UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number:811-07470
CARILLON SERIES TRUST
(Exact name of Registrant as Specified in Charter)
880 Carillon Parkway
St. Petersburg, FL 33716
(Address of Principal Executive Office) (Zip Code)
Registrant’s Telephone Number, including Area Code: (727)567-1000
SUSAN L. WALZER, PRINCIPAL EXECUTIVE OFFICER
880 Carillon Parkway
St. Petersburg, FL 33716
(Name and Address of Agent for Service)
Copy to:
KATHY KRESCH INGBER, ESQ.
K&L Gates, LLP
1601 K Street, NW
Washington, D.C. 20006
Date of fiscal year end: October 31
Date of reporting period: October 31, 2019
Item 1. | Reports to Shareholders |
Annual Report
and Investment Performance Review for the fiscal year ended October 31, 2019 | ||
Equity Funds | ||
Carillon ClariVest Capital Appreciation Fund | ||
Carillon ClariVest International Stock Fund | ||
Carillon Cougar Tactical Allocation Fund | ||
Carillon Eagle Growth & Income Fund | ||
Carillon Eagle Mid Cap Growth Fund | ||
Carillon Eagle Small Cap Growth Fund | ||
Carillon Scout International Fund | ||
Carillon Scout Mid Cap Fund | ||
Carillon Scout Small Cap Fund | ||
Fixed Income Funds | ||
Carillon Reams Core Bond Fund | ||
Carillon Reams Core Plus Bond Fund | ||
Carillon Reams Unconstrained Bond Fund |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund or your financial intermediary electronically by going to carillontower.com/eDelivery.
You may elect to receive all future reports in paper free of charge. You can inform a Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800.421.4184, or you may directly inform your financial intermediary of your wish. A notice that will be mailed to you each time a report is posted will also include instructions for informing a Fund that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper from a Fund will apply to all Funds held with the Carillon Mutual Funds or your financial intermediary, as applicable.
880 Carillon Parkway | St. Petersburg, FL 33716 | 800.421.4184 | carillontower.com |
Carillon Fund Distributors, Inc. , Member FINRA
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Dear Fellow Shareholders:
We are pleased to present the annual report and investment performance review of the Carillon Family of Funds for the12-month period that ended on October 31, 2019.
The past year is a reminder of just how quickly economic sentiment can shift, and the opportunities that these changing perspectives can provide for research-based active management. About 12 months ago, conventional wisdom was “convinced” that rising interest rates and quantitative tightening were imminent; now the consensus view is that lower rates, including meaningfully negative rates in much of the world, and quantitative easing are likely, with potential for future fiscal stimulus. During the past year, markets experienced some of the strongest market volatility in years, with declines near the start of the period and near-record market highs at the end of the period. This volatility may be a sign of things to come, and a reminder that the market cycle has not yet run its course.
We believe that industry-wide changes are creating a backdrop in which deep,in-house research is becoming less prevalent in asset management. Amidst this development, we see potential for our active managers and their experience-driven, research-based strategies to help clients with their financial goals. Carillon’s ability to offer investors a diverse array of quality active strategies – includingsmall-cap,mid-cap,large-cap and international equities, fixed income and tactical allocation – can also help navigate current conditions.
Later-cycle investing can be challenging; we believe investors benefit from knowing what they are invested in and how those investments fit with their financial goals. We hope investors will not let short-term volatility affect their long-term focus and will work with their financial advisors to be deliberate in their decision-making.
We invite you to read the commentaries in this report in which our Portfolio Managers discuss their specific funds. As with all investments, investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this report.Carefully consider the investment objectives, charges and expenses of any fund before you invest. Contact us at 800.421.4184 or carillontower.com or call your financial advisor for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.
We are grateful for your continued support of the Carillon Family of Funds and will continue to work as your partner to help you achieve your long-term financial goals.
Sincerely,
Cooper Abbott, CFA, CAIA, CFE
President
December 18, 2019
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
1 |
Performance Summary and Commentary
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund |
Portfolio Managers | David J. Pavan, CFA®, C. Frank Feng, Ph.D., Ed Wagner, CFA®, and Todd N. Wolter, CFA® of ClariVest Asset Management LLC (“ClariVest”), are Co- Portfolio Managers of the ClariVest Capital Appreciation Fund (the “Fund”) and are jointly and primarily responsible for theday-to-day management of the fund. Messrs. Pavan, Feng, and Wagner have been PortfolioCo-Managers since June 2013. Mr. Wolter has served as the fund’s PortfolioCo-Manager since February 2019.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 11.54%, underperforming its benchmark index, the Russell 1000® Growth Index, which returned 17.10%. For the most part, equities rallied across the globe over the last year, albeit with some sharp sell offs along the way. Investor confidence was supported by accommodative central banks but concerns around slowing growth remain. This environment has made it much more difficult to have quarter-over-quarter persistence in fundamentals. Sector attribution, relative to the benchmark, shows that the Fund underperformed the benchmark primarily due to stock selection in the consumer discretionary and health care sectors. Nevertheless, stock selection in the consumer staples and energy sectors contributed to performance during the period. Overweight positions in the information technology and health care sectors contributed to performance, while the Fund lost ground due to an underweight position in the materials sector and an overweight position in the real estate sector. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | David Vaughn, CFA®, Alex Turner, CFA® , and Priyanshu Mutreja, CFA®, areCo-Portfolio Managers of the Carillon ClariVest International Stock Fund (the “Fund”). Mr. Vaughn has been responsible for theday-to-day management of the Fund’s investment portfolio since 2013. Mr. Turner has been aCo-Portfolio Manager of the Fund since March 2015 and previously served as Assistant Portfolio Manager of the Fund since its inception in 2013. Mr. Mutreja has been aCo-Portfolio Manager since March 2017 and previously served as Assistant Portfolio Manager of the Fund since March 2015.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 5.07%,underperforming its benchmark index, the MSCI EAFE® Index, which returned 11.04%. For the most part, equities rallied across the globe over the last year, albeit with some sharp sell offs along the way. Investor confidence was supported by accommodative central banks but concerns around slowing growth remain. Outside the US, excessive macro-driven dynamics have been a major headwind for our strategies as well, as they drown out stock-specific fundamentals. (Since most Non-US economies are less domestically focused than the US, they tend to be more affected by macro headwinds.) This environment has made it much more difficult to have quarter-over-quarter persistence in fundamentals. Sector and country attribution, relative to the benchmark, show that the Fund underperformed the benchmark primarily due to stock selection in the materials and information technology sectors. Nevertheless, stock selection was strong within the financials and utilities sectors. Stock selection within countries was strongest within Switzerland and Italy, while investments in Japan and the Netherlands detracted from performance. Consequently, overweight positions in Switzerland and Italy contributed to performance, while an overweight position in Japan and an underweight position in Australia detracted from performance. Overweight positions in the information technology and health care sectors helped performance. Conversely, underweight positions in the consumer staples and real estate sectors tempered returns. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore, its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
2 |
Performance Summary and Commentary
Carillon Cougar Tactical Allocation Fund | Carillon Eagle Growth & Income Fund |
Portfolio Manager | Abdullah Sheikh, FSA, MAAA, of Cougar Global Investments Ltd. (“Cougar”), is the Portfolio Manager of the Carillon Cougar Tactical Allocation Fund (the “Fund”) and has been responsible for theday-to-day management of the Fund’s investment portfolio since April 2018.
Performance discussion | For the fiscal year ended October 31, 2019, Cougar continues to maintain a more defensive stance with an overweight to bonds relative to its benchmark index. This results from a consistently more cautious view of the macroeconomic environment over the next 12 months. Our probability of a sluggish economic environment (“Stagnation”) increased from 56% as of October 31, 2018 to 74% as of October 31, 2019. Additionally, as the macroeconomic environment has slowed over the past year, we have introduced an explicit probability of recession for the first time since 2012. We continue to monitor a host of leading economic indicators, as well as major geopolitical pressure points and central bank policy. While the labor market remains resilient, recent surveys of economic data, including manufacturing and consumer confidence, have continued to soften. The Federal Reserve has joined many other central banks worldwide in cutting interest rates, with the intention ofpre-empting any economic downturn. From a geopolitical standpoint, U.S.-China trade negotiations dominate the economic discussion, though it appears both sides have attempted to ratchet down the rhetoric. There also appears to be a growing realization on both sides that the trade war has negatively impacted the global economy. In fact, a multi-phase deal between the two countries has been discussed, and talks to reduce or eliminate previous or announced tariffs fueled a rise in equities late in the fiscal year. Separately, drone and missile strikes on Saudi oil facilities should remind investors of the ever-present “Black Swan” risk of military escalation in the Middle East. Overall, while we expect the U.S. economy to grow at a moderate pace over the next year, we are keeping our eyes peeled for signs of an incoming recession. These macroeconomic and geopolitical concerns have caused us to reposition the portfolio from a target of 80% domestic equities as of October 31, 2018 to 78% domestic fixed income as of October 31, 2019. Finally, the Fund introduced international and emerging market equities during January and February of 2019; that has since been reduced to a 5% target as of October 2019.
For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 6.02%, underperforming the Bloomberg Barclays U.S. Aggregate Bond Index and the MSCI ACWI® Index, which performed 11.51% and 12.59%, respectively. The Fund also underperformed a custom blended index, which is a combination of the Bloomberg Barclays U.S. Aggregate Bond Index (60%) and the MSCI ACWI® Index (40%) (the “blended benchmark”), which returned 12.30% for the same period. A primary contributor to this underperformance was equity exposure during the fourth quarter of 2018 as the U.S. equity market drawdown approached 20%. The Fund was overweight equities relative to its blended benchmark index during this period and has since tactically adjusted to an underweight equity position during 2019. Since the adjustment, equities have outperformed fixed income during much of 2019, and the Fund participated less than the blended benchmark index. Additionally, international equity exposure during the early part of 2019 detracted from Fund performance on a relative basis, though international equities have provided positive absolute returns. The bulk of fixed income exposure has been through U.S. government bonds, and the Fund maintains a shorter duration than the blended benchmark index, reducing relative performance. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | Edmund Cowart, CFA®, David Blount, CFA®, CPA, Harald Hvideberg, CFA®, and Brad Erwin, CFA® areCo-Portfolio Managers of the Carillon Eagle Growth & Income Fund (the “Fund”). Messrs. Cowart and Blount have been responsible for theday-to-day management of the Fund’s investment portfolio since June 2011. Mr. Hvideberg has served as the Fund’s portfolio manager since August 2014. Mr. Erwin has served as the Fund’s Portfolio Manager since July 1, 2019.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 11.76%, underperforming its benchmark index, the S&P 500® Index, which returned 14.33%. The Fund’s Portfolio Management team (“PM team”) was satisfied with performance compared to the benchmark given the market environment. The underperformance was due, in part, to a dividend-yield headwind. During the fiscal year, dividend paying stocks returned 13.44%, while the benchmark returned 14.33%. Furthermore, returns on stocks with above median yields underperformed their below median yield counterparts by 1.71 %. This represents a headwind because the fund strategy focuses on buying stocks with above median dividend yields. Investments in the real estate, health care and industrials sectors contributed positively to the Fund’s performance relative to the benchmark. Meanwhile, investments in information technology, communication services, and consumer discretionary sectors were detractors from the Fund’s performance. The PM team believes that the strong stock market returns were supported by several factors including declining interest rates, a strong consumer, solid housing market, monetary easing, and a snap back from a decline in the stock market in 2018. Strong growth markets, such as this one, represent a headwind for a conservative strategy such as ours. Historically, the Fund performs much stronger in down markets or even periods of increased volatility. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower. com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
3 |
Performance Summary and Commentary
Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund |
Portfolio Managers | Bert L. Boksen, CFA®, and Eric Mintz, CFA®, areCo-Portfolio Managers of the Carillon Eagle Mid Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 1998. Mr. Mintz has been aCo-Portfolio Manager of the Fund since March 2011, and had previously served as Assistant Portfolio Manager since 2008. Christopher Sassouni, D.M.D., has served as Assistant Portfolio Manager of the Fund since January 2006.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 16.20%, underperforming its benchmark index, the Russell Midcap® Growth Index, which returned 18.93%. Despite posting solid absolute returns during the reporting period, the Fund trailed the strong performance of its benchmark Russell Midcap Growth Index over the course of the trailing 12-month period ended October 31st, 2019. The Fund’s holdings within the health care sector detracted most notably from relative returns during the reporting period. The Fund’s Portfolio Management team (“PM team”) believes that this was attributable to the increasing prevalence of political rhetoric and resulting regulatory uncertainty; in addition to increased competitive pressures presenting within the health care equipment & supplies industry. Relative weakness experienced by the Fund’s communications services sector holdings also contributed to the Fund’s broader underperformance during the reporting period. The PM team believes that despite the broader long-term tailwinds in streaming video consumption, rapidly intensifying competition for subscribers as well as content on the part of major industry players has created an environment of increased volatility in the entertainment space. Solid absolute as well as relative returns were produced by the Fund’s holdings within the financials sector where broader volatility in the markets proved to be a positive for capital markets industry firms which benefit from increased trading activity. Positive relative returns within the Information technology sector; specifically within the software industry, also helped to temper the Fund’s broader underperformance as it appears that strong value propositions offered by some firms have translated into rapid growth and adoption of the firms’ products and services while subsequently resulting in encouraging merger and acquisition activity during the reporting period. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | Bert L. Boksen, CFA®, and Eric Mintz, CFA®, areCo-Portfolio Managers of the Carillon Eagle Small Cap Growth Fund (the “Fund”). Mr. Boksen has been responsible for theday-to-day management of the Fund’s investment portfolio since August 1995 and Mr. Mintz since March 2011. Christopher Sassouni, D.M.D., has served as Assistant Portfolio Manager of the Fund since March 2015.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 3.96%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 6.40%. The Fund underperformed its benchmark index, the Russell 2000 Growth Index over the course of the trailing 12-month period ended October 31, 2019. Soft results generated by the Fund’s health care sector holdings weighed most notably on the Fund’s relative returns, as the broader positive trends in merger and acquisition activity appears to have been overshadowed by integration concerns. The subsequent near-term growth outlook for some of the Fund’s holdings in the health care providers and services industry, which made sizable acquisitions during the period, also appeared to have overshadowed the merger and acquisition activity positive trends. Weak stock selection was encountered within the Fund’s financials sector exposure which also contributed to the Fund’s underperformance, primarily within the consumer finance industry as the competitive dynamic appeared to intensify within segments of the banking services and prepaid card space. Positive absolute as well as relative returns generated within the Fund’s information technology sector helped to offset some of the Fund’s broader relative underperformance as ongoing innovation and advancement within the semiconductor industry and related production processes bode well for some of the Fund’s positions in the space. To a lesser extent, solid absolute as well as relative returns within the industrials sector also offset some of the broader underperformance as low interest rates have contributed to encouraging trends in housing and subsequently to success within some of the Fund’s holdings within the building products industry. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
4 |
Performance Summary and Commentary
Carillon Scout International Fund | Carillon Scout Mid Cap Fund |
Portfolio Managers | Michael D. Stack, CFA®, is Lead Portfolio Manager, and Angel M. Lupercio isCo-Portfolio Manager of the Carillon Scout International Fund (the “Fund”). Messrs. Stack and Lupercio have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Stack was Assistant Portfolio Manager of the fund’s predecessor from February 2006 through December 2007;Co-Portfolio Manager of the fund’s predecessor from April 2012 through March 30, 2014;Co-Lead Portfolio Manager of the fund’s predecessor from March 31, 2014 through December 2014; and Lead Portfolio Manager of the fund’s predecessor from 2015 to 2017. Mr. Lupercio served asCo-Portfolio Manager of the fund’s predecessor from 2015 to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 12.24%, outperforming its benchmark index, the MSCI EAFE® Index, which returned 11.04%. Despite posting double digit, returns over the aforementioned time-period, international markets lagged their US counterpart as the MSCI EAFE® Index trailed the S&P 500. Returns were broadly positive in the MSCI EAFE® Index during the period. The utilities sector was the top performing sector (up 21.5%), but was a detractor to the Fund’s performance relative to the benchmark as there were not holdings in that sector that met our stringent investment criteria. The energy sector(down -6.6%) was the only sector in the index that ended the period in negative territory, and the Fund’s overweight position within that sector further detracted from the Fund’s performance. The Fund’s performance, relative to the benchmark, was driven primarily from positive stock selection in the financials and information technology sectors, which counteracted poor stock selection in the industrials sector. Within the financial sector, stock selection in the banks and insurance industries benefitted the Fund’s performance. Stock selection in the semiconductors and semiconductor equipment industry in the information technology sector provided a positive impact the Fund’s performance as well. In contrast, stock selection in the machinery and construction and engineering and commercial services and supplies industries within the Industrials sector detracted from Fund performance. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | G. Patrick Dunkerley, CFA® is the Lead Portfolio Manager, and Derek M. Smashey, CFA®, John A. Indellicate II, CFA® and Jason J. Votruba, CFA®, areCo-Portfolio Managers of the Carillon Scout Mid Cap Fund (the “Fund”). Messrs. Dunkerley, Smashey, Indellicate and Votruba have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. Dunkerley served as Lead Portfolio Manager of the fund’s predecessor and Mr. Smashey served asCo-Portfolio Manager of the fund’s predecessor from its inception in 2006 to 2017. Messrs. Indellicate and Votruba served asCo-Portfolio Managers of the fund’s predecessor from 2011 and 2013, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 8.42%, underperforming its benchmark index, the Russell Midcap® Index, which returned 13.72%. Throughout the aforementioned fiscal year, markets were driven by sudden narrative changes to both interest rate policy and trade policy. Given the shifts based on quick changes to narratives, the Fund was negatively impacted by some of its more defensive positioning which included an overweight to the utilities sector and an underweight to the information technology sector. Alternatively, the Fund’s performance also benefited from an overweight position in the consumer staples and health care sectors. The Fund’s performance, relative to the benchmarks, was adversely affected by stock selection in the health care, industrials, and consumer discretionary sectors. However, this was partially counteracted by positive stock selections in the utilities sector. Within the consumer discretionary sector, stock selections in the hotel, restaurants, and leisure and auto components industries were the primary detractors. In contrast, stock selections in the electric utilities and gas utilities industries contributed positively to the Fund’s performance. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
5 |
Performance Summary and Commentary
Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund |
Portfolio Managers | James R. McBride, CFA®, is Lead Portfolio Manager, and Timothy L. Miller, CFA® isCo-Portfolio Manager of the Carillon Scout Small Cap Fund (the “Fund”). Messrs. McBride and Miller have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017. Mr. McBride wasCo-Portfolio Manager of the fund’s predecessor from 2010 through 2015 and served as Lead Portfolio Manager of the fund’s predecessor from 2015 to 2017. Mr. Miller served asCo-Portfolio Manager of the fund’s predecessor from 2013 to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 4.55%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 6.40%. Small cap stocks posted modest gains during the trailing 12-month period ended October 31, 2019. From a style perspective, growth bested value during the period as the Russell 2000 Growth Index which was up 6.4%, double the performance of the Russell 2000 Value Index, which was up 3.2% during the trailing 12-months ended October 31, 2019. Within Growth, returns varied substantially. The largest laggard from an allocation standpoint was a result of strong returns within the nominally weighted utilities sector (up 33.5%) as the Fund does not invest in companies within that sector because they do not meet the Fund’s investment criteria. Strong returns were also seen in the information technology sector (up 21.8%) and the Fund benefited from an overweight position and strong security selection within this sector. The Fund’s performance was impacted negatively by stock selection, in the industrials sector; however, this was partially offset by positive stock selection in the information technology, consumer staples, and financials sectors. Within the information technology sector, the Fund benefited from stock selections in the software and semiconductors and semiconductor equipment industries in particular. In contrast, stock selections in the machinery, construction and engineering and commercial services and supplies industries within the Industrials sector detracted from Fund performance. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carillontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Thomas M. Fink, CFA®, Todd C. Thompson, CFA®, Stephen T. Vincent, CFA®, Clark W. Holland, CFA® and Jason Hoyer, CFA® are Co- Portfolio Managers of the Carillon Reams Core Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017, and Mr. Hoyer has been responsible for theday-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor and Messrs. Fink and Thompson served asCo-Portfolio Managers of the fund’s predecessor from its inception in 2001 to 2017. Messrs. Vincent and Holland served asCo-Portfolio Managers of the fund’s predecessor from 2009 and 2014, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 11.64%, outperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 11.51%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve Board (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet appeared to be on “auto pilot”. When economic growth began to slow globally near the 2018 calendar year end, in part as a result of heightened trade war concerns, the Fed reversed course. First indicating a pause in rate increases, then outright rate interest rate declines. This sparked a U.S. stock-market rally in the first half of the 2019 calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the2-year Treasury Yield and the10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, we believe that it is more likely the case that the brief inversion and response from the Fed could have averted such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the Fund’s yield curve positioning with an underweight to the underperforming long end of the curve as well as an elevated weight in investment grade credit when this sector outperformed, particularly in the first several months of the calendar year. Security selection in agency mortgage backed bonds hurt the Fund’s performance as an increase in Treasury yield volatility hurt this sector. The Fund’s underweight position in the government issued bonds also detracted from performance after this sector outperformed. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carilontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
6 |
Performance Summary and Commentary
Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund |
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Thomas M. Fink, CFA®, Todd C. Thompson, CFA®, Stephen T. Vincent, CFA® and Clark W. Holland, CFA®,and Jason Hoyer, CFA® are Co- Portfolio Managers of the Carillon Reams Core Plus Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017, and Mr. Hoyer has been responsible for theday-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor from its inception in 1996 to 2017. Messrs. Fink, Thompson, Vincent and Holland served asCo-Portfolio Managers of the fund’s predecessor from 2000, 2001, 2009 and 2014, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 12.32%, outperforming its benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 11.51%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet were on “auto pilot”. When economic growth began to slow globally near the calendar year end, in part as a result of heightened trade war concerns, the Fed felt the need to reverse course. First indicating a pause in rate increases, then outright rate declines. This sparked a U.S. stock market rally in the first half of the calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the2-year Treasury Yield and the10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, more than likely, the brief inversion and response from the Fed may avoid such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the slightly longer duration position as well as an elevated weight in high yield credit when this sector outperformed in the first several months of the calendar year. Security selection in agency mortgage backed bonds hurt the Fund’s performance as an increase in Treasury yield volatility hurt this sector. The Fund’s underweight position in the government issued bonds also detracted from performance after this sector outperformed. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carilontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Thomas M. Fink, CFA®, Todd C. Thompson, CFA®, Stephen T. Vincent, CFA®, Clark W. Holland, CFA® and Jason Hoyer, CFA® are Co- Portfolio Managers of the Carillon Reams Unconstrained Bond Fund (the “Fund”). Messrs. Egan, Fink, Thompson, Vincent and Holland have been responsible for theday-to-day management of the Fund’s investment portfolio since its inception in 2017, and Mr. Hoyer has been responsible for theday-to-day management of the Fund’s investment portfolio since April 2018. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor and Messrs. Fink, Thompson and Vincent served asCo-Portfolio Managers of the fund’s predecessor from its inception in 2011 to 2017. Mr. Holland served asCo-Portfolio Manager of the fund’s predecessor from 2014 to 2017.
Performance discussion | For the fiscal year ended October 31, 2019, the Fund’s Class I shares returned 8.31%, outperforming its benchmark index, the BofA Merrill Lynch3-Month LIBOR Constant Maturity Index, which returned 2.68%. The beginning of the fiscal year was marked by sharp underperformance in risk assets as the Federal Reserve (Fed) communicated they were likely to raise rates and plans to reduce the Fed’s balance sheet were on “auto pilot”. When economic growth began to slow globally near the calendar year end, in part as a result of heightened trade war concerns, the Fed felt the need to reverse course. First indicating a pause in rate increases, then outright rate declines. This sparked a U.S. stock market rally in the first half of the calendar year as it was perceived that the Fed would “save the day”. Yield curve shape was also significantly impacted by investors’ expectations of Fed actions, briefly becoming inverted between the2-year Treasury Yield and the10-year Treasury Yield. This inversion has historically been an indicator of a future recession. While a recession may yet occur, more than likely, the brief inversion and response from the Fed may avoid such an unfortunate event. Eventually, trade war tensions and concerns about the United Kingdom withdrawing from the European Union (“Brexit”) moderated investor optimism generated by a dovish turn by the Fed, but despite this, valuations ended the year at what we view as elevated levels. The main contributors to the Fund’s performance, relative to the benchmark, were the longer duration position as interest rates declined, as well as an elevated weight in high yield and investment grade credit when these sectors outperformed, particularly in the first several months of the calendar year. Positions in Treasury Inflation Protected Securities (TIPS) and Commercial Mortgage-Backed Securities (CMBS) also contributed to the Fund’s performance. As you review this summary and the Growth of a $100,000 investment table, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recentmonth-end, please visit our website at carilontower.com. Returns discussed are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
7 |
Growth of a $100,000 Investment
Carillon ClariVest Capital Appreciation Fund from 10/31/09 to 10/31/19 (a)
Carillon ClariVest International Stock Fund from 2/28/13 to 10/31/19 (a)
Carillon Cougar Tactical Allocation Fund from 12/31/15 to 10/31/19 (a)
Carillon Eagle Growth & Income Fund from 10/31/09 to 10/31/19 (a)
Carillon Eagle Mid Cap Growth Fund from 10/31/09 to 10/31/19 (a)
(a) Each Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of October 31, 2019, each Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s”) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
8 |
Growth of a $100,000 Investment
Carillon Eagle Small Cap Growth Fund from 10/31/09 to 10/31/19 (a)
Carillon Scout International Fund from 10/31/09 to 10/31/19 (a)
Carillon Scout Mid Cap Fund from 10/31/09 to 10/31/19 (a)
Carillon Scout Small Cap Fund from 10/31/09 to 10/31/19 (a)
Carillon Reams Core Bond Fund from 10/31/09 to 10/31/19 (a)
(a) Each Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of October 31, 2019, each Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
9 |
Growth of a $100,000 Investment
Carillon Reams Core Plus Bond Fund from 10/31/09 to 10/31/19 (a)
Carillon Reams Unconstrained Bond Fund from 9/29/11 to 10/31/19 (a)
(a) Each Fund’s values and returns reflect fund expenses and the reinvestment of dividends; however, they do not reflect the deduction of taxes that you would pay on fund distributions or redemption of fund shares. As of October 31, 2019, each Fund also offered Class A, Class C, Class R-3, Class R-5, Class R-6, and Class Y shares. The value of an investment in other share classes will differ due to each class’s respective sales charges (as applicable) and expenses. Additional information regarding the performance and the expenses of each Fund’s share classes, including fee waivers and/or expense reimbursements or recoupments, which affect performance, is included in each Fund’s Prospectus dated March 1, 2019, as supplemented from time to time, and elsewhere in this report. Returns shown are calculated using the net asset values (“NAV’s) that were used for shareholder transactions as of the respective period ends. These NAV’s, and the returns calculated from them, may differ from the NAV’s and returns shown elsewhere in this report.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
10 |
The Bloomberg Barclays U.S. Aggregate Bond Indexis a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The returns of the index do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The BofA Merrill Lynch3-Month LIBOR Constant Maturity Indexrepresents the London interbank offered rate (LIBOR) with a constant three-month average maturity. Published by the British Bankers’ Association, LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market.
The MSCI ACWI® Index captures large and mid cap representation across 23 developed markets and 23 emerging markets countries. With 2,484 constituents, the index covers approximately 85% of the global investable equity opportunity set.
The MSCI EAFE® Index is an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the US and Canada. With 928 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell 1000® Growth Index measures the performance of thelarge-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higherprice-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 thesmall-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higherprice-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 themid-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 themid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higherprice-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The S&P 500® Index is an unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
11 |
Investment Portfolios
10.31.2019 |
COMMON STOCKS—99.0% | Shares | Value | ||||||||||
Interactive media & services—9.1% | ||||||||||||
Alphabet, Inc., Class A* | 13,014 | $ 16,382,023 | ||||||||||
Alphabet, Inc., Class C* | 12,912 | 16,270,540 | ||||||||||
Facebook, Inc., Class A* | 76,200 | 14,603,730 | ||||||||||
Twitter, Inc.* | 93,000 | 2,787,210 | ||||||||||
Internet & direct marketing retail—4.7% | ||||||||||||
Amazon.com, Inc.* | 14,700 | 26,116,902 | ||||||||||
IT services—13.5% | ||||||||||||
Booz Allen Hamilton Holding Corp. | 39,200 | 2,758,504 | ||||||||||
Euronet Worldwide, Inc.* | 17,500 | 2,451,225 | ||||||||||
Fidelity National Information Services, Inc. | 51,928 | 6,842,033 | ||||||||||
Fiserv, Inc.* | 77,700 | 8,247,078 | ||||||||||
FleetCor Technologies, Inc.* | 11,600 | 3,412,952 | ||||||||||
Global Payments, Inc. | 23,300 | 3,941,894 | ||||||||||
MasterCard, Inc., Class A | 63,030 | 17,447,335 | ||||||||||
PayPal Holdings, Inc.* | 89,900 | 9,358,590 | ||||||||||
Visa, Inc., Class A | 113,000 | 20,211,180 | ||||||||||
Life sciences tools & services—1.6% | ||||||||||||
Thermo Fisher Scientific, Inc. | 28,900 | 8,727,222 | ||||||||||
Machinery—1.4% | ||||||||||||
Cummins, Inc. | 14,200 | 2,449,216 | ||||||||||
Ingersoll-Rand PLC | 39,900 | 5,062,911 | ||||||||||
Media—2.0% | ||||||||||||
Comcast Corp., Class A | 197,200 | 8,838,504 | ||||||||||
Discovery, Inc., Class A* | 84,408 | 2,275,218 | ||||||||||
Multiline retail—1.1% | ||||||||||||
Target Corp. | 55,000 | 5,880,050 | ||||||||||
Pharmaceuticals—2.1% | ||||||||||||
Eli Lilly & Co. | 20,700 | 2,358,765 | ||||||||||
Merck & Co., Inc. | 106,300 | 9,211,958 | ||||||||||
Real estate management & development—1.0% | ||||||||||||
CBRE Group, Inc., Class A* | 107,585 | 5,761,177 | ||||||||||
Semiconductors & semiconductor equipment—5.8% | ||||||||||||
Broadcom, Inc. | 16,400 | 4,802,740 | ||||||||||
Intel Corp. | 49,700 | 2,809,541 | ||||||||||
KLA Corp. | 29,700 | 5,020,488 | ||||||||||
Lam Research Corp. | 13,900 | 3,767,456 | ||||||||||
Micron Technology, Inc.* | 61,300 | 2,914,815 | ||||||||||
Teradyne, Inc. | 88,200 | 5,399,604 | ||||||||||
Texas Instruments, Inc. | 62,400 | 7,362,576 | ||||||||||
Software—14.2% | ||||||||||||
Adobe, Inc.* | 28,400 | 7,893,212 | ||||||||||
Microsoft Corp. | 336,400 | 48,229,668 | ||||||||||
salesforce.com, Inc.* | 52,100 | 8,153,129 | ||||||||||
SS&C Technologies Holdings, Inc. | 53,200 | 2,766,932 | ||||||||||
Synopsys, Inc.* | 66,300 | 9,000,225 | ||||||||||
The Trade Desk, Inc., Class A* | 13,500 | 2,710,800 | ||||||||||
Specialty retail—4.8% | ||||||||||||
Advance Auto Parts, Inc. | 20,200 | 3,282,096 | ||||||||||
AutoZone, Inc.* | 4,500 | 5,149,710 | ||||||||||
Ross Stores, Inc. | 39,100 | 4,288,097 | ||||||||||
The Home Depot, Inc. | 59,000 | 13,840,220 | ||||||||||
Technology hardware, storage & peripherals—7.5% | ||||||||||||
Apple, Inc. | 166,166 | 41,335,454 |
12 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON CLARIVEST CAPITAL APPRECIATION FUND(cont’d) | ||||||||||||
COMMON STOCKS—99.0% | Shares | Value | ||||||||||
Trading companies & distributors—0.8% | ||||||||||||
United Rentals, Inc.* | 31,900 | $ 4,260,883 | ||||||||||
Total common stocks (cost $347,356,164) | 547,363,869 | |||||||||||
Total investment portfolio (cost $347,356,164)—99.0% |
| 547,363,869 | ||||||||||
Other assets in excess of liabilities—1.0% | 5,445,844 | |||||||||||
Total net assets—100.0% | $552,809,713 |
*Non-income producing security
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 42.8% | |||
Consumer discretionary | 14.5% | |||
Health care | 13.2% | |||
Communication services | 11.7% | |||
Industrials | 6.7% | |||
Real estate | 4.8% | |||
Consumer staples | 4.6% | |||
Financials | 0.7% |
COMMON STOCKS—97.2% | Shares | Value | ||||||||||
France (cont’d) | ||||||||||||
Peugeot S.A. | 8,429 | $ 213,474 | ||||||||||
Publicis Groupe S.A. | 1,775 | 76,393 | ||||||||||
Safran S.A. | 546 | 86,481 | ||||||||||
Sanofi | 1,691 | 155,889 | ||||||||||
Societe Generale S.A. | 1,876 | 53,351 | ||||||||||
VINCI S.A. | 1,231 | 138,114 | ||||||||||
Germany—7.7% | ||||||||||||
Allianz SE | 1,278 | 312,117 | ||||||||||
Bayer AG | 469 | 36,383 | ||||||||||
Deutsche Telekom AG | 3,284 | 57,784 | ||||||||||
HeidelbergCement AG | 837 | 62,054 | ||||||||||
Merck KGaA | 1,065 | 127,019 | ||||||||||
ProSiebenSat.1 Media SE | 8,344 | 123,212 | ||||||||||
SAP SE | 1,259 | 166,819 | ||||||||||
TAG Immobilien AG* | 2,808 | 68,239 | ||||||||||
Hong Kong—0.4% | ||||||||||||
Wheelock and Co. Ltd. | 8,000 | 49,477 | ||||||||||
Israel—1.2% | ||||||||||||
Israel Discount Bank Ltd., Class A | 32,640 | 149,159 | ||||||||||
Italy—4.6% | ||||||||||||
Atlantia SpA | 1,585 | 39,159 | ||||||||||
Enel SpA | 38,655 | 299,590 | ||||||||||
Eni SpA | 5,739 | 87,066 | ||||||||||
Leonardo SpA | 11,967 | 139,028 | ||||||||||
Japan—22.8% | ||||||||||||
Asahi Group Holdings Ltd. | 2,700 | 135,209 | ||||||||||
Central Glass Co. Ltd. | 2,200 | 53,028 | ||||||||||
Chubu Electric Power Co., Inc. | 4,100 | 61,509 | ||||||||||
Cosmo Energy Holdings Co. Ltd. | 1,300 | 27,800 | ||||||||||
Hitachi Ltd. | 5,300 | 197,809 | ||||||||||
Hokkaido Electric Power Co., Inc. | 6,900 | 36,215 | ||||||||||
ITOCHU Corp. | 11,700 | 244,622 | ||||||||||
Kajima Corp. | 4,000 | 54,970 | ||||||||||
KDDI Corp. | 5,100 | 141,123 | ||||||||||
Marubeni Corp. | 30,100 | 211,846 | ||||||||||
Mitsubishi Corp. | 2,700 | 68,673 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 23,100 | 119,757 | ||||||||||
Morinaga Milk Industry Co. Ltd. | 1,300 | 50,542 | ||||||||||
NEC Corp. | 4,100 | 162,485 | ||||||||||
NichiiGakkan Co. Ltd. | 2,200 | 37,300 | ||||||||||
Nichi-iko Pharmaceutical Co. Ltd. | 2,700 | 31,636 | ||||||||||
Nihon Unisys Ltd. | 1,300 | 42,912 | ||||||||||
Nippon Suisan Kaisha Ltd. | 6,900 | 39,517 | ||||||||||
Nippon Telegraph & Telephone Corp. | 5,300 | 263,107 | ||||||||||
Nipro Corp. | 4,100 | 48,075 | ||||||||||
NS Solutions Corp. | 2,700 | 91,795 | ||||||||||
Ricoh Co. Ltd. | 6,900 | 61,449 | ||||||||||
Sawai Pharmaceutical Co. Ltd. | 1,300 | 73,355 | ||||||||||
Sekisui House Ltd. | 2,300 | 49,598 | ||||||||||
Showa Denko KK | 3,600 | 101,005 | ||||||||||
Sojitz Corp. | 13,600 | 42,807 | ||||||||||
Sony Corp. | 2,700 | 164,347 | ||||||||||
Sumitomo Corp. | 5,100 | 82,836 | ||||||||||
The Hiroshima Bank Ltd. | 5,500 | 28,035 | ||||||||||
Toyota Motor Corp. | 1,300 | 90,195 |
The accompanying notes are an integral part of the financial statements. | 13 |
Investment Portfolios
10.31.2019 |
CARILLON CLARIVEST INTERNATIONAL STOCK FUND(cont’d) | ||||||||||||
COMMON STOCKS—97.2% | Shares | Value | ||||||||||
Netherlands—7.3% | ||||||||||||
Aegon N.V. | 11,806 | $ 51,218 | ||||||||||
ASM International N.V. | 715 | 72,087 | ||||||||||
ASR Nederland N.V. | 832 | 30,500 | ||||||||||
Constellium SE* | 3,500 | 46,655 | ||||||||||
Koninklijke Ahold Delhaize N.V. | 5,592 | 139,353 | ||||||||||
Koninklijke Philips N.V. | 3,265 | 143,249 | ||||||||||
NN Group N.V. | 5,166 | 197,119 | ||||||||||
NXP Semiconductors N.V. | 1,900 | 215,992 | ||||||||||
Norway—0.2% | ||||||||||||
Austevoll Seafood ASA | 2,782 | 28,093 | ||||||||||
Singapore—0.2% | ||||||||||||
Yanlord Land Group Ltd. | 27,200 | 24,142 | ||||||||||
Spain—2.2% | ||||||||||||
Almirall S.A. | 1,757 | 33,000 | ||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 8,371 | 44,089 | ||||||||||
Banco Santander S.A. | 12,339 | 49,545 | ||||||||||
Iberdrola S.A. | 10,453 | 107,446 | ||||||||||
Repsol S.A. | 2,535 | 41,776 | ||||||||||
Sweden—4.5% | ||||||||||||
Essity AB, Class B | 5,303 | 165,670 | ||||||||||
SSAB AB, Class B | 8,971 | 22,600 | ||||||||||
Telefonaktiebolaget LM Ericsson, Class B | 20,399 | 178,262 | ||||||||||
Volvo AB, Class B | 12,889 | 193,152 | ||||||||||
Switzerland—11.4% | ||||||||||||
Nestle S.A. | 2,722 | 291,203 | ||||||||||
Novartis AG | 3,722 | 325,211 | ||||||||||
Roche Holding AG | 1,187 | 357,235 | ||||||||||
Straumann Holding AG | 95 | 84,881 | ||||||||||
Swiss Life Holding AG | 386 | 193,315 | ||||||||||
UBS Group AG | 4,270 | 50,536 | ||||||||||
Zurich Insurance Group AG | 259 | 101,450 | ||||||||||
United Kingdom—15.9% | ||||||||||||
3i Group PLC | 8,948 | 130,756 | ||||||||||
Ashtead Group PLC | 6,019 | 183,254 | ||||||||||
Aviva PLC | 13,674 | 73,704 | ||||||||||
Barclays PLC | 46,220 | 100,255 | ||||||||||
Bellway PLC | 990 | 40,520 | ||||||||||
BP PLC | 15,205 | 96,421 | ||||||||||
British American Tobacco PLC | 2,797 | 97,828 | ||||||||||
Coca-Cola European Partners PLC | 1,575 | 84,278 | ||||||||||
Diageo PLC | 3,516 | 143,914 | ||||||||||
Electrocomponents PLC | 5,467 | 48,236 | ||||||||||
GlaxoSmithKline PLC | 10,919 | 250,100 | ||||||||||
Halma PLC | 2,488 | 60,372 | ||||||||||
Hammerson PLC | 13,962 | 52,451 | ||||||||||
Imperial Brands PLC | 2,250 | 49,355 | ||||||||||
Lloyds Banking Group PLC | 100,633 | 74,027 | ||||||||||
Redrow PLC | 4,839 | 37,724 | ||||||||||
Rio Tinto PLC | 1,554 | 80,904 | ||||||||||
Royal Dutch Shell PLC, Class B | 4,379 | 126,115 | ||||||||||
Standard Chartered PLC | 8,793 | 79,787 | ||||||||||
Tesco PLC | 49,802 | 152,024 | ||||||||||
Total common stocks (cost $10,907,908) | 12,011,700 |
PREFERRED STOCKS—1.2% | Shares | Value | ||||||||||
Germany—1.2% | ||||||||||||
Volkswagen AG | 799 | $ 151,894 | ||||||||||
Total preferred stocks (cost $138,944) | 151,894 | |||||||||||
EXCHANGE TRADED FUNDS—1.1% | ||||||||||||
United States—1.1% | ||||||||||||
iShares MSCI EAFE ETF | 1,900 | 128,098 | ||||||||||
Total exchange traded funds (cost $123,733) | 128,098 | |||||||||||
Total investment portfolio (cost $11,170,585)—99.5% | 12,291,692 | |||||||||||
Other assets in excess of liabilities—0.5% | 60,714 | |||||||||||
Total net assets—100.0% | $12,352,406 |
*Non-income producing security
ETF—Exchange Traded Fund
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Financials | 15.9% | |||
Health care | 15.8% | |||
Industrials | 14.8% | |||
Consumer staples | 12.9% | |||
Information technology | 10.5% | |||
Consumer discretionary | 6.9% | |||
Communication services | 5.4% | |||
Materials | 5.2% | |||
Utilities | 5.0% | |||
Energy | 3.6% | |||
Real estate | 2.4% | |||
Exchange traded funds | 1.1% |
14 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON COUGAR TACTICAL ALLOCATION FUND(cont’d)
ETF—Exchange Traded Fund
(a) A copy of the financial statements for each underlying fund in which this Fund invests can be obtained by visiting www.sec.gov.
