes to Financial Statements

 

10.31.2019

 

Transactions with affiliates  |  An issuer in which a Fund’s holdings represent 5% or more of the outstanding voting securities of the issuer is an “affiliated” issuer as defined in the 1940 Act. A schedule of Small Cap Growth Fund’s investments in securities of affiliated issuers is set forth below:

 

    Value at
11/1/18		     Purchases      Sales      Net Realized Gain
(Loss)		      Net Change in Unrealized
Appreciation (Depreciation)		      Value at
10/31/19		      Dividend
Income		      Shares owned
at 10/31/19		  
Everi Holdings, Inc.     $ 30,759,401       $1,295,012        $—        $—        $13,383,207        $ 45,437,620        $—        4,516,662  
MarineMax, Inc.     42,371,268       —        —        —        (13,608,698)        28,762,570        —        1,861,655  
Universal Electronics, Inc.     46,989,335       —        —        —        31,331,232        78,320,567        —        1,502,697  
 

 

 

     
Total     $120,120,004       $1,295,012        $—        $—        $31,105,741        $152,520,757        $—     
 

 

 

     

Expense limitations  |  Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 20, 2020 to the extent that the annual operating expense ratio for each class of shares exceeds the following annualized ratios as a percentage of the 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%  

Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:

 

Expenses waived and/or reimbursed 11/1/18 to 10/31/19   Fund Level     Class A     Class C     Class I     Class R-3     Class R-5     Class R-6     Class Y  
Capital Appreciation Fund     $448,383       $82,911       $10,397       $296,016       $2,680       $8,041       $44,904       $70  
International Stock Fund     338,713       6,893       4,245       12,210       2,140       78       431       118  
Tactical Allocation Fund     271,104       1,740       2,518       30,113       72       121       85       84  
Growth & Income Fund     —       —       —       —       —       —       —       —  
Mid Cap Growth Fund     —       —       —       —       —       —       —       —  
Small Cap Growth Fund     —       —       —       —       —       —       —       56  
International Fund     —       548       29       —       45       49       —       74  
Mid Cap Fund     —       —       —       —       —       —       —       —  
Small Cap Fund     —       —       —       —       150       25       —       —  
Core Bond Fund     364,609       520       557       237,974       60       65       75       2,052  
Core Plus Bond Fund     447,010       310       491       1,183,283       59       64       74       14,732  
Unconstrained Bond Fund     2,953,926       212       192       1,030,620       51       64       46,567       25,048  

 

56   

Notes to Financial Statements

 

10.31.2019

 

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. Carillon Tower receives payments from the Funds’ subadvisers for amounts waived and/or reimbursed under each contractual fee waiver and expense reimbursement agreement and provides to the subadvisers any recoupment that Carillon Tower receives from the Funds. The following tables show the amounts that Carillon Tower maybe allowed to recover by class of shares and the dates that these amounts will expire:

 

Recoverable expenses - 10/31/2021    Fund Level      Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $448,383        $82,911        $10,397        $296,016        $2,680        $8,041        $44,904        $70  
International Stock Fund      338,713        6,893        4,245        12,210        2,140        78        431        118  
Tactical Allocation Fund      271,104        1,740        2,518        30,113        72        121        85        84  
Growth & Income Fund      —        —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —        56  
International Fund      —        548        29        —        45        49        —        74  
Mid Cap Fund      —        —        —        —        —        —        —        —  
Small Cap Fund      —        —        —        —        150        25        —        —  
Core Bond Fund      364,609        520        557        237,974        60        65        75        2,052  
Core Plus Bond Fund      447,010        310        491        1,183,283        59        64        74        14,732  
Unconstrained Bond Fund      2,953,926        212        192        1,030,620        51        64        46,567        25,048  

 

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      —        —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —        —  
International Fund      —        —        13        —        44        49        —        69  
Mid Cap Fund      —        —        —        —        —        —        —        —  
Small Cap Fund      —        —        —        —        172        104        —        77  
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  

The Manager recovered previously waived expenses during the fiscal year ended October 31, 2019 as follows:

 

Recovered fees previously waived   Fund Level     Class A     Class C     Class I     Class R-3     Class R-5     Class R-6     Class Y  
Capital Appreciation Fund     $—       $—       $—       $—       $—       $—       $—       $—  
International Stock Fund     —       —       —       —       —       —       —       —  
Tactical Allocation Fund     —       —       —       —       —       —       —       —  
Growth & Income Fund     —       —       —       —       —       —       —       26  
Mid Cap Growth Fund     —       —       —       —       —       —       —       —  
Small Cap Growth Fund     —       —       —       —       —       —       —       —  
International Fund     —       —       —       —       —       —       —       —  
Mid Cap Fund     —       —       —       —       —       —       —       —  
Small Cap Fund     —       —       —       41,117       —       —       123       21  
Core Bond Fund     —       —       —       —       —       —       —       —  
Core Plus Bond Fund     —       —       —       —       —       —       —       —  
Unconstrained Bond Fund     —       —       —       —       —       —       —       —  

 

     57  

Notes to Financial Statements

 

10.31.2019

 

