N-CSRS 1 d908154dncsrs.htm N-CSRS N-CSRS
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file Number: 811-07470

 

 

CARILLON SERIES TRUST

(Exact name of Registrant as Specified in Charter)

 

 

880 Carillon Parkway

St. Petersburg, FL 33716

(Address of Principal Executive Office) (Zip Code)

 

 

Registrant’s Telephone Number, including Area Code: (727) 567-1000

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: April 30, 2020

 

 

 

Table of Contents
Item 1.

Reports to Shareholders

[INSERT SEMI-ANNUAL REPORT]

Table of Contents

LOGO

 

               

Semiannual Report

for the six-month period ended April 30, 2020 (unaudited)

     

Equity Funds

Carillon ClariVest Capital Appreciation Fund

Carillon ClariVest International Stock Fund

Carillon Cougar Tactical Allocation Fund

Carillon Eagle Growth & Income Fund

Carillon Eagle Mid Cap Growth Fund

Carillon Eagle 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

 

   Not FDIC Insured    May Lose Value    No Bank Guarantee   

Carillon Fund Distributors, Inc. , Member FINRA

Table of Contents

Table of Contents

 

President’s Letter1
Investment Portfolios
Carillon ClariVest Capital Appreciation Fund2
Carillon ClariVest International Stock Fund3
Carillon Cougar Tactical Allocation Fund4
Carillon Eagle Growth & Income Fund5
Carillon Eagle Mid Cap Growth Fund6
Carillon Eagle Small Cap Growth Fund7
Carillon Scout International Fund9
Carillon Scout Mid Cap Fund10
Carillon Scout Small Cap Fund12
Carillon Reams Core Bond Fund14
Carillon Reams Core Plus Bond Fund17
Carillon Reams Unconstrained Bond Fund21
Statements of Assets and Liabilities26
Statements of Operations29
Statements of Changes in Net Assets32
Financial Highlights35
Notes to Financial Statements45
Understanding Your Ongoing Costs58
Principal Risks60

 

LOGO

 

Visit carillontower.com/eDelivery to receive shareholder communications including prospectuses and fund reports with a service that helps protect the environment:

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Table of Contents

President’s Letter

 

Dear Fellow Shareholders:

I sincerely hope that this letter finds you healthy and well. While the novel coronavirus (COVID-19) has created new challenges and concerns, our commitment to helping you achieve your financial goals remains the same. Your fund family is operating efficiently and coping effectively with physical distancing and market dynamics.

The semiannual report of the Carillon Family of Funds for the six-month period ending April 30, 2020 follows.

This period included the quickest “bear market” in history, driven by the actual and anticipated impacts of COVID-19. This was accompanied by unprecedented monetary and fiscal stimulus from the United States government, and governments globally. It has since been followed by a technical “bull market” as many equities and bonds made gains. As in last year’s letter, this is another reminder—if any was needed—that capital markets can be extremely volatile. The full impact of the COVID-19 pandemic is unknown at this time, but we can expect that the economic data will be extreme. Indeed, we are already seeing an exceptional spike in unemployment data, and the coming earnings seasons will likely reveal some extreme results.

We see opportunity in market volatility for our investment managers and their research-driven strategies. In a volatile market environment, experienced, research-based teams can consider specific investment opportunities. Carillon’s diverse array of strategies, including small-cap, mid-cap, large-cap, and international equities, fixed-income and tactical allocation, can help investors navigate current conditions and build toward long-term plans.

We believe investors should not let volatility deter them from their long-term focus; now may be a good time to work with your financial advisor and to be deliberate in your investment planning and decision-making.

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, risks, 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 hope we can continue to be a partner in helping you achieve your long-term financial goals.

Sincerely,

 

LOGO

J. Cooper Abbott, CAIA, CFA

President

June 18, 2020

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

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

 

     1  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND  
COMMON STOCKS—98.3%          Shares     Value  
Aerospace & defense—0.9%      

Northrop Grumman Corp.

       8,300       $2,744,561  

Raytheon Technologies Corp.

       23,500       1,523,035  
Beverages—1.1%      

Keurig Dr Pepper, Inc.

       82,700       2,188,242  

The Coca-Cola Co.

       59,500       2,730,455  
Biotechnology—3.0%      

AbbVie, Inc.

       70,800       5,819,760  

Amgen, Inc.

       33,500       8,013,870  
Building products—0.7%      

Carrier Global Corp.*

       23,500       416,185  

Trane Technologies PLC

       32,258       2,819,994  
Capital markets—0.3%      

The Goldman Sachs Group, Inc.

       7,400       1,357,308  
Commercial services & supplies—0.8%      

Copart, Inc.*

       46,600       3,733,126  
Communications equipment—0.6%      

Cisco Systems, Inc.

       64,800       2,746,224  
Electronic equipment, instruments & components—0.6%

 

  

Keysight Technologies, Inc.*

       29,500       2,854,715  
Entertainment—1.4%      

Activision Blizzard, Inc.

       63,200       4,027,736  

The Walt Disney Co.

       22,300       2,411,745  
Equity real estate investment trusts (REITs)—2.2%

 

  

American Tower Corp.

       33,900       8,068,200  

Medical Properties Trust, Inc.

       114,732       1,966,507  
Food & staples retailing—3.2%      

Costco Wholesale Corp.

       29,300       8,877,900  

Wal-Mart, Inc.

       48,900       5,943,795  
Food products—1.1%      

Campbell Soup Co.

       25,000       1,249,500  

Tyson Foods, Inc., Class A

       59,000       3,669,210  
Health care equipment & supplies—1.4%      

Stryker Corp.

       10,100       1,882,943  

The Cooper Companies, Inc.

       5,980       1,714,466  

Zimmer Biomet Holdings, Inc.

       23,000       2,753,100  
Health care providers & services—5.8%      

Centene Corp.*

       60,540       4,030,753  

CVS Health Corp.

       34,300       2,111,165  

Laboratory Corp. of America Holdings*

       12,900       2,121,405  

McKesson Corp.

       23,900       3,375,875  

UnitedHealth Group, Inc.

       51,700       15,120,699  
Health care technology—0.7%      

Veeva Systems, Inc., Class A*

       17,700       3,377,160  
Household durables—1.2%      

Lennar Corp., Class A

       57,300       2,869,011  

PulteGroup, Inc.

       92,100       2,603,667  
Household products—0.9%      

The Procter & Gamble Co.

       35,300       4,160,811  
Insurance—0.3%      

MetLife, Inc.

       37,800       1,363,824  
COMMON STOCKS—98.3%          Shares     Value  
Interactive media & services—7.6%      

Alphabet, Inc., Class A*

       8,314       $ 11,196,464  

Alphabet, Inc., Class C*

       8,412       11,344,928  

Facebook, Inc., Class A*

       60,500       12,384,955  
Internet & direct marketing retail—6.5%      

Amazon.com, Inc.*

       12,000       29,688,000  
IT services—12.6%      

Booz Allen Hamilton Holding Corp.

       31,800       2,335,392  

Fidelity National Information Services, Inc.

       41,428       5,463,939  

Fiserv, Inc.*

       62,000       6,389,720  

FleetCor Technologies, Inc.*

       9,400       2,267,750  

Global Payments, Inc.

       23,300       3,868,266  

MasterCard, Inc., Class A

       47,730       13,124,318  

PayPal Holdings, Inc.*

       71,600       8,806,800  

Visa, Inc., Class A

       86,200       15,405,664  
Life sciences tools & services—1.7%      

Thermo Fisher Scientific, Inc.

       23,100       7,731,108  
Machinery—0.7%      

Cummins, Inc.

       11,400       1,863,900  

Ingersoll Rand, Inc.*

       29,697       863,589  

Otis Worldwide Corp.*

       11,750       598,192  
Media—1.6%      

Comcast Corp., Class A

       157,600       5,930,488  

Discovery, Inc., Class A*

       69,208       1,551,643  
Multiline retail—1.1%      

Target Corp.

       44,200       4,850,508  
Pharmaceuticals—3.6%      

Bristol-Myers Squibb Co.

       116,700       7,096,527  

Eli Lilly & Co.

       16,500       2,551,560  

Merck & Co., Inc.

       84,900       6,735,966  
Real estate management & development—0.8%

 

    

CBRE Group, Inc., Class A*

       86,385       3,708,508  
Semiconductors & semiconductor equipment—7.2%

 

  

Broadcom, Inc.

       7,900       2,145,798  

Intel Corp.

       40,000       2,399,200  

KLA Corp.

       24,000       3,938,160  

Lam Research Corp.

       11,300       2,884,664  

Micron Technology, Inc.*

       49,600       2,375,344  

NVIDIA Corp.

       25,900       7,570,052  

QUALCOMM, Inc.

       38,300       3,013,061  

Teradyne, Inc.

       70,800       4,427,832  

Texas Instruments, Inc.

       38,100       4,422,267  
Software—16.0%      

Adobe, Inc.*

       22,800       8,062,992  

Microsoft Corp.

       250,100       44,820,421  

salesforce.com, Inc.*

       41,700       6,753,315  

SS&C Technologies Holdings, Inc.

       42,900       2,366,364  

Synopsys, Inc.*

       53,000       8,327,360  

The Trade Desk, Inc., Class A*

       10,900       3,189,122  
Specialty retail—3.4%      

Advance Auto Parts, Inc.

       16,200       1,958,742  

AutoZone, Inc.*

       3,500       3,571,120  

The Home Depot, Inc.

       46,100       10,134,163  
Technology hardware, storage & peripherals—8.6%

 

  

Apple, Inc.

       134,866       39,623,631  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)  
COMMON STOCKS—98.3%          Shares     Value  
Trading companies & distributors—0.7%      

United Rentals, Inc.*

       25,700       $ 3,302,450  
Total common stocks (cost $248,674,025)         451,691,190  
Total investment portfolio (cost $248,674,025)—98.3%

 

     451,691,190  

Other assets in excess of liabilities—1.7%

         7,776,937  
Total net assets—100.0%         $459,468,127  

* Non-income producing security

Sector allocation      
Sector   Percent of net assets  
Information technology     45.6%  
Health care     16.2%  
Consumer discretionary     12.1%  
Communication services     10.6%  
Consumer staples     6.3%  
Industrials     3.9%  
Real estate     3.0%  
Financials     0.6%  

 

 
CARILLON CLARIVEST INTERNATIONAL STOCK FUND  
COMMON STOCKS—94.9%          Shares     Value  
Australia—6.7%      

Austal Ltd.

       16,606       $36,038  

BHP Group Ltd.

       1,761       35,949  

Coles Group Ltd.

       13,217       132,537  

CSL Ltd.

       405       80,727  

Fortescue Metals Group Ltd.

       9,398       71,822  

Goodman Group

       8,557       72,882  

Northern Star Resources Ltd.

       6,955       56,162  

Resolute Mining Ltd.*

       30,805       18,353  

Sandfire Resources Ltd.

       11,042       32,047  

Sonic Healthcare Ltd.

       2,187       38,623  
Austria—1.0%

 

  

ams AG*

       4,018       52,743  

BAWAG Group AG*

       926       31,473  
Belgium—0.6%

 

  

Euronav N.V.

       4,485       50,094  
Denmark—2.7%

 

  

Carlsberg A/S, Class B

       404       50,966  

Novo Nordisk A/S, Class B

       1,657       105,700  

Royal Unibrew A/S

       674       52,145  

Scandinavian Tobacco Group A/S

       2,331       26,788  
Finland—0.6%

 

  

Neste OYJ

       1,511       53,362  
France—9.1%

 

  

Atos SE

       627       44,839  

AXA S.A.

       4,069       72,333  
COMMON STOCKS—94.9%          Shares     Value  
France (cont’d)

 

  

BNP Paribas S.A.

       1,452       $ 45,617  

Cie Generale des Etablissements Michelin

       782       75,558  

Constellium SE*

       3,000       23,280  

Eiffage S.A.

       946       77,309  

ENGIE S.A.

       6,035       65,477  

Pernod Ricard S.A.

       283       43,213  

Peugeot S.A.

       4,995       70,808  

Sanofi

       1,427       139,381  

Societe Generale S.A.

       2,692       42,235  

VINCI S.A.

       1,032       84,544  
Germany—5.0%

 

  

Allianz SE

       194       35,702  

Bayer AG

       1,067       70,176  

Deutsche Telekom AG

       2,727       39,868  

HeidelbergCement AG

       1,102       52,247  

Merck KGaA

       1,160       134,629  

Muenchener Rueckversicherungs-Gesellschaft AG

       219       47,967  

TAG Immobilien AG*

       2,442       53,489  
Hong Kong—0.4%

 

  

CK Hutchison Holdings Ltd.

       5,000       37,061  
Israel—1.7%

 

  

Israel Discount Bank Ltd., Class A

       29,031       94,186  

Teva Pharmaceutical Industries Ltd., Sponsored ADR*

       5,000       53,700  
Italy—3.8%

 

  

Enel SpA

       31,388       214,395  

Eni SpA

       4,766       45,403  

Leonardo SpA

       10,312       71,216  
Japan—28.2%

 

  

Asahi Group Holdings Ltd.

       1,000       34,385  

Central Glass Co. Ltd.

       1,700       29,135  

Chubu Electric Power Co., Inc.

       3,500       47,334  

Cosmo Energy Holdings Co. Ltd.

       1,100       16,525  

FUJIFILM Holdings Corp.

       3,700       176,240  

Fujitsu Ltd.

       800       77,719  

Hitachi Ltd.

       4,400       130,589  

Hokkaido Electric Power Co., Inc.

       5,700       21,813  

Hoya Corp.

       900       82,074  

ITOCHU Corp.

       9,700       190,170  

Kajima Corp.

       3,300       34,290  

KDDI Corp.

       8,600       249,093  

Marubeni Corp.

       25,000       120,396  

Mitsubishi Corp.

       2,300       48,778  

Mitsubishi UFJ Financial Group, Inc.

       19,000       76,760  

Mizuho Financial Group, Inc.

       32,700       38,077  

Morinaga Milk Industry Co. Ltd.

       1,200       46,510  

NEC Corp.

       4,400       168,849  

Nichi-iko Pharmaceutical Co. Ltd.

       2,300       29,904  

Nippon Telegraph & Telephone Corp.

       8,800       200,408  

NTT DOCOMO, Inc.

       800       23,577  

Olympus Corp.

       2,300       36,494  

Ricoh Co. Ltd.

       5,900       40,217  

Sawai Pharmaceutical Co. Ltd.

       1,100       60,065  

Sekisui House Ltd.

       1,900       32,594  

Sojitz Corp.

       25,900       59,941  

Sony Corp.

       2,800       180,192  

Sumitomo Corp.

       4,500       50,905  

The Hiroshima Bank Ltd.

       4,700       19,528  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)  
COMMON STOCKS—94.9%          Shares     Value  
Japan (cont’d)

 

  

Toyota Motor Corp.

       1,300       $ 80,375  

World Co. Ltd.

       2,100       24,637  
Netherlands—7.5%      

Aegon N.V.

       10,268       26,560  

Akzo Nobel N.V.

       846       64,203  

ASM International N.V.

       594       65,387  

ASR Nederland N.V.

       725       19,505  

Koninklijke Ahold Delhaize N.V.

       7,243       175,863  

Koninklijke Philips N.V.

       1,420       61,901  

NN Group N.V.

       4,358       126,067  

NXP Semiconductors N.V.

       1,095       109,029  
Norway—0.2%      

Austevoll Seafood ASA

       2,323       18,096  
Singapore—0.2%      

Yanlord Land Group Ltd.

       21,400       15,997  
Spain—2.6%      

Almirall S.A.

       1,534       19,783  

Banco Bilbao Vizcaya Argentaria S.A.

       7,291       23,833  

Banco Santander S.A.

       10,740       23,997  

Iberdrola S.A.

       8,762       87,163  

Repsol S.A.

       2,211       20,069  

Telefonica S.A.

       10,431       47,696  
Sweden—1.6%      

SSAB AB, Class B

       7,855       18,154  

Swedish Match AB

       651       40,230  

Telefonaktiebolaget LM Ericsson, Class B

       8,796       75,146  
Switzerland—9.7%      

Credit Suisse Group AG

       4,851       44,293  

Nestle S.A.

       1,158       122,644  

Novartis AG

       3,028       258,405  

Roche Holding AG

       640       221,630  

Swiss Life Holding AG

       219       77,662  

UBS Group AG

       3,546       37,969  

Zurich Insurance Group AG

       224       71,020  
United Kingdom—13.3%      

3i Group PLC

       7,716       75,801  

AstraZeneca PLC

       1,283       134,191  

Barclays PLC

       40,077       53,515  

Bellway PLC

       797       26,669  

BP PLC

       12,627       49,755  

British American Tobacco PLC

       2,348       90,501  

Coca-Cola European Partners PLC

       1,275       50,541  

Computacenter PLC

       2,169       39,640  

Dialog Semiconductor PLC*

       1,616       50,751  

GlaxoSmithKline PLC

       4,357       90,898  

Halma PLC

       2,166       56,945  

Imperial Brands PLC

       4,088       86,005  

Lloyds Banking Group PLC

       81,462       32,960  

Redrow PLC

       4,219       24,514  

Rio Tinto PLC

       1,351       62,711  

Royal Dutch Shell PLC, Class B

       3,637       58,223  

Standard Chartered PLC

       7,124       36,401  

Tesco PLC

       42,056       124,393  
Total common stocks (cost $8,778,558)         8,177,334  
PREFERRED STOCKS—1.3%          Shares     Value  
Germany—1.3%      

Volkswagen AG

       824       $ 114,644  
Total preferred stocks (cost $141,780)         114,644  
EXCHANGE TRADED FUNDS—1.5%      
United States—1.5%      

iShares MSCI EAFE ETF

       2,300       130,111  
Total exchange traded funds (cost $131,143)         130,111  
Total investment portfolio (cost $9,051,481)—97.7%         8,422,089  

Other assets in excess of liabilities—2.3%

         197,692  
Total net assets—100.0%         $8,619,781  

* Non-income producing security

ADR—American Depositary Receipt

ETF—Exchange Traded Fund

Sector allocation      
Sector   Percent of net assets  
Health care     18.8%  
Financials     13.4%  
Consumer staples     12.7%  
Information technology     12.6%  
Industrials     9.7%  
Consumer discretionary     7.3%  
Communication services     6.5%  
Utilities     5.1%  
Materials     5.0%  
Energy     3.4%  
Real estate     1.7%  
Exchange traded funds     1.5%  

 

CARILLON COUGAR TACTICAL ALLOCATION FUND  
EXCHANGE TRADED FUNDS—92.9% (a)          Shares     Value  
Domestic—77.2%      
Commodity—4.9%      

iShares Gold Trust*

       71,129       $1,145,888  
Equity—16.0%      

iShares Core S&P 500 ETF

       8,411       2,448,947  

iShares Core S&P Small-Cap ETF

       20,286       1,285,118  
Fixed Income—56.3%      

iShares 1-3 Year Treasury Bond ETF

       11,779       1,022,417  

iShares Core U.S. Aggregate Bond ETF

       83,924       9,827,501  

iShares iBoxx High Yield Corporate Bond ETF

       27,793       2,235,391  
Total domestic exchange traded funds (cost $16,834,503)

 

     17,965,262  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON COUGAR TACTICAL ALLOCATION FUND (cont’d)  
EXCHANGE TRADED FUNDS—92.9% (a)          Shares     Value  
Foreign—15.7%      
Equity—15.7%      

iShares Core MSCI EAFE ETF

       23,301       $ 1,235,652  

iShares Core MSCI Emerging Markets ETF

       55,170       2,408,722  
Total foreign exchange traded funds (cost $4,269,600)

 

     3,644,374  
Total exchange traded funds (cost $21,104,103)         21,609,636  
Total investment portfolio (cost $21,104,103)—92.9%

 

     21,609,636  

Other assets in excess of liabilities—7.1%

         1,643,330  
Total net assets—100.0%         $23,252,966  

ETF—Exchange Traded Fund

* Non-income producing security

(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      
Asset class   Percent of net assets  
Fixed Income     56.3%  
Equity     31.7%  
Commodity     4.9%  

 

 
CARILLON EAGLE GROWTH & INCOME FUND  
COMMON STOCKS—96.6%          Shares     Value  
Aerospace & defense—3.7%      

Lockheed Martin Corp.

       64,567       $25,120,437  
Air freight & logistics—1.0%      

United Parcel Service, Inc., Class B

       69,306       6,560,506  
Banks—7.3%      

JPMorgan Chase & Co.

       231,408       22,159,630  

The PNC Financial Services Group, Inc.

       155,899       16,629,747  

Truist Financial Corp.

       275,932       10,297,782  
Beverages—6.1%      

PepsiCo, Inc.

       151,624       20,058,339  

The Coca-Cola Co.

       462,368       21,218,067  
Biotechnology—1.9%      

Amgen, Inc.

       52,214       12,490,633  
Chemicals—2.5%      

Air Products & Chemicals, Inc.

       73,392       16,555,767  
Communications equipment—3.3%      

Cisco Systems, Inc.

       528,241       22,386,854  
Diversified telecommunication services—4.1%

 

  

Verizon Communications, Inc.

       475,634       27,325,173  
Electric utilities—4.7%      

American Electric Power Co., Inc.

       208,256       17,308,156  

NextEra Energy, Inc.

       63,651       14,711,019  
Equity real estate investment trusts (REITs)—7.2%

 

  

Crown Castle International Corp.

       161,578       25,760,380  
COMMON STOCKS—96.6%          Shares     Value  
Equity real estate investment trusts (REITs) (cont’d)

 

  

Prologis, Inc.

       258,581       $ 23,073,183  
Food & staples retailing—2.1%      

Sysco Corp.

       249,292       14,027,661  
Health care equipment & supplies—4.9%      

Abbott Laboratories

       140,287       12,919,030  

Medtronic PLC

       208,090       20,315,827  
Hotels, restaurants & leisure—3.6%      

McDonald’s Corp.

       129,521       24,292,959  
Household products—4.2%      

The Procter & Gamble Co.

       239,815       28,266,994  
Industrial conglomerates—2.6%      

Honeywell International, Inc.

       122,916       17,441,780  
Insurance—2.0%      

Chubb Ltd.

       127,834       13,807,350  
IT services—3.0%      

Automatic Data Processing, Inc.

       138,068       20,253,195  
Media—1.9%      

Comcast Corp., Class A

       338,676       12,744,378  
Oil, gas & consumable fuels—3.2%      

Chevron Corp.

       234,589       21,582,188  
Pharmaceuticals—11.3%      

Eli Lilly & Co.

       111,481       17,239,422  

Johnson & Johnson

       128,569       19,290,493  

Merck & Co., Inc.

       243,288       19,302,470  

Pfizer, Inc.

       534,734       20,512,396  
Road & rail—2.5%      

Union Pacific Corp.

       106,582       17,030,738  
Semiconductors & semiconductor equipment—4.2%

 

  

Maxim Integrated Products, Inc.

       122,346       6,726,583  

Texas Instruments, Inc.

       188,701       21,902,525  
Software—5.0%      

Microsoft Corp.

       187,913       33,675,889  
Specialty retail—4.3%      

The Home Depot, Inc.

       131,083       28,815,976  
Total common stocks (cost $487,197,395)         651,803,527  
Total investment portfolio (cost $487,197,395)—96.6%

 

     651,803,527  

Other assets in excess of liabilities—3.4%

         22,660,644  
Total net assets—100.0%         $674,464,171  

 

Sector allocation  
Sector   Percent of net assets  
Health care     18.1%  
Information technology     15.6%  
Consumer staples     12.4%  
Industrials     9.8%  
Financials     9.3%  
Consumer discretionary     7.9%  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON EAGLE GROWTH & INCOME FUND (cont’d)  
Sector allocation (cont’d)  
Sector   Percent of net assets  
Real estate     7.2%  
Communication services     5.9%  
Utilities     4.7%  
Energy     3.2%  
Materials     2.5%  

 

CARILLON EAGLE MID CAP GROWTH FUND  
COMMON STOCKS—99.7%          Shares     Value  
Aerospace & defense—1.8%

 

  

Hexcel Corp.

       607,318       $21,007,130  

L3Harris Technologies, Inc.

       403,122       78,084,731  
Auto components—0.6%

 

  

Aptiv PLC

       504,066       35,057,790  
Beverages—1.8%

 

  

Constellation Brands, Inc., Class A

       253,968       41,825,990  

Monster Beverage Corp.*

       926,857       57,289,031  
Biotechnology—3.2%

 

  

BioMarin Pharmaceutical, Inc.*

       330,600       30,421,812  

Exact Sciences Corp.*

       526,952       41,618,669  

Sarepta Therapeutics, Inc.*

       339,743       40,048,905  

Seattle Genetics, Inc.*

       426,867       58,578,958  
Building products—1.0%

 

  

Fortune Brands Home & Security, Inc.

       1,108,717       53,440,159  
Capital markets—6.5%

 

  

LPL Financial Holdings, Inc.

       429,204       25,846,665  

MarketAxess Holdings, Inc.

       254,237       115,680,377  

Moody’s Corp.

       303,622       74,053,406  

Morningstar, Inc.

       232,905       36,323,864  

MSCI, Inc.

       297,729       97,357,383  
Chemicals—1.8%

 

  

Albemarle Corp.

       505,903       31,077,621  

Corteva, Inc.

       1,668,187       43,689,817  

Huntsman Corp.

       1,348,055       22,660,805  
Commercial services & supplies—4.2%

 

  

IAA, Inc.*

       1,057,789       40,830,655  

Ritchie Bros Auctioneers, Inc.

       1,248,410       53,793,987  

Waste Connections, Inc.

       1,504,606       129,260,702  
Construction materials—1.0%

 

  

Martin Marietta Materials, Inc.

       294,663       56,053,742  
Containers & packaging—0.9%

 

  

Ball Corp.

       700,106       45,919,953  
Distributors—1.9%

 

  

Pool Corp.

       488,241       103,341,090  
Diversified consumer services—0.7%

 

  

Bright Horizons Family Solutions, Inc.*

       317,258       36,944,694  
Electronic equipment, instruments & components—5.3%

 

  

Cognex Corp.

       1,482,358       81,885,456  

Coherent, Inc.*

       341,278       43,639,218  

FLIR Systems, Inc.

       877,689       38,091,702  
COMMON STOCKS—99.7%          Shares     Value  
Electronic equipment, instruments & components (cont’d)

 

  

IPG Photonics Corp.*

       395,554       $ 51,156,999  

Keysight Technologies, Inc.*

       723,314       69,995,096  
Energy equipment & services—0.8%

 

  

Baker Hughes Co.

       1,855,932       25,890,252  

National Oilwell Varco, Inc.

       1,311,460       16,576,854  
Entertainment—1.0%

 

  

Lions Gate Entertainment Corp., Class A*(a)

       1,840,488       13,141,084  

Take-Two Interactive Software, Inc.*

       334,711       40,516,767  
Equity real estate investment trusts (REITs)—3.1%

 

  

SBA Communications Corp.

       574,985       166,699,651  
Health care equipment & supplies—7.7%

 

  

Align Technology, Inc.*

       234,386       50,357,832  

DexCom, Inc.*

       261,748       87,737,929  

IDEXX Laboratories, Inc.*

       267,606       74,287,426  

Insulet Corp.*

       258,424       51,612,441  

Masimo Corp.*

       317,034       67,816,743  

Teleflex, Inc.

       157,767       52,915,052  

West Pharmaceutical Services, Inc.

       151,472       28,667,591  
Health care providers & services—2.6%

 

  

Centene Corp.*

       1,117,837       74,425,587  

Chemed Corp.

       100,708       41,951,932  

Guardant Health, Inc.*

       335,487       25,819,080  
Health care technology—2.0%

 

  

Cerner Corp.

       378,995       26,298,463  

Teladoc Health, Inc.*

       155,065       25,522,148  

Veeva Systems, Inc., Class A*

       283,942       54,176,134  
Hotels, restaurants & leisure—3.7%

 

  

Caesars Entertainment Corp.*

       6,394,314       61,769,073  

Chipotle Mexican Grill, Inc.*

       94,128       82,696,154  

Planet Fitness, Inc., Class A*

       411,763       24,841,662  

Vail Resorts, Inc.

       183,905       31,447,755  
Household durables—0.8%

 

  

Lennar Corp., Class A

       879,116       44,017,338  
Interactive media & services—2.3%

 

  

Pinterest, Inc., Class A*

       2,523,065       52,126,523  

Twitter, Inc.*

       2,557,256       73,342,102  
IT services—6.3%

 

  

Fidelity National Information Services, Inc.