Asset allocation (unaudited) | ||||
Asset class | Percent of net assets | |||
Fixed Income | 75.2% | |||
Equity | 20.3% |
COMMON STOCKS—97.2% | Shares | Value | ||||||||||
Media—2.0% | ||||||||||||
Comcast Corp., Class A | 373,619 | $16,745,604 | ||||||||||
Multi-utilities—2.4% | ||||||||||||
Sempra Energy | 143,904 | 20,795,567 | ||||||||||
Oil, gas & consumable fuels—6.3% | ||||||||||||
Chevron Corp. | 258,792 | 30,056,103 | ||||||||||
TOTAL S.A., Sponsored ADR | 447,868 | 23,571,293 | ||||||||||
Pharmaceuticals—9.1% | ||||||||||||
Eli Lilly & Co. | 148,723 | 16,946,986 | ||||||||||
Johnson & Johnson | 125,413 | 16,559,532 | ||||||||||
Merck & Co., Inc. | 244,180 | 21,160,639 | ||||||||||
Pfizer, Inc. | 589,906 | 22,634,693 | ||||||||||
Road & rail—3.2% | ||||||||||||
Union Pacific Corp. | 162,320 | 26,857,467 | ||||||||||
Semiconductors & semiconductor equipment—2.4% | ||||||||||||
Texas Instruments, Inc. | 172,187 | 20,316,344 | ||||||||||
Software—4.7% | ||||||||||||
Microsoft Corp. | 278,504 | 39,929,118 | ||||||||||
Specialty retail—3.6% | ||||||||||||
The Home Depot, Inc. | 131,168 | 30,769,389 | ||||||||||
Total common stocks (cost $581,408,834) | 826,854,594 | |||||||||||
Total investment portfolio (cost $581,408,834)—97.2% |
| 826,854,594 | ||||||||||
Other assets in excess of liabilities—2.8% | 23,823,973 | |||||||||||
Total net assets—100.0% | $850,678,567 |
ADR—American Depositary Receipt
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Health care | 14.0% | |||
Information technology | 13.2% | |||
Consumer staples | 12.4% | |||
Financials | 11.4% | |||
Industrials | 10.7% | |||
Consumer discretionary | 8.8% | |||
Communication services | 8.8% | |||
Real estate | 6.9% | |||
Energy | 6.3% | |||
Utilities | 4.7% |
The accompanying notes are an integral part of the financial statements. | 15 |
Investment Portfolios
10.31.2019 |
CARILLON EAGLE MID CAP GROWTH FUND(cont’d) | ||||||||||||
COMMON STOCKS—99.3% | Shares | Value | ||||||||||
Beverages—1.9% | ||||||||||||
Constellation Brands, Inc., Class A | 278,047 | $52,920,686 | ||||||||||
Monster Beverage Corp.* | 1,010,239 | 56,704,715 | ||||||||||
Biotechnology—2.7% | ||||||||||||
Bluebird Bio, Inc.* | 224,006 | 18,144,486 | ||||||||||
Exact Sciences Corp.* | 526,952 | 45,844,824 | ||||||||||
Incyte Corp.* | 354,257 | 29,729,247 | ||||||||||
Sage Therapeutics, Inc.* | 227,166 | 30,815,068 | ||||||||||
Sarepta Therapeutics, Inc.* | 339,743 | 28,219,054 | ||||||||||
Building products—2.1% | ||||||||||||
A.O. Smith Corp. | 1,023,920 | 50,868,345 | ||||||||||
Fortune Brands Home & Security, Inc. | 1,108,717 | 66,578,456 | ||||||||||
Capital markets—5.4% | ||||||||||||
LPL Financial Holdings, Inc. | 515,610 | 41,681,913 | ||||||||||
MarketAxess Holdings, Inc. | 229,510 | 84,595,091 | ||||||||||
Moody’s Corp. | 317,665 | 70,105,489 | ||||||||||
Morningstar, Inc. | 252,885 | 40,926,908 | ||||||||||
MSCI, Inc. | 297,729 | 69,835,314 | ||||||||||
Chemicals—2.0% | ||||||||||||
Albemarle Corp.(a) | 505,903 | 30,728,548 | ||||||||||
Corteva, Inc. | 1,668,187 | 44,006,773 | ||||||||||
Huntsman Corp. | 1,743,164 | 38,576,220 | ||||||||||
Commercial services & supplies—4.1% | ||||||||||||
IAA, Inc.* | 1,057,789 | 40,354,650 | ||||||||||
Ritchie Bros Auctioneers, Inc. | 1,248,410 | 51,334,619 | ||||||||||
Waste Connections, Inc. | 1,504,606 | 139,025,595 | ||||||||||
Construction materials—1.4% | ||||||||||||
Martin Marietta Materials, Inc. | 294,663 | 77,175,186 | ||||||||||
Containers & packaging—0.9% | ||||||||||||
Ball Corp. | 700,106 | 48,986,417 | ||||||||||
Distributors—1.8% | ||||||||||||
Pool Corp. | 504,835 | 104,702,779 | ||||||||||
Diversified consumer services—1.3% | ||||||||||||
Bright Horizons Family Solutions, Inc.* | 372,200 | 55,279,144 | ||||||||||
ServiceMaster Global Holdings, Inc.* | 419,344 | 16,933,111 | ||||||||||
Electronic equipment, instruments & components—7.0% | ||||||||||||
Amphenol Corp., Class A | 618,701 | 62,074,271 | ||||||||||
Cognex Corp. | 1,482,358 | 76,326,613 | ||||||||||
Coherent, Inc.* | 341,278 | 50,823,120 | ||||||||||
FLIR Systems, Inc. | 1,317,092 | 67,909,264 | ||||||||||
IPG Photonics Corp.* | 278,648 | 37,416,854 | ||||||||||
Keysight Technologies, Inc.* | 1,009,431 | 101,861,682 | ||||||||||
Energy equipment & services—1.3% | ||||||||||||
Baker Hughes Co. | 1,929,426 | 41,289,717 | ||||||||||
National Oilwell Varco, Inc. | 1,311,460 | 29,665,225 | ||||||||||
Entertainment—1.0% | ||||||||||||
Lions Gate Entertainment Corp., Class A* | 2,070,055 | 16,539,739 | ||||||||||
Take-Two Interactive Software, Inc.* | 334,711 | 40,282,469 | ||||||||||
Equity real estate investment trusts (REITs)—2.6% | ||||||||||||
SBA Communications Corp. | 604,128 | 145,383,403 | ||||||||||
Health care equipment & supplies—6.3% | ||||||||||||
Align Technology, Inc.* | 234,386 | 59,133,244 | ||||||||||
DENTSPLY SIRONA, Inc. | 720,855 | 39,488,437 | ||||||||||
DexCom, Inc.* | 281,726 | 43,453,418 | ||||||||||
IDEXX Laboratories, Inc.* | 267,606 | 76,270,386 |
COMMON STOCKS—99.3% | Shares | Value | ||||||||||
Health care equipment & supplies (cont’d) | ||||||||||||
Insulet Corp.* | 258,424 | $37,554,176 | ||||||||||
Masimo Corp.* | 317,034 | 46,220,387 | ||||||||||
Teleflex, Inc. | 157,767 | 54,809,833 | ||||||||||
Health care providers & services—1.7% | ||||||||||||
Centene Corp.* | 854,585 | 45,361,372 | ||||||||||
Chemed Corp. | 100,708 | 39,669,888 | ||||||||||
Guardant Health, Inc.* | 155,307 | 10,793,837 | ||||||||||
Health care technology—1.6% | ||||||||||||
Cerner Corp. | 774,151 | 51,961,015 | ||||||||||
Veeva Systems, Inc., Class A* | 283,942 | 40,271,494 | ||||||||||
Hotels, restaurants & leisure—4.4% | ||||||||||||
Caesars Entertainment Corp.* | 6,522,921 | 80,101,470 | ||||||||||
Chipotle Mexican Grill, Inc.* | 81,316 | 63,276,859 | ||||||||||
Royal Caribbean Cruises Ltd. | 457,466 | 49,786,025 | ||||||||||
Vail Resorts, Inc. | 250,342 | 58,171,970 | ||||||||||
Household durables—0.8% | ||||||||||||
Lennar Corp., Class A | 722,492 | 43,060,523 | ||||||||||
Interactive media & services—3.5% | ||||||||||||
IAC/InterActiveCorp* | 323,411 | 73,495,150 | ||||||||||
Pinterest, Inc., Class A* | 1,962,386 | 49,334,384 | ||||||||||
Twitter, Inc.* | 2,557,256 | 76,640,962 | ||||||||||
IT services—6.6% | ||||||||||||
Fidelity National Information Services, Inc. | 556,701 | 73,350,924 | ||||||||||
FleetCor Technologies, Inc.* | 95,040 | 27,962,669 | ||||||||||
Global Payments, Inc. | 413,714 | 69,992,134 | ||||||||||
Perspecta, Inc. | 2,413,810 | 64,062,517 | ||||||||||
Shopify, Inc., Class A* | 134,356 | 42,130,011 | ||||||||||
Square, Inc., Class A* | 835,376 | 51,317,148 | ||||||||||
WEX, Inc.* | 227,031 | 42,949,725 | ||||||||||
Life sciences tools & services—1.9% | ||||||||||||
Avantor, Inc.* | 1,579,659 | 22,446,954 | ||||||||||
IQVIA Holdings, Inc.* | 383,817 | 55,430,851 | ||||||||||
PRA Health Sciences, Inc.* | 306,545 | 29,952,512 | ||||||||||
Machinery—0.8% | ||||||||||||
Wabtec Corp. | 689,147 | 47,806,127 | ||||||||||
Media—1.3% | ||||||||||||
Sirius XM Holdings, Inc. (a) | 11,177,628 | 75,113,660 | ||||||||||
Multiline retail—1.7% | ||||||||||||
Dollar Tree, Inc.* | 892,008 | 98,477,683 | ||||||||||
Oil, gas & consumable fuels—0.8% | ||||||||||||
Diamondback Energy, Inc. | 557,151 | 47,781,270 | ||||||||||
Pharmaceuticals—1.5% | ||||||||||||
Zoetis, Inc. | 687,538 | 87,949,861 | ||||||||||
Professional services—3.6% | ||||||||||||
IHS Markit Ltd.* | 1,396,215 | 97,762,974 | ||||||||||
TransUnion | 1,288,403 | 106,447,856 | ||||||||||
Road & rail—0.8% | ||||||||||||
Old Dominion Freight Line, Inc. | 252,007 | 45,885,434 | ||||||||||
Semiconductors & semiconductor equipment—5.2% | ||||||||||||
Advanced Micro Devices, Inc.* | 2,688,915 | 91,234,886 | ||||||||||
Marvell Technology Group Ltd. | 1,484,142 | 36,198,223 | ||||||||||
Maxim Integrated Products, Inc. | 1,044,067 | 61,244,970 | ||||||||||
Microchip Technology, Inc. | 765,999 | 72,226,046 | ||||||||||
Xilinx, Inc. | 350,796 | 31,831,229 |
16 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON EAGLE MID CAP GROWTH FUND(cont’d) | ||||||||||||
COMMON STOCKS—99.3% | ||||||||||||
Software—11.4% | ||||||||||||
Autodesk, Inc.* | 252,749 | $37,245,093 | ||||||||||
Elastic NV* | 471,436 | 33,948,106 | ||||||||||
PTC, Inc.* | 523,916 | 35,055,220 | ||||||||||
RingCentral, Inc., Class A* | 499,851 | 80,735,934 | ||||||||||
ServiceNow, Inc.* | 386,051 | 95,454,970 | ||||||||||
Slack Technologies, Inc., Class A* (a) | 1,242,048 | 27,325,056 | ||||||||||
Splunk, Inc.* | 746,320 | 89,528,547 | ||||||||||
Synopsys, Inc.* | 688,709 | 93,492,247 | ||||||||||
Tyler Technologies, Inc.* | 340,370 | 91,396,152 | ||||||||||
Zendesk, Inc.* | 868,891 | 61,387,149 | ||||||||||
Specialty retail—3.1% | ||||||||||||
AutoZone, Inc.* | 59,287 | 67,846,857 | ||||||||||
Burlington Stores, Inc.* | 577,172 | 110,915,143 | ||||||||||
Textiles, apparel & luxury goods—2.0% | ||||||||||||
Canada Goose Holdings, Inc.* (a) | 913,537 | 38,213,253 | ||||||||||
Lululemon Athletica, Inc.* | 380,168 | 77,656,917 | ||||||||||
Trading companies & distributors—1.5% | ||||||||||||
United Rentals, Inc.* | 302,220 | 40,367,525 | ||||||||||
W.W. Grainger, Inc. | 143,959 | 44,460,298 | ||||||||||
Total common stocks (cost $4,448,743,001) | 5,634,862,755 | |||||||||||
MONEY MARKET FUNDS—1.3% | ||||||||||||
First American Government Obligations Fund—Class X, 1.74%# | 73,593,957 | 73,593,957 | ||||||||||
Total money market funds (cost $73,593,957) | 73,593,957 | |||||||||||
Total investment portfolio (cost $4,522,336,958)—100.6% | 5,708,456,712 | |||||||||||
Liabilities in excess of other assets—(0.6)% | (32,614,048 | ) | ||||||||||
Total net assets—100.0% | $5,675,842,664 |
*Non-income producing security
(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $70,260,726 or 1.2% of net assets as of the date of this report.
# Annualizedseven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 30.1% | |||
Consumer discretionary | 16.1% | |||
Health care | 15.7% | |||
Industrials | 15.4% | |||
Communication services | 5.8% | |||
Financials | 5.4% | |||
Materials | 4.2% | |||
Real estate | 2.6% | |||
Energy | 2.1% | |||
Consumer staples | 1.9% | |||
Money market funds | 1.3% |
COMMON STOCKS—100.1% | Shares | Value | ||||||||||
Aerospace & defense—3.5% | ||||||||||||
Aerojet Rocketdyne Holdings, Inc.* | 1,592,909 | $68,861,456 | ||||||||||
Hexcel Corp. | 1,027,847 | 76,697,943 | ||||||||||
Auto components—0.4% | ||||||||||||
Fox Factory Holding Corp.* | 266,083 | 16,215,098 | ||||||||||
Banks—1.2% | ||||||||||||
Glacier Bancorp, Inc. | 1,175,802 | 49,759,941 | ||||||||||
Beverages—0.3% | ||||||||||||
The Boston Beer Co., Inc., Class A* | 29,851 | 11,178,005 | ||||||||||
Biotechnology—12.2% | ||||||||||||
ACADIA Pharmaceuticals, Inc.* | 715,382 | 30,339,351 | ||||||||||
Acceleron Pharma, Inc.* | 657,640 | 29,508,307 | ||||||||||
Amicus Therapeutics, Inc.* | 1,859,320 | 15,674,068 | ||||||||||
Arena Pharmaceuticals, Inc.* | 665,583 | 32,423,876 | ||||||||||
ArQule, Inc.* | 2,396,935 | 24,233,013 | ||||||||||
Atara Biotherapeutics, Inc.* | 1,220,241 | 13,325,032 | ||||||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 690,417 | 31,703,949 | ||||||||||
Blueprint Medicines Corp.* | 566,166 | 38,974,867 | ||||||||||
Dicerna Pharmaceuticals, Inc.* | 1,120,359 | 18,474,720 | ||||||||||
Exact Sciences Corp.* | 302,764 | 26,340,468 | ||||||||||
Genomic Health, Inc.* | 356,393 | 23,764,285 | ||||||||||
Global Blood Therapeutics, Inc.* | 307,452 | 14,742,323 | ||||||||||
Halozyme Therapeutics, Inc.* | 1,052,974 | 16,131,562 | ||||||||||
Insmed, Inc.* | 1,046,301 | 19,450,735 | ||||||||||
Kura Oncology, Inc.* | 1,502,217 | 22,503,211 | ||||||||||
Ligand Pharmaceuticals, Inc.* | 224,422 | 24,419,358 | ||||||||||
Progenics Pharmaceuticals, Inc.* | 3,948,024 | 20,964,007 | ||||||||||
Ra Pharmaceuticals, Inc.* | 693,726 | 32,653,683 | ||||||||||
Repligen Corp.* | 340,745 | 27,085,820 | ||||||||||
Sage Therapeutics, Inc.* | 173,482 | 23,532,833 | ||||||||||
uniQure N.V.* | 315,456 | 15,785,418 | ||||||||||
Building products—3.2% | ||||||||||||
Builders FirstSource, Inc.* | 3,048,889 | 68,935,380 | ||||||||||
Trex Co., Inc.* | 716,668 | 62,987,951 | ||||||||||
Capital markets—0.8% | ||||||||||||
PJT Partners, Inc., Class A | 777,634 | 32,295,140 | ||||||||||
Chemicals—3.5% | ||||||||||||
Quaker Chemical Corp. | 683,441 | 104,484,460 | ||||||||||
Sensient Technologies Corp. | 619,608 | 38,762,677 | ||||||||||
Commercial services & supplies—2.9% | ||||||||||||
IAA, Inc.* | 512,011 | 19,533,219 | ||||||||||
Ritchie Bros Auctioneers, Inc. | 1,436,989 | 59,088,988 | ||||||||||
The Brink’s Co. | 495,004 | 42,055,540 | ||||||||||
Communications equipment—1.1% | ||||||||||||
Lumentum Holdings, Inc.* | 694,857 | 43,539,740 | ||||||||||
Construction materials—1.2% | ||||||||||||
Summit Materials, Inc., Class A* | 2,180,026 | 49,987,996 | ||||||||||
Consumer finance—1.0% | ||||||||||||
FirstCash, Inc. | 480,226 | 40,526,272 | ||||||||||
Distributors—0.9% | ||||||||||||
Pool Corp. | 180,444 | 37,424,086 | ||||||||||
Diversified consumer services—0.7% | ||||||||||||
Chegg, Inc.* | 885,161 | 27,139,036 | ||||||||||
Electrical equipment—0.9% | ||||||||||||
Thermon Group Holdings, Inc.* | 1,616,313 | 38,516,739 |
The accompanying notes are an integral part of the financial statements. | 17 |
Investment Portfolios
10.31.2019 |
CARILLON EAGLE SMALL CAP GROWTH FUND(cont’d) | ||||||||
COMMON STOCKS—100.1% | Shares | Value | ||||||
Electronic equipment, instruments & components—4.9% | ||||||||
Cognex Corp. | 1,310,663 | $67,486,038 | ||||||
Coherent, Inc.* | 388,832 | 57,904,861 | ||||||
II-VI, Inc.* | 650,000 | 21,547,500 | ||||||
IPG Photonics Corp.* | 251,516 | 33,773,568 | ||||||
Littelfuse, Inc. | 115,457 | 20,270,786 | ||||||
Equity real estate investment trusts (REITs)—1.7% | ||||||||
EastGroup Properties, Inc. | 155,416 | 20,817,973 | ||||||
Seritage Growth Properties, Class A(a) | 1,169,447 | 50,859,250 | ||||||
Food & staples retailing—1.4% | ||||||||
Casey’s General Stores, Inc. | 251,505 | 42,959,569 | ||||||
Grocery Outlet Holding Corp.* | 521,542 | 16,637,190 | ||||||
Food products—1.1% | ||||||||
Freshpet, Inc.* | 554,828 | 28,995,311 | ||||||
The Simply Good Foods Co.* | 690,142 | 16,936,085 | ||||||
Health care equipment & supplies—7.3% | ||||||||
CONMED Corp. | 156,532 | 17,221,651 | ||||||
Haemonetics Corp.* | 424,133 | 51,205,577 | ||||||
Insulet Corp.* | 265,663 | 38,606,147 | ||||||
Novocure Ltd.* | 572,680 | 41,026,795 | ||||||
NuVasive, Inc.* | 459,540 | 32,415,951 | ||||||
Penumbra, Inc.* | 197,677 | 30,831,682 | ||||||
Quidel Corp.* | 397,803 | 22,634,991 | ||||||
Tandem Diabetes Care, Inc.* | 709,019 | 43,661,390 | ||||||
Wright Medical Group N.V.* | 1,046,373 | 21,764,558 | ||||||
Health care providers & services—2.2% | ||||||||
Amedisys, Inc.* | 191,502 | 24,611,837 | ||||||
AMN Healthcare Services, Inc.* | 483,311 | 28,399,354 | ||||||
BioTelemetry, Inc.* | 355,718 | 14,001,061 | ||||||
HealthEquity, Inc.* | 392,041 | 22,264,008 | ||||||
Health care technology—2.7% | ||||||||
Evolent Health, Inc., Class A* | 2,801,065 | 21,344,115 | ||||||
Omnicell, Inc.* | 500,403 | 35,223,367 | ||||||
Teladoc Health, Inc.*(a) | 729,515 | 55,880,849 | ||||||
Hotels, restaurants & leisure—4.7% | ||||||||
Everi Holdings, Inc.*(b) | 4,516,662 | 45,437,620 | ||||||
Penn National Gaming, Inc.* | 2,270,316 | 48,391,786 | ||||||
Planet Fitness, Inc., Class A* | 954,693 | 60,775,756 | ||||||
Wingstop, Inc. | 449,431 | 37,496,028 | ||||||
Household durables—2.2% | ||||||||
LGI Homes, Inc.* | 174,979 | 13,732,352 | ||||||
Universal Electronics, Inc.*(b) | 1,502,697 | 78,320,567 | ||||||
Insurance—0.6% | ||||||||
eHealth, Inc.* | 370,867 | 25,604,658 | ||||||
IT services—0.8% | ||||||||
EVO Payments, Inc., Class A* | 1,124,737 | 31,976,273 | ||||||
Leisure products—0.8% | ||||||||
YETI Holdings, Inc.*(a) | 1,043,900 | 34,772,309 | ||||||
Life sciences tools & services—1.7% | ||||||||
NeoGenomics, Inc.* | 2,002,651 | 45,920,787 | ||||||
PRA Health Sciences, Inc.* | 234,131 | 22,876,940 | ||||||
Machinery—7.0% | ||||||||
Chart Industries, Inc.* | 1,104,556 | 64,760,118 | ||||||
Graco, Inc. | 947,349 | 42,820,175 | ||||||
John Bean Technologies Corp. | 684,254 | 70,320,784 |
COMMON STOCKS—100.1% | Shares | Value | ||||||
Machinery (cont’d) | ||||||||
Kennametal, Inc. | 890,978 | $27,575,769 | ||||||
Woodward, Inc. | 777,879 | 82,968,574 | ||||||
Media—0.9% | ||||||||
Sinclair Broadcast Group, Inc., Class A | 971,180 | 38,691,811 | ||||||
Oil, gas & consumable fuels—1.1% | ||||||||
Viper Energy Partners LP | 1,913,390 | 46,055,297 | ||||||
Pharmaceuticals—2.6% | ||||||||
Cymabay Therapeutics, Inc.* | 2,061,772 | 9,257,356 | ||||||
Horizon Therapeutics PLC* | 1,805,886 | 52,208,164 | ||||||
Odonate Therapeutics, Inc.* | 459,968 | 14,608,584 | ||||||
Zogenix, Inc.* | 693,531 | 30,966,159 | ||||||
Road & rail—1.6% | ||||||||
Landstar System, Inc. | 583,979 | 66,077,224 | ||||||
Semiconductors & semiconductor equipment—4.3% |
| |||||||
Cabot Microelectronics Corp. | 252,552 | 38,165,658 | ||||||
Entegris, Inc. | 2,077,267 | 99,708,816 | ||||||
Silicon Laboratories, Inc.* | 367,464 | 39,039,376 | ||||||
Software—11.2% | ||||||||
Alarm.com Holdings, Inc.* | 648,459 | 32,033,875 | ||||||
Cornerstone OnDemand, Inc.* | 1,509,541 | 88,413,816 | ||||||
Everbridge, Inc.* | 314,669 | 21,872,642 | ||||||
Guidewire Software, Inc.* | 616,378 | 69,490,456 | ||||||
PagerDuty, Inc.*(a) | 304,415 | 6,998,501 | ||||||
Pegasystems, Inc. | 1,065,831 | 80,161,150 | ||||||
Proofpoint, Inc.* | 260,387 | 30,040,848 | ||||||
Q2 Holdings, Inc.* | 175,000 | 12,510,750 | ||||||
RealPage, Inc.* | 1,508,001 | 91,309,461 | ||||||
SailPoint Technologies Holding, Inc.* | 1,373,769 | 26,596,168 | ||||||
Specialty retail—2.7% | ||||||||
Floor & Decor Holdings, Inc., Class A* | 922,100 | 42,259,843 | ||||||
Genesco, Inc.* | 516,090 | 20,050,096 | ||||||
MarineMax, Inc.*(b) | 1,861,655 | 28,762,570 | ||||||
National Vision Holdings, Inc.* | 868,076 | 20,660,209 | ||||||
Textiles, apparel & luxury goods—1.7% | ||||||||
Canada Goose Holdings, Inc.*(a) | 479,066 | 20,039,331 | ||||||
Steven Madden Ltd. | 1,172,906 | 48,300,269 | ||||||
Thrifts & mortgage finance—1.1% | ||||||||
NMI Holdings, Inc., Class A* | 1,533,189 | 44,845,778 | ||||||
Total common stocks (cost $3,159,455,419) | 4,122,176,721 | |||||||
MONEY MARKET FUNDS—2.2% | ||||||||
First American Government Obligations Fund—Class X, 1.74%# | 91,124,644 | 91,124,644 | ||||||
Total money market funds (cost $91,124,644) | 91,124,644 | |||||||
Total investment portfolio (cost $3,250,580,063)—102.3% |
| 4,213,301,365 | ||||||
Liabilities in excess of other assets—(2.3)% | (95,894,778 | ) | ||||||
Total net assets—100.0% | $ 4,117,406,587 |
*Non-income producing security
(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $90,547,553 or 2.2% of net assets as of the date of this report.
(b) Affiliated issuer. See Note 4 in the Notes to Financial Statements.
# Annualizedseven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
18 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON EAGLE SMALL CAP GROWTH FUND(cont’d) |
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Health care | 28.6% | |||
Information technology | 22.2% | |||
Industrials | 19.2% | |||
Consumer discretionary | 14.1% | |||
Materials | 4.7% | |||
Financials | 4.7% | |||
Consumer staples | 2.8% | |||
Money market funds | 2.2% | |||
Real estate | 1.7% | |||
Energy | 1.1% | |||
Communication services | 1.0% |
COMMON STOCKS—92.9% | Shares | Value | ||||||||||
Japan—13.8% | ||||||||||||
Astellas Pharma, Inc. | 822,619 | $ 14,118,358 | ||||||||||
FANUC Corp. | 32,423 | 6,395,414 | ||||||||||
JGC Corp. | 749,658 | 10,842,631 | ||||||||||
Komatsu Ltd. | 538,328 | 12,604,904 | ||||||||||
Kubota Corp. | 669,935 | 10,640,750 | ||||||||||
Nitto Denko Corp. | 201,480 | 11,147,026 | ||||||||||
ORIX Corp. | 789,695 | 12,409,974 | ||||||||||
SYSMEX Corp. | 120,514 | 7,863,305 | ||||||||||
Tokyo Electron Ltd. | 62,688 | 12,700,500 | ||||||||||
Mexico—3.3% | ||||||||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 2,512,072 | 13,735,333 | ||||||||||
Wal-Mart de Mexico S.A.B. de C.V., Sponsored ADR | 340,612 | 10,218,360 | ||||||||||
Norway—1.8% | ||||||||||||
DNB ASA | 725,788 | 13,214,637 | ||||||||||
Singapore—2.9% | ||||||||||||
Singapore Telecommunications Ltd. | 3,219,925 | 7,797,229 | ||||||||||
United Overseas Bank Ltd. | 647,975 | 12,756,971 | ||||||||||
South Africa—0.7% | ||||||||||||
MTN Group Ltd. | 798,555 | 4,942,725 | ||||||||||
Spain—1.6% | ||||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 2,232,083 | 11,756,004 | ||||||||||
Sweden—3.4% | ||||||||||||
Essity AB, Class B | 371,989 | 11,621,213 | ||||||||||
Sandvik AB | 711,542 | 12,571,047 | ||||||||||
Switzerland—9.3% | ||||||||||||
ABB Ltd. | 346,649 | 7,279,625 | ||||||||||
Adecco Group AG | 213,055 | 12,665,300 | ||||||||||
Coca-Cola HBC AG | 280,294 | 8,534,603 | ||||||||||
Givaudan S.A. | 3,170 | 9,313,258 | ||||||||||
Nestle S.A., Sponsored ADR | 82,217 | 8,810,374 | ||||||||||
Novartis AG, Sponsored ADR | 92,092 | 8,052,524 | ||||||||||
Roche Holding AG | 38,725 | 11,654,520 | ||||||||||
Taiwan—2.8% | ||||||||||||
Largan Precision Co. Ltd. | 92,500 | 13,572,929 | ||||||||||
MediaTek, Inc. | 485,930 | 6,489,526 | ||||||||||
Turkey—1.7% | ||||||||||||
Tupras Turkiye Petrol Rafinerileri AS | 563,046 | 12,255,449 | ||||||||||
United Kingdom—12.4% | ||||||||||||
British American Tobacco PLC | 309,944 | 10,840,593 | ||||||||||
Compass Group PLC | 410,977 | 10,941,918 | ||||||||||
Diageo PLC, Sponsored ADR | 60,586 | 9,928,228 | ||||||||||
Next PLC | 139,933 | 11,934,418 | ||||||||||
Prudential PLC, Sponsored ADR | 353,500 | 14,189,490 | ||||||||||
Reckitt Benckiser Group PLC | 126,425 | 9,782,998 | ||||||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 181,689 | 10,590,652 | ||||||||||
WPP PLC | 852,586 | 10,639,925 | ||||||||||
United States—4.8% | ||||||||||||
Aflac, Inc. | 228,506 | 12,147,379 | ||||||||||
Credicorp Ltd. | 54,930 | 11,757,217 | ||||||||||
Mettler-Toledo International, Inc.* | 14,658 | 10,333,011 | ||||||||||
Total common stocks (cost $450,341,810) | 664,695,655 |
The accompanying notes are an integral part of the financial statements. | 19 |
Investment Portfolios
10.31.2019 |
CARILLON SCOUT INTERNATIONAL FUND(cont’d) | ||||||||||||
PREFERRED STOCKS—5.4% | Shares | Value | ||||||||||
Colombia—1.7% | ||||||||||||
Bancolombia S.A., Sponsored ADR | 231,133 | $ 11,991,180 | ||||||||||
Germany—3.7% | ||||||||||||
Henkel AG & Co. KGaA, Sponsored ADR | 373,058 | 9,673,394 | ||||||||||
Volkswagen AG | 87,504 | 16,634,979 | ||||||||||
Total preferred stocks (cost $21,455,511) | 38,299,553 | |||||||||||
MONEY MARKET FUNDS—1.5% | ||||||||||||
First American Government Obligations Fund—Class X, 1.74%# | 10,640,805 | 10,640,805 | ||||||||||
Total money market funds (cost $10,640,805) | 10,640,805 | |||||||||||
Total investment portfolio (cost $482,438,126)—99.8% |
| 713,636,013 | ||||||||||
Other assets in excess of liabilities—0.2% | 1,512,796 | |||||||||||
Total net assets—100.0% | $715,148,809 |
(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $10,305,777 or 1.4% of net assets as of the date of this report.
ADR—American Depositary Receipt
*Non-income producing security
# Annualizedseven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Financials | 24.0% | |||
Consumer staples | 13.5% | |||
Industrials | 13.4% | |||
Health care | 11.9% | |||
Information technology | 8.7% | |||
Consumer discretionary | 8.4% | |||
Energy | 8.3% | |||
Materials | 6.8% | |||
Communication services | 3.3% | |||
Money market funds | 1.5% |
COMMON STOCKS—99.7% | Shares | Value | ||||||||||
Airlines—1.5% | ||||||||||||
Alaska Air Group, Inc. | 208,075 | $14,446,647 | ||||||||||
JetBlue Airways Corp.* | 540,925 | 10,439,853 | ||||||||||
Spirit Airlines, Inc.* | 444,450 | 16,693,542 | ||||||||||
Auto components—0.5% | ||||||||||||
Lear Corp. | 119,450 | 14,067,627 | ||||||||||
Automobiles—0.2% | ||||||||||||
Thor Industries, Inc. | 91,200 | 5,769,312 | ||||||||||
Banks—2.5% | ||||||||||||
Citizens Financial Group, Inc. | 749,225 | 26,342,751 | ||||||||||
First Horizon National Corp. | 864,275 | 13,802,471 | ||||||||||
Synovus Financial Corp. | 754,225 | 25,545,601 | ||||||||||
Umpqua Holdings Corp. | 361,900 | 5,725,258 | ||||||||||
Biotechnology—0.6% | ||||||||||||
BioMarin Pharmaceutical, Inc.* | 117,125 | 8,574,721 | ||||||||||
Ionis Pharmaceuticals, Inc.* | 178,875 | 9,966,915 | ||||||||||
Building products—1.0% | ||||||||||||
Masco Corp. | 260,875 | 12,065,469 | ||||||||||
Owens Corning | 254,625 | 15,603,420 | ||||||||||
Capital markets—1.1% | ||||||||||||
Evercore, Inc., Class A | 270,325 | 19,906,733 | ||||||||||
MarketAxess Holdings, Inc. | 15,800 | 5,823,722 | ||||||||||
Moody’s Corp. | 28,675 | 6,328,286 | ||||||||||
Chemicals—1.4% | ||||||||||||
CF Industries Holdings, Inc. | 272,757 | 12,369,530 | ||||||||||
Huntsman Corp. | 917,200 | 20,297,636 | ||||||||||
Westlake Chemical Corp. | 137,175 | 8,668,088 | ||||||||||
Commercial services & supplies—0.7% | ||||||||||||
Copart, Inc.* | 187,200 | 15,470,208 | ||||||||||
IAA, Inc.* | 134,400 | 5,127,360 | ||||||||||
Communications equipment—1.1% | ||||||||||||
Arista Networks, Inc.* | 46,075 | 11,268,563 | ||||||||||
Motorola Solutions, Inc. | 118,225 | 19,663,182 | ||||||||||
Construction materials—2.2% | ||||||||||||
Eagle Materials, Inc. | 214,250 | 19,569,595 | ||||||||||
Martin Marietta Materials, Inc. | 78,648 | 20,598,698 | ||||||||||
Vulcan Materials Co. | 159,550 | 22,794,908 | ||||||||||
Consumer finance—1.4% | ||||||||||||
Ally Financial, Inc. | 1,340,175 | 41,049,560 | ||||||||||
Diversified financial services—0.7% | ||||||||||||
Voya Financial, Inc. | 366,587 | 19,781,035 | ||||||||||
Electric utilities—1.0% | ||||||||||||
Portland General Electric Co. | 508,829 | 28,942,194 | ||||||||||
Electrical equipment—1.1% | ||||||||||||
Acuity Brands, Inc. | 31,100 | 3,880,969 | ||||||||||
Generac Holdings, Inc.* | 294,525 | 28,445,224 | ||||||||||
Electronic equipment, instruments & components—1.5% | ||||||||||||
Keysight Technologies, Inc.* | 143,125 | 14,442,744 | ||||||||||
Zebra Technologies Corp., Class A* | 124,075 | 29,513,720 | ||||||||||
Energy equipment & services—0.4% | ||||||||||||
Patterson-UTI Energy, Inc. | 1,316,065 | 10,949,661 | ||||||||||
Entertainment—1.9% | ||||||||||||
Live Nation Entertainment, Inc.* | 40,400 | 2,848,200 | ||||||||||
Roku, Inc.* | 157,425 | 23,172,960 |
20 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON SCOUT MID CAP FUND(cont’d) | ||||||||||||
COMMON STOCKS—99.7% | Shares | Value | ||||||||||
Entertainment (cont’d) | ||||||||||||
Zynga, Inc., Class A* | 4,797,700 | $29,601,809 | ||||||||||
Equity real estate investment trusts (REITs)—9.9% | ||||||||||||
Agree Realty Corp. | 74,700 | 5,884,119 | ||||||||||
Americold Realty Trust | 1,350,275 | 54,132,525 | ||||||||||
AvalonBay Communities, Inc. | 119,500 | 26,010,370 | ||||||||||
Cousins Properties, Inc. | 738,372 | 29,630,868 | ||||||||||
EPR Properties | 388,449 | 30,217,448 | ||||||||||
Healthcare Realty Trust, Inc. | 509,125 | 17,702,276 | ||||||||||
Host Hotels & Resorts, Inc. | 1,370,634 | 22,464,691 | ||||||||||
Lamar Advertising Co., Class A | 138,173 | 11,055,222 | ||||||||||
Mid-America Apartment Communities, Inc. | 411,875 | 57,246,506 | ||||||||||
Omega Healthcare Investors, Inc. | 689,048 | 30,345,674 | ||||||||||
Food & staples retailing—2.0% | ||||||||||||
Casey’s General Stores, Inc. | 335,381 | 57,286,429 | ||||||||||
Food products—1.5% | ||||||||||||
Lamb Weston Holdings, Inc. | 151,125 | 11,793,795 | ||||||||||
Sanderson Farms, Inc. | 17,175 | 2,658,862 | ||||||||||
Tyson Foods, Inc., Class A | 349,357 | 28,923,266 | ||||||||||
Gas utilities—2.3% | ||||||||||||
Atmos Energy Corp. | 306,449 | 34,469,384 | ||||||||||
ONE Gas, Inc. | 329,591 | 30,599,228 | ||||||||||
Health care equipment & supplies—4.0% | ||||||||||||
ABIOMED, Inc.* | 74,600 | 15,485,468 | ||||||||||
Align Technology, Inc.* | 22,825 | 5,758,519 | ||||||||||
Edwards Lifesciences Corp.* | 85,625 | 20,411,287 | ||||||||||
IDEXX Laboratories, Inc.* | 51,950 | 14,806,270 | ||||||||||
Masimo Corp.* | 143,075 | 20,858,904 | ||||||||||
Teleflex, Inc. | 105,100 | 36,512,791 | ||||||||||
Health care providers & services—1.2% | ||||||||||||
Centene Corp.* | 228,750 | 12,142,050 | ||||||||||
Humana, Inc. | 61,370 | 18,055,054 | ||||||||||
Molina Healthcare, Inc.* | 23,522 | 2,767,128 | ||||||||||
Hotels, restaurants & leisure—4.4% | ||||||||||||
Chipotle Mexican Grill, Inc.* | 23,712 | 18,451,730 | ||||||||||
Darden Restaurants, Inc. | 146,375 | 16,433,521 | ||||||||||
Norwegian Cruise Line Holdings Ltd* | 609,900 | 30,958,524 | ||||||||||
Planet Fitness, Inc., Class A* | 281,500 | 17,920,290 | ||||||||||
Royal Caribbean Cruises Ltd. | 261,300 | 28,437,279 | ||||||||||
Vail Resorts, Inc. | 62,125 | 14,435,986 | ||||||||||
Household durables—1.6% | ||||||||||||
D.R. Horton, Inc. | 428,825 | 22,457,565 | ||||||||||
Garmin Ltd. | 60,875 | 5,707,031 | ||||||||||
PulteGroup, Inc. | 421,400 | 16,535,736 | ||||||||||
Industrial conglomerates—0.2% | ||||||||||||
Carlisle Cos, Inc. | 46,450 | 7,072,941 | ||||||||||
Insurance—6.5% | ||||||||||||
Arch Capital Group Ltd.* | 605,750 | 25,296,120 | ||||||||||
Brown & Brown, Inc. | 996,900 | 37,563,192 | ||||||||||
Everest Re Group Ltd. | 28,950 | 7,442,756 | ||||||||||
Lincoln National Corp. | 434,379 | 24,533,726 | ||||||||||
Marsh & McLennan Cos, Inc. | 421,950 | 43,722,459 | ||||||||||
The Hanover Insurance Group, Inc. | 51,275 | 6,753,430 | ||||||||||
W.R. Berkley Corp. | 332,750 | 23,259,225 | ||||||||||
White Mountains Insurance Group Ltd. | 15,200 | 16,279,200 |
COMMON STOCKS—99.7% | Shares | Value | ||||||||||
Interactive media & services—0.6% | ||||||||||||
Match Group, Inc.(a) | 116,475 | $8,501,511 | ||||||||||
Twitter, Inc.* | 292,325 | 8,760,980 | ||||||||||
Internet & direct marketing retail—0.7% | ||||||||||||
eBay, Inc. | 438,025 | 15,440,381 | ||||||||||
Expedia Group, Inc. | 42,425 | 5,797,801 | ||||||||||
IT services—2.5% | ||||||||||||
Euronet Worldwide, Inc.* | 151,475 | 21,217,103 | ||||||||||
FleetCor Technologies, Inc.* | 104,825 | 30,841,612 | ||||||||||
Jack Henry & Associates, Inc. | 55,575 | 7,867,197 | ||||||||||
Paychex, Inc. | 126,200 | 10,555,368 | ||||||||||
Machinery—2.2% | ||||||||||||
AGCO Corp. | 192,700 | 14,778,163 | ||||||||||
Allison Transmission Holdings, Inc. | 154,100 | 6,720,301 | ||||||||||
The Timken Co. | 314,775 | 15,423,975 | ||||||||||
Xylem, Inc. | 358,954 | 27,528,182 | ||||||||||
Marine—0.0% | ||||||||||||
Kirby Corp.* | 17,900 | 1,416,964 | ||||||||||
Metals & mining—1.9% | ||||||||||||
Agnico Eagle Mines Ltd. | 75,450 | 4,637,911 | ||||||||||
Kirkland Lake Gold Ltd. | 829,400 | 38,940,330 | ||||||||||
Newmont Goldcorp Corp. | 254,400 | 10,107,312 | ||||||||||
Mortgage real estate investment trusts (REITs)—2.3% | ||||||||||||
AGNC Investment Corp. | 3,934,025 | 67,075,126 | ||||||||||
Multiline retail—2.4% | ||||||||||||
Dollar General Corp. | 436,825 | 70,040,521 | ||||||||||
Multi-utilities—4.9% | ||||||||||||
CMS Energy Corp. | 915,700 | 58,531,544 | ||||||||||
WEC Energy Group, Inc. | 862,450 | 81,415,280 | ||||||||||
Oil, gas & consumable fuels—2.9% | ||||||||||||
Cabot Oil & Gas Corp. | 763,625 | 14,233,970 | ||||||||||
Marathon Petroleum Corp. | 458,075 | 29,293,896 | ||||||||||
ONEOK, Inc. | 381,075 | 26,610,467 | ||||||||||
Valero Energy Corp. | 132,717 | 12,870,895 | ||||||||||
Pharmaceuticals—0.2% | ||||||||||||
Supernus Pharmaceuticals, Inc.* | 165,575 | 4,601,329 | ||||||||||
Professional services—2.5% | ||||||||||||
CoStar Group, Inc.* | 35,525 | 19,521,698 | ||||||||||
FTI Consulting, Inc.* | 240,300 | 26,161,461 | ||||||||||
IHS Markit Ltd.* | 205,950 | 14,420,619 | ||||||||||
Robert Half International, Inc. | 197,750 | 11,325,142 | ||||||||||
Road & rail—2.2% | ||||||||||||
AMERCO | 52,800 | 21,386,112 | ||||||||||
Kansas City Southern | 202,850 | 28,557,223 | ||||||||||
Knight-Swift Transportation Holdings, Inc. | 258,050 | 9,408,503 | ||||||||||
Old Dominion Freight Line, Inc. | 18,925 | 3,445,864 | ||||||||||
Semiconductors & semiconductor equipment—4.3% | ||||||||||||
Advanced Micro Devices, Inc.* | 777,500 | 26,380,575 | ||||||||||
Analog Devices, Inc. | 116,175 | 12,387,740 | ||||||||||
KLA Corp. | 133,300 | 22,533,032 | ||||||||||
Lam Research Corp. | 35,450 | 9,608,368 | ||||||||||
Monolithic Power Systems, Inc. | 20,475 | 3,069,612 | ||||||||||
ON Semiconductor Corp.* | 412,350 | 8,411,940 | ||||||||||
Skyworks Solutions, Inc. | 356,525 | 32,465,166 | ||||||||||
Universal Display Corp. | 36,325 | 7,271,539 |
The accompanying notes are an integral part of the financial statements. | 21 |
Investment Portfolios
10.31.2019 |
CARILLON SCOUT MID CAP FUND(cont’d) | ||||||||||||
COMMON STOCKS—99.7% | Shares | Value | ||||||||||
Software—5.4% | ||||||||||||
DocuSign, Inc.* | 704,525 | $46,632,510 | ||||||||||
Proofpoint, Inc.* | 118,384 | 13,657,962 | ||||||||||
RealPage, Inc.* | 234,050 | 14,171,727 | ||||||||||
ServiceNow, Inc.* | 86,187 | 21,310,598 | ||||||||||
Splunk, Inc.* | 277,850 | 33,330,886 | ||||||||||
Workday, Inc., Class A* | 107,075 | 17,363,282 | ||||||||||
Zscaler, Inc.* | 190,550 | 8,380,389 | ||||||||||
Specialty retail—3.2% | ||||||||||||
American Eagle Outfitters, Inc. | 1,207,250 | 18,567,505 | ||||||||||
Best Buy Co., Inc. | 183,750 | 13,198,762 | ||||||||||
Burlington Stores, Inc.* | 58,725 | 11,285,183 | ||||||||||
Floor & Decor Holdings, Inc., Class A* | 382,075 | 17,510,497 | ||||||||||
O’Reilly Automotive, Inc.* | 22,000 | 9,581,220 | ||||||||||
Ross Stores, Inc. | 95,750 | 10,500,903 | ||||||||||
Tractor Supply Co. | 104,300 | 9,910,586 | ||||||||||
Textiles, apparel & luxury goods—0.7% | ||||||||||||
Lululemon Athletica, Inc.* | 99,900 | 20,406,573 | ||||||||||
Thrifts & mortgage finance—0.9% | ||||||||||||
LendingTree, Inc.* | 68,175 | 24,532,774 | ||||||||||
Trading companies & distributors—0.6% | ||||||||||||
United Rentals, Inc.* | 84,361 | 11,268,099 | ||||||||||
W.W. Grainger, Inc. | 14,768 | 4,560,949 | ||||||||||
Water utilities—0.9% | ||||||||||||
American Water Works Co., Inc. | 200,825 | 24,755,698 | ||||||||||
Wireless telecommunication services—0.4% | ||||||||||||
Sprint Corp.* | 1,804,199 | 11,204,076 | ||||||||||
Total common stocks (cost $2,504,473,050) | 2,855,091,503 | |||||||||||
MONEY MARKET FUNDS—0.3% | ||||||||||||
First American Government Obligations Fund—Class X, 1.74%# | 8,326,488 | 8,326,488 | ||||||||||
Total money market funds (cost $8,326,488) | 8,326,488 | |||||||||||
Total investment portfolio (cost $2,512,799,538)—100.0% |
| 2,863,417,991 | ||||||||||
Liabilities in excess of other assets—(0.0)% | (860,052 | ) | ||||||||||
Total net assets—100.0% | $2,862,557,939 |
*Non-income producing security
(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $8,076,416 or 0.3% of net assets as of the date of this report.