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, 2016 to October 31, 2019 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, 2016, June 30, 2017, and October 31, 2017 to October 31, 2019) 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		  
Ordinary Income      11/1/18 to 10/31/19        $1,421,956        $226,694        $240,950        $15,033,842        $11,158,308        $—  
     11/1/17 to 10/31/18        236,305        206,971        410,930        11,609,719        —        —  
Long-term capital gain      11/1/18 to 10/31/19        36,924,441        —        730,321        42,583,763        104,478,643        819,288,090  
     11/1/17 to 10/31/18        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		  
Ordinary Income      11/1/18 to 10/31/19        $32,961,534        $11,985,517        $370,922        $2,463,393        $14,343,374        $24,665,538  
     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  
Long-term capital gain      11/1/18 to 10/31/19        46,188,081        162,275,273        287,002        —        —        —  
     11/1/17 to 10/31/18        164,035,083        98,792,226        45,281,251        —        —        —  

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 investments in swaps. 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     $—       $—     $—   $—   $—   $(1,754,018)
Total distributable earnings (loss)     —       —     —   —   —   1,754,018 
    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		   Core Bond
Fund		   Core Plus
Bond Fund		   Unconstrained
Bond Fund
Paid-in capital     $—       $—     $—   $—   $ (2)   $—
Total distributable earnings (loss)     —       —     —   —   2    —

At October 31, 2019, capital loss carryforwards and late year loss deferrals are as follows:

 

    Capital
Appreciation Fund		     International
Stock Fund		     Tactical
Allocation Fund		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Capital loss carryforwards utilized 11/1/18 to 10/31/19     $—       $—       $—       $—       $—       $ —  
Capital loss carryforwards available indefinitely at 10/31/19     —       914,959       —       —       —       —  
Late year loss deferrals available at 10/31/19     —       —       —       —       8,904,083       30,451,344  

 

58   

Notes to Financial Statements

 

10.31.2019

 

    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Capital loss carryforwards utilized 11/1/18 to 10/31/19     $—       $—       $—       $3,274,181       $23,494,715       $27,427,625  
Capital loss carryforwards available indefinitely at 10/31/19     —       —       —       —       —       27,702,019  
Late year loss deferrals available at 10/31/19     —       —       335,692       —       —       —  

Capital loss carryforwards may be used to offset future realized gains and late year loss deferrals (net losses incurred from January 1, 2019 to October 31, 2019) may be used to offset ordinary income as of the first day of the following fiscal year.

At October 31, 2019, 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     $350,472,790       $11,251,894       $23,029,782       $581,585,927       $4,530,034,643       $3,253,892,025  
Gross unrealized appreciation     207,165,548       1,695,585       1,430,665       250,139,431       1,403,111,508       1,229,302,177  
Gross unrealized depreciation     (10,274,469 )      (655,787 )      (45,272 )      (4,870,764 )      (224,689,439 )      (269,892,837 ) 
Net unrealized appreciation/(depreciation)     196,891,079       1,039,798       1,385,393       245,268,667       1,178,422,069       959,409,340  
Undistributed ordinary income     2,299,938       264,615       191,168       2,423,085       —       —  
Undistributed long-term gain     6,949,690       —       26,983       23,218,907       123,272,391       247,184,524  
Total undistributed earnings     9,249,628       264,615       218,151       25,641,992       123,272,391       247,184,524  
Other accumulated losses     —       (915,852 )      —       (2,274 )      (8,904,083 )      (30,451,344 ) 
Total distributable earnings (loss)     $206,140,707       $388,561       $1,603,544       $270,908,385       $1,292,790,377       $1,176,142,520  
    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Cost of investments     $497,252,598       $2,551,086,427       $223,307,711       $117,796,805       $706,262,982       $989,013,951  
Gross unrealized appreciation     258,483,326       398,072,218       123,546,194       1,302,517       8,508,887       8,618,615  
Gross unrealized depreciation     (42,099,911 )      (85,740,654 )      (20,560,071 )      (359,893 )      (2,257,623 )      (1,395,190 ) 
Net unrealized appreciation/(depreciation)     216,383,415       312,331,564       102,986,123       942,624       6,251,264       7,223,425  
Undistributed ordinary income     6,250,167       15,322,785       —       2,501,433       14,714,533       6,586,652  
Undistributed long-term gain     36,431,895       2,100,074       12,539,896       —       —       —  
Total undistributed earnings     42,682,062       17,422,859       12,539,896       2,501,433       14,714,533       6,586,652  
Other accumulated losses     (94,232 )      30       (345,189 )      —       —       (27,702,019 ) 
Total distributable earnings (loss)     $258,971,245       $329,754,453       $115,180,830       $3,444,057       $20,965,797       $(13,891,942 ) 

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

NOTE 6  |  Other Derivative Information  |  At October 31, 2019, the Funds have invested in derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

 

              Asset     Liability  
    Risk Exposure Category   Statements of Assets and Liabilities Location     Fair Value Amount     Fair Value Amount  
Core Bond Fund   Credit contracts     Premiums paid - open swap contracts       $137,692       N/A  
      Unrealized appreciation - open swap contracts       31,198       N/A  
     

 

 

  
  Total       $168,890       N/A  
     

 

 

  
Core Plus Bond Fund   Credit contracts     Premiums paid - open swap contracts       $2,096,721       N/A  
      Unrealized appreciation - open swap contracts       458,118       N/A  
     

 

 

  
  Total       $2,554,839       N/A  
     

 

 

  

 

     59  

Notes to Financial Statements

 

10.31.2019

 

              Asset     Liability  
    Risk Exposure Category   Statements of Assets and Liabilities Location     Fair Value Amount     Fair Value Amount  
Unconstrained Bond Fund   Credit contracts     Premiums paid - open swap contracts       $3,598,520       N/A  
      Unrealized appreciation - open swap contracts       775,357       N/A  
     

 

 

  
  Total       $4,373,877       N/A  
     

 

 

  

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, 2019, the Funds did not hold any financial or derivative instruments that are offset or subject to enforceable master netting agreements (or related arrangements).

