CARILLON SERIES TRUST

Carillon Mutual Funds

Prospectus | March 1, 2023

Equity Funds

Class A

Class C

Class I

Class Y

Class R‑3

Class R‑5

Class R‑6

Carillon ClariVest Capital Appreciation Fund

HRCPX

HRCCX

HRCIX

HRCYX

HRCLX

HRCMX

HRCUX

Carillon ClariVest International Stock Fund

EISAX

EISDX

EISIX

EISYX

EISRX

EISSX

EISVX

Carillon Eagle Growth & Income Fund

HRCVX

HIGCX

HIGJX

HIGYX

HIGRX

HIGSX

HIGUX

Carillon Eagle Mid Cap Growth Fund

HAGAX

HAGCX

HAGIX

HRAYX

HAREX

HARSX

HRAUX

Carillon Eagle Small Cap Growth Fund

HRSCX

HSCCX

HSIIX

HSRYX

HSRRX

HSRSX

HSRUX

Carillon Scout Mid Cap Fund

CSMEX

CSMFX

UMBMX

CSMZX

CSMRX

CSMSX

CSMUX

Carillon Scout Small Cap Fund

CSSAX

CSSJX

UMBHX

CSSWX

CSSQX

CSSSX

CSSVX

Fixed Income Funds

Class A

Class C

Class I

Class Y

Class R‑3

Class R‑5

Class R‑6

Carillon Reams Core Bond Fund

CRCBX

CRCDX

SCCIX

SCCYX

CRCQX

CRCSX

CRCUX

Carillon Reams Core Plus Bond Fund

SCPDX

SCPEX

SCPZX

SCPYX

SCPUX

SCPVX

SCPWX

Carillon Reams Unconstrained Bond Fund

SUBDX

SUBEX

SUBFX

SUBYX

SUBRX

SUBSX

SUBTX

These securities have not been approved or disapproved by the Securities and Exchange Commission (“Commission”), nor has the Commission passed upon the accuracy or adequacy of the funds’ Prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

Summaries


Carillon ClariVest Capital Appreciation Fund			1
Carillon ClariVest International Stock Fund			7
Carillon Eagle Growth & Income Fund			14
Carillon Eagle Mid Cap Growth Fund			19
Carillon Eagle Small Cap Growth Fund			24
Carillon Scout Mid Cap Fund			29
Carillon Scout Small Cap Fund			35
Carillon Reams Core Bond Fund			42
Carillon Reams Core Plus Bond Fund			50
Carillon Reams Unconstrained Bond Fund			58



More Information About the Funds
Additional Information About the Funds			66
Additional Information Regarding Investment Strategies			66
Additional Information About Principal Risk Factors			72
Investment Adviser			87
Subadvisers			88
Portfolio Managers			89
Distributor			92
Rule 12b‑1 Distribution Plan			92
Payments to Financial Intermediaries			92
Choosing a Share Class			94
Class A Shares			94
Class C Shares			95
Sales Charge Reductions			95
Application of CDSC			101



Reinstatement Privilege			102
Class I Shares			102
Class Y Shares			102
Class R‑3, R‑5 and R‑6 Shares			102
How to Invest			103
How To Sell Your Investment			104
How To Exchange Your Shares			106
Valuing Your Shares			107
Doing Business with the Funds			109
Dividends, Other Distributions and Taxes			111
Description of Indices			114
Fund Symbols, CUSIPs and Codes			115
Financial Highlights			116
For More Information			124

Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3

Investment objective | The Carillon ClariVest Capital Appreciation Fund (“Capital Appreciation Fund” or the “fund”) seeks long-term capital appreciation.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Capital Appreciation Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.28%	0.26%	0.28%	0.20%	0.34%	0.29%	0.19%

Total Annual Fund Operating Expenses	1.13%	1.86%	0.88%	1.05%	1.44%	0.89%	0.79%

Fee Waiver and/or Expense Reimbursement (b)	(0.13)%	(0.11)%	(0.18)%	(0.05)%	(0.19)%	(0.19)%	(0.19)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.00%	1.75%	0.70%	1.00%	1.25%	0.70%	0.60%

(a) If you purchased $1,000,000 or more of Class A shares of a Carillon mutual fund that were not otherwise eligible for a sales charge waiver and sell the shares within 18 months from the date of purchase, you may pay up to a 1% contingent deferred sales charge at the time of sale. If you sell Class C shares less than one year after purchase, you will pay a 1% CDSC at the time of sale.

(b) Carillon Tower Advisers, Inc. (“Carillon”) has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of the fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows: Class A – 1.00%, Class C – 1.75%, Class I – 0.70%, Class Y – 1.00%, Class R‑3 – 1.25%, Class R‑5 – 0.70%, and Class R‑6 – 0.60%. This expense limitation excludes interest, taxes, brokerage commissions, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. The contractual fee waivers can be changed only with the approval of a majority of the fund’s Board of Trustees. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fee recoupment.


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same, except that the example reflects the fee waiver/expense reimbursement arrangement for each share class through February 29, 2024. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$572	$805	$1,056	$1,773
Class C	$278	$574	$996	$2,171
Class I	$72	$263	$470	$1,068
Class Y	$102	$329	$575	$1,278
Class R‑3	$127	$437	$769	$1,708
Class R‑5	$72	$265	$474	$1,079
Class R‑6	$61	$233	$420	$960

Portfolio turnover | The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 31% of the average value of its portfolio.

Principal investment strategies | During normal market conditions, the Capital Appreciation Fund seeks to achieve its objective by investing at least 65% of its net assets in common stocks of companies that have the potential for attractive long-term growth in earnings, cash flow and total worth of the company. In addition, the portfolio management team prefers to purchase stocks that appear to be underpriced in relation to the company’s long-term growth fundamentals. The strategy of the fund’s portfolio management team is based upon systematic analysis of fundamental and technical factors, significantly aided by a quantitative process. The fund typically invests in the stocks of large- and mid‑capitalization companies, but may invest in the stocks of companies of any size without regard to market capitalization. Although the portfolio management team generally does not emphasize investment in any particular investment sector or industry, the fund may invest a significant portion of its assets in the securities of companies in the information technology sector at any given time. The fund may sell securities when they no longer meet the portfolio management team’s investment criteria.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

Principal risks | The greatest risk of investing in the fund is that you could lose money. The fund invests primarily in common stocks whose values may increase and decrease in response to the activities of the companies that issued such stocks, general market conditions and/or economic conditions. As a result, the fund’s net asset value (“NAV”) may also increase and decrease. An investment in the fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investments in the fund are subject to the following primary risks. The most significant risks of investing in the fund as of the date of this Prospectus are listed first below, followed by the remaining risks in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

Common stocks. The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing company;

•

Growth stock risk is the risk of a growth company not providing an expected earnings increase or dividend yield. When these expectations are not met, the prices of these stocks may decline, even if earnings showed an absolute increase. If a growth investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a value or other non‑growth approach to investing or have a broader investment style;

•


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3

war, terrorism, territorial disputes and geopolitical risks), changes in the U.S. presidential administration and Congress, 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, 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. 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 the fund to experience a loss when selling securities to meet redemption requests by shareholders. 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. 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 risk includes risks arising from current and recent circumstances impacting markets. Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in the fund may be increased.

Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. It is difficult to accurately predict the pace at which interest rates may continue to increase, or the timing, frequency or magnitude of any such increases. Additionally, various economic and political factors could cause the Federal Reserve or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown in the US and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility or reduce liquidity across various markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

The impact of the COVID-19 pandemic has negatively affected and could continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Epidemics and/or pandemics, such as the coronavirus, have and may further result in, among other things, closing borders, extended quarantines and stay-at-home orders, order cancellations, disruptions to supply chains and customer activity, widespread business closures and layoffs, as well as general concern and uncertainty.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change;

•

Large cap company risk arises because large-cap companies may be less responsive to competitive challenges and opportunities, and may be unable to attain high growth rates, relative to smaller companies;

•

Micro-capitalization company risk arises because micro-cap companies may have less predictable earnings and revenues, experience significant losses, lack an operating history, product lines, or financial resources, more volatile share prices and less liquid markets, and may trade less frequently than larger, more established companies;

•

Mid‑cap company risk arises because mid‑cap companies may have narrower commercial markets, limited managerial and financial resources, more volatile performance, and less liquid stock, compared to larger, more established companies;


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3

•

Quantitative strategy risk is the risk that the success of the fund’s investment strategy may depend in part on the effectiveness of the subadviser’s quantitative tools for screening securities. These strategies may incorporate factors that may not be predictive of a security’s value. The subadviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems;

•

Sector risk is the risk associated with the fund holding a core portfolio of stocks invested in similar businesses, all of which could be affected by similar economic or market conditions. As the fund’s portfolio changes over time, the fund’s exposure to a particular sector may become higher or lower.

Information technology sector risk is the risk that 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. These companies may be smaller or newer and may have limited product lines, markets, financial resources or 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. The market prices of information technology-related securities tend to exhibit a greater degree of interest rate risk and market risk and may experience sharper price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices;

•

Securities lending risk is the risk that, if the fund lends its portfolio securities and receives collateral in the form of cash that is reinvested in securities, those securities 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 the fund’s ability to vote proxies or to settle transactions and there may be a loss of rights in the collateral should the borrower fail financially;

•

Small-cap company risk arises because small-cap companies may have less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and limited access to capital, compared to larger, more established companies; and

•

Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non-value approach to investing or have a broader investment style.

Performance | The bar chart that follows illustrates annual fund returns for the periods ended December 31. The table that follows compares the fund’s returns for various periods with benchmark returns. This information is intended to give you some indication of the risk of investing in the fund by demonstrating how its returns have varied over time. The bar chart shows the fund’s Class I share performance from one year to another. Each of the fund’s share classes is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same sales charges and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	27.28%	June 30, 2020

Worst Quarter	(19.92)%	June 30, 2022


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3



Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	3/21/06	(28.79)%	8.17%	12.71%

After Taxes on Distributions		(31.56)%	5.76%	10.17%

After Taxes on Distributions and Sale of Fund Shares		(15.03)%	6.41%	10.07%

Class A – Before Taxes	12/12/85	(32.37)%	6.81%	11.82%

Class C – Before Taxes	4/3/95	(29.55)%	7.04%	11.51%

Class Y – Before Taxes	11/20/17	(29.00)%	7.85%		8.18%

Class R‑3 – Before Taxes	9/12/07	(29.18)%	7.59%	12.04%

Class R‑5 – Before Taxes	10/2/06	(28.77)%	8.18%	12.70%

Class R‑6 – Before Taxes	7/31/15	(28.50)%	8.38%		10.14%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From the inception date of Class Y Shares)	Lifetime (From the inception date of Class R‑6 Shares)

Russell 1000^® Growth Index	(29.14)%	10.96%	14.10%	11.32%	11.92%

After‑tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their fund shares through tax‑deferred arrangements, such as a 401(k) plan or individual retirement account (“IRA”). After‑tax returns are shown for Class I only and after‑tax returns for Class A, Class C, Class Y, Class R‑3, Class R‑5 and Class R‑6 will vary. The return after taxes on distributions and sale of fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of fund shares at the end of the measurement period.

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | ClariVest Asset Management LLC (“ClariVest”) serves as the subadviser to the fund.

Portfolio Managers | David J. Pavan, CFA^®, Ed Wagner, CFA^®, C. Frank Feng, Ph.D., and Todd N. Wolter, CFA^® are Portfolio Co‑Managers of the fund. Mr. Pavan, Dr. Feng, Mr. Wagner and Mr. Wolter are jointly and primarily responsible for the day‑to‑day management of the fund. Messrs. Pavan, Feng, and Wagner have been Portfolio Co‑Managers of the fund since 2013. Mr. Wolter has served as the fund’s Portfolio Co‑Manager since February 2019.

Purchase and sale of fund shares | You may purchase, redeem, or exchange Class A, C, I and Y shares of the fund on any business day through your financial intermediary, by mail at Carillon Family of Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701 (for regular mail) or 615 East Michigan Street, Third Floor, Milwaukee, WI, 53202 (for overnight service), or by telephone (800.421.4184). In Class A and Class C shares, the minimum purchase amount is $1,000 for regular accounts, $500 for retirement accounts and $50 through a periodic investment program, with a minimum subsequent investment plan of $50 per month. In Class Y shares, the minimum purchase amount is $1,000 for regular accounts, $100 for retirement accounts and $100 through a periodic investment program, with a minimum subsequent investment plan of $50 per month. For individual investors, the


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST CAPITAL APPRECIATION FUND | 3.1. 2 0 2 3

minimum initial purchase for Class I shares is $10,000, while fee‑based plan sponsors set their own minimum requirements. Class R‑3, Class R‑5 and Class R‑6 shares can only be purchased through a participating retirement plan and the minimum initial purchase for Class R‑3, Class R‑5 and Class R‑6 shares is set by the plan administrator.

Tax information | The dividends you receive from the fund will be taxed as ordinary income or net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) unless you are investing through a tax‑deferred arrangement, such as a 401(k) plan or an IRA, in which case you may be subject to federal income tax on withdrawals from the arrangement.

Payments to broker-dealers and other financial intermediaries | If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3

Investment objective | The Carillon ClariVest International Stock Fund (“International Stock Fund” or the “fund”) seeks capital appreciation.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the International Stock Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%	0.70%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	2.29%	2.41%	0.68%	1.88%	2.42%(b)	1.82%(b)	1.95%

Total Annual Fund Operating Expenses	3.24%	4.11%	1.38%	2.83%	3.62%	2.52%	2.65%

Fee Waiver and/or Expense Reimbursement (c)	(1.99)%	(2.11)%	(0.43)%	(1.58)%	(2.11)%	(1.56)%	(1.80)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.25%	2.00%	0.95%	1.25%	1.51%	0.96%	0.85%

(b) Other Expenses may include Acquired Fund Fees and Expenses of up to 0.01%. Accordingly, the Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets provided in the fund’s Financial Highlights table, which reflects the operating expenses of the fund and does not include Acquired Fund Fees and Expenses.

(c) Carillon Tower Advisers, Inc. (“Carillon”) has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of the fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows: Class A – 1.25%, Class C – 2.00%, Class I – 0.95%, Class Y – 1.25%, Class R‑3 – 1.50%, Class R‑5 – 0.95%, and Class R‑6 – 0.85%. This expense limitation excludes interest, taxes, brokerage commissions, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. The contractual fee waivers can be changed only with the approval of a majority of the fund’s Board of Trustees. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fee recoupment.


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$596	$1,248	$1,923	$3,717
Class C	$303	$1,057	$1,927	$4,169
Class I	$97	$395	$714	$1,620
Class Y	$127	$727	$1,354	$3,043
Class R‑3	$154	$913	$1,694	$3,742
Class R‑5	$98	$489	$905	$2,067
Class R‑6	$87	$652	$1,244	$2,850

Principal investment strategies | The International Stock Fund invests, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies economically tied to countries outside of the U.S. that have the potential for attractive long-term growth in earnings, cash flow and total worth of the company. Equity securities include common and preferred stocks, warrants or rights exercisable into common or preferred stock, convertible preferred stock, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively, “depositary receipts”). Issuers considered to be economically tied to countries outside of the U.S. include, without limitation: (1) an issuer organized under the laws of or maintaining a principal office or principal place(s) of business outside of the U.S.; (2) an issuer of securities that are principally traded in one or more markets outside the U.S.; (3) an issuer that derives or is currently expected to derive 50% or more of its total sales, revenues, profits, earnings, growth, or another measure of economic activity from, the production or sale of goods or performance of services or making of investments or other economic activity in, outside of the U.S., or that maintains or is currently expected to maintain 50% or more of its employees, assets, investments, operations, or other business activity outside of the U.S.; or (4) a governmental or quasi-governmental entity of a country outside of the U.S. The fund also may invest in issuers located in emerging market countries. The fund’s benchmark is the MSCI ACWI ex-US ^® Index which is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of large- and mid-cap securities in developed and emerging market countries excluding the United States. The fund may have significant exposure to Japan. However, as the composition of the fund’s portfolio changes over time, the fund’s exposure to this country may be lower at a future date, and the fund’s exposure to other countries may be higher. The fund may invest in issuers of all market capitalizations.

In selecting securities for the fund, the subadviser utilizes quantitative tools to implement a “bottom‑up,” fundamentally based, investment process. The subadviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long‑run expected active risk goals.

The fund may invest in exchange-traded funds (“ETFs”) in order to equitize cash positions, seek exposure to certain markets or market sectors and to hedge against certain market movements. The fund may sell securities when they no longer meet the portfolio managers’ investment criteria and/or to take advantage of more attractive investment opportunities.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.