# Annualizedseven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Industrials | 15.7% | |||
Financials | 15.4% | |||
Information technology | 14.8% | |||
Consumer discretionary | 13.7% | |||
Real estate | 10.0% | |||
Utilities | 9.0% | |||
Health care | 5.9% |
Sector allocation (unaudited) (cont’d) | ||||
Sector | Percent of net assets | |||
Materials | 5.5% | |||
Consumer staples | 3.5% | |||
Energy | 3.3% | |||
Communication services | 2.9% | |||
Money market funds | 0.3% |
22 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON SCOUT SMALL CAP FUND(cont’d) | ||||||||||||
COMMON STOCKS—100.0% | Shares | Value | ||||||||||
Health care equipment & supplies—5.2% | ||||||||||||
Cantel Medical Corp. | 18,300 | $ 1,333,887 | ||||||||||
ICU Medical, Inc.* | 31,785 | 5,136,774 | ||||||||||
Integer Holdings Corp.* | 52,500 | 4,065,600 | ||||||||||
Quidel Corp.* | 60,000 | 3,414,000 | ||||||||||
Varex Imaging Corp.* | 97,129 | 2,914,841 | ||||||||||
Health care providers & services—11.2% | ||||||||||||
AMN Healthcare Services, Inc.* | 99,227 | 5,830,579 | ||||||||||
BioTelemetry, Inc.* | 122,589 | 4,825,103 | ||||||||||
HealthEquity, Inc.* | 75,306 | 4,276,628 | ||||||||||
LHC Group, Inc.* | 58,258 | 6,464,890 | ||||||||||
Molina Healthcare, Inc.* | 51,086 | 6,009,757 | ||||||||||
U.S. Physical Therapy, Inc. | 61,651 | 8,721,767 | ||||||||||
Health care technology—3.8% | ||||||||||||
HMS Holdings Corp.* | 132,402 | 4,328,221 | ||||||||||
Omnicell, Inc.* | 114,409 | 8,053,250 | ||||||||||
Hotels, restaurants & leisure—4.1% | ||||||||||||
Cracker Barrel Old Country Store, Inc. | 24,913 | 3,873,971 | ||||||||||
Dave & Buster’s Entertainment, Inc. | 86,425 | 3,437,986 | ||||||||||
Lindblad Expeditions Holdings, Inc.* | 188,405 | 2,965,495 | ||||||||||
The Cheesecake Factory, Inc. | 74,364 | 3,107,672 | ||||||||||
Household durables—3.6% | ||||||||||||
Installed Building Products, Inc.* | 76,822 | 5,010,331 | ||||||||||
iRobot Corp.*(a) | 39,979 | 1,921,391 | ||||||||||
LGI Homes, Inc.* | 61,755 | 4,846,532 | ||||||||||
Insurance—0.8% | ||||||||||||
CNO Financial Group, Inc. | 161,182 | 2,522,498 | ||||||||||
Internet & direct marketing retail—0.6% | ||||||||||||
PetMed Express, Inc.(a) | 77,164 | 1,806,795 | ||||||||||
IT services—2.2% | ||||||||||||
Carbonite, Inc.* | 213,065 | 3,658,326 | ||||||||||
Virtusa Corp.* | 91,563 | 3,413,469 | ||||||||||
Life sciences tools & services—5.5% | �� | |||||||||||
Bruker Corp. | 166,142 | 7,393,319 | ||||||||||
Medpace Holdings, Inc.* | 61,825 | 4,552,175 | ||||||||||
PRA Health Sciences, Inc.* | 59,086 | 5,773,293 | ||||||||||
Machinery—4.9% | ||||||||||||
Albany International Corp., Class A | 68,055 | 5,715,259 | ||||||||||
Chart Industries, Inc.* | 75,522 | 4,427,855 | ||||||||||
Proto Labs, Inc.* | 59,834 | 5,802,103 | ||||||||||
Metals & mining—0.5% | ||||||||||||
Carpenter Technology Corp. | 36,034 | 1,766,387 | ||||||||||
Pharmaceuticals—1.3% | ||||||||||||
Supernus Pharmaceuticals, Inc.* | 156,135 | 4,338,992 | ||||||||||
Professional services—2.4% | ||||||||||||
Insperity, Inc. | 73,174 | 7,729,370 | ||||||||||
Semiconductors & semiconductor equipment—8.6% | ||||||||||||
Ambarella, Inc.* | 69,370 | 3,650,943 | ||||||||||
Entegris, Inc. | 109,243 | 5,243,664 | ||||||||||
Impinj, Inc.*(a) | 85,682 | 2,818,510 | ||||||||||
Inphi Corp.* | 55,539 | 3,992,143 | ||||||||||
Power Integrations, Inc. | 55,383 | 5,045,945 | ||||||||||
Semtech Corp.* | 137,396 | 6,933,002 |
COMMON STOCKS—100.0% | Shares | Value | ||||||||||
Software—9.5% | ||||||||||||
Envestnet, Inc.* | 83,803 | $ 5,236,849 | ||||||||||
j2 Global, Inc. | 74,626 | 7,086,485 | ||||||||||
Pegasystems, Inc. | 90,013 | 6,769,878 | ||||||||||
Qualys, Inc.* | 47,700 | 4,070,241 | ||||||||||
The Descartes Systems Group, Inc.* | 117,216 | 4,560,875 | ||||||||||
Verint Systems, Inc.* | 67,900 | 3,081,981 | ||||||||||
Specialty retail—2.1% | ||||||||||||
Monro, Inc. | 96,171 | 6,742,549 | ||||||||||
Textiles, apparel & luxury goods—0.8% | ||||||||||||
G-III Apparel Group Ltd.* | 97,801 | 2,455,783 | ||||||||||
Thrifts & mortgage finance—3.3% | ||||||||||||
Axos Financial, Inc.* | 123,294 | 3,581,691 | ||||||||||
LendingTree, Inc.* | 19,338 | 6,958,779 | ||||||||||
Trading companies & distributors—1.1% | ||||||||||||
Systemax, Inc. | 162,575 | 3,518,123 | ||||||||||
Total common stocks (cost $220,097,667) |
| 323,623,085 | ||||||||||
MONEY MARKET FUNDS—0.8% |
| |||||||||||
First American Government Obligations Fund—Class X, 1.74%# | 2,670,749 | 2,670,749 | ||||||||||
Total money market funds (cost $2,670,749) |
| 2,670,749 | ||||||||||
Total investment portfolio (cost $222,768,416)—100.8% |
| 326,293,834 | ||||||||||
Liabilities in excess of other assets—(0.8)% | (2,561,062 | ) | ||||||||||
Total net assets—100.0% | $323,732,772 |
*Non-income producing security
(a) All or a portion of this security was on loan as of the date of this report. The total market value of loaned securities was $2,507,859 or 0.8% of net assets as of the date of this report.
# Annualizedseven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Health care | 28.1% | |||
Information technology | 26.0% | |||
Industrials | 15.7% | |||
Consumer discretionary | 13.5% | |||
Financials | 9.6% | |||
Materials | 2.3% | |||
Real estate | 2.2% | |||
Consumer staples | 2.0% | |||
Money market funds | 0.8% | |||
Energy | 0.6% |
The accompanying notes are an integral part of the financial statements. | 23 |
Investment Portfolios
10.31.2019 |
CORPORATE BONDS—18.5% | Principal Amount | Value | ||||||||||
Multi-utilities—1.0% | ||||||||||||
Dominion Energy, Inc., 144A, | $ 1,040,000 | $ 1,047,536 | ||||||||||
Transportation—1.5% | ||||||||||||
Burlington Northern and Santa Fe Railway Co., Pass Through Trust, | ||||||||||||
Series2001-2, 6.46%, 01/15/21 | 56,168 | 56,871 | ||||||||||
Series2004-1, 4.58%, 01/15/21 | 109,101 | 110,344 | ||||||||||
CSX Transportation, Inc., 6.25%, 01/15/23 | 205,770 | 227,055 | ||||||||||
Union Pacific Railroad Co., Pass Through Trust, | ||||||||||||
Series 2004, 5.40%, 07/02/25 | 224,252 | 232,633 | ||||||||||
Series 2005, 5.08%, 01/02/29 | 474,800 | 514,138 | ||||||||||
Series 2006, 5.87%, 07/02/30 | 401,491 | 455,322 | ||||||||||
Total corporate bonds (cost $19,553,613) | 19,997,937 | |||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—42.3% |
| |||||||||||
Asset-backed securities—1.2% | ||||||||||||
Hertz Vehicle Financing II LP, | ||||||||||||
Series2016-4A, Class A, 144A, 2.65%, 07/25/22 | 670,000 | 673,015 | ||||||||||
Series2019-1A, Class A, 144A, 3.71%, 03/25/23 | 635,000 | 654,715 | ||||||||||
Commercial mortgage-backed securities—6.7% | ||||||||||||
CFCRE Commercial Mortgage Trust, | ||||||||||||
Series2011-C2, Class A4, 3.83%, 12/17/47 | 1,704,946 | 1,749,398 | ||||||||||
Series2016-C3, Class A3, 3.87%, 01/10/48 | 800,000 | 869,150 | ||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45 | 485,009 | 500,809 | ||||||||||
Series 2013-CCRE11, Class ASB, 3.66%, 08/12/50 | 671,362 | 690,820 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45 | 759,626 | 772,594 | ||||||||||
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 270,011 | 277,962 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series2012-CBX, Class A4, 3.48%, 06/16/45 | 888,878 | 909,370 | ||||||||||
LSTAR Commercial Mortgage Trust, Series2016-4, Class A3, 144A, 2.81%, 03/12/49 | 460,000 | 468,118 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C26, Class A3, 3.21%, 10/19/48 | 955,000 | 988,871 | ||||||||||
WFRBS Commercial Mortgage Trust, Series2014-C21, Class A3, 3.43%, 08/16/47 | 28,471 | 28,895 | ||||||||||
Federal agency mortgage-backed obligations—34.4% | ||||||||||||
Fannie Mae Pool, | ||||||||||||
Series 0913, Class AE, 4.15%, 09/01/20 | 937,334 | 948,920 | ||||||||||
Series 1313, Class MA, 2.00%, 01/01/23 | 168,915 | 167,956 | ||||||||||
Series 1614, Class AN, 2.47%, 06/01/26 | 2,785,000 | 2,826,423 | ||||||||||
Series 1671, Class AM, 2.10%, 12/01/27 | 877,348 | 881,838 | ||||||||||
Series 2793, Class AL, 4.54%, 01/01/21 | 528,679 | 541,208 | ||||||||||
Series 2822, Class AB, 2.50%, 03/01/26 | 179,087 | 181,029 | ||||||||||
Series 3663, Class MA, 3.50%, 05/01/49 | 987,046 | 1,013,782 | ||||||||||
Series 3686, Class MA, 3.50%, 06/01/49 | 6,589,051 | 6,759,935 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 355,000 | 371,274 | ||||||||||
Series 8744, Class AB, 2.00%, 03/01/23 | 72,694 | 72,280 | ||||||||||
Series 8874, Class AB, 2.00%, 04/01/23 | 71,858 | 71,449 | ||||||||||
Series 9180, Class AB, 2.00%, 05/01/23 | 222,129 | 220,728 | ||||||||||
Series 9550, Class AL, 2.50%, 07/01/25 | 233,389 | 235,920 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 455,000 | 484,958 | ||||||||||
Series 465468, 3.33%, 07/01/20 | 119,561 | 119,654 | ||||||||||
TBA, 3.00%, 12/15/49 | 6,670,000 | 6,771,376 | ||||||||||
TBA, 4.50%, 12/15/49 | 4,520,000 | 4,758,101 | ||||||||||
FannieMae-Aces, | ||||||||||||
Series2016-M3, Class ASQ2, 2.26%, 02/25/23 | 643,447 | 644,617 | ||||||||||
Series2016-M6, Class AB2, 2.40%, 05/25/26 | 767,352 | 782,384 |
24 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON REAMS CORE BOND FUND(cont’d) | ||||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—42.3% | Principal Amount | Value | ||||||||||
Federal agency mortgage-backed obligations (cont’d) |
| |||||||||||
Freddie Mac Gold Pool, Series 15226, Class G, 4.50%, 08/01/20 | $ 6 | $ 6 | ||||||||||
Freddie Mac Pool, | ||||||||||||
Series 2086, Class ZT, 3.50%, 06/01/49 | 1,279,128 | 1,312,373 | ||||||||||
Series 2087, Class ZT, 4.00%, 06/01/49 | 2,301,427 | 2,386,339 | ||||||||||
Series 6637, Class ZS, 2.00%, 01/01/28 | 824,824 | 825,144 | ||||||||||
Series 8003, Class SD, 4.00%, 07/01/49 | 2,979,842 | 3,093,366 | ||||||||||
Freddie Mac REMIC, Series 3609, Class LA, 4.00%, 12/15/24 | 1,593 | 1,598 | ||||||||||
Ginnie Mae I Pool, | ||||||||||||
Series 0091, Class AD, 2.73%, 06/15/32 | 1,272,046 | 1,288,725 | ||||||||||
Series 2583, Class AB, 2.14%, 08/15/23 | 476,633 | 472,621 | ||||||||||
Total mortgage and asset-backed securities (cost $45,337,183) |
| 45,817,721 | ||||||||||
U.S. TREASURIES—42.1% | ||||||||||||
U.S. Treasury Bonds, | ||||||||||||
2.25%, 08/15/49 | 7,430,000 | 7,538,548 | ||||||||||
2.75%, 08/15/47 | 435,000 | 486,164 | ||||||||||
3.00%, 02/15/49 | 2,035,000 | 2,396,451 | ||||||||||
U.S. Treasury Inflation Indexed Notes, | ||||||||||||
0.25%, 07/15/29 | 4,011,960 | 4,048,735 | ||||||||||
0.50%, 04/15/24 | 5,289,700 | 5,355,109 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
1.50%, 08/31/21 | 5,865,000 | 5,858,814 | ||||||||||
1.50%, 10/31/24 | 1,000,000 | 999,043 | ||||||||||
1.75%, 07/31/24 | 8,050,000 | 8,132,701 | ||||||||||
2.25%, 11/15/27 | 830,000 | 868,517 | ||||||||||
2.38%, 05/15/29 | 9,415,000 | 9,983,210 | ||||||||||
Total U.S. Treasuries (cost $45,538,047) | 45,667,292 | |||||||||||
SHORT-TERM INVESTMENTS—6.5% |
| |||||||||||
U.S. Treasury Bills—6.5% | ||||||||||||
ZCI, 1.70%, 03/26/20 | 3,160,000 | 3,140,380 | ||||||||||
ZCI, 1.71%, 01/16/20 | 3,960,000 | 3,947,209 | ||||||||||
Total short-term investments (cost $7,084,109) | 7,087,589 | |||||||||||
Total investment portfolio (cost $117,512,952)—109.4% |
| 118,570,539 | ||||||||||
Liabilities in excess of other assets—(9.4)% | (10,218,421 | ) | ||||||||||
Total net assets—100.0% | $ 108,352,118 |
144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.
TBA—To-be-announced security. Securities are being used in dollar roll transactions.
REMIC—Real estate mortgage investment conduit
ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.
Credit quality breakdown* | ||||
Rating | Percent of net assets | |||
AAA/Aaa/AAA | 91.0% | |||
AA/Aa/AA | 6.3% | |||
A/A/A | 8.6% | |||
BBB/Baa/BBB | 3.5% | |||
BB/Ba/BB | 0.0% | |||
Not rated | 0.0% |
*The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated“A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA/Aaa/AAA for credit quality purposes.
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||||
Exchange | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 33 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/2024 | $ 7,500,000 | $ 168,890 | $ 137,692 | $ 31,198 | ||||||||||||||||||||||||||
Total swap contracts | $ 7,500,000 | $ 168,890 | $ 137,692 | $ 31,198 |
There is $2,435 of variation margin due to the broker from the Fund as of the date of this report.
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
The accompanying notes are an integral part of the financial statements. | 25 |
Investment Portfolios
10.31.2019 |
CARILLON REAMS CORE BOND FUND(cont’d) |
(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
CORPORATE BONDS—19.5% | Principal Amount | Value | ||||||||||
Health care providers & services—2.3% | ||||||||||||
Cigna Corp., 3.20%, 09/17/20 | $ 8,525,000 | $ 8,613,243 | ||||||||||
CVS Health Corp., | ||||||||||||
3.25%, 08/15/29 | 3,660,000 | 3,687,249 | ||||||||||
3.70%, 03/09/23 | 2,750,000 | 2,867,415 | ||||||||||
Insurance—2.0% | ||||||||||||
American International Group, Inc., 6.40%, 12/15/20 | 3,175,000 | 3,329,377 | ||||||||||
Metropolitan Life Global Funding I (3 Month LIBOR USD + 0.23%), 144A, 2.26%, 01/08/21 | 7,515,000 | 7,523,292 | ||||||||||
Reliance Standard Life Global Funding II, 144A, | 2,050,000 | 2,051,423 | ||||||||||
Multi-utilities—1.0% | ||||||||||||
Dominion Energy, Inc., 144A, 2.45%, 01/15/23 | 6,475,000 | 6,521,920 | ||||||||||
Oil, gas & consumable fuels—0.4% | ||||||||||||
Energy Transfer Operating LP, 4.05%, 03/15/25 | 2,205,000 | 2,313,683 | ||||||||||
Tobacco—0.6% | ||||||||||||
Philip Morris International, Inc., 2.00%, 02/21/20 | 4,130,000 | 4,130,852 | ||||||||||
Transportation—0.1% | ||||||||||||
Burlington Northern and Santa Fe Railway Co., Pass Through Trust, | ||||||||||||
Series2001-2, 6.46%, 01/15/21 | 175,036 | 177,225 | ||||||||||
Series2005-4, 4.97%, 04/01/23 | 296,930 | 311,800 | ||||||||||
Total corporate bonds (cost $123,360,041) |
| 126,554,332 | ||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—38.1% |
| |||||||||||
Asset-backed securities—1.2% | ||||||||||||
Hertz Vehicle Financing II LP, | ||||||||||||
Series2016-4A, Class A, 144A, 2.65%, 07/25/22 | 3,245,000 | 3,259,605 | ||||||||||
Series2019-1A, Class A, 144A, 3.71%, 03/25/23 | 3,855,000 | 3,974,684 | ||||||||||
Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27 | 320,681 | 151,185 | ||||||||||
RFMSII Trust, Series 2006-HSA1, Class A4, SB, | 569,931 | 563,450 | ||||||||||
Commercial mortgage-backed securities—2.8% | ||||||||||||
CFCRE Commercial Mortgage Trust, Series2016-C3, Class A3, 3.87%, 01/10/48 | 4,375,000 | 4,753,166 | ||||||||||
COMM Mortgage Trust, Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45 | 3,079,425 | 3,179,737 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45 | 4,034,015 | 4,102,879 | ||||||||||
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 1,699,925 | 1,749,985 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C26, Class A3, 3.21%, 10/19/48 | 4,075,000 | 4,219,529 | ||||||||||
Federal agency mortgage-backed obligations—34.1% | ||||||||||||
Fannie Mae Pool, | ||||||||||||
Series 0913, Class AE, 4.15%, 09/01/20 | 6,709,341 | 6,792,273 | ||||||||||
Series 1313, Class MA, 2.00%, 01/01/23 | 735,478 | 731,303 | ||||||||||
Series 1500, Class MA, 2.00%, 07/01/23 | 694,464 | 695,375 | ||||||||||
Series 1614, Class AN, 2.47%, 06/01/26 | 4,500,000 | 4,566,931 | ||||||||||
Series 1671, Class AM, 2.10%, 12/01/27 | 1,699,861 | 1,708,560 | ||||||||||
Series 2182, Class AM, 2.16%, 01/01/23 | 6,386,677 | 6,433,455 | ||||||||||
Series 2793, Class AL, 4.54%, 01/01/21 | 3,782,086 | 3,871,721 | ||||||||||
Series 2822, Class AB, 2.50%, 03/01/26 | 373,462 | 377,511 | ||||||||||
Series 3663, Class MA, 3.50%, 05/01/49 | 6,175,829 | 6,343,112 | ||||||||||
Series 3686, Class MA, 3.50%, 06/01/49 | 40,951,001 | 42,013,049 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 2,045,000 | 2,138,745 |
26 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CARILLON REAMS CORE PLUS BOND FUND(cont’d) | ||||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—38.1% | Principal Amount | Value | ||||||||||
Federal agency mortgage-backed obligations (cont’d) |
| |||||||||||
Series 8744, Class AB, 2.00%, 03/01/23 | $ 319,336 | $ 317,517 | ||||||||||
Series 8874, Class AB, 2.00%, 04/01/23 | 315,516 | 313,719 | ||||||||||
Series 9180, Class AB, 2.00%, 05/01/23 | 1,038,060 | 1,031,515 | ||||||||||
Series 9550, Class AL, 2.50%, 07/01/25 | 1,103,465 | 1,115,430 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 2,495,000 | 2,659,274 | ||||||||||
Series 465468, 3.33%, 07/01/20 | 254,779 | 254,976 | ||||||||||
TBA, 3.00%, 12/15/49 | 41,790,000 | 42,425,157 | ||||||||||
TBA, 4.50%, 12/15/49 | 27,490,000 | 28,938,097 | ||||||||||
FannieMae-Aces, | ||||||||||||
Series2016-M3, Class ASQ2, 2.26%, 02/25/23 | 2,469,526 | 2,474,018 | ||||||||||
Series2016-M6, Class AB2, 2.40%, 05/25/26 | 3,554,254 | 3,623,881 | ||||||||||
Series2016-M7, Class AV2, 2.16%, 10/25/23 | 9,442,546 | 9,505,073 | ||||||||||
Freddie Mac Pool, | ||||||||||||
Series 2086, Class ZT, 3.50%, 06/01/49 | 7,087,318 | 7,271,519 | ||||||||||
Series 2087, Class ZT, 4.00%, 06/01/49 | 14,420,740 | 14,952,796 | ||||||||||
Series 6637, Class ZS, 2.00%, 01/01/28 | 4,411,725 | 4,413,432 | ||||||||||
Series 8003, Class SD, 4.00%, 07/01/49 | 17,907,612 | 18,589,847 | ||||||||||
Freddie Mac Gold Pool, Series 15226, Class G, | 27 | 27 | ||||||||||
Freddie Mac REMIC, Series 3609, Class LA, | 7,529 | 7,553 | ||||||||||
Ginnie Mae I Pool, | ||||||||||||
Series 0091, Class AD, 2.73%, 06/15/32 | 6,990,816 | 7,082,478 | ||||||||||
Series 2583, Class AB, 2.14%, 08/15/23 | 1,233,865 | 1,223,478 | ||||||||||
Total mortgage and asset-backed securities (cost $245,879,296) |
| 247,826,042 | ||||||||||
U.S. TREASURIES—45.2% | ||||||||||||
U.S. Treasury Bonds, | ||||||||||||
2.25%, 08/15/49 | 44,870,000 | 45,525,523 | ||||||||||
2.75%, 08/15/47 | 2,030,000 | 2,268,763 | ||||||||||
3.00%, 02/15/49 | 12,950,000 | 15,250,142 | ||||||||||
U.S. Treasury Inflation Indexed Notes, | ||||||||||||
0.25%, 07/15/29 | 24,553,195 | 24,778,256 | ||||||||||
0.50%, 04/15/24 | 32,023,030 | 32,419,010 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
1.50%, 08/31/21 | 35,600,000 | 35,562,453 | ||||||||||
1.75%, 07/31/24 | 58,765,000 | 59,368,719 | ||||||||||
2.25%, 11/15/27 | 17,285,000 | 18,087,132 | ||||||||||
2.38%, 05/15/29 | 56,835,000 | 60,265,081 | ||||||||||
Total U.S. Treasuries (cost $291,721,278) | 293,525,079 | |||||||||||
SHORT-TERM INVESTMENTS—6.5% | ||||||||||||
U.S. Treasury Bills, | ||||||||||||
ZCI, 1.70%, 03/26/20 | 23,345,000 | 23,200,049 | ||||||||||
ZCI, 1.71%, 01/16/20 | 18,915,000 | 18,853,905 | ||||||||||
Total short-term investments (cost $42,032,012) | 42,053,954 | |||||||||||
Total investment portfolio (cost $702,992,627)—109.3% |
| 709,959,407 | ||||||||||
Liabilities in excess of other assets—(9.3)% | (60,278,890 | ) | ||||||||||
Total net assets—100.0% | $649,680,517 |
144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.
TBA—To-be-announced security. Securities are being used in dollar roll transactions.
VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect at period end.
SB—Step bond. Coupon rate will either increase(step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown is the rate in effect as of the date of this report.
REMIC—Real estate mortgage investment conduit
ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.
Credit quality breakdown* | ||||
Rating | Percent of net assets | |||
AAA/Aaa/AAA | 89.7% | |||
AA/Aa/AA | 3.8% | |||
A/A/A | 11.3% | |||
BBB/Baa/BBB | 4.4% | |||
BB/Ba/BB | 0.0% | |||
CCC/Caa/CCC | 0.0% | |||
CC/Ca/CC | 0.0% | |||
C/C/C | 0.1% | |||
Not rated | 0.0% | |||
* The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated“A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA/Aaa/AAA for credit quality purposes. |
|
The accompanying notes are an integral part of the financial statements. | 27 |
Investment Portfolios
10.31.2019 |
CARILLON REAMS CORE PLUS BOND FUND(cont’d) | ||||||||||||||||||||||||||||||||||
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||
Exchange | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Intercontinental Exchange | CDX North American High Yield Index Series 33 | B2/B | Sell | Receive | 5%/Quarterly | 12/20/2024 | $20,250,000 | $1,514,253 | $1,248,353 | $265,900 | ||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 33 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/2024 | 46,210,000 | 1,040,586 | 848,368 | 192,218 | ||||||||||||||||||||||||
Total swap contracts | $66,460,000 | $2,554,839 | $2,096,721 | $458,118 |
There is $60,484 of variation margin due to the broker from the Fund as of the date of this report.
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
28 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2019 |
CORPORATE BONDS—24.2% | Principal Amount | Value | ||||||||||
Pharmaceuticals—0.9% | ||||||||||||
Bristol-Myers Squibb Co. (3 Month LIBOR USD + 0.20%), 144A, 2.37%, 11/16/20 | $ 8,365,000 | $ 8,368,722 | ||||||||||
Total corporate bonds (cost $228,755,067) | 233,760,375 | |||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—20.8% |
| |||||||||||
Asset-backed securities—2.6% | ||||||||||||
Avis Budget Rental Car Funding AESOP LLC, Series2019-1A, Class A, 144A, 3.45%, 03/20/23 | 5,520,000 | 5,668,886 | ||||||||||
Countrywide Asset-Backed Certificates, Series2006-S10, Class A3 (1 Month LIBOR USD + 0.32%), 2.14%, 10/25/36 | 995,488 | 958,899 | ||||||||||
Hertz Vehicle Financing II LP, | ||||||||||||
Series2016-2A, Class A, 144A, 2.95%, 03/25/22 | 6,315,000 | 6,378,951 | ||||||||||
Series2016-4A, Class A, 144A, 2.65%, 07/25/22 | 3,530,000 | 3,545,888 | ||||||||||
Series2019-1A, Class A, 144A, 3.71%, 03/25/23 | 6,655,000 | 6,861,614 | ||||||||||
Home Equity Loan Trust, Series 2006-HSA2, Class AI3, VR, 5.55%, 11/25/27 | 3,241,369 | 1,528,143 | ||||||||||
Commercial mortgage-backed securities—5.8% | ||||||||||||
Citigroup Commercial Mortgage Trust, Series2018-B2, Class A1, 2.86%, 03/10/51 | 2,349,130 | 2,380,262 | ||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2012-CCRE4, Class ASB, 2.44%, 10/17/45 | 6,173,496 | 6,182,439 | ||||||||||
Series 2013-CCRE10, Class ASB, 3.80%, 08/10/46 | 1,442,702 | 1,492,154 | ||||||||||
GS Mortgage Securities Trust, Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 3,612,817 | 3,719,207 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series2012-LC9, Class ASB, 2.44%, 12/17/47 | 8,044,389 | 8,090,358 | ||||||||||
UBS-Barclays Commercial Mortgage Trust, Series2012-C4, Class A3, 2.53%, 12/12/45 | 3,690,773 | 3,692,125 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class ASB, VR, 3.93%, 07/17/46 | 8,808,676 | 9,143,180 | ||||||||||
WFRBS Commercial Mortgage Trust, | ||||||||||||
Series2012-C10, Class ASB, 2.45%, 12/15/45 | 4,266,571 | 4,281,796 | ||||||||||
Series2013-C13, Class A3, 2.75%, 05/17/45 | 4,920,766 | 5,025,171 | ||||||||||
Series2013-C15, Class ASB, 3.72%, 08/17/46 | 3,329,381 | 3,426,978 | ||||||||||
Series2013-C18, Class A3, 3.65%, 12/17/46 | 7,315,000 | 7,408,384 | ||||||||||
Series2014-C21, Class A3, 3.43%, 08/16/47 | 952,588 | 966,746 | ||||||||||
Federal agency mortgage-backed obligations—12.4% |
| |||||||||||
Fannie Mae Pool, | ||||||||||||
Series 3663, Class MA, 3.50%, 05/01/49 | 24,789,343 | 25,460,803 | ||||||||||
Series 3961, Class AN, 3.16%, 12/01/31 | 3,579,271 | 3,859,168 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 4,095,000 | 4,282,720 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 4,760,000 | 5,073,405 | ||||||||||
TBA, 3.00%, 12/15/49 | 14,215,000 | 14,431,051 | ||||||||||
TBA, 4.50%, 12/15/49 | 40,755,000 | 42,901,860 | ||||||||||
Freddie Mac Pool, Series 2087, Class ZT, 4.00%, 06/01/49 | 22,959,034 | 23,806,112 | ||||||||||
Total mortgage and asset-backed securities (cost $198,870,220) |
| 200,566,300 | ||||||||||
U.S. TREASURIES—20.6% |
| |||||||||||
U.S. Treasury Inflation Indexed Notes, 0.50%, 04/15/24 | 82,966,910 | 83,992,836 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
1.75%, 07/31/24 | 88,260,000 | 89,166,734 | ||||||||||
2.38%, 04/30/20 | 25,105,000 | 25,198,163 | ||||||||||
Total U.S. Treasuries (cost $198,090,441) | 198,357,733 |
The accompanying notes are an integral part of the financial statements. | 29 |
Investment Portfolios
10.31.2019 |
CARILLON REAMS UNCONSTRAINED BOND FUND(cont’d) | ||||||||||||
SHORT-TERM INVESTMENTS—37.2% | Principal Amount | Value | ||||||||||
U.S. Treasury Bills—37.2% | ||||||||||||
ZCI, 1.61%, 04/23/20 | $ 133,290,000 | $ 132,316,131 | ||||||||||
ZCI, 1.73%, 04/02/20 | 228,325,000 | 226,862,960 | ||||||||||
Total short-term investments (cost $358,924,346) |
| 359,179,091 | ||||||||||
Total investment portfolio (cost $984,640,074)—102.8% |
| 991,863,499 | ||||||||||
Liabilities in excess of other assets—(2.8)% | (27,220,315 | ) | ||||||||||
Total net assets—100.0% | $ 964,643,184 |
144A—Securities are purchased under Rule 144A of the Securities Act of 1933 or are private placements and, unless registered under the Securities Act of 1933 or exempted from registration, generally may only be sold to qualified institutional buyers.
VR—Variable rate security. Interest rate adjusts periodically based on changes in current interest rates. Rate shown is the rate in effect as of the date of this report.
TBA—To-be-announced security. Securities are being used in dollar roll transactions.
ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.
Credit quality breakdown* | ||||
Rating | Percent of net assets | |||
AAA/Aaa/AAA | 78.3% | |||
AA/Aa/AA | 1.7% | |||
A/A/A | 15.1% | |||
BBB/Baa/BBB | 7.5% | |||
BB/Ba/BB | 0.0% |
Credit quality breakdown (cont’d)* | ||||
Rating | Percent of net assets | |||
CCC/Caa/CCC | 0.1% | |||
CC/Ca/CC | 0.1% | |||
Not rated | 0.0% |
*The table depicts the long-term credit-quality ratings assigned to the Fund’s portfolio holdings by Standard & Poor’s® (“S&P”), Moody’s Investors Service (“Moody’s”), and Fitch Ratings Inc. (“Fitch”), each of which is a widely used independent nationally recognized statistical rating organization (“NRSRO”). NRSRO ratings are shown because they provide an independent analysis of the credit quality of the Fund’s investments. These credit quality ratings are shown without regard to gradations within a given rating category. For example, securities rated“A-” have been included in the “A” rated category. Securities may be rated by other NRSROs and these ratings may be higher or lower. When ratings from multiple agencies are available, the highest is used, consistent with the Fund’s portfolio investment process. Credit quality ratings are subject to change without notice. For more information on S&P’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research & Ratings on the homepage. For more information on Fitch’s rating methodology, please visit fitchratings.com and select “Ratings Definitions” at the bottom of the homepage. Carillon Tower Advisers, Inc. (“Manager”) also performs its own fundamental credit analysis of each security. As part of its fundamental credit analysis, the Manager considers various criteria, including industry specific actions, peer comparisons, payment ranking, and structure-specific characteristics. Any securities that are not rated by S&P, Moody’s, or Fitch appear in the table as “Not rated.” However, these securities are analyzed and monitored by the Manager on an ongoing basis. Government securities that are issued or guaranteed as to principal and interest by the U.S. government are not rated, but are treated by the Fund, and reflected in the table above, as being rated AAA/Aaa/AAA for credit quality purposes.
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||||
Exchange | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American High Yield Index Series 33 | B2/B | Sell | Receive | 5%/Quarterly | 12/20/2024 | $ 38,270,000 | $2,861,749 | $2,359,232 | $502,517 | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 33 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/2024 | 67,150,000 | 1,512,128 | 1,239,288 | 272,840 | ||||||||||||||||||||||||||
Total swap contracts | $105,420,000 | $4,373,877 | $3,598,520 | $775,357 |
There is $108,239 of variation margin due to the broker from the Fund as of the date of this report.
(a)If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
(b)The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c)The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
30 | The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
10.31.2019 |
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest Stock Fund | Carillon Cougar Tactical Allocation Fund | Carillon Eagle Growth & Income Fund | |||||||||||||
Assets | ||||||||||||||||
Investments—unaffiliated, at value (a) | $547,363,869 | $12,291,692 | $24,415,175 | $826,854,594 | ||||||||||||
Cash | 4,902,917 | 6,249 | 812,748 | 21,949,450 | ||||||||||||
Foreign currency, at value (b) | — | 287 | — | — | ||||||||||||
Receivable for fund shares sold | 760,399 | 188 | 362,088 | 1,908,148 | ||||||||||||
Receivable for dividends and interest, net | 277,407 | 37,479 | 1,359 | 914,689 | ||||||||||||
Receivable for foreign tax reclaims | — | 84,109 | — | 106,144 | ||||||||||||
Receivable due from adviser, net | — | 21,555 | 14,651 | — | ||||||||||||
Prepaid expenses | 6,030 | 3,039 | 4,165 | 16,924 | ||||||||||||
Total assets | 553,310,622 | 12,444,598 | 25,610,186 | 851,749,949 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for fund shares redeemed | 94,917 | 26,515 | 4,898 | 390,522 | ||||||||||||
Accrued custody fees | 2,938 | 7,423 | 207 | 3,872 | ||||||||||||
Accrued investment advisory fees, net | 166,716 | — | — | 316,047 | ||||||||||||
Accrued administrative fees | 45,996 | 1,033 | 2,126 | 70,518 | ||||||||||||
Accrued distribution fees | 48,601 | 2,878 | 2,297 | 149,076 | ||||||||||||
Accrued transfer agent and shareholder servicing fees | 79,556 | 4,277 | 4,390 | 69,161 | ||||||||||||
Accrued professional fees | 24,218 | 26,856 | 22,959 | 24,918 | ||||||||||||
Accrued internal audit fees | 786 | 788 | 787 | 786 | ||||||||||||
Accrued trustees and officers compensation | 15,910 | 15,911 | 15,909 | 15,910 | ||||||||||||
Other accrued expenses | 21,271 | 6,511 | 3,509 | 30,572 | ||||||||||||
Total liabilities | 500,909 | 92,192 | 57,082 | 1,071,382 | ||||||||||||
Net assets | 552,809,713 | 12,352,406 | 25,553,104 | 850,678,567 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 346,669,006 | 11,963,845 | 23,949,560 | 579,770,182 | ||||||||||||
Total distributable earnings (loss) | 206,140,707 | 388,561 | 1,603,544 | 270,908,385 | ||||||||||||
Net assets | 552,809,713 | 12,352,406 | 25,553,104 | 850,678,567 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 170,204,784 | 3,860,568 | 1,408,107 | 170,561,001 | ||||||||||||
Class C | 15,140,047 | 2,015,840 | 2,281,123 | 133,406,837 | ||||||||||||
Class I | 314,144,798 | 5,382,403 | 21,790,503 | 492,321,476 | ||||||||||||
Class R-3 | 753,877 | 924,644 | 11,866 | 1,664,637 | ||||||||||||
Class R-5 | 7,235,819 | 3,545 | 37,223 | 3,790,561 | ||||||||||||
Class R-6 | 45,318,747 | 155,749 | 12,159 | 48,828,352 | ||||||||||||
Class Y | 11,641 | 9,657 | 12,123 | 105,703 | ||||||||||||
NAV, offering and redemption price per share (c) | ||||||||||||||||
Class A | $43.14 | $17.47 | $15.98 | $21.70 | ||||||||||||
Class A maximum offering price (d) | 45.29 | 18.34 | 16.78 | 22.78 | ||||||||||||
Class C | 29.87 | 17.14 | 15.69 | 20.68 | ||||||||||||
Class I | 45.52 | 17.46 | 16.00 | 21.64 | ||||||||||||
Class R-3 | 41.18 | 17.27 | 15.94 | 21.61 | ||||||||||||
Class R-5 | 45.37 | 17.48 | 16.02 | 21.66 | ||||||||||||
Class R-6 | 45.16 | 17.51 | 16.04 | 21.59 | ||||||||||||
Class Y | 45.42 | 17.34 | 15.95 | 21.60 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 3,945,777 | 220,922 | 88,105 | 7,859,726 | ||||||||||||
Class C | 506,907 | 117,613 | 145,406 | 6,450,790 | ||||||||||||
Class I | 6,900,622 | 308,271 | 1,361,828 | 22,748,525 | ||||||||||||
Class R-3 | 18,308 | 53,549 | 744 | 77,037 | ||||||||||||
Class R-5 | 159,472 | 203 | 2,323 | 174,983 | ||||||||||||
Class R-6 | 1,003,531 | 8,893 | 758 | 2,261,607 | ||||||||||||
Class Y | 256 | 557 | 760 | 4,893 | ||||||||||||
(a) Identified cost | $347,356,164 | $11,170,585 | $22,986,276 | $581,408,834 | ||||||||||||
(b) Cost | $— | $284 | $— | $— |
(c) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.
(d) The maximum offering price is computed as 100/95.25 of NAV.
The accompanying notes are an integral part of the financial statements. | 31 |
Statements of Assets and Liabilities
10.31.2019 |
Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund | Carillon Fund | Carillon Mid Cap Fund | |||||||||||||
Assets | ||||||||||||||||
Investments—unaffiliated, at value (a)(b) | $5,708,456,712 | $4,060,780,608 | $713,636,013 | $2,863,417,991 | ||||||||||||
Investments—affiliated, at value (c) | — | 152,520,757 | — | — | ||||||||||||
Cash | 46,631,305 | 669,647 | 6,991,010 | 1,750,810 | ||||||||||||
Foreign currency, at value (d) | — | — | 803,030 | — | ||||||||||||
Receivable for investments sold | 390,033 | 4,824,060 | — | 39,775,807 | ||||||||||||
Receivable for fund shares sold | 3,373,525 | 3,133,598 | 164,988 | 5,884,648 | ||||||||||||
Receivable for dividends and interest, net | 588,076 | 901,725 | 1,545,623 | 3,281,299 | ||||||||||||
Receivable for foreign tax reclaims | — | — | 3,705,723 | 8,978 | ||||||||||||
Prepaid expenses | 37,344 | 34,002 | 7,947 | 21,242 | ||||||||||||
Total assets | 5,759,476,995 | 4,222,864,397 | 726,854,334 | 2,914,140,775 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for securities lending collateral received | 73,593,957 | 91,124,644 | 10,640,805 | 8,326,488 | ||||||||||||
Payable for investments purchased | — | — | — | 34,697,668 | ||||||||||||
Payable for fund shares redeemed | 6,123,612 | 11,403,822 | 350,695 | 6,074,912 | ||||||||||||
Accrued custody fees | 24,558 | 18,500 | 23,983 | 14,194 | ||||||||||||
Accrued investment advisory fees, net | 2,467,247 | 1,807,198 | 473,029 | 1,768,921 | ||||||||||||
Accrued administrative fees | 480,710 | 348,701 | 59,140 | 240,570 | ||||||||||||
Accrued distribution fees | 288,320 | 170,224 | 321 | 27,073 | ||||||||||||
Accrued transfer agent and shareholder servicing fees | 436,664 | 372,879 | 67,709 | 250,692 | ||||||||||||
Accrued professional fees | 25,239 | 24,919 | 26,750 | 24,928 | ||||||||||||
Accrued internal audit fees | 788 | 787 | 787 | 787 | ||||||||||||
Accrued trustees and officers compensation | 15,908 | 15,909 | 15,910 | 15,910 | ||||||||||||
Other accrued expenses | 177,328 | 170,227 | 46,396 | 140,693 | ||||||||||||
Total liabilities | 83,634,331 | 105,457,810 | 11,705,525 | 51,582,836 | ||||||||||||
Net assets | 5,675,842,664 | 4,117,406,587 | 715,148,809 | 2,862,557,939 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 4,383,052,287 | 2,941,264,067 | 456,177,564 | 2,532,803,486 | ||||||||||||
Total distributable earnings (loss) | 1,292,790,377 | 1,176,142,520 | 258,971,245 | 329,754,453 | ||||||||||||
Net assets | 5,675,842,664 | 4,117,406,587 | 715,148,809 | 2,862,557,939 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 719,231,313 | 394,235,930 | 958,703 | 20,772,170 | ||||||||||||
Class C | 136,254,306 | 68,483,778 | 148,795 | 20,151,064 | ||||||||||||
Class I | 1,319,283,825 | 1,040,114,839 | 710,812,265 | 2,685,041,005 | ||||||||||||
Class R-3 | 44,942,577 | 66,199,731 | 10,018 | 2,688,201 | ||||||||||||
Class R-5 | 758,115,014 | 361,969,622 | 10,126 | 2,001,915 | ||||||||||||
Class R-6 | 2,694,508,607 | 2,186,390,884 | 3,197,681 | 108,289,356 | ||||||||||||
Class Y | 3,507,022 | 11,803 | 11,221 | 23,614,228 | ||||||||||||
NAV, offering and redemption price per share (e) | ||||||||||||||||
Class A | $63.14 | $48.23 | $18.93 | $18.38 | ||||||||||||
Class A maximum offering price (f) | 66.29 | 50.64 | 19.87 | 19.30 | ||||||||||||
Class C | 49.40 | 31.93 | 18.83 | 18.17 | ||||||||||||
Class I | 67.06 | 51.64 | 19.06 | 18.46 | ||||||||||||
Class R-3 | 60.92 | 46.02 | 18.99 | 18.29 | ||||||||||||
Class R-5 | 66.87 | 51.92 | 19.05 | 18.37 | ||||||||||||
Class R-6 | 67.58 | 52.56 | 19.04 | 18.45 | ||||||||||||
Class Y | 66.60 | 51.16 | 19.01 | 18.36 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 11,390,605 | 8,173,803 | 50,639 | 1,130,436 | ||||||||||||
Class C | 2,758,340 | 2,144,564 | 7,901 | 1,108,756 | ||||||||||||
Class I | 19,674,215 | 20,140,559 | 37,301,583 | 145,464,918 | ||||||||||||
Class R-3 | 737,675 | 1,438,477 | 528 | 146,970 | ||||||||||||
Class R-5 | 11,337,726 | 6,971,188 | 531 | 108,975 | ||||||||||||
Class R-6 | 39,873,339 | 41,594,177 | 167,969 | 5,869,485 | ||||||||||||
Class Y | 52,655 | 231 | 590 | 1,286,368 | ||||||||||||
(a) Identified cost | $4,522,336,958 | $3,136,598,042 | $482,438,126 | $2,512,799,538 | ||||||||||||
(b) Includes securities on loan, at value | $70,260,726 | $90,547,553 | $10,305,777 | $8,076,416 | ||||||||||||
(c) Identified cost | $— | $113,982,021 | $— | $— | ||||||||||||
(d) Cost | $— | $— | $795,411 | $— |
(e) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.