       452,798       59,719,528  

FleetCor Technologies, Inc.*

       205,407       49,554,439  

Global Payments, Inc.

       639,082       106,100,393  

Perspecta, Inc.

       2,413,810       52,065,882  

Shopify, Inc., Class A*

       110,255       69,713,134  
Leisure products—0.5%

 

  

Peloton Interactive, Inc., Class A*(a)

       922,670       29,064,105  
Life sciences tools & services—1.0%

 

  

IQVIA Holdings, Inc.*

       383,817       54,728,466  
Machinery—0.9%

 

  

Westinghouse Air Brake Technologies Corp.

       905,909       51,111,386  
Media—1.2%

 

  

Sirius XM Holdings, Inc.

       11,177,628       66,059,781  
Multiline retail—0.7%

 

  

Dollar Tree, Inc.*

       447,959       35,688,894  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON EAGLE MID CAP GROWTH FUND (cont’d)  
COMMON STOCKS—99.7%          Shares     Value  
Oil, gas & consumable fuels—0.4%

 

  

Diamondback Energy, Inc.

       557,151       $ 24,258,355  
Pharmaceuticals—1.1%

 

  

Zoetis, Inc.

       470,538       60,845,269  
Professional services—3.2%

 

  

IHS Markit Ltd.

       1,199,214       80,707,102  

TransUnion

       1,135,885       89,496,379  
Road & rail—1.0%

 

  

Old Dominion Freight Line, Inc.

       378,010       54,921,073  
Semiconductors & semiconductor equipment—6.5%

 

  

Advanced Micro Devices, Inc.*

       2,380,920       124,736,399  

Marvell Technology Group Ltd.

       2,083,458       55,711,667  

Maxim Integrated Products, Inc.

       1,044,067       57,402,804  

Microchip Technology, Inc.

       765,999       67,201,092  

Xilinx, Inc.

       502,433       43,912,644  
Software—15.9%

 

  

Citrix Systems, Inc.

       264,509       38,356,450  

Crowdstrike Holdings, Inc., Class A*

       1,132,491       76,624,341  

DocuSign, Inc.*

       278,982       29,223,365  

Elastic N.V.*

       692,692       44,429,265  

Fair Isaac Corp.*

       135,276       47,744,311  

PTC, Inc.*

       523,916       36,281,183  

RingCentral, Inc., Class A*

       499,851       114,230,949  

ServiceNow, Inc.*

       120,159       42,240,695  

Splunk, Inc.*

       746,320       104,753,475  

Synopsys, Inc.*

       688,709       108,209,958  

Tyler Technologies, Inc.*

       340,370       109,153,255  

Workday, Inc., Class A*

       259,282       39,903,500  

Zendesk, Inc.*

       868,891       66,800,340  
Specialty retail—2.7%

 

  

AutoZone, Inc.*

       58,238       59,421,396  

Burlington Stores, Inc.*

       467,368       85,383,460  
Textiles, apparel & luxury goods—1.6%

 

  

Lululemon Athletica, Inc.*

       375,322       83,876,961  
Trading companies & distributors—2.0%

 

  

United Rentals, Inc.*

       302,220       38,835,270  

W.W. Grainger, Inc.

       245,139       67,555,406  
Total common stocks (cost $4,203,779,006)

 

     5,375,652,352  
MONEY MARKET FUNDS—0.1%      

First American Government Obligations Fund—Class X, 0.25%#

       4,334,635       4,334,635  
Total money market funds (cost $4,334,635)         4,334,635  
Total investment portfolio (cost $4,208,113,641)—99.8%

 

     5,379,986,987  

Other assets in excess of liabilities—0.2%

         10,864,784  
Total net assets—100.0%         $5,390,851,771  

* 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 $4,061,358 or 0.1% 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      
Sector   Percent of net assets  
Information technology     33.9%  
Health care     17.6%  
Industrials     14.1%  
Consumer discretionary     13.2%  
Financials     6.5%  
Communication services     4.6%  
Materials     3.7%  
Real estate     3.1%  
Consumer staples     1.8%  
Energy     1.2%  
Money market funds     0.1%  

 

 
CARILLON EAGLE SMALL CAP GROWTH FUND  
COMMON STOCKS—99.6%          Shares     Value  
Aerospace & defense—3.0%      

Aerojet Rocketdyne Holdings, Inc.*

       1,592,909       $65,532,276  

Hexcel Corp.

       577,977       19,992,225  
Banks—0.9%

 

  

Glacier Bancorp, Inc.

       652,662       24,853,369  
Biotechnology—12.0%

 

  

ACADIA Pharmaceuticals, Inc.*

       715,382       34,560,104  

Acceleron Pharma, Inc.*

       307,219       27,812,536  

Amicus Therapeutics, Inc.*

       1,859,320       21,958,569  

Arena Pharmaceuticals, Inc.*

       554,491       27,153,424  

Arrowhead Pharmaceuticals, Inc.*

       513,553       17,681,630  

Biohaven Pharmaceutical Holding Co. Ltd.*

       521,817       24,577,581  

Blueprint Medicines Corp.*

       406,773       23,930,456  

Dicerna Pharmaceuticals, Inc.*

       1,120,359       22,071,072  

Global Blood Therapeutics, Inc.*

       307,452       23,526,227  

Halozyme Therapeutics, Inc.*

       1,052,974       23,855,126  

Insmed, Inc.*

       1,046,301       24,064,923  

Iovance Biotherapeutics, Inc.*

       178,109       5,726,204  

Kura Oncology, Inc.*

       1,502,217       21,857,257  

Mirati Therapeutics, Inc.*

       199,814       16,992,183  

Momenta Pharmaceuticals, Inc.*

       219,471       6,957,231  

Turning Point Therapeutics, Inc.*

       135,152       6,961,680  

uniQure N.V.*

       260,953       16,607,049  
Building products—2.4%

 

  

Builders FirstSource, Inc.*

       1,546,084       28,370,641  

Trex Co., Inc.*

       422,661       40,245,781  
Capital markets—1.3%

 

  

PJT Partners, Inc., Class A

       777,634       37,824,118  
Chemicals—3.6%

 

  

Quaker Chemical Corp.

       683,441       103,965,045  
Commercial services & supplies—3.7%

 

  

IAA, Inc.*

       512,011       19,763,625  

Ritchie Bros Auctioneers, Inc.

       1,436,989       61,919,856  

The Brink’s Co.

       495,004       25,304,604  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)  
COMMON STOCKS—99.6%          Shares     Value  
Communications equipment—1.5%

 

  

Lumentum Holdings, Inc.*

       552,777       $ 44,725,187  
Construction materials—1.1%

 

  

Summit Materials, Inc., Class A*

       2,180,026       32,940,193  
Consumer finance—1.0%

 

  

FirstCash, Inc.

       411,294       29,547,361  
Distributors—0.8%

 

  

Pool Corp.

       107,674       22,790,279  
Diversified consumer services—1.0%      

Chegg, Inc.*

       695,518       29,733,394  
Electrical equipment—0.9%      

Thermon Group Holdings, Inc.*

       1,616,313       24,697,263  
Electronic equipment, instruments & components—5.3%

 

  

Cognex Corp.

       1,015,312       56,085,835  

Coherent, Inc.*

       324,206       41,456,221  

II-VI, Inc.*

       650,000       22,373,000  

IPG Photonics Corp.*

       251,516       32,528,564  
Equity real estate investment trusts (REITs)—0.6%

 

  

EastGroup Properties, Inc.

       155,416       16,474,096  
Food & staples retailing—2.0%      

Casey’s General Stores, Inc.

       216,261       32,744,078  

Grocery Outlet Holding Corp.*

       783,367       26,062,620  
Food products—1.8%      

Freshpet, Inc.*

       509,275       38,404,428  

The Simply Good Foods Co.*

       690,142       13,009,176  
Health care equipment & supplies—9.9%      

CONMED Corp.

       156,532       11,569,280  

Haemonetics Corp.*

       344,772       39,228,158  

Insulet Corp.*

       182,665       36,481,854  

Novocure Ltd.*

       534,443       35,166,350  

NuVasive, Inc.*

       385,457       23,466,622  

Penumbra, Inc.*

       163,485       28,989,160  

Quidel Corp.*

       397,803       55,294,617  

Tandem Diabetes Care, Inc.*

       685,472       54,686,956  
Health care providers & services—3.2%      

Amedisys, Inc.*

       191,502       35,267,008  

AMN Healthcare Services, Inc.*

       483,311       22,705,951  

BioTelemetry, Inc.*

       293,057       13,688,692  

HealthEquity, Inc.*

       210,034       11,818,613  

LHC Group, Inc.*

       72,341       9,403,607  
Health care technology—4.5%      

Evolent Health, Inc., Class A*

       2,492,948       17,974,155  

Omnicell, Inc.*

       342,460       24,965,334  

Teladoc Health, Inc.*

       525,433       86,481,018  
Hotels, restaurants & leisure—4.5%      

DraftKings, Inc., Class A*(a)

       369,941       7,199,052  

Everi Holdings, Inc.*(b)

       4,716,662       23,347,477  

Penn National Gaming, Inc.*

       618,786       11,026,767  

Planet Fitness, Inc., Class A*

       707,762       42,699,281  

Wingstop, Inc.

       396,326       46,477,150  
Household durables—2.5%      

LGI Homes, Inc.*

       174,979       10,600,228  

Universal Electronics, Inc.*(b)

       1,502,697       62,031,332  
COMMON STOCKS—99.6%          Shares     Value  
Insurance—0.9%

 

  

eHealth, Inc.*

       254,981       $ 27,206,473  
IT services—0.8%

 

  

EVO Payments, Inc., Class A*

       1,124,737       22,393,514  
Life sciences tools & services—2.7%

 

  

NeoGenomics, Inc.*

       1,423,668       38,923,083  

Repligen Corp.*

       340,745       39,577,532  
Machinery—5.6%

 

  

Chart Industries, Inc.*

       1,104,556       39,454,740  

Graco, Inc.

       947,349       42,308,606  

John Bean Technologies Corp.

       571,150       43,830,051  

Woodward, Inc.

       617,721       37,409,184  
Oil, gas & consumable fuels—0.6%

 

  

Viper Energy Partners LP

       1,913,390       17,756,259  
Pharmaceuticals—1.7%

 

  

Horizon Therapeutics PLC*

       915,539       32,996,026  

MyoKardia, Inc.*

       110,338       6,931,433  

Odonate Therapeutics, Inc.*

       310,537       8,741,616  
Road & rail—2.1%

 

  

Landstar System, Inc.

       583,979       60,330,870  
Semiconductors & semiconductor equipment—6.2%

 

  

Cabot Microelectronics Corp.

       252,552       30,947,722  

Entegris, Inc.

       1,968,127       106,731,527  

Lattice Semiconductor Corp.*

       559,700       12,598,847  

Silicon Laboratories, Inc.*

       306,961       29,842,749  
Software—9.5%

 

  

Everbridge, Inc.*

       364,669       40,616,833  

Pegasystems, Inc.

       1,047,838       87,620,213  

Proofpoint, Inc.*

       237,463       28,906,371  

Q2 Holdings, Inc.*

       275,000       21,923,000  

RealPage, Inc.*

       1,481,579       95,547,030  
Specialty retail—2.0%

 

  

Floor & Decor Holdings, Inc., Class A*

       610,553       25,887,447  

Genesco, Inc.*

       448,823       8,496,219  

MarineMax, Inc.*(b)

       1,715,026       24,713,525  
Total common stocks (cost $2,167,084,559)

 

     2,879,896,019  
MONEY MARKET FUNDS—0.2%      

First American Government Obligations Fund—Class X, 0.25%#

       5,500,000       5,500,000  
Total money market funds (cost $5,500,000)         5,500,000  
Total investment portfolio (cost $2,172,584,559)—99.8%

 

     2,885,396,019  

Other assets in excess of liabilities—0.2%

         6,358,349  
Total net assets—100.0%         $2,891,754,368  

* 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 $5,351,500 or 0.2% 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.

 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)  
Sector allocation  
Sector   Percent of net assets  
Health care     33.9%  
Information technology     23.3%  
Industrials     17.6%  
Consumer discretionary     10.9%  
Materials     4.8%  
Financials     4.1%  
Consumer staples     3.8%  
Energy     0.6%  
Real estate     0.6%  
Money market funds     0.2%  

 

CARILLON SCOUT INTERNATIONAL FUND  
COMMON STOCKS—91.4%          Shares     Value  
Australia—4.6%      

BHP Group Ltd., Sponsored ADR

       226,604       $9,218,251  

CSL Ltd.

       34,676       6,911,859  

Woodside Petroleum Ltd.

       543,222       7,778,506  
Canada—2.9%

 

  

Enbridge, Inc.

       182,685       5,604,776  

Great-West Lifeco, Inc.

       555,861       9,152,867  
Denmark—1.4%

 

  

Novo Nordisk A/S, Sponsored ADR

       111,161       7,039,826  
France—9.8%

 

  

Air Liquide S.A.

       45,177       5,739,958  

AXA S.A.

       590,116       10,490,239  

BNP Paribas S.A.

       298,078       9,364,558  

Dassault Systemes SE

       33,235       4,867,966  

Kering SA

       13,317       6,774,449  

L’Oreal S.A.

       21,107       6,136,699  

TOTAL S.A.

       205,663       7,299,505  
Germany—10.9%

 

  

Allianz SE, Unsponsored ADR

       520,170       9,701,171  

BASF SE

       127,701       6,535,318  

Continental AG

       119,911       10,019,984  

Fresenius SE & Co. KGaA

       184,085       7,973,293  

Muenchener Rueckversicherungs-Gesellschaft AG

       38,044       8,332,602  

SAP SE, Sponsored ADR(a)

       57,002       6,757,017  

Siemens AG

       74,434       6,869,032  
Hong Kong—1.0%

 

  

AAC Technologies Holdings, Inc.

       1,092,017       5,164,797  
Ireland—3.3%

 

  

Kerry Group PLC, Class A

       58,171       6,674,305  

Ryanair Holdings PLC, Sponsored ADR*

       163,563       10,381,344  
Japan—12.3%

 

  

Astellas Pharma, Inc.

       482,575       7,981,381  

FANUC Corp.

       25,923       4,230,980  

JGC Corp.

       793,296       7,660,698  

Komatsu Ltd.

       474,245       8,973,158  

Kubota Corp.

       530,551       6,588,752  
COMMON STOCKS—91.4%          Shares     Value  
Japan (cont’d)

 

  

Nitto Denko Corp.

       116,249       $ 5,807,037  

ORIX Corp.

       727,494       8,560,785  

SYSMEX Corp.

       70,562       4,874,934  

Tokyo Electron Ltd.

       41,257       8,786,958  
Mexico—3.6%

 

  

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

       3,958,851       10,837,932  

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

       326,523       7,970,426  
Norway—1.7%

 

  

DNB ASA

       733,321       8,878,985  
Singapore—2.3%

 

  

Singapore Telecommunications Ltd.

       1,907,925       3,812,488  

United Overseas Bank Ltd.

       570,313       8,149,269  
South Africa—1.3%

 

  

MTN Group Ltd.

       2,547,655       6,694,883  
Spain—1.5%

 

  

Banco Bilbao Vizcaya Argentaria S.A.

       2,319,359       7,581,510  
Sweden—3.3%

 

  

Essity AB, Class B

       241,117       7,810,594  

Sandvik AB

       608,280       9,357,428  
Switzerland—9.5%

 

  

ABB Ltd.

       256,855       4,875,695  

Adecco Group AG

       220,045       9,629,330  

Coca-Cola HBC AG

       350,537       8,882,119  

Givaudan S.A.

       1,834       6,149,925  

Nestle S.A., Sponsored ADR

       63,497       6,673,535  

Novartis AG, Sponsored ADR

       69,449       5,884,414  

Roche Holding AG

       20,713       7,172,858  
Taiwan—2.5%

 

  

Largan Precision Co. Ltd.

       60,500       8,246,972  

MediaTek, Inc.

       356,930       4,928,646  
Turkey—1.3%

 

  

Tupras Turkiye Petrol Rafinerileri AS*

       513,835       6,672,712  
United Kingdom—12.9%

 

  

British American Tobacco PLC

       158,438       6,106,842  

Compass Group PLC

       558,832       9,403,646  

Diageo PLC, Sponsored ADR

       55,638       7,714,209  

Next PLC

       168,943       10,058,588  

Prudential PLC, Sponsored ADR(a)

       390,024       11,022,078  

Reckitt Benckiser Group PLC

       84,888       7,071,113  

Royal Dutch Shell PLC, Class B, Sponsored ADR

       203,967       6,520,825  

WPP PLC

       1,136,670       8,819,522  
United States—5.3%

 

  

Aflac, Inc.

       274,620       10,226,849  

Credicorp Ltd.

       63,279       9,429,836  

Mettler-Toledo International, Inc.*

       10,549       7,594,647  
Total common stocks (cost $406,050,512)         472,430,881  
PREFERRED STOCKS —5.6%      
Colombia—1.7%      

Bancolombia S.A., Sponsored ADR

       326,911       8,532,377  
Germany—3.9%

 

  

Henkel AG & Co. KGaA, Sponsored ADR*

       347,711       7,689,629  

Volkswagen AG

       89,889       12,506,421  
Total preferred stocks (cost $23,458,824)         28,728,427  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON SCOUT INTERNATIONAL FUND (cont’d)  
MONEY MARKET FUNDS—3.4%          Shares     Value  

First American Government Obligations Fund—Class X, 0.25%#

       17,614,129       $ 17,614,129  
Total money market funds (cost $17,614,129)         17,614,129  
Total investment portfolio (cost $447,123,465)—100.4%

 

     518,773,437  

Liabilities in excess of other assets—(0.4)%

         (1,962,711 ) 
Total net assets—100.0%         $516,810,726  

ADR—American Depositary Receipt

(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 $16,888,316 or 3.3% of net assets as of the date of this report.

* 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  
Sector   Percent of net assets  
Financials     25.2%  
Consumer staples     14.1%  
Industrials     13.3%  
Health care     10.7%  
Consumer discretionary     9.4%  
Information technology     7.5%  
Energy     6.6%  
Materials     6.5%  
Communication services     3.7%  
Money market funds     3.4%  

 

CARILLON SCOUT MID CAP FUND        
COMMON STOCKS—99.6%          Shares     Value  
Aerospace & defense—2.9%      

Aerojet Rocketdyne Holdings, Inc.*

       232,700       $9,573,278  

BWX Technologies, Inc.

       199,325       10,576,185  

Hexcel Corp.

       345,350       11,945,657  

Huntington Ingalls Industries, Inc.

       47,100       9,015,411  

L3Harris Technologies, Inc.

       87,042       16,860,035  

Textron, Inc.

       222,609       5,867,973  
Airlines—1.8%

 

  

Alaska Air Group, Inc.

       464,100       15,092,532  

Delta Air Lines, Inc.

       136,450       3,535,419  

JetBlue Airways Corp.*

       2,290,150       22,306,061  
Auto components—1.8%

 

  

Lear Corp.

       403,225       39,374,921  
Automobiles—1.0%

 

  

Thor Industries, Inc.

       325,875       21,572,925  
Banks—2.7%

 

  

Citizens Financial Group, Inc.

       916,300       20,515,957  
COMMON STOCKS—99.6%          Shares     Value  
Banks (cont’d)

 

  

SVB Financial Group*

       137,925       $ 26,642,972  

Synovus Financial Corp.

       619,875       13,023,574  
Biotechnology—0.8%

 

  

BioMarin Pharmaceutical, Inc.*

       206,050       18,960,721  
Building products—1.3%

 

  

Masco Corp.

       109,925       4,511,322  

Owens Corning

       555,325       24,078,892  
Capital markets—1.7%

 

  

Evercore, Inc., Class A

       478,350       24,682,860  

MarketAxess Holdings, Inc.

       15,475       7,041,280  

Moody’s Corp.

       27,725       6,762,127  
Chemicals—1.6%

 

  

Albemarle Corp.

       122,000       7,494,460  

CF Industries Holdings, Inc.

       252,651       6,947,902  

Huntsman Corp.

       1,091,075       18,340,971  

Westlake Chemical Corp.

       87,575       3,805,134  
Commercial services & supplies—0.7%

 

  

Copart, Inc.*

       166,325       13,324,296  

IAA, Inc.*

       51,675       1,994,655  
Communications equipment—2.1%

 

  

Arista Networks, Inc.*

       88,675       19,446,428  

Lumentum Holdings, Inc.*

       315,475       25,525,082  

Motorola Solutions, Inc.

       14,725       2,117,602  
Construction materials—2.5%

 

  

Eagle Materials, Inc.

       374,500       22,848,245  

Martin Marietta Materials, Inc.

       80,573       15,327,402  

Vulcan Materials Co.

       150,000       16,945,500  
Consumer finance—1.3%

 

  

Ally Financial, Inc.

       1,557,975       25,535,210  

LendingTree, Inc.*

       16,175       4,033,560  
Diversified financial services—0.6%

 

  

Voya Financial, Inc.

       310,212       14,012,276  
Electric utilities—1.9%

 

  

Evergy, Inc.

       275,400       16,091,622  

Portland General Electric Co.

       465,508       21,781,119  

Xcel Energy, Inc.

       64,900       4,125,044  
Electrical equipment—0.7%

 

  

Generac Holdings, Inc.*

       158,725       15,466,164  
Electronic equipment, instruments & components—1.3%

 

  

Cognex Corp.

       65,000       3,590,600  

Keysight Technologies, Inc.*

       92,800       8,980,256  

Zebra Technologies Corp., Class A*

       73,500       16,880,010  
Energy equipment & services—1.4%

 

  

Baker Hughes Co.

       2,237,475       31,212,776  
Entertainment—2.0%

 

  

Roku, Inc.*

       152,675       18,508,790  

Zynga, Inc., Class A*

       3,369,425       25,405,465  
Equity real estate investment trusts (REITs)—6.0%

 

  

Agree Realty Corp.

       132,175       8,605,914  

Americold Realty Trust

       485,700       14,857,563  

AvalonBay Communities, Inc.

       13,875       2,260,931  

Cousins Properties, Inc.

       229,072       6,911,102  

Healthcare Realty Trust, Inc.

       478,950       14,076,341  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON SCOUT MID CAP FUND (cont’d)        
COMMON STOCKS—99.6%          Shares     Value  
Equity real estate investment trusts (REITs) (cont’d)

 

  

Host Hotels & Resorts, Inc.

       1,794,484       $ 22,090,098  

Lamar Advertising Co., Class A

       125,725       7,248,046  

Mid-America Apartment Communities, Inc.

       367,125       41,088,630  

Prologis, Inc.

       194,425       17,348,543  
Food & staples retailing—0.3%

 

  

Casey’s General Stores, Inc.

       37,706       5,709,065  
Food products—1.4%

 

  

Darling Ingredients, Inc.*

       383,071       7,887,432  

Lamb Weston Holdings, Inc.

       199,425       12,236,718  

Tyson Foods, Inc., Class A

       168,532       10,481,005  
Gas utilities—2.3%

 

  

Atmos Energy Corp.

       245,274       25,010,590  

ONE Gas, Inc.

       335,466       26,739,995  
Health care equipment & supplies—4.6%

 

  

ABIOMED, Inc.*

       24,050       4,599,562  

Align Technology, Inc.*

       19,675       4,227,174  

DexCom, Inc.*

       13,100       4,391,120  

Edwards Lifesciences Corp.*

       74,025       16,100,437  

IDEXX Laboratories, Inc.*

       14,900       4,136,240  

Insulet Corp.*

       84,875       16,951,235  

Masimo Corp.*

       70,825       15,150,176  

Tandem Diabetes Care, Inc.*

       77,075       6,149,044  

Teleflex, Inc.

       94,250       31,611,450  
Health care providers & services—1.8%

 

  

Centene Corp.*

       295,075       19,646,093  

Humana, Inc.

       36,502       13,937,194  

Molina Healthcare, Inc.*

       19,097       3,131,335  

Universal Health Services, Inc., Class B

       41,875       4,425,769  
Hotels, restaurants & leisure—4.6%

 

  

Chipotle Mexican Grill, Inc.*

       14,341       12,599,286  

Darden Restaurants, Inc.

       218,550       16,126,804  

Las Vegas Sands Corp.

       185,425       8,904,108  

Royal Caribbean Cruises Ltd.

       818,900       38,299,953  

Texas Roadhouse, Inc.

       257,550       12,128,030  

Vail Resorts, Inc.

       79,550       13,603,050  
Household durables—2.4%

 

  

D.R. Horton, Inc.

       692,925       32,719,919  

Garmin Ltd.

       137,700       11,175,732  

PulteGroup, Inc.

       374,000       10,572,980  
Household products—1.0%

 

  

The Clorox Co.

       118,700       22,130,428  
Industrial conglomerates—0.2%

 

  

Carlisle Cos, Inc.

       29,450       3,562,272  
Insurance—4.3%

 

  

Arch Capital Group Ltd.*

       274,825       6,604,045  

Brown & Brown, Inc.

       529,475       19,013,447  

Lincoln National Corp.

       377,479       13,389,180  

Marsh & McLennan Cos, Inc.

       156,625       15,244,311  

The Hanover Insurance Group, Inc.

       111,500       11,192,370  

The Hartford Financial Services Group, Inc.

       372,525       14,152,225  

W.R. Berkley Corp.

       139,375       7,526,250  

White Mountains Insurance Group Ltd.

       9,650       9,389,450  
Interactive media & services—1.1%

 

  

Match Group, Inc.*(a)

       182,075       14,012,492  

Twitter, Inc.*

       377,150       10,816,662  
COMMON STOCKS—99.6%          Shares     Value  
Internet & direct marketing retail—2.1%

 

  

Booking Holdings, Inc.*

       18,075       $ 26,761,303  

eBay, Inc.

       363,450       14,476,213  

Expedia Group, Inc.

       83,142       5,901,419  
IT services—1.9%

 

  

Black Knight, Inc.*

       198,825       14,031,080  

DXC Technology Co.

       812,850       14,736,971  

Paychex, Inc.

       197,775       13,551,543  
Leisure products—0.9%

 

  

Brunswick Corp.

       405,675       19,358,811  
Machinery—1.8%

 

  

AGCO Corp.

       180,525       9,538,941  

Allison Transmission Holdings, Inc.

       140,075       5,090,326  

The Timken Co.

       212,000       7,966,960  

Xylem, Inc.

       261,079       18,771,580  
Metals & mining—2.2%

 

  

Agnico Eagle Mines Ltd.

       335,050       19,660,734  

Kirkland Lake Gold Ltd.

       500,396       20,726,402  

Newmont Corp.

       147,525       8,774,787  
Mortgage real estate investment trusts (REITs)—0.7%

 

  

AGNC Investment Corp.

       1,283,000       15,934,860  
Multiline retail—1.0%

 

  

Dollar General Corp.

       121,575       21,312,098  
Multi-utilities—2.1%

 

  

CMS Energy Corp.

       327,450       18,694,120  

WEC Energy Group, Inc.

       309,400       28,016,170  
Oil, gas & consumable fuels—2.0%

 

  

Cabot Oil & Gas Corp.

       312,975       6,766,520  

EOG Resources, Inc.

       96,341       4,577,161  

HollyFrontier Corp.

       80,175       2,648,982  

Marathon Petroleum Corp.

       624,225       20,025,138  

Valero Energy Corp.

       173,875       11,014,981  
Pharmaceuticals—0.8%

 

  

Horizon Therapeutics PLC*

       477,900       17,223,516  
Professional services—3.9%

 

  

CoStar Group, Inc.*

       24,900       16,141,674  

FTI Consulting, Inc.*

       201,300       25,637,568  

IHS Markit Ltd.

       228,700       15,391,510  

Robert Half International, Inc.

       477,975       22,593,878  

Verisk Analytics, Inc.

       41,075       6,277,492  
Road & rail—2.5%

 

  

AMERCO

       36,500       10,224,745  

Kansas City Southern

       171,850       22,435,018  

Knight-Swift Transportation Holdings, Inc.

       549,200       20,419,256  

Old Dominion Freight Line, Inc.

       15,087       2,191,990  
Semiconductors & semiconductor equipment—6.3%

 

  

Advanced Micro Devices, Inc.*

       270,475       14,170,185  

Analog Devices, Inc.