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SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

Preferred stocks, including convertible preferred stocks, Preferred stocks, including convertible preferred stocks, are subject to issuer-specific risks and are sensitive to movements in interest rates. Preferred stocks and convertible preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Preferred stocks may also be subject to credit risk, which is the risk that an issuer may be unable or unwilling to meet its financial obligations;

Depositary receipts. Investing in depositary receipts entails many of the same risks as direct investment 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 and more volatility;

Rights and warrants. 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, and a right or a warrant ceases to have value if it is not exercised prior to its expiration date;

•

Foreign securities risks, which are potential risks not associated with U.S. investments, include, but are not limited to: (1) currency exchange rate fluctuations; (2) political and financial instability; (3) less liquidity; (4) lack of uniform accounting, auditing and financial reporting standards; (5) increased volatility; (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies; (7) significant limitations on investor rights and recourse; (8) use of unfamiliar corporate organizational structures; (9) unavailable or unreliable public information regarding issuers; and (10) delays in transaction settlement in some foreign markets. The unavailability and/or unreliability of public information available may impede the fund’s ability to accurately evaluate foreign securities. 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. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change and inadequate government oversight. Foreign security risk may also apply to ADRs, GDRs and EDRs;

•

Market risk is the risk that markets may at times be volatile, and the values of the fund’s 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, changes in federal, state or foreign government policies, regional or global economic instability (including war, terrorism, territorial disputes and geopolitical risks), changes in the U.S. presidential administration and Congress, 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, 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. 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 the fund to experience a loss when selling securities to meet redemption requests by shareholders. 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. 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.


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3

United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

Currency risk is the risk related to the fund’s exposure to foreign currencies through its investments. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the fund’s investments;

•

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, accounting, auditing, financial reporting and recordkeeping requirements or standards; and significant limitations on investor rights and recourse. The governments of emerging market countries may also be more unstable. There may be less publicly available information about issuers in emerging markets. When investing in emerging markets, the risks of investing in foreign securities are heightened;

•

Geographic concentration risk is the risk that from time to time, based on market or economic conditions, the fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the fund’s performance. Investing in such a manner could cause the fund’s performance to be more volatile than the performance of more geographically diverse funds.

Japan investment risk is the risk that Japan, which like many Asian countries is still heavily dependent upon international trade, 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 Japanese economy is heavily dependent upon international trade and may be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, changes in international trade agreements, the economic conditions of its trading partners, the strength of the yen, and regional and global conflicts. Political tensions between Japan and its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. The domestic Japanese economy faces several concerns, including large government deficits, a shrinking workforce, and, in some cases, companies with poor corporate governance. The Japanese government’s tax and fiscal policies may have negative impacts on the Japanese economy. These and other factors could have a negative impact on the fund’s performance and increase the volatility of an investment in the fund;

•

Investing in other investment companies, including ETFs, carries with it the risk that, by investing in another investment company, the fund will be exposed to the risks of the types of investments in which the investment company invests. The fund and its shareholders will indirectly bear the fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses fund shareholders directly bear in connection with the fund’s own operations. ETF shares may trade at a premium or discount to their net asset value. An ETF that tracks an index may not precisely replicate the returns of its benchmark index;

•

Liquidity risk is the possibility that, during times of widespread market turbulence, trading activity in certain securities may be significantly hampered. The fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the fund. The fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the fund. Market prices for such securities may be volatile;


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3

•

Market timing risk arises because certain types of securities in which the fund invests, including foreign securities, could cause the fund to be at greater risk of market timing activities by fund shareholders. Such activities can dilute the fund’s NAV, increase the fund’s expenses and interfere with the fund’s ability to execute efficient investment strategies;

•

Micro-capitalization company risk arises because micro-cap companies may have less predictable earnings and revenues, experience significant losses, lack an operating history, product lines, or financial resources, have more volatile share prices and less liquid markets, and may trade less frequently than larger, more established companies;

•

Mid-cap company risk arises because mid-cap companies may have narrower commercial markets, limited managerial and financial resources, more volatile performance, and less liquid stock, compared to larger, more established companies;

•


During performance period (Class I shares):

	Return	Quarter Ended

Best Quarter	18.00%	December 31, 2022

Worst Quarter	(23.50)%	March 31, 2020


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Carillon Mutual Funds

SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3



Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	2/28/13	(11.83%)	0.83%		4.71%

After Taxes on Distributions		(11.93)%	0.47%		4.14%

After Taxes on Distributions and Sale of Fund Shares		(6.79)%	0.64%		3.64%

Class A – Before Taxes	2/28/13	(16.26)%	(0.44)%		3.82%

Class C – Before Taxes	2/28/13	(12.76)%	(0.23)%		3.53%

Class Y – Before Taxes	11/20/17	(12.10)%	0.51%		1.14%

Class R‑3 – Before Taxes	2/28/13	(12.33)%	0.26%		4.11%

Class R‑5 – Before Taxes	2/28/13	(11.86)%	0.83%		4.69%

Class R‑6 – Before Taxes	2/28/13	(11.96)%	0.88%		4.79%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	Lifetime (From the inception date of Class Y Shares)	Lifetime (From Inception Date of Class A, Class C, Class I, Class R‑3, Class R‑5 and Class R‑6 Shares)

MSCI ACWI ex-US Index (1)	(16.00)%	0.88%	1.45%	3.56%

MSCI EAFE^® Index	(14.45)%	1.54%	2.15%	4.31%

(1) Prior to March 1, 2023, the fund’s benchmark index was the MSCI EAFE® Index, an index that measures the performance of large- and mid-cap companies across 21 developed markets countries, excluding the U.S. and Canada. The fund changed its primary benchmark to the MSCI ACWI ex-US Index, a float-adjusted market capitalization index that measures the performance of large- and mid-cap companies in developed and emerging market countries excluding the U.S., because it more accurately reflects the fund’s investment strategy.

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | ClariVest Asset Management LLC (“ClariVest”) serves as the subadviser to the fund.

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


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SUMMARY OF CARILLON CLARIVEST INTERNATIONAL STOCK FUND | 3.1. 2 0 2 3


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE GROWTH & INCOME FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Eagle Growth & Income Fund (“Growth & Income Fund” or the “fund”) primarily seeks long-term capital appreciation and, secondarily, seeks current income.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Growth & Income Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.44%	0.44%	0.44%	0.44%	0.44%	0.44%	0.44%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.27%	0.24%	0.25%	0.30%	0.31%	0.27%	0.17%

Total Annual Fund Operating Expenses	0.96%	1.68%	0.69%	0.99%	1.25%	0.71%	0.61%

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$568	$766	$981	$1,597
Class C	$271	$530	$913	$1,987
Class I	$70	$221	$384	$859
Class Y	$101	$315	$547	$1,213
Class R‑3	$127	$397	$686	$1,511
Class R‑5	$73	$227	$395	$883
Class R‑6	$62	$195	$340	$762

Principal investment strategies | During normal market conditions, the Growth & Income Fund seeks to achieve its objective by investing primarily in domestic equity securities (predominantly common stocks) that the portfolio managers believe are high-quality, financially strong companies that pay above-market dividends, have cash resources (i.e. free cash flow) and a history of raising dividends. The portfolio managers select companies based in part upon


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE GROWTH & INCOME FUND | 3.1. 2 0 2 3

their belief that those companies have the following characteristics: (1) yield or dividend growth at or above the S&P 500 Index; (2) potential for growth; and (3) stock price below its estimated intrinsic value. The fund generally sells securities when their price appreciations reach or exceed sustainable levels, a company’s fundamentals deteriorate, or a more attractive investment opportunity develops. Equity securities purchased by the fund typically include common stocks, convertible securities, preferred stocks, and real estate investment trusts (“REITs”). In addition, the fund generally invests in mid‑ and large-capitalization companies that are diversified across different industries and sectors. From time to time, the fund’s portfolio may include the stocks of fewer companies than other diversified funds.

The fund also may own a variety of other securities that, in the opinion of the fund’s portfolio managers, offer prospects for meeting the fund’s investment goals. These securities may include equity securities of companies economically tied to countries outside of the U.S.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

Preferred stock. Preferred stocks are subject to issuer-specific risks and are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bond holders. Preferred stocks may also be subject to credit risk, which is the risk that an issuer may be unable or unwilling to meet its financial obligations;

Convertible securities. 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 price of the underlying stock 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;

REITs. Investments in REITs are subject to the risks associated with investing in the real estate industry, such as adverse developments affecting the real estate industry and real property values, and are dependent upon the skills of their managers. REITs typically incur fees that are separate from those incurred by the fund, meaning the fund, as a shareholder, will indirectly bear a proportionate share of a REIT’s operating expenses;

•

Focused holdings risk is the risk of the fund holding a core portfolio of securities of fewer companies than other funds, which means that 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;

•


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE GROWTH & INCOME FUND | 3.1. 2 0 2 3

•

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE GROWTH & INCOME FUND | 3.1. 2 0 2 3

•

Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non‑value approach to investing or have a broader investment style.


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	13.11%	June 30, 2020

Worst Quarter	(21.15)%	March 31, 2020


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	3/18/09	(9.76)%	8.16%	10.68%

After Taxes on Distributions		(11.32)%	6.25%	9.18%

After Taxes on Distributions and Sale of Fund Shares		(4.68)%	6.21%	8.54%

Class A – Before Taxes	12/15/86	(14.23)%	6.84%	9.85%

Class C – Before Taxes	4/3/95	(10.62)%	7.09%	9.56%

Class Y – Before Taxes	11/20/17	(10.05)%	7.75%		8.69%

Class R‑3 – Before Taxes	9/30/09	(10.24)%	7.55%	10.03%

Class R‑5 – Before Taxes	12/28/09	(9.77)%	8.14%	10.62%

Class R‑6 – Before Taxes	8/15/11	(9.66)%	8.20%	10.73%


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE GROWTH & INCOME FUND | 3.1. 2 0 2 3


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class Y Shares)

S&P 500^® Index	(18.11)%	9.42%	12.56%	10.00%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser’s | Eagle Asset Management, Inc. serves as the subadviser to the fund.

Portfolio Managers | David Blount, CFA^®, Harald Hvideberg, CFA^®, and Brad Erwin, CFA^®, are Portfolio Managers of 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.


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE MID CAP GROWTH FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Eagle Mid Cap Growth Fund (“Mid Cap Growth Fund” or the “fund”) seeks long-term capital appreciation.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Mid Cap Growth Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.51%	0.51%	0.51%	0.51%	0.51%	0.51%	0.51%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.28%	0.21%	0.21%	0.28%	0.28%	0.23%	0.13%

Total Annual Fund Operating Expenses	1.04%	1.72%	0.72%	1.04%	1.29%	0.74%	0.64%

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$576	$790	$1,022	$1,686
Class C	$275	$542	$933	$2,030
Class I	$74	$230	$401	$894
Class Y	$106	$331	$574	$1,271
Class R‑3	$131	$409	$708	$1,556
Class R‑5	$76	$237	$411	$918
Class R‑6	$65	$205	$357	$798

Principal investment strategies | During normal market conditions, the Mid Cap Growth Fund seeks to achieve its objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of mid‑capitalization companies. The fund’s portfolio managers consider mid‑capitalization companies to be those companies that, at the time of initial purchase, have capitalizations greater than $1 billion and


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE MID CAP GROWTH FUND | 3.1. 2 0 2 3

equal to or less than the largest company in the Russell Midcap^® Growth Index during the most recent 12‑month period (approximately $67.8 billion during the 12‑month period ended December 31, 2022). The fund is not required to sell equity securities whose market values appreciate or depreciate outside this market capitalization range.

The fund will invest primarily in the equity securities of companies that the portfolio managers believe have the potential for above-average earnings or sales growth, reasonable valuations and acceptable debt levels. Such stocks can typically have high price‑to‑earnings ratios. Equity securities include common and preferred stock, warrants or rights exercisable into common or preferred stock and high-quality convertible securities. Although the portfolio managers generally do not emphasize investment in any particular investment sector or industry, the fund may invest a significant portion of its assets in the securities of companies in the information technology and health care sectors at any given time. The fund will generally sell when the stock has met the portfolio managers’ target price, the investment is no longer valid, a better investment opportunity has arisen or if the investment reaches a value more than 5% of the fund’s net assets. At times, the fund may hold securities of small-capitalization companies.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•

Small‑cap company risk arises because small‑cap companies may have less liquid stock, a more volatile share price, a limited product or service base, narrower commercial markets and limited access to capital, compared to larger, more established companies;

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

•


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE MID CAP GROWTH FUND | 3.1. 2 0 2 3

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. 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.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•


		rjinvestmentmanagement.com \| 21

Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE MID CAP GROWTH FUND | 3.1. 2 0 2 3

•


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	32.86%	June 30, 2020

Worst Quarter	(20.41)%	March 31, 2020


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I –Before Taxes	6/21/06	(25.61)%	8.10%	12.36%

After Taxes on Distributions		(25.84)%	7.07%	11.35%

After Taxes on Distributions and Sale of Fund Shares		(15.00)%	6.43%	10.18%

Class A – Before Taxes	8/20/98	(29.36)%	6.72%	11.45%

Class C – Before Taxes	8/20/98	(26.34)%	7.03%	11.22%

Class Y – Before Taxes	11/20/17	(25.84)%	7.75%		7.66%

Class R‑3 – Before Taxes	1/12/09	(26.04)%	7.48%	11.69%

Class R‑5 – Before Taxes	12/28/09	(25.62)%	8.09%	12.34%

Class R‑6 – Before Taxes	8/15/11	(25.55)%	8.19%	12.46%


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE MID CAP GROWTH FUND | 3.1. 2 0 2 3


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class Y Shares)

Russell Midcap^® Growth Index	(26.72)%	7.64%	11.41%	7.98%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Eagle Asset Management, Inc. serves as the subadviser to the fund.

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


		rjinvestmentmanagement.com \| 23

Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE SMALL CAP GROWTH FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Eagle Small Cap Growth Fund (“Small Cap Growth Fund” or the “fund”) seeks long-term capital appreciation.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Small Cap Growth Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.30%	0.25%	0.25%	0.17%	0.31%	0.26%	0.16%

Recouped Fees Previously Waived and/or Reimbursed	0.00%	0.00%	0.00%	0.02%(b)	0.00%	0.00%	0.00%

Total Annual Fund Operating Expenses	1.10%	1.80%	0.80%	0.99%	1.36%	0.81%	0.71%

(b) During the fiscal year ended October 31, 2022, the Class Y shares of the fund paid amounts to Carillon Tower Advisers, Inc. (“Carillon”) that were previously waived and/or reimbursed under a contractual fee waiver/expense reimbursement agreement for the fund. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fund recoupment.

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$582	$808	$1,052	$1,752
Class C	$283	$566	$975	$2,116
Class I	$82	$255	$444	$990
Class Y	$101	$315	$547	$1,213
Class R‑3	$138	$431	$745	$1,635
Class R‑5	$83	$259	$450	$1,002
Class R‑6	$73	$227	$395	$883


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE SMALL CAP GROWTH FUND | 3.1. 2 0 2 3

Principal investment strategies | During normal market conditions, the Small Cap Growth Fund seeks to achieve its objective by investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the stocks of small-capitalization companies. The fund’s portfolio managers consider small-capitalization companies to be those companies that, at the time of initial purchase, have a market capitalization equal to or less than the largest company in the Russell 2000^® Growth Index during the most recent 12‑month period (approximately $14.1 billion during the 12‑month period ended December 31, 2022). The fund is not required to sell equity securities whose market values appreciate or depreciate outside this market capitalization range.

When making their investment decisions, the portfolio managers generally focus on investing in the dividend paying equity securities, generally common stock, of companies that the portfolio managers believe have accelerating earnings growth rates, reasonable valuations (typically with a price‑to‑earnings ratio of no more than the earnings growth rate), strong management that participates in the ownership of the company, reasonable debt levels and/or a high or expanding return on equity. Although the portfolio managers generally do not emphasize investment in any particular investment sector or industry, the fund may invest a significant portion of its assets in the securities of companies in the health care and information technology sectors at any given time. The fund may also purchase, or obtain exposure to, securities in initial public offerings (“IPOs”). The fund will sell securities when they no longer meet the portfolio managers’ investment criteria. The fund also may hold securities of mid‑capitalization companies.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

•

Initial public offerings risk arises because the market value of shares sold in an 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;

•


		rjinvestmentmanagement.com \| 25

Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE SMALL CAP GROWTH FUND | 3.1. 2 0 2 3

increase, or the timing, frequency or magnitude of any such increases. Additionally, various economic and political factors could cause the Federal Reserve or other foreign central banks to change their approach in the future and such actions may result in an economic slowdown in the US and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility or reduce liquidity across various markets. Additionally, high public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

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 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 with their principal activities in the biotechnology industry, which has 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. Biotechnology companies are subject to regulation by, and the restrictions of, federal agencies, state and local governments, and non-U.S. regulatory authorities;

Information technology sector risk is the risk that 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. These companies may be smaller or newer and may have limited product lines, markets, financial resources or 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. The market prices of information technology related securities tend to exhibit a greater degree of interest rate risk and market risk and may experience sharper price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices; and

•


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Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE SMALL CAP GROWTH FUND | 3.1. 2 0 2 3


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	28.50%	June 30, 2020

Worst Quarter	(23.85)%	March 31, 2020


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr		Lifetime (if less than 10 yrs)

Class I – Before Taxes	6/27/06	(26.86)%	2.95%		8.30%

After Taxes on Distributions		(31.18)%	(1.59)%		5.16%

After Taxes on Distributions and Sale of Fund Shares		(12.90)%	2.53%		6.74%

Class A – Before Taxes	5/7/93	(30.53)%	1.66%		7.44%

Class C – Before Taxes	4/3/95	(27.64)%	1.92%		7.20%

Class Y – Before Taxes	11/20/17	(26.97)%	2.55%				2.96%

Class R‑3 – Before Taxes	9/19/06	(27.26)%	2.38%		7.68%

Class R‑5 – Before Taxes	10/2/06	(26.84)%	2.95%		8.31%

Class R‑6 – Before Taxes	8/15/11	(26.78)%	3.07%		8.43%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From the Inception Date of Class Y Shares)

Russell 2000^® Growth Index	(26.36)%	3.51%	9.20%	3.96%


		rjinvestmentmanagement.com \| 27

Carillon Mutual Funds

SUMMARY OF CARILLON EAGLE SMALL CAP GROWTH FUND | 3.1. 2 0 2 3

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Eagle Asset Management, Inc. serves as the subadviser to the fund.