(f) The maximum offering price is computed as 100/95.25 of NAV.
32 | The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
10.31.2019 |
Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Fund | |||||||||||||
Assets | ||||||||||||||||
Investments—unaffiliated, at value (a)(b) | $326,293,834 | $118,570,539 | $709,959,407 | $ 991,863,499 | ||||||||||||
Premiums paid—open swap contracts | — | 137,692 | 2,096,721 | 3,598,520 | ||||||||||||
Unrealized appreciation—open swap contracts | — | 31,198 | 458,118 | 775,357 | ||||||||||||
Cash | 770,962 | 1,748,399 | 6,832,065 | 19,610,955 | ||||||||||||
Receivable for investments sold | 645,233 | 11,482,424 | 71,070,672 | 59,567,854 | ||||||||||||
Receivable for fund shares sold | 130,153 | 23 | 133,014 | 4,692,980 | ||||||||||||
Receivable for dividends and interest, net | 113,686 | 482,173 | 2,908,629 | 2,423,722 | ||||||||||||
Receivable due from adviser, net | — | 28,362 | — | — | ||||||||||||
Prepaid expenses | 8,261 | 3,750 | 7,620 | 13,905 | ||||||||||||
Total assets | 327,962,129 | 132,484,560 | 793,466,246 | 1,082,546,792 | ||||||||||||
Liabilities | ||||||||||||||||
Cash collateral received from broker—open swap contracts | — | 12,759 | 787,794 | 1,411,296 | ||||||||||||
Variation margin payable—open swap contracts | — | 2,435 | 60,484 | 108,239 | ||||||||||||
Payable for securities lending collateral received | 2,670,749 | — | — | — | ||||||||||||
Payable for investments purchased | 651,265 | 24,028,916 | 142,544,083 | 114,605,792 | ||||||||||||
Payable for fund shares redeemed | 610,994 | 5,577 | 155,346 | 1,247,488 | ||||||||||||
Accrued custody fees | 2,128 | 1,115 | 3,702 | 5,227 | ||||||||||||
Accrued investment advisory fees, net | 163,928 | — | 51,180 | 211,534 | ||||||||||||
Accrued administrative fees | 27,319 | 9,125 | 55,041 | 81,397 | ||||||||||||
Accrued distribution fees | 9,352 | 1,073 | 3,288 | 5,304 | ||||||||||||
Accrued transfer agent and shareholder servicing fees | 34,170 | 19,425 | 64,003 | 108,090 | ||||||||||||
Accrued professional fees | 25,215 | 27,659 | 27,759 | 27,759 | ||||||||||||
Accrued internal audit fees | 787 | 787 | 787 | 787 | ||||||||||||
Accrued trustees and officers compensation | 15,908 | 15,909 | 15,909 | 15,911 | ||||||||||||
Other accrued expenses | 17,542 | 7,662 | 16,353 | 74,784 | ||||||||||||
Total liabilities | 4,229,357 | 24,132,442 | 143,785,729 | 117,903,608 | ||||||||||||
Net assets | 323,732,772 | 108,352,118 | 649,680,517 | 964,643,184 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 208,551,942 | 104,908,061 | 628,714,720 | 978,535,126 | ||||||||||||
Total distributable earnings (loss) | 115,180,830 | 3,444,057 | 20,965,797 | (13,891,942 | ) | |||||||||||
Net assets | 323,732,772 | 108,352,118 | 649,680,517 | 964,643,184 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 12,500,510 | 1,152,960 | 390,741 | 366,398 | ||||||||||||
Class C | 7,796,195 | 693,484 | 366,910 | 490,052 | ||||||||||||
Class I | 296,780,891 | 105,096,439 | 635,361,771 | 907,387,994 | ||||||||||||
Class R-3 | 258,421 | 10,868 | 10,844 | 10,543 | ||||||||||||
Class R-5 | 68,062 | 10,985 | 10,961 | 10,656 | ||||||||||||
Class R-6 | 6,230,517 | 11,007 | 10,983 | 33,571,962 | ||||||||||||
Class Y | 98,176 | 1,376,375 | 13,528,307 | 22,805,579 | ||||||||||||
NAV, offering and redemption price per share (c) | ||||||||||||||||
Class A | $28.20 | $12.02 | $33.43 | $12.13 | ||||||||||||
Class A maximum offering price (d) | 29.61 | 12.49 | 34.73 | 12.60 | ||||||||||||
Class C | 27.78 | 12.01 | 33.38 | 12.10 | ||||||||||||
Class I | 28.34 | 12.04 | 33.45 | 12.12 | ||||||||||||
Class R-3 | 28.03 | 12.03 | 33.43 | 12.11 | ||||||||||||
Class R-5 | 28.34 | 12.04 | 33.45 | 12.12 | ||||||||||||
Class R-6 | 28.41 | 12.04 | 33.45 | 12.12 | ||||||||||||
Class Y | 28.17 | 12.03 | 33.43 | 12.18 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 443,217 | 95,888 | 11,690 | 30,197 | ||||||||||||
Class C | 280,624 | 57,721 | 10,992 | 40,496 | ||||||||||||
Class I | 10,471,027 | 8,731,385 | 18,992,342 | 74,852,068 | ||||||||||||
Class R-3 | 9,218 | 903 | 324 | 870 | ||||||||||||
Class R-5 | 2,401 | 912 | 328 | 879 | ||||||||||||
Class R-6 | 219,334 | 914 | 328 | 2,769,640 | ||||||||||||
Class Y | 3,485 | 114,409 | 404,693 | 1,872,289 | ||||||||||||
(a) Identified cost | $222,768,416 | $117,512,952 | $702,992,627 | $984,640,074 | ||||||||||||
(b) Includes securities on loan, at value | $2,507,859 | $— | $— | $— |
(c) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.
(d) The maximum offering price for the Carillon Scout Small Cap Fund is computed as 100/95.25 of NAV. The maximum offering price for the Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund is computed as 100/96.25 of NAV.
The accompanying notes are an integral part of the financial statements. | 33 |
11.01.2018 to 10.31.2019 |
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Cougar Tactical Allocation Fund | Carillon Eagle Growth & Income Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends—unaffiliated | $6,620,934 | $458,413 | $ 475,996 | $21,548,618 | ||||||||||||
Less: foreign taxes withheld | — | (43,925 | ) | — | (240,367 | ) | ||||||||||
Interest | 99,872 | 3,756 | 18,583 | 586,751 | ||||||||||||
Securities lending, net (Note 7) | 112 | — | 184 | — | ||||||||||||
Total investment income | 6,720,918 | 418,244 | 494,763 | 21,895,002 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 3,041,768 | 95,110 | 127,898 | 3,392,508 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 169,777 | 4,207 | 1,452 | 158,071 | ||||||||||||
Class C | 16,710 | 2,145 | 2,218 | 132,166 | ||||||||||||
Class I | 270,319 | 6,171 | 18,697 | 408,339 | ||||||||||||
Class R-3 | 1,104 | 895 | 11 | 1,746 | ||||||||||||
Class R-5 | 7,069 | 3 | 36 | 2,546 | ||||||||||||
Class R-6 | 41,971 | 145 | 12 | 45,168 | ||||||||||||
Class Y | 11 | 23 | 12 | 91 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 424,443 | 10,517 | 3,631 | 395,179 | ||||||||||||
Class C | 167,101 | 21,447 | 22,179 | 1,321,662 | ||||||||||||
Class R-3 | 5,519 | 4,472 | 57 | 8,728 | ||||||||||||
Class Y | 27 | 57 | 29 | 229 | ||||||||||||
Transfer agent and shareholder servicing fees: | ||||||||||||||||
Class A | 167,800 | 8,997 | 2,466 | 151,316 | ||||||||||||
Class C | 18,752 | 5,317 | 3,627 | 135,240 | ||||||||||||
Class I | 296,016 | 12,210 | 30,113 | 330,892 | ||||||||||||
Class R-3 | 3,232 | 2,587 | 78 | 3,125 | ||||||||||||
Class R-5 | 8,041 | 78 | 121 | 2,707 | ||||||||||||
Class R-6 | 2,933 | 286 | 73 | 2,943 | ||||||||||||
Class Y | 75 | 129 | 90 | 189 | ||||||||||||
Custodian fees | 19,845 | 43,414 | 997 | 21,407 | ||||||||||||
Professional fees | 100,787 | 105,196 | 94,883 | 100,055 | ||||||||||||
State registration fees | 108,133 | 92,100 | 93,508 | 126,803 | ||||||||||||
Trustees and officers compensation | 70,855 | 70,855 | 70,854 | 70,855 | ||||||||||||
Internal audit fees | 9,566 | 9,567 | 9,567 | 9,566 | ||||||||||||
Interest expense on line of credit | 5,950 | 2,131 | 520 | — | ||||||||||||
Other expenses | 133,247 | 63,004 | 45,652 | 161,684 | ||||||||||||
Total expenses before adjustments | 5,091,051 | 561,063 | 528,781 | 6,983,215 | ||||||||||||
Fees and expenses waived | (893,402 | ) | (364,828 | ) | (305,837 | ) | — | |||||||||
Recovered fees previously waived by Manager | — | — | — | 26 | ||||||||||||
Total expenses after adjustments | 4,197,649 | 196,235 | 222,944 | 6,983,241 | ||||||||||||
Net investment income (loss) | 2,523,269 | 222,009 | 271,819 | 14,911,761 | ||||||||||||
Realized and unrealized gain (loss) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments—unaffiliated | 4,505,900 | (848,938 | ) | 17,336 | 24,775,533 | |||||||||||
Foreign currency transactions | — | (2,454 | ) | — | (1,810 | ) | ||||||||||
Net realized gain (loss) | 4,505,900 | (851,392 | ) | 17,336 | 24,773,723 | |||||||||||
Net change in unrealized appreciation (depreciation) on | ||||||||||||||||
investments—unaffiliated and foreign currency translations | 52,288,810 | 983,171 | 954,295 | 47,967,429 | ||||||||||||
Net gain (loss) on investments | 56,794,710 | 131,779 | 971,631 | 72,741,152 | ||||||||||||
Net increase (decrease) in assets resulting from operations | 59,317,979 | 353,788 | 1,243,450 | 87,652,913 |
34 | The accompanying notes are an integral part of the financial statements. |
Statements of Operations
11.01.2018 to 10.31.2019 |
Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends—unaffiliated | $29,285,518 | $16,930,433 | $25,053,242 | $45,829,760 | ||||||||||||
Less: foreign taxes withheld | (265,136 | ) | (159,506 | ) | (2,102,167 | ) | (38,008 | ) | ||||||||
Interest | 2,524,851 | 1,247,092 | 382,342 | 1,160,742 | ||||||||||||
Securities lending, net (Note 7) | 52,226 | 1,031,101 | 14,234 | 27,131 | ||||||||||||
Total investment income | 31,597,459 | 19,049,120 | 23,347,651 | 46,979,625 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 26,702,320 | 22,963,781 | 5,928,298 | 20,105,398 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 713,240 | 473,665 | 759 | 16,701 | ||||||||||||
Class C | 141,062 | 86,614 | 121 | 16,227 | ||||||||||||
Class I | 1,244,654 | 1,184,877 | 737,200 | 2,605,977 | ||||||||||||
Class R-3 | 44,541 | 77,384 | 9 | 1,840 | ||||||||||||
Class R-5 | 747,906 | 396,346 | 9 | 761 | ||||||||||||
Class R-6 | 2,297,162 | 2,223,843 | 2,928 | 69,698 | ||||||||||||
Class Y | 1,900 | 27 | 10 | 18,139 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 1,783,100 | 1,184,164 | 1,898 | 41,751 | ||||||||||||
Class C | 1,410,619 | 866,139 | 1,211 | 162,270 | ||||||||||||
Class R-3 | 222,706 | 386,918 | 46 | 9,198 | ||||||||||||
Class Y | 4,749 | 68 | 25 | 45,347 | ||||||||||||
Transfer agent and shareholder servicing fees: | ||||||||||||||||
Class A | 1,163,596 | 876,555 | 1,943 | 13,180 | ||||||||||||
Class C | 142,252 | 97,837 | 253 | 18,267 | ||||||||||||
Class I | 1,195,891 | 1,421,729 | 767,359 | 2,620,631 | ||||||||||||
Class R-3 | 89,303 | 148,039 | 64 | 3,340 | ||||||||||||
Class R-5 | 821,208 | 487,778 | 64 | 958 | ||||||||||||
Class R-6 | 126,165 | 105,445 | 553 | 4,651 | ||||||||||||
Class Y | 2,371 | 131 | 95 | 24,240 | ||||||||||||
Custodian fees | 137,864 | 120,536 | 141,844 | 85,100 | ||||||||||||
Professional fees | 99,633 | 98,964 | 105,620 | 101,206 | ||||||||||||
State registration fees | 189,119 | 149,901 | 108,671 | 176,596 | ||||||||||||
Trustees and officers compensation | 70,852 | 70,854 | 70,855 | 70,855 | ||||||||||||
Internal audit fees | 9,569 | 9,566 | 9,566 | 9,566 | ||||||||||||
Interest expense on line of credit | 4,472 | 21,859 | 387 | 492 | ||||||||||||
Other expenses | 822,830 | 747,060 | 299,213 | 606,153 | ||||||||||||
Total expenses before adjustments | 40,189,084 | 34,200,080 | 8,179,001 | 26,828,542 | ||||||||||||
Fees and expenses waived | — | (56 | ) | (745 | ) | — | ||||||||||
Total expenses after adjustments | 40,189,084 | 34,200,024 | 8,178,256 | 26,828,542 | ||||||||||||
Net investment income (loss) | (8,591,625 | ) | (15,150,904 | ) | 15,169,395 | 20,151,083 | ||||||||||
Realized and unrealized gain (loss) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments—unaffiliated | 123,317,339 | 248,591,626 | 37,690,956 | 3,783,773 | ||||||||||||
Foreign currency transactions | — | — | (533 | ) | 65 | |||||||||||
Net realized gain (loss) | 123,317,339 | 248,591,626 | 37,690,423 | 3,783,838 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments—unaffiliated and foreign currency translations | 655,109,300 | (103,568,340 | ) | 27,132,087 | 193,088,500 | |||||||||||
Investments—affiliated | — | 31,105,741 | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 655,109,300 | (72,462,599 | ) | 27,132,087 | 193,088,500 | |||||||||||
Net gain (loss) on investments | 778,426,639 | 176,129,027 | 64,822,510 | 196,872,338 | ||||||||||||
Net increase (decrease) in assets resulting from operations | 769,835,014 | 160,978,123 | 79,991,905 | 217,023,421 |
The accompanying notes are an integral part of the financial statements. | 35 |
Statements of Operations
11.01.2018 to 10.31.2019 |
Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends—unaffiliated | $2,845,914 | $— | $— | $— | ||||||||||||
Less: foreign taxes withheld | (11,805 | ) | — | — | — | |||||||||||
Interest | 40,954 | 2,834,372 | 16,907,346 | 29,747,751 | ||||||||||||
Securities lending, net (Note 7) | 25,324 | 701 | 4,659 | 299 | ||||||||||||
Total investment income | 2,900,387 | 2,835,073 | 16,912,005 | 29,748,050 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 1,961,209 | 423,887 | 2,575,418 | 6,934,657 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 12,776 | 938 | 284 | 267 | ||||||||||||
Class C | 10,074 | 526 | 302 | 128 | ||||||||||||
Class I | 297,267 | 102,787 | 628,035 | 1,084,395 | ||||||||||||
Class R-3 | 276 | 10 | 10 | 10 | ||||||||||||
Class R-5 | 68 | 10 | 10 | 10 | ||||||||||||
Class R-6 | 6,304 | 11 | 10 | 44,010 | ||||||||||||
Class Y | 103 | 1,689 | 15,202 | 26,956 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 31,941 | 2,346 | 710 | 666 | ||||||||||||
Class C | 100,739 | 5,260 | 3,020 | 1,282 | ||||||||||||
Class R-3 | 1,379 | 52 | 52 | 51 | ||||||||||||
Class Y | 258 | 4,223 | 38,005 | 67,390 | ||||||||||||
Transfer agent and shareholder servicing fees: | ||||||||||||||||
Class A | 10,430 | 990 | 452 | 345 | ||||||||||||
Class C | 9,771 | 820 | 643 | 256 | ||||||||||||
Class I | 321,463 | 135,187 | 555,248 | 1,030,620 | ||||||||||||
Class R-3 | 630 | 65 | 64 | 56 | ||||||||||||
Class R-5 | 108 | 65 | 64 | 64 | ||||||||||||
Class R-6 | 685 | 65 | 64 | 2,557 | ||||||||||||
Class Y | 159 | 2,897 | 22,333 | 38,526 | ||||||||||||
Custodian fees | 12,790 | 6,566 | 22,211 | 34,564 | ||||||||||||
Professional fees | 101,994 | 106,742 | 106,873 | 104,363 | ||||||||||||
State registration fees | 109,753 | 99,608 | 104,977 | 110,518 | ||||||||||||
Trustees and officers compensation | 70,852 | 70,854 | 70,854 | 70,855 | ||||||||||||
Internal audit fees | 9,642 | 9,566 | 9,567 | 9,566 | ||||||||||||
Interest expense on line of credit | — | — | — | 988 | ||||||||||||
Other expenses | 109,492 | 71,271 | 132,528 | 311,520 | ||||||||||||
Total expenses before adjustments | 3,180,163 | 1,046,435 | 4,286,936 | 9,874,620 | ||||||||||||
Fees and expenses waived | (175 | ) | (605,912 | ) | (1,646,023 | ) | (4,056,680 | ) | ||||||||
Recovered fees previously waived by Manager | 41,261 | — | — | — | ||||||||||||
Total expenses after adjustments | 3,221,249 | 440,523 | 2,640,913 | 5,817,940 | ||||||||||||
Net investment income (loss) | (320,862 | ) | 2,394,550 | 14,271,092 | 23,930,110 | |||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments—unaffiliated | 12,479,345 | 5,291,772 | 31,523,012 | 39,268,904 | ||||||||||||
Foreign currency transactions | — | — | 152,050 | 587,716 | ||||||||||||
Swap contracts | — | 476,388 | 4,829,474 | 11,398,034 | ||||||||||||
Futures contracts | — | — | 418,481 | (22,797,889 | ) | |||||||||||
Net realized gain (loss) | 12,479,345 | 5,768,160 | 36,923,017 | 28,456,765 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments—unaffiliated and foreign currency translations | 1,002,226 | 3,361,906 | 20,806,217 | 35,263,108 | ||||||||||||
Swap contracts | — | 31,198 | 389,976 | 637,789 | ||||||||||||
Futures contracts | — | — | 1,970,421 | 5,195,644 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 1,002,226 | 3,393,104 | 23,166,614 | 41,096,541 | ||||||||||||
Net gain (loss) on investments | 13,481,571 | 9,161,264 | 60,089,631 | 69,553,306 | ||||||||||||
Net increase (decrease) in assets resulting from operations | 13,160,709 | 11,555,814 | 74,360,723 | 93,483,416 |
36 | The accompanying notes are an integral part of the financial statements. |
Statements of Changes in Net Assets
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Cougar Tactical Allocation Fund | Carillon Eagle Growth & Income Fund | |||||||||||||||||||||||||||||
11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | |||||||||||||||||||||||||
Net assets, beginning of period | $452,343,541 | $390,895,027 | $17,491,910 | $18,837,745 | $23,810,421 | $17,248,864 | $592,140,185 | $604,140,235 | ||||||||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 2,523,269 | 1,200,732 | 222,009 | 253,880 | 271,819 | 150,861 | 14,911,761 | 11,271,217 | ||||||||||||||||||||||||
Net realized gain (loss) | 4,505,900 | 36,674,734 | (851,392 | ) | 661,743 | 17,336 | 800,208 | 24,773,723 | 42,111,759 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 52,288,810 | (14,784,125 | ) | 983,171 | (2,632,476 | ) | 954,295 | (632,361 | ) | 47,967,429 | 3,264,320 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 59,317,979 | 23,091,341 | 353,788 | (1,716,853 | ) | 1,243,450 | 318,708 | 87,652,913 | 56,647,296 | |||||||||||||||||||||||
Distributions to shareholders from earnings | (38,346,397 | ) | (25,472,949 | ) | (226,694 | ) | (206,971 | ) | (971,271 | ) | (446,042 | ) | (57,617,605 | ) | (26,272,595 | ) | ||||||||||||||||
Fund share transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold-Class A | 5,995,063 | 49,558,565 | 423,485 | 3,706,159 | 921,462 | 411,667 | 43,252,391 | 38,687,158 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 14,420,308 | 9,810,169 | 62,051 | 53,718 | 62,281 | 35,648 | 12,430,046 | 6,144,566 | ||||||||||||||||||||||||
Cost of shares redeemed-Class A | (30,212,063 | ) | (44,356,804 | ) | (1,707,774 | ) | (2,620,004 | ) | (888,350 | ) | (715,369 | ) | (35,852,999 | ) | (52,947,759 | ) | ||||||||||||||||
Proceeds from shares sold-Class C | 1,315,907 | 2,871,775 | 237,888 | 520,399 | 561,491 | 715,621 | 33,380,533 | 9,892,575 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 2,149,574 | 5,106,005 | 6,532 | 28,462 | 72,560 | 36,455 | 8,829,180 | 5,072,430 | ||||||||||||||||||||||||
Cost of shares redeemed-Class C | (7,479,457 | ) | (51,131,138 | ) | (898,057 | ) | (2,863,251 | ) | (410,332 | ) | (596,293 | ) | (40,692,709 | ) | (61,909,752 | ) | ||||||||||||||||
Proceeds from shares sold-Class I | 155,541,570 | 118,549,302 | 697,228 | 2,881,277 | 9,391,942 | 12,887,704 | 273,711,615 | 65,439,163 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 16,869,014 | 7,117,568 | 142,992 | 115,509 | 829,258 | 366,673 | 22,258,860 | 8,964,349 | ||||||||||||||||||||||||
Cost of shares redeemed-Class I | (78,934,381 | ) | (40,782,238 | ) | (4,265,472 | ) | (1,528,823 | ) | (9,072,825 | ) | (6,466,185 | ) | (97,370,486 | ) | (61,303,674 | ) | ||||||||||||||||
Proceeds from shares sold-ClassR-3 | 132,432 | 413,599 | 111,137 | 159,179 | — | — | 510,803 | 222,408 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 121,423 | 80,730 | 10,790 | 7,995 | 389 | 262 | 139,639 | 80,464 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-3 | (865,530 | ) | (301,074 | ) | (111,988 | ) | (16,478 | ) | — | — | (913,152 | ) | (870,732 | ) | ||||||||||||||||||
Proceeds from shares sold-ClassR-5 | 695,534 | 7,695,419 | — | — | — | — | 3,200,340 | 32,918 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 617,839 | 195,042 | 55 | 45 | 1,386 | 978 | 93,954 | 20,226 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-5 | (1,564,900 | ) | (3,469,801 | ) | — | — | — | — | (235,829 | ) | (13,106 | ) | ||||||||||||||||||||
Proceeds from shares sold-ClassR-6 | 5,764,310 | 6,027,841 | 93,880 | 100,072 | — | — | 7,467,358 | 5,641,896 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 3,552,645 | 2,575,449 | 2,790 | 177 | 464 | 333 | 4,010,119 | 1,918,066 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-6 | (8,625,540 | ) | (6,141,206 | ) | (49,457 | ) | (91 | ) | — | — | (5,755,881 | ) | (7,508,808 | ) | ||||||||||||||||||
Proceeds from shares sold-Class Y | — | 17,500 | — | 33,500 | 358 | 11,108 | 34,263 | 62,300 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 842 | 619 | 527 | 144 | 420 | 289 | 6,433 | 561 | ||||||||||||||||||||||||
Cost of shares redeemed-Class Y | — | (7,200 | ) | (23,205 | ) | — | — | — | (1,404 | ) | — | |||||||||||||||||||||
Net increase (decrease) from fund share transactions | 79,494,590 | 63,830,122 | (5,266,598 | ) | 577,989 | 1,470,504 | 6,688,891 | 228,503,074 | (42,374,751 | ) | ||||||||||||||||||||||
Increase (decrease) in net assets | 100,466,172 | 61,448,514 | (5,139,504 | ) | (1,345,835 | ) | 1,742,683 | 6,561,557 | 258,538,382 | (12,000,050 | ) | |||||||||||||||||||||
Net assets, end of period | 552,809,713 | 452,343,541 | 12,352,406 | 17,491,910 | 25,553,104 | 23,810,421 | 850,678,567 | 592,140,185 | ||||||||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||||||||||
Shares sold-Class A | 150,187 | 1,108,742 | 25,697 | 195,834 | 58,779 | 25,051 | 2,103,271 | 1,824,095 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 418,344 | 232,303 | 4,085 | 2,847 | 4,386 | 2,213 | 655,237 | 291,946 | ||||||||||||||||||||||||
Shares redeemed-Class A | (749,991 | ) | (1,004,030 | ) | (103,178 | ) | (141,686 | ) | (57,846 | ) | (43,477 | ) | (1,735,153 | ) | (2,486,963 | ) | ||||||||||||||||
Shares sold-Class C | 50,273 | 88,835 | 15,003 | 27,750 | 36,690 | 43,374 | 1,706,254 | 482,826 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 89,491 | 165,618 | 436 | 1,534 | 5,172 | 2,280 | 491,799 | 251,402 | ||||||||||||||||||||||||
Shares redeemed-Class C | (270,123 | ) | (1,568,891 | ) | (55,550 | ) | (154,641 | ) | (26,808 | ) | (36,418 | ) | (2,062,943 | ) | (3,048,515 | ) | ||||||||||||||||
Shares sold-Class I | 3,816,356 | 2,573,878 | 42,739 | 155,026 | 607,814 | 814,535 | 13,591,459 | 3,076,647 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 464,967 | 160,777 | 9,445 | 6,138 | 58,481 | 22,774 | 1,164,921 | 426,255 | ||||||||||||||||||||||||
Shares redeemed-Class I | (1,883,557 | ) | (869,401 | ) | (268,953 | ) | (83,556 | ) | (600,008 | ) | (392,283 | ) | (4,704,516 | ) | (2,893,264 | ) | ||||||||||||||||
Shares sold-ClassR-3 | 3,429 | 9,805 | 6,764 | 8,580 | — | — | 24,802 | 10,457 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 3,683 | 1,988 | 717 | 427 | 27 | 16 | 7,441 | 3,837 | ||||||||||||||||||||||||
Shares redeemed-ClassR-3 | (22,762 | ) | (7,235 | ) | (6,702 | ) | (903 | ) | — | — | (44,225 | ) | (41,853 | ) | ||||||||||||||||||
Shares sold-ClassR-5 | 16,366 | 167,340 | — | — | — | — | 158,948 | 1,539 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 17,086 | 4,418 | 4 | 2 | 97 | 61 | 4,693 | 961 | ||||||||||||||||||||||||
Shares redeemed-ClassR-5 | (36,977 | ) | (76,355 | ) | — | — | — | — | (11,165 | ) | (608 | ) | ||||||||||||||||||||
Shares sold-ClassR-6 | 134,360 | 130,821 | 5,634 | 5,366 | — | — | 359,577 | 265,422 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 98,794 | 58,640 | 184 | 9 | 33 | 21 | 211,987 | 91,436 | ||||||||||||||||||||||||
Shares redeemed-ClassR-6 | (204,614 | ) | (133,602 | ) | (2,943 | ) | (5 | ) | — | — | (277,991 | ) | (355,727 | ) | ||||||||||||||||||
Shares sold-Class Y | — | 378 | — | 1,925 | 24 | 688 | 1,710 | 2,884 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 23 | 14 | 35 | 8 | 30 | 18 | 339 | 26 | ||||||||||||||||||||||||
Shares redeemed-Class Y | — | (159 | ) | (1,411 | ) | — | — | — | (66 | ) | — | |||||||||||||||||||||
Shares issued and redeemed | 2,095,335 | 1,043,884 | (327,994 | ) | 24,655 | 86,871 | 438,853 | 11,646,379 | (2,097,197 | ) |
The accompanying notes are an integral part of the financial statements. | 37 |
Statements of Changes in Net Assets
Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | |||||||||||||||||||||||||||||
11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | |||||||||||||||||||||||||
Net assets, beginning of period | $4,288,006,813 | $2,375,246,768 | $4,690,834,343 | $5,071,793,231 | $824,165,611 | $1,160,877,255 | $2,473,689,157 | $1,675,214,198 | ||||||||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | (8,591,625 | ) | (8,361,804 | ) | (15,150,904 | ) | (19,129,070 | ) | 15,169,395 | 17,665,860 | 20,151,083 | 8,635,695 | ||||||||||||||||||||
Net realized gain (loss) on investments | 123,317,339 | 214,018,556 | 248,591,626 | 842,608,510 | 37,690,423 | 69,849,343 | 3,783,838 | 139,695,786 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 655,109,300 | (187,637,581 | ) | (72,462,599 | ) | (624,220,253 | ) | 27,132,087 | (179,307,662 | ) | 193,088,500 | (184,593,371 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 769,835,014 | 18,019,171 | 160,978,123 | 199,259,187 | 79,991,905 | (91,792,459 | ) | 217,023,421 | (36,261,890 | ) | ||||||||||||||||||||||
Distributions to shareholders from earnings | (115,636,951 | ) | (158,724,314 | ) | (819,288,090 | ) | (381,398,349 | ) | (79,149,615 | ) | (177,685,091 | ) | (174,260,790 | ) | (138,762,254 | ) | ||||||||||||||||
Fund share transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold-Class A | 149,870,260 | 290,123,467 | 82,875,477 | 146,346,713 | 605,683 | 449,120 | 17,372,240 | 7,430,873 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 16,656,129 | 24,654,672 | 88,342,880 | 44,021,081 | 39,756 | 1,591 | 680,334 | 3,347 | ||||||||||||||||||||||||
Cost of shares redeemed-Class A | (220,452,039 | ) | (221,781,650 | ) | (239,113,443 | ) | (258,789,196 | ) | (121,010 | ) | (25,020 | ) | (4,532,454 | ) | (435,440 | ) | ||||||||||||||||
Proceeds from shares sold-Class C | 15,417,218 | 39,467,799 | 6,865,364 | 12,169,837 | 76,977 | 65,498 | 12,452,237 | 9,580,393 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 4,521,836 | 8,528,282 | 24,802,823 | 15,524,267 | 6,071 | 1,583 | 634,558 | 1,837 | ||||||||||||||||||||||||
Cost of shares redeemed-Class C | (45,413,694 | ) | (70,094,544 | ) | (49,091,124 | ) | (76,758,455 | ) | (1,757 | ) | — | (2,283,129 | ) | (181,801 | ) | |||||||||||||||||
Proceeds from shares sold-Class I | 319,640,361 | 566,665,458 | 233,491,705 | 333,391,456 | 32,665,725 | 60,189,648 | 937,504,332 | 1,317,744,550 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 25,270,730 | 40,420,186 | 184,393,203 | 103,735,532 | 77,119,092 | 171,813,988 | 156,438,374 | 127,201,107 | ||||||||||||||||||||||||
Cost of shares redeemed-Class I | (314,949,731 | ) | (267,949,969 | ) | (547,561,594 | ) | (722,667,447 | ) | (220,685,962 | ) | (302,805,384 | ) | (865,852,084 | ) | (530,416,882 | ) | ||||||||||||||||
Proceeds from shares sold-ClassR-3 | 17,221,529 | 12,945,227 | 9,836,552 | 17,082,373 | — | 10,000 | 1,330,563 | 1,649,875 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 1,120,588 | 1,661,600 | 14,806,775 | 7,176,466 | 851 | 1,588 | 105,258 | 770 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-3 | (13,886,923 | ) | (11,050,282 | ) | (30,926,085 | ) | (31,495,675 | ) | — | — | (291,022 | ) | (14,805 | ) | ||||||||||||||||||
Proceeds from shares sold-ClassR-5 | 286,083,806 | 559,748,449 | 83,728,573 | 110,789,186 | — | 10,000 | 1,400,239 | 1,153,765 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 18,246,315 | 23,700,917 | 72,168,324 | 34,589,597 | 906 | 1,594 | 50,544 | 775 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-5 | (284,656,227 | ) | (194,371,904 | ) | (176,886,905 | ) | (154,481,135 | ) | — | — | (203,270 | ) | (345,533 | ) | ||||||||||||||||||
Proceeds from shares sold-ClassR-6 | 1,122,124,295 | 1,175,594,466 | 496,286,719 | 730,103,437 | 466,748 | 3,303,278 | 86,049,187 | 38,476,930 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 44,732,630 | 52,993,487 | 372,738,335 | 147,039,395 | 280,424 | 1,594 | 978,574 | 775 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-6 | (410,926,375 | ) | (221,850,346 | ) | (541,821,604 | ) | (656,682,217 | ) | (314,128 | ) | (265,263 | ) | (15,093,366 | ) | (323,638 | ) | ||||||||||||||||
Proceeds from shares sold-Class Y | 3,466,375 | 199,790 | 360 | 84,326 | 600 | 10,500 | 21,322,462 | 2,041,705 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 9,465 | 739 | 14,071 | 733 | 932 | 1,591 | 177,896 | 1,692 | ||||||||||||||||||||||||
Cost of shares redeemed-Class Y | (458,760 | ) | (2,845 | ) | (68,195 | ) | — | — | — | (2,135,322 | ) | (71,192 | ) | |||||||||||||||||||
Proceeds from shares issued—fund reorganization | N/A | 243,862,189 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Net increase (decrease) from fund share transactions | 733,637,788 | 2,053,465,188 | 84,882,211 | (198,819,726 | ) | (109,859,092 | ) | (67,234,094 | ) | 346,106,151 | 973,499,103 | |||||||||||||||||||||
Increase (decrease) in net assets | 1,387,835,851 | 1,912,760,045 | (573,427,756 | ) | (380,958,888 | ) | (109,016,802 | ) | (336,711,644 | ) | 388,868,782 | 798,474,959 | ||||||||||||||||||||
Net assets, end of period | 5,675,842,664 | 4,288,006,813 | 4,117,406,587 | 4,690,834,343 | 715,148,809 | 824,165,611 | 2,862,557,939 | 2,473,689,157 | ||||||||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||||||||||
Shares sold-Class A | 2,573,310 | 4,805,747 | 1,709,879 | 2,291,711 | 34,920 | 21,081 | 1,001,989 | 376,289 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 341,244 | 416,693 | 2,178,079 | 737,495 | 2,537 | 75 | 43,527 | 175 | ||||||||||||||||||||||||
Shares redeemed-Class A | (3,761,254 | ) | (3,704,313 | ) | (4,913,621 | ) | (4,101,199 | ) | (6,781 | ) | (1,193 | ) | (269,259 | ) | (22,285 | ) | ||||||||||||||||
Shares sold-Class C | 341,110 | 820,256 | 224,070 | 261,415 | 4,628 | 2,914 | 718,346 | 489,371 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 117,725 | 181,436 | 918,283 | 350,356 | 387 | 74 | 40,755 | 96 | ||||||||||||||||||||||||
Shares redeemed-Class C | (989,884 | ) | (1,435,017 | ) | (1,534,614 | ) | (1,622,667 | ) | (102 | ) | — | (130,549 | ) | (9,263 | ) | |||||||||||||||||
Shares sold-Class I | 5,153,503 | 8,951,579 | 4,541,370 | 5,007,733 | 1,846,546 | 2,723,323 | 52,828,057 | 67,125,594 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 488,890 | 648,183 | 4,257,520 | 1,654,738 | 4,905,795 | 8,047,494 | 9,983,304 | 6,663,233 | ||||||||||||||||||||||||
Shares redeemed-Class I | (5,068,053 | ) | (4,242,627 | ) | (10,631,906 | ) | (10,634,607 | ) | (12,492,475 | ) | (13,828,645 | ) | (48,811,854 | ) | (27,037,515 | ) | ||||||||||||||||
Shares sold-ClassR-3 | 308,444 | 222,557 | 212,369 | 275,083 | — | 399 | 73,791 | 83,463 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 23,736 | 28,995 | 381,815 | 124,160 | 54 | 75 | 6,743 | 40 | ||||||||||||||||||||||||
Shares redeemed-ClassR-3 | (240,471 | ) | (190,624 | ) | (649,392 | ) | (517,058 | ) | — | — | (16,330 | ) | (737 | ) | ||||||||||||||||||
Shares sold-ClassR-5 | 4,712,937 | 8,819,967 | 1,592,680 | 1,658,538 | — | 399 | 76,441 | 57,573 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 353,954 | 379,950 | 1,657,518 | 549,303 | 57 | 75 | 3,240 | 41 | ||||||||||||||||||||||||
Shares redeemed-ClassR-5 | (4,669,976 | ) | (3,067,438 | ) | (3,331,120 | ) | (2,327,766 | ) | — | — | (10,999 | ) | (17,321 | ) | ||||||||||||||||||
Shares sold-ClassR-6 | 18,089,177 | 18,433,936 | 9,347,746 | 10,906,856 | 25,977 | 154,129 | 4,766,178 | 1,887,914 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 859,416 | 838,973 | 8,463,631 | 2,317,041 | 17,862 | 75 | 62,529 | 41 | ||||||||||||||||||||||||
Shares redeemed-ClassR-6 | (6,448,150 | ) | (3,504,133 | ) | (10,139,830 | ) | (9,719,866 | ) | (17,299 | ) | (12,775 | ) | (830,850 | ) | (16,327 | ) | ||||||||||||||||
Shares sold-Class Y | 56,218 | 3,045 | 7 | 1,268 | 34 | 423 | 1,293,956 | 103,503 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 184 | 12 | 327 | 12 | 59 | 74 | 11,389 | 89 | ||||||||||||||||||||||||
Shares redeemed-Class Y | (6,965 | ) | (47 | ) | (1,383 | ) | — | — | — | (118,999 | ) | (3,570 | ) | |||||||||||||||||||
Shares issued—fund reorganization | N/A | 4,000,263 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Shares issued and redeemed | 12,235,095 | 32,407,393 | 4,283,428 | (2,787,454 | ) | (5,677,801 | ) | (2,892,003 | ) | 20,721,405 | 49,680,404 |
38 | The accompanying notes are an integral part of the financial statements. |
Statements of Changes in Net Assets
Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | |||||||||||||||||||||||||||||
11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | 11/1/18 to 10/31/19 | 11/1/17 to 10/31/18 | |||||||||||||||||||||||||
Net assets, beginning of period | $318,969,196 | $270,531,036 | $107,564,645 | $143,842,579 | $624,870,862 | $768,561,795 | $1,249,199,294 | $1,591,781,787 | ||||||||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | (320,862 | ) | (1,528,104 | ) | 2,394,550 | 2,484,780 | 14,271,092 | 14,717,296 | 23,930,110 | 27,891,490 | ||||||||||||||||||||||
Net realized gain (loss) on investments | 12,479,345 | 22,581,767 | 5,768,160 | (1,404,466 | ) | 36,923,017 | (14,497,236 | ) | 28,456,765 | (18,733,508 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,002,226 | (784,842 | ) | 3,393,104 | (2,482,372 | ) | 23,166,614 | (15,680,729 | ) | 41,096,541 | (34,251,016 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,160,709 | 20,268,821 | 11,555,814 | (1,402,058 | ) | 74,360,723 | (15,460,669 | ) | 93,483,416 | (25,093,034 | ) | |||||||||||||||||||||
Distributions to shareholders from earnings | (657,924 | ) | (46,763,407 | ) | (2,463,393 | ) | (2,307,527 | ) | (14,343,374 | ) | (13,372,045 | ) | (24,665,538 | ) | (26,231,399 | ) | ||||||||||||||||
Fund share transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold-Class A | 7,411,050 | 1,257,331 | 571,422 | 619,013 | 187,050 | 225,876 | 324,405 | 234,199 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 31,811 | 11,163 | 17,697 | 5,814 | 5,045 | 2,400 | 4,566 | 848 | ||||||||||||||||||||||||
Cost of shares redeemed-Class A | (7,527,063 | ) | (2,425,430 | ) | (131,777 | ) | (2,383 | ) | (37,717 | ) | (12,300 | ) | (62,239 | ) | (148,617 | ) | ||||||||||||||||
Proceeds from shares sold-Class C | 1,350,532 | 379,686 | 1,121,581 | 512,094 | 312,688 | 230,768 | 459,641 | 71,637 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 27,270 | 10,951 | 5,896 | 2,454 | 3,235 | 1,315 | 1,157 | 253 | ||||||||||||||||||||||||
Cost of shares redeemed-Class C | (8,147,278 | ) | (2,307,193 | ) | (775,179 | ) | (208,754 | ) | (183,659 | ) | (18,277 | ) | (19,997 | ) | (26,851 | ) | ||||||||||||||||
Proceeds from shares sold-Class I | 54,088,211 | 56,513,638 | 23,571,860 | 23,273,667 | 112,444,658 | 94,150,257 | 295,156,955 | 469,850,335 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 565,176 | 45,114,741 | 2,400,119 | 2,251,072 | 11,126,545 | 10,111,364 | 21,289,450 | 23,015,289 | ||||||||||||||||||||||||
Cost of shares redeemed-Class I | (56,296,076 | ) | (69,534,464 | ) | (34,559,030 | ) | (58,375,035 | ) | (153,849,611 | ) | (209,835,364 | ) | (657,106,310 | ) | (781,026,245 | ) | ||||||||||||||||
Proceeds from shares sold-ClassR-3 | 37,892 | 24,210 | — | 10,000 | — | 10,000 | — | 10,000 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 488 | 1,741 | 174 | 139 | 165 | 135 | 160 | 132 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-3 | (98,300 | ) | (8,490 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from shares sold-ClassR-5 | 3,002 | 10,000 | — | 10,000 | — | 10,000 | — | 10,000 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 134 | 1,741 | 233 | 186 | 223 | 182 | 218 | 179 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-5 | (3,311 | ) | (65 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from shares sold-ClassR-6 | 2,777,859 | 5,549,041 | — | 10,000 | — | 10,000 | 22,626,297 | 41,307,294 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 11,144 | 216,374 | 244 | 195 | 233 | 191 | 970,352 | 290,370 | ||||||||||||||||||||||||
Cost of shares redeemed-ClassR-6 | (1,965,342 | ) | (378,155 | ) | — | — | — | — | (21,639,898 | ) | (12,128,000 | ) | ||||||||||||||||||||
Proceeds from shares sold-Class Y | 3,600 | 92,700 | 193,117 | 178,750 | 593,484 | 2,415,673 | 2,927,850 | 10,068,156 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 182 | 1,764 | 33,109 | 33,728 | 277,388 | 343,230 | 493,361 | 815,539 | ||||||||||||||||||||||||
Cost of shares redeemed-Class Y | (10,190 | ) | — | (754,414 | ) | (889,289 | ) | (6,087,421 | ) | (12,503,669 | ) | (18,799,956 | ) | (43,602,578 | ) | |||||||||||||||||
Proceeds from shares issued—fund reorganization | N/A | 40,401,462 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Net increase (decrease) from fund share transactions | (7,739,209 | ) | 74,932,746 | (8,304,948 | ) | (32,568,349 | ) | (35,207,694 | ) | (114,858,219 | ) | (353,373,988 | ) | (291,258,060 | ) | |||||||||||||||||
Increase (decrease) in net assets | 4,763,576 | 48,438,160 | 787,473 | (36,277,934 | ) | 24,809,655 | (143,690,933 | ) | (284,556,110 | ) | (342,582,493 | ) | ||||||||||||||||||||
Net assets, end of period | 323,732,772 | 318,969,196 | 108,352,118 | 107,564,645 | 649,680,517 | 624,870,862 | 964,643,184 | 1,249,199,294 | ||||||||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||||||||||
Shares sold-Class A | 279,787 | 42,461 | 49,914 | 55,471 | 5,751 | 7,252 | 27,717 | 20,176 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 1,330 | 387 | 1,529 | 521 | 157 | 78 | 385 | 73 | ||||||||||||||||||||||||
Shares redeemed-Class A | (293,490 | ) | (86,553 | ) | (11,334 | ) | (213 | ) | (1,148 | ) | (400 | ) | (5,333 | ) | (12,821 | ) | ||||||||||||||||
Shares sold-Class C | 51,424 | 13,233 | 98,165 | 45,751 | 9,788 | 7,414 | 38,241 | 6,127 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 1,149 | 381 | 512 | 220 | 102 | 42 | 97 | 22 | ||||||||||||||||||||||||
Shares redeemed-Class C | (300,548 | ) | (78,343 | ) | (68,221 | ) | (18,706 | ) | (5,767 | ) | (587 | ) | (1,692 | ) | (2,299 | ) | ||||||||||||||||
Shares sold-Class I | 1,925,338 | 1,911,641 | 2,027,255 | 2,068,956 | 3,513,449 | 3,015,596 | 24,964,493 | 40,214,342 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 23,549 | 1,580,008 | 208,199 | 200,883 | 348,300 | 324,975 | 1,808,310 | 1,975,490 | ||||||||||||||||||||||||
Shares redeemed-Class I | (2,030,634 | ) | (2,436,745 | ) | (2,998,974 | ) | (5,167,715 | ) | (4,800,994 | ) | (6,745,419 | ) | (55,435,030 | ) | (67,050,826 | ) | ||||||||||||||||
Shares sold-ClassR-3 | 1,461 | 843 | — | 876 | — | 315 | — | 846 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-3 | 20 | 61 | 15 | 12 | 5 | 4 | 13 | 11 | ||||||||||||||||||||||||
Shares redeemed-ClassR-3 | (3,478 | ) | (289 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Shares sold-ClassR-5 | 103 | 337 | — | 875 | — | 315 | — | 846 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-5 | 6 | 61 | 20 | 17 | 7 | 6 | 18 | 15 | ||||||||||||||||||||||||
Shares redeemed-ClassR-5 | (112 | ) | (2 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Shares sold-ClassR-6 | 97,225 | 183,537 | — | 876 | — | 315 | 1,949,189 | 3,564,946 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-ClassR-6 | 464 | 7,460 | 21 | 17 | 7 | 6 | 82,237 | 25,134 | ||||||||||||||||||||||||
Shares redeemed-ClassR-6 | (69,710 | ) | (13,563 | ) | — | — | — | — | (1,801,962 | ) | (1,049,904 | ) | ||||||||||||||||||||
Shares sold-Class Y | 131 | 3,236 | 16,714 | 15,863 | 18,488 | 77,458 | 245,994 | 856,445 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 8 | 62 | 2,876 | 3,010 | 8,716 | 11,028 | 41,785 | 69,660 | ||||||||||||||||||||||||
Shares redeemed-Class Y | (350 | ) | — | (64,335 | ) | (79,271 | ) | (190,593 | ) | (401,555 | ) | (1,596,829 | ) | (3,717,322 | ) | |||||||||||||||||
Shares issued—fund reorganization | N/A | 1,393,774 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Shares issued and redeemed | (316,327 | ) | 2,521,987 | (737,644 | ) | (2,872,557 | ) | (1,093,732 | ) | (3,703,157 | ) | (29,682,367 | ) | (25,099,039 | ) |
The accompanying notes are an integral part of the financial statements. | 39 |
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon ClariVest Capital Appreciation Fund |