       75,300       8,252,880  

KLA Corp.

       144,800       23,760,232  

Lam Research Corp.

       49,500       12,636,360  

Marvell Technology Group Ltd.

       494,200       13,214,908  

Monolithic Power Systems, Inc.

       56,750       11,344,893  

NXP Semiconductors N.V.

       57,325       5,707,850  

ON Semiconductor Corp.*

       145,200       2,329,734  

Skyworks Solutions, Inc.

       292,000       30,332,960  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON SCOUT MID CAP FUND (cont’d)  
COMMON STOCKS—99.6%          Shares     Value  
Semiconductors & semiconductor equipment (cont’d)

 

  

Universal Display Corp.

       60,800       $ 9,127,296  

Xilinx, Inc.

       102,925       8,995,645  
Software—4.7%

 

  

Crowdstrike Holdings, Inc., Class A*

       643,050       43,508,763  

DocuSign, Inc.*

       157,725       16,521,694  

Proofpoint, Inc.*

       25,509       3,105,210  

ServiceNow, Inc.*

       17,487       6,147,380  

Splunk, Inc.*

       115,575       16,222,107  

The Trade Desk, Inc., Class A*

       23,250       6,802,485  

Workday, Inc., Class A*

       42,000       6,463,800  

Zscaler, Inc.*

       103,025       6,910,917  
Specialty retail—2.7%

 

  

American Eagle Outfitters, Inc.

       1,207,250       9,597,637  

Best Buy Co., Inc.

       163,250       12,526,173  

Floor & Decor Holdings, Inc., Class A*

       753,775       31,960,060  

O’Reilly Automotive, Inc.*

       4,250       1,641,945  

Tractor Supply Co.

       55,800       5,659,794  
Technology hardware, storage & peripherals—1.2%

 

  

Pure Storage, Inc., Class A*

       1,832,675       26,390,520  
Textiles, apparel & luxury goods—0.4%

 

  

Lululemon Athletica, Inc.*

       39,700       8,872,156  
Trading companies & distributors—2.3%

 

  

United Rentals, Inc.*

       151,150       19,422,775  

W.W. Grainger, Inc.

       115,675       31,877,717  
Total common stocks (cost $2,049,123,948)

 

     2,222,230,290  
MONEY MARKET FUNDS—0.6%

 

  

First American Government Obligations Fund—Class X, 0.25%#

       14,053,894       14,053,894  
Total money market funds (cost $14,053,894)

 

     14,053,894  
Total investment portfolio
(cost $2,063,177,842)—100.2%

 

     2,236,284,184  

Liabilities in excess of other assets—(0.2)%

         (4,143,678 ) 
Total net assets—100.0%         $2,232,140,506  

* 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 $13,311,848 or 0.6% 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  
Sector   Percent of net assets  
Industrials     18.0%  
Information technology     17.5%  
Consumer discretionary     16.8%  
Financials     11.4%  
Health care     8.1%  
Materials     6.3%  
Sector allocation (cont’d)  
Sector   Percent of net assets  
Utilities     6.3%  
Real estate     6.1%  
Energy     3.4%  
Communication services     3.1%  
Consumer staples     2.6%  
Money market funds     0.6%  

 

CARILLON SCOUT SMALL CAP FUND  
COMMON STOCKS—97.0%          Shares     Value  
Aerospace & defense—1.9%      

Astronics Corp.*

       122,562       $1,100,607  

Kratos Defense & Security Solutions, Inc.*

       249,900       3,753,498  
Air freight & logistics—1.5%

 

  

Forward Air Corp.

       52,800       2,724,480  

Radiant Logistics, Inc.*

       283,475       1,213,273  
Auto components—0.9%

 

  

Stoneridge, Inc.*

       113,233       2,268,057  
Automobiles—1.2%

 

  

Thor Industries, Inc.

       49,036       3,246,183  
Banks—0.8%

 

  

Hilltop Holdings, Inc.

       114,674       2,213,208  
Biotechnology—2.7%

 

  

Eagle Pharmaceuticals, Inc.*

       50,396       2,569,188  

Halozyme Therapeutics, Inc.*

       81,300       1,841,852  

Insmed, Inc.*

       121,400       2,792,200  
Capital markets—2.8%

 

  

Blucora, Inc.*

       113,725       1,600,111  

Cohen & Steers, Inc.

       97,809       5,647,491  
Chemicals—1.6%

 

  

Balchem Corp.

       47,958       4,279,772  
Commercial services & supplies—1.2%

 

  

Healthcare Services Group, Inc.

       121,489       3,096,755  
Construction & engineering—0.8%

 

  

Dycom Industries, Inc.*

       65,634       2,139,668  
Consumer finance—3.1%

 

  

Green Dot Corp., Class A*

       54,891       1,674,175  

LendingTree, Inc.*

       17,038       4,248,766  

PRA Group, Inc.*

       74,662       2,071,124  
Electrical equipment—1.1%

 

  

TPI Composites, Inc.*

       169,312       2,968,039  
Electronic equipment, instruments & components—5.5%

 

  

ePlus, Inc.*

       44,162       3,124,461  

Fabrinet*

       62,073       3,895,081  

II-VI, Inc.*

       116,773       4,019,327  

Plexus Corp.*

       53,804       3,372,973  
Energy equipment & services—0.3%

 

  

Core Laboratories N.V.

       41,903       821,718  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON SCOUT SMALL CAP FUND (cont’d)  
COMMON STOCKS—97.0%          Shares     Value  
Equity real estate investment trusts (REITs)—2.2%

 

  

CareTrust REIT, Inc.

       123,699       $ 2,038,560  

QTS Realty Trust, Inc., Class A

       58,168       3,637,245  
Food & staples retailing—1.5%

 

  

Performance Food Group Co.*

       129,838       3,810,745  
Health care equipment & supplies—8.2%

 

  

Cantel Medical Corp.

       48,840       1,807,080  

ICU Medical, Inc.*

       27,885       6,115,459  

Integer Holdings Corp.*

       50,400       3,752,784  

Quidel Corp.*

       52,600       7,311,400  

Varex Imaging Corp.*

       100,729       2,632,049  
Health care providers & services—10.2%

 

  

AMN Healthcare Services, Inc.*

       86,827       4,079,132  

BioTelemetry, Inc.*

       106,089       4,955,417  

HealthEquity, Inc.*

       88,106       4,957,725  

LHC Group, Inc.*

       48,058       6,247,059  

Molina Healthcare, Inc.*

       14,927       2,447,580  

U.S. Physical Therapy, Inc.

       54,151       4,088,400  
Health care technology—3.8%

 

  

HMS Holdings Corp.*

       115,302       3,306,285  

Omnicell, Inc.*

       91,309       6,656,426  
Hotels, restaurants & leisure—1.8%

 

  

Cracker Barrel Old Country Store, Inc.

       22,013       2,144,066  

Lindblad Expeditions Holdings, Inc.*

       164,305       1,097,557  

The Cheesecake Factory, Inc.

       65,364       1,456,964  
Household durables—3.3%

 

  

Installed Building Products, Inc.*

       67,322       3,319,648  

iRobot Corp.*(a)

       35,079       2,138,416  

LGI Homes, Inc.*

       54,255       3,286,768  
Insurance—0.8%

 

  

CNO Financial Group, Inc.

       140,482       1,975,177  
Internet & direct marketing retail—1.0%

 

  

PetMed Express, Inc.(a)

       67,564       2,673,507  
IT services—1.0%

 

  

Virtusa Corp.*

       80,363       2,651,979  
Life sciences tools & services—5.7%

 

  

Bruker Corp.

       135,742       5,337,375  

Medpace Holdings, Inc.*

       57,925       4,625,891  

PRA Health Sciences, Inc.*

       51,786       4,997,349  
Machinery—4.4%

 

  

Albany International Corp., Class A

       59,755       3,055,871  

Chart Industries, Inc.*

       86,222       3,079,850  

Proto Labs, Inc.*

       52,734       5,357,247  
Metals & mining—0.3%

 

  

Carpenter Technology Corp.

       31,634       701,326  
Pharmaceuticals—1.2%

 

  

Supernus Pharmaceuticals, Inc.*

       136,535       3,194,919  
Professional services—1.3%

 

  

Insperity, Inc.

       73,674       3,514,987  
Semiconductors & semiconductor equipment—8.3%

 

  

Ambarella, Inc.*

       61,070       3,211,060  

Entegris, Inc.

       83,943       4,552,229  

Impinj, Inc.*

       74,882       1,681,850  

Inphi Corp.*

       42,439       4,097,061  
COMMON STOCKS—97.0%          Shares     Value  
Semiconductors & semiconductor equipment (cont’d)

 

  

Power Integrations, Inc.

       35,783       $ 3,662,390  

Semtech Corp.*

       101,496       4,591,679  
Software—11.3%

 

  

Envestnet, Inc.*

       66,503       4,157,768  

J2 Global, Inc.

       62,726       5,058,225  

Pegasystems, Inc.

       79,013       6,607,067  

Qualys, Inc.*

       41,700       4,396,848  

The Descartes Systems Group, Inc.*

       101,516       4,271,793  

Upland Software, Inc.*

       82,000       2,593,660  

Verint Systems, Inc.*

       59,600       2,547,304  
Specialty retail—1.8%

 

  

Monro, Inc.

       84,271       4,676,198  
Textiles, apparel & luxury goods—0.4%

 

  

G-III Apparel Group Ltd.*

       85,101       964,194  
Thrifts & mortgage finance—0.9%

 

  

Axos Financial, Inc.*

       106,794       2,461,602  
Trading companies & distributors—2.2%

 

  

Applied Industrial Technologies, Inc.

       58,100       3,043,859  

Systemax, Inc.

       141,675       2,813,665  
Total common stocks (cost $186,400,897)         254,522,702  
MONEY MARKET FUNDS—1.8%      

First American Government Obligations Fund—Class X, 0.25%#

       4,714,784       4,714,784  
Total money market funds (cost $4,714,784)         4,714,784  
Total investment portfolio (cost $191,115,681)—98.8%

 

     259,237,486  

Other assets in excess of liabilities—1.2%

         3,150,129  
Total net assets—100.0%         $262,387,615  

* 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 $4,541,869 or 1.7% 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      
Sector   Percent of net assets  
Health care     31.9%  
Information technology     26.1%  
Industrials     14.4%  
Consumer discretionary     10.4%  
Financials     8.3%  
Real estate     2.2%  
Materials     1.9%  
Money market funds     1.8%  
Consumer staples     1.5%  
Energy     0.3%  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS CORE BOND FUND        
CORPORATE BONDS—55.2%         Principal
Amount		     Value  
Aerospace & defense—2.0%

 

  

BAE Systems PLC, 144A, 3.40%, 04/15/30

       $830,000       $901,163  

General Dynamics Corp., 3.63%, 04/01/30

       1,655,000       1,904,388  

Raytheon Technologies Corp., 4.13%, 11/16/28

       785,000       910,179  

The Boeing Co., 2.95%, 02/01/30 (a)

       155,000       132,314  
Agriculture—1.2%

 

  

BAT Capital Corp., 4.91%, 04/02/30

       2,050,000       2,304,023  
Air freight & logistics—1.7%

 

  

FedEx Corp., 3.80%, 05/15/25

       2,085,000       2,228,076  

United Parcel Service, Inc.,

      

4.45%, 04/01/30

       590,000       713,759  

5.20%, 04/01/40

       295,000       394,773  
Airlines—1.7%

 

  

American Airlines, Pass Through Trust,

      

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

       182,257       178,326  

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

       397,202       342,869  

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

       254,780       225,710  

Delta Air Lines, Pass Through Trust,

      

Series 2007-1, Class A, 6.82%, 02/10/24

       426,191       408,135  

Series 2020-1, Class AA, 2.00%, 12/10/29

       1,725,000       1,597,175  

US Airways, Pass Through Trust, Series 2012-1, Class A, 5.90%, 04/01/26

       540,300       491,447  
Auto manufacturers—3.8%

 

  

BMW U.S. Capital LLC, 144A, 4.15%, 04/09/30

       605,000       664,326  

Daimler Finance North America LLC, 144A, 3.35%, 05/04/21

       1,200,000       1,202,981  

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

       235,000       220,900  

General Motors Financial Co., Inc.,

      

4.20%, 11/06/21

       495,000       485,043  

5.10%, 01/17/24

       800,000       788,958  

Hyundai Capital America, 144A, 6.38%, 04/08/30

       2,270,000       2,436,326  

Toyota Motor Credit Corp., 3.38%, 04/01/30

       945,000       1,031,941  

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

       350,000       351,342  
Banks—15.1%

 

  

Bank of America Corp.,

      

(Fixed until 02/13/30, then 3 Month LIBOR USD + 0.99%), 2.50%, 02/13/31

       3,475,000       3,512,794  

3.50%, 04/19/26

       295,000       320,534  

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

       905,000       973,631  

(Fixed until 07/23/28, then 3 Month LIBOR USD + 1.31%), 4.27%, 07/23/29

       1,340,000       1,521,503  

Citigroup, Inc.,

      

(Fixed until 01/29/30, then SOFR + 1.15%), 2.67%, 01/29/31

       2,635,000       2,636,050  

(Fixed until 04/23/28, then 3 Month LIBOR USD + 1.15%), 4.08%, 04/23/29

       1,000,000       1,103,955  

(Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31

       1,880,000       2,159,111  

(Fixed until 03/26/40, then SOFR + 4.59%), 5.32%, 03/26/41

       1,225,000       1,572,626  

Fifth Third Bancorp, 2.55%, 05/05/27

       3,445,000       3,441,503  

HSBC Holdings PLC, 4.95%, 03/31/30

       1,170,000       1,385,139  

JPMorgan Chase & Co.,

      

(Fixed until 10/15/29, then SOFR + 1.51%), 2.74%, 10/15/30

       2,225,000       2,293,918  

(Fixed until 03/24/29, then SOFR + 3.79%), 4.49%, 03/24/31

       1,505,000       1,780,244  

Truist Financial Corp., 2.20%, 03/16/23

       830,000       848,795  

Wells Fargo & Co.,

      

(3 Month LIBOR USD + 1.23%), 1.99%, 10/31/23

       775,000       771,891  

(Fixed until 02/11/30, then 3 Month LIBOR USD + 1.00%), 2.57%, 02/11/31

       1,570,000       1,566,295  
         
CORPORATE BONDS—55.2%         Principal
Amount		     Value  
Banks (cont’d)

 

  

Wells Fargo & Co., (cont’d)

      

3.75%, 01/24/24

       $380,000       $404,334  

(Fixed until 04/04/30, then 3 Month LIBOR USD + 3.77%), 4.48%, 04/04/31

       2,195,000       2,554,682  
Beverages—2.1%

 

  

Anheuser-Busch InBev Worldwide, Inc.,

      

3.50%, 06/01/30

       440,000       469,308  

4.35%, 06/01/40

       1,455,000       1,589,396  

4.75%, 01/23/29

       1,775,000       2,047,014  
Biotechnology—0.6%

 

  

AbbVie, Inc. (3 Month LIBOR USD + 0.46%), 144A, 2.15%, 11/19/21

       1,120,000       1,110,902  
Capital markets—2.4%

 

  

Morgan Stanley,

      

(Fixed until 01/22/30, then SOFR + 1.14%), 2.70%, 01/22/31

       750,000       767,664  

(Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31

       1,060,000       1,165,184  

The Goldman Sachs Group, Inc.,

      

2.60%, 02/07/30

       1,510,000       1,489,648  

3.50%, 04/01/25

       1,070,000       1,138,067  
Containers & packaging—0.5%

 

  

Sonoco Products Co., 3.13%, 05/01/30

       1,035,000       1,033,862  
Diversified financial services—0.2%      

GE Capital International Funding Co., 4.42%, 11/15/35

       340,000       353,644  
Diversified telecommunication services—2.7%

 

  

AT&T, Inc., 3.80%, 03/01/24

       180,000       192,157  

4.25%, 03/01/27

       350,000       385,308  

4.30%, 02/15/30

       2,110,000       2,377,687  

4.35%, 03/01/29

       1,215,000       1,365,025  

Verizon Communications, Inc., 4.33%, 09/21/28

       705,000       834,056  
Electric—0.4%      

Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30

       210,000       231,192  

San Diego Gas & Electric Co., 3.32%, 04/15/50

       450,000       488,248  
Electric utilities—0.9%

 

  

IPALCO Enterprises, Inc., 144A, 4.25%, 05/01/30

       895,000       947,026  

Wisconsin Power & Light Co., 3.65%, 04/01/50

       750,000       867,644  
Entertainment—0.4%

 

  

The Walt Disney Co.,

      

4.63%, 03/23/40

       410,000       507,470  

4.70%, 03/23/50

       210,000       277,922  
Equity real estate investment trusts (REITs)—2.0%

 

  

Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30

       665,000       794,019  

AvalonBay Communities, Inc., 2.30%, 03/01/30

       1,640,000       1,623,649  

Ventas Realty LP, 4.75%, 11/15/30

       1,345,000       1,396,814  
Food & staples retailing—0.7%

 

  

Sysco Corp., 5.95%, 04/01/30

       1,150,000       1,352,291  
Food products—0.9%

 

  

Archer-Daniels-Midland Co., 3.25%, 03/27/30

       1,055,000       1,161,082  

Campbell Soup Co. (3 Month LIBOR USD + 0.63%), 1.37%, 03/15/21

       90,000       89,212  

General Mills, Inc., 2.88%, 04/15/30

       500,000       534,089  
Health care providers & services—1.7%

 

  

CVS Health Corp.,

      

3.25%, 08/15/29

       585,000       624,769  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS CORE BOND FUND (cont’d)        
CORPORATE BONDS—55.2%         Principal
Amount		     Value  
Health care providers & services (cont’d)

 

  

CVS Health Corp., (cont’d)

      

3.75%, 04/01/30

       $1,665,000       $1,848,452  

4.30%, 03/25/28

       655,000       738,041  
Hotels, restaurants & leisure—0.4%

 

  

McDonald’s Corp., 3.60%, 07/01/30

       750,000       845,316  
Industrial conglomerates—1.0%

 

  

3M Co., 3.05%, 04/15/30

       145,000       158,218  

General Electric Co.,

      

3.63%, 05/01/30

       780,000       782,463  

4.25%, 05/01/40

       1,030,000       1,027,894  
Insurance—2.3%

 

  

Aflac, Inc., 3.60%, 04/01/30

       1,555,000       1,743,621  

American International Group, Inc., 4.25%, 03/15/29

       960,000       1,047,826  

MetLife, Inc., 4.55%, 03/23/30

       1,355,000       1,611,270  
Machinery—0.2%

 

  

Deere & Co., 3.10%, 04/15/30

       345,000       380,853  
Media—2.7%

 

  

Comcast Corp., 3.40%, 04/01/30

       1,045,000       1,167,985  

Fox Corp., 3.50%, 04/08/30

       1,020,000       1,095,045  

ViacomCBS, Inc., 4.95%, 01/15/31

       2,685,000       2,848,348  
Multiline retail—1.0%

 

  

Dollar General Corp., 3.50%, 04/03/30

       1,190,000       1,305,343  

Target Corp., 2.65%, 09/15/30

       600,000       642,962  
Multi-utilities—1.0%

 

  

Dominion Energy, Inc.,

      

144A, 2.45%, 01/15/23

       1,040,000       1,066,992  

3.38%, 04/01/30

       690,000       749,094  
Oil & gas—0.9%

 

  

BP Capital Markets America, Inc., 3.63%, 04/06/30

       1,625,000       1,750,360  
Oil, gas & consumable fuels—2.6%      

Equinor ASA, 3.13%, 04/06/30

       1,815,000       1,946,566  

Exxon Mobil Corp., 3.48%, 03/19/30

       915,000       1,010,278  

Tennessee Gas Pipeline Co. LLC, 144A, 2.90%, 03/01/30

       1,515,000       1,437,541  

TransCanada PipeLines Ltd., 4.10%, 04/15/30

       575,000       621,758  
Pipelines—0.2%      

Enterprise Products Operating LLC, 2.80%, 01/31/30

       320,000       314,275  
Specialty retail—0.9%

 

  

Lowe’s Cos, Inc., 4.50%, 04/15/30

       760,000       896,256  

The Home Depot, Inc., 2.70%, 04/15/30

       850,000       906,710  
Textiles, apparel & luxury goods—0.3%

 

  

NIKE, Inc.,

      

2.85%, 03/27/30

       340,000       369,293  

3.25%, 03/27/40

       225,000       243,801  
Transportation—0.7%

 

  

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

      

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

       8,510       8,531  

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

       37,465       38,106  

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

       205,770       227,851  

Union Pacific Railroad Co., Pass Through Trust,

      

Series 2004, 5.40%, 07/02/25

       151,806       158,563  

Series 2005, 5.08%, 01/02/29

       382,958       411,185  

Series 2006, 5.87%, 07/02/30

       343,068       396,825  
Total corporate bonds (cost $99,383,535)

 

     105,773,130  
         
MORTGAGE AND ASSET-BACKED SECURITIES—16.5%         Principal
Amount		     Value  
Asset-backed securities—3.4%

 

  

CarMax Auto Owner Trust,

      

Series 2020-2, Class A3, 1.70%, 11/15/24

       $1,030,000       $1,030,000  

Series 2020-2, Class A4, 2.05%, 05/15/25

       490,000       489,461  

Hertz Vehicle Financing II LP,

      

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

       670,000       628,549  

Series 2017-1A, Class A, 144A, 2.96%, 10/25/21

       515,000       481,533  

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

       830,000       801,047  

Hyundai Auto Receivables Trust,

      

Series 2020-A, Class A3, 1.41%, 11/15/24

       585,000       585,000  

Series 2020-A, Class A4, 1.72%, 06/15/26

       190,000       189,791  

Nissan Auto Receivables Owner Trust,

      

Series 2020-A, Class A3, 1.38%, 12/15/24

       1,310,000       1,309,869  

Series 2020-A, Class A4, 1.70%, 05/15/27

       410,000       409,951  

Toyota Auto Receivables Owner Trust,

      

Series 2020-B, Class A3, 1.36%, 08/15/24

       445,000       448,221  

Series 2020-B, Class A4, 1.66%, 09/15/25

       190,000       192,082  
Commercial mortgage-backed securities—6.0%

 

  

BANK, Series 2018-BN10, Class A1, 2.62%, 02/17/61

       956,892       962,154  

CFCRE Commercial Mortgage Trust,

      

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

       1,533,797       1,562,327  

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

       1,105,000       1,174,808  

COMM Mortgage Trust,

      

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

       422,791       435,848  

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

       589,709       607,354  

GS Mortgage Securities Trust,

      

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

       737,557       742,262  

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

       233,311       239,896  

Series 2014-GCJ22, Class A5, 3.86%, 06/10/47

       355,000       377,339  

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

       869,200       881,695  

JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/50

       425,000       455,531  

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

       460,000       468,649  

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

       1,072,140       1,110,456  

UBS Commercial Mortgage Trust, Series 2018-C11, Class A5, VR, 4.24%, 06/16/51

       850,000       960,025  

Wells Fargo Commercial Trust, Series 2016-C36, Class A3, 2.81%, 11/18/59

       1,100,000       1,124,617  

WFRBS Commercial Mortgage Trust,

      

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

       28,471       28,803  

Series 2014-C21, Class A4, 3.41%, 08/16/47

       365,000       381,087  
Federal agency mortgage-backed obligations—7.1%

 

  

Fannie Mae Pool,

      

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

       504,447       506,205  

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

       2,785,000       2,883,221  

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

       830,832       867,866  

Series 2793, Class AL, VR, 4.65%, 01/01/21

       522,832       532,697  

Series 4018, Class MA, 2.00%, 05/01/50

       4,088,541       4,149,986  

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

       355,000       380,108  

Series 5872, Class BL (1 Month LIBOR USD + 0.60%), 1.59%, 02/01/30

       800,000       796,808  

Series 387770, 3.63%, 07/01/28

       455,000       508,090  

Series 465468, 3.33%, 07/01/20

       44,090       44,053  

Fannie Mae-Aces,

      

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

       614,234       624,770  

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

       595,345       625,384  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS CORE BOND FUND (cont’d)        
MORTGAGE AND ASSET-BACKED SECURITIES—16.5%         Principal
Amount		     Value  
Federal agency mortgage-backed obligations (cont’d)

 

  

Freddie Mac Gold Pool, Series 15226, Class G, 4.50%, 08/01/20 (fractional amount held)

       $0       $0  

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

       501       504  

Ginnie Mae I Pool,

      

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

       1,230,396       1,283,091  

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

       416,960       418,796  
Total mortgage and asset-backed securities (cost $31,158,403)

 

     31,699,934  
FOREIGN GOVERNMENT BONDS—0.5%

 

  

Israel Government International Bond, 2.75%, 07/03/30

       915,000       960,750  
Total foreign government bonds (cost $915,000)

 

     960,750  
SHORT-TERM INVESTMENTS—7.8%

 

  
Money market funds—0.1%

 

  

First American Government Obligations Fund—Class X, 0.25%#

       96,747       96,747  
U.S. Treasury Bills—7.7%      

ZCI, 0.09%, 06/23/20

       6,700,000       6,699,014  

ZCI, 0.11%, 07/30/20

       8,025,000       8,022,919  
Total short-term investments (cost $14,818,802)         14,818,680  
Total investment portfolio (cost $146,275,740)—80.0%

 

     153,252,494  

Other assets in excess of liabilities—20.0%

         38,216,392  
Total net assets—100.0%         $191,468,886  

(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 $89,303 or 0.1% 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.

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. Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. 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     23.2%  
AA/Aa/AA     5.7%  
A/A/A     33.0%  
BBB/Baa/BBB     17.9%  
BB/Ba/BB     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  
Central Clearing Party    Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		     Buy/Sell(b)
Protection		     Pay/Receive
Fixed Rate		   Fixed Rate     Expiration
Date		     Notional
Value(c)		     Value(d)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange    CDX North American
Investment Grade
Index Series 34		     Baa2/BBB       Sell     Receive     1%/Quarterly       06/20/2025       $25,000,000       $161,073       $161,073       $—  
Total swap contracts                                    $25,000,000     $161,073     $161,073     $—  

There is $913,167 of initial margin due from the Fund to the broker as of the date of this report.