For the fiscal year ended October 31, 2019, the effect of derivative contracts on the Funds’ Statements of Operations is as follows:

 

    Risk Exposure Category   Derivative Instrument     Net Realized Gains
(Losses)		      Net Change in Unrealized
Appreciation (Depreciation)		  
Core Bond Fund   Credit contracts     Swap contracts       $476,388        $31,198  
     

 

 

  
  Total       $476,388        $31,198  
     

 

 

  
Core Plus Bond Fund   Credit contracts     Swap contracts       $4,829,474        $389,976  
  Interest rate contracts*     Future contracts       418,481        1,970,421  
     

 

 

  
  Total       $5,247,955      $ 2,360,397  
     

 

 

  
Unconstrained Bond Fund   Credit contracts     Swap contracts       $11,398,034        $637,789  
  Interest rate contracts*     Future contracts       (22,797,889 )       5,195,644  
     

 

 

  
  Total       $(11,399,855)      $ 5,833,433  
     

 

 

  

 

*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  |  Securities lending  |  To earn additional income, each Fund may loan portfolio securities to qualified broker dealers. The primary objective of securities lending is to supplement a Fund’s income through investment of the cash collateral in short-term interest bearing obligations. The collateral for a Fund’s loans will be marked-to-market daily so that at all times the collateral exceeds 100% of the value of the loan. A Fund may terminate such loans at any time and the market risk applicable to any security loaned remains its risk. Although voting rights, or rights to consent, with respect to the loaned securities pass to the borrower, a Fund retains the right to call the loans at any time on reasonable notice, and it may choose to do so in order that the securities may be voted by it if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. A Fund also may call such loans in order to sell the securities involved. The borrower must add to the collateral whenever the market value of the securities rises above the level of such collateral. While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount may be received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend. Securities loans involve some risk. There is a risk that a borrower may default on its obligations to return loaned securities; however, the funds’ securities lending agent may indemnify a Fund against that risk. A Fund could incur a loss if the borrower should fail financially at a time when the value of the loaned securities is greater than the collateral, and a Fund could lose rights in the collateral should the borrower fail financially. The securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a fund’s ability to vote proxies or to settle transactions. A Fund will also be responsible for the risks associated with the investment of cash collateral. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, the payment in lieu of the dividend that a fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”

Each security on loan as of the date of this report is footnoted on each Fund’s Investment Portfolio, along with the total value of all securities on loan. Cash collateral received for securities on loan has been invested in the First American Government Obligations Fund Class X (the “money market fund”). The money market fund is included in each respective Fund’s Investment Portfolio and is footnoted as having been purchased with cash collateral received for securities on loan. The value of the money market fund is included as an asset on the Statements of Assets and Liabilities as part of “Investments—unaffiliated, at value.” A liability of equal value to the cash collateral received and subsequently invested in the money market fund is included on the Statements of Assets and Liabilities as “Payable for securities lending collateral received.” Income earned from securities lending, net of applicable fees, is shown on the Statement of Operations as income from “Securities lending, net.”

NOTE 8  |  Line of Credit  |  As of October 31, 2019, 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, 2019 was 3.75% (prime rate of 4.75% minus 1.00%). The following table shows the details of the Funds’ borrowing activity during the fiscal year ended October 31, 2019. Funds that are not listed did not utilize the line of credit during the period.

 

60   

Notes to Financial Statements

 

10.31.2019

 

 

    Maximum Outstanding Balance     Average Daily Balance     Total Interest Incurred     Average Annual Interest Rate  
Capital Appreciation Fund     $7,185,000       $131,260       $5,950       4.47 % 
International Stock Fund     1,766,000       46,696       2,131       4.50  
Tactical Allocation Fund     3,398,000       11,395       520       4.50  
Mid Cap Growth Fund     7,599,000       110,260       4,472       4.00  
Small Cap Growth Fund     27,852,000       479,107       21,859       4.50  
International Fund     3,282,000       8,992       387       4.25  
Mid Cap Fund     1,115,000       11,444       492       4.24  
Unconstrained Bond Fund     3,560,000       22,921       988       4.25  

As of October 31, 2019, none of the Funds had any amounts outstanding under the line of credit.

NOTE 9  |  Subsequent events  |  The Manager has evaluated subsequent events through December 18, 2019, 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.

 

     61  

Report of 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

Opinion 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, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, 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, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with the accounting principles generally accepted in the United States of America.

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 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 Opinion

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 audits 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, 2019 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 opinion.

 

/s/ PricewaterhouseCoopers LLP

Tampa, Florida

December 18, 2019

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

 

62   

Understanding Your Ongoing Costs

 

(UNAUDITED)      10.31.2019  

 

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, 2019 and held through October 31, 2019. 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, 2019 through October 31, 2019 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        $1,025.90        $5.11        $1,020.16        $5.09        1.00 % 

Class C

      1,000.00        1,022.20        8.92        1,016.38        8.89        1.75  

Class I

      1,000.00        1,027.50        3.58        1,021.68        3.57        0.70  

Class R-3

      1,000.00        1,024.60        6.38        1,018.90        6.36        1.25  

Class R-5

      1,000.00        1,027.40        3.58        1,021.68        3.57        0.70  

Class R-6

      1,000.00        1,028.00        3.07        1,022.18        3.06        0.60  

Class Y

      1,000.00        1,026.00        5.11        1,020.16        5.09        1.00  
International Stock Fund                  

