N-CSR 1 d746413dncsr.htm CARILLON FUNDS 12/31/23 Carillon Funds 12/31/23

 

 

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: December 31

Date of reporting period: December 31, 2023

 

 

 

Item 1.

Reports to Shareholders

(a) The registrant’s Annual Report for the two-month period ended December 31, 2023, which was transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

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carillon family of funds carillon mutual funds Financial Report and Investment Performance Review for the fiscal period endedDecember 31, 2023 Equity Funds Carillon ClariVest Capital Appreciation Fund Carillon ClariVest International Stock Fund Carillon Eagle Growth & Income Fund Carillon Eagle Mid Cap Growth Fund Carillon Eagle Small Cap Growth 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 880 Carillon Parkway  |  St. Petersburg, FL 33716 800.421.4184  |  rjinvestmentmanagement.com Not FDIC Insured  |  May Lose Value  |  No Bank Guarantee Carillon Fund Distributors, Inc., Member FINRA

Table of Contents

 

President’s Letter1
Performance Summary and Commentary 2
Growth of a $10,000 Investment 7
Description of Indices 9
Investment Portfolios
Carillon ClariVest Capital Appreciation Fund10
Carillon ClariVest International Stock Fund11
Carillon Eagle Growth & Income Fund13
Carillon Eagle Mid Cap Growth Fund14
Carillon Eagle Small Cap Growth Fund15
Carillon Scout Mid Cap Fund 17
Carillon Scout Small Cap Fund19
Carillon Reams Core Bond Fund20
Carillon Reams Core Plus Bond Fund23
Carillon Reams Unconstrained Bond Fund27
Statements of Assets and Liabilities31
Statements of Operations34
Statements of Changes in Net Assets 39
Financial Highlights44
Notes to Financial Statements54
Report of Independent Registered Public Accounting Firm69
Understanding Your Ongoing Costs71
Principal Risks73
Trustees and Officers 85

 

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President’s Letter

 

Dear Shareholders:

I hope this letter finds you healthy and well. The report of the Carillon Family of Funds for the 2-month period ending Dec. 31, 2023, follows.

The past two months ended a volatile calendar year with a sharp rally in equity and bond markets. Upward movements in asset prices were driven by the U.S. Federal Reserve’s suggestion that interest rate cuts could be on their way. While many investors have fully embraced the idea of a soft landing for the U.S. economy in 2024, the obvious question is whether the current market forecasts will be any more accurate than those of the previous year.

Many macroeconomic signals have been distorted by seismic shifts in data, created by the deep contraction in 2020 and the subsequent snapback, along with massive fiscal and monetary policy responses, disconnects between consumer sentiment and consumer spending, and changes in labor market behavior. Amid these challenges, your fund family has worked assiduously on your behalf to apply our firm-wide commitment to fundamental research and active risk management to the pursuit of consistent performance across asset classes.

Our investment management teams continuously analyze dispersion between geographies, market capitalizations, and within individual sectors and industries. These teams also engage in robust succession planning to ensure continuity and smooth transitions whenever an individual manager leaves the firm.

Volatility and a continued focus on changing economic conditions may force investors to be more selective in choosing the companies that they believe can thrive in this environment. Carillon Fund Managers believe they continue to see opportunity in the current market environment for their research-driven strategies. Carillon’s diverse array of funds, spanning small-cap, mid-cap, large-cap, and international equities, as well as fixed income, can help investors navigate current conditions and build toward long-term plans.

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 rjinvestmentmanagement.com or call your financial professional 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 financial goals. I hope you will read the commentaries that follow in which our Portfolio Managers discuss their specific funds.

Sincerely,

 

LOGO

Susan Walzer

President, Carillon Series Trust

February 15, 2024

 

The above commentary reflects the President’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at rjinvestmentmanagement.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  

Performance Summary and Commentary

 

Carillon ClariVest Capital Appreciation Fund       Carillon ClariVest International Stock Fund

 

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

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 14.96%, underperforming its benchmark index, the Russell 1000® Growth Index, which returned 15.81%. The Fund underperformed the benchmark primarily due to stock selection in the health care and information technology sectors. Nevertheless, stock selection in the industrials and consumer discretionary sectors contributed to performance during the period. An overweight to the information technology sector and an underweight to energy contributed to performance, while the Fund lost ground due to an overweight position in the health care sector and an underweight position in the real estate sector. The key investment theme in the information technology sector is artificial intelligence, or “AI.” While enthusiasm around the potential of AI has clearly been a driver for a short list of companies, the long-term productivity gains likely will be felt across the world and across most industries as the benefits play out in the coming years. While there are still significant risks to the U.S. economy, the recession many of us fretted over, and repeatedly predicted, has not happened yet. This backdrop teed up the U.S. Federal Reserve (Fed) to telegraph a pivot in its final policy meeting of 2023. Policymakers forecast more rate cuts than anticipated, 75 basis points in total in 2024, down to a rate of 4.6% (versus 5.1% previously). Interestingly, markets are even more optimistic for cuts, with a target of approximately 3.8%. Even with the Fed’s pivot, real rates are still expected to be well north of 2% for an extended period, which could impact consumers and also companies’ ability to manage their debt. It seems clear that the era of artificially low rates and minimal inflation is over.

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

Portfolio Managers | David R. Vaughn, CFA®, Alex Turner, CFA® , and Gashi Zengeni, CFA®, are Portfolio Managers of the Carillon ClariVest International Stock Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the fund – Mr. Vaughn since its inception, Mr. Turner since 2015, and Ms. Zengeni since April 2021. Ms. Zengeni served as Assistant Portfolio Manager of the fund from April 2020 to March 2021.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 14.21%, underperforming its benchmark indices, the MSCI ACWI ex-US Index and the MSCI-EAFE Index, which returned 14.48% and 15.09%, respectively. The Fund underperformed the benchmark primarily due to allocation. An underweight to materials hurt while an overweight to information technology and an underweight to consumer staples helped. Stock selection was strong within the information technology and consumer discretionary sectors but weak within industrials and health care. Stock selection within countries was strongest within Taiwan and China, while investments in Sweden and Canada detracted from performance. Consequently, overweight positions in Taiwan and Israel contributed to performance, while underweight positions in Brazil and Australia detracted from performance. European markets experienced a wide range of performance largely influenced by regional geopolitical tensions, economic policies, and the global manufacturing downturn. Europe has been hard hit by the global manufacturing downturn and demand weakness from China. The UK economy has had a larger inflation shock than others and is still battling the fallout from Brexit. While the world’s third largest economy, Japan, had performed well in the first half of the year, a surprise contraction in the third quarter has complicated the picture for their central bank and investors. Japanese equities have been boosted by the Tokyo Stock Exchange’s focus on corporate governance and return on equity, as well as a weak Yen that has bolstered Japanese exporters. Stock buybacks have been robust, and we expect further efforts on the reduction of crossholdings and debt.

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

 

 

2          

Performance Summary and Commentary

 

Carillon Eagle Growth & Income Fund       Carillon Eagle Mid Cap Growth Fund

 

Portfolio Managers | David Blount, CFA®, Brad Erwin, CFA®, and Jeffrey D. Bilsky are Portfolio Managers of the Carillon Eagle Growth & Income Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the fund. Mr. Blount has served as the fund’s Portfolio Manager since 2011. Mr. Erwin has served as the fund’s Portfolio Manager since July 1, 2019. Mr. Bilsky has served as the fund’s Portfolio Manager since August 15, 2023.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 14.66%, outperforming its benchmark index, the S&P 500® Index, which returned 14.09%. The main contributor to outperformance, relative to the benchmark, was strong stock selection, with the allocation effect detracting some from the Fund’s overall performance. Stock selection in the financials, real estate and information technology sectors contributed positively to performance. Negatively, the industrial and consumer discretionary sectors, along with maintaining a small cash position in the Fund, detracted from performance. The dividend payer’s headwind continued during this two-month period with dividend paying stocks underperforming their non dividend paying peers by over 440 basis points. Furthermore, returns on stocks with above median yields underperformed their below median yield counterparts by 0.82%. This represents a headwind because the fund’s investment strategy focuses on buying stocks with above median dividend yields. For the year, the benchmark was up 26.3%, ending the year just shy of all-time highs. Investors became more comfortable that the Federal Reserve was at the end of its rate-hiking cycle, prompting an over 70 basis point move lower in 10-year Treasury yields. Under the headlines, the market did experience a broadening out with the S&P 500 Equal Weighted index performing just as well as its market-cap weighted peer in the fourth quarter. The sell-off in commodities continued with crude oil finishing the year just north of $71. Importantly, the Federal Reserve’s preferred inflation measure – the core personal consumption expenditures index – continues to moderate on a year-to-year basis, easing some of the rate concerns that have worried investors. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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

Portfolio Managers | Eric Mintz, CFA®, Dr. Christopher Sassouni, D.M.D. and David Cavanaugh are Portfolio Managers of the Carillon Eagle Mid Cap Growth Fund (the “Fund”) and are jointly and primarily responsible for all aspects of the fund’s management. Mr. Mintz has managed the fund since 2011, Dr. Sassouni has managed the fund since 2020 after serving as Assistant Portfolio Manager of the fund since 2006, and Mr. Cavanaugh has managed the fund since June 2022 after serving as a Senior Research Analyst of the fund from 2017 to June 2022.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 19.20%, underperforming its benchmark index, the Russell Midcap® Growth Index, which returned 20.71%. The Fund’s performance, relative to the benchmark, was unfavorably affected by stock selection. Returns among mid-cap stocks overall were impressive, with only one sector finishing in the red. In what has been a common theme for the year, the Russell Midcap Growth Index outperformed its counterpart Russell Midcap Value Index (up 17.92%) during the trailing 2-months ended December 31, 2023. On the cusp of a presidential election year and some uncertainty surrounding the macro environment going into 2024, value still managed to reverse course from negative territory and growth added to their gains for the year. Contrary to the “higher for longer” notion that was previously being priced in, increased expectations around rate cuts next year per the Fed’s surprisingly dovish pivot in December provided a tailwind for positive market sentiment.

Sector returns were mostly positive in the portfolio, with information technology (up 27.56%) leading the way, albeit underperforming related benchmark counterparts slightly due to stock selection. Health care (up 24.91%) and consumer discretionary (up 21.00%) followed behind, trailing benchmark counterparts by a narrower margin. Strong stock selection in financials (up 19.35%) and industrials (up 15.80%) helped to propel returns past that of index holdings in the same sectors. On the other hand, stock selection impeded the relative performance of real estate (up 18.77%) and materials (up 15.52%) compared to the benchmark. During the two month period, the rally in the market was spurred by lower quality, unprofitable companies that we tend to avoid holding in the portfolio. Our focus is placed on identifying opportunities that are fundamentally sound and either are profitable or have a clear path to accelerating earnings. An overallocation to the perceived defensive sector of consumer staples (up 11.97%) hurt overall portfolio returns during this rally. This was also notably impactful in the performance of the stocks selected in communication services (up 7.10%) lagging the returns of the index meaningfully. Additionally, energy (down 6.85%) was a notable detractor due to stock selection, finishing as the only sector to report losses during the last two months of the year.

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

 

 

            3  

Performance Summary and Commentary

 

Carillon Eagle Small Cap Growth Fund       Carillon Scout Mid Cap Fund

 

Portfolio Managers | Eric Mintz, CFA®, Dr. Christopher Sassouni, D.M.D. and David Cavanaugh are Portfolio Managers of the Carillon Eagle Small Cap Growth Fund (the “Fund”) and are jointly and primarily responsible for all aspects of the fund’s management. Mr. Mintz has managed the fund since 2011, Dr. Sassouni has managed the fund since 2020 after serving as Assistant Portfolio Manager of the fund since 2015, and Mr. Cavanaugh has managed the fund since June 2022 after serving as a Senior Research Analyst of the fund from 2017 to June 2022.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 19.10%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 22.17%. The Fund’s performance, relative to the benchmark, was unfavorably affected by sector and stock allocation. Returns among small-cap stocks overall were rather impressive in the period. The Russell 2000 Growth Index narrowly underperformed its counterpart Russell 2000 Value Index (up 22.56%) during the trailing 2-months ended December 31, 2023. Whereas growth outperformed meaningfully throughout 2023 on a relative basis, value was able to edge slightly higher during the last two months given the uncertainty surrounding the macro environment going into 2024, a presidential election year. Contrary to the “higher for longer” notion that was previously being priced in, increased expectations around rate cuts next year per the Fed’s surprisingly dovish pivot in December provided a tailwind for positive market sentiment.

Sector returns were all positive in the portfolio, with materials (up 29.21%) leading the way through strong stock selection. Additionally, stock selection in information technology (up 25.80%), where emphasis was placed on identifying pick-and-shovel artificial intelligence plays, helped to outperform benchmark constituents on a relative basis. Another bright spot of the portfolio was the underweight allocation to utilities, the second worst performing sector in the index during the period. An additional source of relative outperformance can be traced to communication services, where strong stock selection helped to produce returns beyond benchmark counterparts. Albeit producing positive returns, the other holdings in the portfolio failed to keep up with the returns generated by related benchmark holdings. During the two month period, the rally in the market was spurred by lower quality, unprofitable companies that we tend to avoid holding in the portfolio. Our focus is placed on identifying opportunities that are fundamentally sound and either are profitable or have a clear path to accelerating earnings. The stocks selected in health care (up 23.74%), industrials (up 15.81%), real estate (up 13.20%), and financials (up 12.91%) adversely impacted portfolio returns. Specifically in health care, high expectations surrounding the prospects of GLP-1s are still creating an overhang for some reputable, high quality stocks, in addition to some unfavorable reactions to biotechnology readouts. Also noteworthy, the overallocation to energy (up 1.47%) in the portfolio was unfavorable as it was the worst performing sector during the period due to disadvantageous market conditions.

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

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

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 15.78%, underperforming its benchmark, the Russell Midcap® Index, which returned 18.75%. The Fund’s performance, relative to the benchmark, was adversely affected by stock selection in the financials, consumer discretionary, and information technology sectors. However, this was partially counteracted by positive stock selection in the industrials and materials sectors. Within the financials sector, stock selection in the insurance industry was the primary detractor while stock selection in hotel, restaurant, and leisure and specialty retail industries detracted meaningfully within the consumer discretionary sector. In contrast, stock selection in the ground transportation and trading companies industries in the industrials sector contributed positively to the Fund’s performance. The Fund’s performance also benefited from an overweight position in the in the information technology sector as the space was the top-performing sector during the period. An overweight position in the energy sector detracted from relative performance as it was the bottom-performing sector during the period. A slight cash drag also detracted from an allocation perspective as equity markets generated strong returns. Smaller companies outperformed during the last two months of the year as market breadth began to spread – especially on a relative basis from earlier in the year when market leadership very narrow. The small-cap Russell 2000 Index returned 22.4% during the last two months of 2023 while the Russell Midcap Index and large-cap Russell 1000 Index produced 18.8% and 14.7%, respectively. Within the mid-cap environment, growth outpaced value stocks. Returns were broadly positive within the midcap universe, led by particular strength in information technology (up 25.6%) and consumer discretionary (up 24.5%). Energy (down -0.3%) was the primary laggard within the core benchmark and the only sector that produced a negative return. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect expenses associated with the management of this account.

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

 

 

4          

Performance Summary and Commentary

 

Carillon Scout Small Cap Fund       Carillon Reams Core Bond Fund

 

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

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 20.19%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 22.17%. The Fund’s performance, relative to the benchmark, was most adversely affected by poor stock selection in the health care industry. However, this was partially counteracted by positive stock selection in the consumer discretionary and financials sectors. Within the health care sector, stock selection was negative in most all industries with health care providers & services and biotechnology the main culprits Biotechnology stocks returned nearly 40% during the period so both the portfolio’s underweight and holdings within the space detracted meaningfully. In contrast, stock selection in the household durables and automobiles industries in the consumer discretionary sector contributed positively to the Fund’s performance as did the banks and capital markets industries within financials. The Fund’s performance also benefited from underweight positions in both the energy and utilities sectors, the bottom two performing sectors. There was a slight cash drag during the period as equity markets ended the calendar year on a strong note. Smaller companies outperformed during the last two months of the year as market breadth began to spread – especially on a relative basis from earlier in the year when market leadership was very narrow. The small-cap Russell 2000 Index returned 22.4% during the last two months of 2023 while the Russell Midcap Index and large-cap Russell 1000 Index produced 18.8% and 14.7%, respectively. Within the small-cap universe, growth, value, and core stocks all performed within range of one another. Returns were broadly positive within the small cap universe, led by particular strength in real estate (up 28.8%) and health care (up 28.4%). Energy (down -0.2%) was the primary laggard within the core benchmark and the only sector that produced a negative return. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect expenses associated with the management of this account.

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

Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Clark W. Holland, CFA® , Jason Hoyer, CFA®, Tilak “Dimitri” Silva, CFA®, and Neil Aggarwal are Portfolio Co-Managers of the Carillon Reams Core Bond Fund (the “Fund”). Messrs. Egan, Thompson and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021, and Mr. Aggarwal has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2023. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor and Mr. Thompson served as Portfolio Co-Manager of the fund’s predecessor from its inception in 2001 to 2017. Mr. Holland served as Portfolio Co-Manager of the fund’s predecessor from 2014 to 2017.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 9.14%, outperforming its benchmark index, the Bloomberg U.S. Aggregate Bond Index, which returned 8.53%. During the final two months of 2023, the market experienced a notable shift from a period focused on “higher for longer” interest rates towards anticipation of rate cuts. This was primarily driven by softer economic indicators, including the U.S. labor market cooling off, moderating inflation data both in the U.S. and Europe, and signs of slowing European economic growth. Central banks, especially in Europe, hinted at potential rate cuts and U.S. Treasury futures markets began pricing in the first 25 basis point rate cut by the U.S. Federal Reserve (“Fed”) as early as spring 2024, with cumulative rate cuts potentially reaching 125 basis points by December 2024. In December 2023, Federal Reserve Chair Jerome Powell further supported this outlook by suggesting rate cuts could begin before the Fed’s 2% inflation target is met. This anticipation fueled a rally in risk assets alongside a sharp decline in U.S. Treasury yields, which is a somewhat atypical occurrence. Markets seemed to focus on the benefits of lower rates, overlooking the challenging economic conditions that would necessitate a sharp dovish pivot by the Fed, i.e., pricing in a scenario where interest rates decline meaningfully in 2024 but without a significant deterioration of economic conditions that would adversely impact risk assets. While this outcome is possible, it is not highly probable. This places the market in a vulnerable position entering 2024, subject to either less aggressive rate cuts by the Fed or a more severe economic downturn than is currently anticipated.

An above-benchmark duration stance contributed to relative performance due to the sharp decline in U.S Treasury rates, as investors priced in an end to the Fed’s tightening cycle and a pivot towards a series of rate cuts in 2024. Yield curve positioning detracted slightly due to an underweight to the short end of the curve, which experienced a slightly larger decline in rates relative to the belly and long end of the curve. Sector allocation contributed due to an overweight to the outperforming mortgage-backed securities (“MBS”) sector, which benefited from the ongoing normalization of elevated interest rate volatility. The non-index allocation to U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted, as inflation breakevens fell from mid-October through year-end, causing TIPS to underperform nominal Treasuries. Security selection detracted, primarily within the MBS sector. MBS exposure was biased towards higher-coupon agency MBS, which underperformed lower-coupon agency MBS due to the higher sensitivity of lower-coupon MBS to changes in Treasury rates.

As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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

 

 

            5  

Performance Summary and Commentary

 

Carillon Reams Core Plus Bond Fund       Carillon Reams Unconstrained Bond Fund

 

Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Clark W. Holland, CFA®, Jason Hoyer, CFA®, Tilak “Dimitri” Silva, CFA®, and Neil Aggarwal are Portfolio Co-Managers of the Carillon Reams Core Plus Bond Fund (the “Fund”). Messrs. Egan, Thompson and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021, and Mr. Aggarwal has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2023. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor from its inception in 1996 to 2017. Messrs. Thompson and Holland served as Portfolio Co-Managers of the fund’s predecessor from 2000, 2009 and 2014, respectively, to 2017.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 9.53%, outperforming its benchmark index, the Bloomberg U.S. Aggregate Bond Index, which returned 8.53%. During the final two months of 2023, the market experienced a notable shift from a period focused on “higher for longer” interest rates towards anticipation of rate cuts. This was primarily driven by softer economic indicators, including the U.S. labor market cooling off, moderating inflation data both in the U.S. and Europe, and signs of slowing European economic growth. Central banks, especially in Europe, hinted at potential rate cuts and U.S. Treasury futures markets began pricing in the first 25 basis point rate cut by the U.S. Federal Reserve (“Fed”) as early as spring 2024, with cumulative rate cuts potentially reaching 125 basis points by December 2024. In December 2023, Federal Reserve Chair Jerome Powell further supported this outlook by suggesting rate cuts could begin before the Fed’s 2% inflation target is met. This anticipation fueled a rally in risk assets alongside a sharp decline in U.S. Treasury yields, which is a somewhat atypical occurrence. Markets seemed to focus on the benefits of lower rates, overlooking the challenging economic conditions that would necessitate a sharp dovish pivot by the Fed, i.e., pricing in a scenario where interest rates decline meaningfully in 2024 but without a significant deterioration of economic conditions that would adversely impact risk assets. While this outcome is possible, it is not highly probable. This places the market in a vulnerable position entering 2024, subject to either less aggressive rate cuts by the Fed or a more severe economic downturn than is currently anticipated.

An above-benchmark duration stance contributed to relative performance due to the sharp decline in U.S Treasury rates, as investors priced in an end to the Fed’s tightening cycle and a pivot towards a series of rate cuts in 2024. Dynamic yield curve positioning had a slightly positive impact. Sector allocation contributed, primarily due to non-index exposure to high yield (“HY”) corporates, which experienced meaningful spread compression, and an overweight to the outperforming mortgage-backed securities (“MBS”) sector, which benefited from the ongoing normalization of elevated interest rate volatility. The modest allocation to non-U.S. dollar currencies also contributed, as the U.S. dollar weakened in conjunction with the decline in U.S. Treasury rates. The non-index allocation to U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted, as inflation breakevens fell from mid-October through year-end, causing TIPS to underperform nominal Treasuries. A slight underweight to the outperforming investment-grade (“IG”) corporates sector also detracted. Security selection detracted, primarily within the MBS sector. MBS exposure was biased towards higher-coupon agency MBS, which underperformed lower-coupon agency MBS due to the higher sensitivity of lower-coupon MBS to changes in Treasury rates. Security selection also detracted within the IG corporates sector.

As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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

Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Clark W. Holland, CFA®, Jason Hoyer, CFA®, Tilak “Dimitri” Silva, CFA®, and Neil Aggarwal are Portfolio Co-Managers of the Carillon Reams Unconstrained Bond Fund (the “Fund”). Messrs. Egan, Thompson and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021, and Mr. Aggarwal has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2023. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor and Mr. Thompson served as Co-Portfolio Manager of the fund’s predecessor from its inception in 2011 to 2017. Mr. Holland served as Co-Portfolio Manager of the fund’s predecessor from 2014 to 2017.

Performance discussion | For the two-month period ended December 31, 2023, the Fund’s Class I shares returned 7.21%, outperforming its benchmark index, the ICE BofA US 3-Month Treasury Index, which returned 0.92%. During the final two months of 2023, the market experienced a notable shift from a period focused on “higher for longer” interest rates towards anticipation of rate cuts. This was primarily driven by softer economic indicators, including the U.S. labor market cooling off, moderating inflation data both in the U.S. and Europe, and signs of slowing European economic growth. Central banks, especially in Europe, hinted at potential rate cuts and U.S. Treasury futures markets began pricing in the first 25 basis point rate cut by the U.S. Federal Reserve (“Fed”) as early as spring 2024, with cumulative rate cuts potentially reaching 125 basis points by December 2024. In December 2023, Federal Reserve Chair Jerome Powell further supported this outlook by suggesting rate cuts could begin before the Fed’s 2% inflation target is met. This anticipation fueled a rally in risk assets alongside a sharp decline in U.S. Treasury yields, which is a somewhat atypical occurrence. Markets seemed to focus on the benefits of lower rates, overlooking the challenging economic conditions that would necessitate a sharp dovish pivot by the Fed, i.e., pricing in a scenario where interest rates decline meaningfully in 2024 but without a significant deterioration of economic conditions that would adversely impact risk assets. While this outcome is possible, it is not highly probable. This places the market in a vulnerable position entering 2024, subject to either less aggressive rate cuts by the Fed or a more severe economic downturn than is currently anticipated.

U.S Treasury rates declined sharply during November and December 2023, as investors priced in an end to the Fed’s tightening cycle and a pivot towards a series of rate cuts in 2024. This shift in expectations regarding Fed policy sparked a concurrent rally in risk assets, leading to spread compression and outperformance of non-Treasury sectors on a duration-adjusted basis. The largest contributor was the mortgage-backed securities (“MBS”) sector, which benefited from lower risk-free rates and the ongoing normalization of elevated interest rate volatility. Exposure to investment-grade (“IG”) corporates was the next largest contributor, driven by lower risk-free rates and spread compression. The allocation to U.S. Treasury Inflation-Protected Securities (“TIPS”) was the third largest contributor, due to lower risk-free rates, despite a decline in inflation breakevens that caused TIPS to underperform nominal Treasuries. Exposure to high yield (“HY”) corporates was also a significant contributor, driven by lower risk-free rates and spread compression. Exposure to non-U.S. dollar currencies also contributed, as the U.S. dollar weakened in conjunction with the decline in Treasury rates. The allocation to U.S. Treasuries contributed as well, due to the afore-mentioned decline in rates. Small allocations to commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) also contributed.

As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.

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

 

 

6          

Growth of a $10,000 Investment

 

Carillon ClariVest Capital Appreciation Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon ClariVest International Stock Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon Eagle Growth & Income Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon Eagle Mid Cap Growth Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon Eagle Small Cap Growth Fund from 12/31/13 to 12/31/23 (a)

 

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a) Each Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of December 31, 2023, each Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2023, as supplemented from time to time, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

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

 

 

            7  

Growth of a $10,000 Investment

 

Carillon Scout Mid Cap Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon Scout Small Cap Fund from 12/31/13 to 12/31/23 (a)

 

LOGO

 

 

Carillon Reams Core Bond Fund from 12/31/13 to 12/31/23 (a)

 

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Carillon Reams Core Plus Bond Fund from 12/31/13 to 12/31/23 (a)

 

LOGO

 

 

Carillon Reams Unconstrained Bond Fund from 12/31/13 to 12/31/23 (a)

 

LOGO

a) Each Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of December 31, 2023, each Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2023, as supplemented from time to time, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.

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

 

 

8          

Description of Indices

 

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

The ICE BofA US 3-Month Treasury Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.

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

The MSCI ACWI ex-US Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of large-and mid-cap securities in developed and emerging market countries excluding the United States.

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

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

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

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

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

 

 

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

 

            9  

Investment Portfolios

12.31.2023

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND

 

COMMON STOCKS—100.0%         Shares     Value  
Aerospace & defense—0.5%        

Curtiss-Wright Corp.

       9,100       $2,027,389  
Automobiles—2.4%        

Tesla, Inc.*

       39,580       9,834,838  
Beverages—0.7%        

Molson Coors Brewing Co., Class B

       19,500       1,193,595  

PepsiCo, Inc.

       8,700       1,477,608  
Biotechnology—2.2%        

AbbVie, Inc.

       44,400       6,880,668  

Vertex Pharmaceuticals, Inc.*

       4,630       1,883,901  
Broadline retail—5.3%        

Amazon.com, Inc.*

       139,800       21,241,212  
Building products—2.4%        

Builders FirstSource, Inc.*

       15,300       2,554,182  

Carrier Global Corp.

       41,281       2,371,594  

Lennox International, Inc.

       6,400       2,864,128  

Owens Corning

       13,200       1,956,636  
Communications equipment—0.9%        

Arista Networks, Inc.*

       14,800       3,485,548  
Consumer staples distribution & retail—2.8%        

Costco Wholesale Corp.

       7,900       5,214,632  

The Kroger Co.

       64,000       2,925,440  

Wal-Mart, Inc.

       19,820       3,124,623  
Diversified telecommunication services—0.5%        

AT&T, Inc.

       122,500       2,055,550  
Entertainment—1.1%        

Netflix, Inc.*

       8,900       4,333,232  
Financial services—6.0%        

Block, Inc.*

       35,900       2,776,865  

Fiserv, Inc.*

       24,400       3,241,296  

Global Payments, Inc.

       11,050       1,403,350  

MasterCard, Inc., Class A

       14,780       6,303,818  

Visa, Inc., Class A

       32,290       8,406,701  

WEX, Inc.*

       10,200       1,984,410  
Food products—0.3%        

Lamb Weston Holdings, Inc.

       12,500       1,351,125  
Health care equipment & supplies—0.6%        

Stryker Corp.

       8,400       2,515,464  
Health care providers & services—5.8%        

Centene Corp.*

       45,400       3,369,134  

CVS Health Corp.

       49,200       3,884,832  

McKesson Corp.

       11,600       5,370,568  

The Cigna Group

       14,330       4,291,119  

UnitedHealth Group, Inc.

       12,230       6,438,728  
Hotels, restaurants & leisure—2.3%        

Booking Holdings, Inc.*

       1,130       4,008,359  

DraftKings, Inc., Class A*

       40,800       1,438,200  

Expedia Group, Inc.*

       10,300       1,563,437  

McDonald’s Corp.

       8,100       2,401,731  
Household durables—1.5%        

Lennar Corp., Class A

       21,010       3,131,330  

PulteGroup, Inc.

       29,000       2,993,380  
Industrial conglomerates—0.6%        

General Electric Co.

       19,400       2,476,022  
Interactive media & services—10.4%        

Alphabet, Inc., Class A*

       89,980       12,569,306  

 

 

COMMON STOCKS—100.0%         Shares     Value  
Interactive media & services (cont'd)        

Alphabet, Inc., Class C*

       70,640       $ 9,955,295  

Meta Platforms, Inc., Class A*

       50,700       17,945,772  

Pinterest, Inc., Class A*

       36,600       1,355,664  
IT services—1.4%        

Akamai Technologies, Inc.*

       10,500       1,242,675  

MongoDB, Inc.*

       5,100       2,085,135  

Snowflake, Inc., Class A*

       12,000       2,388,000  
Life sciences tools & services—0.3%        

Medpace Holdings, Inc.*

       3,500       1,072,855  
Machinery—1.7%        

Allison Transmission Holdings, Inc.

       31,000       1,802,650  

Caterpillar, Inc.

       7,600       2,247,092  

Flowserve Corp.

       24,600       1,014,012  

Oshkosh Corp.

       15,400       1,669,514  
Media—0.3%        

Comcast Corp., Class A

       24,900       1,091,865  
Oil, gas & consumable fuels—0.3%        

Marathon Petroleum Corp.

       7,300       1,083,028  
Passenger airlines—0.4%        

United Airlines Holdings, Inc.*

       41,800       1,724,668  
Pharmaceuticals—2.2%        

Eli Lilly & Co.

       14,970       8,726,312  
Professional services—0.6%        

Leidos Holdings, Inc.

       22,400       2,424,576  
Semiconductors & semiconductor equipment—9.3%        

Broadcom, Inc.

       4,200       4,688,250  

KLA Corp.

       7,090       4,121,417  

Lam Research Corp.

       4,100       3,211,366  

NVIDIA Corp.

       48,600       24,067,692  

Qorvo, Inc.*

       13,500       1,520,235  
Software—23.2%        

Adobe, Inc.*

       13,010       7,761,766  

AppLovin Corp., Class A*

       40,500       1,613,925  

Cadence Design Systems, Inc.*

       26,460       7,206,910  

DocuSign, Inc.*

       26,600       1,581,370  

Dropbox, Inc., Class A*

       73,100       2,154,988  

Fair Isaac Corp.*

       2,300       2,677,223  

Intuit, Inc.

       3,980       2,487,619  

Microsoft Corp.

       127,100       47,794,684  

Nutanix, Inc., Class A*

       44,100       2,103,129  

Palo Alto Networks, Inc.*

       9,700       2,860,336  

Salesforce, Inc.*

       28,390       7,470,545  

Synopsys, Inc.*

       14,700       7,569,177  
Specialty retail—2.1%        

AutoZone, Inc.*

       1,450       3,749,135  

The TJX Cos., Inc.

       49,700       4,662,357  
Technology hardware, storage & peripherals—11.5%        

Apple, Inc.

       241,764       46,546,823  
Textiles, apparel & luxury goods—0.4%        

PVH Corp.

       14,400       1,758,528  
Total common stocks (cost $170,610,910)

 

     402,780,539  
Total investment portfolio (cost $170,610,910)—100.0%

 

     402,780,539  

Other assets in excess of liabilities—0.0%

 

     52,415  
Total net assets—100.0%

 

     $402,832,954  

* Non-income producing security

 

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

Investment Portfolios

12.31.2023

 

CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Information technology     46.3%  
Consumer discretionary     14.1%  
Communication services     12.3%  
Health care     11.0%  
Industrials     6.2%  
Financials     6.0%  
Consumer staples     3.8%  
Energy     0.3%  

 

 
CARILLON CLARIVEST INTERNATIONAL STOCK FUND

 

COMMON STOCKS—93.1%         Shares     Value  
Australia—2.3%        

Commonwealth Bank of Australia

       14,712       $1,121,304  

CSL Ltd.

       3,958       771,608  

Mineral Resources Ltd.

       30,661       1,460,494  

Perseus Mining Ltd.

       1,325,946       1,667,810  

Qantas Airways Ltd.*

       904,532       3,313,313  
Brazil—0.3%        

Banco do Brasil S.A.

       84,100       958,693  
Canada—5.3%        

Air Canada*

       217,400       3,066,455  

Alimentation Couche-Tard, Inc.

       44,000       2,591,087  

Brookfield Corp.

       23,300       934,602  

Centerra Gold, Inc.

       187,000       1,116,313  

Fairfax Financial Holdings Ltd.

       6,400       5,904,731  

iA Financial Corp, Inc.

       13,700       933,943  

Loblaw Co. Ltd.

       22,000       2,129,852  

Metro Inc.

       34,000       1,759,979  

Rogers Communications, Inc., Class B

       23,500       1,100,113  
China—2.6%        

Agricultural Bank of China Ltd.

       2,812,000       1,084,692  

Bank of China Ltd.

       9,383,000       3,565,369  

China CITIC Bank Corp Ltd.

       1,530,000       721,589  

China Construction Bank Corp.

       3,912,000       2,327,056  

Vipshop Holdings, Ltd., Sponsored ADR*

       107,700       1,912,752  
Denmark—4.2%        

Danske Bank A/S

       111,259       2,974,098  

Novo Nordisk A/S, Class B

       109,927       11,391,865  

Pandora A/S

       8,130       1,124,014  
Finland—0.6%        

Nordea Bank Abp

       165,954       2,060,219  
France—8.6%        

Cie de Saint-Gobain S.A.

       43,965       3,242,294  

Eiffage S.A.

       31,115       3,340,208  

Engie S.A.

       146,721       2,584,676  

Hermes International SCA

       837       1,779,053  

L’Oreal S.A.

       5,558       2,770,661  

LVMH Moet Hennessy Louis Vuitton SE

       3,083       2,505,047  

Publicis Groupe S.A.

       19,387       1,801,278  

Renault S.A.

       64,007       2,617,876  

 

 

COMMON STOCKS—93.1%         Shares     Value  
France (cont'd)        

Sanofi S.A.

       26,553       $ 2,638,639  

TotalEnergies SE

       67,517       4,591,081  

Unibail-Rodamco-Westfield*

       28,659       2,119,715  

Veolia Environnement S.A.

       55,475       1,753,376  
Germany—4.8%        

Bayerische Motoren Werke AG

       31,827       3,541,436  

Deutsche Post AG

       20,348       1,007,144  

Deutsche Telekom AG

       139,822       3,361,776  

E.ON SE

       132,570       1,781,083  

Infineon Technologies AG

       97,139       4,056,770  

SAP SE

       27,209       4,188,044  
Hong Kong—4.5%        

Alibaba Group Holding Ltd.

       376,500       3,626,652  

Baidu, Inc., Class A*

       108,350       1,612,889  

China Conch Venture Holdings Ltd.

       407,500       338,294  

CK Hutchison Holdings Ltd.

       542,500       2,914,638  

Tencent Holdings Ltd.

       76,400       2,884,472  

Trip.com Group Ltd.*

       146,000       5,241,134  
India—0.2%        

Dr. Reddy’s Laboratories Ltd., Sponsored ADR

       10,000       695,800  
Ireland—0.4%        

James Hardie Industries PLC, CDI*

       36,231       1,396,919  
Israel—1.4%        

Bank Leumi Le-Israel B.M.

       285,125       2,294,637  

Teva Pharmaceutical Industries Ltd., Sponsored ADR*

       262,600       2,741,544  
Italy—2.5%        

Enel SpA

       332,199       2,471,494  

Intesa Sanpaolo SpA

       1,768,628       5,175,693  

Leonardo SpA

       107,893       1,782,724  
Japan—19.1%        

Daiichi Sankyo Co. Ltd.

       43,000       1,177,199  

FUJIFILM Holdings Corp.

       65,300       3,913,415  

Honda Motor Co. Ltd.

       287,000       2,960,468  

ITOCHU Corp.

       140,100       5,707,653  

Lawson, Inc.

       35,200       1,818,167  

Marubeni Corp.

       196,300       3,090,654  

Mitsubishi Corp.

       341,700       5,443,030  

Mitsubishi Heavy Industries Ltd.

       39,000       2,270,741  

Mitsubishi UFJ Financial Group, Inc.

       332,800       2,856,135  

Mitsui & Co. Ltd.

       71,300       2,671,180  

Mizuho Financial Group, Inc.

       118,700       2,024,763  

Murata Manufacturing Co. Ltd.

       75,200       1,589,125  

Nintendo Co. Ltd.

       40,000       2,081,356  

Nippon Telegraph & Telephone Corp.

       2,954,800       3,608,060  

Olympus Corp.

       80,300       1,159,073  

Renesas Electronics Corp.*

       206,400       3,690,631  

Sekisui House Ltd.

       83,700       1,855,313  

Seven & i Holdings Co. Ltd.

       29,200       1,154,847  

Sony Group Corp.

       14,200       1,343,787  

Sumitomo Corp.

       227,200       4,944,248  

Sumitomo Mitsui Financial Group, Inc.

       77,400       3,766,272  

Takeda Pharmaceutical Co. Ltd.

       37,800       1,084,030  

TDK Corp.

       111,000       5,264,105  

Tokyo Electron Ltd.

       5,916       1,051,509  

Toyota Motor Corp.

       219,200       4,016,560  
Mexico—0.4%        

Cemex S.A.B. de C.V., Sponsored ADR*

       221,600       1,717,400  
Netherlands—4.2%        

ASML Holding N.V.

       9,289       7,012,135  

 

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

Investment Portfolios

12.31.2023

 

CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)

 

COMMON STOCKS—93.1%         Shares     Value  
Netherlands (cont'd)        

NN Group N.V.

       63,159       $ 2,496,093  

Prosus N.V.*

       22,211       661,666  

Stellantis N.V.

       106,623       2,498,241  

STMicroelectronics N.V.

       58,575       2,938,057  
New Zealand—0.5%        

Xero Ltd.*

       23,727       1,810,097  
Norway—0.2%        

Norsk Hydro ASA

       115,415       775,774  
Singapore—0.7%        

DBS Group Holdings Ltd.

       103,500       2,617,394  
South Korea—2.7%        

Hyundai Motor Co.

       45,968       7,230,999  

Kia Corp.*

       30,639       2,369,415  

YG Entertainment, Inc.

       11,972       472,384  
Spain—1.1%        

Cellnex Telecom S.A.

       20,300       799,270  

Iberdrola S.A.

       138,682       1,819,058  

Repsol S.A.

       101,187       1,500,998  
Sweden—1.9%        

Atlas Copco AB, Class A

       213,605       3,680,652  

Essity AB, Class B

       132,342       3,279,723  
Switzerland—2.6%        

Nestle S.A.

       22,113       2,563,336  

Novartis AG

       31,597       3,191,628  

Roche Holding AG

       5,443       1,582,245  

UBS Group AG

       75,580       2,347,635  
Taiwan—8.2%        

Asustek Computer, Inc.

       205,000       3,262,611  

Compal Electronics, Inc.

       3,934,000       5,095,745  

CTBC Financial Holding Co. Ltd.

       2,028,000       1,871,448  

King Yuan Electronics Co. Ltd.

       878,000       2,423,416  

MediaTek, Inc.

       143,000       4,721,846  

Micro-Star International Co. Ltd.

       315,000       2,090,141  

Quanta Computer, Inc.

       422,000       3,072,339  

Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR

       60,700       6,312,800  

Wistron Corp.

       446,000       1,426,798  
Turkey—0.3%        

Turk Hava Yollari AO*

       169,112       1,310,225  
United Kingdom—13.5%        

3i Group PLC

       264,177       8,131,232  

AstraZeneca PLC

       43,279       5,837,894  

BAE Systems PLC

       263,815       3,734,294  

Barclays PLC

       1,305,770       2,556,783  

BP PLC

       290,931       1,724,658  

Centrica PLC

       869,873       1,559,423  

Coca-Cola Europacific Partners PLC

       26,436       1,764,339  

Experian PLC

       21,220       865,676  

GSK PLC

       50,997       941,873  

HSBC Holdings PLC

       588,310       4,759,402  

Marks & Spencer Group PLC

       538,276       1,865,451  

RELX PLC

       33,968       1,347,639  

Rio Tinto PLC

       59,809       4,448,655  

Rolls-Royce Holdings PLC*

       696,915       2,658,288  

Shell PLC

       122,587       4,012,769  

SSE PLC

       66,047       1,559,103  

 

 

COMMON STOCKS—93.1%         Shares     Value  
United Kingdom (cont'd)        

Standard Chartered PLC

       234,589       $ 1,990,753  
Total common stocks (cost $289,041,318)

 

     344,101,120  
PREFERRED STOCKS—0.7%        
Germany—0.7%        

Volkswagen AG

       20,455       2,521,203  
Total preferred stocks (cost $2,381,168)

 

     2,521,203  
EXCHANGE TRADED FUNDS—4.7%        
United States—4.7%                  

iShares MSCI India ETF

       252,500       12,324,525  

Xtrackers Harvest CSI 300 China A-Shares ETF(a)

       203,925       4,875,847  
Total exchange traded funds (cost $16,389,105)

 

     17,200,372  
MONEY MARKET FUNDS—1.3%        

First American Government Obligations Fund—Class X, 5.29%#

       4,679,500       4,679,500  
Total money market funds (cost $4,679,500)

 

     4,679,500  
Total investment portfolio (cost $312,491,091)—99.8%

 

     368,502,195  

Other assets in excess of liabilities—0.2%

 

     935,135  
Total net assets—100.0%

 

     $369,437,330  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total fair market value of loaned securities was $4,566,810 or 1.2% of net assets as of the date of this report.

ETF—Exchange Traded Fund

ADR—American Depositary Receipt

CDI—Chess Depositary Interests

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

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Financials     17.7%  
Information technology     17.3%  
Industrials     15.3%  
Consumer discretionary     12.9%  
Health care     9.0%  
Consumer staples     5.9%  
Communication services     4.8%  
Exchange traded funds     4.7%  
Utilities     3.7%  
Materials     3.4%  
Energy     3.2%  
Money market funds     1.3%  
Real estate     0.6%  

 

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

Investment Portfolios

12.31.2023

 

CARILLON EAGLE GROWTH & INCOME FUND

 

COMMON STOCKS—98.4%         Shares     Value  
Domestic—86.7%        
Aerospace & defense—1.5%        

Northrop Grumman Corp.

       19,385       $9,074,894  
Air freight & logistics—2.3%        

FedEx Corp.

       56,694       14,341,881  
Banks—6.6%        

JPMorgan Chase & Co.

       123,090       20,937,609  

The PNC Financial Services Group, Inc.

       124,115       19,219,208  
Beverages—1.9%        

PepsiCo, Inc.

       66,739       11,334,952  
Biotechnology—5.3%        

AbbVie, Inc.

       110,643       17,146,346  

Amgen, Inc.

       52,023       14,983,664  
Capital markets—6.5%        

BlackRock, Inc.

       24,805       20,136,699  

The Goldman Sachs Group, Inc.

       50,783       19,590,558  
Chemicals—3.1%        

Eastman Chemical Co.

       112,858       10,136,906  

PPG Industries, Inc.

       60,722       9,080,975  
Communications equipment—2.6%        

Motorola Solutions, Inc.

       50,197       15,716,179  
Consumer staples distribution & retail—2.0%        

Target Corp.

       86,089       12,260,795  
Electric utilities—2.2%        

NextEra Energy, Inc.

       219,646       13,341,298  
Food products—2.5%        

Mondelez International, Inc., Class A

       212,744       15,409,048  
Ground transportation—2.6%        

Union Pacific Corp.

       64,068       15,736,382  
Health care equipment & supplies—2.3%        

Abbott Laboratories

       127,301       14,012,021  
Health care providers & services—2.4%        

UnitedHealth Group, Inc.