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

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

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

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS CORE PLUS BOND FUND  
CORPORATE BONDS—65.8%         Principal
Amount		     Value  
Aerospace & defense—2.7%      

BAE Systems PLC, 144A, 3.40%, 04/15/30

       $3,740,000       $4,060,662  

General Dynamics Corp., 3.63%, 04/01/30

       5,480,000       6,305,766  

Raytheon Technologies Corp., 4.13%, 11/16/28

       3,830,000       4,440,748  

The Boeing Co.,

      

2.95%, 02/01/30 (a)

       615,000       524,989  

3.60%, 05/01/34

       3,120,000       2,714,886  
Agriculture—1.3%

 

  

BAT Capital Corp., 4.91%, 04/02/30

       7,575,000       8,513,646  
Air freight & logistics—1.6%

 

  

FedEx Corp., 3.80%, 05/15/25

       6,370,000       6,807,118  

United Parcel Service, Inc.,

      

4.45%, 04/01/30

       2,150,000       2,600,985  

5.20%, 04/01/40

       1,060,000       1,418,509  
Airlines—2.4%

 

  

American Airlines, Pass Through Trust,

      

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

       641,153       627,326  

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

       78,877       68,088  

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

       950,709       842,232  

Delta Air Lines, Pass Through Trust,

      

Series 2007-1, Class A, 6.82%, 02/10/24

       670,012       641,626  

Series 2020-1, Class AA, 2.00%, 12/10/29

       9,550,000       8,842,332  

Southwest Airines Co., 5.25%, 05/04/25

       3,200,000       3,187,557  

US Airways, Pass Through Trust,

      

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

       634,923       632,753  

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

       1,543,714       1,404,136  
Auto manufacturers—4.7%

 

  

BMW US Capital LLC, 144A, 4.15%, 04/09/30

       2,325,000       2,552,988  

Daimler Finance North America LLC, 144A, 3.35%, 05/04/21

       6,340,000       6,355,751  

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

       2,545,000       2,392,300  

General Motors Financial Co., Inc.,

      

4.20%, 11/06/21

       2,900,000       2,841,667  

5.10%, 01/17/24

       3,275,000       3,229,797  

Hyundai Capital America, 144A, 6.38%, 04/08/30

       8,270,000       8,875,953  

Toyota Motor Credit Corp., 3.38%, 04/01/30

       3,470,000       3,789,243  

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

       2,145,000       2,153,224  
Banks—16.7%

 

  

Bank of America Corp.,

      

(Fixed until 02/13/30, then 3 Month LIBOR USD + 0.99%), 2.50%, 02/13/31

       12,710,000       12,848,233  

3.50%, 04/19/26

       3,060,000       3,324,865  

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

       4,090,000       4,400,167  

Citigroup, Inc.,

      

(Fixed until 01/29/30, then SOFR + 1.15%), 2.67%, 01/29/31

       8,835,000       8,838,519  

(Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31

       10,525,000       12,087,577  

(Fixed until 03/26/40, then SOFR + 4.55%), 5.32%, 03/26/41

       6,385,000       8,196,913  

Fifth Third Bancorp, 2.55%, 05/05/27

       2,475,000       2,472,487  

HSBC Holdings PLC, 4.95%, 03/31/30

       5,120,000       6,061,462  

JPMorgan Chase & Co.,

      

(Fixed until 10/15/29, then SOFR + 1.51%), 2.74%, 10/15/30

       7,935,000       8,180,782  

3.25%, 09/23/22

       1,780,000       1,862,684  
   
CORPORATE BONDS—65.8%         Principal
Amount		     Value  
Banks (cont’d)

 

  

JPMorgan Chase & Co., (cont’d)

      

(Fixed until 03/24/30, then SOFR + 3.79%), 4.49%, 03/24/31

       $7,595,000       $8,984,024  

Truist Financial Corp., 2.20%, 03/16/23

       5,070,000       5,184,805  

Wells Fargo & Co.,

      

(3 Month LIBOR USD + 1.23%), 1.99%, 10/31/23

       6,390,000       6,364,363  

(Fixed until 02/11/30, then 3 Month LIBOR USD + 1.00%), 2.57%, 02/11/31

       7,495,000       7,477,316  

(Fixed until 04/04/30, then 3 Month LIBOR USD + 3.77%), 4.48%, 04/04/31

       14,800,000       17,225,190  
Beverages—2.2%

 

  

Anheuser-Busch InBev Worldwide, Inc.,

      

3.50%, 06/01/30

       1,600,000       1,706,573  

4.35%, 06/01/40

       5,245,000       5,729,472  

4.75%, 01/23/29

       6,425,000       7,409,614  
Biotechnology—0.9%

 

  

AbbVie, Inc. (3 Month LIBOR USD + 0.46%), 144A, 2.15%, 11/19/21

       6,485,000       6,432,318  
Capital markets—2.5%

 

  

Morgan Stanley,

      

(Fixed until 01/22/30, then SOFR + 1.14%), 2.70%, 01/22/31

       2,715,000       2,778,942  

(Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31

       3,905,000       4,292,495  

The Goldman Sachs Group, Inc.,

      

2.60%, 02/07/30

       5,385,000       5,312,421  

3.50%, 04/01/25

       4,255,000       4,525,679  
Containers & packaging—0.6%

 

  

Sonoco Products Co., 3.13%, 05/01/30

       3,825,000       3,820,795  
Diversified financial services—0.2%

 

  

GE Capital International Funding Co., 4.42%, 11/15/35

       1,250,000       1,300,162  
Diversified telecommunication services—1.8%

 

  

AT&T, Inc.,

      

3.80%, 03/01/24

       1,445,000       1,542,592  

4.25%, 03/01/27

       2,170,000       2,388,913  

4.35%, 03/01/29

       4,375,000       4,915,214  

Verizon Communications, Inc., 4.33%, 09/21/28

       2,795,000       3,306,647  
Electric—0.6%

 

  

Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30

       1,120,000       1,233,025  

San Diego Gas & Electric Co., 3.32%, 04/15/50

       2,360,000       2,560,590  
Electric utilities—1.0%

 

  

IPALCO Enterprises, Inc., 144A, 4.25%, 05/01/30

       3,250,000       3,438,921  

Wisconsin Power & Light Co., 3.65%, 04/01/50

       2,600,000       3,007,833  
Entertainment—0.6%

 

  

The Walt Disney Co.,

      

4.63%, 03/23/40

       2,125,000       2,630,178  

4.70%, 03/23/50

       1,100,000       1,455,783  
Equity real estate investment trusts (REITs)—2.2%

 

  

Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30

       3,180,000       3,796,965  

AvalonBay Communities, Inc., 2.30%, 03/01/30

       5,525,000       5,469,914  

Ventas Realty LP, 4.75%, 11/15/30

       5,280,000       5,483,403  
Food & staples retailing—0.7%

 

  

Sysco Corp., 5.95%, 04/01/30

       4,270,000       5,021,114  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
CORPORATE BONDS—65.8%         Principal
Amount		     Value  
Food products—1.0%

 

  

Archer-Daniels-Midland Co., 3.25%, 03/27/30

       $3,845,000       $4,231,620  

Campbell Soup Co. (3 Month LIBOR USD + 0.63%), 1.37%, 03/15/21

       545,000       540,231  

General Mills, Inc., 2.88%, 04/15/30

       1,840,000       1,965,447  
Health care providers & services—2.1%

 

  

CVS Health Corp.,

      

3.25%, 08/15/29

       3,660,000       3,908,811  

3.75%, 04/01/30

       6,000,000       6,661,088  

4.30%, 03/25/28

       3,410,000       3,842,321  
Hotels, restaurants & leisure—1.3%

 

  

Carnival Corp., 144A, 11.50%, 04/01/23

       5,250,000       5,484,604  

McDonald’s Corp., 3.60%, 07/01/30

       2,780,000       3,133,305  
Industrial conglomerates—1.1%

 

  

3M Co., 3.05%, 04/15/30

       715,000       780,179  

General Electric Co.,

      

3.63%, 05/01/30

       2,675,000       2,683,447  

4.25%, 05/01/40

       4,065,000       4,056,687  
Insurance—2.4%

 

  

Aflac, Inc., 3.60%, 04/01/30

       3,870,000       4,339,429  

American International Group, Inc., 4.25%, 03/15/29

       3,350,000       3,656,474  

MetLife, Inc., 4.55%, 03/23/30

       6,945,000       8,258,503  
Machinery—0.3%

 

  

Deere & Co., 3.10%, 04/15/30

       1,705,000       1,882,184  
Media—3.0%

 

  

Comcast Corp., 3.40%, 04/01/30

       5,010,000       5,599,620  

Fox Corp., 3.50%, 04/08/30

       3,755,000       4,031,270  

ViacomCBS, Inc., 4.95%, 01/15/31

       9,805,000       10,401,510  
Multiline retail—1.1%

 

  

Dollar General Corp., 3.50%, 04/03/30

       3,560,000       3,905,061  

Target Corp., 2.65%, 09/15/30

       3,165,000       3,391,624  
Multi-utilities—1.3%

 

  

Dominion Energy, Inc.,

      

144A, 2.45%, 01/15/23

       6,475,000       6,643,053  

3.38%, 04/01/30

       2,135,000       2,317,848  
Oil & gas—0.9%

 

  

BP Capital Markets America, Inc., 3.63%, 04/06/30

       5,875,000       6,328,227  
Oil, gas & consumable fuels—7.1%      

Apache Corp.,

      

4.38%, 10/15/28

       660,000       524,642  

4.75%, 04/15/43

       2,680,000       1,830,749  

5.10%, 09/01/40

       645,000       435,071  

Devon Energy Corp.,

      

4.75%, 05/15/42

       980,000       762,345  

5.00%, 06/15/45

       1,935,000       1,577,105  

Energy Transfer Operating LP,

      

3.75%, 05/15/30

       580,000       525,554  

4.05%, 03/15/25

       2,205,000       2,163,589  

Equinor ASA, 3.13%, 04/06/30

       9,435,000       10,118,925  

Exxon Mobil Corp., 3.48%, 03/19/30

       4,790,000       5,288,778  

Hess Corp.,

      

4.30%, 04/01/27

       9,395,000       8,508,073  

5.60%, 02/15/41

       2,450,000       2,138,533  

Marathon Oil Corp., 6.60%, 10/01/37

       1,965,000       1,555,029  

Marathon Petroleum Corp., 3.80%, 04/01/28

       1,310,000       1,213,259  
   
CORPORATE BONDS—65.8%         Principal
Amount		     Value  
Oil, gas & consumable fuels (cont’d)      

Occidental Petroleum Corp.,

      

3.50%, 08/15/29

       $335,000       $234,567  

6.20%, 03/15/40

       770,000       550,550  

6.45%, 09/15/36

       7,095,000       5,179,350  

Tennessee Gas Pipeline Co. LLC, 144A, 2.90%, 03/01/30

       2,390,000       2,267,804  

TransCanada PipeLines Ltd., 4.10%, 04/15/30

       2,875,000       3,108,792  
Specialty retail—1.0%

 

  

Lowe’s Cos, Inc., 4.50%, 04/15/30

       3,015,000       3,555,540  

The Home Depot Inc., 2.70%, 04/15/30

       3,135,000       3,344,161  
Textiles, apparel & luxury goods—0.5%

 

  

NIKE, Inc.,

      

2.85%, 03/27/30

       1,805,000       1,960,513  

3.25%, 03/27/40

       1,205,000       1,305,690  
Transportation—0.0%

 

  

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

      

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

       26,518       26,584  

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

       210,485       220,237  
Total corporate bonds (cost $408,320,072)

 

     445,331,215  
MORTGAGE AND ASSET-BACKED SECURITIES—16.6%

 

  
Asset-backed securities—4.6%

 

  

CarMax Auto Owner Trust,

      

Series 2020-2, Class A3, 1.70%, 11/15/24

       3,950,000       3,950,000  

Series 2020-2, Class A4, 2.05%, 05/15/25

       1,890,000       1,887,921  

Hertz Vehicle Financing II LP,

      

Series 2015-3A, Class A, 144A, 2.67%, 09/25/21

       1,810,000       1,729,705  

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

       3,245,000       3,044,241  

Series 2017-1A, Class A, 144A, 2.96%, 10/25/21

       3,010,000       2,814,401  

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

       3,855,000       3,720,525  

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

       303,646       134,564  

Hyundai Auto Receivables Trust,

      

Series 2020-A, Class A3, 1.41%, 11/15/24

       2,900,000       2,900,000  

Series 2020-A, Class A4, 1.72%, 06/15/26

       935,000       933,972  

Nissan Auto Receivables Owner Trust,

      

Series 2020-A, Class A3, 1.38%, 12/15/24

       5,060,000       5,059,494  

Series 2020-A, Class A4, 1.70%, 05/15/27

       1,580,000       1,579,810  

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

       482,695       474,026  

Toyota Auto Receivables Owner Trust,

      

Series 2020-B, Class A3, 1.36%, 08/15/24

       2,210,000       2,225,998  

Series 2020-B, Class A4, 1.66%, 09/15/25

       945,000       955,356  
Commercial mortgage-backed securities—3.3%

 

  

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

       4,375,000       4,651,391  

COMM Mortgage Trust,

      

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

       2,684,385       2,767,288  

Series 2014-UBS5, Class A4, 3.84%, 09/12/47

       1,890,000       1,998,339  

Series 2015-LC19, Class A4, 3.18%, 02/10/48

       1,055,000       1,103,006  

GS Mortgage Securities Trust,

      

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

       3,916,815       3,941,802  

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

       1,468,873       1,510,330  

JPMDB Commercial Mortgage Securities Trust,
Series 2017-C5, Class A4, 3.41%, 03/15/50

       2,200,000       2,358,044  

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

       4,045,344       4,189,916  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED SECURITIES—16.6%         Principal
Amount		     Value  
Federal agency mortgage-backed obligations—8.7%

 

  

Fannie Mae Pool,

      

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

       $3,610,781       $3,623,358  

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

       4,500,000       4,658,706  

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

       1,609,737       1,681,491  

Series 2793, Class AL, VR, 4.65%, 01/01/21

       3,740,263       3,810,830  

Series 4018, Class MA, 2.0%, 05/01/50

       12,225,000       12,408,726  

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

       2,045,000       2,189,637  

Series 5872, Class BL (1 Month LIBOR USD + 0.60%), 1.59%, 02/01/30

       4,440,000       4,422,282  

Series 387770, 3.63%, 07/01/28

       2,495,000       2,786,121  

Series 465468, 3.33%, 07/01/20

       93,954       93,876  

Fannie Mae-Aces,

      

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

       2,357,409       2,397,844  

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

       2,757,542       2,896,679  

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

       9,330,587       9,614,410  

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

       1       1  

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

       2,369       2,381  

Ginnie Mae I Pool,

      

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

       6,761,920       7,051,517  

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

       1,079,388       1,084,140  
Total mortgage and asset-backed securities (cost $111,198,902)

 

     112,652,128  
FOREIGN GOVERNMENT BONDS—0.7%

 

  

Israel Government International Bond, 2.75%, 07/03/30

       4,810,000       5,050,500  
Total foreign government bonds (cost $4,810,000)

 

     5,050,500  
MONEY MARKET FUNDS—0.1%

 

  

First American Government Obligations Fund—Class X, 0.25%#

       544,813       544,813  
Total money market funds (cost $544,813)         544,813  
Total investment portfolio (cost $524,873,787)—83.2%

 

     563,578,656  

Other assets in excess of liabilities—16.8%

         113,920,957  
Total net assets—100.0%         $677,499,613  

(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 $502,896 or 0.1% of net assets as of the date of this report.

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. Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. Rate shown is the rate in effect as of the date of this report.

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

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

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa/AAA     14.9%  
AA/Aa/AA     6.9%  
A/A/A     36.0%  
BBB/Baa/BBB     24.0%  
BB/Ba/BB     1.2%  
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      19  

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)  
FUTURES CONTRACTS—SHORT  
Description    Expiration
Date		    Number of
Contracts		      Notional Value
at Trade Date		      Notional Value
at April 30, 2020		      Unrealized
Appreciation
(Depreciation)		  
10-Year U.S. Treasury Note    6/19/2020      (335 )       $(46,663,609)        $(46,585,938)        $77,671  

There is no variation margin due to or from the Fund as of the date of this report.

SWAP CONTRACTS—CREDIT DEFAULT SWAPS  
Central Clearing
Party		   Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		     Buy/Sell(b)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(c)		     Value(d)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American High
Yield Index Series 34		     B2/B       Sell       Receive     5%/Quarterly     6/20/2025       $111,890,000       $(5,824,510)       $(5,474,594)       $(349,916)  
Total swap contracts         $111,890,000     $(5,824,510)     $(5,474,594)     $(349,916)  

There is $47,104 of variation margin due from the broker to the Fund as of the date of this report.

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

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

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

FORWARD CONTRACTS                              
Currency to be Received      Currency to be Delivered      Settlement Date      Counterparty      Unrealized
Appreciation
(Depreciation)		  
Mexican Peso      300,000,000        U.S. Dollar        12,028,869        6/17/2020        J.P. Morgan        $320,998  
Total forward contracts

 

                  $320,998  

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS UNCONSTRAINED BOND FUND  
CORPORATE BONDS—67.2%         Principal
Amount		     Value  
Aerospace & defense—1.2%      

The Boeing Co.,

 

  

2.30%, 08/01/21

       $2,910,000       $2,860,720  

2.95%, 02/01/30 (a)

       940,000       802,421  

3.60%, 05/01/34

       6,415,000       5,582,050  
Airlines—3.4%      

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

       1,988,703       1,761,791  

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

       1,529,989       1,471,627  

Delta Air Lines, Pass Through Trust,
Series 2020-1, Class AA, 2.00%, 12/10/29

       14,940,000       13,832,926  

Southwest Airlines Co.,
5.25%, 05/04/25

       4,460,000       4,442,658  

US Airways, Pass Through Trust,

 

  

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

       3,198,398       2,972,145  

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

       2,847,602       2,590,129  
Air freight & logistics—0.7%      

United Parcel Service, Inc.,

 

  

4.45%, 04/01/30

       2,775,000       3,357,085  

5.20%, 04/01/40

       1,825,000       2,442,244  
Auto manufacturers—12.8%      

BMW US Capital LLC,
144A, 4.15%, 04/09/30

       3,175,000       3,486,339  

Daimler Finance North America LLC,

 

  

144A, 2.30%, 02/12/21

       5,815,000       5,758,841  

144A, 3.00%, 02/22/21

       3,795,000       3,793,000  

144A, 3.35%, 05/04/21

       8,745,000       8,766,726  

Ford Motor Credit Co. LLC,

 

  

2.43%, 06/12/20

       6,045,000       6,014,775  

3.20%, 01/15/21

       7,780,000       7,507,700  

3.81%, 10/12/21

       3,680,000       3,459,200  

4.27%, 01/09/27

       2,570,000       2,184,500  

General Motors Financial Co., Inc.,

 

  

2.90%, 02/26/25

       2,525,000       2,286,998  

3.20%, 07/13/20

       3,420,000       3,413,643  

3.55%, 04/09/21

       7,110,000       7,001,481  

4.00%, 01/15/25

       4,680,000       4,382,546  

4.30%, 07/13/25

       2,675,000       2,509,914  

4.35%, 04/09/25

       3,790,000       3,607,039  

4.35%, 01/17/27

       4,125,000       3,751,058  

5.10%, 01/17/24

       10,165,000       10,024,698  

5.25%, 03/01/26

       2,800,000       2,687,259  

Hyundai Capital America,
144A, 6.38%, 04/08/30

       11,025,000       11,832,816  

Toyota Motor Credit Corp.,
3.38%, 04/01/30

       5,005,000       5,465,464  

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

       3,645,000       3,658,974  
Banks—17.3%      

Bank of America Corp.,

 

  

(Fixed until 02/13/30, then 3 Month LIBOR USD + 0.99%), 2.50%, 02/13/31

       14,320,000       14,475,743  

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

       11,830,000       12,727,134  

(Fixed until 03/20/50, then 3 Month LIBOR USD + 3.15%), 4.08%, 03/20/51

       5,260,000       6,304,921  
      
CORPORATE BONDS—67.2%         Principal
Amount		     Value  
Banks (cont’d)      

Citigroup, Inc.,

 

  

(3 Month LIBOR USD + 0.95%), 1.97%, 07/24/23

       $1,415,000       $1,395,407  

(Fixed until 01/29/30, then SOFR + 1.15%), 2.67%, 01/29/31

       15,680,000       15,686,245  

(Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31

       8,360,000       9,601,154  

(Fixed until 03/26/40, then SOFR + 4.55%), 5.32%, 03/26/41

       8,525,000       10,944,196  

Credit Suisse AG
(SOFR + 0.45%), 2.03%, 02/04/22

       10,560,000       10,268,827  

Deutsche Bank AG,
2.70%, 07/13/20

       2,910,000       2,906,855  

JPMorgan Chase & Co.,

 

  

(Fixed until 10/15/29, then SOFR + 1.51%), 2.74%, 10/15/30

       13,390,000       13,804,748  

(Fixed until 03/24/30, then SOFR + 3.79%), 4.49%, 03/24/31

       5,525,000       6,535,448  

Wells Fargo & Co.,

 

  

(3 Month LIBOR USD + 1.23%), 1.99%, 10/31/23

       7,225,000       7,196,013  

(Fixed until 02/11/30, then 3 Month LIBOR USD + 1.00%), 2.57%, 02/11/31

       4,805,000       4,793,663  

(Fixed until 04/04/30, then 3 Month LIBOR USD + 3.77%), 4.48%, 04/04/31

       18,025,000       20,978,651  
Beverages—1.3%      

Anheuser-Busch InBev Worldwide, Inc.,

      

3.50%, 06/01/30

       2,240,000       2,389,202  

4.35%, 06/01/40

       7,365,000       8,045,293  
Capital markets—1.6%      

Morgan Stanley
(Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31

       11,190,000       12,300,388  
Consumer finance—1.1%      

Ally Financial, Inc.,
5.80%, 05/01/25

       8,250,000       8,791,695  
Diversified financial services—0.5%      

AerCap Ireland Capital DAC,
4.63%, 10/30/20

       2,910,000       2,872,931  

GE Capital International Funding Co.,
4.42%, 11/15/35

       1,330,000       1,383,373  
Electric—0.4%      

Consolidated Edison Co. of New York, Inc.,

      

3.35%, 04/01/30

       1,230,000       1,354,125  

3.95%, 04/01/50

       1,625,000       1,932,405  
Electric utilities—0.1%      

Edison International,
4.95%, 04/15/25

       750,000       813,761  
Entertainment—0.3%      

The Walt Disney Co.,
4.63%, 03/23/40

       1,900,000       2,351,689  
Food products—0.2%      

Campbell Soup Co.
(3 Month LIBOR USD + 0.63%), 1.37%, 03/15/21

       1,280,000       1,268,798  
Health care equipment & supplies—0.8%      

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

       6,700,000       6,698,869  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)  
CORPORATE BONDS—67.2%         Principal
Amount		     Value  
Health care providers & services—1.2%      

CVS Health Corp.,
4.13%, 04/01/40

       $8,200,000       $9,177,854  
Hotels, restaurants & leisure—1.2%      

Carnival Corp.,
144A, 11.50%, 04/01/23

       9,360,000       9,778,265  
Industrial conglomerates—1.9%      

General Electric Co.,

      

3.63%, 05/01/30

       3,600,000       3,611,368  

4.25%, 05/01/40

       4,800,000       4,790,184  

4.63%, 01/07/21

       6,525,000       6,634,352  
Insurance—1.3%      

MetLife, Inc.,
4.55%, 03/23/30

       8,325,000       9,899,501  
Media—1.9%      

ViacomCBS, Inc.,
4.95%, 01/15/31

       14,150,000       15,010,848  
Multi-utilities—2.4%      

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

       18,580,000       19,062,227  
Oil & gas—1.3%      

BP Capital Markets America, Inc.,
3.63%, 04/06/30

       9,690,000       10,437,534  
Oil, gas & consumable fuels—7.3%      

Apache Corp.,

      

4.25%, 01/15/44

       1,750,000       1,132,063  

4.38%, 10/15/28

       1,960,000       1,558,028  

4.75%, 04/15/43

       2,215,000       1,513,101  

5.10%, 09/01/40

       1,400,000       944,339  

5.35%, 07/01/49 (a)

       1,665,000       1,167,075  

Devon Energy Corp.,

      

4.75%, 05/15/42

       1,445,000       1,124,071  

5.00%, 06/15/45

       2,140,000       1,744,188  

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

       4,562,000       4,476,323  

Equinor ASA,
3.13%, 04/06/30

       9,805,000       10,515,745  

Exxon Mobil Corp.,
3.48%, 03/19/30

       7,230,000       7,982,853  

Hess Corp.,

      

4.30%, 04/01/27

       5,110,000       4,627,595  

5.60%, 02/15/41

       2,295,000       2,003,238  

Marathon Oil Corp.,

      

2.80%, 11/01/22

       2,505,000       2,357,076  

4.40%, 07/15/27

       1,510,000       1,170,693  

6.60%, 10/01/37

       2,010,000       1,590,641  

Marathon Petroleum Corp.,

      

3.80%, 04/01/28

       920,000       852,060  

4.70%, 05/01/25

       2,760,000       2,775,549  

Occidental Petroleum Corp.,

      

3.50%, 08/15/29

       495,000       346,599  

6.20%, 03/15/40

       785,000       561,275  

6.45%, 09/15/36

       9,455,000       6,902,150  

TransCanada PipeLines Ltd.,
4.10%, 04/15/30

       2,585,000       2,795,209  
      
CORPORATE BONDS—67.2%         Principal
Amount		     Value  
Pharmaceuticals—2.1%      

Bayer US Finance II LLC,
144A, 3.50%, 06/25/21

       $3,260,000       $3,326,344  

Mylan NV,
3.15%, 06/15/21

       13,290,000       13,369,193  
Pipelines—0.3%      

Enterprise Products Operating LLC,
2.80%, 01/31/30

       2,790,000       2,740,084  
Road & rail—0.1%      

CSX Corp.,
3.80%, 04/15/50

       930,000       1,065,762  
Software—1.1%      

Oracle Corp.,

      

2.95%, 04/01/30

       3,325,000       3,628,809  

3.60%, 04/01/40

       4,375,000       4,919,942  
Specialty retail—1.4%      

Lowe’s Cos, Inc.,
4.50%, 04/15/30

       4,355,000       5,135,780  

The Home Depot, Inc.,
3.30%, 04/15/40

       5,595,000       6,091,726  
Textiles, apparel & luxury goods—0.6%      

NIKE, Inc.,

      

2.85%, 03/27/30

       2,615,000       2,840,299  

3.25%, 03/27/40

       1,745,000       1,890,813  
Tobacco—1.4%      

Altria Group, Inc.,
4.80%, 02/14/29

       9,810,000       10,953,216  
Total corporate bonds (cost $500,495,300)         534,034,273  
MORTGAGE AND ASSET-BACKED SECURITIES—16.1%

 

  
Asset-backed securities—8.6%      

Avis Budget Rental Car Funding AESOP LLC,

      

Series 2015-2A, Class A, 144A, 2.63%, 12/20/21

       4,395,000       4,131,267  

Series 2019-1A, Class A, 144A, 3.45%, 03/20/23

       5,520,000       5,359,840  

CarMax Auto Owner Trust,

      

Series 2020-2, Class A3, 1.70%, 11/15/24

       5,000,000       5,000,000  

Series 2020-2, Class A4, 2.05%, 05/15/25

       2,400,000       2,397,360  

Countrywide Asset-Backed Certificates,
Series 2006-S10, Class A3 (1 Month LIBOR USD + 0.32%), 0.81%, 10/25/36

       880,787       829,452  

Hertz Vehicle Financing II LP,

      

Series 2015-3A, Class A, 144A, 2.67%, 09/25/21

       2,725,000       2,604,114  

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

       6,315,000       5,944,178  

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

       3,895,000       3,654,027  

Series 2017-1A, Class A, 144A, 2.96%, 10/25/21

       12,960,000       12,117,820  

Series 2018-1A, Class A, 144A, 3.29%, 02/25/24

       910,000       848,708  

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

       6,655,000       6,422,852  

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

       3,069,178       1,360,143  

Hyundai Auto Receivables Trust,

      

Series 2020-A, Class A3, 1.41%, 11/15/24

       3,710,000       3,710,000  

Series 2020-A, Class A4, 1.72%, 06/15/26

       1,200,000       1,198,680  

Nissan Auto Receivables Owner Trust,

      

Series 2020-A, Class A3, 1.38%, 12/15/24

       6,410,000       6,409,359  

Series 2020-A, Class A4, 1.70%, 05/15/27

       2,000,000       1,999,760  
 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)  
MORTGAGE AND ASSET-BACKED
SECURITIES—16.1%		         Principal
Amount		     Value  
Asset-backed securities (cont’d)      

Toyota Auto Receivables Owner Trust,

      

Series 2020-B, Class A3, 1.36%, 08/15/24

       $2,825,000       $2,845,450  

Series 2020-B, Class A4, 1.66%, 09/15/25

       1,210,000       1,223,260  
Commercial mortgage-backed securities—6.3%      

Citigroup Commercial Mortgage Trust,
Series 2015-GC29, Class A3, 2.94%, 04/10/48

       1,025,000       1,043,364  

COMM Mortgage Trust,

      

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

       5,149,067       5,184,831  

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

       1,281,642       1,322,444  

GS Mortgage Securities Trust,

      

Series 2013-GCJ12, Class A3, 2.86%, 06/12/46

       2,120,000       2,119,784  

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

       3,121,766       3,209,873  

JP Morgan Chase Commercial Mortgage Securities Trust,

      

Series 2012-C6, Class A3, 3.51%, 05/17/45

       4,511,121       4,610,028  

Series 2012-LC9, Class ASB, 2.44%, 12/17/47

       6,965,113       7,002,472  

Series 2019-MFP, Class A (1 Month LIBOR USD + 0.96%), 144A, 1.77%, 07/15/36

       3,945,000       3,688,934  

JPMBB Commercial Mortgage Securities Trust,
Series 2014-C22, Class A4, 3.80%, 09/17/47

       825,000       873,076  

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

       7,888,489       8,166,062  

WFRBS Commercial Mortgage Trust,

      

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

       3,652,077       3,680,132  

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

       4,920,766       5,008,640  

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

       2,974,290       3,050,539  

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

       952,588       963,670  
Federal agency mortgage-backed obligations—1.2%      

Fannie Mae Pool,

      

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

       4,095,000       4,384,627  

Series 387770, 3.63%, 07/01/28

       4,760,000       5,315,405  
Total mortgage and asset-backed securities (cost $129,698,760)

 

     127,680,151  
FOREIGN GOVERNMENT BONDS—0.6%      

Israel Government International Bond,
3.88%, 07/03/50

       4,560,000       5,043,816  
Total foreign government bonds (cost $4,560,000)

 

     5,043,816  
MONEY MARKET FUNDS—0.2%      

First American Government Obligations Fund—Class X, 0.25%#

       1,869,208       1,869,208  
Total money market funds (cost $1,869,208)

 

     1,869,208  
Total investment portfolio (cost $636,623,268)—84.1%

 

     668,627,448  

Other assets in excess of liabilities—15.9%

 

     126,406,769  
Total net assets—100.0%

 

     $795,034,217  

(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 $1,839,099 or 0.2% 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.