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Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $42.91 | $0.14 | $3.75 | $3.89 | $(0.06 | ) | $ | (3.60 | ) | $— | $ | (3.66 | ) | $43.14 | 1.00 | 1.14 | 0.34 | 49 | 11.23 | $170 | |||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 43.14 | 0.07 | 2.40 | 2.47 | — | (2.70 | ) | — | (2.70 | ) | 42.91 | 1.02 | 1.12 | 0.15 | 45 | 5.83 | 177 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 35.05 | 0.02 | 10.24 | 10.26 | (0.03 | ) | (2.14 | ) | — | (2.17 | ) | 43.14 | 1.20 | 1.20 | 0.07 | 33 | 30.84 | 164 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 40.32 | 0.08 | (0.09 | ) | (0.01 | ) | (0.01 | ) | (5.25 | ) | — | (5.26 | ) | 35.05 | 1.23 | 1.23 | 0.22 | 35 | 0.30 | 145 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 42.02 | 0.09 | 3.80 | 3.89 | — | (5.59 | ) | — | (5.59 | ) | 40.32 | 1.19 | 1.19 | 0.22 | 42 | 10.29 | 168 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 31.12 | (0.11 | ) | 2.46 | 2.35 | — | (3.60 | ) | — | (3.60 | ) | 29.87 | 1.75 | 1.90 | (0.39 | ) | 49 | 10.38 | 15 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 32.23 | (0.17 | ) | 1.76 | 1.59 | — | (2.70 | ) | — | (2.70 | ) | 31.12 | 1.80 | 1.90 | (0.53 | ) | 45 | 5.02 | 20 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 26.88 | (0.20 | ) | 7.69 | 7.49 | — | (2.14 | ) | — | (2.14 | ) | 32.23 | 1.97 | 1.97 | (0.70 | ) | 33 | 29.83 | 63 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 32.37 | (0.15 | ) | (0.09 | ) | (0.24 | ) | — | (5.25 | ) | — | (5.25 | ) | 26.88 | 2.00 | 2.00 | (0.55 | ) | 35 | (0.45 | ) | 62 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 35.05 | (0.17 | ) | 3.08 | 2.91 | — | (5.59 | ) | — | (5.59 | ) | 32.37 | 1.96 | 1.96 | (0.54 | ) | 42 | 9.42 | 69 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 45.09 | 0.26 | 3.97 | 4.23 | (0.20 | ) | (3.60 | ) | — | (3.80 | ) | 45.52 | 0.70 | 0.90 | 0.61 | 49 | 11.54 | 314 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 45.13 | 0.21 | 2.51 | 2.72 | (0.06 | ) | (2.70 | ) | — | (2.76 | ) | 45.09 | 0.72 | 0.88 | 0.46 | 45 | 6.15 | 203 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 36.55 | 0.16 | 10.68 | 10.84 | (0.12 | ) | (2.14 | ) | — | (2.26 | ) | 45.13 | 0.88 | 0.88 | 0.39 | 33 | 31.26 | 119 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 41.83 | 0.19 | (0.09 | ) | 0.10 | (0.13 | ) | (5.25 | ) | — | (5.38 | ) | 36.55 | 0.92 | 0.92 | 0.52 | 35 | 0.61 | 124 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 43.34 | 0.21 | 3.93 | 4.14 | (0.06 | ) | (5.59 | ) | — | (5.65 | ) | 41.83 | 0.90 | 0.90 | 0.51 | 42 | 10.59 | 103 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 41.17 | 0.05 | 3.56 | 3.61 | — | (3.60 | ) | — | (3.60 | ) | 41.18 | 1.25 | 1.58 | 0.12 | 49 | 10.96 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 41.60 | (0.04 | ) | 2.31 | 2.27 | — | (2.70 | ) | — | (2.70 | ) | 41.17 | 1.29 | 1.47 | (0.11 | ) | 45 | 5.56 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 33.95 | (0.10 | ) | 9.89 | 9.79 | — | (2.14 | ) | — | (2.14 | ) | 41.60 | 1.51 | 1.56 | (0.28 | ) | 33 | 30.43 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 39.33 | (0.04 | ) | (0.09 | ) | (0.13 | ) | — | (5.25 | ) | — | (5.25 | ) | 33.95 | 1.57 | 1.57 | (0.12 | ) | 35 | (0.04 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 41.24 | (0.04 | ) | 3.72 | 3.68 | — | (5.59 | ) | — | (5.59 | ) | 39.33 | 1.51 | 1.51 | (0.10 | ) | 42 | 9.94 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.97 | 0.27 | 3.94 | 4.21 | (0.21 | ) | (3.60 | ) | — | (3.81 | ) | 45.37 | 0.70 | 0.90 | 0.64 | 49 | 11.53 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 44.97 | 0.18 | 2.53 | 2.71 | (0.01 | ) | (2.70 | ) | — | (2.71 | ) | 44.97 | 0.72 | 0.86 | 0.38 | 45 | 6.14 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 36.44 | 0.17 | 10.63 | 10.80 | (0.13 | ) | (2.14 | ) | — | (2.27 | ) | 44.97 | 0.89 | 0.89 | 0.45 | 33 | 31.26 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 41.70 | 0.20 | (0.08 | ) | 0.12 | (0.13 | ) | (5.25 | ) | — | (5.38 | ) | 36.44 | 0.90 | 0.90 | 0.55 | 35 | 0.64 | 7 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 43.20 | 0.18 | 3.93 | 4.11 | (0.02 | ) | (5.59 | ) | — | (5.61 | ) | 41.70 | 0.95 | 0.86 | 0.46 | 42 | 10.54 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.77 | 0.31 | 3.93 | 4.24 | (0.25 | ) | (3.60 | ) | — | (3.85 | ) | 45.16 | 0.60 | 0.80 | 0.73 | 49 | 11.67 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 44.82 | 0.26 | 2.48 | 2.74 | (0.09 | ) | (2.70 | ) | — | (2.79 | ) | 44.77 | 0.63 | 0.79 | 0.55 | 45 | 6.23 | 44 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 36.35 | 0.14 | 10.66 | 10.80 | (0.19 | ) | (2.14 | ) | — | (2.33 | ) | 44.82 | 0.82 | 0.82 | 0.34 | 33 | 31.36 | 41 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 41.66 | 0.22 | (0.09 | ) | 0.13 | (0.19 | ) | (5.25 | ) | — | (5.44 | ) | 36.35 | 0.85 | 1.49 | 0.60 | 35 | 0.68 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
07/31/15 | 10/31/15 | 41.71 | 0.06 | (0.11 | ) | (0.05 | ) | — | — | — | — | 41.66 | 0.82 | 0.82 | 0.57 | 42 | (0.12 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.90 | 0.14 | 3.99 | 4.13 | (0.01 | ) | (3.60 | ) | — | (3.61 | ) | 45.42 | 1.00 | 1.73 | 0.33 | 49 | 11.23 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 45.64 | 0.08 | 2.00 | 2.08 | (0.12 | ) | (2.70 | ) | — | (2.82 | ) | 44.90 | 1.01 | 1.55 | 0.18 | 45 | 4.67 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Carillon ClariVest International Stock Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.92 | 0.28 | 0.49 | 0.77 | (0.22 | ) | — | — | (0.22 | ) | 17.47 | 1.45 | 4.12 | 1.67 | 43 | 4.74 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.71 | 0.28 | (1.86 | ) | (1.58 | ) | (0.21 | ) | — | — | (0.21 | ) | 16.92 | 1.45 | 2.85 | 1.50 | 49 | (8.56 | ) | 5 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 15.02 | 0.17 | 3.71 | 3.88 | (0.19 | ) | — | — | (0.19 | ) | 18.71 | 1.54 | 3.72 | 1.03 | 80 | 26.15 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 16.02 | 0.21 | (1.14 | ) | (0.93 | ) | (0.07 | ) | — | — | (0.07 | ) | 15.02 | 1.67 | 3.45 | 1.40 | 100 | (5.84 | ) | 4 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.54 | 0.14 | 0.40 | 0.54 | (0.39 | ) | (0.67 | ) | — | (1.06 | ) | 16.02 | 1.58 | 4.04 | 0.88 | 86 | 3.63 | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.53 | 0.15 | 0.51 | 0.66 | (0.05 | ) | — | — | (0.05 | ) | 17.14 | 2.20 | 4.91 | 0.90 | 43 | 4.01 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.32 | 0.04 | (1.73 | ) | (1.69 | ) | (0.10 | ) | — | — | (0.10 | ) | 16.53 | 2.20 | 3.68 | 0.21 | 49 | (9.28 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.79 | 0.04 | 3.65 | 3.69 | (0.16 | ) | — | — | (0.16 | ) | 18.32 | 2.29 | 4.50 | 0.27 | 80 | 25.21 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 15.83 | 0.08 | (1.12 | ) | (1.04 | ) | — | — | — | — | 14.79 | 2.47 | 4.31 | 0.52 | 100 | (6.57 | ) | 5 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.38 | 0.03 | 0.38 | 0.41 | (0.29 | ) | (0.67 | ) | — | (0.96 | ) | 15.83 | 2.35 | 4.95 | 0.18 | 86 | 2.80 | 5 |
40 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon ClariVest International Stock Fund (cont’d) |
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Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $16.92 | $0.31 | $0.51 | $0.82 | $(0.28 | ) | $— | $— | $ | (0.28 | ) | $17.46 | 1.15 | 3.82 | 1.88 | 43 | 5.07 | $5 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.70 | 0.30 | (1.82 | ) | (1.52 | ) | (0.26 | ) | — | — | (0.26 | ) | 16.92 | 1.15 | 2.59 | 1.60 | 49 | (8.29 | ) | 9 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 15.11 | 0.23 | 3.71 | 3.94 | (0.35 | ) | — | — | (0.35 | ) | 18.70 | 1.15 | 3.28 | 1.40 | 80 | 26.63 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 16.08 | 0.30 | (1.15 | ) | (0.85 | ) | (0.12 | ) | — | — | (0.12 | ) | 15.11 | 1.15 | 3.12 | 2.03 | 100 | (5.31 | ) | 6 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.62 | 0.21 | 0.39 | 0.60 | (0.47 | ) | (0.67 | ) | — | (1.14 | ) | 16.08 | 1.15 | 3.82 | 1.31 | 86 | 4.04 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.74 | 0.24 | 0.49 | 0.73 | (0.20 | ) | — | — | (0.20 | ) | 17.27 | 1.70 | 4.49 | 1.44 | 43 | 4.54 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.53 | 0.19 | (1.80 | ) | (1.61 | ) | (0.18 | ) | — | — | (0.18 | ) | 16.74 | 1.70 | 3.17 | 1.01 | 49 | (8.80 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 15.04 | 0.15 | 3.67 | 3.82 | (0.33 | ) | — | — | (0.33 | ) | 18.53 | 1.71 | 3.98 | 0.89 | 80 | 25.91 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 15.99 | 0.12 | (1.05 | ) | (0.93 | ) | (0.02 | ) | — | — | (0.02 | ) | 15.04 | 1.75 | 3.86 | 0.77 | 100 | (5.84 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.53 | 0.13 | 0.37 | 0.50 | (0.37 | ) | (0.67 | ) | — | (1.04 | ) | 15.99 | 1.74 | 4.38 | 0.79 | 86 | 3.37 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.94 | 0.33 | 0.49 | 0.82 | (0.28 | ) | — | — | (0.28 | ) | 17.48 | 1.15 | 6.06 | 1.99 | 43 | 5.06 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.69 | 0.29 | (1.81 | ) | (1.52 | ) | (0.23 | ) | — | — | (0.23 | ) | 16.94 | 1.15 | 4.65 | 1.56 | 49 | (8.26 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 15.11 | 0.08 | 3.85 | 3.93 | (0.35 | ) | — | — | (0.35 | ) | 18.69 | 1.15 | 3.69 | 0.49 | 80 | 26.56 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 16.09 | 0.27 | (1.13 | ) | (0.86 | ) | (0.12 | ) | — | — | (0.12 | ) | 15.11 | 1.15 | 3.22 | 1.79 | 100 | (5.36 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.63 | 0.25 | 0.35 | 0.60 | (0.47 | ) | (0.67 | ) | — | (1.14 | ) | 16.09 | 1.15 | 3.59 | 1.58 | 86 | 4.01 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.97 | 0.34 | 0.49 | 0.83 | (0.29 | ) | — | — | (0.29 | ) | 17.51 | 1.05 | 3.90 | 2.02 | 43 | 5.16 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 18.75 | 0.29 | (1.80 | ) | (1.51 | ) | (0.27 | ) | — | — | (0.27 | ) | 16.97 | 1.05 | 2.81 | 1.55 | 49 | (8.21 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 15.14 | 0.26 | 3.71 | 3.97 | (0.36 | ) | — | — | (0.36 | ) | 18.75 | 1.05 | 3.78 | 1.55 | 80 | 26.82 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 16.11 | 0.27 | (1.11 | ) | (0.84 | ) | (0.13 | ) | — | — | (0.13 | ) | 15.14 | 1.05 | 3.73 | 1.80 | 100 | (5.26 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 16.65 | 0.24 | 0.37 | 0.61 | (0.48 | ) | (0.67 | ) | — | (1.15 | ) | 16.11 | 1.05 | 3.80 | 1.48 | 86 | 4.11 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.86 | 0.35 | 0.40 | 0.75 | (0.27 | ) | — | — | (0.27 | ) | 17.34 | 1.45 | 4.35 | 2.10 | 43 | 4.70 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 18.54 | 0.21 | (1.62 | ) | (1.41 | ) | (0.27 | ) | — | — | (0.27 | ) | 16.86 | 1.45 | 3.59 | 1.20 | 49 | (7.77 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Carillon Cougar Tactical Allocation Fund |
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Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.73 | 0.16 | 0.67 | 0.83 | (0.08 | ) | (0.50 | ) | — | (0.58 | ) | 15.98 | 1.17 | 2.50 | 1.03 | 139 | 5.74 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 16.05 | 0.13 | (0.05 | ) | 0.08 | (0.11 | ) | (0.29 | ) | — | (0.40 | ) | 15.73 | 1.17 | 2.62 | 0.79 | 88 | 0.44 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.59 | 0.12 | 1.40 | 1.52 | (0.04 | ) | (0.02 | ) | — | (0.06 | ) | 16.05 | 1.17 | 3.55 | 0.79 | 152 | 10.42 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | 0.06 | 0.24 | 0.30 | — | — | — | — | 14.59 | 1.17 | 17.33 | 0.47 | 66 | 2.10 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.52 | 0.04 | 0.66 | 0.70 | (0.03 | ) | (0.50 | ) | — | (0.53 | ) | 15.69 | 1.92 | 3.26 | 0.29 | 139 | 4.91 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 15.87 | — | (d) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.29 | ) | — | (0.32 | ) | 15.52 | 1.92 | 3.40 | 0.02 | 88 | (0.29 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.50 | 0.01 | 1.38 | 1.39 | — | (0.02 | ) | — | (0.02 | ) | 15.87 | 1.93 | 4.11 | 0.05 | 152 | 9.58 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | (0.04 | ) | 0.25 | 0.21 | — | — | — | — | 14.50 | 1.97 | 10.40 | (0.31 | ) | 66 | 1.47 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.76 | 0.21 | 0.66 | 0.87 | (0.13 | ) | (0.50 | ) | — | (0.63 | ) | 16.00 | 0.87 | 2.24 | 1.33 | 139 | 6.02 | 22 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 16.09 | 0.17 | (0.04 | ) | 0.13 | (0.17 | ) | (0.29 | ) | — | (0.46 | ) | 15.76 | 0.87 | 2.42 | 1.03 | 88 | 0.74 | 20 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.62 | 0.17 | 1.40 | 1.57 | (0.08 | ) | (0.02 | ) | — | (0.10 | ) | 16.09 | 0.87 | 3.00 | 1.09 | 152 | 10.79 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | 0.10 | 0.23 | 0.33 | — | — | — | — | 14.62 | 0.87 | 8.81 | 0.77 | 66 | 2.31 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.70 | 0.12 | 0.66 | 0.78 | (0.04 | ) | (0.50 | ) | — | (0.54 | ) | 15.94 | 1.42 | 3.26 | 0.80 | 139 | 5.40 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 16.03 | 0.09 | (0.04 | ) | 0.05 | (0.09 | ) | (0.29 | ) | — | (0.38 | ) | 15.70 | 1.42 | 3.49 | 0.52 | 88 | 0.21 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.57 | 0.09 | 1.39 | 1.48 | — | (0.02 | ) | — | (0.02 | ) | 16.03 | 1.40 | 3.62 | 0.57 | 152 | 10.15 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | 0.03 | 0.25 | 0.28 | — | — | — | — | 14.57 | 1.37 | 22.76 | 0.21 | 66 | 1.96 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.77 | 0.21 | 0.66 | 0.87 | (0.12 | ) | (0.50 | ) | — | (0.62 | ) | 16.02 | 0.87 | 2.43 | 1.35 | 139 | 6.04 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 16.09 | 0.18 | (0.05 | ) | 0.13 | (0.16 | ) | (0.29 | ) | — | (0.45 | ) | 15.77 | 0.87 | 2.60 | 1.07 | 88 | 0.76 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.63 | 0.17 | 1.39 | 1.56 | (0.08 | ) | (0.02 | ) | — | (0.10 | ) | 16.09 | 0.87 | 3.18 | 1.15 | 152 | 10.71 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | 0.08 | 0.26 | 0.34 | — | — | — | — | 14.63 | 0.87 | 21.86 | 0.69 | 66 | 2.38 | 0 |
The accompanying notes are an integral part of the financial statements. | 41 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Cougar Tactical Allocation Fund (cont’d) |
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Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $15.79 | $0.22 | $0.67 | $0.89 | $(0.14 | ) | $ | (0.50 | ) | $— | $ | (0.64 | ) | $16.04 | 0.77 | 2.72 | 1.45 | 139 | 6.15 | $0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 16.12 | 0.19 | (0.05 | ) | 0.14 | (0.18 | ) | (0.29 | ) | — | (0.47 | ) | 15.79 | 0.77 | 2.92 | 1.17 | 88 | 0.82 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 14.64 | 0.18 | 1.41 | 1.59 | (0.09 | ) | (0.02 | ) | — | (0.11 | ) | 16.12 | 0.77 | 3.04 | 1.21 | 152 | 10.88 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
12/31/15 | 10/31/16 | 14.29 | 0.10 | 0.25 | 0.35 | — | — | — | — | 14.64 | 0.77 | 22.16 | 0.82 | 66 | 2.45 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 15.71 | 0.16 | 0.66 | 0.82 | (0.08 | ) | (0.50 | ) | — | (0.58 | ) | 15.95 | 1.17 | 3.12 | 1.05 | 139 | 5.68 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 16.11 | 0.13 | (0.06 | ) | 0.07 | (0.18 | ) | (0.29 | ) | — | (0.47 | ) | 15.71 | 1.17 | 3.32 | 0.82 | 88 | 0.34 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Carillon Eagle Growth & Income Fund |
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Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.44 | 0.41 | 1.74 | 2.15 | (0.39 | ) | (1.50 | ) | — | (1.89 | ) | 21.70 | 0.97 | 0.97 | 1.98 | 25 | 11.47 | 171 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 20.39 | 0.40 | 1.57 | 1.97 | (0.42 | ) | (0.50 | ) | — | (0.92 | ) | 21.44 | 0.98 | 0.98 | 1.91 | 10 | 9.76 | 147 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 18.39 | 0.34 | 2.93 | 3.27 | (0.33 | ) | (0.94 | ) | — | (1.27 | ) | 20.39 | 1.03 | 1.03 | 1.74 | 10 | 18.56 | 147 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 17.52 | 0.34 | 0.85 | 1.19 | (0.32 | ) | — | — | (0.32 | ) | 18.39 | 1.06 | 1.06 | 1.91 | 15 | 6.87 | 152 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.27 | 0.36 | (0.64 | ) | (0.28 | ) | (0.32 | ) | (0.13 | ) | (0.02 | ) | (0.47 | ) | 17.52 | 1.02 | 1.02 | 1.99 | 25 | (1.55 | ) | 180 | |||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 20.52 | 0.24 | 1.66 | 1.90 | (0.24 | ) | (1.50 | ) | — | (1.74 | ) | 20.68 | 1.72 | 1.72 | 1.23 | 25 | 10.66 | 133 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 19.54 | 0.24 | 1.49 | 1.73 | (0.25 | ) | (0.50 | ) | — | (0.75 | ) | 20.52 | 1.73 | 1.73 | 1.16 | 10 | 8.94 | 130 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 17.68 | 0.18 | 2.81 | 2.99 | (0.19 | ) | (0.94 | ) | — | (1.13 | ) | 19.54 | 1.79 | 1.79 | 0.98 | 10 | 17.62 | 169 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 16.86 | 0.20 | 0.82 | 1.02 | (0.20 | ) | — | — | (0.20 | ) | 17.68 | 1.82 | 1.82 | 1.14 | 15 | 6.07 | 185 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 17.60 | 0.21 | (0.60 | ) | (0.39 | ) | (0.20 | ) | (0.13 | ) | (0.02 | ) | (0.35 | ) | 16.86 | 1.79 | 1.79 | 1.21 | 25 | (2.30 | ) | 197 | |||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.39 | 0.46 | 1.74 | 2.20 | (0.45 | ) | (1.50 | ) | — | (1.95 | ) | 21.64 | 0.70 | 0.70 | 2.21 | 25 | 11.76 | 492 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 20.34 | 0.46 | 1.56 | 2.02 | (0.47 | ) | (0.50 | ) | — | (0.97 | ) | 21.39 | 0.72 | 0.72 | 2.16 | 10 | 10.06 | 272 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 18.35 | 0.39 | 2.93 | 3.32 | (0.39 | ) | (0.94 | ) | — | (1.33 | ) | 20.34 | 0.75 | 0.75 | 2.00 | 10 | 18.90 | 246 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 17.48 | 0.39 | 0.85 | 1.24 | (0.37 | ) | — | — | (0.37 | ) | 18.35 | 0.79 | 0.79 | 2.17 | 15 | 7.18 | 179 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.24 | 0.40 | (0.64) | (0.24 | ) | (0.37 | ) | (0.13 | ) | (0.02 | ) | (0.52 | ) | 17.48 | 0.76 | 0.76 | 2.23 | 25 | (1.33 | ) | 200 | ||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.35 | 0.34 | 1.74 | 2.08 | (0.32 | ) | (1.50 | ) | — | (1.82 | ) | 21.61 | 1.30 | 1.30 | 1.66 | 25 | 11.12 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 20.30 | 0.33 | 1.56 | 1.89 | (0.34 | ) | (0.50 | ) | — | (0.84 | ) | 21.35 | 1.31 | 1.31 | 1.59 | 10 | 9.40 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 18.32 | 0.28 | 2.91 | 3.19 | (0.27 | ) | (0.94 | ) | — | (1.21 | ) | 20.30 | 1.34 | 1.34 | 1.44 | 10 | 18.15 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 17.44 | 0.28 | 0.87 | 1.15 | (0.27 | ) | — | — | (0.27 | ) | 18.32 | 1.37 | 1.37 | 1.60 | 15 | 6.61 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.19 | 0.28 | (0.63 | ) | (0.35 | ) | (0.25 | ) | (0.13 | ) | (0.02 | ) | (0.40 | ) | 17.44 | 1.44 | 1.44 | 1.57 | 25 | (1.99 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.41 | 0.47 | 1.73 | 2.20 | (0.45 | ) | (1.50 | ) | — | (1.95 | ) | 21.66 | 0.72 | 0.72 | 2.23 | 25 | 11.73 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 20.36 | 0.45 | 1.56 | 2.01 | (0.46 | ) | (0.50 | ) | — | (0.96 | ) | 21.41 | 0.78 | 0.78 | 2.10 | 10 | 9.99 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 18.38 | 0.38 | 2.93 | 3.31 | (0.39 | ) | (0.94 | ) | — | (1.33 | ) | 20.36 | 0.76 | 0.76 | 1.97 | 10 | 18.82 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 17.50 | 0.39 | 0.87 | 1.26 | (0.38 | ) | — | — | (0.38 | ) | 18.38 | 0.75 | 0.75 | 2.21 | 15 | 7.27 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.21 | 0.44 | (0.76 | ) | (0.32 | ) | (0.24 | ) | (0.13 | ) | (0.02 | ) | (0.39 | ) | 17.50 | 0.78 | 0.79 | 2.39 | 25 | (1.82 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.34 | 0.48 | 1.73 | 2.21 | (0.46 | ) | (1.50 | ) | — | (1.96 | ) | 21.59 | 0.63 | 0.63 | 2.31 | 25 | 11.87 | 49 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 20.30 | 0.47 | 1.56 | 2.03 | (0.49 | ) | (0.50 | ) | — | (0.99 | ) | 21.34 | 0.64 | 0.64 | 2.24 | 10 | 10.12 | 42 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 18.32 | 0.40 | 2.93 | 3.33 | (0.41 | ) | (0.94 | ) | — | (1.35 | ) | 20.30 | 0.65 | 0.65 | 2.10 | 10 | 18.98 | 40 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 17.46 | 0.39 | 0.87 | 1.26 | (0.40 | ) | — | — | (0.40 | ) | 18.32 | 0.67 | 0.67 | 2.18 | 15 | 7.30 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 18.26 | 0.45 | (0.71 | ) | (0.26 | ) | (0.39 | ) | (0.13 | ) | (0.02 | ) | (0.54 | ) | 17.46 | 0.65 | 0.65 | 2.47 | 25 | (1.46 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.35 | 0.38 | 1.74 | 2.12 | (0.37 | ) | (1.50 | ) | — | (1.87 | ) | 21.60 | 1.10 | 1.07 | 1.82 | 25 | 11.35 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.48 | 0.28 | 1.49 | 1.77 | (0.40 | ) | (0.50 | ) | — | (0.90 | ) | 21.35 | 1.25 | 1.43 | 1.35 | 10 | 8.74 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Carillon Eagle Mid Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 56.19 | (0.26 | ) | 8.71 | 8.45 | — | (1.50 | ) | — | (1.50 | ) | 63.14 | 1.05 | 1.05 | (0.44 | ) | 32 | 15.81 | 719 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 56.41 | (0.28 | ) | 3.06 | 2.78 | — | (3.00 | ) | — | (3.00) | 56.19 | 1.05 | 1.05 | (0.46 | ) | 44 | 4.75 | 688 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 42.29 | (0.26 | ) | 14.38 | 14.12 | — | — | — | — | 56.41 | 1.12 | 1.12 | (0.53 | ) | 44 | 33.39 | 459 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 43.39 | (0.17 | ) | (0.23 | ) | (0.40 | ) | — | (0.70 | ) | — | (0.70) | 42.29 | 1.17 | 1.17 | (0.40 | ) | 34 | (0.87 | ) | 320 | ||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 45.68 | (0.26 | ) | 2.26 | 2.00 | — | (4.29 | ) | — | (4.29) | 43.39 | 1.14 | 1.14 | (0.59 | ) | 52 | 4.70 | 354 |
42 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Eagle Mid Cap Growth Fund (cont’d) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $44.61 | $(0.52 | ) | $6.81 | $6.29 | $— | $(1.50 | ) | $— | $(1.50) | 49.40 | 1.74 | 1.74 | (1.12 | ) | 32 | 15.05 | $136 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 45.67 | (0.55 | ) | 2.49 | 1.94 | — | (3.00 | ) | — | (3.00 | ) | 44.61 | 1.74 | 1.74 | (1.14 | ) | 44 | 4.00 | 147 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 34.48 | (0.50 | ) | 11.69 | 11.19 | — | — | — | — | 45.67 | 1.84 | 1.84 | (1.24 | ) | 44 | 32.45 | 146 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 35.76 | (0.38 | ) | (0.20 | ) | (0.58 | ) | — | (0.70 | ) | — | (0.70 | ) | 34.48 | 1.88 | 1.88 | (1.11 | ) | 34 | (1.58 | ) | 112 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 38.65 | (0.48 | ) | 1.88 | 1.40 | — | (4.29 | ) | — | (4.29 | ) | 35.76 | 1.87 | 1.88 | (1.32 | ) | 52 | 3.92 | 117 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.38 | (0.08 | ) | 9.26 | 9.18 | — | (1.50 | ) | — | (1.50 | ) | 67.06 | 0.74 | 0.74 | (0.12 | ) | 32 | 16.20 | 1,319 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 59.29 | (0.10 | ) | 3.19 | 3.09 | — | (3.00 | ) | — | (3.00 | ) | 59.38 | 0.75 | 0.75 | (0.16 | ) | 44 | 5.05 | 1,134 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 44.30 | (0.11 | ) | 15.10 | 14.99 | — | (d) | — | — | — | (d) | 59.29 | 0.78 | 0.78 | (0.21 | ) | 44 | 33.84 | 763 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 45.26 | (0.02 | ) | (0.24 | ) | (0.26 | ) | — | (0.70 | ) | — | (0.70 | ) | 44.30 | 0.82 | 0.82 | (0.06 | ) | 34 | (0.52 | ) | 421 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.33 | (0.13 | ) | 2.35 | 2.22 | — | (4.29 | ) | — | (4.29 | ) | 45.26 | 0.82 | 0.83 | (0.28 | ) | 52 | 5.02 | 358 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 54.42 | (0.42 | ) | 8.42 | 8.00 | — | (1.50 | ) | — | (1.50 | ) | 60.92 | 1.34 | 1.34 | (0.73 | ) | 32 | 15.49 | 45 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 54.88 | (0.42 | ) | 2.96 | 2.54 | — | (3.00 | ) | — | (3.00 | ) | 54.42 | 1.32 | 1.32 | (0.72 | ) | 44 | 4.43 | 35 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 41.25 | (0.39 | ) | 14.02 | 13.63 | — | — | — | — | 54.88 | 1.38 | 1.38 | (0.80 | ) | 44 | 33.04 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 42.46 | (0.28 | ) | (0.23 | ) | (0.51 | ) | — | (0.70 | ) | — | (0.70 | ) | 41.25 | 1.46 | 1.46 | (0.69 | ) | 34 | (1.16 | ) | 21 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 44.90 | (0.37 | ) | 2.22 | 1.85 | — | (4.29 | ) | — | (4.29 | ) | 42.46 | 1.41 | 1.42 | (0.86 | ) | 52 | 4.42 | 24 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.22 | (0.09 | ) | 9.24 | 9.15 | — | (1.50 | ) | — | (1.50 | ) | 66.87 | 0.75 | 0.75 | (0.14 | ) | 32 | 16.19 | 758 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 59.14 | (0.11 | ) | 3.19 | 3.08 | — | (3.00 | ) | — | (3.00 | ) | 59.22 | 0.75 | 0.75 | (0.18 | ) | 44 | 5.04 | 648 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 44.19 | (0.11 | ) | 15.06 | 14.95 | — | (d) | — | — | — | (d) | 59.14 | 0.79 | 0.79 | (0.22 | ) | 44 | 33.84 | 284 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 45.15 | (0.03 | ) | (0.23 | ) | (0.26 | ) | — | (0.70 | ) | — | (0.70 | ) | 44.19 | 0.83 | 0.83 | (0.06 | ) | 34 | (0.52 | ) | 153 | |||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.28 | (0.13 | ) | 2.29 | 2.16 | — | (4.29 | ) | — | (4.29 | ) | 45.15 | 0.82 | 0.83 | (0.28 | ) | 52 | 4.89 | 133 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.78 | (0.03 | ) | 9.33 | 9.30 | — | (1.50 | ) | — | (1.50 | ) | 67.58 | 0.65 | 0.65 | (0.04 | ) | 32 | 16.30 | 2,695 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 59.62 | (0.06 | ) | 3.22 | 3.16 | — | (3.00 | ) | — | (3.00 | ) | 59.78 | 0.66 | 0.66 | (0.09 | ) | 44 | 5.14 | 1,636 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 44.51 | (0.07 | ) | 15.19 | 15.12 | (0.01 | ) | — | — | (0.01 | ) | 59.62 | 0.69 | 0.69 | (0.12 | ) | 44 | 33.97 | 692 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 45.43 | 0.02 | (0.24 | ) | (0.22 | ) | — | (0.70 | ) | — | (0.70 | ) | 44.51 | 0.72 | 0.72 | 0.04 | 34 | (0.43 | ) | 346 | |||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.44 | (0.10 | ) | 2.38 | 2.28 | — | (4.29 | ) | — | (4.29 | ) | 45.43 | 0.73 | 0.74 | (0.21 | ) | 52 | 5.15 | 190 | ||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.14 | (0.29 | ) | 9.25 | 8.96 | — | (1.50 | ) | — | (1.50 | ) | 66.60 | 1.01 | 1.01 | (0.44 | ) | 32 | 15.89 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 60.71 | (0.44 | ) | 1.87 | 1.43 | — | (3.00 | ) | — | (3.00 | ) | 59.14 | 1.13 | 1.13 | (0.72 | ) | 44 | 2.18 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Carillon Eagle Small Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.15 | (0.32 | ) | 0.39 | 0.07 | — | (10.99 | ) | — | (10.99 | ) | 48.23 | 1.08 | 1.08 | (0.65 | ) | 26 | 3.64 | 394 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 62.31 | (0.40 | ) | 2.07 | 1.67 | — | (4.83 | ) | — | (4.83 | ) | 59.15 | 1.05 | 1.05 | (0.63 | ) | 35 | 2.61 | 544 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 50.48 | (0.27 | ) | 13.72 | 13.45 | — | (1.62 | ) | — | (1.62 | ) | 62.31 | 1.13 | 1.13 | (0.47 | ) | 40 | 27.22 | 640 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 52.98 | (0.33 | ) | 1.29 | 0.96 | — | (3.46 | ) | — | (3.46 | ) | 50.48 | 1.15 | 1.15 | (0.66 | ) | 32 | 2.07 | 848 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 57.57 | (0.33 | ) | 2.22 | 1.89 | — | (6.48 | ) | — | (6.48 | ) | 52.98 | 1.10 | 1.10 | (0.60 | ) | 45 | 3.23 | 711 | ||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 43.65 | (0.44 | ) | (0.29 | ) | (0.73 | ) | — | (10.99 | ) | — | (10.99 | ) | 31.93 | 1.76 | 1.76 | (1.32 | ) | 26 | 2.92 | 68 | ||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 47.51 | (0.62 | ) | 1.59 | 0.97 | — | (4.83 | ) | — | (4.83 | ) | 43.65 | 1.75 | 1.75 | (1.31 | ) | 35 | 1.89 | 111 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 39.10 | (0.51 | ) | 10.54 | 10.03 | — | (1.62 | ) | — | (1.62 | ) | 47.51 | 1.82 | 1.82 | (1.17 | ) | 40 | 26.37 | 169 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 42.10 | (0.52 | ) | 0.98 | 0.46 | — | (3.46 | ) | — | (3.46 | ) | 39.10 | 1.85 | 1.85 | (1.36 | ) | 32 | 1.37 | 166 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 47.33 | (0.59 | ) | 1.84 | 1.25 | — | (6.48 | ) | — | (6.48 | ) | 42.10 | 1.82 | 1.82 | (1.32 | ) | 45 | 2.49 | 186 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.28 | (0.17 | ) | 0.52 | 0.35 | — | (10.99 | ) | — | (10.99 | ) | 51.64 | 0.76 | 0.76 | (0.33 | ) | 26 | 3.96 | 1,040 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 65.18 | (0.22 | ) | 2.15 | 1.93 | — | (4.83 | ) | — | (4.83 | ) | 62.28 | 0.75 | 0.75 | (0.33 | ) | 35 | 2.91 | 1,369 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 52.55 | (0.08 | ) | 14.33 | 14.25 | — | (1.62 | ) | — | (1.62 | ) | 65.18 | 0.78 | 0.78 | (0.13 | ) | 40 | 27.68 | 1,691 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 54.84 | (0.16 | ) | 1.33 | 1.17 | — | (3.46 | ) | — | (3.46 | ) | 52.55 | 0.81 | 0.81 | (0.32 | ) | 32 | 2.40 | 1,374 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.19 | (0.16 | ) | 2.29 | 2.13 | — | (6.48 | ) | — | (6.48 | ) | 54.84 | 0.78 | 0.78 | (0.28 | ) | 45 | 3.58 | 1,757 |
The accompanying notes are an integral part of the financial statements. | 43 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Eagle Small Cap Growth Fund (cont’d) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $57.14 | $(0.43 | ) | $0.30 | $(0.13) | $— | $(10.99 | ) | $— | $(10.99) | $46.02 | 1.34 | 1.34 | (0.90 | ) | 26 | 3.37 | $66 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 60.51 | (0.55 | ) | 2.01 | 1.46 | — | (4.83 | ) | — | (4.83) | 57.14 | 1.32 | 1.32 | (0.90 | ) | 35 | 2.32 | 85 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 49.18 | (0.40 | ) | 13.35 | 12.95 | — | (1.62 | ) | — | (1.62) | 60.51 | 1.38 | 1.38 | (0.73 | ) | 40 | 26.92 | 98 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 51.82 | (0.43 | ) | 1.25 | 0.82 | — | (3.46 | ) | — | (3.46) | 49.18 | 1.39 | 1.39 | (0.90 | ) | 32 | 1.83 | 94 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 56.59 | (0.48 | ) | 2.19 | 1.71 | — | (6.48 | ) | — | (6.48) | 51.82 | 1.38 | 1.38 | (0.88 | ) | 45 | 2.94 | 119 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.56 | (0.18 | ) | 0.53 | 0.35 | — | (10.99 | ) | — | (10.99) | 51.92 | 0.77 | 0.77 | (0.34 | ) | 26 | 3.94 | 362 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 65.45 | (0.22 | ) | 2.16 | 1.94 | — | (4.83 | ) | — | (4.83) | 62.56 | 0.75 | 0.75 | (0.33 | ) | 35 | 2.92 | 441 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 52.75 | (0.07 | ) | 14.39 | 14.32 | — | (1.62 | ) | — | (1.62) | 65.45 | 0.77 | 0.77 | (0.11 | ) | 40 | 27.71 | 469 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 55.02 | (0.15 | ) | 1.34 | 1.19 | — | (3.46 | ) | — | (3.46) | 52.75 | 0.78 | 0.78 | (0.30 | ) | 32 | 2.43 | 444 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.37 | (0.15 | ) | 2.28 | 2.13 | — | (6.48 | ) | — | (6.48) | 55.02 | 0.75 | 0.75 | (0.25 | ) | 45 | 3.57 | 418 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 63.11 | (0.12 | ) | 0.56 | 0.44 | — | (10.99 | ) | — | (10.99) | 52.56 | 0.65 | 0.65 | (0.23 | ) | 26 | 4.07 | 2,186 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 65.92 | (0.16 | ) | 2.18 | 2.02 | — | (4.83 | ) | — | (4.83) | 63.11 | 0.65 | 0.65 | (0.24 | ) | 35 | 3.02 | 2,141 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/16 | 10/31/17 | 53.06 | (0.04 | ) | 14.52 | 14.48 | — | (1.62 | ) | — | (1.62) | 65.92 | 0.66 | 0.66 | (0.06 | ) | 40 | 27.86 | 2,005 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/15 | 10/31/16 | 55.27 | (0.10 | ) | 1.35 | 1.25 | — | (3.46 | ) | — | (3.46) | 53.06 | 0.67 | 0.67 | (0.19 | ) | 32 | 2.53 | 1,139 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/14 | 10/31/15 | 59.55 | (0.10 | ) | 2.30 | 2.20 | — | (6.48 | ) | — | (6.48) | 55.27 | 0.66 | 0.66 | (0.17 | ) | 45 | 3.68 | 737 | |||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.03 | (0.33 | ) | 0.45 | 0.12 | — | (10.99 | ) | — | (10.99) | 51.16 | 1.17 | 1.37 | (0.61 | ) | 26 | 3.53 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 65.89 | (0.50 | ) | 1.47 | 0.97 | — | (4.83 | ) | — | (4.83) | 62.03 | 1.12 | 1.12 | (0.77 | ) | 35 | 1.40 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Carillon Scout International Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.02 | 0.35 | 1.50 | 1.85 | (0.66 | ) | (1.28 | ) | — | (1.94) | 18.93 | 1.44 | 1.51 | 1.97 | 20 | 11.82 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.21 | (2.26 | ) | (2.05 | ) | (0.22 | ) | (3.76 | ) | — | (3.98) | 19.02 | 1.31 | 1.31 | 1.05 | 13 | (9.90 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.89 | 0.20 | 1.52 | 1.72 | (0.50 | ) | (1.28 | ) | — | (1.78) | 18.83 | 2.19 | 2.21 | 1.15 | 20 | 10.99 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.18 | (2.38 | ) | (2.20 | ) | (0.20 | ) | (3.76 | ) | — | (3.96) | 18.89 | 2.20 | 2.23 | 0.87 | 13 | (10.59 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.07 | 0.37 | 1.56 | 1.93 | (0.66 | ) | (1.28 | ) | — | (1.94) | 19.06 | 1.10 | 1.10 | 2.05 | 20 | 12.24 | 711 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 25.18 | 0.38 | (2.51 | ) | (2.13 | ) | (0.22 | ) | (3.76 | ) | — | (3.98) | 19.07 | 1.06 | 1.06 | 1.73 | 13 | (10.12 | ) | 821 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 23.21 | 0.07 | 1.90 | 1.97 | — | — | — | — | 25.18 | 1.08 | 1.08 | 0.81 | 7 | 8.49 | 1,161 | ||||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 23.10 | 0.37 | 3.50 | 3.87 | (0.42 | ) | (3.34 | ) | — | (3.76) | 23.21 | 1.06 | 1.06 | 1.61 | 20 | 18.80 | 1,186 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 33.69 | 0.56 | (3.41 | ) | (2.85 | ) | (0.59 | ) | (7.15 | ) | — | (7.74) | 23.10 | 1.05 | 1.05 | 1.38 | 23 | (7.89 | ) | 1,484 | |||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 37.81 | 0.65 | (1.59 | ) | (0.94 | ) | (0.60 | ) | (2.58 | ) | — | (3.18) | 33.69 | 1.02 | 1.02 | 1.48 | 17 | (2.22 | ) | 4,775 | |||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.97 | 0.26 | 1.56 | 1.82 | (0.52 | ) | (1.28 | ) | — | (1.80) | 18.99 | 1.70 | 2.18 | 1.48 | 20 | 11.53 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.23 | (2.33 | ) | (2.10 | ) | (0.22 | ) | (3.76 | ) | — | (3.98) | 18.97 | 1.70 | 2.16 | 1.14 | 13 | (10.16 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.06 | 0.36 | 1.55 | 1.91 | (0.64 | ) | (1.28 | ) | — | (1.92) | 19.05 | 1.15 | 1.68 | 2.03 | 20 | 12.10 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.34 | (2.34 | ) | (2.00 | ) | (0.23 | ) | (3.76 | ) | — | (3.99) | 19.06 | 1.15 | 1.66 | 1.69 | 13 | (9.68 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.08 | 0.39 | 1.54 | 1.93 | (0.69 | ) | (1.28 | ) | — | (1.97) | 19.04 | 1.02 | 1.02 | 2.20 | 20 | 12.27 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.32 | (2.30 | ) | (1.98 | ) | (0.23 | ) | (3.76 | ) | — | (3.99) | 19.08 | 0.99 | 0.99 | 1.60 | 13 | (9.59 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.01 | 0.31 | 1.55 | 1.86 | (0.58 | ) | (1.28 | ) | — | (1.86) | 19.01 | 1.45 | 2.19 | 1.73 | 20 | 11.79 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.28 | (2.34 | ) | (2.06 | ) | (0.22 | ) | (3.76 | ) | — | (3.98) | 19.01 | 1.45 | 2.16 | 1.39 | 13 | (9.94 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Carillon Scout Mid Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.37 | 0.09 | 1.20 | 1.29 | (0.09 | ) | (1.19 | ) | — | (1.28) | 18.38 | 1.20 | 1.20 | 0.50 | 170 | 8.31 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | 0.05 | (0.30 | ) | (0.25 | ) | (0.02 | ) | (1.54 | ) | — | (1.56) | 18.37 | 1.19 | 1.19 | 0.28 | 106 | (1.51 | ) | 7 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.26 | (0.05 | ) | 1.18 | 1.13 | (0.03 | ) | (1.19 | ) | — | (1.22) | 18.17 | 1.99 | 1.99 | (0.28 | ) | 170 | 7.34 | 20 | ||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | (0.09 | ) | (0.28 | ) | (0.37 | ) | (0.01 | ) | (1.54 | ) | — | (1.55) | 18.26 | 1.94 | 1.94 | (0.47 | ) | 106 | (2.16 | ) | 9 |
44 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Scout Mid Cap Fund (cont’d) |
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Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $18.41 | $0.13 | $1.20 | $1.33 | $(0.09) | $(1.19 | ) | $— | $(1.28) | $18.46 | 0.98 | 0.98 | 0.75 | 170 | 8.48 | $2,685 | |||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 19.77 | 0.08 | 0.12 | 0.20 | (0.02) | (1.54 | ) | — | (1.56) | 18.41 | 0.97 | 0.97 | 0.40 | 106 | 0.74 | 2,420 | |||||||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 18.11 | — | (d) | 1.66 | 1.66 | — | — | — | — | 19.77 | 1.01 | 1.01 | 0.03 | 20 | 9.17 | 1,675 | |||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 15.06 | 0.07 | 3.35 | 3.42 | (0.07) | (0.30 | ) | — | (0.37) | 18.11 | 1.03 | 1.03 | 0.43 | 87 | 22.93 | 1,437 | |||||||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 16.02 | 0.21 | 0.13 | 0.34 | (0.17) | (1.13 | ) | — | (1.30) | 15.06 | 1.04 | 1.04 | 1.34 | 161 | 2.69 | 1,292 | |||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 18.79 | 0.03 | 0.30 | 0.33 | (0.02) | (3.08 | ) | — | (3.10) | 16.02 | 1.04 | 1.04 | 0.17 | 158 | 2.42 | 1,585 | |||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.32 | 0.03 | 1.19 | 1.22 | (0.06) | (1.19 | ) | — | (1.25) | 18.29 | 1.56 | 1.56 | 0.16 | 170 | 7.87 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | 0.01 | (0.32) | (0.31) | (0.01) | (1.54 | ) | — | (1.55) | 18.32 | 1.44 | 1.44 | 0.04 | 106 | (1.83 | ) | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.35 | 0.13 | 1.19 | 1.32 | (0.11) | (1.19 | ) | — | (1.30) | 18.37 | 1.00 | 1.00 | 0.72 | 170 | 8.47 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | 0.10 | (0.36) | (0.26) | (0.03) | (1.54 | ) | — | (1.57) | 18.35 | 0.99 | 0.99 | 0.53 | 106 | (1.62 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.41 | 0.15 | 1.19 | 1.34 | (0.11) | (1.19 | ) | — | (1.30) | 18.45 | 0.88 | 0.88 | 0.82 | 170 | 8.60 | 108 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | 0.12 | (0.32) | (0.20) | (0.03) | (1.54 | ) | — | (1.57) | 18.41 | 0.90 | 0.90 | 0.62 | 106 | (1.29 | ) | 34 | ||||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.37 | 0.08 | 1.20 | 1.28 | (0.10) | (1.19 | ) | — | (1.29) | 18.36 | 1.26 | 1.26 | 0.45 | 170 | 8.20 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | 0.07 | (0.32) | (0.25) | (0.02) | (1.54 | ) | — | (1.56) | 18.37 | 1.19 | 1.19 | 0.36 | 106 | (1.51 | ) | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Carillon Scout Small Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.10 | (0.07 | ) | 1.23 | 1.16 | — | (0.06 | ) | — | (0.06) | 28.20 | 1.16 | 1.16 | (0.27 | ) | 21 | 4.30 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.26 | ) | 2.68 | 2.42 | — | (4.95 | ) | — | (4.95) | 27.10 | 1.23 | 1.23 | (0.95 | ) | 22 | 8.00 | 12 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 26.89 | (0.25 | ) | 1.20 | 0.95 | — | (0.06 | ) | — | (0.06) | 27.78 | 1.92 | 1.92 | (0.92 | ) | 21 | 3.55 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.47 | ) | 2.68 | 2.21 | — | (4.95 | ) | — | (4.95) | 26.89 | 1.97 | 1.97 | (1.69 | ) | 22 | 7.21 | 14 | |||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.17 | (0.02 | ) | 1.25 | 1.23 | — | (0.06 | ) | — | (0.06 | ) | 28.34 | 0.95 | 0.94 | (0.06 | ) | 21 | 4.55 | 297 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 29.33 | (0.14 | ) | 2.93 | 2.79 | — | (4.95 | ) | — | (4.95 | ) | 27.17 | 0.95 | 0.97 | (0.49 | ) | 22 | 9.36 | 287 | ||||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 26.81 | (0.04 | ) | 2.56 | 2.52 | — | — | — | — | 29.33 | 1.03 | 1.03 | (0.45 | ) | 6 | 9.40 | 271 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 21.45 | (0.09 | ) | 6.52 | 6.43 | — | (1.07 | ) | — | (1.07 | ) | 26.81 | 1.04 | 1.04 | (0.39 | ) | 25 | 30.70 | 242 | ||||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 26.61 | (0.07 | ) | (1.55 | ) | (1.62 | ) | — | (3.54 | ) | — | (3.54 | ) | 21.45 | 1.13 | 1.13 | (0.32 | ) | 16 | (6.01 | ) | 198 | |||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 24.49 | (0.07 | ) | 2.37 | 2.30 | — | (0.18 | ) | — | (0.18 | ) | 26.61 | 1.12 | 1.12 | (0.27 | ) | 22 | 9.44 | 249 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.02 | (0.16 | ) | 1.23 | 1.07 | — | (0.06 | ) | — | (0.06 | ) | 28.03 | 1.50 | 1.55 | (0.56 | ) | 21 | 3.98 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.33 | ) | 2.67 | 2.34 | — | (4.95 | ) | — | (4.95 | ) | 27.02 | 1.50 | 1.67 | (1.20 | ) | 22 | 7.70 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.17 | (0.02 | ) | 1.25 | 1.23 | — | (0.06 | ) | — | (0.06 | ) | 28.34 | 0.95 | 0.99 | (0.07 | ) | 21 | 4.55 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.17 | ) | 2.66 | 2.49 | — | (4.95 | ) | — | (4.95 | ) | 27.17 | 0.95 | 1.32 | (0.60 | ) | 22 | 8.26 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.20 | — | 1.27 | 1.27 | — | (0.06 | ) | — | (0.06 | ) | 28.41 | 0.84 | 0.84 | 0.01 | 21 | 4.69 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.13 | ) | 2.65 | 2.52 | — | (4.95 | ) | — | (4.95 | ) | 27.20 | 0.85 | 0.86 | (0.47 | ) | 22 | 8.37 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.09 | (0.10 | ) | 1.24 | 1.14 | — | (0.06 | ) | — | (0.06 | ) | 28.17 | 1.25 | 1.23 | (0.36 | ) | 21 | 4.23 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 29.63 | (0.24 | ) | 2.65 | 2.41 | — | (4.95 | ) | — | (4.95 | ) | 27.09 | 1.25 | 1.59 | (0.87 | ) | 22 | 7.96 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Core Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.03 | 0.22 | 0.99 | 1.21 | (0.22 | ) | — | — | (0.22 | ) | 12.02 | 0.80 | 1.20 | 1.85 | 409 | 11.12 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.20 | (0.40 | ) | (0.20 | ) | (0.19 | ) | — | — | (0.19 | ) | 11.03 | 0.80 | 1.16 | 1.88 | 278 | (1.78 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.02 | 0.13 | 0.99 | 1.12 | (0.13 | ) | — | — | (0.13 | ) | 12.01 | 1.55 | 2.00 | 1.09 | 409 | 10.25 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.12 | (0.40 | ) | (0.28 | ) | (0.12 | ) | — | — | (0.12 | ) | 11.02 | 1.55 | 1.99 | 1.11 | 278 | (2.43 | ) | 0 |
