UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file Number: 811-07470
CARILLON SERIES TRUST
(Exact name of Registrant as Specified in Charter)
880 Carillon Parkway
St. Petersburg, FL 33716
(Address of Principal Executive Office) (Zip Code)
Registrant’s Telephone Number, including Area Code: (727) 567-1000
SUSAN L. WALZER, PRINCIPAL EXECUTIVE OFFICER
880 Carillon Parkway
St. Petersburg, FL 33716
(Name and Address of Agent for Service)
Copy to:
KATHY KRESCH INGBER, ESQ.
K&L Gates, LLP
1601 K Street, NW
Washington, D.C. 20006
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
Item 1. Reports to Shareholders
Annual Report
and Investment Performance Review for the fiscal year ended October 31, 2021
Equity Funds
Carillon ClariVest Capital Appreciation Fund
Carillon ClariVest International Stock Fund
Carillon Eagle Growth & Income Fund
Carillon Eagle Mid Cap Growth Fund
Carillon Eagle Small Cap Growth Fund
Carillon Scout International Fund
Carillon Scout Mid Cap Fund
Carillon Scout Small Cap Fund
Fixed Income Funds
Carillon Reams Core Bond Fund
Carillon Reams Core Plus Bond Fund
Carillon Reams Unconstrained Bond Fund
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Dear Fellow Shareholders:
I hope this letter finds you healthy and well. The annual report of the Carillon Family of Funds for the 12-month period ending October 31, 2021, follows.
Your fund family continues to operate efficiently and effectively as we transition from being physically distanced to a return to working in the office. Assets in the funds continue to maintain their near-historic highs, and we have added a new independent trustee to the fund family’s Board of Trustees.
The past year has seen incredible strength in the global equity markets supported by optimism around ongoing earnings growth and a continued economic recovery. Equity markets proved resilient to the wave of COVID-19 hospitalizations over the summer in the U.S. and abroad.
Markets are at or near all-time highs, and with better growth prospects in place, inflation fears have emerged. The market and U.S. Federal Reserve have taken note of these building pressures - broader drivers of inflation (e.g. commodities) are still moving higher and many pandemic-related price pressures are taking longer than expected to resolve. Market-performance leadership has traded hands between small-and large-caps, growth and value, and international stocks have posted strong returns (though continue to struggle to beat domestic stocks).
Volatility and an increased focus on inflation may force investors to be more selective in choosing the companies that they believe can thrive in this environment. Carillon Fund Managers believe they see opportunity in the current market environment for their research-driven strategies. Carillon’s diverse array of funds, spanning small-cap, mid-cap, large-cap, and international equities, as well as fixed income, can help investors navigate current conditions and build toward long-term plans.
As with all investments, investing in any mutual fund carries certain risks. The principal risk factors for each fund are described at the end of this report. Carefully consider the investment objectives, risks, charges, and expenses of any fund before you invest. Contact us at 800.421.4184 or carillontower.com or call your financial professional for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.
We are grateful for your continued support of the Carillon Family of Funds and hope we can continue to be a partner in helping you achieve your financial goals.
Sincerely,
Susan Walzer
President
December 17, 2021
This commentary reflects the President’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at carillontower.com.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
1 |
Performance Summary and Commentary
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund |
Portfolio Managers | David J. Pavan, CFA®, C. Frank Feng, Ph.D., Ed Wagner, CFA®, and Todd N. Wolter, CFA® of ClariVest Asset Management LLC (“ClariVest”), are Portfolio Co-Managers of the Carillon ClariVest Capital Appreciation Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the Fund. Messrs. Pavan, Feng, and Wagner have been Portfolio Co-Managers of the fund since 2013. Mr. Wolter has served as the Fund’s Portfolio Co-Manager since February 2019.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 43.87%, outperforming its benchmark index, the Russell 1000® Growth Index, which returned 43.21%. The Fund outperformed the benchmark primarily due to stock selection in the industrials and information technology sectors. Underweights to consumer staples and real estate also contributed to performance during the period, while the Fund lost ground due to overweight positions in the consumer discretionary and industrials sectors. The post-lockdown global recovery continues, but at a slower pace, as investors have increasingly worried about inflation, slowing corporate profitability and central bank actions (not to mention the ongoing global pandemic!). The delta variant spread rapidly, causing the rollback of reopening in some areas and renewed lockdowns in others. Supply chains were hit particularly hard, adding to growing concerns about input costs and the outlook for economic growth. Stagflation has been a popular term that keeps popping up in commentaries and interviews. Watchers of the U.S. Federal Reserve (Fed) have been keeping a close eye on inflation. The October CPI report is challenging for the Fed with a further broadening of excess inflation pressure including a bounce in autos and energy. The report likely increases the likelihood that the Fed ends up accelerating its Quantitative Easing (“QE”) taper. However, the bar for speeding up tapering is likely high, so it could be premature to jump to the idea that a faster taper is the new base case.
Like all investors, we are trying to forecast the post-pandemic economic landscape. At the moment, it definitely feels like there are more questions than there are answers. It would not surprise anyone to see continued bouts of volatility and corrections. One key risk is that the delta variant (or similar) proves resilient to vaccination or that infection rates escalate during the Northern Hemisphere’s winter. The evidence so far is that vaccinations are effective in preventing serious illness. In addition, booster shots appear to have slowed the rate of new cases. Political risks remain high as concerns over the approaching debt limit grow. A stopgap agreement was reached, funding the government until early December, which alleviated some but certainly not all of the anxiety. This feels like a can-kicking exercise because it is. Both parties know the debt limit must be raised, but neither side wants to bear the burden of being seen as championing more federal debt. We think that while the debt ceiling will be increased, the political drama and brinkmanship between now and then will continue to rattle markets. Low interest rates reduce the rate at which future earnings are discounted, often supporting higher valuation levels (for example: price/earnings). Median market valuations, while off the highs, remain above the long-term averages. Assuming rates rise over time, the valuations are likely to trend lower. This doesn’t mean the market has to plummet, but it raises the importance of valuations as a driver of stock-market returns.
ClariVest’s investment philosophy is built around the idea that due to behavioral biases, investors tend to anchor to the long-term trend, and incorrectly dismiss short-term changes. This is reflected in our signature portfolio characteristics of long-term earnings growth that is typically in-line with the benchmark, but recent earnings growth that is higher than the benchmark. That distinct pattern, combined with discounted fundamentals, is what we refer to as ‘underappreciated growth’. The current situation in growth-value rhymes with our philosophy, in that investors are anchoring to the long-term growth trend but are discounting value’s recent strength, and more importantly the reasons behind it. It gives us considerable confidence in our positioning for the remainder of 2021 and beyond.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
Portfolio Managers | David R. Vaughn, CFA®, Alex Turner, CFA® , and Gashi Zengeni, CFA®, of ClariVest Asset Management LLC (“ClariVest”), are Portfolio Managers of the Carillon ClariVest International Stock Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the Fund—Mr. Vaughn since its inception, Mr. Turner since 2015, and Ms. Zengeni since March 2021. Ms. Zengeni served as Assistant Portfolio Manager of the Fund from April 2020 to April 2021.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 39.05%,outperforming its benchmark index, the MSCI-EAFE Index, which returned 34.18%. The Fund outrperformed the benchmark primarily due to stock selection in the industrials and financials sectors. Stock selection within countries was strongest within Japan and Germany, while investments in Australia and the Netherlands detracted from performance. Overweight positions in the Netherlands and Denmark contributed to performance, while an underweight position in France and an overweight position in Japan detracted from performance. An underweight to consumer staples and an overweight to information technology helped performance, while an overweight to health care and an underweight to financials tempered returns.
The post-lockdown global recovery continues, but at a slower pace, as investors have increasingly worried about inflation, slowing corporate profitability and central bank actions (not to mention the ongoing global pandemic!). The delta variant spread rapidly, causing the rollback of reopening in some areas and renewed lockdowns in others. Supply chains were hit particularly hard, adding to growing concerns about input costs and the outlook for economic growth. Stagflation has been a popular term that keeps popping up in commentaries and interviews. The price of global oil benchmark (Brent) has surged more than 50% this year, adding to inflationary pressure that could impact the recovery. Natural gas has surged to a record peak in Europe and coal prices from major exporters have also hit all-time highs. OPEC, Russia and other allies (known as OPEC+), chose to stay with a plan to increase output gradually and not boost it faster as the United States and other consumer nations have been urging.
Global markets have been jittery amid focus on China’s regulatory clampdown. China is unmistakably on a path toward greater state involvement with social objectives taking primacy over economic ones. In addition, the world is anxiously watching the Chinese housing market, in the wake of property developer China Evergrande Group’s potential default. According to Bloomberg, China’s economy is vulnerable to falling property prices as real estate and related industries account for almost 30% of China’s GDP (higher than the U.S. at the height of the 2008 bubble). Like all investors, we are trying to forecast the post-pandemic economic landscape. At the moment, it definitely feels like there are more questions than there are answers. It would not surprise anyone to see continued bouts of volatility and corrections. One key risk is that the delta variant (or similar) proves resilient to vaccination or that infection rates escalate during the Northern Hemisphere’s winter. The evidence so far is that vaccinations are effective in preventing serious illness. In addition, booster shots appear to have slowed the rate of new cases.
ClariVest’s investment philosophy is built around the idea that due to behavioral biases, investors tend to anchor to the long-term trend, and incorrectly dismiss short-term changes. This is reflected in our signature portfolio characteristics of long-term earnings growth that is typically in-line with the benchmark, but recent earnings growth that is higher than the benchmark. That distinct pattern, combined with discounted fundamentals, is what we refer to as ‘underappreciated growth’. The current situation in growth-value rhymes with our philosophy, in that investors are anchoring to the long-term growth trend but are discounting value’s recent strength, and more importantly the reasons behind it. It gives us considerable confidence in our positioning for the remainder of 2021 and beyond.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
2 |
Performance Summary and Commentary
Carillon Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund |
Portfolio Managers | David Blount, CFA®, CPA, Harald Hvideberg, CFA®, and Brad Erwin, CFA® are Portfolio Managers of the Carillon Eagle Growth & Income Fund (the “Fund”) and are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Blount has served as the Fund’s Portfolio Manager since 2011. Mr. Hvideberg has served as the Fund’s Portfolio Manager since 2014. Mr. Erwin has served as the Fund’s Portfolio Manager since July 1, 2019.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 37.83%, underperforming its benchmark index, the S&P 500® Index, which returned 42.91%. The Fund’s performance compared to the benchmark was adversely affected by the market environment. The market’s appreciation was incredibly strong over the past 12 months, taken into account multiple COVID-19 vaccines, easing of consumer restrictions, all while the Federal Reserve continued dovish monetary policy. The fund is fundamentally positioned to outperform over a full market cycle, with excess performance driven on the downside. With the market up nearly 43% over a 12 month period, the PM team was happy to capture 88% of the upside. Specifically, investments in the consumer discretionary, information technology and health care sectors all contributed positively to performance. Negatively, communication services, materials and consumer staples all detracted from performance. Within dividend paying stocks, the fund was heavily over-weight stocks within the quintile 2 and quintile 3 universe; these were the worst-performing amongst all dividend-payers. The fund had almost no exposure to quintile 5, which was the second best-performing amongst dividend-payers, and exposure to the best-performing group (quintile 1) was essentially market weight. As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
Portfolio Managers | Bert L. Boksen, CFA®, Eric Mintz, CFA®, and Christopher Sassouni, D.M.D. are Portfolio Managers of the Carillon Eagle Mid Cap Growth Fund (the “Fund”) and are jointly and primarily responsible for all aspects of the Fund’s management. Mr. Boksen has managed the Fund since its inception, Mr. Mintz has managed the Fund since 2011, and Mr. Sassouni served as an Assistant Portfolio Manager of the Fund from 2006 to September 2020, and has managed the Fund as a Portfolio Manager since September 2020.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 37.68%, underperforming its benchmark index, the Russell Midcap® Growth Index, which returned 39.43%. The Funds’ performance, relative to the benchmark, was adversely affected by stock selection. Mid cap stocks posted remarkable gains across the board during the fiscal year. However, there was some disparity among the two style indexes, as the benchmark Russell Midcap Growth Index (up 39.43%) lagged its Russell Midcap Value Index (up 48.59%) counterpart in what was a sharp reversal from the previous year. Positive vaccine developments and optimistic economic growth prospects in the early stages of the fiscal year resulted in a shift in market leadership that bolstered returns for the more cyclical areas of the market. Returns across the various sectors within Growth were almost entirely positive, with energy (up 97.59%) and real estate (up 92.37%) leading the way. Solid results were also seen within information technology (up 52.65%) and financials (up 46.49%), albeit to a lesser degree. Consumer staples (down 9.66%) held the distinction of being the only sector to post negative absolute returns during the period, while materials (up 6.42%) also provided underwhelming returns on a relative basis.
On a sector basis within the Fund, lagging stock selection within information technology weighed most notably on relative performance, as the Fund’s holdings within the sector failed to keep pace with the impressive returns of their benchmark counterparts, despite posting sizable absolute returns. This was largely in part due to a decline in the market-based valuations of a number of holdings that had materially benefited from the COVID-induced work-from-home environment and subsequently led to the Fund’s outperformance in the previous fiscal year. An additional contributing factor to the underperformance was the decision to avoid a handful of heavily-weighted benchmark stocks in the software industry that have been trading at significant valuations, as the team stuck to its investment philosophy that stresses growth at a reasonable valuation. Weak stock selection within communication services and real estate also detracted in the period. The best performing sector was consumer discretionary, where the team demonstrated strong stock selection specifically within the hotels, restaurants and leisure industry. The Fund’s holdings within the sector had a steady balance of stocks that benefited from a re-opening of the economy as well as those that have experienced an acceleration in their growth rate as a result of the pandemic and continue to execute in the current environment. Stock selection within health care, consumer staples, and materials also provided a source of positive relative returns in the period.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
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.
3 |
Performance Summary and Commentary
Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund |
Portfolio Managers | Bert L. Boksen, CFA®, Eric Mintz, CFA®, and Christopher Sassouni, D.M.D. are Portfolio Managers of the Carillon Eagle Small Cap Growth Fund (the “Fund”) and are jointly and primarily responsible for all aspects of the Fund’s management. Mr. Boksen has managed the Fund since its inception, Mr. Mintz has managed the Fund since 2011, and Mr. Sassouni served as an Assistant Portfolio Manager of the Fund from 2015 to September 2020, and has managed the Fund as a Portfolio Manager since September 2020.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 35.04%, underperforming its benchmark index, the Russell 2000® Growth Index, which returned 38.45%. The Funds’ performance, relative to the benchmark, was adversely affected by stock selection. Small cap stocks posted remarkable gains across the board during the fiscal year. However, there was a rather considerable disparity among the two style indexes, as the benchmark Russell 2000 Growth Index (up 38.45%) significantly lagged its Russell 2000 Value Index (up 64.30%) counterpart in what was a sharp reversal from the previous year. Positive vaccine developments and optimistic economic growth prospects in the early stages of the fiscal year resulted in a shift in market leadership that bolstered returns for the more cyclical areas of the market. Each of the sectors within Growth saw noteworthy returns, with energy (up 182.61%) and industrials (up 60.23%) leading the way. Solid results were also seen within information technology (up 54.63%) and consumer discretionary (up 51.12%), albeit to a lesser degree. Health care (up 14.30%) provided the softest relative returns within the benchmark, led by lackluster returns within the biotechnology (up 4.19%) and pharmaceuticals (down 6.81%) industries.
The Fund lagged these extraordinary gains of the benchmark, most notably during the first quarter of calendar year 2021. This was a specific time period in which the smallest constituents within the benchmark saw the most outsized gains, which proved to be a considerable headwind for the Fund’s relative performance. Despite this challenging period, from that point on the Fund was able to generate above-benchmark returns for the remainder of the fiscal year. On a sector basis within the Fund, weak stock selection within industrials and information technology weighed most notably on relative performance, as the Fund’s holdings within both sectors failed to keep pace with the impressive returns of their benchmark counterparts. Additionally, soft stock selection within health care was a source of underperformance this year, after leading the way throughout the previous fiscal year. Although they comprise a modest portion of the portfolio, the best performing sectors were energy, materials and consumer staples, due to favorable stock selection. A very slight overweight position within energy was an additional source of positive relative returns.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
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.
Portfolio Managers | Michael D. Stack, CFA®, has served as the Lead Portfolio Manager and Angel M. Lupercio has served as Portfolio Co-Manager of the Carillon Scout International Fund (the “Fund”) since its inception in 2017. Messrs. Stack and Lupercio are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Stack was Assistant Portfolio Manager of the Fund’s predecessor from February 2006 through December 2007; Portfolio Co-Manager of the Fund’s predecessor from April 2012 through March 2014; Co-Lead Portfolio Manager of the Fund’s predecessor from March 2014 through December 2014; and Lead Portfolio Manager of the Fund’s predecessor from 2015 to 2017. Mr. Lupercio served as Portfolio Co-Manager of the Fund’s predecessor from 2015 to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 40.76%, outperforming its benchmark index, the MSCI-EAFE Index, which returned 34.18%. The Fund’s performance, relative to the benchmark, was driven primarily from positive allocation effects. An overweight position to energy and an underweight to utilities benefitted Fund performance, which more than offset the negative impact of an overweight to consumer staples. Stock selection was overall a benefit to performance. Positive stock selection in the communication services and financial sectors, counteracted poor selection within information technology and industrials. Within the communication services sector, stock selection in wireless telecommunication services provided a positive impact on the Fund’s performance. In contrast, within the information technology sector, stock selection in the electronic equipment instruments & components industry detracted from Fund performance. An underweight position in Japan and Spain as well as an overweight position in South Africa relative to the benchmark aided the Fund’s positive return along with stock selection in those same countries. This counteracted the adverse impact of an overweight position in Taiwan along with weak stock selection in Sweden and Australia.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect expenses associated with the management of 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.
4 |
Performance Summary and Commentary
Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund |
Portfolio Managers | G. Patrick Dunkerley, CFA® has served as the Lead Portfolio Manager and Derek M. Smashey, CFA®, John A. Indellicate II, CFA® and Jason J. Votruba, CFA®, have served as Portfolio Co-Managers of the Carillon Scout Mid Cap Fund (the “Fund”) since its inception in 2017. Messrs. Dunkerley, Smashey, Indellicate and Votruba are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Dunkerley served as Lead Portfolio Manager of the Fund’s predecessor and Mr. Smashey served as Portfolio Co-Manager of the Fund’s predecessor from its inception in 2006 to 2017. Messrs. Indellicate and Votruba served as Portfolio Co-Managers of the Fund’s predecessor from 2011 and 2013, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 42.67%, underperforming its benchmark index, the Russell Midcap® Index, which returned 45.4%. The Fund’s performance, relative to the benchmark, was adversely affected by stock selection in the real estate, information technology, and health care sectors. However, this was partially counteracted by positive stock selection in the industrials sector. Within the real estate sector, stock selection in the equity real estate investment trusts (REITs) was the primary detractors from performance. In contrast, stock selection in the machinery and electrical equipment industries within the industrials sector contributed positively to the Fund’s performance. The Fund’s performance was negatively impacted from an underweight position in the information technology sector and a small average cash position (0.89%) was a relative drag on performance as indices traded higher. Mid-cap stocks generated very strong gains as the Russell Midcap Index (up 45.40%) lagged its small cap counterpart the Russell 2000 Index (up 50.80%) but outpaced large caps as measured by the Russell 1000 Index (up 43.51%) during the trailing 12-months ended October 31, 2021. Returns were positive across all Mid cap sectors, led by particular strength in energy (up 127.37%), financials (up 70.55%), and real estate (up 59.56%), which were the largest contributors to benchmark returns.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect expenses associated with the management of this account.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
Portfolio Managers | James R. McBride, CFA®, has served as the Lead Portfolio Manager and Timothy L. Miller, CFA® has served as Portfolio Co-Manager of the Carillon Scout Small Cap Fund (the “Fund”) since its inception in 2017. Messrs. McBride and Miller are jointly and primarily responsible for the day-to-day management of the Fund. Mr. McBride was Portfolio Co-Manager of the Fund’s predecessor from 2010 through 2015 and served as Lead Portfolio Manager of the Fund’s predecessor from 2015 to 2017. Mr. Miller served as Portfolio Co-Manager of the Fund’s predecessor from 2013 to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 45.02%, outperforming its benchmark index, the Russell 2000® Growth Index, which returned 38.45%. The Fund’s performance was impacted positively by stock selection, especially in the Health Care and Communication sectors; however, this was partially offset by negative stock selection in the Industrials, Financials, and Consumer Discretionary sectors. Within the Health Care sector, the Fund benefited from an underweight position and strong stock selection in biotechnology. In contrast, stock selections in electrical equipment, commercial services & supply, and construction & engineering within the Industrials sector detracted from Fund performance. Fund performance was enhanced by an overweight in the Industrials sector, which counteracted the negative impact of a slight overweight position in the Health Care sector.
Small cap stocks posted strong gains during the trailing 12-month period ending October 31, 2021. Value bested growth during the period as the Russell 2000 Value Index was up 64.30%, which vastly outpaced the Russell 2000 Growth Index, which was up 38.45% during the trailing 12-months ended October 31, 2021. Within Growth, all sectors posted positive total returns for the period. Returns varied substantially, led by triple digit returns within nominally-weighted energy (up 187.40%), industrials (up 59.92%), and information technology (up 54.07%).
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect expenses associated with the management of 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.
5 |
Performance Summary and Commentary
Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund |
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Stephen T. Vincent, CFA®, Clark W. Holland, CFA® , Jason Hoyer, CFA® and Tilak “Dimitri” Silva, CFA® are Portfolio Co-Managers of the Carillon Reams Core Bond Fund (the “Fund”). Messrs. Egan, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, and Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor and Mr. Thompson served as Portfolio Co-Manager of the Fund’s predecessor from its inception in 2001 to 2017. Messrs. Vincent and Holland served as Portfolio Co-Managers of the Fund’s predecessor from 2009 and 2014, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned (0.95)%, underperforming its benchmark index, the Bloomberg U.S. Aggregate Bond Index, which returned (0.48)%. The fiscal year began with renewed uncertainty prompted by another wave of COVID cases and lockdown measures, along with turmoil surrounding the results of the U.S. presidential election that would ultimately persist into January 2021. This volatile backdrop quickly gave way to unfettered optimism following the announcement of viable COVID vaccines, which reignited a rally in risk assets that continued nearly uninterrupted from November 2020 through October 2021. Along with the vaccine rollout and subsequent reopening of economies, headlines in 2021—at least with respect to fixed income markets—were dominated by the specter of rising interest rates and accelerating inflation. With each passing Consumer Price Index (“CPI”) report, the Federal Reserve’s “transitory” inflation narrative was increasingly called into question, pressure mounted to begin the tapering of quantitative easing bond purchases, and expectations for the Fed’s first rate hike were pulled forward in time. Despite this impending pivot away from ultra-accommodative monetary policy, along with diminished prospects for additional large-scale fiscal stimulus, global supply chain issues, and domestic labor market distortions, the U.S. stock market ended the fiscal year on an exceptionally strong note. The same could not be said for fixed income markets, however, which struggled to find their footing in 2021 within the context of rising risk-free rates, low yields, and narrow credit spreads.
The main detractor from the Fund’s performance relative to the benchmark was yield curve positioning that featured an overweight to the intermediate portion of the curve and an underweight to the long end of the yield curve. This positioning was negatively impacted by the significant flattening of the U.S. Treasury yield curve that occurred from mid-June through October 2021. The Fund’s duration positioning, which was below-index for the majority of the fiscal year, contributed to performance. This below-index duration stance benefitted from the significant increase in U.S. Treasury yields that occurred from November 2020 through March 2021, and again from August through October 2021, but detracted from April through July 2021 when U.S. Treasury yields declined. Sector allocation contributed to relative performance, primarily due to the Fund’s underweight to the underperforming mortgage-backed securities (“MBS”) sector, which was negatively impacted by rising interest rates. An overweight to the outperforming investment-grade corporates sector also contributed, primarily during November and December 2020. A portion of the Fund’s exposure to investment-grade corporate bonds was obtained via index credit default swaps, which contributed to performance. An underweight to the outperforming government-related sector detracted. Security selection contributed, primarily within the investment-grade corporates sector due to outperformance of holdings within airlines and industrials.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Stephen T. Vincent, CFA®, Clark W. Holland, CFA®, Jason Hoyer, CFA® and Tilak “Dimitri” Silva, CFA® are Portfolio Co-Managers of the Carillon Reams Core Plus Bond Fund (the “Fund”). Messrs. Egan, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, and Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor from its inception in 1996 to 2017. Messrs. Thompson, Vincent and Holland served as Co-Portfolio Managers of the Fund’s predecessor from 2000, 2001, 2009 and 2014, respectively, to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned (0.71)%, underperforming its benchmark index, the Bloomberg U.S. Aggregate Bond Index, which returned (0.48)%. The fiscal year began with renewed uncertainty prompted by another wave of COVID cases and lockdown measures, along with turmoil surrounding the results of the U.S. presidential election that would ultimately persist into January 2021. This volatile backdrop quickly gave way to unfettered optimism following the announcement of viable COVID vaccines, which reignited a rally in risk assets that continued nearly uninterrupted from November 2020 through October 2021. Along with the vaccine rollout and subsequent reopening of economies, headlines in 2021—at least with respect to fixed income markets – were dominated by the specter of rising interest rates and accelerating inflation. With each passing Consumer Price Index (“CPI”) report, the Federal Reserve’s “transitory” inflation narrative was increasingly called into question, pressure mounted to begin the tapering of quantitative easing bond purchases, and expectations for the Fed’s first rate hike were pulled forward in time. Despite this impending pivot away from ultra-accommodative monetary policy, along with diminished prospects for additional large-scale fiscal stimulus, global supply chain issues, and domestic labor market distortions, the U.S. stock market ended the fiscal year on an exceptionally strong note. The same could not be said for fixed income markets, however, which struggled to find their footing in 2021 within the context of rising risk-free rates, low yields, and narrow credit spreads.
The main detractor from the Fund’s performance relative to the benchmark was yield curve positioning that featured an overweight to the intermediate portion of the curve and an underweight to the long end of the yield curve. This positioning was negatively impacted by the significant flattening of the U.S. Treasury yield curve that occurred from mid-June through October 2021. The Fund’s duration positioning, which was below-index for the majority of the fiscal year, contributed to performance. This below-index duration stance benefitted from the significant increase in U.S. Treasury yields that occurred from November 2020 through March 2021, and again from August through October 2021, but detracted from April through July 2021 when U.S. Treasury yields declined. Sector allocation contributed to relative performance, primarily due to the Fund’s modest non-index exposure to high yield corporate bonds, which outperformed during the fiscal year. An underweight to the underperforming mortgage-backed securities (“MBS”) sector, which was negatively impacted by rising interest rates, also contributed. An overweight to the outperforming investment-grade corporates sector contributed as well, primarily during November and December 2020. A portion of the Fund’s exposure to investment-grade corporate bonds was obtained via index credit default swaps, which contributed to performance. An underweight to the outperforming government-related sector detracted. Long exposure to select foreign currencies versus the U.S. dollar, implemented via currency forward contracts, also detracted from relative performance during the third quarter of 2021, as the U.S. dollar rallied. Security selection contributed, primarily within the investment-grade corporates sector due to outperformance of holdings within airlines and industrials.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
6 |
Performance Summary and Commentary
Carillon Reams Unconstrained Bond Fund |
Portfolio Managers | Mark M. Egan, CFA®, is Lead Portfolio Manager, and Todd C. Thompson, CFA®, Stephen T. Vincent, CFA®, Clark W. Holland, CFA®, Jason Hoyer, CFA® and Tilak “Dimitri” Silva, CFA® are Portfolio Co-Managers of the Carillon Reams Unconstrained Bond Fund (the “Fund”). Messrs. Egan, Thompson, Vincent and Holland have been responsible for the day-to-day management of the Fund’s investment portfolio since its inception in 2017, Mr. Hoyer has been responsible for the day-to-day management of the Fund’s investment portfolio since April 2018, and Mr. Silva has been responsible for the day-to-day management of the Fund’s investment portfolio since March 2021. Mr. Egan served as the Lead Portfolio Manager of the Fund’s predecessor and Messrs. Thompson and Vincent served as Co-Portfolio Managers of the Fund’s predecessor from its inception in 2011 to 2017. Mr. Holland served as Co-Portfolio Manager of the Fund’s predecessor from 2014 to 2017.
Performance discussion | For the fiscal year ended October 31, 2021, the Fund’s Class I shares returned 2.08%, outperforming its benchmark index, the ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, which returned 0.19%. The fiscal year began with renewed uncertainty prompted by another wave of COVID cases and lockdown measures, along with turmoil surrounding the results of the U.S. presidential election that would ultimately persist into January 2021. This volatile backdrop quickly gave way to unfettered optimism following the announcement of viable COVID vaccines, which reignited a rally in risk assets that continued nearly uninterrupted from November 2020 through October 2021. Along with the vaccine rollout and subsequent reopening of economies, headlines in 2021—at least with respect to fixed income markets—were dominated by the specter of rising interest rates and accelerating inflation. With each passing Consumer Price Index (“CPI”) report, the Federal Reserve’s “transitory” inflation narrative was increasingly called into question, pressure mounted to begin the tapering of quantitative easing bond purchases, and expectations for the Fed’s first rate hike were pulled forward in time. Despite this impending pivot away from ultra-accommodative monetary policy, along with diminished prospects for additional large-scale fiscal stimulus, global supply chain issues, and domestic labor market distortions, the U.S. stock market ended the fiscal year on an exceptionally strong note. The same could not be said for fixed income markets, however, which struggled to find their footing in 2021 within the context of rising risk-free rates, low yields, and narrow credit spreads.
The main contributor to the Fund’s performance, relative to the index, was elevated exposure to investment-grade corporate bonds, which outperformed during November and December 2020 as well as the second quarter of 2021. A portion of the Fund’s exposure to investment-grade corporate bonds was obtained via index credit default swaps, which contributed to performance. Exposure to high yield corporate bonds also contributed, primarily from November 2020 through March 2021, after which the Fund’s exposure to the high yield corporate sector was minimal. A tactical position in U.S. Treasury Inflation-Protected Securities (“TIPS”) contributed, as breakeven inflation rates increased during the latter part of 2020 and early part of 2021. Long exposure to select foreign currencies versus the U.S. dollar, implemented via currency forward contracts, contributed as well, primarily during November and December 2020. These gains were partially offset by underperformance of non-U.S. dollar holdings during the third quarter of 2021, as the U.S. dollar rallied. The Fund’s modest exposure to asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) also contributed, as holdings in these sectors produced positive total returns. Duration and yield curve positioning were managed dynamically throughout the fiscal year and contributed to relative performance. The Fund’s modest exposure to mortgage-backed securities (“MBS”), which underperformed due to rising interest rates, was the primary detractor.
As you review this summary and the table below, please keep in mind that an index is not available for direct investment; therefore its performance does not reflect the expenses associated with the management of an actual portfolio.
Performance data represented is historical and does not guarantee future results. The investment return and principal value of an investment will fluctuate, and you may have a gain or loss when you sell shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance data as of the most recent month-end, please visit our website at carillontower.com.
7 |
Growth of a $10,000 Investment
Carillon ClariVest Capital Appreciation Fund from 10/31/11 to 10/31/21 (a)
Carillon ClariVest International Stock Fund from 2/28/13 to 10/31/21 (a)
Carillon Eagle Growth & Income Fund from 10/31/11 to 10/31/21 (a)
Carillon Eagle Mid Cap Growth Fund from 10/31/11 to 10/31/21 (a)
Carillon Eagle Small Cap Growth Fund from 10/31/11 to 10/31/21 (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, 2021, 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, 2021, 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 $10,000 Investment
Carillon Scout International Fund from 10/31/11 to 10/31/21 (a)
Carillon Scout Mid Cap Fund from 10/31/11 to 10/31/21 (a)
Carillon Scout Small Cap Fund from 10/31/11 to 10/31/21 (a)
Carillon Reams Core Bond Fund from 10/31/11 to 10/31/21 (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, 2021, 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, 2021, 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 $10,000 Investment
Carillon Reams Core Plus Bond Fund from 10/31/11 to 10/31/21 (a)
Carillon Reams Unconstrained Bond Fund from 10/31/11 to 10/31/21 (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, 2021, 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, 2021, 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The returns of the index do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (formerly called the BofA Merrill Lynch 3-Month LIBOR Constant Maturity Index) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.
The MSCI EAFE® Index is an equity index which captures large and mid cap representation across 21 developed markets countries around the world, excluding the US and Canada. With 928 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
The S&P 500® Index is an unmanaged index of 500 U.S. stocks and gives a broad look at how stock prices have performed. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Its returns do not include the effect of any sales charges. That means that actual returns would be lower if they included the effect of sales charges.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
11 |
Investment Portfolios
10.31.2021
CARILLON CLARIVEST CAPITAL APPRECIATION FUND
COMMON STOCKS—98.8% | Shares | Value | ||||||||||
Air freight & logistics—0.3% | ||||||||||||
GXO Logistics, Inc.* | 19,169 | $1,702,207 | ||||||||||
Automobiles—3.6% | ||||||||||||
Tesla, Inc.* | 21,000 | 23,394,000 | ||||||||||
Beverages—0.4% | ||||||||||||
Keurig Dr Pepper, Inc. | 69,900 | 2,522,691 | ||||||||||
Biotechnology—1.3% | ||||||||||||
AbbVie, Inc. | 75,200 | 8,623,184 | ||||||||||
Building products—1.1% | ||||||||||||
Carrier Global Corp. | 129,531 | 6,765,404 | ||||||||||
Capital markets—2.1% | ||||||||||||
Blackstone, Inc. | 27,400 | 3,792,708 | ||||||||||
The Charles Schwab Corp. | 59,000 | 4,839,770 | ||||||||||
The Goldman Sachs Group, Inc. | 11,400 | 4,712,190 | ||||||||||
Chemicals—0.9% | ||||||||||||
Olin Corp. | 103,900 | 5,920,222 | ||||||||||
Electrical equipment—1.0% | ||||||||||||
Generac Holdings, Inc.* | 12,700 | 6,331,712 | ||||||||||
Electronic equipment, instruments & components—0.7% | ||||||||||||
Keysight Technologies, Inc.* | 25,000 | 4,500,500 | ||||||||||
Entertainment—1.2% | ||||||||||||
Netflix, Inc.* | 11,500 | 7,938,565 | ||||||||||
Food & staples retailing—2.0% | ||||||||||||
Costco Wholesale Corp. | 13,500 | 6,635,790 | ||||||||||
Wal-Mart, Inc. | 41,200 | 6,156,104 | ||||||||||
Health care equipment & supplies—0.3% | ||||||||||||
Danaher Corp. | 6,000 | 1,870,620 | ||||||||||
Health care providers & services—4.0% | ||||||||||||
CVS Health Corp. | 54,100 | 4,830,048 | ||||||||||
Laboratory Corp. of America Holdings* | 10,900 | 3,128,518 | ||||||||||
McKesson Corp. | 20,400 | 4,240,752 | ||||||||||
UnitedHealth Group, Inc. | 29,200 | 13,445,724 | ||||||||||
Health care technology—0.7% | ||||||||||||
Veeva Systems, Inc., Class A* | 14,900 | 4,723,449 | ||||||||||
Hotels, restaurants & leisure—0.6% | ||||||||||||
Darden Restaurants, Inc. | 28,000 | 4,035,920 | ||||||||||
Household durables—1.3% | ||||||||||||
Lennar Corp., Class A | 48,200 | 4,816,626 | ||||||||||
PulteGroup, Inc. | 77,600 | 3,731,008 | ||||||||||
Insurance—0.4% | ||||||||||||
MetLife, Inc. | 45,000 | 2,826,000 | ||||||||||
Interactive media & services—8.4% | ||||||||||||
Alphabet, Inc., Class A* | 6,114 | 18,103,065 | ||||||||||
Alphabet, Inc., Class C* | 4,712 | 13,973,012 | ||||||||||
Meta Platforms, Inc., Class A* | 68,600 | 22,196,902 | ||||||||||
Internet & direct marketing retail—5.7% | ||||||||||||
Amazon.com, Inc.* | 10,900 | 36,759,487 | ||||||||||
IT services—8.7% | ||||||||||||
Accenture PLC, Class A | 18,300 | 6,565,857 | ||||||||||
Akamai Technologies, Inc.* | 32,600 | 3,437,996 | ||||||||||
Cloudflare, Inc., Class A* | 35,100 | 6,834,672 | ||||||||||
EPAM Systems, Inc.* | 7,800 | 5,251,272 |
COMMON STOCKS—98.8% | Shares | Value | ||||||||||
IT services (cont'd) | ||||||||||||
Global Payments, Inc. | 19,800 | $ 2,831,202 | ||||||||||
MasterCard, Inc., Class A | 25,030 | 8,398,066 | ||||||||||
PayPal Holdings, Inc.* | 60,400 | 14,048,436 | ||||||||||
Visa, Inc., Class A | 40,000 | 8,470,800 | ||||||||||
Life sciences tools & services—1.9% | ||||||||||||
Thermo Fisher Scientific, Inc. | 19,500 | 12,344,865 | ||||||||||
Machinery—1.1% | ||||||||||||
Cummins, Inc. | 20,200 | 4,844,768 | ||||||||||
The Middleby Corp.* | 12,900 | 2,353,476 | ||||||||||
Media—0.4% | ||||||||||||
Omnicom Group, Inc. | 33,852 | 2,304,644 | ||||||||||
Metals & mining—0.3% | ||||||||||||
United States Steel Corp. | 70,000 | 1,847,300 | ||||||||||
Multiline retail—1.5% | ||||||||||||
Target Corp. | 37,400 | 9,709,788 | ||||||||||
Oil, gas & consumable fuels—0.5% | ||||||||||||
Marathon Oil Corp. | 181,600 | 2,963,712 | ||||||||||
Pharmaceuticals—0.9% | ||||||||||||
Bristol-Myers Squibb Co. | 98,900 | 5,775,760 | ||||||||||
Professional services—0.3% | ||||||||||||
ManpowerGroup, Inc. | 20,800 | 2,010,320 | ||||||||||
Road & rail—0.8% | ||||||||||||
Old Dominion Freight Line, Inc. | 10,900 | 3,720,715 | ||||||||||
XPO Logistics, Inc.* | 19,200 | 1,647,360 | ||||||||||
Semiconductors & semiconductor equipment—11.7% | ||||||||||||
Advanced Micro Devices, Inc.* | 53,700 | 6,456,351 | ||||||||||
Broadcom, Inc. | 6,700 | 3,562,189 | ||||||||||
KLA Corp. | 20,200 | 7,529,752 | ||||||||||
Lam Research Corp. | 9,500 | 5,353,915 | ||||||||||
NVIDIA Corp. | 100,600 | 25,720,402 | ||||||||||
ON Semiconductor Corp.* | 38,700 | 1,860,309 | ||||||||||
Qorvo, Inc.* | 33,700 | 5,669,351 | ||||||||||
QUALCOMM, Inc. | 57,000 | 7,583,280 | ||||||||||