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. Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. Rate shown is the rate in effect as of the date of this report.

 

Credit quality breakdown*      
Rating   Percent of net assets  
AAA/Aaa/AAA     11.3%  
AA/Aa/AA     7.3%  
A/A/A     34.4%  
BBB/Baa/BBB     27.2%  
BB/Ba/BB     3.4%  
CCC/Caa/CCC     0.1%  
CC/Ca/CC     0.2%  
C/C/C     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.

 

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)    04.30.2020

 

CARILLON REAMS UNCONSTRAINED BOND FUND                                 
FUTURES CONTRACTS—SHORT                                 
Description    Expiration
Date		      Number of
Contracts		     Notional Value
at Trade Date		      Notional Value
at April 30, 2020		     Unrealized
Appreciation
(Depreciation)		  
5-Year U.S. Treasury Note      6/30/2020        (2,206 )      $(273,775,494 )       $(276,818,531 )      $(3,043,037 ) 
10-Year U.S. Treasury Note      6/19/2020        (2,316 )      (319,112,718 )       (322,068,750 )      (2,956,032 ) 
Long Bond U.S. Treasury Note      6/19/2020        (389 )      (68,447,228 )       (70,421,156 )      (1,973,928 ) 
Total futures contracts                              $(7,972,997)  

There is $238,532 of variation margin due to the broker from the Fund as of the date of this report.

SWAP CONTRACTS—CREDIT DEFAULT SWAPS

 

Central Clearing
Party		   Reference Entity  

Rating of

Reference Entity

(Moody’s/S&P)

  

Buy/Sell(b)

Protection

    

Pay/Receive

Fixed Rate

     Fixed Rate  

Expiration

Date

    

Notional

Value(c)

     Value(d)    

Premiums

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

  
Intercontinental Exchange   CDX North American High Yield Index Series 33   B2/B     Sell       Receive     5%/Quarterly     12/20/2024       $53,488,400       $(2,954,584 )      $(4,493,447 )      $1,538,863  
Intercontinental Exchange   CDX North American High Yield Index Series 34   B2/B     Sell       Receive     5%/Quarterly     6/20/2025       256,570,000       (13,374,192 )      (11,882,672 )      (1,491,520 ) 
Total swap contracts                     $310,058,400     $(16,328,776)     $(16,376,119)     $47,343  

There is $125,460 of variation margin due from the broker to the Fund as of the date of this report.

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

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

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

 

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

Table of Contents

Investment Portfolios

 

(UNAUDITED)      04.30.2020  

 

CARILLON REAMS UNCONSTRAINED BOND FUND                     
FORWARD CONTRACTS                            
Currency to be Received      Currency to be Delivered      Settlement Date      Counterparty    Unrealized
Appreciation
(Depreciation)		  
Australian Dollar      55,625,000      U.S. Dollar      36,748,730        5/4/2020      J.P. Morgan      $(500,454 ) 
U.S. Dollar      36,906,909      Australian Dollar      55,625,000        5/4/2020      J.P. Morgan      658,633  
Australian Dollar      31,760,000      U.S. Dollar      18,407,718        6/17/2020      J.P. Morgan      2,291,696  
U.S. Dollar      20,427,714      Australian Dollar      31,760,000        6/17/2020      J.P. Morgan      (271,699 ) 
British Pound Sterling      7,005,000      U.S. Dollar      9,194,973        5/4/2020      J.P. Morgan      (372,126 ) 
U.S. Dollar      9,110,423      British Pound Sterling      7,005,000        5/4/2020      J.P. Morgan      287,576  
Canadian Dollar      20,525,000      U.S. Dollar      14,174,234        6/17/2020      J.P. Morgan      572,718  
U.S. Dollar      14,777,882      Canadian Dollar      20,525,000        6/17/2020      J.P. Morgan      30,929  
Euro      8,365,000      U.S. Dollar      9,283,979        5/4/2020      J.P. Morgan      (116,554 ) 
U.S. Dollar      9,485,157      Euro      8,365,000        5/4/2020      J.P. Morgan      317,732  
Japanese Yen      1,010,000,000      U.S. Dollar      9,326,635        5/7/2020      J.P. Morgan      85,734  
U.S. Dollar      9,620,789      Japanese Yen      1,010,000,000        5/7/2020      J.P. Morgan      208,419  
Mexican Peso      569,874,800      U.S. Dollar      25,105,943        6/17/2020      J.P. Morgan      (1,646,350 ) 
Total forward contracts                                   $1,546,254  

 

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

Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)    04.30.2020

 

     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)

     $451,691,190       $8,422,089       $21,609,636       $651,803,527  

Cash

     2,378,883       443       1,602,116       22,292,810  

Foreign currency, at value (b)

     —       282       —       —  

Receivable for investments sold

     5,227,819       476,387       —       —  

Receivable for fund shares sold

     627,857       27,044       54,353       940,302  

Receivable for dividends and interest, net

     256,142       50,905       959       756,395  

Receivable for foreign tax reclaims

     —       75,436       —       121,170  

Receivable due from adviser, net

     —       22,799       13,530       —  

Prepaid expenses

     21,871       31,049       32,355       1,178  
Total assets     460,203,762       9,106,434       23,312,949       675,915,382  
Liabilities        

Payable for borrowing on line of credit

     —       4,000       —       —  

Payable for investments purchased

     —       379,023       —       —  

Payable for fund shares redeemed

     396,645       46,517       16,462       918,167  

Accrued custody fees

     2,761       7,066       168       3,146  

Accrued investment advisory fees, net

     142,257       —       —       246,271  

Accrued administrative fees

     35,378       691       1,861       53,371  

Accrued distribution fees

     42,274       2,130       1,937       113,363  

Accrued transfer agent and shareholder servicing fees

     64,434       4,304       3,315       52,144  

Accrued professional fees

     18,799       20,387       18,807       19,494  

Accrued internal audit fees

     781       782       782       781  

Accrued trustees and officers compensation

     15,197       15,197       15,196       15,197  

Other accrued expenses

     17,109       6,556       1,455       29,277  
Total liabilities     735,635       486,653       59,983       1,451,211  
Net assets     459,468,127       8,619,781       23,252,966       674,464,171  
Net assets consists of        

Paid-in capital

     241,645,722       10,425,360       22,810,193       516,885,897  

Total distributable earnings (loss)

     217,822,405       (1,805,579 )      442,773       157,578,274  
Net assets     459,468,127       8,619,781       23,252,966       674,464,171  
Net assets, at market value        

Class A

     164,598,290       2,523,573       1,590,919       150,330,039  

Class C

     13,838,492       1,618,165       2,009,931       104,191,158  

Class I

     274,443,155       3,509,953       19,606,051       410,664,001  

Class R-3

     445,157       820,371       11,672       1,165,320  

Class R-5

     4,693,205       2,978       11,950       5,998,540  

Class R-6

     1,437,794       136,641       11,999       2,021,259  

Class Y

     12,034       8,100       10,444       93,854  
NAV, offering and redemption price per share (c)        

Class A

     $43.90       $14.35       $15.57       $18.84  

Class A maximum offering price (d)

     46.09       15.07       16.35       19.78  

Class C

     30.19       14.11       15.33       17.93  

Class I

     46.31       14.32       15.56       18.79  

Class R-3

     41.95       14.18       15.55       18.77  

Class R-5

     46.15       14.34       15.59       18.81  

Class R-6

     45.96       14.36       15.60       18.76  

Class Y

     46.23       14.29       15.54       18.76  
Shares of beneficial interest outstanding        

Class A

     3,749,707       175,838       102,180       7,977,284  

Class C

     458,358       114,713       131,118       5,810,417  

Class I

     5,926,801       245,047       1,259,796       21,856,309  

Class R-3

     10,612       57,840       751       62,100  

Class R-5

     101,689       208       767       318,946  

Class R-6

     31,283       9,514       769       107,741  

Class Y

     260       567       672       5,003  
(a) Identified cost     $248,674,025       $9,051,481       $21,104,103       $487,197,395  
(b) Cost     $—       $279       $—       $—  

(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.

 

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

Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)      04.30.2020  

 

     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)

     $5,379,986,987       $2,775,303,685       $518,773,437       $2,236,284,184  

Investments—affiliated, at value (c)

     —       110,092,334       —       —  

Cash

     11,783,282       19,243,874       10,839,057       319,415  

Receivable for investments sold

     29,201,341       348,858       —       19,719,989  

Receivable for fund shares sold

     6,453,418       3,357,334       136,381       3,509,890  

Receivable for dividends and interest, net

     411,977       400,676       2,446,578       1,356,469  

Receivable for foreign tax reclaims

     —       —       3,474,468       20,763  

Prepaid expenses

     14,914       28,077       1,188       3,171  
Total assets     5,427,851,919       2,908,774,838       535,671,109       2,261,213,881  
Liabilities        

Payable for securities lending collateral received

     4,334,635       5,500,000       17,614,129       14,053,894  

Payable for investments purchased

     21,169,818       4,241,697       —       9,210,262  

Payable for fund shares redeemed

     8,158,069       5,135,363       715,396       3,914,178  

Accrued custody fees

     22,705       13,055       15,769       10,656  

Accrued investment advisory fees, net

     2,103,221       1,168,272       313,934       1,279,996  

Accrued administrative fees

     408,349       221,360       40,583       171,147  

Accrued distribution fees

     231,323       117,171       259       19,706  

Accrued transfer agent and shareholder servicing fees

     388,523       432,042       54,185       248,575  

Accrued professional fees

     19,824       19,496       20,412       19,506  

Accrued internal audit fees

     782       781       781       781  

Accrued trustees and officers compensation

     15,196       15,196       15,197       15,197  

Other accrued expenses

     147,703       156,037       69,738       129,477  
Total liabilities     37,000,148       17,020,470       18,860,383       29,073,375  
Net assets     5,390,851,771       2,891,754,368       516,810,726       2,232,140,506  
Net assets consists of        

Paid-in capital

     4,280,386,380       2,091,852,953       428,033,645       2,241,247,954  

Total distributable earnings (loss)

     1,110,465,391       799,901,415       88,777,081       (9,107,448 ) 
Net assets     5,390,851,771       2,891,754,368       516,810,726       2,232,140,506  
Net assets, at market value        

Class A

     659,448,365       307,813,139       733,404       16,533,642  

Class C

     121,865,570       50,582,637       144,791       15,894,893  

Class I

     1,261,075,268       751,448,523       511,662,572       2,080,434,252  

Class R-3

     35,979,436       52,893,348       8,254       2,175,824  

Class R-5

     676,206,020       210,337,855       8,366       1,900,323  

Class R-6

     2,632,512,748       1,518,664,088       4,243,824       96,003,929  

Class Y

     3,764,364       14,778       9,515       19,197,643  
NAV, offering and redemption price per share (d)        

Class A

     $61.30       $43.04       $14.50       $16.12  

Class A maximum offering price (e)

     64.36       45.19       15.22       16.92  

Class C

     47.49       27.44       14.44       15.96  

Class I

     65.28       46.36       14.58       16.19  

Class R-3

     59.01       40.89       14.57       16.06  

Class R-5

     65.09       46.64       14.58       16.10  

Class R-6

     65.83       47.28       14.56       16.17  

Class Y

     64.75       45.80       14.56       16.11  
Shares of beneficial interest outstanding        

Class A

     10,758,498       7,151,285       50,575       1,025,591  

Class C

     2,565,981       1,843,558       10,027       995,728  

Class I

     19,316,802       16,207,674       35,091,110       128,534,169  

Class R-3

     609,668       1,293,474       567       135,514  

Class R-5

     10,388,843       4,510,280       574       118,059  

Class R-6

     39,989,018       32,122,794       291,497       5,937,219  

Class Y

     58,141       323       653       1,191,560  
(a) Identified cost     $4,208,113,641       $2,059,642,281       $447,123,465       $2,063,177,842  
(b) Includes securities on loan, at value     $4,061,358       $5,351,500       $16,888,316       $13,311,848  
(c) Identified cost     $—       $112,942,278       $—       $—  

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

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

 

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

Table of Contents

Statements of Assets and Liabilities

 

(UNAUDITED)    04.30.2020

 

     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)

     $259,237,486       $153,252,494       $563,578,656       $668,627,448  

Premiums paid—open swap contracts

     —       161,073       —       —  

Unrealized appreciation—open swap contracts

     —       —       —       1,538,863  

Unrealized appreciation—open futures contracts

     —       —       77,671       —  

Unrealized appreciation—open forward contracts

     —       —       320,998       4,453,437  

Cash

     1,484,446       45,892,211       69,048,743       64,832,210  

Deposit at broker—open swap contracts

     —       721,777       18,155,714       50,750,505  

Deposit at broker—open futures contracts

     —       —       628,358       17,626,723  

Segregated cash—TBA transactions

     —       310,000       2,797,000       11,217,000  

Variation margin receivable—open swap contracts

     —       —       47,104       125,460  

Receivable for investments sold

     507,666       44,803,383       221,402,877       444,118,708  

Receivable for fund shares sold

     6,552,657       5,402,672       41,058,656       3,057,357  

Receivable for dividends and interest, net

     9,598       567,121       2,618,304       4,142,732  

Receivable due from adviser, net

     —       3,630       —       —  

Prepaid expenses

     732       8,000       5,117       1,773  
Total assets     267,792,585       251,122,361       919,739,198       1,270,492,216  
Liabilities        

Premiums received—open swap contracts

     —       —       5,474,594       16,376,119  

Unrealized depreciation—open swap contracts

     —       —       349,916       1,491,520  

Unrealized depreciation—open futures contracts

     —       —       —       7,972,997  

Unrealized depreciation—forward contracts

     —       —       —       2,907,183  

Initial margin payable—open swap contracts

     —       913,167       —       —  

Variation margin payable—open futures contracts

     —       —       —       238,532  

Payable for securities lending collateral received

     4,714,784       96,747       544,813       1,869,208  

Payable for investments purchased

     —       58,436,643       235,583,094       441,127,819  

Payable for fund shares redeemed

     448,973       132,112       43,853       2,980,301  

Accrued custody fees

     3,029       1,058       4,020       4,631  

Accrued investment advisory fees, net

     104,690       —       74,847       186,211  

Accrued administrative fees

     18,985       11,273       50,783       64,976  

Accrued distribution fees

     5,977       1,517       3,547       4,720  

Accrued transfer agent and shareholder servicing fees

     57,657       20,996       64,902       141,198  

Accrued professional fees

     19,795       19,453       19,553       19,553  

Accrued internal audit fees

     781       781       781       781  

Accrued trustees and officers compensation

     15,196       15,196       15,196       15,197  

Other accrued expenses

     15,103       4,532       9,686       57,053  
Total liabilities     5,404,970       59,653,475       242,239,585       475,457,999  
Net assets     262,387,615       191,468,886       677,499,613       795,034,217  
Net assets consists of        

Paid-in capital

     193,582,693       181,268,394       628,767,907       809,307,106  

Total distributable earnings (loss)

     68,804,922       10,200,492       48,731,706       (14,272,889 ) 
Net assets     262,387,615       191,468,886       677,499,613       795,034,217  
Net assets, at market value        

Class A

     9,848,412       1,367,231       574,178       591,309  

Class C

     5,480,892       697,186       522,310       398,786  

Class I

     238,243,237       184,120,075       644,271,998       735,716,094  

Class R-3

     127,861       11,826       11,707       10,755  

Class R-5

     61,102       11,985       11,866       10,900  

Class R-6

     8,499,635       12,015       11,895       37,275,391  

Class Y

     126,476       5,248,568       32,095,659       21,030,982  
NAV, offering and redemption price per share (c)        

Class A

     $24.39       $12.73       $35.01       $12.22  

Class A maximum offering price (d)

     25.61       13.23       36.37       12.70  

Class C

     23.91       12.72       35.04       12.21  

Class I

     24.54       12.74       35.09       12.22  

Class R-3

     24.20       12.74       35.07       12.22  

Class R-5

     24.54       12.74       35.09       12.22  

Class R-6

     24.61       12.74       35.09       12.22  

Class Y

     24.35       12.74       35.06       12.28  
Shares of beneficial interest outstanding        

Class A

     403,869       107,432       16,401       48,377  

Class C

     229,242       54,821       14,907       32,667  

Class I

     9,707,287       14,451,297       18,362,578       60,192,836  

Class R-3

     5,284       928       334       880  

Class R-5

     2,489       941       338       892  

Class R-6

     345,328       943       339       3,050,215  

Class Y

     5,193       412,086       915,444       1,712,200  
(a) Identified cost     $191,115,681       $146,275,740       $524,873,787       $636,623,268  
(b) Includes securities on loan, at value     $4,541,869       $89,303       $502,896       $1,839,099  

(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.

 

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

Table of Contents

Statements of Operations

 

(UNAUDITED)      11.01.2019 to 04.30.2020  

 

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

Dividends—unaffiliated

     $3,052,511       $149,485       $292,011       $10,954,318  

Less: foreign taxes withheld

     —       (15,752 )      —       (39,822 ) 

Interest

     27,447       618       6,903       114,971  

Securities lending, net (Note 7)

     1,264       15       2,824       —  
Total investment income     3,081,222       134,366       301,738       11,029,467  
Expenses        

Investment advisory fees

     1,517,587       38,795       71,879       1,758,942  

Administrative fees:

        

Class A

     84,480       1,704       721       81,337  

Class C

     7,297       944       1,081       60,733  

Class I

     151,467       2,365       10,779       237,508  

Class R-3

     290       447       6       775  

Class R-5

     3,039       2       12       2,595  

Class R-6

     6,351       75       6       7,009  

Class Y

     6       5       5       51  

Distribution and service fees:

        

Class A

     211,201       4,260       1,802       203,343  

Class C

     72,970       9,443       10,808       607,331  

Class R-3

     1,450       2,236       29       3,877  

Class Y

     16       11       13       127  

Transfer agent and shareholder servicing fees:

        

Class A

     82,359       4,341       1,273       79,058  

Class C

     8,421       2,717       1,809       69,577  

Class I

     153,389       5,393       16,156       191,774  

Class R-3

     1,113       1,201       39       1,215  

Class R-5

     3,462       36       57       2,030  

Class R-6

     502       139       36       541  

Class Y

     38       47       45       108  

Custodian fees

     8,438       17,025       442       10,750  

Professional fees

     47,434       50,072       46,155       47,783  

State registration fees

     52,677       46,917       47,041       66,771  

Trustees and officers compensation

     35,891       35,891       35,891       35,891  

Internal audit fees

     4,857       4,857       4,857       4,857  

Interest expense on line of credit

     16,826       179       —       635  

Other expenses

     59,560       27,619       19,969       81,178  
Total expenses before adjustments     2,531,121       256,721       270,911       3,555,796  

Fees and expenses waived

     (435,281 )      (175,561 )      (147,648 )      —  
Total expenses after adjustments     2,095,840       81,160       123,263       3,555,796  
Net investment income (loss)     985,382       53,206       178,475       7,473,671  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments—unaffiliated

     17,091,488       (233,500 )      (78,500 )      (7,603,989 ) 

Foreign currency transactions

     —       197       —       —  

Net realized gain (loss)

     17,091,488       (233,303 )      (78,500 )      (7,603,989 ) 

Net change in unrealized appreciation (depreciation) on investments—unaffiliated and foreign currency translations

     3,009,460       (1,749,428 )      (923,366 )      (80,839,808 ) 
Net gain (loss) on investments     20,100,948       (1,982,731 )      (1,001,866 )      (88,443,797 ) 
Net increase (decrease) in assets resulting from operations     21,086,330       (1,929,525 )      (823,391 )      (80,970,126 ) 

 

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

Table of Contents

Statements of Operations

 

(UNAUDITED)   

11.01.2019 to 04.30.2020

 

     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

     $16,193,888       $7,179,113       $10,405,204       $20,849,836  

Less: foreign taxes withheld

     (158,650 )      (86,219 )      (935,570 )      (12,439 ) 

Interest

     287,288       56,179       57,117       198,751  

Securities lending, net (Note 7)

     94,573       103,305       43,411       171,574  
Total investment income     16,417,099       7,252,378       9,570,162       21,207,722  
Expenses        

Investment advisory fees

     14,484,084       9,524,515       2,576,584       9,624,936  

Administrative fees:

        

Class A

     347,922       180,228       436       9,616  

Class C

     65,635       30,706       80       9,299  

Class I

     654,697       467,588       319,896       1,222,385  

Class R-3

     20,002       30,124       5       1,251  

Class R-5

     362,191       159,517       5       905  

Class R-6

     1,369,883       962,144       1,647       49,377  

Class Y

     1,896       6       5       11,119  

Distribution and service fees:

        

Class A

     869,805       450,570       1,089       24,040  

Class C

     656,355       307,056       798       92,989  

Class R-3

     100,010       150,621       24       6,256  

Class Y

     4,739       15       13       27,798  

Transfer agent and shareholder servicing fees:

        

Class A

     571,766       379,162       858       7,673  

Class C

     70,620       39,609       150       11,026  

Class I

     618,180       674,418       352,002       1,320,546  

Class R-3

     36,900       55,739       32       1,690  

Class R-5

     405,508       197,766       32       512  

Class R-6

     70,881       50,756       280       2,993  

Class Y

     2,161       43       46       16,908  

Custodian fees

     75,451       50,680       62,621       40,677  

Professional fees

     47,995       47,789       49,762       47,814  

State registration fees

     90,234       70,212       48,109       83,345  

Trustees and officers compensation

     35,891       35,891       35,891       35,891  

Internal audit fees

     4,857       4,857       4,857       4,857  

Interest expense on line of credit

     16,795       98,429       2,594       13,267  

Other expenses

     440,701       359,209       264,859       294,507  
Total expenses before adjustments     21,425,159       14,327,650       3,722,675       12,961,677  

Fees and expenses waived

     —       (21 )      (18,295 )      —  
Total expenses after adjustments     21,425,159       14,327,629       3,704,380       12,961,677  
Net investment income (loss)     (5,008,060 )      (7,075,251 )      5,865,782       8,246,045  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments—unaffiliated

     (39,700,236 )      129,244,774       37,912,333       (148,346,631 ) 

Investments—affiliated

     —       (779,309 )      —       —  

Foreign currency transactions

     —       —       64,056       —  

Net realized gain (loss)

     (39,700,236 )      128,465,465       37,976,389       (148,346,631 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments—unaffiliated and foreign currency translations

     (14,246,408 )      (208,521,162 )      (159,530,413 )      (177,512,202 ) 

Investments —affiliated

     —       (41,388,680 )      —       —  

Net change in unrealized appreciation (depreciation)

     (14,246,408 )      (249,909,842 )      (159,530,413 )      (177,512,202 ) 
Net gain (loss) on investments     (53,946,644 )      (121,444,377 )      (121,554,024 )      (325,858,833 ) 
Net increase (decrease) in assets resulting from operations     (58,954,704 )      (128,519,628 )      (115,688,242 )      (317,612,788 ) 

 

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

Table of Contents

Statements of Operations

 

(UNAUDITED)      11.01.2019 to 04.30.2020  

 

     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

     $1,116,880       $—       $—       $—  

Less: foreign taxes withheld

     (1,733 )      —       —       —  

Interest

     8,681       1,321,988       7,377,404       10,487,845  

Securities lending, net (Note 7)

     14,741       364       1,844       1,219  
Total investment income     1,138,569       1,322,352       7,379,248       10,489,064  
Expenses        

Investment advisory fees

     900,351       230,611       1,238,908       2,656,974  

Administrative fees:

        

Class A

     5,777       587       218       232  

Class C

     3,378       361       170       165  

Class I

     138,148       55,845       302,469       413,698  

Class R-3

     92       5       5       5  

Class R-5

     33       6       6       5  

Class R-6

     2,579       6       6       17,718  

Class Y

     51       844       6,853       11,005  

Distribution and service fees:

        

Class A

     14,443       1,467       545       581  

Class C

     33,782       3,609       1,705       1,653  

Class R-3

     460       28       27       26  

Class Y

     128       2,109       17,133       27,514  

Transfer agent and shareholder servicing fees:

        

Class A

     7,459       551       306       208  

Class C

     5,721       460       372       257  

Class I

     183,432       69,687       285,867       470,021  

Class R-3

     357       33       32       32  

Class R-5

     70       33       32       32  

Class R-6

     668       35       32       1,106  

Class Y

     92       1,390       10,916       29,131  

Custodian fees

     9,941       4,041       10,985       14,048  

Professional fees

     47,926       50,514       50,564       50,564  

State registration fees

     47,697       46,222       48,095       52,389  

Trustees and officers compensation

     35,891       35,891       35,891       35,891  

Internal audit fees

     4,857       4,857       4,857       4,857  

Interest expense on line of credit

     11       —       —       —  

Other expenses

     50,261       33,430       61,478       65,034  
Total expenses before adjustments     1,493,605       542,622       2,077,472       3,853,146  

Fees and expenses waived

     (19,470 )      (302,097 )      (808,278 )      (1,621,241 ) 
Total expenses after adjustments     1,474,135       240,525       1,269,194       2,231,905  
Net investment income (loss)     (335,566 )      1,081,827       6,110,054       8,257,159  
Realized and unrealized gain (loss) on investments        

Net realized gain (loss) on:

        

Investments—unaffiliated

     1,999,231       4,108,060       19,717,883       15,213,291  

Swap contracts

     —       (920,036 )      (9,087,860 )      (26,325,987 ) 

Futures contracts

     —       —       (494,815 )      (2,036,705 ) 

Net realized gain (loss)

     1,999,231       3,188,024       10,135,208       (13,149,401 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments—unaffiliated

     (35,403,613 )      5,919,167       31,738,089       24,780,755  

Swap contracts

     —       (31,198 )      (808,034 )      (728,014 ) 

Futures contracts

     —       —       77,671       (7,972,997 ) 

Forward contracts

     —       —       320,998       1,546,254  

Net change in unrealized appreciation (depreciation)

     (35,403,613 )      5,887,969       31,328,724       17,625,998  
Net gain (loss) on investments     (33,404,382 )      9,075,993       41,463,932       4,476,597  
Net increase (decrease) in assets resulting from operations     (33,739,948 )      10,157,820       47,573,986       12,733,756  

 

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

Table of Contents

Statements of Changes in Net Assets

 

    Carillon ClariVest Capital
Appreciation Fund		     Carillon ClariVest
International Stock Fund		     Carillon Cougar Tactical
Allocation Fund		     Carillon Eagle Growth &
Income Fund		  
     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		  

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

Net investment income (loss)

     985,382       2,523,269       53,206       222,009       178,475       271,819       7,473,671       14,911,761  

Net realized gain (loss)

     17,091,488       4,505,900       (233,303 )      (851,392 )      (78,500 )      17,336       (7,603,989 )      24,773,723  

Net change in unrealized appreciation (depreciation)

     3,009,460       52,288,810       (1,749,428 )      983,171       (923,366 )      954,295       (80,839,808 )      47,967,429  
Net increase (decrease) in net assets resulting from operations     21,086,330       59,317,979       (1,929,525 )      353,788       (823,391 )      1,243,450       (80,970,126 )      87,652,913  

Distributions to shareholders from earnings

     (9,404,632 )      (38,346,397 )      (264,615 )      (226,694 )      (337,380 )      (971,271 )      (32,359,985 )      (57,617,605 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     2,062,852       5,995,063       190,436       423,485       271,927       921,462       16,441,985       43,252,391  

Issued as reinvestment of distributions-Class A

     2,701,879       14,420,308       82,285       62,051       15,097       62,281       6,127,022       12,430,046  