Class A

      1,000.00        1,016.30        7.37        1,017.90        7.37        1.45  

Class C

      1,000.00        1,012.40        11.16        1,014.12        11.17        2.20  

Class I

      1,000.00        1,018.10        5.85        1,019.41        5.85        1.15  

Class R-3

      1,000.00        1,015.30        8.64        1,016.64        8.64        1.70  

Class R-5

      1,000.00        1,018.10        5.85        1,019.41        5.85        1.15  

Class R-6

      1,000.00        1,018.00        5.34        1,019.91        5.35        1.05  

Class Y

      1,000.00        1,015.80        7.37        1,017.90        7.37        1.45  
Tactical Allocation Fund                  

Class A

      1,000.00        1,019.10        5.95        1,019.31        5.96        1.17  

Class C

      1,000.00        1,015.50        9.75        1,015.53        9.75        1.92  

Class I

      1,000.00        1,021.10        4.43        1,020.82        4.43        0.87  

Class R-3

      1,000.00        1,017.90        7.22        1,018.05        7.22        1.42  

Class R-5

      1,000.00        1,021.00        4.43        1,020.82        4.43        0.87  

Class R-6

      1,000.00        1,021.70        3.92        1,021.32        3.92        0.77  

Class Y

      1,000.00        1,019.20        5.95        1,019.31        5.96        1.17  
Growth & Income Fund                  

Class A

      1,000.00        1,036.30        4.93        1,020.37        4.89        0.96  

Class C

      1,000.00        1,032.30        8.81        1,016.53        8.74        1.72  

Class I

      1,000.00        1,037.80        3.65        1,021.63        3.62        0.71  

Class R-3

      1,000.00        1,034.40        6.72        1,018.60        6.67        1.31  

Class R-5

      1,000.00        1,037.20        3.85        1,021.42        3.82        0.75  

Class R-6

      1,000.00        1,038.20        3.19        1,022.08        3.16        0.62  

Class Y

      1,000.00        1,035.30        5.75        1,019.56        5.70        1.12  
Mid Cap Growth Fund                  

Class A

      1,000.00        1,020.20        5.40        1,019.86        5.40        1.06  

Class C

      1,000.00        1,016.70        8.84        1,016.43        8.84        1.74  

Class I

      1,000.00        1,021.90        3.77        1,021.48        3.77        0.74  

Class R-3

      1,000.00        1,018.60        6.97        1,018.30        6.97        1.37  

Class R-5

      1,000.00        1,021.90        3.87        1,021.37        3.87        0.76  

Class R-6

      1,000.00        1,022.40        3.26        1,021.98        3.26        0.64  

Class Y

      1,000.00        1,020.20        5.35        1,019.91        5.35        1.05  

 

     63  

Understanding Your Ongoing Costs

 

(UNAUDITED)    10.31.2019

 

            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        $940.90        $5.28        $1,019.76        $5.50        1.08 % 

Class C

      1,000.00        937.70        8.50        1,016.43        8.84        1.74  

Class I

      1,000.00        942.30        3.72        1,021.37        3.87        0.76  

Class R-3

      1,000.00        939.60        6.55        1,018.45        6.82        1.34  

Class R-5

      1,000.00        942.30        3.72        1,021.37        3.87        0.76  

Class R-6

      1,000.00        942.80        3.18        1,021.93        3.31        0.65  

Class Y

      1,000.00        940.10        6.11        1,018.90        6.36        1.25  
International Fund                  

Class A

      1,000.00        1,031.00        7.37        1,017.95        7.32        1.44  

Class C

      1,000.00        1,026.70        11.24        1,014.12        11.17        2.20  

Class I

      1,000.00        1,033.10        5.53        1,019.76        5.50        1.08  

Class R-3

      1,000.00        1,029.80        8.70        1,016.64        8.64        1.70  

Class R-5

      1,000.00        1,032.50        5.89        1,019.41        5.85        1.15  

Class R-6

      1,000.00        1,033.10        5.23        1,020.06        5.19        1.02  

Class Y

      1,000.00        1,030.90        7.42        1,017.90        7.37        1.45  
Mid Cap Fund                  

Class A

      1,000.00        982.40        6.15        1,019.00        6.26        1.23  

Class C

      1,000.00        977.90        10.07        1,015.02        10.26        2.02  

Class I

      1,000.00        983.50        4.90        1,020.27        4.99        0.98  

Class R-3

      1,000.00        980.20        8.04        1,017.09        8.19        1.61  

Class R-5

      1,000.00        982.40        5.35        1,019.81        5.45        1.07  

Class R-6

      1,000.00        983.50        4.40        1,020.77        4.48        0.88  

Class Y

      1,000.00        981.80        6.59        1,018.55        6.72        1.32  
Small Cap Fund                  

Class A

      1,000.00        950.10        5.60        1,019.46        5.80        1.14  

Class C

      1,000.00        946.80        9.27        1,015.68        9.60        1.89  

Class I

      1,000.00        951.00        4.67        1,020.42        4.84        0.95  

Class R-3

      1,000.00        948.60        7.37        1,017.64        7.63        1.50  

Class R-5

      1,000.00        951.00        4.67        1,020.42        4.84        0.95  

Class R-6

      1,000.00        951.80        4.18        1,020.92        4.33        0.85  

Class Y

      1,000.00        949.80        6.14        1,018.90        6.36        1.25  
Core Bond Fund                  