Teradyne, Inc. | 59,600 | 8,239,104 | ||||||||||
Texas Instruments, Inc. | 16,800 | 3,149,664 | ||||||||||
Software—18.0% | ||||||||||||
Adobe, Inc.* | 22,900 | 14,893,244 | ||||||||||
Crowdstrike Holdings, Inc., Class A* | 11,800 | 3,325,240 | ||||||||||
Dropbox, Inc., Class A* | 116,500 | 3,552,085 | ||||||||||
Fortinet, Inc.* | 16,700 | 5,616,878 | ||||||||||
Microsoft Corp. | 178,200 | 59,094,684 | ||||||||||
salesforce.com, Inc.* | 35,300 | 10,579,057 | ||||||||||
SS&C Technologies Holdings, Inc. | 71,900 | 5,713,893 | ||||||||||
Synopsys, Inc.* | 39,300 | 13,093,974 | ||||||||||
Specialty retail—6.0% | ||||||||||||
Advance Auto Parts, Inc. | 13,800 | 3,112,176 | ||||||||||
AutoNation, Inc.* | 14,400 | 1,744,128 | ||||||||||
AutoZone, Inc.* | 2,700 | 4,819,068 | ||||||||||
Dick’s Sporting Goods, Inc. | 74,300 | 9,228,803 | ||||||||||
Foot Locker, Inc. | 38,000 | 1,811,460 | ||||||||||
Lowe’s Cos., Inc. | 21,600 | 5,050,512 | ||||||||||
The Home Depot, Inc. | 34,900 | 12,973,726 |
12 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON CLARIVEST CAPITAL APPRECIATION FUND (cont’d)
COMMON STOCKS—98.8% | Shares | Value | ||||||||||
Technology hardware, storage & peripherals—9.6% | ||||||||||||
Apple, Inc. | 395,664 | $ 59,270,467 | ||||||||||
Western Digital Corp.* | 43,900 | 2,295,531 | ||||||||||
Trading companies & distributors—1.1% | ||||||||||||
United Rentals, Inc.* | 19,000 | 7,203,090 | ||||||||||
Total common stocks (cost $253,519,544) | 636,379,520 | |||||||||||
Total investment portfolio (cost $253,519,544)—98.8% |
| 636,379,520 | ||||||||||
Other assets in excess of liabilities—1.2% | 7,714,559 | |||||||||||
Total net assets—100.0% | $644,094,079 |
* Non-income producing security
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 48.6% | |||
Consumer discretionary | 18.8% | |||
Communication services | 10.0% | |||
Health care | 9.1% | |||
Industrials | 5.7% | |||
Financials | 2.5% | |||
Consumer staples | 2.4% | |||
Materials | 1.2% | |||
Energy | 0.5% |
COMMON STOCKS—91.7% | Shares | Value | ||||||||||
France (cont'd) | ||||||||||||
Capgemini S.A. | 470 | $ 109,587 | ||||||||||
Cie de Saint-Gobain | 2,002 | 138,164 | ||||||||||
Eiffage S.A. | 840 | 86,457 | ||||||||||
Fnac Darty S.A. | 719 | 46,679 | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 205 | 160,745 | ||||||||||
Publicis Groupe S.A. | 533 | 35,782 | ||||||||||
Rexel S.A.* | 1,619 | 32,180 | ||||||||||
Sanofi | 996 | 100,043 | ||||||||||
Sartorius Stedim Biotech | 99 | 54,566 | ||||||||||
Societe Generale S.A. | 2,349 | 78,466 | ||||||||||
TotalEnergies SE | 2,109 | 105,608 | ||||||||||
Germany—9.1% | ||||||||||||
Bayer AG | 937 | 52,807 | ||||||||||
Bayerische Motoren Werke AG | 860 | 86,891 | ||||||||||
Brenntag SE | 355 | 33,774 | ||||||||||
Daimler AG | 2,132 | 211,628 | ||||||||||
Deutsche Post AG | 2,912 | 180,274 | ||||||||||
Deutsche Telekom AG | 6,385 | 118,743 | ||||||||||
HeidelbergCement AG | 976 | 73,498 | ||||||||||
Infineon Technologies AG | 2,621 | 122,745 | ||||||||||
Merck KGaA | 820 | 193,787 | ||||||||||
Hong Kong—2.5% | ||||||||||||
ASM Pacific Technology Ltd. | 3,500 | 37,872 | ||||||||||
CK Hutchison Holdings Ltd. | 14,500 | 97,214 | ||||||||||
Kerry Properties Ltd. | 14,000 | 39,574 | ||||||||||
Pacific Basin Shipping Ltd. | 158,000 | 72,918 | ||||||||||
Xinyi Glass Holdings Ltd. | 17,000 | 47,905 | ||||||||||
Ireland—0.4% | ||||||||||||
James Hardie Industries PLC, CDI | 1,028 | 40,386 | ||||||||||
Israel—0.5% | ||||||||||||
Teva Pharmaceutical Industries Ltd., Sponsored ADR* | 6,700 | 58,558 | ||||||||||
Italy—1.2% | ||||||||||||
Enel SpA | 5,675 | 47,510 | ||||||||||
Eni SpA | 4,223 | 60,526 | ||||||||||
Unipol Gruppo SpA | 4,788 | 27,499 | ||||||||||
Japan—24.0% | ||||||||||||
AGC, Inc. | 3,300 | 164,326 | ||||||||||
Arcland Sakamoto Co. Ltd. | 1,000 | 14,958 | ||||||||||
Canon, Inc. | 2,500 | 56,848 | ||||||||||
Central Glass Co. Ltd. | 1,700 | 31,657 | ||||||||||
Cosmo Energy Holdings Co. Ltd. | 1,100 | 22,487 | ||||||||||
FUJIFILM Holdings Corp. | 2,900 | 224,105 | ||||||||||
Fujitsu Ltd. | 700 | 120,981 | ||||||||||
Hirogin Holdings, Inc. | 3,400 | 18,731 | ||||||||||
Hitachi Ltd. | 1,500 | 86,437 | ||||||||||
Hitachi Zosen Corp. | 3,500 | 27,443 | ||||||||||
Hokkaido Electric Power Co., Inc. | 4,600 | 19,117 | ||||||||||
Honda Motor Co. Ltd. | 2,400 | 70,987 | ||||||||||
Ibiden Co. Ltd. | 800 | 48,069 | ||||||||||
Iida Group Holdings Co. Ltd. | 5,800 | 142,996 | ||||||||||
ITOCHU Corp. | 5,400 | 154,013 | ||||||||||
Ki-Star Real Estate Co. Ltd. | 400 | 22,351 | ||||||||||
Marubeni Corp. | 10,400 | 88,247 | ||||||||||
Mitsubishi Corp. | 2,100 | 66,776 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 17,200 | 94,316 | ||||||||||
Mizuho Financial Group, Inc. | 2,480 | 32,731 |
The accompanying notes are an integral part of the financial statements. | 13 |
Investment Portfolios
10.31.2021
CARILLON CLARIVEST INTERNATIONAL STOCK FUND (cont’d)
COMMON STOCKS—91.7% | Shares | Value | ||||||||||
Japan (cont'd) | ||||||||||||
Murata Manufacturing Co. Ltd. | 1,200 | $ 89,014 | ||||||||||
NEC Networks & System Integration Corp. | 4,000 | 64,362 | ||||||||||
Nippon Telegraph & Telephone Corp. | 7,900 | 221,350 | ||||||||||
Nippon Yusen KK | 2,200 | 158,526 | ||||||||||
Nomura Holdings, Inc. | 10,500 | 50,006 | ||||||||||
Olympus Corp. | 2,200 | 47,659 | ||||||||||
Ricoh Co. Ltd. | 5,000 | 48,689 | ||||||||||
Sawai Group Holdings Co. Ltd. | 900 | 39,703 | ||||||||||
Sekisui House Ltd. | 4,300 | 89,400 | ||||||||||
Seven & i Holdings Co. Ltd. | 2,500 | 104,962 | ||||||||||
SoftBank Group Corp. | 700 | 37,896 | ||||||||||
Sony Group Corp. | 1,100 | 127,376 | ||||||||||
Toyota Motor Corp. | 13,500 | 238,196 | ||||||||||
Netherlands—5.3% | ||||||||||||
Aegon N.V. | 7,488 | 37,981 | ||||||||||
Akzo Nobel N.V. | 371 | 42,634 | ||||||||||
ASML Holding N.V. | 282 | 229,238 | ||||||||||
ASR Nederland N.V. | 580 | 27,112 | ||||||||||
Koninklijke Ahold Delhaize N.V. | 2,739 | 89,107 | ||||||||||
NN Group N.V. | 1,703 | 91,037 | ||||||||||
Signify N.V. | 1,043 | 50,540 | ||||||||||
Stellantis N.V. | 2,934 | 58,576 | ||||||||||
Norway—0.2% | ||||||||||||
Austevoll Seafood ASA | 1,943 | 26,306 | ||||||||||
Singapore—1.7% | ||||||||||||
DBS Group Holdings Ltd. | 5,200 | 121,513 | ||||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 69,000 | 72,847 | ||||||||||
Spain—1.7% | ||||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 5,888 | 41,205 | ||||||||||
Iberdrola S.A. | 8,054 | 95,106 | ||||||||||
Repsol S.A. | 1,729 | 22,146 | ||||||||||
Telefonica S.A. | 9,202 | 39,971 | ||||||||||
Sweden—0.6% | ||||||||||||
SSAB AB, Class B* | 6,687 | 33,423 | ||||||||||
Telefonaktiebolaget LM Ericsson, Class B | 3,547 | 38,717 | ||||||||||
Switzerland—10.7% | ||||||||||||
Alcon, Inc. | 1,912 | 158,540 | ||||||||||
Julius Baer Group Ltd. | 1,880 | 135,984 | ||||||||||
Nestle S.A. | 862 | 113,704 | ||||||||||
Novartis AG | 2,424 | 200,496 | ||||||||||
Roche Holding AG | 516 | 199,895 | ||||||||||
Sonova Holding AG | 357 | 147,931 | ||||||||||
Swiss Life Holding AG | 199 | 109,165 | ||||||||||
UBS Group AG | 8,430 | 153,449 | ||||||||||
Zurich Insurance Group AG | 97 | 42,992 | ||||||||||
United Kingdom—13.7% | ||||||||||||
3i Group PLC | 7,096 | 132,518 | ||||||||||
Anglo American PLC | 925 | 35,190 | ||||||||||
Ashtead Group PLC | 707 | 59,254 | ||||||||||
AstraZeneca PLC | 1,165 | 145,743 | ||||||||||
Barclays PLC | 35,418 | 97,735 | ||||||||||
Bellway PLC | 702 | 31,852 | ||||||||||
BP PLC | 11,190 | 53,610 | ||||||||||
British American Tobacco PLC | 2,135 | 74,265 | ||||||||||
Coca-Cola Europacific Partners PLC | 2,617 | 137,785 | ||||||||||
Computacenter PLC | 1,905 | 70,037 |
COMMON STOCKS—91.7% | Shares | Value | ||||||||||
United Kingdom (cont'd) | ||||||||||||
Ferguson PLC | 545 | $ 82,003 | ||||||||||
GlaxoSmithKline PLC | 2,155 | 44,740 | ||||||||||
Imperial Brands PLC | 5,264 | 111,077 | ||||||||||
Kingfisher PLC | 11,250 | 51,633 | ||||||||||
Lloyds Banking Group PLC | 72,749 | 49,788 | ||||||||||
Redrow PLC | 3,419 | 30,103 | ||||||||||
Rio Tinto PLC | 1,202 | 74,946 | ||||||||||
Royal Dutch Shell PLC, Class B | 3,248 | 74,537 | ||||||||||
Royal Mail PLC | 3,106 | 17,906 | ||||||||||
SSE PLC | 5,185 | 116,764 | ||||||||||
Standard Chartered PLC | 6,423 | 43,439 | ||||||||||
Vodafone Group PLC | 49,150 | 72,440 | ||||||||||
Total common stocks (cost $9,268,868) | 10,773,629 | |||||||||||
PREFERRED STOCKS—1.8% | ||||||||||||
Germany—1.8% | ||||||||||||
Draegerwerk AG & Co. KGaA | 155 | 12,202 | ||||||||||
Volkswagen AG | 901 | 202,214 | ||||||||||
Total preferred stocks (cost $180,846) | 214,416 | |||||||||||
EXCHANGE TRADED FUNDS—1.5% | ||||||||||||
United States—1.5% | ||||||||||||
iShares MSCI EAFE ETF | 2,200 | 177,078 | ||||||||||
Total exchange traded funds (cost $177,607) | 177,078 | |||||||||||
Total investment portfolio (cost $9,627,321)—95.0% | 11,165,123 | |||||||||||
Other assets in excess of liabilities—5.0% | 588,189 | |||||||||||
Total net assets—100.0% | $11,753,312 |
* Non-income producing security
ADR—American Depositary Receipt
ETF—Exchange Traded Fund
CDI—CHESS Depositary Interests
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Financials | 17.6% | |||
Industrials | 16.3% | |||
Health care | 15.3% | |||
Consumer discretionary | 13.8% | |||
Information technology | 10.7% | |||
Consumer staples | 6.0% | |||
Communication services | 4.5% | |||
Materials | 3.7% | |||
Energy | 2.9% | |||
Utilities | 2.4% | |||
Exchange traded funds | 1.5% | |||
Real estate | 0.3% |
14 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON EAGLE GROWTH & INCOME FUND
COMMON STOCKS—98.1% | Shares | Value | ||||||||||
Aerospace & defense—2.9% | ||||||||||||
Raytheon Technologies Corp. | 326,770 | $29,036,782 | ||||||||||
Air freight & logistics—1.6% | ||||||||||||
United Parcel Service, Inc., Class B | 74,852 | 15,978,656 | ||||||||||
Banks—9.4% | ||||||||||||
JPMorgan Chase & Co. | 196,395 | 33,365,547 | ||||||||||
The PNC Financial Services Group, Inc. | 155,727 | 32,863,069 | ||||||||||
Truist Financial Corp. | 425,813 | 27,026,351 | ||||||||||
Beverages—5.5% | ||||||||||||
PepsiCo, Inc. | 150,851 | 24,377,522 | ||||||||||
The Coca-Cola Co. | 534,154 | 30,110,261 | ||||||||||
Biotechnology—2.3% | ||||||||||||
AbbVie, Inc. | 202,643 | 23,237,073 | ||||||||||
Capital markets—5.0% | ||||||||||||
BlackRock, Inc. | 32,260 | 30,436,019 | ||||||||||
CME Group, Inc. | 86,283 | 19,029,716 | ||||||||||
Chemicals—3.8% | ||||||||||||
Eastman Chemical Co. | 223,960 | 23,298,559 | ||||||||||
PPG Industries, Inc. | 89,470 | 14,366,198 | ||||||||||
Communications equipment—3.4% | ||||||||||||
Cisco Systems, Inc. | 601,222 | 33,650,395 | ||||||||||
Electric utilities—3.1% | ||||||||||||
NextEra Energy, Inc. | 353,921 | 30,200,079 | ||||||||||
Electrical equipment—4.5% | ||||||||||||
Eaton Corp. PLC | 139,377 | 22,963,755 | ||||||||||
Rockwell Automation, Inc. | 66,260 | 21,163,444 | ||||||||||
Electronic equipment, instruments & components—2.8% | ||||||||||||
Corning, Inc. | 254,750 | 9,061,458 | ||||||||||
TE Connectivity Ltd. | 129,602 | 18,921,892 | ||||||||||
Equity real estate investment trusts (REITs)—4.7% | ||||||||||||
Crown Castle International Corp. | 112,669 | 20,314,221 | ||||||||||
Prologis, Inc. | 184,097 | 26,686,701 | ||||||||||
Food products—1.4% | ||||||||||||
Mondelez International, Inc., Class A | 230,366 | 13,992,431 | ||||||||||
Health care equipment & supplies—4.9% | ||||||||||||
Abbott Laboratories | 84,378 | 10,875,480 | ||||||||||
Baxter International, Inc. | 171,976 | 13,579,225 | ||||||||||
Medtronic PLC | 198,930 | 23,843,750 | ||||||||||
Health care providers & services—1.7% | ||||||||||||
UnitedHealth Group, Inc. | 36,844 | 16,965,557 | ||||||||||
Hotels, restaurants & leisure—3.2% | ||||||||||||
McDonald’s Corp. | 129,379 | 31,769,013 | ||||||||||
Household durables—0.8% | ||||||||||||
Garmin Ltd. | 53,454 | 7,675,994 | ||||||||||
Household products—1.9% | ||||||||||||
The Procter & Gamble Co. | 133,887 | 19,144,502 | ||||||||||
Industrial conglomerates—1.6% | ||||||||||||
Honeywell International, Inc. | 72,183 | 15,780,647 | ||||||||||
IT services—3.1% | ||||||||||||
Automatic Data Processing, Inc. | 137,916 | 30,960,763 |
COMMON STOCKS—98.1% | Shares | Value | ||||||||||
Media—2.2% | ||||||||||||
Comcast Corp., Class A | 416,707 | $ 21,431,241 | ||||||||||
Multiline retail—2.3% | ||||||||||||
Target Corp. | 86,612 | 22,486,207 | ||||||||||
Oil, gas & consumable fuels—3.9% | ||||||||||||
Chevron Corp. | 339,961 | 38,922,135 | ||||||||||
Pharmaceuticals—4.7% | ||||||||||||
AstraZeneca PLC, Sponsored ADR | 334,521 | 20,867,420 | ||||||||||
Merck & Co., Inc. | 294,511 | 25,931,694 | ||||||||||
Road & rail—2.2% | ||||||||||||
Union Pacific Corp. | 92,046 | 22,219,904 | ||||||||||
Semiconductors & semiconductor equipment—7.3% | ||||||||||||
Broadcom, Inc. | 69,782 | 37,100,996 | ||||||||||
Texas Instruments, Inc. | 188,493 | 35,338,668 | ||||||||||
Software—4.8% | ||||||||||||
Microsoft Corp. | 144,583 | 47,946,614 | ||||||||||
Specialty retail—3.1% | ||||||||||||
The Home Depot, Inc. | 83,268 | 30,954,046 | ||||||||||
Total common stocks (cost $607,323,663) | 973,873,985 | |||||||||||
Total investment portfolio (cost $607,323,663)—98.1% |
| 973,873,985 | ||||||||||
Other assets in excess of liabilities—1.9% | 18,364,010 | |||||||||||
Total net assets—100.0% | $992,237,995 |
ADR—American Depositary Receipt
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 21.5% | |||
Financials | 14.4% | |||
Health care | 13.6% | |||
Industrials | 12.8% | |||
Consumer discretionary | 9.4% | |||
Consumer staples | 8.8% | |||
Real estate | 4.7% | |||
Energy | 3.9% | |||
Materials | 3.8% | |||
Utilities | 3.0% | |||
Communication services | 2.2% |
CARILLON EAGLE MID CAP GROWTH FUND |
| |||||||||||
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Aerospace & defense—1.1% | ||||||||||||
L3Harris Technologies, Inc. | 403,122 | $92,935,746 | ||||||||||
Auto components—0.9% | ||||||||||||
Aptiv PLC* | 475,627 | 82,231,152 |
The accompanying notes are an integral part of the financial statements. | 15 |
Investment Portfolios
10.31.2021
CARILLON EAGLE MID CAP GROWTH FUND (cont’d)
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Beverages—2.0% | ||||||||||||
Constellation Brands, Inc., Class A | 452,650 | $ 98,139,046 | ||||||||||
Monster Beverage Corp.* | 926,857 | 78,782,845 | ||||||||||
Biotechnology—4.2% | ||||||||||||
Acceleron Pharma, Inc.* | 362,248 | 63,096,357 | ||||||||||
Alnylam Pharmaceuticals, Inc.* | 201,572 | 32,162,828 | ||||||||||
Exact Sciences Corp.* | 268,380 | 25,555,143 | ||||||||||
Horizon Therapeutics PLC* | 820,758 | 98,417,092 | ||||||||||
Mirati Therapeutics, Inc.* | 205,283 | 38,802,593 | ||||||||||
Moderna, Inc.* | 116,290 | 40,144,471 | ||||||||||
Seagen, Inc.* | 398,459 | 70,260,275 | ||||||||||
Building products—1.3% | ||||||||||||
Fortune Brands Home & Security, Inc. | 1,108,717 | 112,423,904 | ||||||||||
Capital markets—6.3% | ||||||||||||
LPL Financial Holdings, Inc. | 1,096,290 | 179,813,486 | ||||||||||
MarketAxess Holdings, Inc. | 209,400 | 85,575,498 | ||||||||||
Moody’s Corp. | 220,949 | 89,296,538 | ||||||||||
MSCI, Inc. | 297,729 | 197,954,058 | ||||||||||
Chemicals—2.3% | ||||||||||||
Albemarle Corp. | 505,903 | 126,713,524 | ||||||||||
Corteva, Inc. | 1,668,187 | 71,982,269 | ||||||||||
Commercial services & supplies—4.3% | ||||||||||||
IAA, Inc.* | 1,057,789 | 63,097,114 | ||||||||||
Ritchie Bros Auctioneers, Inc. | 1,641,456 | 112,193,517 | ||||||||||
Waste Connections, Inc. | 1,471,284 | 200,109,337 | ||||||||||
Construction materials—1.3% | ||||||||||||
Martin Marietta Materials, Inc. | 294,663 | 115,755,413 | ||||||||||
Containers & packaging—0.7% | ||||||||||||
Ball Corp. | 700,106 | 64,045,697 | ||||||||||
Distributors—2.6% | ||||||||||||
Pool Corp. | 448,562 | 231,081,200 | ||||||||||
Electronic equipment, instruments & components—2.6% | ||||||||||||
Cognex Corp. | 1,482,358 | 129,839,737 | ||||||||||
Keysight Technologies, Inc.* | 559,725 | 100,761,695 | ||||||||||
Energy equipment & services—1.3% | ||||||||||||
Baker Hughes Co. | 4,401,458 | 110,388,567 | ||||||||||
Entertainment—1.3% | ||||||||||||
Spotify Technology S.A.* | 122,901 | 35,567,549 | ||||||||||
Take-Two Interactive Software, Inc.* | 444,655 | 80,482,555 | ||||||||||
Equity real estate investment trusts (REITs)—1.6% | ||||||||||||
SBA Communications Corp. | 413,625 | 142,837,121 | ||||||||||
Health care equipment & supplies—6.6% | ||||||||||||
Align Technology, Inc.* | 96,806 | 60,442,762 | ||||||||||
DexCom, Inc.* | 112,601 | 70,174,069 | ||||||||||
IDEXX Laboratories, Inc.* | 211,177 | 140,673,447 | ||||||||||
Insulet Corp.* | 183,441 | 56,870,379 | ||||||||||
Masimo Corp.* | 186,512 | 52,883,613 | ||||||||||
ResMed, Inc. | 256,858 | 67,530,537 | ||||||||||
Teleflex, Inc. | 71,296 | 25,448,394 | ||||||||||
West Pharmaceutical Services, Inc. | 243,915 | 104,854,180 | ||||||||||
Health care providers & services—2.5% | ||||||||||||
Amedisys, Inc.* | 176,537 | 29,894,776 | ||||||||||
Guardant Health, Inc.* | 335,487 | 39,181,527 | ||||||||||
Laboratory Corp. of America Holdings* | 144,428 | 41,453,724 |
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Health care providers & services (cont'd) | ||||||||||||
McKesson Corp. | 263,432 | $ 54,762,244 | ||||||||||
Molina Healthcare, Inc.* | 175,636 | 51,939,078 | ||||||||||
Health care technology—0.6% | ||||||||||||
Veeva Systems, Inc., Class A* | 162,239 | 51,431,385 | ||||||||||
Hotels, restaurants & leisure—4.4% | ||||||||||||
Caesars Entertainment, Inc.* | 1,469,043 | 160,801,447 | ||||||||||
Chipotle Mexican Grill, Inc.* | 70,317 | 125,096,053 | ||||||||||
Planet Fitness, Inc., Class A* | 659,248 | 52,443,178 | ||||||||||
Vail Resorts, Inc. | 132,403 | 45,640,638 | ||||||||||
Household durables—0.5% | ||||||||||||
Lennar Corp., Class A | 437,611 | 43,730,467 | ||||||||||
Interactive media & services—1.9% | ||||||||||||
Bumble, Inc., Class A* | 826,159 | 43,389,871 | ||||||||||
Pinterest, Inc., Class A* | 2,733,428 | 122,020,226 | ||||||||||
IT services—3.3% | ||||||||||||
FleetCor Technologies, Inc.* | 473,581 | 117,168,675 | ||||||||||
Global Payments, Inc. | 639,082 | 91,382,335 | ||||||||||
Shopify, Inc., Class A* | 55,711 | 81,712,995 | ||||||||||
Life sciences tools & services—4.3% | ||||||||||||
Agilent Technologies, Inc. | 417,143 | 65,695,851 | ||||||||||
Avantor, Inc.* | 2,252,287 | 90,947,349 | ||||||||||
Bio-Techne Corp. | 93,967 | 49,205,820 | ||||||||||
Charles River Laboratories International, Inc.* | 230,359 | 103,357,476 | ||||||||||
Repligen Corp.* | 215,045 | 62,470,572 | ||||||||||
Machinery—0.9% | ||||||||||||
Westinghouse Air Brake Technologies Corp. | 905,909 | 82,193,124 | ||||||||||
Pharmaceuticals—0.9% | ||||||||||||
Zoetis, Inc. | 382,676 | 82,734,551 | ||||||||||
Professional services—2.7% | ||||||||||||
Booz Allen Hamilton Holding Corp. | 665,315 | 57,789,261 | ||||||||||
Clarivate PLC* | 2,059,050 | 48,284,722 | ||||||||||
TransUnion | 1,135,885 | 130,956,182 | ||||||||||
Road & rail—1.5% | ||||||||||||
Old Dominion Freight Line, Inc. | 378,010 | 129,033,714 | ||||||||||
Semiconductors & semiconductor equipment—6.6% | ||||||||||||
Advanced Micro Devices, Inc.* | 924,763 | 111,184,255 | ||||||||||
Enphase Energy, Inc.* | 379,301 | 87,857,491 | ||||||||||
Marvell Technology, Inc. | 1,943,839 | 133,152,972 | ||||||||||
Microchip Technology, Inc. | 961,244 | 71,218,568 | ||||||||||
Monolithic Power Systems, Inc. | 116,127 | 61,020,093 | ||||||||||
Universal Display Corp. | 191,198 | 35,027,474 | ||||||||||
Xilinx, Inc. | 446,916 | 80,444,880 | ||||||||||
Software—20.6% | ||||||||||||
Anaplan, Inc.* | 1,267,652 | 82,663,587 | ||||||||||
Coupa Software, Inc.* | 195,830 | 44,590,491 | ||||||||||
Crowdstrike Holdings, Inc., Class A* | 944,784 | 266,240,131 | ||||||||||
DocuSign, Inc.* | 441,638 | 122,903,439 | ||||||||||
Elastic N.V.* | 692,692 | 120,188,989 | ||||||||||
Fair Isaac Corp.* | 142,002 | 56,545,196 | ||||||||||
Five9, Inc.* | 530,893 | 83,886,403 | ||||||||||
PTC, Inc.* | 523,916 | 66,720,703 | ||||||||||
RingCentral, Inc., Class A* | 539,261 | 131,461,047 | ||||||||||
ServiceNow, Inc.* | 113,319 | 79,069,465 | ||||||||||
Splunk, Inc.* | 698,684 | 115,157,097 |
16 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON EAGLE MID CAP GROWTH FUND (cont’d)
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Software (cont'd) | ||||||||||||
Synopsys, Inc.* | 688,709 | $ 229,464,065 | ||||||||||
Tyler Technologies, Inc.* | 340,370 | 184,895,791 | ||||||||||
UiPath, Inc., Class A* | 1,055,171 | 53,022,343 | ||||||||||
Workday, Inc., Class A* | 259,282 | 75,186,594 | ||||||||||
Zendesk, Inc.* | 868,891 | 88,453,104 | ||||||||||
Specialty retail—4.5% | ||||||||||||
AutoZone, Inc.* | 50,114 | 89,445,472 | ||||||||||
Burlington Stores, Inc.* | 422,183 | 116,644,941 | ||||||||||
Floor & Decor Holdings, Inc., Class A* | 719,154 | 97,747,412 | ||||||||||
Ulta Beauty, Inc.* | 238,575 | 87,642,912 | ||||||||||
Textiles, apparel & luxury goods—1.4% | ||||||||||||
Lululemon Athletica, Inc.* | 267,074 | 124,459,155 | ||||||||||
Trading companies & distributors—2.6% | ||||||||||||
United Rentals, Inc.* | 302,220 | 114,574,624 | ||||||||||
W.W. Grainger, Inc. | 245,139 | 113,526,322 | ||||||||||
Total common stocks (cost $4,612,656,197) | 8,728,435,965 | |||||||||||
Total investment portfolio (cost $4,612,656,197)—99.6% |
| 8,728,435,965 | ||||||||||
Other assets in excess of liabilities—0.4% | 31,040,803 | |||||||||||
Total net assets—100.0% | $8,759,476,768 |
* Non-income producing security
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 33.1% | |||
Health care | 19.1% | |||
Industrials | 14.4% | |||
Consumer discretionary | 14.3% | |||
Financcials | 6.3% | |||
Materials | 4.3% | |||
Communication services | 3.2% | |||
Consumer staples | 2.0% | |||
Real estate | 1.6% | |||
Energy | 1.3% |
COMMON STOCKS—99.0% | Shares | Value | ||||||||||
Biotechnology (cont'd) | ||||||||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 194,526 | $ 27,684,940 | ||||||||||
Blueprint Medicines Corp.* | 229,997 | 25,872,363 | ||||||||||
BridgeBio Pharma, Inc.* | 192,534 | 9,507,329 | ||||||||||
CareDx, Inc.* | 138,438 | 7,060,338 | ||||||||||
Denali Therapeutics, Inc.* | 90,808 | 4,390,567 | ||||||||||
Dicerna Pharmaceuticals, Inc.* | 413,048 | 8,595,529 | ||||||||||
Editas Medicine, Inc.* | 63,335 | 2,325,661 | ||||||||||
Fate Therapeutics, Inc.* | 116,600 | 6,273,080 | ||||||||||
Halozyme Therapeutics, Inc.* | 671,432 | 25,561,416 | ||||||||||
Horizon Therapeutics PLC* | 256,535 | 30,761,112 | ||||||||||
Insmed, Inc.* | 507,252 | 15,293,648 | ||||||||||
Intellia Therapeutics, Inc.* | 135,815 | 18,060,679 | ||||||||||
Invitae Corp.* | 263,584 | 6,984,976 | ||||||||||
Karuna Therapeutics, Inc.* | 139,823 | 19,628,353 | ||||||||||
Kodiak Sciences, Inc.* | 98,020 | 11,477,162 | ||||||||||
Kura Oncology, Inc.* | 432,017 | 7,093,719 | ||||||||||
Natera, Inc.* | 116,365 | 13,331,938 | ||||||||||
TG Therapeutics, Inc.* | 265,952 | 8,303,021 | ||||||||||
Turning Point Therapeutics, Inc.* | 212,587 | 8,839,367 | ||||||||||
Verastem, Inc.* | 820,674 | 2,133,752 | ||||||||||
Building products—0.9% | ||||||||||||
Trex Co., Inc.* | 205,308 | 21,844,771 | ||||||||||
Capital markets—3.9% | ||||||||||||
LPL Financial Holdings, Inc. | 312,125 | 51,194,743 | ||||||||||
PJT Partners, Inc., Class A | 502,508 | 41,100,129 | ||||||||||
Chemicals—3.1% | ||||||||||||
Quaker Houghton | 291,898 | 71,760,204 | ||||||||||
Commercial services & supplies—5.4% | ||||||||||||
Casella Waste Systems, Inc., Class A* | 125,000 | 10,840,000 | ||||||||||
IAA, Inc.* | 439,401 | 26,210,270 | ||||||||||
MSA Safety, Inc. | 126,334 | 19,332,892 | ||||||||||
Ritchie Bros Auctioneers, Inc. | 950,559 | 64,970,708 | ||||||||||
The Brink’s Co. | 73,187 | 5,041,120 | ||||||||||
Communications equipment—0.4% | ||||||||||||
Lumentum Holdings, Inc.* | 106,113 | 8,762,812 | ||||||||||
Construction materials—1.8% | ||||||||||||
Summit Materials, Inc., Class A* | 1,155,368 | 41,188,869 | ||||||||||
Diversified consumer services—0.6% | ||||||||||||
Chegg, Inc.* | 222,430 | 13,221,239 | ||||||||||
Electrical equipment—1.0% | ||||||||||||
Thermon Group Holdings, Inc.* | 1,324,778 | 22,892,164 | ||||||||||
Electronic equipment, instruments & components—1.9% | ||||||||||||
Cognex Corp. | 266,344 | 23,329,071 | ||||||||||
II-VI, Inc.* | 362,773 | 21,951,394 | ||||||||||
Equity real estate investment trusts (REITs)—1.8% | ||||||||||||
EastGroup Properties, Inc. | 214,057 | 42,336,193 | ||||||||||
Food & staples retailing—0.8% | ||||||||||||
Casey’s General Stores, Inc. | 94,950 | 18,186,723 | ||||||||||
Food products—1.9% | ||||||||||||
The Simply Good Foods Co.* | 1,130,857 | 44,838,480 | ||||||||||
Health care equipment & supplies—4.3% | ||||||||||||
AtriCure, Inc.* | 340,313 | 25,543,894 | ||||||||||
CONMED Corp. | 216,584 | 31,681,907 | ||||||||||
CryoPort, Inc.* | 227,600 | 18,558,504 |
The accompanying notes are an integral part of the financial statements. | 17 |
Investment Portfolios
10.31.2021
CARILLON EAGLE SMALL CAP GROWTH FUND (cont’d)
COMMON STOCKS—99.0% | Shares | Value | ||||||||||
Health care equipment & supplies (cont'd) | ||||||||||||
Merit Medical Systems, Inc.* | 132,965 | $ 8,943,226 | ||||||||||
STAAR Surgical Co.* | 138,506 | 16,407,421 | ||||||||||
Health care providers & services—2.7% | ||||||||||||
Apollo Medical Holdings, Inc.* | 147,908 | 10,150,926 | ||||||||||
Owens & Minor, Inc. | 283,440 | 10,169,827 | ||||||||||
Progyny, Inc.* | 433,664 | 26,639,979 | ||||||||||
Tenet Healthcare Corp.* | 134,644 | 9,648,589 | ||||||||||
The Ensign Group, Inc. | 92,956 | 7,251,498 | ||||||||||
Health care technology—4.1% | ||||||||||||
Evolent Health, Inc., Class A* | 1,346,483 | 39,411,557 | ||||||||||
Inspire Medical Systems, Inc.* | 93,506 | 25,207,348 | ||||||||||
Omnicell, Inc.* | 184,435 | 32,857,095 | ||||||||||
Hotels, restaurants & leisure—9.4% | ||||||||||||
Everi Holdings, Inc.* | 3,456,860 | 82,964,640 | ||||||||||
Penn National Gaming, Inc.* | 541,223 | 38,751,567 | ||||||||||
Planet Fitness, Inc., Class A* | 344,488 | 27,404,020 | ||||||||||
Rush Street Interactive, Inc.* | 1,585,105 | 31,908,164 | ||||||||||
Wingstop, Inc. | 230,271 | 39,714,839 | ||||||||||
Household durables—1.7% | ||||||||||||
Universal Electronics, Inc.* (b) | 948,472 | 39,058,077 | ||||||||||
Insurance—0.7% | ||||||||||||
Kinsale Capital Group, Inc. | 83,818 | 15,686,539 | ||||||||||
IT services—1.4% | ||||||||||||
EVO Payments, Inc., Class A* | 770,612 | 16,706,868 | ||||||||||
TaskUS, Inc., Class A* (a) | 300,952 | 17,425,121 | ||||||||||
Life sciences tools & services—2.0% | ||||||||||||
Medpace Holdings, Inc.* | 88,797 | 20,116,960 | ||||||||||
NeoGenomics, Inc.* | 562,869 | 25,891,974 | ||||||||||
Machinery—7.1% | ||||||||||||
Chart Industries, Inc.* | 373,215 | 66,253,127 | ||||||||||
Graco, Inc. | 238,416 | 17,924,115 | ||||||||||
John Bean Technologies Corp. | 240,184 | 35,487,186 | ||||||||||
Woodward, Inc. | 426,228 | 48,142,452 | ||||||||||
Oil, gas & consumable fuels—1.5% | ||||||||||||
Viper Energy Partners LP | 1,548,390 | 34,141,999 | ||||||||||
Personal products—0.5% | ||||||||||||
The Beauty Health Co.* | 416,148 | 11,431,586 | ||||||||||
Pharmaceuticals—0.6% | ||||||||||||
Arvinas, Inc.* | 172,888 | 14,968,643 | ||||||||||
Professional services—0.3% | ||||||||||||
Upwork, Inc.* | 170,678 | 8,042,347 | ||||||||||
Road & rail—2.3% | ||||||||||||
Landstar System, Inc. | 310,185 | 54,533,625 | ||||||||||
Semiconductors & semiconductor equipment—7.7% | ||||||||||||
CMC Materials, Inc. | 240,836 | 30,916,117 | ||||||||||
Entegris, Inc. | 443,252 | 62,401,017 | ||||||||||
Lattice Semiconductor Corp.* | 512,465 | 35,585,570 | ||||||||||
Silicon Laboratories, Inc.* | 279,844 | 52,823,353 | ||||||||||
Software—11.5% | ||||||||||||
Alkami Technology, Inc.* | 255,746 | 7,672,380 | ||||||||||
Asana, Inc., Class A* | 321,165 | 43,614,207 | ||||||||||
Blackline, Inc.* | 77,067 | 9,777,490 | ||||||||||
Digital Turbine, Inc.* | 151,981 | 13,079,485 |
COMMON STOCKS—99.0% | Shares | Value | ||||||||||
Software (cont'd) | ||||||||||||
Everbridge, Inc.* | 344,819 | $ 54,933,115 | ||||||||||
Pegasystems, Inc. | 434,576 | 51,592,863 | ||||||||||
PROS Holdings, Inc.* | 419,603 | 12,588,090 | ||||||||||
Q2 Holdings, Inc.* | 275,000 | 21,576,500 | ||||||||||
Rapid7, Inc.* | 127,546 | 16,421,547 | ||||||||||
Sprout Social, Inc., Class A* | 273,448 | 34,913,841 | ||||||||||
Sumo Logic, Inc.* | 205,948 | 3,556,722 | ||||||||||
Specialty retail—3.3% | ||||||||||||
Floor & Decor Holdings, Inc., Class A* | 264,802 | 35,991,888 | ||||||||||
MarineMax, Inc.* | 784,832 | 40,646,449 | ||||||||||
Total common stocks (cost $1,243,394,818) | 2,322,407,003 | |||||||||||
HOLDING COMPANIES—0.8% | ||||||||||||
Holding companies-diversified—0.8% | ||||||||||||
Fast Acquisition Corp., Class A* (a) (b) | 1,549,802 | 20,193,920 | ||||||||||
Total holding companies (cost $17,467,514) | 20,193,920 | |||||||||||
MONEY MARKET FUNDS—1.0% | ||||||||||||
First American Government Obligations Fund—Class X, 0.03%# | 22,485,811 | 22,485,811 | ||||||||||
Total money market funds (cost $22,485,811) | 22,485,811 | |||||||||||
Total investment portfolio (cost $1,283,348,143)—100.8% |
| 2,365,086,734 | ||||||||||
Liabilities in excess of other assets—(0.8)% | (18,438,275 | ) | ||||||||||
Total net assets—100.0% | $2,346,648,459 |
* Non-income producing security
(a) All or a portion of this security was on loan as of the date of this report. The total fair market value of loaned securities was $21,591,563 or 0.9% of net assets as of the date of this report.
(b) Affiliated issuer. See Note 4 in the Notes to Financial Statements.
# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Health care | 26.0% | |||
Information technology | 23.0% | |||
Industrials | 17.4% | |||
Consumer discretionary | 14.9% | |||
Financials | 5.0% | |||
Materials | 4.8% | |||
Consumer staples | 4.7% | |||
Real estate | 1.8% | |||
Energy | 1.4% | |||
Money market funds | 1.0% | |||
Diversified | 0.8% |
18 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON SCOUT INTERNATIONAL FUND
COMMON STOCKS—93.1% | Shares | Value | ||||||||||
Australia—2.9% | ||||||||||||
BHP Group Ltd., Sponsored ADR (a) | 131,178 | $7,193,802 | ||||||||||
CSL Ltd. | 31,457 | 7,157,710 | ||||||||||
Canada—3.2% | ||||||||||||
Enbridge, Inc. | 158,359 | 6,628,908 | ||||||||||
Great-West Lifeco, Inc. | 315,439 | 9,280,166 | ||||||||||
Denmark—1.7% | ||||||||||||
Novo Nordisk A/S, Sponsored ADR | 74,738 | 8,230,896 | ||||||||||
France—10.8% | ||||||||||||
Air Liquide S.A. | 39,631 | 6,616,721 | ||||||||||
AXA S.A. | 339,501 | 9,877,122 | ||||||||||
BNP Paribas S.A. | 129,925 | 8,696,839 | ||||||||||
Dassault Systemes SE | 75,459 | 4,406,620 | ||||||||||
Kering S.A. | 10,036 | 7,532,386 | ||||||||||
L’Oreal S.A. | 13,233 | 6,053,512 | ||||||||||
TotalEnergies SE | 191,912 | 9,610,008 | ||||||||||
Germany—11.8% | ||||||||||||
Allianz SE, Unsponsored ADR (a) | 415,270 | 9,642,570 | ||||||||||
BASF SE | 92,054 | 6,625,478 | ||||||||||
Continental AG* | 58,657 | 6,896,404 | ||||||||||
Fresenius SE & Co. KGaA | 156,687 | 7,122,030 | ||||||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 25,155 | 7,448,074 | ||||||||||
SAP SE, Sponsored ADR (a) | 49,930 | 7,228,865 | ||||||||||
Siemens AG | 37,033 | 6,020,912 | ||||||||||
Siemens Energy AG* | 210,539 | 6,042,609 | ||||||||||
Vitesco Technologies Group AG* | 11,731 | 672,629 | ||||||||||
Hong Kong—0.8% | ||||||||||||
AAC Technologies Holdings, Inc. | 906,248 | 3,917,000 | ||||||||||
Ireland—2.4% | ||||||||||||
Kerry Group PLC, Class A | 36,072 | 4,841,292 | ||||||||||
Ryanair Holdings PLC, Sponsored ADR* | 60,726 | 6,893,008 | ||||||||||
Japan—15.2% | ||||||||||||
Astellas Pharma, Inc. | 461,024 | 7,772,302 | ||||||||||
FANUC Corp. | 23,324 | 4,609,317 | ||||||||||
JGC Holdings Corp. | 905,181 | 8,506,267 | ||||||||||
Komatsu Ltd. | 267,194 | 6,998,164 | ||||||||||
Kubota Corp. | 367,698 | 7,833,075 | ||||||||||
Nitto Denko Corp. | 105,061 | 8,209,484 | ||||||||||
ORIX Corp. | 418,120 | 8,310,681 | ||||||||||
Pan Pacific International Holdings Corp. | 419,704 | 8,812,481 | ||||||||||
SYSMEX Corp. | 42,515 | 5,271,474 | ||||||||||
Tokyo Electron Ltd. | 18,272 | 8,515,357 | ||||||||||
Mexico—3.3% | ||||||||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 1,441,456 | 9,111,671 | ||||||||||
Wal-Mart de Mexico S.A.B. de C.V., Sponsored ADR | 204,368 | 7,140,618 | ||||||||||
Norway—1.8% | ||||||||||||
DNB Bank ASA | 371,890 | 8,849,747 | ||||||||||
Singapore—1.3% | ||||||||||||
Singapore Telecommunication Ltd. | 3,379,107 | 6,269,044 | ||||||||||
South Africa—1.5% | ||||||||||||
MTN Group Ltd.* | 839,154 | 7,524,803 | ||||||||||
Spain—1.9% | ||||||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,298,934 | 9,090,131 | ||||||||||
Sweden—3.3% | ||||||||||||
Essity AB, Class B | 254,780 | 8,252,756 |
COMMON STOCKS—93.1% | Shares | Value | ||||||||||
Sweden (cont'd) | ||||||||||||
Sandvik AB | 312,222 | $ 7,917,549 | ||||||||||
Switzerland—10.3% | ||||||||||||
ABB Ltd. | 205,236 | 6,789,871 | ||||||||||
Adecco Group AG | 141,809 | 7,144,346 | ||||||||||
Coca-Cola HBC AG | 220,252 | 7,633,983 | ||||||||||
Givaudan S.A. | 1,343 | 6,328,132 | ||||||||||
Nestle S.A., Sponsored ADR | 60,228 | 7,939,255 | ||||||||||
Novartis AG, Sponsored ADR | 83,177 | 6,883,728 | ||||||||||
Roche Holding AG | 20,161 | 7,810,254 | ||||||||||
Taiwan—3.0% | ||||||||||||
Largan Precision Co. Ltd. | 85,500 | 6,371,394 | ||||||||||
MediaTek, Inc. | 259,930 | 8,554,997 | ||||||||||
Turkey—1.3% | ||||||||||||
Turkiye Petrol Rafinerileri AS* | 453,370 | 6,524,459 | ||||||||||
United Kingdom—11.7% | ||||||||||||
Compass Group PLC* | 360,555 | 7,651,209 | ||||||||||
Diageo PLC, Sponsored ADR | 38,264 | 7,640,173 | ||||||||||
London Stock Exchange Group PLC | 90,906 | 8,849,133 | ||||||||||
Next PLC | 67,558 | 7,363,113 | ||||||||||
Reckitt Benckiser Group PLC | 106,292 | 8,629,085 | ||||||||||
Royal Dutch Shell PLC, Class B, Sponsored ADR | 208,257 | 9,546,501 | ||||||||||
WPP PLC | 539,323 | 7,795,792 | ||||||||||
United States—4.9% | ||||||||||||
Aflac, Inc. | 171,445 | 9,201,453 | ||||||||||
Credicorp Ltd. | 59,767 | 7,749,389 | ||||||||||
Mettler-Toledo International, Inc.* | 4,859 | 7,195,596 | ||||||||||
Total common stocks (cost $256,449,085) | 457,232,345 | |||||||||||
PREFERRED STOCKS—4.8% | ||||||||||||
Colombia—1.6% | ||||||||||||
Bancolombia S.A., Sponsored ADR | 218,442 | 7,848,621 | ||||||||||
Germany—3.2% | ||||||||||||
Henkel AG & Co. KGaA, Sponsored ADR (a) | 266,253 | 5,993,355 | ||||||||||
Volkswagen AG | 42,412 | 9,518,612 | ||||||||||
Total preferred stocks (cost $13,485,789) | 23,360,588 | |||||||||||
MONEY MARKET FUNDS—3.0% | ||||||||||||
First American Government Obligations Fund—Class X, 0.03%# | 14,868,593 | 14,868,593 | ||||||||||
Total money market funds (cost $14,868,593) | 14,868,593 | |||||||||||
Total investment portfolio (cost $284,803,467)—100.9% |
| 495,461,526 | ||||||||||
Liabilities in excess of other assets—(0.9)% | (4,569,631 | ) | ||||||||||
Total net assets—100.0% | $490,891,895 |
ADR—American Depositary Receipt
(a) All or a portion of this security was on loan as of the date of this report. The total fair market value of loaned securities was $14,285,703 or 2.9% of net assets as of the date of this report.
* Non-income producing security
# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
The accompanying notes are an integral part of the financial statements. | 19 |
Investment Portfolios
10.31.2021
CARILLON SCOUT INTERNATIONAL FUND (cont’d)
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Financials | 23.2% | |||
Industrials | 14.0% | |||
Consumer staples | 13.1% | |||
Health care | 11.7% | |||
Consumer discretionary | 9.9% | |||
Information technology | 7.9% | |||
Materials | 7.1% | |||
Energy | 6.6% | |||
Communication services | 4.4% | |||
Money market funds | 3.0% |
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Chemicals (cont'd) | ||||||||||||
Huntsman Corp. | 829,876 | $ 27,037,360 | ||||||||||
The Mosaic Co. | 934,157 | 38,832,907 | ||||||||||
The Scotts Miracle-Gro Co. | 29,381 | 4,361,903 | ||||||||||
Westlake Chemical Corp. | 271,726 | 26,449,809 | ||||||||||
Commercial services & supplies—0.5% | ||||||||||||
Copart, Inc.* | 83,902 | 13,029,141 | ||||||||||
IAA, Inc.* | 216,604 | 12,920,429 | ||||||||||
Communications equipment—1.2% | ||||||||||||
Arista Networks, Inc.* | 92,297 | 37,813,158 | ||||||||||
Lumentum Holdings, Inc.* | 278,774 | 23,021,157 | ||||||||||
Construction & engineering—1.5% | ||||||||||||
Quanta Services, Inc. | 592,623 | 71,873,317 | ||||||||||
Construction materials—2.0% | ||||||||||||
Eagle Materials, Inc. | 213,324 | 31,648,749 | ||||||||||
Martin Marietta Materials, Inc. | 85,706 | 33,668,745 | ||||||||||
Vulcan Materials Co. | 165,582 | 31,480,450 | ||||||||||
Consumer finance—1.7% | ||||||||||||
Ally Financial, Inc. | 767,200 | 36,626,128 | ||||||||||
Discover Financial Services | 285,109 | 32,308,552 | ||||||||||
Upstart Holdings, Inc.* | 42,423 | 13,661,903 | ||||||||||
Distributors—0.4% | ||||||||||||
LKQ Corp.* | 388,683 | 21,408,660 | ||||||||||
Diversified financial services—0.5% | ||||||||||||
Voya Financial, Inc. | 360,779 | 25,171,551 | ||||||||||
Electric utilities—1.3% | ||||||||||||
Evergy, Inc. | 980,745 | 62,522,494 | ||||||||||
Electrical equipment—1.5% | ||||||||||||
Eaton Corp. PLC | 56,850 | 9,366,606 | ||||||||||
Generac Holdings, Inc.* | 134,290 | 66,951,622 | ||||||||||
Electronic equipment, instruments & components—0.8% | ||||||||||||
Zebra Technologies Corp., Class A* | 71,047 | 37,935,546 | ||||||||||
Energy equipment & services—3.1% | ||||||||||||
Baker Hughes Co. | 5,692,879 | 142,777,405 | ||||||||||
ChampionX Corp.* | 335,786 | 8,807,667 | ||||||||||
Entertainment—2.3% | ||||||||||||
Live Nation Entertainment, Inc.* | 289,476 | 29,280,498 | ||||||||||
Roku, Inc.* | 48,076 | 14,658,372 | ||||||||||
Spotify Technology S.A.* | 140,295 | 40,601,373 | ||||||||||
Zynga, Inc., Class A* | 3,622,335 | 26,732,832 | ||||||||||
Equity real estate investment trusts (REITs)—6.1% | ||||||||||||
Agree Realty Corp. | 327,602 | 23,279,398 | ||||||||||
Americold Realty Trust | 198,034 | 5,836,062 | ||||||||||
EastGroup Properties, Inc. | 186,857 | 36,956,577 | ||||||||||
Healthcare Realty Trust, Inc. | 1,395,475 | 46,134,404 | ||||||||||
Host Hotels & Resorts, Inc.* | 912,878 | 15,363,737 | ||||||||||
Mid-America Apartment Communities, Inc. | 305,243 | 62,333,673 | ||||||||||
STAG Industrial, Inc. | 2,570,083 | 111,875,713 | ||||||||||
Food & staples retailing—1.1% | ||||||||||||
Casey’s General Stores, Inc. | 189,634 | 36,322,496 | ||||||||||
The Kroger Co. | 427,840 | 17,122,157 | ||||||||||
Food products—3.5% | ||||||||||||
Darling Ingredients, Inc.* | 1,144,575 | 96,739,479 | ||||||||||
Lamb Weston Holdings, Inc. | 261,668 | 14,771,159 |
20 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON SCOUT MID CAP FUND (cont’d)
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Food products (cont'd) | ||||||||||||
The Hain Celestial Group, Inc.* | 1,319,407 | $ 59,201,792 | ||||||||||
Health care equipment & supplies—3.8% | ||||||||||||
ABIOMED, Inc.* | 90,620 | 30,089,465 | ||||||||||
Align Technology, Inc.* | 41,549 | 25,941,949 | ||||||||||
DexCom, Inc.* | 27,190 | 16,945,080 | ||||||||||
Edwards Lifesciences Corp.* | 90,208 | 10,808,722 | ||||||||||
IDEXX Laboratories, Inc.* | 24,564 | 16,363,063 | ||||||||||
Insulet Corp.* | 81,810 | 25,362,736 | ||||||||||
Masimo Corp.* | 57,472 | 16,295,611 | ||||||||||
Novocure Ltd.* | 23,863 | 2,447,628 | ||||||||||
NuVasive, Inc.* | 447,119 | 23,858,270 | ||||||||||
Teleflex, Inc. | 52,882 | 18,875,701 | ||||||||||
Health care providers & services—2.5% | ||||||||||||
AmerisourceBergen Corp. | 388,839 | 47,446,135 | ||||||||||
Henry Schein, Inc.* | 396,889 | 30,302,475 | ||||||||||
Molina Healthcare, Inc.* | 151,360 | 44,760,179 | ||||||||||
Health care technology—0.6% | ||||||||||||
Omnicell, Inc.* | 73,481 | 13,090,640 | ||||||||||
Veeva Systems, Inc., Class A* | 54,027 | 17,127,099 | ||||||||||
Hotels, restaurants & leisure—2.3% | ||||||||||||
Chipotle Mexican Grill, Inc.* | 12,085 | 21,499,577 | ||||||||||
Darden Restaurants, Inc. | 102,106 | 14,717,559 | ||||||||||
Expedia Group, Inc.* | 55,330 | 9,096,805 | ||||||||||
Royal Caribbean Cruises Ltd.* | 514,531 | 43,441,852 | ||||||||||
Texas Roadhouse, Inc. | 218,848 | 19,435,891 | ||||||||||
Vail Resorts, Inc. | 8,705 | 3,000,701 | ||||||||||
Household durables—1.2% | ||||||||||||
D.R. Horton, Inc. | 380,865 | 33,999,819 | ||||||||||
Garmin Ltd. | 177,060 | 25,425,816 | ||||||||||
Insurance—4.6% | ||||||||||||
Arch Capital Group Ltd.* | 1,233,903 | 51,601,824 | ||||||||||
Brown & Brown, Inc. | 571,010 | 36,036,441 | ||||||||||
Everest Re Group Ltd. | 116,438 | 30,448,537 | ||||||||||
Lincoln National Corp. | 528,016 | 38,096,354 | ||||||||||
The Hartford Financial Services Group, Inc. | 300,154 | 21,890,231 | ||||||||||
White Mountains Insurance Group Ltd. | 44,848 | 47,314,192 | ||||||||||
Interactive media & services—1.3% | ||||||||||||
IAC/InterActiveCorp* | 40,430 | 6,160,319 | ||||||||||
Match Group, Inc.* | 145,352 | 21,916,174 | ||||||||||
Pinterest, Inc., Class A* | 87,034 | 3,885,198 | ||||||||||
Twitter, Inc.* | 443,455 | 23,742,581 | ||||||||||
Vimeo, Inc.* | 306,685 | 10,344,485 | ||||||||||
Internet & direct marketing retail—0.8% | ||||||||||||
eBay, Inc. | 111,297 | 8,538,706 | ||||||||||
Etsy, Inc.* | 130,333 | 32,673,180 | ||||||||||
IT services—2.3% | ||||||||||||
DXC Technology Co.* | 830,609 | 27,052,935 | ||||||||||
Euronet Worldwide, Inc.* | 48,765 | 5,470,946 | ||||||||||
Gartner, Inc.* | 122,420 | 40,632,422 | ||||||||||
Twilio, Inc., Class A* | 133,537 | 38,907,340 | ||||||||||
Leisure products—0.8% | ||||||||||||
Brunswick Corp. | 58,717 | 5,465,966 | ||||||||||
Polaris, Inc. | 184,314 | 21,186,894 | ||||||||||
YETI Holdings, Inc.* | 111,268 | 10,940,982 |
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Machinery—3.2% | ||||||||||||
AGCO Corp. | 226,231 | $ 27,647,690 | ||||||||||
Chart Industries, Inc.* | 164,167 | 29,142,926 | ||||||||||
Parker-Hannifin Corp. | 79,276 | 23,512,469 | ||||||||||
Pentair PLC | 416,903 | 30,838,315 | ||||||||||
The Timken Co. | 290,488 | 20,610,124 | ||||||||||
Xylem, Inc. | 202,626 | 26,460,929 | ||||||||||
Metals & mining—2.3% | ||||||||||||
Alcoa Corp. | 320,105 | 14,708,825 | ||||||||||
Freeport-McMoRan, Inc. | 881,518 | 33,250,859 | ||||||||||
Hecla Mining Co. | 4,064,356 | 23,491,977 | ||||||||||
Kirkland Lake Gold Ltd. | 692,799 | 29,215,334 | ||||||||||
Nucor Corp. | 92,237 | 10,298,261 | ||||||||||
Multiline retail—0.6% | ||||||||||||
Dollar General Corp. | 125,068 | 27,705,063 | ||||||||||
Multi-utilities—3.1% | ||||||||||||
CenterPoint Energy, Inc. | 2,694,287 | 70,159,233 | ||||||||||
CMS Energy Corp. | 478,003 | 28,847,481 | ||||||||||
WEC Energy Group, Inc. | 609,560 | 54,896,974 | ||||||||||
Oil, gas & consumable fuels—6.2% | ||||||||||||
Devon Energy Corp. | 2,724,115 | 109,182,529 | ||||||||||
EOG Resources, Inc. | 675,191 | 62,428,160 | ||||||||||
EQT Corp.* | 244,199 | 4,862,002 | ||||||||||
Hess Corp. | 380,471 | 31,415,490 | ||||||||||
Marathon Petroleum Corp. | 292,404 | 19,278,196 | ||||||||||
Pioneer Natural Resources Co. | 429,668 | 80,339,323 | ||||||||||
Professional services—1.5% | ||||||||||||
Booz Allen Hamilton Holding Corp. | 198,674 | 17,256,824 | ||||||||||
CoStar Group, Inc.* | 309,518 | 26,634,024 | ||||||||||
Robert Half International, Inc. | 252,864 | 28,591,332 | ||||||||||
Real estate management & development—0.6% | ||||||||||||
eXp World Holdings, Inc. | 587,582 | 30,319,231 | ||||||||||
Road & rail—1.0% | ||||||||||||
AMERCO | 32,771 | 24,151,899 | ||||||||||
Knight-Swift Transportation Holdings, Inc. | 418,108 | 23,702,543 | ||||||||||
Semiconductors & semiconductor equipment—6.5% | ||||||||||||
Enphase Energy, Inc.* | 267,364 | 61,929,523 | ||||||||||
KLA Corp. | 172,320 | 64,234,003 | ||||||||||
Monolithic Power Systems, Inc. | 38,992 | 20,488,736 | ||||||||||
NXP Semiconductors N.V. | 53,429 | 10,731,749 | ||||||||||
ON Semiconductor Corp.* | 479,384 | 23,043,989 | ||||||||||
Skyworks Solutions, Inc. | 245,479 | 41,026,905 | ||||||||||
SolarEdge Technologies, Inc.* | 83,498 | 29,615,071 | ||||||||||
Teradyne, Inc. | 371,208 | 51,315,794 | ||||||||||
Universal Display Corp. | 102,063 | 18,697,942 | ||||||||||
Software—5.9% | ||||||||||||
AppLovin Corp., Class A* | 101,329 | 9,955,574 | ||||||||||
C3.ai, Inc., Class A* (a) | 321,742 | 14,516,999 | ||||||||||
Cadence Design Systems, Inc.* | 33,550 | 5,807,841 | ||||||||||
Crowdstrike Holdings, Inc., Class A* | 142,395 | 40,126,911 | ||||||||||
DocuSign, Inc.* | 131,821 | 36,684,466 | ||||||||||
Paycom Software, Inc.* | 24,858 | 13,618,455 | ||||||||||
Splunk, Inc.* | 292,763 | 48,253,198 | ||||||||||
Teradata Corp.* | 1,104,091 | 62,447,387 | ||||||||||
The Trade Desk, Inc., Class A* | 204,247 | 15,300,143 | ||||||||||
Workday, Inc., Class A* | 39,101 | 11,338,508 |
The accompanying notes are an integral part of the financial statements. | 21 |
Investment Portfolios
10.31.2021
CARILLON SCOUT MID CAP FUND (cont’d)
COMMON STOCKS—99.6% | Shares | Value | ||||||||||
Software (cont'd) | ||||||||||||
Zscaler, Inc.* | 103,411 | $ 32,973,631 | ||||||||||
Specialty retail—2.1% | ||||||||||||
American Eagle Outfitters, Inc. (a) | 583,297 | 13,847,471 | ||||||||||
Best Buy Co., Inc. | 177,702 | 21,722,292 | ||||||||||
Floor & Decor Holdings, Inc., Class A* | 164,313 | 22,333,423 | ||||||||||
O’Reilly Automotive, Inc.* | 26,288 | 16,359,548 | ||||||||||
Tractor Supply Co. | 47,839 | 10,389,196 | ||||||||||
Ulta Beauty, Inc.* | 56,683 | 20,823,067 | ||||||||||
Technology hardware, storage & peripherals—0.6% | ||||||||||||
Pure Storage, Inc., Class A* | 1,040,385 | 27,944,741 | ||||||||||
Textiles, apparel & luxury goods—0.3% | ||||||||||||
Lululemon Athletica, Inc.* | 27,086 | 12,622,347 | ||||||||||
Trading companies & distributors—1.5% | ||||||||||||
United Rentals, Inc.* | 132,739 | 50,322,682 | ||||||||||
W.W. Grainger, Inc. | 52,906 | 24,501,298 | ||||||||||
Total common stocks (cost $3,601,478,189) | 4,891,516,266 | |||||||||||
MONEY MARKET FUNDS—0.3% | ||||||||||||
First American Government Obligations Fund—Class X, 0.03%# | 16,783,838 | 16,783,838 | ||||||||||
Total money market funds (cost $16,783,838) | 16,783,838 | |||||||||||
Total investment portfolio (cost $3,618,262,027)—99.9% |
| 4,908,300,104 | ||||||||||
Other assets in excess of liabilities—0.1% | 6,865,719 | |||||||||||
Total net assets—100.0% | $4,915,165,823 |
* 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 $16,472,548 or 0.3% of net assets as of the date of this report.
# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Information technology | 17.3% | |||
Industrials | 14.1% | |||
Health care | 11.6% | |||
Financials | 11.5% | |||
Energy | 9.4% | |||
Consumer discretionary | 9.3% | |||
Materials | 6.9% | |||
Real estate | 6.8% | |||
Consumer staples | 4.7% | |||
Utilities | 4.4% | |||
Communication services | 3.6% | |||
Money market funds | 0.3% |
COMMON STOCKS—99.9% | Shares | Value | ||||||||||
Aerospace & defense—1.2% | ||||||||||||
Kratos Defense & Security Solutions, Inc.* | 217,972 | $4,662,421 | ||||||||||
Air freight & logistics—1.3% | ||||||||||||
Forward Air Corp. | 52,965 | 5,326,160 | ||||||||||
Auto components—1.9% | ||||||||||||
Patrick Industries, Inc. | 62,724 | 4,886,827 | ||||||||||
Stoneridge, Inc.* | 146,055 | 2,772,124 | ||||||||||
Automobiles—1.1% | ||||||||||||
Thor Industries, Inc. | 44,452 | 4,532,326 | ||||||||||
Banks—0.9% | ||||||||||||
Hilltop Holdings, Inc. | 99,568 | 3,528,690 | ||||||||||
Biotechnology—7.4% | ||||||||||||
Coherus Biosciences, Inc.* | 313,540 | 5,245,524 | ||||||||||
Eagle Pharmaceuticals, Inc.* | 89,395 | 4,681,616 | ||||||||||
Halozyme Therapeutics, Inc.* | 153,486 | 5,843,212 | ||||||||||
Insmed, Inc.* | 171,140 | 5,159,871 | ||||||||||
Vericel Corp.* | 182,615 | 8,403,943 | ||||||||||
Capital markets—2.8% | ||||||||||||
Cohen & Steers, Inc. | 85,262 | 8,090,511 | ||||||||||
Open Lending Corp., Class A* | 89,493 | 2,820,820 | ||||||||||
Chemicals—1.6% | ||||||||||||
Balchem Corp. | 42,478 | 6,502,957 | ||||||||||
Commercial services & supplies—0.5% | ||||||||||||
Healthcare Services Group, Inc. | 105,225 | 2,019,268 | ||||||||||
Construction & engineering—1.2% | ||||||||||||
Dycom Industries, Inc.* | 57,222 | 4,544,571 | ||||||||||
Consumer finance—1.4% | ||||||||||||
Green Dot Corp., Class A* | 73,444 | 3,111,088 | ||||||||||
LendingTree, Inc.* | 14,932 | 2,409,875 | ||||||||||
Diversified consumer services—1.1% | ||||||||||||
OneSpaWorld Holdings Ltd.* | 403,207 | 4,354,636 | ||||||||||
Electrical equipment—1.3% | ||||||||||||
TPI Composites, Inc.* | 147,521 | 4,961,131 | ||||||||||
Electronic equipment, instruments & components—6.5% | ||||||||||||
Advanced Energy Industries, Inc. | 49,383 | 4,534,347 | ||||||||||
ePlus, Inc.* | 45,809 | 5,065,101 | ||||||||||
Fabrinet* | 54,828 | 5,263,488 | ||||||||||
II-VI, Inc.* | 100,537 | 6,083,494 | ||||||||||
Plexus Corp.* | 52,880 | 4,617,482 | ||||||||||
Energy equipment & services—0.3% | ||||||||||||
Core Laboratories N.V. | 50,049 | 1,301,775 | ||||||||||
Equity real estate investment trusts (REITs)—1.2% | ||||||||||||
CareTrust REIT, Inc. | 219,032 | 4,544,914 | ||||||||||
Food & staples retailing—1.3% | ||||||||||||
Performance Food Group Co.* | 113,254 | 5,122,478 | ||||||||||
Health care equipment & supplies—5.6% | ||||||||||||
ICU Medical, Inc.* | 24,385 | 5,709,260 | ||||||||||
Integer Holdings Corp.* | 58,824 | 5,295,336 | ||||||||||
LeMaitre Vascular, Inc. | 102,791 | 5,346,160 | ||||||||||
Tactile Systems Technology, Inc.* | 83,206 | 2,869,775 | ||||||||||
Varex Imaging Corp.* | 110,213 | 2,959,219 | ||||||||||
Health care providers & services—8.8% | ||||||||||||
AdaptHealth Corp.* | 210,501 | 5,736,152 |
22 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON SCOUT SMALL CAP FUND (cont’d)
COMMON STOCKS—99.9% | Shares | Value | ||||||||||
Health care providers & services (cont'd) | ||||||||||||
AMN Healthcare Services, Inc.* | 81,786 | $ 8,072,278 | ||||||||||
HealthEquity, Inc.* | 76,168 | 5,040,798 | ||||||||||
LHC Group, Inc.* | 36,582 | 4,923,572 | ||||||||||
ModivCare, Inc.* | 36,094 | 5,875,020 | ||||||||||
U.S. Physical Therapy, Inc. | 47,594 | 5,133,489 | ||||||||||
Health care technology—3.2% | ||||||||||||
Omnicell, Inc.* | 70,221 | 12,509,871 | ||||||||||
Hotels, restaurants & leisure—2.4% | ||||||||||||
Cracker Barrel Old Country Store, Inc. | 27,073 | 3,605,312 | ||||||||||
Lindblad Expeditions Holdings, Inc.* | 144,076 | 2,153,936 | ||||||||||
The Cheesecake Factory, Inc.* | 94,591 | 3,844,178 | ||||||||||
Household durables—4.5% | ||||||||||||
Installed Building Products, Inc. | 59,322 | 7,536,860 | ||||||||||
LGI Homes, Inc.* | 48,335 | 7,216,415 | ||||||||||
Purple Innovation, Inc.* | 166,089 | 3,205,518 | ||||||||||
Insurance—0.8% | ||||||||||||
Selectquote, Inc.* | 232,991 | 3,096,450 | ||||||||||
Interactive media & services—1.8% | ||||||||||||
Ziff Davis, Inc.* | 55,517 | 7,121,166 | ||||||||||
IT services—0.8% | ||||||||||||
I3 Verticals, Inc., Class A* | 139,293 | 3,118,770 | ||||||||||
Life sciences tools & services—4.5% | ||||||||||||
Medpace Holdings, Inc.* | 50,136 | 11,358,311 | ||||||||||
NeoGenomics, Inc.* | 143,490 | 6,600,540 | ||||||||||
Machinery—4.2% | ||||||||||||
Albany International Corp., Class A | 55,111 | 4,444,702 | ||||||||||
Chart Industries, Inc.* | 57,659 | 10,235,626 | ||||||||||
Proto Labs, Inc.* | 35,359 | 2,114,822 | ||||||||||
Media—1.3% | ||||||||||||
Magnite, Inc.* | 191,857 | 5,185,895 | ||||||||||
Personal products—0.3% | ||||||||||||
Thorne HealthTech, Inc.* | 138,826 | 1,135,597 | ||||||||||
Pharmaceuticals—2.3% | ||||||||||||
Pacira BioSciences, Inc.* | 68,881 | 3,601,099 | ||||||||||
Supernus Pharmaceuticals, Inc.* | 190,594 | 5,689,231 | ||||||||||
Professional services—2.1% | ||||||||||||
Insperity, Inc. | 64,847 | 8,105,875 | ||||||||||
Semiconductors & semiconductor equipment—8.6% | ||||||||||||
Ambarella, Inc.* | 53,483 | 9,938,746 | ||||||||||
Impinj, Inc.* | 80,211 | 5,592,311 | ||||||||||
NeoPhotonics Corp.* | 440,485 | 4,457,708 | ||||||||||
Power Integrations, Inc. | 62,854 | 6,487,161 | ||||||||||
Semtech Corp.* | 87,867 | 7,471,331 | ||||||||||
Software—9.8% | ||||||||||||
Box, Inc., Class A* | 230,148 | 5,944,723 | ||||||||||
Consensus Cloud Solutions, Inc.* | 18,506 | 1,171,964 | ||||||||||
Envestnet, Inc.* | 58,918 | 4,919,653 | ||||||||||
Mimecast Ltd.* | 81,898 | 6,178,385 | ||||||||||
Qualys, Inc.* | 46,486 | 5,786,577 | ||||||||||
The Descartes Systems Group, Inc.* | 79,877 | 6,531,542 | ||||||||||
Upland Software, Inc.* | 110,573 | 3,689,821 | ||||||||||
Verint Systems, Inc.* | 94,349 | 4,396,663 |
COMMON STOCKS—99.9% | Shares | Value | ||||||||||
Specialty retail—1.1% | ||||||||||||
Monro, Inc. | 68,423 | $ 4,225,804 | ||||||||||
Textiles, apparel & luxury goods—1.0% | ||||||||||||
G-III Apparel Group Ltd.* | 144,023 | 4,127,699 | ||||||||||
Thrifts & mortgage finance—1.2% | ||||||||||||
Axos Financial, Inc.* | 92,911 | 4,924,283 | ||||||||||
Trading companies & distributors—2.6% | ||||||||||||
Applied Industrial Technologies, Inc. | 53,826 | 5,246,959 | ||||||||||
Global Industrial Co. | 124,478 | 5,051,317 | ||||||||||
Total common stocks (cost $221,854,445) | 395,374,530 | |||||||||||
Total investment portfolio (cost $221,854,445)—99.9% |
| 395,374,530 | ||||||||||
Other assets in excess of liabilities—0.1% | 495,981 | |||||||||||
Total net assets—100.0% | $395,870,511 |
* Non-income producing security
Sector allocation (unaudited) | ||||
Sector | Percent of net assets | |||
Health care | 31.8% | |||
Information technology | 25.6% | |||
Industrials | 14.3% | |||
Consumer discretionary | 13.3% | |||
Financials | 7.1% | |||
Communication services | 3.1% | |||
Materials | 1.6% | |||
Consumer staples | 1.6% | |||
Real estate | 1.2% | |||
Energy | 0.3% |
The accompanying notes are an integral part of the financial statements. | 23 |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE BOND FUND (cont’d)
CORPORATE BONDS—31.9% | Principal Amount | Value | ||||||||||
Airlines (cont'd) | ||||||||||||
JetBlue, Pass Through Trust, | ||||||||||||
Series 2019-1, Class AA, 2.75%, 11/15/33 | $ 1,446,115 | $ 1,485,883 | ||||||||||
Series 2020-1, Class A, 4.00%, 05/15/34 | 1,339,685 | 1,469,783 | ||||||||||
United Airlines, Pass Through Trust, | ||||||||||||
Series 2015-1, Class AA, 3.45%, 06/01/29 | 269,174 | 282,496 | ||||||||||
Series 2016-2, Class AA, 2.88%, 04/07/30 | 161,653 | 163,943 | ||||||||||
Series 2018-1, Class AA, 3.50%, 09/01/31 | 394,992 | 417,171 | ||||||||||
Auto manufacturers—3.3% | ||||||||||||
American Honda Finance Corp., 1.20%, 07/08/25 | 800,000 | 798,256 | ||||||||||
General Motors Financial Co., Inc., | ||||||||||||
1.25%, 01/08/26 | 4,815,000 | 4,723,080 | ||||||||||
2.75%, 06/20/25 | 895,000 | 929,258 | ||||||||||
Hyundai Capital America, | ||||||||||||
144A, 0.80%, 01/08/24 | 4,990,000 | 4,944,638 | ||||||||||
144A, 1.25%, 09/18/23 | 1,385,000 | 1,390,711 | ||||||||||
Volkswagen Group of America Finance LLC, 144A, 3.75%, 05/13/30 | 3,750,000 | 4,135,508 | ||||||||||
Banks—6.1% | ||||||||||||
Bank of America Corp., | ||||||||||||
3.50%, 04/19/26 | 1,465,000 | 1,581,960 | ||||||||||
(Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27 | 905,000 | 972,888 | ||||||||||
Barclays PLC, (Fixed until 12/10/23, then 1 Year CMT Rate + 0.80%), 1.01%, 12/10/24 | 3,015,000 | 3,014,927 | ||||||||||
Citigroup, Inc., (Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31 | 2,690,000 | 3,082,621 | ||||||||||
Fifth Third Bancorp, 2.55%, 05/05/27 | 3,445,000 | 3,578,714 | ||||||||||
HSBC Holdings PLC, 4.95%, 03/31/30 | 2,770,000 | 3,261,127 | ||||||||||
JPMorgan Chase & Co., (Fixed until 03/24/30, then SOFR + 3.79%), 4.49%, 03/24/31 | 2,270,000 | 2,632,028 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||||||
(Fixed until 09/15/23, then 1 Year CMT Rate + 0.68%), 0.85%, 09/15/24 | 2,200,000 | 2,200,326 | ||||||||||
(Fixed until 07/19/24, then 1 Year CMT Rate + 0.55%), 0.95%, 07/19/25 | 2,800,000 | 2,783,202 | ||||||||||
(Fixed until 07/20/26, then 1 Year CMT Rate + 0.75%), 1.54%, 07/20/27 | 2,800,000 | 2,765,108 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., 144A, 0.80%, 09/16/24 | 2,325,000 | 2,305,592 | ||||||||||
Wells Fargo & Co., (Fixed until 04/04/30, then SOFR + 4.03%), 4.48%, 04/04/31 | 2,305,000 | 2,664,671 | ||||||||||
Capital markets—1.6% | ||||||||||||
Morgan Stanley, (Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31 | 2,605,000 | 2,845,552 | ||||||||||
The Goldman Sachs Group, Inc., 3.50%, 04/01/25 | 1,215,000 | 1,297,270 | ||||||||||
UBS Group AG, | ||||||||||||
(Fixed until 01/30/26, then 1 Year CMT Rate + 1.08%), 144A, 1.36%, 01/30/27 | 3,015,000 | 2,958,960 | ||||||||||
(Fixed until 08/10/26, then 1 Year CMT Rate + 0.85%), 144A, 1.49%, 08/10/27 | 1,215,000 | 1,190,295 | ||||||||||
Containers & packaging—0.8% | ||||||||||||
Sonoco Products Co., 3.13%, 05/01/30 | 3,750,000 | 3,951,631 | ||||||||||
Diversified financial services—0.3% | ||||||||||||
GE Capital International Funding Co., 4.42%, 11/15/35 | 1,205,000 | 1,465,996 | ||||||||||
Diversified telecommunication services—1.4% | ||||||||||||
AT&T, Inc., | ||||||||||||
144A, 2.55%, 12/01/33 | 1,516,000 | 1,472,291 | ||||||||||
4.30%, 02/15/30 | 2,820,000 | 3,202,294 |
CORPORATE BONDS—31.9% | Principal Amount | Value | ||||||||||
Diversified telecommunication services (cont'd) | ||||||||||||
Verizon Communications, Inc., | ||||||||||||
2.10%, 03/22/28 | $455,000 | $456,260 | ||||||||||
2.55%, 03/21/31 | 1,260,000 | 1,269,827 | ||||||||||
4.02%, 12/03/29 | 405,000 | 453,878 | ||||||||||
Electric—3.6% | ||||||||||||
Appalachian Power Co., 2.70%, 04/01/31 | 3,590,000 | 3,659,942 | ||||||||||
Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30 | 485,000 | 527,130 | ||||||||||
Duke Energy Florida LLC, | ||||||||||||
1.75%, 06/15/30 | 2,055,000 | 1,984,830 | ||||||||||
5.65%, 04/01/40 | 3,485,000 | 4,812,226 | ||||||||||
Duke Energy Progress LLC, 3.70%, 09/01/28 | 1,125,000 | 1,250,281 | ||||||||||
Entergy Arkansas LLC, 3.35%, 06/15/52 | 2,110,000 | 2,282,294 | ||||||||||
Entergy Louisiana LLC, 2.35%, 06/15/32 | 2,415,000 | 2,406,986 | ||||||||||
Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 | 485,000 | 512,413 | ||||||||||
The Cleveland Electric Illuminating Co., 5.50%, 08/15/24 | 870,000 | 972,169 | ||||||||||
Electric utilities—3.8% | ||||||||||||
American Electric Power Co., Inc., 0.75%, 11/01/23 | 3,830,000 | 3,820,735 | ||||||||||
Duke Energy Corp., 0.90%, 09/15/25 | 3,345,000 | 3,285,547 | ||||||||||
IPALCO Enterprises, Inc., 4.25%, 05/01/30 | 3,635,000 | 4,037,178 | ||||||||||
Pacific Gas and Electric Co., 1.75%, 06/16/22 | 3,570,000 | 3,561,439 | ||||||||||
Southern California Edison Co., 1.20%, 02/01/26 | 2,845,000 | 2,806,370 | ||||||||||
Wisconsin Power and Light Co., 1.95%, 09/16/31 | 1,700,000 | 1,660,258 | ||||||||||
Equity real estate investment trusts (REITs)—1.3% | ||||||||||||
Agree LP, 2.00%, 06/15/28 | 3,460,000 | 3,396,779 | ||||||||||
Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30 | 140,000 | 169,130 | ||||||||||
Ventas Realty LP, 4.75%, 11/15/30 | 2,675,000 | 3,128,991 | ||||||||||
Industrial conglomerates—0.2% | ||||||||||||
General Electric Co., 4.25%, 05/01/40 | 895,000 | 1,070,632 | ||||||||||
Insurance—0.7% | ||||||||||||
Equitable Financial Life Global Funding, 144A, 1.40%, 07/07/25 | 1,150,000 | 1,145,180 | ||||||||||
Northwestern Mutual Global Funding, 144A, | 2,625,000 | 2,556,379 | ||||||||||
Multi-utilities—1.2% | ||||||||||||
CenterPoint Energy, Inc., | ||||||||||||
(SOFR + 0.65%), 0.70%, 05/13/24 | 1,390,000 | 1,391,314 | ||||||||||
2.50%, 09/01/24 | 2,685,000 | 2,782,271 | ||||||||||
Dominion Energy, Inc., 3.38%, 04/01/30 | 1,550,000 | 1,666,649 | ||||||||||
Oil, gas & consumable fuels—0.8% | ||||||||||||
Chevron Corp., 1.55%, 05/11/25 | 1,420,000 | 1,441,027 | ||||||||||
TransCanada PipeLines Ltd., 4.10%, 04/15/30 | 2,280,000 | 2,553,301 | ||||||||||
Telecommuincations—0.7% | ||||||||||||
T-Mobile USA, Inc., 3.50%, 04/15/25 | 3,100,000 | 3,306,277 | ||||||||||
Tobacco—0.6% | ||||||||||||
Reynolds American, Inc., 4.45%, 06/12/25 | 2,770,000 | 3,022,054 | ||||||||||
Transportation—0.2% | ||||||||||||
CSX Transportation, Inc., 6.25%, 01/15/23 | 172,676 | 182,805 | ||||||||||
Union Pacific Railroad Co., Pass Through Trust, | ||||||||||||
Series 2004, 5.40%, 07/02/25 | 77,723 | 78,841 | ||||||||||
Series 2005, 5.08%, 01/02/29 | 284,368 | 312,332 | ||||||||||
Series 2006, 5.87%, 07/02/30 | 280,435 | 327,077 | ||||||||||
Total corporate bonds (cost $158,614,240) |
| 161,342,415 |
24 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE BOND FUND (cont’d)
MORTGAGE AND ASSET-BACKED SECURITIES—17.3% | Principal Amount | Value | ||||||||||
Asset-backed securities—6.3% | ||||||||||||
American Express Credit Account Master Trust, Series 2018-3, Class A (1 Month LIBOR USD + 0.32%), 0.41%, 10/15/25 | $ 4,270,000 | $ 4,285,559 | ||||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 144A, 3.45%, 03/20/23 | 2,620,833 | 2,639,258 | ||||||||||
Capital One Multi-Asset Execution Trust, Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.35%), 0.44%, 03/16/26 | 1,985,000 | 1,994,393 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2017-A7, Class A7 (1 Month LIBOR USD + 0.36%), 0.45%, 04/15/25 | 3,105,000 | 3,114,236 | ||||||||||
Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.33%), 0.42%, 08/15/25 | 3,770,000 | 3,782,951 | ||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class A3, 0.45%, 04/16/25 | 5,830,000 | 5,829,302 | ||||||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A, 1.21%, 12/25/25 | 6,265,000 | 6,230,525 | ||||||||||
World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25 | 3,895,000 | 3,889,979 | ||||||||||
Commercial mortgage-backed securities—6.5% | ||||||||||||
BANK, | ||||||||||||
Series 2018-BNK10, Class A1, 2.62%, 02/17/61 | 131,047 | 131,447 | ||||||||||
Series 2020-BNK30, Class A2, 1.36%, 12/17/53 | 1,170,000 | 1,152,903 | ||||||||||
Benchmark Mortgage Trust, | ||||||||||||
Series 2020-B21, Class A2, 1.74%, 12/17/53 | 780,000 | 782,671 | ||||||||||
Series 2020-B22, Class A2, 1.16%, 01/15/54 | 2,741,000 | 2,667,386 | ||||||||||
Series 2021-B23, Class A2, 1.62%, 02/15/54 | 2,160,000 | 2,151,990 | ||||||||||
Series 2021-B24, Class A2, 1.95%, 03/17/54 | 1,935,000 | 1,960,415 | ||||||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48 | 1,855,000 | 2,006,850 | ||||||||||
Citigroup Commercial Mortgage Trust, | ||||||||||||
Series 2014-GC21, Class AAB, 3.48%, 05/10/47 | 483,495 | 500,014 | ||||||||||
Series 2015-GC29, Class A3, 2.94%, 04/10/48 | 1,492,735 | 1,535,712 | ||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45 | 206,186 | 211,478 | ||||||||||
Series 2013-CCRE11, Class ASB, 3.66%, 08/12/50 | 330,024 | 338,518 | ||||||||||
Series 2014-LC17, Class A4, 3.65%, 10/11/47 | 2,706,742 | 2,824,245 | ||||||||||
Series 2014-UBS5, Class A4, 3.84%, 09/12/47 | 2,100,000 | 2,236,891 | ||||||||||
Series 2015-LC19, Class A4, 3.18%, 02/10/48 | 1,200,000 | 1,265,625 | ||||||||||
DBJPM Mortgage Trust, Series 2020-C9, Class A2, 1.90%, 08/15/53 | 4,385,000 | 4,403,061 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45 | 428,640 | 429,439 | ||||||||||
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 117,415 | 120,117 | ||||||||||
Series 2014-GC22, Class A5, 3.86%, 06/10/47 | 355,000 | 377,369 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, | ||||||||||||
Series 2012-CBX, Class A4, 3.48%, 06/16/45 | 378,555 | 381,854 | ||||||||||
Series 2014-C20, Class ASB, 3.46%, 07/17/47 | 720,528 | 745,841 | ||||||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/17/50 | 1,385,000 | 1,435,001 | ||||||||||
LSTAR Commercial Mortgage Trust, Series 2016-4, Class A3, 144A, 2.81%, 03/12/49 | 460,000 | 472,254 | ||||||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||||||
Series 2016-C36, Class A3, 2.81%, 11/18/59 | 1,100,000 | 1,132,248 | ||||||||||
Series 2020-C56, Class A2, 2.50%, 06/17/53 | 3,409,000 | 3,488,821 | ||||||||||
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A4, 3.41%, 08/16/47 | 426,173 | 443,283 |
MORTGAGE AND ASSET-BACKED SECURITIES—17.3% | Principal Amount | Value | ||||||||||
Federal agency mortgage-backed obligations—4.5% | ||||||||||||
Fannie Mae Pool, | ||||||||||||
Series 1614, Class AN, 2.47%, 06/01/26 | $ 2,785,000 | $ 2,871,644 | ||||||||||
Series 1671, Class AM, 2.10%, 12/01/27 | 686,339 | 705,382 | ||||||||||
Series 4126, Class MA, 2.00%, 09/01/30 | 13,858,225 | 14,231,866 | ||||||||||
Series 4148, Class MA, 2.00%, 10/01/30 | 804,914 | 826,616 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 353,209 | 372,914 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 455,000 | 496,326 | ||||||||||
Fannie Mae-Aces, Series 2016-M3, Class ASQ2, 2.26%, 02/25/23 | 154,380 | 154,799 | ||||||||||
Freddie Mac Pool, Series 5034, Class RD, 2.00%, 09/01/30 | 1,875,605 | 1,926,175 | ||||||||||
Freddie Mac REMIC, Series 3609, Class LA, 4.00%, 12/15/24 | 4 | 4 | ||||||||||
Ginnie Mae I Pool, | ||||||||||||
Series 0091, Class AD, 2.73%, 06/15/32 | 1,101,662 | 1,130,348 | ||||||||||
Series 2583, Class AB, 2.14%, 08/15/23 | 233,514 | 236,212 | ||||||||||
Total mortgage and asset-backed securities (cost $88,231,528) | 87,913,922 | |||||||||||
FOREIGN GOVERNMENT BONDS—0.3% | ||||||||||||
Israel Government International Bond, 2.75%, 07/03/30 | 380,000 | 401,175 | ||||||||||
Mexico Government International Bond, 4.00%, 10/02/23 | 931,000 | 987,307 | ||||||||||
Total foreign government bonds (cost $1,364,189) |
| 1,388,482 | ||||||||||
U.S. TREASURIES—42.9% | ||||||||||||
U.S. Treasury Bonds, | ||||||||||||
1.75%, 08/15/41 | 21,115,000 | 20,326,486 | ||||||||||
2.00%, 08/15/51 | 10,760,000 | 10,912,994 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
0.38%, 03/31/22 | 83,925,000 | 84,020,071 | ||||||||||
0.38%, 09/15/24 | 1,775,000 | 1,756,973 | ||||||||||
0.75%, 03/31/26 | 40,870,000 | 40,205,863 | ||||||||||
0.88%, 09/30/26 | 17,440,000 | 17,185,212 | ||||||||||
1.25%, 08/15/31 | 44,070,000 | 42,823,645 | ||||||||||
Total U.S. Treasuries (cost $217,175,432) |
| 217,231,244 | ||||||||||
Total investment portfolio (cost $465,385,389)—92.4% |
| 467,876,063 | ||||||||||
Other assets in excess of liabilities—7.6% |
| 38,448,963 | ||||||||||
Total net assets—100.0% |
| $506,325,026 |
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.
REMIC—Real estate mortgage investment conduit
Asset allocation (Unaudited) | ||||
Security type | Percent of net assets | |||
U.S. Treasuries | 42.9% | |||
Corporate bonds | 31.9% | |||
Mortgage and asset-backed securities | 17.3% | |||
Foreign government bonds | 0.3% |
The accompanying notes are an integral part of the financial statements. | 25 |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE BOND FUND (cont’d)
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||||
Central Clearing Party | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 37 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/26 | $12,930,000 | $321,679 | $317,320 | $4,359 | ||||||||||||||||||||||||||
Total swap contracts | $12,930,000 | $321,679 | $317,320 | $4,359 |
There is $9,234 of variation margin due from the Fund to the broker as of the date of this report.
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
(b)The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c)The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
26 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE PLUS BOND FUND
CORPORATE BONDS—29.6% | Principal Amount | Value | ||||||||||
Aerospace & defense—1.7% | ||||||||||||
Raytheon Technologies Corp., 4.13%, 11/16/28 | $11,535,000 | $13,072,752 | ||||||||||
The Boeing Co., | ||||||||||||
2.80%, 03/01/27 | 935,000 | 959,122 | ||||||||||
3.60%, 05/01/34 | 3,320,000 | 3,467,092 | ||||||||||
5.04%, 05/01/27 | 3,092,000 | 3,510,839 | ||||||||||
Agriculture—0.8% | ||||||||||||
BAT Capital Corp., | ||||||||||||
3.56%, 08/15/27 | 2,780,000 | 2,944,327 | ||||||||||
4.91%, 04/02/30 | 6,465,000 | 7,325,474 | ||||||||||
Airlines—2.7% | ||||||||||||
Air Canada, Pass Through Trust, Series 2020-2, Class A, 144A, 5.25%, 10/01/30 | 2,190,113 | 2,394,817 | ||||||||||
Alaska Airlines, Pass Through Trust, Series 2020-1, Class A, 144A, 4.80%, 02/15/29 | 9,279,708 | 10,299,069 | ||||||||||
British Airways, Pass Through Trust, Series 2020-1, Class A, 144A, 4.25%, 05/15/34 | 2,470,849 | 2,661,184 | ||||||||||
Delta Air Lines, Pass Through Trust, Series 2020-1, Class AA, 2.00%, 12/10/29 | 8,978,968 | 8,930,495 | ||||||||||
JetBlue, Pass Through Trust, | ||||||||||||
Series 2019-1, Class AA, 2.75%, 11/15/33 | 5,230,429 | 5,374,264 | ||||||||||
Series 2020-1, Class A, 4.00%, 05/15/34 | 1,987,764 | 2,180,797 | ||||||||||
United Airlines, Pass Through Trust, | ||||||||||||
Series 2015-1, Class AA, 3.45%, 06/01/29 | 553,512 | 580,907 | ||||||||||
Series 2016-2, Class AA, 2.88%, 04/07/30 | 335,135 | 339,881 | ||||||||||
Series 2018-1, Class AA, 3.50%, 09/01/31 | 807,158 | 852,480 | ||||||||||
Auto manufacturers—4.8% | ||||||||||||
American Honda Finance Corp., 1.20%, 07/08/25 | 1,845,000 | 1,840,977 | ||||||||||
Ford Motor Credit Co. LLC, | ||||||||||||
3.37%, 11/17/23 | 21,295,000 | 21,853,994 | ||||||||||
3.38%, 11/13/25 | 3,530,000 | 3,627,075 | ||||||||||
5.58%, 03/18/24 | 985,000 | 1,061,337 | ||||||||||
General Motors Financial Co., Inc., | ||||||||||||
1.25%, 01/08/26 | 10,080,000 | 9,887,569 | ||||||||||
2.75%, 06/20/25 | 5,145,000 | 5,341,934 | ||||||||||
Hyundai Capital America, | ||||||||||||
144A, 0.80%, 01/08/24 | 9,770,000 | 9,681,184 | ||||||||||
144A, 1.25%, 09/18/23 | 2,320,000 | 2,329,568 | ||||||||||
Volkswagen Group of America Finance LLC, 144A, 3.75%, 05/13/30 | 3,760,000 | 4,146,537 | ||||||||||
Banks—5.6% | ||||||||||||
Bank of America Corp., | ||||||||||||
3.50%, 04/19/26 | 100,000 | 107,984 | ||||||||||
(Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27 | 7,000,000 | 7,525,097 | ||||||||||
Barclays PLC (Fixed until 12/10/23, then 1 Year CMT Rate + 0.80%), 1.01%, 12/10/24 | 6,165,000 | 6,164,850 | ||||||||||
Citigroup, Inc., | ||||||||||||
(Fixed until 01/29/30, then SOFR + 1.15%), 2.67%, 01/29/31 | 3,910,000 | 3,975,397 | ||||||||||
(Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31 | 3,890,000 | 4,457,768 | ||||||||||
Fifth Third Bancorp, 2.55%, 05/05/27 | 5,020,000 | 5,214,846 | ||||||||||
HSBC Holdings PLC, 4.95%, 03/31/30 | 5,715,000 | 6,728,282 | ||||||||||
JPMorgan Chase & Co. (Fixed until 03/24/30, then SOFR + 3.79%), 4.49%, 03/24/31 | 5,375,000 | 6,232,225 |
CORPORATE BONDS—29.6% | Principal Amount | Value | ||||||||||
Banks (cont'd) | ||||||||||||
Mitsubishi UFJ Financial Group, Inc., | ||||||||||||
(Fixed until 09/15/23, then 1 Year CMT Rate + 0.68%), 0.85%, 09/15/24 | $ 4,685,000 | $ 4,685,695 | ||||||||||
(Fixed until 07/19/24, then 1 Year CMT Rate + 0.55%), 0.95%, 07/19/25 | 6,380,000 | 6,341,724 | ||||||||||
(Fixed until 07/20/26, then 1 Year CMT Rate + 0.75%), 1.54%, 07/20/27 | 6,380,000 | 6,300,496 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., 144A, 0.80%, 09/16/24 | 5,450,000 | 5,404,507 | ||||||||||
Wells Fargo & Co. (Fixed until 04/04/30, then SOFR + 4.03%), 4.48%, 04/04/31 | 5,440,000 | 6,288,856 | ||||||||||
Capital markets—1.8% | ||||||||||||
Morgan Stanley (Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31 | 6,340,000 | 6,925,451 | ||||||||||
The Goldman Sachs Group, Inc., 3.50%, 04/01/25 | 4,525,000 | 4,831,395 | ||||||||||
UBS Group AG, | ||||||||||||
(Fixed until 01/30/26, then 1 Year CMT Rate + 1.08%), 144A, 1.36%, 01/30/27 | 6,005,000 | 5,893,386 | ||||||||||
(Fixed until 08/10/26, then 1 Year CMT Rate + 0.85%), 144A, 1.49%, 08/10/27 | 2,750,000 | 2,694,083 | ||||||||||
(Fixed until 08/13/29, then 3 Month LIBOR USD + 1.47%), 144A, 3.13%, 08/13/30 | 1,190,000 | 1,253,636 | ||||||||||
Consumer finance—0.9% | ||||||||||||
Ally Financial, Inc., | ||||||||||||
1.45%, 10/02/23 | 3,210,000 | 3,241,010 | ||||||||||
3.05%, 06/05/23 | 7,790,000 | 8,035,613 | ||||||||||
Containers & packaging—0.4% | ||||||||||||
Sonoco Products Co., 3.13%, 05/01/30 | 4,070,000 | 4,288,837 | ||||||||||
Diversified financial services—0.3% | ||||||||||||
GE Capital International Funding Co., 4.42%, 11/15/35 | 3,480,000 | 4,233,748 | ||||||||||
Diversified telecommunication services—0.6% | ||||||||||||
AT&T, Inc., 2.55%, 12/01/33 | 3,637,000 | 3,532,139 | ||||||||||
Verizon Communications, Inc., | ||||||||||||
2.10%, 03/22/28 | 935,000 | 937,590 | ||||||||||
2.55%, 03/21/31 | 2,600,000 | 2,620,277 | ||||||||||
Electric—3.0% | ||||||||||||
Appalachian Power Co., 2.70%, 04/01/31 | 7,495,000 | 7,641,021 | ||||||||||
Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30 | 465,000 | 505,393 | ||||||||||
Duke Energy Florida LLC, 5.65%, 04/01/40 | 6,191,000 | 8,548,777 | ||||||||||
Duke Energy Progress LLC, 3.70%, 09/01/28 | 2,315,000 | 2,572,800 | ||||||||||
Entergy Arkansas LLC, 3.35%, 06/15/52 | 4,350,000 | 4,705,204 | ||||||||||
Entergy Louisiana LLC, 2.35%, 06/15/32 | 5,035,000 | 5,018,292 | ||||||||||
Exelon Generation Co. LLC, 3.25%, 06/01/25 | 4,885,000 | 5,163,113 | ||||||||||
Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 | 1,130,000 | 1,193,870 | ||||||||||
The Cleveland Electric Illuminating Co., 5.50%, 08/15/24 | 1,855,000 | 2,072,843 | ||||||||||
Electric utilities—2.8% | ||||||||||||
Duke Energy Corp., 0.90%, 09/15/25 | 6,860,000 | 6,738,072 | ||||||||||
IPALCO Enterprises, Inc., 4.25%, 05/01/30 | 8,845,000 | 9,823,615 | ||||||||||
Pacific Gas and Electric Co., 1.75%, 06/16/22 | 8,175,000 | 8,155,396 | ||||||||||
Southern California Edison Co., 1.20%, 02/01/26 | 5,920,000 | 5,839,617 | ||||||||||
Wisconsin Power and Light Co., 1.95%, 09/16/31 | 3,995,000 | 3,901,607 | ||||||||||
Equity real estate investment trusts (REITs)—0.6% | ||||||||||||
Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30 | 670,000 | 809,407 | ||||||||||
Ventas Realty LP, 4.75%, 11/15/30 | 5,925,000 | 6,930,568 | ||||||||||
Healthcare services—0.5% | ||||||||||||
HCA, Inc., 5.00%, 03/15/24 | 5,170,000 | 5,626,846 |
The accompanying notes are an integral part of the financial statements. | 27 |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE PLUS BOND FUND (cont’d)
CORPORATE BONDS—29.6% | Principal Amount | Value | ||||||||||
Insurance—0.8% | ||||||||||||
Equitable Financial Life Global Funding, 144A, 1.40%, 07/07/25 | $ 4,185,000 | $ 4,167,459 | ||||||||||
Northwestern Mutual Global Funding, 144A, | 5,365,000 | 5,224,752 | ||||||||||
Media—0.3% | ||||||||||||
Charter Communications Operating LLC, 4.91%, 07/23/25 | 3,030,000 | 3,369,477 | ||||||||||
Multi-utilities—0.4% | ||||||||||||
CenterPoint Energy, Inc. (SOFR + 0.65%), 0.70%, 05/13/24 | 3,020,000 | 3,022,854 | ||||||||||
Dominion Energy, Inc., 3.38%, 04/01/30 | 2,135,000 | 2,295,674 | ||||||||||
Oil, gas & consumable fuels—0.8% | ||||||||||||
Chevron Corp., 1.55%, 05/11/25 | 3,310,000 | 3,359,013 | ||||||||||
TransCanada PipeLines Ltd., 4.10%, 04/15/30 | 5,595,000 | 6,265,667 | ||||||||||
Telecommunications—0.4% | ||||||||||||
T-Mobile USA, Inc., 3.50%, 04/15/25 | 4,895,000 | 5,220,718 | ||||||||||
Tobacco—0.4% | ||||||||||||
Reynolds American, Inc., 4.45%, 06/12/25 | 4,485,000 | 4,893,108 | ||||||||||
Transportation—0.0% | ||||||||||||
Burlington Northern and Santa Fe Railway Co., Pass Through Trust, Series 2005-4, 4.97%, 04/01/23 | 120,211 | 124,058 | ||||||||||
Total corporate bonds (cost $353,910,237) |
| 365,767,788 | ||||||||||
MORTGAGE AND ASSET-BACKED SECURITIES—14.9% | ||||||||||||
Asset-backed securities—5.6% | ||||||||||||
American Express Credit Account Master Trust, Series 2018-3, Class A (1 Month LIBOR USD + 0.32%), 0.41%, 10/15/25 | 8,475,000 | 8,505,882 | ||||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2019-1A, Class A, 144A, 3.45%, 03/20/23 | 5,420,833 | 5,458,941 | ||||||||||
Capital One Multi-Asset Execution Trust, Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.35%), 0.44%, 03/16/26 | 3,905,000 | 3,923,478 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2017-A7, Class A7 (1 Month LIBOR USD + 0.36%), 0.45%, 04/15/25 | 6,110,000 | 6,128,175 | ||||||||||
Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.33%), 0.42%, 08/15/25 | 7,475,000 | 7,500,680 | ||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class A3, 0.45%, 04/16/25 | 14,080,000 | 14,078,315 | ||||||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A, 1.21%, 12/25/25 | 13,900,000 | 13,823,511 | ||||||||||
RFMSII Trust, Series 2006-HSA1, Class A4, SB, 5.99%, 02/25/36 | 224,806 | 223,764 | ||||||||||
World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25 | 9,415,000 | 9,402,863 | ||||||||||
Commercial mortgage-backed securities—4.6% | ||||||||||||
BANK, Series 2020-BNK30, Class A2, 1.36%, 12/17/53 | 2,016,000 | 1,986,541 | ||||||||||
Benchmark Mortgage Trust, | ||||||||||||
Series 2020-B21, Class A2, 1.74%, 12/17/53 | 1,565,000 | 1,570,358 | ||||||||||
Series 2021-B23, Class A2, 1.62%, 02/15/54 | 4,555,000 | 4,538,108 | ||||||||||
Series 2021-B24, Class A2, 1.95%, 03/17/54 | 4,028,000 | 4,080,905 | ||||||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48 | 5,525,000 | 5,977,277 | ||||||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.94%, 04/10/48 | 3,457,173 | 3,556,709 |
MORTGAGE AND ASSET-BACKED SECURITIES—14.9% | Principal Amount | Value | ||||||||||
Commercial mortgage-backed securities (cont'd) | ||||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2013-CCRE9, Class ASB, 3.83%, 07/12/45 | $ 1,309,119 | $ 1,342,717 | ||||||||||
Series 2014-LC17, Class A4, 3.65%, 10/11/47 | 4,561,829 | 4,759,865 | ||||||||||
Series 2014-UBS5, Class A4, 3.84%, 09/12/47 | 4,215,000 | 4,489,760 | ||||||||||
Series 2015-LC19, Class A4, 3.18%, 02/10/48 | 1,855,000 | 1,956,445 | ||||||||||
DBJPM Mortgage Trust, Series 2020-C9, Class A2, 1.90%, 08/15/53 | 9,445,000 | 9,483,903 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2012-GCJ7, Class A4, 3.38%, 05/12/45 | 828,222 | 829,767 | ||||||||||
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 739,220 | 756,228 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class ASB, 3.46%, 07/17/47 | 1,607,916 | 1,664,403 | ||||||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/17/50 | 3,415,000 | 3,538,288 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A3, 3.21%, 10/19/48 | 1,914,574 | 1,987,812 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A2, 2.50%, 06/17/53 | 4,895,000 | 5,009,616 | ||||||||||
Federal agency mortgage-backed obligations—4.7% | ||||||||||||
Fannie Mae Pool, | ||||||||||||
Series 1614, Class AN, 2.47%, 06/01/26 | 4,500,000 | 4,640,000 | ||||||||||
Series 1671, Class AM, 2.10%, 12/01/27 | 1,329,782 | 1,366,677 | ||||||||||
Series 4126, Class MA, 2.00%, 09/01/30 | 25,545,641 | 26,234,395 | ||||||||||
Series 4148, Class MA, 2.00%, 10/01/30 | 1,762,798 | 1,810,326 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 2,034,681 | 2,148,193 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 2,495,000 | 2,721,612 | ||||||||||
Fannie Mae-Aces, | ||||||||||||
Series 2016-M3, Class ASQ2, 2.26%, 02/25/23 | 592,506 | 594,114 | ||||||||||
Series 2016-M7, Class AV2, 2.16%, 10/25/23 | 6,794,873 | 6,909,545 | ||||||||||
Freddie Mac Pool, Series 5034, Class RD, 2.00%, 09/01/30 | 4,479,057 | 4,599,820 | ||||||||||
Freddie Mac REMIC, Series 3609, Class LA, 4.00%, 12/15/24 | 19 | 19 | ||||||||||
Ginnie Mae I Pool, | ||||||||||||
Series 0091, Class AD, 2.73%, 06/15/32 | 6,054,435 | 6,212,085 | ||||||||||
Series 2583, Class AB, 2.14%, 08/15/23 | 604,500 | 611,483 | ||||||||||
Total mortgage and asset-backed securities (cost $184,217,118) |
| 184,422,580 | ||||||||||
FOREIGN GOVERNMENT BONDS—3.9% | ||||||||||||
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/23 | 22,865,000 | 40,887,710 | ||||||||||
Israel Government International Bond, 2.75%, 07/03/30 | 1,995,000 | 2,106,169 | ||||||||||
Malaysia Government Bond, 3.62%, 11/30/21 | 14,310,000 | 3,460,464 | ||||||||||
Mexico Government International Bond, 4.00%, 10/02/23 (a) | 1,778,000 | 1,885,534 | ||||||||||
Total foreign government bonds (cost $51,272,123) |
| 48,339,877 | ||||||||||
U.S. TREASURIES—43.8% | ||||||||||||
U.S. Treasury Bonds, | ||||||||||||
1.75%, 08/15/41 | 51,400,000 | 49,480,531 | ||||||||||
2.00%, 08/15/51 | 24,650,000 | 25,000,492 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
0.38%, 03/31/22 | 134,305,000 | 134,457,142 | ||||||||||
0.38%, 09/15/24 | 4,700,000 | 4,652,266 | ||||||||||
0.75%, 03/31/26 | 136,755,000 | 134,532,731 | ||||||||||
0.88%, 09/30/26 | 59,205,000 | 58,340,052 | ||||||||||
1.25%, 08/15/31 | 139,140,000 | 135,204,947 | ||||||||||
Total U.S. Treasuries (cost $542,269,260) |
| 541,668,161 |
28 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE PLUS BOND FUND (cont’d)
MEDIUM-TERM NOTES—0.0% | Principal Amount | Value | ||||||||||
Citigroup Global Markets Holdings, Inc., Series N, | ||||||||||||
11/24/21* | $ 219,000 | $ 72,342 | ||||||||||
11/24/21* | 219,000 | 80,106 | ||||||||||
12/22/21* | 219,000 | 107,502 | ||||||||||
12/22/21* | 219,000 | 107,891 | ||||||||||
Total medium-term notes (cost $876,000) | 367,841 | |||||||||||
MONEY MARKET FUNDS—0.1% | Shares | |||||||||||
First American Government Obligations Fund—Class X, 0.03%# | 624,960 | 624,960 | ||||||||||
Total money market funds (cost $624,960) |
| 624,960 | ||||||||||
Total investment portfolio (cost $1,133,169,698)—92.3% |
| 1,141,191,207 | ||||||||||
Other assets in excess of liabilities—7.7% |
| 95,453,565 | ||||||||||
Total net assets—100.0% |
| $1,236,644,772 |
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.
SB—Step bond. Coupon rate will either increase (step-up bond) or decrease (step-downbond) 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.
* These securities do not pay interest and do not guarantee full repayment of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of each of the S&P 500 Index (“SPX”) and the 10-year constant maturity swap rate (“CMS10”) (each, an “underlying”) from its initial underlying value to its final underlying value.
(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 $610,836 or 0.0% of net assets as of the date of this report.
# Annualized seven-day yield as of the date of this report. Investment made with cash collateral received for securities on loan.
Asset allocation (unaudited) | ||||
Security type | Percent of net assets | |||
U.S. Treasuries | 43.8% | |||
Corporate bonds | 29.6% | |||
Mortgage and asset-backed securities | 14.9% | |||
Foreign government bonds | 3.9% | |||
Money market funds | 0.1% | |||
Medium-term notes | 0.0% |
FUTURES CONTRACTS—LONG | ||||||||||||||||||||
Description | Expiration Date | Number of Contracts | Notional Value at Trade Date | Notional Value at October 31, 2021 | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro BOBL Future^ | 12/08/21 | 1,632 | $253,696,326 | $252,351,101 | $(1,345,225 | ) | ||||||||||||||
FUTURES CONTRACTS—SHORT | ||||||||||||||||||||
Description | Expiration Date | Number of Contracts | Notional Value at Trade Date | Notional Value at October 31, 2021 | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro BUXL 30 Year Bond^ | 12/08/21 | (250 | ) | $(60,262,818 | ) | $(60,395,353 | ) | $(132,535 | ) | |||||||||||
Total futures contracts | $(1,477,760 | ) |
There is $952,670 of variation margin due to the broker from the Fund as of the date of this report.
^ These futures contracts are denominated in Euro. Notional Value at Trade Date, Notional Value at October 31, 2021 and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of October 31, 2021.
The accompanying notes are an integral part of the financial statements. | 29 |
Investment Portfolios
10.31.2021
CARILLON REAMS CORE PLUS BOND FUND (cont’d)
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||||
Central Clearing Party | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 37 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/26 | $209,940,000 | $5,178,921 | $4,981,688 | $197,233 | ||||||||||||||||||||||||||
Total swap contracts |
| $209,940,000 | $5,178,921 | $4,981,688 | $197,233 |
There is $149,931 of variation margin due from the Fund to the broker as of the date of this report.