       27,716       14,591,643  
Hotels, restaurants & leisure—3.6%        

McDonald’s Corp.

       75,287       22,323,348  
Household products—2.2%        

The Procter & Gamble Co.

       93,212       13,659,286  
Industrial conglomerates—2.5%        

Honeywell International, Inc.

       72,969       15,302,329  
Industrial real estate investment trusts (REITs)—2.5%        

Prologis, Inc.

       114,682       15,287,111  
Multi-utilities—1.7%        

WEC Energy Group, Inc.

       125,683       10,578,738  
Oil, gas & consumable fuels—5.6%                  

Chevron Corp.

       162,954       24,306,219  

The Williams Cos, Inc.

       277,853       9,677,620  
Pharmaceuticals—3.3%                  

Merck & Co., Inc.

       185,802       20,256,134  
Semiconductors & semiconductor equipment—8.9%                  

Analog Devices, Inc.

       79,668       15,818,878  

Broadcom, Inc.

       19,510       21,778,037  

 

 

COMMON STOCKS—98.4%         Shares     Value  
Semiconductors & semiconductor equipment (cont'd)                  

Texas Instruments, Inc.

       96,723       $ 16,487,403  
Software—5.4%                  

Microsoft Corp.

       70,883       26,654,843  

Oracle Corp.

       60,558       6,384,630  
Specialized real estate investment trusts (REITs)—3.2%                  

American Tower Corp.

       48,582       10,487,882  

Equinix, Inc.

       11,026       8,880,230  
Specialty retail—2.5%                  

The Home Depot, Inc.

       44,784       15,519,895  
Wireless telecommunication services—1.5%                  

T-Mobile US, Inc.

       56,741       9,097,285  
Total domestic common stocks (cost $338,468,197)         529,550,926  
Foreign—11.7%      
Electrical equipment—2.6%                  

Eaton Corp. PLC

       66,177       15,936,745  
Electronic equipment, instruments & components—2.8%                  

TE Connectivity Ltd.

       121,196       17,028,038  
Health care equipment & supplies—2.7%                  

Medtronic PLC

       202,134       16,651,799  
IT services—1.8%                  

Accenture PLC, Class A

       31,304       10,984,887  
Pharmaceuticals—1.8%                  

AstraZeneca PLC, Sponsored ADR

       161,556       10,880,796  
Total foreign common stocks (cost $53,271,000)         71,482,265  
Total common stocks (cost $391,739,197)      
Total investment portfolio (cost $391,739,197)—98.4%         601,033,191  

Other assets in excess of liabilities—1.6%

         9,653,821  
Total net assets—100.0%         $610,687,012  

ADR—American Depositary Receipt

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Information technology     21.4%  
Health care     17.8%  
Financials     13.1%  
Industrials     11.5%  
Consumer staples     8.6%  
Consumer discretionary     6.2%  
Real estate     5.7%  
Energy     5.6%  
Utilities     3.9%  
Materials     3.1%  
Communication services     1.5%  

 

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

Investment Portfolios

12.31.2023

 

CARILLON EAGLE MID CAP GROWTH FUND

 

COMMON STOCKS—99.8%         Shares     Value  
Aerospace & defense—1.7%                  

Axon Enterprise, Inc.*

       288,200       $74,450,706  

TransDigm Group, Inc.

       37,471       37,905,664  
Beverages—2.6%                  

Celsius Holdings, Inc.*

       1,632,984       89,030,287  

Monster Beverage Corp.*

       1,413,775       81,447,578  
Biotechnology—3.3%                  

Alnylam Pharmaceuticals, Inc.*

       196,378       37,588,713  

Apellis Pharmaceuticals, Inc.*

       326,274       19,530,762  

BioMarin Pharmaceutical, Inc.*

       317,492       30,612,579  

Karuna Therapeutics, Inc.*

       129,352       40,941,201  

Neurocrine Biosciences, Inc.*

       532,968       70,223,864  

Sarepta Therapeutics, Inc.*

       158,422       15,276,633  
Building products—1.1%                  

Fortune Brands Innovations, Inc.

       906,970       69,056,696  
Capital markets—6.3%                  

LPL Financial Holdings, Inc.

       448,520       102,092,122  

MarketAxess Holdings, Inc.

       276,426       80,951,354  

Moody’s Corp.

       261,133       101,988,105  

MSCI, Inc.

       214,421       121,287,239  
Chemicals—0.6%                  

Corteva, Inc.

       849,354       40,701,044  
Commercial services & supplies—4.0%                  

RB Global, Inc.

       1,838,343       122,966,764  

Waste Connections, Inc.

       921,138       137,498,269  
Communications equipment—0.8%                  

Arista Networks, Inc.*

       231,199       54,449,677  
Construction & engineering—0.8%                  

Quanta Services, Inc.

       244,035       52,662,753  
Construction materials—1.8%                  

Martin Marietta Materials, Inc.

       232,741       116,116,812  
Consumer staples distribution & retail—1.1%                  

Casey’s General Stores, Inc.

       262,946       72,241,784  
Electrical equipment—0.9%                  

Vertiv Holdings Co., Class A

       1,257,608       60,402,912  
Electronic equipment, instruments & components—0.7%                  

Cognex Corp.

       1,066,150       44,501,101  
Energy equipment & services—3.2%                  

Baker Hughes Co.

       4,202,424       143,638,852  

Halliburton Co.

       1,774,273       64,139,969  
Entertainment—0.8%                  

Take-Two Interactive Software, Inc.*

       315,972       50,855,693  
Financial services—2.2%                  

FleetCor Technologies, Inc.*

       122,431       34,600,225  

Global Payments, Inc.

       542,770       68,931,790  

Toast, Inc., Class A*

       2,241,131       40,923,052  
Food products—0.7%                  

Freshpet, Inc.*

       486,135       42,177,073  
Ground transportation—2.0%                  

Old Dominion Freight Line, Inc.

       312,483       126,658,734  
Health care equipment & supplies—6.8%                  

Align Technology, Inc.*

       196,044       53,716,056  

DexCom, Inc.*

       1,283,653       159,288,501  

 

 

COMMON STOCKS—99.8%         Shares     Value  
Health care equipment & supplies (cont'd)                  

IDEXX Laboratories, Inc.*

       212,807       $ 118,118,525  

Penumbra, Inc.*

       258,083       64,918,198  

Shockwave Medical, Inc.*

       212,286       40,453,220  
Health care providers & services—2.2%                  

Cencora, Inc.

       505,388       103,796,587  

Chemed Corp.

       68,369       39,978,773  
Health care technology—1.1%                  

Veeva Systems, Inc., Class A*

       362,086       69,708,797  
Hotels, restaurants & leisure—6.7%                  

Chipotle Mexican Grill, Inc.*

       33,250       76,041,420  

DraftKings, Inc., Class A*

       1,804,680       63,614,970  

Hyatt Hotels Corp., Class A

       504,961       65,851,964  

Planet Fitness, Inc., Class A*

       1,247,062       91,035,526  

Royal Caribbean Cruises Ltd.*

       444,715       57,586,145  

Vail Resorts, Inc.

       353,908       75,548,741  
Industrial real estate investment trusts (REITs)—0.8%                  

EastGroup Properties, Inc.

       277,472       50,927,211  
Interactive media & services—0.7%                  

Match Group, Inc.*

       1,166,436       42,574,914  
IT services—1.2%                  

Gartner, Inc.*

       178,145       80,362,991  
Life sciences tools & services—4.9%                  

10X Genomics, Inc., Class A*

       536,691       30,033,228  

Bio-Techne Corp.

       533,265       41,146,727  

IQVIA Holdings, Inc.*

       386,979       89,539,201  

Medpace Holdings, Inc.*

       100,303       30,745,879  

Repligen Corp.*

       205,675       36,980,365  

West Pharmaceutical Services, Inc.

       256,681       90,382,514  
Machinery—3.0%                  

Lincoln Electric Holdings, Inc.

       305,030       66,331,824  

Westinghouse Air Brake Technologies Corp.

       1,009,917       128,158,467  
Media—1.2%                  

The Trade Desk, Inc., Class A*

       1,111,821       80,006,639  
Oil, gas & consumable fuels—0.7%                  

Antero Resources Corp.*

       1,918,936       43,521,469  
Pharmaceuticals—0.8%                  

Zoetis, Inc.

       270,396       53,368,059  
Professional services—2.1%                  

Booz Allen Hamilton Holding Corp.

       716,236       91,613,747  

Paycom Software, Inc.

       224,112       46,328,432  
Real estate management & development—1.1%                  

CoStar Group, Inc.*

       773,508       67,596,864  
Semiconductors & semiconductor equipment—5.0%                  

Entegris, Inc.

       1,058,562       126,836,899  

Marvell Technology, Inc.

       1,371,669       82,725,357  

Monolithic Power Systems, Inc.

       179,697       113,349,274  
Software—15.7%                  

BILL Holdings, Inc.*

       599,449       48,909,044  

Crowdstrike Holdings, Inc., Class A*

       647,968       165,439,190  

Datadog, Inc., Class A*

       539,258       65,455,136  

Fair Isaac Corp.*

       43,284       50,383,009  

Five9, Inc.*

       506,887       39,886,938  

HubSpot, Inc.*

       95,596       55,497,302  

 

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

Investment Portfolios

12.31.2023

 

CARILLON EAGLE MID CAP GROWTH FUND (cont’d)

 

COMMON STOCKS—99.8%         Shares     Value  
Software (cont'd)                  

Palo Alto Networks, Inc.*

       380,098       $ 112,083,298  

PTC, Inc.*

       559,794       97,941,558  

Synopsys, Inc.*

       391,157       201,410,651  

Tyler Technologies, Inc.*

       231,409       96,756,731  

Unity Software, Inc.*

       1,926,538       78,776,139  
Specialized real estate investment trusts (REITs)—1.4%        

SBA Communications Corp.

       347,735       88,216,892  
Specialty retail—5.1%                  

AutoZone, Inc.*

       19,798       51,189,907  

Five Below, Inc.*

       284,188       60,577,514  

Ross Stores, Inc.

       918,014       127,043,957  

Ulta Beauty, Inc.*

       178,351       87,390,207  
Textiles, apparel & luxury goods—1.2%                  

Lululemon Athletica, Inc.*

       153,405       78,434,442  
Trading companies & distributors—3.5%                  

United Rentals, Inc.

       172,645       98,998,096  

W.W. Grainger, Inc.

       151,515       125,558,964  
Total common stocks (cost $4,424,051,491)         6,447,986,466  
Total investment portfolio (cost $4,424,051,491)—99.8%

 

     6,447,986,466  

Other assets in excess of liabilities—0.2%

         11,092,315  
Total net assets—100.0%         $6,459,078,781  

* Non-income producing security

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Information technology     23.5%  
Industrials     19.2%  
Health care     19.1%  
Consumer discretionary     12.9%  
Financials     8.5%  
Consumer staples     4.4%  
Energy     3.9%  
Real estate     3.2%  
Communication services     2.7%  
Materials     2.4%  

 

 
CARILLON EAGLE SMALL CAP GROWTH FUND

 

COMMON STOCKS—100.0%         Shares     Value  
Aerospace & defense—3.3%                  

AeroVironment, Inc.*

       55,129       $6,948,459  

Woodward, Inc.

       90,344       12,298,529  
Beverages—1.9%                  

Celsius Holdings, Inc.*

       205,431       11,200,098  
Biotechnology—8.0%                  

89bio, Inc.*

       216,789       2,421,533  

 

 

COMMON STOCKS—100.0%         Shares     Value  
Biotechnology (cont'd)                  

ACELYRIN, Inc.*

       116,542       $ 869,403  

Aldeyra Therapeutics, Inc.*

       297,056       1,042,667  

Alkermes PLC*

       146,956       4,076,560  

Arrowhead Pharmaceuticals, Inc.*

       159,623       4,884,464  

Blueprint Medicines Corp.*

       65,421       6,034,433  

BridgeBio Pharma, Inc.*

       58,030       2,342,671  

Cytokinetics, Inc.*

       59,042       4,929,417  

Denali Therapeutics, Inc.*

       91,027       1,953,439  

Halozyme Therapeutics, Inc.*

       15,296       565,340  

Insmed, Inc.*

       157,567       4,883,001  

Intellia Therapeutics, Inc.*

       77,381       2,359,347  

Vaxcyte, Inc.*

       102,858       6,459,482  

Viking Therapeutics, Inc.*

       79,957       1,488,000  

Viridian Therapeutics, Inc.*

       125,123       2,725,179  
Building products—1.7%                  

Zurn Elkay Water Solutions Corp.

       333,515       9,808,676  
Capital markets—4.4%                  

LPL Financial Holdings, Inc.

       25,550       5,815,691  

MarketAxess Holdings, Inc.

       16,321       4,779,605  

PJT Partners, Inc., Class A

       150,471       15,328,481  
Chemicals—2.7%                  

Quaker Chemical Corp.

       75,504       16,114,064  
Commercial services & supplies—5.4%                  

Casella Waste Systems, Inc., Class A*

       61,786       5,280,232  

MSA Safety, Inc.

       71,780       12,118,617  

RB Global, Inc.

       219,273       14,667,171  
Construction & engineering—0.3%                  

Comfort Systems USA, Inc.

       7,323       1,506,121  
Construction materials—2.7%                  

Summit Materials, Inc., Class A*

       415,309       15,972,784  
Consumer finance—1.4%                  

FirstCash Holdings, Inc.

       76,826       8,327,170  
Consumer staples distribution & retail—0.9%                  

Casey’s General Stores, Inc.

       20,154       5,537,110  
Diversified consumer services—1.0%                  

OneSpaWorld Holdings Ltd.*

       423,308       5,968,643  
Electrical equipment—2.4%                  

nVent Electric PLC

       98,679       5,830,942  

Shoals Technologies Group, Inc., Class A*

       273,640       4,252,366  

Thermon Group Holdings, Inc.*

       128,761       4,193,746  
Electronic equipment, instruments & components—0.6%                  

Badger Meter, Inc.

       19,147       2,955,722  

OSI Systems, Inc.*

       4,696       606,019  
Energy equipment & services—1.5%                  

Liberty Energy, Inc.

       488,344       8,858,560  
Financial services—0.5%                  

Flywire Corp.*

       116,452       2,695,864  
Food products—0.9%                  

Freshpet, Inc.*

       64,409       5,588,125  
Ground transportation—2.2%                  

Landstar System, Inc.

       67,153       13,004,178  
Health care equipment & supplies—4.8%                  

CONMED Corp.

       23,439       2,566,805  

Haemonetics Corp.*

       79,032       6,758,026  

 

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

Investment Portfolios

12.31.2023

 

CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)

 

COMMON STOCKS—100.0%         Shares     Value  
Health care equipment & supplies (cont'd)                  

Inmode Ltd.*

       77,578       $ 1,725,335  

iRhythm Technologies, Inc.*

       25,098       2,686,490  

Lantheus Holdings, Inc.*

       103,203       6,398,586  

Merit Medical Systems, Inc.*

       108,014       8,204,743  
Health care providers & services—3.4%                  

Guardant Health, Inc.*

       82,369       2,228,081  

HealthEquity, Inc.*

       64,980       4,308,174  

Progyny, Inc.*

       191,548       7,121,755  

The Ensign Group, Inc.

       54,275       6,090,198  
Health care technology—1.8%                  

Evolent Health, Inc., Class A*

       236,182       7,801,092  

Schrodinger, Inc.*

       79,003       2,828,307  
Hotels, restaurants & leisure—6.7%                  

Cava Group, Inc.*(a)

       94,773       4,073,344  

Everi Holdings, Inc.*

       395,434       4,456,541  

PENN Entertainment, Inc.*

       151,167       3,933,365  

Planet Fitness, Inc., Class A*

       99,691       7,277,443  

SeaWorld Entertainment, Inc.*

       172,954       9,137,160  

Wingstop, Inc.

       40,325       10,346,588  
Industrial real estate investment trusts (REITs)—2.0%                  

EastGroup Properties, Inc.

       65,311       11,987,181  
Insurance—0.9%                  

Kinsale Capital Group, Inc.

       15,956       5,343,824  
Interactive media & services—0.7%                  

Bumble, Inc., Class A*

       268,048       3,951,028  
Life sciences tools & services—0.5%                  

Medpace Holdings, Inc.*

       10,360       3,175,651  
Machinery—3.8%                  

Chart Industries, Inc.*

       45,048       6,141,394  

Donaldson Co, Inc.

       45,574       2,978,261  

Esab Corp.

       103,361       8,953,130  

Federal Signal Corp.

       56,421       4,329,747  
Media—0.5%                  

TechTarget, Inc.*

       88,722       3,092,849  
Oil, gas & consumable fuels—4.6%                  

Antero Resources Corp.*

       133,268       3,022,519  

Chord Energy Corp.

       46,801       7,779,730  

Viper Energy, Inc.

       514,959       16,159,413  
Personal care products—1.8%                  

BellRing Brands, Inc.*

       86,280       4,782,500  

elf Beauty, Inc.*

       39,438       5,692,481  
Pharmaceuticals—1.5%                  

Intra-Cellular Therapies, Inc.*

       124,403       8,909,743  
Professional services—0.6%                  

Parsons Corp.*

       53,424       3,350,219  
Semiconductors & semiconductor equipment—7.0%                  

Impinj, Inc.*

       60,012       5,402,880  

Lattice Semiconductor Corp.*

       147,797       10,196,515  

Onto Innovation, Inc.*

       58,624       8,963,610  

Rambus, Inc.*

       136,947       9,346,633  

Silicon Laboratories, Inc.*

       57,635       7,623,381  
Software—11.0%                  

Appfolio, Inc., Class A*

       35,482       6,146,902  

 

 

COMMON STOCKS—100.0%         Shares     Value  
Software (cont'd)                  

Five9, Inc.*

       74,296       $ 5,846,352  

Freshworks, Inc., Class A*

       422,274       9,919,216  

Monday.com Ltd.*

       56,338       10,580,840  

PROS Holdings, Inc.*

       211,305       8,196,521  

Rapid7, Inc.*

       82,618       4,717,488  

Smartsheet, Inc., Class A*

       187,233       8,953,482  

Sprout Social, Inc., Class A*

       98,502       6,051,963  

Varonis Systems, Inc.*

       94,627       4,284,710  
Specialty retail—3.0%                  

Boot Barn Holdings, Inc.*

       99,349       7,626,029  

Five Below, Inc.*

       46,344       9,878,687  
Technology hardware, storage & peripherals—0.9%                  

Super Micro Computer, Inc.*

       18,981       5,395,539  
Textiles, apparel & luxury goods—0.6%                  

Figs, Inc., Class A*

       501,432       3,484,952  
Trading companies & distributors—2.1%                  

Herc Holdings, Inc.

       33,740       5,023,549  

WESCO International, Inc.

       43,337       7,535,437  
Total common stocks (cost $442,090,794)         589,458,298  
MONEY MARKET FUNDS—0.1%                  

First American Government Obligations Fund—Class X, 5.29%#

       615,239       615,239  
Total money market funds (cost $615,239)         615,239  
Total investment portfolio (cost $442,706,033)—100.1%

 

     590,073,537  

Liabilities in excess of other assets—(0.1)%

         (560,448 ) 
Total net assets—100.0%         $589,513,089  

* Non-income producing security

(a) All or a portion of this security was on loan as of the date of this report. The total fair market value of loaned securities was $577,909 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 (unaudited)  
Sector   Percent of net assets  
Industrials     21.8%  
Health care     20.0%  
Information technology     19.5%  
Consumer discretionary     11.2%  
Financials     7.2%  
Energy     6.1%  
Consumer staples     5.6%  
Materials     5.4%  
Real estate     2.0%  
Communication services     1.2%  
Money market funds     0.1%  

 

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

Investment Portfolios

12.31.2023

 

CARILLON SCOUT MID CAP FUND

 

COMMON STOCKS—99.8%         Shares     Value  
Aerospace & defense—1.7%                  

BWX Technologies, Inc.

       170,350       $13,070,955  

Huntington Ingalls Industries, Inc.

       31,774       8,249,801  

L3Harris Technologies, Inc.

       34,946       7,360,327  

Textron, Inc.

       367,945       29,590,137  
Automobile components—0.3%                  

Lear Corp.

       71,420       10,085,218  
Automobiles—0.6%                  

Thor Industries, Inc.

       158,267       18,715,073  
Banks—4.1%                  

Citizens Financial Group, Inc.

       1,506,821       49,936,048  

Commerce Bancshares, Inc.

       112,320       5,998,987  

First Horizon Corp.

       5,632,448       79,755,464  
Beverages—0.7%                  

Monster Beverage Corp.*

       413,757       23,836,541  
Biotechnology—3.5%                  

BioMarin Pharmaceutical, Inc.*

       767,476       74,000,036  

Exelixis, Inc.*

       353,551       8,481,689  

Neurocrine Biosciences, Inc.*

       253,574       33,410,910  
Building products—1.9%                  

Builders FirstSource, Inc.*

       110,400       18,430,176  

Carrier Global Corp.

       369,748       21,242,022  

Owens Corning

       151,656       22,479,969  
Capital markets—3.8%                  

Cboe Global Markets, Inc.

       382,336       68,269,916  

Evercore, Inc., Class A

       302,086       51,671,810  

Morningstar, Inc.

       23,481       6,721,202  
Chemicals—1.5%                  

CF Industries Holdings, Inc.

       124,856       9,926,052  

Corteva, Inc.

       162,296       7,777,224  

Huntsman Corp.

       120,288       3,022,837  

The Mosaic Co.

       441,172       15,763,076  

Westlake Corp.

       103,148       14,436,594  
Commercial services & supplies—2.2%                  

Clean Harbors, Inc.*

       136,560       23,831,086  

Copart, Inc.*

       434,745       21,302,505  

RB Global, Inc.

       418,831       28,015,605  
Communications equipment—1.7%                  

Arista Networks, Inc.*

       212,868       50,132,543  

Lumentum Holdings, Inc.*

       116,815       6,123,442  
Construction & engineering—2.5%                  

Quanta Services, Inc.

       383,817       82,827,709  
Construction materials—2.0%                  

Eagle Materials, Inc.

       156,250       31,693,750  

Martin Marietta Materials, Inc.

       33,791       16,858,668  

Vulcan Materials Co.

       85,956       19,512,871  
Consumer finance—1.8%                  

Ally Financial, Inc.

       1,751,269       61,154,313  
Consumer staples distribution & retail—1.2%                  

Albertsons Cos., Inc., Class A

       843,135       19,392,105  

Casey’s General Stores, Inc.

       72,833       20,010,138  
Distributors—0.3%                  

LKQ Corp.

       199,692       9,543,281  

 

 

COMMON STOCKS—99.8%         Shares     Value  
Electric utilities—1.8%                  

Evergy, Inc.

       420,807       $ 21,966,125  

PPL Corp.

       1,405,958       38,101,462  
Electrical equipment—2.3%                  

AMETEK, Inc.

       155,091       25,572,955  

Generac Holdings, Inc.*

       54,184       7,002,740  

Hubbell, Inc.

       115,028       37,836,160  

Rockwell Automation, Inc.

       23,626       7,335,401  
Electronic equipment, instruments & components—0.8%                  

Flex Ltd.*

       503,826       15,346,540  

Keysight Technologies, Inc.*

       63,378       10,082,806  

Zebra Technologies Corp., Class A*

       9,981       2,728,107  
Energy equipment & services—2.3%                  

Baker Hughes Co.

       594,874       20,332,793  

Noble Corp. PLC

       778,572       37,496,028  

Transocean Ltd.*

       3,093,441       19,643,350  
Entertainment—2.2%                  

Live Nation Entertainment, Inc.*

       211,254       19,773,374  

Take-Two Interactive Software, Inc.*

       156,960       25,262,712  

TKO Group Holdings, Inc.

       338,850       27,643,383  
Financial services—0.3%                  

Jack Henry & Associates, Inc.

       54,919       8,974,314  
Food products—1.5%                  

Darling Ingredients, Inc.*

       748,807       37,320,541  

The Hershey Co.

       31,209       5,818,606  

Tyson Foods, Inc., Class A

       120,077       6,454,139  
Gas utilities—0.9%                  

Atmos Energy Corp.

       247,589       28,695,565  
Ground transportation—1.2%                  

Knight-Swift Transportation Holdings, Inc.

       171,943       9,912,514  

U-Haul Holding Co.*

       63,375       4,550,325  

U-Haul Holding Co., Series N

       371,691       26,181,914  
Health care equipment & supplies—2.0%                  

Align Technology, Inc.*

       59,375       16,268,750  

Edwards Lifesciences Corp.*

       530,899       40,481,049  

Insulet Corp.*

       50,356       10,926,245  
Health care providers & services—3.1%                  

Cencora, Inc.

       165,090       33,906,184  

Centene Corp.*

       494,616       36,705,453  

Henry Schein, Inc.*

       167,183       12,657,425  

Molina Healthcare, Inc.*

       59,334       21,437,968  
Hotel & resort real estate investment trusts (REITs)—0.3%        

Host Hotels & Resorts, Inc.

       588,323       11,454,649  
Hotels, restaurants & leisure—3.6%                  

Boyd Gaming Corp.

       279,983       17,529,736  

Chipotle Mexican Grill, Inc.*

       13,354       30,540,064  

Darden Restaurants, Inc.

       22,938       3,768,713  

Las Vegas Sands Corp.

       641,550       31,570,675  

Texas Roadhouse, Inc.

       155,264       18,977,919  

Vail Resorts, Inc.

       77,741       16,595,371  
Household durables—2.3%                  

D.R. Horton, Inc.

       255,540       38,836,969  

Garmin Ltd.

       41,904       5,386,340  

NVR, Inc.*

       4,465       31,257,010  

 

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

Investment Portfolios

12.31.2023

 

CARILLON SCOUT MID CAP FUND (cont’d)

 

COMMON STOCKS—99.8%         Shares     Value  
Industrial real estate investment trusts (REITs)—2.5%                  

EastGroup Properties, Inc.

       168,693       $ 30,961,913  

STAG Industrial, Inc.

       1,325,169       52,026,135  
Insurance—4.0%                  

Arch Capital Group Ltd.*

       249,416       18,524,126  

Axis Capital Holdings Ltd.

       330,465       18,297,847  

Brown & Brown, Inc.

       211,074       15,009,472  

Everest Group Ltd.

       58,527       20,693,977  

First American Financial Corp.

       171,526       11,053,136  

Kinsale Capital Group, Inc.

       67,941       22,754,120  

White Mountains Insurance Group Ltd.

       17,506       26,346,705  
IT services—0.7%                  

Gartner, Inc.*

       52,780       23,809,586  
Leisure products—1.4%                  

Brunswick Corp.

       285,358       27,608,387  

Polaris, Inc.

       85,951       8,145,576  

YETI Holdings, Inc.*

       188,024       9,735,883  
Life sciences tools & services—1.2%                  

Agilent Technologies, Inc.

       288,791       40,150,613  
Machinery—3.8%                  

AGCO Corp.

       54,678       6,638,456  

Chart Industries, Inc.*

       275,848       37,606,358  

Ingersoll Rand, Inc.

       145,673       11,266,350  

Parker-Hannifin Corp.

       68,200       31,419,740  

The Timken Co.

       266,019       21,321,423  

Xylem, Inc.

       159,305       18,218,119  
Marine transportation—0.1%                  

Kirby Corp.*

       63,447       4,979,321  
Media—0.2%                  

Fox Corp., Class A

       203,649       6,042,266  
Metals & mining—1.7%                  

Agnico Eagle Mines Ltd.

       241,636       13,253,735  

Alamos Gold, Inc., Class A

       1,043,789       14,059,838  

Freeport-McMoRan, Inc.

       143,103       6,091,895  

Nucor Corp.

       125,587       21,857,161  
Multi-utilities—2.4%                  

CenterPoint Energy, Inc.

       2,249,971       64,281,671  

WEC Energy Group, Inc.

       204,018       17,172,195  
Oil, gas & consumable fuels—3.4%                  

Cameco Corp.

       391,560       16,876,236  

Cheniere Energy, Inc.

       107,249       18,308,477  

Chesapeake Energy Corp.

       404,044       31,087,145  

Valero Energy Corp.

       64,630       8,401,900  

Viper Energy, Inc.

       1,260,733       39,561,802  
Passenger airlines—1.0%                  

Delta Air Lines, Inc.

       790,740       31,811,470  
Professional services—1.7%                  

Booz Allen Hamilton Holding Corp.

       229,234       29,321,321  

FTI Consulting, Inc.*

       14,922       2,971,716  

Paycom Software, Inc.

       113,182       23,396,983  
Real estate management & development—0.4%                  

CoStar Group, Inc.*

       169,559       14,817,761  

 

 

COMMON STOCKS—99.8%         Shares     Value  
Residential real estate investment trusts (REITs)—1.2%        

Mid-America Apartment Communities, Inc.

       300,368       $ 40,387,481  
Retail real estate investment trusts (REITs)—1.5%                  

Agree Realty Corp.

       818,440       51,520,798  
Semiconductors & semiconductor equipment—3.2%                  

KLA Corp.

       15,160       8,812,508  

Marvell Technology, Inc.

       55,544       3,349,859  

Microchip Technology, Inc.

       34,541       3,114,907  

Monolithic Power Systems, Inc.

       42,456       26,780,396  

ON Semiconductor Corp.*

       158,026       13,199,912  

Skyworks Solutions, Inc.

       106,555       11,978,913  

Teradyne, Inc.

       263,805       28,628,118  

Universal Display Corp.

       54,032       10,334,160  
Software—8.0%                  

AppLovin Corp., Class A*

       332,721       13,258,932  

Crowdstrike Holdings, Inc., Class A*

       166,229       42,441,588  

Palantir Technologies, Inc., Class A*

       9,204,730       158,045,214  

Teradata Corp.*

       847,694       36,883,166  

Workday, Inc., Class A*

       60,442       16,685,619  
Specialty retail—3.0%                  

Murphy USA, Inc.

       73,785       26,308,779  

O’Reilly Automotive, Inc.*

       12,258       11,646,081  

Ross Stores, Inc.

       106,963       14,802,609  

Tractor Supply Co.

       103,589       22,274,743  

Ulta Beauty, Inc.*

       53,997       26,457,990  
Technology hardware, storage & peripherals—1.6%                  

Dell Technologies, Inc., Class C

       456,841       34,948,337  

Pure Storage, Inc., Class A*

       548,026       19,542,607  
Textiles, apparel & luxury goods—1.0%                  

Lululemon Athletica, Inc.*

       65,157       33,314,122  
Trading companies & distributors—1.4%                  

United Rentals, Inc.

       58,302       33,431,533  

W.W. Grainger, Inc.

       17,561       14,552,625  
Total common stocks (cost $2,675,342,213)         3,333,544,266  
Total investment portfolio (cost $2,675,342,213) —99.8%

 

     3,333,544,266  

Other assets in excess of liabilities—0.2%

         5,191,583  
Total net assets—100.0%         $3,338,735,849  

* Non-income producing security

 

Sector allocation (unaudited)  
Sector   Percent of net assets  
Industrials     19.8%  
Information technology     16.1%  
Financials     13.9%  
Consumer discretionary     12.4%  
Health care     9.8%  
Real estate     6.0%  
Energy     5.7%  
Materials     5.2%  

 

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

Investment Portfolios

12.31.2023

 

CARILLON SCOUT MID CAP FUND (cont’d)

 

Sector allocation (unaudited) (cont'd)  
Sector   Percent of net assets  
Utilities     5.1%  
Consumer staples     3.4%  
Communication services     2.4%  

 

 
CARILLON SCOUT SMALL CAP FUND

 

COMMON STOCKS—99.7%         Shares     Value  
Aerospace & defense—2.3%                  

Kratos Defense & Security Solutions, Inc.*

       289,478       $5,873,509  
Air freight & logistics—1.1%                  

Forward Air Corp.

       43,864       2,757,730  
Automobile components—2.8%                  

Patrick Industries, Inc.

       49,565       4,973,848  

Stoneridge, Inc.*

       115,539       2,261,098  
Automobiles—1.6%                  

Thor Industries, Inc.

       35,243       4,167,485  
Banks—2.6%                  

Axos Financial, Inc.*

       67,939       3,709,470  

Hilltop Holdings, Inc.

       89,620       3,155,520  
Beverages—1.2%                  

MGP Ingredients, Inc.

       30,447       2,999,638  
Biotechnology—5.2%                  

Halozyme Therapeutics, Inc.*

       120,532       4,454,863  

Insmed, Inc.*

       135,485       4,198,680  

Vericel Corp.*

       140,664       5,009,045  
Capital markets—3.6%                  

Cohen & Steers, Inc.

       65,406       4,953,197  

PJT Partners, Inc., Class A

       44,406       4,523,639  
Chemicals—1.9%                  

Balchem Corp.

       33,707       5,013,916  
Commercial services & supplies—0.8%                  

Aris Water Solutions, Inc., Class A

       262,626       2,203,432  
Construction & engineering—2.0%                  

Dycom Industries, Inc.*

       45,307       5,214,383  
Consumer staples distribution & retail—1.2%                  

The Chefs’ Warehouse, Inc.*

       105,666       3,109,750  
Diversified consumer services—1.7%                  

OneSpaWorld Holdings Ltd.*

       319,269       4,501,693  
Electrical equipment—1.1%                  

Vicor Corp.*

       66,636       2,994,622  
Electronic equipment, instruments & components—9.1%                  

Advanced Energy Industries, Inc.

       38,182       4,158,784  

Coherent Corp.*

       79,537       3,462,246  

ePlus, Inc.*

       68,354       5,457,383  

Fabrinet*

       36,167       6,883,665  

Plexus Corp.*

       36,095       3,902,952  
Energy equipment & services—0.9%                  

Core Laboratories, Inc.

       130,127       2,298,043  

 

 

COMMON STOCKS—99.7%         Shares     Value  
Financial services—1.2%                  

I3 Verticals, Inc., Class A*

       147,064       $ 3,113,345  
Health care equipment & supplies—6.5%                  

Axonics, Inc.*

       43,561       2,710,801  

ICU Medical, Inc.*

       20,576       2,052,250  

Integer Holdings Corp.*

       46,556       4,612,768  

Lantheus Holdings, Inc.*

       48,250       2,991,500  

LeMaitre Vascular, Inc.

       83,076       4,715,394  
Health care providers & services—4.9%                  

AMN Healthcare Services, Inc.*

       51,748       3,874,890  

HealthEquity, Inc.*

       73,916       4,900,631  

ModivCare, Inc.*

       26,252       1,154,825  

U.S. Physical Therapy, Inc.

       29,227       2,722,203  
Health care real estate investment trusts (REITs)—1.5%                  

CareTrust REIT, Inc.

       173,381       3,880,267  
Health care technology—1.2%                  

Certara, Inc.*

       170,456       2,998,321  
Hotels, restaurants & leisure—1.6%                  

Lindblad Expeditions Holdings, Inc.*

       143,053       1,612,207  

The Cheesecake Factory, Inc.

       74,804       2,618,888  
Household durables—4.6%                  

Installed Building Products, Inc.

       41,890       7,658,330  

LGI Homes, Inc.*

       32,777       4,364,585  
Interactive media & services—1.2%                  

Ziff Davis, Inc.*

       46,066       3,095,174  
Life sciences tools & services—2.7%                  

Medpace Holdings, Inc.*

       23,231       7,120,998  
Machinery—3.5%                  

Albany International Corp., Class A

       44,986       4,418,525  

Chart Industries, Inc.*

       33,840       4,613,407  
Media—0.8%                  

Magnite, Inc.*

       218,349       2,039,380  
Metals & mining—1.7%                  

Materion Corp.

       34,359       4,471,137  
Oil, gas & consumable fuels—1.5%                  

Excelerate Energy, Inc., Class A

       115,863       1,791,242  

Kimbell Royalty Partners LP

       148,656       2,237,273  
Pharmaceuticals—2.3%                  

Pacira BioSciences, Inc.*

       67,609       2,281,128  

Supernus Pharmaceuticals, Inc.*

       130,432       3,774,702  
Professional services—2.9%                  

Insperity, Inc.

       51,396       6,024,639  

TTEC Holdings, Inc.

       71,267       1,544,356  
Residential real estate investment trusts (REITs)—0.7%                  

UMH Properties, Inc.

       123,063       1,885,325  
Semiconductors & semiconductor equipment—6.9%                  

Ambarella, Inc.*

       50,664       3,105,196  

Credo Technology Group Holding Ltd.*

       248,810       4,844,331  

Impinj, Inc.*

       43,740       3,937,912  

Power Integrations, Inc.

       43,547       3,575,644  

Ultra Clean Holdings, Inc.*

       74,705       2,550,429  
Software—9.2%                  

Box, Inc., Class A*

       161,110       4,126,027  

 

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

Investment Portfolios

12.31.2023

 

CARILLON SCOUT SMALL CAP FUND (cont’d)

 

COMMON STOCKS—99.7%         Shares     Value  
Software (cont'd)                  

Envestnet, Inc.*

       46,538       $ 2,304,562  

Intapp, Inc.*

       70,327       2,673,832  

PagerDuty, Inc.*

       108,217       2,505,224  

Qualys, Inc.*

       29,238       5,738,835  

The Descartes Systems Group, Inc.*

       54,658       4,594,551  

Verint Systems, Inc.*

       74,615       2,016,843  
Textiles, apparel & luxury goods—1.5%                  

G-III Apparel Group Ltd.*

       114,018       3,874,332  
Trading companies & distributors—4.2%                  

Applied Industrial Technologies, Inc.

       40,542       7,001,198  

Global Industrial Co.

       98,486       3,825,196  
Total common stocks (cost $163,542,189)         260,191,194  
Total investment portfolio (cost $163,542,189)—99.7%

 

     260,191,194  

Other assets in excess of liabilities—0.3%

         656,097  
Total net assets—100.0%         $260,847,291  

* Non-income producing security

 

Sector allocation (unaudited)      
Sector   Percent of net assets  
Information technology     25.2%  
Health care     22.8%  
Industrials     17.8%  
Consumer discretionary     13.8%  
Financials     7.5%  
Materials     3.6%  
Energy     2.4%  
Consumer staples     2.4%  
Real estate     2.2%  
Communication services     2.0%  

 

 
CARILLON REAMS CORE BOND FUND

 

CORPORATE BONDS—25.2%         Principal
Amount		     Value  
Airlines—2.0%        

Air Canada, Pass Through Trust, Series 2020-2, Class A, 144A, 5.25%, 04/01/29

       $697,637       $683,537  

Alaska Airlines, Pass Through Trust, Series 2020-1, Class A, 144A, 4.80%, 08/15/27

       4,428,396       4,303,052  

British Airways, Pass Through Trust, Series 2020-1, Class A, 144A, 4.25%, 11/15/32

       1,005,432       936,047  

Delta Air Lines, Pass Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/28

       1,363,994       1,209,572  
JetBlue, Pass Through Trust,                  

Series 2019-1, Class AA, 2.75%, 05/15/32

       1,258,345       1,061,471  

Series 2020-1, Class A, 4.00%, 11/15/32

       1,113,109       1,018,970  
United Airlines, Pass Through Trust,                  

Series 2015-1, Class AA, 3.45%, 12/01/27

       226,260       209,974  

 

 

CORPORATE BONDS—25.2%         Principal
Amount		     Value  
Airlines (cont'd)        
United Airlines, Pass Through Trust, (cont'd)                  

Series 2016-2, Class AA, 2.88%, 10/07/28

       $ 689,914       $ 616,424  

Series 2018-1, Class AA, 3.50%, 09/01/31

       349,392       318,209  
Auto manufacturers—1.9%        
General Motors Financial Co., Inc.,                  

1.25%, 01/08/26

       3,580,000       3,312,277  

3.10%, 01/12/32

       1,105,000       940,760  

6.05%, 10/10/25

       2,585,000       2,614,428  

Volkswagen Group of America Finance LLC,

      

144A, 3.75%, 05/13/30

       3,105,000       2,861,334  
Banks—7.9%        
Bank of America Corp.                  

(Fixed until 10/20/31, then SOFR + 1.21%), 2.57%, 10/20/32

       2,270,000       1,881,993  

(Fixed until 04/27/32, then SOFR + 1.83%), 4.57%, 04/27/33

       2,340,000       2,230,445  

(Fixed until 07/22/32, then SOFR + 2.16%), 5.02%, 07/22/33

       3,370,000       3,333,707  
Citigroup, Inc.                  

(Fixed until 01/25/32, then SOFR + 1.35%), 3.06%, 01/25/33

       2,605,000       2,222,538  

(Fixed until 03/17/32, then SOFR + 1.94%), 3.79%, 03/17/33

       7,670,000       6,897,992  

HSBC Holdings PLC, 4.95%, 03/31/30

       2,285,000       2,265,607  
JPMorgan Chase & Co.                  

(Fixed until 01/25/32, then SOFR + 1.26%), 2.96%, 01/25/33

       2,100,000       1,799,358  

(Fixed until 04/26/32, then SOFR + 1.80%), 4.59%, 04/26/33

       3,745,000       3,618,215  

(Fixed until 07/25/32, then SOFR + 2.08%), 4.91%, 07/25/33

       4,325,000       4,276,258  

The PNC Financial Services Group, Inc. (Fixed until 10/28/32, then SOFR Index + 2.14%), 6.04%, 10/28/33

       1,290,000       1,347,803  

Wells Fargo & Co.