Class A

      1,000.00        1,053.20        4.14        1,021.17        4.08        0.80  

Class C

      1,000.00        1,049.30        8.01        1,017.39        7.88        1.55  

Class I

      1,000.00        1,056.10        2.07        1,023.19        2.04        0.40  

Class R-3

      1,000.00        1,051.80        5.43        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,054.60        2.59        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,055.20        2.07        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,053.10        4.14        1,021.17        4.08        0.80  
Core Plus Bond Fund                  

Class A

      1,000.00        1,055.40        4.14        1,021.17        4.08        0.80  

Class C

      1,000.00        1,051.20        8.01        1,017.39        7.88        1.55  

Class I

      1,000.00        1,057.10        2.07        1,023.19        2.04        0.40  

Class R-3

      1,000.00        1,053.70        5.44        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,056.90        2.59        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,057.10        2.07        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,055.30        4.14        1,021.17        4.08        0.80  
Unconstrained Bond Fund                  

Class A

      1,000.00        1,033.00        4.10        1,021.17        4.08        0.80  

Class C

      1,000.00        1,028.80        7.93        1,017.39        7.88        1.55  

Class I

      1,000.00        1,034.50        2.56        1,022.68        2.55        0.50  

Class R-3

      1,000.00        1,031.70        5.38        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,034.50        2.56        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,035.00        2.05        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,032.80        4.10        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).

 

64   

Renewal of Investment Advisory and Subadvisory Agreements

     (UNAUDITED)  

 

Overview.  |  At a meeting held on August 12, 2019, the Board of Trustees (“Board” or “Trustees”) of Carillon Series Trust (“Trust”), including its independent members (the “Independent Trustees”), approved the renewal of the investment advisory agreement between Carillon Tower Advisers, Inc. (“Carillon Tower”) and the 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, 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. 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; (3) Cougar Global Investments Ltd. (“Cougar”), the subadviser to the Carillon Cougar Tactical Allocation Fund; and (4) Scout Investments, Inc. (“Scout”), the subadviser to 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. 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, a third party that provides sub-administration, transfer agent and fund accounting services to the Funds, and U.S. Bank National Association, 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, Cougar and Scout; compliance and financial reports concerning the Funds, and responses by Carillon Tower, Eagle, ClariVest, Cougar and Scout 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, Cougar and Scout also prepared comprehensive responses to items of information requested by counsel to the Independent Trustees in letters to Carillon Tower, Eagle, ClariVest, Cougar and Scout, 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, Cougar and Scout. 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, Cougar and Scout; (2) the personnel of Carillon Tower, Eagle, ClariVest, Cougar and Scout who provide services to the Funds; (3) the financial condition of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (4) the compliance programs and records of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (5) the performance of the Funds as compared to funds within their Morningstar, Inc. category (“Morningstar Category”), Broadridge, Inc. (“Broadridge”) performance universe 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 the applicable Fund’s Broadridge expense group and expense universe, 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, Scout and their respective affiliates; and (9) the estimated profitability of Carillon Tower, Eagle, ClariVest, Cougar and Scout 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 Carillon Tower and the Funds’ subadvisers addressing the services provided by Carillon Tower and the Funds’ subadvisers, as well as Fund performance. Carillon Tower or its affiliates prepared detailed reports for the Board in November 2018 and in February, May and August 2019, 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, Cougar and Scout, 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, Cougar and Scout with other clients (such as pension funds and other institutional investors); and (7) any benefits derived by Carillon Tower, Eagle, ClariVest, Cougar and Scout from their relationships with the Funds.

Provided below is a discussion of the factors the Board considered at its August 2019 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, Cougar and Scout are experienced in providing portfolio management services for the Funds, and that Carillon Tower, Eagle, ClariVest, Cougar and Scout 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, Scout 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

 

 

     65  

Renewal of Investment Advisory and Subadvisory Agreements

(UNAUDITED)   

 

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; Cougar is responsible for making investment decisions on behalf of the Carillon Cougar Tactical Allocation Fund; and Scout is responsible for making investment decisions on behalf 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. The Board considered that Eagle, ClariVest, Cougar and Scout 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 considered: (1) information regarding the Carillon Tower, Eagle, ClariVest, Cougar and Scout personnel who provide services to the Funds; (2) certifications as to the adequacy of the compliance programs of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (3) the financial information regarding Carillon Tower, Eagle, ClariVest, Cougar and Scout, as provided; and (4) Carillon Tower’s recommendations to continue to retain Eagle, ClariVest, Cougar and Scout to provide portfolio management services to the Funds.

Investment Performance.  |  The Board considered comparisons of each Fund’s Class I performance, including, if applicable, a Fund’s one-, three-, five- and ten-year annualized total returns for the period ended June 30, 2019, relative to the average performance of its Morningstar Category, Broadridge performance universe and benchmark indices. For each Fund, as relevant, the Board also considered the subadviser’s explanation regarding underperformance relative to the Fund’s Morningstar Category, Broadridge performance universe and/or benchmark indices.

With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year, three-year and ten-year periods ended June 30, 2019, but outperformed each for the five-year period; and (2) the Fund underperformed its benchmark index for all relevant periods.

With respect to the Carillon ClariVest International Stock Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe for the one-year, three-year and five-year periods ended June 30, 2019; (2) the Fund outperformed its Morningstar Category for the three-year and five-year periods, but underperformed for the one-year period; and (3) the Fund outperformed its benchmark index for the five-year period, but underperformed for the one-year and three-year periods.

With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe, Morningstar Category and its custom benchmark index (comprised 60% of the Barclays US Aggregate Bond Index and 40% of the MSCI All Country World Index) for the one-year and three-year periods ended June 30, 2019.