Cost of shares redeemed-Class A

     (13,138,480 )      (30,212,063 )      (949,882 )      (1,707,774 )      (63,347 )      (888,350 )      (19,782,671 )      (35,852,999 ) 

Proceeds from shares sold-Class C

     923,978       1,315,907       60,800       237,888       150,850       561,491       7,331,517       33,380,533  

Issued as reinvestment of distributions-Class C

     283,954       2,149,574       31,319       6,532       9,536       72,560       3,450,529       8,829,180  

Cost of shares redeemed-Class C

     (2,700,663 )      (7,479,457 )      (131,614 )      (898,057 )      (384,263 )      (410,332 )      (22,810,997 )      (40,692,709 ) 

Proceeds from shares sold-Class I

     47,567,332       155,541,570       203,467       697,228       3,976,196       9,391,942       89,638,154       273,711,615  

Issued as reinvestment of distributions-Class I

     5,798,006       16,869,014       127,407       142,992       311,171       829,258       15,788,432       22,258,860  

Cost of shares redeemed-Class I

     (98,738,755 )      (78,934,381 )      (1,226,089 )      (4,265,472 )      (5,400,404 )      (9,072,825 )      (114,202,035 )      (97,370,486 ) 

Proceeds from shares sold-Class R-3

     33,371       132,432       50,532       111,137       —       —       127,181       510,803  

Issued as reinvestment of distributions-Class R-3

     10,905       121,423       18,661       10,790       104       389       50,999       139,639  

Cost of shares redeemed-Class R-3

     (394,505 )      (865,530 )      (4,891 )      (111,988 )      —       —       (420,728 )      (913,152 ) 

Proceeds from shares sold-Class R-5

     387,840       695,534       —       —       —       —       3,216,785       3,200,340  

Issued as reinvestment of distributions-Class R-5

     132,614       617,839       86       55       522       1,386       196,387       93,954  

Cost of shares redeemed-Class R-5

     (3,320,723 )      (1,564,900 )      —       —       (25,525 )      —       (295,926 )      (235,829 ) 

Proceeds from shares sold-Class R-6

     2,217,488       5,764,310       13,407       93,880       —       —       1,195,059       7,467,358  

Issued as reinvestment of distributions-Class R-6

     21,772       3,552,645       3,942       2,790       182       464       89,841       4,010,119  

Cost of shares redeemed-Class R-6

     (48,872,421 )      (8,625,540 )      (8,525 )      (49,457 )      —       —       (49,028,072 )      (5,755,881 ) 

Proceeds from shares sold-Class Y

     1,526       —       —       —       —       358       —       34,263  

Issued as reinvestment of distributions-Class Y

     213       842       174       527       113       420       4,140       6,433  

Cost of shares redeemed-Class Y

     (1,467 )      —       —       (23,205 )      (1,526 )      —       (1,887 )      (1,404 ) 
Net increase (decrease) from fund share transactions     (105,023,284 )      79,494,590       (1,538,485 )      (5,266,598 )      (1,139,367 )      1,470,504       (62,884,285 )      228,503,074  
Increase (decrease) in net assets     (93,341,586 )      100,466,172       (3,732,625 )      (5,139,504 )      (2,300,138 )      1,742,683       (176,214,396 )      258,538,382  

Net assets, end of period

     459,468,127       552,809,713       8,619,781       12,352,406       23,252,966       25,553,104       674,464,171       850,678,567  
Shares issued and redeemed                

Shares sold-Class A

     48,261       150,187       11,164       25,697       17,135       58,779       812,382       2,103,271  

Issued as reinvestment of distributions-Class A

     59,697       418,344       4,651       4,085       943       4,386       296,474       655,237  

Shares redeemed-Class A

     (304,028 )      (749,991 )      (60,899 )      (103,178 )      (4,003 )      (57,846 )      (991,298 )      (1,735,153 ) 

Shares sold-Class C

     32,495       50,273       3,796       15,003       9,818       36,690       376,421       1,706,254  

Issued as reinvestment of distributions-Class C

     9,095       89,491       1,796       436       603       5,172       172,960       491,799  

Shares redeemed-Class C

     (90,139 )      (270,123 )      (8,492 )      (55,550 )      (24,709 )      (26,808 )      (1,189,754 )      (2,062,943 ) 

Shares sold-Class I

     1,048,227       3,816,356       12,375       42,739       252,283       607,814       4,414,357       13,591,459  

Issued as reinvestment of distributions-Class I

     121,577       464,967       7,223       9,445       19,460       58,481       765,061       1,164,921  

Shares redeemed-Class I

     (2,143,625 )      (1,883,557 )      (82,822 )      (268,953 )      (373,775 )      (600,008 )      (6,071,634 )      (4,704,516 ) 

Shares sold-Class R-3

     818       3,429       3,548       6,764       —       —       6,260       24,802  

Issued as reinvestment of distributions-Class R-3

     252       3,683       1,066       717       7       27       2,463       7,441  

Shares redeemed-Class R-3

     (8,766 )      (22,762 )      (323 )      (6,702 )      —       —       (23,660 )      (44,225 ) 

Shares sold-Class R-5

     9,194       16,366       —       —       —       —       149,720       158,948  

Issued as reinvestment of distributions-Class R-5

     2,790       17,086       5       4       33       97       9,728       4,693  

Shares redeemed-Class R-5

     (69,767 )      (36,977 )      —       —       (1,589 )      —       (15,485 )      (11,165 ) 

Shares sold-Class R-6

     47,648       134,360       879       5,634       —       —       56,450       359,577  

Issued as reinvestment of distributions-Class R-6

     460       98,794       223       184       11       33       4,389       211,987  

Shares redeemed-Class R-6

     (1,020,356 )      (204,614 )      (481 )      (2,943 )      —       —       (2,214,705 )      (277,991 ) 

Shares sold-Class Y

     32       —       —       —       —       24       —       1,710  

Issued as reinvestment of distributions-Class Y

     4       23       10       35       7       30       201       339  

Shares redeemed-Class Y

     (32 )      —       —       (1,411 )      (95 )      —       (91 )      (66 ) 
Shares issued and redeemed     (2,256,163 )      2,095,335       (106,281 )      (327,994 )      (103,871 )      86,871       (3,439,761 )      11,646,379  

(†) The data for fiscal periods ending after October 31, 2019 is unaudited.

 

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

Table of Contents

Statements of Changes in Net Assets

 

    Carillon Eagle
Mid Cap Growth Fund		     Carillon Eagle
Small Cap Growth Fund		     Carillon Scout
International Fund		     Carillon Scout
Mid Cap Fund		  
     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		  

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

Net investment income (loss)

     (5,008,060 )      (8,591,625 )      (7,075,251 )      (15,150,904 )      5,865,782       15,169,395       8,246,045       20,151,083  

Net realized gain (loss) on investments

     (39,700,236 )      123,317,339       128,465,465       248,591,626       37,976,389       37,690,423       (148,346,631 )      3,783,838  

Net change in unrealized appreciation (depreciation)

     (14,246,408 )      655,109,300       (249,909,842 )      (72,462,599 )      (159,530,413 )      27,132,087       (177,512,202 )      193,088,500  
Net increase (decrease) in net assets resulting from operations     (58,954,704 )      769,835,014       (128,519,628 )      160,978,123       (115,688,242 )      79,991,905       (317,612,788 )      217,023,421  

Distributions to shareholders from earnings

     (123,370,282 )      (115,636,951 )      (247,721,477 )      (819,288,090 )      (54,505,922 )      (79,149,615 )      (21,249,113 )      (174,260,790 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     67,863,775       149,870,260       37,818,223       82,875,477       121,970       605,683       3,997,158       17,372,240  

Issued as reinvestment of distributions-Class A

     15,165,127       16,656,129       23,572,114       88,342,880       71,457       39,756       119,596       680,334  

Cost of shares redeemed-Class A

     (121,769,530 )      (220,452,039 )      (108,390,668 )      (239,113,443 )      (172,091 )      (121,010 )      (6,282,546 )      (4,532,454 ) 

Proceeds from shares sold-Class C

     5,063,089       15,417,218       1,988,049       6,865,364       28,090       76,977       2,352,565       12,452,237  

Issued as reinvestment of distributions-Class C

     3,676,590       4,521,836       5,954,687       24,802,823       12,118       6,071       12,987       634,558  

Cost of shares redeemed-Class C

     (17,468,216 )      (45,413,694 )      (16,411,564 )      (49,091,124 )      (606 )      (1,757 )      (4,120,838 )      (2,283,129 ) 

Proceeds from shares sold-Class I

     156,763,727       319,640,361       79,811,457       233,491,705       20,254,178       32,665,725       279,939,423       937,504,332  

Issued as reinvestment of distributions-Class I

     25,368,163       25,270,730       49,532,802       184,393,203       53,198,974       77,119,092       18,594,321       156,438,374  

Cost of shares redeemed-Class I

     (201,482,794 )      (314,949,731 )      (318,951,381 )      (547,561,594 )      (103,325,478 )      (220,685,962 )      (585,922,842 )      (865,852,084 ) 

Proceeds from shares sold-Class R-3

     4,599,679       17,221,529       4,553,450       9,836,552       —       —       219,872       1,330,563  

Issued as reinvestment of distributions-Class R-3

     971,697       1,120,588       4,243,529       14,806,775       730       851       10,274       105,258  

Cost of shares redeemed-Class R-3

     (13,366,916 )      (13,886,923 )      (15,349,409 )      (30,926,085 )      —       —       (445,110 )      (291,022 ) 

Proceeds from shares sold-Class R-5

     84,684,458       286,083,806       30,679,803       83,728,573       —       —       362,362       1,400,239  

Issued as reinvestment of distributions-Class R-5

     15,871,744       18,246,315       21,905,962       72,168,324       788       906       16,330       50,544  

Cost of shares redeemed-Class R-5

     (162,657,106 )      (284,656,227 )      (165,789,838 )      (176,886,905 )      —       —       (259,633 )      (203,270 ) 

Proceeds from shares sold-Class R-6

     415,173,979       1,122,124,295       144,477,420       496,286,719       2,267,518       466,748       45,246,343       86,049,187  

Issued as reinvestment of distributions-Class R-6

     56,868,257       44,732,630       126,082,974       372,738,335       277,069       280,424       562,662       978,574  

Cost of shares redeemed-Class R-6

     (438,352,487 )      (410,926,375 )      (755,142,939 )      (541,821,604 )      (879,789 )      (314,128 )      (44,600,703 )      (15,093,366 ) 

Proceeds from shares sold-Class Y

     800,070       3,466,375       3,460       360       300       600       1,713,703       21,322,462  

Issued as reinvestment of distributions-Class Y

     81,660       9,465       755       14,071       853       932       122,653       177,896  

Cost of shares redeemed-Class Y

     (520,873 )      (458,760 )      —       (68,195 )      —       —       (3,194,109 )      (2,135,322 ) 
Net increase (decrease) from fund share transactions     (102,665,907 )      733,637,788       (849,411,114 )      84,882,211       (28,143,919 )      (109,859,092 )      (291,555,532 )      346,106,151  
Increase (decrease) in net assets     (284,990,893 )      1,387,835,851       (1,225,652,219 )      (573,427,756 )      (198,338,083 )      (109,016,802 )      (630,417,433 )      388,868,782  

Net assets, end of period

     5,390,851,771       5,675,842,664       2,891,754,368       4,117,406,587       516,810,726       715,148,809       2,232,140,506       2,862,557,939  
Shares issued and redeemed                

Shares sold-Class A

     1,120,206       2,573,310       829,735       1,709,879       7,770       34,920       234,695       1,001,989  

Issued as reinvestment of distributions-Class A

     232,025       341,244       479,303       2,178,079       3,840       2,537       6,348       43,527  

Shares redeemed-Class A

     (1,984,338 )      (3,761,254 )      (2,331,556 )      (4,913,621 )      (11,674 )      (6,781 )      (345,888 )      (269,259 ) 

Shares sold-Class C

     103,484       341,110       66,442       224,070       1,506       4,628       133,066       718,346  

Issued as reinvestment of distributions-Class C

     72,417       117,725       189,459       918,283       652       387       694       40,755  

Shares redeemed-Class C

     (368,260 )      (989,884 )      (556,907 )      (1,534,614 )      (32 )      (102 )      (246,788 )      (130,549 ) 

Shares sold-Class I

     2,409,404       5,153,503       1,688,682       4,541,370       1,212,868       1,846,546       16,683,363       52,828,057  

Issued as reinvestment of distributions-Class I

     364,852       488,890       936,171       4,257,520       2,844,865       4,905,795       984,347       9,983,304  

Shares redeemed-Class I

     (3,131,669 )      (5,068,053 )      (6,557,738 )      (10,631,906 )      (6,268,206 )      (12,492,475 )      (34,598,459 )      (48,811,854 ) 

Shares sold-Class R-3

     76,775       308,444       108,326       212,369       —       —       13,873       73,791  

Issued as reinvestment of distributions-Class R-3

     15,426       23,736       90,751       381,815       39       54       547       6,743  

Shares redeemed-Class R-3

     (220,208 )      (240,471 )      (344,080 )      (649,392 )      —       —       (25,876 )      (16,330 ) 

Shares sold-Class R-5

     1,283,376       4,712,937       623,990       1,592,680       —       —       22,989       76,441  

Issued as reinvestment of distributions-Class R-5

     228,930       353,954       411,611       1,657,518       43       57       869       3,240  

Shares redeemed-Class R-5

     (2,461,189 )      (4,669,976 )      (3,496,509 )      (3,331,120 )      —       —       (14,774 )      (10,999 ) 

Shares sold-Class R-6

     6,158,509       18,089,177       2,864,429       9,347,746       157,552       25,977       2,507,131       4,766,178  

Issued as reinvestment of distributions-Class R-6

     811,360       859,416       2,337,900       8,463,631       14,848       17,862       29,818       62,529  

Shares redeemed-Class R-6

     (6,854,190 )      (6,448,150 )      (14,673,712 )      (10,139,830 )      (48,872 )      (17,299 )      (2,469,215 )      (830,850 ) 

Shares sold-Class Y

     13,092       56,218       78       7       17       34       103,763       1,293,956  

Issued as reinvestment of distributions-Class Y

     1,183       184       14       327       46       59       6,514       11,389  

Shares redeemed-Class Y

     (8,789 )      (6,965 )      —       (1,383 )      —       —       (205,085 )      (118,999 ) 
Shares issued and redeemed     (2,137,604 )      12,235,095       (17,333,611 )      4,283,428       (2,084,738 )      (5,677,801 )      (17,178,068 )      20,721,405  

(†) The data for fiscal periods ending after October 31, 2019 is unaudited.

 

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

Table of Contents

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		  
     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		     11/1/19 to
4/30/20 (†)		     11/1/18 to
10/31/19		  

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

Net investment income (loss)

     (335,566 )      (320,862 )      1,081,827       2,394,550       6,110,054       14,271,092       8,257,159       23,930,110  

Net realized gain (loss) on investments

     1,999,231       12,479,345       3,188,024       5,768,160       10,135,208       36,923,017       (13,149,401 )      28,456,765  

Net change in unrealized appreciation (depreciation)

     (35,403,613 )      1,002,226       5,887,969       3,393,104       31,328,724       23,166,614       17,625,998       41,096,541  
Net increase (decrease) in net assets resulting from operations     (33,739,948 )      13,160,709       10,157,820       11,555,814       47,573,986       74,360,723       12,733,756       93,483,416  

Distributions to shareholders from earnings

     (12,635,960 )      (657,924 )      (3,401,385 )      (2,463,393 )      (19,808,077 )      (14,343,374 )      (13,114,703 )      (24,665,538 ) 
Fund share transactions                

Proceeds from shares sold-Class A

     502,260       7,411,050       578,163       571,422       155,301       187,050       316,980       324,405  

Issued as reinvestment of distributions-Class A

     476,303       31,811       34,632       17,697       11,640       5,045       5,492       4,566  

Cost of shares redeemed-Class A

     (1,728,940 )      (7,527,063 )      (480,909 )      (131,777 )      (8,586 )      (37,717 )      (106,064 )      (62,239 ) 

Proceeds from shares sold-Class C

     117,653       1,350,532       143,950       1,121,581       175,488       312,688       315,300       459,641  

Issued as reinvestment of distributions-Class C

     285,548       27,270       18,019       5,896       7,491       3,235       3,892       1,157  

Cost of shares redeemed-Class C

     (1,723,961 )      (8,147,278 )      (194,478 )      (775,179 )      (45,259 )      (183,659 )      (414,903 )      (19,997 ) 

Proceeds from shares sold-Class I

     28,651,573       54,088,211       91,536,658       23,571,860       104,586,118       112,444,658       158,358,519       295,156,955  

Issued as reinvestment of distributions-Class I

     11,185,863       565,176       3,300,905       2,400,119       15,802,476       11,126,545       10,971,825       21,289,450  

Cost of shares redeemed-Class I

     (55,042,152 )      (56,296,076 )      (22,353,932 )      (34,559,030 )      (138,507,805 )      (153,849,611 )      (340,533,549 )      (657,106,310 ) 

Proceeds from shares sold-Class R-3

     13,992       37,892       —       —       —       —       —       —  

Issued as reinvestment of distributions-Class R-3

     8,966       488       298       174       308       165       121       160  

Cost of shares redeemed-Class R-3

     (134,835 )      (98,300 )      —       —       —       —       —       —  

Proceeds from shares sold-Class R-5

     —       3,002       —       —       —       —       —       —  

Issued as reinvestment of distributions-Class R-5

     2,651       134       331       233       342       223       152       218  

Cost of shares redeemed-Class R-5

     (120 )      (3,311 )      —       —       —       —       —       —  

Proceeds from shares sold-Class R-6

     5,203,088       2,777,859       —       —       —       —       6,896,483       22,626,297  

Issued as reinvestment of distributions-Class R-6

     231,607       11,144       337       244       348       233       509,554       970,352  

Cost of shares redeemed-Class R-6

     (3,055,318 )      (1,965,342 )      —       —       —       —       (3,833,611 )      (21,639,898 ) 

Proceeds from shares sold-Class Y

     35,300       3,600       3,892,912       193,117       18,833,852       593,484       3,639,551       2,927,850  

Issued as reinvestment of distributions-Class Y

     3,252       182       39,909       33,109       394,387       277,388       285,003       493,361  

Cost of shares redeemed-Class Y

     (1,979 )      (10,190 )      (156,462 )      (754,414 )      (1,352,914 )      (6,087,421 )      (5,642,765 )      (18,799,956 ) 
Net increase (decrease) from fund share transactions     (14,969,249 )      (7,739,209 )      76,360,333       (8,304,948 )      53,187       (35,207,694 )      (169,228,020 )      (353,373,988 ) 
Increase (decrease) in net assets     (61,345,157 )      4,763,576       83,116,768       787,473       27,819,096       24,809,655       (169,608,967 )      (284,556,110 ) 

Net assets, end of period

     262,387,615       323,732,772       191,468,886       108,352,118       677,499,613       649,680,517       795,034,217       964,643,184  
Shares issued and redeemed                

Shares sold-Class A

     19,166       279,787       49,050       49,914       4,613       5,751       26,410       27,717  

Issued as reinvestment of distributions-Class A

     16,813       1,330       2,944       1,529       357       157       459       385  

Shares redeemed-Class A

     (75,327 )      (293,490 )      (40,450 )      (11,334 )      (259 )      (1,148 )      (8,689 )      (5,333 ) 

Shares sold-Class C

     4,383       51,424       12,044       98,165       5,049       9,788       26,275       38,241  

Issued as reinvestment of distributions-Class C

     10,249       1,149       1,535       512       230       102       325       97  

Shares redeemed-Class C

     (66,014 )      (300,548 )      (16,479 )      (68,221 )      (1,364 )      (5,767 )      (34,429 )      (1,692 ) 

Shares sold-Class I

     1,094,664       1,925,338       7,293,690       2,027,255       3,085,913       3,513,449       13,173,895       24,964,493  

Issued as reinvestment of distributions-Class I

     392,624       23,549       280,089       208,199       483,680       348,300       914,413       1,808,310  

Shares redeemed-Class I

     (2,251,028 )      (2,030,634 )      (1,853,867 )      (2,998,974 )      (4,199,357 )      (4,800,994 )      (28,747,540 )      (55,435,030 ) 

Shares sold-Class R-3

     530       1,461       —       —       —       —       —       —  

Issued as reinvestment of distributions-Class R-3

     319       20       25       15       10       5       10       13  

Shares redeemed-Class R-3

     (4,783 )      (3,478 )      —       —       —       —       —       —  

Shares sold-Class R-5

     —       103       —       —       —       —       —       —  

Issued as reinvestment of distributions-Class R-5

     93       6       29       20       10       7       13       18  

Shares redeemed-Class R-5

     (5 )      (112 )      —       —       —       —       —       —  

Shares sold-Class R-6

     227,340       97,225       —       —       —       —       570,712       1,949,189  

Issued as reinvestment of distributions-Class R-6

     8,109       464       29       21       11       7       42,532       82,237  

Shares redeemed-Class R-6

     (109,455 )      (69,710 )      —       —       —       —       (332,669 )      (1,801,962 ) 

Shares sold-Class Y

     1,662       131       306,956       16,714       539,435       18,488       303,109       245,994  

Issued as reinvestment of distributions-Class Y

     115       8       3,389       2,876       12,084       8,716       23,649       41,785  

Shares redeemed-Class Y

     (69 )      (350 )      (12,668 )      (64,335 )      (40,768 )      (190,593 )      (486,847 )      (1,596,829 ) 
Shares issued and redeemed     (730,614 )      (316,327 )      6,026,316       (737,644 )      (110,356 )      (1,093,732 )      (14,528,372 )      (29,682,367 ) 

(†) The data for fiscal periods ending after October 31, 2019 is unaudited.

 

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

Table of Contents

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*                                
11/01/19     04/30/20       $43.14       $0.04       $1.44       $1.48     $ (0.13 )    $ (0.59 )      $—     $ (0.72 )      $43.90       1.00       1.14       0.20       11       3.38       $165  
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*                                
11/01/19     04/30/20       29.87       (0.08 )      0.99       0.91       —       (0.59 )      —       (0.59 )      30.19       1.75       1.91       (0.55 )      11       2.98       14  
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*                                
11/01/19     04/30/20       45.52       0.12       1.52       1.64       (0.26 )      (0.59 )      —       (0.85 )      46.31       0.70       0.89       0.51       11       3.55       274  
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*                                
11/01/19     04/30/20       41.18       (0.01 )      1.37       1.36       —       (0.59 )      —       (0.59 )      41.95       1.25       1.67       (0.04 )      11       3.26       0  
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*                                
11/01/19     04/30/20       45.37       0.11       1.52       1.63       (0.26 )      (0.59 )      —       (0.85 )      46.15       0.70       0.90       0.50       11       3.53       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*                                
11/01/19     04/30/20       45.16       0.23       1.46       1.69       (0.30 )      (0.59 )      —       (0.89 )      45.96       0.60       0.78       1.00       11       3.69       1  
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*                                
11/01/19     04/30/20       45.42       0.05       1.50       1.55       (0.15 )      (0.59 )      —       (0.74 )      46.23       1.00       1.59       0.20       11       3.36       0  
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*                                
11/01/19     04/30/20       17.47       0.07       (2.81 )      (2.74 )      (0.38 )      —       —       (0.38 )      14.35       1.45       4.58       0.88       33       (16.11 )      3  
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  

 

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

Table of Contents

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 C*                                
11/01/19     04/30/20       $ 17.14       $ 0.02     $ (2.78 )    $ (2.76 )    $ (0.27 )      $ —       $ —     $ (0.27 )      $ 14.11       2.20       5.40       0.28       33       (16.42 )      $ 2  
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  
Class I*                                
11/01/19     04/30/20       17.46       0.11       (2.83 )      (2.72 )      (0.42 )      —       —       (0.42 )      14.32       1.15       4.32       1.29       33       (16.02 )      4  
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*                                
11/01/19     04/30/20       17.27       0.07       (2.81 )      (2.74 )      (0.35 )      —       —       (0.35 )      14.18       1.70       4.89       0.83       33       (16.26 )      1  
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*                                
11/01/19     04/30/20       17.48       0.11       (2.83 )      (2.72 )      (0.42 )      —       —       (0.42 )      14.34       1.15       6.20       1.34       33       (15.99 )      0  
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*                                
11/01/19     04/30/20       17.51       0.12       (2.83 )      (2.71 )      (0.44 )      —       —       (0.44 )      14.36       1.05       4.30       1.45       33       (15.95 )      0  
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*                                
11/01/19     04/30/20       17.34       0.08       (2.82 )      (2.74 )      (0.31 )      —       —       (0.31 )      14.29       1.45       5.39       1.05       33       (16.13 )      0  
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*                                
11/01/19     04/30/20       15.98       0.09       (0.32 )      (0.23 )      (0.16 )      (0.02 )      —       (0.18 )      15.57       1.17       2.33       1.20       32       (1.50 )      2  
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*                                
11/01/19     04/30/20       15.69       0.04       (0.33 )      (0.29 )      (0.05 )      (0.02 )      —       (0.07 )      15.33       1.92       3.06       0.49       32       (1.89 )      2  
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  

 

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

Table of Contents

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 I*                                
11/01/19     04/30/20       $ 16.00       $ 0.12     $ (0.33 )    $ (0.21 )    $ (0.21 )    $ (0.02 )      $ —     $ (0.23 )      $ 15.56       0.87       2.04       1.52       32       (1.37 )      $ 20  
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*                                
11/01/19     04/30/20       15.94       0.08       (0.33 )      (0.25 )      (0.12 )      (0.02 )      —       (0.14 )      15.55       1.42       3.06       0.98       32       (1.60 )      0  
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*                                
11/01/19     04/30/20       16.02       0.13       (0.33 )      (0.20 )      (0.21 )      (0.02 )      —       (0.23 )      15.59       0.87       2.35       1.63       32       (1.32 )      0  
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  
Class R-6*                                
11/01/19     04/30/20       16.04       0.13       (0.33 )      (0.20 )      (0.22 )      (0.02 )      —       (0.24 )      15.60       0.77       2.47       1.63       32       (1.28 )      0  
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*                                
11/01/19     04/30/20       15.95       0.10       (0.34 )      (0.24 )      (0.15 )      (0.02 )      —       (0.17 )      15.54       1.17       2.97       1.24       32       (1.54 )      0  
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*                                
11/01/19     04/30/20       21.70       0.19       (2.19 )      (2.00 )      (0.20 )      (0.66 )      —       (0.86 )      18.84       0.96       0.96       1.86       20       (9.55 )      150  
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*                                
11/01/19     04/30/20       20.68       0.11       (2.08 )      (1.97 )      (0.12 )      (0.66 )      —       (0.78 )      17.93       1.73       1.73       1.10       20       (9.88 )      104  
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*                                
11/01/19     04/30/20       21.64       0.22       (2.18 )      (1.96 )      (0.23 )      (0.66 )      —       (0.89 )      18.79       0.70       0.70       2.12       20       (9.40 )      411  
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  

 

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

Table of Contents

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 Growth & Income Fund (cont’d)

 

                            
Class R-3*                                
11/01/19     04/30/20       $ 21.61       $ 0.16     $ (2.17 )    $ (2.01 )    $ (0.17 )    $ (0.66 )      $ —     $ (0.83 )      $ 18.77       1.27       1.27       1.55       20       (9.65 )      $ 1  
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*                                
11/01/19     04/30/20       21.66       0.21       (2.17 )      (1.96 )      (0.23 )      (0.66 )      —       (0.89 )      18.81       0.70       0.70       2.12       20       (9.39 )      6  
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*                                
11/01/19     04/30/20       21.59       0.28       (2.30 )      (2.02 )      (0.15 )      (0.66 )      —       (0.81 )      18.76       0.61       0.61       2.65       20       (9.64 )      2  
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*                                
11/01/19     04/30/20       21.60       0.18       (2.17 )      (1.99 )      (0.19 )      (0.66 )      —       (0.85 )      18.76       1.08       1.08       1.74       20       (9.57 )      0  
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*                                
11/01/19     04/30/20       63.14       (0.15 )      (0.25 )      (0.40 )      —       (1.44 )      —       (1.44 )      61.30       1.05       1.05       (0.47 )      12       (0.77 )      659  
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  
Class C*                                
11/01/19     04/30/20       49.40       (0.28 )      (0.19 )      (0.47 )      —       (1.44 )      —       (1.44 )      47.49       1.75       1.75       (1.16 )      12       (1.13 )      122  
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*                                
11/01/19     04/30/20       67.06       (0.05 )      (0.29 )      (0.34 )      —       (1.44 )      —       (1.44 )      65.28       0.73       0.73       (0.15 )      12       (0.63 )      1,261  
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*                                
11/01/19     04/30/20       60.92       (0.22 )      (0.25 )      (0.47 )      —       (1.44 )      —       (1.44 )      59.01       1.32       1.32       (0.73 )      12       (0.91 )      36  
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  