      

(Fixed until 03/02/32, then SOFR + 1.50%), 3.35%, 03/02/33

       3,325,000       2,904,109  

(Fixed until 04/04/30, then 3 Month Term SOFR + 4.03%), 4.48%, 04/04/31

       3,045,000       2,941,612  

(Fixed until 07/25/32, then SOFR + 2.10%), 4.90%, 07/25/33

       4,520,000       4,403,269  
Capital markets—3.0%        

Morgan Stanley (Fixed until 01/21/32, then SOFR + 1.29%), 2.94%, 01/21/33

       6,690,000       5,690,905  

The Bank of New York Mellon Corp. (Fixed until 04/26/33, then SOFR + 1.61%), 4.97%, 04/26/34

       2,775,000       2,761,298  

The Goldman Sachs Group, Inc. (Fixed until 02/24/32, then SOFR + 1.41%), 3.10%, 02/24/33

       5,155,000       4,425,127  

UBS Group AG,

      

(Fixed until 01/30/26, then 1 Year CMT Rate + 1.08%), 144A, 1.36%, 01/30/27

       1,825,000       1,673,385  

(Fixed until 08/13/29, then 3 Month LIBOR USD + 1.47%), 144A, 3.13%, 08/13/30

       625,000       557,695  
Containers & packaging—0.5%        

Sonoco Products Co., 3.13%, 05/01/30

       2,695,000       2,426,085  
Electric—4.2%        

Appalachian Power Co., 2.70%, 04/01/31

       3,005,000       2,566,563  

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

       500,000       466,201  

DTE Electric Co., 5.20%, 04/01/33

       2,380,000       2,472,298  
Duke Energy Florida LLC,                  

5.65%, 04/01/40

       2,590,000       2,673,828  

5.88%, 11/15/33

       695,000       749,175  
Duke Energy Progress LLC, 5.25%, 03/15/33         1,990,000     2,051,037  
Entergy Arkansas LLC,                  

3.35%, 06/15/52

       1,550,000       1,122,418  

5.30%, 09/15/33

       2,105,000       2,154,803  

Indianapolis Power & Light Co., 144A, 5.65%, 12/01/32

       2,150,000       2,225,109  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE BOND FUND (cont’d)

 

CORPORATE BONDS—25.2%         Principal
Amount		     Value  
Electric (cont'd)        

MidAmerican Energy Co., 5.35%, 01/15/34

       $ 1,190,000       $ 1,253,895  

Monongahela Power Co., 144A, 5.85%, 02/15/34

       1,590,000       1,668,339  

Public Service Co. of New Hampshire, 5.35%, 10/01/33

       1,490,000       1,560,382  

Wisconsin Public Service Corp., 2.85%, 12/01/51

       845,000       557,230  
Electric utilities—1.4%        

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

       2,515,000       2,323,666  
Wisconsin Power and Light Co.,                  

1.95%, 09/16/31

       1,650,000       1,339,531  

3.95%, 09/01/32

       1,680,000       1,591,138  

4.95%, 04/01/33

       2,150,000       2,155,286  
Equity real estate investment trusts (REITs)—1.0%        

Agree LP, 2.00%, 06/15/28

       3,940,000       3,416,568  

Ventas Realty LP, 4.75%, 11/15/30

       1,515,000       1,467,898  
Insurance—0.7%        

Equitable Financial Life Global Funding, 144A, 1.70%, 11/12/26

       625,000       563,070  

MetLife, Inc., 5.38%, 07/15/33

       2,650,000       2,762,554  
Multi-utilities—1.5%        

CenterPoint Energy, Inc., 2.50%, 09/01/24

       2,015,000       1,972,089  

Dominion Energy, Inc., 3.38%, 04/01/30

       1,540,000       1,417,753  

Public Service Enterprise Group, Inc., 2.45%, 11/15/31

       2,195,000       1,846,265  

WEC Energy Group, Inc., 1.80%, 10/15/30

       2,670,000       2,176,918  
Oil, gas & consumable fuels—0.4%        

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

       2,395,000       2,278,149  
Tobacco—0.4%        

Altria Group, Inc., 2.45%, 02/04/32

       2,580,000       2,103,911  
Transportation—0.3%        
Burlington Northern Santa Fe LLC, 2.88%, 06/15/52         1,740,000     1,215,669  
Union Pacific Railroad Co., Pass Through Trust,                  

Series 2004, 5.40%, 07/02/25

       2,941       2,941  

Series 2005, 5.08%, 01/02/29

       126,690       127,292  

Series 2006, 5.87%, 07/02/30

       149,805       153,912  
Total corporate bonds (cost $134,343,089)

 

     128,179,344  
MORTGAGE AND ASSET-BACKED SECURITIES—64.5%        
Asset-backed securities—17.5%        
Ally Auto Receivables Trust,                  

Series 2022-3, Class A2, 5.29%, 06/16/25

       736,569       736,092  

Series 2023-1, Class A2, 5.76%, 11/15/26

       3,670,000       3,674,782  
AMSR Trust, Series 2020-SFR4, Class A,
144A, 1.36%, 11/17/37		         1,794,000     1,667,883  
Avis Budget Rental Car Funding AESOP LLC,                  

Series 2022-1A, Class A, 144A, 3.83%, 08/20/28

       4,135,000       3,945,530  

Series 2022-4A, Class A, 144A, 4.77%, 02/20/29

       4,300,000       4,220,515  

Bank of America Auto Trust, Series 2023-1A, Class A2, 144A, 5.83%, 05/15/26

       5,215,000       5,222,196  
BMW Vehicle Lease Trust,                  

Series 2022-1, Class A3, 1.10%, 03/25/25

       686,408       682,513  

Series 2023-1, Class A2, 5.27%, 02/25/25

       745,015       744,563  

Capital One Prime Auto Receivables Trust, Series 2023-1, Class A2, 5.20%, 05/15/26

       2,783,750       2,778,317  

Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.80%, 11/16/26

       3,100,000       3,105,049  

 

 

MORTGAGE AND ASSET-BACKED
SECURITIES—64.5%		         Principal
Amount		     Value  
Asset-backed securities (cont'd)        
Ford Credit Auto Owner Trust,                  

Series 2023-A, Class A2A, 5.14%, 03/15/26

       $ 1,520,391       $ 1,517,261  

Series 2023-B, Class A2B, (SOFR 30 Day Average + 0.49%), 5.83%, 06/15/26

       2,570,000       2,570,462  
GM Financial Consumer Automobile Receivables Trust,                  

Series 2020-3, Class A3, 0.45%, 04/16/25

       272,962       272,048  

Series 2023-3, Class A2A, 5.74%, 09/16/26

       1,995,000       1,998,702  

Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A, 1.21%, 12/26/25

       6,265,000       6,047,638  

Honda Auto Receivables Owner Trust, Series 2023-1, Class A2, 5.22%, 10/21/25

       2,415,839       2,411,829  
Hyundai Auto Receivables Trust,                  

Series 2023-A, Class A2A, 5.19%, 12/15/25

       2,650,996       2,647,261  

Series 2023-B, Class A2A, 5.77%, 05/15/26

       2,640,000       2,647,168  

Series 2023-C, Class A2B (SOFR 30 Day Average + 0.63%), 5.97%, 01/15/27

       1,790,000       1,794,100  

Invitation Homes Trust, Series 2018-SFR4, Class A (1 Month Term SOFR + 1.21%), 144A, 6.58%, 01/17/38

       2,996,675       2,994,472  

Mercedes-Benz Auto Lease Trust, Series 2023-A, Class A2, 5.24%, 11/17/25

       4,022,432       4,015,483  
Mercedes-Benz Auto Receivables Trust,                  

Series 2022-1, Class A2, 5.26%, 10/15/25

       1,554,935       1,553,718  

Series 2023-1, Class A2, 5.09%, 01/15/26

       1,311,464       1,309,280  

Series 2023-2, Class A2, 5.92%, 11/16/26

       3,740,000       3,768,485  
Nissan Auto Receivables Owner Trust,                  

Series 2023-A, Class A2A, 5.34%, 02/17/26

       2,490,189       2,485,411  

Series 2023-B, Class A2A, 5.95%, 05/15/26

       1,755,000       1,767,759  

Series 2023-B, Class A2B (SOFR 30 Day Average + 0.56%), 5.90%, 05/15/26

       2,550,000       2,554,054  
Porsche Financial Auto Securitization Trust,                  

Series 2023-2, Class A2A, 144A, 5.88%, 11/23/26

       1,365,000       1,372,271  

Series 2023-2, Class A2B (SOFR 30 Day Average + 0.58%), 144A, 5.92%, 11/23/26

       1,100,000       1,101,244  

Progress Residential Trust, Series 2019-SFR4, Class A, 144A, 2.69%, 10/17/36

       1,976,071       1,923,752  
STAR Trust,                  

Series 2021-SFR1, Class A (1 Month Term SOFR + 0.71%), 144A, 6.08%, 04/17/38

       1,671,505       1,637,498  

Series 2022-SFR3, Class A (1 Month Term SOFR + 1.65%), 144A, 7.01%, 05/17/24

       3,272,275       3,259,028  
Toyota Auto Receivables Owner Trust,                  

Series 2022-D, Class A2A, 5.27%, 01/15/26

       1,203,061       1,202,034  

Series 2023-A, Class A2, 5.05%, 01/15/26

       1,334,211       1,331,576  

Series 2023-B, Class A2A, 5.28%, 05/15/26

       2,772,565       2,768,430  

Series 2023-C, Class A2A, 5.60%, 08/17/26

       2,825,000       2,829,691  

USAA Auto Owner Trust, Series 2023-A, Class A2, 144A,
5.83%, 07/15/26

       1,765,000       1,769,023  

World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25

       673,602       666,073  
Commercial mortgage-backed securities—14.8%        
A&D Mortgage Trust, Series 2023-NQM5, Class A1, 144A, SB,
7.05%, 11/25/68		         1,458,806     1,485,150  
Benchmark Mortgage Trust,                  

Series 2018-B5, Class A2, 4.08%, 07/15/51

       566,483       550,348  

Series 2020-B22, Class A2, 1.16%, 01/15/54

       2,741,000       2,509,174  

Series 2021-B23, Class A2, 1.62%, 02/15/54

       1,160,000       1,048,884  

Series 2021-B24, Class A2, 1.95%, 03/15/54

       1,935,000       1,748,304  

Series 2022-B33, Class A2, 3.32%, 03/15/55

       1,905,000       1,740,183  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE BOND FUND (cont’d)

 

MORTGAGE AND ASSET-BACKED
SECURITIES—64.5%		         Principal
Amount		     Value  
Commercial mortgage-backed securities (cont'd)        

BRAVO Residential Funding Trust, Series 2023-NQM4, Class A1, 144A, SB, 6.44%, 05/25/63

       $ 2,365,519       $ 2,387,058  

BX Commercial Mortgage Trust, Series 2019-XL, Class A (1 Month Term SOFR + 1.03%), 144A, 6.40%, 10/15/36

       357,828       356,919  
Citigroup Mortgage Loan Trust,                  

Series 2021-INV1, Class A3A, 144A, VR, 2.50%, 05/25/51

       957,724       784,285  

Series 2021-J3, Class A3A, 144A, VR, 2.50%, 09/25/51

       1,490,593       1,220,655  

DBJPM Mortgage Trust, Series 2020-C9, Class A2,
1.90%, 08/15/53

       1,895,000       1,759,161  
Flagstar Mortgage Trust,                  

Series 2021-3INV, Class A2, 144A, VR, 2.50%, 06/25/51

       1,372,354       1,123,829  

Series 2021-3INV, Class A18, 144A, VR, 5.00%, 06/25/51

       708,183       684,550  

Series 2021-4, Class A5, 144A, VR, 2.50%, 06/01/51

       489,245       424,671  

Series 2021-6INV, Class A4, 144A, VR, 2.50%, 08/25/51

       3,087,080       2,524,169  

GS Mortgage Securities Trust, Series 2014-GC22, Class A5, 3.86%, 06/10/47

       355,000       350,682  

GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A8, 144A, VR, 2.50%, 10/25/51

       1,283,720       1,117,599  
GS Mortgage-Backed Securities Trust,                  

Series 2020-INV1, Class A14, 144A, VR, 2.93%, 10/25/50

       846,880       733,974  

Series 2021-GR2, Class A2, 144A, VR, 2.50%, 02/25/52

       2,923,514       2,390,428  

Series 2021-INV1, Class A2, 144A, VR, 2.50%, 12/25/51

       525,253       430,133  

Series 2021-PJ2, Class A2, 144A, VR, 2.50%, 07/25/51

       916,212       754,185  

Series 2022-LTV2, Class A21, 144A, VR, 4.00%, 12/25/52

       1,301,033       1,209,606  

Series 2022-MM1, Class A2, 144A, VR, 2.50%, 07/25/52

       2,091,689       1,715,074  

Series 2022-PJ6, Class A4, 144A, VR, 3.00%, 01/25/53

       5,143,608       4,380,708  
Hundred Acre Wood Trust,                  

Series 2021-INV1, Class A29, 144A, VR, 3.00%, 07/25/51

       657,192       542,519  

Series 2021-INV2, Class A29, 144A, VR, 3.00%, 10/25/51

       1,105,736       933,440  

Series 2021-INV3, Class A29, 144A, VR, 3.00%, 12/25/51

       665,545       561,840  

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class ASB, 3.46%, 07/15/47

       99,387       98,754  
JP Morgan Mortgage Trust,                  

Series 2020-9, Class A4, 144A, VR, 2.50%, 05/25/51

       1,359,456       1,217,073  

Series 2021-14, Class A12, 144A, VR, 5.00%, 05/25/52

       940,288       914,709  

Series 2021-15, Class A2, 144A, VR, 3.00%, 06/25/52

       3,926,117       3,343,796  

Series 2021-15, Class A3, 144A, VR, 2.50%, 06/25/52

       1,037,007       847,915  

Series 2021-3, Class A3, 144A, VR, 2.50%, 07/25/51

       1,199,283       984,343  

Series 2021-4, Class A3, 144A, VR, 2.50%, 08/25/51

       923,191       756,007  

Series 2021-7, Class A3, 144A, VR, 2.50%, 11/25/51

       715,988       585,711  

Series 2021-8, Class A3, 144A, VR, 2.50%, 12/25/51

       854,493       699,749  

Series 2021-INV4, Class A2A, 144A, VR,

2.50%, 01/25/52

       1,264,437       1,035,455  

Series 2021-INV8, Class A2, 144A, VR, 3.00%, 05/25/52

       1,882,015       1,605,227  

Series 2022-1, Class A2, 144A, VR, 3.00%, 07/25/52

       1,804,059       1,536,481  

Series 2022-4, Class A2A, 144A, VR, 3.00%, 10/25/52

       729,593       621,380  

Series 2022-6, Class A3, 144A, VR, 3.00%, 11/25/52

       369,443       315,109  

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

       460,000       428,793  
Mello Mortgage Capital Acceptance Trust,                  

Series 2021-INV1, Class A4, 144A, VR, 2.50%, 06/25/51

       1,915,847       1,668,881  

Series 2021-MTG1, Class A1, 144A, VR, 2.50%, 04/25/51

       1,594,183       1,305,486  

Morgan Stanley Residential Mortgage Loan Trust, Series 2023-1, Class A1, 144A, VR, 4.00%, 02/25/53

       1,351,496       1,229,684  
OBX Trust,                  

Series 2021-INV2, Class A5, 144A, VR, 2.50%, 10/25/51

       686,938       563,396  

Series 2022-J2, Class A2, 144A, VR, 3.00%, 08/25/52

       4,193,649       3,571,647  

Series 2023-INV1, Class A1, 144A, VR, 3.00%, 01/25/52

       3,248,332       2,766,540  

 

 

MORTGAGE AND ASSET-BACKED
SECURITIES—64.5%		         Principal
Amount		     Value  
Commercial mortgage-backed securities (cont'd)        
OBX Trust, (cont'd)                  

Series 2023-J1, Class A1, 144A, VR, 4.50%, 01/25/53

       $ 1,941,762       $ 1,817,292  

PRMI Securitization Trust, Series 2021-1, Class A3, 144A, VR, 2.50%, 04/25/51

       2,094,300       1,823,499  

Provident Funding Mortgage Trust, Series 2021-INV2, Class 1A4, 144A, VR, 2.00%, 11/25/51

       491,249       412,999  
PSMC Trust,                  

Series 2021-1, Class A11, 144A, VR, 2.50%, 03/25/51

       669,686       583,432  

Series 2021-2, Class A3, 144A, VR, 2.50%, 05/25/51

       1,382,837       1,216,092  

RCKT Mortgage Trust, Series 2021-6, Class A1, 144A, VR, 2.50%, 12/25/51

       1,191,435       975,674  

Sequoia Mortgage Trust, Series 2021-9, Class A1, 144A, VR, 2.50%, 01/25/52

       984,473       804,960  

UWM Mortgage Trust, Series 2021-INV4, Class A10, 144A, VR, 5.00%, 12/25/51

       753,671       733,169  
Verus Securitization Trust,                  

Series 2023-2, Class A1, 144A, SB, 6.19%, 03/25/68

       547,951       549,274  

Series 2023-INV3, Class A1, 144A, VR, 6.88%, 11/25/68

       756,732       770,625  

Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A2, 2.50%, 06/15/53

       3,409,000       3,203,545  

Wells Fargo Mortgage Backed Securities Trust, Series 2021-1, Class A1, 144A, VR, 2.50%, 12/25/50

       292,422       239,100  

WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A4, 3.41%, 08/15/47

       288,194       284,656  
Federal agency mortgage-backed obligations—32.2%        
Fannie Mae Pool,                  

TBA, 3.50%, 01/15/54

       14,555,000       13,351,938  

TBA. 4.00%, 01/15/54

       24,320,000       23,000,450  

TBA, 4.50%, 01/15/54

       14,270,000       13,831,867  

TBA, 5.00%, 01/15/54

       38,920,000       38,503,435  

TBA, 5.50%, 01/15/54

       39,455,000       39,621,451  

TBA, 6.00%, 01/15/54

       26,945,000       27,357,595  

TBA, 6.50%, 01/15/54

       5,785,000       5,928,043  
Fannie Mae-Aces, 0.50%, 11/01/31         2,564,420     2,103,033  
Total mortgage and asset-backed securities
(cost $324,501,581)

 

     327,668,984  
U.S. TREASURIES—25.4%        
U.S. Treasury Bonds,                  

2.25%, 02/15/52

       26,908,000       18,652,710  

2.38%, 02/15/42

       2,815,000       2,159,853  

3.00%, 08/15/52

       23,745,000       19,418,030  

4.13%, 08/15/53

       21,625,000       21,858,144  

U.S. Treasury Inflation Indexed Bonds, 1.50%, 02/15/53

       5,992,882       5,426,596  
U.S. Treasury Inflation Indexed Notes,                  

1.25%, 04/15/28

       38,660,141       37,650,343  

1.38%, 07/15/33

       4,285,202       4,154,151  
U.S. Treasury Notes,                  

2.75%, 08/15/32

       2,525,000       2,312,348  

3.88%, 08/15/33

       6,780,000       6,771,525  

4.63%, 09/30/28

       10,145,000       10,471,542  
Total U.S. Treasuries (cost $125,614,433)

 

     128,875,242  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE BOND FUND (cont’d)

 

SHORT-TERM INVESTMENTS—11.8%         Principal
Amount		     Value  

U.S. Treasury Bills, ZCI, 5.29%, 07/11/24

       $ 61,565,000       $ 60,017,559  
Total short-term investments (cost $59,887,310)         60,017,559  
Total investment portfolio (cost $644,346,413)—126.9%

 

     644,741,129  

Liabilities in excess of other assets—(26.9)%

         (136,690,500 ) 
Total net assets—100.0%         $508,050,629  

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

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

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

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

 

Asset allocation (unaudited)       
Security type   Percent of net assets  
Mortgage and asset-backed securities     64.5%  
U.S. Treasuries     25.4%  
Corporate bonds     25.2%  
Short-term investments     11.8%  

 

 
CARILLON REAMS CORE PLUS BOND FUND

 

CORPORATE BONDS—22.0%         Shares     Value  
Aerospace & defense—0.2%        

The Boeing Co., 3.60%, 05/01/34

       3,595,000       $3,176,320  
Airlines—1.9%        

Air Canada, Pass Through Trust,
Series 2020-2, Class A, 144A, 5.25%, 04/01/29

       2,188,836       2,144,599  

Alaska Airlines, Pass Through Trust, Series 2020-1, Class A, 144A, 4.80%, 08/15/27

       7,701,125       7,483,148  
British Airways, Pass Through Trust,                  

Series 2020-1, Class A, 144A, 4.25%, 11/15/32

       2,568,604       2,391,343  

Series 2021-1, Class A, 144A, 2.90%, 03/15/35

       83,237       71,134  

Delta Air Lines, Pass Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/28

       8,448,856       7,492,335  
JetBlue, Pass Through Trust,                  

Series 2019-1, Class AA, 2.75%, 05/15/32

       4,551,287       3,839,217  

Series 2020-1, Class A, 4.00%, 11/15/32

       1,651,581       1,511,902  
United Airlines, Pass Through Trust,                  

Series 2015-1, Class AA, 3.45%, 12/01/27

       1,733,600       1,608,815  

Series 2016-2, Class AA, 2.88%, 10/07/28

       1,396,336       1,247,598  

Series 2018-1, Class AA, 3.50%, 09/01/31

       1,963,433       1,788,195  
Auto manufacturers—2.6%        
Ford Motor Credit Co. LLC,                  

6.95%, 03/06/26

       3,270,000       3,349,964  

7.35%, 11/04/27

       6,945,000       7,323,842  

 

 

CORPORATE BONDS—22.0%         Shares     Value  
Auto manufacturers (cont'd)        
General Motors Financial Co., Inc.,                  

1.25%, 01/08/26

       9,130,000       $ 8,447,231  

6.00%, 01/09/28

       15,955,000       16,496,263  

6.05%, 10/10/25

       2,555,000       2,584,087  

Volkswagen Group of America Finance LLC, 144A, 3.75%, 05/13/30

       3,760,000       3,464,932  
Automobiles—0.2%        

Ford Motor Co., 3.25%, 02/12/32

       4,540,000       3,775,934  
Banks—6.8%        
Bank of America Corp.,                  

(Fixed until 10/20/31, then SOFR + 1.21%), 2.57%, 10/20/32

       7,823,000       6,485,828  

(Fixed until 04/23/26, then 3 Month Term SOFR + 1.32%), 3.56%, 04/23/27

       7,000,000       6,737,135  

(Fixed until 04/27/32, then SOFR + 1.83%), 4.57%, 04/27/33

       5,230,000       4,985,140  

(Fixed until 07/22/32, then SOFR + 2.16%), 5.02%, 07/22/33

       9,095,000       8,997,054  
Citigroup, Inc.,                  

(Fixed until 01/25/32, then SOFR + 1.35%), 3.06%, 01/25/33

       6,440,000       5,494,490  

(Fixed until 03/17/32, then SOFR + 1.94%), 3.79%, 03/17/33

       8,875,000       7,981,705  

(Fixed until 05/24/32, then SOFR + 2.09%), 4.91%, 05/24/33

       11,785,000       11,538,286  
HSBC Holdings PLC, 4.95%, 03/31/30         5,315,000     5,269,892  
JPMorgan Chase & Co.                  

(Fixed until 01/25/32, then SOFR + 1.26%), 2.96%, 01/25/33

       8,710,000       7,463,053  

(Fixed until 04/26/32, then SOFR + 1.80%), 4.59%, 04/26/33

       5,060,000       4,888,696  

(Fixed until 07/25/32, then SOFR + 2.08%), 4.91%, 07/25/33

       8,200,000       8,107,587  

The PNC Financial Services Group, Inc. (Fixed until 10/28/32, then SOFR Index + 2.14%), 6.04%, 10/28/33

       4,025,000       4,205,354  
Wells Fargo & Co.,                  

(Fixed until 03/02/32, then SOFR + 1.50%), 3.35%, 03/02/33

       4,870,000       4,253,537  

(Fixed until 04/04/30, then 3 Month Term SOFR + 4.03%), 4.48%, 04/04/31

       9,780,000       9,447,935  

(Fixed until 07/25/32, then SOFR + 2.10%), 4.90%, 07/25/33

       6,145,000       5,986,303  

(Fixed until 04/24/33, then SOFR + 2.02%), 5.39%, 04/24/34

       6,470,000       6,498,105  
Capital markets—3.3%        

Morgan Stanley,

      

(Fixed until 01/21/32, then SOFR + 1.29%), 2.94%, 01/21/33

       10,430,000       8,872,367  

(Fixed until 10/18/32, then SOFR + 2.56%), 6.34%, 10/18/33

       7,360,000       7,936,284  

The Bank of New York Mellon Corp. (Fixed until 04/26/33, then SOFR + 1.61%), 4.97%, 04/26/34

       8,165,000       8,124,684  

The Goldman Sachs Group, Inc. (Fixed until 02/24/32, then SOFR + 1.41%), 3.10%, 02/24/33

       8,670,000       7,442,454  
UBS Group AG,                  

(Fixed until 01/30/26, then 1 Year CMT Rate + 1.08%), 144A, 1.36%, 01/30/27

       4,805,000       4,405,817  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)

 

CORPORATE BONDS—22.0%         Shares     Value  
Capital markets (cont'd)        
UBS Group AG, (cont'd)                  

(Fixed until 08/13/29, then 3 Month LIBOR USD + 1.47%), 144A, 3.13%, 08/13/30

       1,190,000       $ 1,061,852  

(Fixed until 01/12/33, then 1 Year CMT Rate + 2.20%), 144A, 5.96%, 01/12/34

       13,885,000       14,358,870  
Containers & packaging—0.4%        
Sonoco Products Co., 3.13%, 05/01/30         6,620,000     5,959,436  
Electric—3.8%        
Appalachian Power Co., 2.70%, 04/01/31         7,310,000     6,243,453  
DTE Electric Co., 5.20%, 04/01/33         6,825,000     7,089,679  
Duke Energy Florida LLC,                  

5.65%, 04/01/40

       5,606,000       5,787,444  

5.88%, 11/15/33

       2,085,000       2,247,524  

Duke Energy Progress LLC, 5.25%, 03/15/33

       7,275,000       7,498,136  

Entergy Arkansas LLC,

      

3.35%, 06/15/52

       4,350,000       3,150,013  

5.30%, 09/15/33

       5,895,000       6,034,471  

Indianapolis Power & Light Co., 144A, 5.65%, 12/01/32

       6,445,000       6,670,153  

MidAmerican Energy Co., 5.35%, 01/15/34

       3,620,000       3,814,370  

Monongahela Power Co., 5.85%, 144A, 02/15/34

       4,785,000       5,020,755  

Public Service Co. of New Hampshire, 5.35%, 10/01/33

       4,465,000       4,675,909  

Wisconsin Public Service Corp., 2.85%, 12/01/51

       3,455,000       2,278,379  
Electric utilities—1.4%        

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

       7,720,000       7,132,684  

Wisconsin Power and Light Co.,

      

1.95%, 09/16/31

       4,760,000       3,864,343  

3.95%, 09/01/32

       6,150,000       5,824,703  

4.95%, 04/01/33

       5,490,000       5,503,497  
Insurance—0.5%        

MetLife, Inc., 5.38%, 07/15/33

       7,860,000       8,193,838  
Multi-utilities—0.2%        

Dominion Energy, Inc., 3.38%, 04/01/30

       3,815,000       3,512,160  
Oil, gas & consumable fuels—0.4%        

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

       7,040,000       6,696,523  
Tobacco—0.3%        

Altria Group, Inc., 2.45%, 02/04/32

       5,560,000       4,534,010  
Total corporate bonds (cost $363,264,984)

 

     350,470,767  
MORTGAGE AND ASSET-BACKED SECURITIES—61.7%        
Asset-backed securities—17.2%        
Ally Auto Receivables Trust,                  

Series 2022-3, Class A2, 5.29%, 06/16/25

       2,293,497       2,292,011  

Series 2023-1, Class A2, 5.76%, 11/15/26

       11,655,000       11,670,185  

AMSR Trust, Series 2020-SFR4, Class A, 144A, 1.36%, 11/17/37

       5,555,000       5,164,487  
Avis Budget Rental Car Funding AESOP LLC,                  

Series 2022-1A, Class A, 144A, 3.83%, 08/21/28

       13,485,000       12,867,104  

Series 2023-1A, Class A, 144A, 5.25%, 04/20/29

       11,080,000       11,018,402  

Bank of America Auto Trust, Series 2023-1, Class A2, 144A, 5.83%, 05/15/26

       16,825,000       16,848,215  
BMW Vehicle Lease Trust,                  

Series 2022-1, Class A3, 1.10%, 03/25/25

       2,315,328       2,302,189  

Series 2023-1, Class A2, 5.27%, 02/25/25

       2,419,353       2,417,885  

Capital One Prime Auto Receivables Trust, Series 2023-1, Class A2, 5.20%, 05/15/26

       8,829,484       8,812,250  

 

 

MORTGAGE AND ASSET-BACKED
SECURITIES—61.7%		         Shares     Value  
Asset-backed securities (cont'd)        

Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.80%, 11/16/26

       11,065,000       $ 11,083,023  
Ford Credit Auto Owner Trust,                  

Series 2023-A, Class A2A, 5.14%, 03/15/26

       4,527,134       4,517,814  

Series 2023-B, Class A2B (SOFR 30 Day Average + 0.49%), 5.83%, 06/15/26

       10,650,000       10,651,913  
GM Financial Consumer Automobile Receivables Trust,                  

Series 2020-3, Class A3, 0.45%, 04/16/25

       618,391       616,321  

Series 2023-3, Class A2A, 5.74%, 09/16/26

       6,330,000       6,341,746  
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A,
1.21%, 12/26/25		         17,025,000     16,434,323  
Honda Auto Receivables Owner Trust, Series 2023-1,
Class A2, 5.22%, 10/21/25		         8,027,837     8,014,513  
Hyundai Auto Receivables Trust,                  

Series 2023-A, Class A2A, 5.19%, 12/15/25

       8,389,431       8,377,612  

Series 2023-B, Class A2A, 5.77%, 05/15/26

       8,375,000       8,397,738  

Series 2023-C, Class A2B (SOFR 30 Day Average + 0.63%), 5.97%, 01/15/27

       5,365,000       5,377,290  
Invitation Homes Trust, Series 2018-SFR4, Class A (1 Month
Term SOFR + 1.21%), 144A, 6.58%, 01/17/38		         9,019,821     9,013,191  
Mercedes-Benz Auto Lease Trust, Series 2023-A, Class A2,
5.24%, 11/17/25		         11,998,369     11,977,641  
Mercedes-Benz Auto Receivables Trust,                  

Series 2022-1, Class A2, 5.26%, 10/15/25

       4,484,097       4,480,587  

Series 2023-1, Class A2, 5.09%, 01/15/26

       3,910,384       3,903,873  

Series 2023-2, Class A2, 5.92%, 11/16/26

       10,970,000       11,053,552  
Nissan Auto Receivables Owner Trust,                  

Series 2023-A, Class A2A, 5.34%, 02/17/26

       7,242,865       7,228,969  

Series 2023-B, Class A2A, 5.95%, 05/15/26

       5,160,000       5,197,515  

Series 2023-B, Class A2B (SOFR 30 Day Average + 0.56%), 5.90%, 05/15/26

       7,500,000       7,511,924  
Porsche Financial Auto Securitization Trust,                  

Series 2023-2, Class A2A, 144A, 5.88%, 11/23/26

       4,040,000       4,061,519  

Series 2023-2, Class A2B (SOFR 30 Day Average + 0.58%), 144A, , 5.92%, 11/23/26

       3,255,000       3,258,680  
Progress Residential Trust, Series 2019-SFR4, Class A,
144A, 2.69%, 10/17/36		         5,948,123     5,790,640  
STAR Trust,                  

Series 2021-SFR1, Class A, (1 Month Term SOFR + 0.71%), 144A, 6.08%, 04/17/38

       5,253,302       5,146,422  

Series 2022-SFR3, Class A, (1 Month Term SOFR + 1.65%), 144A, 7.01%, 05/17/24

       9,677,579       9,638,401  
Toyota Auto Receivables Owner Trust,                  

Series 2022-D, Class A2A, 5.27%, 01/15/26

       3,392,632       3,389,737  

Series 2023-A, Class A2, 5.05%, 01/15/26

       3,988,771       3,980,893  

Series 2023-B, Class A2A, 5.28%, 05/15/26

       8,289,355       8,276,993  

Series 2023-C, Class A2A, 5.60%, 08/17/26

       10,055,000       10,071,696  
USAA Auto Owner Trust, Series 2023-A, Class A2, 144A,
5.83%, 07/15/26		         5,350,000     5,362,195  
World Omni Auto Receivables Trust, Series 2020-C, Class A3,
0.48%, 11/17/25		         1,628,232     1,610,032  
Commercial mortgage-backed securities—13.8%        
A&D Mortgage Trust, Series 2023-NQM5, Class A1, 144A,
SB, 7.05%, 11/25/68		         4,440,924     4,521,119  
BANK, Series 2020-BNK30, Class A2, 1.36%, 12/15/53         2,016,000     1,815,386  
Benchmark Mortgage Trust,                  

Series 2018-B5, Class A2, 4.08%, 07/15/51

       1,787,732       1,736,814  

Series 2021-B23, Class A2, 1.62%, 02/15/54

       4,555,000       4,118,679  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)

 

MORTGAGE AND ASSET-BACKED
SECURITIES—61.7%		         Shares     Value  
Commercial mortgage-backed securities (cont'd)        
Benchmark Mortgage Trust, (cont'd)                  

Series 2021-B24, Class A2, 1.95%, 03/15/54

       4,028,000       $ 3,639,364  

Series 2022-B33, Class A2, 3.32%, 03/15/55

       8,420,000       7,691,517  
BRAVO Residential Funding Trust, Series 2023-NQM4,
Class A1, 144A, SB, 6.44%, 05/25/63		         7,167,951     7,233,218  
BX Commercial Mortgage Trust, Series 2019-XL, Class A,
(1 Month Term SOFR + 1.03%), 144A, 6.40%, 10/15/36		         1,301,958     1,298,647  
Citigroup Mortgage Loan Trust,                  

Series 2021-INV1, Class A3A, 144A, VR, 2.50%, 05/25/51

       9,485,627       7,767,837  

Series 2021-J3, Class A3A, 144A, VR, 2.50%, 09/25/51

       4,617,411       3,781,225  
DBJPM Mortgage Trust, Series 2020-C9, Class A2,
1.90%, 08/15/53		         5,540,000     5,142,877  
Flagstar Mortgage Trust,                  

Series 2021-3INV, Class A2, 144A, VR, 2.50%, 06/25/51

       4,201,083       3,440,292  

Series 2021-3INV, Class A18, 144A, VR, 5.00%, 06/25/51

       2,280,588       2,204,482  

Series 2021-4, Class A5, 144A, VR, 2.50%, 06/01/51

       1,523,422       1,322,350  

Series 2021-6INV, Class A4, 144A, VR, 2.50%, 08/25/51

       2,283,647       1,867,238  
GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5,
Class A8, 144A, VR, 2.50%, 10/25/51		         3,994,636     3,477,704  
GS Mortgage-Backed Securities Trust,                  

Series 2020-INV1, Class A14, 144A, VR, 2.93%, 10/25/50

       2,635,230       2,283,901  

Series 2021-INV1, Class A2, 144A, VR, 2.50%, 12/25/51

       1,608,846       1,317,493  

Series 2021-PJ2, Class A2, 144A, VR, 2.50%, 07/25/51

       2,763,905       2,275,125  

Series 2022-LTV2, Class A2, 144A, VR, 4.00%, 12/25/52

       7,467,932       6,943,138  

Series 2022-MM1, Class A2, 144A, VR, 2.50%, 07/25/52

       6,516,247       5,342,977  

Series 2022-PJ6, Class A4, 144A, VR, 3.00%, 01/25/53

       16,078,433       13,693,680  
Hundred Acre Wood Trust,                  

Series 2021-INV1, Class A29, 144A, VR, 3.00%, 07/25/51

       2,051,236       1,693,318  

Series 2021-INV2, Class A29, 144A, VR, 3.00%, 10/25/51

       3,455,934       2,917,431  

Series 2021-INV3, Class A29, 144A, VR, 3.00%, 12/25/51

       2,082,946       1,758,382  
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-C20, Class ASB, 3.46%, 07/15/47		         221,790     220,378  
JP Morgan Mortgage Trust,                  

Series 2017-2, Class A7, 144A, VR, 3.50%, 05/25/47

       2,599,871       2,312,069  

Series 2020-9, Class A4, 144A, VR, 2.50%, 05/25/51

       4,213,227       3,771,954  

Series 2021-1, Class A3, 144A, VR, 2.50%, 06/25/51

       1,705,300       1,402,519  

Series 2021-3, Class A3, 144A, VR, 2.50%, 07/25/51

       3,583,658       2,941,380  

Series 2021-4, Class A3, 144A, VR, 2.50%, 08/25/51

       2,780,925       2,277,316  

Series 2021-7, Class A3, 144A, VR, 2.50%, 11/25/51

       2,156,053       1,763,752  

Series 2021-8, Class A3, 144A, VR, 2.50%, 12/25/51

       2,579,524       2,112,388  

Series 2021-14, Class A12, 144A, VR, 5.00%, 05/25/52

       2,925,806       2,846,215  

Series 2021-15, Class A2, 144A, VR, 3.00%, 06/25/52

       12,281,919       10,460,265  

Series 2021-15, Class A3, 144A, VR, 2.50%, 06/25/52

       3,247,582       2,655,405  

Series 2021-INV4, Class A2A, 144A, VR, 2.50%, 01/25/52

       3,362,253       2,753,369  

Series 2021-INV8, Class A2, 144A, VR, 3.00%, 05/25/52

       8,391,869       7,157,677  

Series 2022-1, Class A2, 144A, VR, 3.00%, 07/25/52

       6,083,760       5,181,416  

Series 2022-4, Class A2A, 144A, VR, 3.00%, 10/25/52

       2,170,764       1,848,796  

Series 2022-6, Class A3, 144A, VR, 3.00%, 11/25/52

       1,078,356       919,762  
Mello Mortgage Capital Acceptance Trust, Series 2021-MTG1,
Class A1, 144A, VR, 2.50%, 04/25/51		         4,982,805     4,080,449  
Morgan Stanley Residential Mortgage Loan Trust, Series
2023-1, Class A1, 144A, VR, 4.00%, 02/25/53		         3,873,655     3,524,518  
OBX Trust,                  

Series 2021-INV2, Class A3, 144A, VR,
2.50%, 10/25/51

       2,518,773       2,065,787  

Series 2022-J2, Class A2, 144A, VR,
3.00%, 08/25/52

       13,293,682       11,321,963  

 

 

MORTGAGE AND ASSET-BACKED
SECURITIES—61.7%		         Shares     Value  
Commercial mortgage-backed securities (cont'd)        
OBX Trust, (cont'd)                  

Series 2023-INV1, Class A1, 144A, VR, 3.00%, 01/25/52

       9,706,211       $ 8,266,585  

Series 2023-J1, Class A1, 144A, VR, 4.50%, 01/25/53

       6,742,874       6,310,643  
PRMI Securitization Trust, Series 2021-1, Class A3, 144A,
VR, 2.50%, 04/25/51		         6,522,470     5,679,089  
Provident Funding Mortgage Trust, Series 2021-INV2,
Class 1A4, 144A, VR, 2.00%, 11/25/51		         1,809,865     1,521,576  
PSMC Trust,                  

Series 2021-1, Class A11, 144A, VR, 2.50%, 03/25/51

       2,089,420       1,820,309  

Series 2021-2, Class A3, 144A, VR, 2.50%, 05/25/51

       4,302,567       3,783,756  
RCKT Mortgage Trust, Series 2021-6, Class A1, 144A, VR,
2.50%, 12/25/51		         3,744,511     3,066,403  
Sequoia Mortgage Trust,                  

Series 2021-4, Class A1, 144A, VR, 2.50%, 06/25/51

       6,148,305       5,034,884  

Series 2021-9, Class A1, 144A, VR, 2.50%, 01/25/52

       3,081,446       2,519,563  
UWM Mortgage Trust, Series 2021-INV4, Class A10, 144A,
VR, 5.00%, 12/25/51		         2,357,726     2,293,589  
Verus Securitization Trust,                  

Series 2023-2, Class A1, 144A, SB, 6.19%, 03/25/68

       1,665,597       1,669,617  

Series 2023-INV3, Class A1, 144A, VR, 6.88%, 11/25/68

       2,285,132       2,327,083  
Wells Fargo Commercial Mortgage Trust, Series 2020-C56,
Class A2, 2.50%, 06/15/53		         4,895,000     4,599,986  
Wells Fargo Mortgage Backed Securities Trust,
Series 2021-1, Class A1, 144A, VR, 2.50%, 12/25/50		         1,091,955     892,843  
Federal agency mortgage-backed obligations—30.7%        
Fannie Mae Pool,                  

TBA, 3.50%, 01/15/54

       48,805,000       44,770,962  

TBA, 4.00%, 01/15/54

       78,595,000       74,330,607  

TBA, 4.50%, 01/15/54

       43,145,000       41,820,314  

TBA, 5.00%, 01/15/54

       112,350,000       111,147,504  

TBA, 5.50%, 01/15/54

       106,730,000       107,180,267  

TBA, 6.00%, 01/15/54

       83,410,000       84,687,216  

TBA, 6.50%, 01/15/54

       24,295,000       24,895,732  

Total mortgage and asset-backed securities

(cost $972,061,799)

 

 

     983,679,581  
U.S. TREASURIES—29.8%        
U.S. Treasury Bonds,                  

2.25%, 02/15/52

       99,680,000       69,098,487  

2.38%, 02/15/42

       14,785,000       11,344,022  

3.00%, 08/15/52

       60,621,000       49,574,244  

4.13%, 08/15/53

       68,580,000       69,319,378  
U.S. Treasury Inflation Indexed Bonds, 1.50%, 02/15/53         18,392,661     16,654,683  
U.S. Treasury Inflation Indexed Notes,                  

1.25%, 04/15/28

       121,401,971       118,230,966  

1.38%, 07/15/33

       13,448,239       13,036,963  
U.S. Treasury Notes,                  

2.75%, 08/15/32

       15,975,000       14,629,606  

3.88%, 08/15/33

       20,375,000       20,349,531  

4.63%, 03/15/26

       30,525,000       30,789,709  

4.63%, 09/30/28

       60,890,000       62,849,897  
Total U.S. Treasuries (cost $468,119,273)

 

     475,877,486  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS CORE PLUS BOND FUND (cont’d)

 

MEDIUM-TERM NOTES—0.0%         Shares     Value  
Citigroup Global Markets Holdings, Inc.,                  

144A, 01/24/24#

       133,000       $ 31,281  

144A, 01/24/24#

       133,000       31,390  

144A, 01/24/24#

       133,000       31,172  
Total medium-term notes (cost $399,000)

 

     93,843  
SHORT-TERM INVESTMENTS—12.6%        

U.S. Treasury Bills, ZCI, 5.19%, 07/11/24

       206,000,000       200,822,176  

Total short-term investments

(cost $200,489,311)

 

 

     200,822,176  
Total investment portfolio (cost $2,004,334,367)—126.1%

 

     2,010,943,853  

Liabilities in excess of other assets—(26.1)%

 

     (416,652,835 ) 
Total net assets—100.0%

 

     $1,594,291,018  

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

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

# These securities do not pay interest and do not guarantee full repayment of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of each of the S&P 500 Index (“SPX”) and the SPDR Gold Trust (“GLD”) (each, an “underlying”) from its initial underlying value to its final underlying value.

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

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.

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

 

Asset allocation (unaudited)      
Security type   Percent of net assets  
Mortgage and asset-backed securities     61.7%  
U.S. Treasuries     29.8%  
Corporate bonds     22.0%  
Short-term investments     12.6%  
Medium-term notes     0.0%  
 

 

SWAP CONTRACTS—CREDIT DEFAULT SWAPS                                                    
Central Clearing Party   Reference Entity   Rating of
Reference Entity
(Moody’s/S&P)		     Buy/Sell(a)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(b)		     Value(c)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American High Yield Index Series 41     B2/B       Sell       Receive     5%/Quarterly     12/20/28       $74,809,350       $4,489,060       $144,727       $4,344,333  
Total swap contracts                 $74,809,350       $4,489,060       $144,727       $4,344,333  

There is $57,329 of variation margin due from the Fund to the broker as of the date of this report.