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
FORWARD CONTRACTS | ||||||||||||||||||||||
Currency to be Received | Currency to be Delivered | Settlement Date | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. Dollar | 45,734,574 | Brazilian Real | 238,300,000 | 11/03/21 | J.P. Morgan | $3,554,224 | ||||||||||||||||
U.S. Dollar | 40,737,207 | Brazilian Real | 232,695,000 | 01/12/22 | J.P. Morgan | 200,657 | ||||||||||||||||
Brazilian Real | 238,300,000 | U.S. Dollar | 42,364,444 | 11/03/21 | J.P. Morgan | (184,094) | ||||||||||||||||
Colombian Peso | 36,646,790,000 | U.S. Dollar | 9,621,610 | 01/14/22 | J.P. Morgan | 57,079 | ||||||||||||||||
Mexican Peso | 98,575,000 | U.S. Dollar | 4,872,497 | 11/22/21 | J.P. Morgan | (102,374) | ||||||||||||||||
South Korean Won | 11,350,000,000 | U.S. Dollar | 9,698,782 | 01/27/22 | J.P. Morgan | (3,728) | ||||||||||||||||
Total forward contracts | $3,521,764 |
30 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON REAMS UNCONSTRAINED BOND FUND
CORPORATE BONDS—23.8% | Principal Amount | Value | ||||||||||
Aerospace & defense—1.5% | ||||||||||||
Raytheon Technologies Corp., 4.13%, 11/16/28 | $8,580,000 | $9,723,816 | ||||||||||
The Boeing Co., | ||||||||||||
2.80%, 03/01/27 | 725,000 | 743,704 | ||||||||||
3.60%, 05/01/34 | 6,415,000 | 6,699,216 | ||||||||||
5.04%, 05/01/27 | 690,000 | 783,467 | ||||||||||
Agriculture—0.9% | ||||||||||||
BAT Capital Corp., 3.56%, 08/15/27 | 10,925,000 | 11,570,780 | ||||||||||
Airlines—3.1% | ||||||||||||
Air Canada, Pass Through Trust, Series 2020-2, Class A, 144A, 5.25%, 10/01/30 | 1,857,881 | 2,031,531 | ||||||||||
British Airways, Pass Through Trust, | ||||||||||||
Series 2020-1, Class A, 144A, 4.25%, 05/15/34 | 1,531,518 | 1,649,494 | ||||||||||
Series 2021-1, Class A, 144A, 2.90%, 09/15/36 | 5,050,000 | 5,095,793 | ||||||||||
Delta Air Lines, Pass Through Trust, Series 2020-1, Class AA, 2.00%, 12/10/29 | 14,046,679 | 13,970,848 | ||||||||||
JetBlue, Pass Through Trust, Series 2020-1, Class AA, 4.00%, 05/15/34 | 2,737,407 | 3,003,238 | ||||||||||
Southwest Airlines Co., 5.25%, 05/04/25 | 3,070,000 | 3,441,798 | ||||||||||
United Airlines, Pass Through Trust, | ||||||||||||
Series 2014-1, Class A, 4.00%, 10/11/27 | 620,023 | 649,349 | ||||||||||
Series 2015-1, Class AA, 3.45%, 06/01/29 | 432,195 | 453,585 | ||||||||||
Series 2016-2, Class AA, 2.88%, 04/07/30 | 2,617,993 | 2,655,069 | ||||||||||
Series 2018-1, Class AA, 3.50%, 09/01/31 | 631,129 | 666,567 | ||||||||||
Series 2019-1, Class AA, 4.15%, 02/25/33 | 3,314,703 | 3,644,526 | ||||||||||
Auto manufacturers—4.6% | ||||||||||||
American Honda Finance Corp., 0.88%, 07/07/23 | 7,385,000 | 7,423,535 | ||||||||||
Ford Motor Credit Co. LLC, | ||||||||||||
3.37%, 11/17/23 | 13,845,000 | 14,208,431 | ||||||||||
3.38%, 11/13/25 | 2,570,000 | 2,640,675 | ||||||||||
4.27%, 01/09/27 | 2,570,000 | 2,727,515 | ||||||||||
5.58%, 03/18/24 | 5,055,000 | 5,446,763 | ||||||||||
General Motors Financial Co., Inc., | ||||||||||||
2.90%, 02/26/25 | 1,390,000 | 1,446,399 | ||||||||||
4.30%, 07/13/25 | 2,675,000 | 2,909,916 | ||||||||||
4.35%, 01/17/27 | 4,125,000 | 4,554,270 | ||||||||||
5.25%, 03/01/26 | 2,800,000 | 3,166,570 | ||||||||||
Hyundai Capital America, | ||||||||||||
144A, 0.80%, 01/08/24 | 10,280,000 | 10,186,548 | ||||||||||
144A, 1.25%, 09/18/23 | 870,000 | 873,588 | ||||||||||
Banks—3.8% | ||||||||||||
Bank of America Corp. (Fixed until 04/23/26, then 3 Month LIBOR USD + 1.06%), 3.56%, 04/23/27 | 5,835,000 | 6,272,706 | ||||||||||
Citigroup, Inc. (Fixed until 03/31/30, then SOFR + 3.91%), 4.41%, 03/31/31 | 5,770,000 | 6,612,164 | ||||||||||
JPMorgan Chase & Co. (Fixed until 04/22/26, then SOFR + 0.89%), 1.58%, 04/22/27 | 5,970,000 | 5,912,077 | ||||||||||
Mitsubishi UFJ Financial Group, Inc., | ||||||||||||
(Fixed until 09/15/23, then 1 Year CMT Rate + 0.68%), 0.85%, 09/15/24 | 3,185,000 | 3,185,472 | ||||||||||
(Fixed until 07/19/24, then 1 Year CMT Rate + 0.55%), 0.95%, 07/19/25 | 5,565,000 | 5,531,614 | ||||||||||
(Fixed until 07/20/26, then 1 Year CMT Rate + 0.75%), 1.54%, 07/20/27 | 5,565,000 | 5,495,652 | ||||||||||
Sumitomo Mitsui Trust Bank Ltd., | ||||||||||||
144A, 0.80%, 09/12/23 | 1,970,000 | 1,972,470 | ||||||||||
144A, 0.80%, 09/16/24 | 4,860,000 | 4,819,432 |
CORPORATE BONDS—23.8% | Principal Amount | Value | ||||||||||
Banks (cont'd) | ||||||||||||
Wells Fargo & Co. (Fixed until 04/04/30, then SOFR + 4.03%), 4.48%, 04/04/31 | $ 5,390,000 | $ 6,231,054 | ||||||||||
Capital markets—0.9% | ||||||||||||
Morgan Stanley (Fixed until 04/01/30, then SOFR + 3.12%), 3.62%, 04/01/31 | 2,900,000 | 3,167,793 | ||||||||||
UBS Group AG, | ||||||||||||
144A, (Fixed until 01/30/26, then 1 Year CMT Rate + 1.08%), 1.36%, 01/30/27 | 5,095,000 | 5,000,300 | ||||||||||
144A, (Fixed until 08/10/26, then 1 Year CMT Rate + 0.85%), 1.49%, 08/10/27 | 2,450,000 | 2,400,183 | ||||||||||
Consumer finance—1.7% | ||||||||||||
Ally Financial, Inc., | ||||||||||||
1.45%, 10/02/23 | 10,340,000 | 10,439,888 | ||||||||||
5.80%, 05/01/25 | 8,550,000 | 9,742,556 | ||||||||||
Diversified financial services—0.1% | ||||||||||||
GE Capital International Funding Co., 4.42%, 11/15/35 | 1,580,000 | 1,922,219 | ||||||||||
Diversified telecommunication services—0.2% | ||||||||||||
Verizon Communications, Inc., | ||||||||||||
2.10%, 03/22/28 | 770,000 | 772,133 | ||||||||||
2.55%, 03/21/31 | 2,145,000 | 2,161,729 | ||||||||||
Electric—1.3% | ||||||||||||
Appalachian Power Co., 2.70%, 04/01/31 | 6,345,000 | 6,468,616 | ||||||||||
Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30 | 510,000 | 554,302 | ||||||||||
Entergy Louisiana LLC, 2.35%, 06/15/32 | 4,010,000 | 3,996,693 | ||||||||||
Exelon Generation Co. LLC, 3.25%, 06/01/25 | 3,340,000 | 3,530,153 | ||||||||||
The Cleveland Electric Illuminating Co., 5.50%, 08/15/24 | 1,580,000 | 1,765,548 | ||||||||||
Electric utilities—1.7% | ||||||||||||
Duke Energy Corp., 0.90%, 09/15/25 | 2,100,000 | 2,062,675 | ||||||||||
Edison International, 4.95%, 04/15/25 | 750,000 | 822,716 | ||||||||||
Pacific Gas and Electric Co., 1.75%, 06/16/22 | 8,895,000 | 8,873,669 | ||||||||||
Southern California Edison Co., | ||||||||||||
1.20%, 02/01/26 | 4,890,000 | 4,823,603 | ||||||||||
3.70%, 08/01/25 | 4,155,000 | 4,488,635 | ||||||||||
Healthcare services—0.4% | ||||||||||||
HCA, Inc., 5.00%, 03/15/24 | 4,100,000 | 4,462,295 | ||||||||||
Industrial conglomerates—0.2% | ||||||||||||
General Electric Co., 4.25%, 05/01/40 | 1,725,000 | 2,063,508 | ||||||||||
Media—0.4% | ||||||||||||
Charter Communications Operating LLC, 4.91%, 07/23/25 | 4,655,000 | 5,176,540 | ||||||||||
Multi-utilities—1.0% | ||||||||||||
CenterPoint Energy, Inc., | ||||||||||||
(SOFR + 0.65%), 0.70%, 05/13/24 | 2,665,000 | 2,667,519 | ||||||||||
2.50%, 09/01/24 | 2,225,000 | 2,305,607 | ||||||||||
Dominion Energy, Inc., 3.38%, 04/01/30 | 6,250,000 | 6,720,357 | ||||||||||
Oil, gas & consumable fuels—0.4% | ||||||||||||
TransCanada PipeLines Ltd., 4.10%, 04/15/30 | 3,920,000 | 4,389,886 | ||||||||||
Telecommunications—0.4% | ||||||||||||
T-Mobile USA, Inc., 3.50%, 04/15/25 | 5,125,000 | 5,466,023 | ||||||||||
Tobacco—1.2% | ||||||||||||
Altria Group, Inc., 4.80%, 02/14/29 | 7,705,000 | 8,777,079 | ||||||||||
Reynolds American, Inc., 4.45%, 06/12/25 | 5,371,000 | 5,859,730 | ||||||||||
Total corporate bonds (cost $272,241,929) | 289,281,587 |
The accompanying notes are an integral part of the financial statements. | 31 |
Investment Portfolios
10.31.2021
CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)
MORTGAGE AND ASSET-BACKED SECURITIES—14.2% | Principal Amount | Value | ||||||||||
Asset-backed securities—6.4% | ||||||||||||
American Express Credit Account Master Trust, Series 2018-3, Class A (1 Month LIBOR USD + 0.32%), 0.41%, 10/15/25 | $ 6,360,000 | $ 6,383,175 | ||||||||||
Avis Budget Rental Car Funding AESOP LLC, | ||||||||||||
Series 2019-1A, Class A, 144A, 3.45%, 03/20/23 | 5,916,667 | 5,958,260 | ||||||||||
Series 2020-2A, Class A, 144A, 2.02%, 02/20/27 | 13,770,000 | 13,990,649 | ||||||||||
Capital One Multi-Asset Execution Trust, Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.35%), 0.44%, 03/16/26 | 1,735,000 | 1,743,210 | ||||||||||
Discover Card Execution Note Trust, | ||||||||||||
Series 2017-A7, Class A7 (1 Month LIBOR USD + 0.36%), 0.45%, 04/15/25 | 5,010,000 | 5,024,903 | ||||||||||
Series 2018-A2, Class A2 (1 Month LIBOR USD + 0.33%), 0.42%, 08/15/25 | 5,610,000 | 5,629,273 | ||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2020-3, Class A3, 0.45%, 04/16/25 | 12,830,000 | 12,828,464 | ||||||||||
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 144A, 1.21%, 12/25/25 | 17,285,000 | 17,189,884 | ||||||||||
World Omni Auto Receivables Trust, Series 2020-C, Class A3, 0.48%, 11/17/25 | 8,540,000 | 8,528,991 | ||||||||||
Commercial mortgage-backed securities—4.4% | ||||||||||||
BANK, Series 2021-BNK35, Class A2, VR, 1.87%, 06/17/64 | 6,280,000 | 6,344,398 | ||||||||||
Benchmark Mortgage Trust, Series 2021-B28, Class A2, VR, 1.79%, 08/17/54 | 4,640,000 | 4,671,782 | ||||||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A3, 2.94%, 04/10/48 | 1,020,035 | 1,049,403 | ||||||||||
COMM Mortgage Trust, | ||||||||||||
Series 2012-CCRE4, Class ASB, 2.44%, 10/17/45 | 3,363,629 | 3,396,939 | ||||||||||
Series 2013-CCRE10, Class ASB, 3.80%, 08/10/46 | 682,643 | 701,905 | ||||||||||
DBJPM Mortgage Trust, Series 2020-C9, Class A2, 1.90%, 08/15/53 | 4,255,000 | 4,272,526 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||
Series 2013-GCJ12, Class A3, 2.86%, 06/12/46 | 2,120,000 | 2,161,215 | ||||||||||
Series 2013-GCJ14, Class AAB, 3.82%, 08/10/46 | 1,571,050 | 1,607,197 | ||||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, | ||||||||||||
Series 2012-C6, Class A3, 3.51%, 05/17/45 | 4,166,449 | 4,205,162 | ||||||||||
Series 2012-LC9, Class ASB, 2.44%, 12/17/47 | 2,714,339 | 2,738,977 | ||||||||||
Series 2014-C22, Class A4, 3.80%, 09/17/47 | 825,000 | 877,923 | ||||||||||
Series 2019-MFP, Class A, 144A, (1 Month LIBOR USD + 0.96%), 1.05%, 07/15/36 | 3,945,000 | 3,940,245 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class ASB, VR, 3.93%, 07/17/46 | 5,020,545 | 5,170,592 | ||||||||||
WFRBS Commercial Mortgage Trust, | ||||||||||||
Series 2012-C10, Class ASB, 2.45%, 12/15/45 | 1,081,420 | 1,088,946 | ||||||||||
Series 2013-C13, Class A3, 2.75%, 05/17/45 | 4,638,356 | 4,727,526 | ||||||||||
Series 2013-C15, Class ASB, 3.72%, 08/17/46 | 1,282,755 | 1,316,743 | ||||||||||
Series 2014-C22, Class A5, 3.75%, 09/17/57 | 5,155,000 | 5,470,349 | ||||||||||
Federal agency mortgage-backed obligations—3.4% | ||||||||||||
Fannie Mae Pool, | ||||||||||||
Series 4126, Class MA, 2.00%, 09/01/30 | 17,071,079 | 17,531,344 | ||||||||||
Series 4148, Class MA, 2.00%, 10/01/30 | 1,485,995 | 1,526,060 | ||||||||||
Series 4279, Class MA, 2.00%, 03/01/36 | 1,755,450 | 1,802,780 | ||||||||||
Series 5796, Class AN, 3.03%, 06/01/27 | 4,074,336 | 4,301,639 | ||||||||||
Series 387770, 3.63%, 07/01/28 | 4,760,000 | 5,192,334 | ||||||||||
Freddie Mac Pool, | ||||||||||||
Series 5034, Class RD, 2.00%, 09/01/30 | 6,442,143 | 6,615,835 | ||||||||||
Series 5039, Class RD, 2.00%, 10/01/30 | 3,644,392 | 3,742,651 | ||||||||||
Total mortgage and asset-backed securities (cost $176,058,681) |
| 171,731,280 |
FOREIGN GOVERNMENT BONDS—9.0% | Principal Amount | Value | ||||||||||
Brazil Notas do Tesouro Nacional, | ||||||||||||
Series F, 10.00%, 01/01/23 | $ 16,588,500 | $ 29,663,931 | ||||||||||
Series F, 10.00%, 01/01/27 | 14,500,000 | 24,506,665 | ||||||||||
Series F, 10.00%, 01/01/31 | 15,000,000 | 24,396,116 | ||||||||||
Malaysia Government Bond, 3.62%, 11/30/21 | 25,590,000 | 6,188,209 | ||||||||||
Mexican Bonos, 5.75%, 03/05/26 | 4,990,595 | 22,886,973 | ||||||||||
Mexico Government International Bond, 4.00%, 10/02/23 | 1,545,000 | 1,638,442 | ||||||||||
Total foreign government bonds (cost $112,245,370) |
| 109,280,336 | ||||||||||
U.S. TREASURIES—37.3% | ||||||||||||
U.S. Treasury Bonds, 1.75%, 08/15/41 | 13,955,000 | 13,433,868 | ||||||||||
U.S. Treasury Notes, | ||||||||||||
0.13%, 04/30/22 | 143,850,000 | 143,872,476 | ||||||||||
0.75%, 05/31/26 | 190,950,000 | 187,585,998 | ||||||||||
0.88%, 09/30/26 | 110,495,000 | 108,880,736 | ||||||||||
Total U.S. Treasuries (cost $454,687,233) |
| 453,773,078 | ||||||||||
MEDIUM-TERM NOTES—0.0% | ||||||||||||
Citigroup Global Markets Holdings, Inc., Series N, | ||||||||||||
11/24/21* | 194,000 | 64,084 | ||||||||||
11/24/21* | 194,000 | 70,961 | ||||||||||
12/22/21* | 194,000 | 95,230 | ||||||||||
12/22/21* | 194,000 | 95,575 | ||||||||||
Total medium-term notes (cost $776,000) |
| 325,850 | ||||||||||
SHORT-TERM INVESTMENTS—1.6% | ||||||||||||
U.S. Treasury Bills, ZCI, 0.05%, 03/24/22 | 19,875,000 | 19,870,316 | ||||||||||
Total short-term investments (cost $19,871,408) |
| 19,870,316 | ||||||||||
Total investment portfolio (cost $1,035,880,621)—85.9% |
| 1,044,262,447 | ||||||||||
Other assets in excess of liabilities—14.1% |
| 171,717,707 | ||||||||||
Total net assets—100.0% |
| $1,215,980,154 |
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.
ZCI—Zero coupon instrument. Rate disclosed is yield to maturity as of the date of this report.
* These securities do not pay interest and do not guarantee full repayment of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than or less than the stated principal amount, depending on the performance of each of the S&P 500 Index (“SPX”) and the 10-year constant maturity swap rate (“CMS10”) (each, an “underlying”) from its initial underlying value to its final underlying value.
32 | The accompanying notes are an integral part of the financial statements. |
Investment Portfolios
10.31.2021
CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)
Asset allocation (unaudited) | ||||
Security type | Percent of net assets | |||
U.S. Treasuries | 37.3% | |||
Corporate bonds | 23.8% | |||
Mortgage and asset-backed securities | 14.2% | |||
Foreign government bonds | 9.0% | |||
Short-term investments | 1.6% | |||
Medium-term notes | 0.0% |
FUTURES CONTRACTS—LONG | ||||||||||||||||||||
Description | Expiration Date | Number of Contracts | Notional Value at Trade Date | Notional Value at October 31, 2021 | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro BOBL Future^ | 12/08/21 | 1,618 | $251,229,065 | $250,186,324 | $(1,042,741 | ) | ||||||||||||||
FUTURES CONTRACTS—SHORT | ||||||||||||||||||||
Description | Expiration Date | Number of Contracts | Notional Value at Trade Date | Notional Value at October 31, 2021 | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro BUXL 30 Year Bond^ | 12/08/21 | (247 | ) | $(59,782,314 | ) | $(59,670,608 | ) | $111,706 | ||||||||||||
U.S. Treasury Long Bond | 12/21/21 | (143 | ) | (23,417,321 | ) | (23,000,656 | ) | 416,665 | ||||||||||||
Total futures contracts | $(514,370 | ) |
There is $2,407,416 of variation margin due to the broker from the Fund as of the date of this report.
^ These futures contracts are denominated in Euro. Notional Value at Trade Date, Notional Value at October 31, 2021 and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of October 31, 2021.
SWAP CONTRACTS—CREDIT DEFAULT SWAPS | ||||||||||||||||||||||||||||||||||||
Central Clearing Party | Reference Entity | Rating of Reference Entity (Moody’s/S&P) | Buy/Sell(a) Protection | Pay/Receive Fixed Rate | Fixed Rate | Expiration Date | Notional Value(b) | Value(c) | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Intercontinental Exchange | CDX North American Investment Grade Index Series 37 | Baa2/BBB | Sell | Receive | 1%/Quarterly | 12/20/26 | $168,450,000 | $4,163,854 | $4,048,673 | $115,181 | ||||||||||||||||||||||||||
Total swap contracts | $168,450,000 | $4,163,854 | $4,048,673 | $115,181 |
There is $120,301 of variation margin due from the Fund to the broker as of the date of this report.
(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.
(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying notes are an integral part of the financial statements. | 33 |
Investment Portfolios
10.31.2021
CARILLON REAMS UNCONSTRAINED BOND FUND (cont’d)
FORWARD CONTRACTS | ||||||||||||||||||||||
Currency to be Received | Currency to be Delivered | Settlement Date | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
U.S. Dollar | 89,187,218 | Brazilian Real | 464,710,000 | 11/03/21 | J.P. Morgan | $6,931,109 | ||||||||||||||||
U.S. Dollar | 78,522,785 | Brazilian Real | 448,530,000 | 01/12/22 | J.P. Morgan | 386,775 | ||||||||||||||||
U.S. Dollar | 8,695,948 | Mexican Peso | 176,276,000 | 11/22/21 | J.P. Morgan | 165,812 | ||||||||||||||||
Brazilian Real | 464,710,000 | U.S. Dollar | 82,615,111 | 11/03/21 | J.P. Morgan | (359,002) | ||||||||||||||||
Colombian Peso | 66,423,240,000 | U.S. Dollar | 17,439,414 | 01/14/22 | J.P. Morgan | 103,458 | ||||||||||||||||
Japanese Yen | 6,264,500,000 | U.S. Dollar | 57,447,443 | 11/18/21 | J.P. Morgan | (2,476,195) | ||||||||||||||||
Japanese Yen | 100,000,000 | U.S. Dollar | 913,188 | 11/18/21 | J.P. Morgan | (35,684) | ||||||||||||||||
South Korean Won | 19,300,000,000 | U.S. Dollar | 16,492,203 | 01/27/22 | J.P. Morgan | (6,339) | ||||||||||||||||
Mexican Peso | 176,276,000 | U.S. Dollar | 8,713,206 | 11/22/21 | J.P. Morgan | (183,070) | ||||||||||||||||
Total forward contracts | $4,526,864 |
34 | The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
10.31.2021
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund | |||||||||||||
Assets | ||||||||||||||||
Investments—unaffiliated, at value (a) | $636,379,520 | $11,165,123 | $973,873,985 | $8,728,435,965 | ||||||||||||
Cash | 10,244,727 | 539,016 | 18,487,668 | 37,801,368 | ||||||||||||
Receivable for investments sold | 5,188,713 | — | — | — | ||||||||||||
Receivable for fund shares sold | 480,230 | 5,388 | 792,351 | 3,677,705 | ||||||||||||
Receivable for dividends and interest, net | 321,096 | 29,068 | 1,225,673 | 99,015 | ||||||||||||
Receivable for foreign tax reclaims | 4,438 | 55,089 | 95,876 | — | ||||||||||||
Receivable due from adviser, net | — | 33,882 | — | — | ||||||||||||
Prepaid expenses | 11,302 | 7,165 | 10,013 | 67,330 | ||||||||||||
Total assets | 652,630,026 | 11,834,731 | 994,485,566 | 8,770,081,383 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for investments purchased | 7,750,770 | — | — | — | ||||||||||||
Payable for fund shares redeemed | 287,338 | 6,540 | 1,521,541 | 5,089,104 | ||||||||||||
Accrued custody fees | 4,758 | 9,930 | 5,270 | 39,076 | ||||||||||||
Accrued investment advisory fees, net | 251,663 | — | 361,632 | 3,659,445 | ||||||||||||
Accrued administrative fees | 51,870 | 982 | 81,915 | 719,149 | ||||||||||||
Accrued distribution fees | 56,740 | 2,283 | 114,630 | 334,106 | ||||||||||||
Accrued shareholder servicing fees | 57,450 | 1,408 | 69,426 | 465,975 | ||||||||||||
Accrued professional fees | 27,307 | 30,487 | 28,365 | 28,823 | ||||||||||||
Accrued internal audit fees | 469 | 469 | 469 | 469 | ||||||||||||
Accrued trustees compensation | 17,682 | 17,682 | 17,682 | 17,682 | ||||||||||||
Accrued officers compensation | 893 | 892 | 893 | 893 | ||||||||||||
Other accrued expenses | 29,007 | 10,746 | 45,748 | 249,893 | ||||||||||||
Total liabilities | 8,535,947 | 81,419 | 2,247,571 | 10,604,615 | ||||||||||||
Net assets | 644,094,079 | 11,753,312 | 992,237,995 | 8,759,476,768 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 220,032,794 | 10,055,724 | 549,071,468 | 3,910,686,444 | ||||||||||||
Total distributable earnings (loss) | 424,061,285 | 1,697,588 | 443,166,527 | 4,848,790,324 | ||||||||||||
Net assets | 644,094,079 | 11,753,312 | 992,237,995 | 8,759,476,768 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 222,390,370 | 3,698,560 | 234,268,186 | 941,709,914 | ||||||||||||
Class C | 14,161,282 | 1,717,126 | 78,857,936 | 140,940,176 | ||||||||||||
Class I | 399,783,674 | 6,103,069 | 661,352,214 | 1,993,123,066 | ||||||||||||
Class R-3 | 524,724 | 151,523 | 1,625,592 | 52,880,986 | ||||||||||||
Class R-5 | 5,595,610 | 4,411 | 7,573,684 | 1,065,521,135 | ||||||||||||
Class R-6 | 1,611,238 | 63,949 | 8,109,344 | 4,560,574,005 | ||||||||||||
Class Y | 27,181 | 14,674 | 451,039 | 4,727,486 | ||||||||||||
NAV, offering and redemption price per share (b) | ||||||||||||||||
Class A | $64.23 | $21.00 | $26.51 | $104.16 | ||||||||||||
Class A maximum offering price (c) | 67.43 | 22.05 | 27.83 | 109.35 | ||||||||||||
Class C | 40.66 | 20.56 | 25.17 | 79.34 | ||||||||||||
Class I | 68.46 | 20.99 | 26.43 | 111.62 | ||||||||||||
Class R-3 | 60.77 | 20.69 | 26.39 | 99.82 | ||||||||||||
Class R-5 | 68.21 | 21.00 | 26.46 | 111.26 | ||||||||||||
Class R-6 | 67.92 | 21.06 | 26.39 | 112.71 | ||||||||||||
Class Y | 68.16 | 20.89 | 26.37 | 110.11 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 3,462,388 | 176,132 | 8,836,211 | 9,040,610 | ||||||||||||
Class C | 348,254 | 83,535 | 3,133,603 | 1,776,377 | ||||||||||||
Class I | 5,839,775 | 290,764 | 25,021,454 | 17,856,589 | ||||||||||||
Class R-3 | 8,635 | 7,325 | 61,592 | 529,772 | ||||||||||||
Class R-5 | 82,038 | 210 | 286,235 | 9,576,605 | ||||||||||||
Class R-6 | 23,721 | 3,037 | 307,317 | 40,461,549 | ||||||||||||
Class Y | 399 | 702 | 17,104 | 42,934 | ||||||||||||
(a) Identified cost | $253,519,544 | $9,627,321 | $607,323,663 | $4,612,656,197 |
(b) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.
(c) The maximum offering price is computed as 100/95.25 of NAV.
The accompanying notes are an integral part of the financial statements. | 35 |
Statements of Assets and Liabilities
10.31.2021
Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund | |||||||||||||
Assets | ||||||||||||||||
Investments—unaffiliated, at value (a)(b) | $2,305,834,737 | $495,461,526 | $4,908,300,104 | $395,374,530 | ||||||||||||
Investments—affiliated, at value (c)(d) | 59,251,997 | — | — | — | ||||||||||||
Cash | 7,327,942 | 8,465,103 | 34,086,641 | 1,076,362 | ||||||||||||
Receivable for investments sold | 166,548 | — | 21,764,065 | — | ||||||||||||
Receivable for fund shares sold | 1,056,974 | 317,383 | 9,023,573 | 130,773 | ||||||||||||
Receivable for dividends and interest, net | 243,317 | 907,701 | 1,546,516 | 54,313 | ||||||||||||
Receivable for foreign tax reclaims | — | 3,837,802 | 8,341 | — | ||||||||||||
Prepaid expenses | 27,019 | 7,844 | 28,724 | 7,065 | ||||||||||||
Total assets | 2,373,908,534 | 508,997,359 | 4,974,757,964 | 396,643,043 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for securities lending collateral received | 22,485,811 | 14,868,593 | 16,783,838 | — | ||||||||||||
Payable for investments purchased | — | — | 32,326,440 | — | ||||||||||||
Payable for fund shares redeemed | 3,011,105 | 316,508 | 6,471,558 | 427,152 | ||||||||||||
Accrued custody fees | 11,228 | 20,585 | 23,271 | 5,440 | ||||||||||||
Accrued investment advisory fees, net | 1,053,685 | 276,850 | 2,940,286 | 198,918 | ||||||||||||
Accrued administrative fees | 197,996 | 41,372 | 407,908 | 33,155 | ||||||||||||
Accrued distribution fees | 134,161 | 331 | 35,170 | 6,863 | ||||||||||||
Accrued shareholder servicing fees | 202,702 | 39,090 | 376,713 | 29,608 | ||||||||||||
Accrued professional fees | 28,368 | 30,332 | 28,380 | 28,810 | ||||||||||||
Accrued internal audit fees | 469 | 469 | 469 | 469 | ||||||||||||
Accrued trustees compensation | 17,682 | 17,682 | 17,682 | 17,682 | ||||||||||||
Accrued officers compensation | 893 | 893 | 893 | 893 | ||||||||||||
Other accrued expenses | 115,975 | 41,775 | 179,533 | 23,542 | ||||||||||||
IRS compliance fee and related expenses for withholding tax claims | — | 2,450,984 | — | — | ||||||||||||
Total liabilities | 27,260,075 | 18,105,464 | 59,592,141 | 772,532 | ||||||||||||
Net assets | 2,346,648,459 | 490,891,895 | 4,915,165,823 | 395,870,511 | ||||||||||||
Net assets consists of | ||||||||||||||||
Paid-in capital | 683,158,054 | 234,964,420 | 3,209,467,844 | 169,327,454 | ||||||||||||
Total distributable earnings (loss) | 1,663,490,405 | 255,927,475 | 1,705,697,979 | 226,543,057 | ||||||||||||
Net assets | 2,346,648,459 | 490,891,895 | 4,915,165,823 | 395,870,511 | ||||||||||||
Net assets, at market value | ||||||||||||||||
Class A | 384,313,707 | 1,008,222 | 33,202,264 | 18,386,468 | ||||||||||||
Class C | 34,193,702 | 133,131 | 30,758,007 | 3,440,539 | ||||||||||||
Class I | 776,946,294 | 486,130,099 | 4,559,805,836 | 361,936,582 | ||||||||||||
Class R-3 | 60,381,168 | 12,272 | 4,939,209 | 191,986 | ||||||||||||
Class R-5 | 105,847,143 | 12,542 | 4,344,118 | 25,869 | ||||||||||||
Class R-6 | 984,941,977 | 3,580,006 | 278,242,622 | 11,736,120 | ||||||||||||
Class Y | 24,468 | 15,623 | 3,873,767 | 152,947 | ||||||||||||
NAV, offering and redemption price per share (e) | ||||||||||||||||
Class A | $61.37 | $19.85 | $27.73 | $39.48 | ||||||||||||
Class A maximum offering price (f) | 64.43 | 20.84 | 29.11 | 41.45 | ||||||||||||
Class C | 34.57 | 19.55 | 27.14 | 38.19 | ||||||||||||
Class I | 67.29 | 20.05 | 27.90 | 39.88 | ||||||||||||
Class R-3 | 57.51 | 19.88 | 27.48 | 38.92 | ||||||||||||
Class R-5 | 67.76 | 20.05 | 27.74 | 39.74 | ||||||||||||
Class R-6 | 68.96 | 20.05 | 27.88 | 40.06 | ||||||||||||
Class Y | 65.82 | 19.94 | 27.70 | 39.38 | ||||||||||||
Shares of beneficial interest outstanding | ||||||||||||||||
Class A | 6,262,423 | 50,804 | 1,197,244 | 465,769 | ||||||||||||
Class C | 989,151 | 6,810 | 1,133,382 | 90,100 | ||||||||||||
Class I | 11,545,961 | 24,243,306 | 163,454,574 | 9,075,329 | ||||||||||||
Class R-3 | 1,049,976 | 617 | 179,706 | 4,933 | ||||||||||||
Class R-5 | 1,562,204 | 625 | 156,611 | 651 | ||||||||||||
Class R-6 | 14,283,042 | 178,594 | 9,980,635 | 292,981 | ||||||||||||
Class Y | 372 | 783 | 139,864 | 3,884 | ||||||||||||
(a) Identified cost | $1,241,983,456 | $284,803,467 | $3,618,262,027 | $221,854,445 | ||||||||||||
(b) Includes securities on loan, at value | $16,379,563 | $14,285,703 | $16,472,548 | $— | ||||||||||||
(c) Identified cost | $41,364,687 | $— | $— | $— | ||||||||||||
(d) Includes securities on loan, at value | $5,212,000 | $— | $— | $— |
(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.
36 | The accompanying notes are an integral part of the financial statements. |
Statements of Assets and Liabilities
10.31.2021
Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | ||||||||||
Assets | ||||||||||||
Investments—unaffiliated, at value (a)(b) | $467,876,063 | $1,141,191,207 | $1,044,262,447 | |||||||||
Unrealized appreciation—open forward contracts | — | 3,811,960 | 7,587,154 | |||||||||
Cash | 46,028,781 | 80,801,355 | 155,064,565 | |||||||||
Foreign currency (cost of $—, $—, and $909,554) | — | — | 906,605 | |||||||||
Deposit at broker—open swap contracts | 332,955 | 5,362,020 | 4,310,767 | |||||||||
Deposit at broker—open futures contracts | — | 1,447,228 | 1,977,775 | |||||||||
Segregated cash—open forward contracts and/or TBA transactions | — | 4,030,000 | 2,300,000 | |||||||||
Receivable for investments sold | 27,324,533 | 92,675,340 | 146,085,000 | |||||||||
Receivable for fund shares sold | 961,337 | 1,175,784 | 4,211,754 | |||||||||
Receivable for dividends and interest, net | 1,779,136 | 4,631,729 | 4,537,077 | |||||||||
Prepaid expenses | 9,630 | 14,782 | 10,900 | |||||||||
Total assets | 544,312,435 | 1,335,141,405 | 1,371,254,044 | |||||||||
Liabilities | ||||||||||||
Payable for securities lending collateral received | — | 624,960 | — | |||||||||
Unrealized depreciation—open forward contracts | — | 290,196 | 3,060,290 | |||||||||
Variation margin payable—open swap contracts | 9,234 | 149,931 | 120,301 | |||||||||
Variation margin payable—open futures contracts | — | 952,670 | 2,407,416 | |||||||||
Payable for investments purchased | 35,578,057 | 92,247,136 | 148,153,914 | |||||||||
Payable for fund shares redeemed | 2,118,805 | 3,703,768 | 984,256 | |||||||||
Accrued custody fees | 4,966 | 13,731 | 18,953 | |||||||||
Accrued investment advisory fees, net | 67,464 | 170,872 | 235,534 | |||||||||
Accrued administrative fees | 43,800 | 106,633 | 101,737 | |||||||||
Accrued distribution fees | 20,930 | 23,788 | 9,602 | |||||||||
Accrued shareholder servicing fees | 51,297 | 105,828 | 95,484 | |||||||||
Accrued professional fees | 31,022 | 31,172 | 31,172 | |||||||||
Accrued internal audit fees | 469 | 469 | 469 | |||||||||
Accrued trustees compensation | 17,682 | 17,682 | 17,682 | |||||||||
Accrued officers compensation | 893 | 893 | 893 | |||||||||
Other accrued expenses | 42,790 | 56,904 | 36,187 | |||||||||
Total liabilities | 37,987,409 | 98,496,633 | 155,273,890 | |||||||||
Net assets | 506,325,026 | 1,236,644,772 | 1,215,980,154 | |||||||||
Net assets consists of | ||||||||||||
Paid-in capital | 513,185,304 | 1,235,383,767 | 1,192,148,725 | |||||||||
Total distributable earnings (loss) | (6,860,278 | ) | 1,261,005 | 23,831,429 | ||||||||
Net assets | 506,325,026 | 1,236,644,772 | 1,215,980,154 | |||||||||
Net assets, at market value | ||||||||||||
Class A | 4,260,387 | 6,841,537 | 5,090,787 | |||||||||
Class C | 12,723,774 | 6,385,815 | 2,264,068 | |||||||||
Class I | 446,541,887 | 1,142,072,378 | 1,109,751,645 | |||||||||
Class R-3 | 124,123 | 151,650 | 11,535 | |||||||||
Class R-5 | 12,315 | 12,393 | 163,987 | |||||||||
Class R-6 | 1,092,009 | 3,765,447 | 67,965,589 | |||||||||
Class Y | 41,570,531 | 77,415,552 | 30,732,543 | |||||||||
NAV, offering and redemption price per share (c) | ||||||||||||
Class A | $12.66 | $34.45 | $12.79 | |||||||||
Class A maximum offering price (d) | 13.15 | 35.79 | 13.29 | |||||||||
Class C | 12.60 | 34.35 | 12.72 | |||||||||
Class I | 12.67 | 34.54 | 12.80 | |||||||||
Class R-3 | 12.67 | 34.47 | 12.77 | |||||||||
Class R-5 | 12.68 | 34.54 | 12.80 | |||||||||
Class R-6 | 12.68 | 34.54 | 12.80 | |||||||||
Class Y | 12.66 | 34.48 | 12.86 | |||||||||
Shares of beneficial interest outstanding | ||||||||||||
Class A | 336,633 | 198,608 | 398,093 | |||||||||
Class C | 1,009,842 | 185,891 | 178,015 | |||||||||
Class I | 35,233,778 | 33,067,618 | 86,691,460 | |||||||||
Class R-3 | 9,800 | 4,400 | 903 | |||||||||
Class R-5 | 971 | 359 | 12,812 | |||||||||
Class R-6 | 86,108 | 109,014 | 5,308,819 | |||||||||
Class Y | 3,282,594 | 2,245,074 | 2,390,062 | |||||||||
(a) Identified cost | $465,385,389 | $1,133,169,698 | $1,035,880,621 | |||||||||
(b) Includes securities on loan, at value | $— | $610,836 | $— |
(c) NAV amounts may not recalculate due to rounding of net assets and / or shares outstanding.
(d) The maximum offering price is computed as 100/96.25 of NAV.
The accompanying notes are an integral part of the financial statements. | 37 |
11.1.2020 to 10.31.2021
Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends—unaffiliated | $4,755,263 | $332,363 | $21,725,803 | $29,072,626 | ||||||||||||
Less: foreign taxes withheld | — | (27,356 | ) | — | (379,086 | ) | ||||||||||
Interest | 202 | 7 | 1,103 | 4,636 | ||||||||||||
Securities lending, net (Note 7) | 1,551 | 62 | — | 18,963 | ||||||||||||
Total investment income | 4,757,016 | 305,076 | 21,726,906 | 28,717,139 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 3,337,952 | 69,452 | 4,036,701 | 41,212,961 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 200,532 | 3,213 | 207,915 | 914,829 | ||||||||||||
Class C | 13,519 | 1,670 | 81,733 | 140,690 | ||||||||||||
Class I | 335,119 | 4,427 | 604,476 | 1,865,376 | ||||||||||||
Class R-3 | 454 | 487 | 1,393 | 51,730 | ||||||||||||
Class R-5 | 5,323 | 4 | 7,439 | 990,275 | ||||||||||||
Class R-6 | 1,356 | 109 | 5,874 | 4,125,436 | ||||||||||||
Class Y | 23 | 13 | 346 | 4,256 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 501,329 | 8,032 | 519,787 | 2,287,074 | ||||||||||||
Class C | 135,190 | 16,695 | 817,331 | 1,406,896 | ||||||||||||
Class R-3 | 2,272 | 2,432 | 6,962 | 258,648 | ||||||||||||
Class Y | 57 | 34 | 864 | 10,639 | ||||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | 152,805 | 2,570 | 208,886 | 1,346,305 | ||||||||||||
Class C | 9,224 | 1,129 | 66,746 | 113,978 | ||||||||||||
Class I | 290,304 | 3,099 | 458,287 | 1,638,613 | ||||||||||||
Class R-3 | 603 | 859 | 2,017 | 74,178 | ||||||||||||
Class R-5 | 4,523 | — | 7,330 | 986,833 | ||||||||||||
Class Y | — | — | 419 | 6,186 | ||||||||||||
Custodian fees | 18,879 | 48,516 | 25,165 | 210,675 | ||||||||||||
Professional fees | 97,564 | 102,512 | 98,307 | 98,657 | ||||||||||||
State registration fees | 114,529 | 93,023 | 115,853 | 181,113 | ||||||||||||
Trustees compensation | 64,613 | 64,614 | 64,613 | 64,613 | ||||||||||||
Officers compensation | 10,027 | 10,027 | 10,027 | 10,027 | ||||||||||||
Internal audit fees | 5,095 | 5,095 | 5,095 | 5,095 | ||||||||||||
Interest expense on line of credit | 1,715 | 158 | 18 | — | ||||||||||||
Other expenses | 174,763 | 76,048 | 271,871 | 1,411,339 | ||||||||||||
Total expenses before adjustments | 5,477,770 | 514,218 | 7,625,455 | 59,416,422 | ||||||||||||
Fees and expenses waived | (838,750 | ) | (370,350 | ) | — | — | ||||||||||
Recovered fees previously waived by Manager | 12 | 6 | — | — | ||||||||||||
Total expenses after adjustments | 4,639,032 | 143,874 | 7,625,455 | 59,416,422 | ||||||||||||
Net investment income (loss) | 117,984 | 161,202 | 14,101,451 | (30,699,283 | ) | |||||||||||
Realized and unrealized gain (loss) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments—unaffiliated | 42,101,898 | 1,248,130 | 76,619,027 | 788,254,782 | ||||||||||||
Foreign currency transactions | — | (841 | ) | (1,733 | ) | — | ||||||||||
Net realized gain (loss) | 42,101,898 | 1,247,289 | 76,617,294 | 788,254,782 | ||||||||||||
Net change in unrealized appreciation (depreciation) on | ||||||||||||||||
investments—unaffiliated and foreign currency translations | 155,328,378 | 1,603,556 | 188,176,123 | 1,707,606,419 | ||||||||||||
Net gain (loss) on investments | 197,430,276 | 2,850,845 | 264,793,417 | 2,495,861,201 | ||||||||||||
Net increase (decrease) in assets resulting from operations | 197,548,260 | 3,012,047 | 278,894,868 | 2,465,161,918 |
38 | The accompanying notes are an integral part of the financial statements. |
Statements of Operations
11.1.2020 to 10.31.2021
Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund | |||||||||||||
Investment income | ||||||||||||||||
Dividends—unaffiliated | $9,323,725 | $13,416,611 | $40,901,482 | $1,431,640 | ||||||||||||
Less: foreign taxes withheld | (141,993 | ) | (1,523,743 | ) | (86,040 | ) | (177 | ) | ||||||||
Interest | 1,699 | 705 | 1,560 | 127 | ||||||||||||
Securities lending, net (Note 7) | 745,347 | 75,202 | 122,866 | 4,071 | ||||||||||||
Non-recurring income and associated expense amounts: | ||||||||||||||||
Foreign withholding tax claims and interest | — | 7,031,854 | — | — | ||||||||||||
Less: IRS compliance fee and related expenses for withholding tax claims | — | (2,450,984 | ) | — | — | |||||||||||
Total investment income | 9,928,778 | 16,549,645 | 40,939,868 | 1,435,661 | ||||||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 15,566,420 | 3,782,244 | 30,578,871 | 2,420,110 | ||||||||||||
Administrative fees: | ||||||||||||||||
Class A | 399,643 | 972 | 27,590 | 17,048 | ||||||||||||
Class C | 43,978 | 120 | 26,320 | 5,075 | ||||||||||||
Class I | 885,353 | 510,596 | 3,916,272 | 368,919 | ||||||||||||
Class R-3 | 65,592 | 12 | 4,472 | 194 | ||||||||||||
Class R-5 | 158,455 | 12 | 3,424 | 33 | ||||||||||||
Class R-6 | 1,410,234 | 3,856 | 241,225 | 11,904 | ||||||||||||
Class Y | 29 | 15 | 6,250 | 178 | ||||||||||||
Distribution and service fees: | ||||||||||||||||
Class A | 999,107 | 2,430 | 68,975 | 42,619 | ||||||||||||
Class C | 439,778 | 1,197 | 263,198 | 50,747 | ||||||||||||
Class R-3 | 327,960 | 59 | 22,358 | 972 | ||||||||||||
Class Y | 73 | 36 | 15,625 | 446 | ||||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | 580,467 | 1,264 | 23,374 | 15,516 | ||||||||||||
Class C | 41,958 | 86 | 26,447 | 5,118 | ||||||||||||
Class I | 945,353 | 468,531 | �� | 3,736,176 | 344,902 | |||||||||||
Class R-3 | 92,034 | — | 6,546 | 257 | ||||||||||||
Class R-5 | 170,679 | — | 2,654 | 16 | ||||||||||||
Class Y | — | — | 9,184 | 90 | ||||||||||||
Custodian fees | 82,810 | 113,203 | 120,140 | 26,964 | ||||||||||||
Professional fees | 98,325 | 101,509 | 98,395 | 98,578 | ||||||||||||
State registration fees | 147,286 | 94,662 | 247,411 | 98,824 | ||||||||||||
Trustees compensation | 64,613 | 64,613 | 64,613 | 64,613 | ||||||||||||
Officers compensation | 10,027 | 10,027 | 10,027 | 10,027 | ||||||||||||
Internal audit fees | 5,095 | 5,095 | 5,095 | 5,095 | ||||||||||||
Interest expense on line of credit | 18,466 | 2,617 | 12,021 | 299 | ||||||||||||
Other expenses | 664,036 | 265,919 | 854,746 | 140,604 | ||||||||||||
Total expenses before adjustments | 23,217,771 | 5,429,075 | 40,391,409 | 3,729,148 | ||||||||||||
Fees and expenses waived | — | (219,930 | ) | — | — | |||||||||||
Recovered fees previously waived by Manager | 100 | 73 | — | 408 | ||||||||||||
Total expenses after adjustments | 23,217,871 | 5,209,218 | 40,391,409 | 3,729,556 | ||||||||||||
Net investment income (loss) | (13,289,093 | ) | 11,340,427 | 548,459 | (2,293,895 | ) | ||||||||||
Realized and unrealized gain (loss) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments—unaffiliated | 866,421,655 | 49,061,219 | 536,578,876 | 59,157,671 | ||||||||||||
Investments—affiliated | 12,677,290 | — | — | — | ||||||||||||
Foreign currency transactions | — | (93,684 | ) | — | — | |||||||||||
Net realized gain (loss) | 879,098,945 | 48,967,535 | 536,578,876 | 59,157,671 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments—unaffiliated and foreign currency translations | 62,894,592 | 113,884,491 | 730,465,259 | 74,648,537 | ||||||||||||
Investments —affiliated | (5,100,875 | ) | — | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) | 57,793,717 | 113,884,491 | 730,465,259 | 74,648,537 | ||||||||||||
Net gain (loss) on investments | 936,892,662 | 162,852,026 | 1,267,044,135 | 133,806,208 | ||||||||||||
Net increase (decrease) in assets resulting from operations | 923,603,569 | 174,192,453 | 1,267,592,594 | 131,512,313 |
Excluding non-recurring items in the Carillon Scout International Fund, net investment income would have been $6,759,557 and net increase in assets resulting from operations would have been $169,611,583.