With respect to the Carillon Eagle Growth & Income Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for the one-year, three-year, five-year and ten-year periods ended June 30, 2019; and (2) The Fund outperformed its benchmark index for the one-year period, but underperformed its benchmark index for the three-year, five-year and ten-year periods.

With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and its benchmark index for the three-year, five-year and ten-year periods ended June 30, 2019, but underperformed each for the one-year period; and (2) the Fund outperformed its Morningstar 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 underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year, three-year and five-year periods ended June 30, 2019, but outperformed each for the 10-year period; and (2) the Fund outperformed its benchmark index for the one-year, five-year and ten-year periods, but underperformed for the three-year period.

With respect to the Carillon Scout International Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe, Morningstar Category and benchmark index for the one-year and three-year periods ended June 30, 2019, but outperformed each for the five-year and ten-year periods.

With respect to the Carillon Scout Mid Cap Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe, Morningstar Category and benchmark index for the three-year, five-year and ten-year periods ended June 30, 2019; and (2) the Fund outperformed the median of its Broadridge performance universe and its Morningstar Category, but underperformed its benchmark index for the one-year period.

With respect to the Carillon Scout Small Cap Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its Morningstar Category and benchmark index for the one-year, three-year, five-year and ten-year periods ended June 30, 2019; and (2) the Fund outperformed the median of its Broadridge performance universe for all relevant periods, other than the ten-year period.

With respect to the Carillon Reams Core Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its Morningstar Category and the median of its Broadridge performance universe for the one-year, three-year, five-year and ten-year periods ended June 30, 2019; and (2) the Fund outperformed its benchmark index for the one-year, three-year and ten-year periods, but underperformed for the five-year period.

With respect to the Carillon Reams Core Plus Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for the one-year, five-year and ten-year periods ended June 30, 2019, but underperformed each for the three-year period; and (2) the Fund outperformed its benchmark index for all periods other than the five-year period.

With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2019, but underperformed each for the three-year and five-year periods; and (2) outperformed its benchmark index for all relevant periods.

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, Cougar and Scout, 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, Cougar or Scout, as applicable, is identical to the advisory fee rate paid to Carillon Tower by the Fund. The Board also considered the advisory fee rates paid to Eagle, ClariVest, Cougar and Scout for other accounts each subadviser manages in the same strategy as the relevant Fund. In addition, the Board considered comparisons of each Fund’s total expenses (including Rule 12b-1 fees) to the median total expenses (including Rule 12b-1 fees) of the applicable Fund’s Broadridge expense group and expense universe, based on data for the Fund’s latest fiscal year end. The Board also considered that Carillon Tower had

 

 

66   

Renewal of Investment Advisory and Subadvisory Agreements

     (UNAUDITED)  

 

undertaken contractual expense limitations with respect to the Funds for its 2019 fiscal year and that Carillon Tower was requesting that the Board approve the same expense cap levels for the Funds through February 29, 2020. With respect to Scout, the Board considered that, to the extent there is a reduction in the fees paid to Carillon Tower as a result of Carillon Tower waiving its advisory fee, the amount that Carillon Tower pays Scout would be reduced proportionality. The Board also considered that, if Carillon Tower subsequently recoups previously waived advisory fees from a Scout-subadvised Fund, Carillon Tower will make a payment to Scout in an amount equal to the recoupment.

With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to Carillon ClariVest International Stock Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Eagle Growth & Income Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Scout International Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Scout Mid Cap Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Scout Small Cap Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Reams Core Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Reams Core Plus Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.

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 also considered that, since the acquisition by Eagle of the remaining outstanding interest in ClariVest on April 1, 2019, each subadviser is an indirect wholly-owned subsidiary of

RJF. In addition, the Board considered that the estimated costs and profitability of Eagle, ClariVest, Cougar and Scout 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, Cougar, Scout 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 ClariVest, Cougar and Scout pursuant to which ClariVest, Cougar and Scout pay Carillon Tower a fee for performing marketing and client services for the Funds and other clients of ClariVest, Cougar and Scout.

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, Cougar’s and Scout’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, Cougar and Scout 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, Cougar and Scout.

 

 

     67  

2019 Federal Tax Notice

 

(UNAUDITED)   

 

The following information for the fiscal year ended October 31, 2019 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, 2019. 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 2019 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 %      28.43 %      100.00 %      100.00 %      0.00 % 
Dividends received deduction     100.00 %      0.00 %      18.95 %      100.00 %      100.00 %      0.00 % 
Long-term capital gains     $36,924,441       $—       $730,321       $42,583,763       $104,478,643       $819,288,090  
    International
Fund		     Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Qualified dividend income     100.00 %      100.00 %      92.59 %      0.00 %      0.00 %      0.00 % 
Dividends received deduction     3.04 %      100.00 %      92.59 %      0.00 %      0.00 %      0.00 % 
Long-term capital gains     $46,188,081       $162,275,273       $287,002       $—       $—       $—  

 

68   

Principal Risks

(UNAUDITED)

 

Additional Information About Principal Risk Factors

The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table identifies the risk factors of each fund in light of its principal investment strategies. These risk factors are explained following the table.

The Carillon Cougar Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in underlying funds. Therefore, in this section, the term “fund” may include a fund, an underlying fund, or both a fund and an underlying fund.