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

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

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

 

FORWARD CONTRACTS                                                  
Currency to be Received        Currency to be Delivered        Settlement Date        Counterparty        Unrealized
Appreciation
(Depreciation)		  
Australian Dollar      46,220,000        U.S. Dollar        29,233,919          01/30/24          J.P. Morgan          $ 2,297,812  
U.S. Dollar      31,105,633        Australian Dollar        46,220,000          01/30/24          J.P. Morgan          (426,099 ) 
Canadian Dollar      20,347,042        U.S. Dollar        14,855,000          01/04/24          Goldman Sachs          502,169  
U.S. Dollar      15,409,756        Canadian Dollar        20,347,042          01/04/24          Goldman Sachs          52,587  
Japanese Yen      2,213,792,770        U.S. Dollar        14,989,152          01/24/24          Goldman Sachs          777,733  
U.S. Dollar      8,349,425        Japanese Yen        1,226,280,000          01/24/24          Goldman Sachs          (384,281 ) 
Total forward contracts                       $ 2,819,921  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS UNCONSTRAINED BOND FUND

 

CORPORATE BONDS—20.4%         Principal
Amount		     Value  
Aerospace & defense—0.4%                  

The Boeing Co., 3.60%, 05/01/34

       $6,145,000       $5,429,342  
Airlines—2.1%        

Air Canada, Pass Through Trust, Series 2020-2, Class A, 144A, 5.25%, 04/01/29

       1,323,642       1,296,890  
British Airways, Pass Through Trust,                  

Series 2020-1, Class A, 144A, 4.25%, 11/15/32

       2,313,495       2,153,839  

Series 2021-1, Class A, 144A, 2.90%, 03/15/35

       4,670,530       3,991,429  

Delta Air Lines, Pass Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/28

       11,813,375       10,475,945  

JetBlue, Pass Through Trust, Series 2020-1, Class A, 4.00%, 11/15/32

 

     3,564,361       3,262,912  

United Airlines, Pass Through Trust,

      

Series 2014-1, Class A, 4.00%, 04/11/26

       2,132,197       2,036,385  

Series 2015-1, Class AA, 3.45%, 12/01/27

       538,563       499,797  

Series 2016-2, Class AA, 2.88%, 10/07/28

       2,283,663       2,040,407  

Series 2018-1, Class AA, 3.50%, 09/01/31

       558,268       508,443  

Series 2019-1, Class AA, 4.15%, 08/25/31

       3,594,807       3,312,911  
Auto manufacturers—2.0%        
Ford Motor Credit Co. LLC,                  

4.27%, 01/09/27

       3,920,000       3,759,466  

6.95%, 03/06/26

       6,950,000       7,119,954  

7.35%, 11/04/27

       9,028,000       9,520,467  

General Motors Financial Co., Inc., 6.00%, 01/09/28

       8,290,000       8,571,233  
Banks—6.4%        
Bank of America Corp.,                  

(Fixed until 02/04/32, then SOFR + 1.33%), 2.97%, 02/04/33

       6,810,000       5,794,087  

(Fixed until 04/27/32, then SOFR + 1.83%), 4.57%, 04/27/33

       1,675,000       1,596,579  

(Fixed until 07/22/27, then SOFR + 2.04%), 4.95%, 07/22/28

       2,925,000       2,924,603  

(Fixed until 07/22/32, then SOFR + 2.16%), 5.02%, 07/22/33

       9,240,000       9,140,492  
Citigroup, Inc.,                  

(Fixed until 03/17/32, then SOFR + 1.94%), 3.79%, 03/17/33

       11,945,000       10,742,700  

(Fixed until 11/17/32, then SOFR + 2.34%), 6.27%, 11/17/33

       8,160,000       8,731,289  
JPMorgan Chase & Co.,                  

(Fixed until 01/25/32, then SOFR + 1.26%), 2.96%, 01/25/33

       6,290,000       5,389,507  

(Fixed until 07/25/32, the SOFR + 2.08%), 4.91%, 07/25/33

       9,580,000       9,472,035  

(Fixed until 06/01/33, then SOFR + 1.85%), 5.35%, 06/01/34

       6,325,000       6,415,032  

Mitsubishi UFJ Financial Group, Inc. (Fixed until 07/20/26, then 1 Year CMT Rate + 0.75%), 1.54%, 07/20/27

       5,350,000       4,888,391  

The PNC Financial Services Group, Inc. (Fixed until 10/28/32, then SOFR Index + 2.14%), 6.04%, 10/28/33

       6,820,000       7,125,594  
Wells Fargo & Co.,                  

(Fixed until 03/02/32, then SOFR + 1.50%), 3.35%, 03/02/33

       8,120,000       7,092,141  

(Fixed until 04/04/30, then 3 Month Term SOFR USD + 4.03%), 4.48%, 04/04/31

       4,230,000       4,086,377  

(Fixed until 07/25/32, then SOFR + 2.10%), 4.90%, 07/25/33

       7,865,000       7,661,883  

(Fixed until 04/24/33, then SOFR + 2.02%), 5.39%, 04/24/34

       850,000       853,692  

 

 

CORPORATE BONDS—20.4%         Principal
Amount		     Value  
Biotechnology—0.2%        

Amgen, Inc., 5.15%, 03/02/28

       $ 3,350,000       $ 3,429,566  
Capital markets—3.9%        
Morgan Stanley,                  

(Fixed until 07/20/32, then SOFR + 2.08%), 4.89%, 07/20/33

       10,085,000       9,833,575  

(Fixed until 10/18/32, then SOFR + 2.56%), 6.34%, 10/18/33

       9,455,000       10,195,321  

The Bank of New York Mellon Corp. (Fixed until 04/26/33, then SOFR + 1.61%), 4.97%, 04/26/34

       7,405,000       7,368,437  

The Goldman Sachs Group, Inc. (Fixed until 02/24/32, then SOFR + 1.41%), 3.10%, 02/24/33

       18,865,000       16,193,990  

UBS Group AG (Fixed until 01/12/33, then 1 Year CMT Rate + 2.20%), 144A, 5.96%, 01/12/34

       12,465,000       12,890,408  
Commercial services—0.4%        

ERAC USA Finance LLC, 144A, 4.60%, 05/01/28

       5,810,000       5,773,768  
Diversified telecommunication services—0.2%        

Verizon Communications, Inc., 2.55%, 03/21/31

       3,115,000       2,685,905  
Electric—1.7%        

Appalachian Power Co., 2.70%, 04/01/31

       5,975,000       5,103,233  

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

       510,000       475,526  

Duke Energy Florida LLC, 5.88%, 11/15/33

       3,950,000       4,257,899  

Entergy Arkansas LLC, 5.30%, 09/15/33

       5,810,000       5,947,460  

Entergy Louisiana LLC, 2.35%, 06/15/32

       3,940,000       3,276,914  

Public Service Electric and Gas Co., 4.65%, 03/15/33

       5,025,000       5,025,516  
Electric utilities—0.7%        

Duke Energy Corp., 5.00%, 12/08/27

       4,220,000       4,265,874  

Edison International, 4.95%, 04/15/25

       575,000       570,949  

Southern California Edison Co., 1.20%, 02/01/26

       4,890,000       4,552,852  
Health care equipment & supplies—0.5%        

GE HealthCare Technologies, Inc., 5.86%, 03/15/30

       6,500,000       6,827,604  
Healthcare services—0.3%        

HCA, Inc., 5.00%, 03/15/24

       4,025,000       4,017,661  
Insurance—0.4%        

Jackson National Life Global Funding, 144A, 1.75%, 01/12/25

       2,950,000       2,828,025  

Metropolitan Life Global Funding I, 144A, 4.30%, 08/25/29

       2,720,000       2,648,683  
Multi-utilities—0.4%        

Dominion Energy, Inc., 3.38%, 04/01/30

       5,885,000       5,417,841  
Oil, gas & consumable fuels—0.3%        

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

       4,686,000       4,457,373  
Tobacco—0.5%        

Altria Group, Inc., 4.80%, 02/14/29

       7,250,000       7,226,840  
Total corporate bonds (cost $296,209,883)

 

     291,165,042  
MORTGAGE AND ASSET-BACKED SECURITIES—49.9%        
Asset-backed securities—5.8%        

American Express Credit Account Master Trust, Series 2001-1, Class A, 0.90%, 11/15/26

       10,855,000       10,463,864  

Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5 (SOFR + 0.73%), 6.09%, 04/22/26

       4,290,000       4,294,783  

Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A, 1.21%, 12/26/25

       23,075,000       22,274,420  

Hyundai Auto Receivables Trust, Series 2023-C, Class A2B (SOFR30A + 0.63%), 5.97%, 01/15/27

       4,720,000       4,730,813  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

 

MORTGAGE AND ASSET-BACKED
SECURITIES—49.9%		         Principal
Amount		     Value  
Asset-backed securities (cont'd)        

Invitation Homes Trust, Series 2018-SFR4, Class A (1 Month Term SOFR USD + 1.21%), 144A, 6.58%, 01/17/38

       $ 3,388,286       $ 3,385,795  

Mercedes-Benz Auto Lease Trust, Series 2023-A, Class A2, 5.24%, 11/17/25

       11,786,662       11,766,299  

Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2, 5.26%, 10/15/25

       5,032,527       5,028,588  

Porsche Financial Auto Securitization Trust,

      

Series 2023-2, Class A2A, 144A, 5.88%, 11/23/26

       3,650,000       3,669,442  

Series 2023-2, Class A2B ( SOFR30A + 0.58%), 144A, 5.92%, 11/23/26

       2,940,000       2,943,324  

Progress Residential Trust,

      

Series 2019-SFR3, Class A, 144A, 2.27%, 09/17/36

       2,093,592       2,037,423  

Series 2019-SFR4, Class A, 144A, 2.69%, 10/17/36

       8,760,415       8,528,474  
Toyota Auto Receivables Owner Trust, Series 2022-D,
Class A2A, 5.27%, 01/15/26		         3,558,053     3,555,017  
Commercial mortgage-backed securities—11.9%        

A&D Mortgage Trust, Series 2023-NQM5, Class A1, 144A, SB, 7.05%, 11/25/68

       3,890,150       3,960,400  

BANK, Series 2021-BNK35, Class A2, 1.87%, 06/15/64

       6,280,000       5,728,411  

BBCMS Mortgage Trust 2022-C18, Class A2, VR, 5.50%, 12/15/55

       7,380,000       7,469,811  

Benchmark Mortgage Trust, Series 2021-B28, Class A2, 1.79%, 08/15/54

       4,640,000       4,241,098  
BRAVO Residential Funding Trust,                  

Series 2023-NQM5, Class A1, 144A, SB, 6.51%, 06/25/63

       2,537,216       2,563,776  

Series 2023-NQM8, Class A1, 144A, SB, 6.39%, 10/25/63

       6,987,719       7,031,832  

Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A2, 2.98%, 11/10/52

       4,529,000       4,363,972  

Citigroup Mortgage Loan Trust, Series 2021-J2, Class A7A, 144A, VR, 2.50%, 07/25/51

       1,927,425       1,676,872  

DBJPM Mortgage Trust, Series 2020-C9, Class A2, 1.90%, 08/15/53

       4,255,000       3,949,990  

Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 144A, VR, 2.50%, 09/25/51

       1,584,511       1,299,546  

GS Mortgage Backed Securites Corp. Trust, Series 2021-PJ5, Class A8, 144A, VR, 2.50%, 10/25/51

       3,601,968       3,135,851  
GS Mortgage-Backed Securities Trust,                  

Series 2020-INV1, Class A14, 144A, VR, 2.93%, 10/25/50

       4,056,747       3,515,902  

Series 2021-GR2, Class A2, 144A, VR, 2.50%, 02/25/52

       2,190,576       1,791,138  

Series 2021-MM1, Class A2, 144A, VR, 2.50%, 04/25/52

       7,153,505       5,858,048  

Series 2021-PJ10, Class A2, 144A, VR, 2.50%, 03/25/52

       4,597,776       3,759,399  

Series 2022-GR2, Class A2, 144A, VR, 3.00%, 08/26/52

       4,348,981       3,703,941  

Series 2022-LTV2, Class A2, 144A, VR, 4.00%, 12/25/52

       4,011,520       3,729,618  

Series 2022-MM1, Class A2, 144A, VR, 2.50%, 07/25/52

       5,876,023       4,818,028  

Series 2022-PJ6, Class A4, 144A, VR, 3.00%, 01/25/53

       4,416,793       3,761,695  
JP Morgan Mortgage Trust,                  

Series 2021-1, Class A3, 144A, VR, 2.50%, 06/25/51

       1,277,436       1,050,623  

Series 2021-4, Class A3, 144A, VR, 2.50%, 08/25/51

       2,837,678       2,323,792  

Series 2021-6, Class A3, 144A, VR, 2.50%, 10/25/51

       3,077,238       2,519,969  

Series 2021-8, Class A3, 144A, VR, 2.50%, 12/25/51

       2,631,677       2,155,096  

Series 2021-INV6, Class A2, 144A, VR, 3.00%, 04/25/52

       6,324,646       5,402,386  

Series 2021-INV8, Class A2, 144A, VR, 3.00%, 05/25/52

       5,892,252       5,025,679  

Series 2022-1, Class A2, 144A, VR, 3.00%, 07/25/52

       1,997,194       1,700,970  

Series 2022-4, Class A2A, 144A, VR, 3.00%, 10/25/52

       2,152,749       1,833,453  

Series 2022-6, Class A3, 144A, VR, 3.00%, 11/25/52

       2,526,805       2,155,188  

Series 2022-8, Class A3, 144A, VR, 4.00%, 01/25/53

       1,669,589       1,528,457  

Series 2022-INV1, Class A3, 144A, VR, 3.00%, 03/25/52

       3,416,379       2,913,932  

 

 

MORTGAGE AND ASSET-BACKED
SECURITIES—49.9%		         Principal
Amount		     Value  
Commercial mortgage-backed securities (cont'd)        

JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4, 3.80%, 09/15/47

       $ 825,000       $ 810,493  

Morgan Stanley Residential Mortgage Loan Trust, Series 2023-1, Class A1, 144A, VR, 4.00%, 02/25/53

       9,688,895       8,815,625  
OBX Trust,                  

Series 2021-INV2, Class A3, 144A, VR, 2.50%, 10/25/51

       2,667,186       2,187,508  

Series 2023-INV1, Class A1, 144A, VR, 3.00%, 01/25/52

       9,919,534       8,448,269  

Series 2023-NQM3, Class A1, 144A, SB, 5.95%, 02/25/63

       2,207,533       2,207,706  

PRMI Securitization Trust, Series 2021-1, Class A3, 144A, VR, 2.50%, 04/25/51

       5,881,042       5,120,600  
PSMC Trust,                  

Series 2021-1, Class A11, 144A, VR, 2.50%, 03/25/51

       1,881,817       1,639,445  

Series 2021-2, Class A3, 144A, VR, 2.50%, 05/25/51

       3,877,079       3,409,574  
RATE Mortgage Trust,                  

Series 2021-J3, Class A1, 144A, VR, 2.50%, 10/25/51

       3,989,385       3,261,944  

Series 2021-J4, Class A1, 144A, VR, 2.50%, 11/25/51

       4,532,086       3,711,352  
Sequoia Mortgage Trust,                  

Series 2021-3, Class A1, 144A, VR, 2.50%, 05/25/51

       4,033,313       3,302,904  

Series 2021-4, Class A1, 144A, VR, 2.50%, 06/25/51

       5,206,260       4,263,437  

Series 2021-6, Class A1, 144A, VR, 2.50%, 10/25/51

       2,614,414       2,137,691  
Verus Securitization Trust,                  

Series 2023-2, Class A1, 144A, SB, 6.19%, 03/25/68

       1,452,505       1,456,011  

Series 2023-8, Class A1, 144A, SB, 6.26%, 12/25/68

       4,330,000       4,360,690  

Series 2023-INV3, Class A1, 144A, VR, 6.88%, 11/25/68

       1,991,400       2,027,959  

Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A1, 144A, VR, 2.50%, 12/25/50

       6,558,576       5,379,055  

WFRBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.49%, 09/15/57

       3,319,360       3,272,861  
Federal agency mortgage-backed obligations—32.2%        

Fannie Mae Pool,

      

TBA, 5.00%, 01/15/54

       48,520,000       48,000,685  

TBA, 5.50%, 01/15/54

       136,410,000       136,985,480  

TBA, 6.00%, 01/15/54

       176,525,000       179,228,039  

TBA, 6.50%, 01/15/54

       93,990,000       96,314,049  
Total mortgage and asset-backed securities
(cost $706,376,337)		     713,988,492  
U.S. TREASURIES—29.6%        

U.S. Treasury Inflation Indexed Bonds,
1.38%, 07/15/33

       123,941,602       120,151,208  
U.S. Treasury Inflation Indexed Notes,                  

0.50%, 01/15/28

       15,260,960       14,439,660  

1.25%, 04/15/28

       149,004,121       145,112,151  

1.50%, 02/15/53

       36,500,686       33,051,626  

2.38%, 10/15/28

       82,112,853       84,563,517  
U.S. Treasury Notes,                  

2.75%, 08/15/32

       21,370,000       19,570,245  

4.63%, 09/30/28

       5,890,000       6,079,584  
Total U.S. treasuries (cost $411,112,439)

 

     422,967,991  

MEDIUM-TERM NOTES—0.0%

        

Citigroup Global Markets Holdings, Inc.,

      

144A, 01/24/24*

       304,000       71,499  

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

 

MEDIUM-TERM NOTES—0.0%

        Principal
Amount		     Value  

144A, 01/24/24*

       $304,000       $71,749  

144A, 01/24/24*

       304,000       71,250  
Total medium-term notes (cost $912,000)

 

     214,498  
SHORT-TERM INVESTMENTS—27.2%        
U.S. Treasury Bills,                  

ZCI, 5.16%, 10/03/24

       59,850,000       57,697,218  

ZCI, 5.36%, 08/05/24

       237,350,000       230,520,270  

ZCI, 5.30%, 07/11/24

       104,015,000       101,400,576  
Total short-term investments (cost $388,721,330)

 

     389,618,064  
Total investment portfolio (cost $1,803,331,989)—127.1%

 

     1,817,954,087  

Liabilities in excess of other assets—(27.1)%

 

     (387,783,409 ) 
Total net assets—100.0%         $1,430,170,678  

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

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

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.

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

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

* These securities do not pay interest and do not guarantee full repayment of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of each of the S&P 500 Index (“SPX”) and the SPDR Gold Trust (“GLD”) (each, an “underlying”) from its initial underlying value to its final underlying value.

 

Asset allocation (unaudited)      
Security type   Percent of net assets  
Mortgage and asset-backed securities     49.9%  
U.S. Treasuries     29.6%  
Short-term investments     27.2%  
Corporate bonds     20.4%  
Medium-term notes     0.0%  
 

 

FUTURES CONTRACTS—SHORT                                     
Description    Expiration
Date		        Number of
Contracts		      Notional Value
at Trade Date		      Notional Value
at December 31, 2023		      Unrealized
Appreciation
(Depreciation)		  
5-Year U.S. Treasury Note      03/28/24          (1,348 )       $(144,861,903 )       $(146,626,594 )       $(1,764,691 ) 
Total futures contracts                    $(1,764,691 ) 

There is $2,553,716 of variation margin due from the broker to 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(a)
Protection		     Pay/Receive
Fixed Rate		     Fixed Rate   Expiration
Date		     Notional
Value(b)		     Value(c)     Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Intercontinental Exchange   CDX North American Investment Grade Series 40     Baa2/BBB       Sell       Receive     1%/Quarterly     12/20/28       $97,210,000       $1,940,830       $ 888,797       $1,052,033  
Intercontinental Exchange   CDX North American High Yield Index Series 41     B2/B       Sell       Receive     5%/Quarterly     12/20/28       135,135,000       8,109,001       828,008       7,280,993  
Intercontinental Exchange   iTraxx Australia Series 39 Version 1 Index     Baa2/BBB       Buy       Receive     1%/Quarterly     06/20/28       97,210,000       (1,472,958 )      (518,801 )      (954,157 ) 
Total swap contracts                 $329,555,000       $8,576,873       $1,198,004       $7,378,869  

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

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

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

 

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

Investment Portfolios

12.31.2023

 

CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)

 

INFLATION RATE SWAPS                                    
Central Clearing Party   Pay/Receive
Floating Rate		   Floating
Rate Index		   Fixed
Rate		     Payment
Frequency		     Termination
Date		   Notional
Amount		     Unrealized
Appreciation/
(Depreciation)		  
LCH Ltd^   Pay   U.S. CPI Urban Consumers NSA (CPURNSA)     2.72 %      At Termination     06/30/53     EUR 17,646,000       $1,662,243  
LCH Ltd   Receive   U.S. CPI Urban Consumers NSA (CPURNSA)     2.45 %      At Termination     06/30/53     $25,507,000       (281,527 ) 
Total inflation rate swap contracts                 $1,380,716  

CPI—Consumer Price Index

^ This inflation rate swap is denominated in Euro. Unrealized Appreciation (Depreciation) has been translated into U.S. Dollars as of December 31, 2023.

There is $2,013,439 of variation margin due from the broker to the Fund as of the date of this report.

 

FORWARD CONTRACTS                                                  
Currency to be Received        Currency to be Delivered        Settlement Date        Counterparty        Unrealized
Appreciation
(Depreciation)		  
Australian Dollar      67,200,000        U.S. Dollar        42,503,664          01/30/24          J.P. Morgan          $3,340,826  
U.S. Dollar      45,150,432        Australian Dollar        67,200,000          01/30/24          J.P. Morgan          (694,058)  
Canadian Dollar      63,895,506        U.S. Dollar        46,670,000          01/04/24          Goldman Sachs          1,555,883  
U.S. Dollar      33,804,150        Canadian Dollar        44,635,000          01/04/24          Goldman Sachs          115,360  
Indian Rupee      901,385,894        U.S. Dollar        10,779,420          01/17/24          Goldman Sachs          45,741  
Indian Rupee      901,385,894        U.S. Dollar        10,776,585          01/17/24          J.P. Morgan          48,577  
U.S. Dollar      8,883,118        Indian Rupee        740,541,128          01/17/24          Barclays Bank          (10,384)  
U.S. Dollar      12,740,370        Indian Rupee        1,062,230,660          01/17/24          J.P. Morgan          (16,451)  
Japanese Yen      6,236,587,215        U.S. Dollar        42,226,695          01/24/24          Goldman Sachs          2,190,991  
U.S. Dollar      42,436,244        Japanese Yen        6,236,587,215          01/24/24          Goldman Sachs          (1,981,441)  
Norwegian Krone      138,341,292        U.S. Dollar        12,990,000          03/05/24          Goldman Sachs          647,211  
U.S. Dollar      13,561,409        Norwegian Krone        138,341,292          03/05/24          Goldman Sachs          (75,802)  
Swedish Krona      134,664,732        U.S. Dollar        12,990,000          03/05/24          J.P. Morgan          397,259  
U.S. Dollar      13,447,955        Swedish Krona        134,664,732          03/05/24          J.P. Morgan          60,696  
U.S. Dollar      26,741,314        Swiss Franc        23,384,076          02/26/24          J.P. Morgan          (1,231,918)  
Total forward contracts                       $4,392,490  

 

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

Statements of Assets and Liabilities

12.31.2023

 

    

Carillon ClariVest

Capital

Appreciation

Fund

    

Carillon ClariVest

International

Stock

Fund

    

Carillon Eagle

Growth

& Income

Fund

    

Carillon Eagle

Mid Cap

Growth

Fund

  
Assets        

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

     $402,780,539       $368,502,195       $601,033,191       $6,447,986,466  

Cash

     180,941       3,072,216       10,460,584       27,811,189  

Foreign currency, at value (Cost $—, $19,554, $—, and $—)

     —       20,151       —       —  

Receivable for fund shares sold

     350,494       336,804       256,670       15,872,182  

Receivable for dividends and interest, net

     195,667       245,823       838,450       1,686,709  

Receivable for foreign tax reclaims

     —       2,709,355       35,766       16,885  

Prepaid expenses

     18,944       2,776       5,503       50,206  
Total assets     403,526,585       374,889,320       612,630,164       6,493,423,637  
Liabilities        

Payable for securities lending collateral received

     —       4,679,500       —       —  

Payable for fund shares redeemed

     370,536       411,781       1,417,355       30,220,030  

Accrued custody fees

     2,169       16,586       2,997       28,725  

Accrued investment advisory fees, net

     123,467       165,346       241,784       2,753,078  

Accrued administrative fees

     34,077       30,790       51,952       537,875  

Accrued distribution fees

     44,760       7,953       77,813       204,956  

Accrued shareholder servicing fees

     24,399       26,949       42,887       240,989  

Accrued professional fees

     65,722       71,764       66,147       66,335  

Accrued compliance fees

     525       525       525       525  

Other accrued expenses

     27,976       40,796       41,692       292,343  
Total liabilities     693,631       5,451,990       1,943,152       34,344,856  
Net assets     402,832,954       369,437,330       610,687,012       6,459,078,781  
Net assets consists of        

Paid-in capital

     166,292,498       329,750,746       385,437,714       4,340,292,481  

Total distributable earnings (accumulated loss)

     236,540,456       39,686,584       225,249,298       2,118,786,300  
Net assets     402,832,954       369,437,330       610,687,012       6,459,078,781  
Net assets, at market value        

Class A

     180,698,626       4,441,718       205,591,258       618,313,088  

Class C

     7,698,102       1,163,152       39,683,460       70,438,248  

Class I

     212,657,664       340,168,891       351,798,937       1,295,851,864  

Class R-3

     279,391       14,629,680       1,255,334       40,872,019  

Class R-5

     1,224,302       45,850       2,888,656       872,009,136  

Class R-6

     246,958       8,953,999       9,333,445       3,559,772,274  

Class Y

     27,911       34,040       135,922       1,822,152  
NAV, offering and redemption price per share (c)        

Class A

     $45.42       $21.06       $20.59       $70.53  

Class A maximum offering price (d)

     47.69       22.11       21.62       74.05  

Class C

     23.29       20.64       19.37       50.78  

Class I

     49.57       21.20       20.51       76.77  

Class R-3

     41.98       21.04       20.49       66.84  

Class R-5

     49.43       21.13       20.54       76.46  

Class R-6

     48.46       20.97       20.47       77.75  

Class Y

     49.03       21.02       20.46       75.08  
Shares of beneficial interest outstanding        

Class A

     3,978,042       210,874       9,982,984       8,766,123  

Class C

     330,489       56,348       2,048,439       1,387,059  

Class I

     4,290,416       16,047,331       17,150,885       16,880,251  

Class R-3

     6,655       695,243       61,266       611,533  

Class R-5

     24,767       2,170       140,620       11,404,457  

Class R-6

     5,096       426,941       456,062       45,782,404  

Class Y

     569       1,619       6,642       24,269  
(a) Identified cost     $170,610,910       $312,491,091       $391,739,197       $4,424,051,491  
(b) Includes securities on loan, at value     $—       $4,566,810       $—       $—  

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

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

 

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

Statements of Assets and Liabilities

12.31.2023

 

    

Carillon Eagle

Small Cap

Growth

Fund

    

Carillon

Scout

Mid Cap

Fund

    

Carillon

Scout

Small Cap

Fund

  
Assets      

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

     $590,073,537       $3,333,544,266       $260,191,194  

Cash

     249       31,508       655,910  

Receivable for investments sold

     3,214,828       21,645,855       499,867  

Receivable for fund shares sold

     572,631       2,255,423       156,410  

Receivable for dividends and interest, net

     140,412       2,750,899       120,797  

Prepaid expenses

     21,727       21,197       7,550  
Total assets     594,023,384       3,360,249,148       261,631,728  
Liabilities      

Payable for borrowing on line of credit

     1,041,000       1,595,000       —  

Payable for securities lending collateral received

     615,239       —       —  

Payable for fund shares redeemed

     2,308,444       16,985,588       537,958  

Payable for interest due on line of credit

     651       997       —  

Accrued custody fees

     4,015       16,388       2,762  

Accrued investment advisory fees, net

     293,307       2,053,477       109,632  

Accrued administrative fees

     49,549       281,221       21,559  

Accrued distribution fees

     46,637       23,509       3,880  

Accrued shareholder servicing fees

     27,408       258,613       18,131  

Accrued professional fees

     66,147       66,173       66,330  

Accrued compliance fees

     525       525       525  

Other accrued expenses

     57,373       231,808       23,660  
Total liabilities     4,510,295       21,513,299       784,437  
Net assets     589,513,089       3,338,735,849       260,847,291  
Net assets consists of      

Paid-in capital

     434,083,567       2,788,816,544       169,860,374  

Total distributable earnings (accumulated loss)

     155,429,522       549,919,305       90,986,917  
Net assets     589,513,089       3,338,735,849       260,847,291  
Net assets, at market value      

Class A

     145,842,429       26,449,234       13,024,532  

Class C

     10,805,361       19,200,194       1,343,343  

Class I

     206,006,050       2,917,789,478       237,202,693  

Class R-3

     16,337,918       3,124,233       25,651  

Class R-5

     17,554,686       3,403,123       21,455  

Class R-6

     192,953,407       365,964,075       9,133,568  

Class Y

     13,238       2,805,512       96,049  
NAV, offering and redemption price per share (c)      

Class A

     $22.20       $21.63       $26.50  

Class A maximum offering price (d)

     23.31       22.71       27.82  

Class C

     2.86       20.93       25.01  

Class I

     26.65       21.80       26.97  

Class R-3

     19.28       21.36       25.87  

Class R-5

     26.97       21.65       26.88  

Class R-6

     27.92       21.77       27.17  

Class Y

     25.47       21.58       26.45  
Shares of beneficial interest outstanding      

Class A

     6,569,576       1,223,080       491,582  

Class C

     3,771,979       917,297       53,710  

Class I

     7,729,962       133,859,468       8,794,949  

Class R-3

     847,447       146,288       992  

Class R-5

     650,904       157,182       798  

Class R-6

     6,910,306       16,809,421       336,222  

Class Y

     520       130,012       3,631  
(a) Identified cost     $442,706,033       $2,675,342,213       $163,542,189  
(b) Includes securities on loan, at value     $577,909       $—       $—  

(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.

 

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

Statements of Assets and Liabilities

12.31.2023

 

    

Carillon Reams
Core Bond

Fund

    

Carillon Reams
Core Plus Bond

Fund

     Carillon Reams
Unconstrained
Bond Fund		  
Assets      

Investments—unaffiliated, at value (a)

     $644,741,129       $2,010,943,853       $1,817,954,087  

Unrealized appreciation—open forward contracts

     —       3,630,301       8,402,544  

Cash

     16,579,492       48,308,191       28,450,885  

Deposit at broker—open swap contracts

     —       6,266,796       15,127,448  

Deposit at broker—open futures contracts

     —       —       1,886,522  

Segregated cash—open forward contracts and/or TBA transactions

     —       905,000       3,000,000  

Variation margin receivable—open swap contracts

     —       —       2,013,439  

Variation margin receivable—open futures contracts

     —       —       2,553,716  

Receivable for investments sold

     49,931,288       128,210,079       41,366,327  

Receivable for fund shares sold

     1,041,732       4,038,046       3,589,703  

Receivable for dividends and interest, net

     3,217,353       10,826,491       6,888,467  

Prepaid expenses

     14,281       18,804       7,664  
Total assets     715,525,275       2,213,147,561       1,931,240,802  
Liabilities      

Unrealized depreciation—open forward contracts

     —       810,380       4,010,054  

Variation margin payable—open swap contracts

     —       57,329       —  

Payable for investments purchased

     206,987,202       616,181,830       495,617,257  

Payable for fund shares redeemed

     244,890       1,170,512       786,970  

Accrued custody fees

     4,125       9,178       7,679  

Accrued investment advisory fees, net

     24,500       207,996       279,596  

Accrued administrative fees

     42,720       134,022       118,400  

Accrued distribution fees

     15,022       11,646       11,646  

Accrued shareholder servicing fees

     41,535       113,963       103,703  

Accrued professional fees

     76,694       76,753       76,753  

Accrued compliance fees

     725       925       1,125  

Other accrued expenses

     37,233       82,009       56,941  
Total liabilities     207,474,646       618,856,543       501,070,124  
Net assets     508,050,629       1,594,291,018       1,430,170,678  
Net assets consists of      

Paid-in capital

     578,121,267       1,755,104,305       1,464,375,378  

Total distributable earnings (accumulated loss)

     (70,070,638 )      (160,813,287 )      (34,204,700 ) 
Net assets     508,050,629       1,594,291,018       1,430,170,678  
Net assets, at market value      

Class A

     2,994,064       4,571,957       5,792,864  

Class C

     3,599,179       4,483,833       1,224,329  

Class I

     431,534,687       1,501,881,313       1,279,762,385  

Class R-3

     404,189       208,356       11,842  

Class R-5

     646,911       61,903       1,017,631  

Class R-6

     16,234,604       51,653,642       100,628,856  

Class Y

     52,636,995       31,430,014       41,732,771  
NAV, offering and redemption price per share (b)      

Class A

     $10.88       $29.96       $12.23  

Class A maximum offering price (c)

     11.30       31.13       12.71  

Class C

     10.83       29.74       12.12  

Class I

     10.89       30.07       12.25  

Class R-3

     10.88       29.94       12.21  

Class R-5

     10.90       30.07       12.25  

Class R-6

     10.90       30.07       12.25  

Class Y

     10.88       30.00       12.30  
Shares of beneficial interest outstanding      

Class A

     275,312       152,609       473,797  

Class C

     332,297       150,776       100,983  

Class I

     39,643,065       49,951,649       104,461,283  

Class R-3

     37,144       6,960       970  

Class R-5

     59,339       2,059       83,064  

Class R-6

     1,488,731       1,717,813       8,214,343  

Class Y

     4,836,741       1,047,818       3,392,152  
(a) Identified cost     $644,346,413       $2,004,334,367       $1,803,331,989  

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

(c) The maximum offering price is computed as 100/96.25 of NAV.

 

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

Statements of Operations

 

     Carillon ClariVest Capital Appreciation Fund     Carillon ClariVest International Stock Fund  
     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		  
Investment income        

Dividends

     $567,658       $2,995,477       $1,429,917       $12,532,722  

Less: foreign taxes withheld

     —       —       (64,535 )      (1,207,201 ) 

Interest

     9,234       40,343       15,725       141,736  

Securities lending, net (Note 7)

     —       857       2,090       16,056  

IRS compliance fee and related expenses for withholding tax claims

     —       —       —       (276,141 ) 
Total investment income     576,892       3,036,677       1,383,197       11,207,172  
Expenses        

Investment advisory fees

     395,197       2,169,214       417,622       2,544,449  

Administrative fees:

        

Class A

     29,523       157,894       725       4,280  

Class C

     1,251       7,665       186       1,074  

Class I

     34,804       194,654       54,998       342,324  

Class R-3

     48       270       2,332       12,892  

Class R-5

     195       983       7       34  

Class R-6

     40       41       1,407       2,858  

Class Y

     5       27       5       30  

Distribution and service fees:

        

Class A

     73,808       394,736       1,812       10,700  

Class C

     12,510       76,654       1,858       10,743  

Class R-3

     241       1,349       11,661       64,459  

Class Y

     12       69       13       76  

Shareholder servicing fees:

        

Class A

     22,405       124,963       634       3,265  

Class C

     788       4,967       110       571  

Class I

     23,393       169,250       50,855       299,987  

Class R-3

     67       403       3,481       15,673  

Class R-5

     195       1,133       4       21  

Class Y

     3       5       —       1  

Custodian fees

     1,947       13,015       14,110       70,514  

Professional fees

     54,749       124,615       58,330       131,710  

State registration fees

     25,733       100,793       25,434       90,803  

Trustees compensation

     600       53,725       600       53,725  

Compliance fees

     413       4,232       413       4,232  

Interest expense on line of credit

     1,930       14,323       1,677       4,689  

Other expenses

     35,799       146,375       31,595       175,058  
Total expenses before adjustments     715,656       3,761,355       679,869       3,844,168  

Fees and expenses waived

     (152,647 )      (674,911 )      (97,534 )      (298,752 ) 

Recovered fees previously waived by Manager

     —       —       —       23  
Total expenses after adjustments     563,009       3,086,444       582,335       3,545,439  
Net investment income (loss)     13,883       (49,767 )      800,862       7,661,733  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments

     5,470,376       45,187,132       1,561,126       (3,509,126 ) 

Foreign currency transactions

     —       —       (97,920 )      172,545  
Net realized gain (loss)     5,470,376       45,187,132       1,463,206       (3,336,581 ) 

Net change in unrealized appreciation (depreciation) on

        

investments and foreign currency translations

     48,007,601       7,096,092       44,580,444       48,859,079  
Net gain (loss) on investments     53,477,977       52,283,224       46,043,650       45,522,498  
Net increase (decrease) in assets resulting from operations     53,491,860       52,233,457       46,844,512       53,184,231  

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Operations

 

     Carillon Eagle Growth & Income Fund     Carillon Eagle Mid Cap Growth Fund  
     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		  
Investment income        

Dividends

     $2,982,104       $19,195,739       $8,986,024       $34,339,080  

Less: foreign taxes withheld

     —       (8,317 )      (115,653 )      (836,937 ) 

Interest

     65,832       522,155       154,449       3,420,574  

Securities lending, net (Note 7)

     —       —       105       109,946  
Total investment income     3,047,936       19,709,577       9,024,925       37,032,663  
Expenses        

Investment advisory fees

     468,759       3,317,922       5,234,171       31,591,893  

Administrative fees:

        

Class A

     33,202       208,875       98,413       597,826  

Class C

     6,645       47,554       11,339       78,432  

Class I

     58,422       459,282       207,691       1,308,817  

Class R-3

     217       1,405       6,419       35,572  

Class R-5

     458       3,343       137,179       806,448  

Class R-6

     1,513       8,891       560,436       3,338,825  

Class Y

     21       130       289       2,459  

Distribution and service fees:

        

Class A

     83,004       522,187       246,032       1,494,564  

Class C

     66,451       475,543       113,394       784,317  

Class R-3

     1,083       7,026       32,093       177,861  

Class Y

     53       324       723       6,148  

Shareholder servicing fees:

        

Class A

     26,400       197,594       144,720       936,738  

Class C

     5,050       36,227       9,976       67,535  

Class I

     45,982       402,176       172,004       1,119,230  

Class R-3

     325       2,092       9,438       58,359  

Class R-5

     457       3,793       131,089       866,448  

Class Y

     19       184       433       3,813  

Custodian fees

     3,915       20,658       28,239       161,499  

Professional fees

     54,758       128,502       54,768       125,885  

State registration fees

     26,415       100,578       41,783       141,965  

Trustees compensation

     600       53,725       600       53,725  

Compliance fees

     413       4,232       413       4,232  

Interest expense on line of credit

     154       53,865       3,370       864  

Other expenses

     34,304       238,919       237,048       1,294,206  
Total expenses before adjustments     918,620       6,295,027       7,482,060       45,057,661  

Fees and expenses waived

     —       —       —       —  
Total expenses after adjustments     918,620       6,295,027       7,482,060       45,057,661  
Net investment income (loss)     2,129,316       13,414,550       1,542,865       (8,024,998 ) 
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments

     16,257,135       64,776,221       98,580,478       686,351,569  

Foreign currency transactions

     —       —       —       —  
Net realized gain (loss)     16,257,135       64,776,221       98,580,478       686,351,569  

Net change in unrealized appreciation (depreciation) on

        

investments and foreign currency translations

     63,188,366       (76,831,592 )      958,454,581       (740,861,697 ) 
Net gain (loss) on investments     79,445,501       (12,055,371 )      1,057,035,059       (54,510,128 ) 
Net increase (decrease) in assets resulting from operations     81,574,817       1,359,179       1,058,577,924       (62,535,126 ) 

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Operations

 

     Carillon Eagle Small Cap Growth Fund     Carillon Scout Mid Cap Fund  
     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		  
Investment income        

Dividends

     $951,370       $3,760,885       $8,425,713       $44,323,672  

Less: foreign taxes withheld

     (9,329 )      (110,420 )      (42,812 )      (99,931 ) 

Interest

     12,141       163,527       66,024       630,776  

Securities lending, net (Note 7)

     85,375       149,691       403       8,531  
Total investment income     1,039,557       3,963,683       8,449,328       44,863,048  
Expenses        

Investment advisory fees

     564,150       4,129,573       3,980,215       26,209,256  

Administrative fees:

        

Class A

     23,526       164,458       4,160       25,796  

Class C

     1,742       13,181       3,134       21,427  

Class I

     33,459       256,285       477,648       3,203,397  

Class R-3

     2,620       22,019       512       3,375  

Class R-5

     3,049       23,480       528       3,998  

Class R-6

     30,578       225,930       58,298       340,494  

Class Y

     2       25       448       2,837  

Distribution and service fees:

        

Class A

     58,815       411,146       10,400       64,489  

Class C

     17,415       131,807       31,339       214,265  

Class R-3

     13,101       110,095       2,562       16,873  

Class Y

     5       62       1,119       7,092  

Shareholder servicing fees:

        

Class A

     29,481       239,363       5,242       33,275  

Class C

     1,931       13,186       3,640       24,424  

Class I

     29,165       271,285       527,587       3,753,397  

Class R-3

     3,930       42,928       768       5,462  

Class R-5

     3,048       34,880       528       4,498  

Class Y

     —       7       649       4,226  

Custodian fees

     2,026       31,256       15,266       105,764  

Professional fees

     54,759       125,483       54,785       125,593  

State registration fees

     34,213       105,937       39,161       142,090  

Trustees compensation

     600       53,725       600       53,725  

Compliance fees

     413       4,232       413       4,232  

Interest expense on line of credit

     5,264       84,627       30,688       61,837  

Other expenses

     36,248       269,393       152,578       904,496  
Total expenses before adjustments     949,540       6,764,363       5,402,268       35,336,318  

Fees and expenses waived

     —       —       —       —  
Total expenses after adjustments     949,540       6,764,363       5,402,268       35,336,318  
Net investment income (loss)     90,017       (2,800,680 )      3,047,060       9,526,730  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments

     14,284,153       51,068,601       102,382,976       (107,832,039 ) 
Net realized gain (loss)     14,284,153       51,068,601       102,382,976       (107,832,039 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments and foreign currency translations

     83,852,374       (96,991,188 )      367,147,242       24,873,382  
Net change in unrealized appreciation (depreciation)     83,852,374       (96,991,188 )      367,147,242       24,873,382  
Net gain (loss) on investments     98,136,527       (45,922,587 )      469,530,218       (82,958,657 ) 
Net increase (decrease) in assets resulting from operations     98,226,544       (48,723,267 )      472,577,278       (73,431,927 ) 

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Operations

 

     Carillon Scout Small Cap Fund     Carillon Reams Core Bond Fund  
     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		  
Investment income        

Dividends

     $346,343       $1,490,122       $—       $—  

Less: foreign taxes withheld

     —       (414 )      —       —  

Interest

     6,446       43,201       3,857,616       17,983,556  

Securities lending, net (Note 7)

     1       1,647       —       148  
Total investment income     352,790       1,534,556       3,857,616       17,983,704  
Expenses        

Investment advisory fees

     245,116       1,564,463       332,066       1,728,854  

Administrative fees:

        

Class A

     2,062       13,045       473       3,620  

Class C

     214       1,475       599       4,237  

Class I

     37,221       238,054       70,399       354,573  

Class R-3

     4       46       64       300  

Class R-5

     3       20       99       107  

Class R-6

     1,333       8,011       2,617       11,225  

Class Y

     15       92       8,765       58,150  

Distribution and service fees:

        

Class A

     5,156       32,611       1,183       9,051  

Class C

     2,139       14,751       5,994       42,366  

Class R-3

     20       232       320       1,502  

Class Y

     37       231       21,912       145,376  

Shareholder servicing fees:

        

Class A

     1,856       11,967       550       3,326  

Class C

     176       1,243       507       3,287  

Class I

     36,962       237,736       67,071       338,932  

Class R-3

     1       44       38       396  

Class R-5

     —       —       49       —  

Class Y

     2       24       12,305       79,990  

Custodian fees

     2,341       15,216       4,609       18,772  

Professional fees

     54,763       125,861       61,534       133,064  

State registration fees

     25,058       98,207       31,744       152,802  

Trustees compensation

     600       53,725       600       53,725  

Compliance fees

     413       4,232       612       5,774  

Interest expense on line of credit

     379       284       —       402  

Other expenses

     20,280       117,472       36,965       179,653  
Total expenses before adjustments     436,151       2,539,042       661,075       3,329,484  

Fees and expenses waived

     (40,892 )      (22,220 )      (284,649 )      (1,302,767 ) 
Total expenses after adjustments     395,259       2,516,822       376,426       2,026,717  
Net investment income (loss)     (42,469 )      (982,266 )      3,481,190       15,956,987  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments

     (29,966 )      (1,450,331 )      1,998,550       (26,647,565 ) 
Net realized gain (loss)     (29,966 )      (1,450,331 )      1,998,550       (26,647,565 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments and foreign currency translations

     44,456,934       (26,049,840 )      37,792,958       3,676,271  
Net change in unrealized appreciation (depreciation)     44,456,934       (26,049,840 )      37,792,958       3,676,271  
Net gain (loss) on investments     44,426,968       (27,500,171 )      39,791,508       (22,971,294 ) 
Net increase (decrease) in assets resulting from operations     44,384,499       (28,482,437 )      43,272,698       (7,014,307 ) 

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Operations

 

     Carillon Reams Core Plus Bond Fund     Carillon Reams Unconstrained Bond Fund  
     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		     11.01.23 to
12.31.23*		     11.01.22 to
10.31.23		  
Investment income        

Interest

     $12,213,092       $57,044,436       $10,242,570       $56,253,547  

Securities lending, net (Note 7)

     46       1,100       87       1,534  
Total investment income     12,213,138       57,045,536       10,242,657       56,255,081  
Expenses        

Investment advisory fees

     1,030,875       5,295,778       1,351,669       7,749,784  

Administrative fees:

        

Class A

     744       3,838       951       5,252  

Class C

     749       4,468       219       1,364  

Class I

     242,221       1,264,718       199,885       1,101,559  

Class R-3

     33       173       2       11  

Class R-5

     10       50       160       761  

Class R-6

     8,256       18,636       16,578       92,638  

Class Y

     5,707       32,061       7,483       90,045  

Distribution and service fees:

        

Class A

     1,859       9,596       2,377       13,131  

Class C

     7,488       44,679       2,195       13,643  

Class R-3

     163       867       10       56  

Class Y

     14,267       80,152       18,708       225,113  

Shareholder servicing fees:

        

Class A

     642       3,451       663       4,175  

Class C

     683       4,305       178       1,284  

Class I

     200,534       1,062,773       190,899       1,098,701  

Class R-3

     20       249       —       —  

Class R-5

     3       37       71       744  

Class Y

     8,502       40,609       10,896       124,535  

Custodian fees

     7,685       48,075       6,992       50,676  

Professional fees

     61,534       133,183       61,533       133,183  

State registration fees

     37,262       160,285       42,028       226,607  

Trustees compensation

     600       53,725       600       53,725  

Compliance fees

     812       7,116       1,112       7,217  

Interest expense on line of credit

     —       —       —       670  

Other expenses

     78,423       374,462       59,287       290,938  
Total expenses before adjustments     1,709,072       8,643,286       1,974,496       11,285,812  

Fees and expenses waived

     (643,562 )      (3,151,353 )      (837,065 )      (4,620,018 ) 
Total expenses after adjustments     1,065,510       5,491,933       1,137,431       6,665,794  
Net investment income (loss)     11,147,628       51,553,603       9,105,226       49,589,287  
Realized and unrealized gain (loss)        

Net realized gain (loss) on:

        

Investments—unaffiliated

     7,635,334       (79,531,891 )      5,939,325       (60,064,432 ) 

Written options

     —       4,738,253       1,337,499       13,377,842  

Foreign currency transactions

     —       737,708       —       3,041,969  

Swap contracts—credit default

     2,061,622       9,295,847       4,729,678       18,945,948  

Futures contracts

     (1,418,468 )      (4,986,740 )      (5,800,957 )      (4,124,134 ) 

Forward contracts

     —       590,973       417,455       (3,225,868 ) 
Net realized gain (loss)     8,278,488       (69,155,850 )      6,623,000       (32,048,675 ) 

Net change in unrealized appreciation (depreciation) on:

        

Investments and foreign currency translations

     109,306,842       1,394,070       66,780,043       21,296,641  

Written options

       —       (385,404 )      385,404  

Swap contracts—credit default

     5,090,930       (3,256,162 )      8,108,284       (5,685,269 ) 

Swap contracts—inflation rates

     —       —       (42,081 )      1,422,797  

Futures contracts

     1,710,450       (1,344,128 )      (933,529 )      7,362,848  

Forward contracts

     2,979,904       1,497,101       3,738,342       4,506,170  
Net change in unrealized appreciation (depreciation)     119,088,126       (1,709,119 )      77,265,655       29,288,591  
Net gain (loss) on investments     127,366,614       (70,864,969 )      83,888,655       (2,760,084 ) 
Net increase (decrease) in assets resulting from operations     138,514,242       (19,311,366 )      92,993,881       46,829,203  