The accompanying notes are an integral part of the financial statements. | 45 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Core Bond Fund (cont’d) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $11.04 | $0.26 | $1.01 | $1.27 | $(0.27 | ) | $— | $— | $(0.27 | ) | $12.04 | 0.40 | 0.98 | 2.28 | 409 | 11.64 | $105 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 11.40 | 0.24 | (0.38 | ) | (0.14 | ) | (0.22 | ) | — | — | (0.22 | ) | 11.04 | 0.40 | 0.87 | 2.12 | 278 | (1.23 | ) | 105 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 11.37 | 0.07 | 0.03 | 0.10 | (0.07 | ) | — | — | (0.07 | ) | 11.40 | 0.40 | 0.69 | 1.65 | 126 | 0.85 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 11.90 | 0.15 | (0.24 | ) | (0.09 | ) | (0.19 | ) | (0.25 | ) | — | (0.44 | ) | 11.37 | 0.40 | 0.66 | 1.30 | 390 | (0.71 | ) | 166 | ||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 11.42 | 0.18 | 0.49 | 0.67 | (0.19 | ) | — | — | (0.19 | ) | 11.90 | 0.40 | 0.62 | 1.62 | 453 | 6.00 | 204 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 11.50 | 0.14 | (0.07 | ) | 0.07 | (0.15 | ) | — | — | (0.15 | ) | 11.42 | 0.40 | 0.61 | 1.21 | 158 | 0.61 | 210 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.04 | 0.19 | 0.99 | 1.18 | (0.19 | ) | — | — | (0.19 | ) | 12.03 | 1.05 | 1.97 | 1.61 | 409 | 10.82 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.16 | (0.38 | ) | (0.22 | ) | (0.16 | ) | — | — | (0.16 | ) | 11.04 | 1.05 | 2.02 | 1.51 | 278 | (1.96 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.05 | 0.25 | 1.00 | 1.25 | (0.26 | ) | — | — | (0.26 | ) | 12.04 | 0.50 | 1.46 | 2.17 | 409 | 11.42 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.22 | (0.38 | ) | (0.16 | ) | (0.21 | ) | — | — | (0.21 | ) | 11.05 | 0.50 | 1.52 | 2.06 | 278 | (1.40 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.05 | 0.26 | 1.00 | 1.26 | (0.27 | ) | — | — | (0.27 | ) | 12.04 | 0.40 | 1.46 | 2.26 | 409 | 11.53 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.23 | (0.38 | ) | (0.15 | ) | (0.22 | ) | — | — | (0.22 | ) | 11.05 | 0.40 | 1.52 | 2.16 | 278 | (1.32 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.04 | 0.22 | 0.99 | 1.21 | (0.22 | ) | — | — | (0.22 | ) | 12.03 | 0.80 | 1.26 | 1.89 | 409 | 11.09 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 11.40 | 0.19 | (0.37 | ) | (0.18 | ) | (0.18 | ) | — | — | (0.18 | ) | 11.04 | 0.80 | 1.19 | 1.71 | 278 | (1.60 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 11.37 | 0.05 | 0.03 | 0.08 | (0.05 | ) | — | — | (0.05 | ) | 11.40 | 0.80 | 1.00 | 1.25 | 126 | 0.71 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 11.90 | 0.10 | (0.24 | ) | (0.14 | ) | (0.14 | ) | (0.25 | ) | — | (0.39 | ) | 11.37 | 0.79 | 0.97 | 0.91 | 390 | (1.09 | ) | 3 | ||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 11.42 | 0.15 | 0.49 | 0.64 | (0.16 | ) | — | — | (0.16 | ) | 11.90 | 0.75 | 0.97 | 1.27 | 453 | 5.63 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 11.50 | 0.10 | (0.07 | ) | 0.03 | (0.11 | ) | — | — | (0.11 | ) | 11.42 | 0.76 | 0.97 | 0.85 | 158 | 0.24 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Core Plus Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.58 | 3.01 | 3.59 | (0.60 | ) | — | — | (0.60 | ) | 33.43 | 0.80 | 0.98 | 1.79 | 413 | 11.89 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 31.76 | 0.54 | (1.36 | ) | (0.82 | ) | (0.50 | ) | — | — | (0.50 | ) | 30.44 | 0.80 | 0.97 | 1.85 | 292 | (2.60 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.41 | 0.34 | 3.00 | 3.34 | (0.37 | ) | — | — | (0.37 | ) | 33.38 | 1.55 | 1.78 | 1.05 | 413 | 11.06 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 31.76 | 0.32 | (1.36 | ) | (1.04 | ) | (0.31 | ) | — | — | (0.31 | ) | 30.41 | 1.55 | 1.85 | 1.09 | 292 | (3.31 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.72 | 2.99 | 3.71 | (0.72 | ) | — | — | (0.72 | ) | 33.45 | 0.40 | 0.66 | 2.23 | 413 | 12.32 | 635 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 31.74 | 0.66 | (1.34 | ) | (0.68 | ) | (0.60 | ) | — | — | (0.60 | ) | 30.46 | 0.40 | 0.60 | 2.11 | 292 | (2.17 | ) | 607 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 31.64 | 0.16 | 0.11 | 0.27 | (0.16 | ) | — | (0.01 | ) | (0.17 | ) | 31.74 | 0.40 | 0.58 | 1.53 | 123 | 0.85 | 741 | |||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 32.98 | 0.42 | (0.51 | ) | (0.09 | ) | (0.52 | ) | (0.73 | ) | — | (1.25 | ) | 31.64 | 0.40 | 0.59 | 1.32 | 433 | (0.18 | ) | 784 | ||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 32.27 | 0.60 | 1.14 | 1.74 | (0.56 | ) | (0.47 | ) | — | (1.03 | ) | 32.98 | 0.40 | 0.55 | 1.87 | 480 | 5.53 | 844 | |||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 32.30 | 0.39 | (0.01 | ) | 0.38 | (0.38 | ) | (0.03 | ) | — | (0.41 | ) | 32.27 | 0.40 | 0.56 | 1.22 | 187 | 1.19 | 638 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.50 | 3.00 | 3.50 | (0.51 | ) | — | — | (0.51) | 33.43 | 1.05 | 1.68 | 1.57 | 413 | 11.60 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 31.76 | 0.45 | (1.34 | ) | (0.89 | ) | (0.43 | ) | — | — | (0.43) | 30.44 | 1.05 | 1.77 | 1.51 | 292 | (2.84 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.68 | 3.00 | 3.68 | (0.69 | ) | — | — | (0.69) | 33.45 | 0.50 | 1.18 | 2.12 | 413 | 12.20 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 31.76 | 0.61 | (1.34 | ) | (0.73 | ) | (0.57 | ) | — | — | (0.57) | 30.46 | 0.50 | 1.27 | 2.07 | 292 | (2.31 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.71 | 3.00 | 3.71 | (0.72 | ) | — | — | (0.72) | 33.45 | 0.40 | 1.18 | 2.22 | 413 | 12.32 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 31.76 | 0.64 | (1.34 | ) | (0.70 | ) | (0.60 | ) | — | — | (0.60) | 30.46 | 0.40 | 1.27 | 2.17 | 292 | (2.23 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.59 | 2.99 | 3.58 | (0.59 | ) | — | — | (0.59) | 33.43 | 0.80 | 0.97 | 1.84 | 413 | 11.87 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 31.73 | 0.53 | (1.34 | ) | (0.81 | ) | (0.48 | ) | — | — | (0.48) | 30.44 | 0.80 | 0.96 | 1.70 | 292 | (2.56 | ) | 17 | ||||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 31.63 | 0.12 | 0.10 | 0.22 | (0.11 | ) | — | (0.01 | ) | (0.12) | 31.73 | 0.80 | 0.93 | 1.13 | 123 | 0.71 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 32.97 | 0.30 | (0.51 | ) | (0.21 | ) | (0.39 | ) | (0.74 | ) | — | (1.13) | 31.63 | 0.78 | 0.91 | 0.94 | 433 | (0.57 | ) | 30 | |||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 32.27 | 0.48 | 1.14 | 1.62 | (0.45 | ) | (0.47 | ) | — | (0.92) | 32.97 | 0.74 | 0.89 | 1.53 | 480 | 5.16 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 32.29 | 0.26 | (0.01 | ) | 0.25 | (0.24 | ) | (0.03 | ) | — | (0.27) | 32.27 | 0.80 | 0.96 | 0.82 | 187 | 0.79 | 57 |
46 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Unconstrained Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | $11.45 | $0.21 | $0.69 | $0.90 | $(0.22 | ) | $— | $— | $(0.22 | ) | $12.13 | 0.80 | 1.14 | 1.74 | 289 | 7.92 | $0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.83 | 0.21 | (0.41 | ) | (0.20 | ) | (0.18 | ) | — | — | (0.18 | ) | 11.45 | 0.80 | 1.20 | 1.85 | 139 | (1.71 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.42 | 0.11 | 0.71 | 0.82 | (0.14 | ) | — | — | (0.14 | ) | 12.10 | 1.55 | 1.96 | 0.92 | 289 | 7.19 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.83 | 0.11 | (0.41 | ) | (0.30 | ) | (0.11 | ) | — | — | (0.11 | ) | 11.42 | 1.55 | 2.42 | 0.99 | 139 | (2.55 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.24 | 0.70 | 0.94 | (0.25 | ) | — | — | (0.25 | ) | 12.12 | 0.50 | 0.85 | 2.07 | 289 | 8.31 | 907 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 11.85 | 0.22 | (0.43 | ) | (0.21 | ) | (0.21 | ) | — | — | (0.21 | ) | 11.43 | 0.50 | 0.83 | 1.90 | 139 | (1.79 | ) | 1,183 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 11.83 | 0.04 | 0.02 | 0.06 | (0.04 | ) | — | — | (0.04 | ) | 11.85 | 0.50 | 0.80 | 1.00 | 83 | 0.48 | 1,521 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 11.70 | 0.10 | 0.15 | 0.25 | (0.12 | ) | — | — | (0.12 | ) | 11.83 | 0.50 | 0.80 | 0.86 | 370 | 2.15 | 1,475 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 11.32 | 0.21 | 0.27 | 0.48 | (0.10 | ) | — | — | (0.10 | ) | 11.70 | 0.50 | 0.82 | 1.88 | 615 | 4.28 | 1,281 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 11.65 | 0.08 | (0.29 | ) | (0.21 | ) | (0.12 | ) | — | — | (0.12 | ) | 11.32 | 0.50 | 0.81 | 0.79 | �� | 116 | (1.77 | ) | 1,477 | ||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.18 | 0.69 | 0.87 | (0.19 | ) | — | — | (0.19 | ) | 12.11 | 1.05 | 1.80 | 1.51 | 289 | 7.63 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.83 | 0.15 | (0.39 | ) | (0.24 | ) | (0.16 | ) | — | — | (0.16 | ) | 11.43 | 1.05 | 2.25 | 1.40 | 139 | (2.09 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.24 | 0.70 | 0.94 | (0.25 | ) | — | — | (0.25 | ) | 12.12 | 0.50 | 1.37 | 2.06 | 289 | 8.31 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.83 | 0.21 | (0.40 | ) | (0.19 | ) | (0.21 | ) | — | — | (0.21 | ) | 11.43 | 0.50 | 1.45 | 1.95 | 139 | (1.62 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.26 | 0.69 | 0.95 | (0.26 | ) | — | — | (0.26 | ) | 12.12 | 0.40 | 0.76 | 2.17 | 289 | 8.42 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.83 | 0.25 | (0.43 | ) | (0.18 | ) | (0.22 | ) | — | — | (0.22 | ) | 11.43 | 0.40 | 0.76 | 2.32 | 139 | (1.53 | ) | 29 | |||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.49 | 0.21 | 0.69 | 0.90 | (0.21 | ) | — | — | (0.21 | ) | 12.18 | 0.80 | 1.15 | 1.77 | 289 | 7.93 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/17 | 10/31/18 | 11.90 | 0.18 | (0.41 | ) | (0.23 | ) | (0.18 | ) | — | — | (0.18 | ) | 11.49 | 0.80 | 1.14 | 1.58 | 139 | (1.97 | ) | 37 | |||||||||||||||||||||||||||||||||||||||||||
07/01/17 | 10/31/17 | 11.88 | 0.03 | 0.02 | 0.05 | (0.03 | ) | — | — | (0.03 | ) | 11.90 | 0.80 | 1.07 | 0.69 | 83 | 0.38 | 71 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/16 | 06/30/17 | 11.75 | 0.07 | 0.14 | 0.21 | (0.08 | ) | — | — | (0.08 | ) | 11.88 | 0.80 | 1.09 | 0.56 | 370 | 1.78 | 99 | ||||||||||||||||||||||||||||||||||||||||||||||
07/01/15 | 06/30/16 | 11.30 | 0.13 | 0.32 | 0.45 | — | — | — | — | 11.75 | 0.79 | 1.11 | 1.59 | 615 | 3.98 | 92 | ||||||||||||||||||||||||||||||||||||||||||||||||
07/01/14 | 06/30/15 | 11.64 | 0.03 | (0.27 | ) | (0.24 | ) | (0.10 | ) | — | — | (0.10 | ) | 11.30 | 0.80 | 1.11 | 0.49 | 116 | (2.05 | ) | 260 |
* Per share amounts have been calculated using the daily average share method.
(a) Annualized for periods less than one year.
(b) Not annualized for periods less than one year.
(c) Total returns are calculated without the imposition of eitherfront-end or contingent deferred sales charges.
(d) Per share amount is less than $0.005.
The accompanying notes are an integral part of the financial statements. | 47 |
10.31.2019 |
Note 1 | Organization and investment objective | Carillon Series Trust (the “Trust” or the “Carillon Family of Funds”) is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended, as anopen-end diversified management investment company. The Trust offers shares in the following series (each a “Fund” and collectively the “Funds”), each of which is advised by Carillon Tower Advisers, Inc. (“Carillon Tower” or “Manager”):
• | Carillon ClariVest Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation, |
• | Carillon ClariVest International Stock Fund (“International Stock Fund”) seeks capital appreciation, |
• | Carillon Cougar Tactical Allocation Fund* (“Tactical Allocation Fund”) seeks long-term capital appreciation, |
• | Carillon Eagle Growth & Income Fund (“Growth & Income Fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income, |
• | Carillon Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund”) seeks long-term capital appreciation, |
• | Carillon Eagle Small Cap Growth Fund (“Small Cap Growth Fund”) seeks long-term capital appreciation, |
• | Carillon Scout International Fund (“International Fund”) seeks long-term growth of capital and income, |
• | Carillon Scout Mid Cap Fund (“Mid Cap Fund”) seeks long-term growth of capital, |
• | Carillon Scout Small Cap Fund (“Small Cap Fund”) seeks long-term growth of capital, |
• | Carillon Reams Core Bond Fund (“Core Bond Fund”) seeks a high level of total return consistent with the preservation of capital, |
• | Carillon Reams Core Plus Bond Fund (“Core Plus Bond Fund”) seeks a high level of total return consistent with the preservation of capital, and |
• | Carillon Reams Unconstrained Bond Fund (“Unconstrained Bond Fund”) seeks to maximize total return consistent with the preservation of capital. |
*Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in exchange-traded funds (“ETFs”).
Class offerings | As of October 31, 2019, each Fund was authorized and offered Class A, Class C, Class I,Class R-3,Class R-5,Class R-6, and Class Y shares to qualified buyers.
• | For all Funds except the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, Class A shares are sold at a maximumfront-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 maximumfront-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase. |
• | Class C shares are sold subject to a CDSC of 1.00% of the lower of NAV or purchase price if redeemed less than one year after purchase. Class C shares automatically convert to Class A shares for all purchases that have surpassed their 10-year anniversary date. |
• | Class I,Class R-3,Class R-5,Class R-6 and Class Y shares are each sold without afront-end sales charge or a CDSC. |
Note 2 | Significant accounting policies | The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. GAAP.
Use of estimates | The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.
Valuation of securities | The price of each Fund’s shares is based on the NAV per share of each class of a Fund. Each Fund normally determines the NAV of its shares each business day as of the scheduled close of regular trading on the New York Stock Exchange (NYSE) and the Nasdaq (typically 4:00 p.m. ET). A Fund will not treat an intraday unscheduled disruption in trading on either the NYSE or Nasdaq as a closure of that particular market, and will price its shares as of the normally scheduled close of the NYSE and Nasdaq if the disruption directly affects only one of those markets. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Funds are not required to recalculate their NAV.
Generally, the Funds value portfolio securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price to reflect events that occur between the close of those markets and the time of the Fund’s determination of the NAV.
A market quotation may be considered unreliable or unavailable for various reasons, such as:
• | The quotation may be stale; |
• | The security is not actively traded; |
• | Trading on the security halted before the close of the trading market; |
• | The security is newly issued; |
• | Issuer-specific or vendor specific events occurred after the security halted trading; or |
• | Due to the passage of time between the close of the market on which the security trades and the close of the NYSE and the Nasdaq. |
Issuer-specific events that may cause the last market quotation to be unreliable include:
• | A merger or insolvency; |
• | Events which affect a geographical area or an industry segment, such as political events or natural disasters; or |
• | Market events, such as a significant movement in the U.S. markets. |
For most securities, both the latest transaction prices and adjustments are furnished by independent pricing services, subject to oversight by the Trust’s Board of Trustees (“Board”). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair valuesmall-cap securities, for example, that are thinly traded or illiquid. Fair value is the amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of all appropriate factors, including indications of fair value available from independent pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAV.
48 |
Notes to Financial Statements
10.31.2019 |
Pursuant to the Procedures, the Board has delegated theday-to-day responsibility for applying and administering the Procedures to a valuation committee (“Valuation Committee”), comprised of certain officers of the Trust and other employees of Carillon Tower. The composition of this Valuation Committee may change from time to time. The Valuation Committee follows fair valuation guidelines as set forth in the Procedures to make fair value determinations on all securities and assets for which market quotations are unavailable or unreliable. For portfolio securities fair valued by the Valuation Committee, Carillon Tower checks fair value prices by comparing the fair value of the security with values that are available from other sources (if any). Carillon Tower compares the fair value of the security to thenext-day opening price or next actual sale price, when applicable. Carillon Tower documents and reports to the Valuation Committee such comparisons when they are made. The Valuation Committee reports such comparisons to the Board at their regularly scheduled meetings. The Board retains the responsibility for periodic review and consideration of the appropriateness of any fair value pricing methodology established or implemented for each Fund. Fair value pricing methods, the Procedures and independent pricing services can change from time to time as approved by the Board and may occur as a result of look-back testing results or changes in industry best practices.
There can be no assurance, however, that a fair value price used by a Fund on any given day will more accurately reflect the market value of a security than a market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading. Specific types of securities are valued as follows:
• | Domestic exchange-traded equity securities | Market quotations are generally available and reliable for domestic exchange-traded equity securities. If the prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Foreign equity securities | If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE and the Nasdaq, closing market quotations may become unreliable. Consequently, fair valuation of portfolio securities may occur on a daily basis. The Valuation Committee, using the Procedures, may fair value a security if certain events occur between the time the trading of a particular security ends in a foreign market and a Fund’s NAV calculation. The Valuation Committee, using the Procedures, may also fair value a particular security if the events are significant and make the closing price unavailable or unreliable. If an issuer-specific event has occurred that Carillon Tower determines, in its judgment, is likely to have affected the closing price of a foreign security, it will price the security at fair value. Carillon Tower also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by an independent pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Fund securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the portfolio securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund. |
• | Fixed income securities | Government bonds, corporate bonds, asset-backed bonds, municipal bonds, short-term securities (investments that have a maturity date of 60 days or less), and convertible securities, including high yield or junk bonds, normally are valued on the basis of evaluated prices provided by independent pricing services. Evaluated prices provided by the independent pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors and appropriate methodologies that have been considered by the Board such asinstitution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. In accordance with SEC guidance, before using certain evaluated prices from a Pricing Service to determine the fair value of a Fund’s securities, Carillon Tower or the Valuation Committee shall, as appropriate, consider the inputs, methods, models, and assumptions used by the Pricing Service to determine the evaluated prices, and how those inputs, methods, models and assumptions are affected, if at all, as market conditions change. If the evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Futures and Options | Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the fiscal year ended October 31, 2019, only the Core Plus Bond Fund and Unconstrained Bond Fund held futures. None of the Funds held options during the fiscal year ended October 31, 2019. |
• | Credit default swaps | Credit default swaps are valued with prices provided by independent pricing services. If prices provided by independent pricing services are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the fiscal year ended October 31, 2019, only the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund held credit default swaps. |
• | Investment companies and exchange-traded funds (ETFs) | Investments in otheropen-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 inclosed-end funds and ETFs are valued on the basis of market quotations, if available and reliable. If the prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
Fair value measurements | Each Fund utilizes a three-level hierarchy of inputs to establish a classification of fair value measurements. The three levels are defined as:
Level 1—Valuations based on unadjusted quoted prices for identical securities in active markets;
Level 2—Valuations based on inputs other than quoted prices that are observable, either directly or indirectly, including inputs in markets that are not considered active; and
Level 3—Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.
49 |
Notes to Financial Statements
10.31.2019 |
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation Committee, along with any other relevant factors in the calculation of an investment’s fair value. A Fund uses prices and inputs that are current as of the valuation date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy. Investments falling into the Level 3 category may be classified as such due to a lack of market transparency and corroboration to support the quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Valuation Committee. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable entity data.
The following is a summary of the inputs used to value each Fund’s investments as of October 31, 2019:
Level 1 | Level 2 | Level 3 | ||||||||||
Capital Appreciation Fund | ||||||||||||
Common stocks (a) | $547,363,869 | $— | $— | |||||||||
Total investment portfolio | $547,363,869 | $— | $— | |||||||||
International Stock Fund | ||||||||||||
Common stocks (a): | ||||||||||||
Australia | $— | $484,917 | $— | |||||||||
Belgium | — | 77,004 | — | |||||||||
Denmark | — | 330,520 | — | |||||||||
Finland | — | 62,726 | — | |||||||||
France | — | 1,376,066 | — | |||||||||
Germany | — | 953,627 | — | |||||||||
Hong Kong | — | 49,477 | — | |||||||||
Israel | — | 149,159 | — | |||||||||
Italy | — | 564,843 | — | |||||||||
Japan | — | 2,813,557 | — | |||||||||
Netherlands | 262,647 | 633,526 | — | |||||||||
Norway | — | 28,093 | — | |||||||||
Singapore | — | 24,142 | — | |||||||||
Spain | — | 275,856 | — | |||||||||
Sweden | — | 559,684 | — | |||||||||
Switzerland | — | 1,403,831 | — | |||||||||
United Kingdom | 84,278 | 1,877,747 | — | |||||||||
Preferred stocks | — | 151,894 | — | |||||||||
Exchange traded funds | 128,098 | — | — | |||||||||
Total investment portfolio | $475,023 | $11,816,669 | $— | |||||||||
Tactical Allocation Fund | ||||||||||||
Exchange traded funds | $24,415,175 | $— | $— | |||||||||
Total investment portfolio | $24,415,175 | $— | $— | |||||||||
Growth & Income Fund | ||||||||||||
Common stocks (a) | $826,854,594 | $— | $— | |||||||||
Total investment portfolio | $826,854,594 | $— | $— | |||||||||
Mid Cap Growth Fund | ||||||||||||
Common stocks (a) | $5,634,862,755 | $— | $— | |||||||||
Money market funds | 73,593,957 | — | — | |||||||||
Total investment portfolio | $5,708,456,712 | $— | $— |
Level 1 | Level 2 | Level 3 | ||||||||||
Small Cap Growth Fund | ||||||||||||
Common stocks (a) | $4,122,176,721 | $— | $— | |||||||||
Money market funds | 91,124,644 | — | — | |||||||||
Total investment portfolio | $4,213,301,365 | $— | $— | |||||||||
International Fund | ||||||||||||
Common stocks (a): | ||||||||||||
Australia | $10,848,189 | $28,174,409 | $— | |||||||||
Canada | 8,121,141 | 10,867,876 | — | |||||||||
Denmark | 11,110,540 | — | — | |||||||||
France | — | 68,913,547 | — | |||||||||
Germany | 21,634,294 | 50,161,602 | — | |||||||||
Hong Kong | — | 13,185,970 | — | |||||||||
Ireland | 13,932,750 | 8,695,019 | — | |||||||||
Japan | — | 98,722,862 | — | |||||||||
Mexico | 23,953,693 | — | — | |||||||||
Norway | — | 13,214,637 | — | |||||||||
Singapore | — | 20,554,200 | — | |||||||||
South Africa | — | 4,942,725 | — | |||||||||
Spain | — | 11,756,004 | — | |||||||||
Sweden | — | 24,192,260 | — | |||||||||
Switzerland | 16,862,898 | 49,447,306 | — | |||||||||
Taiwan | — | 20,062,455 | — | |||||||||
Turkey | — | 12,255,449 | — | |||||||||
United Kingdom | 34,708,370 | 54,139,852 | — | |||||||||
United States | 34,237,607 | — | — | |||||||||
Preferred stocks: | ||||||||||||
Colombia | 11,991,180 | — | — | |||||||||
Germany | 9,673,394 | 16,634,979 | — | |||||||||
Money market funds | 10,640,805 | — | — | |||||||||
Total investment portfolio | $207,714,861 | $505,921,152 | $— | |||||||||
Mid Cap Fund | ||||||||||||
Common stocks (a) | $2,855,091,503 | $— | $— | |||||||||
Money market funds | 8,326,488 | — | — | |||||||||
Total investment portfolio | $2,863,417,991 | $— | $— |
50 |
Notes to Financial Statements
10.31.2019 |
Level 1 | Level 2 | Level 3 | ||||||||||
Small Cap Fund | ||||||||||||
Common stocks (a) | $323,623,085 | $— | $— | |||||||||
Money market funds | 2,670,749 | — | — | |||||||||
Total investment portfolio | $326,293,834 | $— | $— | |||||||||
Core Bond Fund | ||||||||||||
Corporate bonds (a) | $— | $19,997,937 | $— | |||||||||
Mortgage and asset-backed securities | — | 45,817,721 | — | |||||||||
U.S. Treasuries | — | 45,667,292 | — | |||||||||
Short-term investments | — | 7,087,589 | — | |||||||||
Total investment portfolio | $— | $118,570,539 | $— | |||||||||
Credit default swaps | $— | $168,890 | $— |
Level 1 | Level 2 | Level 3 | ||||||||||
Core Plus Bond Fund | ||||||||||||
Corporate bonds (a) | $— | $126,554,332 | $— | |||||||||
Mortgage and asset-backed securities | — | 247,826,042 | — | |||||||||
U.S. Treasuries | — | 293,525,079 | — | |||||||||
Short-term investments | — | 42,053,954 | — | |||||||||
Total investment portfolio | $— | $709,959,407 | $— | |||||||||
Credit default swaps | $— | $2,554,839 | $— | |||||||||
Unconstrained Bond Fund | ||||||||||||
Corporate bonds (a) | $— | $233,760,375 | $— | |||||||||
Mortgage and asset-backed securities | — | 200,566,300 | — | |||||||||
U.S. Treasuries | — | 198,357,733 | — | |||||||||
Short-term investments | — | 359,179,091 | — | |||||||||
Total investment portfolio | $— | $991,863,499 | $— | |||||||||
Credit default swaps | $— | $4,373,877 | $— |
(a) Please see the investment portfolio for details.
At October 31, 2019, the Funds did not hold any Level 3 investments.
Derivatives | The following disclosure provides certain information about the Funds’ derivative and hedging activities.
• | Forward currency contracts | Each of the Funds’ policies, except Small Cap Growth, Core Bond, International, Mid Cap, and Small Cap, permit the Funds to enter into forward currency contracts (“forward contracts”) for hedging (such as to hedge the impact of adverse changes in the relationships between the US dollar and various foreign currencies), including transaction hedging, anticipatory hedging, cross hedging, proxy hedging, and position hedging, or for any other lawful purpose consistent with their investment objectives. Forward contracts are agreements between two parties to exchange different currencies at a specified rate at an agreed upon future date. The fair value of a forward contract fluctuates with changes in currency exchange rates. Outstanding forward contracts are valued daily at current forward rates and the resulting change in market value is recorded as unrealized appreciation or depreciation. When a forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the forward contract was opened and the value at the time it was closed. The risks to the Funds of entering into forward contracts include the inability of counterparties to meet the terms of their contracts, future adverse movement in currency values and contract positions that are not exact offsets. During the fiscal year ended October 31, 2019, none of the Funds held forward contracts. |
• | Credit default swap contracts | The International Stock, Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into credit default swap agreements to enhance the Funds’ returns, increase liquidity, manage the duration of the Funds’ portfolios and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a relatively efficient way. The credit default swap agreement may have as a reference obligation one or more securities that are or are not currently held by a Fund. The Funds may enter into credit default swap agreements either as a buyer or seller. The buyer in a credit default swap agreement is obligated to pay the seller a periodic fee, typically expressed in basis points on the principal amount of the underlying obligation (the “notional value”), over the term of the agreement in return for a contingent payment upon the occurrence of a credit event with respect to the underlying reference obligation. A credit event is typically a default. If a Fund is a buyer and no credit event occurs, the Fund may lose its investment and recover nothing. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional value of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a seller, a Fund accrues for and receives a fixed rate of income throughout the term of the agreement, which typically is between one month and five years, provided that no credit event occurs. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional value of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional value of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit event occurs, the maximum payout amount for a sale contract is limited to the notional value of the swap contract (“Maximum Payout Amount”). Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings |
51 |
Notes to Financial Statements
10.31.2019 |
within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality. Interest paid to or by the Funds is accrued daily and included in realized gain (loss) on swap agreements. The contracts aremarked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swap agreements, including accruals of periodic amounts of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. Credit default swaps sold by a Fund may involve greater risks than if a Fund had invested in the reference obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty credit risk and credit risk of the issuer. Details of swap contracts, if any, at period end are included in the Investment Portfolios under the caption “Swap Contracts.” Refer to Note 6 for additional information. |
• | Futures contracts | Each of the Funds’ policies, except Small Cap Growth, International, Mid Cap, and Small Cap, permit the Funds to enter into futures contracts (“Futures”), including interest rate, bond, U.S. Treasury and fixed income index Futures, as a hedge against movements in the equity and bond markets in order to establish more definitively the effective return on securities held or intended to be acquired by the Funds or for other purposes permissible under the Commodity Exchange Act, including as a means to gain or reduce exposure to a reference instrument without actually buying or selling it. When a Fund enters into Futures, it must deliver to an account controlled by the futures commission merchant (“FCM”) an amount referred to as “initial margin.” Initial margin requirements are determined by the respective exchanges on which the Futures are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in themarked-to-market value of the Futures. The account ismarked-to-market daily and the unrealized gains or losses are recorded as variation margin and monitored by the Manager and custodian on a daily basis. When Futures are closed out, the Fund recognizes a realized gain or loss. The risks of entering into Futures include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instrument. The purchase of Futures involves the risk that the Fund could lose more than the amount invested in Futures. Details of futures contracts, if any, at period end are included in the Investment Portfolios under the caption “Futures Contracts.” Refer to Note 6 for additional information. |
During the fiscal year ended October 31, 2019, the average ofmonth-end derivative positions (notional value in U.S. dollars) were as follows:
Credit Default Swap Contracts | Futures Contracts - Long | Futures Contracts - Short | ||||||||||
Core Bond Fund | $10,316,923 | $— | $— | |||||||||
Core Plus Bond Fund | 83,546,662 | 146,775,595 | (106,961,976 | ) | ||||||||
Unconstrained Bond Fund | 170,906,892 | 224,575,686 | (353,726,138) |
Foreign currency transactions | The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) on foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.
To-Be-Announced Securities | The Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter intoto-be-announced securities. Ato-be-announced mortgage-backed security (“TBA”) is a mortgage-backed security, such as a Ginnie Mae pass-through security, that is purchased or sold with specific pools of cash that will constitute that Ginnie Mae pass-through security, to be announced on a future settlement date. At the time of purchase of a TBA, the seller does not specify the particular mortgage-backed securities to be delivered but rather agrees to accept any mortgage-backed security that meets specified terms. The Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. TBAs increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a Fund. As a purchaser of a TBA, the Fund will segregate or “earmark” cash or cash equivalent securities in accordance with procedures adopted by the Board equal to the value of the TBA, markedto-market daily in accordance with pertinent SEC positions. As a seller of a TBA, the Fund will segregate or “earmark” in accordance with procedures adopted by the Board the equivalent deliverable security up to the obligation required to be delivered.
Real estate investment trusts (“REIT(s)”) | There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the Funds’ fiscalyear-end and may differ from the estimated amounts.
Repurchase agreements | Each Fund may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred. During the fiscal year ended October 31, 2019, none of the Funds held any repurchase agreements.
52 |
Notes to Financial Statements
10.31.2019 |
Revenue recognition | Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on theex-dividend date. Interest income is recorded on an accrual basis.
Foreign taxes | The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds record such taxes and recoveries as applicable, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which a Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.
Expenses | Each Fund is charged for certain expenses which are directly attributable to it and certain other expenses which are allocated proportionately among the Carillon Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets.
Class allocations | Each class of shares has equal rights to earnings and assets except that each class may bear different expenses for administration, distribution and/or shareholder services. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative percentage of net assets.
Segregation and Collateralization | In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that a Fund either deliver collateral or segregate assets in connection with certain investments (e.g., forward currency contracts, securities with extended settlement periods, futures and swaps), the Fund will segregate collateral or designate on its books and records cash or other liquid securities having a value at least equal to the amount that is required to be physically segregated for the benefit of the counterparty. Furthermore, based on requirements and agreements with certain exchanges and third party broker- dealers, each party has requirements to deliver/deposit cash or securities as collateral for certain investments.
Distributions | Each Fund, except the Growth & Income Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, distributes net investment income annually. Distributions of net investment income are made quarterly in the Growth & Income Fund and monthly in the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each applicable Fund, will be distributed to shareholders annually in the following fiscal year. If a fund is involved in a reorganization wherein it acquires the net assets of another fund, or has its net assets acquired by another fund, a separate and additional distribution of net investment income and / or net realized gains may be made prior to such reorganization. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.