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


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Scout Mid Cap Fund (“Mid Cap Fund” or the “fund”) seeks long-term growth of capital.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Mid Cap Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.72%	0.72%	0.72%	0.72%	0.72%	0.72%	0.72%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.26%	0.25%	0.24%	0.25%	0.28%	0.24%	0.14%

Total Annual Fund Operating Expenses	1.23%	1.97%	0.96%	1.22%	1.50%	0.96%	0.86%

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$594	$847	$1,119	$1,893
Class C	$300	$618	$1,062	$2,296
Class I	$98	$306	$531	$1,178
Class Y	$124	$387	$670	$1,477
Class R‑3	$153	$474	$818	$1,791
Class R‑5	$98	$306	$531	$1,178
Class R‑6	$88	$274	$477	$1,061

Principal investment strategies | The fund pursues its objective by investing primarily in common stocks of mid cap companies. Under normal circumstances, at least 80% of the fund’s net assets will be invested in mid cap equity securities. The fund’s portfolio managers consider mid‑capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations greater than $1 billion and equal to or less than the largest company in the Russell Midcap^® Index during the most recent 12‑month period (approximately $67.8 billion during the 12‑month period ended December 31, 2022). The fund is not required to sell equity securities whose market values appreciate or depreciate outside this market capitalization range. The fund normally maintains a portfolio of investments diversified across companies and economic sectors.


		rjinvestmentmanagement.com \| 29

Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

The equity securities in which the fund invests include common stocks, depositary receipts, preferred stocks, convertible securities, warrants and other rights, and real estate investment trusts (“REITs”). The portfolio management team seeks to invest in the securities of growth and value companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the portfolio management team may consider fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated valuation of a company considering its growth potential, general economic and industry conditions, and additional information as appropriate. The fund may engage in frequent and active trading.

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of the portfolio in foreign companies, including those located in developing countries or emerging markets; American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”) (collectively, “depositary receipts”). At times, the fund may hold securities of small capitalization companies.

The fund intends to hold some cash, short-term debt obligations, government securities, money market funds or other high-quality investments for reserves to cover redemptions and unanticipated expenses. There may be times, however, when the fund attempts to respond to adverse market, economic, political or other conditions by investing a higher percentage of its assets in cash or in those types of money market investments for temporary defensive purposes. During those times, the fund may not be able to pursue its investment objective or follow its principal investment strategies and, instead, will focus on preserving your investment.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:

•


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

general outlook for corporate earnings, public perceptions concerning these developments or adverse investment sentiment generally. 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 the fund to experience a loss when selling securities to meet redemption requests by shareholders. 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. 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.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•


		rjinvestmentmanagement.com \| 31

Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

volatility; (6) less government regulation and supervision of foreign stock exchanges, brokers and listed companies; (7) significant limitations on investor rights and recourse; (8) use of unfamiliar corporate organizational structures; (9) unavailable or unreliable public information regarding issuers; and (10) delays in transaction settlement in some foreign markets. The unavailability and/or unreliability of public information available may impede the fund’s ability to accurately evaluate foreign securities. 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. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change and inadequate government oversight. Foreign security risk may also apply to ADRs and GDRs;

•

Investing in other investment companies, including money market funds, carries with it the risk that, by investing in another investment company, the fund will be exposed to the risks of the types of investments in which the investment company invests. The fund and its shareholders will indirectly bear the fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses fund shareholders directly bear in connection with the fund’s own operations;

•

Market timing risk arises because certain types of securities in which the fund invests, including small‑cap and foreign securities, could cause the fund to be at greater risk of market timing activities by fund shareholders. Such activities can dilute the fund’s NAV, increase the fund’s expenses and interfere with the fund’s ability to execute efficient investment strategies;

•

Portfolio turnover risk is the risk that performance may be adversely affected by the high rate of portfolio turnover that can be caused by the fund engaging in active and frequent trading, which generally leads to greater transaction costs;

•

U.S. Government securities and government-sponsored enterprises risk arises because 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. Securities held by an underlying fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), the Federal Home Loan Mortgage Corporation (‘‘Freddie Mac’’), Federal Home Loan Banks, Federal Farm Credit Banks, and the Tennessee Valley Authority are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. U.S. Government securities and securities of government sponsored enterprises are also subject to credit risk, interest rate risk and market risk;

•

U.S. Treasury obligations risk is the risk that 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 the fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. Government and may cause the value of U.S. Treasury obligations to decline; and

•

Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non‑value approach to investing or have a broader investment style.


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	28.15%	June 30, 2020

Worst Quarter	(25.25)%	March 31, 2020


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	10/31/06	(17.27)%	5.87%	10.99%

After Taxes on Distributions		(18.07)%	4.54%	9.11%

After Taxes on Distributions and Sale of Fund Shares		(9.66)%	4.51%	8.57%

Class A – Before Taxes	11/20/17	(21.39)%	4.60%			4.89%

Class C – Before Taxes	11/20/17	(18.07)%	4.81%			5.08%

Class Y – Before Taxes	11/20/17	(17.47)%	5.59%			5.85%

Class R‑3 – Before Taxes	11/20/17	(17.71)%	5.28%			5.54%

Class R‑5 – Before Taxes	11/20/17	(17.27)%	5.81%			6.07%

Class R‑6 – Before Taxes	11/20/17	(17.18)%	5.96%			6.22%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class A, Class C, Class Y, Class R‑3, Class R‑5 and Class R‑6 Shares)

Russell Midcap^® Index	(17.32)%	7.10%	10.96%	7.60%


		rjinvestmentmanagement.com \| 33

Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT MID CAP FUND | 3.1. 2 0 2 3

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Scout Investments, Inc. serves as the subadviser to the fund.

Portfolio Managers | G. Patrick Dunkerley, CFA^®, has served as the Lead Portfolio Manager of the fund and Derek M. Smashey, CFA^®, John A. Indellicate II, CFA^® and Jason J. Votruba, CFA^®, have served as Portfolio Co‑Managers of 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.


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Scout Small Cap Fund (“Small Cap Fund” or the “fund”) seeks long-term growth of capital.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Small Cap Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	4.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.33%	0.32%	0.34%	0.28%	0.37%	0.24%	0.24%

Recouped Fees Previously Waived and/or Reimbursed	0.00%	0.00%	0.00%	0.00%	0.03%(b)	0.11%(b)	0.00%

Total Annual Fund Operating Expenses	1.18%	1.92%	0.94%	1.13%	1.50%	0.95%	0.84%

(b) During the fiscal year ended October 31, 2022, the Class R-3 and Class R-5 shares of the fund paid amounts to Carillon Tower Advisers, Inc. (“Carillon”) that were previously waived and/or reimbursed under a contractual fee waiver/expense reimbursement agreement for the fund. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fund recoupment.

Expense example | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Your costs would be the same whether you sold your shares or continued to hold them at the end of the period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$590	$832	$1,093	$1,839
Class C	$295	$603	$1,037	$2,243
Class I	$96	$300	$520	$1,155
Class Y	$115	$359	$622	$1,375
Class R‑3	$153	$474	$818	$1,791
Class R‑5	$97	$303	$525	$1,166
Class R‑6	$86	$268	$466	$1,037


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

Principal investment strategies | The fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities (mostly common stocks) of small cap companies located anywhere in the United States. The fund’s portfolio managers consider small-capitalization companies to be those companies that, at the time of initial purchase, have a market capitalization equal to or less than the largest company in the Russell 2000^® Growth Index during the most recent 12‑month period (approximately $14.6 billion during the 12‑month period ended December 31, 2022). The fund is not required to sell equity securities whose market values appreciate or depreciate outside this market capitalization range. From time to time, the fund’s portfolio may include the stocks of fewer companies than other diversified funds.

The fund normally invests in a diversified portfolio of equity securities that are selected based upon the portfolio management team’s perception of their above-average potential for long-term growth of capital. The portfolio management team searches for companies with a stock price below its estimated intrinsic value that it believes are well positioned to benefit from the emergence of long-term catalysts for growth. The identified growth catalysts are long-term and secular (i.e., exhibiting relatively consistent expansion over a long period). Following the identification of well-positioned companies, the portfolio management team estimates the fair value of each candidate by assessing: margin structure, growth rate, debt level and other measures which it believes influence relative stock valuations. The overall company analysis includes the assessment of the liquidity of each security, sustainability of profit margins, barriers to entry, company management and free cash flow.

The fund will invest primarily in securities of U.S. companies, but may invest up to 10% of the portfolio in foreign companies, including those located in developing countries or emerging markets; American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”) (collectively, “depositary receipts”). Although the portfolio managers generally do not emphasize investment in any particular investment sector or industry, the fund may invest a significant portion of its assets in the securities of companies in the health care and information technology sectors at any given time. The fund also may hold securities of mid‑capitalization companies.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

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. 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.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

Equity securities are subject to market risk. The fund may invest in the following equity securities, which may expose the fund to the following additional risks:


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

•


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

such securities are not guaranteed and will fluctuate. Securities held by an underlying fund that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), the Federal Home Loan Mortgage Corporation (‘‘Freddie Mac’’), Federal Home Loan Banks, Federal Farm Credit Banks, and the Tennessee Valley Authority are not guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. U.S. Government securities and securities of government sponsored enterprises are also subject to credit risk, interest rate risk and market risk;

•

Value stock risk arises from the possibility that a stock’s intrinsic value may not be fully realized by the market or that its price may decline. If a value investment style shifts out of favor based on market conditions and investor sentiment, the fund could underperform funds that use a non‑value approach to investing or have a broader investment style.

Performance | The bar chart that follows illustrates annual fund returns for the periods ended December 31. The table that follows compares the fund’s returns for various periods with benchmark returns. This information is intended to give you some indication of the risk of investing in the fund by demonstrating how its returns have varied over time. The bar chart shows the fund’s Class I share performance from one year to another. The Class I shares of the fund have adopted the performance history and financial statements of the shares of the fund’s predecessor. Each of the fund’s share classes is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same sales charges and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	34.38%	December 31, 2020

Worst Quarter	(26.50)%	March 31, 2020


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3



Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	7/2/01	(23.31)%	5.43%	10.88%

After Taxes on Distributions		(23.90)%	3.44%	9.09%

After Taxes on Distributions and Sale of Fund Shares		(13.39)%	4.26%	8.80%

Class A – Before Taxes	11/20/17	(27.14)%	4.15%			4.74%

Class C – Before Taxes	11/20/17	(24.07)%	4.37%			4.95%

Class Y – Before Taxes	11/20/17	(23.45)%	5.14%			5.72%

Class R‑3 – Before Taxes	11/20/17	(23.74)%	4.83%			5.40%

Class R‑5 – Before Taxes	11/20/17	(23.29)%	5.35%			5.92%

Class R‑6 – Before Taxes	11/20/17	(23.22)%	5.54%			6.11%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class A, Class C, Class Y, Class R‑3, Class R‑5 and Class R‑6 Shares)

Russell 2000 Growth Index	(26.36)%	3.51%	9.20%	3.96%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Scout Investments, Inc. serves as the subadviser to the fund.

Portfolio Managers | James R. McBride, CFA^®, has served as the Lead Portfolio Manager of the fund and Timothy L. Miller, CFA^® has served as Portfolio Co‑Manager of 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.


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Carillon Mutual Funds

SUMMARY OF CARILLON SCOUT SMALL CAP FUND | 3.1. 2 0 2 3

subsequent investment plan of $50 per month. In Class Y shares, the minimum purchase amount is $1,000 for regular accounts, $100 for retirement accounts and $100 through a periodic investment program, with a minimum subsequent investment plan of $50 per month. For individual investors, the minimum initial purchase for Class I shares is $10,000, while fee‑based plan sponsors set their own minimum requirements. Class R‑3, Class R‑5 and Class R‑6 shares can only be purchased through a participating retirement plan and the minimum initial purchase for Class R‑3, Class R‑5 and Class R‑6 shares is set by the plan administrator.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Reams Core Bond Fund (“Core Bond Fund” or the “fund”) seeks a high level of total return consistent with the preservation of capital.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Core Bond Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	3.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.30%	0.30%	0.32%	0.37%	0.35%	0.19%	0.22%

Total Annual Fund Operating Expenses	0.95%	1.70%	0.72%	1.02%	1.25%	0.59%	0.62%

Fee Waiver and/or Expense Reimbursement (b)	(0.15)%	(0.15)%	(0.32)%	(0.22)%	(0.20)%	(0.09)%	(0.22)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.80%	1.55%	0.40%	0.80%	1.05%	0.50%	0.40%

(b) Carillon Tower Advisers, Inc. (“Carillon”) has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of the fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows: Class A – 0.80%, Class C – 1.55%, Class I – 0.40%, Class Y – 0.80%, Class R‑3 – 1.05%, Class R‑5 – 0.50%, and Class R‑6 – 0.40%. This expense limitation excludes interest, taxes, brokerage commissions, short sale dividend and interest expenses, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. The contractual fee waivers can be changed only with the approval of a majority of the fund’s Board of Trustees. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fee recoupment.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$454	$652	$867	$1,484
Class C	$258	$521	$909	$1,996
Class I	$41	$198	$369	$864
Class Y	$82	$303	$542	$1,228
Class R‑3	$107	$377	$667	$1,494
Class R‑5	$51	$180	$320	$729
Class R‑6	$41	$176	$324	$753

The fund invests primarily in investment grade securities. Investment grade securities include securities rated in one of the four highest rating categories by a nationally recognized statistical rating organization, such as BBB‑ or higher by Standard & Poor’s Financial Services LLC (“S&P^®”). If an investment held by the fund is downgraded below investment grade, the fund may either sell or continue to hold the security. In addition, the fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. All securities will be U.S. dollar denominated although they may be securities of foreign issuers. Mortgage-backed securities are pools of mortgage loans that are assembled as securities for sale to investors by various governmental, government-related and private organizations. Asset-backed securities are securities that are secured or “backed” by pools of various types of assets, such as automobile loans, consumer loans, credit cards and equipment leases, on which cash payments are due at fixed intervals over set periods of time. The fund may invest in fixed income securities with call features.

The fund may invest in derivative instruments, such as futures contracts (including interest rate, bond, U.S. Treasury and fixed income index futures contracts), forwards and credit default swap agreements subject to applicable law and any other restrictions described in the fund’s Prospectus or Statement of Additional Information (“SAI”). The fund’s investment in credit default swap agreements may include both single-name credit default swap agreements and credit default swap index products, such as CDX index products. The use of these derivative transactions may allow the fund to obtain net long or short exposures to select interest rates, countries, durations or credit risks. These derivatives may be used to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade fixed income market. Derivative instruments that provide exposure to bonds may be used to satisfy the fund’s 80% investment policy. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

structures the fund so that the overall portfolio has a duration of less than eight years based on market conditions. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund.

The investment adviser then considers sector exposures. Sector exposure decisions are made on both a top‑down and bottom‑up basis. A bottom‑up issue selection process is the major determinant of sector exposure, as the availability of attractive securities in each sector determines their underweighting or overweighting in the fund subject to sector exposure constraints. However, for the more generic holdings in the fund, such as agency notes and pass-through mortgage backed securities, top‑down considerations will drive the sector allocation process on the basis of overall measurements of sector value such as yield spreads or price levels.

Once the investment adviser has determined an overall market strategy, the investment adviser selects the most attractive fixed income securities for the fund. The portfolio managers screen hundreds of securities to determine how each will perform in various interest rate environments. The portfolio managers construct these scenarios by considering the outlook for interest rates, fundamental credit analysis and option-adjusted spread analysis. The portfolio managers compare these investment opportunities and assemble the fund’s portfolio from the best available values. The investment adviser constantly monitors the expected returns of the securities in the fund versus those available in the market and of other securities the investment adviser is considering for purchase. The investment adviser’s strategy is to replace securities that it feels are approaching fair market value with those that, according to its analysis, are significantly undervalued. As a result of this strategy, the fund’s portfolio turnover rate will vary from year to year depending on market conditions and the fund may engage in frequent and active trading.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

Principal risks | The greatest risk of investing in the fund is that you could lose money. The values of most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. As a result, the fund’s net asset value (“NAV”) may also increase and decrease. An investment in the fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investments in the fund are subject to the following primary risks. The most significant risks of investing in the fund as of the date of this Prospectus are listed first below, followed by the remaining risks in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

•

Market risk is the risk that markets may at times be volatile, and the values of the fund’s 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, changes in federal, state or foreign government policies, regional or global economic instability (including war, terrorism, territorial disputes and geopolitical risks) , changes in the U.S. presidential administration and Congress, 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, 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. 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 the fund to experience a loss when selling securities to meet redemption requests by shareholders. 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. 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.