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Changes in Net Assets

 

    Carillon ClariVest Capital Appreciation Fund     Carillon ClariVest International Stock Fund  
     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		  

Net assets, beginning of period

     $360,318,901       $378,339,516       $644,094,079       $334,066,381       $325,935,379       $11,753,312  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     13,883       (49,767 )      247,087       800,862       7,661,733       2,446,629  

Net realized gain (loss)

     5,470,376       45,187,132       55,669,061       1,463,206       (3,336,581 )      (11,934,596 ) 

Net change in unrealized appreciation (depreciation)

     48,007,601       7,096,092       (205,794,040 )      44,580,444       48,859,079       (5,284,338 ) 
Net increase (decrease) in net assets resulting from operations     53,491,860       52,233,457       (149,877,892 )      46,844,512       53,184,231       (14,772,305 ) 

Distributions to shareholders from earnings

     (43,038,033 )      (58,102,132 )      (42,228,090 )      (10,540,368 )      (3,029,711 )      (235,421 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     2,069,081       5,178,830       5,016,365       32,419       506,392       761,250  

Issued as reinvestment of distributions-Class A

     18,543,860       24,307,714       14,336,613       115,469       56,816       56,138  

Cost of shares redeemed-Class A

     (5,272,470 )      (21,589,359 )      (23,022,836 )      (229,651 )      (591,058 )      (909,220 ) 

Proceeds from shares sold-Class C

     321,066       549,905       708,297       4,064       293,389       344,531  

Issued as reinvestment of distributions-Class C

     806,664       2,256,215       1,443,347       23,343       9,517       17,493  

Cost of shares redeemed-Class C

     (618,615 )      (3,271,922 )      (3,256,609 )      (30,383 )      (472,053 )      (755,540 ) 

Proceeds from shares sold-Class I

     3,916,662       31,347,335       166,035,752       1,283,878       8,517,430       15,811,436  

Issued as reinvestment of distributions-Class I

     22,486,431       29,776,402       25,281,641       9,663,768       2,812,525       158,861  

Cost of shares redeemed-Class I

     (10,355,144 )      (81,041,646 )      (255,451,315 )      (12,363,716 )      (60,777,135 )      (25,817,476 ) 

Proceeds from shares sold-Class R-3

     2,224       19,952       25,562       252,690       13,898,857       78,295  

Issued as reinvestment of distributions-Class R-3

     29,868       48,168       37,541       348,648       94,662       744  

Cost of shares redeemed-Class R-3

     (35,011 )      (52,733 )      (188,818 )      (359,276 )      (1,955,362 )      (42,055 ) 

Proceeds from shares sold-Class R-5

     26,980       102,484       5,049,665       1,483       8,645       15,101  

Issued as reinvestment of distributions-Class R-5

     128,300       138,839       379,817       1,321       381       77  

Cost of shares redeemed-Class R-5

     (10,866 )      (123,323 )      (8,805,488 )      (217 )      (364 )      (11 ) 

Proceeds from shares sold-Class R-6

     4,107       183,471       937,463       246,956       8,119,053       16,409,863  

Issued as reinvestment of distributions-Class R-6

     25,887       4,582       94,234       268,675       11,379       1,188  

Cost of shares redeemed-Class R-6

     (815 )      (158 )      (2,271,536 )      (193,616 )      (12,557,808 )      (2,226,682 ) 

Proceeds from shares sold-Class Y

     —       10,000       —       57       914       855  

Issued as reinvestment of distributions-Class Y

     2,935       3,304       1,724       893       312       220  

Cost of shares redeemed-Class Y

     (10,918 )      —       —       —       (10 )      (7 ) 

Proceeds from shares issued—fund reorganization

     —       —       —       —       —       325,284,732  
Net increase (decrease) from fund share transactions     32,060,226       (12,151,940 )      (73,648,581 )      (933,195 )      (42,023,518 )      329,189,793  
Increase (decrease) in net assets     42,514,053       (18,020,615 )      (265,754,563 )      35,370,949       8,131,002       314,182,067  

Net assets, end of period

     402,832,954       360,318,901       378,339,516       369,437,330       334,066,381       325,935,379  
Shares issued and redeemed            

Shares sold-Class A

     43,215       119,459       94,630       1,603       26,197       40,518  

Issued as reinvestment of distributions-Class A

     406,843       662,155       242,747       5,491       3,163       2,687  

Shares redeemed-Class A

     (111,607 )      (514,683 )      (427,105 )      (11,182 )      (30,056 )      (50,473 ) 

Shares sold-Class C

     12,850       23,815       21,682       205       15,431       17,774  

Issued as reinvestment of distributions-Class C

     34,502       118,936       40,351       1,133       540       852  

Shares redeemed-Class C

     (25,022 )      (146,566 )      (98,313 )      (1,544 )      (25,420 )      (42,159 ) 

Shares sold-Class I

     75,750       692,789       2,921,726       61,925       436,312       831,133  

Issued as reinvestment of distributions-Class I

     452,171       745,528       399,773       456,700       155,646       7,627  

Shares redeemed-Class I

     (202,384 )      (1,767,482 )      (4,867,230 )      (594,749 )      (3,088,904 )      (1,501,157 ) 

Shares sold-Class R-3

     50       514       507       12,321       768,056       4,110  

Issued as reinvestment of distributions-Class R-3

     709       1,416       675       16,594       5,274       36  

Shares redeemed-Class R-3

     (785 )      (1,406 )      (3,660 )      (17,480 )      (99,248 )      (2,329 ) 

Shares sold-Class R-5

     515       2,245       84,702       69       446       794  

Issued as reinvestment of distributions-Class R-5

     2,587       3,486       6,029       63       21       4  

Shares redeemed-Class R-5

     (210 )      (2,697 )      (153,928 )      (11 )      (21 )      (1 ) 

Shares sold-Class R-6

     81       3,847       16,182       11,939       398,922       808,084  

Issued as reinvestment of distributions-Class R-6

     533       117       1,504       12,837       636       56  

Shares redeemed-Class R-6

     (16 )      (3 )      (40,870 )      (9,663 )      (692,365 )      (121,412 ) 

Shares sold-Class Y

     —       213       —       3       48       46  

Issued as reinvestment of distributions-Class Y

     60       83       27       42       17       10  

Shares redeemed-Class Y

     (213 )      —       —       —       (1 )      —  

Shares issued—fund reorganization

     —       —       —       —       —       19,061,631  
Net Shares issued and redeemed     689,629       (58,234 )      (1,760,571 )      (53,704 )      (2,125,306 )      19,057,831  

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Changes in Net Assets

 

    Carillon Eagle Growth & Income Fund     Carillon Eagle Mid Cap Growth Fund  
     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		  

Net assets, beginning of period

     $570,100,254       $834,556,150       $992,237,995       $5,561,137,796       $6,077,046,472       $8,759,476,768  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     2,129,316       13,414,550       14,716,387       1,542,865       (8,024,998 )      (20,505,949 ) 

Net realized gain (loss) on investments

     16,257,135       64,776,221       44,487,600       98,580,478       686,351,569       75,860,596  

Net change in unrealized appreciation (depreciation)

     63,188,366       (76,831,592 )      (143,613,102 )      958,454,581       (740,861,697 )      (2,309,437,677 ) 
Net increase (decrease) in net assets resulting from operations     81,574,817       1,359,179       (84,409,115 )      1,058,577,924       (62,535,126 )      (2,254,083,030 ) 

Distributions to shareholders from earnings

     (67,116,240 )      (57,804,502 )      (91,521,368 )      (687,230,816 )      (77,040,335 )      (759,309,582 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     4,975,216       18,051,845       30,230,325       12,322,147       64,510,257       75,472,228  

Issued as reinvestment of distributions-Class A

     19,178,169       13,098,639       18,215,873       61,166,937       7,470,609       81,392,202  

Cost of shares redeemed-Class A

     (9,347,455 )      (37,691,178 )      (30,713,992 )      (30,315,948 )      (111,705,449 )      (175,385,846 ) 

Proceeds from shares sold-Class C

     888,564       2,298,192       6,119,913       812,373       3,410,431       4,249,691  

Issued as reinvestment of distributions-Class C

     3,620,745       2,898,414       5,429,765       7,252,675       1,486,421       16,318,983  

Cost of shares redeemed-Class C

     (3,726,455 )      (16,892,067 )      (24,087,306 )      (5,639,248 )      (23,199,138 )      (23,519,623 ) 

Proceeds from shares sold-Class I

     9,097,872       40,927,681       120,845,854       45,965,850       179,703,811       295,574,777  

Issued as reinvestment of distributions-Class I

     30,685,018       30,812,137       50,047,182       129,670,509       15,345,063       156,922,110  

Cost of shares redeemed-Class I

     (30,254,780 )      (259,889,720 )      (158,367,252 )      (91,049,947 )      (400,229,878 )      (392,585,888 ) 

Proceeds from shares sold-Class R-3

     23,911       241,072       557,917       816,674       10,948,785       8,466,110  

Issued as reinvestment of distributions-Class R-3

     143,306       110,833       148,511       4,282,482       486,523       5,203,261  

Cost of shares redeemed-Class R-3

     (213,639 )      (628,332 )      (342,070 )      (1,541,677 )      (9,307,863 )      (13,237,275 ) 

Proceeds from shares sold-Class R-5

     112,544       642,425       2,212,132       23,641,732       192,856,001       138,859,327  

Issued as reinvestment of distributions-Class R-5

     228,589       267,681       581,457       87,861,722       9,129,525       90,128,089  

Cost of shares redeemed-Class R-5

     (24,758 )      (2,447,271 )      (4,850,650 )      (38,153,191 )      (163,371,724 )      (200,523,402 ) 

Proceeds from shares sold-Class R-6

     232,648       1,671,309       3,670,611       86,819,229       530,849,302       636,651,917  

Issued as reinvestment of distributions-Class R-6

     989,684       663,198       813,782       369,312,101       39,891,600       378,818,417  

Cost of shares redeemed-Class R-6

     (498,554 )      (2,138,715 )      (1,995,460 )      (136,788,604 )      (723,388,275 )      (751,508,696 ) 

Proceeds from shares sold-Class Y

     4,330       1,764       666,033       24,137       139,999       1,173,942  

Issued as reinvestment of distributions-Class Y

     14,008       9,590       40,741       196,390       34,641       418,862  

Cost of shares redeemed-Class Y

     (782 )      (18,070 )      (974,728 )      (62,466 )      (1,393,856 )      (1,926,870 ) 
Net increase (decrease) from fund share transactions     26,128,181       (208,010,573 )      18,248,638       526,593,877       (376,333,215 )      330,962,316  
Increase (decrease) in net assets     40,586,758       (264,455,896 )      (157,681,845 )      897,940,985       (515,908,676 )      (2,682,430,296 ) 

Net assets, end of period

     610,687,012       570,100,254       834,556,150       6,459,078,781       5,561,137,796       6,077,046,472  
Shares issued and redeemed            

Shares sold-Class A

     237,906       838,993       1,259,994       171,899       916,373       980,545  

Issued as reinvestment of distributions-Class A

     935,064       619,471       750,737       871,323       113,673       946,531  

Shares redeemed-Class A

     (442,778 )      (1,755,344 )      (1,297,270 )      (422,461 )      (1,597,575 )      (2,254,795 ) 

Shares sold-Class C

     45,338       112,825       271,716       15,915       67,684       72,364  

Issued as reinvestment of distributions-Class C

     187,700       145,659       235,300       143,475       31,195       258,621  

Shares redeemed-Class C

     (187,306 )      (835,248 )      (1,061,148 )      (108,436 )      (454,855 )      (415,281 ) 

Shares sold-Class I

     438,176       1,905,404       5,096,815       573,777       2,345,514       3,630,037  

Issued as reinvestment of distributions-Class I

     1,502,694       1,462,656       2,072,822       1,697,480       215,248       1,689,515  

Shares redeemed-Class I

     (1,443,301 )      (12,144,992 )      (6,760,843 )      (1,176,387 )      (5,253,667 )      (4,697,855 ) 

Shares sold-Class R-3

     1,124       11,386       23,992       12,043       161,834       108,585  

Issued as reinvestment of distributions-Class R-3

     7,025       5,269       6,143       64,379       7,792       63,485  

Shares redeemed-Class R-3

     (10,279 )      (29,586 )      (15,400 )      (22,719 )      (138,883 )      (174,755 ) 

Shares sold-Class R-5

     5,405       29,616       91,485       301,632       2,570,736       1,733,940  

Issued as reinvestment of distributions-Class R-5

     11,179       12,696       23,997       1,154,707       128,549       973,831  

Shares redeemed-Class R-5

     (1,164 )      (115,711 )      (203,118 )      (492,160 )      (2,149,012 )      (2,394,371 ) 

Shares sold-Class R-6

     10,935       78,006       153,361       1,103,239       6,914,580       7,653,181  

Issued as reinvestment of distributions-Class R-6

     48,562       31,551       33,837       4,773,325       552,975       4,034,275  

Shares redeemed-Class R-6

     (23,964 )      (98,772 )      (84,771 )      (1,740,728 )      (9,398,864 )      (8,571,128 ) 

Shares sold-Class Y

     213       82       27,333       309       1,899       14,803  

Issued as reinvestment of distributions-Class Y

     687       456       1,675       2,629       495       4,580  

Shares redeemed-Class Y

     (35 )      (855 )      (40,018 )      (834 )      (17,740 )      (24,806 ) 
Net Shares issued and redeemed     1,323,181       (9,726,438 )      586,639       6,922,407       (4,982,049 )      3,631,302  

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Changes in Net Assets

 

    Carillon Eagle Small Cap Growth Fund     Carillon Scout Mid Cap Fund  
     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		  

Net assets, beginning of period

     $521,115,833       $994,152,211       $2,346,648,459       $3,050,652,632       $3,831,288,351       $4,915,165,823  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     90,017       (2,800,680 )      (5,327,275 )      3,047,060       9,526,730       37,743,900  

Net realized gain (loss) on investments

     14,284,153       51,068,601       331,399,034       102,382,976       (107,832,039 )      86,708,181  

Net change in unrealized appreciation (depreciation)

     83,852,374       (96,991,188 )      (921,232,273 )      367,147,242       24,873,382       (1,023,856,786 ) 
Net increase (decrease) in net assets resulting from operations     98,226,544       (48,723,267 )      (595,160,514 )      472,577,278       (73,431,927 )      (899,404,705 ) 

Distributions to shareholders from earnings

     (51,422,980 )      (238,385,196 )      (595,177,275 )      (6,052,719 )      (150,669,095 )      (496,708,988 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     2,777,344       19,899,851       34,344,541       1,060,084       6,180,354       11,563,790  

Issued as reinvestment of distributions-Class A

     11,842,895       47,180,869       88,353,278       8,655       773,044       2,540,521  

Cost of shares redeemed-Class A

     (10,131,789 )      (75,231,744 )      (112,579,934 )      (1,033,540 )      (8,121,965 )      (12,607,636 ) 

Proceeds from shares sold-Class C

     89,407       1,049,961       1,499,517       174,116       1,647,478       4,678,836  

Issued as reinvestment of distributions-Class C

     909,344       10,603,637       14,385,326       —       610,028       2,668,763  

Cost of shares redeemed-Class C

     (869,975 )      (6,080,906 )      (10,223,333 )      (1,018,134 )      (7,081,557 )      (5,659,962 ) 

Proceeds from shares sold-Class I

     9,062,961       89,719,579       271,420,962       51,400,327       377,620,667       751,261,923  

Issued as reinvestment of distributions-Class I

     16,359,781       70,494,772       171,230,337       4,610,533       126,004,873       426,534,005  

Cost of shares redeemed-Class I

     (16,696,310 )      (252,443,554 )      (393,142,279 )      (230,483,408 )      (1,070,108,055 )      (1,011,691,471 ) 

Proceeds from shares sold-Class R-3

     379,578       2,578,900       8,635,144       129,260       524,433       1,131,662  

Issued as reinvestment of distributions-Class R-3

     1,423,293       10,295,058       17,101,074       —       119,759       505,625  

Cost of shares redeemed-Class R-3

     (2,185,560 )      (21,087,866 )      (16,707,494 )      (420,468 )      (802,309 )      (1,829,945 ) 

Proceeds from shares sold-Class R-5

     904,722       4,686,647       9,332,866       112,726       483,672       1,457,101  

Issued as reinvestment of distributions-Class R-5

     1,543,432       6,258,907       20,605,197       5,340       173,571       430,678  

Cost of shares redeemed-Class R-5

     (4,307,101 )      (12,471,777 )      (66,064,767 )      (5,365 )      (1,848,530 )      (603,324 ) 

Proceeds from shares sold-Class R-6

     5,588,236       32,846,588       70,894,698       13,188,867       89,766,290       184,805,629  

Issued as reinvestment of distributions-Class R-6

     15,846,481       71,164,790       209,808,705       916,631       10,977,449       22,627,395  

Cost of shares redeemed-Class R-6

     (10,944,180 )      (185,380,097 )      (481,073,660 )      (17,031,501 )      (83,431,832 )      (65,678,177 ) 

Proceeds from shares sold-Class Y

     —       8,565       14,994       5,014       1,318,387       3,279,524  

Issued as reinvestment of distributions-Class Y

     1,133       7,982       6,377       1,046       107,576       381,187  

Cost of shares redeemed-Class Y

     —       (28,077 )      (8 )      (61,525 )      (1,448,030 )      (3,559,903 ) 
Net increase (decrease) from fund share transactions     21,593,692       (185,927,915 )      (162,158,459 )      (178,441,342 )      (556,534,697 )      312,236,221  
Increase (decrease) in net assets     68,397,256       (473,036,378 )      (1,352,496,248 )      288,083,217       (780,635,719 )      (1,083,877,472 ) 

Net assets, end of period

     589,513,089       521,115,833       994,152,211       3,338,735,849       3,050,652,632       3,831,288,351  
Shares issued and redeemed            

Shares sold-Class A

     124,421       841,837       939,100       50,032       312,143       518,815  

Issued as reinvestment of distributions-Class A

     537,580       2,246,708       2,271,876       400       40,708       110,361  

Shares redeemed-Class A

     (453,727 )      (3,221,839 )      (2,978,803 )      (50,229 )      (406,182 )      (550,212 ) 

Shares sold-Class C

     31,030       307,932       107,468       8,767       85,619       211,166  

Issued as reinvestment of distributions-Class C

     320,191       3,884,116       975,277       —       32,939       118,876  

Shares redeemed-Class C

     (303,053 )      (1,865,067 )      (675,066 )      (50,567 )      (367,566 )      (255,319 ) 

Shares sold-Class I

     349,353       2,841,494       5,090,343       2,504,081       18,860,407       33,156,025  

Issued as reinvestment of distributions-Class I

     618,751       2,804,088       3,870,487       211,492       6,590,213       18,400,949  

Shares redeemed-Class I

     (620,185 )      (8,910,639 )      (9,859,691 )      (11,111,350 )      (53,241,935 )      (44,964,988 ) 

Shares sold-Class R-3

     19,688       124,873       224,992       6,326       26,362       51,930  

Issued as reinvestment of distributions-Class R-3

     74,401       562,572       483,218       —       6,367       22,186  

Shares redeemed-Class R-3

     (118,980 )      (1,072,553 )      (500,740 )      (20,915 )      (40,088 )      (85,586 ) 

Shares sold-Class R-5

     33,166       167,852       237,874       5,302       24,460       64,834  

Issued as reinvestment of distributions-Class R-5

     57,677       245,930       461,379       247       9,140       18,701  

Shares redeemed-Class R-5

     (157,147 )      (455,728 )      (1,502,303 )      (258 )      (94,839 )      (27,016 ) 

Shares sold-Class R-6

     200,016       1,137,419       1,627,010       636,783       4,477,531       8,027,639  

Issued as reinvestment of distributions-Class R-6

     572,074       2,704,857       4,585,983       42,105       574,736       977,003  

Shares redeemed-Class R-6

     (389,715 )      (6,473,934 )      (11,336,446 )      (830,191 )      (4,149,050 )      (2,927,770 ) 

Shares sold-Class Y

     —       326       403       245       66,541       140,515  

Issued as reinvestment of distributions-Class Y

     45       332       148       48       5,674       16,580  

Shares redeemed-Class Y

     —       (1,106 )      —       (3,109 )      (71,253 )      (165,093 ) 
Net Shares issued and redeemed     895,586       (4,130,530 )      (5,977,491 )      (8,600,791 )      (27,258,073 )      12,859,596  

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

The accompanying notes are an integral part of the financial statements.           41  

Statements of Changes in Net Assets

 

    Carillon Scout Small Cap Fund     Carillon Reams Core Bond Fund  
     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		  

Net assets, beginning of period

     $222,444,370       $276,304,280       $395,870,511       $487,416,296       $363,466,089       $506,325,026  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     (42,469 )      (982,266 )      (1,023,563 )      3,481,190       15,956,987       7,320,580  

Net realized gain (loss) on investments

     (29,966 )      (1,450,331 )      8,812,947       1,998,550       (26,647,565 )      (35,100,494 ) 

Net change in unrealized appreciation (depreciation)

     44,456,934       (26,049,840 )      (95,278,174 )      37,792,958       3,676,271       (43,569,546 ) 
Net increase (decrease) in net assets resulting from operations     44,384,499       (28,482,437 )      (87,488,790 )      43,272,698       (7,014,307 )      (71,349,460 ) 

Distributions to shareholders from earnings

     —       (8,383,335 )      (57,666,725 )      (5,487,159 )      (14,846,213 )      (7,801,789 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     138,510       800,454       1,945,731       186,000       652,626       1,719,751  

Issued as reinvestment of distributions-Class A

     —       425,781       2,685,205       28,812       112,170       63,226  

Cost of shares redeemed-Class A

     (538,334 )      (2,251,547 )      (2,052,819 )      (178,185 )      (1,606,983 )      (1,598,223 ) 

Proceeds from shares sold-Class C

     9,324       291,555       362,302       10,675       853,519       463,803  

Issued as reinvestment of distributions-Class C

     —       54,713       491,408       29,016       99,639       65,987  

Cost of shares redeemed-Class C

     (84,926 )      (756,953 )      (1,307,344 )      (165,090 )      (2,043,441 )      (7,088,036 ) 

Proceeds from shares sold-Class I

     1,934,728       14,153,883       24,674,188       17,987,128       277,527,750       179,115,542  

Issued as reinvestment of distributions-Class I

     —       7,564,980       51,319,499       4,709,211       12,353,762       6,946,773  

Cost of shares redeemed-Class I

     (8,125,889 )      (37,600,013 )      (52,791,793 )      (37,476,883 )      (164,950,486 )      (255,456,119 ) 

Proceeds from shares sold-Class R-3

     211       953       2,458       39,032       232,819       86,313  

Issued as reinvestment of distributions-Class R-3

     —       3,079       25,405       3,654       8,721       1,911  

Cost of shares redeemed-Class R-3

     (1 )      (76,624 )      (65,836 )      (16,686 )      (51,894 )      (2,061 ) 

Proceeds from shares sold-Class R-5

     —       —       —       71,930       582,531       —  

Issued as reinvestment of distributions-Class R-5

     —       624       3,816       6,374       4,076       211  

Cost of shares redeemed-Class R-5

     —       —       —       (28,491 )      (11,593 )      —  

Proceeds from shares sold-Class R-6

     850,891       1,919,216       957,361       674,998       13,121,743       4,640,318  

Issued as reinvestment of distributions-Class R-6

     —       244,354       1,702,995       172,804       394,969       28,176  

Cost of shares redeemed-Class R-6

     (166,092 )      (1,760,653 )      (2,364,277 )      (640,130 )      (1,942,958 )      (1,031,437 ) 

Proceeds from shares sold-Class Y

     —       —       2,150       969,696       38,048,790       32,516,415  

Issued as reinvestment of distributions-Class Y

     —       3,172       22,752       532,888       1,847,646       543,950  

Cost of shares redeemed-Class Y

     —       (11,112 )      (23,917 )      (4,067,959 )      (29,422,679 )      (24,724,188 ) 
Net increase (decrease) from fund share transactions     (5,981,578 )      (16,994,138 )      25,589,284       (17,151,206 )      145,810,727       (63,707,688 ) 
Increase (decrease) in net assets     38,402,921       (53,859,910 )      (119,566,231 )      20,634,333       123,950,207       (142,858,937 ) 

Net assets, end of period

     260,847,291       222,444,370       276,304,280       508,050,629       487,416,296       363,466,089  
Shares issued and redeemed            

Shares sold-Class A

     5,753       32,133       68,297       17,314       60,578       144,286  

Issued as reinvestment of distributions-Class A

     —       17,852       86,119       2,735       10,417       5,411  

Shares redeemed-Class A

     (21,196 )      (91,214 )      (71,931 )      (16,962 )      (149,699 )      (135,401 ) 

Shares sold-Class C

     400       12,488       14,529       1,028       78,661       38,861  

Issued as reinvestment of distributions-Class C

     —       2,411       16,418       2,769       9,305       5,644  

Shares redeemed-Class C

     (3,679 )      (31,807 )      (47,150 )      (15,478 )      (190,416 )      (607,919 ) 

Shares sold-Class I

     76,658       560,447       851,705       1,696,186       25,806,228       15,406,683  

Issued as reinvestment of distributions-Class I

     —       312,344       1,626,093       446,699       1,150,095       591,011  

Shares redeemed-Class I

     (323,922 )      (1,492,684 )      (1,891,021 )      (3,575,623 )      (15,386,291 )      (21,725,701 ) 

Shares sold-Class R-3

     9       39       84       3,643       21,419       7,635  

Issued as reinvestment of distributions-Class R-3

     —       132       829       346       812       165  

Shares redeemed-Class R-3

     —       (2,983 )      (2,051 )      (1,537 )      (4,953 )      (186 ) 

Shares sold-Class R-5

     —       —       —       6,634       54,492       —  

Issued as reinvestment of distributions-Class R-5

     —       26       121       603       390       18  

Shares redeemed-Class R-5

     —       —       —       (2,626 )      (1,143 )      —  

Shares sold-Class R-6

     31,938       74,804       32,882       64,025       1,215,130       399,977  

Issued as reinvestment of distributions-Class R-6

     —       10,027       53,688       16,356       36,698       2,478  

Shares redeemed-Class R-6

     (6,413 )      (69,102 )      (84,583 )      (60,844 )      (181,202 )      (89,995 ) 

Shares sold-Class Y

     —       —       77       91,274       3,516,987       2,893,195  

Issued as reinvestment of distributions-Class Y

     —       133       732       50,577       171,675       46,645  

Shares redeemed-Class Y

     —       (429 )      (766 )      (383,187 )      (2,757,961 )      (2,075,058 ) 
Net Shares issued and redeemed     (240,452 )      (665,383 )      654,072       (1,656,068 )      13,461,222       (5,092,251 ) 

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Statements of Changes in Net Assets

 

    Carillon Reams Core Plus Bond Fund     Carillon Reams Unconstrained Bond Fund  
     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		     11/1/23 to
12/31/23*		     11/1/22 to
10/31/23		     11/1/21 to
10/31/22		  

Net assets, beginning of period

     $1,442,969,285       $1,017,840,606       $1,236,644,772       $1,292,786,065       $1,063,978,985       $1,215,980,154  
Increase (decrease) in net assets from operations            

Net investment income (loss)

     11,147,628       51,553,603       24,605,672       9,105,226       49,589,287       23,311,878  

Net realized gain (loss) on investments

     8,278,488       (69,155,850 )      (90,844,278 )      6,623,000       (32,048,675 )      (24,584,895 ) 

Net change in unrealized appreciation (depreciation)

     119,088,126       (1,709,119 )      (113,873,887 )      77,265,655       29,288,591       (93,100,210 ) 
Net increase (decrease) in net assets resulting from operations     138,514,242       (19,311,366 )      (180,112,493 )      92,993,881       46,829,203       (94,373,227 ) 

Distributions to shareholders from earnings

     (17,571,388 )      (62,878,846 )      (20,714,439 )      (14,705,670 )      (60,571,888 )      (28,208,428 ) 
Fund share transactions            

Proceeds from shares sold-Class A

     260,955       2,728,832       1,850,498       37,744       958,742       405,402  

Issued as reinvestment of distributions-Class A

     32,438       110,932       40,948       57,558       232,399       105,348  

Cost of shares redeemed-Class A

     (356,032 )      (1,827,547 )      (4,403,933 )      (202,942 )      (271,373 )      (432,828 ) 

Proceeds from shares sold-Class C

     165,130       1,659,332       502,213       67,630       385,524       188,373  

Issued as reinvestment of distributions-Class C

     23,186       100,587       39,342       10,550       52,735       33,477  

Cost of shares redeemed-Class C

     (319,097 )      (1,088,406 )      (2,272,080 )      (169,905 )      (826,880 )      (672,244 ) 

Proceeds from shares sold-Class I

     129,200,080       700,005,536       463,787,210       162,587,474       721,527,165       462,395,246  

Issued as reinvestment of distributions-Class I

     14,025,707       51,403,074       15,935,063       11,196,277       44,600,182       22,174,039  

Cost of shares redeemed-Class I

     (101,251,365 )      (309,227,617 )      (452,163,434 )      (106,866,987 )      (545,774,969 )      (550,133,816 ) 

Proceeds from shares sold-Class R-3

     13,979       34,924       94,069       —       —       —  

Issued as reinvestment of distributions-Class R-3

     1,924       7,411       2,510       109       471       224  

Cost of shares redeemed-Class R-3

     (209 )      (21,318 )      (54,466 )      —       —       —  

Proceeds from shares sold-Class R-5

     2,368       18,465       32,362       147,996       266,253       597,284  

Issued as reinvestment of distributions-Class R-5

     657       2,336       332       10,096       35,697       8,888  

Cost of shares redeemed-Class R-5

     (542 )      (5,418 )      (513 )      (80,765 )      (71,817 )      (62,448 ) 

Proceeds from shares sold-Class R-6

     2,934,894       89,124,047       2,579,807       8,421,811       4,992,154       49,022,290  

Issued as reinvestment of distributions-Class R-6

     565,617       814,676       90,950       770,661       3,286,512       1,772,354  

Cost of shares redeemed-Class R-6

     (2,783,063 )      (44,110,841 )      (443,246 )      (3,728,837 )      (9,434,843 )      (19,195,485 ) 

Proceeds from shares sold-Class Y

     2,267,330       27,774,854       9,202,797       1,826,186       100,292,074       24,363,477  

Issued as reinvestment of distributions-Class Y

     349,318       1,385,386       778,455       457,307       3,775,149       625,496  

Cost of shares redeemed-Class Y

     (14,754,396 )      (11,570,354 )      (53,576,118 )      (15,445,561 )      (81,475,410 )      (20,614,591 ) 
Net increase (decrease) from fund share transactions     30,378,879       507,318,891       (17,977,234 )      59,096,402       242,549,765       (29,419,514 ) 
Increase (decrease) in net assets     151,321,733       425,128,679       (218,804,166 )      137,384,613       228,807,080       (152,001,169 ) 

Net assets, end of period

     1,594,291,018       1,442,969,285       1,017,840,606       1,430,170,678       1,292,786,065       1,063,978,985  
Shares issued and redeemed            

Shares sold-Class A

     9,012       92,024       57,525       3,146       80,571       34,475  

Issued as reinvestment of distributions-Class A

     1,115       3,765       1,267       4,791       19,602       8,466  

Shares redeemed-Class A

     (12,340 )      (61,885 )      (136,482 )      (17,081 )      (22,803 )      (35,463 ) 

Shares sold-Class C

     5,724       56,089       16,173       5,674       32,553       15,737  

Issued as reinvestment of distributions-Class C

     803       3,436       1,226       885       4,497       2,699  

Shares redeemed-Class C

     (10,871 )      (36,939 )      (70,756 )      (13,990 )      (69,820 )      (55,267 ) 

Shares sold-Class I

     4,431,860       23,390,405       14,334,723       13,504,688       60,133,926       37,705,070  

Issued as reinvestment of distributions-Class I

     480,017       1,735,473       496,816       929,667       3,752,397       1,781,923  

Shares redeemed-Class I

     (3,458,607 )      (10,513,268 )      (14,013,388 )      (8,945,998 )      (45,797,507 )      (45,294,343 ) 

Shares sold-Class R-3

     478       1,174       2,912       —       —       —  

Issued as reinvestment of distributions-Class R-3

     66       252       79       9       40       18  

Shares redeemed-Class R-3

     (7 )      (734 )      (1,660 )      —       —       —  

Shares sold-Class R-5

     81       621       1,105       12,347       22,415       49,003  

Issued as reinvestment of distributions-Class R-5

     22       79       11       838       3,004       728  

Shares redeemed-Class R-5

     (19 )      (182 )      (18 )      (6,726 )      (6,074 )      (5,283 ) 

Shares sold-Class R-6

     101,108       2,989,484       84,021       707,265       421,029       3,989,072  

Issued as reinvestment of distributions-Class R-6

     19,361       27,848       2,870       64,028       276,621       142,764  

Shares redeemed-Class R-6

     (97,074 )      (1,504,802 )      (14,017 )      (305,683 )      (780,856 )      (1,608,716 ) 

Shares sold-Class Y

     77,450       938,831       290,632       152,125       8,350,076       1,977,206  

Issued as reinvestment of distributions-Class Y

     12,045       47,002       23,937       37,892       314,924       50,100  

Shares redeemed-Class Y

     (511,091 )      (395,869 )      (1,680,193 )      (1,293,095 )      (6,899,761 )      (1,687,377 ) 
Net Shares issued and redeemed     1,049,133       16,772,804       (603,217 )      4,840,782       19,834,834       (2,929,188 ) 

* Fiscal year-end changed to December beginning with the December 31, 2023 period-end.