 

Risk   Carillon
ClariVest
Capital
Appreciation
Fund		     Carillon
ClariVest
International
Stock
Fund		      Carillon
Cougar
Tactical
Allocation
Fund		      Carillon
Eagle
Growth &
Income
Fund		      Carillon
Eagle
Mid Cap
Growth
Fund		      Carillon
Eagle
Small Cap
Growth
Fund		  
Call          X           
Commodities          X           
Credit          X           
Credit ratings          X           
Emerging markets          X           
Equity securities     X       X        X        X        X        X  
Fixed income market          X           
Focused holdings          X        X        
Foreign securities       X        X        X        
Fund of funds          X           
Growth stocks     X       X        X        X        X        X  
High-yield securities          X           
Inflation          X           
Initial public offerings                   X  
Interest rate          X           
Japan       X              
Liquidity       X        X           
Market and Stock Market     X       X        X        X        X        X  
Market timing       X        X              X  
Mid-cap companies     X          X        X        X        X  
Mortgage and asset-backed securities          X           
Municipal securities          X           
Other investment companies, including ETFs       X        X           
Portfolio turnover       X        X           
Quantitative Strategy     X       X              
Redemptions          X           
Sectors     X                X        X  
Small-cap companies          X           X        X  
U.S. Government securities and Government sponsored enterprises          X           
Value stocks          X        X        

 

     69  

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		  
Credit             X        X        X  
Credit ratings             X        X        X  
Derivatives             X        X        X  
Emerging markets     X       X        X              X  
Equity securities     X       X        X           
Fixed income market             X        X        X  
Focused holdings          X           
Foreign securities     X       X        X        X        X        X  
Growth stocks     X       X        X           
High-yield securities                X        X  
Income             X        X        X  
Interest rates             X        X        X  
Issuer             X        X        X  
Leverage             X        X        X  
Liquidity     X             X        X        X  
Market and Stock Market     X       X        X           
Market timing     X          X           
Maturity             X        X        X  
Mid-cap companies       X        X           
Mortgage and asset-backed securities             X        X        X  
Portfolio turnover       X           X        X        X  
Redemptions             X        X        X  
Sectors          X           
Short sales                   X  
Small-cap companies       X        X           
U.S. Government securities and Government sponsored enterprises                
Valuation             X        X        X  
Value stocks     X       X        X           

Call  |  Call risk is the possibility that, as interest rates decline to a level that is significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.

Commodities  |  The value of commodities may be more volatile than the value of equity securities or debt instruments and their value may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. Investments in commodities, such as gold, or in commodity-linked instruments, will subject a fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities. The value of commodity-linked instruments typically is based upon the price movements of underlying commodities and, therefore, may fluctuate widely based on a variety of both macroeconomic and commodity-specific factors. At times, these price

fluctuations may be significant or rapid, and may not correlate to price movements in other asset classes. There may also be an imperfect correlation between the value of commodity-linked instruments and the underlying assets. Investments in these types of instruments may subject a fund to additional expenses.

Credit  |  A fund could lose money if the issuer of a fixed income security is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. The downgrade of the credit rating of a security held by a fund may decrease its value. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such

 

 

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Principal Risks

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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:

 

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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.

 

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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.

 

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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.

 

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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.

 

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REITs. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses.

 

 

     71  

Principal Risks

(UNAUDITED)

 

 

  •  

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.

 

  •  

Dividend-Paying Stocks. Securities of companies that have historically paid a high dividend yield may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced securities in the fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. Changes to the dividend policies of companies in which a fund invests and the capital resources available for dividend payment at such companies may harm fund performance. A fund may also be harmed by changes to the favorable federal income tax treatment generally afforded to dividends.

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.

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. Foreign securities may be less liquid than domestic securities and there may be delays in transaction settlement in some foreign markets. 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.

The precise details and the resulting impact of the United Kingdom’s vote to leave the European Union (the “EU”), commonly referred to as “Brexit,” are not yet known. The effect on the United Kingdom’s economy will likely depend on the nature of trade relations with the EU and other major economies following its exit, which are matters to be negotiated. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies, as well as the broader global economy for some time, which could significantly adversely affect the value of a fund’s investments in the United Kingdom and Europe.

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 sub-adviser considers prudent, or the sub-adviser may have to select an investment other than that which the sub-adviser 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.

Initial public offerings  |  The market value of shares sold in an initial public offering (“IPO”) may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. The purchase of IPO shares may also involve high transaction

 

 

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Principal Risks

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costs. These offerings may produce gains that positively affect Fund performance during any given period, but such securities may not be available during other periods, or, even if they are available, may not be available in sufficient quantity to have a meaningful impact on Fund performance. They may also produce losses.

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 may continue to increase rates in the future. Interest rates may rise significantly and/or rapidly, potentially resulting in substantial losses to the fund. During periods of very low or negative interest rates, a fund may be unable to maintain positive returns. Certain European countries and Japan have recently experienced negative interest rates on deposits and debt securities have traded at negative yields. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the United States. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.

Issuer  |  The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

Japan  |  A significant portion of a fund’s total assets may be invested in the securities of Japanese issuers, in accordance with the fund’s benchmark. Japan, like many Asian countries, is still heavily dependent upon international trade and may be adversely affected by protectionist trade policies, competition from Asia’s other low-cost emerging economies, the economic conditions of its trading partners, strength of the yen, and regional and global conflicts. The domestic Japanese economy faces several concerns, including large government deficits, a shrinking workforce, and, in some cases, companies with poor corporate governance. Japan has in the past intervened in the currency markets, which could cause the value of the yen to fluctuate sharply and unpredictably. Japan is located in a part of the world that has historically been prone to natural disasters such as earthquakes and tsunamis. Relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. These and other factors could have a negative impact on a fund’s performance and increase the volatility of an investment in a fund.