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SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

Interest rate risk is the risk that the value of investments, such as fixed-income securities, will move in the opposite direction to movements in interest rates. Generally the value of investments with interest rate risk will fall when interest rates rise. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a fund. The effect of increasing interest rates is more pronounced for any intermediate- or longer-term fixed income obligations owned by the fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the fund may be unable to maintain positive returns or pay dividends to fund shareholders. Conversely, interest rates may rise, perhaps significantly and/ or rapidly, potentially resulting in substantial losses to the fund;

•

Credit risk arises if an issuer or a counterparty, in the case of a derivatives contract, is unable or unwilling, or is perceived as unable or unwilling, to meet its financial obligations or goes bankrupt;

•

Callable securities risk arises from the fact that the fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest rates. In the event of a call, the fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the fund may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest rates;

•

Counterparty risk is the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the fund;

•

Credit ratings risk is the risk associated with the fact that ratings by nationally recognized rating agencies generally represent the agencies’ opinion of the credit quality of an issuer and may prove to be inaccurate;

•

Derivatives, such as swap agreements (including credit default swaps and credit default swap index products), futures (including interest rate futures, bond futures, U.S. Treasury futures and fixed income index futures) or forwards, may involve greater risks than if the fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risks, and credit risks. Derivatives also present counterparty risk (i.e., the risk that the other party to the transaction will fail to perform). 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 the 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 can cause the fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment. The derivatives market may be subject to additional regulations in the future.

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. If swaps are used as a hedging strategy, the 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. Swaps also may be difficult to value. Swaps may be subject to counterparty risk, credit risk and liquidity risk, especially when traded over‑the‑counter. In addition to these risks, credit default swaps are subject to the risks associated with the purchase and sale of credit protection;


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

Futures and Forward Contracts. Futures and forward contracts 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 require a counterparty to post collateral, which may expose the 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 the fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Interest rate, bond and Treasury futures contracts expose the fund to price fluctuations resulting from changes in interest rates. The fund could suffer a loss if interest rates rise after the fund has purchased an interest rate futures contract or fall after the fund has sold an interest rate futures contract. Similarly, bond and Treasury futures contracts expose the fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose the fund to volatility in an underlying securities index;

•

Hedging risk is the risk that, if the fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful, reduce the fund’s return, or create a loss. In addition, hedges, even when successful in mitigating risk, may not prevent the fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had the fund not used the hedging instruments;

•

Income risk is the risk that the fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the fund may be required to invest its assets in lower-yielding securities;

•

Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;

•

Leverage risk is the risk that the use of financial instruments to increase potential returns, including the use of when-issued, delayed delivery or forward commitment transactions, and derivatives used for investment (non‑hedging) purposes, may cause the fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the fund that exceed the amount originally invested;

•

LIBOR risk is the risk associated with the fact that certain of the instruments identified in the fund’s principal investment strategies have variable or floating coupon rates that are based on ICE LIBOR (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings within certain financial markets. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones to be phased out on June 30, 2023. These events and any additional regulatory or market changes may have an adverse impact on the 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 and the impact of the transition from LIBOR on the fund and the financial markets generally. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets for instruments 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 the fund. At this time, it is not possible to completely identify or predict the effect of any transition, establishment of alternative Reference Rates or other reforms to Reference Rates that may be enacted in the UK or elsewhere. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the fund’s performance and/or NAV;

•

Maturity risk is the risk associated with the fact that the fund will invest in fixed income securities of varying maturities. Generally, the longer a fixed income security’s maturity, the greater the interest rate risk. Conversely, the shorter a fixed income security’s maturity, the lower the risk;

•

Mortgage- and asset-backed security risk arises 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. In a to‑be‑announced (“TBA”) mortgage-backed transaction, the 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 the fund;


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

•

Prepayment risk is the risk that the principal amount of a bond may be repaid prior to the bond’s maturity date. Due to a decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this occurs, no additional interest will be paid on the investment. The fund may have to reinvest the proceeds in another investment at a lower rate, may not benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default and delayed payment, heighten interest rate risk and increase the potential for a decline in its price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the fund for investment would be reduced;

•

Redemption risk is the risk that, due to a rise in interest rates or other changing government policies that may cause investors to move out of fixed income securities on a large scale, the fund may experience periods of heavy redemptions that could cause the fund to sell assets at inopportune times or at a loss or depressed value;

•

Valuation risk arises because the securities held by the fund may be priced by an independent pricing service and may also be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.

Performance | The bar chart that follows illustrates annual fund returns for the periods ended December 31. The table that follows compares the fund’s returns for various periods with benchmark returns. This information is intended to give you some indication of the risk of investing in the fund by demonstrating how its returns have varied over time. The bar chart shows the fund’s Class I share performance from one year to another. The Class I and Class Y shares of the fund have adopted the performance history and financial statements of the Institutional Class and Class Y shares, respectively, of the fund’s predecessor. Each of the fund’s share classes is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same sales charges and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	6.52%	June 30, 2020

Worst Quarter	(5.66)%	March 31, 2022



Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	2/23/01	(13.22)%	1.42%	1.52%

After Taxes on Distributions		(14.02)%	0.34%	0.54%

After Taxes on Distributions and Sale of Fund Shares		(7.81)%	0.65%	0.75%

Class A – Before Taxes	11/20/17	(16.82)%	0.23%		0.28%

Class C – Before Taxes	11/20/17	(14.23)%	0.25%		0.28%

Class Y – Before Taxes	4/21/11	(13.58)%	1.02%	1.12%

Class R‑3 – Before Taxes	11/20/17	(13.78)%	0.77%		0.80%

Class R‑5 – Before Taxes	11/20/17	(13.33)%	1.31%		1.34%

Class R‑6 – Before Taxes	11/20/17	(13.20)%	1.44%		1.46%


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class A, Class C, Class R‑3, Class R‑5 and Class R‑6 Shares)

Bloomberg U.S. Aggregate Bond Index	(13.01)%	0.02%	1.06%	0.10%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Scout Investments, Inc., through its Reams Asset Management division, serves as the subadviser to the fund.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE BOND FUND | 3.1. 2 0 2 3

the fund since April 2018. Tilak “Dimitri” Silva, CFA^®, has served as Portfolio Co-Manager of the fund since March 2021. Neil Aggarwal has served as Portfolio Co-Manager of the fund since March 2023. Messrs. Egan, Thompson, Holland, Hoyer, Silva and Aggarwal are jointly and primarily responsible for the day‑to‑day management of the fund. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor and Mr. Thompson served as Portfolio Co‑Manager of the fund’s predecessor from its inception in 2001 to 2017. Mr. Holland served as Portfolio Co‑Manager of the fund’s predecessor from 2014 to 2017.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Reams Core Plus Bond Fund (“Core Plus Bond Fund” or the “fund”) seeks a high level of total return consistent with the preservation of capital.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Core Plus Bond Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	3.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.25%	0.27%	0.25%	0.31%	0.28%	0.13%	0.16%

Total Annual Fund Operating Expenses	0.90%	1.67%	0.65%	0.96%	1.18%	0.53%	0.56%

Fee Waiver and/or Expense Reimbursement (b)	(0.10)%	(0.12)%	(0.25)%	(0.16)%	(0.13)%	(0.03)%	(0.16)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.80%	1.55%	0.40%	0.80%	1.05%	0.50%	0.40%

(b) Carillon Tower Advisers, Inc. (“Carillon”) has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of the fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows: Class A – 0.80%, Class C – 1.55%, Class I – 0.40%, Class Y – 0.80%, Class R-3 – 1.05%, Class R-5 – 0.50%, and Class R-6 – 0.40%. This expense limitation excludes interest, taxes, brokerage commissions, short sale dividend and interest expenses, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. The contractual fee waivers can be changed only with the approval of a majority of the fund’s Board of Trustees. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fee recoupment.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$454	$642	$845	$1,432
Class C	$258	$515	$896	$1,966
Class I	$41	$183	$337	$787
Class Y	$82	$290	$515	$1,163
Class R‑3	$107	$362	$636	$1,420
Class R‑5	$51	$167	$293	$662
Class R‑6	$41	$163	$297	$686

Principal investment strategies | Under normal circumstances, the fund invests at least 80% of its net assets in bonds of varying maturities, including mortgage- and asset-backed securities. The bonds in which the fund may invest also include other fixed income instruments such as debt securities, to‑be‑announced securities and other similar instruments issued by various U.S. and non‑U.S. public- or private-sector entities. The fund invests primarily in investment grade securities, but may also invest up to 25% of its assets in non‑investment grade securities, also known as high yield securities or “junk” bonds. However, if an investment held by the fund that is downgraded below investment grade causes the fund to exceed this limit, the fund may either sell or may continue to hold the security. Investment grade securities include securities rated in one of the four highest rating categories by a nationally recognized statistical rating organization, such as BBB‑ or higher by Standard & Poor’s Financial Services LLC (“S&P^®”). In addition, the fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Securities will generally be U.S. dollar denominated although they may be securities of foreign issuers, but the fund may also invest in securities denominated in foreign currencies. Mortgage-backed securities are pools of mortgage loans that are assembled as securities for sale to investors by various governmental, government-related and private organizations. Asset-backed securities are securities that are secured or “backed” by pools of various types of assets, such as automobile loans, consumer loans, credit cards and equipment leases, on which cash payments are due at fixed intervals over set periods of time. The fund may invest in fixed income securities with call features.

The fund may invest in derivative instruments, such as options (including options on futures contracts), futures contracts (including interest rate, bond, U.S. Treasury and fixed income index futures contracts), currency and other forwards, including non-deliverable forwards (“NDFs”), and swap agreements (including credit default swaps) subject to applicable law and any other restrictions described in the fund’s Prospectus or Statement of Additional Information (“SAI”). The fund’s investment in credit default swap agreements may include both single-name credit default swap agreements and credit default swap index products, such as CDX index products. The use of these derivative transactions may allow the fund to obtain net long or short exposures to select currencies, interest rates, countries, durations or credit risks. These derivatives may be used to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade and high yield fixed income markets, which can include underlying issuers rated as low as CCC by S&P^®. Derivative instruments that provide exposure to bonds may be used to satisfy the fund’s 80% investment policy. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

normally structures the fund so that the overall portfolio has a duration of less than eight years based on market conditions. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund.

The portfolio management team then considers sector exposures. Sector exposure decisions are made on both a top‑down and bottom‑up basis. A bottom‑up issue selection process is the major determinant of sector exposure, as the availability of attractive securities in each sector determines their underweighting or overweighting in the fund subject to sector exposure constraints. However, for the more generic holdings in the fund, such as agency notes and pass-through mortgage backed securities, top‑down considerations will drive the sector allocation process on the basis of overall measurements of sector value such as yield spreads or price levels.

Once the portfolio management team has determined an overall market strategy, the portfolio management team selects the most attractive fixed income securities for the fund. The portfolio managers screen hundreds of securities to determine how each will perform in various interest rate environments. The portfolio managers construct these scenarios by considering the outlook for interest rates, fundamental credit analysis and option-adjusted spread analysis. The portfolio managers compare these investment opportunities and assemble the fund’s portfolio from the best available values. The portfolio management team constantly monitors the expected returns of the securities in the fund versus those available in the market and of other securities the investment adviser is considering for purchase. The portfolio management team’s strategy is to replace securities that it feels are approaching fair market value with those that, according to its analysis, are significantly undervalued. As a result of this strategy, the fund’s portfolio turnover rate will vary from year to year depending on market conditions and the fund may engage in frequent and active trading.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

Principal risks | The greatest risk of investing in the fund is that you could lose money. The values of most debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the values of debt securities in the fund’s portfolio generally will decline when interest rates rise and increase when interest rates fall. As a result, the fund’s net asset value (“NAV”) may also increase and decrease. An investment in the fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investments in the fund are subject to the following primary risks. The most significant risks of investing in the fund as of the date of this Prospectus are listed first below, followed by the remaining risks in alphabetical order. Each risk summarized below is considered a “principal risk” of investing in the fund, regardless of the order in which it appears. . Different risks may be more significant at different times depending on market conditions or other factors.

•


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SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

Derivatives, such as swap agreements (including credit default swaps and credit default swap index products), options (including options on futures contracts), futures (including interest rate futures, bond futures, U.S. Treasury futures and fixed income index futures) or currency and other forwards, including NDFs, may involve greater risks than if the fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risks, and credit risks. Derivatives also present counterparty risk (i.e., the risk that the other party to the transaction will fail to perform). 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 the 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 can cause the fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment. The derivatives market may be subject to additional regulations in the future.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

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. Swaps also may be difficult to value. Swaps may be subject to counterparty risk, credit risk and liquidity risk, especially when traded over-the counter. In addition to these risks, credit default swaps are subject to the risks associated with the purchase and sale of credit protection;

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 the 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 the fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate, bond and Treasury futures contracts expose the fund to price fluctuations resulting from changes in interest rates. The fund could suffer a loss if interest rates rise after the fund has purchased an interest rate futures contract or fall after the fund has sold an interest rate futures contract. Similarly, bond and Treasury futures contracts expose the fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose the fund to volatility in an underlying securities index;

Options. 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 the fund bought the underlying security instead of the call option. 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 the fund might otherwise have realized from having shorted the declining underlying security by the premium paid for the put option and by transaction costs. If an option that the fund has purchased expires unexercised, the fund will experience a loss in the amount of the premium it paid. If the fund sells a put option, there is a risk that the fund may be required to buy the underlying asset at a disadvantageous price. If the fund sells a call option, there is a risk that the fund may be required to sell the underlying asset at a disadvantageous price. If the fund sells a call option on an underlying asset that the fund owns and the underlying asset has increased in value when the call option is exercised, the fund will be required to sell the underlying asset at the call price and will not be able to realize any of the underlying asset’s value above the call price. There can be no guarantee that the use of options will increase the fund’s return or income. The premium received from writing options may not be sufficient to offset any losses sustained from exercised options. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them, and there may at times not be a liquid secondary market for options;

Options on futures contracts. In addition to the risks associated with options generally, there is a risk of imperfect correlations between the movement in prices of the option and the futures contract, as well as the futures contract and the underlying security, which could in turn impact the price of the option;

•

High-yield security risk results from investments in below investment grade bonds, which have a greater risk of loss, are susceptible to rising interest rates and have greater volatility, especially when the economy is weak or expected to become weak. Investments in high-yield securities (commonly referred to as “junk bonds”) are inherently speculative and carry a greater risk that the issuer will default on the timely payment of principal and interest;

•


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SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

short-term borrowings within certain financial markets. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones to be phased out on June 30, 2023. These events and any additional regulatory or market changes may have an adverse impact on the 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 and the impact of the transition from LIBOR on the fund and the financial markets generally. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets for instruments 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 the fund. At this time, it is not possible to completely identify or predict the effect of any transition, establishment of alternative Reference Rates or other reforms to Reference Rates that may be enacted in the UK or elsewhere. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the fund’s performance and/or NAV;

•

Portfolio turnover risk is the risk that performance may be adversely affected by the high rate of portfolio turnover that can be caused by the fund engaging in active and frequent trading , which generally leads to greater transaction costs;

•


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3

Performance | The bar chart that follows illustrates annual fund returns for the periods ended December 31. The table that follows compares the fund’s returns for various periods with benchmark returns. This information is intended to give you some indication of the risk of investing in the fund by demonstrating how its returns have varied over time. The bar chart shows the fund’s Class I share performance from one year to another. The Class I and Class Y shares of the fund have adopted the performance history and financial statements of the Institutional Class and Class Y shares, respectively, of the fund’s predecessor. Each of the fund’s share classes is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same sales charges and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


During 10 year period (Class I shares):

	Return	Quarter Ended

Best Quarter	8.79%	June 30, 2020

Worst Quarter	(6.07)%	June 30, 2022


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10‑yr	Lifetime (if less than 10 yrs)

Class I – Before Taxes	11/25/96	(11.80)%	1.92%	1.87%

After Taxes on Distributions		(12.88)%	0.56%	0.68%

After Taxes on Distributions and Sale of Fund Shares		(6.99)%	0.93%	0.93%

Class A – Before Taxes	11/20/17	(15.44)%	0.72%			0.77%

Class C – Before Taxes	11/20/17	(12.84)%	0.76%			0.78%

Class Y – Before Taxes	11/12/09	(12.18)%	1.51%	1.46%

Class R‑3 – Before Taxes	11/20/17	(12.39)%	1.26%			1.29%

Class R‑5 – Before Taxes	11/20/17	(11.94)%	1.82%			1.84%

Class R‑6 – Before Taxes	11/20/17	(11.81)%	1.93%			1.95%


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS CORE PLUS BOND FUND | 3.1. 2 0 2 3


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10‑yr	Lifetime (From Inception Date of Class A, Class C, Class R‑3, Class R‑5 and Class R‑6 Shares)

Bloomberg U.S. Aggregate Bond Index	(13.01)%	0.02%	1.06%	0.10%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Scout Investments, Inc., through its Reams Asset Management division, serves as the subadviser to the fund.