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     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*                              
11/01/23     12/31/23       $44.17       $(0.01 )      $6.60       $6.59       $—       $(5.34 )      $(5.34 )      $45.42       1.00       1.21       (0.12 )      4       14.87       $181  
11/01/22     10/31/23       46.16       (0.07 )      5.83       5.76       —       (7.75 )      (7.75 )      44.17       1.00       1.16       (0.16 )      31       15.90       161  
11/01/21     10/31/22       64.23       (0.07 )      (13.68 )      (13.75 )      —       (4.32 )      (4.32 )      46.16       1.00       1.13       (0.13 )      31       (22.87 )      156  
11/01/20     10/31/21       51.65       (0.08 )      20.42       20.34       (0.05 )      (7.71 )      (7.76 )      64.23       1.00       1.11       (0.14 )      20       43.42       222  
11/01/19     10/31/20       43.14       0.04       9.19       9.23       (0.13 )      (0.59 )      (0.72 )      51.65       1.00       1.15       0.08       31       21.63       170  
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  
Class C*                              
11/01/23     12/31/23       22.68       (0.04 )      3.39       3.35       —       (2.74 )      (2.74 )      23.29       1.75       1.95       (0.87 )      4       14.71       8  
11/01/22     10/31/23       27.77       (0.20 )      2.86       2.66       —       (7.75 )      (7.75 )      22.68       1.75       1.89       (0.90 )      31       15.05       7  
11/01/21     10/31/22       40.66       (0.29 )      (8.28 )      (8.57 )      —       (4.32 )      (4.32 )      27.77       1.75       1.86       (0.88 )      31       (23.45 )      9  
11/01/20     10/31/21       35.39       (0.32 )      13.30       12.98       —       (7.71 )      (7.71 )      40.66       1.75       1.86       (0.89 )      20       42.34       14  
11/01/19     10/31/20       29.87       (0.21 )      6.32       6.11       —       (0.59 )      (0.59 )      35.39       1.75       1.89       (0.66 )      31       20.71       13  
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  
Class I*                              
11/01/23     12/31/23       48.17       0.02       7.20       7.22       (0.00 )      (5.82 )      (5.82 )      49.57       0.70       0.95       0.18       4       14.96       213  
11/01/22     10/31/23       49.55       0.07       6.36       6.43       (0.06 )      (7.75 )      (7.81 )      48.17       0.70       0.91       0.14       31       16.24       191  
11/01/21     10/31/22       68.46       0.10       (14.67 )      (14.57 )      (0.02 )      (4.32 )      (4.34 )      49.55       0.70       0.88       0.18       31       (22.65 )      213  
11/01/20     10/31/21       54.56       0.09       21.70       21.79       (0.18 )      (7.71 )      (7.89 )      68.46       0.70       0.87       0.15       20       43.87       400  
11/01/19     10/31/20       45.52       0.19       9.70       9.89       (0.26 )      (0.59 )      (0.85 )      54.56       0.70       0.89       0.39       31       22.00       276  
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  
Class R-3*                              
11/01/23     12/31/23       40.84       (0.03 )      6.10       6.07       —       (4.93 )      (4.93 )      41.98       1.25       1.52       (0.37 )      4       14.83       0  
11/01/22     10/31/23       43.38       (0.16 )      5.37       5.21       —       (7.75 )      (7.75 )      40.84       1.25       1.48       (0.41 )      31       15.60       0  
11/01/21     10/31/22       60.77       (0.20 )      (12.87 )      (13.07 )      —       (4.32 )      (4.32 )      43.38       1.25       1.44       (0.39 )      31       (23.07 )      0  
11/01/20     10/31/21       49.29       (0.21 )      19.40       19.19       —       (7.71 )      (7.71 )      60.77       1.25       1.42       (0.40 )      20       43.09       1  
11/01/19     10/31/20       41.18       (0.06 )      8.76       8.70       —       (0.59 )      (0.59 )      49.29       1.25       1.56       (0.14 )      31       21.32       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  
Class R-5*                              
11/01/23     12/31/23       48.04       0.02       7.18       7.20       —       (5.81 )      (5.81 )      49.43       0.70       0.98       0.18       4       14.94       1  
11/01/22     10/31/23       49.37       0.06       6.36       6.42       —       (7.75 )      (7.75 )      48.04       0.70       0.94       0.13       31       16.24       1  
11/01/21     10/31/22       68.21       0.10       (14.60 )      (14.50 )      (0.02 )      (4.32 )      (4.34 )      49.37       0.70       0.89       0.17       31       (22.63 )      1  
11/01/20     10/31/21       54.38       0.10       21.62       21.72       (0.18 )      (7.71 )      (7.89 )      68.21       0.70       0.87       0.16       20       43.88       6  
11/01/19     10/31/20       45.37       0.19       9.67       9.86       (0.26 )      (0.59 )      (0.85 )      54.38       0.70       0.90       0.38       31       22.00       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  
Class R-6*                              
11/01/23     12/31/23       47.09       0.02       7.04       7.06       —       (5.69 )      (5.69 )      48.46       0.60       0.88       0.28       4       14.96       0  
11/01/22     10/31/23       49.31       0.08       6.23       6.31       (0.78 )      (7.75 )      (8.53 )      47.09       0.60       0.83       0.16       31       16.37       0  
11/01/21     10/31/22       67.92       0.18       (14.40 )      (14.22 )      (0.07 )      (4.32 )      (4.39 )      49.31       0.60       0.79       0.31       31       (22.31 )      0  
11/01/20     10/31/21       54.19       0.15       21.52       21.67       (0.23 )      (7.71 )      (7.94 )      67.92       0.60       0.79       0.24       20       43.99       2  
11/01/19     10/31/20       45.16       0.44       9.48       9.92       (0.30 )      (0.59 )      (0.89 )      54.19       0.60       0.79       0.95       31       22.26       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  
Class Y*                              
11/01/23     12/31/23       47.68       (0.01 )      7.12       7.11       —       (5.76 )      (5.76 )      49.03       1.00       1.18       (0.11 )      4       14.87       0  
11/01/22     10/31/23       49.18       (0.10 )      6.35       6.25       —       (7.75 )      (7.75 )      47.68       1.00       1.09       (0.21 )      31       15.92       0  
11/01/21     10/31/22       68.16       (0.07 )      (14.59 )      (14.66 )      —       (4.32 )      (4.32 )      49.18       1.00       1.05       (0.13 )      31       (22.89 )      0  
11/01/20     10/31/21       54.39       (0.09 )      21.64       21.55       (0.07 )      (7.71 )      (7.78 )      68.16       1.00       1.04       (0.15 )      20       43.45       0  
11/01/19     10/31/20       45.42       0.03       9.68       9.71       (0.15 )      (0.59 )      (0.74 )      54.39       1.00       1.62       0.06       31       21.60       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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 18.95       $ 0.04       $ 2.63       $ 2.67       $ (0.56 )      $ —       $ (0.56 )      $ 21.06       1.25       1.36       1.07       7       14.11       $ 4  
11/01/22     10/31/23       16.62       0.36       2.24       2.60       (0.27 )      —       (0.27 )      18.95       1.25       1.27       1.84       44       15.70       4  
11/01/21     10/31/22       21.00       0.45       (4.52 )      (4.07 )      (0.31 )      —       (0.31 )      16.62       1.32       3.24       2.42       66       (19.67 )      4  
11/01/20     10/31/21       15.27       0.33       5.54       5.87       (0.14 )      —       (0.14 )      21.00       1.45       5.16       1.66       80       38.61       4  
11/01/19     10/31/20       17.47       0.17       (1.99 )      (1.82 )      (0.38 )      —       (0.38 )      15.27       1.45       4.90       1.08       54       (10.73 )      2  
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  
Class C*                              
11/01/23     12/31/23       18.48       0.01       2.57       2.58       (0.42 )      —       (0.42 )      20.64       2.00       2.08       0.31       7       13.98       1  
11/01/22     10/31/23       16.24       0.20       2.20       2.40       (0.16 )      —       (0.16 )      18.48       2.00       2.00       1.06       44       14.83       1  
11/01/21     10/31/22       20.56       0.33       (4.46 )      (4.13 )      (0.19 )      —       (0.19 )      16.24       2.08       4.11       1.76       66       (20.28 )      1  
11/01/20     10/31/21       14.95       0.17       5.45       5.62       (0.01 )      —       (0.01 )      20.56       2.20       5.90       0.90       80       37.63       2  
11/01/19     10/31/20       17.14       0.07       (1.99 )      (1.92 )      (0.27 )      —       (0.27 )      14.95       2.20       5.74       0.43       54       (11.44 )      1  
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  
Class I*                              
11/01/23     12/31/23       19.11       0.05       2.66       2.71       (0.62 )      —       (0.62 )      21.20       0.95       1.11       1.37       7       14.21       340  
11/01/22     10/31/23       16.61       0.42       2.24       2.66       (0.16 )      —       (0.16 )      19.11       0.95       1.03       2.14       44       16.05       308  
11/01/21     10/31/22       20.99       0.32       (4.32 )      (4.00 )      (0.38 )      —       (0.38 )      16.61       0.96       1.38       1.87       66       (19.44 )      309  
11/01/20     10/31/21       15.26       0.38       5.55       5.93       (0.20 )      —       (0.20 )      20.99       1.15       4.90       1.95       80       39.05       6  
11/01/19     10/31/20       17.46       0.23       (2.01 )      (1.78 )      (0.42 )      —       (0.42 )      15.26       1.15       4.63       1.44       54       (10.51 )      3  
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  
Class R-3*                              
11/01/23     12/31/23       18.90       0.03       2.62       2.65       (0.51 )      —       (0.51 )      21.04       1.50       1.67       0.81       7       14.05       15  
11/01/22     10/31/23       16.50       0.32       2.22       2.54       (0.14 )      —       (0.14 )      18.90       1.50       1.57       1.60       44       15.43       13  
11/01/21     10/31/22       20.69       0.42       (4.51 )      (4.09 )      (0.10 )      —       (0.10 )      16.50       1.56       3.61       2.25       66       (19.88 )      0  
11/01/20     10/31/21       15.07       0.15       5.58       5.73       (0.11 )      —       (0.11 )      20.69       1.70       5.47       0.85       80       38.17       0  
11/01/19     10/31/20       17.27       0.15       (2.00 )      (1.85 )      (0.35 )      —       (0.35 )      15.07       1.70       5.26       0.96       54       (11.01 )      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  
Class R-5*                              
11/01/23     12/31/23       19.05       0.05       2.66       2.71       (0.63 )      —       (0.63 )      21.13       0.95       1.08       1.35       7       14.22       0  
11/01/22     10/31/23       16.63       0.42       2.24       2.66       (0.24 )      —       (0.24 )      19.05       0.95       1.00       2.12       44       16.06       0  
11/01/21     10/31/22       21.00       0.37       (4.37 )      (4.00 )      (0.37 )      —       (0.37 )      16.63       0.97       2.51       2.07       66       (19.41 )      0  
11/01/20     10/31/21       15.28       0.39       5.53       5.92       (0.20 )      —       (0.20 )      21.00       1.15       4.83       1.97       80       38.95       0  
11/01/19     10/31/20       17.48       0.24       (2.02 )      (1.78 )      (0.42 )      —       (0.42 )      15.28       1.15       6.63       1.49       54       (10.48 )      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  
Class R-6*                              
11/01/23     12/31/23       18.93       0.05       2.64       2.69       (0.65 )      —       (0.65 )      20.97       0.85       1.02       1.45       7       14.20       9  
11/01/22     10/31/23       16.68       0.27       2.34       2.61       (0.36 )      —       (0.36 )      18.93       0.85       0.95       1.40       44       15.78       8  
11/01/21     10/31/22       21.06       0.75       (4.74 )      (3.99 )      (0.39 )      —       (0.39 )      16.68       0.86       2.65       4.13       66       (19.32 )      12  
11/01/20     10/31/21       15.31       0.39       5.57       5.96       (0.21 )      —       (0.21 )      21.06       1.05       4.82       2.03       80       39.19       0  
11/01/19     10/31/20       17.51       0.25       (2.01 )      (1.76 )      (0.44 )      —       (0.44 )      15.31       1.05       4.66       1.59       54       (10.39 )      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  
Class Y*                              
11/01/23     12/31/23       18.92       0.04       2.63       2.67       (0.57 )      —       (0.57 )      21.02       1.25       1.27       1.06       7       14.10       0  
11/01/22     10/31/23       16.53       0.36       2.24       2.60       (0.21 )      —       (0.21 )      18.92       1.25       1.19       1.83       44       15.77       0  
11/01/21     10/31/22       20.89       0.41       (4.46 )      (4.05 )      (0.31 )      —       (0.31 )      16.53       1.31       2.83       2.25       66       (19.69 )      0  
11/01/20     10/31/21       15.21       0.33       5.51       5.84       (0.16 )      —       (0.16 )      20.89       1.45       5.09       1.68       80       38.55       0  
11/01/19     10/31/20       17.34       0.19       (2.01 )      (1.82 )      (0.31 )      —       (0.31 )      15.21       1.45       5.72       1.19       54       (10.73 )      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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 20.12       $ 0.07       $ 2.85       $ 2.92       $ (0.07 )      $ (2.38 )      $ (2.45 )      $ 20.59       1.02       1.02       2.01       5       14.57       $ 206  
11/01/22     10/31/23       21.95       0.37       (0.61 )      (0.24 )      (0.37 )      (1.22 )      (1.59 )      20.12       0.98       0.98       1.71       40       (1.38 )      186  
11/01/21     10/31/22       26.51       0.34       (2.51 )      (2.17 )      (0.35 )      (2.04 )      (2.39 )      21.95       0.96       0.96       1.44       21       (8.95 )      210  
11/01/20     10/31/21       20.22       0.34       7.02       7.36       (0.34 )      (0.73 )      (1.07 )      26.51       0.96       0.96       1.42       32       37.44       234  
11/01/19     10/31/20       21.70       0.37       (0.82 )      (0.45 )      (0.37 )      (0.66 )      (1.03 )      20.22       0.97       0.97       1.81       41       (2.09 )      165  
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  
Class C*                              
11/01/23     12/31/23       18.91       0.04       2.68       2.72       (0.03 )      (2.23 )      (2.26 )      19.37       1.76       1.76       1.26       5       14.48       40  
11/01/22     10/31/23       20.73       0.20       (0.58 )      (0.38 )      (0.22 )      (1.22 )      (1.44 )      18.91       1.71       1.71       0.99       40       (2.13 )      38  
11/01/21     10/31/22       25.17       0.16       (2.37 )      (2.21 )      (0.19 )      (2.04 )      (2.23 )      20.73       1.68       1.68       0.72       21       (9.63 )      53  
11/01/20     10/31/21       19.24       0.16       6.67       6.83       (0.17 )      (0.73 )      (0.90 )      25.17       1.69       1.69       0.72       32       36.47       79  
11/01/19     10/31/20       20.68       0.21       (0.77 )      (0.56 )      (0.22 )      (0.66 )      (0.88 )      19.24       1.73       1.73       1.08       41       (2.82 )      79  
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  
Class I*                              
11/01/23     12/31/23       20.04       0.08       2.85       2.93       (0.09 )      (2.37 )      (2.46 )      20.51       0.77       0.77       2.27       5       14.66       352  
11/01/22     10/31/23       21.88       0.43       (0.62 )      (0.19 )      (0.43 )      (1.22 )      (1.65 )      20.04       0.72       0.72       1.98       40       (1.18 )      334  
11/01/21     10/31/22       26.43       0.40       (2.49 )      (2.09 )      (0.42 )      (2.04 )      (2.46 )      21.88       0.69       0.69       1.71       21       (8.68 )      556  
11/01/20     10/31/21       20.16       0.41       7.00       7.41       (0.41 )      (0.73 )      (1.14 )      26.43       0.68       0.68       1.70       32       37.83       661  
11/01/19     10/31/20       21.64       0.42       (0.81 )      (0.39 )      (0.43 )      (0.66 )      (1.09 )      20.16       0.70       0.70       2.07       41       (1.82 )      487  
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  
Class R-3*                              
11/01/23     12/31/23       20.01       0.06       2.85       2.91       (0.06 )      (2.37 )      (2.43 )      20.49       1.34       1.34       1.67       5       14.55       1  
11/01/22     10/31/23       21.84       0.30       (0.60 )      (0.30 )      (0.31 )      (1.22 )      (1.53 )      20.01       1.29       1.29       1.42       40       (1.69 )      1  
11/01/21     10/31/22       26.39       0.27       (2.49 )      (2.22 )      (0.29 )      (2.04 )      (2.33 )      21.84       1.25       1.25       1.13       21       (9.22 )      2  
11/01/20     10/31/21       20.13       0.27       6.99       7.26       (0.27 )      (0.73 )      (1.00 )      26.39       1.25       1.25       1.12       32       37.07       2  
11/01/19     10/31/20       21.61       0.31       (0.82 )      (0.51 )      (0.31 )      (0.66 )      (0.97 )      20.13       1.27       1.27       1.53       41       (2.41 )      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  
Class R-5*                              
11/01/23     12/31/23       20.07       0.08       2.84       2.92       (0.08 )      (2.37 )      (2.45 )      20.54       0.79       0.79       2.24       5       14.63       3  
11/01/22     10/31/23       21.90       0.43       (0.62 )      (0.19 )      (0.42 )      (1.22 )      (1.64 )      20.07       0.75       0.75       2.00       40       (1.15 )      3  
11/01/21     10/31/22       26.46       0.40       (2.51 )      (2.11 )      (0.41 )      (2.04 )      (2.45 )      21.90       0.71       0.71       1.68       21       (8.74 )      4  
11/01/20     10/31/21       20.18       0.40       7.01       7.41       (0.40 )      (0.73 )      (1.13 )      26.46       0.71       0.71       1.69       32       37.79       8  
11/01/19     10/31/20       21.66       0.41       (0.80 )      (0.39 )      (0.43 )      (0.66 )      (1.09 )      20.18       0.72       0.72       2.05       41       (1.82 )      7  
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  
Class R-6*                              
11/01/23     12/31/23       20.00       0.08       2.85       2.93       (0.09 )      (2.37 )      (2.46 )      20.47       0.69       0.69       2.35       5       14.69       9  
11/01/22     10/31/23       21.84       0.44       (0.61 )      (0.17 )      (0.45 )      (1.22 )      (1.67 )      20.00       0.64       0.64       2.05       40       (1.08 )      8  
11/01/21     10/31/22       26.39       0.42       (2.49 )      (2.07 )      (0.44 )      (2.04 )      (2.48 )      21.84       0.61       0.61       1.79       21       (8.61 )      9  
11/01/20     10/31/21       20.13       0.42       7.00       7.42       (0.43 )      (0.73 )      (1.16 )      26.39       0.61       0.61       1.73       32       37.94       8  
11/01/19     10/31/20       21.59       0.54       (0.98 )      (0.44 )      (0.36 )      (0.66 )      (1.02 )      20.13       0.62       0.62       2.58       41       (2.03 )      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  
Class Y*                              
11/01/23     12/31/23       19.99       0.07       2.83       2.90       (0.07 )      (2.36 )      (2.43 )      20.46       1.03       1.03       1.99       5       14.57       0  
11/01/22     10/31/23       21.83       0.36       (0.62 )      (0.26 )      (0.36 )      (1.22 )      (1.58 )      19.99       1.03       1.03       1.66       40       (1.46 )      0  
11/01/21     10/31/22       26.37       0.38       (2.54 )      (2.16 )      (0.34 )      (2.04 )      (2.38 )      21.83       0.99       0.99       1.60       21       (8.99 )      0  
11/01/20     10/31/21       20.13       0.33       6.99       7.32       (0.35 )      (0.73 )      (1.08 )      26.37       0.98       0.98       1.35       32       37.41       0  
11/01/19     10/31/20       21.60       0.34       (0.80 )      (0.46 )      (0.35 )      (0.66 )      (1.01 )      20.13       1.08       1.08       1.68       41       (2.18 )      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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 66.19       $ (0.02 )      $ 12.64       $ 12.62       $ —       $ (8.28 )      $ (8.28 )      $ 70.53       1.05       1.05       (0.16 )      3       19.12       $ 618  
11/01/22     10/31/23       68.34       (0.31 )      (0.91 )      (1.22 )      —       (0.93 )      (0.93 )      66.19       1.05       1.05       (0.45 )      49       (1.78 )      539  
11/01/21     10/31/22       104.16       (0.47 )      (25.60 )      (26.07 )      —       (9.75 )      (9.75 )      68.34       1.04       1.04       (0.61 )      34       (26.95 )      595  
11/01/20     10/31/21       77.60       (0.63 )      29.23       28.60       —       (2.04 )      (2.04 )      104.16       1.03       1.03       (0.67 )      23       37.25       942  
11/01/19     10/31/20       63.14       (0.37 )      16.27       15.90       —       (1.44 )      (1.44 )      77.60       1.04       1.04       (0.54 )      27       25.62       786  
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  
Class C*                              
11/01/23     12/31/23       47.71       (0.07 )      9.10       9.03       —       (5.96 )      (5.96 )      50.78       1.74       1.74       (0.84 )      3       18.99       70  
11/01/22     10/31/23       49.85       (0.57 )      (0.64 )      (1.21 )      —       (0.93 )      (0.93 )      47.71       1.73       1.73       (1.12 )      49       (2.43 )      64  
11/01/21     10/31/22       79.34       (0.74 )      (19.00 )      (19.74 )      —       (9.75 )      (9.75 )      49.85       1.72       1.72       (1.29 )      34       (27.46 )      84  
11/01/20     10/31/21       59.92       (0.97 )      22.43       21.46       —       (2.04 )      (2.04 )      79.34       1.71       1.71       (1.35 )      23       36.30       141  
11/01/19     10/31/20       49.40       (0.65 )      12.61       11.96       —       (1.44 )      (1.44 )      59.92       1.74       1.74       (1.24 )      27       24.75       134  
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  
Class I*                              
11/01/23     12/31/23       72.00       0.02       13.76       13.78       —       (9.01 )      (9.01 )      76.77       0.73       0.73       0.15       3       19.20       1,296  
11/01/22     10/31/23       74.02       (0.09 )      (1.00 )      (1.09 )      —       (0.93 )      (0.93 )      72.00       0.73       0.73       (0.12 )      49       (1.46 )      1,136  
11/01/21     10/31/22       111.62       (0.24 )      (27.61 )      (27.85 )      —       (9.75 )      (9.75 )      74.02       0.72       0.72       (0.29 )      34       (26.72 )      1,368  
11/01/20     10/31/21       82.78       (0.37 )      31.25       30.88       —       (2.04 )      (2.04 )      111.62       0.72       0.72       (0.37 )      23       37.68       1,993  
11/01/19     10/31/20       67.06       (0.17 )      17.33       17.16       —       (1.44 )      (1.44 )      82.78       0.72       0.72       (0.23 )      27       26.01       1,547  
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  
Class R-3*                              
11/01/23     12/31/23       62.74       (0.05 )      12.00       11.95       —       (7.85 )      (7.85 )      66.84       1.30       1.30       (0.41 )      3       19.10       41  
11/01/22     10/31/23       64.99       (0.47 )      (0.85 )      (1.32 )      —       (0.93 )      (0.93 )      62.74       1.31       1.31       (0.71 )      49       (2.03 )      35  
11/01/21     10/31/22       99.82       (0.64 )      (24.44 )      (25.08 )      —       (9.75 )      (9.75 )      64.99       1.29       1.29       (0.86 )      34       (27.14 )      34  
11/01/20     10/31/21       74.62       (0.83 )      28.07       27.24       —       (2.04 )      (2.04 )      99.82       1.28       1.28       (0.92 )      23       36.91       53  
11/01/19     10/31/20       60.92       (0.53 )      15.67       15.14       —       (1.44 )      (1.44 )      74.62       1.31       1.31       (0.81 )      27       25.30       44  
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  
Class R-5*                              
11/01/23     12/31/23       71.71       0.02       13.70       13.72       —       (8.97 )      (8.97 )      76.46       0.74       0.74       0.14       3       19.20       872  
11/01/22     10/31/23       73.74       (0.11 )      (0.99 )      (1.10 )      —       (0.93 )      (0.93 )      71.71       0.75       0.75       (0.15 )      49       (1.48 )      749  
11/01/21     10/31/22       111.26       (0.26 )      (27.51 )      (27.77 )      —       (9.75 )      (9.75 )      73.74       0.74       0.74       (0.31 )      34       (26.74 )      729  
11/01/20     10/31/21       82.53       (0.38 )      31.15       30.77       —       (2.04 )      (2.04 )      111.26       0.73       0.73       (0.38 )      23       37.66       1,066  
11/01/19     10/31/20       66.87       (0.17 )      17.27       17.10       —       (1.44 )      (1.44 )      82.53       0.73       0.73       (0.24 )      27       25.99       809  
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  
Class R-6*                              
11/01/23     12/31/23       72.91       0.03       13.94       13.97       —       (9.13 )      (9.13 )      77.75       0.65       0.65       0.23       3       19.22       3,560  
11/01/22     10/31/23       74.88       (0.03 )      (1.01 )      (1.04 )      —       (0.93 )      (0.93 )      72.91       0.64       0.64       (0.04 )      49       (1.38 )      3,037  
11/01/21     10/31/22       112.71       (0.18 )      (27.90 )      (28.08 )      —       (9.75 )      (9.75 )      74.88       0.64       0.64       (0.21 )      34       (26.66 )      3,263  
11/01/20     10/31/21       83.51       (0.28 )      31.52       31.24       —       (2.04 )      (2.04 )      112.71       0.63       0.63       (0.28 )      23       37.79       4,561  
11/01/19     10/31/20       67.58       (0.11 )      17.48       17.37       —       (1.44 )      (1.44 )      83.51       0.64       0.64       (0.15 )      27       26.12       3,295  
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  
Class Y*                              
11/01/23     12/31/23       70.45       (0.02 )      13.46       13.44       —       (8.81 )      (8.81 )      75.08       1.05       1.05       (0.17 )      3       19.14       2  
11/01/22     10/31/23       72.68       (0.32 )      (0.98 )      (1.30 )      —       (0.93 )      (0.93 )      70.45       1.05       1.05       (0.44 )      49       (1.78 )      2  
11/01/21     10/31/22       110.11       (0.50 )      (27.18 )      (27.68 )      —       (9.75 )      (9.75 )      72.68       1.04       1.04       (0.60 )      34       (26.95 )      3  
11/01/20     10/31/21       81.94       (0.67 )      30.88       30.21       —       (2.04 )      (2.04 )      110.11       1.03       1.03       (0.68 )      23       37.24       5  
11/01/19     10/31/20       66.60       (0.39 )      17.17       16.78       —       (1.44 )      (1.44 )      81.94       1.05       1.05       (0.55 )      27       25.61       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  

 

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

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		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 20.41       $ (0.00 )      $ 3.87       $ 3.87       $ —       $ (2.08 )      $ (2.08 )      $ 22.20       1.21       1.21       (0.12 )      8       19.04       $ 146  
11/01/22     10/31/23       31.07       (0.14 )      (2.21 )      (2.35 )      —       (8.31 )      (8.31 )      20.41       1.18       1.18       (0.61 )      39       (8.32 )      130  
11/01/21     10/31/22       61.37       (0.22 )      (13.76 )      (13.98 )      —       (16.32 )      (16.32 )      31.07       1.10       1.10       (0.62 )      40       (28.12 )      202  
11/01/20     10/31/21       54.04       (0.43 )      18.33       17.90       —       (10.57 )      (10.57 )      61.37       1.06       1.06       (0.73 )      28       34.65       384  
11/01/19     10/31/20       48.23       (0.37 )      9.45       9.08       —       (3.27 )      (3.27 )      54.04       1.08       1.08       (0.77 )      21       19.50       336  
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  
Class C*                              
11/01/23     12/31/23       2.64       (0.00 )      0.49       0.49       —       (0.27 )      (0.27 )      2.86       1.95       1.95       (0.85 )      8       18.58       11  
11/01/22     10/31/23       11.71       (0.04 )      (0.72 )      (0.76 )      —       (8.31 )      (8.31 )      2.64       1.88       1.88       (1.31 )      39       (8.84 )      10  
11/01/21     10/31/22       34.57       (0.19 )      (6.35 )      (6.54 )      —       (16.32 )      (16.32 )      11.71       1.80       1.80       (1.32 )      40       (28.64 )      16  
11/01/20     10/31/21       34.32       (0.48 )      11.30       10.82       —       (10.57 )      (10.57 )      34.57       1.76       1.76       (1.41 )      28       33.73       34  
11/01/19     10/31/20       31.93       (0.45 )      6.11       5.66       —       (3.27 )      (3.27 )      34.32       1.77       1.77       (1.45 )      21       18.67       48  
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  
Class I*                              
11/01/23     12/31/23       24.49       0.01       4.65       4.66       —       (2.50 )      (2.50 )      26.65       0.92       0.92       0.17       8       19.10       206  
11/01/22     10/31/23       35.44       (0.09 )      (2.55 )      (2.64 )      —       (8.31 )      (8.31 )      24.49       0.89       0.89       (0.32 )      39       (8.06 )      181  
11/01/21     10/31/22       67.29       (0.13 )      (15.40 )      (15.53 )      —       (16.32 )      (16.32 )      35.44       0.80       0.80       (0.32 )      40       (27.90 )      377  
11/01/20     10/31/21       58.29       (0.28 )      19.85       19.57       —       (10.57 )      (10.57 )      67.29       0.77       0.77       (0.44 )      28       35.04       777  
11/01/19     10/31/20       51.64       (0.24 )      10.16       9.92       —       (3.27 )      (3.27 )      58.29       0.78       0.78       (0.46 )      21       19.86       803  
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  
Class R-3*                              
11/01/23     12/31/23       17.73       (0.01 )      3.37       3.36       —       (1.81 )      (1.81 )      19.28       1.48       1.48       (0.40 )      8       19.01       16  
11/01/22     10/31/23       28.22       (0.19 )      (1.99 )      (2.18 )      —       (8.31 )      (8.31 )      17.73       1.47       1.47       (0.92 )      39       (8.65 )      15  
11/01/21     10/31/22       57.51       (0.29 )      (12.68 )      (12.97 )      —       (16.32 )      (16.32 )      28.22       1.36       1.36       (0.88 )      40       (28.30 )      35  
11/01/20     10/31/21       51.28       (0.54 )      17.34       16.80       —       (10.57 )      (10.57 )      57.51       1.30       1.30       (0.97 )      28       34.32       60  
11/01/19     10/31/20       46.02       (0.46 )      8.99       8.53       —       (3.27 )      (3.27 )      51.28       1.31       1.31       (1.00 )      21       19.22       58  
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  
Class R-5*                              
11/01/23     12/31/23       24.78       0.01       4.71       4.72       —       (2.53 )      (2.53 )      26.97       0.94       0.94       0.19       8       19.11       18  
11/01/22     10/31/23       35.77       (0.10 )      (2.58 )      (2.68 )      —       (8.31 )      (8.31 )      24.78       0.93       0.93       (0.36 )      39       (8.11 )      18  
11/01/21     10/31/22       67.76       (0.14 )      (15.53 )      (15.67 )      —       (16.32 )      (16.32 )      35.77       0.81       0.81       (0.32 )      40       (27.91 )      27  
11/01/20     10/31/21       58.64       (0.26 )      19.95       19.69       —       (10.57 )      (10.57 )      67.76       0.77       0.77       (0.39 )      28       35.03       106  
11/01/19     10/31/20       51.92       (0.23 )      10.22       9.99       —       (3.27 )      (3.27 )      58.64       0.76       0.76       (0.43 )      21       19.88       205  
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  
Class R-6*                              
11/01/23     12/31/23       25.65       0.01       4.88       4.89       —       (2.62 )      (2.62 )      27.92       0.83       0.83       0.26       8       19.13       193  
11/01/22     10/31/23       36.68       (0.07 )      (2.65 )      (2.72 )      —       (8.31 )      (8.31 )      25.65       0.78       0.78       (0.22 )      39       (7.99 )      167  
11/01/21     10/31/22       68.96       (0.10 )      (15.86 )      (15.96 )      —       (16.32 )      (16.32 )      36.68       0.71       0.71       (0.22 )      40       (27.83 )      336  
11/01/20     10/31/21       59.47       (0.22 )      20.28       20.06       —       (10.57 )      (10.57 )      68.96       0.66       0.66       (0.33 )      28       35.18       985  
11/01/19     10/31/20       52.56       (0.18 )      10.36       10.18       —       (3.27 )      (3.27 )      59.47       0.66       0.66       (0.34 )      21       20.01       1,427  
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  
Class Y*                              
11/01/23     12/31/23       23.41       0.00       4.45       4.45       —       (2.39 )      (2.39 )      25.47       1.07       1.07       0.02       8       19.07       0  
11/01/22     10/31/23       34.31       (0.11 )      (2.48 )      (2.59 )      —       (8.31 )      (8.31 )      23.41       1.05       1.05       (0.43 )      39       (8.22 )      0  
11/01/21     10/31/22       65.82       (0.20 )      (14.99 )      (15.19 )      —       (16.32 )      (16.32 )      34.31       0.99       0.97       (0.52 )      40       (28.03 )      0  
11/01/20     10/31/21       57.44       (0.59 )      19.54       18.95       —       (10.57 )      (10.57 )      65.82       1.25       0.91       (0.92 )      28       34.40       0  
11/01/19     10/31/20       51.16       (0.51 )      10.06       9.55       —       (3.27 )      (3.27 )      57.44       1.25       1.52       (0.97 )      21       19.29       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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Scout Mid Cap Fund                                                                                          
Class A*                              
11/01/23     12/31/23       $ 18.69       $ 0.01       $ 2.94       $ 2.95       $ (0.01 )      $ —       $ (0.01 )      $ 21.63       1.26       1.26       0.29       17       15.78       $ 26  
11/01/22     10/31/23       20.09       (0.00 )      (0.65 )      (0.65 )      (0.16 )      (0.59 )      (0.75 )      18.69       1.25       1.25       (0.01 )      112       (3.27 )      23  
11/01/21     10/31/22       27.73       0.14       (4.97 )      (4.83 )      (0.01 )      (2.80 )      (2.81 )      20.09       1.23       1.23       0.62       159       (18.72 )      26  
11/01/20     10/31/21       19.92       (0.06 )      8.39       8.33       —       (0.52 )      (0.52 )      27.73       1.19       1.19       (0.22 )      109       42.31       33  
11/01/19     10/31/20       18.38       0.02       1.63       1.65       (0.10 )      (0.01 )      (0.11 )      19.92       1.22       1.22       0.12       109       9.01       19  
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  
Class C*                              
11/01/23     12/31/23       18.11       (0.01 )      2.83       2.82       —       —       —       20.93       2.00       2.00       (0.45 )      17       15.57       19  
11/01/22     10/31/23       19.47       (0.14 )      (0.62 )      (0.76 )      (0.01 )      (0.59 )      (0.60 )      18.11       1.98       1.98       (0.74 )      112       (3.97 )      17  
11/01/21     10/31/22       27.14       (0.03 )      (4.84 )      (4.87 )      —       (2.80 )      (2.80 )      19.47       1.97       1.97       (0.14 )      159       (19.32 )      24  
11/01/20     10/31/21       19.65       (0.25 )      8.26       8.01       —       (0.52 )      (0.52 )      27.14       1.96       1.96       (0.99 )      109       41.25       31  
11/01/19     10/31/20       18.17       (0.12 )      1.61       1.49       —       (0.01 )      (0.01 )      19.65       2.00       2.00       (0.65 )      109       8.23       19  
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  
Class I*                              
11/01/23     12/31/23       18.86       0.02       2.96       2.98       (0.04 )      —       (0.04 )      21.80       1.00       1.00       0.56       17       15.78       2,918  
11/01/22     10/31/23       20.27       0.05       (0.65 )      (0.60 )      (0.22 )      (0.59 )      (0.81 )      18.86       0.98       0.98       0.26       112       (2.99 )      2,682  
11/01/21     10/31/22       27.90       0.20       (5.01 )      (4.81 )      (0.02 )      (2.80 )      (2.82 )      20.27       0.96       0.96       0.87       159       (18.52 )      3,446  
11/01/20     10/31/21       20.03       —  (d)      8.44       8.44       (0.05 )      (0.52 )      (0.57 )      27.90       0.95       0.95       0.02       109       42.67       4,560  
11/01/19     10/31/20       18.46       0.07       1.64       1.71       (0.13 )      (0.01 )      (0.14 )      20.03       0.97       0.97       0.37       109       9.31       2,581  
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  
Class R-3*                              
11/01/23     12/31/23       18.46       0.00       2.90       2.90       —       —       —       21.36       1.53       1.53       0.03       17       15.71       3  
11/01/22     10/31/23       19.84       (0.06 )      (0.63 )      (0.69 )      (0.10 )      (0.59 )      (0.69 )      18.46       1.53       1.53       (0.29 )      112       (3.54 )      3  
11/01/21     10/31/22       27.48       0.06       (4.90 )      (4.84 )      —       (2.80 )      (2.80 )      19.84       1.50       1.50       0.29       159       (18.94 )      3  
11/01/20     10/31/21       19.81       (0.13 )      8.32       8.19       —       (0.52 )      (0.52 )      27.48       1.50       1.50       (0.53 )      109       41.84       5  
11/01/19     10/31/20       18.29       (0.04 )      1.63       1.59       (0.06 )      (0.01 )      (0.07 )      19.81       1.54       1.54       (0.22 )      109       8.71       3  
11/01/18     10/31/19       18.32       0.03       1.19       1.22       (0.06 )      (1.19 )      (1.25 )      18.29       1.56       1.56       0.16       170       7.87       3  
Class R-5*                              
11/01/23     12/31/23       18.73       0.02       2.94       2.96       (0.04 )      —       (0.04 )      21.65       0.98       0.98       0.56       17       15.78       3  
11/01/22     10/31/23       20.14       0.06       (0.66 )      (0.60 )      (0.22 )      (0.59 )      (0.81 )      18.73       0.98       0.98       0.29       112       (2.99 )      3  
11/01/21     10/31/22       27.74       0.20       (4.98 )      (4.78 )      (0.02 )      (2.80 )      (2.82 )      20.14       0.96       0.96       0.91       159       (18.52 )      4  
11/01/20     10/31/21       19.91       0.01       8.39       8.40       (0.05 )      (0.52 )      (0.57 )      27.74       0.93       0.93       0.04       109       42.73       4  
11/01/19     10/31/20       18.37       0.06       1.63       1.69       (0.14 )      (0.01 )      (0.15 )      19.91       0.97       0.97       0.33       109       9.30       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  
Class R-6*                              
11/01/23     12/31/23       18.86       0.02       2.96       2.98       (0.07 )      —       (0.07 )      21.77       0.88       0.88       0.66       17       15.78       366  
11/01/22     10/31/23       20.27       0.07       (0.65 )      (0.58 )      (0.24 )      (0.59 )      (0.83 )      18.86       0.87       0.87       0.37       112       (2.87 )      320  
11/01/21     10/31/22       27.88       0.23       (5.02 )      (4.79 )      (0.02 )      (2.80 )      (2.82 )      20.27       0.86       0.86       1.03       159       (18.44 )      325  
11/01/20     10/31/21       20.01       0.03       8.43       8.46       (0.07 )      (0.52 )      (0.59 )      27.88       0.86       0.86       0.11       109       42.85       278  
11/01/19     10/31/20       18.45       0.07       1.65       1.72       (0.15 )      (0.01 )      (0.16 )      20.01       0.88       0.88       0.36       109       9.38       171  
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  
Class Y*                              
11/01/23     12/31/23       18.65       0.01       2.93       2.94       (0.01 )      —       (0.01 )      21.58       1.28       1.28       0.27       17       15.75       3  
11/01/22     10/31/23       20.06       (0.01 )      (0.64 )      (0.65 )      (0.17 )      (0.59 )      (0.76 )      18.65       1.27       1.27       (0.03 )      112       (3.26 )      2  
11/01/21     10/31/22       27.70       0.16       (4.99 )      (4.83 )      (0.01 )      (2.80 )      (2.81 )      20.06       1.22       1.22       0.70       159       (18.74 )      3  
11/01/20     10/31/21       19.90       (0.06 )      8.38       8.32       —       (0.52 )      (0.52 )      27.70       1.26       1.26       (0.24 )      109       42.31       4  
11/01/19     10/31/20       18.36       0.03       1.60       1.63       (0.08 )      (0.01 )      (0.09 )      19.90       1.28       1.28       0.17       109       8.94       9  
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  

 

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

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		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 22.06       $(0.02 )      $ 4.46       $ 4.44       $ —       $ —       $ —       $ 26.50       1.25       1.29       (0.39 )      4       20.13       $ 13  
11/01/22     10/31/23       25.75       (0.15 )      (2.73 )      (2.88 )      —       (0.81 )      (0.81 )      22.06       1.20       1.20       (0.61 )      7       (11.43 )      11  
11/01/21     10/31/22       39.48       (0.16 )      (7.72 )      (7.88 )      —       (5.85 )      (5.85 )      25.75       1.18       1.18       (0.55 )      17       (22.53 )      14  
11/01/20     10/31/21       29.50       (0.30 )      13.12       12.82       —       (2.84 )      (2.84 )      39.48       1.15       1.15       (0.80 )      28       44.67       18  
11/01/19     10/31/20       28.20       (0.16 )      2.56       2.40       —       (1.10 )      (1.10 )      29.50       1.19       1.19       (0.58 )      22       8.69       12  
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  
Class C*                              
11/01/23     12/31/23       20.85       (0.04 )      4.20       4.16       —       —       —       25.01       2.00       2.04       (1.14 )      4       19.95       1  
11/01/22     10/31/23       24.56       (0.32 )      (2.58 )      (2.90 )      —       (0.81 )      (0.81 )      20.85       1.94       1.94       (1.35 )      7       (12.08 )      1  
11/01/21     10/31/22       38.19       (0.35 )      (7.43 )      (7.78 )      —       (5.85 )      (5.85 )      24.56       1.92       1.92       (1.28 )      17       (23.11 )      2  
11/01/20     10/31/21       28.82       (0.56 )      12.77       12.21       —       (2.84 )      (2.84 )      38.19       1.91       1.91       (1.52 )      28       43.53       3  
11/01/19     10/31/20       27.78       (0.35 )      2.49       2.14       —       (1.10 )      (1.10 )      28.82       1.95       1.95       (1.32 )      22       7.85       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  
Class I*                              
11/01/23     12/31/23       22.44       (0.00 )      4.53       4.53       —       —       —       26.97       0.95       1.05       (0.09 )      4       20.19       237  
11/01/22     10/31/23       26.12       (0.09 )      (2.78 )      (2.87 )      —       (0.81 )      (0.81 )      22.44       0.95       0.96       (0.36 )      7       (11.22 )      203  
11/01/21     10/31/22       39.88       (0.09 )      (7.81 )      (7.90 )      (0.01 )      (5.85 )      (5.86 )      26.12       0.94       0.94       (0.31 )      17       (22.33 )      252  
11/01/20     10/31/21       29.72       (0.21 )      13.22       13.01       (0.01 )      (2.84 )      (2.85 )      39.88       0.90       0.90       (0.55 )      28       45.02       362  
11/01/19     10/31/20       28.34       (0.09 )      2.57       2.48       —       (1.10 )      (1.10 )      29.72       0.95       0.95       (0.34 )      22       8.93       268  
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  
Class R-3*                              
11/01/23     12/31/23       21.55       (0.02 )      4.34       4.32       —       —       —       25.87       1.46       1.46       (0.60 )      4       20.05       0  
11/01/22     10/31/23       25.24       (0.22 )      (2.66 )      (2.88 )      —       (0.81 )      (0.81 )      21.55       1.45       1.45       (0.89 )      7       (11.67 )      0  
11/01/21     10/31/22       38.92       (0.24 )      (7.59 )      (7.83 )      —       (5.85 )      (5.85 )      25.24       1.50       1.47       (0.84 )      17       (22.76 )      0  
11/01/20     10/31/21       29.22       (0.43 )      12.97       12.54       —       (2.84 )      (2.84 )      38.92       1.50       1.44       (1.14 )      28       44.10       0  
11/01/19     10/31/20       28.03       (0.23 )      2.52       2.29       —       (1.10 )      (1.10 )      29.22       1.50       1.66       (0.86 )      22       8.34       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  
Class R-5*                              
11/01/23     12/31/23       22.36       (0.00 )      4.52       4.52       —       —       —       26.88       0.94       0.94       (0.08 )      4       20.21       0  
11/01/22     10/31/23       26.01       (0.07 )      (2.77 )      (2.84 )      —       (0.81 )      (0.81 )      22.36       0.86       0.86       (0.27 )      7       (11.15 )      0  
11/01/21     10/31/22       39.74       (0.09 )      (7.78 )      (7.87 )      (0.01 )      (5.85 )      (5.86 )      26.01       0.95       0.84       (0.32 )      17       (22.34 )      0  
11/01/20     10/31/21       29.72       (0.18 )      13.04       12.86       —       (2.84 )      (2.84 )      39.74       0.95       0.86       (0.50 )      28       44.46       0  
11/01/19     10/31/20       28.34       (0.10 )      2.58       2.48       —       (1.10 )      (1.10 )      29.72       0.95       1.05       (0.36 )      22       8.93       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  
Class R-6*                              
11/01/23     12/31/23       22.60       0.00       4.57       4.57       —       —       —       27.17       0.85       0.95       0.01       4       20.22       9  
11/01/22     10/31/23       26.28       (0.07 )      (2.80 )      (2.87 )      —       (0.81 )      (0.81 )      22.60       0.85       0.86       (0.26 )      7       (11.15 )      7  
11/01/21     10/31/22       40.06       (0.06 )      (7.85 )      (7.91 )      (0.02 )      (5.85 )      (5.87 )      26.28       0.84       0.84       (0.21 )      17       (22.26 )      8  
11/01/20     10/31/21       29.82       (0.17 )      13.27       13.10       (0.02 )      (2.84 )      (2.86 )      40.06       0.81       0.81       (0.45 )      28       45.16       12  
11/01/19     10/31/20       28.41       (0.08 )      2.59       2.51       —       (1.10 )      (1.10 )      29.82       0.85       0.85       (0.30 )      22       9.02       9  
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  
Class Y*                              
11/01/23     12/31/23       22.02       (0.01 )      4.44       4.43       —       —       —       26.45       1.21       1.21       (0.35 )      4       20.12       0  
11/01/22     10/31/23       25.69       (0.14 )      (2.72 )      (2.86 )      —       (0.81 )      (0.81 )      22.02       1.14       1.14       (0.55 )      7       (11.38 )      0  
11/01/21     10/31/22       39.38       (0.14 )      (7.70 )      (7.84 )      —       (5.85 )      (5.85 )      25.69       1.13       1.13       (0.49 )      17       (22.48 )      0  
11/01/20     10/31/21       29.45       (0.28 )      13.05       12.77       —  (d)      (2.84 )      (2.84 )      39.38       1.11       1.11       (0.74 )      28       44.57       0  
11/01/19     10/31/20       28.17       (0.19 )      2.57       2.38       —       (1.10 )      (1.10 )      29.45       1.25       1.25       (0.69 )      22       8.62       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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Core Bond Fund                                                                                          
Class A*                              
11/01/23     12/31/23       $ 10.07       $ 0.07       $ 0.85       $ 0.92       $ (0.11 )      $ —       $ (0.11 )      $ 10.88       0.80       1.03       3.85       52       9.15       $ 3  
11/01/22     10/31/23       10.41       0.35       (0.36 )      (0.01 )      (0.33 )      —       (0.33 )      10.07       0.80       0.97       3.26       530       (0.21 )      3  
11/01/21     10/31/22       12.66       0.17       (2.24 )      (2.07 )      (0.18 )      —       (0.18 )      10.41       0.80       0.95       1.45       429       (16.49 )      4  
11/01/20     10/31/21       13.14       0.06       (0.22 )      (0.16 )      (0.07 )      (0.25 )      (0.32 )      12.66       0.80       0.93       0.47       227       (1.27 )      4  
11/01/19     10/31/20       12.02       0.12       1.40       1.52       (0.16 )      (0.24 )      (0.40 )      13.14       0.80       1.03       0.93       549       12.94       4  
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  
Class C*                              
11/01/23     12/31/23       10.03       0.05       0.84       0.89       (0.09 )      —       (0.09 )      10.83       1.55       1.75       3.10       52       8.88       4  
11/01/22     10/31/23       10.36       0.27       (0.35 )      (0.08 )      (0.25 )      —       (0.25 )      10.03       1.55       1.70       2.52       530       (0.87 )      3  
11/01/21     10/31/22       12.60       0.07       (2.22 )      (2.15 )      (0.09 )      —       (0.09 )      10.36       1.55       1.70       0.57       429       (17.11 )      5  
11/01/20     10/31/21       13.11       (0.04 )      (0.21 )      (0.25 )      (0.01 )      (0.25 )      (0.26 )      12.60       1.55       1.67       (0.27 )      227       (2.01 )      13  
11/01/19     10/31/20       12.01       (0.02 )      1.44       1.42       (0.08 )      (0.24 )      (0.32 )      13.11       1.55       1.72       (0.14 )      549       12.09       11  
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  
Class I*                              
11/01/23     12/31/23       10.09       0.08       0.84       0.92       (0.12 )      —       (0.12 )      10.89       0.40       0.76       4.25       52       9.14       432  
11/01/22     10/31/23       10.43       0.41       (0.37 )      0.04       (0.38 )      —       (0.38 )      10.09       0.40       0.72       3.76       530       0.19       414  
11/01/21     10/31/22       12.67       0.21       (2.22 )      (2.01 )      (0.23 )      —       (0.23 )      10.43       0.40       0.72       1.82       429       (16.06 )      308  
11/01/20     10/31/21       13.16       0.11       (0.23 )      (0.12 )      (0.12 )      (0.25 )      (0.37 )      12.67       0.40       0.70       0.88       227       (0.95 )      447  
11/01/19     10/31/20       12.04       0.15       1.41       1.56       (0.20 )      (0.24 )      (0.44 )      13.16       0.40       0.76       1.19       549       13.35       552  
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  
Class R-3*                              
11/01/23     12/31/23       10.08       0.06       0.84       0.90       (0.10 )      —       (0.10 )      10.88       1.05       1.22       3.58       52       8.97       0  
11/01/22     10/31/23       10.42       0.34       (0.37 )      (0.03 )      (0.31 )      —       (0.31 )      10.08       1.05       1.26       3.16       530       (0.44 )      0  
11/01/21     10/31/22       12.67       0.15       (2.25 )      (2.10 )      (0.15 )      —       (0.15 )      10.42       1.05       1.25       1.31       429       (16.67 )      0  
11/01/20     10/31/21       13.15       0.03       (0.22 )      (0.19 )      (0.04 )      (0.25 )      (0.29 )      12.67       1.05       1.20       0.22       227       (1.49 )      0  
11/01/19     10/31/20       12.03       0.08       1.40       1.48       (0.12 )      (0.24 )      (0.36 )      13.15       1.05       1.59       0.59       549       12.63       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  
Class R-5*                              
11/01/23     12/31/23       10.10       0.07       0.85       0.92       (0.12 )      —       (0.12 )      10.90       0.50       0.71       4.14       52       9.10       1  
11/01/22     10/31/23       10.43       0.45       (0.42 )      0.03       (0.36 )      —       (0.36 )      10.10       0.50       0.63       4.30       530       0.16       1  
11/01/21     10/31/22       12.68       0.21       (2.24 )      (2.03 )      (0.22 )      —       (0.22 )      10.43       0.50       0.59       1.76       429       (16.22 )      0  
11/01/20     10/31/21       13.16       0.10       (0.22 )      (0.12 )      (0.11 )      (0.25 )      (0.36 )      12.68       0.50       0.59       0.77       227       (0.98 )      0  
11/01/19     10/31/20       12.04       0.17       1.38       1.55       (0.19 )      (0.24 )      (0.43 )      13.16       0.50       1.25       1.36       549       13.23       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  
Class R-6*                              
11/01/23     12/31/23       10.10       0.08       0.84       0.92       (0.12 )      —       (0.12 )      10.90       0.40       0.66       4.25       52       9.13       16  
11/01/22     10/31/23       10.44       0.41       (0.37 )      0.04       (0.38 )      —       (0.38 )      10.10       0.40       0.63       3.83       530       0.19       15  
11/01/21     10/31/22       12.68       0.25       (2.26 )      (2.01 )      (0.23 )      —       (0.23 )      10.44       0.40       0.62       2.16       429       (16.03 )      4  
11/01/20     10/31/21       13.16       0.11       (0.22 )      (0.11 )      (0.12 )      (0.25 )      (0.37 )      12.68       0.40       0.59       0.87       227       (0.88 )      1  
11/01/19     10/31/20       12.04       0.12       1.44       1.56       (0.20 )      (0.24 )      (0.44 )      13.16       0.40       0.72       0.92       549       13.35       1  
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  
Class Y*                              
11/01/23     12/31/23       10.08       0.07       0.84       0.91       (0.11 )      —       (0.11 )      10.88       0.80       1.05       3.85       52       9.04       53  
11/01/22     10/31/23       10.42       0.36       (0.36 )      —       (0.34 )      —       (0.34 )      10.08       0.80       1.01       3.35       530       (0.20 )      51  
11/01/21     10/31/22       12.66       0.17       (2.23 )      (2.06 )      (0.18 )      —       (0.18 )      10.42       0.80       1.02       1.49       429       (16.41 )      43  
11/01/20     10/31/21       13.15       0.06       (0.23 )      (0.17 )      (0.07 )      (0.25 )      (0.32 )      12.66       0.80       1.01       0.48       227       (1.35 )      42  
11/01/19     10/31/20       12.03       0.07       1.45       1.52       (0.16 )      (0.24 )      (0.40 )      13.15       0.80       0.98       0.55       549       12.96       57  
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  

 