The accompanying notes are an integral part of the financial statements. | 39 |
Statements of Operations
11.1.2020 to 10.31.2021
Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | ||||||||||
Investment income | ||||||||||||
Interest | $7,730,133 | $19,097,761 | $15,538,738 | |||||||||
Securities lending, net (Note 7) | 142 | 1,074 | 704 | |||||||||
Total investment income | 7,730,275 | 19,098,835 | 15,539,442 | |||||||||
Expenses | ||||||||||||
Investment advisory fees | 2,422,085 | 5,295,774 | 6,567,480 | |||||||||
Administrative fees: | ||||||||||||
Class A | 4,236 | 7,036 | 2,089 | |||||||||
Class C | 12,791 | 6,497 | 2,181 | |||||||||
Class I | 537,264 | 1,215,158 | 980,730 | |||||||||
Class R-3 | 86 | 119 | 12 | |||||||||
Class R-5 | 12 | 12 | 137 | |||||||||
Class R-6 | 890 | 2,146 | 58,959 | |||||||||
Class Y | 50,243 | 92,974 | 50,473 | |||||||||
Distribution and service fees: | ||||||||||||
Class A | 10,590 | 17,590 | 5,223 | |||||||||
Class C | 127,906 | 64,974 | 21,807 | |||||||||
Class R-3 | 432 | 597 | 58 | |||||||||
Class Y | 125,607 | 232,436 | 126,183 | |||||||||
Shareholder servicing fees: | ||||||||||||
Class A | 3,639 | 6,013 | 1,469 | |||||||||
Class C | 9,206 | 7,371 | 2,133 | |||||||||
Class I | 540,427 | 1,101,105 | 890,071 | |||||||||
Class R-3 | 97 | 117 | — | |||||||||
Class R-5 | — | — | 110 | |||||||||
Class Y | 81,174 | 130,948 | 66,854 | |||||||||
Custodian fees | 24,066 | 66,903 | 83,899 | |||||||||
Professional fees | 103,751 | 103,851 | 103,852 | |||||||||
State registration fees | 183,551 | 192,424 | 132,389 | |||||||||
Trustees compensation | 64,613 | 64,613 | 64,613 | |||||||||
Officers compensation | 10,027 | 10,027 | 10,027 | |||||||||
Internal audit fees | 5,095 | 5,095 | 5,095 | |||||||||
Other expenses | 193,541 | 350,504 | 228,585 | |||||||||
Total expenses before adjustments | 4,511,329 | 8,974,284 | 9,404,429 | |||||||||
Fees and expenses waived | (1,723,662 | ) | (3,202,961 | ) | (3,809,845 | ) | ||||||
Recovered fees previously waived by Manager | — | — | 6 | |||||||||
Total expenses after adjustments | 2,787,667 | 5,771,323 | 5,594,590 | |||||||||
Net investment income (loss) | 4,942,608 | 13,327,512 | 9,944,852 | |||||||||
Realized and unrealized gain (loss) | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments—unaffiliated | (9,147,190 | ) | (9,612,102 | ) | 16,822,385 | |||||||
Short investments—unaffiliated | — | — | (728,326 | ) | ||||||||
Foreign currency transactions | — | 20,421 | (2,303,217 | ) | ||||||||
Swap contracts | 836,379 | 3,692,462 | 6,519,637 | |||||||||
Futures contracts | — | (570,219 | ) | 1,701,522 | ||||||||
Forward contracts | — | (1,640,237 | ) | (1,512,606 | ) | |||||||
Net realized gain (loss) | (8,310,811 | ) | (8,109,675 | ) | 20,499,395 | |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments—unaffiliated and foreign currency translations | (3,956,013 | ) | (19,870,823 | ) | (15,672,080 | ) | ||||||
Swap contracts | 280,238 | (441,695 | ) | (990,022 | ) | |||||||
Futures contracts | — | (1,477,760 | ) | (1,657,199 | ) | |||||||
Forward contracts | — | 3,512,013 | 4,856,434 | |||||||||
Net change in unrealized appreciation (depreciation) | (3,675,775 | ) | (18,278,265 | ) | (13,462,867 | ) | ||||||
Net gain (loss) on investments | (11,986,586 | ) | (26,387,940 | ) | 7,036,528 | |||||||
Net increase (decrease) in assets resulting from operations | (7,043,978 | ) | (13,060,428 | ) | 16,981,380 |
40 | 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 Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund | |||||||||||||||||||||||||||||
11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/2020 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | |||||||||||||||||||||||||
Net assets, beginning of period | $465,275,149 | $552,809,713 | $8,341,303 | $12,352,406 | $741,554,876 | $850,678,567 | $6,618,025,126 | $5,675,842,664 | ||||||||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | 117,984 | 1,270,784 | 161,202 | 111,558 | 14,101,451 | 14,038,837 | (30,699,283 | ) | (15,482,564 | ) | ||||||||||||||||||||||
Net realized gain (loss) | 42,101,898 | 69,687,974 | 1,247,289 | (289,347 | ) | 76,617,294 | 26,564,819 | 788,254,782 | 165,004,852 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 155,328,378 | 27,523,893 | 1,603,556 | (1,185,046 | ) | 188,176,123 | (67,069,287 | ) | 1,707,606,419 | 1,222,053,595 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 197,548,260 | 98,482,651 | 3,012,047 | (1,362,835 | ) | 278,894,868 | (26,465,631 | ) | 2,465,161,918 | 1,371,575,883 | ||||||||||||||||||||||
Distributions to shareholders from earnings | (68,705,690 | ) | (9,404,640 | ) | (75,569 | ) | (264,615 | ) | (41,379,128 | ) | (38,791,967 | ) | (166,160,322 | ) | (123,370,282 | ) | ||||||||||||||||
Fund share transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold-Class A | 7,225,814 | 5,582,870 | 799,435 | 298,859 | 44,038,316 | 42,343,623 | 159,446,649 | 124,253,615 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 24,692,681 | 2,701,879 | 22,333 | 82,285 | 7,437,132 | 7,325,858 | 18,726,911 | 15,165,127 | ||||||||||||||||||||||||
Cost of shares redeemed-Class A | (25,277,169 | ) | (39,488,649 | ) | (514,433 | ) | (1,270,530 | ) | (36,349,151 | ) | (43,229,508 | ) | (281,953,398 | ) | (223,920,205 | ) | ||||||||||||||||
Proceeds from shares sold-Class C | 896,180 | 1,956,290 | 257,965 | 123,484 | 8,475,970 | 10,591,697 | 8,482,961 | 8,582,943 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 2,718,143 | 283,954 | 1,250 | 31,319 | 2,978,724 | 3,799,739 | 4,229,943 | 3,676,590 | ||||||||||||||||||||||||
Cost of shares redeemed-Class C | (4,176,638 | ) | (7,198,165 | ) | (501,512 | ) | (469,505 | ) | (33,449,722 | ) | (58,850,310 | ) | (44,382,555 | ) | (39,900,479 | ) | ||||||||||||||||
Proceeds from shares sold-Class I | 79,241,131 | 83,485,215 | 2,017,047 | 422,125 | 122,277,593 | 194,944,211 | 303,120,924 | 317,661,447 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 38,966,589 | 5,798,006 | 42,418 | 127,407 | 21,909,283 | 19,217,714 | 35,287,069 | 25,368,163 | ||||||||||||||||||||||||
Cost of shares redeemed-Class I | (73,737,533 | ) | (178,723,660 | ) | (561,134 | ) | (1,795,652 | ) | (127,707,382 | ) | (175,620,484 | ) | (424,096,244 | ) | (412,568,501 | ) | ||||||||||||||||
Proceeds from shares sold-Class R-3 | 54,135 | 110,953 | 62,923 | 67,922 | 359,985 | 211,680 | 13,804,066 | 10,249,187 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 55,541 | 10,905 | 6,690 | 18,661 | 54,617 | 59,040 | 1,200,286 | 971,697 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-3 | (29,092 | ) | (666,786 | ) | (1,051,457 | ) | (12,280 | ) | (201,437 | ) | (705,167 | ) | (20,885,838 | ) | (20,000,532 | ) | ||||||||||||||||
Proceeds from shares sold-Class R-5 | 6,691,034 | 1,933,209 | — | — | 1,922,476 | 4,120,449 | 273,863,617 | 172,067,834 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 673,814 | 132,614 | 41 | 86 | 340,420 | 258,262 | 19,714,798 | 15,871,744 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-5 | (8,435,060 | ) | (5,105,665 | ) | — | — | (3,569,456 | ) | (760,765 | ) | (319,883,074 | ) | (294,194,222 | ) | ||||||||||||||||||
Proceeds from shares sold-Class R-6 | 761,333 | 2,355,007 | 14,930 | 20,882 | 5,058,007 | 1,507,836 | 924,109,834 | 770,104,029 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 148,117 | 21,772 | 1,825 | 3,942 | 200,102 | 113,056 | 80,238,573 | 56,868,257 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-6 | (498,010 | ) | (49,804,596 | ) | (125,080 | ) | (32,832 | ) | (856,755 | ) | (49,216,768 | ) | (908,509,797 | ) | (835,514,567 | ) | ||||||||||||||||
Proceeds from shares sold-Class Y | 3,000 | 3,526 | 2,192 | — | 264,800 | 43,797 | 891,474 | 1,233,139 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 2,350 | 213 | 104 | 174 | 11,764 | 4,945 | 85,197 | 81,660 | ||||||||||||||||||||||||
Cost of shares redeemed-Class Y | — | (1,467 | ) | (6 | ) | — | (27,907 | ) | (24,998 | ) | (1,041,350 | ) | (2,080,065 | ) | ||||||||||||||||||
Net increase (decrease) from fund share transactions | 49,976,360 | (176,612,575 | ) | 475,531 | (2,383,653 | ) | 13,167,379 | (43,866,093 | ) | (157,549,954 | ) | (306,023,139 | ) | |||||||||||||||||||
Increase (decrease) in net assets | 178,818,930 | (87,534,564 | ) | 3,412,009 | (4,011,103 | ) | 250,683,119 | (109,123,691 | ) | 2,141,451,642 | 942,182,462 | |||||||||||||||||||||
Net assets, end of period | 644,094,079 | 465,275,149 | 11,753,312 | 8,341,303 | 992,237,995 | 741,554,876 | 8,759,476,768 | 6,618,025,126 | ||||||||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||||||||||
Shares sold-Class A | 131,441 | 119,189 | 39,353 | 18,006 | 1,868,908 | 2,107,647 | 1,740,398 | 1,891,163 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 487,709 | 59,697 | 1,241 | 4,651 | 331,240 | 356,857 | 207,110 | 232,025 | ||||||||||||||||||||||||
Shares redeemed-Class A | (457,323 | ) | (824,102 | ) | (26,409 | ) | (81,632 | ) | (1,517,347 | ) | (2,170,820 | ) | (3,034,864 | ) | (3,385,827 | ) | ||||||||||||||||
Shares sold-Class C | 25,181 | 63,516 | 13,027 | 7,897 | 377,216 | 550,997 | 119,600 | 165,543 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 84,257 | 9,095 | 71 | 1,796 | 141,804 | 191,550 | 61,047 | 72,417 | ||||||||||||||||||||||||
Shares redeemed-Class C | (121,369 | ) | (219,333 | ) | (26,556 | ) | (30,313 | ) | (1,492,703 | ) | (3,086,051 | ) | (633,930 | ) | (766,640 | ) | ||||||||||||||||
Shares sold-Class I | 1,313,257 | 1,723,223 | 95,518 | 26,195 | 5,226,783 | 9,633,655 | 3,069,596 | 4,495,476 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 724,017 | 121,577 | 2,366 | 7,223 | 976,671 | 937,696 | 365,139 | 364,852 | ||||||||||||||||||||||||
Shares redeemed-Class I | (1,247,081 | ) | (3,695,840 | ) | (29,573 | ) | (119,236 | ) | (5,353,901 | ) | (9,147,975 | ) | (4,267,021 | ) | (5,845,668 | ) | ||||||||||||||||
Shares sold-Class R-3 | 1,033 | 2,527 | 3,363 | 4,667 | 15,188 | 10,487 | 155,656 | 156,224 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 1,157 | 252 | 376 | 1,066 | 2,453 | 2,871 | 13,822 | 15,426 | ||||||||||||||||||||||||
Shares redeemed-Class R-3 | (515 | ) | (14,127 | ) | (54,887 | ) | (809 | ) | (8,492 | ) | (37,952 | ) | (233,607 | ) | (315,424 | ) | ||||||||||||||||
Shares sold-Class R-5 | 113,251 | 38,282 | — | — | 84,457 | 193,872 | 2,757,998 | 2,404,350 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 12,566 | 2,790 | 2 | 5 | 15,231 | 12,847 | 204,638 | 228,930 | ||||||||||||||||||||||||
Shares redeemed-Class R-5 | (141,446 | ) | (102,877 | ) | — | — | (156,265 | ) | (38,890 | ) | (3,185,565 | ) | (4,171,472 | ) | ||||||||||||||||||
Shares sold-Class R-6 | 13,097 | 50,205 | 795 | 1,350 | 218,329 | 72,027 | 9,224,959 | 10,681,012 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 2,776 | 460 | 102 | 223 | 8,757 | 5,561 | 822,875 | 811,360 | ||||||||||||||||||||||||
Shares redeemed-Class R-6 | (8,201 | ) | (1,038,147 | ) | (6,290 | ) | (2,036 | ) | (35,042 | ) | (2,223,922 | ) | (9,039,986 | ) | (11,912,010 | ) | ||||||||||||||||
Shares sold-Class Y | 53 | 75 | 129 | — | 11,614 | 2,181 | 8,912 | 18,538 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 44 | 4 | 6 | 10 | 520 | 241 | 891 | 1,183 | ||||||||||||||||||||||||
Shares redeemed-Class Y | — | (33 | ) | — | — | (1,121 | ) | (1,224 | ) | (10,698 | ) | (28,547 | ) | |||||||||||||||||||
Shares issued and redeemed | 933,904 | (3,703,567 | ) | 12,634 | (160,937 | ) | 714,300 | (2,628,345 | ) | (1,653,030 | ) | (4,887,089 | ) |
The accompanying notes are an integral part of the financial statements. | 41 |
Statements of Changes in Net Assets
Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund | |||||||||||||||||||||||||||||
11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | |||||||||||||||||||||||||
Net assets, beginning of period | $2,876,211,347 | $ 4,117,406,587 | $454,817,921 | $715,148,809 | $2,805,727,211 | $2,862,557,939 | $294,939,896 | $323,732,772 | ||||||||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||||||||||
Net investment income (loss) | (13,289,093 | ) | (15,235,473 | ) | 11,340,427 | 9,344,854 | 548,459 | 9,319,324 | (2,293,895 | ) | (1,084,662 | ) | ||||||||||||||||||||
Net realized gain (loss) on investments | 879,098,945 | 514,231,113 | 48,967,535 | 47,408,984 | 536,578,876 | (9,363,737 | ) | 59,157,671 | 26,197,453 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 57,793,717 | 61,223,572 | 113,884,491 | (134,329,717 | ) | 730,465,259 | 208,954,473 | 74,648,537 | (4,653,870 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 923,603,569 | 560,219,212 | 174,192,453 | (77,575,879 | ) | 1,267,592,594 | 208,910,060 | 131,512,313 | 20,458,921 | |||||||||||||||||||||||
Distributions to shareholders from earnings | (511,775,483 | ) | (247,721,477 | ) | (45,202,786 | ) | (54,505,922 | ) | (79,310,015 | ) | (21,249,113 | ) | (27,973,047 | ) | (12,635,960 | ) | ||||||||||||||||
Fund share transactions | ||||||||||||||||||||||||||||||||
Proceeds from shares sold-Class A | 72,748,634 | 66,347,807 | 87,464 | 162,688 | 12,526,852 | 6,369,560 | 3,779,223 | 1,357,447 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 60,001,335 | 23,572,114 | 77,987 | 71,457 | 458,034 | 119,596 | 1,100,799 | 476,303 | ||||||||||||||||||||||||
Cost of shares redeemed-Class A | (132,257,396 | ) | (184,745,586 | ) | (127,570 | ) | (244,309 | ) | (7,200,825 | ) | (9,785,874 | ) | (2,537,871 | ) | (2,621,717 | ) | ||||||||||||||||
Proceeds from shares sold-Class C | 2,944,863 | 2,650,593 | 60,179 | 48,568 | 7,884,267 | 3,954,887 | 156,981 | 147,789 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 13,686,709 | 5,954,687 | 8,947 | 12,118 | 438,271 | 12,987 | 493,427 | 285,548 | ||||||||||||||||||||||||
Cost of shares redeemed-Class C | (30,957,718 | ) | (31,542,856 | ) | (51,201 | ) | (90,051 | ) | (4,057,894 | ) | (6,303,570 | ) | (4,078,779 | ) | (3,063,492 | ) | ||||||||||||||||
Proceeds from shares sold-Class I | 142,641,031 | 127,454,647 | 12,480,786 | 27,006,981 | 1,632,392,757 | 591,970,909 | 64,910,572 | 34,549,244 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 117,692,817 | 49,532,802 | 44,337,947 | 53,198,974 | 67,739,332 | 18,594,321 | 24,763,589 | 11,185,863 | ||||||||||||||||||||||||
Cost of shares redeemed-Class I | (408,322,911 | ) | (499,276,243 | ) | (149,199,597 | ) | (208,690,241 | ) | (817,661,397 | ) | (887,610,514 | ) | (90,225,972 | ) | (80,287,492 | ) | ||||||||||||||||
Proceeds from shares sold-Class R-3 | 10,908,987 | 8,052,562 | — | — | 1,581,129 | 635,093 | 16,641 | 20,490 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 11,737,240 | 4,243,529 | 905 | 730 | 77,809 | 10,274 | 14,180 | 8,966 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-3 | (27,729,272 | ) | (26,356,701 | ) | — | — | (1,015,320 | ) | (530,335 | ) | (38,186 | ) | (146,494 | ) | ||||||||||||||||||
Proceeds from shares sold-Class R-5 | 38,396,193 | 50,441,298 | — | — | 1,647,038 | 559,430 | — | — | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 36,465,064 | 21,905,962 | 926 | 788 | 63,485 | 16,330 | 2,044 | 2,651 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-5 | (203,256,824 | ) | (238,700,783 | ) | — | — | (716,898 | ) | (440,149 | ) | (71,139 | ) | (239 | ) | ||||||||||||||||||
Proceeds from shares sold-Class R-6 | 268,107,874 | 222,292,130 | 537,337 | 2,493,311 | 87,233,527 | 114,197,902 | 2,605,402 | 5,914,703 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 241,425,823 | 126,082,974 | 344,188 | 277,069 | 3,828,565 | 562,662 | 877,259 | 231,607 | ||||||||||||||||||||||||
Cost of shares redeemed-Class R-6 | (1,155,618,028 | ) | (1,281,613,020 | ) | (1,476,038 | ) | (2,498,623 | ) | (55,519,435 | ) | (61,148,134 | ) | (4,325,364 | ) | (4,713,887 | ) | ||||||||||||||||
Proceeds from shares sold-Class Y | — | 12,454 | 1,010 | 600 | 1,328,136 | 9,172,456 | 600 | 35,600 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 4,790 | 755 | 1,087 | 853 | 251,046 | 122,653 | 14,776 | 3,252 | ||||||||||||||||||||||||
Cost of shares redeemed-Class Y | (10,185 | ) | (2,100 | ) | (50 | ) | — | (10,122,446 | ) | (24,972,159 | ) | (66,833 | ) | (1,979 | ) | |||||||||||||||||
Net increase (decrease) from fund share transactions | (941,390,974 | ) | (1,553,692,975 | ) | (92,915,693 | ) | (128,249,087 | ) | 921,156,033 | (244,491,675 | ) | (2,608,651 | ) | (36,615,837 | ) | |||||||||||||||||
Increase (decrease) in net assets | (529,562,888 | ) | (1,241,195,240 | ) | 36,073,974 | (260,330,888 | ) | 2,109,438,612 | (56,830,728 | ) | 100,930,615 | (28,792,876 | ) | |||||||||||||||||||
Net assets, end of period | 2,346,648,459 | 2,876,211,347 | 490,891,895 | 454,817,921 | 4,915,165,823 | 2,805,727,211 | 395,870,511 | 294,939,896 | ||||||||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||||||||||
Shares sold-Class A | 1,223,856 | 1,395,184 | 4,619 | 10,293 | 487,729 | 364,588 | 98,335 | 50,020 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class A | 1,053,579 | 479,303 | 4,396 | 3,840 | 19,709 | 6,348 | 31,424 | 16,813 | ||||||||||||||||||||||||
Shares redeemed-Class A | (2,238,239 | ) | (3,825,063 | ) | (6,747 | ) | (16,236 | ) | (281,098 | ) | (530,468 | ) | (66,508 | ) | (107,532 | ) | ||||||||||||||||
Shares sold-Class C | 88,279 | 87,345 | 3,198 | 2,883 | 314,896 | 217,155 | 4,160 | 5,508 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class C | 424,000 | 189,459 | 509 | 652 | 19,147 | 694 | 14,462 | 10,249 | ||||||||||||||||||||||||
Shares redeemed-Class C | (915,712 | ) | (1,028,784 | ) | (2,765 | ) | (5,568 | ) | (164,236 | ) | (363,030 | ) | (109,707 | ) | (115,196 | ) | ||||||||||||||||
Shares sold-Class I | 2,196,036 | 2,572,621 | 650,928 | 1,635,983 | 63,551,360 | 33,028,833 | 1,688,362 | 1,305,218 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class I | 1,889,434 | 936,171 | 2,479,751 | 2,844,865 | 2,904,774 | 984,347 | 701,319 | 392,624 | ||||||||||||||||||||||||
Shares redeemed-Class I | (6,309,719 | ) | (9,879,141 | ) | (7,904,153 | ) | (12,765,651 | ) | (31,908,746 | ) | (50,570,912 | ) | (2,336,734 | ) | (3,146,487 | ) | ||||||||||||||||
Shares sold-Class R-3 | 194,065 | 180,791 | — | — | 63,310 | 35,653 | 441 | 766 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 219,470 | 90,751 | 50 | 39 | 3,370 | 547 | 409 | 319 | ||||||||||||||||||||||||
Shares redeemed-Class R-3 | (500,447 | ) | (573,131 | ) | — | — | (39,856 | ) | (30,288 | ) | (1,027 | ) | (5,193 | ) | ||||||||||||||||||
Shares sold-Class R-5 | 585,350 | 980,771 | — | — | 62,667 | 33,548 | — | — | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 581,302 | 411,611 | 51 | 43 | 2,738 | 869 | 58 | 93 | ||||||||||||||||||||||||
Shares redeemed-Class R-5 | (3,092,063 | ) | (4,875,955 | ) | — | — | (28,314 | ) | (23,872 | ) | (1,892 | ) | (9 | ) | ||||||||||||||||||
Shares sold-Class R-6 | 4,010,002 | 4,253,549 | 28,492 | 171,800 | 3,440,108 | 5,994,716 | 67,370 | 253,166 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 3,785,290 | 2,337,900 | 19,271 | 14,848 | 164,387 | 29,818 | 24,753 | 8,109 | ||||||||||||||||||||||||
Shares redeemed-Class R-6 | (17,501,937 | ) | (24,195,939 | ) | (76,825 | ) | (146,961 | ) | (2,183,062 | ) | (3,334,817 | ) | (110,999 | ) | (168,752 | ) | ||||||||||||||||
Shares sold-Class Y | — | 249 | 53 | 36 | 54,821 | 477,857 | 16 | 1,673 | ||||||||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 78 | 14 | 61 | 46 | 10,812 | 6,514 | 423 | 115 | ||||||||||||||||||||||||
Shares redeemed-Class Y | (159 | ) | (41 | ) | (3 | ) | — | (392,753 | ) | (1,303,755 | ) | (1,759 | ) | (69 | ) | |||||||||||||||||
Shares issued and redeemed | (14,307,535 | ) | (30,462,335 | ) | (4,799,114 | ) | (8,249,088 | ) | 36,101,763 | (14,975,655 | ) | 2,906 | (1,498,565 | ) |
42 | The accompanying notes are an integral part of the financial statements. |
Statements of Changes in Net Assets
Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | ||||||||||||||||||||||
11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | 11/1/20 to 10/31/21 | 11/1/19 to 10/31/20 | |||||||||||||||||||
Net assets, beginning of period | $624,171,581 | $108,352,118 | $1,241,254,330 | $ 649,680,517 | $ 948,168,113 | $964,643,184 | ||||||||||||||||||
Increase (decrease) in net assets from operations | ||||||||||||||||||||||||
Net investment income (loss) | 4,942,608 | 2,998,000 | 13,327,512 | 13,486,692 | 9,944,852 | 16,685,765 | ||||||||||||||||||
Net realized gain (loss) on investments | (8,310,811 | ) | 11,665,871 | (8,109,675 | ) | 54,896,871 | 20,499,395 | 29,897,136 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,675,775 | ) | 5,082,023 | (18,278,265 | ) | 21,121,989 | (13,462,867 | ) | 17,967,590 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,043,978 | ) | 19,745,894 | (13,060,428 | ) | 89,505,552 | 16,981,380 | 64,550,491 | ||||||||||||||||
Distributions to shareholders from earnings | (17,815,158 | ) | (5,191,093 | ) | (68,592,494 | ) | (27,557,422 | ) | (21,332,749 | ) | (22,475,751 | ) | ||||||||||||
Fund share transactions | ||||||||||||||||||||||||
Proceeds from shares sold-Class A | 2,645,927 | 3,586,927 | 5,927,861 | 5,500,313 | 4,468,435 | 776,344 | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 105,118 | 41,146 | 168,196 | 16,942 | 24,362 | 12,459 | ||||||||||||||||||
Cost of shares redeemed-Class A | (2,342,514 | ) | (885,808 | ) | (4,339,112 | ) | (430,617 | ) | (262,971 | ) | (289,665 | ) | ||||||||||||
Proceeds from shares sold-Class C | 5,194,144 | 10,159,719 | 2,742,903 | 5,048,402 | 1,471,386 | 1,497,296 | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 235,434 | 20,471 | 162,439 | 11,967 | 27,393 | 9,083 | ||||||||||||||||||
Cost of shares redeemed-Class C | (2,812,383 | ) | (314,879 | ) | (1,382,929 | ) | (224,722 | ) | (816,051 | ) | (447,387 | ) | ||||||||||||
Proceeds from shares sold-Class I | 340,253,360 | 525,280,122 | 625,742,436 | 642,700,630 | 581,892,623 | 393,842,027 | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 15,690,576 | 4,997,273 | 51,334,825 | 21,847,667 | 16,978,216 | 18,567,779 | ||||||||||||||||||
Cost of shares redeemed-Class I | (439,291,961 | ) | (97,658,385 | ) | (592,968,214 | ) | (227,376,941 | ) | (363,315,028 | ) | (481,443,482 | ) | ||||||||||||
Proceeds from shares sold-Class R-3 | 93,364 | 24,646 | 82,407 | 70,851 | — | — | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 1,143 | 330 | 4,494 | 386 | 202 | 208 | ||||||||||||||||||
Cost of shares redeemed-Class R-3 | (4,503 | ) | (10 | ) | (11,713 | ) | — | — | — | |||||||||||||||
Proceeds from shares sold-Class R-5 | — | — | — | — | 153,378 | — | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 340 | 393 | 635 | 446 | 1,285 | 271 | ||||||||||||||||||
Cost of shares redeemed-Class R-5 | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from shares sold-Class R-6 | 748,278 | 624,125 | 4,504,039 | 19,584 | 25,212,844 | 10,939,439 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 20,639 | 1,200 | 69,620 | 552 | 1,081,790 | 945,384 | ||||||||||||||||||
Cost of shares redeemed-Class R-6 | (194,303 | ) | (95,962 | ) | (730,556 | ) | (64 | ) | (718,428 | ) | (4,643,690 | ) | ||||||||||||
Proceeds from shares sold-Class Y | 24,882,402 | 60,918,985 | 85,343,216 | 92,881,876 | 100,565,169 | 14,187,132 | ||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 1,405,708 | 107,072 | 5,317,461 | 787,793 | 591,350 | 447,893 | ||||||||||||||||||
Cost of shares redeemed-Class Y | (39,618,188 | ) | (5,542,703 | ) | (104,924,644 | ) | (11,229,382 | ) | (95,192,545 | ) | (12,950,902 | ) | ||||||||||||
Net increase (decrease) from fund share transactions | (92,987,419 | ) | 501,264,662 | 77,043,364 | 529,625,683 | 272,163,410 | (58,549,811 | ) | ||||||||||||||||
Increase (decrease) in net assets | (117,846,555 | ) | 515,819,463 | (4,609,558 | ) | 591,573,813 | 267,812,041 | (16,475,071 | ) | |||||||||||||||
Net assets, end of period | 506,325,026 | 624,171,581 | 1,236,644,772 | 1,241,254,330 | 1,215,980,154 | 948,168,113 | ||||||||||||||||||
Shares issued and redeemed | ||||||||||||||||||||||||
Shares sold-Class A | 204,729 | 277,907 | 167,021 | 150,732 | 345,574 | 63,117 | ||||||||||||||||||
Issued as reinvestment of distributions-Class A | 8,098 | 3,444 | 4,721 | 504 | 1,887 | 1,013 | ||||||||||||||||||
Shares redeemed-Class A | (182,110 | ) | (71,323 | ) | (124,265 | ) | (11,795 | ) | (20,295 | ) | (23,400 | ) | ||||||||||||
Shares sold-Class C | 402,786 | 776,488 | 77,456 | 138,675 | 113,580 | 121,302 | ||||||||||||||||||
Issued as reinvestment of distributions-Class C | 18,114 | 1,724 | 4,554 | 354 | 2,124 | 738 | ||||||||||||||||||
Shares redeemed-Class C | (221,318 | ) | (25,673 | ) | (39,860 | ) | (6,280 | ) | (63,242 | ) | (36,983 | ) | ||||||||||||
Shares sold-Class I | 26,342,104 | 40,365,113 | 17,649,041 | 17,876,565 | 44,891,635 | 32,045,303 | ||||||||||||||||||
Issued as reinvestment of distributions-Class I | 1,209,383 | 409,847 | 1,439,650 | 651,171 | 1,313,341 | 1,519,348 | ||||||||||||||||||
Shares redeemed-Class I | (34,263,292 | ) | (7,560,762 | ) | (16,902,368 | ) | (6,638,783 | ) | (28,017,097 | ) | (39,913,138 | ) | ||||||||||||
Shares sold-Class R-3 | 7,281 | 1,856 | 2,342 | 1,933 | — | — | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-3 | 88 | 28 | 126 | 12 | 16 | 17 | ||||||||||||||||||
Shares redeemed-Class R-3 | (355 | ) | (1 | ) | (337 | ) | — | — | — | |||||||||||||||
Shares sold-Class R-5 | — | — | — | — | 11,812 | — | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-5 | 26 | 33 | 18 | 13 | 99 | 22 | ||||||||||||||||||
Shares redeemed-Class R-5 | — | — | — | — | — | — | ||||||||||||||||||
Shares sold-Class R-6 | 58,058 | 47,435 | 126,968 | 544 | 1,944,350 | 886,028 | ||||||||||||||||||
Issued as reinvestment of distributions-Class R-6 | 1,594 | 94 | 1,956 | 16 | 83,713 | 77,256 | ||||||||||||||||||
Shares redeemed-Class R-6 | (14,724 | ) | (7,263 | ) | (20,796 | ) | (2 | ) | (55,404 | ) | (396,764 | ) | ||||||||||||
Shares sold-Class Y | 1,928,969 | 4,639,029 | 2,404,633 | 2,581,012 | 7,697,691 | 1,121,051 | ||||||||||||||||||
Issued as reinvestment of distributions-Class Y | 108,143 | 8,510 | 149,029 | 22,971 | 45,509 | 36,588 | ||||||||||||||||||
Shares redeemed-Class Y | (3,095,565 | ) | (420,901 | ) | (3,006,328 | ) | (310,936 | ) | (7,297,690 | ) | (1,085,376 | ) | ||||||||||||
Shares issued and redeemed | (7,487,991 | ) | 38,445,585 | 1,933,561 | 14,456,706 | 20,997,603 | (5,583,878 | ) |
The accompanying notes are an integral part of the financial statements. | 43 |
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon ClariVest Capital Appreciation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $51.65 | $(0.08 | ) | $20.42 | $20.34 | $(0.05 | ) | $(7.71 | ) | $— | $(7.76 | ) | $64.23 | 1.00 | 1.11 | (0.14 | ) | 20 | 43.42 | $222 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 43.14 | 0.04 | 9.19 | 9.23 | (0.13 | ) | (0.59 | ) | — | (0.72 | ) | 51.65 | 1.00 | 1.15 | 0.08 | 31 | 21.63 | 170 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 42.91 | 0.14 | 3.75 | 3.89 | (0.06 | ) | (3.60 | ) | — | (3.66 | ) | 43.14 | 1.00 | 1.14 | 0.34 | 49 | 11.23 | 170 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 35.39 | (0.32 | ) | 13.30 | 12.98 | — | (7.71 | ) | — | (7.71 | ) | 40.66 | 1.75 | 1.86 | (0.89 | ) | 20 | 42.34 | 14 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | �� | 10/31/20 | 29.87 | (0.21 | ) | 6.32 | 6.11 | — | (0.59 | ) | — | (0.59 | ) | 35.39 | 1.75 | 1.89 | (0.66 | ) | 31 | 20.71 | 13 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 31.12 | (0.11 | ) | 2.46 | 2.35 | — | (3.60 | ) | — | (3.60 | ) | 29.87 | 1.75 | 1.90 | (0.39 | ) | 49 | 10.38 | 15 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 54.56 | 0.09 | 21.70 | 21.79 | (0.18 | ) | (7.71 | ) | — | (7.89 | ) | 68.46 | 0.70 | 0.87 | 0.15 | 20 | 43.87 | 400 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 45.52 | 0.19 | 9.70 | 9.89 | (0.26 | ) | (0.59 | ) | — | (0.85 | ) | 54.56 | 0.70 | 0.89 | 0.39 | 31 | 22.00 | 276 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 45.09 | 0.26 | 3.97 | 4.23 | (0.20 | ) | (3.60 | ) | — | (3.80 | ) | 45.52 | 0.70 | 0.90 | 0.61 | 49 | 11.54 | 314 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 49.29 | (0.21 | ) | 19.40 | 19.19 | — | (7.71 | ) | — | (7.71 | ) | 60.77 | 1.25 | 1.42 | (0.40 | ) | 20 | 43.09 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 41.18 | (0.06 | ) | 8.76 | 8.70 | — | (0.59 | ) | — | (0.59 | ) | 49.29 | 1.25 | 1.56 | (0.14 | ) | 31 | 21.32 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 41.17 | 0.05 | 3.56 | 3.61 | — | (3.60 | ) | — | (3.60 | ) | 41.18 | 1.25 | 1.58 | 0.12 | 49 | 10.96 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 54.38 | 0.10 | 21.62 | 21.72 | (0.18 | ) | (7.71 | ) | — | (7.89 | ) | 68.21 | 0.70 | 0.87 | 0.16 | 20 | 43.88 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 45.37 | 0.19 | 9.67 | 9.86 | (0.26 | ) | (0.59 | ) | — | (0.85 | ) | 54.38 | 0.70 | 0.90 | 0.38 | 31 | 22.00 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.97 | 0.27 | 3.94 | 4.21 | (0.21 | ) | (3.60 | ) | — | (3.81 | ) | 45.37 | 0.70 | 0.90 | 0.64 | 49 | 11.53 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 54.19 | 0.15 | 21.52 | 21.67 | (0.23 | ) | (7.71 | ) | — | (7.94 | ) | 67.92 | 0.60 | 0.79 | 0.24 | 20 | 43.99 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 45.16 | 0.44 | 9.48 | 9.92 | (0.30 | ) | (0.59 | ) | — | (0.89 | ) | 54.19 | 0.60 | 0.79 | 0.95 | 31 | 22.26 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.77 | 0.31 | 3.93 | 4.24 | (0.25 | ) | (3.60 | ) | — | (3.85 | ) | 45.16 | 0.60 | 0.80 | 0.73 | 49 | 11.67 | 45 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 54.39 | (0.09 | ) | 21.64 | 21.55 | (0.07 | ) | (7.71 | ) | — | (7.78 | ) | 68.16 | 1.00 | 1.04 | (0.15 | ) | 20 | 43.45 | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 45.42 | 0.03 | 9.68 | 9.71 | (0.15 | ) | (0.59 | ) | — | (0.74 | ) | 54.39 | 1.00 | 1.62 | 0.06 | 31 | 21.60 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.90 | 0.14 | 3.99 | 4.13 | (0.01 | ) | (3.60 | ) | — | (3.61 | ) | 45.42 | 1.00 | 1.73 | 0.33 | 49 | 11.23 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.27 | 0.33 | 5.54 | 5.87 | (0.14 | ) | — | — | (0.14 | ) | 21.00 | 1.45 | 5.16 | 1.66 | 80 | 38.61 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.47 | 0.17 | (1.99 | ) | (1.82 | ) | (0.38 | ) | — | — | (0.38 | ) | 15.27 | 1.45 | 4.90 | 1.08 | 54 | (10.73 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.92 | 0.28 | 0.49 | 0.77 | (0.22 | ) | — | — | (0.22 | ) | 17.47 | 1.45 | 4.12 | 1.67 | 43 | 4.74 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 14.95 | 0.17 | 5.45 | 5.62 | (0.01 | ) | — | — | (0.01 | ) | 20.56 | 2.20 | 5.90 | 0.90 | 80 | 37.63 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.14 | 0.07 | (1.99 | ) | (1.92 | ) | (0.27 | ) | — | — | (0.27 | ) | 14.95 | 2.20 | 5.74 | 0.43 | 54 | (11.44 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.53 | 0.15 | 0.51 | 0.66 | (0.05 | ) | — | — | (0.05 | ) | 17.14 | 2.20 | 4.91 | 0.90 | 43 | 4.01 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
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 |
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 ClariVest International Stock Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 15.26 | $ 0.38 | $ 5.55 | $ 5.93 | $ (0.20 | ) | $ — | $ — | $ (0.20 | ) | $ 20.99 | 1.15 | 4.90 | 1.95 | 80 | 39.05 | $ 6 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.46 | 0.23 | (2.01 | ) | (1.78 | ) | (0.42 | ) | — | — | (0.42 | ) | 15.26 | 1.15 | 4.63 | 1.44 | 54 | (10.51 | ) | 3 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.92 | 0.31 | 0.51 | 0.82 | (0.28 | ) | — | — | (0.28 | ) | 17.46 | 1.15 | 3.82 | 1.88 | 43 | 5.07 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.07 | 0.15 | 5.58 | 5.73 | (0.11 | ) | — | — | (0.11 | ) | 20.69 | 1.70 | 5.47 | 0.85 | 80 | 38.17 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.27 | 0.15 | (2.00 | ) | (1.85 | ) | (0.35 | ) | — | — | (0.35 | ) | 15.07 | 1.70 | 5.26 | 0.96 | 54 | (11.01 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.74 | 0.24 | 0.49 | 0.73 | (0.20 | ) | — | — | (0.20 | ) | 17.27 | 1.70 | 4.49 | 1.44 | 43 | 4.54 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.28 | 0.39 | 5.53 | 5.92 | (0.20 | ) | — | — | (0.20 | ) | 21.00 | 1.15 | 4.83 | 1.97 | 80 | 38.95 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.48 | 0.24 | (2.02 | ) | (1.78 | ) | (0.42 | ) | — | — | (0.42 | ) | 15.28 | 1.15 | 6.63 | 1.49 | 54 | (10.48 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.94 | 0.33 | 0.49 | 0.82 | (0.28 | ) | — | — | (0.28 | ) | 17.48 | 1.15 | 6.06 | 1.99 | 43 | 5.06 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.31 | 0.39 | 5.57 | 5.96 | (0.21 | ) | — | — | (0.21 | ) | 21.06 | 1.05 | 4.82 | 2.03 | 80 | 39.19 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.51 | 0.25 | (2.01 | ) | (1.76 | ) | (0.44 | ) | — | — | (0.44 | ) | 15.31 | 1.05 | 4.66 | 1.59 | 54 | (10.39 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.97 | 0.34 | 0.49 | 0.83 | (0.29 | ) | — | — | (0.29 | ) | 17.51 | 1.05 | 3.90 | 2.02 | 43 | 5.16 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.21 | 0.33 | 5.51 | 5.84 | (0.16 | ) | — | — | (0.16 | ) | 20.89 | 1.45 | 5.09 | 1.68 | 80 | 38.55 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 17.34 | 0.19 | (2.01 | ) | (1.82 | ) | (0.31 | ) | — | — | (0.31 | ) | 15.21 | 1.45 | 5.72 | 1.19 | 54 | (10.73 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 16.86 | 0.35 | 0.40 | 0.75 | (0.27 | ) | — | — | (0.27 | ) | 17.34 | 1.45 | 4.35 | 2.10 | 43 | 4.70 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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 Eagle Growth & Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.22 | 0.34 | 7.02 | 7.36 | (0.34 | ) | (0.73 | ) | — | (1.07 | ) | 26.51 | 0.96 | 0.96 | 1.42 | 32 | 37.44 | 234 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.70 | 0.37 | (0.82 | ) | (0.45 | ) | (0.37 | ) | (0.66 | ) | — | (1.03 | ) | 20.22 | 0.97 | 0.97 | 1.81 | 41 | (2.09 | ) | 165 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.44 | 0.41 | 1.74 | 2.15 | (0.39 | ) | (1.50 | ) | — | (1.89 | ) | 21.70 | 0.97 | 0.97 | 1.98 | 25 | 11.47 | 171 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 19.24 | 0.16 | 6.67 | 6.83 | (0.17 | ) | (0.73 | ) | — | (0.90 | ) | 25.17 | 1.69 | 1.69 | 0.72 | 32 | 36.47 | 79 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 20.68 | 0.21 | (0.77 | ) | (0.56 | ) | (0.22 | ) | (0.66 | ) | — | (0.88 | ) | 19.24 | 1.73 | 1.73 | 1.08 | 41 | (2.82 | ) | 79 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 20.52 | 0.24 | 1.66 | 1.90 | (0.24 | ) | (1.50 | ) | — | (1.74 | ) | 20.68 | 1.72 | 1.72 | 1.23 | 25 | 10.66 | 133 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.16 | 0.41 | 7.00 | 7.41 | (0.41 | ) | (0.73 | ) | — | (1.14 | ) | 26.43 | 0.68 | 0.68 | 1.70 | 32 | 37.83 | 661 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.64 | 0.42 | (0.81 | ) | (0.39 | ) | (0.43 | ) | (0.66 | ) | — | (1.09 | ) | 20.16 | 0.70 | 0.70 | 2.07 | 41 | (1.82 | ) | 487 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.39 | 0.46 | 1.74 | 2.20 | (0.45 | ) | (1.50 | ) | — | (1.95 | ) | 21.64 | 0.70 | 0.70 | 2.21 | 25 | 11.76 | 492 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.13 | 0.27 | 6.99 | 7.26 | (0.27 | ) | (0.73 | ) | — | (1.00 | ) | 26.39 | 1.25 | 1.25 | 1.12 | 32 | 37.07 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.61 | 0.31 | (0.82 | ) | (0.51 | ) | (0.31 | ) | (0.66 | ) | — | (0.97 | ) | 20.13 | 1.27 | 1.27 | 1.53 | 41 | (2.41 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.35 | 0.34 | 1.74 | 2.08 | (0.32 | ) | (1.50 | ) | — | (1.82 | ) | 21.61 | 1.30 | 1.30 | 1.66 | 25 | 11.12 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
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 |
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 Eagle Growth & Income Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 20.18 | $ 0.40 | $ 7.01 | $ 7.41 | $ (0.40 | ) | $ (0.73 | ) | $ — | $ (1.13 | ) | $ 26.46 | 0.71 | 0.71 | 1.69 | 32 | 37.79 | $ 8 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.66 | 0.41 | (0.80 | ) | (0.39 | ) | (0.43 | ) | (0.66 | ) | — | (1.09 | ) | 20.18 | 0.72 | 0.72 | 2.05 | 41 | (1.82 | ) | 7 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.41 | 0.47 | 1.73 | 2.20 | (0.45 | ) | (1.50 | ) | — | (1.95 | ) | 21.66 | 0.72 | 0.72 | 2.23 | 25 | 11.73 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.13 | 0.42 | 7.00 | 7.42 | (0.43 | ) | (0.73 | ) | — | (1.16 | ) | 26.39 | 0.61 | 0.61 | 1.73 | 32 | 37.94 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.59 | 0.54 | (0.98 | ) | (0.44 | ) | (0.36 | ) | (0.66 | ) | — | (1.02 | ) | 20.13 | 0.62 | 0.62 | 2.58 | 41 | (2.03 | ) | 2 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.34 | 0.48 | 1.73 | 2.21 | (0.46 | ) | (1.50 | ) | — | (1.96 | ) | 21.59 | 0.63 | 0.63 | 2.31 | 25 | 11.87 | 49 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.13 | 0.33 | 6.99 | 7.32 | (0.35 | ) | (0.73 | ) | — | (1.08 | ) | 26.37 | 0.98 | 0.98 | 1.35 | 32 | 37.41 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 21.60 | 0.34 | (0.80 | ) | (0.46 | ) | (0.35 | ) | (0.66 | ) | — | (1.01 | ) | 20.13 | 1.08 | 1.08 | 1.68 | 41 | (2.18 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 21.35 | 0.38 | 1.74 | 2.12 | (0.37 | ) | (1.50 | ) | — | (1.87 | ) | 21.60 | 1.10 | 1.07 | 1.82 | 25 | 11.35 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 77.60 | (0.63 | ) | 29.23 | 28.60 | — | (2.04 | ) | — | (2.04 | ) | 104.16 | 1.03 | 1.03 | (0.67 | ) | 23 | 37.25 | 942 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 63.14 | (0.37 | ) | 16.27 | 15.90 | — | (1.44 | ) | — | (1.44 | ) | 77.60 | 1.04 | 1.04 | (0.54 | ) | 27 | 25.62 | 786 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 56.19 | (0.26 | ) | 8.71 | 8.45 | — | (1.50 | ) | — | (1.50 | ) | 63.14 | 1.05 | 1.05 | (0.44 | ) | 32 | 15.81 | 719 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 59.92 | (0.97 | ) | 22.43 | 21.46 | — | (2.04 | ) | — | (2.04 | ) | 79.34 | 1.71 | 1.71 | (1.35 | ) | 23 | 36.30 | 141 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 49.40 | (0.65 | ) | 12.61 | 11.96 | — | (1.44 | ) | — | (1.44 | ) | 59.92 | 1.74 | 1.74 | (1.24 | ) | 27 | 24.75 | 134 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 44.61 | (0.52 | ) | 6.81 | 6.29 | — | (1.50 | ) | — | (1.50 | ) | 49.40 | 1.74 | 1.74 | (1.12 | ) | 32 | 15.05 | 136 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 82.78 | (0.37 | ) | 31.25 | 30.88 | — | (2.04 | ) | — | (2.04 | ) | 111.62 | 0.72 | 0.72 | (0.37 | ) | 23 | 37.68 | 1,993 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 67.06 | (0.17 | ) | 17.33 | 17.16 | — | (1.44 | ) | — | (1.44 | ) | 82.78 | 0.72 | 0.72 | (0.23 | ) | 27 | 26.01 | 1,547 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.38 | (0.08 | ) | 9.26 | 9.18 | — | (1.50 | ) | — | (1.50 | ) | 67.06 | 0.74 | 0.74 | (0.12 | ) | 32 | 16.20 | 1,319 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 74.62 | (0.83 | ) | 28.07 | 27.24 | — | (2.04 | ) | — | (2.04 | ) | 99.82 | 1.28 | 1.28 | (0.92 | ) | 23 | 36.91 | 53 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 60.92 | (0.53 | ) | 15.67 | 15.14 | — | (1.44 | ) | — | (1.44 | ) | 74.62 | 1.31 | 1.31 | (0.81 | ) | 27 | 25.30 | 44 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 54.42 | (0.42 | ) | 8.42 | 8.00 | — | (1.50 | ) | — | (1.50 | ) | 60.92 | 1.34 | 1.34 | (0.73 | ) | 32 | 15.49 | 45 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 82.53 | (0.38 | ) | 31.15 | 30.77 | — | (2.04 | ) | — | (2.04 | ) | 111.26 | 0.73 | 0.73 | (0.38 | ) | 23 | 37.66 | 1,066 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 66.87 | (0.17 | ) | 17.27 | 17.10 | — | (1.44 | ) | — | (1.44 | ) | 82.53 | 0.73 | 0.73 | (0.24 | ) | 27 | 25.99 | 809 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.22 | (0.09 | ) | 9.24 | 9.15 | — | (1.50 | ) | — | (1.50 | ) | 66.87 | 0.75 | 0.75 | (0.14 | ) | 32 | 16.19 | 758 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 83.51 | (0.28 | ) | 31.52 | 31.24 | — | (2.04 | ) | — | (2.04 | ) | 112.71 | 0.63 | 0.63 | (0.28 | ) | 23 | 37.79 | 4,561 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 67.58 | (0.11 | ) | 17.48 | 17.37 | — | (1.44 | ) | — | (1.44 | ) | 83.51 | 0.64 | 0.64 | (0.15 | ) | 27 | 26.12 | 3,295 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.78 | (0.03 | ) | 9.33 | 9.30 | — | (1.50 | ) | — | (1.50 | ) | 67.58 | 0.65 | 0.65 | (0.04 | ) | 32 | 16.30 | 2,695 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
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 Eagle Mid Cap Growth Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 81.94 | $ (0.67 | ) | $ 30.88 | $ 30.21 | $ — | $ (2.04 | ) | $ — | $ (2.04 | ) | $ 110.11 | 1.03 | 1.03 | (0.68 | ) | 23 | 37.24 | $ 5 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 66.60 | (0.39 | ) | 17.17 | 16.78 | — | (1.44 | ) | — | (1.44 | ) | 81.94 | 1.05 | 1.05 | (0.55 | ) | 27 | 25.61 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.14 | (0.29 | ) | 9.25 | 8.96 | — | (1.50 | ) | — | (1.50 | ) | 66.60 | 1.01 | 1.01 | (0.44 | ) | 32 | 15.89 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 54.04 | (0.43 | ) | 18.33 | 17.90 | — | (10.57 | ) | — | (10.57 | ) | 61.37 | 1.06 | 1.06 | (0.73 | ) | 28 | 34.65 | 384 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 48.23 | (0.37 | ) | 9.45 | 9.08 | — | (3.27 | ) | — | (3.27 | ) | 54.04 | 1.08 | 1.08 | (0.77 | ) | 21 | 19.50 | 336 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 59.15 | (0.32 | ) | 0.39 | 0.07 | — | (10.99 | ) | — | (10.99 | ) | 48.23 | 1.08 | 1.08 | (0.65 | ) | 26 | 3.64 | 394 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 34.32 | (0.48 | ) | 11.30 | 10.82 | — | (10.57 | ) | — | (10.57 | ) | 34.57 | 1.76 | 1.76 | (1.41 | ) | 28 | 33.73 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 31.93 | (0.45 | ) | 6.11 | 5.66 | — | (3.27 | ) | — | (3.27 | ) | 34.32 | 1.77 | 1.77 | (1.45 | ) | 21 | 18.67 | 48 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 43.65 | (0.44 | ) | (0.29 | ) | (0.73 | ) | — | (10.99 | ) | — | (10.99 | ) | 31.93 | 1.76 | 1.76 | (1.32 | ) | 26 | 2.92 | 68 | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 58.29 | (0.28 | ) | 19.85 | 19.57 | — | (10.57 | ) | — | (10.57 | ) | 67.29 | 0.77 | 0.77 | (0.44 | ) | 28 | 35.04 | 777 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 51.64 | (0.24 | ) | 10.16 | 9.92 | — | (3.27 | ) | — | (3.27 | ) | 58.29 | 0.78 | 0.78 | (0.46 | ) | 21 | 19.86 | 803 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.28 | (0.17 | ) | 0.52 | 0.35 | — | (10.99 | ) | — | (10.99 | ) | 51.64 | 0.76 | 0.76 | (0.33 | ) | 26 | 3.96 | 1,040 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 51.28 | (0.54 | ) | 17.34 | 16.80 | — | (10.57 | ) | — | (10.57 | ) | 57.51 | 1.30 | 1.30 | (0.97 | ) | 28 | 34.32 | 60 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 46.02 | (0.46 | ) | 8.99 | 8.53 | — | (3.27 | ) | — | (3.27 | ) | 51.28 | 1.31 | 1.31 | (1.00 | ) | 21 | 19.22 | 58 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 57.14 | (0.43 | ) | 0.30 | (0.13 | ) | — | (10.99 | ) | — | (10.99 | ) | 46.02 | 1.34 | 1.34 | (0.90 | ) | 26 | 3.37 | 66 | |||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 58.64 | (0.26 | ) | 19.95 | 19.69 | — | (10.57 | ) | — | (10.57 | ) | 67.76 | 0.77 | 0.77 | (0.39 | ) | 28 | 35.03 | 106 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 51.92 | (0.23 | ) | 10.22 | 9.99 | — | (3.27 | ) | — | (3.27 | ) | 58.64 | 0.76 | 0.76 | (0.43 | ) | 21 | 19.88 | 205 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.56 | (0.18 | ) | 0.53 | 0.35 | — | (10.99 | ) | — | (10.99 | ) | 51.92 | 0.77 | 0.77 | (0.34 | ) | 26 | 3.94 | 362 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 59.47 | (0.22 | ) | 20.28 | 20.06 | — | (10.57 | ) | — | (10.57 | ) | 68.96 | 0.66 | 0.66 | (0.33 | ) | 28 | 35.18 | 985 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 52.56 | (0.18 | ) | 10.36 | 10.18 | — | (3.27 | ) | — | (3.27 | ) | 59.47 | 0.66 | 0.66 | (0.34 | ) | 21 | 20.01 | 1,427 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 63.11 | (0.12 | ) | 0.56 | 0.44 | — | (10.99 | ) | — | (10.99 | ) | 52.56 | 0.65 | 0.65 | (0.23 | ) | 26 | 4.07 | 2,186 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class Y* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 57.44 | (0.59 | ) | 19.54 | 18.95 | — | (10.57 | ) | — | (10.57 | ) | 65.82 | 1.25 | 0.91 | (0.92 | ) | 28 | 34.40 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 51.16 | (0.51 | ) | 10.06 | 9.55 | — | (3.27 | ) | — | (3.27 | ) | 57.44 | 1.25 | 1.52 | (0.97 | ) | 21 | 19.29 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 62.03 | (0.33 | ) | 0.45 | 0.12 | — | (10.99 | ) | — | (10.99 | ) | 51.16 | 1.17 | 1.37 | (0.61 | ) | 26 | 3.53 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.42 | 0.36 | 5.67 | 6.03 | (0.32 | ) | (1.28 | ) | — | (1.60 | ) | 19.85 | 1.31 | 1.34 | 1.91 | + | 15 | 40.37 | ~ | 1 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.93 | 0.21 | (2.28 | ) | (2.07 | ) | (0.39 | ) | (1.05 | ) | — | (1.44 | ) | 15.42 | 1.45 | 1.46 | 1.28 | 21 | (12.26 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.02 | 0.35 | 1.50 | 1.85 | (0.66 | ) | (1.28 | ) | — | (1.94 | ) | 18.93 | 1.44 | 1.51 | 1.97 | 20 | 11.82 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.21 | (2.26 | ) | (2.05 | ) | (0.22 | ) | (3.76 | ) | — | (3.98 | ) | 19.02 | 1.31 | 1.31 | 1.05 | 13 | (9.90 | ) | 0 |