Portfolio Managers | Mark M. Egan, CFA^®, has served as the Lead Portfolio Manager of the fund and Todd C. Thompson, CFA^® and Clark W. Holland, CFA^®, have served as Portfolio Co‑Managers of the fund since the fund’s inception in 2017. Jason J. Hoyer, CFA^®, has served as Portfolio Co‑Manager of the fund since April 2018. Tilak “Dimitri” Silva, CFA^®, has served as Portfolio Co-Manager of the fund since March 2021. Neil Aggarwal has served as Portfolio Co-Manager of the fund since March 2023. Messrs. Egan, Thompson, Holland, Hoyer, Silva and Aggarwal are jointly and primarily responsible for the day‑to‑day management of the fund. Mr. Egan served as the Lead Portfolio Manager of the fund’s predecessor from its inception in 1996 to 2017. Messrs. Thompson and Holland served as Portfolio Co‑Managers of the fund’s predecessor from 2000 and 2014, respectively, to 2017.


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Carillon Mutual Funds

SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

Investment objective | The Carillon Reams Unconstrained Bond Fund (“Unconstrained Bond Fund” or the “fund”) seeks to maximize total return consistent with the preservation of capital.

Fees and expenses of the fund | The tables that follow describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Unconstrained Bond Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the Class A shares of the Carillon Family of Funds. More information about these and other discounts, including through specific financial intermediaries, is available from your financial professional, on page 94 of the fund’s Prospectus and on page 56 of the fund’s Statement of Additional Information.


Shareholder fees (fees paid directly from your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Maximum Sales Charge Imposed on Purchases (as a % of offering price)	3.75%	None	None	None	None	None	None

Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower)	None (a)	1.00% (a)	None	None	None	None	None

Redemption Fee	None	None	None	None	None	None	None


Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment):

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Management Fees	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%

Distribution and Service (12b‑1) Fees	0.25%	1.00%	0.00%	0.25%	0.50%	0.00%	0.00%

Other Expenses	0.23%	0.26%	0.25%	0.30%	0.12%	0.23%	0.16%

Total Annual Fund Operating Expenses	1.08%	1.86%	0.85%	1.15%	1.22%	0.83%	0.76%

Fee Waiver and/or Expense Reimbursement (b)	(0.28)%	(0.31)%	(0.35)%	(0.35)%	(0.17)%	(0.33)%	(0.36)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.80%	1.55%	0.50%	0.80%	1.05%	0.50%	0.40%

(b) Carillon Tower Advisers, Inc. (“Carillon”) has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of the fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows: Class A – 0.80%, Class C – 1.55%, Class I – 0.50%, Class Y – 0.80%, Class R-3 – 1.05%, Class R-5 – 0.50%, and Class R-6 – 0.40%. This expense limitation excludes interest, taxes, brokerage commissions, short sale dividend and interest expenses, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. The contractual fee waivers can be changed only with the approval of a majority of the fund’s Board of Trustees. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fee recoupment.


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3


Share Class	Year 1	Year 3	Year 5	Year 10
Class A	$454	$679	$922	$1,619
Class C	$258	$555	$977	$2,155
Class I	$51	$236	$437	$1,017
Class Y	$82	$331	$599	$1,366
Class R-3	$107	$370	$654	$1,462
Class R-5	$51	$232	$428	$995
Class R-6	$41	$207	$387	$909

Principal investment strategies | The fund pursues its objective by investing at least 80% of its net assets in fixed income instruments. The fixed income instruments in which the fund may invest can be of varying maturities and include bonds, debt securities, mortgage- and asset-backed securities (including to-be-announced securities) and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The portfolio duration of the fund will normally not exceed eight years but may be greater based on market conditions. The fund may also have a negative duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund.

In certain market conditions, the fund may pursue its investment objective by investing a significant portion of its assets in cash or short-term debt obligations. The fund may invest in both investment grade securities and non-investment grade securities, also known as high yield securities or “junk” bonds. The fund may invest without limitation in non-investment grade securities. Investment grade securities include securities rated in one of the four highest rating categories by a nationally recognized statistical rating organization, such as BBB- or higher by Standard & Poor’s Financial Services LLC (“S&P^®”). The fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The fund may without limitation seek to obtain market exposure to the securities in which it primarily invests by entering into buybacks or dollar rolls. The fund may also invest without limitation in securities denominated in foreign currencies and in U.S. dollar denominated securities of foreign issuers. Mortgage-backed securities are pools of mortgage loans that are assembled as securities for sale to investors by various governmental, government-related and private organizations. Asset-backed securities are securities that are secured or “backed” by pools of various types of assets, such as automobile loans, consumer loans, credit cards and equipment leases, on which cash payments are due at fixed intervals over set periods of time. The fund may invest in fixed income securities with call features.

The fund may invest in derivative instruments, such as options (including options on futures contracts), futures contracts (including interest rate, bond, U.S. Treasury and fixed income index futures contracts), currency and other forwards, including non-deliverable forwards (“NDFs”), and swap agreements (including credit default swaps) subject to applicable law and any other restrictions described in the fund’s Prospectus or Statement of Additional Information (“SAI”). The fund’s investment in credit default swap agreements may include both single-name credit default swap agreements and credit default swap index products, such as CDX index products. The use of these derivative transactions may allow the fund to obtain net long or short exposures to select currencies, interest rates, countries, durations or credit risks. These derivatives may be used to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade and high yield fixed income markets, which can include underlying issuers rated as low as CCC by S&P^®. Derivative instruments that provide exposure to fixed income instruments may be used to satisfy the fund’s 80% investment policy. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

managers construct these scenarios by considering the outlook for interest rates, fundamental credit analysis and option-adjusted spread analysis. The portfolio managers compare these investment opportunities and assemble the fund’s portfolio from the best available values. The portfolio management team constantly monitors the expected returns of the securities in the fund versus those available in the market and of other securities the portfolio management team is considering for purchase. The portfolio management team’s strategy is to replace securities that it feels are approaching fair market value with those that, according to its analysis, are significantly undervalued. As a result of this strategy, the fund’s portfolio turnover rate will vary from year to year depending on market conditions and the fund may engage in frequent and active trading.

The fund may invest a substantial portion of its assets (more than 25%) in securities and instruments that are economically tied to one or more foreign countries if economic and business conditions warrant such investment. The fund will invest no more than 50% of its net assets in investments in developing countries or emerging markets.

The fund may lend its securities to broker-dealers and other financial institutions to earn additional income.

•

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with a trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen as of the date of this Prospectus. Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on the performance and liquidity of global markets, and could negatively affect the value of the fund’s investment. The duration of ongoing hostilities and


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the fund and its investments or operations could be negatively impacted. The recent strength of the U.S. dollar could decrease foreign demand for U.S. assets, which may negatively impact certain issuers and/or industries.

•

Interest rate risk is the risk that the value of investments, such as fixed-income securities, will move in the opposite direction to movements in interest rates. Generally the value of investments with interest rate risk will fall when interest rates rise. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a fund. The effect of increasing interest rates is more pronounced for any intermediate- or longer-term fixed income obligations owned by the fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the fund may be unable to maintain positivereturns or pay dividends to fund shareholders. Conversely, interest rates may rise, perhaps significantly and/ or rapidly, potentially resulting in substantial losses to the fund;

•

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. If swaps are used as a hedging strategy, the 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. Swaps also may be difficult to value. Swaps may be subject to counterparty risk, credit risk and liquidity risk, especially when traded over-the-counter. In addition to these risks, credit default swaps are subject to the risks associated with the purchase and sale of credit protection;


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

previously bought or sold and this may result in the inability to close a futures contract when desired. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate, bond and Treasury futures contracts expose the fund to price fluctuations resulting from changes in interest rates. The fund could suffer a loss if interest rates rise after the fund has purchased an interest rate futures contract or fall after the fund has sold an interest rate futures contract. Similarly, bond and Treasury futures contracts expose the fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose the fund to volatility in an underlying securities index;

•

Leverage risk is the risk that the use of financial instruments to increase potential returns, including the use of buybacks, dollar rolls, when-issued, delayed delivery or forward commitment transactions, and derivatives used for investment (non-hedging) purposes, may cause the fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the fund that exceed the amount originally invested;

•


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR. There remains uncertainty about the nature of any replacement rate and the impact of the transition from LIBOR on the fund and the financial markets generally. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets for instruments 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 the fund. At this time, it is not possible to completely identify or predict the effect of any transition, establishment of alternative Reference Rates or other reforms to Reference Rates that may be enacted in the UK or elsewhere. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the fund’s performance and/or NAV;

•

Market timing risk arises because certain types of securities in which the fund invests, including high-yield and foreign securities, could cause the fund to be at greater risk of market timing activities by fund shareholders. Such activities can dilute the fund’s NAV, increase the fund’s expenses and interfere with the fund’s ability to execute efficient investment strategies;

•

Short sale risk is the risk that the fund will incur a loss due to a short position if the price of the instrument sold short increases in value between the date of the short sale and the date on which an offsetting position is purchased. Short sales have the potential to lose more money than the actual cost of the investment. Also, there is a risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the fund;

•


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3

•

Performance | The bar chart that follows illustrates annual fund returns for the periods ended December 31. The table that follows compares the fund’s returns for various periods with benchmark returns. This information is intended to give you some indication of the risk of investing in the fund by demonstrating how its returns have varied over time. The bar chart shows the fund’s Class I share performance from one year to another. The Class I and Class Y shares of the fund have adopted the performance history and financial statements of the Institutional Class and Class Y shares, respectively, of the fund’s predecessor. Each of the fund’s share classes is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same sales charges and expenses. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. To obtain more current performance data as of the most recent month‑end, please visit our website at rjinvestmentmanagement.com.


During 10 year period (Class I shares):

	Return	Quarter ended

Best Quarter	8.40%	June 30, 2020

Worst Quarter	(3.50)%	June 30, 2022


Average annual total returns (for the periods ended December 31, 2022):

Fund return (after deduction of sales charges and expenses)

Share Class	Inception Date	1‑yr	5‑yr	10-yr		Lifetime (if less than 10 yrs)

Class I – Before Taxes	9/29/11	(4.74)%	2.43%		1.92%

After Taxes on Distributions		(5.58)%	1.45%		1.19%

After Taxes on Distributions and Sale of Fund Shares		(2.81)%	1.45%		1.16%

Class A – Before Taxes	11/20/17	(8.61)%	1.35%				1.32%

Class C – Before Taxes	11/20/17	(5.75)%	1.37%				1.33%

Class Y – Before Taxes	12/31/12	(5.04)%	2.13%		1.63%

Class R‑3 – Before Taxes	11/20/17	(5.21)%	1.88%				1.83%

Class R‑5 – Before Taxes	11/20/17	(4.74)%	2.44%				2.39%

Class R‑6 – Before Taxes	11/20/17	(4.65)%	2.54%				2.49%


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SUMMARY OF CARILLON REAMS UNCONSTRAINED BOND FUND | 3.1. 2 0 2 3


Index (reflects no deduction for fees, expenses or taxes)

	1‑yr	5‑yr	10-yr	Lifetime (From Inception Date of Class A, Class C, Class R‑3, Class R‑5 and Class R‑6 Shares)

ICE BofA US 3-Month Treasury Index	1.47%	1.27%	0.77%	1.27%

Investment Adviser | Carillon Tower Advisers, Inc. is the fund’s investment adviser.

Subadviser | Scout Investments, Inc., through its Reams Asset Management division, serves as the subadviser to the fund.

Portfolio Managers | Mark M. Egan, CFA^®, has served as the Lead Portfolio Manager of the fund and Todd C. Thompson, CFA^® and Clark W. Holland, CFA^®, have served as Portfolio Co‑Managers of the fund since the fund’s inception in 2017. Jason J. Hoyer, CFA^®, has served as Portfolio Co‑Manager of the fund since April 2018. Tilak “Dimitri” Silva, CFA^®, has served as Portfolio Co-Manager of the fund since March 2021. Neil Aggarwal has served as Portfolio Co-Manager of the fund since March 2023. Messrs. Egan, Thompson, Holland, Hoyer, Silva and Aggarwal are jointly and primarily responsible for the day‑to‑day management of the fund. Mr. Egan served as 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 2011 to 2017. Mr. Holland served as Portfolio Co‑Manager of the fund’s predecessor from 2014 to 2017.


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PROSPECTUS | 3.1. 2 0 2 3

Additional Information About the Funds

Each fund’s investment objective is non‑fundamental and may be changed by its Board of Trustees without shareholder approval.

The Carillon ClariVest International Stock Fund, Carillon Eagle Mid Cap Growth Fund, Carillon Eagle Small Cap Growth Fund, Carillon Scout Mid Cap Fund, Carillon Scout Small Cap Fund, Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund each have adopted a non‑fundamental policy to invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the type of investments described in its name, as discussed in the “Principal investment strategies” section of each fund’s Summary. If a fund changes its 80% investment policy, a notice will be sent to shareholders at least 60 days in advance of the change and this Prospectus will be supplemented.

As a temporary defensive measure because of market, economic or other conditions, each fund may invest up to 100% of its assets in high-quality, short-term debt instruments or may take positions that are inconsistent with its principal investment strategies. Each fund may also invest its assets in cash, cash equivalent securities, repurchase agreements or money market instruments as a temporary defensive measure. To the extent that a fund takes such a temporary defensive position, its ability to achieve its investment objective may be affected adversely.

Additional Information Regarding Investment Strategies

Carillon ClariVest Capital Appreciation Fund | In selecting securities for the fund, the subadviser utilizes quantitative tools to implement a “bottom‑up,” fundamentally based, investment process. A bottom‑up method of analysis seeks to de‑emphasize the significance of economic and market cycles. The subadviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long‑run expected active risk goals. This framework builds toward the goal of sustainable performance relative to the Russell 1000^® Growth Index, which is a growth-oriented benchmark.

The fund will invest primarily in the common stocks of large- and mid‑capitalization U.S. companies that the portfolio management team believes have the potential for earnings growth and improvement in investor sentiment. In addition, as a non‑principal investment strategy, the fund may invest in common stocks of foreign companies. The intrinsic worth of the companies’ stocks may not be recognized by the market or the stocks may be currently out of favor with investors. The fund may sell securities when they no longer meet the portfolio managers’ investment criteria and/or to take advantage of more attractive investment opportunities.

Carillon ClariVest International Stock Fund | In selecting securities for the fund, the subadviser utilizes quantitative tools to implement a “bottom‑up,” fundamentally based, investment process. A bottom‑up method of analysis seeks to de‑emphasize the significance of economic and market cycles. The subadviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long‑run expected active risk goals. This framework builds toward the goal of sustainable performance.

The fund may sell securities when they no longer meet the portfolio manager’s investment criteria and/or to take advantage of more attractive investment opportunities.

Carillon Eagle Growth & Income Fund | The fund’s portfolio managers adhere to a relative value investment style, employing a “bottom‑up” investment process that seeks to acquire promising companies with sound business fundamentals at a time when they believe intrinsic value is not fully recognized by the marketplace. A bottom‑up method of analysis de‑emphasizes the significance of economic and market cycles. The portfolio managers select companies based upon their belief that those companies have the following characteristics:

Income

•

Yield or dividend growth at or above the S&P 500 Index;

•

Demonstrated commitment to paying and increasing dividends.

Growth

•

Dominance in expanding industry;

•

Growth rate greater than inflation;

•

Dividend yield plus growth is more than 10 percent;

•

Demonstrated commitment to increasing dividends.

Stability

•

Free cash flow and shareholder-oriented management;

•

Stock price below estimated intrinsic value.


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Sell Discipline

•

Price appreciation near or above sustainable level;

•

Deterioration of company fundamentals, indicative of dividend cut;

•

Occupation of too large a portion of total portfolio;

•

Development of more attractive investment opportunity.

Equity securities typically include common stocks and may include foreign stocks (a portion of which may be invested in emerging markets), convertible securities, preferred stocks, and real estate investment trusts (“REITs”). The fund also may invest in corporate bonds and government securities, including securities issued by U.S. Government-sponsored enterprises, which are not backed by the full faith and credit of the U.S. Government and are not guaranteed or insured by the U.S. Government. The securities in which the fund may invest may be rated below investment grade by Moody’s Investors Service, Inc., S&P Global Ratings or Fitch Ratings Ltd. or, if unrated, deemed to be of comparable quality.

The fund may purchase debt securities of any maturity. The fund will sell securities when they no longer meet the portfolio managers’ investment criteria.

Carillon Eagle Mid Cap Growth Fund | The portfolio managers use a “bottom‑up” method of analysis based on fundamental research to determine which common stocks to purchase for the fund. A bottom‑up method of analysis de‑emphasizes the significance of economic and market cycles. The primary focus is the analysis of individual companies rather than the industry in which that company operates or the economy as a whole. The portfolio managers attempt to purchase stocks that have the potential for above-average earnings or sales growth, reasonable valuations and acceptable debt levels. Such stocks can typically have high price‑to‑earnings ratios. The portfolio managers generally do not emphasize investment in any particular investment sector or industry. The fund will generally sell when the stock has met the portfolio managers’ target price, the investment is no longer valid, a better investment opportunity has arisen or if the investment reaches a value more than 5% of the fund’s net assets. The fund is not required to sell equity securities whose market values appreciate or depreciate outside the fund’s market capitalization range.