Distributions made to shareholders from earnings were as follows:
Distributions from earnings | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||||||
Capital Appreciation Fund | 11/1/18 to 10/31/19 | $14,814,793 | $2,225,038 | $17,013,818 | $121,423 | $617,839 | $3,552,644 | $842 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 10,158,703 | 5,182,715 | 7,279,691 | 80,730 | 195,042 | 2,575,449 | 619 | |||||||||||||||||||||||||
International Stock Fund | 11/1/18 to 10/31/19 | 62,730 | 6,585 | 143,217 | 10,790 | 55 | 2,790 | 527 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 54,124 | 28,696 | 115,789 | 7,995 | 45 | 177 | 145 | |||||||||||||||||||||||||
Tactical Allocation Fund | 11/1/18 to 10/31/19 | 63,410 | 72,560 | 832,642 | 389 | 1,386 | 464 | 420 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 38,585 | 36,455 | 369,140 | 262 | 978 | 333 | 289 | |||||||||||||||||||||||||
Growth & Income Fund | 11/1/18 to 10/31/19 | 13,263,144 | 11,192,138 | 28,892,434 | 159,383 | 93,954 | 4,010,119 | 6,433 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 6,621,319 | 5,933,158 | 11,688,591 | 90,673 | 20,226 | 1,918,067 | 561 | |||||||||||||||||||||||||
Mid Cap Growth Fund | 11/1/18 to 10/31/19 | 17,751,954 | 4,769,705 | 28,112,071 | 1,165,639 | 18,599,152 | 45,228,966 | 9,464 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 26,571,373 | 8,923,843 | 44,360,044 | 1,786,131 | 24,087,214 | 52,994,970 | 739 | |||||||||||||||||||||||||
Small Cap Growth Fund | 11/1/18 to 10/31/19 | 96,913,223 | 27,054,499 | 230,547,503 | 15,646,019 | 73,349,310 | 375,763,465 | 14,071 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 48,179,886 | 16,819,785 | 124,152,495 | 7,662,535 | 35,062,954 | 149,519,961 | 733 | |||||||||||||||||||||||||
International Fund | 11/1/18 to 10/31/19 | 39,756 | 6,071 | 78,820,675 | 851 | 906 | 280,424 | 932 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 1,591 | 1,583 | 177,675,550 | 1,588 | 1,594 | 1,594 | 1,591 | |||||||||||||||||||||||||
Mid Cap Fund | 11/1/18 to 10/31/19 | 691,968 | 704,999 | 169,659,120 | 105,258 | 50,544 | 2,868,920 | 179,981 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 3,347 | 1,837 | 138,752,902 | 770 | 775 | 775 | 1,848 | |||||||||||||||||||||||||
Small Cap Fund | 11/1/18 to 10/31/19 | 32,573 | 27,569 | 585,642 | 650 | 134 | 11,144 | 212 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 11,163 | 10,951 | 46,518,857 | 1,741 | 1,741 | 216,374 | 2,580 | |||||||||||||||||||||||||
Core Bond Fund | 11/1/18 to 10/31/19 | 17,697 | 5,896 | 2,406,030 | 174 | 233 | 243 | 33,120 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 5,814 | 2,454 | 2,264,998 | 139 | 187 | 195 | 33,740 | |||||||||||||||||||||||||
Core Plus Bond Fund | 11/1/18 to 10/31/19 | 5,088 | 3,282 | 14,048,025 | 165 | 223 | 233 | 286,358 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 2,399 | 1,317 | 13,013,527 | 135 | 182 | 190 | 354,295 |
53 |
Notes to Financial Statements
10.31.2019 |
Distributions from earnings (cont’d) | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||||||
Unconstrained Bond Fund | 11/1/18 to 10/31/19 | $ 4,566 | $ 1,157 | $ 23,194,466 | $ 160 | $ 218 | $ 970,353 | $ 494,618 | ||||||||||||||||||||||||
11/1/17 to 10/31/18 | 1,119 | 253 | 25,119,317 | 132 | 179 | 290,370 | 820,029 |
Other | In the normal course of business the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the risk of loss to each Fund is expected to be remote.
NOTE 3 | Purchases and sales of securities | During the fiscal year ended October 31, 2019, purchases and sales of investment securities (excluding short-term obligations) were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Purchases | $284,476,918 | $5,854,522 | $30,674,884 | $360,381,208 | $2,358,001,009 | $1,140,442,114 | ||||||||||||||||||
Sales | 244,935,213 | 10,670,917 | 30,166,067 | 180,477,163 | 1,645,972,988 | 1,855,944,185 | ||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Purchases | $147,428,478 | $4,822,506,674 | $69,736,233 | $209,869,844 | $1,224,735,223 | $1,104,775,487 | ||||||||||||||||||
Purchases - U.S. Treasury securities | — | — | — | 244,657,781 | 1,525,146,012 | 1,907,765,973 | ||||||||||||||||||
Sales | 306,664,869 | 4,550,641,681 | 76,666,099 | 198,251,051 | 1,138,391,083 | 1,019,446,865 | ||||||||||||||||||
Sales - U.S. Treasury securities | — | — | — | 266,099,858 | 1,654,295,942 | 2,677,404,782 |
NOTE 4 | Investment advisory fees and other transactions with affiliates | Each Fund has agreed to pay to the Manager an investment advisory and an administrative fee equal to an annualized rate based on a percentage of each Fund’s average daily net assets, computed daily and payable monthly. For advisory services provided by the Manager, the investment advisory rate for each Fund is as follows:
Investment advisory fee rate schedule | Breakpoint | Investment advisory fee | ||||
Capital Appreciation Fund | First $1 billion Over $1 billion | | 0.60% 0.55% |
| ||
International Stock Fund | All assets | 0.70% | ||||
Tactical Allocation Fund | All assets | 0.57% | ||||
Growth & Income Fund | First $100 million $100 million to $500 million Over $500 million | | 0.60% 0.45% 0.40% | |
Investment advisory fee rate schedule | Breakpoint | Investment advisory fee | ||||
Mid Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund | First $500 million $500 million to $1 billion Over $1 billion | | 0.60% 0.55% 0.50% |
| ||
International Fund, Mid Cap Fund | First $1 billion Over $1 billion | | 0.80% 0.70% |
| ||
Core Bond Fund, Core Plus Bond Fund | All assets | 0.40% | ||||
Unconstrained Bond Fund | First $3 billion Over $3 billion | | 0.60% 0.55% |
|
Subadvisory fees | The Manager has entered into subadvisory agreements with certain parties (the “subadviser” or “subadvisers”) to provide investment advice, portfolio management services (including the placement of brokerage orders), certain compliance and other services to the Funds. Under these agreements, Carillon Tower pays the subadvisers, each an affiliate of Carillon Tower, annualized rates identical to those disclosed in the investment advisory fee rate schedule. Carillon Tower may receive payments from the subadvisers for certain marketing and related expenses. The subadvisers for the Funds are as follows:
• | ClariVest Asset Management LLC (“ClariVest”) serves as subadviser for the Capital Appreciation Fund and the International Stock Fund, |
• | Cougar Global Investments Limited serves as subadviser for the Tactical Allocation Fund, |
• | Eagle Asset Management, Inc. serves as subadviser for the Growth & Income Fund, Mid Cap Growth Fund, and Small Cap Growth Fund, and |
• | Scout Investments, Inc. serves as subadviser for the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund. |
Administrative fees | For administrative services provided by the Manager, each Fund has agreed to pay an administrative rate of 0.10% of the average daily net assets of all share classes.
Distribution and service fees | Pursuant to the Class A, Class C,Class R-3 and Class Y Distribution plans and in accordance with Rule12b-1 of the Investment Company Act of 1940, as amended (“Rule12b-1 Plans”), the Funds are authorized to pay Carillon Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Carillon Series Trust, except the Capital Appreciation Fund and the Growth & Income Fund, is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and service
54 |
Notes to Financial Statements
10.31.2019 |
fees of 1.00% for Class C shares, 0.50% forClass 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 orClass 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 orClass R-6 shares, from its own resources.
Sales charges | During the fiscal year ended October 31, 2019, totalfront-end sales charges and contingent deferred sales charges (“CDSC”) paid to the Distributor were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Front-end sales charges - Class A | $33,864 | $1,525 | $14,360 | $258,907 | $290,882 | $97,539 | ||||||||||||||||||
CDSC - Class A | 31 | — | — | — | — | — | ||||||||||||||||||
CDSC - Class C | 270 | 49 | 118 | 3,711 | 2,312 | 1,013 | ||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Front-end sales charges - Class A | $14,737 | $164,008 | $34,793 | $18 | $81 | $493 | ||||||||||||||||||
CDSC - Class A | — | — | — | — | — | — | ||||||||||||||||||
CDSC - Class C | — | 1,403 | 371 | 6 | 13 | — |
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
Agency commissions | During the fiscal year ended October 31, 2019, total agency brokerage commissions paid and agency brokerage commissions paid directly to Raymond James & Associates, Inc. (“RJA”), an affiliate of the Manager, were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Total agency brokerage commissions | $86,818 | $8,272 | $6,425 | $167,988 | $1,710,820 | $1,429,365 | ||||||||||||||||||
Paid to RJA | — | — | — | 3,181 | 81,783 | 98,028 | ||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Total agency brokerage commissions | $351,514 | $3,264,488 | $81,719 | $— | $12,237 | $28,650 | ||||||||||||||||||
Paid to RJA | — | — | — | — | — | — |
Internal audit fees | RJA provides internal audit services to the Funds. Each Fund pays RJA a fixed and/or hourly fee for these services.
Shareholder servicing fees | Carillon Fund Services, Inc. (“CFS”), an affiliate of the Manager, is the shareholder servicing agent for each of the Funds. CFS’ actual cost of providing such services is reimbursed by the Funds on apro-rata basis of each Fund’s relative total net assets. During the fiscal year ended October 31, 2019, the amount of shareholder servicing fees charged to the Funds were as follows:
Shareholder servicing fees | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||
Capital Appreciation Fund | $3,112 | $302 | $5,106 | $20 | $130 | $— | $— | |||||||||||||||||||||
International Stock Fund | 75 | 39 | 108 | 16 | — | — | — | |||||||||||||||||||||
Tactical Allocation Fund | 26 | 41 | 342 | — | 1 | — | — | |||||||||||||||||||||
Growth & Income Fund | 2,924 | 2,439 | 7,785 | 31 | 51 | — | 2 | |||||||||||||||||||||
Mid Cap Growth Fund | 13,203 | 2,592 | 23,188 | 831 | 13,948 | — | 38 | |||||||||||||||||||||
Small Cap Growth Fund | 8,582 | 1,546 | 21,446 | 1,409 | 7,197 | — | — | |||||||||||||||||||||
International Fund | 15 | 2 | 13,403 | — | — | — | — | |||||||||||||||||||||
Mid Cap Fund | 323 | 312 | 48,174 | 34 | 14 | — | 361 | |||||||||||||||||||||
Small Cap Fund | 235 | 178 | 5,501 | 5 | 1 | — | 2 | |||||||||||||||||||||
Core Bond Fund | 18 | 10 | 1,887 | — | — | — | 31 | |||||||||||||||||||||
Core Plus Bond Fund | 5 | 6 | 11,524 | — | — | — | 276 | |||||||||||||||||||||
Unconstrained Bond Fund | 5 | 3 | 19,533 | — | — | — | 474 |
55 |
Notes to Financial Statements
10.31.2019 |
Transactions with affiliates | An issuer in which a Fund’s holdings represent 5% or more of the outstanding voting securities of the issuer is an “affiliated” issuer as defined in the 1940 Act. A schedule of Small Cap Growth Fund’s investments in securities of affiliated issuers is set forth below:
Value at 11/1/18 | Purchases | Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at 10/31/19 | Dividend Income | Shares owned at 10/31/19 | |||||||||||||||||||||||||
Everi Holdings, Inc. | $ 30,759,401 | $1,295,012 | $— | $— | $13,383,207 | $ 45,437,620 | $— | 4,516,662 | ||||||||||||||||||||||||
MarineMax, Inc. | 42,371,268 | — | — | — | (13,608,698) | 28,762,570 | — | 1,861,655 | ||||||||||||||||||||||||
Universal Electronics, Inc. | 46,989,335 | — | — | — | 31,331,232 | 78,320,567 | — | 1,502,697 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total | $120,120,004 | $1,295,012 | $— | $— | $31,105,741 | $152,520,757 | $— | |||||||||||||||||||||||||
|
|
Expense limitations | Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 20, 2020 to the extent that the annual operating expense ratio for each class of shares exceeds the following annualized ratios as a percentage of the average daily net assets of each class of shares.
Expense limitations rate schedule | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||
Capital Appreciation Fund | 1.00% | 1.75% | 0.70% | 1.25% | 0.70% | 0.60% | �� | 1.00% | ||||||||||||||||||||
International Stock Fund | 1.45% | 2.20% | 1.15% | 1.70% | 1.15% | 1.05% | 1.45% | |||||||||||||||||||||
Tactical Allocation Fund | 1.17% | 1.92% | 0.87% | 1.42% | 0.87% | 0.77% | 1.17% | |||||||||||||||||||||
Growth & Income Fund | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
Mid Cap Growth Fund | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
Small Cap Growth Fund | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
International Fund | 1.45% | 2.20% | 1.15% | 1.70% | 1.15% | 1.05% | 1.45% | |||||||||||||||||||||
Mid Cap Fund | 1.45% | 2.20% | 1.15% | 1.70% | 1.15% | 1.05% | 1.45% | |||||||||||||||||||||
Small Cap Fund | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
Core Bond Fund | 0.80% | 1.55% | 0.40% | 1.05% | 0.50% | 0.40% | 0.80% | |||||||||||||||||||||
Core Plus Bond Fund | 0.80% | 1.55% | 0.40% | 1.05% | 0.50% | 0.40% | 0.80% | |||||||||||||||||||||
Unconstrained Bond Fund | 0.80% | 1.55% | 0.50% | 1.05% | 0.50% | 0.40% | 0.80% |
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
Expenses waived and/or reimbursed 11/1/18 to 10/31/19 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $448,383 | $82,911 | $10,397 | $296,016 | $2,680 | $8,041 | $44,904 | $70 | ||||||||||||||||||||||||
International Stock Fund | 338,713 | 6,893 | 4,245 | 12,210 | 2,140 | 78 | 431 | 118 | ||||||||||||||||||||||||
Tactical Allocation Fund | 271,104 | 1,740 | 2,518 | 30,113 | 72 | 121 | 85 | 84 | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | 56 | ||||||||||||||||||||||||
International Fund | — | 548 | 29 | — | 45 | 49 | — | 74 | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | 150 | 25 | — | — | ||||||||||||||||||||||||
Core Bond Fund | 364,609 | 520 | 557 | 237,974 | 60 | 65 | 75 | 2,052 | ||||||||||||||||||||||||
Core Plus Bond Fund | 447,010 | 310 | 491 | 1,183,283 | 59 | 64 | 74 | 14,732 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 2,953,926 | 212 | 192 | 1,030,620 | 51 | 64 | 46,567 | 25,048 |
56 |
Notes to Financial Statements
10.31.2019 |
A portion or all of a Fund’s fees and expenses waived and/or reimbursed by the Manager in prior fiscal years may be recoverable by Carillon Tower prior to their expiration date. Any previously waived and/or reimbursed fees and expenses are recoverable by Carillon Tower only from the same class of shares and within two years from the Fund’s fiscalyear-end during which the fees and expenses were originally waived and/or reimbursed. Previously waived and/or reimbursed fees and expenses are recovered by Carillon Tower within the following two fiscal years when fees and expenses in the current fiscal year fall below the lesser of the current expense cap or the expense cap in effect at the time of the waiver and/or reimbursement. Carillon Tower receives payments from the Funds’ subadvisers for amounts waived and/or reimbursed under each contractual fee waiver and expense reimbursement agreement and provides to the subadvisers any recoupment that Carillon Tower receives from the Funds. The following tables show the amounts that Carillon Tower maybe allowed to recover by class of shares and the dates that these amounts will expire:
Recoverable expenses - 10/31/2021 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $448,383 | $82,911 | $10,397 | $296,016 | $2,680 | $8,041 | $44,904 | $70 | ||||||||||||||||||||||||
International Stock Fund | 338,713 | 6,893 | 4,245 | 12,210 | 2,140 | 78 | 431 | 118 | ||||||||||||||||||||||||
Tactical Allocation Fund | 271,104 | 1,740 | 2,518 | 30,113 | 72 | 121 | 85 | 84 | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | 56 | ||||||||||||||||||||||||
International Fund | — | 548 | 29 | — | 45 | 49 | — | 74 | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | 150 | 25 | — | — | ||||||||||||||||||||||||
Core Bond Fund | 364,609 | 520 | 557 | 237,974 | 60 | 65 | 75 | 2,052 | ||||||||||||||||||||||||
Core Plus Bond Fund | 447,010 | 310 | 491 | 1,183,283 | 59 | 64 | 74 | 14,732 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 2,953,926 | 212 | 192 | 1,030,620 | 51 | 64 | 46,567 | 25,048 |
Recoverable expenses - 10/31/2020 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $314,098 | $63,195 | $14,943 | $174,217 | $1,515 | $3,459 | $41,017 | $75 | ||||||||||||||||||||||||
International Stock Fund | 256,931 | 7,421 | 6,236 | 14,261 | 1,657 | 84 | 153 | 81 | ||||||||||||||||||||||||
Tactical Allocation Fund | 227,556 | 1,613 | 2,336 | 26,647 | 84 | 135 | 96 | 82 | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
International Fund | — | — | 13 | — | 44 | 49 | — | 69 | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | 172 | 104 | — | 77 | ||||||||||||||||||||||||
Core Bond Fund | 289,738 | 304 | 337 | 245,255 | 66 | 72 | 81 | 3,063 | ||||||||||||||||||||||||
Core Plus Bond Fund | 362,422 | 168 | 321 | 966,207 | 64 | 69 | 78 | 24,090 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 3,540,247 | 95 | 141 | 1,170,586 | 92 | 69 | 14,497 | 54,356 |
The Manager recovered previously waived expenses during the fiscal year ended October 31, 2019 as follows:
Recovered fees previously waived | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $— | $— | $— | $— | $— | $— | $— | $— | ||||||||||||||||||||||||
International Stock Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Tactical Allocation Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | 26 | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
International Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | 41,117 | — | — | 123 | 21 | ||||||||||||||||||||||||
Core Bond Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Core Plus Bond Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unconstrained Bond Fund | — | — | — | — | — | — | — | — |
57 |
Notes to Financial Statements
10.31.2019 |
Trustees and officers compensation | Each Trustee of the Carillon Family of Funds who is not an employee of the Manager receives an annual retainer along with meeting fees for those Carillon Family of Funds’ regular or special meetings attended in person and 25% of such meeting fees are received for telephonic meetings. All reasonableout-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are paid equally by each Fund in the Carillon Family of Funds. Certain officers of the Carillon Family of Funds may also be officers and/or directors of Carillon Tower. Such officers receive no compensation from the Funds except for the Funds’ Chief Compliance Officer. A portion of the Chief Compliance Officer’s total compensation is paid equally by each Fund in the Carillon Family of Funds.
NOTE 5 | Federal income taxes and distributions | Each Fund is treated as a single corporate taxpayer as provided for in the Tax Reform Act of 1986, as amended. Accordingly, no provision for federal income taxes is required since each of the Funds intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. The Manager has analyzed the Funds’ tax positions taken or expected to be taken on federal income tax returns for all open tax years (tax years ended October 31, 2016 to October 31, 2019 for all Funds except for the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund which have open tax years ended June 30, 2016, June 30, 2017, and October 31, 2017 to October 31, 2019) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from GAAP; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales andnon-REIT return of capital.
For income tax purposes, distributions paid during the fiscal periods indicated were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||||||
Ordinary Income | 11/1/18 to 10/31/19 | $1,421,956 | $226,694 | $240,950 | $15,033,842 | $11,158,308 | $— | |||||||||||||||||||||
11/1/17 to 10/31/18 | 236,305 | 206,971 | 410,930 | 11,609,719 | — | — | ||||||||||||||||||||||
Long-term capital gain | 11/1/18 to 10/31/19 | 36,924,441 | — | 730,321 | 42,583,763 | 104,478,643 | 819,288,090 | |||||||||||||||||||||
11/1/17 to 10/31/18 | 25,236,644 | — | 35,112 | 14,662,876 | 158,724,314 | 381,398,349 | ||||||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||||||
Ordinary Income | 11/1/18 to 10/31/19 | $32,961,534 | $11,985,517 | $370,922 | $2,463,393 | $14,343,374 | $24,665,538 | |||||||||||||||||||||
11/1/17 to 10/31/18 | 13,650,008 | 39,970,028 | 1,482,156 | 2,307,527 | 13,372,045 | 26,231,399 | ||||||||||||||||||||||
Long-term capital gain | 11/1/18 to 10/31/19 | 46,188,081 | 162,275,273 | 287,002 | — | — | — | |||||||||||||||||||||
11/1/17 to 10/31/18 | 164,035,083 | 98,792,226 | 45,281,251 | — | — | — |
Financial reporting records are adjusted for permanent book/tax differences to reflect tax character; these adjustments have no effect on net assets or NAV per share. Financial reporting records are not adjusted for temporary differences. The reclassifications arise from permanent book/tax differences primarily attributable to net operating losses not utilized, foreign currency transactions, return of capital distributions from REITs, return of capital distributions fromnon-REITs, paydowns on debt securities, sales adjustments due to passive foreign investment companies, and investments in swaps. The reclassifications were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||
Paid-in capital | $— | $— | $— | $— | $— | $(1,754,018) | ||||||||||
Total distributable earnings (loss) | — | — | — | — | — | 1,754,018 | ||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||
Paid-in capital | $— | $— | $— | $— | $ (2) | $— | ||||||||||
Total distributable earnings (loss) | — | — | — | — | 2 | — |
At October 31, 2019, capital loss carryforwards and late year loss deferrals are as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Capital loss carryforwards utilized 11/1/18 to 10/31/19 | $— | $— | $— | $— | $— | $ — | ||||||||||||||||||
Capital loss carryforwards available indefinitely at 10/31/19 | — | 914,959 | — | — | — | — | ||||||||||||||||||
Late year loss deferrals available at 10/31/19 | — | — | — | — | 8,904,083 | 30,451,344 |
58 |
Notes to Financial Statements
10.31.2019 |
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Capital loss carryforwards utilized 11/1/18 to 10/31/19 | $— | $— | $— | $3,274,181 | $23,494,715 | $27,427,625 | ||||||||||||||||||
Capital loss carryforwards available indefinitely at 10/31/19 | — | — | — | — | — | 27,702,019 | ||||||||||||||||||
Late year loss deferrals available at 10/31/19 | — | — | 335,692 | — | — | — |
Capital loss carryforwards may be used to offset future realized gains and late year loss deferrals (net losses incurred from January 1, 2019 to October 31, 2019) may be used to offset ordinary income as of the first day of the following fiscal year.
At October 31, 2019, the components of distributable earnings (losses) on a tax basis were as follows:
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Cost of investments | $350,472,790 | $11,251,894 | $23,029,782 | $581,585,927 | $4,530,034,643 | $3,253,892,025 | ||||||||||||||||||
Gross unrealized appreciation | 207,165,548 | 1,695,585 | 1,430,665 | 250,139,431 | 1,403,111,508 | 1,229,302,177 | ||||||||||||||||||
Gross unrealized depreciation | (10,274,469 | ) | (655,787 | ) | (45,272 | ) | (4,870,764 | ) | (224,689,439 | ) | (269,892,837 | ) | ||||||||||||
Net unrealized appreciation/(depreciation) | 196,891,079 | 1,039,798 | 1,385,393 | 245,268,667 | 1,178,422,069 | 959,409,340 | ||||||||||||||||||
Undistributed ordinary income | 2,299,938 | 264,615 | 191,168 | 2,423,085 | — | — | ||||||||||||||||||
Undistributed long-term gain | 6,949,690 | — | 26,983 | 23,218,907 | 123,272,391 | 247,184,524 | ||||||||||||||||||
Total undistributed earnings | 9,249,628 | 264,615 | 218,151 | 25,641,992 | 123,272,391 | 247,184,524 | ||||||||||||||||||
Other accumulated losses | — | (915,852 | ) | — | (2,274 | ) | (8,904,083 | ) | (30,451,344 | ) | ||||||||||||||
Total distributable earnings (loss) | $206,140,707 | $388,561 | $1,603,544 | $270,908,385 | $1,292,790,377 | $1,176,142,520 | ||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Cost of investments | $497,252,598 | $2,551,086,427 | $223,307,711 | $117,796,805 | $706,262,982 | $989,013,951 | ||||||||||||||||||
Gross unrealized appreciation | 258,483,326 | 398,072,218 | 123,546,194 | 1,302,517 | 8,508,887 | 8,618,615 | ||||||||||||||||||
Gross unrealized depreciation | (42,099,911 | ) | (85,740,654 | ) | (20,560,071 | ) | (359,893 | ) | (2,257,623 | ) | (1,395,190 | ) | ||||||||||||
Net unrealized appreciation/(depreciation) | 216,383,415 | 312,331,564 | 102,986,123 | 942,624 | 6,251,264 | 7,223,425 | ||||||||||||||||||
Undistributed ordinary income | 6,250,167 | 15,322,785 | — | 2,501,433 | 14,714,533 | 6,586,652 | ||||||||||||||||||
Undistributed long-term gain | 36,431,895 | 2,100,074 | 12,539,896 | — | — | — | ||||||||||||||||||
Total undistributed earnings | 42,682,062 | 17,422,859 | 12,539,896 | 2,501,433 | 14,714,533 | 6,586,652 | ||||||||||||||||||
Other accumulated losses | (94,232 | ) | 30 | (345,189 | ) | — | — | (27,702,019 | ) | |||||||||||||||
Total distributable earnings (loss) | $258,971,245 | $329,754,453 | $115,180,830 | $3,444,057 | $20,965,797 | $(13,891,942 | ) |
The difference between book-basis andtax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses from wash sales, differences in the accounting treatment fornon-REIT returns of capital, investments in passive foreign investment companies and swaps.
NOTE 6 | Other Derivative Information | At October 31, 2019, the Funds have invested in derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:
Asset | Liability | |||||||||||||
Risk Exposure Category | Statements of Assets and Liabilities Location | Fair Value Amount | Fair Value Amount | |||||||||||
Core Bond Fund | Credit contracts | Premiums paid - open swap contracts | $137,692 | N/A | ||||||||||
Unrealized appreciation - open swap contracts | 31,198 | N/A | ||||||||||||
|
| |||||||||||||
Total | $168,890 | N/A | ||||||||||||
|
| |||||||||||||
Core Plus Bond Fund | Credit contracts | Premiums paid - open swap contracts | $2,096,721 | N/A | ||||||||||
Unrealized appreciation - open swap contracts | 458,118 | N/A | ||||||||||||
|
| |||||||||||||
Total | $2,554,839 | N/A | ||||||||||||
|
|
59 |
Notes to Financial Statements
10.31.2019 |
Asset | Liability | |||||||||||||
Risk Exposure Category | Statements of Assets and Liabilities Location | Fair Value Amount | Fair Value Amount | |||||||||||
Unconstrained Bond Fund | Credit contracts | Premiums paid - open swap contracts | $3,598,520 | N/A | ||||||||||
Unrealized appreciation - open swap contracts | 775,357 | N/A | ||||||||||||
|
| |||||||||||||
Total | $4,373,877 | N/A | ||||||||||||
|
|
Financial Accounting Standards Board Accounting Update2011-11, Disclosures about Offsetting Assets and Liabilities requires an entity that has financial instruments that are either 1) offset or 2) subject to an enforceable master netting arrangement or similar agreement to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. As of October 31, 2019, the Funds did not hold any financial or derivative instruments that are offset or subject to enforceable master netting agreements (or related arrangements).
For the fiscal year ended October 31, 2019, the effect of derivative contracts on the Funds’ Statements of Operations is as follows:
Risk Exposure Category | Derivative Instrument | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation (Depreciation) | |||||||||||
Core Bond Fund | Credit contracts | Swap contracts | $476,388 | $31,198 | ||||||||||
|
| |||||||||||||
Total | $476,388 | $31,198 | ||||||||||||
|
| |||||||||||||
Core Plus Bond Fund | Credit contracts | Swap contracts | $4,829,474 | $389,976 | ||||||||||
Interest rate contracts* | Future contracts | 418,481 | 1,970,421 | |||||||||||
|
| |||||||||||||
Total | $5,247,955 | $ | 2,360,397 | |||||||||||
|
| |||||||||||||
Unconstrained Bond Fund | Credit contracts | Swap contracts | $11,398,034 | $637,789 | ||||||||||
Interest rate contracts* | Future contracts | (22,797,889 | ) | 5,195,644 | ||||||||||
|
| |||||||||||||
Total | $(11,399,855) | $ | 5,833,433 | |||||||||||
|
| |||||||||||||
*Some of these futures contracts were denominated in Euro, which also gave the Fund exposure to foreign currency risk. |
|
Refer to Note 2 for additional information regarding investments in derivatives.
NOTE 7 | Securities lending | To earn additional income, each Fund may loan portfolio securities to qualified broker dealers. The primary objective of securities lending is to supplement a Fund’s income through investment of the cash collateral in short-term interest bearing obligations. The collateral for a Fund’s loans will bemarked-to-market daily so that at all times the collateral exceeds 100% of the value of the loan. A Fund may terminate such loans at any time and the market risk applicable to any security loaned remains its risk. Although voting rights, or rights to consent, with respect to the loaned securities pass to the borrower, a Fund retains the right to call the loans at any time on reasonable notice, and it may choose to do so in order that the securities may be voted by it if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. A Fund also may call such loans in order to sell the securities involved. The borrower must add to the collateral whenever the market value of the securities rises above the level of such collateral. While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount may be received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend. Securities loans involve some risk. There is a risk that a borrower may default on its obligations to return loaned securities; however, the funds’ securities lending agent may indemnify a Fund against that risk. A Fund could incur a loss if the borrower should fail financially at a time when the value of the loaned securities is greater than the collateral, and a Fund could lose rights in the collateral should the borrower fail financially. The securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a fund’s ability to vote proxies or to settle transactions. A Fund will also be responsible for the risks associated with the investment of cash collateral. In any case in which the loaned securities are not returned to a Fund before anex-dividend date, the payment in lieu of the dividend that a fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”
Each security on loan as of the date of this report is footnoted on each Fund’s Investment Portfolio, along with the total value of all securities on loan. Cash collateral received for securities on loan has been invested in the First American Government Obligations Fund Class X (the “money market fund”). The money market fund is included in each respective Fund’s Investment Portfolio and is footnoted as having been purchased with cash collateral received for securities on loan. The value of the money market fund is included as an asset on the Statements of Assets and Liabilities as part of “Investments—unaffiliated, at value.” A liability of equal value to the cash collateral received and subsequently invested in the money market fund is included on the Statements of Assets and Liabilities as “Payable for securities lending collateral received.” Income earned from securities lending, net of applicable fees, is shown on the Statement of Operations as income from “Securities lending, net.”
NOTE 8 | Line of Credit | As of October 31, 2019, the Trust has a secured line of credit of up to $350,000,000 with U.S. Bank N.A, secured by a first priority lien on the Trust’s assets. Each Fund may borrow up to 33.33% of the net market value of such Fund’s assets, with the maximum aggregate limit of $350,000,000 for all Funds. Borrowings under this arrangement bear interest at U.S. Bank N.A.‘s prime rate minus 1.00%, which as of October 31, 2019 was 3.75% (prime rate of 4.75% minus 1.00%). The following table shows the details of the Funds’ borrowing activity during the fiscal year ended October 31, 2019. Funds that are not listed did not utilize the line of credit during the period.
60 |
Notes to Financial Statements
10.31.2019 |
Maximum Outstanding Balance | Average Daily Balance | Total Interest Incurred | Average Annual Interest Rate | |||||||||||||
Capital Appreciation Fund | $7,185,000 | $131,260 | $5,950 | 4.47 | % | |||||||||||
International Stock Fund | 1,766,000 | 46,696 | 2,131 | 4.50 | ||||||||||||
Tactical Allocation Fund | 3,398,000 | 11,395 | 520 | 4.50 | ||||||||||||
Mid Cap Growth Fund | 7,599,000 | 110,260 | 4,472 | 4.00 | ||||||||||||
Small Cap Growth Fund | 27,852,000 | 479,107 | 21,859 | 4.50 | ||||||||||||
International Fund | 3,282,000 | 8,992 | 387 | 4.25 | ||||||||||||
Mid Cap Fund | 1,115,000 | 11,444 | 492 | 4.24 | ||||||||||||
Unconstrained Bond Fund | 3,560,000 | 22,921 | 988 | 4.25 |
As of October 31, 2019, none of the Funds had any amounts outstanding under the line of credit.
NOTE 9 | Subsequent events | The Manager has evaluated subsequent events through December 18, 2019, the date these financial statements were issued, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ financial statements.
61 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Carillon Series Trust and Shareholders of Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Cougar Tactical Allocation Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Cougar Tactical Allocation Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund (constituting Carillon Series Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with the accounting principles generally accepted in the United States of America.
The financial statements of the Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund as of and for the year ended June 30, 2017 and the financial highlights for each of the periods ended on or prior to June 30, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 28, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Tampa, Florida
December 18, 2019
We have served as the auditor of one or more investment companies in Carillon Series Trust since 1985.
62 |
Understanding Your Ongoing Costs
(UNAUDITED) | 10.31.2019 |
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution(12b-1) fees, and other fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflectone-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial adviser.
Actual expenses | The table below shows the actual expenses you would have paid on a $1,000 investment made in each Fund on May 1, 2019 and held through October 31, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns after ongoing expenses. This table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes | The table below shows each Fund’s expenses based on a $1,000 investment held from May 1, 2019 through October 31, 2019 and assuming for this period a hypothetical 5% annualized rate of return before ongoing expenses, which is not the Fund’s actual return. Please note that you should not use this information to estimate your actual ending account balance and expenses paid during the period. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the Funds with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison.
Actual expenses | Hypothetical expenses | |||||||||||||||||||||||
Beginning Account Value | Ending Account Value | Expenses paid during period (a) | Ending Account Value | Expenses paid during period (a) | Annualized expense ratio | |||||||||||||||||||
Capital Appreciation Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $1,025.90 | $5.11 | $1,020.16 | $5.09 | 1.00 | % | |||||||||||||||||
Class C | 1,000.00 | 1,022.20 | 8.92 | 1,016.38 | 8.89 | 1.75 | ||||||||||||||||||
Class I | 1,000.00 | 1,027.50 | 3.58 | 1,021.68 | 3.57 | 0.70 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,024.60 | 6.38 | 1,018.90 | 6.36 | 1.25 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,027.40 | 3.58 | 1,021.68 | 3.57 | 0.70 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,028.00 | 3.07 | 1,022.18 | 3.06 | 0.60 | ||||||||||||||||||
Class Y | 1,000.00 | 1,026.00 | 5.11 | 1,020.16 | 5.09 | 1.00 | ||||||||||||||||||
International Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,016.30 | 7.37 | 1,017.90 | 7.37 | 1.45 | ||||||||||||||||||
Class C | 1,000.00 | 1,012.40 | 11.16 | 1,014.12 | 11.17 | 2.20 | ||||||||||||||||||
Class I | 1,000.00 | 1,018.10 | 5.85 | 1,019.41 | 5.85 | 1.15 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,015.30 | 8.64 | 1,016.64 | 8.64 | 1.70 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,018.10 | 5.85 | 1,019.41 | 5.85 | 1.15 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,018.00 | 5.34 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class Y | 1,000.00 | 1,015.80 | 7.37 | 1,017.90 | 7.37 | 1.45 | ||||||||||||||||||
Tactical Allocation Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,019.10 | 5.95 | 1,019.31 | 5.96 | 1.17 | ||||||||||||||||||
Class C | 1,000.00 | 1,015.50 | 9.75 | 1,015.53 | 9.75 | 1.92 | ||||||||||||||||||
Class I | 1,000.00 | 1,021.10 | 4.43 | 1,020.82 | 4.43 | 0.87 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,017.90 | 7.22 | 1,018.05 | 7.22 | 1.42 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,021.00 | 4.43 | 1,020.82 | 4.43 | 0.87 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,021.70 | 3.92 | 1,021.32 | 3.92 | 0.77 | ||||||||||||||||||
Class Y | 1,000.00 | 1,019.20 | 5.95 | 1,019.31 | 5.96 | 1.17 | ||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,036.30 | 4.93 | 1,020.37 | 4.89 | 0.96 | ||||||||||||||||||
Class C | 1,000.00 | 1,032.30 | 8.81 | 1,016.53 | 8.74 | 1.72 | ||||||||||||||||||
Class I | 1,000.00 | 1,037.80 | 3.65 | 1,021.63 | 3.62 | 0.71 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,034.40 | 6.72 | 1,018.60 | 6.67 | 1.31 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,037.20 | 3.85 | 1,021.42 | 3.82 | 0.75 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,038.20 | 3.19 | 1,022.08 | 3.16 | 0.62 | ||||||||||||||||||
Class Y | 1,000.00 | 1,035.30 | 5.75 | 1,019.56 | 5.70 | 1.12 | ||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,020.20 | 5.40 | 1,019.86 | 5.40 | 1.06 | ||||||||||||||||||
Class C | 1,000.00 | 1,016.70 | 8.84 | 1,016.43 | 8.84 | 1.74 | ||||||||||||||||||
Class I | 1,000.00 | 1,021.90 | 3.77 | 1,021.48 | 3.77 | 0.74 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,018.60 | 6.97 | 1,018.30 | 6.97 | 1.37 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,021.90 | 3.87 | 1,021.37 | 3.87 | 0.76 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,022.40 | 3.26 | 1,021.98 | 3.26 | 0.64 | ||||||||||||||||||
Class Y | 1,000.00 | 1,020.20 | 5.35 | 1,019.91 | 5.35 | 1.05 |
63 |
Understanding Your Ongoing Costs
(UNAUDITED) | 10.31.2019 |
Actual expenses | Hypothetical expenses | |||||||||||||||||||||||
Beginning Account Value | Ending Account Value | Expenses paid during period (a) | Ending Account Value | Expenses paid during period (a) | Annualized expense ratio | |||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $940.90 | $5.28 | $1,019.76 | $5.50 | 1.08 | % | |||||||||||||||||
Class C | 1,000.00 | 937.70 | 8.50 | 1,016.43 | 8.84 | 1.74 | ||||||||||||||||||
Class I | 1,000.00 | 942.30 | 3.72 | 1,021.37 | 3.87 | 0.76 | ||||||||||||||||||
Class R-3 | 1,000.00 | 939.60 | 6.55 | 1,018.45 | 6.82 | 1.34 | ||||||||||||||||||
Class R-5 | 1,000.00 | 942.30 | 3.72 | 1,021.37 | 3.87 | 0.76 | ||||||||||||||||||
Class R-6 | 1,000.00 | 942.80 | 3.18 | 1,021.93 | 3.31 | 0.65 | ||||||||||||||||||
Class Y | 1,000.00 | 940.10 | 6.11 | 1,018.90 | 6.36 | 1.25 | ||||||||||||||||||
International Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,031.00 | 7.37 | 1,017.95 | 7.32 | 1.44 | ||||||||||||||||||
Class C | 1,000.00 | 1,026.70 | 11.24 | 1,014.12 | 11.17 | 2.20 | ||||||||||||||||||
Class I | 1,000.00 | 1,033.10 | 5.53 | 1,019.76 | 5.50 | 1.08 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,029.80 | 8.70 | 1,016.64 | 8.64 | 1.70 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,032.50 | 5.89 | 1,019.41 | 5.85 | 1.15 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,033.10 | 5.23 | 1,020.06 | 5.19 | 1.02 | ||||||||||||||||||
Class Y | 1,000.00 | 1,030.90 | 7.42 | 1,017.90 | 7.37 | 1.45 | ||||||||||||||||||
Mid Cap Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 982.40 | 6.15 | 1,019.00 | 6.26 | 1.23 | ||||||||||||||||||
Class C | 1,000.00 | 977.90 | 10.07 | 1,015.02 | 10.26 | 2.02 | ||||||||||||||||||
Class I | 1,000.00 | 983.50 | 4.90 | 1,020.27 | 4.99 | 0.98 | ||||||||||||||||||
Class R-3 | 1,000.00 | 980.20 | 8.04 | 1,017.09 | 8.19 | 1.61 | ||||||||||||||||||
Class R-5 | 1,000.00 | 982.40 | 5.35 | 1,019.81 | 5.45 | 1.07 | ||||||||||||||||||
Class R-6 | 1,000.00 | 983.50 | 4.40 | 1,020.77 | 4.48 | 0.88 | ||||||||||||||||||
Class Y | 1,000.00 | 981.80 | 6.59 | 1,018.55 | 6.72 | 1.32 | ||||||||||||||||||
Small Cap Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 950.10 | 5.60 | 1,019.46 | 5.80 | 1.14 | ||||||||||||||||||
Class C | 1,000.00 | 946.80 | 9.27 | 1,015.68 | 9.60 | 1.89 | ||||||||||||||||||
Class I | 1,000.00 | 951.00 | 4.67 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 948.60 | 7.37 | 1,017.64 | 7.63 | 1.50 | ||||||||||||||||||
Class R-5 | 1,000.00 | 951.00 | 4.67 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 951.80 | 4.18 | 1,020.92 | 4.33 | 0.85 | ||||||||||||||||||
Class Y | 1,000.00 | 949.80 | 6.14 | 1,018.90 | 6.36 | 1.25 | ||||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,053.20 | 4.14 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 1,049.30 | 8.01 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 1,056.10 | 2.07 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,051.80 | 5.43 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,054.60 | 2.59 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,055.20 | 2.07 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 1,053.10 | 4.14 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Core Plus Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,055.40 | 4.14 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 1,051.20 | 8.01 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 1,057.10 | 2.07 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,053.70 | 5.44 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,056.90 | 2.59 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,057.10 | 2.07 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 1,055.30 | 4.14 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Unconstrained Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,033.00 | 4.10 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 1,028.80 | 7.93 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 1,034.50 | 2.56 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,031.70 | 5.38 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,034.50 | 2.56 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,035.00 | 2.05 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 1,032.80 | 4.10 | 1,021.17 | 4.08 | 0.80 |
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the period, then multiplying the result by the actual number of days in the period (184), and then dividing that result by the actual number of days in the fiscal year (365).
64 |
Renewal of Investment Advisory and Subadvisory Agreements
(UNAUDITED) |
Overview. | At a meeting held on August 12, 2019, the Board of Trustees (“Board” or “Trustees”) of Carillon Series Trust (“Trust”), including its independent members (the “Independent Trustees”), approved the renewal of the investment advisory agreement between Carillon Tower Advisers, Inc. (“Carillon Tower”) and the Trust, on behalf of the Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Cougar Tactical Allocation Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund. Each of the funds mentioned is referred to as a “Fund” and, collectively, as the “Funds.”
The Board also approved the renewal of the investment subadvisory agreements between Carillon Tower and: (1) Eagle Asset Management, Inc. (“Eagle”), the subadviser to the Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund; (2) ClariVest Asset Management LLC (“ClariVest”), the subadviser to the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; (3) Cougar Global Investments Ltd. (“Cougar”), the subadviser to the Carillon Cougar Tactical Allocation Fund; and (4) Scout Investments, Inc. (“Scout”), the subadviser to the Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund. Each of the investment advisory and subadvisory agreements is referred to herein as an “Agreement” and, collectively, as the “Agreements.”
On an annual basis, the Board considers renewal of the Agreements. As part of the annual renewal process, the Board took into consideration information and reports it was provided relevant to the annual renewal of the Agreements, including: reports regarding the services and support provided to the Funds and their shareholders by Carillon Tower, Eagle, ClariVest, Cougar, U.S. Bancorp Fund Services, LLC, a third party that providessub-administration, transfer agent and fund accounting services to the Funds, and U.S. Bank National Association, which provides custody services to the Funds; information on the Funds’ performance and commentary on the performance presented by Raymond James Asset Management Services and Fund portfolio managers; presentations by Fund portfolio managers addressing, as applicable, the investment philosophy, investment strategies, personnel and operations of Eagle, ClariVest, Cougar and Scout; compliance and financial reports concerning the Funds, and responses by Carillon Tower, Eagle, ClariVest, Cougar and Scout to issues raised therein. The Board also considered information on relevant developments in the mutual fund industry and how the Funds and/or Carillon Tower are responding to them.
Carillon Tower, Eagle, ClariVest, Cougar and Scout also prepared comprehensive responses to items of information requested by counsel to the Independent Trustees in letters to Carillon Tower, Eagle, ClariVest, Cougar and Scout, to assist the Board in determining whether to renew the agreements. These responses contained substantial and detailed information regarding the Funds, Carillon Tower, Eagle, ClariVest, Cougar and Scout. Among other matters, these reports included information on: (1) the nature and extent of the advisory and other services provided by Carillon Tower, Eagle, ClariVest, Cougar and Scout; (2) the personnel of Carillon Tower, Eagle, ClariVest, Cougar and Scout who provide services to the Funds; (3) the financial condition of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (4) the compliance programs and records of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (5) the performance of the Funds as compared to funds within their Morningstar, Inc. category (“Morningstar Category”), Broadridge, Inc. (“Broadridge”) performance universe and benchmark indices; (6) the Funds’ expenses, including the advisory fee rates, the overall expense structures of the Funds, both in absolute terms and relative to funds within the applicable Fund’s Broadridge expense group and expense universe, and any applicable contractual expense limitations; (7) the anticipated effect of growth and size on
the Funds’ performance and expenses, where applicable; (8) benefits to be realized by Carillon Tower, Eagle, ClariVest, Cougar, Scout and their respective affiliates; and (9) the estimated profitability of Carillon Tower, Eagle, ClariVest, Cougar and Scout under the Agreements, if available. The Board posed questions to various management personnel of Carillon Tower regarding certain key aspects of the materials submitted in support of the renewal. Many of the materials presented at these meetings were first supplied in draft form prior to the meetings to designated independent Board representatives,i.e., counsel to the Fund and the Independent Trustees, and the final materials were revised to include information reflective of requests made by the Board. The Board also accorded appropriate weight to the work, deliberations and conclusions of the various committees in determining whether to continue the Agreements.