 

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

Table of Contents

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 R-5*                                
11/01/19     04/30/20       $ 66.87     $ (0.05 )    $ (0.29 )    $ (0.34 )      $ —     $ (1.44 )      $ —     $ (1.44 )      $ 65.09       0.75       0.75       (0.16 )      12       (0.63 )      $ 676  
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*                                
11/01/19     04/30/20       67.58       (0.02 )      (0.29 )      (0.31 )      —       (1.44 )      —       (1.44 )      65.83       0.64       0.64       (0.06 )      12       (0.58 )      2,633  
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*                                
11/01/19     04/30/20       66.60       (0.14 )      (0.27 )      (0.41 )      —       (1.44 )      —       (1.44 )      64.75       1.00       1.00       (0.43 )      12       (0.74 )      4  
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*                                
11/01/19     04/30/20       48.23       (0.17 )      (1.75 )      (1.92 )      —       (3.27 )      —       (3.27 )      43.04       1.12       1.12       (0.72 )      5       (4.83 )      308  
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*                                
11/01/19     04/30/20       31.93       (0.21 )      (1.01 )      (1.22 )      —       (3.27 )      —       (3.27 )      27.44       1.79       1.79       (1.39 )      5       (5.12 )      51  
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*                                
11/01/19     04/30/20       51.64       (0.10 )      (1.91 )      (2.01 )      —       (3.27 )      —       (3.27 )      46.36       0.80       0.80       (0.41 )      5       (4.68 )      751  
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  
Class R-3*                                
11/01/19     04/30/20       46.02       (0.21 )      (1.65 )      (1.86 )      —       (3.27 )      —       (3.27 )      40.89       1.34       1.34       (0.95 )      5       (4.93 )      53  
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*                                
11/01/19     04/30/20       51.92       (0.10 )      (1.91 )      (2.01 )      —       (3.27 )      —       (3.27 )      46.64       0.78       0.78       (0.38 )      5       (4.65 )      210  
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  

 

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

Table of Contents

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-6*                                
11/01/19     04/30/20       $ 52.56     $ (0.07 )    $ (1.94 )    $ (2.01 )      $ —     $ (3.27 )      $ —     $ (3.27 )      $ 47.28       0.66       0.66       (0.27 )      5       (4.59 )      $ 1,519  
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*                                
11/01/19     04/30/20       51.16       (0.21 )      (1.88 )      (2.09 )      —       (3.27 )      —       (3.27 )      45.80       1.25       1.60       (0.86 )      5       (4.88 )      0  
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*                                
11/01/19     04/30/20       18.93       0.13       (3.12 )      (2.99 )      (0.39 )      (1.05 )      —       (1.44 )      14.50       1.45       1.49       1.53       11       (17.50 )      1  
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*                                
11/01/19     04/30/20       18.83       0.07       (3.12 )      (3.05 )      (0.29 )      (1.05 )      —       (1.34 )      14.44       2.20       2.24       0.82       11       (17.80 )      0  
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*                                
11/01/19     04/30/20       19.06       0.16       (3.15 )      (2.99 )      (0.44 )      (1.05 )      —       (1.49 )      14.58       1.15       1.16       1.82       11       (17.41 )      512  
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*                                
11/01/19     04/30/20       18.99       0.11       (3.14 )      (3.03 )      (0.34 )      (1.05 )      —       (1.39 )      14.57       1.70       2.18       1.31       11       (17.60 )      0  
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*                                
11/01/19     04/30/20       19.05       0.16       (3.14 )      (2.98 )      (0.44 )      (1.05 )      —       (1.49 )      14.58       1.15       1.67       1.86       11       (17.39 )      0  
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*                                
11/01/19     04/30/20       19.04       0.18       (3.15 )      (2.97 )      (0.46 )      (1.05 )      —       (1.51 )      14.56       1.05       1.06       2.08       11       (17.34 )      4  
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*                                
11/01/19     04/30/20       19.01       0.13       (3.14 )      (3.01 )      (0.39 )      (1.05 )      —       (1.44 )      14.56       1.45       2.13       1.57       11       (17.54 )      0  
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*                                
11/01/19     04/30/20       18.38       0.04       (2.19 )      (2.15 )      (0.10 )      (0.01 )      —       (0.11 )      16.12       1.21       1.21       0.41       77       (11.79 )      17  
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*                                
11/01/19     04/30/20       18.17       (0.03 )      (2.17 )      (2.20 )      —       (0.01 )      —       (0.01 )      15.96       2.00       2.00       (0.37 )      77       (12.10 )      16  
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  

 

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

Table of Contents

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*                                
11/01/19     04/30/20       $ 18.46       $ 0.06     $ (2.19 )    $ (2.13 )    $ (0.13 )    $ (0.01 )      $ —     $ (0.14 )      $ 16.19       0.99       0.99       0.64       77       (11.64 )      $ 2,080  
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*                                
11/01/19     04/30/20       18.29       0.01       (2.17 )      (2.16 )      (0.06 )      (0.01 )      —       (0.07 )      16.06       1.51       1.51       0.11       77       (11.87 )      2  
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*                                
11/01/19     04/30/20       18.37       0.06       (2.18 )      (2.12 )      (0.14 )      (0.01 )      —       (0.15 )      16.10       0.94       0.94       0.68       77       (11.62 )      2  
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*                                
11/01/19     04/30/20       18.45       0.06       (2.18 )      (2.12 )      (0.15 )      (0.01 )      —       (0.16 )      16.17       0.88       0.88       0.73       77       (11.61 )      96  
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*                                
11/01/19     04/30/20       18.36       0.03       (2.19 )      (2.16 )      (0.08 )      (0.01 )      —       (0.09 )      16.11       1.28       1.28       0.35       77       (11.81 )      19  
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*                                
11/01/19     04/30/20       28.20       (0.06 )      (2.65 )      (2.71 )      —       (1.10 )      —       (1.10 )      24.39       1.21       1.21       (0.45 )      8       (10.14 )      10  
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*                                
11/01/19     04/30/20       27.78       (0.16 )      (2.61 )      (2.77 )      —       (1.10 )      —       (1.10 )      23.91       2.00       2.00       (1.24 )      8       (10.52 )      5  
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*                                
11/01/19     04/30/20       28.34       (0.03 )      (2.67 )      (2.70 )      —       (1.10 )      —       (1.10 )      24.54       0.95       0.96       (0.19 )      8       (10.05 )      238  
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*                                
11/01/19     04/30/20       28.03       (0.09 )      (2.64 )      (2.73 )      —       (1.10 )      —       (1.10 )      24.20       1.50       1.72       (0.71 )      8       (10.28 )      0  
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*                                
11/01/19     04/30/20       28.34       (0.03 )      (2.67 )      (2.70 )      —       (1.10 )      —       (1.10 )      24.54       0.95       1.05       (0.20 )      8       (10.05 )      0  
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*                                
11/01/19     04/30/20       28.41       (0.02 )      (2.68 )      (2.70 )      —       (1.10 )      —       (1.10 )      24.61       0.85       0.86       (0.12 )      8       (10.03 )      8  
11/01/18     10/31/19       27.20       —  (d)      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  

 

The accompanying notes are an integral part of the financial statements      41  

Table of Contents

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 Small Cap Fund (cont’d)

 

                            
Class Y*                                
11/01/19     04/30/20       $ 28.17     $ (0.07 )    $ (2.65 )    $ (2.72 )      $ —     $ (1.10 )      $ —     $ (1.10 )      $ 24.35       1.25       1.27       (0.54 )      8       (10.19 )      $ 0  
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*                                
11/01/19     04/30/20       12.02       0.09       0.97       1.06       (0.11 )      (0.24 )      —       (0.35 )      12.73       0.80       1.15       1.50       314       9.02       1  
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*                                
11/01/19     04/30/20       12.01       0.04       0.97       1.01       (0.06 )      (0.24 )      —       (0.30 )      12.72       1.55       1.93       0.73       314       8.61       1  
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  
Class I*                                
11/01/19     04/30/20       12.04       0.11       0.96       1.07       (0.13 )      (0.24 )      —       (0.37 )      12.74       0.40       0.93       1.89       314       9.13       184  
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*                                
11/01/19     04/30/20       12.03       0.07       0.97       1.04       (0.09 )      (0.24 )      —       (0.33 )      12.74       1.05       1.89       1.24       314       8.87       0  
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*                                
11/01/19     04/30/20       12.04       0.11       0.95       1.06       (0.12 )      (0.24 )      —       (0.36 )      12.74       0.50       1.38       1.79       314       9.07       0  
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*                                
11/01/19     04/30/20       12.04       0.11       0.96       1.07       (0.13 )      (0.24 )      —       (0.37 )      12.74       0.40       1.41       1.89       314       9.13       0  
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*                                
11/01/19     04/30/20       12.03       0.09       0.97       1.06       (0.11 )      (0.24 )      —       (0.35 )      12.74       0.80       1.21       1.53       314       9.00       5  
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*                                
11/01/19     04/30/20       33.43       0.27       2.29       2.56       (0.37 )      (0.61 )      —       (0.98 )      35.01       0.80       0.96       1.62       295       7.92       1  
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*                                
11/01/19     04/30/20       33.38       0.14       2.36       2.50       (0.23 )      (0.61 )      —       (0.84 )      35.04       1.55       1.79       0.84       295       7.70       1  
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  

 

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

Table of Contents

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 Plus Bond Fund (cont’d)

 

                            
Class I*                                
11/01/19     04/30/20       $ 33.45       $ 0.33       $ 2.36       $ 2.69     $ (0.44 )    $ (0.61 )      $ —     $ (1.05 )      $ 35.09       0.40       0.66       1.98       295       8.31       $ 644  
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*                                
11/01/19     04/30/20       33.43       0.22       2.36       2.58       (0.33 )      (0.61 )      —       (0.94 )      35.07       1.05       1.62       1.34       295       7.96       0  
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*                                
11/01/19     04/30/20       33.45       0.31       2.36       2.67       (0.42 )      (0.61 )      —       (1.03 )      35.09       0.50       1.10       1.89       295       8.25       0  
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*                                
11/01/19     04/30/20       33.45       0.33       2.36       2.69       (0.44 )      (0.61 )      —       (1.05 )      35.09       0.40       1.10       1.99       295       8.31       0  
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*                                
11/01/19     04/30/20       33.43       0.27       2.34       2.61       (0.37 )      (0.61 )      —       (0.98 )      35.06       0.80       0.98       1.60       295       8.06       32  
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  
Carillon Reams Unconstrained Bond Fund

 

                            
Class A*                                
11/01/19     04/30/20       12.13       0.10       0.15       0.25       (0.16 )      —       —       (0.16 )      12.22       0.80       1.09       1.63       354       2.06       1  
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*                                
11/01/19     04/30/20       12.10       0.05       0.16       0.21       (0.10 )      —       —       (0.10 )      12.21       1.55       1.90       0.86       354       1.79       0  
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*                                
11/01/19     04/30/20       12.12       0.11       0.16       0.27       (0.17 )      —       —       (0.17 )      12.22       0.50       0.86       1.87       354       2.28       736  
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*                                
11/01/19     04/30/20       12.11       0.08       0.17       0.25       (0.14 )      —       —       (0.14 )      12.22       1.05       1.82       1.34       354       2.08       0  
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*                                
11/01/19     04/30/20       12.12       0.11       0.16       0.27       (0.17 )      —       —       (0.17 )      12.22       0.50       1.32       1.89       354       2.28       0  
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  

 

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

Table of Contents

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 (cont’d)

 

                            
Class R-6*                                
11/01/19     04/30/20       $ 12.12       $ 0.12       $ 0.16       $ 0.28     $ (0.18 )      $ —       $ —     $ (0.18 )      $ 12.22       0.40       0.75       2.00       354       2.33       $ 37  
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*                                
11/01/19     04/30/20       12.18       0.09       0.16       0.25       (0.15 )      —       —       (0.15 )      12.28       0.80       1.26       1.58       354       2.11       21  
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  

* Information for periods beginning after October 31, 2019 is unaudited. 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.

 

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

Table of Contents

Notes to Financial Statements

 

(UNAUDITED)      04.30.2020  

 

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 April 30, 2020, 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.

 

     45  

Table of Contents

Notes to Financial Statements

 

(UNAUDITED)    04.30.2020

 

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. If the evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

  •  

Futures and Options  |  Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2020, only the Core Plus Bond Fund and Unconstrained Bond Fund held futures. None of the Funds held options during the period ended April 30, 2020.

  •  

Credit default swaps  |  Credit default swaps are valued with prices provided by independent pricing services. If prices provided by independent pricing services are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2020, only the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund held credit default swaps.

  •  

Forward contracts  |  Forward contracts are valued daily at current forward rates provided by an independent pricing service. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the period ended April 30, 2020 only the Core Plus Bond Fund and Unconstrained Bond Fund held forwards.

  •  

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.

 

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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 April 30, 2020:

 

    Level 1     Level 2     Level 3  
Capital Appreciation Fund      
Common stocks (a)     $451,691,190       $—       $—  
Total investment portfolio     $451,691,190       $—       $—  
International Stock Fund      
Common stocks (a):      

Australia

     $—       $575,140       $—  

Austria

     —       84,216       —  

Belgium

     —       50,094       —  

Denmark

     —       235,599       —  

Finland

     —       53,362       —  

France

     23,280       761,314       —  

Germany

     —       434,078       —  

Hong Kong

     —       37,061       —  

Israel

     53,700       94,186       —  

Italy

     —       331,014       —  

Japan

     —       2,427,574       —  

Netherlands

     109,029       539,486       —  

Norway

     —       18,096       —  

Singapore

     —       15,997       —  

Spain

     —       222,541       —  

Sweden

     —       133,530       —  

Switzerland

     —       833,623       —  

United Kingdom

     50,541       1,093,873       —  
Preferred stocks     —       114,644       —  
Exchange traded funds     130,111       —       —  
Total investment portfolio     $366,661       $8,055,428       $—  
Tactical Allocation Fund      
Domestic exchange traded funds     $17,965,262       $—       $—  
Foreign exchange traded funds     3,644,374       —       —  
Total investment portfolio     $21,609,636       $—       $—  
Growth & Income Fund      
Common stocks (a)     $651,803,527       $—       $—  
Total investment portfolio     $651,803,527       $—       $—  
    Level 1     Level 2     Level 3  
Mid Cap Growth Fund      
Common stocks (a)     $5,375,652,352       $—       $—  
Money market funds     4,334,635       —       —  
Total investment portfolio     $5,379,986,987       $—       $—  
Small Cap Growth Fund      
Common stocks (a)     $2,879,896,019       $—       $—  
Money market funds     5,500,000       —       —  
Total investment portfolio     $2,885,396,019       $—       $—  
International Fund      
Common stocks (a):      

Australia

     $9,218,251       $14,690,365       $—  

Canada

     5,604,776       9,152,867       —  

Denmark

     7,039,826       —       —  

France

     —       50,673,374       —  

Germany

     16,458,188       39,730,229       —  

Hong Kong

     —       5,164,797       —  

Ireland

     10,381,344       6,674,305       —  

Japan

     —       63,464,683       —  

Mexico

     18,808,358       —       —  

Norway

     —       8,878,985       —  

Singapore

     —       11,961,757       —  

South Africa

     —       6,694,883       —  

Spain

     —       7,581,510       —  

Sweden

     —       17,168,022       —  

Switzerland

     12,557,949       36,709,927       —  

Taiwan

     —       13,175,618       —  

Turkey

     —       6,672,712       —  

United Kingdom

     25,257,112       41,459,711       —  

United States

     27,251,332       —       —  
Preferred stocks:      

Colombia

     8,532,377       —       —  

Germany

     7,689,629       12,506,421       —  
Money market funds     17,614,129       —       —  
Total investment portfolio     $166,413,271       $352,360,166       $—  
 

 

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    Level 1     Level 2     Level 3  
Mid Cap Fund      
Common stocks (a)     $2,222,230,290       $—       $—  
Money market funds     14,053,894       —       —  
Total investment portfolio     $2,236,284,184       $—       $—  
Small Cap Fund      
Common stocks (a)     $254,522,702       $—       $—  
Money market funds     4,714,784       —       —  
Total investment portfolio     $259,237,486       $—       $—  
Core Bond Fund      
Corporate bonds (a)     $—       $105,773,130       $—  
Mortgage and asset-backed securities     —       31,699,934       —  
Foreign government bonds     —       960,750       —  
Short-term investments     96,747       14,721,933       —  
Total investment portfolio     $96,747       $153,155,747       $—  
Credit default swaps     $—       $161,073       $—  
Core Plus Bond Fund      
Corporate bonds (a)     $—       $445,331,215       $—  
Mortgage and asset-backed securities     —       112,652,128       —  
Foreign government bonds     —       5,050,500       —  
Money market funds     544,813       —       —  
Total investment portfolio     $544,813       $563,033,843       $—  
Futures contracts—short (b)     $77,671       $—       $—  
Credit default swaps     $—       ($5,824,510 )      $—  
Forward contracts (b)     $—       $320,998       $—  
    Level 1     Level 2     Level 3  
Unconstrained Bond Fund      
Corporate bonds (a)     $—       $534,034,273       $—  
Mortgage and asset-backed securities     —       127,680,151       —  
Foreign government bonds     —       5,043,816       —  
Money market funds     1,869,208       —       —  
Total investment portfolio     $1,869,208       $666,758,240       $—  
Futures contracts—short (b)     ($7,972,997 )      $—       $—  
Credit default swaps     $—       ($16,328,776 )      $—  
Forward contracts (b)     $—       $ 1,546,254       $—  
(a) Please see the investment portfolio for details.

 

(b) Amounts presented for Futures Contracts and Forward Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

 

 

 

At April 30, 2020, 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. Details of Forward Contracts, if any, at period end are included in the Investment Portfolios under the caption “Forward Contracts.” Refer to Note 6 for additional information.

 

  •  

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 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

 

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  the term of the agreement, which typically is between one month and five years, provided that no credit event occurs. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional value of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional value of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit event occurs, the maximum payout amount for a sale contract is limited to the notional value of the swap contract (“Maximum Payout Amount”). Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. 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 period ended April 30, 2020, 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

    

Forward
Contracts –
USD Received

     Forward
Contracts –
USD Delivered		  
Core Bond Fund     $10,632,857       $—       $—       $—       $—  
Core Plus Bond Fund     96,819,414       —       (20,707,634 )      —       1,718,410  
Unconstrained Bond Fund     202,284,486       8,750,121       (218,278,290 )      23,636,022       50,731,645  

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, or cash equivalents, set aside in an amount equal to the price of the 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

 

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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” liquid 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 period ended April 30, 2020, none of the Funds held any repurchase agreements.

Revenue recognition  |  Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

Foreign taxes  |  The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds record such taxes and recoveries as applicable, when the related income or capital gains are earned and based

upon the current interpretation of tax rules and regulations that exist in the markets in which a Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.

Expenses  |  Each Fund is charged for certain expenses which are directly attributable to it and certain other expenses which are allocated proportionately among the Carillon Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets.

Class allocations  |  Each class of shares has equal rights to earnings and assets except that each class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative percentage of net assets.

Segregation and Collateralization  |  In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., forward currency contracts, securities with extended settlement periods, futures and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker- dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments.

Distributions  |  Each Fund, except the Growth & Income Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, distributes net investment income annually. Distributions of net investment income are made quarterly in the Growth & Income Fund and monthly in the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each applicable Fund, will be distributed to shareholders annually in the following fiscal year. If a fund is involved in a reorganization wherein it acquires the net assets of another fund, or has its net assets acquired by another fund, a separate and additional distribution of net investment income and / or net realized gains may be made prior to such reorganization. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.

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   11/1/19 to 4/30/20     $2,779,692       $292,099       $6,162,243       $10,905       $132,614       $26,866       $213  
  11/1/18 to 10/31/19     14,814,793       2,225,038       17,013,818       121,423       617,839       3,552,644       842  
International Stock Fund   11/1/19 to 4/30/20     83,026       31,319       127,407       18,661       86       3,942       174  
  11/1/18 to 10/31/19     62,730       6,585       143,217       10,790       55       2,790       527  
Tactical Allocation Fund   11/1/19 to 4/30/20     15,096       9,536       311,827       104       522       182       113  
  11/1/18 to 10/31/19     63,410       72,560       832,642       389       1,386       464       420  
Growth & Income Fund   11/1/19 to 4/30/20     6,667,261       4,911,882       20,426,402       64,015       196,444       89,841       4,140  
  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  
Mid Cap Growth Fund   11/1/19 to 4/30/20     16,175,457       3,914,655       28,228,453       987,471       16,305,816       57,676,770       81,660  
  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  
Small Cap Growth Fund   11/1/19 to 4/30/20     25,518,949       6,601,964       62,069,451       4,391,236       21,928,897       127,210,225       755  
  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  

 

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Distributions from earnings (cont’d)   Class A     Class C     Class I     Class R-3     Class R-5     Class R-6     Class Y  
International Fund   11/1/19 to 4/30/20     $71,457       $12,118       $54,142,906       $730       $789       $277,069       $853  
  11/1/18 to 10/31/19     39,756       6,071       78,820,675       851       906       280,424       932  
Mid Cap Fund   11/1/19 to 4/30/20     127,632       15,137       20,175,464       10,274       16,330       781,591       122,685  
  11/1/18 to 10/31/19     691,968       704,999       169,659,120       105,258       50,544       2,868,920       179,981  
Small Cap Fund   11/1/19 to 4/30/20     479,806       290,056       11,618,569       9,420       2,651       231,607       3,851  
  11/1/18 to 10/31/19     32,573       27,569       585,642       650       134       11,144       212  
Core Bond Fund   11/1/19 to 4/30/20     34,643       18,019       3,307,848       298       331       337       39,909  
  11/1/18 to 10/31/19     17,697       5,896       2,406,030       174       233       243       33,120  
Core Plus Bond Fund   11/1/19 to 4/30/20     11,788       8,453       19,385,004       308       342       348       401,834  
  11/1/18 to 10/31/19     5,088       3,282       14,048,025       165       223       233       286,358  
Unconstrained Bond Fund   11/1/19 to 4/30/20     5,580       3,892       12,309,941       121       152       509,553       285,464  
  11/1/18 to 10/31/19     4,566       1,157       23,194,466       160       218       970,353       494,618  

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 period ended April 30, 2020, 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     $54,786,084       $3,583,485       $7,638,750       $151,119,154       $690,400,371       $167,361,257  
Sales     170,549,175       5,468,180       9,442,423       237,722,126       895,663,725       1,286,098,519  
    International
Fund		    

Mid Cap

Fund

    

Small Cap

Fund

     Core Bond
Fund		    

Core Plus

Bond Fund

     Unconstrained
Bond Fund		  
Purchases     $67,631,640       $1,967,269,609       $22,629,301       $229,116,982       $1,070,042,164       $1,533,886,912  
Purchases - U.S. Treasury securities     —       —       —       145,909,500       746,602,740       948,476,746  
Sales     147,016,279       2,273,723,154       58,243,188       164,444,427       924,918,560       1,361,321,136  
Sales - U.S. Treasury securities     —       —       —       193,404,324       1,046,923,105       1,124,698,384  

NOTE 4  |  Investment advisory fees and other transactions with affiliates  |  Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:

 

Investment advisory fee rate
schedule		   Breakpoint   Investment
advisory fee		  
Capital Appreciation Fund  

First $1 billion

Over $1 billion

    

 0.60

0.55

 % 

% 

International Stock Fund   All assets     0.70 % 
Tactical Allocation Fund   All assets     0.57 % 
Growth & Income Fund  

First $100 million

$100 million to $500 million

Over $500 million

    

 0.60

0.45

0.40

 % 

% 

% 

Investment advisory fee rate
schedule (cont’d)		   Breakpoint   Investment
advisory fee		  

Mid Cap Growth Fund,

Small Cap Growth Fund,

Small Cap Fund

  

First $500 million

$500 million to $1 billion

Over $1 billion

    

 0.60

0.55

0.50

 % 

% 

% 

International Fund, Mid Cap Fund  

First $1 billion

Over $1 billion

    

 0.80

0.70

 % 

% 

Core Bond Fund, Core Plus Bond Fund   All assets     0.40 % 
Unconstrained Bond Fund  

First $3 billion

Over $3 billion

    

 0.60

0.55

 % 

% 

 

 

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.

 

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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 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 period ended April 30, 2020, 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     $21,212       $859       $2,679       $79,569       $109,426       $31,180  
CDSC - Class A     —       —       —       —       —       —  
CDSC - Class C     235       29       —       6,005       225       1,008  
    International
Fund		     Mid Cap
Fund		    

Small Cap

Fund

     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Front-end sales charges - Class A     $3,983       $23,319       $3,350       $181       $988       $431  
CDSC - Class A     —       —       —       —       —       —  
CDSC - Class C     —       789       —       21       —       —  

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

Agency commissions  |  During the period ended April 30, 2020, 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     $39,334       $4,527       $2,908       $108,300       $547,908       $992,513  
Paid to RJA     —       —       —       —       25,790       65,957  
    International
Fund		     Mid Cap
Fund		    

Small Cap

Fund

     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Total agency brokerage commissions     $222,532       $1,648,163       $40,036       $—       $—       $—  
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 was not paid any fees for shareholder servicing during the period.

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
10/31/19		     Purchases     Sales     Net Realized
Gain (Loss)		     Net Change in
Unrealized
Appreciation
(Depreciation)		    

Value at

4/30/20

     Dividend
Income		     Shares
owned at
4/30/20		  
Everi Holdings, Inc.     $45,437,620       $2,250,000       $ —       $ —     $ (24,340,143 )      $23,347,477       $—       4,716,662  
MarineMax, Inc.     28,762,570       —       (2,510,434 )      (779,309 )      (759,302 )      24,713,525       —       1,715,026  
Universal Electronics, Inc.     78,320,567       —       —       —       (16,289,235 )      62,031,332       —       1,502,697  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    
Total     $152,520,757       $2,250,000     $ (2,510,434 )    $ (779,309 )    $ (41,388,680 )      $110,092,334       $—    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

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(UNAUDITED)      04.30.2020  

 

Expense limitations  |  Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 28, 2021 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 11/1/19 to 4/30/20    Fund Level      Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $225,682        $40,119        $4,772        $153,389        $969        $3,463        $6,853        $34  
International Stock Fund      163,162        3,489        2,245        5,393        977        36        214        45  
Tactical Allocation Fund      129,134        913        1,269        16,156        36        57        41        42  
Growth & Income Fund      —        —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —        21  
International Fund      —        186        30        17,817        23        25        177        37  
Mid Cap Fund      —        —        —        —        —        —        —        —  
Small Cap Fund      —        —        —        19,020        200        32        209        9  
Core Bond Fund      174,958        257        279        125,532        30        33        40        968  
Core Plus Bond Fund      211,870        197        287        588,336        30        32        37        7,489  
Unconstrained Bond Fund      1,108,441        91        174        470,021        30        32        18,824        23,628  

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 - 10/31/2022    Fund Level      Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $225,682        $40,119        $4,772        $153,389        $969        $3,463        $6,853        $34  
International Stock Fund      163,162        3,489        2,245        5,393        977        36        214        45  
Tactical Allocation Fund      129,134        913        1,269        16,156        36        57        41        42  
Growth & Income Fund      —        —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —        21  
International Fund      —        186        30        17,817        23        25        177        37  
Mid Cap Fund      —        —        —        —        —        —        —        —  
Small Cap Fund      —        —        —        19,020        200        32        209        9  
Core Bond Fund      174,958        257        279        125,532        30        33        40        968  
Core Plus Bond Fund      211,870        197        287        588,336        30        32        37        7,489  
Unconstrained Bond Fund      1,108,441        91        174        470,021        30        32        18,824        23,628  

 

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(UNAUDITED)    04.30.2020

 

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  

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 (tax character for the period ended April 30, 2020 is estimated):

 

          Capital
Appreciation Fund		     International
Stock Fund		     Tactical
Allocation Fund		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Ordinary Income     11/1/19 to 4/30/20       $2,454,844       $264,615       $310,392       $9,141,017       $ —       $ —  
    11/1/18 to 10/31/19       1,421,956       226,694       240,950       15,033,842       11,158,308       —  
Long-term capital gain     11/1/19 to 4/30/20       6,949,788       —       26,988       23,218,968       123,370,282       247,721,477  
    11/1/18 to 10/31/19       36,924,441       —       730,321       42,583,763       104,478,643       819,288,090  

 

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(UNAUDITED)      04.30.2020  

 

          International
Fund		     Mid Cap
Fund		    

Small Cap

Fund

     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Ordinary Income     11/1/19 to 4/30/20       $18,073,784       $19,148,632       $ —       $3,401,385       $19,808,077       $13,114,703  
    11/1/18 to 10/31/19       32,961,534       11,985,517       370,922       2,463,393       14,343,374       24,665,538  
Long-term capital gain     11/1/19 to 4/30/20       36,432,138       2,100,481       12,635,960       —       —       —  
    11/1/18 to 10/31/19       46,188,081       162,275,273       287,002       —       —       —  

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 ) 

At October 31, 2019, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses from wash sales and differences in the accounting treatment for non-REIT returns of capital, investments in passive foreign investment companies and swaps.