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

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		     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                                                                                          
Class A*                              
11/01/23     12/31/23       $ 27.66       $ 0.19       $ 2.42       $ 2.61       $ (0.31 )      $ —       $ (0.31 )      $ 29.96       0.80       0.91       3.94       49       9.46       $ 5  
11/01/22     10/31/23       28.81       1.04       (0.84 )      0.20       (1.35 )      —       (1.35 )      27.66       0.80       0.90       3.50       532       0.51       4  
11/01/21     10/31/22       34.45       0.53       (5.67 )      (5.14 )      (0.50 )      —       (0.50 )      28.81       0.80       0.90       1.63       413       (15.06 )      3  
11/01/20     10/31/21       36.57       0.23       (0.60 )      (0.37 )      (0.38 )      (1.37 )      (1.75 )      34.45       0.80       0.90       0.65       220       (1.12 )      7  
11/01/19     10/31/20       33.43       0.40       3.99       4.39       (0.64 )      (0.61 )      (1.25 )      36.57       0.80       0.90       1.09       559       13.56       6  
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  
Class C*                              
11/01/23     12/31/23       27.44       0.15       2.40       2.55       (0.25 )      —       (0.25 )      29.74       1.55       1.66       3.19       49       9.33       4  
11/01/22     10/31/23       28.59       0.80       (0.81 )      (0.01 )      (1.14 )      —       (1.14 )      27.44       1.55       1.65       2.71       532       (0.24 )      4  
11/01/21     10/31/22       34.35       0.31       (5.66 )      (5.35 )      (0.41 )      —       (0.41 )      28.59       1.55       1.67       0.96       413       (15.69 )      4  
11/01/20     10/31/21       36.55       (0.04 )      (0.60 )      (0.64 )      (0.19 )      (1.37 )      (1.56 )      34.35       1.55       1.67       (0.11 )      220       (1.87 )      6  
11/01/19     10/31/20       33.38       0.11       4.06       4.17       (0.39 )      (0.61 )      (1.00 )      36.55       1.55       1.66       0.30       559       12.84       5  
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  
Class I*                              
11/01/23     12/31/23       27.76       0.21       2.43       2.64       (0.33 )      —       (0.33 )      30.07       0.40       0.66       4.34       49       9.57       1,502  
11/01/22     10/31/23       28.91       1.16       (0.84 )      0.32       (1.47 )      —       (1.47 )      27.76       0.40       0.64       3.90       532       0.91       1,346  
11/01/21     10/31/22       34.54       0.70       (5.74 )      (5.04 )      (0.59 )      —       (0.59 )      28.91       0.40       0.65       2.17       413       (14.74 )      980  
11/01/20     10/31/21       36.64       0.37       (0.59 )      (0.22 )      (0.51 )      (1.37 )      (1.88 )      34.54       0.40       0.65       1.04       220       (0.71 )      1,142  
11/01/19     10/31/20       33.45       0.60       3.96       4.56       (0.76 )      (0.61 )      (1.37 )      36.64       0.40       0.65       1.72       559       14.11       1,132  
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  
Class R-3*                              
11/01/23     12/31/23       27.63       0.18       2.42       2.60       (0.29 )      —       (0.29 )      29.94       1.05       1.13       3.68       49       9.44       0  
11/01/22     10/31/23       28.78       0.95       (0.82 )      0.13       (1.28 )      —       (1.28 )      27.63       1.05       1.20       3.22       532       0.26       0  
11/01/21     10/31/22       34.47       0.51       (5.73 )      (5.22 )      (0.47 )      —       (0.47 )      28.78       1.05       1.18       1.59       413       (15.28 )      0  
11/01/20     10/31/21       36.62       0.14       (0.60 )      (0.46 )      (0.32 )      (1.37 )      (1.69 )      34.47       1.05       1.16       0.38       220       (1.37 )      0  
11/01/19     10/31/20       33.43       0.37       3.97       4.34       (0.54 )      (0.61 )      (1.15 )      36.62       1.05       1.55       1.06       559       13.40       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  
Class R-5*                              
11/01/23     12/31/23       27.76       0.21       2.43       2.64       (0.33 )      —       (0.33 )      30.07       0.50       0.61       4.24       49       9.54       0  
11/01/22     10/31/23       28.91       1.13       (0.84 )      0.29       (1.44 )      —       (1.44 )      27.76       0.50       0.63       3.79       532       0.80       0  
11/01/21     10/31/22       34.54       0.70       (5.77 )      (5.07 )      (0.56 )      —       (0.56 )      28.91       0.50       0.53       2.19       413       (14.83 )      0  
11/01/20     10/31/21       36.65       0.33       (0.60 )      (0.27 )      (0.47 )      (1.37 )      (1.84 )      34.54       0.50       0.56       0.94       220       (0.84 )      0  
11/01/19     10/31/20       33.45       0.59       3.95       4.54       (0.73 )      (0.61 )      (1.34 )      36.65       0.50       1.08       1.68       559       14.03       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  
Class R-6*                              
11/01/23     12/31/23       27.77       0.21       2.42       2.63       (0.33 )      —       (0.33 )      30.07       0.40       0.57       4.34       49       9.53       52  
11/01/22     10/31/23       28.92       1.28       (0.96 )      0.32       (1.47 )      —       (1.47 )      27.77       0.40       0.57       4.30       532       0.90       47  
11/01/21     10/31/22       34.54       0.77       (5.80 )      (5.03 )      (0.59 )      —       (0.59 )      28.92       0.40       0.56       2.42       413       (14.71 )      5  
11/01/20     10/31/21       36.65       0.37       (0.60 )      (0.23 )      (0.51 )      (1.37 )      (1.88 )      34.54       0.40       0.56       1.06       220       (0.74 )      4  
11/01/19     10/31/20       33.45       0.59       3.98       4.57       (0.76 )      (0.61 )      (1.37 )      36.65       0.40       0.93       1.63       559       14.14       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  
Class Y*                              
11/01/23     12/31/23       27.69       0.19       2.42       2.61       (0.30 )      —       (0.30 )      30.00       0.80       0.97       3.96       49       9.47       31  
11/01/22     10/31/23       28.84       1.05       (0.85 )      0.20       (1.35 )      —       (1.35 )      27.69       0.80       0.94       3.54       532       0.51       41  
11/01/21     10/31/22       34.48       0.55       (5.69 )      (5.14 )      (0.50 )      —       (0.50 )      28.84       0.80       0.96       1.71       413       (15.05 )      25  
11/01/20     10/31/21       36.60       0.23       (0.60 )      (0.37 )      (0.38 )      (1.37 )      (1.75 )      34.48       0.80       0.95       0.64       220       (1.12 )      77  
11/01/19     10/31/20       33.43       0.43       3.98       4.41       (0.63 )      (0.61 )      (1.24 )      36.60       0.80       0.93       1.18       559       13.64       99  
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  

 

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

Financial Highlights

 

Fiscal period

           From investment operations     Dividends & distributions          

Ratios to average net asset (%)

                    
  Beginning
net asset
value		     Income
(loss)		     Realized &
unrealized
gain (loss)		     Total     From
investment
income		     From
realized
gains		     Total     Ending
net
asset
value		     With
expenses
waived/
recovered (a)		     Without
expenses
waived/
recovered (a)		     Net
income
(loss) (a)		     Portfolio
turnover
rate (%) (b)		     Total
return
(%) (b)(c)		     Ending
net
assets
(millions)		  
Beginning   Ending  
Carillon Reams Unconstrained Bond Fund                                                                                          
Class A*                              
11/01/23     12/31/23       $ 11.53       $ 0.08       $ 0.74       $ 0.82       $ (0.12 )      $ —       $ (0.12 )      $ 12.23       0.80       1.10       3.76       49       7.15       $ 6  
11/01/22     10/31/23       11.53       0.42       0.12       0.54       (0.54 )      —       (0.54 )      11.53       0.80       1.09       3.54       458       4.61       6  
11/01/21     10/31/22       12.79       0.20       (1.20 )      (1.00 )      (0.13 )      (0.13 )      (0.26 )      11.53       0.80       1.08       1.67       273       (7.90 )      5  
11/01/20     10/31/21       12.81       0.06       0.17       0.23       (0.25 )      —       (0.25 )      12.79       0.80       1.08       0.46       80       1.78       5  
11/01/19     10/31/20       12.13       0.19       0.76       0.95       (0.27 )      —       (0.27 )      12.81       0.80       1.09       1.56       435       7.97       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  
Class C*                              
11/01/23     12/31/23       11.42       0.06       0.74       0.80       (0.10 )      —       (0.10 )      12.12       1.55       1.86       3.00       49       7.02       1  
11/01/22     10/31/23       11.44       0.32       0.11       0.43       (0.45 )      —       (0.45 )      11.42       1.55       1.85       2.72       458       3.70       1  
11/01/21     10/31/22       12.72       0.11       (1.18 )      (1.07 )      (0.08 )      (0.13 )      (0.21 )      11.44       1.55       1.86       0.90       273       (8.53 )      2  
11/01/20     10/31/21       12.79       (0.02 )      0.15       0.13       (0.20 )      —       (0.20 )      12.72       1.55       1.86       (0.13 )      80       1.02       2  
11/01/19     10/31/20       12.10       0.10       0.77       0.87       (0.18 )      —       (0.18 )      12.79       1.55       1.88       0.77       435       7.25       2  
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  
Class I*                              
11/01/23     12/31/23       11.55       0.08       0.75       0.83       (0.13 )      —       (0.13 )      12.25       0.50       0.87       4.04       49       7.21       1,280  
11/01/22     10/31/23       11.56       0.46       0.10       0.56       (0.57 )      —       (0.57 )      11.55       0.50       0.86       3.86       458       4.82       1,143  
11/01/21     10/31/22       12.80       0.24       (1.19 )      (0.95 )      (0.16 )      (0.13 )      (0.29 )      11.56       0.50       0.85       1.97       273       (7.55 )      935  
11/01/20     10/31/21       12.81       0.12       0.15       0.27       (0.28 )      —       (0.28 )      12.80       0.50       0.85       0.92       80       2.08       1,110  
11/01/19     10/31/20       12.12       0.23       0.76       0.99       (0.30 )      —       (0.30 )      12.81       0.50       0.85       1.86       435       8.36       878  
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  
Class R-3*                              
11/01/23     12/31/23       11.51       0.07       0.74       0.81       (0.11 )      —       (0.11 )      12.21       1.05       1.26       3.50       49       7.09       0  
11/01/22     10/31/23       11.51       0.39       0.11       0.50       (0.50 )      —       (0.50 )      11.51       1.05       1.23       3.26       458       4.32       0  
11/01/21     10/31/22       12.77       0.18       (1.20 )      (1.02 )      (0.11 )      (0.13 )      (0.24 )      11.51       1.05       1.22       1.44       273       (8.07 )      0  
11/01/20     10/31/21       12.81       0.05       0.14       0.19       (0.23 )      —       (0.23 )      12.77       1.05       1.25       0.39       80       1.45       0  
11/01/19     10/31/20       12.11       0.16       0.78       0.94       (0.24 )      —       (0.24 )      12.81       1.05       1.81       1.32       435       7.85       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  
Class R-5*                              
11/01/23     12/31/23       11.55       0.08       0.75       0.83       (0.13 )      —       (0.13 )      12.25       0.50       0.82       4.05       49       7.21       1  
11/01/22     10/31/23       11.56       0.46       0.10       0.56       (0.57 )      —       (0.57 )      11.55       0.50       0.86       3.87       458       4.82       1  
11/01/21     10/31/22       12.80       0.29       (1.24 )      (0.95 )      (0.16 )      (0.13 )      (0.29 )      11.56       0.50       0.83       2.44       273       (7.56 )      1  
11/01/20     10/31/21       12.81       0.11       0.16       0.27       (0.28 )      —       (0.28 )      12.80       0.50       0.84       0.86       80       2.09       0  
11/01/19     10/31/20       12.12       0.23       0.76       0.99       (0.30 )      —       (0.30 )      12.81       0.50       1.30       1.87       435       8.36       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  
Class R-6*                              
11/01/23     12/31/23       11.55       0.08       0.75       0.83       (0.13 )      —       (0.13 )      12.25       0.40       0.78       4.16       49       7.24       101  
11/01/22     10/31/23       11.56       0.47       0.10       0.57       (0.58 )      —       (0.58 )      11.55       0.40       0.76       3.90       458       4.92       90  
11/01/21     10/31/22       12.80       0.26       (1.20 )      (0.94 )      (0.17 )      (0.13 )      (0.30 )      11.56       0.40       0.76       2.15       273       (7.46 )      91  
11/01/20     10/31/21       12.81       0.13       0.15       0.28       (0.29 )      —       (0.29 )      12.80       0.40       0.76       1.01       80       2.17       68  
11/01/19     10/31/20       12.12       0.24       0.77       1.01       (0.32 )      —       (0.32 )      12.81       0.40       0.76       1.97       435       8.47       43  
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  
Class Y*                              
11/01/23     12/31/23       11.60       0.08       0.74       0.82       (0.12 )      —       (0.12 )      12.30       0.80       1.17       3.78       49       7.10       42  
11/01/22     10/31/23       11.60       0.43       0.11       0.54       (0.54 )      —       (0.54 )      11.60       0.80       1.15       3.59       458       4.58       52  
11/01/21     10/31/22       12.86       0.20       (1.20 )      (1.00 )      (0.13 )      (0.13 )      (0.26 )      11.60       0.80       1.15       1.63       273       (7.88 )      32  
11/01/20     10/31/21       12.88       0.08       0.15       0.23       (0.25 )      —       (0.25 )      12.86       0.80       1.14       0.62       80       1.76       31  
11/01/19     10/31/20       12.18       0.19       0.78       0.97       (0.27 )      —       (0.27 )      12.88       0.80       1.15       1.55       435       8.07       25  
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  

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

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.

(d) Per share amount is less than $0.005.

 

The accompanying notes are an integral part of the financial statements.           53  

Notes to Financial Statements

12.31.2023

 

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 separate series (each a “fund” and collectively the “Funds”), each of which is advised by Carillon Tower Advisers, Inc. (“Carillon Tower” or “Manager”). On September 30, 2022, Carillon Tower began also doing business as Raymond James Investment Management. This did not involve any change in Carillon Tower’s structure, ownership, or control. The Trust offers shares in the following series:

 

  •  

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 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 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.

Class offerings | As of December 31, 2023, 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 8-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”). In accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board approved the Adviser as the fund’s valuation designee to be responsible for carrying out pricing and valuation duties in accordance with the Adviser’s Valuation Procedures (the “Procedures”). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value determined in good faith.

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

 

54          

Notes to Financial Statements

12.31.2023

 

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, medium-term notes, 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 two months ended December 31, 2023, only the Core Plus Bond Fund and Unconstrained Bond Fund held futures. Only the Unconstrained Bond Fund held options during the two months ended December 31, 2023.

  •  

Swaps  |  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 two months ended December 31, 2023, only the Core Plus Bond Fund and Unconstrained Bond Fund held 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 two months ended December 31, 2023, 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.

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.

 

               55  

Notes to Financial Statements

12.31.2023

 

The following is a summary of the inputs used to value each fund’s investments as of December 31, 2023:

    Level 1     Level 2     Level 3  
Capital Appreciation Fund

 

    
Common stocks (a)     $402,780,539       $—       $—  
Total investment portfolio     $402,780,539       $—       $—  
International Stock Fund

 

    
Common stocks (a):      

Australia

     $—       $8,334,529       $—  

Brazil

     —       958,693       —  

Canada

     19,537,075       —       —  

China

     1,912,752       7,698,706       —  

Denmark

     —       15,489,977       —  

Finland

     —       2,060,219       —  

France

     —       31,743,904       —  

Germany

     —       17,936,253       —  

Hong Kong

     —       16,618,079       —  

India

     695,800       —       —  

Ireland

     —       1,396,919       —  

Israel

     2,741,544       2,294,637       —  

Italy

     —       9,429,911       —  

Japan

     —       70,542,321       —  

Mexico

     1,717,400       —       —  

Netherlands

     —       15,606,192       —  

New Zealand

     —       1,810,097       —  

Norway

     —       775,774       —  

Singapore

     —       2,617,394       —  

South Korea

     —       10,072,798       —  

Spain

     —       4,119,326       —  

Sweden

     —       6,960,375       —  

Switzerland

     —       9,684,844       —  

Taiwan

     6,312,800       23,964,344       —  

Turkey

     —       1,310,225       —  

United Kingdom

     1,764,339       47,993,893       —  
Preferred stocks     —       2,521,203       —  
Exchange traded funds     17,200,372       —       —  
Money market funds     4,679,500       —       —  
Total investment portfolio     $56,561,582       $311,940,613       $—  
Growth & Income Fund

 

    
Domestic common stocks (a)     $529,550,926       $—       $—  
Foreign common stocks (a)     71,482,265       —       —  
Total investment portfolio     $601,033,191       $—       $—  
Mid Cap Growth Fund

 

    
Common stocks (a)     $6,447,986,466       $—       $—  
Total investment portfolio     $6,447,986,466       $—       $—  
    Level 1     Level 2     Level 3  
Small Cap Growth Fund

 

    
Common stocks (a)     $589,458,298       $—       $—  
Money market funds     615,239       —       —  
Total investment portfolio     $590,073,537       $—       $—  
Mid Cap Fund

 

    
Common stocks (a)     $3,333,544,266       $—       $—  
Total investment portfolio     $3,333,544,266       $—       $—  
Small Cap Fund

 

    
Common stocks (a)     $260,191,194       $—       $—  
Total investment portfolio     $260,191,194       $—       $—  
Core Bond Fund

 

    
Corporate bonds (a)     $—       $128,179,344       $—  
Mortgage and asset-backed securities     —       327,668,984       —  
U.S. Treasuries     —       128,875,242       —  
U.S. Treasury Bills     —       60,017,559       —  
Total investment portfolio     $—       $644,741,129       $—  
Core Plus Bond Fund

 

    
Corporate bonds (a)     $—       $350,470,767       $—  
Mortgage and asset-backed securities     —       983,679,581       —  
U.S. Treasuries     —       475,877,486       —  
Medium-term notes     —       93,843       —  
U.S. Treasury Bills     —       200,822,176       —  
Total investment portfolio     $—       $2,010,943,853       $—  
Credit default swaps     $—       $4,489,060       $—  
Forward contracts (b)     $—       $2,819,921       $—  
Unconstrained Bond Fund

 

    
Corporate bonds (a)     $—       $291,165,042       $—  
Mortgage and asset-backed securities     —       713,988,492       —  
U.S. Treasuries     —       422,967,991       —  
Medium-term notes     —       214,498       —  
U.S. Treasury Bills     —       389,618,064       —  
Total investment portfolio     $—       $1,817,954,087       $—  
Futures contracts (b)     $(1,764,691 )      $—       $—  
Credit default swaps     $—       $8,576,873       $—  
Inflation rate swaps (b)     $—       $1,380,716       $—  
Forward contracts (b)     $—       $4,392,490       $—  

(a) Please see the investment portfolio for details.

(b) Amounts presented for Futures Contracts, Inflation Rate Swaps, and Forward Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

 

 

56          

Notes to Financial Statements

12.31.2023

 

At December 31, 2023, the Funds did not hold any Level 3 investments.

Derivatives | The following disclosure provides certain information about the Funds’ derivative and hedging activities. The use of derivatives involves the risk that the fund could lose more than the amount invested in derivatives.

 

  •  

Forward currency contracts | Each of the Funds’ policies, except Capital Appreciation, Small Cap Growth, Core Bond, 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 including taking active currency exposure. Forward contracts are agreements between two parties to exchange different currencies at a specified rate at an agreed upon future date. Non-deliverable forward currency contracts (“NDF”) are settled with the counterparty in US dollars without the delivery of foreign currency. 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.

 

  •  

Futures contracts | Each of the Funds’ policies, except Capital Appreciation, International Stock, Small Cap Growth, 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. 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.

 

  •  

Options | Each of the Funds’ policies, except Capital Appreciation, International Stock, Small Cap Growth, Mid Cap, and Small Cap, permit the Funds to use options for hedging, substitution or investment purposes, certain options, including options on securities, equity and debt indices, currencies, futures, and swap contracts (a/k/a “swaptions”). However, Growth & Income may only purchase and write call options on securities as discussed below. Certain risks and special characteristics of these strategies are discussed below. The purchase of call options can serve as a long hedge, and the purchase of put options can serve as a short hedge. Writing put or call options can enable a fund to enhance income or yield by reason of the premiums paid by the purchasers of such options. However, if the market price of the security underlying a put option declines to less than the exercise price of the option, minus the premium received, the fund would expect to suffer a loss. On written call options the maximum loss of capital can be unlimited. The maximum loss of capital on written put options is limited to the notional contract values of those positions. A fund effectively may terminate its right or obligation under an option by entering into a closing transaction. If a fund wished to terminate its obligation to purchase or sell the investment under a put or call option it has written, the fund may purchase a put or call option of the same series (i.e., an option identical in its terms to the option previously written); this is known as a closing purchase transaction. Conversely, in order to terminate its right to purchase or sell under a call or put option it has purchased, a fund may write a call or put option of the same series; this is known as a closing sale transaction. Closing transactions essentially permit the fund to realize profits or limit losses on its options positions prior to the exercise or expiration of the option. Whether a profit or loss is realized from a closing transaction depends on the price movement of the underlying security, index, currency or futures contract and the market value of the option. A fund may purchase and write call and put options on futures contracts that are traded on a U.S. exchange or board of trade. A fund may purchase put options on futures contracts in lieu of, and for the same purpose as, the sale of a futures contract. A fund also may purchase such put options in order to hedge a long position in the underlying futures contract. A fund may purchase call options on futures contracts in lieu of, and for the same purpose as, the actual purchase of the futures contracts. A fund also may purchase call options on futures contracts in anticipation of a market advance when it is not fully invested. While a fund’s use of options on futures contracts for hedging may protect the fund against adverse movements in the general level of interest rates or securities prices, such transactions could also preclude the opportunity to benefit from favorable movement in the level of interest rates or securities prices. There can be no guarantee that a fund’s forecasts about market value, interest rates and other applicable factors will be correct or that there will be a correlation between price movements in the hedging vehicle and in the securities being hedged. Details of options and options on futures contracts, if any, at period end are included in the Investment Portfolios under the caption “Schedule of Options.” Refer to Note 6 for additional information.

 

  •  

Swap contracts | The Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into swap agreements to enhance the Funds’ returns, increase liquidity and/or gain exposure to certain instruments, issuers, markets (i.e., the corporate bond market), or securities in a relatively efficient way. A fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, to protect against currency fluctuations, as a duration management technique or to protect against any increase in the price of securities the fund anticipates purchasing at a later date. Interest paid to or by the Funds is accrued daily and included in realized gain (loss) on swap agreements. When a fund enters into a centrally cleared swap, it must deliver to the central counterparty an amount referred to as “initial margin” During the term of the swap agreement, a “variation margin” amount may also be required to be paid by a fund or may be received by the fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the swap agreement. At the conclusion of the term of the swap agreement, if a fund has a loss of less than the margin amount, the excess margin is returned to the fund. If a fund has a gain, the full margin amount and the amount of the gain is paid to the fund. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Daily fluctuations in the value of swaps are recorded in variation margin on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts.

 

            57  

Notes to Financial Statements

12.31.2023

 

  Swaps sold by a fund may involve greater risks than if the fund had invested in the reference obligation directly. 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.

 

  •  

Credit default swap contracts | 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 for investment purposes or to hedge against the risk of default of debt securities held in their portfolio. 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, the fund will either (i) receive from the seller of protection an amount equal to the notional value of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a seller, a fund accrues for and receives a fixed rate of income throughout the term of the agreement, which typically is between one month and five years, provided that no credit event occurs. As the seller, a fund would effectively add leverage to its portfolio because, in addition to its total net assets, the 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, the 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 rate swap contracts | An interest rate swap is an agreement between two parties to exchange interest rate payment obligations and is used primarily to manage interest rate risk. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the Secured Overnight Financing Rate (SOFR), prime rate, commercial paper rate, or other benchmarks). Each party’s payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather, they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be executed on a registered exchange (centrally cleared interest rate swaps). The Funds may enter into interest rate swaps in which they either pay or receive a fixed interest rate and pay or receive a floating interest rate. Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the fund upon early termination of the swap.

 

  •  

Inflation rate swap contracts | An inflation swap is an agreement between two parties to transfer inflation risk, with one party paying the floating rate based on an inflation index (such as the Consumer Price Index (CPI), and the other party paying a fixed rate, typically based on the notional principal amount of the underlying asset. Inflation swap contracts are used primarily to gain exposure to inflation (inflation risk). Inflation swaps may be used to protect the value of securities against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. Similar to an interest rate swap, the Funds may enter into inflation rate swaps in which they either pay or receive a fixed interest rate and pay or receive a floating interest rate based upon an inflation index, such as the CPI. Barring swap counterparty default, the risk of loss in an inflation rate swap is limited to the net amount of payments that the fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the fund upon early termination of the swap.

 

  •  

Total return swap contracts | Total return swaps are two-party contracts that generally obligate one party to pay a set rate (either fixed or based on an index) and the other party to make payments based on the return of a specified reference security, security index or index component during the period of the swap, and are used primarily to gain exposure to the underlying referenced instruments, obtain leverage or attain the returns from ownership without actually owning the underlying position. Total return swaps normally do not involve the delivery of securities or the underlying assets. If the counterparty to a total return swap defaults, a fund’s risk of loss consists of the net amount of the payments the fund is contractually entitled to receive, if any.

 

58          

Notes to Financial Statements

12.31.2023

 

During the two months ended December 31, 2023, the average of month-end derivative positions (notional value in U.S. dollars for swap contracts, futures contracts, and forward contracts and market value in U.S. dollars for written options) were as follows:

 

    Inflation
Rate Swap
Contracts		     Credit Default
Swap Contracts		    

Futures
Contracts - Long

    

Futures
Contracts -  Short

    

Forward
Contracts - USD

Received

    

Forward
Contracts - USD

Delivered

    

Written
Options

  
Core Plus Bond Fund     $—       $107,979,400       $169,172,063       $(94,935,860 )      $21,071,413       $59,078,071       $—  
Unconstrained Bond Fund     43,153,000       388,714,400       459,831,879       (210,403,290 )      100,175,851       155,049,697       (320,498 ) 

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 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.

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, except Capital Appreciation and International Stock, 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 two months ended December 31, 2023, 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.

As a result of court cases involving several countries across the European Union, the Carillon ClariVest International Fund (“International Fund), which merged into the International Stock Fund on July 15, 2022, has filed tax reclaims in respect of previously withheld taxes on dividends earned (“EU tax reclaims”). These filings are subject to various administrative proceedings by each local jurisdiction’s tax authority, as well as judicial proceedings. EU tax reclaims that have been recognized, if any, are reflected as “Foreign withholding tax claims and interest” in the Statements of Operations. Generally, unless Carillon Tower believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a fund’s net asset value. EU tax reclaims recognized by a fund, if any, reduce the amount of foreign taxes, if any, that a fund may elect to pass-through to its shareholders from a U.S. federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a fund may enter into a closing agreement with the U.S. Internal Revenue Service (the “IRS”). The closing agreement will result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. Any estimated charges relating to a closing agreement liability would be presented as “IRS compliance fee and related expenses for withholding tax claims” in the Statements of Assets and Liabilities. The actual IRS compliance fee in connection with the closing agreement may differ from the estimate and that difference may be material.

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.

 

            59  

Notes to Financial Statements

12.31.2023

 

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.

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 from the Growth & Income Fund and monthly from 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      11/1/23 to 12/31/23        $19,293,700        $806,747        $22,750,597        $29,868        $128,300        $25,886        $2,935  
     11/1/22 to 10/31/23        25,413,471        2,263,619        30,230,150        48,168        138,839        4,581        3,304  
     11/1/21 to 10/31/22        14,716,038        1,446,357        25,552,378        37,541        379,817        94,235        1,724  
International Stock Fund      11/1/23 to 12/31/23        116,492        23,343        9,780,996        348,648        1,321        268,675        893  
     11/1/22 to 10/31/23        57,300        9,518        2,856,159        94,662        381        11,379        312  
     11/1/21 to 10/31/22        56,628        17,493        159,071        744        77        1,188        220  
Growth & Income Fund      11/1/23 to 12/31/23        22,182,266        4,321,751        39,115,449        143,306        309,555        1,029,905        14,008  
     11/1/22 to 10/31/23        15,101,681        3,555,533        38,050,282        111,845        306,672        668,899        9,590  
     11/1/21 to 10/31/22        21,313,877        6,551,471        61,972,837        150,060        634,241        858,141        40,741  
Mid Cap Growth Fund      11/1/23 to 12/31/23        65,825,820        7,435,941        140,755,023        4,287,892        92,075,062        376,654,688        196,390  
     11/1/22 to 10/31/23        8,028,069        1,533,972        16,706,977        487,980        9,408,076        40,840,620        34,641  
     11/1/21 to 10/31/22        86,905,995        17,025,720        171,946,281        5,215,746        92,470,549        385,326,429        418,862  
Small Cap Growth Fund      11/1/23 to 12/31/23        12,762,248        933,389        18,122,297        1,434,659        1,550,153        16,619,101        1,133  
     11/1/22 to 10/31/23        51,325,446        11,089,494        85,850,918        10,334,108        6,272,925        73,504,323        7,982  
     11/1/21 to 10/31/22        95,432,723        14,934,189        232,783,017        17,185,244        20,622,322        214,213,403        6,377  
Mid Cap Fund      11/1/23 to 12/31/23        10,386        —        4,917,630        —        5,522        1,118,135        1,046  
     11/1/22 to 10/31/23        930,699        710,710        135,175,573        119,758        177,565        13,447,214        107,576  
     11/1/21 to 10/31/22        3,056,792        3,186,900        459,672,618        505,625        441,972        29,463,894        381,187  
Small Cap Fund      11/1/23 to 12/31/23        —        —        —        —        —        —        —  
     11/1/22 to 10/31/23        427,814        54,819        7,649,474        3,079        624        244,353        3,172  
     11/1/21 to 10/31/22        2,720,537        494,473        52,696,746        25,405        3,817        1,702,995        22,752  
Core Bond Fund      11/1/23 to 12/31/23        28,819        29,514        4,713,105        3,654        6,374        172,804        532,889  
     11/1/22 to 10/31/23        112,170        99,660        12,378,867        8,721        4,076        394,969        1,847,750  
     11/1/21 to 10/31/22        63,226        65,987        7,097,946        1,911        211        28,176        544,332  
Core Plus Bond Fund      11/1/23 to 12/31/23        46,753        38,699        16,558,062        1,924        657        565,645        359,648  
     11/1/22 to 10/31/23        170,449        168,091        60,314,305        7,412        2,336        814,800        1,401,453  
     11/1/21 to 10/31/22        71,880        62,191        19,698,896        2,510        332        91,000        787,630  
Unconstrained Bond Fund      11/1/23 to 12/31/23        57,558        11,041        13,089,919        109        10,096        1,079,233        457,714  
     11/1/22 to 10/31/23        232,399        53,839        51,953,400        470        35,697        4,519,237        3,776,846  
     11/1/21 to 10/31/22        105,357        33,477        25,485,662        224        8,888        1,948,991        625,829  

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.

 

60             

Notes to Financial Statements

12.31.2023

 

NOTE 3  |  Purchases and sales of securities  |  During the two months ended December 31, 2023, purchases and sales of investment securities (excluding short-term obligations) were as follows:

 

    Capital
Appreciation Fund		     International
Stock Fund		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Purchases     $13,735,251       $25,760,617       $31,584,225       $189,522,684       $44,820,054  
Sales     21,787,645       34,007,584       67,931,418       328,462,863       77,712,184  
    Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Purchases     $547,715,238       $9,911,861       $236,365,175       $704,887,229       $583,635,048  
Purchases - U.S. Treasury securities     —       —       61,654,938       192,727,826       111,837,624  
Sales     691,206,831       15,683,507       252,491,511       721,608,010       492,093,456  
Sales - U.S. Treasury securities     —       —       63,210,216       147,054,617       161,533,093  

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%		  
 
Growth & Income Fund  

First $100 million

$100 million to $500 million

Over $500 million

    

 0.60%
0.45%
0.40%		  
 
 

Mid Cap Growth Fund,

Small Cap Growth Fund,

Small Cap Fund

  

First $500 billion

$500 million to $1 billion

Over $1 biltion

    

 0.60%

0.55%

0.50%

  

 

 

Investment advisory fee rate
schedule (cont’d)		   Breakpoint   Investment
advisory fee		  
International Stock Fund  

First $1 billion

Over $1 billion

    

 0.70%

0.60%

  

 

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 International Stock Fund,

  •  

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

  •  

Scout Investments, Inc. (“Scout”) serves as subadviser for the Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund

Administrative fees  |  For administrative services provided by the Manager, each fund has agreed to pay an administrative rate of 0.10% of the average daily net assets of all share classes.

Distribution and service fees  |  Pursuant to the Class A, Class C, Class R-3 and Class Y Distribution plans and in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Carillon Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Carillon Series Trust, except the Capital Appreciation Fund and the Growth & Income Fund, is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and service 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.

 

               61  

Notes to Financial Statements

12.31.2023

 

Sales charges  |  During the two months ended December 31, 2023, total front-end sales charges and contingent deferred sales charges (“CDSC”) paid to the Distributor were as follows:

 

    Capital
Appreciation Fund		     International
Stock Fund		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Front-end sales charges - Class A     $6,792       $107       $2,328       $3,617       $2,221  
CDSC - Class A     —       —       —       —       —  
CDSC - Class C     —       —       —       200       —  
    Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Front-end sales charges - Class A     $2,145       $385       $1,698       $24       $73  
CDSC - Class A     —       —       —       —       —  
CDSC - Class C     —       —       —       —       —  

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

Agency commissions  |  During the two months ended December 31, 2023, 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		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Total agency brokerage commissions     $3,983       $34,756       $19,650       $119,205       $92,355  
Paid to RJA     —       —       970       —       14,373  
    Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Total agency brokerage commissions     $482,443       $17,002       $—       $5,668       $67,943  
Paid to RJA     —       —       —       —       —  

Internal audit fees  |  RJA provides internal audit services to the Funds. RJA receives no compensation from the Funds for these services.

Expense limitations  |  Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 29, 2024 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      1.25%        2.00%        0.95%        1.50%        0.95%        0.85%        1.25%  
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%  
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%  

 

62             

Notes to Financial Statements

12.31.2023

 

Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:

 

Expenses waived and/or reimbursed

11/1/23 to 12/31/23

    Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $61,959        $2,465        $87,416        $132        $554        $112        $9  
International Stock Fund      790        150        90,189        3,983        9        2,412        1  
Growth & Income Fund      —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —  
Mid Cap Fund      —        —        —        —        —        —        —  
Small Cap Fund      910        78        38,522        —        —        1,382        —  
Core Bond Fund      1,089        1,190        252,852        111        211        6,907        22,289  
Core Plus Bond Fund      807        850        617,856        28        11        14,225        9,785  
Unconstrained Bond Fund      2,815        675        742,822        4        512        62,391        27,846  

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 ClariVest and Scout for amounts waived and/or reimbursed under each contractual fee waiver and expense reimbursement agreement and provides to ClariVest and Scout any recoupment that Carillon Tower receives from the Funds. The following tables show the amounts that Carillon Tower may be allowed to recover by class of shares and the dates that these amounts will expire:

 

Recoverable expenses - 12/31/2025    Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $61,959        $2,465        $87,416        $132        $554        $112        $9  
International Stock Fund      790        150        90,189        3,983        9        2,412        1  
Growth & Income Fund      —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —  
Mid Cap Fund      —        —        —        —        —        —        —  
Small Cap Fund      910        78        38,522        —        —        1,382        —  
Core Bond Fund      1,089        1,190        252,852        111        211        6,907        22,289  
Core Plus Bond Fund      807        850        617,856        28        11        14,225        9,785  
Unconstrained Bond Fund      2,815        675        742,822        4        512        62,391        27,846  
Recoverable expenses - 12/31/2024    Class A      Class C      Class I      Class R-3      Class R-5      Class R-6      Class Y  
Capital Appreciation Fund      $245,667        $10,876        $415,266        $611        $2,373        $93        $25  
International Stock Fund      943        —        286,299        8,536        17        2,957        —  
Growth & Income Fund      —        —        —        —        —        —        —  
Mid Cap Growth Fund      —        —        —        —        —        —        —  
Small Cap Growth Fund      —        —        —        —        —        —        —  
Mid Cap Fund      —        —        —        —        —        —        —  
Small Cap Fund      —        —        21,475        —        —        745        —  
Core Bond Fund      6,045        6,487        1,140,761        623        144        25,356        123,351  
Core Plus Bond Fund      3,798        4,665        3,067,884        266        66        30,912        43,762  
Unconstrained Bond Fund      15,173        4,125        3,953,546        20        2,723        332,144        312,287  

The Manager did not recover any previously waived expenses during the two month period ended December 31, 2023.

Trustees and officers compensation | Each Trustee of the Carillon Family of Funds 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.

 

            63  

Notes to Financial Statements

12.31.2023

 

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.

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, 2020 to October 31, 2023 and December 31, 2023) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Federal income tax regulations differ from GAAP; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.

For income tax purposes, distributions paid during the fiscal periods indicated were as follows:

 

         

Capital
Appreciation Fund

     

International
Stock Fund

     

Growth &
Income Fund

     

Mid Cap
Growth Fund

     

Small Cap
Growth Fund

  
Ordinary Income   

11/1/23 to 12/31/23

      $4,063        $10,540,368        $2,158,852        $—        $—  
  

11/1/22 to 10/31/23

      247,083        3,029,711        13,304,584        —        —  
  

11/1/21 to 10/31/22

      1,681,717        235,421        28,584,931        —        —  
Long-term capital gain   

11/1/23 to 12/31/23

      43,033,970        —        64,957,388        687,230,816        51,422,980  
  

11/1/22 to 10/31/23

      57,855,049        —        44,499,918        77,040,335        238,385,196  
  

11/1/21 to 10/31/22

      40,546,373        —        62,936,437        759,309,582        595,177,275  
         

Mid Cap
Fund

     

Small Cap
Fund

     

Core Bond
Fund

     

Core Plus
Bond Fund

     

Unconstrained
Bond Fund

  
Ordinary Income   

11/1/23 to 12/31/23

      $6,052,719        $—        $5,487,159        $17,571,388        $14,705,670  
  

11/1/22 to 10/31/23

      40,779,277        —        14,846,213        62,878,846        60,571,888  
  

11/1/21 to 10/31/22

      79,256,173        7,113,774        7,801,789        20,714,439        28,208,428  
Long-term capital gain   

11/1/23 to 12/31/23

      —        —        —        —        —  
  

11/1/22 to 10/31/23

      109,889,818        8,383,335        —        —        —  
  

11/1/21 to 10/31/22

      417,452,815        50,552,951        —        —        —  

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

 

   

Capital
Appreciation Fund

    

International
Stock Fund

    

Growth &
Income Fund

    

Mid Cap
Growth Fund

    

Small Cap
Growth Fund

  

Paid-in capital

     $—       $(1 )      $—       $(6,985,082 )      $(1,894,433 ) 

Total distributable earnings (loss)

     —       1       —       6,985,082       1,894,433  
   

Mid Cap
Fund

    

Small Cap
Fund

    

Core Bond
Fund

    

Core Plus
Bond Fund

    

Unconstrained
Bond Fund

  

Paid-in capital

     $—       $(874,118 )      $(15,870 )      $—       $—  

Total distributable earnings (loss)

     —       874,118       15,870       —       —  

 

64          

Notes to Financial Statements

12.31.2023

 

At December 31, 2023, capital loss carryforwards and late year loss deferrals are as follows:

 

   

Capital
Appreciation Fund

    

International
Stock Fund

    

Growth &
Income Fund

    

Mid Cap
Growth Fund

    

Small Cap
Growth Fund

  

Capital loss carryforwards utilized 11/1/23 to 12/31/23

     $—       $1,501,366       $—       $—       $—  

Capital loss carryforwards available indefinitely at 12/31/23

     —       13,685,795       —       —       —  

Late year loss deferrals available at 12/31/23

     —       —       —       —       —  
   

Mid Cap
Fund

    

Small Cap
Fund

    

Core Bond
Fund

    

Core Plus
Bond Fund

    

Unconstrained
Bond Fund

  

Capital loss carryforwards utilized 11/1/23 to 12/31/23

     $94,744,411       $—       $1,841,975       $9,992,149       $5,637,590  

Capital loss carryforwards available indefinitely at 12/31/23

     65,207,899       2,247,546       69,528,703       170,857,612       59,034,819  

Late year loss deferrals available at 12/31/23

     —       —       —       —       —  

Capital loss carryforwards may be used to offset future realized gains and late year loss deferrals (net losses incurred from November 1, 2023 to December 31, 2023) may be used to offset ordinary income as of the first day of the following fiscal year.

At December 31, 2023, the components of distributable earnings (losses) on a tax basis were as follows:

 

   

Capital
Appreciation Fund

    

International
Stock Fund

    

Growth &
Income Fund

    

Mid Cap
Growth Fund

    

Small Cap
Growth Fund

  

Cost of investments

     $171,661,547       $317,536,962       $392,557,550       $4,427,634,305       $448,230,088  

Gross unrealized appreciation

     235,310,132       64,992,388       211,407,636       2,294,970,828       182,836,404  

Gross unrealized depreciation

     (4,191,140 )      (14,027,155 )      (2,931,995 )      (274,618,667 )      (40,992,955 ) 

Net unrealized appreciation/(depreciation)

     231,118,992       50,965,233       208,475,641       2,020,352,161       141,843,449  

Undistributed ordinary income

     13,883       2,462,426       515,909       —       —  

Undistributed long-term gain

     5,407,581       —       16,257,748       98,434,139       13,586,073  

Total undistributed earnings

     5,421,464       2,462,426       16,773,657       98,434,139       13,586,073  

Other accumulated gains (losses)

     —       (13,741,075 )      —       —       —  

Total distributable earnings (accumulated loss)

     $236,540,456       $39,686,584       $225,249,298       $2,118,786,300       $155,429,522  
   

Mid Cap

Fund

    

Small Cap
Fund

    

Core Bond
Fund

    

Core Plus
Bond Fund

    

Unconstrained
Bond Fund

  

Cost of investments

     $2,718,701,949       $166,956,731       $645,283,064       $2,014,140,481       $1,816,858,346  

Gross unrealized appreciation

     701,730,855       114,759,949       11,216,716       35,961,910       36,782,218  

Gross unrealized depreciation

     (86,888,538 )      (21,525,486 )      (11,758,651 )      (31,849,557 )      (23,101,089 ) 

Net unrealized appreciation/(depreciation)

     614,842,317       93,234,463       (541,935 )      4,112,353       13,681,129  

Undistributed ordinary income

     284,887       —       —       5,931,972       9,820,214  

Undistributed long-term gain

     —       —       —       —       —  

Total undistributed earnings

     284,887       —       —       5,931,972       9,820,214  

Other accumulated gains (losses)

     (65,207,899 )      (2,247,546 )      (69,528,703 )      (170,857,612 )      (57,706,043 ) 

Total distributable earnings (accumulated loss)

     $549,919,305       $90,986,917       $(70,070,638 )      $(160,813,287 )      $(34,204,700 ) 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) was 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.

 

            65  

Notes to Financial Statements

12.31.2023

 

NOTE 6 | Other derivative information | At December 31, 2023, the Funds have invested in derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

 

            Asset     Liability  
    Risk Exposure Category   Statements of Assets and Liabilities Location   Fair Value Amount     Fair Value Amount  
Core Plus Bond Fund   Credit   Open credit default swap contracts, at value*     $4,489,060       N/A  
  Currency   Unrealized appreciation - open forward contracts     3,630,301       N/A  
  Currency   Unrealized depreciation - open forward contracts     N/A       $810,380  
     

 

 

  
  Total       $8,119,361       $810,380  
     

 

 

  
Unconstrained Bond Fund   Credit   Open credit default swap contracts, at value*     $8,576,873       N/A  
  Inflation & currency   Unrealized appreciation - open inflation swap contracts*     1,380,716       N/A  
  Interest rate   Unrealized depreciation - open futures contracts^     N/A       $1,764,691  
  Currency   Unrealized appreciation - open forward contracts     8,402,544       N/A  
  Currency   Unrealized depreciation - open forward contracts     N/A       4,010,054  
     

 

 

  
  Total       $18,360,133       $5,774,745  
     

 

 

  

* Included in Deposit at broker - open swap contracts.

^ Included in Deposit at broker - open futures contracts.

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 December 31, 2023, 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 two months ended December 31, 2023, 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 Plus Bond Fund   Credit   Swap contracts     $2,061,622       $5,090,930  
  Interest rate   Futures contracts     (1,418,468 )      1,710,450  
  Currency   Forward contracts     —       2,979,904  
     

 

 

  
  Total       $643,154       $9,781,284  
     

 

 

  
Unconstrained Bond Fund   Credit   Written options     $1,337,499       $(385,404 ) 
  Credit   Swap contracts     4,729,678       8,108,284  
  Inflation & currency   Swap contracts     —       (42,081 ) 
  Interest rate   Futures contracts     (5,800,957 )      (933,529 ) 
  Currency   Forward contracts     417,455       3,738,342  
     

 

 

  
  Total       $683,675       $10,485,612  
     

 

 

  

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

NOTE 7 | Securities lending | To earn additional income, each Fund may loan portfolio securities to qualified broker dealers. The primary objective of securities lending is to supplement a fund’s income through investment of the cash collateral in short-term interest bearing obligations. The collateral for a fund’s loans will be marked-to-market daily so that at all times the collateral exceeds 100% of the value of the loan. A fund may terminate such loans at any time and the market risk applicable to any security loaned remains its risk. Although voting rights, or rights to consent, with respect to the loaned securities pass to the borrower, a fund retains the right to call the loans at any time on reasonable notice, and it may choose to do so in order that the securities may be voted by it if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. A fund also may call such loans in order to sell the securities involved. The borrower must add to the collateral whenever the market value of the securities rises above the level of such collateral. While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount may be received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend. Securities loans involve some risk. There is a risk that a borrower may default on its obligations to return loaned securities; however, the Funds’ securities lending agent may indemnify a fund against that risk. A fund could incur a loss if the borrower should fail financially at a time when the value of the loaned securities is greater than the collateral, and a fund could lose rights in the collateral should the borrower fail financially. The securities in

 

66          

Notes to Financial Statements

12.31.2023

 

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 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 December 31, 2023, 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, except International Stock Fund, may borrow up to 33.33% of the net market value of such fund’s assets. International Stock Fund may borrow up to 30.00% of the net market value of such fund’s assets. The maximum aggregate borrowing limit is $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 December 31, 2023 was 7.50% (prime rate of 8.50% minus 1.00%). The following table shows the details of the Funds’ borrowing activity during two months ended December 31, 2023. 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     $4,708,000       $151,885       $1,930       7.50 % 
International Stock Fund     7,284,000       131,934       1,677       7.50  
Growth & Income Fund     707,000       12,148       154       7.50  
Mid Cap Growth Fund     2,546,000       265,164       3,370       7.50  
Small Cap Growth Fund     4,254,000       414,246       5,264       7.50  
Mid Cap Fund     24,905,000       2,414,770       30,688       7.50  
Small Cap Fund     526,000       29,836       379       7.50  

As of December 31, 2023, Small Cap Growth Fund and Mid Cap Fund had outstanding borrowings of $1,041,000 and $1,595,000 under the line of credit, respectively.