Carillon Eagle Small Cap Growth Fund | When making their investment decisions, the portfolio managers generally focus on investing in the dividend paying equity securities of companies that the portfolio managers believe have accelerating earnings growth rates, reasonable valuations (typically with a price‑to‑earnings ratio of no more than the earnings growth rate), strong management that participates in the ownership of the company, reasonable debt levels and/or a high or expanding return on equity. The portfolio managers utilize a “bottom‑up” approach to identifying the companies in which the fund invests and perform proprietary investment research. A bottom‑up method of analysis de‑emphasizes the significance of economic and market cycles. The primary focus is on the individual companies rather than the industry in which that company operates or the economy as a whole. The fund will sell securities when they no longer meet the portfolio managers’ investment criteria. The fund is not required to sell equity securities whose market values appreciate or depreciate outside the fund’s market capitalization range.

Carillon Scout Mid Cap Fund | The fund invests primarily in a diversified portfolio of equity securities.

Under normal circumstances, at least 80% of the fund’s net assets will be invested in mid cap equity securities. The fund is not required to sell equity securities whose market values appreciate or depreciate outside the fund’s market capitalization range.

The equity securities in which the fund invests include common stocks, depositary receipts, preferred stocks, convertible securities, warrants and other rights and REITs. Common stock represents an ownership interest in a company and its value is based on the success of the company’s business, any income paid to shareholders, the value of the company’s assets, general market conditions and investor demand. Depositary receipts are typically issued by banks or trust companies representing ownership interests of securities issued by foreign companies. Preferred stockholders typically receive greater dividends but may receive less appreciation than common stockholders and may have different voting rights as well. Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Warrants and similar rights are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. REITs are companies that invest primarily in income producing real estate or real estate related loans or interests. The fund may engage in frequent and active trading.

The fund will invest primarily in securities of U.S. companies, but may invest up to 20% of its net assets in foreign companies, including those located in developing countries or emerging markets. The fund’s investments in foreign companies may include depositary receipts (such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)).

The fund intends to hold some cash, short-term debt obligations, government securities or other high-quality investments for reserves to cover redemptions and unanticipated expenses. There may be times, however, when the fund attempts to respond to adverse market, economic, political or other conditions by investing a higher percentage of its assets in cash or in those types of money market investments for temporary defensive purposes. During those times, the fund may not be able to pursue its investment objective or follow its principal investment strategies and, instead, will focus on preserving your investment.


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The portfolio management team normally invests the fund’s assets in a diversified portfolio of equity securities. The portfolio management team seeks to invest in the securities of companies that are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. In making investment decisions, the portfolio management team may consider fundamental factors such as cash flow, financial strength, profitability, statistical valuation measures, potential or actual catalysts that could move the share price, accounting practices, management quality, risk factors such as litigation, the estimated fair value of the company, general economic and industry conditions, and additional information as appropriate.

Carillon Scout Small Cap Fund | The fund invests primarily in a diversified portfolio of equity securities.

The fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in equity securities (mostly common stocks) of small cap companies located anywhere in the United States. The fund is not required to sell equity securities whose market values appreciate or depreciate outside the fund’s market capitalization range.

The fund will invest primarily in securities of U.S. companies, but may invest up to 10% of its net assets in foreign companies, including those located in developing countries or emerging markets. The fund’s investments in foreign companies may include depositary receipts (such as ADRs and GDRs).

The portfolio management team will search for investments across a large number of sectors for the fund, but based on economic conditions, may from time to time have significant positions in particular sectors. The fund may also hold securities of mid-capitalization companies.

The portfolio management team normally invests the fund’s assets in a diversified portfolio of equity securities that are selected based upon the portfolio management team’s perception of their above-average potential for long-term growth of capital. The portfolio management team searches for companies that it believes are well positioned to benefit from the emergence of long-term catalysts for growth. The identified growth catalysts are long-term and secular (i.e., exhibiting relatively consistent expansion over a long period). Following the identification of well-positioned companies, the portfolio management team estimates the fair value of each candidate by assessing: margin structure, growth rate, debt level and other measures which it believes influence relative stock valuations. The overall company analysis includes the assessment of the liquidity of each security, sustainability of profit margins, barriers to entry, company management and free cash flow.

Carillon Reams Core Bond Fund | The fund invests primarily in a diversified portfolio of fixed income securities of varying maturities. Under normal market conditions, the fund will invest at least 80% of its net assets, determined at the time of purchase, in bonds.

The fixed income instruments in which the fund may invest can be of varying maturities and include bonds, debt securities and other similar instruments issued by various U.S. and non‑U.S. public- or private-sector entities. The fund may also invest in the following types of bonds: short-term fixed income securities; fixed-income securities with call features; U.S. Government securities; corporate debt securities, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities (including to‑be‑announced securities); bank certificates of deposit, fixed time deposits and bankers’ acceptances; repurchase agreements; obligations of foreign governments or their subdivisions, agencies and instrumentalities; and obligations of international agencies or supranational entities.

The fund invests primarily in investment grade securities. If an investment held by the fund is downgraded below investment grade, the fund may either sell or continue to hold the security. The fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. All securities will be U.S. dollar denominated although they may be securities of foreign issuers. The fund may invest in credit default swap agreements, futures contracts (including interest rate, bond, U.S. Treasury and fixed income index futures contracts) and forward contracts subject to applicable law and any other


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PROSPECTUS | 3.1. 2 0 2 3

restrictions described in the fund’s Prospectus or SAI. The fund’s investments in credit default swap agreements may include both single-name credit default swap agreements and credit default swap index products, such as CDX index products.

These derivatives may be used by the fund to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade and high yield fixed income markets, which can include underlying issuers rated as low as CCC by S&P^®. The use of these derivative transactions may also allow the fund to obtain net long or short exposures to select interest rates, countries, durations or credit risks. Derivative instruments that provide exposure to bonds may be used to satisfy the 80% investment policy of the fund. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.

The portfolio management team attempts to maximize total return over a long-term horizon through opportunistic investing in a broad array of eligible securities. The investment process for the fund combines top‑down interest rate management with bottom‑up fixed income security selection, focusing on undervalued issues in the fixed income market. The portfolio management team first establishes the portfolio’s duration, or interest rate sensitivity. The portfolio management team determines whether the fixed income market is under- or over-priced by comparing current real interest rates (the nominal rates on U.S. Treasury securities less the portfolio management team’s estimate of inflation) to historical real interest rates. If the current real interest rate is higher than historical norms, the market is considered undervalued and the portfolio management team will manage the portfolio with a duration greater than the benchmark. In general, securities with longer maturities are more sensitive to interest rate changes. If the current real interest rate is less than historical norms, the market is considered overvalued and the portfolio management team will run a defensive portfolio by managing the portfolio with a duration less than the benchmark. The portfolio management team then considers sector exposures. Sector exposure decisions are made on both a top‑down and bottom‑up basis. A bottom‑up issue selection process is the major determinant of sector exposure, as the availability of attractive securities in each sector determines their underweighting or overweighting in the fund subject to sector exposure constraints. However, for the more generic holdings in the fund, such as agency notes and pass-through mortgage backed securities, top‑down considerations will drive the sector allocation process on the basis of overall measurements of sector value such as yield spreads or price levels. Once the portfolio management team has determined an overall market strategy, the portfolio management team selects the most attractive fixed income securities for the fund, as described below.

The portfolio managers for the fund screen hundreds of securities to determine how each will perform in various interest rate environments. The portfolio managers construct these scenarios by considering the outlook for interest rates, fundamental credit analysis and option-adjusted spread analysis. The portfolio managers compare these investment opportunities and assemble the fund’s portfolio from the best available values. The portfolio management team constantly monitors the expected returns of the securities in the fund versus those available in the market and of other securities the portfolio management team is considering for purchase. The portfolio management team’s strategy is to replace securities that it feels are approaching fair market value with those that, according to its analysis, are significantly undervalued. As a result of this strategy, the fund’s portfolio turnover rate will vary from year to year depending on market conditions.

The portfolio duration will normally be less than eight years based on market conditions. Duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly is a measure of price sensitivity to interest rate changes. For example, if interest rates decline by 1%, the market value of a portfolio with a duration of eight years would rise by approximately 8%. Conversely, if interest rates increase by 1%, the market value of the portfolio would decline by approximately 8%. The longer the duration, the more susceptible the portfolio will be to changes in interest rates. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund.

Carillon Reams Core Plus Bond Fund | The fund invests primarily in a diversified portfolio of fixed income securities of varying maturities. Under normal market conditions, the fund will invest at least 80% of its net assets, determined at the time of purchase, in bonds.

The fund may invest in both investment grade securities and non‑investment grade securities, also known as high yield securities or “junk” bonds. The investment strategy of the fund is referred to as “Core Plus” because the portfolio management team has the ability to add high yield securities to a core portfolio of investment grade securities. The fund invests primarily in investment grade securities, but may also invest up to 25% of its assets in non‑investment grade securities. However, if an investment held by the fund that is downgraded below investment grade causes the fund to exceed this limit, the fund may sell or continue to hold the security.


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The fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Securities will generally be U.S. dollar denominated although they may be securities of foreign issuers. The fund may also invest in securities denominated in foreign currencies. The fund’s investments in the securities of foreign issuers may include investments in developing countries or emerging markets.

These derivatives may be used by the fund to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade and high yield fixed income markets, which can include underlying issuers rated as low as CCC by S&P^®. The use of these derivative transactions may also allow the fund to obtain net long or short exposures to select currencies, interest rates, countries, durations or credit risks. Derivative instruments that provide exposure to bonds may be used to satisfy the 80% investment policy of the fund. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.

The portfolio duration will normally be less than eight years, based on market conditions. Duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly is a measure of price sensitivity to interest rate changes. For example, if interest rates decline by 1%, the market value of a portfolio with a duration of eight years would rise by approximately 8%. Conversely, if interest rates increase by 1%, the market value of the portfolio would decline by approximately 8%. The longer the duration, the more susceptible the portfolio will be to changes in interest rates. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund.

Carillon Reams Unconstrained Bond Fund | The fund invests primarily in a diversified portfolio of fixed income securities of varying maturities. Under normal market conditions, the fund will invest at least 80% of its net assets, determined at the time of purchase, in fixed income instruments.


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The fund may invest in both investment grade securities and non‑investment grade securities, also known as high yield securities or “junk” bonds. The fund may invest without limitation in non‑investment grade securities.

The fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The fund may also engage in short sales. The fund may invest without limitation in securities denominated in foreign currencies and in U.S. dollar denominated securities of foreign issuers. The fund may invest a substantial portion of its assets (more than 25%) in securities and instruments that are economically tied to one or more foreign countries if economic and business conditions warrant such investment. The fund will invest no more than 50% of its net assets in investments in developing countries or emerging markets.

The fund may invest in derivative instruments, such as options, (including options on futures contracts) futures contracts (including interest rate, bond, U.S. Treasury and fixed income index futures contracts), currency and other forwards, including non-deliverable forwards (“NDFs”), and swap agreements (including credit default swaps) subject to applicable law and any other restrictions described in the fund’s Prospectus or SAI. The fund’s investments in credit default swap agreements may include both single-name credit default swap agreements and credit default swap index products, such as CDX index products.

These derivatives may be used by the fund to enhance fund returns, increase liquidity, manage the duration of the fund’s portfolio and/or gain exposure to certain instruments or markets (i.e., the corporate bond market) in a more efficient or less expensive way. The credit default swap agreements that the fund invests in may provide exposure to an index of securities representative of the entire investment grade and high yield fixed income markets, which can include underlying issuers rated as low as CCC by S&P^®. The use of these derivative transactions may also allow the fund to obtain net long or short exposures to select currencies, interest rates, countries, durations or credit risks. Derivative instruments that provide exposure to fixed income instruments may be used to satisfy the 80% investment policy of the fund. For the purposes of the fund’s 80% investment policy, the fund’s derivatives investments, other than credit default swaps where the fund is a protection seller, are valued at market value. Credit default swaps where the fund is a protection seller are valued at notional value.

The portfolio management team attempts to maximize total return by pursuing relative value opportunities throughout all sectors of the fixed income market. The portfolio managers for the fund screen hundreds of securities to determine how each will perform in various interest rate environments. The portfolio managers construct these scenarios by considering the outlook for interest rates, fundamental credit analysis and option-adjusted spread analysis. The portfolio managers compare these investment opportunities and assemble the fund’s portfolio from the best available values. The portfolio management team constantly monitors the expected returns of the securities in the fund versus those available in the market and of other securities the portfolio management team is considering for purchase. The portfolio management team’s strategy is to replace securities that it feels are approaching fair market value with those that, according to its analysis, are significantly undervalued. As a result of this strategy, the fund’s portfolio turnover rate will vary from year to year depending on market conditions.

The portfolio duration of the fund will normally not exceed eight years but may be greater based on market conditions. The fund may also have a negative duration. Duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly is a measure of price sensitivity to interest rate changes. For example, if interest rates decline by 1%, the market value of a portfolio with a duration of eight years would rise by approximately 8%. Conversely, if interest rates increase by 1%, the market value of the portfolio would decline by approximately 8%. The longer the duration, the more susceptible the portfolio will be to changes in interest rates. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. For purposes of calculating the fund’s portfolio duration, the fund includes the effect of the derivative instruments held by the fund. In certain market conditions, the fund may pursue its investment objective by investing a significant portion of its assets in cash or short-term debt obligations.


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Additional Information About Principal Risk Factors

The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets may negatively affect many issuers worldwide, which could have an adverse effect on the funds. Additionally, while the portfolio managers seek to take advantage of investment opportunities that will maximize a fund’s investment returns, there is no guarantee that such opportunities will ultimately benefit the fund. There is no assurance that the portfolio managers’ investment strategy will enable a fund to achieve its investment objective. An investment in a fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table identifies the risk factors of each fund in light of its principal investment strategies. These risk factors are explained following the table.

The principal risks of investing in each fund listed below are presented in alphabetical order and not in order of importance or potential exposure. Among other matters, this presentation is intended to facilitate your ability to find particular risks and compare them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in a fund, regardless of the order in which it appears.


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Risk	Carillon ClariVest Capital Appreciation Fund	Carillon ClariVest International Stock Fund	Carillon Eagle Growth & Income Fund	Carillon Eagle Mid Cap Growth Fund	Carillon Eagle Small Cap Growth Fund

Currencies		X

Emerging markets		X

Equity securities	X	X	X	X	X

Focused holdings			X

Foreign securities		X	X

Geographic concentration		X

Growth stocks	X	X	X	X	X

Initial public offerings					X

Large-cap companies	X	X	X

Liquidity		X

Market	X	X	X	X	X

Market timing		X

Micro-cap companies	X	X

Mid‑cap companies	X	X	X	X	X

Other investment companies, including money market funds and ETFs		X

Quantitative strategy	X	X

Sectors	X			X	X

Securities lending	X	X	X	X	X

Small‑cap companies	X	X		X	X

Value stocks	X		X


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Risk	Carillon Scout Mid Cap Fund	Carillon Scout Small Cap Fund	Carillon Reams Core Bond Fund	Carillon Reams Core Plus Bond Fund	Carillon Reams Unconstrained Bond Fund

Callable securities			X	X	X

Counterparties			X	X	X

Credit			X	X	X

Credit ratings			X	X	X

Currencies	X			X	X

Derivatives			X	X	X

Emerging markets	X	X			X

Equity securities	X	X

Focused holdings		X

Foreign securities	X	X	X	X	X

Growth stocks	X	X

Hedging			X	X	X

High-yield securities				X	X

Income			X	X	X

Interest rate			X	X	X

Issuer			X	X	X

Leverage			X	X	X

LIBOR			X	X	X

Liquidity			X	X	X

Market	X	X	X	X	X

Market timing	X	X			X

Maturity			X	X	X

Mid‑cap companies	X	X

Mortgage- and asset-backed securities			X	X	X

Other investment companies, including money market funds and ETFs	X	X

Portfolio turnover	X		X	X	X

Prepayment and extension			X	X	X

Redemptions			X	X	X

Sectors		X

Securities lending	X	X	X	X	X

Short sales					X

Small‑cap companies	X	X

U.S. Government securities and government sponsored enterprises	X	X	X	X	X

U.S. Treasury obligations	X	X	X	X	X

Valuation			X	X	X

Value stocks	X	X


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Callable securities | A fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest rates. In the event of a call, a fund would lose the income that would have been earned to maturity on that security, the proceeds received by a fund may be invested in securities paying lower coupon rates or other less favorable characteristics, and a fund may not benefit from any increase in value that might otherwise result from declining interest rates. Thus, a fund‘s income could be reduced as a result of a call and this may reduce the amount of a fund’s distributions. In addition, the market value of a callable security may decrease if it is perceived by the market as likely to be called, which could have a negative impact on a fund‘s total return.