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. The fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the fund. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates.

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.

 

 

     73  

Principal Risks

(UNAUDITED)

 

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 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. In a to-be-announced (“TBA”) mortgage-backed transaction, a fund and the seller agree upon the issuer, interest rate and terms of the underlying mortgages. However, the seller does not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a fund.

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.

Quantitative Strategy Risk  |  The success of a fund’s investment strategy may depend in part on the effectiveness of a sub-adviser’s quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. A subadviser’s quantitative tools may use factors that may not be predictive of a security’s value, and any changes over time in the factors that affect a security’s value may not be reflected in the quantitative model. The sub-adviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems.

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.

Health care sector  |  The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and

 

 

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Principal Risks

(UNAUDITED)

 

product liability claims, among other factors. Many health care companies are (i) heavily dependent on patent protection and intellectual property rights and the expiration of a patent may adversely affect their profitability, (ii) subject to extensive litigation based on product liability and similar claims, and (iii) subject to competitive forces that may make it difficult to raise prices and, may result in price discounting. Many health care products and services may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and delays in or failure to receive such approvals may negatively impact the business of such companies. Additional or more stringent laws and regulations enacted in the future could have a material adverse effect on such companies in the health care sector.

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 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.

 

 

     75  

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, 2019, 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)

   

President and Chairman of Carillon Tower since 2016; President of Eagle since 2016; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle 2009-2016; Director, Scout Investments Inc. since 2017; Director, Cougar Global Investments Ltd. since 2015; Director of ClariVest Asset Management LLC since 2012; Director, Carillon Fund Services, Inc. (d) since 2009; President, Eagle Boston Management, Inc. since 2009.

    12    Carillon Tower and Affiliates

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. (d/b/a Carter Reymann Law, P.A.) since 2015; Trustee, RiverNorth Funds since 2013 (7 funds); 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    Director, Operation PAR Inc. (since 2016)

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)

Liana O’Drobinak (1963)

Trustee since 2017 (Carillon Series Trust)

Trustee from 2014 to 2017 (Eagle Series Trust)

    Managing Director, Aurora Angel Network (not-for-profit organization), since 2019; Managing Member, Bay Consulting Partners, LLC since 2010; Private Investor    12    Board Member, Aurora Angel Network since 2019; Board Member, Florida Prepaid College Board, 2012-2014

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)

Chair of the Board of Trustees since 2018

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

Jerry A. Webman, PhD (1949)

Trustee since 2019

    Chief Economist, Oppenheimer Funds 2006-2016; Senior Investment Officer, Director of Fixed Income, Oppenheimer Funds 1996-2009    12    New Jersey Law and Education Empowerment Project (NJ LEEP); Charity Navigator; Community Service Society

 

76   

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 2016; President of Eagle since 2016; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle 2009-2016; Director, Scout Investments Inc. since 2017; Director, Cougar Global Investments Ltd. since 2015; Director of ClariVest Asset Management LLC since 2012; Director, Carillon Fund Services, Inc. (d) since 2009; President, Eagle Boston Management, Inc. 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)

    Director of Carillon Tower, since 2019; Director of Carillon Fund Services, lnc., since 2019; Director of Carillon Fund Distributors, Inc., since 2019; Director of Scout Investments, Inc., since 2019; 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, 2011-2017.

Carolyn K. Gill (1978)

Principal Financial Officer and Treasurer since 2017

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 for Eagle 2005-2017 and Fund Reporting for Eagle 2010-2017.

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 2011-2017

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) Mr. Abbott is an Interested Trustee as that term is defined by the 1940 Act. Mr. Abbott is 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, Carillon Fund Services, Inc. (then known as “Eagle Fund Services, Inc.”) served as the Funds’ transfer agent.

 

     77  

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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-PORT. These filings are available on the Commission’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, is available without charge, upon request, by calling the Carillon Family of Funds, toll-free at the number above, by accessing our website at carillontower.com or by accessing the Commission’s website at www.sec.gov.

880 Carillon Parkway  |  St. Petersburg, FL 33716  |  800.421.4184  |  carillontower.com

Carillon Fund Distributors, Inc. , Member FINRA

Item 2.

Code of Ethics

As of the end of the fiscal period October 31, 2019, 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. Ms. O’Drobinak 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 $393,000 for the fiscal period ended October 31, 2018, and $383,000 for the fiscal period ended October 31, 2019.

(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, 2018, and October 31, 2019. 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, 2018, and $0.00 for the fiscal period ended October 31, 2019.

(c) Tax Fees

The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were $77,000 for the fiscal period ended October 31, 2018, and $58,200 for the fiscal period ended October 31, 2019. 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, 2018, and October 31, 2019.

 

 

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, 2018, and October 31, 2019, 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, 2018, and October 31, 2019.

(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 that relates directly to the operations and financial reporting 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, 2019, 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, 2018, and October 31, 2019.

(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 18, 2019.

 

(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 are filed and attached hereto as Exhibit 99.CERT.

(a)(3)    Not applicable to the Trust.

(a)(4)    Not applicable to the Trust.

(b)    The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002, are filed and attached hereto as Exhibit 99.906CERT.

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.

 

      CARILLON SERIES TRUST
Date: December 18, 2019      
     

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Trust and in the capacities and on the dates indicated.

 

      CARILLON SERIES TRUST
Date: December 18, 2019      

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer
Date: December 18, 2019      

/s/ Carolyn Gill

      Carolyn Gill
      Principal Financial Officer