In addition, throughout the year, the Board regularly met with portfolio management teams and senior management personnel and reviewed information prepared by Carillon Tower and the Funds’ subadvisers addressing the services provided by Carillon Tower and the Funds’ subadvisers, as well as Fund performance. Carillon Tower or its affiliates prepared detailed reports for the Board in November 2018 and in February, May and August 2019, including reports providing the results of analyses of the Funds’ performance and expenses.
With respect to the renewal of the Agreements, the Board took into consideration various factors, including: (1) the nature, extent and quality of services provided to the Funds; (2) the investment performance of the Funds; (3) the estimated costs of the services provided to the Funds and the estimated profits realized by Carillon Tower and its affiliates, including Eagle, ClariVest, Cougar and Scout, from their relationships with the Funds; (4) the extent to which economies of scale have been realized as the Funds grow; (5) whether the level of fees reflects those economies of scale for the benefit of the Funds’ investors; (6) comparisons of services and fees with contracts entered into by Carillon Tower, Eagle, ClariVest, Cougar and Scout with other clients (such as pension funds and other institutional investors); and (7) any benefits derived by Carillon Tower, Eagle, ClariVest, Cougar and Scout from their relationships with the Funds.
Provided below is a discussion of the factors the Board considered at its August 2019 meeting to form the basis of its renewal of the Agreements. The Board did not identify any particular information that was most relevant to its consideration to renew the Agreements and each Trustee may have accorded different weight to the various factors.
Nature, Extent and Quality of Services. | The Board considered that the personnel responsible for the Funds at Carillon Tower are experienced in providing investment advisory services to the Funds, and that the personnel responsible for the Funds at Eagle, ClariVest, Cougar and Scout are experienced in providing portfolio management services for the Funds, and that Carillon Tower, Eagle, ClariVest, Cougar and Scout have provided a continuous investment program for the Funds. The Board considered that Carillon Tower oversees and monitors the performance and services provided by Eagle, ClariVest, Cougar, Scout and the Funds’ other service providers, and is responsible for recommending the Funds’ subadvisers to the Board. The Board also considered that Carillon Tower and its affiliates, Carillon Fund Distributors, Inc. (“CFD”) and Carillon Fund Services, Inc. (“CFS”), provide certain administration, distribution and shareholder services to the Funds. In addition, the Board considered that Carillon Tower is responsible for oversight of compliance with the Funds’ policies and objectives, review of brokerage matters, oversight of the Funds’ compliance with applicable law and implementation of Board directives as they relate to the Funds. The Board considered that shareholders in the Funds have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Carillon Tower’s competitors, and that the Funds’ shareholders, with the opportunity to review and weigh the disclosure provided by the Funds in their prospectuses and other public disclosures, have chosen to invest in the Funds.
The Board considered that: Eagle is responsible for making investment decisions on behalf of the Carillon Eagle Growth & Income Fund, Carillon Eagle
65 |
Renewal of Investment Advisory and Subadvisory Agreements
(UNAUDITED) |
Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund; ClariVest is responsible for making investment decisions on behalf of the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; Cougar is responsible for making investment decisions on behalf of the Carillon Cougar Tactical Allocation Fund; and Scout is responsible for making investment decisions on behalf of the Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund. The Board considered that Eagle, ClariVest, Cougar and Scout are responsible for placing all orders for the purchase and sale of securities with broker-dealers for the Funds that they manage. The Board also considered: (1) information regarding the Carillon Tower, Eagle, ClariVest, Cougar and Scout personnel who provide services to the Funds; (2) certifications as to the adequacy of the compliance programs of Carillon Tower, Eagle, ClariVest, Cougar and Scout; (3) the financial information regarding Carillon Tower, Eagle, ClariVest, Cougar and Scout, as provided; and (4) Carillon Tower’s recommendations to continue to retain Eagle, ClariVest, Cougar and Scout to provide portfolio management services to the Funds.
Investment Performance. | The Board considered comparisons of each Fund’s Class I performance, including, if applicable, a Fund’sone-, three-, five- andten-year annualized total returns for the period ended June 30, 2019, relative to the average performance of its Morningstar Category, Broadridge performance universe and benchmark indices. For each Fund, as relevant, the Board also considered the subadviser’s explanation regarding underperformance relative to the Fund’s Morningstar Category, Broadridge performance universe and/or benchmark indices.
With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for theone-year, three-year andten-year periods ended June 30, 2019, but outperformed each for the five-year period; and (2) the Fund underperformed its benchmark index for all relevant periods.
With respect to the Carillon ClariVest International Stock Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe for theone-year, three-year and five-year periods ended June 30, 2019; (2) the Fund outperformed its Morningstar Category for the three-year and five-year periods, but underperformed for theone-year period; and (3) the Fund outperformed its benchmark index for the five-year period, but underperformed for theone-year and three-year periods.
With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe, Morningstar Category and its custom benchmark index (comprised 60% of the Barclays US Aggregate Bond Index and 40% of the MSCI All Country World Index) for theone-year and three-year periods ended June 30, 2019.
With respect to the Carillon Eagle Growth & Income Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for theone-year, three-year, five-year andten-year periods ended June 30, 2019; and (2) The Fund outperformed its benchmark index for theone-year period, but underperformed its benchmark index for the three-year, five-year andten-year periods.
With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and its benchmark index for the three-year, five-year andten-year periods ended June 30, 2019, but underperformed each for theone-year period; and (2) the Fund outperformed its Morningstar Category for all relevant periods.
With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for theone-year, three-year and five-year periods ended June 30, 2019, but outperformed each for the10-year period; and (2) the Fund outperformed its benchmark index for theone-year, five-year andten-year periods, but underperformed for the three-year period.
With respect to the Carillon Scout International Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe, Morningstar Category and benchmark index for theone-year and three-year periods ended June 30, 2019, but outperformed each for the five-year andten-year periods.
With respect to the Carillon Scout Mid Cap Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe, Morningstar Category and benchmark index for the three-year, five-year andten-year periods ended June 30, 2019; and (2) the Fund outperformed the median of its Broadridge performance universe and its Morningstar Category, but underperformed its benchmark index for theone-year period.
With respect to the Carillon Scout Small Cap Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its Morningstar Category and benchmark index for theone-year, three-year, five-year andten-year periods ended June 30, 2019; and (2) the Fund outperformed the median of its Broadridge performance universe for all relevant periods, other than theten-year period.
With respect to the Carillon Reams Core Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed its Morningstar Category and the median of its Broadridge performance universe for theone-year, three-year, five-year andten-year periods ended June 30, 2019; and (2) the Fund outperformed its benchmark index for theone-year, three-year andten-year periods, but underperformed for the five-year period.
With respect to the Carillon Reams Core Plus Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for theone-year, five-year andten-year periods ended June 30, 2019, but underperformed each for the three-year period; and (2) the Fund outperformed its benchmark index for all periods other than the five-year period.
With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe and Morningstar Category for theone-year period ended June 30, 2019, but underperformed each for the three-year and five-year periods; and (2) outperformed its benchmark index for all relevant periods.
Fees and Expenses. | The Board considered the advisory fee rate payable by each Fund to Carillon Tower under the Agreements, the subadvisory fee rate payable by Carillon Tower to Eagle, ClariVest, Cougar and Scout, each Fund’s total expense ratio and its Rule12b-1 fees. The Board considered that the subadvisory fee rate paid by Carillon Tower to Eagle, ClariVest, Cougar or Scout, as applicable, is identical to the advisory fee rate paid to Carillon Tower by the Fund. The Board also considered the advisory fee rates paid to Eagle, ClariVest, Cougar and Scout for other accounts each subadviser manages in the same strategy as the relevant Fund. In addition, the Board considered comparisons of each Fund’s total expenses (including Rule12b-1 fees) to the median total expenses (including Rule12b-1 fees) of the applicable Fund’s Broadridge expense group and expense universe, based on data for the Fund’s latest fiscal year end. The Board also considered that Carillon Tower had
66 |
Renewal of Investment Advisory and Subadvisory Agreements
(UNAUDITED) |
undertaken contractual expense limitations with respect to the Funds for its 2019 fiscal year and that Carillon Tower was requesting that the Board approve the same expense cap levels for the Funds through February 29, 2020. With respect to Scout, the Board considered that, to the extent there is a reduction in the fees paid to Carillon Tower as a result of Carillon Tower waiving its advisory fee, the amount that Carillon Tower pays Scout would be reduced proportionality. The Board also considered that, if Carillon Tower subsequently recoups previously waived advisory fees from a Scout-subadvised Fund, Carillon Tower will make a payment to Scout in an amount equal to the recoupment.
With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to Carillon ClariVest International Stock Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Cougar Tactical Allocation Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Growth & Income Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Scout International Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Scout Mid Cap Fund, the Board considered that the total expenses of the Fund’s Class I shares were higher than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Scout Small Cap Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Core Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Core Plus Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered that the total expenses of the Fund’s Class I shares were lower than the median total expenses of its Broadridge expense group and expense universe.
Costs, Profitability and Economies of Scale. | The Board considered Carillon Tower’s estimated costs and profitability in providing services to the Funds, consolidated with its affiliated subadvisers. The Board also considered that, since the acquisition by Eagle of the remaining outstanding interest in ClariVest on April 1, 2019, each subadviser is an indirect wholly-owned subsidiary of
RJF. In addition, the Board considered that the estimated costs and profitability of Eagle, ClariVest, Cougar and Scout generally are less significant to the Board’s evaluation of the fee rates and expenses paid by a Fund than Carillon Tower’s advisory fee rate and estimated profitability and the Funds’ overall expense ratios. The Board also considered that Carillon Tower’s estimated profits on the services it provided to the Funds are reasonable in light of Carillon Tower’s estimated costs in providing services to each Fund and that Carillon Tower manages each Fund’s assets and provides a comprehensive compliance program for each Fund.
In addition, the Board considered that the advisory fee rate structures for certain of the Funds provide for breakpoints, which is a reduction of the applicable fee rate as assets increase. The Board also considered that each Fund may benefit from economies of scale, and shareholders may realize such economies of scale, through: (1) reduced advisory fees achieved when a Fund’s asset size reaches breakpoints in the fee schedules instituted by Carillon Tower; (2) increased services to a Fund; or (3) allocation of fixed fund expenses over a large asset size.
Benefits. | In evaluating compensation, the Board considered benefits that may be realized by Carillon Tower, Eagle, ClariVest, Cougar, Scout and their respective affiliates from their relationships with the Funds. The Board took into consideration that Carillon Tower and its affiliates have entered into revenue sharing and services agreements with third parties for marketing and/or shareholder services. The Board also considered that the Funds compensate Carillon Tower for providing administrative services and CFS for providing shareholder services. The Board further considered that, as the Funds’ principal underwriter and distributor, CFD receives Rule12b-1 payments from the Funds to compensate it for providing services and distribution activities. These activities could lead to growth in the Funds’ assets and the corresponding benefits of that growth, including economies of scale and greater diversification. In addition, other affiliates of Carillon Tower have entered into agreements with CFD to sell Fund shares and receive compensation from CFD. The Board considered that ClariVest and Cougar do not enter into formal soft dollar arrangements. However, the Board also considered that Carillon Tower has entered into marketing agreements with ClariVest, Cougar and Scout pursuant to which ClariVest, Cougar and Scout pay Carillon Tower a fee for performing marketing and client services for the Funds and other clients of ClariVest, Cougar and Scout.
Conclusions. | The Board concluded with respect to the Funds that: (1) each Fund was reasonably likely to benefit from the nature, quality and extent of Carillon Tower’s, Eagle’s, ClariVest’s, Cougar’s and Scout’s services, as applicable to the Funds; (2) each Fund’s performance was satisfactory in light of all the factors considered by the Board; (3) the fees payable under the Agreements and estimated profits earned by Carillon Tower, Eagle, ClariVest, Cougar and Scout were reasonable in the context of all the factors considered by the Board; and (4) the current advisory fee rate structure provides each Fund’s shareholders with reasonable benefits associated with economies of scale. The Board also determined in its business judgment to renew the Agreements and to approve the Agreements between each Fund and Carillon Tower and between Carillon Tower and each of Eagle, ClariVest, Cougar and Scout.
67 |
2019 Federal Tax Notice
(UNAUDITED) |
The following information for the fiscal year ended October 31, 2019 for the Carillon Family of Funds is provided pursuant to provisions of the Internal Revenue Code.
The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ended December 31, 2019. All dividends paid by the Funds from net investment income are deemed to be ordinary income for federal income tax purposes. Complete information will be computed and reported in conjunction with your 2019 Form1099-DIV.
The amounts shown may differ from amounts disclosed elsewhere in this report due to differences between tax and financial reporting requirements.
Capital Appreciation Fund | International Stock Fund | Tactical Allocation Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | |||||||||||||||||||
Qualified dividend income | 100.00 | % | 100.00 | % | 28.43 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||
Dividends received deduction | 100.00 | % | 0.00 | % | 18.95 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||
Long-term capital gains | $36,924,441 | $— | $730,321 | $42,583,763 | $104,478,643 | $819,288,090 | ||||||||||||||||||
International Fund | Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | |||||||||||||||||||
Qualified dividend income | 100.00 | % | 100.00 | % | 92.59 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Dividends received deduction | 3.04 | % | 100.00 | % | 92.59 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
Long-term capital gains | $46,188,081 | $162,275,273 | $287,002 | $— | $— | $— |
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(UNAUDITED)
Additional Information About Principal Risk Factors
The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the Funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table identifies the risk factors of each fund in light of its principal investment strategies. These risk factors are explained following the table.
The Carillon Cougar Tactical Allocation Fund is a “fund of funds” that seeks to achieve its investment objective by investing its assets primarily in underlying funds. Therefore, in this section, the term “fund” may include a fund, an underlying fund, or both a fund and an underlying fund.
Risk | Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Cougar Tactical Allocation Fund | Carillon Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund | ||||||||||||||||||
Call | X | |||||||||||||||||||||||
Commodities | X | |||||||||||||||||||||||
Credit | X | |||||||||||||||||||||||
Credit ratings | X | |||||||||||||||||||||||
Emerging markets | X | |||||||||||||||||||||||
Equity securities | X | X | X | X | X | X | ||||||||||||||||||
Fixed income market | X | |||||||||||||||||||||||
Focused holdings | X | X | ||||||||||||||||||||||
Foreign securities | X | X | X | |||||||||||||||||||||
Fund of funds | X | |||||||||||||||||||||||
Growth stocks | X | X | X | X | X | X | ||||||||||||||||||
High-yield securities | X | |||||||||||||||||||||||
Inflation | X | |||||||||||||||||||||||
Initial public offerings | X | |||||||||||||||||||||||
Interest rate | X | |||||||||||||||||||||||
Japan | X | |||||||||||||||||||||||
Liquidity | X | X | ||||||||||||||||||||||
Market and Stock Market | X | X | X | X | X | X | ||||||||||||||||||
Market timing | X | X | X | |||||||||||||||||||||
Mid-cap companies | X | X | X | X | X | |||||||||||||||||||
Mortgage and asset-backed securities | X | |||||||||||||||||||||||
Municipal securities | X | |||||||||||||||||||||||
Other investment companies, including ETFs | X | X | ||||||||||||||||||||||
Portfolio turnover | X | X | ||||||||||||||||||||||
Quantitative Strategy | X | X | ||||||||||||||||||||||
Redemptions | X | |||||||||||||||||||||||
Sectors | X | X | X | |||||||||||||||||||||
Small-cap companies | X | X | X | |||||||||||||||||||||
U.S. Government securities and Government sponsored enterprises | X | |||||||||||||||||||||||
Value stocks | X | X |
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Principal Risks
(UNAUDITED)
Risk | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | ||||||||||||||||||
Credit | X | X | X | |||||||||||||||||||||
Credit ratings | X | X | X | |||||||||||||||||||||
Derivatives | X | X | X | |||||||||||||||||||||
Emerging markets | X | X | X | X | ||||||||||||||||||||
Equity securities | X | X | X | |||||||||||||||||||||
Fixed income market | X | X | X | |||||||||||||||||||||
Focused holdings | X | |||||||||||||||||||||||
Foreign securities | X | X | X | X | X | X | ||||||||||||||||||
Growth stocks | X | X | X | |||||||||||||||||||||
High-yield securities | X | X | ||||||||||||||||||||||
Income | X | X | X | |||||||||||||||||||||
Interest rates | X | X | X | |||||||||||||||||||||
Issuer | X | X | X | |||||||||||||||||||||
Leverage | X | X | X | |||||||||||||||||||||
Liquidity | X | X | X | X | ||||||||||||||||||||
Market and Stock Market | X | X | X | |||||||||||||||||||||
Market timing | X | X | ||||||||||||||||||||||
Maturity | X | X | X | |||||||||||||||||||||
Mid-cap companies | X | X | ||||||||||||||||||||||
Mortgage and asset-backed securities | X | X | X | |||||||||||||||||||||
Portfolio turnover | X | X | X | X | ||||||||||||||||||||
Redemptions | X | X | X | |||||||||||||||||||||
Sectors | X | |||||||||||||||||||||||
Short sales | X | |||||||||||||||||||||||
Small-cap companies | X | X | ||||||||||||||||||||||
U.S. Government securities and Government sponsored enterprises | ||||||||||||||||||||||||
Valuation | X | X | X | |||||||||||||||||||||
Value stocks | X | X | X |
Call | Call risk is the possibility that, as interest rates decline to a level that is significantly lower than the rate assigned to the fixed income security, the security may be called (redeemed) prior to maturity. A fund would lose the benefit of holding a fixed income security that is paying a rate above the current market rate and would likely have to reinvest the proceeds in other fixed income securities that have lower yields.
Commodities | The value of commodities may be more volatile than the value of equity securities or debt instruments and their value may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. Investments in commodities, such as gold, or in commodity-linked instruments, will subject a fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities. The value of commodity-linked instruments typically is based upon the price movements of underlying commodities and, therefore, may fluctuate widely based on a variety of both macroeconomic and commodity-specific factors. At times, these price
fluctuations may be significant or rapid, and may not correlate to price movements in other asset classes. There may also be an imperfect correlation between the value of commodity-linked instruments and the underlying assets. Investments in these types of instruments may subject a fund to additional expenses.
Credit | A fund could lose money if the issuer of a fixed income security is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. The downgrade of the credit rating of a security held by a fund may decrease its value. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such
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Principal Risks
(UNAUDITED)
securities may greatly exceed their current resources. There is no assurance that the U.S. government would provide financial support to the issuing entity if not obligated to do so by law. Further, any government guarantees on U.S. government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.
Credit Ratings | Ratings by nationally recognized rating agencies represent the agencies’ opinion of the credit quality of an issuer. However, these ratings are not absolute standards of quality and do not guarantee the creditworthiness of an issuer. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.
Derivatives | Derivatives, such as options, futures contracts, currency forwards or swap agreements, may involve greater risks than if a fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risk, and credit risks. Derivatives also present the risk that the other party to the transaction will fail to perform. Derivatives also involve an increased risk of mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that a fund may not realize the intended benefits. When used for hedging, changes in the value of the derivative may also not correlate perfectly with the underlying asset, rate or index. Derivatives risk may be more significant when derivatives are used to enhance fund returns, increase liquidity, manage the duration of a fund’s portfolio and/or gain exposure to certain instruments or markets, rather than solely to hedge the risk of a position held by the fund. Derivatives can cause a fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. The regulation of cleared and uncleared swap agreements, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. It is not possible to predict fully the effects of current or future regulation. Changes in government regulation of various types of derivatives instruments may make derivatives more costly or limit the availability of derivatives, which may limit or prevent a fund from using certain types of derivative instruments as part of its investment strategy; may affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or may otherwise adversely affect the value or performance of derivatives. Compared to other types of investments, derivatives may also be less tax efficient. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company.
Emerging Markets | When investing in emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets have unique risks that are greater than or in addition to investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; and delays and disruptions in securities settlement procedures. In addition, there may be less information available to make investment decisions and more volatile rates of return.
Equity Securities | A fund’s equity securities investments are subject to stock market risk. Such investments may also expose a fund to additional risks:
• | Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or |
services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. |
• | Preferred Stocks. Preferred securities are subject to issuer-specific and stock market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. |
• | Convertible Securities. The investment value of a convertible security (“convertible”) is based on its yield and tends to decline as interest rates increase. The conversion value of a convertible is the market value that would be received if the convertible were converted to its underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. A convertible may be subject to redemption at the option of the issuer at a price established in the convertible’s governing instrument, which may be less than the current market price of the security. Convertibles typically are “junior” securities, which means an issuer may pay interest on itsnon-convertible debt before it can make payments on its convertibles. In the event of a liquidation, holders of convertibles may be paid before a company’s common stockholders but after holders of a company’s senior debt obligations. |
• | Depositary Receipts. A fund may invest in securities issued by foreign companies through ADRs, GDRs and EDRs. These securities are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt. |
• | REITs. REITs or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses. |
71 |
Principal Risks
(UNAUDITED)
• | Rights and Warrants. Investments in rights and warrants may be more speculative than certain other types of investments because rights and warrants do not carry dividend or voting rights with respect to the underlying securities or any rights in the assets of the issuer. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities and a right or a warrant ceases to have value if it is not exercised prior to its expiration date. |
• | Dividend-Paying Stocks. Securities of companies that have historically paid a high dividend yield may reduce or discontinue their dividends, reducing the yield of the Fund. Low priced securities in the fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. Changes to the dividend policies of companies in which a fund invests and the capital resources available for dividend payment at such companies may harm fund performance. A fund may also be harmed by changes to the favorable federal income tax treatment generally afforded to dividends. |
Fixed income market | Fixed income market risk is the risk that the prices of, and the income generated by, fixed income securities held by a fund may decline significantly and/or rapidly in response to adverse issuer, political, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent.
Focused holdings | For funds that normally hold a core portfolio of securities of fewer companies than other more diversified funds, the increase or decrease of the value of a single security may have a greater impact on the fund’s NAV and total return when compared to other diversified funds.
Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less public information available about foreign companies. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign securities may be less liquid than domestic securities and there may be delays in transaction settlement in some foreign markets. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. A fund could also underperform if it invests in countries or regions whose economic performance falls short. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. The effect of recent, worldwide economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading
and financial partners or other members of their currency bloc. Foreign security risk may also apply to ADRs, GDRs and EDRs.
The precise details and the resulting impact of the United Kingdom’s vote to leave the European Union (the “EU”), commonly referred to as “Brexit,” are not yet known. The effect on the United Kingdom’s economy will likely depend on the nature of trade relations with the EU and other major economies following its exit, which are matters to be negotiated. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies, as well as the broader global economy for some time, which could significantly adversely affect the value of a fund’s investments in the United Kingdom and Europe.
Fund of funds | Because investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed in the 1940 Act and the rules thereunder if the Tactical Allocation Fund is unable to rely on an ETF’s exemptive order permitting unaffiliated funds to invest in the ETF’s shares beyond these statutory limitations, the fund may be unable to allocate its investments in the manner thesub-adviser considers prudent, or thesub-adviser may have to select an investment other than that which thesub-adviser considers suitable.
Because the Tactical Allocation Fund invests principally in underlying funds, and the fund’s performance is directly related to the performance of such underlying funds, the ability of the fund to achieve its investment objectives is directly related to the ability of the underlying funds to meet their investment objectives. The investment techniques and risk analysis used by the fund’s and the underlying funds’ portfolio managers may not produce the desired results.
Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the prices of stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.
High-yield securities | Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell.
Income | A fund’s income could decline due to falling market interest rates. In a falling interest rate environment, a Fund may be required to invest its assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of a fund for any particular period.
Inflation | Inflation risk is the risk that the market value of securities will decrease as higher inflation shrinks the purchasing power of any affected currencies, thus causing the purchasing power not to keep pace with inflation.
Initial public offerings | The market value of shares sold in an initial public offering (“IPO”) may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. The purchase of IPO shares may also involve high transaction
72 |
Principal Risks
(UNAUDITED)
costs. These offerings may produce gains that positively affect Fund performance during any given period, but such securities may not be available during other periods, or, even if they are available, may not be available in sufficient quantity to have a meaningful impact on Fund performance. They may also produce losses.
Interest rates | Investments in investment grade andnon-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund may be particularly sensitive to changes in interest rates if it invests in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, if a bond has a duration of five years, a 1% increase in interest rates could be expected to result in a 5% decrease in the value of the bond. The Federal Reserve raised the federal funds rate several times since December 2015 and may continue to increase rates in the future. Interest rates may rise significantly and/or rapidly, potentially resulting in substantial losses to the fund. During periods of very low or negative interest rates, a fund may be unable to maintain positive returns. Certain European countries and Japan have recently experienced negative interest rates on deposits and debt securities have traded at negative yields. Negative interest rates may become more prevalent amongnon-U.S. issuers, and potentially within the United States. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.
Issuer | The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.
Japan | A significant portion of a fund’s total assets may be invested in the securities of Japanese issuers, in accordance with the fund’s benchmark. Japan, like many Asian countries, is still heavily dependent upon international trade and may be adversely affected by protectionist trade policies, competition from Asia’s otherlow-cost emerging economies, the economic conditions of its trading partners, strength of the yen, and regional and global conflicts. The domestic Japanese economy faces several concerns, including large government deficits, a shrinking workforce, and, in some cases, companies with poor corporate governance. Japan has in the past intervened in the currency markets, which could cause the value of the yen to fluctuate sharply and unpredictably. Japan is located in a part of the world that has historically been prone to natural disasters such as earthquakes and tsunamis. Relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. These and other factors could have a negative impact on a fund’s performance and increase the volatility of an investment in a fund.
Leverage | Certain transactions of a fund may give rise to a form of leverage. Such transactions may include, among others, the use of buybacks, dollar rolls, and when-issued, delayed delivery or forward commitment transactions. Certain derivatives that a fund may use may create leverage. Derivatives that involve leverage can result in losses to a fund that exceed the amount originally invested in the derivatives. Certain types of leveraging transactions, such as short sales that are not “against the box,” could be subject to unlimited losses in cases where a fund, for any reason, is unable to close out the transaction. The use of leverage may cause a fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leveraging may cause a fund to be more volatile than if the fund had not been leveraged. This is
because leveraging tends to exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.
Liquidity | Liquidity risk is the possibility that the fund might be unable to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the fund’s liquidity. Market developments may cause the fund’s investments to become less liquid and subject to erratic price movements. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased capital requirements for broker-dealers. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect a fund’s ability to buy or sell debt securities and increase the related volatility and trading costs. The fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the fund. The fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the fund. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates.
Market and Stock Market | Markets may at times be volatile and the value of a fund’s stock holdings may decline in price, sometimes significantly and/or rapidly, because of changes in prices of its holdings or a broad stock market decline. The value of a security may decline due to adverse issuer-specific conditions or general market conditions which are not specifically related to a particular company, such as real or perceived adverse political, regulatory, market, economic or other developments that may cause broad changes in market value, changes in the general outlook for corporate earnings, changes in interest or currency rates, public perceptions concerning these developments or adverse investment sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices could be a sustained trend or a drastic movement. The stock markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Regulatory changes are causing some financial services companies to exit long-standing lines of business, resulting in dislocations for other market participants. In addition, political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The U.S. government has recently reduced federal corporate income tax rates, and future legislative, regulatory and policy changes may result in more restrictions on international trade, less stringent prudential regulation of certain players in the financial market, and significant new investments in infrastructure and national defense. Markets may react strongly to expectations about the changes in these policies, which could increase volatility, especially if the markets’ expectations for changes in government policies are not borne out.
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Principal Risks
(UNAUDITED)
Market timing | Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield,small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. There is no guarantee that Carillon Tower Advisers, Inc. (the “Manager”) and transfer agent of the Funds can detect all market timing activities.
Maturity | A Fund will invest in fixed income securities of varying maturities. A fixed income security’s maturity is one indication of the interest rate exposure of a security. Generally, the longer a fixed income security’s maturity, the greater the risk. Conversely, the shorter a fixed income security’s maturity, the lower the risk.
Mid-cap companies | Investments inmid-cap companies generally involve greater risks than investing in large-capitalization companies.Mid-cap companies often have narrower markets and limited managerial and financial resources compared to larger, more established companies. The performance ofmid-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 inmid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively inlarge-cap companies. Generally, the smaller the company size, the greater these risks.
Mortgage- and asset-backed securities | Mortgage- and asset-backed security risk, which is possible in an unstable or depressed housing market, arises from the potential for mortgage failure or premature repayment of principal, or a delay in the repayment of principal. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagee’s failure to repay would have a negative impact on the fund. Premature repayment of principal would make it difficult for the fund to reinvest the prepaid principal at a time when interest rates on new mortgages are declining, thereby reducing the fund’s income. Conversely, a delay in the repayment of principal could lengthen the expected maturity of the securities, thereby increasing the potential for loss when prevailing interest rates rise, which could cause the values of the securities to fall sharply. In ato-be-announced (“TBA”) mortgage-backed transaction, a fund and the seller agree upon the issuer, interest rate and terms of the underlying mortgages. However, the seller does not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a fund.
Municipal securities | A municipal security’s value, interest payments or repayment of principal could be affected by economic, legislative or political changes. Municipal securities are also subject to potential volatility in the municipal market and the fund’s share price, yield and total return may fluctuate in response to municipal bond market movements. Municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, as opposed to general tax revenues, may have increased risks. Changes in a municipality’s financial health may affect its ability to make interest and principal payments when due.
Other investment companies, including ETFs | Investments in the securities of other investment companies, including exchange-traded funds (“ETFs”) (which may, in turn invest in equities, bonds, and other financial vehicles), may involve duplication of advisory fees and certain other expenses. By investing in another
investment company, a fund becomes a shareholder of that investment company. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by the other investment company, in addition to the fees and expenses fund shareholders indirectly bear in connection with the fund’s own operations. Investments in other investment companies will subject a fund to the risks of the types of investments in which the investment companies invest.
As a shareholder, a fund must rely on the other investment company to achieve its investment objective. If the other investment company fails to achieve its investment objective, the value of the fund’s investment will typically decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings of ETF shares at the most optimal time, adversely affecting the fund’s performance. An ETF that tracks an index may not precisely replicate the returns of its benchmark index.
Portfolio turnover | A fund may engage in more active and frequent trading of portfolio securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors (from increased recognition of net capital gains, which are taxable to shareholders when distributed to them) and adversely affect performance.
Quantitative Strategy Risk | The success of a fund’s investment strategy may depend in part on the effectiveness of asub-adviser’s quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. A subadviser’s quantitative tools may use factors that may not be predictive of a security’s value, and any changes over time in the factors that affect a security’s value may not be reflected in the quantitative model. Thesub-adviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems.
Redemptions | A fund may experience periods of heavy redemptions that could cause a fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in a fund, have short investment horizons, or have unpredictable cash flow needs. A general rise in interest rates has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt a fund’s performance.
Sectors | Companies that are in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to change. To the extent a fund has substantial holdings within a particular sector, the risks associated with that sector increase.
Health care sector | The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and
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Principal Risks
(UNAUDITED)
product liability claims, among other factors. Many health care companies are (i) heavily dependent on patent protection and intellectual property rights and the expiration of a patent may adversely affect their profitability, (ii) subject to extensive litigation based on product liability and similar claims, and (iii) subject to competitive forces that may make it difficult to raise prices and, may result in price discounting. Many health care products and services may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and delays in or failure to receive such approvals may negatively impact the business of such companies. Additional or more stringent laws and regulations enacted in the future could have a material adverse effect on such companies in the health care sector.
Information technology sector | The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.
Short sales | A short sale creates the risk of a loss if the price of the underlying security increases, thus increasing the cost to a fund of buying those securities to cover the short position. The potential for greater losses may be incurred due to general market forces, such as a lack of securities available for short sellers to borrow for delivery, or increases in the price of a security sold short. A fund may lose more money than the actual cost of a short sale investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a fund.
Small-cap companies | Investments insmall-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 insmall-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively inmid-cap orlarge-cap companies. Generally, the smaller the company size, the greater these risks.
U.S. Government securities and Government sponsored enterprises | A security backed by the U.S. Treasury or the full faith and credit of the United States is only guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Investments in securities issued by Government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (3) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so. In such circumstances, if the issuer defaulted, a fund may not be able to recover its investment from the U.S. Government. Like all bonds, U.S. Government securities and Government-sponsored enterprise bonds are also subject to credit risk.
Valuation | Securities held by a fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.
Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors.
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Background of Trustees and Officers | The following is a list of the Trustees and Officers of the Trust with their principal occupations and positions as of October 31, 2019, including any affiliation with Raymond James Financial, Inc. (“RJF”), the Distributor or Carillon Tower, the length of service to the Trust, and the position, if any, that the Trustees hold on the board of directors/trustees of companies other than the Trust. The principal address of each Trustee and Officer is P.O. Box 23572, St. Petersburg, Florida 33742.
Trustees | ||||||
Name, Birth Year and Position, Term of Office (a) and Length of Time Served | Principal Occupation(s) During Past Five Years | Number of Funds Overseen in Fund Complex | Other Directorships held by Trustee for the Past Five Years | |||
Interested Trustee (b) | ||||||
J. Cooper Abbott (1969) Trustee since 2017 (Carillon Series Trust) Trustee from 2012 to 2017 (Eagle Series Trust) | President and Chairman of Carillon Tower since 2016; President of Eagle since 2016; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle 2009-2016; Director, Scout Investments Inc. since 2017; Director, Cougar Global Investments Ltd. since 2015; Director of ClariVest Asset Management LLC since 2012; Director, Carillon Fund Services, Inc.(d) since 2009; President, Eagle Boston Management, Inc. since 2009. | 12 | Carillon Tower and Affiliates | |||
Independent Trustees | ||||||
John Carter (1961) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust) | Law Office of John K. Carter, P.A. (d/b/a Carter Reymann Law, P.A.) since 2015; Trustee, RiverNorth Funds since 2013 (7 funds); Founder, Global Recruiters of St. Petersburg 2012-2015; President and Chief Executive Officer, Transamerica Asset Management 2006-2012; Chairman, Board Member, Transamerica Partners Portfolios, Transamerica Partners Funds Group, Transamerica Partners Funds Group II and Transamerica Asset Allocation Variable Funds 2007-2012 | 12 | Director, Operation PAR Inc. (since 2016) | |||
Keith B. Jarrett, PhD (1948) Trustee since 2017 (Carillon Series Trust) Trustee from 2005 to 2017 (Eagle Series Trust) | Managing Partner, PW1 LLC since 2013; Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003 | 12 | Safeguard Scientific, Inc. (retired 2015) | |||
Liana O’Drobinak(1963) Trustee since 2017 (Carillon Series Trust) Trustee from 2014 to 2017 (Eagle Series Trust) | Managing Director, Aurora Angel Network (not-for-profit organization), since 2019; Managing Member, Bay Consulting Partners, LLC since 2010; Private Investor | 12 | Board Member, Aurora Angel Network since 2019; Board Member, Florida Prepaid College Board, 2012-2014 | |||
Stephen Roussin (1963) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust) | President, SR2X Consulting since 2013; Chief Executive Officer and President, Campbell & Company 2011-2012 | 12 | Ramius IDF Master Fund (ended 2016) | |||
Deborah L. Talbot, PhD (1950) Chair of the Board of Trustees since 2018 Trustee since 2017 (Carillon Series Trust) Trustee from 2002 to 2017 (Eagle Series Trust) | Independent Consultant; Principal, Lazure Enterprises, since 2013; Deans’ Advisory Board, College of Arts and Sciences, University of Memphis since 2002 | 12 | N/A | |||
Jerry A. Webman, PhD (1949) Trustee since 2019 | Chief Economist, Oppenheimer Funds 2006-2016; Senior Investment Officer, Director of Fixed Income, Oppenheimer Funds 1996-2009 | 12 | New Jersey Law and Education Empowerment Project (NJ LEEP); Charity Navigator; Community Service Society |
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Trustees and Officers
Name, Birth Year and Position, Term of Office (a) and Length of Time Served | Principal Occupation(s) During Past Five Years | |||||
Officers (c) | ||||||
J. Cooper Abbott (1969) President since 2017 (Carillon Series Trust) President from 2016 to 2017 (Eagle Family of Funds) | President and Chairman of Carillon Tower since 2016; President of Eagle since 2016; Executive Vice President, Investments and Co-Chief Operating Officer of Eagle 2009-2016; Director, Scout Investments Inc. since 2017; Director, Cougar Global Investments Ltd. since 2015; Director of ClariVest Asset Management LLC since 2012; Director, Carillon Fund Services, Inc. (d) since 2009; President, Eagle Boston Management, Inc. since 2009. | |||||
Susan L. Walzer (1967) Principal Executive Officer since 2017 (Carillon Series Trust) Principal Executive Officer from 2011 to 2017 (Eagle Family of Funds) | Director of Carillon Tower, since 2019; Director of Carillon Fund Services, lnc., since 2019; Director of Carillon Fund Distributors, Inc., since 2019; Director of Scout Investments, Inc., since 2019; Senior Vice President of Fund Administration, Carillon Tower, since 2018; Vice President of Fund Administration, Carillon Tower, 2017-2018; Vice President of Fund Administration, Eagle, 2011-2017. | |||||
Carolyn K. Gill (1978) Principal Financial Officer and Treasurer since 2017 Principal Financial Officer and Treasurer from 2011 to 2017 (Eagle Family of Funds) | Vice President of Fund Administration, Carillon Tower, since 2018; Manager of Fund Accounting for Carillon Tower 2017-2018; Manager of Fund Accounting for Eagle 2005-2017 and Fund Reporting for Eagle 2010-2017. | |||||
Daniel R. Dzibinski (1974) Chief Compliance Officer and Secretary since 2017 (Carillon Series Trust) Chief Compliance Officer and Secretary from 2011 to 2017 (Eagle Family of Funds) | Vice President of Fund Compliance, Carillon Tower, since 2018; Manager of Fund Compliance for Carillon Tower 2017-2018; Manager of Fund Compliance for Eagle 2011-2017 |
Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, which is available, without charge, upon request, by calling the Carillon Family of Funds toll free at1-800-421-4184 or by accessing our website at www.carillontower.com.
(a) Trustees serve for life or until they are removed, resign or retire. The Board has adopted a Board Governance Policy that requires Independent Trustees to retire no later than at the end of the meeting which occurs immediately after his or her 75th birthday.
(b) Mr. Abbott is an Interested Trustee as that term is defined by the 1940 Act. Mr. Abbott is affiliated with ClariVest, Cougar Global Investments, Carillon Fund Distributors, Eagle, Carillon Tower and Raymond James Financial.
(c) Officers each serve one year terms.
(d) Prior to September 13, 2010, Carillon Fund Services, Inc. (then known as “Eagle Fund Services, Inc.”) served as the Funds’ transfer agent.
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Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Contact Carillon Fund Services at 800.421.4184 or www.carillontower.com or your financial advisor for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.
This report is for the information of Shareholders of the Carillon Mutual Funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s fiscal year end on FormN-PORT. These filings are available on the Commission’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities for the most recent12-month period ending June 30th of that year, is available without charge, upon request, by calling the Carillon Family of Funds, toll-free at the number above, by accessing our website at carillontower.com or by accessing the Commission’s website at www.sec.gov.
880 Carillon Parkway | St. Petersburg, FL 33716 | 800.421.4184 | carillontower.com
Carillon Fund Distributors, Inc. , Member FINRA
Item 2. | Code of Ethics |
As of the end of the fiscal periodOctober 31, 2019, Carillon Series Trust (the “Trust”) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Principal Executive Officer and Principal Financial Officer. The Trust has not made any amendments to its code of ethics during the covered period. The Trust has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of this code of ethics is filed as an exhibit to this FormN-CSR.
Item 3. | Audit Committee Financial Expert |
The Trust’s Board of Trustees (“Board”) has determined that Liana O’Drobinak is an audit committee financial expert, as defined in Item 3 of FormN-CSR, serving on its audit committee. Ms. O’Drobinak is independent for purposes of Item 3 of FormN-CSR.
Item 4. | Principal Accountant Fees and Services1 |
(a) Audit Fees
The aggregate fees billed by the Trust’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered in connection with the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were$393,000 for the fiscal period endedOctober 31, 2018, and$383,000 for the fiscal period endedOctober 31, 2019.
(b) Audit-Related Fees
There were no aggregate fees PwC billed to the Trust for assurance and other services which are reasonably related to the performance of the Trust’s audit and are not reported under Item 4(a) for the fiscal periods endedOctober 31, 2018, andOctober 31, 2019. The aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for assurance and other services directly related to the operations and financial reporting of the Trust were$0.00for the fiscal period endedOctober 31, 2018, and $0.00 for the fiscal period endedOctober 31, 2019.
(c) Tax Fees
The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were$77,000 for the fiscal period endedOctober 31, 2018, and$58,200 for the fiscal period endedOctober 31, 2019. There were no aggregate tax fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for services directly related to the operations and financial reporting of the Trust for the fiscal periods endedOctober 31, 2018, andOctober 31, 2019.
1 | All accountant fees and services amounts are rounded to the nearest whole thousand. |
(d) All Other Fees
For the fiscal periods endedOctober 31, 2018, andOctober 31, 2019, the Trust paid PwC no other fees. There were no aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for any other services directly related to the operations and financial reporting of the Trust for the fiscal periods endedOctober 31, 2018, andOctober 31, 2019.
(e) The Trust’s Audit Committee Charter provides that the Audit Committee (comprised of the Independent Trustees of the Trust) is responsible forpre-approval of all auditing services performed for the Trust. The Audit Committee reports to the Board regarding its approval of the engagement of the auditor and the proposed fees for the engagement, and the majority of the Board (including the members of the Board who are Independent Trustees) must approve the auditor at anin-person meeting. The Audit Committee also is responsible forpre-approval (subject to thede minimis exception fornon-audit services described in the Securities Exchange Act of 1934, as amended, and applicable rule thereunder and not expecting to exceed $5,000) of allnon-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 topre-approve, between meetings, one or morenon-audit service projects, subject to ratification by the Audit Committee at the next meeting of the Audit Committee. The Trust’s Audit Committeepre-approved all fees described above which PwC billed to the Trust.
(f) Less than 50% of the hours billed by PwC for auditing services to the Trust for the fiscal period endedOctober 31, 2019, were for work performed by persons other than full-time, permanent employees of PwC.
(g) There were no aggregatenon-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 endedOctober 31, 2018, andOctober 31, 2019.
(h) The Trust’s Audit Committee has considered thenon-audit services provided to the Trust and the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
Item 5. | Audit Committee of Listed Registrants |
Not applicable to the Trust.
Item 6. | Schedule of Investments |
Included as part of report to shareholders under Item 1.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable to the Trust.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies |
Not applicable to the Trust.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers |
Not applicable to the Trust.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the Trust’s Nominating Committee Charter, which sets forth procedures by which shareholders may recommend nominees to the Board, since the Trust last provided disclosure in response to this item.
Item 11. | Controls and Procedures |
(a) | Based on an evaluation of the disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended), the Principal Executive Officer and Principal Financial Officer of the Trust have concluded that such disclosure controls and procedures are effective as ofDecember 18, 2019. |
(b) | There was no change in the internal controls over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940, as amended) of the Trust that occurred during the second fiscal quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable to the Trust.
Item 13. | Exhibits |
(a)(1) Code of Ethics pursuant to Item 2 of FormN-CSR is filed and attached hereto as Exhibit 99.CODEETH.
(a)(2) The certifications required by Rule30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable to the Trust.
(a)(4) Not applicable to the Trust.
(b) The certifications required by Rule30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002, are filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CARILLON SERIES TRUST | ||||||
Date: December 18, 2019 | ||||||
/s/ Susan L. Walzer | ||||||
Susan L. Walzer | ||||||
Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Trust and in the capacities and on the dates indicated.
CARILLON SERIES TRUST | ||||||
Date: December 18, 2019 | /s/ Susan L. Walzer | |||||
Susan L. Walzer | ||||||
Principal Executive Officer | ||||||
Date: December 18, 2019 | /s/ Carolyn Gill | |||||
Carolyn Gill | ||||||
Principal Financial Officer |