NOTE 9 | New accounting pronouncements and regulatory changes | In June 2022, the FASB issued Accounting Standards Update No. 2022-03 (“ASU 2022-03”), Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sales Restrictions. The amendments in ASU 2022-03 clarify that a contractual restriction on a sale of an equity security is not considered a part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in ASU 2022-03 also require the following disclosures for equity securities subject to contractual sale restrictions: (i) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (ii) the nature and remaining duration of the restriction(s), and (iii) the circumstances that could cause a lapse in the restriction(s). The amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for public business entities (early adoption is also permitted). Management is currently evaluating the potential effect that this ASU amendment will have on the Funds’ financial statements.

In October 2022, the Securities and Exchange Commission adopted amendments to the requirements for annual and semi-annual shareholder reports provided by mutual funds and exchange-traded funds (ETFs) to highlight key information for investors. The Commission’s final rule amendments will require mutual funds and ETFs that are registered on Form N-1A (“open-end funds” or “funds”) to transmit to shareholders concise and visually engaging annual and semi-annual reports that highlight information that is particularly important for retail shareholders to assess and monitor their fund investments on an ongoing basis. The final rule amendments also facilitate funds’ ability to make electronic versions of their shareholder reports more user-friendly and interactive. In addition, open-end funds will be required to tag the information in their shareholder reports using Inline XBRL structured data language. The new rules will require that funds make available online certain information that may be more relevant to investors and financial professionals who desire more in-depth information. This information also must be delivered free of charge upon request and filed on a semi-annual basis on Form N-CSR. This information includes, for example, a fund’s schedule of investments and other financial statement elements. The final rule amendments include requirements that will help ensure that investors can easily reach and navigate the information that appears online. The Commission adopted amendments to exclude open-end funds from the scope of rule 30e-3, which generally permits certain registered investment companies to satisfy shareholder report transmission requirements by making these reports and other materials available online and providing a notice of the reports’ online availability, instead of directly providing the reports to shareholders. The amendments excluding open-end funds from rule 30e-3 are intended to help ensure that all open-end fund investors will experience the benefits of the new tailored shareholder reports. Open-end fund shareholders will directly receive the new tailored annual and semi-annual reports, either in paper or, if the shareholder has so elected, electronically. These updates are effective January 24, 2023 with an 18-month transition period for funds to comply with the new framework. Management is currently evaluating the impact of these updates on the Funds’ annual and semi-annual shareholder reports.

 

            67  

Notes to Financial Statements

12.31.2023

 

NOTE 10 | Other matters | In February 2022, Russia commenced a military attack on Ukraine, which became the start of the ongoing Ukraine Russia war. Sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on foreign economies and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflicts and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

NOTE 11 | Subsequent events | The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize, in the financial statements, the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. The Manager has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions that materially impacted the amounts or disclosures in the Funds’ financial statements.

 

68          

Report of the Independent Registered Public Accounting Firm

To the Board of Trustees of Carillon Series Trust and Shareholders of Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund, and Carillon Reams Unconstrained Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund, and Carillon Reams Unconstrained Bond Fund (ten of the funds constituting Carillon Series Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the period November 1, 2023 through December 31, 2023 and for the year ended October 31, 2023, the statements of changes in net assets for the period November 1, 2023 through December 31, 2023 and for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for the period November 1, 2023 through December 31, 2023 and for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the period November 1, 2023 through December 31, 2023 and for the year ended October 31, 2023, the changes in each of their net assets for the period November 1, 2023 through December 31, 2023 and for each of the two years in the period ended October 31, 2023, and each of the financial highlights for the period November 1, 2023 through December 31, 2023 and for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Tampa, Florida

February 15, 2024

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

 

            69  

2023 Federal Tax Notice

(UNAUDITED)

 

The following information for the period ended December 31, 2023 for the Carillon Family of Funds is provided pursuant to provisions of the Internal Revenue Code.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2023. All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

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

 

    Capital
Appreciation Fund		     International
Stock Fund		     Growth &
Income Fund		     Mid Cap
Growth Fund		     Small Cap
Growth Fund		  
Qualified dividend income     100.00 %      100.00 %      100.00 %      0.00 %      0.00 % 
Dividends received deduction     100.00 %      0.00 %      100.00 %      0.00 %      0.00 % 
Long-term capital gains     $43,033,970       $—       $64,957,388       $687,230,816       $51,422,980  
    Mid Cap
Fund		     Small Cap
Fund		     Core Bond
Fund		     Core Plus
Bond Fund		     Unconstrained
Bond Fund		  
Qualified dividend income     100.00 %      0.00 %      0.00 %      0.00 %      0.00 % 
Dividends received deduction     100.00 %      0.00 %      0.00 %      0.00 %      0.00 % 
Long-term capital gains     $—       $—       $—       $—       $—  

 

70          

Understanding Your Ongoing Costs

(UNAUDITED) | 12.31.2023

 

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, 2023 and held through December 31, 2023. 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 for a hypothetical six month period 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      Hypothetical         
      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        $1,148.70        $1.80        $1,020.16        $5.09        1.00 % 

Class C

      1,000.00        1,147.10        3.14        1,016.38        8.89        1.75  

Class I

      1,000.00        1,149.60        1.26        1,021.68        3.57        0.70  

Class R-3

      1,000.00        1,148.30        2.24        1,018.90        6.36        1.25  

Class R-5

      1,000.00        1,149.40        1.26        1,021.68        3.57        0.70  

Class R-6

      1,000.00        1,149.60        1.08        1,022.18        3.06        0.60  

Class Y

      1,000.00        1,148.70        1.80        1,020.16        5.09        1.00  
International Stock Fund                  

Class A

      1,000.00        1,141.10        2.24        1,018.90        6.36        1.25  

Class C

      1,000.00        1,139.80        3.58        1,015.12        10.16        2.00  

Class I

      1,000.00        1,142.10        1.70        1,020.42        4.84        0.95  

Class R-3

      1,000.00        1,140.50        2.68        1,017.64        7.63        1.50  

Class R-5

      1,000.00        1,142.20        1.70        1,020.42        4.84        0.95  

Class R-6

      1,000.00        1,142.00        1.52        1,020.92        4.33        0.85  

Class Y

      1,000.00        1,141.00        2.24        1,018.90        6.36        1.25  
Growth & Income Fund                  

Class A

      1,000.00        1,145.70        1.83        1,020.06        5.19        1.02  

Class C

      1,000.00        1,144.80        3.15        1,016.33        8.94        1.76  

Class I

      1,000.00        1,146.60        1.38        1,021.32        3.92        0.77  

Class R-3

      1,000.00        1,145.50        2.40        1,018.45        6.82        1.34  

Class R-5

      1,000.00        1,146.30        1.42        1,021.22        4.02        0.79  

Class R-6

      1,000.00        1,146.90        1.24        1,021.73        3.52        0.69  

Class Y

      1,000.00        1,145.70        1.85        1,020.01        5.24        1.03  
Mid Cap Growth Fund                  

Class A

      1,000.00        1,191.20        1.92        1,019.91        5.35        1.05  

Class C

      1,000.00        1,189.90        3.18        1,016.43        8.84        1.74  

Class I

      1,000.00        1,192.00        1.34        1,021.53        3.72        0.73  

Class R-3

      1,000.00        1,191.00        2.38        1,018.65        6.61        1.30  

Class R-5

      1,000.00        1,192.00        1.36        1,021.48        3.77        0.74  

Class R-6

      1,000.00        1,192.20        1.19        1,021.93        3.31        0.65  

Class Y

      1,000.00        1,191.40        1.92        1,019.91        5.35        1.05  
Small Cap Growth Fund                  

Class A

      1,000.00        1,190.40        2.21        1,019.11        6.16        1.21  

Class C

      1,000.00        1,185.80        3.56        1,015.38        9.91        1.95  

Class I

      1,000.00        1,191.00        1.68        1,020.57        4.69        0.92  

Class R-3

      1,000.00        1,190.10        2.71        1,017.74        7.53        1.48  

Class R-5

      1,000.00        1,191.10        1.72        1,020.47        4.79        0.94  

Class R-6

      1,000.00        1,191.30        1.52        1,021.02        4.23        0.83  

Class Y

      1,000.00        1,190.70        1.96        1,019.81        5.45        1.07  

 

            71  

Understanding Your Ongoing Costs

(UNAUDITED) | 12.31.2023

 

 

72          
            Actual      Hypothetical         
      Beginning
Account Value		      Ending
Account Value		      Expenses paid
during period (a)		      Ending
Account Value		      Expenses paid
during period (a)		      Annualized
expense ratio		  
Mid Cap Fund                  

Class A

      $1,000.00        $1,157.80        $2.27        $1,018.85        $6.41        1.26 % 

Class C

      1,000.00        1,155.70        3.60        1,015.12        10.16        2.00  

Class I

      1,000.00        1,157.80        1.80        1,020.16        5.09        1.00  

Class R-3

      1,000.00        1,157.10        2.76        1,017.49        7.78        1.53  

Class R-5

      1,000.00        1,157.80        1.77        1,020.27        4.99        0.98  

Class R-6

      1,000.00        1,157.80        1.59        1,020.77        4.48        0.88  

Class Y

      1,000.00        1,157.50        2.31        1,018.75        6.51        1.28  
Small Cap Fund                  

Class A

      1,000.00        1,201.30        2.30        1,018.90        6.36        1.25  

Class C

      1,000.00        1,199.50        3.68        1,015.12        10.16        2.00  

Class I

      1,000.00        1,201.90        1.75        1,020.42        4.84        0.95  

Class R-3

      1,000.00        1,200.50        2.68        1,017.85        7.43        1.46  

Class R-5

      1,000.00        1,202.10        1.73        1,020.47        4.79        0.94  

Class R-6

      1,000.00        1,202.20        1.56        1,020.92        4.33        0.85  

Class Y

      1,000.00        1,201.20        2.23        1,019.11        6.16        1.21  
Core Bond Fund                  

Class A

      1,000.00        1,091.50        1.40        1,021.17        4.08        0.80  

Class C

      1,000.00        1,088.80        2.71        1,017.39        7.88        1.55  

Class I

      1,000.00        1,091.40        0.70        1,023.19        2.04        0.40  

Class R-3

      1,000.00        1,089.70        1.83        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,091.00        0.87        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,092.30        0.70        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,090.40        1.40        1,021.17        4.08        0.80  
Core Plus Bond Fund                  

Class A

      1,000.00        1,094.60        1.40        1,021.17        4.08        0.80  

Class C

      1,000.00        1,093.30        2.71        1,017.39        7.88        1.55  

Class I

      1,000.00        1,095.30        0.70        1,023.19        2.04        0.40  

Class R-3

      1,000.00        1,094.40        1.84        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,095.00        0.88        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,095.30        0.70        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,094.70        1.40        1,021.17        4.08        0.80  
Unconstrained Bond Fund                  

Class A

      1,000.00        1,070.60        1.38        1,021.17        4.08        0.80  

Class C

      1,000.00        1,070.20        2.68        1,017.39        7.88        1.55  

Class I

      1,000.00        1,072.10        0.87        1,022.68        2.55        0.50  

Class R-3

      1,000.00        1,070.90        1.82        1,019.91        5.35        1.05  

Class R-5

      1,000.00        1,072.10        0.87        1,022.68        2.55        0.50  

Class R-6

      1,000.00        1,072.40        0.69        1,023.19        2.04        0.40  

Class Y

      1,000.00        1,071.00        1.38        1,021.17        4.08        0.80  

(a) Actual 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 (61), and then dividing that result by the actual number of days in the fiscal year (365). Hypothetical expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the hypothetical six month period, then multiplying the result by the actual number of days in the period (184), and then dividing that result by the actual number of days in the fiscal year (365).

Principal Risks

(UNAUDITED)

 

Additional Information About Principal Risk Factors

The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table identifies the risk factors of each fund in light of its principal investment strategies. These risk factors are explained following the table.

The principal risks of investing in each fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in a fund, regardless of the order in which it appears.

 

Risk   Carillon
ClariVest
Capital
Appreciation
Fund		    

Carillon
ClariVest
International
Stock

Fund

     Carillon
Eagle
Growth &
Income
Fund		     Carillon
Eagle
Mid Cap
Growth
Fund		     Carillon Eagle
Small Cap
Growth Fund		  
Currencies       X        
Emerging markets       X        
Equity securities     X       X       X       X       X  
Focused holdings         X      
Foreign securities       X       X      
Geographic concentration       X        
Growth stocks     X       X       X       X       X  
Initial public offerings             X  
Large-cap companies     X       X       X      
Liquidity       X        
Market     X       X       X       X       X  
Market timing       X        
Micro-cap companies     X       X        
Mid-cap companies     X       X       X       X       X  
Other investment companies, including money market funds and ETFs       X        
Quantitative strategy     X       X        
Sectors     X           X       X  
Securities lending     X       X       X       X       X  
Small-cap companies     X       X         X       X  
Value stocks     X         X      
Risk   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

  
Callable securities         X       X       X  
Counterparties         X       X       X  
Credit         X       X       X  
Credit ratings         X       X       X  
Currencies     X           X       X  
Derivatives         X       X       X  
Emerging markets     X       X           X  

 

            73  

Principal Risks

(UNAUDITED)

 

Risk   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

  
Equity securities     X       X        
Focused holdings       X        
Foreign securities     X       X       X       X       X  
Growth stocks     X       X        
Hedging         X       X       X  
High-yield securities           X       X  
Income         X       X       X  
Interest rate         X       X       X  
Issuer         X       X       X  
Leverage         X       X       X  
LIBOR         X       X       X  
Liquidity         X       X       X  
Market     X       X       X       X       X  
Market timing     X       X           X  
Maturity         X       X       X  
Mid-cap companies     X       X        
Mortgage- and asset-backed securities         X       X       X  
Other investment companies, including money market funds and ETFs     X       X        
Portfolio turnover     X         X       X       X  
Prepayment and extension         X       X       X  
Redemptions         X       X       X  
Sectors       X        
Securities lending     X       X       X       X       X  
Short sales             X  
Small-cap companies     X       X        
U.S. Government securities and government sponsored enterprises     X       X       X       X       X  
U.S. Treasury obligations     X       X       X       X       X  
Valuation         X       X       X  
Value stocks     X       X        

 

Callable securities | A fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest rates. In the event of a call, a fund would lose the income that would have been earned to maturity on that security, the proceeds received by a fund may be invested in securities paying lower coupon rates or other less favorable characteristics, and a fund may not benefit from any increase in value that might otherwise result from declining interest rates. Thus, a fund‘s income could be reduced as a result of a call and this may reduce the amount of a fund’s distributions. In addition, the market value of a callable security may decrease if it is perceived by the market as likely to be called, which could have a negative impact on a fund‘s total return.

Counterparties | A fund is subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement

payments or to otherwise honor its obligations to a fund. As a result, a fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. The participants in over-the-counter or “interdealer” markets are typically not subject to credit evaluation and regulatory oversight to the same extent as are members of “exchange-based” markets. This exposes a fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a credit or liquidity problem with the counterparty. Recent turbulence in the financial markets could exacerbate counterparty risk resulting from over-the-counter derivative transactions. A fund may also be subject to the risk that a futures commission merchant would default on an obligation set forth in an agreement between a fund and the futures commission merchant. This risk exists at and from the time that a fund enters into derivatives transactions that are centrally cleared. In such cases, a clearing organization becomes a fund‘s counterparty and the principal

 

 

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Principal Risks

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counterparty risk is that the clearing organization itself will default. In addition, the futures commission merchant may hold margin posted in connection with those contracts and that margin may be re-hypothecated (or repledged) by the futures commission merchant, and lost, or its return delayed, due to a default by the futures commission merchant or other customer of the futures commission merchant. The futures commission merchant may itself file for bankruptcy, which would either delay the return of, or jeopardize altogether, the assets posted by the futures commission merchant as margin in response to margin calls relating to cleared positions. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, a fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for a fund.

Credit | A fund could lose money if the issuer or a counterparty, in the case of a derivatives contract, 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. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. The downgrade of the credit rating of a security held by a fund may decrease its value and may make it more difficult for the fund to sell it. Credit risk may change over the life of an instrument. 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 generally 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, and may prove to be inaccurate. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.

Currencies | A fund may have exposure to foreign currencies through its investments. Foreign currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, and may be affected by the imposition of currency controls or political developments in the U.S. or abroad. As a result, a fund’s exposure to foreign currencies may reduce the returns of a fund. Foreign currencies may decline in value relative to the U.S. dollar and other currencies and thereby affect a fund’s investments. In addition, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency futures and forwards, if used, may not always work as intended, and in specific cases, a fund may be worse off than if it had not used such instrument(s). In the case of hedging positions, the U.S. dollar or other currency may decline in value relative to the foreign currency that is being hedged and thereby affect a fund’s investments. There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, a fund may choose to not hedge its currency risks.

Derivatives | Derivatives, such as options (including options on futures contracts), futures contracts, currency and other forwards, including NDFs, or swap agreements, (including credit default swaps and credit default swap index products), 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 counterparty risk (i.e., the risk that the other party to the transaction will fail to perform). Counterparty risk is generally thought to be greater with derivatives that are traded over-the-counter than with derivatives that are exchange-traded or centrally cleared. However, derivatives that are traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. Derivatives 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, in which case 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, and some derivatives have the potential for unlimited loss, regardless of the size of a fund’s initial investment, for example, where a fund may be called upon to deliver a security it does not own. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and a fund could lose more than the amount it invests. There may be material and prolonged deviations between the theoretical value and realizable value of a derivative. 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. Derivatives may at times be highly illiquid, and a fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

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; affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or 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. Rule 18f-4 under the 1940 Act places limits on the use of derivatives by registered investment companies, such as a fund. A fund that relies on Rule 18f-4 is required to comply with limits on the amount of leverage-related risk that the fund may obtain, and may also be required adopt and implement a derivatives risk management program and designate a derivatives risk manager or adopt policies and procedures designed to manage a fund’s derivatives risks.

 

  •  

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, the occurrence of unexpected price movements or the non-occurrence of expected price movements, as well as 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, counterparty risk and credit risk. Swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve

 

 

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Principal Risks

(UNAUDITED)

 

    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, including NDFs, are subject to counterparty risk, credit risk and liquidity risk. 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, including NDFs, require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate, bond 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, bond and Treasury futures contracts expose a fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose a 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. In order for a call option to be profitable, the market price of the underlying security or index must rise sufficiently above the call option exercise price to cover the premium and transaction costs. These costs will reduce any profit that might otherwise have been realized had a fund bought the underlying security instead of the call option. The buyer of a call option assumes the risk of losing its entire investment in the call option. 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. For a put option to be profitable, the market price of the underlying security or index must decline sufficiently below the put option’s exercise price to cover the premium and transaction costs. These costs will reduce any profit that
   

might otherwise have been realized from a fund having shorted the declining underlying security by the premium paid for the put option and by transaction costs. The buyer of a put option assumes the risk of losing its entire investment in the put 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 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. If an option that a fund has purchased expires unexercised, a fund will experience a loss in the amount of the premium it paid. 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. The premium received from writing options may not be sufficient to offset any losses sustained from exercised options. 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.

 

  •   Options on futures contracts. Options on futures contracts are subject to the risks associated with purchasing or writing call or put options on futures contracts. The risks associated with options generally apply to options on futures contracts, such as a buyer’s risk of losing premium if a purchased option expires unexercised or a seller’s risk of being required to sell the underlying asset at a disadvantageous price. In addition to the risks associated with options generally, there is a risk of imperfect correlations between the movement in prices of the option and the futures contract, as well as the futures contract and the underlying security, which could in turn impact the price of the option.

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 those associated with 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 foreign 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; delays and disruptions in securities settlement procedures; less stringent, or a lack of, uniform accounting, auditing, financial reporting and recordkeeping requirements or standards; less reliable clearance and settlement, registration and custodial procedures; less reliable access to capital; unfamiliar foreign investment structures; trading suspensions and other restrictions on investment; and significant limitations on investor rights and recourse, both individually and in combination with other shareholders. The economies and governments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and significantly greater risk to investors. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. There may be less publicly available or less reliable information regarding issuers in emerging markets, which can impede a fund’s ability to accurately evaluate foreign securities. In certain emerging market countries, fraud and corruption may be more prevalent than in developed market countries, and investor protections may be more limited than those in other countries. It may be difficult to obtain or enforce legal judgments against non-U.S. companies and non-U.S. persons in foreign jurisdictions, through either the foreign judicial system or through a

 

 

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private arbitration process. Additionally, a fund may experience more volatile rates of return. These matters have the potential to impact a fund’s investment objective and performance.

Equity securities | A fund’s equity securities investments are subject to market risk. A fund may invest in the following equity securities, which may expose a fund to the following 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. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. In the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay common stockholders after payments, if any, to bondholders and preferred stockholders have been made.

 

  •   Preferred Stocks. Preferred securities, including convertible preferred securities, are subject to issuer-specific and 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. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bondholders. 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. Preferred stocks may also be subject to credit risk, which is the risk that an issuer may be unable or unwilling to meet its financial obligations.

 

  •   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. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Convertible securities also are sensitive to movements in interest rates. Generally, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price, and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. 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 American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). These securities are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity, more volatility, less government regulation and supervision and delays in transaction settlement.

 

  •   REITS. REITS or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including, among other risks, 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, defaults by mortgagors or other borrowers and tenants, lack of availability of mortgage funds or financing, extended vacancies of properties, especially during economic downturns, losses due to environmental liabilities, 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). Additionally, REITs are dependent on the skills of their managers. 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. A domestic REIT could fail to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code, or to maintain its exemption from registration under the 1940 Act.

 

  •   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. Securities that pay dividends may be sensitive to changes in interest rates, and a sharp increase in interest rates, or other market downturn, could result in a decision to decrease or eliminate a dividend. 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.

 

  •  

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. If a warrant or right to subscribe to additional shares is not exercised or, when permissible, sold prior to the warrant’s or right’s expiration date or redemption by the issuer, a fund could lose all or substantially all of the purchase price of the warrant

 

 

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Principal Risks

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    or right. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

Focused holdings | For funds that normally hold a core portfolio of securities of fewer companies than other funds, the increase or decrease of the value of a single investment may have a greater impact on the fund’s NAV and total return when compared to other diversified funds. Although a focused portfolio has the potential to generate attractive returns over time, it also may increase a fund’s volatility.

Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less government regulation and supervision of foreign stock exchanges, brokers and listed companies. In addition, there may be less public information available about foreign companies. The unavailability and/or unreliability of public information available may impede the fund’s ability to accurately evaluate foreign securities. 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 issuers may utilize unfamiliar corporate organizational structures, which can limit investor rights and recourse.

Moreover, it may be difficult to enforce contractual obligations or invoke judicial or arbitration processes against non-U.S. companies and non-U.S. persons in foreign jurisdictions. Foreign securities may be less liquid than domestic securities and there may be delays in transaction settlement in some foreign

markets. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange, or by government authorities. 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.

Geographic concentration | Geographic concentration risk is the risk that from time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds.

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 foreign trade policies, tariffs, embargos, boycotts and other protections measures, competition from emerging economies, the economic conditions of its

trading partners, the strength of the yen, and regional and global conflicts. Political tensions between Japan and its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. In addition, the Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. The Japanese government tax and fiscal policies may also have negative impacts on the Japanese economy. Currency fluctuations, which have been significant at times, can have a considerable impact on exports and the overall Japanese economy. Japan has, in the past, intervened in the currency markets to attempt to maintain or reduce the value of the yen. 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. As a country with few natural resources, 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.

Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, the prices of these stocks may decline, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. The price of a growth company’s stock may fail or not approach the value that has been placed on it. If a growth investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a value or other non-growth approach to investing or have a broader investment style.

Hedging | A fund may enter into hedging transactions with the intention of reducing or controlling risk. It is possible that hedging strategies will not be effective in controlling risk, due to unexpected non-correlation (or even positive correlation) between the hedging instrument and the position being hedged, increasing, rather than reducing, both risk and losses. To the extent that a fund enters into hedging transactions, the hedges will not be static but rather will need to be continually adjusted based on a subadviser’s assessment of market conditions, as well as the expected degree of non-correlation between the hedges and the portfolio being hedged. The success of a fund’s hedging strategies will depend on a subadviser’s ability to implement such strategies efficiently and cost-effectively, as well as on the accuracy of a subadviser’s judgments concerning the hedging positions to be acquired by a fund. A counterparty to a hedging transaction may be unable to honor its financial obligation to a fund. In addition, a subadviser may be unable to close the transaction at the time it would like or at the price it believes the security is currently worth. A fund may not, in general, attempt to hedge all market or other risks inherent in a fund’s investments, and may hedge certain risks only partially, if at all. Certain risks, either in respect of particular investments or in respect of a fund’s overall portfolio, may not be hedged, particularly if doing so is economically unattractive. As a result, various directional market risks may remain unhedged. Gains or losses from positions in hedging instruments may be much greater than the instrument’s original cost. If a fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful. The use of hedges may fail to mitigate risks, reduce a fund’s return, or create a loss. In addition, hedges, even when successful in mitigating risk, may not prevent a fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had a fund not used the hedging instruments. When hedging is combined with leverage, a fund risks losses that are multiplied by the degree of leverage used.

 

 

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Principal Risks

(UNAUDITED)

 

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, issuers of junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties, leading to a greater risk that the issuer will default on the timely payment of principal and interest. 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, especially when the economy is weak or expected to become weak. If an issuer defaults, a fund may incur additional expenses to seek recovery. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a fund may lose its entire investment. 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. The higher yields of high-yielding securities may not reflect the value of the income stream that holders of such securities may expect, but rather the risk that such securities may lose a substantial portion of their value as a result of their issuer’s financial restructuring or default. Investments in high-yield securities are inherently speculative.

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.

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. The limited number of shares available for trading in some IPOs may make it difficult for a fund to acquire shares of an issuer in which it would like to invest, and may also make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. . In addition, some companies initially offering their shares publicly may be involved in relatively new industries or lines of business, which may not be widely understood by investors. Many IPOs are by small-or micro-capitalization companies that are undercapitalized. Investments in IPOs may result in losses to a fund.

Interest rate | Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction to movements in interest rates. Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. Factors, including central bank monetary policy, rising inflation rates, and changes in general economic conditions, may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a fund. 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. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the fund may be unable to maintain positive returns or pay dividends to fund shareholders. Conversely, interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the fund. Certain European countries and Japan have experienced negative interest rates on deposits and debt securities have traded at negative

yields. 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.

Large-cap companies | Investments in large-cap companies may underperform other segments of the market, in some cases for extended periods of time, because such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes. Large-cap companies generally are expected to be less volatile than companies with smaller market capitalizations. However, large-cap companies may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion, and may instead focus their competitive efforts on maintaining or expanding their market share.

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 also 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 ICE LIBOR (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings within certain financial markets. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones phased out by June 30, 2023. These events 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. Regulators and market participants are working together to develop successor Reference Rates to LIBOR. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. It is expected that market participants will focus on the transition mechanisms by which Reference Rates in existing contracts or instruments may be amended, whether through legislation, marketwide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, there remains uncertainty about the nature of any replacement rate for LIBOR and the impact of the transition from LIBOR on a fund and the financial markets generally. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments, all of which could impact a fund.

 

 

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Liquidity | Liquidity risk is the possibility that a fund’s securities may have limited marketability, be subject to restrictions on resale, be difficult or impossible to purchase or sell at favorable times or prices, or become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a debt security, any of which could have the effect of decreasing the overall level of the fund’s liquidity. The market prices for such securities may be volatile. An inability to sell a portfolio position can adversely affect a fund’s NAV or prevent a fund from being able to take advantage of other investment opportunities. A fund could lose money if it cannot sell a security at the time and price that would be most beneficial to a fund. A 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 a fund. Market developments may cause a 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. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates.

Market | Markets may at times be volatile and the values of a fund’s stock and fixed income holdings, as well as 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. These conditions may include real or perceived adverse political, regulatory, market, economic or other developments, such as natural disasters, public health crises, pandemics, regional or global economic instability and interest, inflation and currency rate fluctuations. These and other conditions may cause broad changes in market value, 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 market size and structure. Changes in the financial condition of a single issuer, industry or market segment also can impact the market as a whole. 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. Conversely, it is also possible that, during a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in value may be temporary or may last for extended periods. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed income and credit markets may negatively affect many issuers worldwide. 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. 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, could 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.

Political and diplomatic events within the United States and abroad, such as changes in the U.S. presidential administration and Congress and domestic political unrest, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by government or quasi-governmental organizations.

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, the execution of ransomeware and other cyberattacks, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices could be a sustained trend or a drastic movement. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Recent Market Events | Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly.

Moreover, the risks discussed herein associated with an investment in a fund may be increased. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the U.S. Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. In addition, ongoing inflation pressures from tight labor markets and supply chain disruptions could continue to cause an increase in interest rates and/or negatively impact companies. It is difficult to accurately predict the pace at which increase interest rates may increase, or the timing, frequency or magnitude of any such increases in interest rates. Additionally, various economic and political factors, such as rising inflation rates, could cause the Federal Reserve or other foreign banks to change their approach in the future as such actions may result in an economic slowdown in both the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. Also, regulators have expressed concern that rate increases may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. Over the longer term, rising interest rates may present a greater risk than has historically been the case due

 

 

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to the prior period of relatively low rates and the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives, or their alteration or cessation. However, because there is little precedent for this situation, it is difficult to predict the impact on various markets of significant rate increases or other significant policy changes.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with the aftermath of the United Kingdom’s departure from the European Union and the trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time.

Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets and the prices of various commodities. The United States and other countries have imposed, and continue to impose, broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences, or cyberattacks on governments, companies or individuals, have substantially decreased the value and liquidity of most Russian securities and could impact securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a fund has exposure to Russian investments or investments in other countries affected by the invasion, a fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact a fund’s investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted, and could continue to result, in significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a fund’s performance and the value of an investment in a fund beyond any direct exposure a fund may have to Russian issuers or issuers in other countries affected by the invasion.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. Outbreaks such as the novel coronavirus, COVID-19, or other similarly infectious diseases may have material adverse impacts on a fund. Epidemics and/or pandemics, such as the coronavirus, have and may further result in, among other things, closing borders, extended quarantines and stay-at-home orders, order cancellations, disruptions to supply chains and customer activity, widespread business closures and layoffs, as well as general concern and uncertainty. The impact of this virus, and other epidemics and/or pandemics that may arise in the future, has negatively affected and may

continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time. The impact of any outbreak may last for an extended period of time.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation’s debt ceiling in the future; a failure to do so could cause market turmoil and substantial investment risks that cannot now be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. China’s economy, which has been sustained in recent years largely through a debt-financed housing boom, may be approaching the limits of that strategy and may experience a significant slowdown as a result of debt that cannot be repaid. Due to the size of China’s economy, such a slowdown could impact a number of other countries.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Impacts from climate change may include significant risks to global financial assets and economic growth. 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. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change. 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, among others, 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.

Market timing | Frequent trading by fund shareholders poses risk to other shareholders in a fund, including (i) the dilution of a fund’s NAV, (ii) an increase in a fund’s expenses, and (iii) interference with a portfolio manager’s ability to execute efficient investment strategies. 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., as 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.

 

 

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Micro-cap companies | Investments in micro-cap companies companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their earnings and revenues tend to be less predictable. In addition, some companies may experience significant losses. Since micro-capitalization companies may not have an operating history, product lines, or financial resources, their share prices also tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Micro-capitalization companies face greater risk of business failure, which could increase the volatility of a fund’s portfolio.

Mid-cap companies | Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies may have narrower commercial 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 arises in part from the potential for mortgage failure, particularly during periods of market downturn, premature repayment of principal, or a delay in the repayment of principal, and can increase in an unstable or depressed housing market. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagor’s failure to repay would have a negative impact on the fund. If a borrower repays the principal early, a fund may have to reinvest the proceeds at a lower rate, thereby reducing a 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.

Other investment companies, including money market funds and ETFs | Investments in the securities of other investment companies, including money market funds and 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. A passively managed ETF may not be permitted to sell poorly performing stocks that are included in its 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.

Prepayment and extension | When interest rates fall, borrowers will generally repay the loans that underlie certain debt securities, especially mortgage-related and other types of asset backed securities, more quickly than expected, causing the issuer of the security to repay the principal prior to the security’s expected maturity date. This could also occur if a debt security is called or otherwise converted or redeemed before maturity. If this occurs, a fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If a fund buys those securities at a premium, accelerated prepayments on those securities could cause a fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Prepayments could also create capital gains tax liability in some instances. Extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default and delayed payment, heighten interest rate risk and increase the potential for a decline in its price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to a fund for investment would be reduced. If a fund’s investments are locked in at a lower interest rate for a longer period of time, a fund may be unable to capitalize on securities with higher interest rates or wider spreads.

Quantitative strategy risk | The success of a fund’s investment strategy may depend in part on the effectiveness of a subadviser’s quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. A subadviser’s quantitative tools may use factors that may not be predictive of a security’s value, and any changes over time in the factors that affect a security’s value may not be reflected in the quantitative model. The quantitative tools may not react as expected to market events, resulting in losses for a fund. Data for some companies, particularly non-U.S. companies, may be less available and/or less current than data for other companies. There may also be errors in the computer code for the quantitative model or in the model itself, or issues relating to the computer systems used to screen securities. A subadviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a subadviser and therefore may also result in losses.

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. The risk of loss is also greater if redemption requests are frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities a fund wishes to sell are illiquid. A general rise in interest rates has the potential to cause investors to move out of fixed income securities on a large

 

 

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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 | A fund may hold a significant amount of investments in companies that are in similar businesses, which may be similarly affected by particular economic or market events that 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. In addition, when a fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if a fund invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. As a fund’s portfolio changes over time, a fund’s exposure to a particular sector may become higher or lower.

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 (1) heavily dependent on patent protection and intellectual property rights and the expiration of a patent may adversely affect their profitability, (2) subject to extensive litigation based on product liability and similar claims, and (3) subject to competitive forces that may make it difficult to raise prices and, may result in price discounting. Health care companies may also be thinly capitalized and susceptible to product obsolescence. 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. Issuers in the health care sector include issuers having their principal activities in the biotechnology industry or in medical laboratories and research, which pose additional risks. A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and, accordingly, can be significantly affected if one of its products proves unsafe, ineffective or unprofitable. Many biotechnology companies invest heavily in research and development, and their products or services may not prove commercially successful or may become obsolete quickly due to technological change. Biotechnology companies can also be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information. Any impairment of such rights may have adverse financial consequences. Biotechnology companies are subject to regulation by, and the restrictions of, the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities. A biotechnology company may be unable to raise prices on its products or services to cover its development and regulatory costs because of managed care pressure or price controls. Biotechnology stocks, especially those issued by smaller, less-seasoned companies, can be more volatile than the overall market.

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. These companies may be smaller or newer and may have limited product lines, markets, financial resources or personnel. The market prices of information technology-related securities tend to exhibit a greater degree of interest rate risk and market risk and may experience sharper price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.

Securities lending | A fund may lend its portfolio securities to brokers, dealers and financial institutions to seek income. 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. 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. 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. 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 in value between the date of the short sale and the date on which an offsetting position is purchased, 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.

 

 

            83  

Principal Risks

(UNAUDITED)

 

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 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. The rising U.S. national debt may lead to adverse impacts on the value of U.S. Government securities due to potentially higher costs for the U.S. Government to obtain new financing.

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 shutdown or potential default on the national debt, 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. The total public debt of the U.S. as a percent of GDP has grown rapidly since the beginning of the recent financial and market volatility as a result of the coronavirus pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they have the potential to create systemic risks if sound debt management practices are not implemented.

Valuation | Securities held by a fund may be priced by an independent pricing service and also may 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. This risk may be pronounced for investments that may be illiquid or may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market or that their prices may decline. 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. If a value investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a non-value approach to investing or have a broader investment style.

 

 

84          

Trustees and Officers

(UNAUDITED)

 

Background of Trustees and Officers | The following is a list of the Trustees and Officers of the Trust with their principal occupations and positions as of December 31, 2023, including any affiliation with Raymond James Financial, Inc. (“RJF”), the Distributor or Carillon Tower, the length of service to the Trust, and the position, if any, that the Trustees hold on the board of directors/trustees of companies other than the Trust. The principal address of each Trustee and Officer is P.O. Box 23572, St. Petersburg, Florida 33742.

 

Trustees

Name, Birth Year and Position,

Term of Office (a) and Length of Time
Served

    Principal Occupation(s)
During Past Five Years		    Number of Funds
Overseen in Fund
Complex (b)		   

Other Directorships

held by Trustee

Independent Trustees

         

John Carter (1961)

Trustee since 2017 (Carillon Series Trust)

Trustee from 2016 to 2017 (Eagle Series Trust)

    Osprey Law Firm, P.A. since 2015; Founder, Global Recruiters of St. Petersburg 2012-2015; President and Chief Executive Officer, Transamerica Asset Management 2006-2012; Chairman, Board Member, Transamerica Partners Portfolios, Transamerica Partners Funds Group, Transamerica Partners Funds Group II and Transamerica Asset Allocation Variable Funds 2007-2012    16   

Trustee, RiverNorth Funds

since 2013 (11 funds)

Keith B. Jarrett, PhD (1948)

Trustee since 2017 (Carillon Series Trust)

Trustee from 2005 to 2017 (Eagle Series Trust)

    Managing Partner, PW1 LLC since 2013; Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003    16    N/A

Liana Marante (1963)

Trustee since 2017 (Carillon Series Trust)

Trustee from 2014 to 2017 (Eagle Series Trust)

    Managing Member, Bay Consulting Partners, LLC since 2010; Executive Director, MCS Foundation, Inc., (a nonprofit organization engaged in hurricane recovery in Puerto Rico) 2017-2019    16    N/A

Krishna K. Memani (1960)

Trustee since 2021 (Carillon Series Trust)

    Chief Investment Officer, Lafayette College since 2020; Vice Chairman, Investments, Invesco 2019-2020; Chief Investment Officer, OppenheimerFunds 2009-2019    16    N/A

Deborah L. Talbot, PhD (1950)

Chair of the Board of Trustees since 2018, Trustee since 2017 (Carillon Series Trust)

Trustee from 2002 to 2017 (Eagle Series Trust)

    Independent Consultant; Principal, Lazure Enterprises, 2013-2019; Deans’ Advisory Board, College of Arts and Sciences, University of Memphis since 2002    16    N/A

Jerry A. Webman, PhD, CFA® (1949)

Trustee since 2018 (Carillon Series Trust)

    Chief Economist, OppenheimerFunds 2006- 2016; Senior Investment Officer, Director of Fixed Income, Oppenheimer Funds 1996-2009    16    Board of Trustees since 2016, New Jersey Law and Education Empowerment Project (NJ LEEP); Board Treasurer and Finance Committee Chair, since 2022, Community Service Society; President, Board of Managers, 275 W. 10th St. Condominium since 2018

 

            85  

Trustees and Officers

(UNAUDITED)

 

Name, Birth Year and Position,

Term of Office (a) and Length of Time

Served

   Principal Occupation(s) During Past Five Years

Officers (c)

        

Susan L. Walzer (1967)

President since March 2021 (Carillon Series Trust;

Principal Executive Officer since 2017
(Carillon Series Trust)

Principal Executive Officer from 2011 to 2017 (Eagle Family of Funds)

   Director of Carillon Tower, since 2019; Director of Carillon Fund Services, lnc., 2019-2020; Director of Carillon Fund Distributors, Inc., since 2019; Director of Chartwell Investment Partners, since 2022; Director of Scout Investments, Inc., since 2019; Senior Vice President of Fund Administration, Raymond James Investment Management, since 2022; Senior Vice President of Fund Administration, Carillon Tower, 2018-2022; Vice President of Fund Administration, Carillon Tower, 2017-2018; Vice President of Fund Administration, Eagle, 2011-2017

Carolyn K. Gill (1978)

Principal Financial Officer and Treasurer since 2017 (Carillon Series Trust)

Principal Financial officer and Treasurer from 2011 to 2017 (Eagle Family of Funds)

   Vice President of Fund Administration, Raymond James Investment Management, since 2022; Vice President of Fund Administration, Carillon Tower, 2018-2022; Manager of Fund Accounting for Carillon Tower 2017-2018; Manager of Fund Accounting for Eagle 2005-2017 and Fund Reporting for Eagle 2010-2017

Ludmila M. Chwazik (1965)

Chief Compliance Officer and Secretary since 2020 (Carillon Series Trust)

   Vice President of Compliance, Raymond James, since 2020; Chief Compliance Officer, Water Island Capital, 2016-2019;

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

(a) Trustees serve for life or until they are removed, resign or retire. The Board has adopted a Board Governance Policy that requires Independent Trustees to retire no later than at the end of the meeting which occurs immediately after his or her 76th birthday.

(b) Fund Complex” is comprised of registered investment companies for which Carillon Tower serves as investment adviser.

(c) Officers each serve one year terms.

 

86          

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LOGO

Go Paperless with eDelivery eDelivery is the most convenient, economical and environmentally-conscious way to receive information about your fund. To enroll, please visit rjinvestmentmanagement.com/eDelivery Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Call 800.421.4184 or your financial professional, or visit www.rjinvestmentmanagement.com, 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 Commissions’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each Fund’s proxy voting policies, procedures and information regarding how each Fund voted proxies relating to portfolio securities for the most recent 12-month period ending June 30th of that year, is available without charge, upon request, by calling the Carillon Family of Funds, toll-free at the number above, by accessing our website at rjinvestmentmanagement.com or by accessing the Commission’s website at www.sec.gov. 880 Carillon Parkway  |  St. Petersburg, FL 33716  |  800.421.4184  |  rjinvestmentmanagement.com Carillon Fund Distributors, Inc., Member FINRA

Item 1.

Reports to Shareholders (Continued)

(b) Not applicable.

Item 2.

Code of Ethics

As of the end of the two-month fiscal period December 31, 2023, Carillon Series Trust (the “Trust”) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Principal Executive Officer and Principal Financial Officer. The Trust has not made any amendments to its code of ethics during the covered period, other than technical, administrative, and other non-substantive amendments. The Trust has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

 

Item 3.

Audit Committee Financial Expert

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

 

Item 4.

Principal Accountant Fees and Services1

(a) Audit Fees

The aggregate fees billed by the Trust’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered in connection with the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $363,000 for the fiscal period ended October 31, 2022, $459,0002 for the fiscal period ended October 31, 2023, and $367,871 for the two-month fiscal period ended December 31, 2023.

(b) Audit-Related Fees

There were no aggregate fees PwC billed to the Trust for assurance and other services which are reasonably related to the performance of the Trust’s audit and are not reported under Item 4(a) for the fiscal periods ended October 31, 2022, October 31, 2023, and December 31, 2023. The aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for assurance and other services directly related to the operations and financial reporting of the Trust were $0.00 for the fiscal period ended October 31, 2022, $0.00 for the fiscal period ended October 31, 2023, and $0.00 for the two-month fiscal period ended December 31, 2023.

(c) Tax Fees

The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were $58,000 for the fiscal period ended October 31, 2022, $58,000 for the fiscal period ended October 31, 2023, and $30,000 for the two-month fiscal period ended December 31, 2023. There were no aggregate tax fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2022, October 31, 2023, and December 31, 2023.

 

1 

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

2 

U.S. Bank Global Fund Services, the Trust’s transfer and dividend disbursing agent, fund accountant and shareholder servicing agent (“USB”) has agreed to reimburse the Trust for a portion of the Audit Fees for the fiscal period ended October 31, 2023. Net of the fees reimbursed by USB, the amount of the Audit Fees is $409,000.

(d) All Other Fees

For the fiscal periods ended October 31, 2022, October 31, 2023, and December 31, 2023, the Trust paid PwC no other fees. There were no aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for any other services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2022, October 31, 2023, and December 31, 2023.

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

(f) Less than 50% of the hours billed by PwC for auditing services to the Trust for the two-month fiscal period ended December 31, 2023, were for work performed by persons other than full-time, permanent employees of PwC.

(g) There were no aggregate non-audit fees billed by PwC to the Trust and to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for the fiscal periods ended October 31, 2022, October 31, 2023, and December 31, 2023.

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

(i) Not applicable.

(j) Not applicable.

 

Item 5.

Audit Committee of Listed Registrants

Not applicable to the Trust.

 

Item 6.

Schedule of Investments

Included as part of report to shareholders under Item 1.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to the Trust.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the Trust.

 

Item 9.

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

Not applicable to the Trust.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

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

 

Item 11.

Controls and Procedures

 

(a)

The Trust’s Principal Executive Officer and Principal Financial Officer evaluated the Trust’s disclosure controls and procedures within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) are appropriately designed to ensure that information required to be disclosed by the Trust in the reports that it files on Form N-CSR (a) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission; and (b) is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

 

(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 the Trust that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Trust.

 

Item 13.

Exhibits

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

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act, 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, and Section 1350 of Chapter 63 of Title 18 of the United States Code is filed and attached hereto as Exhibit 99.1350CERT.

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: February 15, 2024      
     

/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: February 15, 2024      

/s/ Susan L. Walzer

      Susan L. Walzer
      Principal Executive Officer
Date: February 15, 2024      

/s/ Carolyn Gill

      Carolyn Gill
      Principal Financial Officer