The accompanying notes are an integral part of the financial statements. | 47 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | 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 International Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 15.30 | $ 0.23 | $ 5.60 | $ 5.83 | $ (0.30 | ) | $ (1.28 | ) | $ — | $ (1.58 | ) | $ 19.55 | 2.06 | 2.03 | 1.20 | + | 15 | 39.28 | ~ | $ 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.83 | 0.10 | (2.29 | ) | (2.19 | ) | (0.29 | ) | (1.05 | ) | — | (1.34 | ) | 15.30 | 2.20 | 2.25 | 0.58 | 21 | (12.90 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.89 | 0.20 | 1.52 | 1.72 | (0.50 | ) | (1.28 | ) | — | (1.78 | ) | 18.83 | 2.19 | 2.21 | 1.15 | 20 | 10.99 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.18 | (2.38 | ) | (2.20 | ) | (0.20 | ) | (3.76 | ) | — | (3.96 | ) | 18.89 | 2.20 | 2.23 | 0.87 | 13 | (10.59 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.53 | 0.42 | 5.71 | 6.13 | (0.33 | ) | (1.28 | ) | — | (1.61 | ) | 20.05 | 1.01 | 1.05 | 2.20 | + | 15 | 40.76 | ~ | 486 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 19.06 | 0.27 | (2.31 | ) | (2.04 | ) | (0.44 | ) | (1.05 | ) | — | (1.49 | ) | 15.53 | 1.14 | 1.14 | 1.60 | 21 | (12.03 | ) | 451 | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.47 | 0.32 | 5.69 | 6.01 | (0.32 | ) | (1.28 | ) | — | (1.60 | ) | 19.88 | 1.56 | 1.45 | 1.66 | + | 15 | 40.03 | ~ | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.99 | 0.17 | (2.30 | ) | (2.13 | ) | (0.34 | ) | (1.05 | ) | — | (1.39 | ) | 15.47 | 1.70 | 2.21 | 1.03 | 21 | (12.51 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.97 | 0.26 | 1.56 | 1.82 | (0.52 | ) | (1.28 | ) | — | (1.80 | ) | 18.99 | 1.70 | 2.18 | 1.48 | 20 | 11.53 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.23 | (2.33 | ) | (2.10 | ) | (0.22 | ) | (3.76 | ) | — | (3.98 | ) | 18.97 | 1.70 | 2.16 | 1.14 | 13 | (10.16 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.53 | 0.43 | 5.70 | 6.13 | (0.33 | ) | (1.28 | ) | — | (1.61 | ) | 20.05 | 1.01 | 0.95 | 2.21 | + | 15 | 40.76 | ~ | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 19.05 | 0.26 | (2.29 | ) | (2.03 | ) | (0.44 | ) | (1.05 | ) | — | (1.49 | ) | 15.53 | 1.15 | 1.69 | 1.58 | 21 | (12.01 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.06 | 0.36 | 1.55 | 1.91 | (0.64 | ) | (1.28 | ) | — | (1.92 | ) | 19.05 | 1.15 | 1.68 | 2.03 | 20 | 12.10 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.34 | (2.34 | ) | (2.00 | ) | (0.23 | ) | (3.76 | ) | — | (3.99 | ) | 19.06 | 1.15 | 1.66 | 1.69 | 13 | (9.68 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Class R-6* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.52 | 0.46 | 5.69 | 6.15 | (0.34 | ) | (1.28 | ) | — | (1.62 | ) | 20.05 | 0.91 | 0.96 | 2.38 | + | 15 | 40.89 | ~ | 4 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 19.04 | 0.28 | (2.29 | ) | (2.01 | ) | (0.46 | ) | (1.05 | ) | — | (1.51 | ) | 15.52 | 1.04 | 1.04 | 1.73 | 21 | (11.89 | ) | 3 | ||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 15.49 | 0.37 | 5.68 | 6.05 | (0.32 | ) | (1.28 | ) | — | (1.60 | ) | 19.94 | 1.31 | 1.20 | 1.91 | + | 15 | 40.31 | ~ | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 19.01 | 0.21 | (2.29 | ) | (2.08 | ) | (0.39 | ) | (1.05 | ) | — | (1.44 | ) | 15.49 | 1.45 | 2.19 | 1.28 | 21 | (12.27 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 19.01 | 0.31 | 1.55 | 1.86 | (0.58 | ) | (1.28 | ) | — | (1.86 | ) | 19.01 | 1.45 | 2.19 | 1.73 | 20 | 11.79 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 25.05 | 0.28 | (2.34 | ) | (2.06 | ) | (0.22 | ) | (3.76 | ) | — | (3.98 | ) | 19.01 | 1.45 | 2.16 | 1.39 | 13 | (9.94 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Carillon Scout Mid Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 19.92 | (0.06 | ) | 8.39 | 8.33 | — | (0.52 | ) | — | (0.52 | ) | 27.73 | 1.19 | 1.19 | (0.22 | ) | 109 | 42.31 | 33 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.38 | 0.02 | 1.63 | 1.65 | (0.10 | ) | (0.01 | ) | — | (0.11 | ) | 19.92 | 1.22 | 1.22 | 0.12 | 109 | 9.01 | 19 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.37 | 0.09 | 1.20 | 1.29 | (0.09 | ) | (1.19 | ) | — | (1.28 | ) | 18.38 | 1.20 | 1.20 | 0.50 | 170 | 8.31 | 21 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 19.65 | (0.25 | ) | 8.26 | 8.01 | — | (0.52 | ) | — | (0.52 | ) | 27.14 | 1.96 | 1.96 | (0.99 | ) | 109 | 41.25 | 31 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.17 | (0.12 | ) | 1.61 | 1.49 | — | (0.01 | ) | — | (0.01 | ) | 19.65 | 2.00 | 2.00 | (0.65 | ) | 109 | 8.23 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.26 | (0.05 | ) | 1.18 | 1.13 | (0.03 | ) | (1.19 | ) | — | (1.22 | ) | 18.17 | 1.99 | 1.99 | (0.28 | ) | 170 | 7.34 | 20 | |||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 20.18 | (0.09 | ) | (0.28 | ) | (0.37 | ) | (0.01 | ) | (1.54 | ) | — | (1.55 | ) | 18.26 | 1.94 | 1.94 | (0.47 | ) | 106 | (2.16 | ) | 9 | ||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.03 | — | (d) | 8.44 | 8.44 | (0.05 | ) | (0.52 | ) | — | (0.57 | ) | 27.90 | 0.95 | 0.95 | 0.02 | 109 | 42.67 | 4,560 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.46 | 0.07 | 1.64 | 1.71 | (0.13 | ) | (0.01 | ) | — | (0.14 | ) | 20.03 | 0.97 | 0.97 | 0.37 | 109 | 9.31 | 2,581 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.41 | 0.13 | 1.20 | 1.33 | (0.09 | ) | (1.19 | ) | — | (1.28 | ) | 18.46 | 0.98 | 0.98 | 0.75 | 170 | 8.48 | 2,685 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 19.81 | (0.13 | ) | 8.32 | 8.19 | — | (0.52 | ) | — | (0.52 | ) | 27.48 | 1.50 | 1.50 | (0.53 | ) | 109 | 41.84 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.29 | (0.04 | ) | 1.63 | 1.59 | (0.06 | ) | (0.01 | ) | — | (0.07 | ) | 19.81 | 1.54 | 1.54 | (0.22 | ) | 109 | 8.71 | 3 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.32 | 0.03 | 1.19 | 1.22 | (0.06 | ) | (1.19 | ) | — | (1.25 | ) | 18.29 | 1.56 | 1.56 | 0.16 | 170 | 7.87 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
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 |
48 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Scout Mid Cap Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 19.91 | $ 0.01 | $ 8.39 | $ 8.40 | $ (0.05 | ) | $ (0.52 | ) | $ — | $ (0.57 | ) | $ 27.74 | 0.93 | 0.93 | 0.04 | 109 | 42.73 | $ 4 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.37 | 0.06 | 1.63 | 1.69 | (0.14 | ) | (0.01 | ) | — | (0.15 | ) | 19.91 | 0.97 | 0.97 | 0.33 | 109 | 9.30 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.35 | 0.13 | 1.19 | 1.32 | (0.11 | ) | (1.19 | ) | — | (1.30 | ) | 18.37 | 1.00 | 1.00 | 0.72 | 170 | 8.47 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 20.01 | 0.03 | 8.43 | 8.46 | (0.07 | ) | (0.52 | ) | — | (0.59 | ) | 27.88 | 0.86 | 0.86 | 0.11 | 109 | 42.85 | 278 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.45 | 0.07 | 1.65 | 1.72 | (0.15 | ) | (0.01 | ) | — | (0.16 | ) | 20.01 | 0.88 | 0.88 | 0.36 | 109 | 9.38 | 171 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.41 | 0.15 | 1.19 | 1.34 | (0.11 | ) | (1.19 | ) | — | (1.30 | ) | 18.45 | 0.88 | 0.88 | 0.82 | 170 | 8.60 | 108 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 19.90 | (0.06 | ) | 8.38 | 8.32 | — | (0.52 | ) | — | (0.52 | ) | 27.70 | 1.26 | 1.26 | (0.24 | ) | 109 | 42.31 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 18.36 | 0.03 | 1.60 | 1.63 | (0.08 | ) | (0.01 | ) | — | (0.09 | ) | 19.90 | 1.28 | 1.28 | 0.17 | 109 | 8.94 | 9 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 18.37 | 0.08 | 1.20 | 1.28 | (0.10 | ) | (1.19 | ) | — | (1.29 | ) | 18.36 | 1.26 | 1.26 | 0.45 | 170 | 8.20 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.50 | (0.30 | ) | 13.12 | 12.82 | — | (2.84 | ) | — | (2.84 | ) | 39.48 | 1.15 | 1.15 | (0.80 | ) | 28 | 44.67 | 18 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.20 | (0.16 | ) | 2.56 | 2.40 | — | (1.10 | ) | — | (1.10 | ) | 29.50 | 1.19 | 1.19 | (0.58 | ) | 22 | 8.69 | 12 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.10 | (0.07 | ) | 1.23 | 1.16 | — | (0.06 | ) | — | (0.06 | ) | 28.20 | 1.16 | 1.16 | (0.27 | ) | 21 | 4.30 | 13 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 28.82 | (0.56 | ) | 12.77 | 12.21 | — | (2.84 | ) | — | (2.84 | ) | 38.19 | 1.91 | 1.91 | (1.52 | ) | 28 | 43.53 | 3 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 27.78 | (0.35 | ) | 2.49 | 2.14 | — | (1.10 | ) | — | (1.10 | ) | 28.82 | 1.95 | 1.95 | (1.32 | ) | 22 | 7.85 | 5 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 26.89 | (0.25 | ) | 1.20 | 0.95 | — | (0.06 | ) | — | (0.06 | ) | 27.78 | 1.92 | 1.92 | (0.92 | ) | 21 | 3.55 | 8 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.72 | (0.21 | ) | 13.22 | 13.01 | (0.01 | ) | (2.84 | ) | — | (2.85 | ) | 39.88 | 0.90 | 0.90 | (0.55 | ) | 28 | 45.02 | 362 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.34 | (0.09 | ) | 2.57 | 2.48 | — | (1.10 | ) | — | (1.10 | ) | 29.72 | 0.95 | 0.95 | (0.34 | ) | 22 | 8.93 | 268 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.17 | (0.02 | ) | 1.25 | 1.23 | — | (0.06 | ) | — | (0.06 | ) | 28.34 | 0.95 | 0.94 | (0.06 | ) | 21 | 4.55 | 297 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.22 | (0.43 | ) | 12.97 | 12.54 | — | (2.84 | ) | — | (2.84 | ) | 38.92 | 1.50 | 1.44 | (1.14 | ) | 28 | 44.10 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.03 | (0.23 | ) | 2.52 | 2.29 | — | (1.10 | ) | — | (1.10 | ) | 29.22 | 1.50 | 1.66 | (0.86 | ) | 22 | 8.34 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.02 | (0.16 | ) | 1.23 | 1.07 | — | (0.06 | ) | — | (0.06 | ) | 28.03 | 1.50 | 1.55 | (0.56 | ) | 21 | 3.98 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.72 | (0.18 | ) | 13.04 | 12.86 | — | (2.84 | ) | — | (2.84 | ) | 39.74 | 0.95 | 0.86 | (0.50 | ) | 28 | 44.46 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.34 | (0.10 | ) | 2.58 | 2.48 | — | (1.10 | ) | — | (1.10 | ) | 29.72 | 0.95 | 1.05 | (0.36 | ) | 22 | 8.93 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.17 | (0.02 | ) | 1.25 | 1.23 | — | (0.06 | ) | — | (0.06 | ) | 28.34 | 0.95 | 0.99 | (0.07 | ) | 21 | 4.55 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.82 | (0.17 | ) | 13.27 | 13.10 | (0.02 | ) | (2.84 | ) | — | (2.86 | ) | 40.06 | 0.81 | 0.81 | (0.45 | ) | 28 | 45.16 | 12 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.41 | (0.08 | ) | 2.59 | 2.51 | — | (1.10 | ) | — | (1.10 | ) | 29.82 | 0.85 | 0.85 | (0.30 | ) | 22 | 9.02 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.20 | — | (d) | 1.27 | 1.27 | — | (0.06 | ) | — | (0.06 | ) | 28.41 | 0.84 | 0.84 | 0.01 | 21 | 4.69 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 29.45 | (0.28 | ) | 13.05 | 12.77 | — | (d) | (2.84 | ) | — | (2.84 | ) | 39.38 | 1.11 | 1.11 | (0.74 | ) | 28 | 44.57 | 0 | |||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 28.17 | (0.19 | ) | 2.57 | 2.38 | — | (1.10 | ) | — | (1.10 | ) | 29.45 | 1.25 | 1.25 | (0.69 | ) | 22 | 8.62 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 27.09 | (0.10 | ) | 1.24 | 1.14 | — | (0.06 | ) | — | (0.06 | ) | 28.17 | 1.25 | 1.23 | (0.36 | ) | 21 | 4.23 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
The accompanying notes are an integral part of the financial statements. | 49 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 13.14 | $ 0.06 | $ (0.22 | ) | $ (0.16 | ) | $ (0.07 | ) | $ (0.25 | ) | $ — | $ (0.32 | ) | $ 12.66 | 0.80 | 0.93 | 0.47 | 227 | (1.27 | ) | $ 4 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.02 | 0.12 | 1.40 | 1.52 | (0.16 | ) | (0.24 | ) | — | (0.40 | ) | 13.14 | 0.80 | 1.03 | 0.93 | 549 | 12.94 | 4 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.03 | 0.22 | 0.99 | 1.21 | (0.22 | ) | — | — | (0.22 | ) | 12.02 | 0.80 | 1.20 | 1.85 | 409 | 11.12 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.11 | (0.04 | ) | (0.21 | ) | (0.25 | ) | (0.01 | ) | (0.25 | ) | — | (0.26 | ) | 12.60 | 1.55 | 1.67 | (0.27 | ) | 227 | (2.01 | ) | 13 | ||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.01 | (0.02 | ) | 1.44 | 1.42 | (0.08 | ) | (0.24 | ) | — | (0.32 | ) | 13.11 | 1.55 | 1.72 | (0.14 | ) | 549 | 12.09 | 11 | |||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.02 | 0.13 | 0.99 | 1.12 | (0.13 | ) | — | — | (0.13 | ) | 12.01 | 1.55 | 2.00 | 1.09 | 409 | 10.25 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/20/17 | 10/31/18 | 11.42 | 0.12 | (0.40 | ) | (0.28 | ) | (0.12 | ) | — | — | (0.12 | ) | 11.02 | 1.55 | 1.99 | 1.11 | 278 | (2.43 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.16 | 0.11 | (0.23 | ) | (0.12 | ) | (0.12 | ) | (0.25 | ) | — | (0.37 | ) | 12.67 | 0.40 | 0.70 | 0.88 | 227 | (0.95 | ) | 447 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.04 | 0.15 | 1.41 | 1.56 | (0.20 | ) | (0.24 | ) | — | (0.44 | ) | 13.16 | 0.40 | 0.76 | 1.19 | 549 | 13.35 | 552 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.04 | 0.26 | 1.01 | 1.27 | (0.27 | ) | — | — | (0.27 | ) | 12.04 | 0.40 | 0.98 | 2.28 | 409 | 11.64 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.15 | 0.03 | (0.22 | ) | (0.19 | ) | (0.04 | ) | (0.25 | ) | — | (0.29 | ) | 12.67 | 1.05 | 1.20 | 0.22 | 227 | (1.49 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.03 | 0.08 | 1.40 | 1.48 | (0.12 | ) | (0.24 | ) | — | (0.36 | ) | 13.15 | 1.05 | 1.59 | 0.59 | 549 | 12.63 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.04 | 0.19 | 0.99 | 1.18 | (0.19 | ) | — | — | (0.19 | ) | 12.03 | 1.05 | 1.97 | 1.61 | 409 | 10.82 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.16 | 0.10 | (0.22 | ) | (0.12 | ) | (0.11 | ) | (0.25 | ) | — | (0.36 | ) | 12.68 | 0.50 | 0.59 | 0.77 | 227 | (0.98 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.04 | 0.17 | 1.38 | 1.55 | (0.19 | ) | (0.24 | ) | — | (0.43 | ) | 13.16 | 0.50 | 1.25 | 1.36 | 549 | 13.23 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.05 | 0.25 | 1.00 | 1.25 | (0.26 | ) | — | — | (0.26 | ) | 12.04 | 0.50 | 1.46 | 2.17 | 409 | 11.42 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.16 | 0.11 | (0.22 | ) | (0.11 | ) | (0.12 | ) | (0.25 | ) | — | (0.37 | ) | 12.68 | 0.40 | 0.59 | 0.87 | 227 | (0.88 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.04 | 0.12 | 1.44 | 1.56 | (0.20 | ) | (0.24 | ) | — | (0.44 | ) | 13.16 | 0.40 | 0.72 | 0.92 | 549 | 13.35 | 1 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.05 | 0.26 | 1.00 | 1.26 | (0.27 | ) | — | — | (0.27 | ) | 12.04 | 0.40 | 1.46 | 2.26 | 409 | 11.53 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 13.15 | 0.06 | (0.23 | ) | (0.17 | ) | (0.07 | ) | (0.25 | ) | — | (0.32 | ) | 12.66 | 0.80 | 1.01 | 0.48 | 227 | (1.35 | ) | 42 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.03 | 0.07 | 1.45 | 1.52 | (0.16 | ) | (0.24 | ) | — | (0.40 | ) | 13.15 | 0.80 | 0.98 | 0.55 | 549 | 12.96 | 57 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.04 | 0.22 | 0.99 | 1.21 | (0.22 | ) | — | — | (0.22 | ) | 12.03 | 0.80 | 1.26 | 1.89 | 409 | 11.09 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Core Plus Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.57 | 0.23 | (0.60 | ) | (0.37 | ) | (0.38 | ) | (1.37 | ) | — | (1.75 | ) | 34.45 | 0.80 | 0.90 | 0.65 | 220 | (1.12 | ) | 7 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.43 | 0.40 | 3.99 | 4.39 | (0.64 | ) | (0.61 | ) | — | (1.25 | ) | 36.57 | 0.80 | 0.90 | 1.09 | 559 | 13.56 | 6 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.58 | 3.01 | 3.59 | (0.60 | ) | — | — | (0.60 | ) | 33.43 | 0.80 | 0.98 | 1.79 | 413 | 11.89 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.55 | (0.04 | ) | (0.60 | ) | (0.64 | ) | (0.19 | ) | (1.37 | ) | — | (1.56 | ) | 34.35 | 1.55 | 1.67 | (0.11 | ) | 220 | (1.87 | ) | 6 | ||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.38 | 0.11 | 4.06 | 4.17 | (0.39 | ) | (0.61 | ) | — | (1.00 | ) | 36.55 | 1.55 | 1.66 | 0.30 | 559 | 12.84 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.41 | 0.34 | 3.00 | 3.34 | (0.37 | ) | — | — | (0.37 | ) | 33.38 | 1.55 | 1.78 | 1.05 | 413 | 11.06 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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 |
50 | The accompanying notes are an integral part of the financial statements. |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Core Plus Bond Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 36.64 | $ 0.37 | $ (0.59 | ) | $ (0.22 | ) | $ (0.51 | ) | $ (1.37 | ) | $ — | $ (1.88 | ) | $ 34.54 | 0.40 | 0.65 | 1.04 | 220 | (0.71 | ) | $ 1,142 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.45 | 0.60 | 3.96 | 4.56 | (0.76 | ) | (0.61 | ) | — | (1.37 | ) | 36.64 | 0.40 | 0.65 | 1.72 | 559 | 14.11 | 1,132 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.72 | 2.99 | 3.71 | (0.72 | ) | — | — | (0.72 | ) | 33.45 | 0.40 | 0.66 | 2.23 | 413 | 12.32 | 635 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.62 | 0.14 | (0.60 | ) | (0.46 | ) | (0.32 | ) | (1.37 | ) | — | (1.69 | ) | 34.47 | 1.05 | 1.16 | 0.38 | 220 | (1.37 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.43 | 0.37 | 3.97 | 4.34 | (0.54 | ) | (0.61 | ) | — | (1.15 | ) | 36.62 | 1.05 | 1.55 | 1.06 | 559 | 13.40 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.50 | 3.00 | 3.50 | (0.51 | ) | — | — | (0.51 | ) | 33.43 | 1.05 | 1.68 | 1.57 | 413 | 11.60 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.65 | 0.33 | (0.60 | ) | (0.27 | ) | (0.47 | ) | (1.37 | ) | — | (1.84 | ) | 34.54 | 0.50 | 0.56 | 0.94 | 220 | (0.84 | ) | 0 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.45 | 0.59 | 3.95 | 4.54 | (0.73 | ) | (0.61 | ) | — | (1.34 | ) | 36.65 | 0.50 | 1.08 | 1.68 | 559 | 14.03 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.68 | 3.00 | 3.68 | (0.69 | ) | — | — | (0.69 | ) | 33.45 | 0.50 | 1.18 | 2.12 | 413 | 12.20 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.65 | 0.37 | (0.60 | ) | (0.23 | ) | (0.51 | ) | (1.37 | ) | — | (1.88 | ) | 34.54 | 0.40 | 0.56 | 1.06 | 220 | (0.74 | ) | 4 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.45 | 0.59 | 3.98 | 4.57 | (0.76 | ) | (0.61 | ) | — | (1.37 | ) | 36.65 | 0.40 | 0.93 | 1.63 | 559 | 14.14 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.46 | 0.71 | 3.00 | 3.71 | (0.72 | ) | — | — | (0.72 | ) | 33.45 | 0.40 | 1.18 | 2.22 | 413 | 12.32 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 36.60 | 0.23 | (0.60 | ) | (0.37 | ) | (0.38 | ) | (1.37 | ) | — | (1.75 | ) | 34.48 | 0.80 | 0.95 | 0.64 | 220 | (1.12 | ) | 77 | ||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 33.43 | 0.43 | 3.98 | 4.41 | (0.63 | ) | (0.61 | ) | — | (1.24 | ) | 36.60 | 0.80 | 0.93 | 1.18 | 559 | 13.64 | 99 | |||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 30.44 | 0.59 | 2.99 | 3.58 | (0.59 | ) | — | — | (0.59 | ) | 33.43 | 0.80 | 0.97 | 1.84 | 413 | 11.87 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Unconstrained Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.81 | 0.06 | 0.17 | 0.23 | (0.25 | ) | — | — | (0.25 | ) | 12.79 | 0.80 | 1.08 | 0.46 | 80 | 1.78 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.13 | 0.19 | 0.76 | 0.95 | (0.27 | ) | — | — | (0.27 | ) | 12.81 | 0.80 | 1.09 | 1.56 | 435 | 7.97 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.45 | 0.21 | 0.69 | 0.90 | (0.22 | ) | — | — | (0.22 | ) | 12.13 | 0.80 | 1.14 | 1.74 | 289 | 7.92 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.79 | (0.02 | ) | 0.15 | 0.13 | (0.20 | ) | — | — | (0.20 | ) | 12.72 | 1.55 | 1.86 | (0.13 | ) | 80 | 1.02 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.10 | 0.10 | 0.77 | 0.87 | (0.18 | ) | — | — | (0.18 | ) | 12.79 | 1.55 | 1.88 | 0.77 | 435 | 7.25 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.42 | 0.11 | 0.71 | 0.82 | (0.14 | ) | — | — | (0.14 | ) | 12.10 | 1.55 | 1.96 | 0.92 | 289 | 7.19 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.81 | 0.12 | 0.15 | 0.27 | (0.28 | ) | — | — | (0.28 | ) | 12.80 | 0.50 | 0.85 | 0.92 | 80 | 2.08 | 1,110 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.12 | 0.23 | 0.76 | 0.99 | (0.30 | ) | — | — | (0.30 | ) | 12.81 | 0.50 | 0.85 | 1.86 | 435 | 8.36 | 878 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.24 | 0.70 | 0.94 | (0.25 | ) | — | — | (0.25 | ) | 12.12 | 0.50 | 0.85 | 2.07 | 289 | 8.31 | 907 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Class R-3* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.81 | 0.05 | 0.14 | 0.19 | (0.23 | ) | — | — | (0.23 | ) | 12.77 | 1.05 | 1.25 | 0.39 | 80 | 1.45 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.11 | 0.16 | 0.78 | 0.94 | (0.24 | ) | — | — | (0.24 | ) | 12.81 | 1.05 | 1.81 | 1.32 | 435 | 7.85 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.18 | 0.69 | 0.87 | (0.19 | ) | — | — | (0.19 | ) | 12.11 | 1.05 | 1.80 | 1.51 | 289 | 7.63 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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 |
The accompanying notes are an integral part of the financial statements. | 51 |
Financial Highlights
Fiscal period | From investment operations | Dividends & distributions | Ratios to average net asset (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning net asset value | Income (loss) | Realized & unrealized gain (loss) | Total | From investment income | From realized gains | From return of capital | Total | Ending net asset value | With expenses waived/ recovered (a) | Without expenses waived/ recovered (a) | Net income (loss) (a) | Portfolio turnover rate (%) (b) | Total return (%) (b)(c) | Ending net assets (millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carillon Reams Unconstrained Bond Fund (cont'd) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R-5* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | $ 12.81 | $ 0.11 | $ 0.16 | $ 0.27 | $ (0.28 | ) | $ — | $ — | $ (0.28 | ) | $ 12.80 | 0.50 | 0.84 | 0.86 | 80 | 2.09 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.12 | 0.23 | 0.76 | 0.99 | (0.30 | ) | — | — | (0.30 | ) | 12.81 | 0.50 | 1.30 | 1.87 | 435 | 8.36 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.24 | 0.70 | 0.94 | (0.25 | ) | — | — | (0.25 | ) | 12.12 | 0.50 | 1.37 | 2.06 | 289 | 8.31 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.81 | 0.13 | 0.15 | 0.28 | (0.29 | ) | — | — | (0.29 | ) | 12.80 | 0.40 | 0.76 | 1.01 | 80 | 2.17 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.12 | 0.24 | 0.77 | 1.01 | (0.32 | ) | — | — | (0.32 | ) | 12.81 | 0.40 | 0.76 | 1.97 | 435 | 8.47 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.43 | 0.26 | 0.69 | 0.95 | (0.26 | ) | — | — | (0.26 | ) | 12.12 | 0.40 | 0.76 | 2.17 | 289 | 8.42 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||
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* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11/01/20 | 10/31/21 | 12.88 | 0.08 | 0.15 | 0.23 | (0.25 | ) | — | — | (0.25 | ) | 12.86 | 0.80 | 1.14 | 0.62 | 80 | 1.76 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/19 | 10/31/20 | 12.18 | 0.19 | 0.78 | 0.97 | (0.27 | ) | — | — | (0.27 | ) | 12.88 | 0.80 | 1.15 | 1.55 | 435 | 8.07 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||
11/01/18 | 10/31/19 | 11.49 | 0.21 | 0.69 | 0.90 | (0.21 | ) | — | — | (0.21 | ) | 12.18 | 0.80 | 1.15 | 1.77 | 289 | 7.93 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
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 |
* Per share amounts have been calculated using the daily average share method.
+ Excluding non-recurring income and associated expense amounts the net income (loss) to average net assets ratio would have been 1.04%, 0.27%, 1.31%, 0.80%, 1.35%, 1.37%, and 1.06% in Class A, Class C, Class I, Class R-3 , Class R-5, Class R-6, and Class Y, respectively.
For more information on these non-recurring income and associated expense amounts, please see the “Foreign Taxes” section of Note 2 in the Notes to the Financial Statements.
~ Excluding non-recurring income and associated expense amounts the total return would have been 39.17%, 38.14%, 39.64%, 38.83%, 39.63%, 39.69%, and 39.19%, in Class A, Class C, Class I, Class R-3, Class R-5, Class R-6, and Class Y, respectively.
For more information on these non-recurring income and associated expense amounts, please see the “Foreign Taxes” section of Note 2 in the Notes to the Financial Statements.
(a) Annualized for periods less than one year.
(b) Not annualized for periods less than one year.
(c) Total returns are calculated without the imposition of either front-end or contingent deferred sales charges.
(d) Per share amount is less than $0.005.
52 | The accompanying notes are an integral part of the financial statements. |
10.31.2021
Note 1 | Organization and investment objective | Carillon Series Trust (the “Trust” or the “Carillon Family of Funds”) is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. The Trust offers shares in the following series (each a “Fund” and collectively the “Funds”), each of which is advised by Carillon Tower Advisers, Inc. (“Carillon Tower” or “Manager”):
• | Carillon ClariVest Capital Appreciation Fund (“Capital Appreciation Fund”) seeks long-term capital appreciation, |
• | Carillon ClariVest International Stock Fund (“International Stock Fund”) seeks capital appreciation, |
• | Carillon 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. |
Class offerings | As of October 31, 2021, each Fund was authorized and offered Class A, Class C, Class I, Class R-3, Class R-5, Class R-6, and Class Y shares to qualified buyers.
• | For all Funds except the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, Class A shares are sold at a maximum front-end sales charge of 4.75%. For the Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund, Class A shares are sold at a maximum front-end sales charge of 3.75%. Class A share investments greater than $1 million, which are not sold subject to a sales charge, may be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% of the lower of net asset value (“NAV”) or purchase price if redeemed within 18 months of purchase. |
• | Class C shares are sold subject to a CDSC of 1.00% of the lower of NAV or purchase price if redeemed less than one year after purchase. Class C shares automatically convert to Class A shares for all purchases that have surpassed their 8-year anniversary date. |
• | Class I, Class R-3, Class R-5, Class R-6 and Class Y shares are each sold without a front-end sales charge or a CDSC. |
Note 2 | Significant accounting policies | The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. GAAP.
Use of estimates | The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates and those differences could be material.
Valuation of securities | The price of each Fund’s shares is based on the NAV per share of each class of a Fund. Each Fund normally determines the NAV of its shares each business day as of the scheduled close of regular trading on the New York Stock Exchange (NYSE) and the Nasdaq (typically 4:00 p.m. ET). A Fund will not treat an intraday unscheduled disruption in trading on either the NYSE or Nasdaq as a closure of that particular market, and will price its shares as of the normally scheduled close of the NYSE and Nasdaq if the disruption directly affects only one of those markets. If the NYSE or other securities exchange modifies the published closing price of securities traded on that exchange after the NAV is calculated, the Funds are not required to recalculate their NAV.
Generally, the Funds value portfolio securities for which market quotations are readily available at market value; however, a Fund may adjust the market quotation price to reflect events that occur between the close of those markets and the time of the Fund’s determination of the NAV.
A market quotation may be considered unreliable or unavailable for various reasons, such as:
• | The quotation may be stale; |
• | The security is not actively traded; |
• | Trading on the security halted before the close of the trading market; |
• | The security is newly issued; |
• | Issuer-specific or vendor specific events occurred after the security halted trading; or |
• | Due to the passage of time between the close of the market on which the security trades and the close of the NYSE and the Nasdaq. |
Issuer-specific events that may cause the last market quotation to be unreliable include:
• | A merger or insolvency; |
• | Events which affect a geographical area or an industry segment, such as political events or natural disasters; or |
• | Market events, such as a significant movement in the U.S. markets. |
For most securities, both the latest transaction prices and adjustments are furnished by independent pricing services, subject to oversight by the Trust’s Board of Trustees (“Board”). The Funds value all other securities and assets for which market quotations are unavailable or unreliable at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. A Fund may fair value small-cap securities, for example, that are thinly traded or illiquid. Fair value is the amount that the owner might reasonably expect to receive for the security upon its current sale. Fair value requires consideration of all appropriate factors, including indications of fair value available from independent pricing services. A fair value price is an estimated price and may vary from the prices used by other mutual funds to calculate their NAV.
Pursuant to the Procedures, and subject to the Board’s oversight, Carillon Tower has established a Valuation Committee (“Valuation Committee”), comprised of certain officers of the Trust and other employees of Carillon Tower and its affiliates, to carry out various functions associated with properly valuing securities in the Funds’ portfolios. 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
53 |
Notes to Financial Statements
10.31.2021
securities fair valued by the Valuation Committee, Carillon Tower checks fair value prices by comparing the fair value of the security with values that are available from other sources (if any). Carillon Tower compares the fair value of the security to the next-day opening price or next actual sale price, when applicable. Carillon Tower documents and reports to the Valuation Committee such comparisons when they are made. The Valuation Committee reports such comparisons to the Board at their regularly scheduled meetings. The Board retains the responsibility for periodic review and consideration of the appropriateness of any fair value pricing methodology established or implemented for each Fund. Fair value pricing methods, the Procedures and independent pricing services can change from time to time as approved by the Board and may occur as a result of look-back testing results or changes in industry best practices.
There can be no assurance, however, that a fair value price used by a Fund on any given day will more accurately reflect the market value of a security than a market price of such security on that day, as fair valuation determinations may involve subjective judgments made by the Valuation Committee. Fair value pricing may deter shareholders from trading a Fund’s shares on a frequent basis in an attempt to take advantage of arbitrage opportunities resulting from potentially stale prices of portfolio holdings. However, it cannot eliminate the possibility of frequent trading. Specific types of securities are valued as follows:
• | Domestic exchange-traded equity securities | Market quotations are generally available and reliable for domestic exchange-traded equity securities. If the prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Foreign equity securities | If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE and the Nasdaq, closing market quotations may become unreliable. Consequently, fair valuation of portfolio securities may occur on a daily basis. The Valuation Committee, using the Procedures, may fair value a security if certain events occur between the time the trading of a particular security ends in a foreign market and a Fund’s NAV calculation. The Valuation Committee, using the Procedures, may also fair value a particular security if the events are significant and make the closing price unavailable or unreliable. If an issuer-specific event has occurred that Carillon Tower determines, in its judgment, is likely to have affected the closing price of a foreign security, it will price the security at fair value. Carillon Tower also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by an independent pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Fund securities primarily traded on foreign markets may trade on days that are not business days of the Funds. Because the NAV of a Fund’s shares is determined only on business days of the Fund, the value of the portfolio securities of a Fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the Fund. |
• | Fixed income securities | Government bonds, corporate bonds, asset-backed bonds, municipal bonds, medium-term notes, short-term securities (investments that have a maturity date of 60 days or less), and convertible securities, including high yield or junk bonds, normally are valued on the basis of evaluated prices provided by independent pricing services. Evaluated prices provided by the independent pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors and appropriate methodologies that have been considered by the Board such as institution-size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
• | Futures and Options | Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the fiscal year ended October 31, 2021, 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, 2021. |
• | 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, 2021, only the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund held credit default swaps. |
• | Forward contracts | Forward contracts are valued daily at current forward rates provided by an independent pricing service. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. During the fiscal year ended October 31, 2021, only the Core Plus Bond Fund and Unconstrained Bond Fund held forwards. |
• | Investment companies and exchange-traded funds (ETFs) | Investments in other open-end investment companies are valued at their reported NAV. The prospectuses for these companies explain the circumstances under which these companies will use fair value pricing and the effect of the fair value pricing. In addition, investments in closed-end funds and ETFs are valued on the basis of market quotations, if available and reliable. If the prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures. |
Fair value measurements | Each Fund utilizes a three-level hierarchy of inputs to establish a classification of fair value measurements. The three levels are defined as:
Level 1—Valuations based on unadjusted quoted prices for identical securities in active markets;
Level 2—Valuations based on inputs other than quoted prices that are observable, either directly or indirectly, including inputs in markets that are not considered active; and
Level 3—Valuations based on inputs that are unobservable and significant to the fair value measurement, and may include the Valuation Committee’s own assumptions on determining fair value of investments.
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment and the volume and/or level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Valuation
54 |
Notes to Financial Statements
10.31.2021
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, 2021:
Level 1 | Level 2 | Level 3 | ||||||||||
Capital Appreciation Fund |
| |||||||||||
Common stocks (a) | $636,379,520 | $— | $— | |||||||||
Total investment portfolio | $636,379,520 | $— | $— | |||||||||
International Stock Fund |
| |||||||||||
Common stocks (a): | ||||||||||||
Australia | $— | $537,544 | $— | |||||||||
Austria | — | 50,021 | — | |||||||||
Belgium | — | 26,654 | — | |||||||||
Denmark | — | 474,988 | — | |||||||||
Finland | — | 234,661 | — | |||||||||
France | — | 1,033,957 | — | |||||||||
Germany | — | 1,074,147 | — | |||||||||
Hong Kong | — | 295,483 | — | |||||||||
Ireland | — | 40,386 | — | |||||||||
Israel | 58,558 | — | — | |||||||||
Italy | — | 135,535 | — | |||||||||
Japan | — | 2,824,715 | — | |||||||||
Netherlands | — | 626,225 | — | |||||||||
Norway | — | 26,306 | — | |||||||||
Singapore | — | 194,360 | — | |||||||||
Spain | — | 198,428 | — | |||||||||
Sweden | — | 72,140 | — | |||||||||
Switzerland | — | 1,262,156 | — | |||||||||
United Kingdom | 137,785 | 1,469,580 | — | |||||||||
Preferred stocks | — | 214,416 | — | |||||||||
Exchange traded funds | 177,078 | — | — | |||||||||
Total investment portfolio | $373,421 | $10,791,702 | $— | |||||||||
Growth & Income Fund |
| |||||||||||
Common stocks (a) | $973,873,985 | $— | $— | |||||||||
Total investment portfolio | $973,873,985 | $— | $— | |||||||||
Mid Cap Growth Fund |
| |||||||||||
Common stocks (a) | $8,728,435,965 | $— | $— | |||||||||
Total investment portfolio | $8,728,435,965 | $— | $— | |||||||||
Small Cap Growth Fund |
| |||||||||||
Common stocks (a) | $2,322,407,003 | $— | $— | |||||||||
Holding companies | 20,193,920 | — | — | |||||||||
Money market funds | 22,485,811 | — | — | |||||||||
Total investment portfolio | $2,365,086,734 | $— | $— |
Level 1 | Level 2 | Level 3 | ||||||||||
International Fund | ||||||||||||
Common stocks (a): | ||||||||||||
Australia | $7,193,802 | $7,157,710 | $— | |||||||||
Canada | 15,909,074 | — | — | |||||||||
Denmark | 8,230,896 | — | — | |||||||||
France | — | 52,793,208 | — | |||||||||
Germany | 16,871,435 | 40,828,136 | — | |||||||||
Hong Kong | — | 3,917,000 | — | |||||||||
Ireland | 6,893,008 | 4,841,292 | — | |||||||||
Japan | — | 74,838,602 | — | |||||||||
Mexico | 16,252,289 | — | — | |||||||||
Norway | — | 8,849,747 | — | |||||||||
Singapore | — | 6,269,044 | — | |||||||||
South Africa | — | 7,524,803 | — | |||||||||
Spain | — | 9,090,131 | — | |||||||||
Sweden | — | 16,170,305 | — | |||||||||
Switzerland | 14,822,983 | 35,706,586 | — | |||||||||
Taiwan | — | 14,926,391 | — | |||||||||
Turkey | — | 6,524,459 | — | |||||||||
United Kingdom | 17,186,674 | 40,288,332 | — | |||||||||
United States | 24,146,438 | — | — | |||||||||
Preferred stocks: | ||||||||||||
Colombia | 7,848,621 | — | — | |||||||||
Germany | 5,993,355 | 9,518,612 | — | |||||||||
Money market funds | 14,868,593 | — | — | |||||||||
Total investment portfolio | $156,217,168 | $339,244,358 | $— | |||||||||
Mid Cap Fund |
| |||||||||||
Common stocks (a) | $4,891,516,266 | $— | $— | |||||||||
Money market funds | 16,783,838 | — | — | |||||||||
Total investment portfolio | $4,908,300,104 | $— | $— | |||||||||
Small Cap Fund |
| |||||||||||
Common stocks (a) | $395,374,530 | $— | $— | |||||||||
Total investment portfolio | $395,374,530 | $— | $— |
55 |
Notes to Financial Statements
10.31.2021
Level 1 | Level 2 | Level 3 | ||||||||||
Core Bond Fund |
| |||||||||||
Corporate bonds (a) | $— | $161,342,415 | $— | |||||||||
Mortgage and asset-backed securities | — | 87,913,922 | — | |||||||||
Foreign government bonds | — | 1,388,482 | — | |||||||||
U.S. Treasuries | — | 217,231,244 | — | |||||||||
Total investment portfolio | $— | $467,876,063 | $— | |||||||||
Credit default swaps | $— | $321,679 | $— | |||||||||
Core Plus Bond Fund |
| |||||||||||
Corporate bonds (a) | $— | $365,767,788 | $— | |||||||||
Mortgage and asset-backed securities | — | 184,422,580 | — | |||||||||
Foreign government bonds | — | 48,339,877 | — | |||||||||
U.S. Treasuries | — | 541,668,161 | — | |||||||||
Medium-term notes | — | 367,841 | — | |||||||||
Money market funds | 624,960 | — | — | |||||||||
Total investment portfolio | $624,960 | $1,140,566,247 | $— | |||||||||
Futures contracts (b) | $(1,477,760 | ) | $— | $— | ||||||||
Credit default swaps | $— | $5,178,921 | $— | |||||||||
Forward contracts (b) | $— | $3,521,764 | $— |
Level 1 | Level 2 | Level 3 | ||||||||||
Unconstrained Bond Fund |
| |||||||||||
Corporate bonds (a) | $— | $289,281,587 | $— | |||||||||
Mortgage and asset-backed securities | — | 171,731,280 | — | |||||||||
Foreign government bonds | — | 109,280,336 | — | |||||||||
U.S. Treasuries | — | 453,773,078 | — | |||||||||
Medium-term notes | — | 325,850 | — | |||||||||
Short-term investments | — | 19,870,316 | — | |||||||||
Total investment portfolio | $— | $1,044,262,447 | $— | |||||||||
Futures contracts (b) | $(514,370 | ) | $— | $— | ||||||||
Credit default swaps | $— | $4,163,854 | $— | |||||||||
Forward contracts (b) | $— | $4,526,864 | $— |
(a) Please see the investment portfolio for details.
(b) Amounts presented for Futures Contracts and Forward Contracts represent total unrealized appreciation (depreciation) as of the date of this report.
At October 31, 2021, the Funds did not hold any Level 3 investments.
Derivatives | The following disclosure provides certain information about the Funds’ derivative and hedging activities.
• | Forward currency contracts | Each of the Funds’ policies, except Small Cap Growth, Core Bond, International, Mid Cap, and Small Cap, permit the Funds to enter into forward currency contracts (“forward contracts”) for hedging (such as to hedge the impact of adverse changes in the relationships between the US dollar and various foreign currencies), including transaction hedging, anticipatory hedging, cross hedging, proxy hedging, and position hedging, or for any other lawful purpose consistent with their investment objectives. Forward contracts are agreements between two parties to exchange different currencies at a specified rate at an agreed upon future date. The fair value of a forward contract fluctuates with changes in currency exchange rates. Outstanding forward contracts are valued daily at current forward rates and the resulting change in market value is recorded as unrealized appreciation or depreciation. When a forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the forward contract was opened and the value at the time it was closed. The risks to the Funds of entering into forward contracts include the inability of counterparties to meet the terms of their contracts, future adverse movement in currency values and contract positions that are not exact offsets. Details of Forward Contracts, if any, at period end are included in the Investment Portfolios under the caption “Forward Contracts.” Refer to Note 6 for additional information. |
• | Credit default swap contracts | The International Stock, Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into credit default swap agreements to enhance the Funds’ returns, increase liquidity and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a relatively efficient way. The credit default swap agreement may have as a reference obligation one or more securities that are or are not currently held by a Fund. The Funds may enter into credit default swap agreements either as a buyer or seller. The buyer in a credit default swap agreement is obligated to pay the seller a periodic fee, typically expressed in basis points on the principal amount of the underlying obligation (the “notional value”), over the term of the agreement in return for a contingent payment upon the occurrence of a credit event with respect to the underlying reference obligation. A credit event is typically a default. If a Fund is a buyer and no credit event occurs, the Fund may lose its investment and recover nothing. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional value of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional value of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a seller, a Fund accrues for and receives a fixed rate of income throughout 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 |
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Notes to Financial Statements
10.31.2021
exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Interest paid to or by the Funds is accrued daily and included in realized gain (loss) on swap agreements. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statements of Assets and Liabilities. 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 Capital Appreciation, International Stock, Small Cap Growth, International, Mid Cap, and Small Cap, permit the Funds to enter into futures contracts (“Futures”), including interest rate, bond, U.S. Treasury and fixed income index Futures, as a hedge against movements in the equity and bond markets in order to establish more definitively the effective return on securities held or intended to be acquired by the Funds or for other purposes permissible under the Commodity Exchange Act, including as a means to gain or reduce exposure to a reference instrument without actually buying or selling it. When a Fund enters into Futures, it must deliver to an account controlled by the futures commission merchant (“FCM”) an amount referred to as “initial margin.” Initial margin requirements are determined by the respective exchanges on which the Futures are traded and the FCM. Thereafter, a “variation margin” amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the Futures. The account is marked-to-market daily and the unrealized gains or losses are recorded as variation margin and monitored by the Manager and custodian on a daily basis. When Futures are closed out, the Fund recognizes a realized gain or loss. The risks of entering into Futures include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instrument. The purchase of Futures involves the risk that the Fund could lose more than the amount invested in Futures. Details of futures contracts, if any, at period end are included in the Investment Portfolios under the caption “Futures Contracts.” Refer to Note 6 for additional information. |
During the fiscal year ended October 31, 2021, the average of month-end derivative positions (notional value in U.S. dollars) were as follows:
Credit Default Swap Contracts (Sell Protection) | Futures Contracts - Long | Futures Contracts - Short | Forward Contracts - USD Received | Forward Contracts - USD Delivered | ||||||||||||||||
Core Bond Fund | $37,723,077 | $— | $— | $— | $— | |||||||||||||||
Core Plus Bond Fund | 131,151,662 | 41,477,054 | (12,856,412 | ) | 38,281,794 | 36,515,953 | ||||||||||||||
Unconstrained Bond Fund | 195,405,846 | 64,010,855 | (357,611,570 | ) | 81,053,783 | 92,988,935 |
Foreign currency transactions | The books and records of each Fund are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and other liabilities at the daily rates of exchange, and (ii) purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investment transactions. Net realized gain (loss) on foreign currency transactions and the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies include gains and losses between trade and settlement date on securities transactions, gains and losses arising from the purchase and sale of forward foreign currency exchange contracts and gains and losses between the ex and payment dates on dividends, interest and foreign withholding taxes.