 

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Notes to Financial Statements

 

(UNAUDITED)    04.30.2020

 

NOTE 6  |  Other Derivative Information  |  At April 30, 2020, 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   Premiums paid - open swap contracts      $161,073        N/A  
      

 

 

  
  Total        $161,073        N/A  
      

 

 

  
Core Plus Bond Fund   Credit   Premiums received - open swap contracts      N/A        $5,474,594  
  Credit   Unrealized depreciation - open swap contracts      N/A        349,916  
  Interest rate       Unrealized appreciation - open futures contracts      $77,671        N/A  
  Currency   Unrealized appreciation - open forward contracts      320,998        N/A  
      

 

 

  
  Total        $398,669        $5,824,510  
      

 

 

  
Unconstrained Bond Fund   Credit   Premiums received - open swap contracts      N/A        $16,376,119  
  Credit   Unrealized appreciation - open swap contracts      $1,538,863        N/A  
  Credit   Unrealized depreciation - open swap contracts      N/A        1,491,520  
  Interest rate   Unrealized depreciation - open futures contracts      N/A        7,972,997  
  Currency   Unrealized appreciation - open forward contracts      4,453,437        N/A  
  Currency   Unrealized depreciation - open forward contracts      N/A        2,907,183  
      

 

 

  
  Total        $5,992,300        $28,747,819  
      

 

 

  

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 April 30, 2020, 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 period ended April 30, 2020, 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   Swap contracts      $(920,036 )      $(31,198 ) 
      

 

 

  
  Total        $(920,036 )      $(31,198 ) 
      

 

 

  
Core Plus Bond Fund   Credit   Swap contracts      $(9,087,860 )      $(808,034 ) 
  Interest rate       Futures contracts      (494,815 )      77,671  
  Currency   Forward contracts      —       320,998  
      

 

 

  
  Total        $(9,582,675 )      $(409,365 ) 
      

 

 

  
Unconstrained Bond Fund   Credit   Swap contracts      $(26,325,987 )      $(728,014 ) 
  Interest rate   Futures contracts      (2,036,705 )      (7,972,997 ) 
  Currency   Forward contracts      —       1,546,254  
      

 

 

  
  Total        $(28,362,692 )      $(7,154,757 ) 
      

 

 

  

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

 

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Notes to Financial Statements

 

(UNAUDITED)      04.30.2020  

 

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 April 30, 2020, 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 April 30, 2020 was 2.25% (prime rate of 3.25% minus 1.00%). The following table shows the details of the Funds’ borrowing activity during the period ended April 30, 2020. Funds that are not listed did not utilize the line of credit during the period.

 

    Maximum Outstanding Balance     Average Daily Balance     Total Interest Incurred     Average Annual Interest Rate  
Capital Appreciation Fund     $39,441,000       $899,951       $16,826       3.70 % 
International Stock Fund     234,000       12,115       179       2.92  
Growth & Income Fund     3,334,000       33,500       635       3.75  
Mid Cap Growth Fund     23,244,000       1,286,484       16,795       2.58  
Small Cap Growth Fund     63,878,000       5,898,126       98,429       3.30  
International Fund     5,499,000       196,566       2,594       2.61  
Mid Cap Fund     11,374,000       750,060       13,267       3.50  
Small Cap Fund     104,000       571       11       3.75  

As of April 30, 2020, International Stock Fund had outstanding borrowings of $4,000 under the line of credit.

NOTE 9  |  Other Matters  |  An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has subsequently spread globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. The effects may impact the value and performance of the Funds, their ability to buy and sell investments at appropriate valuations and their ability to achieve their investment objectives.

NOTE 10  |  Subsequent events  |  The Manager has evaluated subsequent events through June 18, 2020, 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.

 

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Table of Contents

Understanding Your Ongoing Costs

 

(UNAUDITED)    04.30.2020

 

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial adviser.

Actual expenses  |  The table below shows the actual expenses you would have paid on a $1,000 investment made in each Fund on November 1, 2019 and held through April 30, 2020. 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 November 1, 2019 through April 30, 2020 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        $1,033.80        $5.06        $1,019.89        $5.02        1.00 % 

Class C

      1,000.00        1,029.80        8.83        1,016.16        8.77        1.75  

Class I

      1,000.00        1,035.50        3.54        1,021.38        3.52        0.70  

Class R-3

      1,000.00        1,032.60        6.32        1,018.65        6.27        1.25  

Class R-5

      1,000.00        1,035.30        3.54        1,021.38        3.52        0.70  

Class R-6

      1,000.00        1,036.90        3.04        1,021.88        3.02        0.60  

Class Y

      1,000.00        1,033.60        5.06        1,019.89        5.02        1.00  
International Stock Fund                  

Class A

      1,000.00        837.80        6.63        1,017.65        7.27        1.45  

Class C

      1,000.00        835.30        10.04        1,013.92        11.02        2.20  

Class I

      1,000.00        839.20        5.26        1,019.14        5.77        1.15  

Class R-3

      1,000.00        836.80        7.76        1,016.41        8.52        1.70  

Class R-5

      1,000.00        839.50        5.26        1,019.14        5.77        1.15  

Class R-6

      1,000.00        839.90        4.80        1,019.64        5.27        1.05  

Class Y

      1,000.00        838.10        6.63        1,017.65        7.27        1.45  
Tactical Allocation Fund                  

Class A

      1,000.00        985.00        5.77        1,019.05        5.87        1.17  

Class C

      1,000.00        981.10        9.46        1,015.32        9.62        1.92  

Class I

      1,000.00        986.30        4.30        1,020.54        4.37        0.87  

Class R-3

      1,000.00        984.00        7.00        1,017.80        7.12        1.42  

Class R-5

      1,000.00        986.80        4.30        1,020.54        4.37        0.87  

Class R-6

      1,000.00        987.20        3.80        1,021.03        3.87        0.77  

Class Y

      1,000.00        984.60        5.77        1,019.05        5.87        1.17  
Growth & Income Fund                  

Class A

      1,000.00        904.50        4.55        1,020.09        4.82        0.96  

Class C

      1,000.00        901.20        8.18        1,016.26        8.67        1.73  

Class I

      1,000.00        906.00        3.32        1,021.38        3.52        0.70  

Class R-3

      1,000.00        903.50        6.01        1,018.55        6.37        1.27  

Class R-5

      1,000.00        906.10        3.32        1,021.38        3.52        0.70  

Class R-6

      1,000.00        903.60        2.89        1,021.83        3.07        0.61  

Class Y

      1,000.00        904.30        5.11        1,019.49        5.42        1.08  
Mid Cap Growth Fund                  

Class A

      1,000.00        992.20        5.20        1,019.64        5.27        1.05  

Class C

      1,000.00        988.70        8.65        1,016.16        8.77        1.75  

Class I

      1,000.00        993.70        3.62        1,021.23        3.67        0.73  

Class R-3

      1,000.00        990.90        6.53        1,018.30        6.62        1.32  

Class R-5

      1,000.00        993.70        3.72        1,021.13        3.77        0.75  

Class R-6

      1,000.00        994.20        3.17        1,021.68        3.22        0.64  

Class Y

      1,000.00        992.40        4.95        1,019.89        5.02        1.00  

 

 

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Understanding Your Ongoing Costs

 

(UNAUDITED)      04.30.2020  

 

            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        $951.70        $5.43        $1,019.29        $5.62        1.12 % 

Class C

      1,000.00        948.80        8.67        1,015.96        8.97        1.79  

Class I

      1,000.00        953.20        3.89        1,020.89        4.02        0.80  

Class R-3

      1,000.00        950.70        6.50        1,018.20        6.72        1.34  

Class R-5

      1,000.00        953.50        3.79        1,020.98        3.92        0.78  

Class R-6

      1,000.00        954.10        3.21        1,021.58        3.32        0.66  

Class Y

      1,000.00        951.20        6.06        1,018.65        6.27        1.25  
International Fund                  

Class A

      1,000.00        825.00        6.58        1,017.65        7.27        1.45  

Class C

      1,000.00        822.00        9.97        1,013.92        11.02        2.20  

Class I

      1,000.00        825.90        5.22        1,019.14        5.77        1.15  

Class R-3

      1,000.00        824.00        7.71        1,016.41        8.52        1.70  

Class R-5

      1,000.00        826.60        5.22        1,019.14        5.77        1.15  

Class R-6

      1,000.00        826.60        4.77        1,019.64        5.27        1.05  

Class Y

      1,000.00        825.20        6.58        1,017.65        7.27        1.45  
Mid Cap Fund                  

Class A

      1,000.00        882.10        5.66        1,018.85        6.07        1.21  

Class C

      1,000.00        879.00        9.34        1,014.92        10.02        2.00  

Class I

      1,000.00        883.60        4.64        1,019.94        4.97        0.99  

Class R-3

      1,000.00        881.30        7.06        1,017.35        7.57        1.51  

Class R-5

      1,000.00        883.80        4.40        1,020.19        4.72        0.94  

Class R-6

      1,000.00        883.90        4.12        1,020.49        4.42        0.88  

Class Y

      1,000.00        881.90        5.99        1,018.50        6.42        1.28  
Small Cap Fund                  

Class A

      1,000.00        898.60        5.71        1,018.85        6.07        1.21  

Class C

      1,000.00        894.80        9.42        1,014.92        10.02        2.00  

Class I

      1,000.00        899.50        4.49        1,020.14        4.77        0.95  

Class R-3

      1,000.00        897.20        7.08        1,017.40        7.52        1.50  

Class R-5

      1,000.00        899.50        4.49        1,020.14        4.77        0.95  

Class R-6

      1,000.00        899.70        4.01        1,020.64        4.27        0.85  

Class Y

      1,000.00        898.10        5.90        1,018.65        6.27        1.25  
Core Bond Fund                  

Class A

      1,000.00        1,090.20        4.16        1,020.89        4.02        0.80  

Class C

      1,000.00        1,086.10        8.04        1,017.16        7.77        1.55  

Class I

      1,000.00        1,091.30        2.08        1,022.87        2.01        0.40  

Class R-3

      1,000.00        1,088.70        5.45        1,019.64        5.27        1.05  

Class R-5

      1,000.00        1,091.60        2.60        1,022.38        2.51        0.50  

Class R-6

      1,000.00        1,092.10        2.08        1,022.87        2.01        0.40  

Class Y

      1,000.00        1,090.00        4.16        1,020.89        4.02        0.80  
Core Plus Bond Fund                  

Class A

      1,000.00        1,079.20        4.14        1,020.89        4.02        0.80  

Class C

      1,000.00        1,077.00        8.00        1,017.16        7.77        1.55  

Class I

      1,000.00        1,083.10        2.07        1,022.87        2.01        0.40  

Class R-3

      1,000.00        1,079.60        5.43        1,019.64        5.27        1.05  

Class R-5

      1,000.00        1,082.50        2.59        1,022.38        2.51        0.50  

Class R-6

      1,000.00        1,083.10        2.07        1,022.87        2.01        0.40  

Class Y

      1,000.00        1,080.60        4.14        1,020.89        4.02        0.80  
Unconstrained Bond Fund                  

Class A

      1,000.00        1,020.60        4.02        1,020.89        4.02        0.80  

Class C

      1,000.00        1,017.90        7.78        1,017.16        7.77        1.55  

Class I

      1,000.00        1,022.80        2.51        1,022.38        2.51        0.50  

Class R-3

      1,000.00        1,020.80        5.28        1,019.64        5.27        1.05  

Class R-5

      1,000.00        1,022.80        2.51        1,022.38        2.51        0.50  

Class R-6

      1,000.00        1,023.30        2.01        1,022.87        2.01        0.40  

Class Y

      1,000.00        1,021.10        4.02        1,020.89        4.02        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 (182), and then dividing that result by the actual number of days in the fiscal year (366).

 

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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		  
Allocation         X        
Call         X        
Commodities         X        
Credit         X        
Credit ratings         X        
Dividend paying stocks           X      
Emerging markets         X        
Equity securities     X       X       X       X       X       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, Fixed Income 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        
Quantitative Strategy     X       X          
Recent Market Events     X       X       X       X       X       X  
Redemptions         X        
Sectors     X             X       X  
Securities Lending     X       X       X       X       X       X  
Small-cap companies         X         X       X  
United Kingdom securities       X          
U.S. Government securities and Government sponsored enterprises         X        
U.S. Treasury obligations         X        
Value stocks         X       X      

 

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Risk   Carillon
Scout
International
Fund		     Carillon
Scout
Mid Cap
Fund		     Carillon
Scout
Small Cap
Fund		     Carillon
Reams
Core Bond
Fund		     Carillon
Reams
Core Plus
Bond
Fund		     Carillon
Reams
Unconstrained
Bond
Fund		  
Credit           X       X       X  
Credit ratings           X       X       X  
Derivatives           X       X       X  
Emerging markets     X       X       X           X  
Equity securities     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  
Libor               X  
Liquidity     X           X       X       X  
Market, Fixed Income Market and Stock Market     X       X       X       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  
Recent Market Events     X       X       X       X       X       X  
Redemptions           X       X       X  
Sectors         X        
Securities Lending     X       X       X       X       X       X  
Short sales               X  
Small-cap companies       X       X        
United Kingdom securities     X            
U.S. Government securities and Government sponsored enterprises           X       X       X  
U.S. Treasury obligations           X       X       X  
Valuation           X       X       X  
Value stocks     X       X       X        

 

Allocation  |  Allocation risk means that a fund is subject to different levels and combinations of risk based on its actual allocation among the various asset classes. The potential impact of the risks related to an asset class depends on the size of a fund’s investment allocation to it. Also, a fund’s sub-adviser may not allocate among the asset classes in a way that produces the intended result.

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.

 

 

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Credit  |  A fund could lose money if the issuer of a fixed income security is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. The downgrade of the credit rating of a security held by a fund may decrease its value. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such securities may greatly exceed their current resources. There is no assurance that the U.S. government would provide financial support to the issuing entity if not obligated to do so by law. Further, any government guarantees on U.S. government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.

Credit Ratings  |  Ratings by nationally recognized rating agencies represent the agencies’ opinion of the credit quality of an issuer. However, these ratings are not absolute standards of quality and do not guarantee the creditworthiness of an issuer. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.

Derivatives  |  Derivatives, such as options, futures contracts, currency forwards or swap agreements, may involve greater risks than if a fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risk, and credit risks. Derivatives also present the risk that the other party to the transaction will fail to perform. Derivatives also involve an increased risk of mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that a fund may not realize the intended benefits. When used for hedging, changes in the value of the derivative may also not correlate perfectly with the underlying asset, rate or index. Derivatives risk may be more significant when derivatives are used to enhance fund returns, increase liquidity, manage the duration of a fund’s portfolio and/or gain exposure to certain instruments or markets, rather than solely to hedge the risk of a position held by the fund. Derivatives can cause a fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. The regulation of cleared and uncleared swap agreements, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. It is not possible to predict fully the effects of current or future regulation. Changes in government regulation of various types of derivatives instruments may make derivatives more costly or limit the availability of derivatives, which may limit or prevent a fund from using certain types of derivative instruments as part of its investment strategy; may affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or may otherwise adversely affect the value or performance of derivatives. Compared to other types of investments, derivatives may also be less tax efficient. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.

 

  •  

Swap Agreements. Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically include a certain amount of embedded leverage and as such are subject to leveraging risk. If swaps are used as a hedging strategy, a fund is subject to the risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, a lack of correlation between the swaps and the portfolio of assets that the swaps are designed

   

to hedge or replace. Swaps also may be difficult to value. Swaps may be subject to liquidity risk and counterparty risk. Swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and counterparty risks. Credit default swaps may be subject to credit risk and the risks associated with the purchase and sale of credit protection. With respect to a credit default swap, if a fund is selling credit protection, there is a risk a fund is subject to many of the same risks it would be if it were holding debt obligations of the issuer; however, a fund would not have any recourse against such issuer and would not benefit from any collateral securing such issuer’s debt obligations. Therefore, when selling protection, a fund could be forced to liquidate other assets upon the occurrence of a credit event in order to pay the counterparty. There is also the risk that the transaction may be closed-out at a time when the credit quality of the underlying investment has deteriorated, in which case a fund may need to make an early termination payment. If a fund is buying credit protection, there is the risk that no credit event will occur and a fund will receive no benefit (other than any hedging benefit) for the premium paid. There is also the risk that the transaction may be closed-out at a time when the credit quality of the underlying investment has improved, in which case a fund may need to make an early termination payment.

 

  •  

Futures and Forward Contracts. Futures and forward contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There are no limitations on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. There may not be a liquid secondary market for the futures contracts. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate and Treasury futures contracts expose a fund to price fluctuations resulting from changes in interest rates. A fund could suffer a loss if interest rates rise after a fund has purchased an interest rate futures contract or fall after a fund has sold an interest rate futures contract. Similarly, Treasury futures contracts expose a fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose the fund to volatility in an underlying securities index.

 

  •  

Options. The movements experienced by a fund between the prices of options and prices of the assets (or indices) underlying such options, may differ from expectations, and may cause a fund to not achieve its objective. The seller (writer) of a call option that is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying assets above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying assets above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase by such writer except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire investment in the call option. The seller (writer) of a put option that is covered (i.e., the writer has a short position in the underlying assets) assumes the risk of an increase in the market price of the underlying assets above the sales price (in establishing the short position) of the underlying assets plus the premium received, and

 

 

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    gives up the opportunity for gain on the underlying assets below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying assets below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment in the put option. In the event that an option on futures is exercised, the parties will be subject to all the risks associated with the trading of futures contracts, such as payment of variation margin deposits. In addition, the writer of an option, unlike the holder, generally is subject to initial and variation margin requirements on the option position. There can be no guarantee that the use of options will increase a fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them, and there may at times not be a liquid secondary market for options.

Emerging Markets  |  When investing in emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets have unique risks that are greater than or in addition to investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.

Equity Securities  |  A fund’s equity securities investments are subject to stock market risk. Such investments may also expose a fund to additional risks:

 

  •  

Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock.

 

  •  

Preferred Stocks. Preferred securities are subject to issuer-specific and stock market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects.

  •  

Convertible Securities. The investment value of a convertible security (“convertible”) is based on its yield and tends to decline as interest rates increase. The conversion value of a convertible is the market value that would be received if the convertible were converted to its underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible may be subject to redemption at the option of the issuer at a price established in the convertible’s governing instrument, which may be less than the current market price of the security. Convertibles typically are “junior” securities, which means an issuer may pay interest on its non-convertible debt before it can make payments on its convertibles. In the event of a liquidation, holders of convertibles may be paid before a company’s common stockholders but after holders of a company’s senior debt obligations.

 

  •  

Depositary Receipts. A fund may invest in securities issued by foreign companies through ADRs, GDRs and EDRs. These securities are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt.

 

  •  

REITs. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses.

 

  •  

Rights and Warrants. Investments in rights and warrants may be more speculative than certain other types of investments because rights and warrants do not carry dividend or voting rights with respect to the underlying securities or any rights in the assets of the issuer. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities and a right or a warrant ceases to have value if it is not exercised prior to its expiration date.

 

  •  

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.

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

 

 

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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 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 rate  |  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 eight years, a 1% increase in interest rates could be expected to result in a 8% decrease in the value of the bond. The Federal Reserve has raised and lowered the federal funds rate several times since December 2015 and may increase or decrease 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

 

 

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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.

LIBOR  |  Certain of the instruments identified in a fund’s principal investment strategies have variable or floating coupon rates that are based on the LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new SOFR, which is intended to be a broad measure of overnight U.S. Treasury repurchase agreement rates, as an appropriate replacement for U.S. dollar LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, with the expectation that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets to replace sterling LIBOR. On July 27, 2017, the Chief Executive of the FCA, which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR.

In advance of 2021, regulators and market participants are working together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through marketwide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to the fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the fund’s performance and/or NAV.

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, Fixed Income Market and Stock Market  |  Markets may at times be volatile and the value of a fund’s stock and fixed income holdings—and the income generated by a fund’s fixed income holdings—may decline, sometimes significantly and/or rapidly, because of adverse issuer-specific conditions or general market conditions, including a broad stock market decline, which are not specifically related to a particular issuer, such as real or perceived adverse political, regulatory, market, economic or other developments, such as natural disasters, public health crises, pandemics, regional or global economic instability (including terrorism and geopolitical risks) and interest and currency rate fluctuations, that may cause broad changes in market value, changes in the general outlook for corporate earnings, public perceptions concerning these developments or adverse investment sentiment generally. 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. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Changes in value may be temporary or may last for extended periods. Even when securities markets perform well, there is no assurance that the investments held by a fund will increase in value along with the broader market.

The increasing interconnectedness of markets around the world may result in many markets being affected by events in a single country or events affecting a single or small number of issuers. Events such as natural disasters, public health crises, pandemics, governments’ reactions to and public perceptions concerning these developments, and adverse investor sentiment could cause uncertainty in the markets and may adversely affect the performance of the global economy. Terrorism and related geopolitical risks, including tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil 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. Likewise, systemic market dislocations of the kind that occurred during the financial crisis in 2008, if repeated, would be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of a fund’s investments.

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

 

 

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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.

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 sub-adviser’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.

Recent Market Events  |  Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. Decisions by the Federal Reserve System (also known as “the Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, continue to have a significant impact on securities prices as well as the overall strength of the U.S. economy. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets since mid-September 2019 when a shortage of liquidity caused a spike in overnight borrowing rates. The Fed has signaled that it plans to maintain its interventions at an elevated level. Amid the Fed’s ongoing efforts, concerns about the markets’ dependence on the Fed’s daily doses of liquidity have grown.

 

 

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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. A rise in protectionist trade policies, slowing global economic growth, risks associated with ongoing trade negotiations with China, risks associated with the United Kingdom’s departure from the European Union on January 31, 2020 and trade agreement negotiations during the transition period, and the possibility of changes to some international trade agreements, could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time. 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.

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.

An epidemic outbreak and governments’ reactions to such a public health crisis could cause uncertainty in the markets and may adversely affect the performance of the global economy. Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The effect of recent efforts undertaken by the Fed to address the economic impact of the COVID-19 pandemic, such as the reduction of the federal funds target rate, and other monetary and fiscal actions that may be taken by the U.S. federal government to stimulate the U.S. economy, are not yet known. In addition, COVID-19 could cause the need for employees and vendors at various businesses, including Carillon Towers Advisers, Inc. (“Carillon Tower”) or a fund’s sub-adviser, to work at external locations, and extensive medical absences. Carillon Tower and the funds’ sub-advisers have policies and procedures to address known situations, but because a large epidemic may create significant market and business uncertainties and disruptions, not all events that could affect the business of Carillon Tower or a fund’s sub-adviser can be determined and addressed in advance.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the

real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. These losses could adversely affect corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Since property and security values are driven largely by buyers’ perceptions, it is difficult to know the time period over which these market effects might unfold.

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 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

 

 

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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.

Securities Lending  |  A fund may lend its portfolio securities to brokers, dealers and financial institutions to seek income. There is a risk that a borrower may default on its obligations to return loaned securities; however, a fund’s securities lending agent may indemnify the fund against that risk. There is a risk that the assets of a fund’s securities lending agent may be insufficient to satisfy any contractual indemnification requirements to the fund. Borrowers of a fund’s securities typically provide collateral in the form of cash that is reinvested in securities. A fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market fund. A fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. 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 and there is the risk of possible loss of rights in the collateral should the borrower fail financially. 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 the 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.”

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.

United Kingdom securities  |  A fund’s exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the fund to risks associated with investments in the United Kingdom to a greater extent than more geographically diverse funds. Investments in United Kingdom issuers may subject a fund to regulatory, political, currency, security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the United Kingdom economy may be impacted by changes to the economic condition of the United States and other European countries. The United Kingdom’s economy relies heavily on the export of financial services to the United States and other European countries. A prolonged slowdown in the financial services sector may have a negative impact on the United Kingdom’s economy. The United Kingdom economy, along with certain other European Union economies, experienced a significant economic slowdown during the recent financial crisis; certain United Kingdom financial institutions suffered significant losses, were

severely under-capitalized and required government intervention to survive. In the past, the United Kingdom has been a target of terrorism. Acts of terrorism in the United Kingdom or against United Kingdom interests may cause uncertainty in the United Kingdom’s financial markets and adversely affect the performance of the issuers to which a fund has exposure.

On June 23, 2016, the United Kingdom voted via referendum to leave the European Union, commonly referred to as Brexit, which immediately led to significant market volatility around the world, as well as political, economic, and legal uncertainty. On January 31, 2020, the United Kingdom left the European Union and on this date the United Kingdom entered into a transition period scheduled to end on December 31, 2020. There is still considerable uncertainty relating to the potential consequences of the exit, including with respect to the negotiations of new trade agreements during the transition period, whether Brexit will have a negative impact on the United Kingdom or the broader global economy or the value of the British pound, and whether the United Kingdom’s exit will increase the likelihood of other countries also departing the European Union. United Kingdom businesses are increasingly preparing for a disorderly Brexit as there is a risk trade negotiations between the United Kingdom and the European Union may not be completed by the end of the transition period or the outcomes are undesirable. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but also the broader global economy, could be significant, potentially resulting in increased volatility in exchange rates and interest rates, illiquidity, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. The United Kingdom may be less stable than it has been in recent years, and investments in the United Kingdom may be difficult to value, or subject to greater or more frequent rises and falls in value. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the United Kingdom and European Union is defined and the United Kingdom determines which European Union laws to replace or replicate. Any further exits from the European Union, or the possibility of such exits, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. Any of these effects of Brexit could adversely affect any of the companies to which a fund has exposure and any other assets that a fund invests in.

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 interest rate risk, credit risk and market risk.

 

 

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U.S. Treasury Obligations  |  Securities issued or guaranteed by the U.S. Treasury are backed by the “full faith and credit” of the United States; however, the U.S. government guarantees the securities only as to the timely payment of interest and principal when held to maturity, and the market prices of such securities may fluctuate. The value of U.S. Treasury obligations may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of a fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shut down, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Treasury obligations to decline. Because U.S. Treasury securities trade actively outside the United States, their prices may also rise and fall as changes in global economic conditions affect the demand for these securities.

Valuation  |  Securities held by a fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.

Value stocks  |  Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.

 

 

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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.

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Item 2.

Code of Ethics

Not applicable to semi-annual reports.

 

Item 3.

Audit Committee Financial Expert

Not applicable to semi-annual reports.

 

Item 4.

Principal Accountant Fees and Services

Not applicable to semi-annual reports.

 

Item 5.

Audit Committee of Listed Registrants

Not applicable to the 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 Trust’s Board of Trustees, 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 June 20, 2020.

 

(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.

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Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Trust.

 

Item 13.

Exhibits

(a)(1) Not applicable to semi-annual reports.

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 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 certification required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is filed and attached hereto as Exhibit 99.906CERT.

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SIGNATURES

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

 

      CARILLON SERIES TRUST
Date: June 19, 2020      
     

/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: June 19, 2020      

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer
Date: June 19, 2020      

/s/ Carolyn Gill

      Carolyn Gill
      Principal Financial Officer