Counterparties | A fund is subject to the risk that a party or participant to a transaction, such as a broker or derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to a fund. As a result, a fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. The participants in over-the-counter or “interdealer” markets are typically not subject to credit evaluation and regulatory oversight to the same extent as are members of “exchange-based” markets. This exposes a fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a credit or liquidity problem with the counterparty. Recent turbulence in the financial markets could exacerbate counterparty risk resulting from over-the-counter derivative transactions. A fund may also be subject to the risk that a futures commission merchant would default on an obligation set forth in an agreement between a fund and the futures commission merchant. This risk exists at and from the time that a fund enters into derivatives transactions that are centrally cleared. In such cases, a clearing organization becomes a fund‘s counterparty and the principal counterparty risk is that the clearing organization itself will default. In addition, the futures commission merchant may hold margin posted in connection with those contracts and that margin may be re-hypothecated (or repledged) by the futures commission merchant, and lost, or its return delayed, due to a default by the futures commission merchant or other customer of the futures commission merchant. The futures commission merchant may itself file for bankruptcy, which would either delay the return of, or jeopardize altogether, the assets posted by the futures commission merchant as margin in response to margin calls relating to cleared positions. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, a fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for a fund.

Credit | A fund could lose money if the issuer or a counterparty, in the case of a derivatives contract, is unable or unwilling, or is perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise) to meet its financial obligations or goes bankrupt. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. The downgrade of the credit rating of a security held by a fund may decrease its value and may make it more difficult for the fund to sell it. Credit risk may change over the life of an instrument. Credit risk usually applies to most fixed income securities. U.S. Government securities, especially those that are not backed by the full faith and credit of the U.S. Treasury, such as securities supported only by the credit of the issuing governmental agency or government-sponsored enterprise, carry at least some risk of nonpayment, and the maximum potential liability of the issuers of such securities may greatly exceed their current resources. There is no assurance that the U.S. Government would provide financial support to the issuing entity if not obligated to do so by law. Further, any government guarantees on U.S. Government securities that a fund owns extend only to the timely payment of interest and the repayment of principal on the securities themselves and do not extend to the market value of the securities themselves or to shares of the fund.

Credit ratings | Ratings by nationally recognized rating agencies generally represent the agencies’ opinion of the credit quality of an issuer. However, these ratings are not absolute standards of quality and do not guarantee the creditworthiness of an issuer, and may prove to be inaccurate. Ratings do not necessarily address market risk and may not be revised quickly enough to reflect changes in an issuer’s financial condition.

Currencies | A fund may have exposure to foreign currencies through its investments. Foreign currencies may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, may be affected unpredictably by intervention, or the failure to intervene, of the U.S. or foreign governments, central banks, or supranational entities such as the International Monetary Fund, and may be affected by the imposition of currency controls or political developments in the U.S. or abroad. As a result, a fund’s exposure to foreign currencies may reduce the returns of a fund. Foreign currencies may decline in value relative to the U.S. dollar and other currencies and thereby affect a fund’s investments. In addition, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency futures and forwards, if used, may not always work as intended, and in specific cases, a fund may be worse off than if it had not used such instrument(s). In the case of hedging positions, the U.S. dollar or other currency may decline in value relative to the foreign currency that is being hedged and thereby affect a fund’s investments. There may not always be suitable hedging instruments available. Even where suitable hedging instruments are available, a fund may choose to not hedge its currency risks.

Derivatives | Derivatives, such as options (including options on futures contracts), futures contracts, currency and other forwards, including NDFs, or swap agreements, (including credit default swaps and credit default swap index products), may involve greater risks than if a fund had invested in the reference obligation directly. Derivatives are subject to general market risks, liquidity risks, interest rate risk, and credit risks. Derivatives also present counterparty risk (i.e., the risk that the other party to the transaction will fail to perform). Counterparty risk is generally thought to be greater with derivatives that are traded over‑the‑counter than with derivatives that are exchange-traded or centrally cleared. However, derivatives that are traded on organized exchanges and/or


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through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. Derivatives involve an increased risk of mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument, in which case a fund may not realize the intended benefits. When used for hedging, changes in the value of the derivative may also not correlate perfectly with the underlying asset, rate or index. Derivatives risk may be more significant when derivatives are used to enhance fund returns, increase liquidity, manage the duration of a fund’s portfolio and/or gain exposure to certain instruments or markets, rather than solely to hedge the risk of a position held by the fund.

Derivatives can cause a fund to participate in losses (as well as gains) in an amount that significantly exceeds the fund’s initial investment, and some derivatives have the potential for unlimited loss, regardless of the size of a fund’s initial investment, for example, where a fund may be called upon to deliver a security it does not own. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and a fund could lose more than the amount it invests. There may be material and prolonged deviations between the theoretical value and realizable value of a derivative. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Derivatives may at times be highly illiquid, and a fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

The regulation of cleared and uncleared swap agreements, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. It is not possible to predict fully the effects of current or future regulation. Changes in government regulation of various types of derivatives instruments may make derivatives more costly or limit the availability of derivatives, which may: limit or prevent a fund from using certain types of derivative instruments as part of its investment strategy; affect the character, timing of recognition and amount of a fund’s taxable income or recognized gains or losses; or otherwise adversely affect the value or performance of derivatives. Compared to other types of investments, derivatives may also be less tax efficient. A fund’s use of derivatives may be limited by the requirements for taxation of the fund as a regulated investment company. Rule 18f-4 under the 1940 Act places limits on the use of derivatives by registered investment companies, such as a fund. A fund that relies on Rule 18f-4 is required to comply with limits on the amount of leverage-related risk that the fund may obtain, and may also be required adopt and implement a derivatives risk management program and designate a derivatives risk manager or adopt policies and procedures designed to manage a fund’s derivatives risks.

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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.

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Futures and Forward Contracts. Futures and forward contracts, including NDFs, are subject to counterparty risk, credit risk and liquidity risk. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes. There are no limitations on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, require a counterparty to post collateral, which may expose a fund to greater losses in the event of a default by a counterparty. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a fund has previously bought or sold and this may result in the inability to close a futures contract when desired. Forward currency transactions include the risks associated with fluctuations in currency. Interest rate, bond and Treasury futures contracts expose a fund to price fluctuations resulting from changes in interest rates. A fund could suffer a loss if interest rates rise after a fund has purchased an interest rate futures contract or fall after a fund has sold an interest rate futures contract. Similarly, bond and Treasury futures contracts expose a fund to potential losses if interest rates do not move as expected. Fixed income index futures contracts expose a fund to volatility in an underlying securities index.

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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


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option assumes the risk of losing its entire investment in the call option. The seller (writer) of a call option that is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying assets above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying assets above the exercise price of the option. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase by such writer except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. For a put option to be profitable, the market price of the underlying security or index must decline sufficiently below the put option’s exercise price to cover the premium and transaction costs. These costs will reduce any profit that might otherwise have been realized from a fund having shorted the declining underlying security by the premium paid for the put option and by transaction costs. The buyer of a put option assumes the risk of losing its entire investment in the put option. The seller (writer) of a put option that is covered (i.e., the writer has a short position in the underlying assets) assumes the risk of an increase in the market price of the underlying assets above the sales price (in establishing the short position) of the underlying assets plus the premium received, and gives up the opportunity for gain on the underlying assets below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying assets below the exercise price of the option. If an option that a fund has purchased expires unexercised, a fund will experience a loss in the amount of the premium it paid. The writer of an option, unlike the holder, generally is subject to initial and variation margin requirements on the option position. There can be no guarantee that the use of options will increase a fund’s return or income. The premium received from writing options may not be sufficient to offset any losses sustained from exercised options. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them, and there may at times not be a liquid secondary market for options.

•

Options on futures contracts. Options on futures contracts are subject to the risks associated with purchasing or writing call or put options on futures contracts. The risks associated with options generally apply to options on futures contracts, such as a buyer’s risk of losing premium if a purchased option expires unexercised or a seller’s risk of being required to sell the underlying asset at a disadvantageous price. In addition to the risks associated with options generally, there is a risk of imperfect correlations between the movement in prices of the option and the futures contract, as well as the futures contract and the underlying security, which could in turn impact the price of the option.

Emerging markets| When investing in emerging markets, the risks of investing in foreign securities discussed below are heightened. Emerging markets have unique risks that are greater than or in addition to those associated with investing in developed markets because emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other foreign developed markets. There are also risks of: greater political uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities; delays and disruptions in securities settlement procedures; less stringent, or a lack of, uniform accounting, auditing, financial reporting and recordkeeping requirements or standards; less reliable clearance and settlement, registration and custodial procedures; less reliable access to capital; unfamiliar foreign investment structures; trading suspensions and other restrictions on investment; and significant limitations on investor rights and recourse, both individually and in combination with other shareholders. The economies and governments of emerging market countries tend to be more unstable than those of developed countries, resulting in more volatile rates of return than the developed markets and significantly greater risk to investors. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. There may be less publicly available or less reliable information regarding issuers in emerging markets, which can impede a fund’s ability to accurately evaluate foreign securities. In certain emerging market countries, fraud and corruption may be more prevalent than in developed market countries, and investor protections may be more limited than those in other countries. It may be difficult to obtain or enforce legal judgments against non‑U.S. companies and non‑U.S. persons in foreign jurisdictions, through either the foreign judicial system or through a 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:

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Common Stocks. The value of a company’s common stock may fall as a result of factors directly relating to that company, such as decisions made by its management or decreased demand for the company’s products or services. A stock’s value may also decline because of factors affecting not just the company, but also companies in the same industry or sector. The price of a company’s stock may also be affected by changes in financial markets that are unrelated to the company, such as changes in interest rates, exchange rates or industry regulation. Companies that pay dividends on their common stock generally only do so after they invest in their own business and make required payments to bondholders and on other debt and preferred stock. Therefore, the value of a company’s common stock will usually be more volatile than its bonds, other debt and preferred stock. 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.


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Preferred Stocks. Preferred securities, including convertible preferred securities, are subject to issuer-specific and market risks; however, preferred securities may be less liquid than common stocks and offer more limited participation in the growth of an issuer. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to bondholders. Preferred shareholders may have only certain limited rights if distributions are not paid for a stated period, but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Preferred stocks may have mandatory sinking fund provisions, as well as provisions for their call or redemption prior to maturity which can have a negative effect on their prices when interest rates decline. Because the rights of preferred stock on distribution of a corporation’s assets in the event of its liquidation are generally subordinated to the rights associated with a corporation’s debt securities, in the event of an issuer’s bankruptcy, there is substantial risk that there will be nothing left to pay preferred stockholders after payments, if any, to bondholders have been made. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company’s financial condition or prospects. Preferred stocks may also be subject to credit risk, which is the risk that an issuer may be unable or unwilling to meet its financial obligations.

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Convertible Securities. The investment value of a convertible security (“convertible”) is based on its yield and tends to decline as interest rates increase. The conversion value of a convertible is the market value that would be received if the convertible were converted to its underlying common stock. Since it derives a portion of its value from the common stock into which it may be converted, a convertible is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. 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.

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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.

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REITS. REITS or other real estate-related securities are subject to the risks associated with direct ownership of real estate, including, 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.

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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.

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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.


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Foreign securities | Investments in foreign securities involve greater risks than investing in domestic securities. As a result, a fund’s return and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions and regulatory requirements in a particular country. Foreign markets, as well as foreign economies and political systems, may be less stable than U.S. markets, and changes in the exchange rates of foreign currencies can affect the value of a fund’s foreign assets. Foreign laws and accounting standards typically are not as strict as they are in the U.S., and there may be less government regulation and supervision of foreign stock exchanges, brokers and listed companies. In addition, there may be less public information available about foreign companies. The unavailability and/or unreliability of public information available may impede the fund’s ability to accurately evaluate foreign securities. Custodial and/or settlement systems in foreign markets may not be fully developed and the laws of certain countries may limit the ability to recover assets if a foreign bank or depository or their agents goes bankrupt. Foreign issuers may utilize unfamiliar corporate organizational structures, which can limit investor rights and recourse. Moreover, it may be difficult to enforce contractual obligations or invoke judicial or arbitration processes against non‑U.S. companies and non‑U.S. persons in foreign jurisdictions. Foreign securities may be less liquid than domestic securities and there may be delays in transaction settlement in some foreign markets. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange, or by government authorities. Over a given period of time, foreign securities may underperform U.S. securities—sometimes for years. A fund could also underperform if it invests in countries or regions whose economic performance falls short. The risks associated with investments in governmental or quasi-governmental entities of a foreign country are heightened by the potential for unexpected governmental change, which may lead to default or expropriation, and inadequate government oversight and accounting. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. The effect of recent, worldwide economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc. Foreign security risk may also apply to ADRs, GDRs and EDRs.

Geographic concentration | Geographic concentration risk is the risk that from time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region, which could increase the risk that economic, political, business, regulatory, diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds.

Japan | A significant portion of a fund’s total assets may be invested in the securities of Japanese issuers, in accordance with the fund’s benchmark. Japan, like many Asian countries, is still heavily dependent upon international trade and may be adversely affected by foreign trade policies, tariffs, embargos, boycotts and other protections measures, competition from emerging economies, the economic conditions of its trading partners, the strength of the yen, and regional and global conflicts. Political tensions between Japan and its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. In addition, the Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. The Japanese government tax and fiscal policies may also have negative impacts on the Japanese economy. Currency fluctuations, which have been significant at times, can have a considerable impact on exports and the overall Japanese economy. Japan has, in the past, intervened in the currency markets to attempt to maintain or reduce the value of the yen. Japan is located in a part of the world that has historically been prone to natural disasters such as earthquakes and tsunamis. Relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. As a country with few natural resources, Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. These and other factors could have a negative impact on a fund’s performance and increase the volatility of an investment in a fund.

Growth stocks | Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, the prices of these stocks may decline, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. The price of a growth company’s stock may fail or not approach the value that has been placed on it. If a growth investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a value or other non‑growth approach to investing or have a broader investment style.

Hedging | A fund may enter into hedging transactions with the intention of reducing or controlling risk. It is possible that hedging strategies will not be effective in controlling risk, due to unexpected non-correlation (or even positive correlation) between the hedging instrument and the position being hedged, increasing, rather than reducing, both risk and losses. To the extent that a fund enters into hedging transactions, the hedges will not be static but rather will need to be continually adjusted based on a subadviser’s assessment of market conditions, as well as the expected degree of non-correlation between the hedges and the portfolio being hedged. The success of a fund’s hedging strategies will depend on a subadviser’s ability to implement such strategies efficiently and cost-effectively, as well as on the accuracy of a subadviser’s judgments concerning the hedging positions to be acquired by a fund. A counterparty to a hedging transaction may be unable to honor its financial obligation to a fund. In addition, a subadviser may be unable to close the transaction at the time it would like or at the price it believes the security is currently worth. A fund may not, in general, attempt to hedge all market or other risks inherent in a fund’s investments, and may hedge certain risks only partially, if at all. Certain risks, either in respect of particular investments or in


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respect of a fund’s overall portfolio, may not be hedged, particularly if doing so is economically unattractive. As a result, various directional market risks may remain unhedged. Gains or losses from positions in hedging instruments may be much greater than the instrument’s original cost. If a fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk sought to be hedged, the hedge might be unsuccessful. The use of hedges may fail to mitigate risks, reduce a fund’s return, or create a loss. In addition, hedges, even when successful in mitigating risk, may not prevent a fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had a fund not used the hedging instruments. When hedging is combined with leverage, a fund risks losses that are multiplied by the degree of leverage used.

High-yield securities | Investments in securities rated below investment grade, or “junk bonds,” generally involve significantly greater risks of loss of your money than an investment in investment grade bonds. Compared with issuers of investment grade bonds, issuers of junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties, leading to a greater risk that the issuer will default on the timely payment of principal and interest. Rising interest rates may compound these difficulties and reduce an issuer’s ability to repay principal and interest obligations. Issuers of lower-rated securities also have a greater risk of default or bankruptcy, especially when the economy is weak or expected to become weak. If an issuer defaults, a fund may incur additional expenses to seek recovery. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a fund may lose its entire investment. Additionally, due to the greater number of considerations involved in the selection of a fund’s securities, the achievement of a fund’s objective depends more on the skills of the portfolio manager than investing only in higher-rated securities. Therefore, your investment may experience greater volatility in price and yield. High-yield securities may be less liquid than higher quality investments. A security whose credit rating has been lowered may be particularly difficult to sell. The higher yields of high-yielding securities may not reflect the value of the income stream that holders of such securities may expect, but rather the risk that such securities may lose a substantial portion of their value as a result of their issuer’s financial restructuring or default. Investments in high-yield securities are inherently speculative.

Income | A fund’s income could decline due to falling market interest rates. In a falling interest rate environment, a fund may be required to invest its assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of a fund for any particular period.

Initial public offerings | The market value of shares sold in an initial public offering (“IPO”) may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. The purchase of IPO shares may also involve high transaction costs. The limited number of shares available for trading in some IPOs may make it difficult for a fund to acquire shares of an issuer in which it would like to invest, and may also make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. . In addition, some companies initially offering their shares publicly may be involved in relatively new industries or lines of business, which may not be widely understood by investors. Many IPOs are by small- or micro-capitalization companies that are undercapitalized. Investments in IPOs may result in losses to a fund.