To-Be-Announced Securities | The Core Bond, Core Plus Bond and Unconstrained Bond Funds’ policies permit the Funds to enter into to-be-announced securities. A to-be-announced mortgage-backed security (“TBA”) is a mortgage-backed security, such as a Ginnie Mae pass-through security, that is purchased or sold with specific pools of cash, or cash equivalents, set aside in an amount equal to the price of the Ginnie Mae pass-through security, to be announced on a future settlement date. At the time of purchase of a TBA, the seller does not specify the particular mortgage-backed securities to be delivered but rather agrees to accept any mortgage-backed security that meets specified terms. The Fund and the seller would agree upon the issuer, interest rate and terms of the underlying mortgages, but the seller would not identify the specific underlying mortgages until shortly before it issues the mortgage-backed security. TBAs increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a Fund. As a purchaser of a TBA, the Fund will segregate or “earmark” liquid securities in accordance with procedures adopted by the Board equal to the value of the TBA, marked to-market daily in accordance with pertinent SEC positions. As a seller of a TBA, the Fund will segregate or “earmark” in accordance with procedures adopted by the Board the equivalent deliverable security up to the obligation required to be delivered.
Real estate investment trusts (“REIT(s)”) | There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes and interest rates. Dividend income is recorded at the Manager’s estimate of the income included in distributions from the REITs. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of the investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the Funds’ fiscal year-end and may differ from the estimated amounts.
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Notes to Financial Statements
10.31.2021
Repurchase agreements | Each Fund, except Capital Appreciation and International Stock, may enter into repurchase agreements whereby a Fund, through its custodian, receives delivery of the underlying securities, the market value of which at the time of purchase is required to be in an amount of at least 100% of the resale price. Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, the Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred. During the fiscal year ended October 31, 2021, none of the Funds held any repurchase agreements.
Revenue recognition | Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.
Foreign taxes | The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may or may not be recoverable. The Funds record such taxes and recoveries as applicable, when the related income or capital gains are earned and based upon the current interpretation of tax rules and regulations that exist in the markets in which a Fund invests. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors.
As a result of court cases involving several countries across the European Union, the International Fund has filed tax reclaims in respect of previously withheld taxes on dividends earned (“EU tax reclaims”). These filings are subject to various administrative proceedings by each local jurisdiction’s tax authority, as well as judicial proceedings. EU tax reclaims that have been recognized, if any, are reflected as “Foreign withholding tax claims and interest” in the Statements of Operations. Generally, unless Carillon Tower believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund’s net asset value. EU tax reclaims recognized by a Fund, if any, reduce the amount of foreign taxes, if any, that a Fund may elect to pass-through to its shareholders from a U.S. federal tax perspective. In certain circumstances and to the extent that EU tax reclaims recognized by a Fund were previously passed-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the “IRS”). The closing agreement will result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. Based on current guidance from the IRS, it is expected that International Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges related to International Fund’s closing agreement liability are presented as “Less: IRS compliance fee and related expenses for withholding tax claims” in the Statements of Operations and its estimated closing agreement liability is presented as “IRS compliance fee and related expenses for withholding tax claims” in the Statements of Assets and Liabilities. The actual IRS compliance fee in connection with the closing agreement may differ from the estimate and that difference may be material.
Expenses | Each Fund is charged for certain expenses which are directly attributable to it and certain other expenses which are allocated proportionately among the Carillon Family of Funds based upon methods approved by the Board. Expenses that are directly attributable to a specific class of shares, such as distribution fees, shareholder servicing fees and administrative fees, are charged directly to that class of shares. Other expenses of each Fund are allocated to each class of shares based upon its relative percentage of net assets.
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 from the Growth & Income Fund and monthly from the Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund. Net realized gains from investment transactions during any particular fiscal year in excess of available capital loss carryforwards, which, if not distributed, would be taxable to each applicable Fund, will be distributed to shareholders annually in the following fiscal year. If a fund is involved in a reorganization wherein it acquires the net assets of another fund, or has its net assets acquired by another fund, a separate and additional distribution of net investment income and/or net realized gains may be made prior to such reorganization. Each Fund uses the identified cost method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes.
Distributions made to shareholders from earnings were as follows:
Distributions from earnings | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||||||
Capital Appreciation Fund | 11/1/20 to 10/31/21 | $25,460,982 | $2,732,124 | $39,632,761 | $55,541 | $673,815 | $148,117 | $2,350 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 2,779,700 | 292,099 | 6,162,243 | 10,905 | 132,614 | 26,866 | 213 | |||||||||||||||||||||||||
International Stock Fund | 11/1/20 to 10/31/21 | 22,625 | 1,251 | 43,033 | 6,690 | 41 | 1,825 | 104 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 83,026 | 31,319 | 127,407 | 18,661 | 86 | 3,942 | 174 | |||||||||||||||||||||||||
Growth & Income Fund | 11/1/20 to 10/31/21 | 8,894,323 | 3,561,007 | 28,286,806 | 55,575 | 367,453 | 202,200 | 11,764 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 8,045,684 | 5,375,008 | 24,920,788 | 72,126 | 260,361 | 113,056 | 4,944 | |||||||||||||||||||||||||
Mid Cap Growth Fund | 11/1/20 to 10/31/21 | 20,093,745 | 4,387,423 | 38,581,641 | 1,207,650 | 20,226,980 | 81,577,686 | 85,197 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 16,175,457 | 3,914,655 | 28,228,453 | 987,471 | 16,305,816 | 57,676,770 | 81,660 | |||||||||||||||||||||||||
Small Cap Growth Fund | 11/1/20 to 10/31/21 | 64,822,457 | 14,122,282 | 140,336,438 | 11,939,971 | 36,523,428 | 244,026,117 | 4,790 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 25,518,949 | 6,601,964 | 62,069,451 | 4,391,236 | 21,928,897 | 127,210,225 | 755 |
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Notes to Financial Statements
10.31.2021
Distributions from earnings (cont'd) | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||||||
International Fund | 11/1/20 to 10/31/21 | $77,987 | $8,947 | $44,768,746 | $905 | $926 | $344,188 | $1,087 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 71,457 | 12,118 | 54,142,906 | 730 | 789 | 277,069 | 853 | |||||||||||||||||||||||||
Mid Cap Fund | 11/1/20 to 10/31/21 | 514,569 | 502,805 | 72,820,267 | 77,809 | 64,161 | 5,079,358 | 251,046 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 127,632 | 15,137 | 20,175,464 | 10,274 | 16,330 | 781,591 | 122,685 | |||||||||||||||||||||||||
Small Cap Fund | 11/1/20 to 10/31/21 | 1,109,296 | 496,151 | 25,459,340 | 14,180 | 2,044 | 877,259 | 14,777 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 479,806 | 290,056 | 11,618,569 | 9,420 | 2,651 | 231,607 | 3,851 | |||||||||||||||||||||||||
Core Bond Fund | 11/1/20 to 10/31/21 | 105,142 | 236,026 | 16,046,120 | 1,144 | 340 | 20,639 | 1,405,747 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 41,162 | 20,471 | 5,020,464 | 331 | 393 | 1,200 | 107,072 | |||||||||||||||||||||||||
Core Plus Bond Fund | 11/1/20 to 10/31/21 | 335,471 | 252,855 | 62,478,259 | 4,494 | 635 | 69,636 | 5,451,144 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 22,582 | 14,683 | 26,709,683 | 386 | 446 | 552 | 809,090 | |||||||||||||||||||||||||
Unconstrained Bond Fund | 11/1/20 to 10/31/21 | 24,362 | 27,393 | 19,606,141 | 202 | 1,285 | 1,081,790 | 591,576 | ||||||||||||||||||||||||
11/1/19 to 10/31/20 | 12,547 | 9,083 | 21,059,512 | 208 | 271 | 945,384 | 448,746 |
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, 2021, purchases and sales of investment securities (excluding short-term obligations) were as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Purchases | $110,032,151 | $7,640,212 | $286,302,064 | $1,814,529,753 | $809,147,112 | $74,155,840 | ||||||||||||||||||
Sales | 133,008,704 | 7,620,462 | 302,043,332 | 2,185,027,629 | 2,283,768,188 | 202,636,564 | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Purchases | $5,335,152,279 | $112,261,251 | $391,257,451 | $799,584,734 | $338,042,989 | |||||||||||||||||||
Purchases - U.S. Treasury securities | — | — | 670,138,131 | 1,596,317,708 | 520,921,265 | |||||||||||||||||||
Sales | 4,489,727,220 | 144,170,352 | 522,167,956 | 1,045,723,943 | 371,426,902 | |||||||||||||||||||
Sales - U.S. Treasury securities | — | — | 610,709,746 | 1,317,689,473 | 274,012,033 |
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% | ||||
Growth & Income Fund | First $100 million $100 million to $500 million Over $500 million | | 0.60% 0.45% 0.40% |
| ||
Mid Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund | First $500 million $500 million to $1 billion Over $1 billion | | 0.60% 0.55% 0.50% |
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Investment advisory fee rate schedule (cont’d) | Breakpoint | Investment advisory fee | ||||
International Fund* | First $1 billion Over $1 billion | | 0.70% 0.60% |
| ||
Mid Cap Fund | First $1 billion Over $1 billion | | 0.80% 0.70% |
| ||
Core Bond Fund, Core Plus Bond Fund | All assets | 0.40% | ||||
Unconstrained Bond Fund | First $3 billion Over $3 billion | | 0.60% 0.55% |
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* Prior to the Board approved change effective March 1, 2021, the investment advisory fee for the International Fund was 0.80% on the first $1 billion assets and 0.70% on assets over $1 billion.
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Notes to Financial Statements
10.31.2021
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, |
• | 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. (“Scout”) serves as subadviser for the International Fund, Mid Cap Fund, Small Cap Fund, Core Bond Fund, Core Plus Bond Fund, and Unconstrained Bond Fund. |
Administrative fees | For administrative services provided by the Manager, each Fund has agreed to pay an administrative rate of 0.10% of the average daily net assets of all share classes.
Distribution and service fees | Pursuant to the Class A, Class C, Class R-3 and Class Y Distribution plans and in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended (“Rule 12b-1 Plans”), the Funds are authorized to pay Carillon Fund Distributors, Inc. (“Distributor”), an affiliate of the Manager, a fee based on the average daily net assets for each class of shares, accrued daily and payable monthly. Each Fund of the Carillon Series Trust, except the Capital Appreciation Fund and the Growth & Income Fund, is authorized to pay the Distributor distribution and service fees of up to 0.35% of that fund’s average daily net assets attributable to Class A shares of that fund. The Capital Appreciation Fund and the Growth & Income Fund are authorized to pay the Distributor distribution and service fees of up to 0.50% of those Funds’ average daily net assets attributable to Class A shares of those Funds. Currently, the distribution and service fee is 0.25% for Class A shares of each Fund. Each Fund also is authorized, and currently pays, the Distributor distribution and service fees of 1.00% for Class C shares, 0.50% for Class R-3 shares, and 0.25% for Class Y shares. The Funds do not incur any distribution expenses related to Class I, Class R-5 or Class R-6 shares. However, Carillon Tower or any third party may make payments for the sale and distribution of all share classes, including Class I, Class R-5 or Class R-6 shares, from its own resources.
Sales charges | During the fiscal year ended October 31, 2021, total front-end sales charges and contingent deferred sales charges (“CDSC”) paid to the Distributor were as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Front-end sales charges - Class A | $63,208 | $4,439 | $230,758 | $149,235 | $120,534 | $1,247 | ||||||||||||||||||
CDSC - Class A | 13 | — | 9 | — | — | — | ||||||||||||||||||
CDSC - Class C | 47 | 27 | 2,475 | 533 | 831 | — | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Front-end sales charges - Class A | $62,647 | $7,707 | $18,805 | $35,469 | $21,646 | |||||||||||||||||||
CDSC - Class A | — | — | — | — | — | |||||||||||||||||||
CDSC - Class C | 11 | 2 | — | 29 | — |
The Distributor paid commissions to salespersons from these fees and incurred other distribution costs.
Agency commissions | During the fiscal year ended October 31, 2021, total agency brokerage commissions paid and agency brokerage commissions paid directly to Raymond James & Associates, Inc. (“RJA”), an affiliate of the Manager, were as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Total agency brokerage commissions | $39,773 | $7,631 | $127,559 | $1,053,489 | $1,388,531 | $220,354 | ||||||||||||||||||
Paid to RJA | — | — | 1,664 | 369 | 268,083 | — | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Total agency brokerage commissions | $3,021,774 | $129,863 | $— | $22,791 | $122,169 | |||||||||||||||||||
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.
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Notes to Financial Statements
10.31.2021
Transactions with affiliates | An issuer in which a Fund’s holdings represent 5% or more of the outstanding voting securities of the issuer is an “affiliated” issuer as defined in the 1940 Act. A schedule of Small Cap Growth Fund’s investments in securities of affiliated issuers is set forth below:
Value at 10/31/20 | Purchases | Sales | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Value at 10/31/21 | Dividend Income | Shares owned at 10/31/21 | |||||||||||||||||||||||||
Fast Acquisition Corp. | $— | $17,467,514 | $— | $— | $2,726,406 | $20,193,920 | $— | 1,549,802 | ||||||||||||||||||||||||
MarineMax, Inc.* | 36,292,739 | — | (20,255,513 | ) | 12,134,086 | 12,475,137 | 40,646,449 | — | 784,832 | |||||||||||||||||||||||
Universal Electronics, Inc. | 46,083,072 | — | (14,380,534 | ) | 543,204 | 6,812,335 | 39,058,077 | — | 948,472 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total | $82,375,811 | $17,467,514 | $(34,636,047 | ) | $12,677,290 | $22,013,878 | $99,898,446 | $— | ||||||||||||||||||||||||
|
|
* This security is no longer an affiliate of the Fund as of the date of this report. Net change in unrealized appreciation (depreciation) on investments—affiliated per the Statements of Operations differs from the amount shown above due to this. The amount shown on the Statements of Operations includes a change in unrealized appreciation (depreciation) of $(14,639,616) from this security which was the entire amount of the unrealized appreciation of MarineMax, Inc. as of 10/31/20.
Expense limitations | Carillon Tower has contractually agreed to reduce its fees and/or reimburse expenses to each class of the Funds through February 28, 2022 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% | |||||||||||||||||||||
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* | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
Mid Cap Fund | 1.45% | 2.20% | 1.15% | 1.70% | 1.15% | 1.05% | 1.45% | |||||||||||||||||||||
Small Cap Fund | 1.25% | 2.00% | 0.95% | 1.50% | 0.95% | 0.85% | 1.25% | |||||||||||||||||||||
Core Bond Fund | 0.80% | 1.55% | 0.40% | 1.05% | 0.50% | 0.40% | 0.80% | |||||||||||||||||||||
Core Plus Bond Fund | 0.80% | 1.55% | 0.40% | 1.05% | 0.50% | 0.40% | 0.80% | |||||||||||||||||||||
Unconstrained Bond Fund | 0.80% | 1.55% | 0.50% | 1.05% | 0.50% | 0.40% | 0.80% |
* Prior to the Board approved changes effective March 1, 2021, the expense limitation rate schedule for the International Fund was as follows:
Expense limitations rate schedule | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | |||||||||||||||||||||
International Fund | 1.45% | 2.20% | 1.15% | 1.70% | 1.15% | 1.05% | 1.45% |
Fees and expenses waived and/or reimbursed based on the expense rate limitation schedule were as follows:
Expenses waived and/or reimbursed 11/1/20 to 10/31/21 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $487,187 | $52,539 | $2,465 | $290,304 | $376 | $4,523 | $1,356 | $— | ||||||||||||||||||||||||
International Stock Fund | 365,268 | 964 | 295 | 3,098 | 616 | — | 109 | — | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
International Fund | — | 255 | — | 217,787 | — | — | 1,888 | — | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Core Bond Fund | 584,645 | 1,520 | 2,811 | 1,077,691 | 53 | — | 889 | 56,053 | ||||||||||||||||||||||||
Core Plus Bond Fund | 793,418 | 2,495 | 4,122 | 2,316,263 | 57 | — | 2,146 | 84,460 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 2,817,620 | 425 | 1,042 | 890,072 | — | 110 | 58,959 | 41,617 |
A portion or all of a Fund’s fees and expenses waived and/or reimbursed by the Manager in prior fiscal years may be recoverable by Carillon Tower prior to their expiration date. Any previously waived and/or reimbursed fees and expenses are recoverable by Carillon Tower only from the same class of shares and within two years from the Fund’s fiscal year-end during which the fees and expenses were originally waived and/or reimbursed. Previously waived and/or reimbursed fees
61 |
Notes to Financial Statements
10.31.2021
and expenses are recovered by Carillon Tower within the following two fiscal years when fees and expenses in the current fiscal year fall below the lesser of the current expense cap or the expense cap in effect at the time of the waiver and/or reimbursement. Carillon Tower receives payments from ClariVest and Scout for amounts waived and/or reimbursed under each contractual fee waiver and expense reimbursement agreement and provides to ClariVest and Scout any recoupment that Carillon Tower receives from the Funds. The following tables show the amounts that Carillon Tower may be allowed to recover by class of shares and the dates that these amounts will expire:
Recoverable expenses - 10/31/2023 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $487,187 | $52,539 | $2,465 | $290,304 | $376 | $4,523 | $1,356 | $— | ||||||||||||||||||||||||
International Stock Fund | 365,268 | 964 | 295 | 3,098 | 616 | — | 109 | — | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
International Fund | — | 255 | — | 217,787 | — | — | 1,888 | — | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Core Bond Fund | 584,645 | 1,520 | 2,811 | 1,077,691 | 53 | — | 889 | 56,053 | ||||||||||||||||||||||||
Core Plus Bond Fund | 793,418 | 2,495 | 4,122 | 2,316,263 | 57 | — | 2,146 | 84,460 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 2,817,620 | 425 | 1,042 | 890,072 | — | 110 | 58,959 | 41,617 | ||||||||||||||||||||||||
Recoverable expenses - 10/31/2022 | Fund Level | Class A | Class C | Class I | Class R-3 | Class R-5 | Class R-6 | Class Y | ||||||||||||||||||||||||
Capital Appreciation Fund | $441,570 | $106,153 | $7,997 | $286,809 | $1,114 | $6,280 | $7,521 | $79 | ||||||||||||||||||||||||
International Stock Fund | 326,891 | 6,501 | 4,550 | 9,750 | 2,253 | 73 | 456 | 88 | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | 4 | ||||||||||||||||||||||||
International Fund | — | 117 | 73 | — | 47 | 52 | — | 79 | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | 262 | 60 | — | — | ||||||||||||||||||||||||
Core Bond Fund | 456,016 | 479 | 440 | 453,796 | 64 | 65 | 201 | 4,989 | ||||||||||||||||||||||||
Core Plus Bond Fund | 525,670 | 341 | 703 | 1,358,670 | 61 | 64 | 95 | 28,254 | ||||||||||||||||||||||||
Unconstrained Bond Fund | 2,259,763 | 244 | 613 | 843,029 | 59 | 64 | 40,119 | 20,978 |
The Manager recovered previously waived expenses during the fiscal year ended October 31, 2021 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 | $— | $— | $— | $— | $— | $— | $— | $12 | ||||||||||||||||||||||||
International Stock Fund | — | — | — | — | — | — | — | 6 | ||||||||||||||||||||||||
Growth & Income Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Mid Cap Growth Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Growth Fund | — | — | — | — | — | — | — | 100 | ||||||||||||||||||||||||
International Fund | — | — | 37 | — | 13 | 8 | — | 15 | ||||||||||||||||||||||||
Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Small Cap Fund | — | — | — | — | 113 | 30 | 265 | — | ||||||||||||||||||||||||
Core Bond Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Core Plus Bond Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Unconstrained Bond Fund | — | — | — | — | 6 | — | — | — |
Trustees and officers compensation | Each Trustee of the Carillon Family of Funds receives an annual retainer along with meeting fees for those Carillon Family of Funds’ regular or special meetings attended in person and 25% of such meeting fees are received for telephonic meetings. All reasonable out-of-pocket expenses are also reimbursed. Except when directly attributable to a Fund, Trustees’ fees and expenses are paid equally by each Fund in the Carillon Family of Funds.
62 |
Notes to Financial Statements
10.31.2021
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, 2018 to October 31, 2021) and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Federal income tax regulations differ from GAAP; therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and net realized gains for financial reporting purposes. These differences primarily relate to deferral of losses from wash sales and non-REIT return of capital.
For income tax purposes, distributions paid during the fiscal periods indicated were as:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||||
Ordinary Income | 11/1/20 to 10/31/21 | $1,109,904 | $75,569 | $14,067,522 | $— | $— | $9,331,172 | |||||||||||||||||||
11/1/19 to 10/31/20 | 2,454,852 | 264,615 | 15,572,999 | — | — | 13,600,132 | ||||||||||||||||||||
Long-term capital gain | 11/1/20 to 10/31/21 | 67,595,786 | — | 27,311,606 | 166,160,322 | 511,775,483 | 35,871,614 | |||||||||||||||||||
11/1/19 to 10/31/20 | 6,949,788 | — | 23,218,968 | 123,370,282 | 247,721,477 | 40,905,790 | ||||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||||
Ordinary Income | 11/1/20 to 10/31/21 | $16,967,987 | $ 6,780,837 | $ 17,583,235 | $ 64,698,216 | $ 21,332,749 | ||||||||||||||||||||
11/1/19 to 10/31/20 | 19,015,277 | — | 5,191,093 | 27,557,422 | 22,475,751 | |||||||||||||||||||||
Long-term capital gain | 11/1/20 to 10/31/21 | 62,342,028 | 21,192,210 | 231,923 | 3,894,278 | — | ||||||||||||||||||||
11/1/19 to 10/31/20 | 2,233,836 | 12,635,960 | — | — | — |
Financial reporting records are adjusted for permanent book/tax differences to reflect tax character; these adjustments have no effect on net assets or NAV per share. Financial reporting records are not adjusted for temporary differences. The reclassifications arise from permanent book/tax differences primarily attributable to net operating losses, equalization, non-deductible expenses, foreign currency transactions, return of capital distributions from REITs, return of capital distributions from non-REITs, paydowns on debt securities, sales adjustments due to passive foreign investment companies, and investments in swaps. The reclassifications were as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Paid-in capital | $2 | $2 | $— | $— | $270,222,751 | $(48,364 | ) | |||||||||||||||||
Total distributable earnings (loss) | (2 | ) | (2 | ) | — | — | (270,222,751 | ) | 48,364 | |||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Paid-in capital | $— | $— | $— | $— | $— | |||||||||||||||||||
Total distributable earnings (loss) | — | — | — | — | — |
At October 31, 2021, capital loss carryforwards and late year loss deferrals are as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Capital loss carryforwards utilized 11/1/20 to 10/31/21 | $— | $1,212,751 | $— | $— | $— | $— | ||||||||||||||||||
Capital loss carryforwards available indefinitely at 10/31/21 | — | 8,896 | — | — | — | — | ||||||||||||||||||
Late year loss deferrals available at 10/31/21 | — | — | — | 24,628,859 | 11,456,923 | — | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Capital loss carryforwards utilized 11/1/20 to 10/31/21 | $— | $— | $— | $— | $8,621,289 | |||||||||||||||||||
Capital loss carryforwards available indefinitely at 10/31/21 | — | — | 9,971,717 | 10,799,902 | — | |||||||||||||||||||
Late year loss deferrals available at 10/31/21 | — | — | — | — | — |
63 |
Notes to Financial Statements
10.31.2021
Capital loss carryforwards may be used to offset future realized gains and late year loss deferrals (net losses incurred from January 1, 2021 to October 31, 2021) may be used to offset ordinary income as of the first day of the following fiscal year.
At October 31, 2021, the components of distributable earnings (losses) on a tax basis were as follows:
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Cost of investments | $254,546,319 | $9,686,141 | $607,947,240 | $4,614,326,156 | $1,285,316,614 | $290,913,983 | ||||||||||||||||||
Gross unrealized appreciation | 385,773,271 | 1,921,141 | 369,281,770 | 4,217,790,787 | 1,139,010,862 | 220,670,468 | ||||||||||||||||||
Gross unrealized depreciation | (3,940,070 | ) | (442,159 | ) | (3,355,025 | ) | (103,680,978 | ) | (59,240,742 | ) | (16,122,925 | ) | ||||||||||||
Net unrealized appreciation/(depreciation) | 381,833,201 | 1,478,982 | 365,926,745 | 4,114,109,809 | 1,079,770,120 | 204,547,543 | ||||||||||||||||||
Undistributed ordinary income | 1,681,713 | 226,581 | 14,303,654 | — | — | 9,019,435 | ||||||||||||||||||
Undistributed long-term gain | 40,546,372 | — | 62,936,128 | 759,309,374 | 595,177,208 | 41,529,654 | ||||||||||||||||||
Total undistributed earnings | 42,228,085 | 226,581 | 77,239,782 | 759,309,374 | 595,177,208 | 50,549,089 | ||||||||||||||||||
Other accumulated gains (losses) | (1 | ) | (7,975 | ) | — | (24,628,859 | ) | (11,456,923 | ) | 830,843 | ||||||||||||||
Total distributable earnings (loss) | $424,061,285 | $1,697,588 | $443,166,527 | $4,848,790,324 | $1,663,490,405 | $255,927,475 | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Cost of investments | $3,695,872,194 | $226,385,903 | $466,231,933 | $1,141,623,895 | $1,045,922,738 | |||||||||||||||||||
Gross unrealized appreciation | 1,352,850,184 | 187,131,184 | 5,403,000 | 17,092,757 | 14,945,291 | |||||||||||||||||||
Gross unrealized depreciation | (140,422,274 | ) | (18,142,557 | ) | (3,437,191 | ) | (10,302,520 | ) | (7,522,629 | ) | ||||||||||||||
Net unrealized appreciation/(depreciation) | 1,212,427,910 | 168,988,627 | 1,965,809 | 6,790,237 | 7,422,662 | |||||||||||||||||||
Undistributed ordinary income | 75,818,023 | 7,039,389 | 1,145,630 | 5,264,794 | 16,411,814 | |||||||||||||||||||
Undistributed long-term gain | 417,451,907 | 50,522,990 | — | — | — | |||||||||||||||||||
Total undistributed earnings | 493,269,930 | 57,562,379 | 1,145,630 | 5,264,794 | 16,411,814 | |||||||||||||||||||
Other accumulated gains (losses) | 139 | (7,949 | ) | (9,971,717 | ) | (10,794,026 | ) | (3,047 | ) | |||||||||||||||
Total distributable earnings (loss) | $1,705,697,979 | $226,543,057 | $(6,860,278 | ) | $1,261,005 | $23,831,429 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) was attributable primarily to the tax deferral of losses from wash sales and differences in the accounting treatment for non-REIT returns of capital, investments in passive foreign investment companies and swaps.
NOTE 6 | Other Derivative Information | At October 31, 2021, 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 | Open swap contracts, at value* | $321,679 | N/A | ||||||||
|
| |||||||||||
Total | $321,679 | N/A | ||||||||||
|
| |||||||||||
Core Plus Bond Fund | Credit | Open swap contracts, at value* | $5,178,921 | N/A | ||||||||
Interest rate & Currency | Unrealized depreciation - open futures contracts^ | N/A | $1,477,760 | |||||||||
Currency | Unrealized appreciation - open forward contracts | 3,811,960 | N/A | |||||||||
Currency | Unrealized depreciation - open forward contracts | N/A | 290,196 | |||||||||
|
| |||||||||||
Total | $8,990,881 | $1,767,956 | ||||||||||
|
| |||||||||||
Unconstrained Bond Fund | Credit | Open swap contracts, at value* | $4,163,854 | N/A | ||||||||
Interest rate & Currency | Unrealized appreciation - open futures contracts^ | 528,371 | N/A | |||||||||
Interest rate & Currency | Unrealized depreciation - open futures contracts^ | N/A | $1,042,741 | |||||||||
Currency | Unrealized appreciation - open forward contracts | 7,587,154 | N/A | |||||||||
Currency | Unrealized depreciation - open forward contracts | N/A | 3,060,290 | |||||||||
|
| |||||||||||
Total | $12,279,379 | $4,103,031 | ||||||||||
|
|
* Included in Deposit at broker - open swap contracts.
^ Included in Deposit at broker - open futures contracts.
64 |
Notes to Financial Statements
10.31.2021
Financial Accounting Standards Board Accounting Update 2011-11, Disclosures about Offsetting Assets and Liabilities requires an entity that has financial instruments that are either 1) offset or 2) subject to an enforceable master netting arrangement or similar agreement to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. As of October 31, 2021, 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, 2021, the effect of derivative contracts on the Funds’ Statements of Operations is as follows:
Risk Exposure Category | Derivative Instrument | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation (Depreciation) | |||||||||
Core Bond Fund | Credit | Swap contracts | $836,379 | $280,238 | ||||||||
|
| |||||||||||
Total | $836,379 | $280,238 | ||||||||||
|
| |||||||||||
Core Plus Bond Fund | Credit | Swap contracts | $3,692,462 | $(441,695 | ) | |||||||
Interest rate & Currency | Futures contracts | (570,219 | ) | (1,477,760 | ) | |||||||
Currency | Forward contracts | (1,640,237 | ) | 3,512,013 | ||||||||
|
| |||||||||||
Total | $1,482,006 | $1,592,558 | ||||||||||
|
| |||||||||||
Unconstrained Bond Fund | Credit | Swap contracts | $6,519,637 | $(990,022 | ) | |||||||
Interest rate & Currency | Futures contracts | 1,701,522 | (1,657,199 | ) | ||||||||
Currency | Forward contracts | (1,512,606 | ) | 4,856,434 | ||||||||
|
| |||||||||||
Total | $6,708,553 | $2,209,213 | ||||||||||
|
|
Refer to Note 2 for additional information regarding investments in derivatives.
NOTE 7 | Securities lending | To earn additional income, each Fund may loan portfolio securities to qualified broker dealers. The primary objective of securities lending is to supplement a Fund’s income through investment of the cash collateral in short-term interest bearing obligations. The collateral for a Fund’s loans will be marked-to-market daily so that at all times the collateral exceeds 100% of the value of the loan. A Fund may terminate such loans at any time and the market risk applicable to any security loaned remains its risk. Although voting rights, or rights to consent, with respect to the loaned securities pass to the borrower, a Fund retains the right to call the loans at any time on reasonable notice, and it may choose to do so in order that the securities may be voted by it if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. A Fund also may call such loans in order to sell the securities involved. The borrower must add to the collateral whenever the market value of the securities rises above the level of such collateral. While securities are on loan, the Funds continue to receive certain income associated with that security and any gain or loss in the market price that may occur during the term of the loan. In the case of domestic equities, the value of any dividend is received in the form of a substitute payment approximately equal to the dividend. In the case of foreign securities, a negotiated amount may be received that is less than the actual dividend, but higher than the dividend amount minus the foreign tax that the Funds would be subject to on the dividend. Securities loans involve some risk. There is a risk that a borrower may default on its obligations to return loaned securities; however, the funds’ securities lending agent may indemnify a Fund against that risk. A Fund could incur a loss if the borrower should fail financially at a time when the value of the loaned securities is greater than the collateral, and a Fund could lose rights in the collateral should the borrower fail financially. The securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a fund’s ability to vote proxies or to settle transactions. A Fund will also be responsible for the risks associated with the investment of cash collateral. In any case in which the loaned securities are not returned to a Fund before an ex-dividend date, the payment in lieu of the dividend that a fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”
Each security on loan as of the date of this report is footnoted on each Fund’s Investment Portfolio, along with the total value of all securities on loan. Cash collateral received for securities on loan has been invested in the First American Government Obligations Fund Class X (the “money market fund”). The money market fund is included in each respective Fund’s Investment Portfolio and is footnoted as having been purchased with cash collateral received for securities on loan. The value of the money market fund is included as an asset on the Statements of Assets and Liabilities as part of “Investments—unaffiliated, at value.” A liability of equal value to the cash collateral received and subsequently invested in the money market fund is included on the Statements of Assets and Liabilities as “Payable for securities lending collateral received.” Income earned from securities lending, net of applicable fees, is shown on the Statement of Operations as income from “Securities lending, net.”
NOTE 8 | Line of Credit | As of October 31, 2021, 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, 2021 was 2.25% (prime rate of 3.25% minus 1.00%). The following table shows the details of the Funds’ borrowing activity during fiscal year ended October 31, 2021. Funds that are not listed did not utilize the line of credit during the period.
Maximum Outstanding Balance | Average Daily Balance | Total Interest Incurred | Average Annual Interest Rate | |||||||||||||
Capital Appreciation Fund | $5,756,000 | $75,178 | $1,715 | 2.25 | % | |||||||||||
International Stock Fund | 861,000 | 6,932 | 158 | 2.25 | ||||||||||||
Growth & Income Fund | 283,000 | 775 | 18 | 2.25 |
65 |
Notes to Financial Statements
10.31.2021
Maximum Outstanding Balance | Average Daily Balance | Total Interest Incurred | Average Annual Interest Rate | |||||||||||||
Small Cap Growth Fund | $ 31,783,000 | $ 809,449 | $ 18,466 | 2.25 | % | |||||||||||
International Fund | 5,321,000 | 114,732 | 2,617 | 2.25 | ||||||||||||
Mid Cap Fund | 63,699,000 | 526,945 | 12,021 | 2.25 | ||||||||||||
Small Cap Fund | 2,406,000 | 13,096 | 299 | 2.25 |
As of October 31, 2021, none of the Funds had any amounts outstanding under the line of credit.
NOTE 9 | Regulatory Changes | In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.
In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
NOTE 10 | Other Matters | The ongoing novel coronavirus (“COVID-19”) pandemic has disrupted markets globally and caused significant uncertainty in the global economy. The pandemic has resulted in, among other things, travel restrictions, closed international borders, prolonged quarantines, cancellations, and supply chain disruptions, as well as general concern and uncertainty. Although an economic expansion is underway, it continues to be uneven and characterized by meaningful dispersion across sectors and industries. The duration, extent, and ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds are impossible to predict and will continue to evolve. The effects may impact the value and performance of the Funds, their ability to buy and sell investments at appropriate valuations, their ability to achieve their investment objectives, and their cash flows.
NOTE 11 | Subsequent events | On October 20, 2021 Raymond James Financial, Inc. (“RJF”) announced a definitive agreement to acquire TriState Capital Holdings, Inc., including their asset management subsidiary Chartwell Investment Partners (“Chartwell”). Upon closing, Chartwell Investment Partners will maintain an independent brand and operate as a subsidiary of Carillon Tower.
On November 19, 2021, the Board approved a Plan of Reorganization and Termination pursuant to which the Carillon Scout International Fund (the “Fund”) would be reorganized into the Carillon ClariVest International Stock Fund (the “Reorganization”), effective on or about July 16, 2022. In connection with the Reorganization, the Board approved, among other things, the following changes, effective March 1, 2022: (1) the appointment of ClariVest to replace Scout as the subadviser for the Fund; (2) a change in the name of the Fund to the “Carillon ClariVest International Fund”; (3) changes to the Fund’s non-fundamental investment objective and policy with respect to the investment of 80% of its assets (plus the amount of any borrowings for investment purposes); and (4) changes to the Fund’s principal investment strategies and principal risks.
On November 19, 2021, the Board approved the establishment of the Class RJ ERISA shares. Subsequently, Carillon Series Trust filed an amendment to its registration statement to register the Class RJ ERISA shares pursuant to Rule 485(a) under the Securities Act 1933. Class RJ ERISA shares are expected to be offered for sale on or about March 1, 2022.
The Manager has evaluated subsequent events through December 17, 2021, 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.
66 |
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 Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout International Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds indicated in the table below (constituting Carillon Series Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights, for each of the periods indicated in the table below (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, 2021, 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, 2021 and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund | Financial highlights | |
Carillon ClariVest Capital Appreciation Fund, Carillon ClariVest International Stock Fund, Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund | For each of the periods indicated therein | |
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 | For each of the periods indicated therein, beginning with the period ended October 31, 2017 |
The financial statements of 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 the period ended 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 Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Tampa, Florida
December 17, 2021
We have served as the auditor of one or more investment companies in Carillon Series Trust since 1985.
67 |
Liquidity Risk Management Program
(UNAUDITED)
As required by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), Carillon Series Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk.. The Trust’s Board of Trustees (“Board”) has designated Carillon Tower Advisers, Inc. as Program administrator (“Administrator”). The Administrator has, in turn, established a Liquidity Risk Management Committee, which is responsible for overseeing the administration and assessing the effectiveness of the Program. A Fund’s “liquidity risk” is the risk that a Fund could not meet redemption requests without significant dilution of the remaining shareholders’ interest in the Funds.
In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually, taking into consideration a variety of factors including, as applicable, the Fund’s investment strategy, liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed market conditions. Each Fund portfolio investment is classified into one of four liquidity categories based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly
changing the investment’s market value. The Program also provides for the Administrator to determine a Fund’s highly liquid investment minimum or “HLIM” if it is determined that a Fund does not primarily hold assets that are highly liquid investments. The Administrator has determined that each Fund primarily holds highly liquid investments, and, therefore is not required to establish a HLIM. In accordance with the Liquidity Rule, the Program also limits the Funds’ investments in illiquid investments to no more than 15% of a Fund’s net assets and includes procedures for in-kind redemptions.
At a meeting of the Board held on May 21, 2021, the Board received a written report (the “Report”) from the Administrator describing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021 (“Review Period”). Based on its assessment, the Administrator concluded that (1) each Fund’s investment strategy remained appropriate for an open-end fund; (2) the Program is effectively designed to assess and manage the Funds’ liquidity risk; (3) the Funds’ liquidity risk remains low; and (4) each Fund held sufficient highly liquid assets to meet fund redemptions The Administrator further reported that there had been no material changes to the Program and no material violations of the Program during the Review Period. The Report stated that the Administrator believes that the Program continues to be an effective tool to manage and mitigate the Funds’ liquidity risk.
2021 Federal Tax Notice
(UNAUDITED)
The following information for the fiscal year ended October 31, 2021 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, 2021. 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 2021 Form 1099-DIV.
The amounts shown may differ from amounts disclosed elsewhere in this report due to differences between tax and financial reporting requirements.
Capital Appreciation Fund | International Stock Fund | Growth & Income Fund | Mid Cap Growth Fund | Small Cap Growth Fund | International Fund | |||||||||||||||||||
Qualified dividend income | 100.00 | % | 100.00 | % | 77.47 | % | 0.00 | % | 0.00 | % | 59.19 | % | ||||||||||||
Dividends received deduction | 100.00 | % | 0.00 | % | 71.55 | % | 0.00 | % | 0.00 | % | 1.34 | % | ||||||||||||
Long-term capital gains | $67,595,786 | $0 | $27,311,606 | $166,160,322 | $511,775,483 | $35,871,614 | ||||||||||||||||||
Mid Cap Fund | Small Cap Fund | Core Bond Fund | Core Plus Bond Fund | Unconstrained Bond Fund | ||||||||||||||||||||
Qualified dividend income | 90.97 | % | 23.35 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Dividends received deduction | 90.53 | % | 22.96 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Long-term capital gains | $62,342,028 | $21,192,210 | $231,923 | $3,894,278 | $0 |
68 |
Understanding Your Ongoing Costs
(UNAUDITED) | 10.31.2021
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchases, contingent deferred sales charges, or redemption fees; and (2) ongoing costs, including investment advisory fees, distribution (12b-1) fees, and other fund expenses. The following sections are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect one-time transaction expenses, such as sales charges or redemption fees. Therefore, if these transactional costs were included, your costs would have been higher. For more information, see your Fund’s prospectus or contact your financial adviser.
Actual expenses | The table below shows the actual expenses you would have paid on a $1,000 investment made in each Fund on May 1, 2021 and held through October 31, 2021. 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, 2021 through October 31, 2021 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 | $1,147.60 | $5.41 | $1,020.16 | $5.09 | 1.00 | % | |||||||||||||||||
Class C | 1,000.00 | 1,143.10 | 9.45 | 1,016.38 | 8.89 | 1.75 | ||||||||||||||||||
Class I | 1,000.00 | 1,149.40 | 3.79 | 1,021.68 | 3.57 | 0.70 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,146.20 | 6.76 | 1,018.90 | 6.36 | 1.25 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,149.30 | 3.79 | 1,021.68 | 3.57 | 0.70 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,149.80 | 3.25 | 1,022.18 | 3.06 | 0.60 | ||||||||||||||||||
Class Y | 1,000.00 | 1,147.50 | 5.41 | 1,020.16 | 5.09 | 1.00 | ||||||||||||||||||
International Stock Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,049.50 | 7.49 | 1,017.90 | 7.37 | 1.45 | ||||||||||||||||||
Class C | 1,000.00 | 1,045.80 | 11.34 | 1,014.12 | 11.17 | 2.20 | ||||||||||||||||||
Class I | 1,000.00 | 1,051.10 | 5.95 | 1,019.41 | 5.85 | 1.15 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,048.70 | 8.78 | 1,016.64 | 8.64 | 1.70 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,051.10 | 5.95 | 1,019.41 | 5.85 | 1.15 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,051.90 | 5.43 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class Y | 1,000.00 | 1,049.70 | 7.49 | 1,017.90 | 7.37 | 1.45 | ||||||||||||||||||
Growth & Income Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,101.40 | 5.03 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class C | 1,000.00 | 1,097.50 | 8.83 | 1,016.79 | 8.49 | 1.67 | ||||||||||||||||||
Class I | 1,000.00 | 1,102.80 | 3.66 | 1,021.73 | 3.52 | 0.69 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,099.90 | 6.56 | 1,018.95 | 6.31 | 1.24 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,103.00 | 3.71 | 1,021.68 | 3.57 | 0.70 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,103.40 | 3.18 | 1,022.18 | 3.06 | 0.60 | ||||||||||||||||||
Class Y | 1,000.00 | 1,101.50 | 5.30 | 1,020.16 | 5.09 | 1.00 | ||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,107.80 | 5.53 | 1,019.96 | 5.30 | 1.04 | ||||||||||||||||||
Class C | 1,000.00 | 1,104.10 | 9.07 | 1,016.59 | 8.69 | 1.71 | ||||||||||||||||||
Class I | 1,000.00 | 1,109.80 | 3.83 | 1,021.58 | 3.67 | 0.72 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,106.50 | 6.85 | 1,018.70 | 6.56 | 1.29 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,109.60 | 3.93 | 1,021.48 | 3.77 | 0.74 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,110.20 | 3.35 | 1,022.03 | 3.21 | 0.63 | ||||||||||||||||||
Class Y | 1,000.00 | 1,108.00 | 5.42 | 1,020.06 | 5.19 | 1.02 | ||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,019.10 | 5.39 | 1,019.86 | 5.40 | 1.06 | ||||||||||||||||||
Class C | 1,000.00 | 1,015.60 | 8.94 | 1,016.33 | 8.94 | 1.76 | ||||||||||||||||||
Class I | 1,000.00 | 1,020.30 | 3.97 | 1,021.27 | 3.97 | 0.78 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,017.70 | 6.71 | 1,018.55 | 6.72 | 1.32 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,020.30 | 4.02 | 1,021.22 | 4.02 | 0.79 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,021.00 | 3.41 | 1,021.83 | 3.41 | 0.67 | ||||||||||||||||||
Class Y | 1,000.00 | 1,018.10 | 6.36 | 1,018.90 | 6.36 | 1.25 |
69 |
Understanding Your Ongoing Costs
(UNAUDITED) | 10.31.2021
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 | |||||||||||||||||||
International Fund | ||||||||||||||||||||||||
Class A | $1,000.00 | $1,028.50 | $6.39 | $1,018.90 | $6.36 | 1.25 | % | |||||||||||||||||
Class C | 1,000.00 | 1,024.60 | 10.21 | 1,015.12 | 10.16 | 2.00 | ||||||||||||||||||
Class I | 1,000.00 | 1,029.80 | 4.86 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,027.40 | 7.67 | 1,017.64 | 7.63 | 1.50 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,029.80 | 4.86 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,030.80 | 4.35 | 1,020.92 | 4.33 | 0.85 | ||||||||||||||||||
Class Y | 1,000.00 | 1,028.40 | 6.39 | 1,018.90 | 6.36 | 1.25 | ||||||||||||||||||
Mid Cap Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,048.40 | 6.14 | 1,019.21 | 6.06 | 1.19 | ||||||||||||||||||
Class C | 1,000.00 | 1,044.60 | 10.10 | 1,015.32 | 9.96 | 1.96 | ||||||||||||||||||
Class I | 1,000.00 | 1,049.70 | 4.91 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,046.50 | 7.79 | 1,017.59 | 7.68 | 1.51 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,050.00 | 4.81 | 1,020.52 | 4.74 | 0.93 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,050.10 | 4.39 | 1,020.92 | 4.33 | 0.85 | ||||||||||||||||||
Class Y | 1,000.00 | 1,048.40 | 6.40 | 1,018.95 | 6.31 | 1.24 | ||||||||||||||||||
Small Cap Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 983.80 | 5.80 | 1,019.36 | 5.90 | 1.16 | ||||||||||||||||||
Class C | 1,000.00 | 980.00 | 9.63 | 1,015.48 | 9.80 | 1.93 | ||||||||||||||||||
Class I | 1,000.00 | 984.90 | 4.55 | 1,020.62 | 4.63 | 0.91 | ||||||||||||||||||
Class R-3 | 1,000.00 | 982.10 | 7.49 | 1,017.64 | 7.63 | 1.50 | ||||||||||||||||||
Class R-5 | 1,000.00 | 984.90 | 4.75 | 1,020.42 | 4.84 | 0.95 | ||||||||||||||||||
Class R-6 | 1,000.00 | 985.50 | 4.05 | 1,021.12 | 4.13 | 0.81 | ||||||||||||||||||
Class Y | 1,000.00 | 984.00 | 5.60 | 1,019.56 | 5.70 | 1.12 | ||||||||||||||||||
Core Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,003.80 | 4.04 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 1,000.20 | 7.81 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 1,005.80 | 2.02 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class R-3 | 1,000.00 | 1,002.60 | 5.30 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,005.30 | 2.53 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,005.80 | 2.02 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 1,003.80 | 4.04 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Core Plus Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.10 | 4.03 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 996.30 | 7.80 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 1,002.20 | 2.02 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class R-3 | 1,000.00 | 999.00 | 5.29 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 1,001.70 | 2.52 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 1,002.20 | 2.02 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 1,000.10 | 4.03 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Unconstrained Bond Fund | ||||||||||||||||||||||||
Class A | 1,000.00 | 985.20 | 4.00 | 1,021.17 | 4.08 | 0.80 | ||||||||||||||||||
Class C | 1,000.00 | 981.70 | 7.74 | 1,017.39 | 7.88 | 1.55 | ||||||||||||||||||
Class I | 1,000.00 | 986.90 | 2.50 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-3 | 1,000.00 | 983.70 | 5.25 | 1,019.91 | 5.35 | 1.05 | ||||||||||||||||||
Class R-5 | 1,000.00 | 986.90 | 2.50 | 1,022.68 | 2.55 | 0.50 | ||||||||||||||||||
Class R-6 | 1,000.00 | 987.20 | 2.00 | 1,023.19 | 2.04 | 0.40 | ||||||||||||||||||
Class Y | 1,000.00 | 985.90 | 4.00 | 1,021.17 | 4.08 | 0.80 |
(a) Expenses are calculated using each Fund’s annualized expense ratios for each class of shares, multiplied by the average account value for the period, then multiplying the result by the actual number of days in the period (184), and then dividing that result by the actual number of days in the fiscal year (365).
70 |
Renewal of Investment Advisory and Subadvisory Agreements
(UNAUDITED)
Overview | At meetings held on August 19-20, 2021, 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 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) ClariVest Asset Management LLC (“ClariVest”), the subadviser to the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; (2) 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; and (3) 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 the 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, ClariVest, Eagle, Scout, U.S. Bank Global Fund Services, a third party that provides sub-administration, transfer agent and fund accounting services to the Funds, and U.S. Bank National Association, which provides custody services to the Funds; information on the Funds’ performance and commentary on the performance presented by Raymond James Financial, Inc.’s (“RJF”) Asset Management Services and Fund portfolio managers; presentations by Fund portfolio managers addressing, as applicable, the investment philosophy, investment strategies, personnel and operations of ClariVest, Eagle and Scout; and compliance and financial reports concerning the Funds, as well as responses by Carillon Tower, Eagle, ClariVest 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, ClariVest, Eagle and Scout also prepared comprehensive responses to items of information requested by counsel to the Independent Trustees in letters to Carillon Tower, ClariVest, Eagle 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, ClariVest, Eagle and Scout. The responses also included information regarding the performance of the Funds as compared to funds within their Morningstar, Inc. category (“Morningstar Category”), Broadridge Financial Solutions, Inc. (“Broadridge”) performance universe and benchmark indices, and the Funds’ expenses relative to funds within the applicable Fund’s Broadridge expense group and expense universe. The Board posed questions to various management personnel of Carillon Tower regarding certain key aspects of the materials submitted in support of the renewal. The Board accorded appropriate weight to the work, deliberations and conclusions of its 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 2020 and in February, May and August 2021, 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 ClariVest, Eagle 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, ClariVest, Eagle and Scout with other clients (such as pension funds and other institutional investors); and (7) any benefits derived by Carillon Tower, ClariVest, Eagle and Scout from their relationships with the Funds.
Provided below is a discussion of the factors the Board considered at its August 2021 meetings 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; that the personnel responsible for the Funds at ClariVest, Eagle and Scout are experienced in providing portfolio management services for the Funds; and that Carillon Tower, ClariVest, Eagle and Scout have provided a continuous investment program for the Funds. The Board considered that Carillon Tower oversees and monitors the performance of, and services provided by, ClariVest, Eagle, Scout and the Funds’ other service providers. The Board also considered that Carillon Tower and its affiliate, Carillon Fund Distributors, Inc. (“CFD”), provide certain administration and distribution services to the Funds. In addition, the Board considered that Carillon Tower and its affiliates are 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 have chosen to invest in the Funds.
The Board considered that: ClariVest is responsible for making investment decisions on behalf of the Carillon ClariVest Capital Appreciation Fund and Carillon ClariVest International Stock Fund; Eagle is responsible for making investment decisions on behalf of the Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund; 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 ClariVest, Eagle and Scout are responsible for placing all orders for the purchase and sale of securities and other investments for the Funds that they manage. The Board also considered: (1) information regarding the Carillon Tower, ClariVest, Eagle and Scout personnel who provide services to the Funds; (2) certifications as to the adequacy of the compliance programs of Carillon Tower, ClariVest, Eagle and Scout; (3) the financial information provided regarding Carillon Tower, ClariVest, Eagle and Scout; and (4) Carillon Tower’s recommendations to continue to retain ClariVest, Eagle and Scout to provide portfolio management services to the Funds.
Investment Performance | The Board considered comparisons of each Fund’s Class I performance, including, if applicable, a Fund’s one-, three-, five- and ten-year annualized total returns for the period ended June 30, 2021, relative
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to the average performance of its Morningstar Category, Broadridge performance universe and benchmark indices. For each Fund, as relevant, the Board also considered the subadviser’s explanation regarding underperformance relative to the Fund’s Morningstar Category, Broadridge performance universe and/or benchmark indices.
With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year, three-year and five-year periods ended June 30, 2021, but outperformed for the ten-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 underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year and five-year periods; and (2) the Fund outperformed its benchmark index for the one-year period ended June 30, 2021, but underperformed for the three-year and five-year periods.
With respect to the Carillon Eagle Growth & Income Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year, five-year and ten-year periods; and (2) the Fund underperformed its benchmark index for all relevant periods.
With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe and Morningstar Category, and its benchmark index, for the one-year and three-year periods ended June 30, 2021, but outperformed for the five-year and ten-year periods.
With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered a number of factors regarding performance, including that the Fund underperformed the median of its Broadridge performance universe and Morningstar Category, and its benchmark index, for the one-year, three-year, five-year and ten-year periods ended June 30, 2021.
With respect to the Carillon Scout International Fund, the Board considered a number of factors regarding performance, including: (1) the Fund outperformed the median of its Broadridge performance universe for the one-year, three-year and five year periods ended June 30, 2021, but underperformed for the ten-year period; and (2) the Fund outperformed the median of its Morningstar Category and its benchmark index for the one-year period ended June 30, 2021, but underperformed for the three-year, five-year and ten-year periods.
With respect to the Carillon Scout Mid Cap Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year, five-year and ten-year periods; and (2) the Fund underperformed its benchmark index for the one-year, three-year and ten-year periods ended June 30, 2021, but outperformed for the five-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 the median of its Broadridge performance universe and Morningstar Category for the one-year, five-year, and ten-year periods ended June 30, 2021, but underperformed for the three-year period; and (2) the Fund outperformed its benchmark index for all relevant periods.
With respect to the Carillon Reams Core Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund
underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year, five-year and ten-year periods; and (2) the Fund outperformed its benchmark index for all relevant periods.
With respect to the Carillon Reams Core Plus Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year, five-year and ten-year periods; and (2) the Fund outperformed its benchmark index for all relevant periods.
With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered a number of factors regarding performance, including: (1) the Fund underperformed the median of its Broadridge performance universe and Morningstar Category for the one-year period ended June 30, 2021, but outperformed for the three-year and five-year periods; (2) the Fund outperformed its current benchmark index for the one-year, three-year and five-year periods ended June 30, 2021; and (3) the Fund outperformed the benchmark index that Carillon Tower proposed it adopt in the future for the one-year, three-year and five-year periods ended June 30, 2021.
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 ClariVest, Eagle and Scout, each Fund’s total expense ratio and its Rule 12b-1 fees. The Board considered that the subadvisory fee rate paid by Carillon Tower to ClariVest, Eagle 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 ClariVest, Eagle 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 to the median total expenses 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 undertaken contractual expense limitations with respect to the Funds. With respect to ClariVest and Scout, the Board considered that, to the extent that Carillon Tower waives its advisory fee or reimburses expenses, the amount that Carillon Tower pays to ClariVest or Scout is reduced proportionately. The Board also considered that, if Carillon Tower subsequently recoups previously waived advisory fees from a Fund for which ClariVest or Scout is a subadviser, Carillon Tower makes a payment to ClariVest or Scout in an amount equal to the recoupment.
With respect to the Carillon ClariVest Capital Appreciation Fund, the Board considered that the Fund’s contractual advisory fee was lower than the median of its Broadridge expense group and higher than the median of its expense universe, and its actual advisory fee was lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon ClariVest International Stock Fund, the Board considered that the Fund’s contractual advisory fee was equal to the median of its Broadridge expense group and expense universe, and its actual advisory fee was lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Growth & Income Fund, the Board considered that the Fund’s contractual advisory fee and actual advisory fee were lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Mid Cap Growth Fund, the Board considered that the Fund’s contractual advisory fee and actual advisory fee were lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Eagle Small Cap Growth Fund, the Board considered that the Fund’s contractual advisory fee and actual advisory fee were lower than the median of its Broadridge expense group and expense universe.
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With respect to the Carillon Scout International Fund, the Board considered that the Fund’s contractual advisory fee was equal to the median of its Broadridge expense group and higher than the median of its expense universe, and its actual advisory fee was lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Scout Mid Cap Fund, the Board considered that the Fund’s contractual advisory fee and actual advisory fee were higher than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Scout Small Cap Fund, the Board considered that the Fund’s contractual advisory fee and actual advisory fee were lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Core Bond Fund, the Board considered that the Fund’s contractual advisory fee was higher than the median of its Broadridge expense group and expense universe, and its actual advisory fee was lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Core Plus Bond Fund, the Board considered that the Fund’s contractual advisory fee was higher than the median of its Broadridge expense group and expense universe, and its actual advisory fee was lower than the median of its Broadridge expense group and expense universe.
With respect to the Carillon Reams Unconstrained Bond Fund, the Board considered that the Fund’s contractual advisory fee was higher than the median of its Broadridge expense group and expense universe, and its actual advisory fee was lower than the median 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 each subadviser is an indirect wholly-owned subsidiary of RJF. The Board considered that, because the subadvisory fee rate paid by Carillon Tower to ClariVest, Eagle or Scout, as applicable, is identical to the advisory fee rate paid to Carillon Tower, Carillon Tower retains none of the advisory fees received from the Funds. In addition, the Board considered that the estimated costs and profitability of ClariVest, Eagle 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 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, ClariVest, Eagle, 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. The Board further considered that, as the Funds’ principal underwriter and distributor, CFD receives Rule 12b-1 payments from the Funds to compensate it for providing services and distribution activities. These activities could lead to growth in the Funds’ assets and the corresponding benefits of that growth, including economies of scale and greater diversification. In addition, other affiliates of Carillon Tower have entered into agreements with CFD to sell Fund shares and receive compensation from CFD. The Board considered that ClariVest does not enter into formal soft dollar arrangements. The Board also considered that Carillon Tower has entered into sales and marketing agreements with ClariVest, Eagle and Scout pursuant to which ClariVest, Eagle and Scout pay Carillon Tower a fee for performing marketing and client services for the Funds and other clients of ClariVest, Eagle and Scout.
Conclusions | The Board concluded with respect to the Funds that: (1) the fees paid to Carillon Tower and each of ClariVest, Eagle and Scout under the Agreements are fair and reasonable; and (2) the Funds and their shareholders would benefit from Carillon Tower’s, ClariVest’s, Eagle’s and Scout’s continued management of the applicable Funds.
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(UNAUDITED)
Risk | Carillon ClariVest Capital Appreciation Fund | Carillon ClariVest International Stock Fund | Carillon Eagle Growth & Income Fund | Carillon Eagle Mid Cap Growth Fund | Carillon Eagle Small Cap Growth Fund | Carillon Scout International Fund | ||||||||||||||||||
Credit | X | |||||||||||||||||||||||
Credit ratings | X | |||||||||||||||||||||||
Currencies | X | X | ||||||||||||||||||||||
Emerging markets | X | |||||||||||||||||||||||
Equity securities | X | X | X | X | X | X | ||||||||||||||||||
Focused holdings | X | X | ||||||||||||||||||||||
Foreign securities | X | X | X | |||||||||||||||||||||
Growth stocks | X | X | X | X | X | X | ||||||||||||||||||
Initial public offerings | X | |||||||||||||||||||||||
Issuer | X | |||||||||||||||||||||||
Japan | X | |||||||||||||||||||||||
Large-cap companies | X | X | ||||||||||||||||||||||
Liquidity | X | X | ||||||||||||||||||||||
Market | X | X | X | X | X | X | ||||||||||||||||||
Market timing | X | X | X | |||||||||||||||||||||
Mid-cap companies | X | X | X | X | ||||||||||||||||||||
Other investment companies, including ETFs | X | |||||||||||||||||||||||
Quantitative strategy | X | X | ||||||||||||||||||||||
Redemptions | X | |||||||||||||||||||||||
Sectors | X | X | X | X | ||||||||||||||||||||
Securities lending | X | X | X | X | X | X | ||||||||||||||||||
Small-cap companies | X | X | ||||||||||||||||||||||
United Kingdom securities | X | |||||||||||||||||||||||
Valuation | X | |||||||||||||||||||||||
Value stocks | X | X |
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Principal Risks
(UNAUDITED)
Risk | Carillon Scout Mid Cap Fund | Carillon Scout Small Cap Fund | Carillon Reams Core Bond Fund | Carillon Reams Core Plus Bond Fund | Carillon Reams Unconstrained Bond Fund | |||||||||||||||
Credit | X | X | X | |||||||||||||||||
Credit ratings | X | X | X | |||||||||||||||||
Currencies | X | X | X | X | ||||||||||||||||
Derivatives | X | X | X | |||||||||||||||||
Emerging markets | X | X | X | |||||||||||||||||
Equity securities | X | X | ||||||||||||||||||
Focused holdings | X | |||||||||||||||||||
Foreign securities | X | X | X | X | X | |||||||||||||||
Growth stocks | X | X | ||||||||||||||||||
High-yield securities | X | X | ||||||||||||||||||
Income | X | X | X | |||||||||||||||||
Interest rate | X | X | X | |||||||||||||||||
Issuer | X | X | X | |||||||||||||||||
Leverage | X | X | X | |||||||||||||||||
LIBOR | X | X | X | |||||||||||||||||
Liquidity | X | X | X | |||||||||||||||||
Market | X | X | X | X | X | |||||||||||||||
Market timing | X | X | X | |||||||||||||||||
Maturity | X | X | X | |||||||||||||||||
Mid-cap companies | X | X | ||||||||||||||||||
Mortgage- and asset-backed securities | X | X | X | |||||||||||||||||
Portfolio turnover | X | X | X | X | ||||||||||||||||
Redemptions | X | X | X | |||||||||||||||||
Sectors | X | |||||||||||||||||||
Securities lending | X | X | X | X | X | |||||||||||||||
Short sales | X | |||||||||||||||||||
Small-cap companies | X | X | ||||||||||||||||||
U.S. government securities and government sponsored enterprises | X | X | X | |||||||||||||||||
U.S. Treasury obligations | X | X | X | |||||||||||||||||
Valuation | X | X | X | |||||||||||||||||
Value stocks | X | X |
Credit | A fund could lose money if the issuer or a counterparty, in the case of a derivatives contract, is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. The downgrade of the credit rating of a security held by a fund may decrease its value and may make it more difficult for the fund to sell it. Credit risk may change over the life of an instrument. Credit risk usually applies to most fixed income securities. U.S. government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the
issuers of such securities may greatly exceed their current resources. There is no assurance that the U.S. government would provide financial support to the issuing entity if not obligated to do so by law. Further, any government guarantees on U.S. government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.
Credit ratings | Ratings by nationally recognized rating agencies generally represent the agencies’ opinion of the credit quality of an issuer. However, these ratings are not absolute standards of quality and do not guarantee the creditworthiness of an issuer, and may prove to be inaccurate. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.
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Principal Risks
(UNAUDITED)
Currencies | A fund may have exposure to foreign currencies through its investments. Foreign currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, and may be affected by the imposition of currency controls or political developments in the U.S. or abroad. As a result, a fund’s exposure to foreign currencies may reduce the returns of a fund. Foreign currencies may decline in value relative to the U.S. dollar and other currencies and thereby affect a fund’s investments. In addition, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency futures and forwards, if used, may not always work as intended, and in specific cases, a Fund may be worse off than if it had not used such instrument(s). In the case of hedging positions, the U.S. dollar or other currency may decline in value relative to the foreign currency that is being hedged and thereby affect a fund’s investments. There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, a fund may choose to not hedge its currency risks.
Derivatives | Derivatives, such as options, futures contracts, currency forwards, including NDFs, or swap agreements, (including credit default swaps and credit default swap index products), may involve greater risks than if a fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risk, and credit risks. Derivatives also present the risk that the other party to the transaction will fail to perform. Counterparty risk is generally thought to be greater with derivatives that are traded over-the-counter than with derivatives that are exchange-traded or centrally cleared. However, derivatives that are traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. Derivatives involve an increased risk of mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument, in which case a fund may not realize the intended benefits. When used for hedging, changes in the value of the derivative may also not correlate perfectly with the underlying asset, rate or index. Derivatives risk may be more significant when derivatives are used to enhance fund returns, increase liquidity, manage the duration of a fund’s portfolio and/or gain exposure to certain instruments or markets, rather than solely to hedge the risk of a position held by the fund.
Derivatives can cause a fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment, and some derivatives have the potential for unlimited loss, regardless of the size of a fund’s initial investment, for example, where a fund may be called upon to deliver a security it does not own. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and a fund could lose more than the amount it invests. There may be material and prolonged deviations between the theoretical value and realizable value of a derivative. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Derivatives may at times be highly illiquid, and a fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.
The regulation of cleared and uncleared swap agreements, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. It is not possible to predict fully the effects of current or future regulation. Changes in government regulation of various types of derivatives instruments may make derivatives more costly or limit the availability of derivatives, which may: limit or prevent a fund from using certain types of derivative instruments as part of its investment strategy; affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or otherwise adversely affect the value or performance of derivatives. Compared to other types of investments,
derivatives may also be less tax efficient. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company. The SEC has adopted a new Rule 18f-4 that, among other matters, places limits on the use of derivatives by registered investment companies, such as a fund. A fund may have to comply with certain conditions depending on the extent of its use of derivatives, including (as applicable), the adoption and implementation of policies and procedures designed to manage a fund’s derivatives risks, recordkeeping and reporting requirements, compliance with a limit on the amount of leverage-related risk that a fund may obtain, and maintaining a derivatives risk management program and designating a derivatives risk manager. Compliance with the rule will likely subject a fund’s derivatives transactions to additional oversight and regulatory requirements.
• | Swap Agreements. Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically include a certain amount of embedded leverage and as such are subject to leveraging risk. If swaps are used as a hedging strategy, a fund is subject to the risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price movements or the non-occurrence of expected price movements, as well as a lack of correlation between the swaps and the portfolio of assets that the swaps are designed to hedge or replace. Swaps also may be difficult to value. Swaps may be subject to liquidity risk, counterparty risk and credit risk. Swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and counterparty risks. Credit default swaps may be subject to credit risk and the risks associated with the purchase and sale of credit protection. With respect to a credit default swap, if a fund is selling credit protection, there is a risk a fund is subject to many of the same risks it would be if it were holding debt obligations of the issuer; however, a fund would not have any recourse against such issuer and would not benefit from any collateral securing such issuer’s debt obligations. Therefore, when selling protection, a fund could be forced to liquidate other assets upon the occurrence of a credit event in order to pay the counterparty. There is also the risk that the transaction may be closed out at a time when the credit quality of the underlying investment has deteriorated, in which case a fund may need to make an early termination payment. If a fund is buying credit protection, there is the risk that no credit event will occur and a fund will receive no benefit (other than any hedging benefit) for the premium paid. There is also the risk that the transaction may be closed out at a time when the credit quality of the underlying investment has improved, in which case a fund may need to make an early termination payment. |
• | Futures and Forward Contracts. Futures and forward contracts, including NDFs, are subject to counterparty risk, credit risk and liquidity risk. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There are no limitations on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate and Treasury futures contracts expose a fund to price fluctuations resulting from changes in interest rates. A fund could suffer a loss if interest rates rise after a fund has purchased an interest rate futures contract or fall after a fund has sold an interest rate futures contract. Similarly, Treasury futures contracts expose a fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose a fund to volatility in an underlying securities index. |
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Principal Risks
(UNAUDITED)
• | Options. The movements experienced by a fund between the prices of options and prices of the assets (or indices) underlying such options, may differ from expectations, and may cause a fund to not achieve its objective. In order for a call option to be profitable, the market price of the underlying security or index must rise sufficiently above the call option exercise price to cover the premium and transaction costs. These costs will reduce any profit that might otherwise have been realized had a fund bought the underlying security instead of the call option. The buyer of a call option assumes the risk of losing its entire investment in the call option. The seller (writer) of a call option that is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying assets above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying assets above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase by such writer except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. For a put option to be profitable, the market price of the underlying security or index must decline sufficiently below the put option’s exercise price to cover the premium and transaction costs. These costs will reduce any profit that might otherwise have been realized from a fund having shorted the declining underlying security by the premium paid for the put option and by transaction costs. The buyer of a put option assumes the risk of losing its entire investment in the put option. The seller (writer) of a put option that is covered (i.e., the writer has a short position in the underlying assets) assumes the risk of an increase in the market price of the underlying assets above the sales price (in establishing the short position) of the underlying assets plus the premium received, and gives up the opportunity for gain on the underlying assets below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying assets below the exercise price of the option. If an option that a fund has purchased expires unexercised, a fund will experience a loss in the amount of the premium it paid. The writer of an option, unlike the holder, generally is subject to initial and variation margin requirements on the option position. There can be no guarantee that the use of options will increase a fund’s return or income. The premium received from writing options may not be sufficient to offset any losses sustained from exercised options. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them, and there may at times not be a liquid secondary market for options. |
Emerging markets | When investing in emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets have unique risks that are greater than or in addition to those associated with investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other foreign developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; delays and disruptions in securities settlement procedures; less stringent, or a lack of, uniform accounting, auditing, financial reporting and recordkeeping requirements or standards; less reliable clearance and settlement, registration and custodial procedures; trading suspensions and other restrictions on investment; and significant limitations on investor rights and recourse. The economies and governments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and significantly greater risk to investors. The governments of emerging market countries may also be more
unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. There may be less publicly available or less reliable information regarding issuers in emerging markets, which can impede a fund’s ability to accurately evaluate foreign securities. In certain emerging market countries, fraud and corruption may be more prevalent than in developed market countries, and investor protections may be more limited than those in other countries. It may be difficult to obtain or enforce legal judgments against non-U.S. companies and non-U.S. persons in foreign jurisdictions, through either the foreign judicial system or through a private arbitration process. Additionally, a fund may experience more volatile rates of return. These matters have the potential to impact a fund’s investment objective and performance.
Equity securities | A fund’s equity securities investments are subject to market risk. A fund may invest in the following equity securities, which may expose a fund to the following additional risks:
• | Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company. In the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay common stockholders after payments, if any, to bondholders and preferred stockholders have been made. |
• | Preferred Stocks. Preferred securities, including convertible preferred securities, are subject to issuer-specific and market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bondholders. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. Preferred stocks may also be subject to credit risk. |
• | 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 |
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stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the convertible securities’ investment value. Convertible securities also are sensitive to movements in interest rates. Generally, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price, and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. A convertible may be subject to redemption at the option of the issuer at a price established in the convertible’s governing instrument, which may be less than the current market price of the security. Convertibles typically are “junior” securities, which means an issuer may pay interest on its non-convertible debt before it can make payments on its convertibles. In the event of a liquidation, holders of convertibles may be paid before a company’s common stockholders but after holders of a company’s senior debt obligations. |
• | Depositary Receipts. A fund may invest in securities issued by foreign companies through American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). These securities are subject to many of the risks inherent in investing in foreign securities, including, but not limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity, more volatility, less government regulation and supervision and delays in transaction settlement. |
• | REITS. REITS or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including, among other risks, declines in the value of real estate, risks related to general and local economic conditions or changes in demographic trends or tastes, increases in operating expenses, defaults by mortgagors or other borrowers and tenants, lack of availability of mortgage funds or financing, extended vacancies of properties, especially during economic downturns, losses due to environmental liabilities, and adverse governmental, legal or regulatory action (such as changes to zoning laws, changes in interest rates, condemnation, tax increases, regulatory limitations on rents, or enforcement of or changes to environmental regulations). Additionally, REITs are dependent on the skills of their managers. Shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. REITs typically incur fees that are separate from those incurred by a fund, meaning a fund’s investment in REITs will result in the layering of expenses such that as a shareholder, a fund will indirectly bear a proportionate share of a REIT’s operating expenses. A domestic REIT could fail to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code, or to maintain its exemption from registration under the 1940 Act. |
• | Dividend-Paying Stocks. Securities of companies that have historically paid a high dividend yield may reduce or discontinue their dividends, reducing the yield of the fund. Low priced securities in the fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Securities that pay dividends may be sensitive to changes in interest rates, and a sharp increase in interest rates, or other market downturn, could result in a decision to decrease or eliminate a dividend. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. Changes to the dividend policies of companies in which a fund invests and the capital resources available for dividend payment at such companies may harm fund performance. A fund may also be harmed by changes to the favorable federal income tax treatment generally afforded to dividends. |
• | Rights and Warrants. Investments in rights and warrants may be more speculative than certain other types of investments because rights and warrants do not carry dividend or voting rights with respect to the underlying securities or any rights in the assets of the issuer. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities and a right or a warrant ceases to have value if it is not exercised prior to its expiration date. If a warrant or right to subscribe to additional shares is not exercised or, when permissible, sold prior to the warrant’s or right’s expiration date or redemption by the issuer, a fund could lose all or substantially all of the purchase price of the warrant or right. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights. |
Focused holdings | For funds that normally hold a core portfolio of securities of fewer companies than other funds, the increase or decrease of the value of a single investment may have a greater impact on the fund’s NAV and total return when compared to other diversified funds. Although a focused portfolio has the potential to generate attractive returns over time, it also may increase a fund’s volatility.
Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less government regulation and supervision of foreign stock exchanges, brokers and listed companies. In addition, there may be less public information available about foreign companies. The unavailability and/or unreliability of public information available may impede the fund’s ability to accurately evaluate foreign securities. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign issuers may utilize unfamiliar corporate organizational structures, which can limit investor rights and recourse. Moreover, it may be difficult to enforce contractual obligations or invoke judicial or arbitration processes against non-U.S. companies and non-U.S. persons in foreign jurisdictions. Foreign securities may be less liquid than domestic securities and there may be delays in transaction settlement in some foreign markets. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange, or by government authorities. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. A fund could also underperform if it invests in countries or regions whose economic performance falls short. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. The effect of recent, worldwide economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc. Foreign security risk may also apply to ADRs, GDRs and EDRs.
Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, the prices of these stocks may decline, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in
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market downturns. The price of a growth company’s stock may fail or not approach the value that has been placed on it. If a growth investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a value or other non-growth approach to investing or have a broader investment style.
High-yield securities | Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, issuers of junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties, leading to a greater risk that the issuer will default on the timely payment of principal and interest. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy, especially when the economy is weak or expected to become weak. If an issuer defaults, a fund may incur additional expenses to seek recovery. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a fund may lose its entire investment. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell. The higher yields of high-yielding securities may not reflect the value of the income stream that holders of such securities may expect, but rather the risk that such securities may lose a substantial portion of their value as a result of their issuer’s financial restructuring or default. Investments in high-yield securities are inherently speculative.
Income | A fund’s income could decline due to falling market interest rates. In a falling interest rate environment, a fund may be required to invest its assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of a fund for any particular period.
Initial public offerings | The market value of shares sold in an initial public offering (“IPO”) may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. The purchase of IPO shares may also involve high transaction costs. The limited number of shares available for trading in some IPOs may make it difficult for a fund to acquire shares of an issuer in which it would like to invest, and may also make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. . In addition, some companies initially offering their shares publicly may be involved in relatively new industries or lines of business, which may not be widely understood by investors. Many IPOs are by small- or micro-capitalization companies that are undercapitalized. Investments in IPOs may result in losses to a fund.
Interest rate | Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. A fund may be particularly sensitive to changes in interest rates if it invests in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in a 8% decrease in the value of the bond. As of the date of this Prospectus, interest rates are historically low. During periods of very low or negative interest rates, a fund may be unable to maintain positive returns. Certain European countries and Japan have experienced negative interest rates on deposits and debt securities have traded at negative yields. Negative interest
rates may become more prevalent among non-U.S. issuers, and potentially within the United States. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance to the extent the fund is exposed to such interest rates. To the extent a fund holds an investment with a negative interest rate to maturity, a fund may generate a negative return on that investment. Conversely, in the future, interest rates may rise significantly and/or rapidly, potentially resulting in substantial losses to a fund.
Issuer | The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.
Japan | A significant portion of a fund’s total assets may be invested in the securities of Japanese issuers, in accordance with the fund’s benchmark. Japan, like many Asian countries, is still heavily dependent upon international trade and may be adversely affected by protectionist trade policies, competition from Asia’s other low-cost emerging economies, the economic conditions of its trading partners, the 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. As a country with few natural resources, Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. These and other factors could have a negative impact on a fund’s performance and increase the volatility of an investment in a fund.
Large-cap companies | Investments in large-cap companies may underperform other segments of the market, in some cases for extended periods of time, because such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes. Large-cap companies generally are expected to be less volatile than companies with smaller market capitalizations. However, large-cap companies may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion, and may instead focus their competitive efforts on maintaining or expanding their market share.
Leverage | Certain transactions of a fund may give rise to a form of leverage. Such transactions may include, among others, the use of buybacks, dollar rolls, and when-issued, delayed delivery or forward commitment transactions. Certain derivatives that a fund may use may also create leverage. Derivatives that involve leverage can result in losses to a fund that exceed the amount originally invested in the derivatives. Certain types of leveraging transactions, such as short sales that are not “against the box,” could be subject to unlimited losses in cases where a fund, for any reason, is unable to close out the transaction. The use of leverage may cause a fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leveraging may cause a fund to be more volatile than if the fund had not been leveraged. This is because leveraging tends to exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.
LIBOR | Certain of the instruments identified in a fund’s principal investment strategies have variable or floating coupon rates that are based on ICE LIBOR (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings from each other within certain financial markets.
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Arrangements are underway to phase out the use of LIBOR. These arrangements and any additional regulatory or market changes may have an adverse impact on a fund or its investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR. There remains uncertainty about the nature of any replacement rate for LIBOR and the impact of the transition from LIBOR on a fund and the financial markets generally. Financial industry groups have begun planning for a transition to the use of a different Reference Rate or benchmark rate, but there are obstacles to converting certain securities and transactions to a new Reference Rate or benchmark rate. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments, all of which could impact a fund.
Not all LIBOR-based instruments may have provisions contemplating a scenario where LIBOR becomes unavailable or provide for an alternative rate-setting methodology, and there may be significant uncertainty regarding the effectiveness of any such methodologies. In addition, the alternative reference or benchmark rate may be an ineffective substitute. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund. Any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, any of the effects described above could occur prior to the official phasing out of LIBOR.
Liquidity | Liquidity risk is the possibility that a fund’s securities may have limited marketability, be subject to restrictions on resale, be difficult or impossible to purchase or sell at favorable times or prices, or become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a debt security, any of which could have the effect of decreasing the overall level of the fund’s liquidity. The market prices for such securities may be volatile. An inability to sell a portfolio position can adversely affect a fund’s NAV or prevent a fund from being able to take advantage of other investment opportunities. A fund could lose money if it cannot sell a security at the time and price that would be most beneficial to a fund. A fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to a fund. Market developments may cause a fund’s investments to become less liquid and subject to erratic price movements. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased capital requirements for broker-dealers. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect a fund’s ability to buy or sell debt securities and increase the related volatility and trading costs. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates.
Market | Markets may at times be volatile and the values of a fund’s stock and fixed income holdings, as well as the income generated by a fund’s fixed income holdings, may decline, sometimes significantly and/or rapidly, because of adverse issuer-specific conditions or general market conditions, including a broad stock market decline, which are not specifically related to a particular issuer. These conditions may include real or perceived adverse political, regulatory, market, economic or other developments, such as natural disasters, public health crises, pandemics, regional or global economic instability (including terrorism and geopolitical risks) and interest, inflation, and currency
rate fluctuations. These and other conditions may cause broad changes in market value, the general outlook for corporate earnings, public perceptions concerning these developments or adverse investment sentiment generally. These events may lead to periods of volatility, which may be exacerbated by changes in bond market size and structure. Changes in the financial condition of a single issuer, industry or market segment also can impact the market as a whole. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Conversely, it is also possible that, during a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in value may be temporary or may last for extended periods. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. Even when securities markets perform well, there is no assurance that the investments held by a fund will increase in value along with the broader market.
The increasing interconnectedness of markets around the world may result in many markets being affected by events in a single country or events affecting a single or small number of issuers. Events such as natural disasters, public health crises, pandemics, governments’ reactions to and public perceptions concerning these developments, and adverse investor sentiment could cause uncertainty in the markets and may adversely affect the performance of the global economy. Terrorism and related geopolitical risks, including tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. Likewise, systemic market dislocations of the kind that occurred during the financial crisis in 2008, if repeated, would be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of a fund’s investments.
Political and diplomatic events within the United States and abroad, such as changes in the U.S. presidential administration and Congress and domestic political unrest, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by government or quasi-governmental organizations.
In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, 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,
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unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices could be a sustained trend or a drastic movement. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.
Recent Market Events | Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has subsequently spread globally. The impact of the outbreak has been rapidly evolving, and the transmission of COVID-19 and efforts to contain its spread have resulted, and may continue to result, in significant disruptions to business operations, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruptions of and delays in healthcare service preparation and delivery, prolonged quarantines and stay-at-home orders, cancellations, supply chain disruptions, widespread business closures and layoffs, service and event cancellations, reductions and other changes, and lower consumer demand, as well as general concern and uncertainty that has negatively affected the global economy. These issues may continue until vaccines and other COVID-19 treatments are more widely available, the timeline for which is uncertain. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
The Board of Governors of the Federal Reserve System (also known as “the Fed”) has taken and may continue to take numerous measures to address the economic impact of the COVID-19 pandemic, such as the reduction of the federal funds target rate and the introduction of several credit and liquidity facilities, and the U.S. federal government has taken and may continue to take steps to stimulate the U.S. economy, including adopting stimulus packages targeted at large parts of the economy. The effect of these and other efforts may not be known for some time, and it is not known whether and to what extent they will be successful.
Decisions by the Fed regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, continue to have a significant impact on securities prices as well as the overall strength of the U.S. economy. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets. The Fed has recently signaled intent to taper its interventions, giving rise to concerns of a rate hike earlier than previously anticipated. Amid the Fed’s ongoing efforts, concerns about the markets’ dependence on the Fed’s daily doses of liquidity have grown. Future legislative, regulatory and policy changes may impact current international trade deals, result in changes to prudential regulation of certain players in the financial market, and provide significant new investments in infrastructure, the environment, or other areas. 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.
A rise in protectionist trade policies, slowing global economic growth, risks associated with ongoing trade negotiations with China, risks
associated with the United Kingdom’s departure from the European Union on December 31, 2020, and a trade agreement between the United Kingdom and the European Union, and the possibility of changes to some international trade agreements, could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time. Interest rates have been unusually low in recent years in the U.S. and abroad and are currently at historic lows. 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.
Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. These losses could adversely affect corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Since property and security values are driven largely by buyers’ perceptions, it is difficult to know the time period over which these market effects might unfold.
Market timing | Frequent trading by fund shareholders poses risk to other shareholders in a fund, including (i) the dilution of a fund’s NAV, (ii) an increase in a fund’s expenses, and (iii) interference with a portfolio manager’s ability to execute efficient investment strategies. Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small-cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. There is no guarantee that Carillon Tower Advisers, Inc., as the manager and transfer agent of the funds, can detect all market timing activities.
Maturity | A fund will invest in fixed income securities of varying maturities. A fixed income security’s maturity is one indication of the interest rate exposure of a security. Generally, the longer a fixed income security’s maturity, the greater the risk. Conversely, the shorter a fixed income security’s maturity, the lower the risk.
Mid-cap companies | Investments in mid-cap companies generally involve greater risks than investing in large-capitalization companies. Mid-cap companies may have narrower commercial markets and limited managerial and financial resources compared to larger, more established companies. The performance of mid-cap companies can be more volatile, and their stocks less liquid, compared to larger, more established companies, which could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that
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(UNAUDITED)
invests in mid-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large-cap companies. Generally, the smaller the company size, the greater these risks.
Mortgage- and asset-backed securities | Mortgage and asset-backed security risk arises in part from the potential for mortgage failure, particularly during periods of market downturn, premature repayment of principal, or a delay in the repayment of principal, and can increase in an unstable or depressed housing market. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagor’s failure to repay would have a negative impact on the fund. If a borrower repays the principal early, a fund may have to reinvest the proceeds at a lower rate, thereby reducing a fund’s income. Conversely, a delay in the repayment of principal could lengthen the expected maturity of the securities, thereby increasing the potential for loss when prevailing interest rates rise, which could cause the values of the securities to fall sharply. In a to-be-announced (“TBA”) mortgage-backed transaction, a fund and the seller agree upon the issuer, interest rate and terms of the underlying mortgages. However, the seller does not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a fund.
Other investment companies, including 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. A passively managed ETF may not be permitted to sell poorly performing stocks that are included in its index.
Portfolio turnover | A fund may engage in more active and frequent trading of portfolio securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors (from increased recognition of net capital gains, which are taxable to shareholders when distributed to them) and adversely affect performance.
Quantitative strategy risk | The success of a fund’s investment strategy may depend in part on the effectiveness of a sub-adviser’s quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. A sub-adviser’s quantitative tools may use factors that may not be predictive of a security’s value, and any changes over time in the factors that affect a security’s value may not be reflected in the
quantitative model. The quantitative tools may not react as expected to market events, resulting in losses for a fund. Data for some companies, particularly non-U.S. companies, may be less available and/or less current than data for other companies. There may also be errors in the computer code for the quantitative model or in the model itself, or issues relating to the computer systems used to screen securities. A sub-adviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a sub-adviser and therefore may also result in losses.
Redemptions | A fund may experience periods of heavy redemptions that could cause a fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in a fund, have short investment horizons, or have unpredictable cash flow needs. The risk of loss is also greater if redemption requests are frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities a fund wishes to sell are illiquid. A general rise in interest rates has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. This, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets, and heightened redemption risk. Heavy redemptions, whether by a few large investors or many smaller investors, could hurt a fund’s performance.
Sectors | A fund may hold a significant amount of investments in companies that are in similar businesses, which may be similarly affected by particular economic or market events that may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to change. To the extent a fund has substantial holdings within a particular sector, the risks associated with that sector increase. In addition, when a fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if a fund invested more evenly across sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. As a fund’s portfolio changes over time, a fund’s exposure to a particular sector may become higher or lower.
Financials sector | Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.
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Principal Risks
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Health care sector | The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are (1) heavily dependent on patent protection and intellectual property rights and the expiration of a patent may adversely affect their profitability, (2) subject to extensive litigation based on product liability and similar claims, and (3) subject to competitive forces that may make it difficult to raise prices and, may result in price discounting. Health care companies may also be thinly capitalized and susceptible to product obsolescence. Many health care products and services may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and delays in or failure to receive such approvals may negatively impact the business of such companies. Additional or more stringent laws and regulations enacted in the future could have a material adverse effect on such companies in the health care sector. Issuers in the health care sector include issuers having their principal activities in the biotechnology industry or in medical laboratories and research, which pose additional risks. A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and, accordingly, can be significantly affected if one of its products proves unsafe, ineffective or unprofitable. Many biotechnology companies invest heavily in research and development, and their products or services may not prove commercially successful or may become obsolete quickly due to technological change. Biotechnology companies can also be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information. Any impairment of such rights may have adverse financial consequences. Biotechnology companies are subject to regulation by, and the restrictions of, the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities. A biotechnology company may be unable to raise prices on its products or services to cover its development and regulatory costs because of managed care pressure or price controls. Biotechnology stocks, especially those issued by smaller, less-seasoned companies, can be more volatile than the overall market.
Information technology sector | The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment, instruments and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.
Securities lending | A fund may lend its portfolio securities to brokers, dealers and financial institutions to seek income. Borrowers of a fund’s securities typically provide collateral in the form of cash that is reinvested in securities. A fund will be responsible for the risks associated with the investment of cash
collateral. A fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. There is a risk that a borrower may default on its obligations to return loaned securities; however, a fund’s securities lending agent may indemnify the fund against that risk. There is a risk that the assets of a fund’s securities lending agent may be insufficient to satisfy any contractual indemnification requirements to the fund. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a fund’s ability to vote proxies or to settle transactions and there is the risk of possible loss of rights in the collateral should the borrower fail financially. In any case in which the loaned securities are not returned to a fund before an ex-dividend date, the payment in lieu of the dividend that the fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”
Short sales | A short sale creates the risk of a loss if the price of the underlying security increases in value between the date of the short sale and the date on which an offsetting position is purchased, thus increasing the cost to a fund of buying those securities to cover the short position. The potential for greater losses may be incurred due to general market forces, such as a lack of securities available for short sellers to borrow for delivery, or increases in the price of a security sold short. A fund may lose more money than the actual cost of a short sale investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a fund.
Small-cap companies | Investments in small-cap companies generally involve greater risks than investing in large-capitalization companies. Companies with smaller market capitalizations generally have lower volume of shares traded daily, less liquid stock and more volatile stock prices. Companies with smaller market capitalizations also tend to have a limited product or service base and limited access to capital. Newer companies with unproven business strategies also tend to be smaller companies. The above factors increase risks and make these companies more likely to fail than companies with larger market capitalizations, and could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in small-cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in mid-cap or large-cap companies. Generally, the smaller the company size, the greater these risks.
United Kingdom securities | A fund’s exposure to issuers located in, or with economic ties to, the United Kingdom (the “UK”), could expose the fund to risks associated with investments in the UK to a greater extent than more geographically diverse funds. Investments in UK issuers may subject a fund to regulatory, political, currency, security, and economic risks specific to the UK. The UK has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the UK. As a result, the UK economy may be impacted by changes to the economic condition of the United States and other European countries. The UK economy relies heavily on the export of financial services to the United States and other European countries. A prolonged slowdown in the financial services sector may have a negative impact on the UK economy. In the past, the UK has been a target of terrorism. Acts of terrorism in the UK or against UK interests may cause uncertainty in the UK financial markets and adversely affect the performance of the issuers to which a fund has exposure.
The full impact of the UK’s departure from the European Union, commonly referred to as “Brexit,” which occurred on December 31, 2020, and the nature of the future relationship between the UK and the European Union remains uncertain. The UK and the European Union reached a trade agreement on December 31, 2020, which became effective on May 1, 2021 after being ratified by all applicable United Kingdom and European Union governmental bodies. The period following the UK’s withdrawal from the European Union is expected to be one of significant political and economic uncertainty particularly until the UK government and European Union member states agree and implement the terms of the UK’s future relationship with the European Union.
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Principal Risks
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Brexit may create additional economic stresses for the UK, which may include causing a contraction of the UK economy and price volatility in UK stocks, decreased trade, capital outflows, devaluation of pounds sterling, and wider corporate bond spreads due to uncertainty and declines in business and consumer spending as well as foreign direct investment. A fund may be negatively impacted by changes in law and tax treatment resulting from or following Brexit. The UK may be less stable than it has been in recent years, and investments in the UK may be difficult to value, or subject to greater or more frequent rises and falls in value. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. Until the economic effects of Brexit become clearer, and while a period of political, regulatory and commercial uncertainty continues, there remains a risk that Brexit may negatively impact the value of investments held by a fund. In addition, any further exits from the European Union, or the possibility of such exits, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.
U.S. Government securities and Government sponsored enterprises | A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Investments in securities issued by Government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (3) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so. In such circumstances, if the issuer defaulted, a fund may not be able to recover its investment from the U.S. Government. Like all bonds, U.S. Government securities and Government-sponsored enterprise bonds are also subject to interest rate risk, credit risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially higher costs for the U.S. government to obtain new financing.
U.S. Treasury obligations | Securities issued or guaranteed by the U.S. Treasury are backed by the “full faith and credit” of the United States; however, the U.S. government guarantees the securities only as to the timely payment of interest and principal when held to maturity, and the market prices of such securities may fluctuate. The value of U.S. Treasury obligations may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. government may cause the value of a fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shutdown, may also cause investors to lose confidence in the U.S. government and may cause the value of U.S. Treasury obligations to decline. Because U.S. Treasury securities trade actively outside the United States, their prices may also rise and fall as changes in global economic conditions affect the demand for these securities. The total public debt of the U.S. as a percent of GDP has grown rapidly since the beginning of the recent financial and market volatility as a result of the coronavirus pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they have the potential to create systemic risks if sound debt management practices are not implemented.
Valuation | Securities held by a fund may be priced by an independent pricing service and also may be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. This risk may be pronounced for investments that may be illiquid or may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility.
Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market or that their prices may decline. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors. If a value investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a non-value approach to investing or have a broader investment style.
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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, 2021, 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 | |||
Independent Trustees | ||||||
John Carter (1961) Trustee since 2017 (Carillon Series Trust) Trustee from 2016 to 2017 (Eagle Series Trust) | Law Office of John K. Carter, P.A. since 2015; 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 | 11 | Director, Operation PAR, Inc. 2016-2020; Trustee, RiverNorth Funds since 2013 (7 funds) | |||
Keith B. Jarrett, PhD (1948) Trustee since 2017 (Carillon Series Trust) Trustee from 2005 to 2017 (Eagle Series Trust) | Managing Partner, PW1 LLC since 2013; Founder, Rockport Funding, LLC (private equity), and Ajax Partners (investment partnership) since 2003 | 11 | N/A | |||
Liana Marante (1963) Trustee since 2017 (Carillon Series Trust) Trustee from 2014 to 2017 (Eagle Series Trust) | Managing Member, Bay Consulting Partners, LLC since 2010; Executive Director, MCS Foundation, Inc., (a nonprofit organization engaged in hurricane recovery in Puerto Rico) 2017-2019 | 11 | Founding Director, since 2020, Managing Director, (ended 2020), Aurora Angel Investor Network Corp.; Chair of the Board of Guilty Holdings, Inc., since 2021 | |||
Krishna K. Memani (1960) Trustee since 2021 (Carillon Series Trust) | Chief Investment Officer, Lafayette College since 2020; Vice Chairman, Investments, Invesco 2019-2020; Chief Investment Officer, OppenheimerFunds 2009-2019 | 11 | N/A | |||
Deborah L. Talbot, PhD (1950) Chair of the Board of Trustees since 2018, Trustee since 2017 (Carillon Series Trust) Trustee from 2002 to 2017 (Eagle Series Trust) | Independent Consultant; Principal, Lazure Enterprises, 2013-2019; Deans’ Advisory Board, College of Arts and Sciences, University of Memphis since 2002 | 11 | N/A | |||
Jerry A. Webman, PhD, CFA® (1949) Trustee since 2018 (Carillon Series Trust) | Chief Economist, OppenheimerFunds 2006-2016; Senior Investment Officer, Director of Fixed Income, Oppenheimer Funds 1996-2009 | 11 | Trustee, 2021, Chair, Board of Trustees 2016-2021, Trustee and Treasurer 2013-2016, Chair, Board of Trustees 2010-2013, New Jersey Law and Education Empowerment Project (NJ LEEP); Board Member since 2017, Chair, Investment Committee and Member, Finance Committee since 2018, Member Executive Committee 2021, Charity Navigator; Trustee and Investment Committee Member since 2015, Member Finance Committee 2020, Community Service Society; President, Board of Managers, 275 W. 10th St. Condominium since 2018 |
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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 (b) | ||||
Susan L. Walzer (1967) President since March 2021 (Carillon Series Trust; Principal Executive Officer since 2017 (Carillon Series Trust) Principal Executive Officer from 2011 to 2017 (Eagle Family of Funds) | Director of Carillon Tower, since 2019; Director of Carillon Fund Services, lnc., 2019-2020; Director of Carillon Fund Distributors, Inc., since 2019; Director of 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 (Carillon Series Trust) Principal Financial Officer and Treasurer from 2011 to 2017 (Eagle Family of Funds) | Vice President of Fund Administration, Carillon Tower, since 2018; Manager of Fund Accounting for Carillon Tower 2017-2018; Manager of Fund Accounting for Eagle 2005-2017 and Fund Reporting for Eagle 2010-2017 | |||
Ludmila M. Chwazik (1965) Chief Compliance Officer and Secretary since 2020 (Carillon Series Trust) | Vice President of Compliance, Raymond James, since 2020; Chief Compliance Officer, Water Island Capital, 2016-2019; Senior Vice President of Legal and Compliance, Neuberger Berman, 2014-2016 | |||
Angie M. Davis (1974) Assistant Treasurer since February 2021 (Carillon Series Trust) | Senior Financial Analyst, Carillon Tower, since 2017; Financial Analyst, Carillon Tower, 2013-2017 |
Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, which is available, without charge, upon request, by calling the Carillon Family of Funds toll free at 1-800-421-4184 or by accessing our website at www.carillontower.com.
(a) Trustees serve for life or until they are removed, resign or retire. The Board has adopted a Board Governance Policy that requires Independent Trustees to retire no later than at the end of the meeting which occurs immediately after his or her 75th birthday.
(b) Officers each serve one year terms.
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Please consider the investment objectives, risks, charges and expenses of any fund carefully before investing. Call 800.421.4184 or your financial professional, or visit www.carillontower.com, for a prospectus, or summary prospectus, which contains this and other important information about the Carillon Family of Funds. Read the prospectus, or summary prospectus, carefully before you invest or send money.
This report is for the information of Shareholders of the Carillon Mutual Funds. If you wish to review additional information on the portfolio holdings of a fund, a complete schedule has been filed with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fund’s fiscal year end on Form N-PORT. These filings are available on the Commissions’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330. A description of each fund’s proxy voting policies, procedures and information regarding how each fund voted proxies relating to portfolio securities for the most recent 12-month period ending June 30th of that year, is available without charge, upon request, by calling the Carillon Family of Funds, toll-free at the number above, by accessing our website at carillontower.com or by accessing the Commission’s website at www.sec.gov.
Item 2. Code of Ethics
As of the end of the fiscal period October 31, 2021, Carillon Series Trust (the “Trust”) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Principal Executive Officer and Principal Financial Officer. The Trust has not made any amendments to its code of ethics during the covered period, other than technical, administrative, and other non-substantive amendments. The Trust has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Trust’s Board of Trustees (“Board”) has determined that Liana Marante is an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee. Ms. Marante is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services1
(a) Audit Fees
The aggregate fees billed by the Trust’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered in connection with the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $380,000 for the fiscal period ended October 31, 2020, and $360,000 for the fiscal period ended October 31, 2021.
(b) Audit-Related Fees
There were no aggregate fees PwC billed to the Trust for assurance and other services which are reasonably related to the performance of the Trust’s audit and are not reported under Item 4(a) for the fiscal periods ended October 31, 2020, and October 31, 2021. The aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for assurance and other services directly related to the operations and financial reporting of the Trust were $0.00 for the fiscal period ended October 31, 2020, and $0.00 for the fiscal period ended October 31, 2021.
(c) Tax Fees
The aggregate tax fees PwC billed to the Trust for tax compliance, tax advice, and tax planning services were $58,000 for the fiscal period ended October 31, 2020, and $118,000 for the fiscal period ended October 31, 2021. There were no aggregate tax fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2020, and October 31, 2021.
(d) All Other Fees
For the fiscal periods ended October 31, 2020, and October 31, 2021, the Trust paid PwC no other fees. There were no aggregate fees PwC billed to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for any other services directly related to the operations and financial reporting of the Trust for the fiscal periods ended October 31, 2020, and October 31, 2021.
1 | All accountant fees and services amounts are rounded to the nearest whole thousand. |
(e) The Trust’s Audit Committee Charter provides that the Audit Committee (comprised of Independent Trustees of the Trust) is responsible for pre-approval of all auditing services performed for the Trust. The Audit Committee reports to the Board regarding its approval of the engagement of the auditor and the proposed fees for the engagement, and the majority of the Board (including the majority of the members of the Board who are Independent Trustees) must approve the auditor. The Audit Committee also is responsible for pre-approval (subject to the de minimis exception for non-audit services described in the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, and that are not expecting to exceed $5,000) of all non-auditing services performed for the Trust or for any service affiliate of the Trust that relates directly to the operations and financial reporting of the Trust. The Trust’s Audit Committee Charter also permits a designated member of the Audit Committee to pre-approve, between meetings, one or more non-audit service projects, subject to ratification by the Audit Committee at the next meeting of the Audit Committee. The Trust’s Audit Committee pre-approved all fees described above which PwC billed to the Trust.
(f) Less than 50% of the hours billed by PwC for auditing services to the Trust for the fiscal period ended October 31, 2021, were for work performed by persons other than full-time, permanent employees of PwC.
(g) There were no aggregate non-audit fees billed by PwC to the Trust and to the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser for the fiscal periods ended October 31, 2020, and October 31, 2021.
(h) The Trust’s Audit Committee has considered the non-audit services provided to the Trust and the Trust’s investment adviser and any entity controlling, controlled by, or under common control with the Trust’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable to the Trust.
Item 6. Schedule of Investments
Included as part of report to shareholders under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to the Trust.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to the Trust.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to the Trust.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the Trust’s Nominating Committee Charter, which sets forth procedures by which shareholders may recommend nominees to the Board, since the Trust last provided disclosure in response to this item.
Item 11. Controls and Procedures
(a) | The Trust’s Principal Executive Officer and Principal Financial Officer evaluated the Trust’s disclosure controls and procedures within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the Trust in the reports that it files on Form N-CSR (a) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission; and (b) is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. |
(b) | There was no change in the internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) of the Trust that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the Trust.
Item 13. Exhibits
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit 99.CODEETH. |
(a)(2) |
(a)(3) | Not applicable to the Trust. |
(a)(4) | Not applicable to the Trust |
(b) |
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 17, 2021 | ||||||
/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 17, 2021 | /s/ Susan L. Walzer | |||||
Susan L. Walzer | ||||||
Principal Executive Officer | ||||||
Date: December 17, 2021 | /s/ Carolyn Gill | |||||
Carolyn Gill | ||||||
Principal Financial Officer |