Interest rate | Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction to movements in interest rates. Investments in investment grade and non-investment grade fixed income securities are subject to interest rate risk. The value of a fund’s fixed income investments typically will fall when interest rates rise. Factors, including central bank monetary policy, rising inflation rates, and changes in general economic conditions, may cause interest rates to rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to a fund. A fund may be particularly sensitive to changes in interest rates if it invests in debt securities with intermediate and long terms to maturity. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than debt securities with shorter durations. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in a 8% decrease in the value of the bond. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the fund may be unable to maintain positive returns or pay dividends to fund shareholders. Conversely, interest rates may rise, perhaps significantly and/or rapidly, potentially resulting in substantial losses to the fund. Certain European countries and Japan have experienced negative interest rates on deposits and debt securities have traded at negative yields. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance to the extent the fund is exposed to such interest rates.

Issuer | The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

Large-cap companies | Investments in large-cap companies may underperform other segments of the market, in some cases for extended periods of time, because such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes. Large-cap companies generally are expected to be less volatile than companies with smaller market capitalizations. However, large-cap companies may be unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion, and may instead focus their competitive efforts on maintaining or expanding their market share.

Leverage | Certain transactions of a fund may give rise to a form of leverage. Such transactions may include, among others, the use of buybacks, dollar rolls, and when-issued, delayed delivery or forward commitment transactions. Certain derivatives that a fund may use may also create leverage. Derivatives that


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involve leverage can result in losses to a fund that exceed the amount originally invested in the derivatives. Certain types of leveraging transactions, such as short sales that are not “against the box,” could be subject to unlimited losses in cases where a fund, for any reason, is unable to close out the transaction. The use of leverage may cause a fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leveraging may cause a fund to be more volatile than if the fund had not been leveraged. This is because leveraging tends to exaggerate the effect of any increase or decrease in the value of a fund’s portfolio securities.

LIBOR | Certain of the instruments identified in a fund’s principal investment strategies have variable or floating coupon rates that are based on ICE LIBOR (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings within certain financial markets. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones to be phased out on June 30, 2023. These events and any additional regulatory or market changes may have an adverse impact on a fund or its investments, including increased volatility or illiquidity in markets for instruments that rely on LIBOR. Regulators and market participants are working together to develop successor Reference Rates to LIBOR. SOFR has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a Reference Rate in the United States. Other countries have undertaken similar initiatives to identify replacement Reference Rates for LIBOR in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new Reference Rate, as well as risks associated with using a new Reference Rate with respect to new investments and transactions. It is expected that market participants will focus on the transition mechanisms by which Reference Rates in existing contracts or instruments may be amended, whether through legislation, marketwide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, there remains uncertainty about the nature of any replacement rate for LIBOR and the impact of the transition from LIBOR on a fund and the financial markets generally. The transition process, or the failure of an industry to transition, could lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments, all of which could impact a fund.

Liquidity | Liquidity risk is the possibility that a fund’s securities may have limited marketability, be subject to restrictions on resale, be difficult or impossible to purchase or sell at favorable times or prices, or become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a debt security, any of which could have the effect of decreasing the overall level of the fund’s liquidity. The market prices for such securities may be volatile. An inability to sell a portfolio position can adversely affect a fund’s NAV or prevent a fund from being able to take advantage of other investment opportunities. A fund could lose money if it cannot sell a security at the time and price that would be most beneficial to a fund. A fund may be required to dispose of investments at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to a fund. Market developments may cause a fund’s investments to become less liquid and subject to erratic price movements. In addition, the market-making capacity of dealers in certain types of securities has been reduced in recent years, in part as a result of structural and regulatory changes, such as fewer proprietary trading desks and increased capital requirements for broker-dealers. Further, many broker-dealers have reduced their inventory of certain debt securities. This could negatively affect a fund’s ability to buy or sell debt securities and increase the related volatility and trading costs. For example, liquidity risk may be magnified in rising interest rate environments due to higher than normal redemption rates.

Market | Markets may at times be volatile and the values of a fund’s stock and fixed income holdings, as well as the income generated by a fund’s fixed income holdings, may decline, sometimes significantly and/or rapidly, because of adverse issuer-specific conditions or general market conditions, including a broad stock market decline, which are not specifically related to a particular issuer. These conditions may include real or perceived adverse political, regulatory, market, economic or other developments, such as natural disasters, public health crises, pandemics, regional or global economic instability and interest, inflation and currency rate fluctuations. These and other conditions may cause broad changes in market value, the general outlook for corporate earnings, public perceptions concerning these developments or adverse investment sentiment generally. These events may lead to periods of volatility, which may be exacerbated by changes in market size and structure. Changes in the financial condition of a single issuer, industry or market segment also can impact the market as a whole. In addition, adverse market events may lead to increased redemptions, which could cause a fund to experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Conversely, it is also possible that, during a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in value may be temporary or may last for extended periods. During times of market turmoil, investors tend to look to the safety of securities issued or backed by the U.S. Treasury, causing the prices of these securities to rise and the yields to decline. Reduced liquidity in fixed income and credit markets may negatively affect many issuers worldwide. Prices in many financial markets have increased significantly over the last decade, but there have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future, particularly if markets enter a period of uncertainty or economic weakness. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or geographic region, continue to recur. Even when securities markets perform well, there is no assurance that the investments held by a fund will increase in value along with the broader market.

The increasing interconnectedness of markets around the world may result in many markets being affected by events in a single country or events affecting a single or small number of issuers. Events such as natural disasters, public health crises, pandemics, governments’ reactions to and public perceptions concerning these developments, and adverse investor sentiment could cause uncertainty in the markets and may adversely affect the performance of the


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global economy. Terrorism and related geopolitical risks, including tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. Likewise, systemic market dislocations of the kind that occurred during the financial crisis in 2008, if repeated, could be highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of a fund’s investments.

Political and diplomatic events within the United States and abroad, such as changes in the U.S. presidential administration and Congress and domestic political unrest, the U.S. Government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The severity or duration of adverse economic conditions may also be affected by policy changes made by government or quasi-governmental organizations.

In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, the execution of ransomeware and other cyberattacks, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments. These fluctuations in stock prices could be a sustained trend or a drastic movement. The financial markets generally move in cycles, with periods of rising prices followed by periods of declining prices. The value of your investment may reflect these fluctuations.

Recent Market Events | Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such volatility, investment returns may fluctuate significantly. Moreover, the risks discussed herein associated with an investment in a fund may be increased. Although interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the U.S. Federal Reserve and certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. In addition, ongoing inflation pressures from tight labor markets and supply chain disruptions could continue to cause an increase in interest rates and/or negatively impact companies. It is difficult to accurately predict the pace at which increase interest rates may increase, or the timing, frequency or magnitude of any such increases in interest rates. Additionally, various economic and political factors, such as rising inflation rates, could cause the Federal Reserve or other foreign banks to change their approach in the future as such actions may result in an economic slowdown in both the U.S. and abroad. Unexpected increases in interest rates could lead to market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. Also, regulators have expressed concern that rate increases may cause investors to sell fixed income securities faster than the market can absorb them, contributing to price volatility. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the prior period of relatively low rates and the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives, or their alteration or cessation. However, because there is little precedent for this situation, it is difficult to predict the impact on various markets of significant rate increases or other significant policy changes.

Some countries, including the U.S., have in recent years adopted more protectionist trade policies. Slowing global economic growth; risks associated with the aftermath of the United Kingdom’s departure from the European Union and the trade agreement between the United Kingdom and the European Union; the risks associated with ongoing trade negotiations with China; the possibility of changes to some international trade agreements; tensions, war, or open conflict between nations, such as between Russia and Ukraine or in eastern Asia; political or economic dysfunction within some nations, including major producers of oil; and dramatic changes in commodity and currency prices could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time.

Russia’s military invasion of Ukraine beginning in February 2022, the responses and sanctions by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets and the prices of various commodities. The United States and other countries have imposed, and continue to impose, broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences, or cyberattacks on governments, companies or individuals, have substantially decreased the value and liquidity of most Russian securities and could impact securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a fund has exposure to Russian investments or investments in other countries affected by the invasion, a fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact a fund’s investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted, and could continue to result, in significant


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market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a fund’s performance and the value of an investment in a fund beyond any direct exposure a fund may have to Russian issuers or issuers in other countries affected by the invasion.

Certain illnesses spread rapidly and have the potential to significantly and adversely affect the global economy. Outbreaks such as the novel coronavirus, COVID-19, or other similarly infectious diseases may have material adverse impacts on a fund. Epidemics and/or pandemics, such as the coronavirus, have and may further result in, among other things, closing borders, extended quarantines and stay-at-home orders, order cancellations, disruptions to supply chains and customer activity, widespread business closures and layoffs, as well as general concern and uncertainty. The impact of this virus, and other epidemics and/or pandemics that may arise in the future, has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including their liquidity, in ways that cannot necessarily be foreseen at the present time. The impact of any outbreak may last for an extended period of time.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the U.S. Congress will act to raise the nation’s debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot now be fully predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. China’s economy, which has been sustained in recent years largely through a debt-financed housing boom, may be approaching the limits of that strategy and may experience a significant slowdown as a result of debt that cannot be repaid. Due to the size of China’s economy, such a slowdown could impact a number of other countries.

Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Impacts from climate change may include significant risks to global financial assets and economic growth. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Certain issuers, industries and regions may be adversely affected by the impacts of climate change, including on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change. These losses could adversely affect, among others, corporate issuers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities.

Market timing | Frequent trading by fund shareholders poses risk to other shareholders in a fund, including (i) the dilution of a fund’s NAV, (ii) an increase in a fund’s expenses, and (iii) interference with a portfolio manager’s ability to execute efficient investment strategies. Because of specific securities a fund may invest in, it could be subject to the risk of market timing activities by fund shareholders. Some examples of these types of securities are high-yield, small‑cap and foreign securities. Typically, foreign securities offer the most opportunity for these market timing activities. A fund generally prices these foreign securities using their closing prices from the foreign markets in which they trade, typically prior to a fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before a fund prices its shares. In such instances, a fund may fair value foreign securities. However, some investors may engage in frequent short-term trading in a fund to take advantage of any price differentials that may be reflected in the NAV of a fund’s shares. There is no assurance that fair valuation of securities can reduce or eliminate market timing. There is no guarantee that Carillon Tower Advisers, Inc., as the manager and transfer agent of the funds, can detect all market timing activities.

Maturity | A fund will invest in fixed income securities of varying maturities. A fixed income security’s maturity is one indication of the interest rate exposure of a security. Generally, the longer a fixed income security’s maturity, the greater the risk. Conversely, the shorter a fixed income security’s maturity, the lower the risk.

Micro-cap companies | Investments in micro-cap companies companies are subject to substantially greater risks of loss and price fluctuations, sometimes rapidly and unpredictably, because their earnings and revenues tend to be less predictable. In addition, some companies may experience significant losses. Since micro-capitalization companies may not have an operating history, product lines, or financial resources, their share prices also tend to be more volatile and their markets less liquid than companies with larger market capitalizations, and they can be sensitive to changes in overall economic conditions, interest rates, borrowing costs and earnings. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities. Micro-capitalization companies face greater risk of business failure, which could increase the volatility of a fund’s portfolio.

Mid‑cap companies | Investments in mid‑cap companies generally involve greater risks than investing in large-capitalization companies. Mid‑cap companies may have narrower commercial markets and limited managerial and financial resources compared to larger, more established companies. The performance of mid‑cap companies can be more volatile, and their stocks less liquid, compared to larger, more established companies, which could increase the volatility of a fund’s portfolio and performance. Shareholders of a fund that invests in mid‑cap companies should expect that the value of the fund’s shares will be more volatile than a fund that invests exclusively in large‑cap companies. Generally, the smaller the company size, the greater these risks.


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Mortgage- and asset-backed securities | Mortgage- and asset-backed security risk arises in part from the potential for mortgage failure, particularly during periods of market downturn, premature repayment of principal, or a delay in the repayment of principal, and can increase in an unstable or depressed housing market. The reduced value of the fund’s securities and the potential loss of principal as a result of a mortgagor’s failure to repay would have a negative impact on the fund. If a borrower repays the principal early, a fund may have to reinvest the proceeds at a lower rate, thereby reducing a fund’s income. Conversely, a delay in the repayment of principal could lengthen the expected maturity of the securities, thereby increasing the potential for loss when prevailing interest rates rise, which could cause the values of the securities to fall sharply. In a to‑be‑announced (“TBA”) mortgage-backed transaction, a fund and the seller agree upon the issuer, interest rate and terms of the underlying mortgages. However, the seller does not identify the specific underlying mortgages until it issues the security. TBA mortgage-backed securities increase interest rate risks because the underlying mortgages may be less favorable than anticipated by a fund.

Other investment companies, including money market funds and ETFs | Investments in the securities of other investment companies, including money market funds and exchange-traded funds (“ETFs”) (which may, in turn invest in equities, bonds, and other financial vehicles), may involve duplication of advisory fees and certain other expenses. By investing in another investment company, a fund becomes a shareholder of that investment company. As a result, fund shareholders indirectly bear the fund’s proportionate share of the fees and expenses paid by the other investment company, in addition to the fees and expenses fund shareholders indirectly bear in connection with the fund’s own operations. Investments in other investment companies will subject a fund to the risks of the types of investments in which the investment companies invest.

As a shareholder, a fund must rely on the other investment company to achieve its investment objective. If the other investment company fails to achieve its investment objective, the value of the fund’s investment will typically decline, adversely affecting the fund’s performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares may potentially trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to a fund. Finally, because the value of ETF shares depends on the demand in the market, the portfolio manager may not be able to liquidate a fund’s holdings of ETF shares at the most optimal time, adversely affecting the fund’s performance. An ETF that tracks an index may not precisely replicate the returns of its benchmark index. A passively managed ETF may not be permitted to sell poorly performing stocks that are included in its index.

Portfolio turnover | A fund may engage in more active and frequent trading of portfolio securities to a greater extent than certain other mutual funds with similar investment objectives. A fund’s turnover rate may vary greatly from year to year or during periods within a year. A high rate of portfolio turnover may lead to greater transaction costs, result in adverse tax consequences to investors (from increased recognition of net capital gains, which are taxable to shareholders when distributed to them) and adversely affect performance.

Prepayment and extension | When interest rates fall, borrowers will generally repay the loans that underlie certain debt securities, especially mortgage-related and other types of asset backed securities, more quickly than expected, causing the issuer of the security to repay the principal prior to the security’s expected maturity date. This could also occur if a debt security is called or otherwise converted or redeemed before maturity. If this occurs, a fund may need to reinvest the proceeds at a lower interest rate, reducing its income. Securities subject to prepayment risk generally offer less potential for gains when prevailing interest rates fall. If a fund buys those securities at a premium, accelerated prepayments on those securities could cause a fund to lose a portion of its principal investment. The impact of prepayments on the price of a security may be difficult to predict and may increase the security’s price volatility. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Prepayments could also create capital gains tax liability in some instances. Extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension of a security’s effective maturity, increase the risk of default and delayed payment, heighten interest rate risk and increase the potential for a decline in its price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to a fund for investment would be reduced. If a fund’s investments are locked in at a lower interest rate for a longer period of time, a fund may be unable to capitalize on securities with higher interest rates or wider spreads.

Quantitative strategy risk | The success of a fund’s investment strategy may depend in part on the effectiveness of a subadviser’s quantitative tools for screening securities. Securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis, which could adversely affect their value. A subadviser’s quantitative tools may use factors that may not be predictive of a security’s value, and any changes over time in the factors that affect a security’s value may not be reflected in the quantitative model. The quantitative tools may not react as expected to market events, resulting in losses for a fund. Data for some companies, particularly non‑U.S. companies, may be less available and/or less current than data for other companies. There may also be errors in the computer code for the quantitative model or in the model itself, or issues relating to the computer systems used to screen securities. A subadviser’s stock selection can be adversely affected if it relies on insufficient, erroneous or outdated data or flawed models or computer systems. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by a subadviser and therefore may also result in losses.

Redemptions | A fund may experience periods of heavy redemptions that could cause a fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that one or more investors or intermediaries control a large percentage of investments in a fund, have short investment horizons, or have unpredictable cash flow needs. The risk of loss is also greater if redemption requests are frequent, occur in times of overall


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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.

Health care sector | The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are (1) heavily dependent on patent protection and intellectual property rights and the expiration of a patent may adversely affect their profitability, (2) subject to extensive litigation based on product liability and similar claims, and (3) subject to competitive forces that may make it difficult to raise prices and, may result in price discounting. Health care companies may also be thinly capitalized and susceptible to product obsolescence. Many health care products and services may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and delays in or failure to receive such approvals may negatively impact the business of such companies. Additional or more stringent laws and regulations enacted in the future could have a material adverse effect on such companies in the health care sector. Issuers in the health care sector include issuers having their principal activities in the biotechnology industry or in medical laboratories and research, which pose additional risks. A biotechnology company’s valuation can often be based largely on the potential or actual performance of a limited number of products and, accordingly, can be significantly affected if one of its products proves unsafe, ineffective or unprofitable. Many biotechnology companies invest heavily in research and development, and their products or services may not prove commercially successful or may become obsolete quickly due to technological change. Biotechnology companies can also be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information. Any impairment of such rights may have adverse financial consequences. Biotechnology companies are subject to regulation by, and the restrictions of, the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities. A biotechnology company may be unable to raise prices on its products or services to cover its development and regulatory costs because of managed care pressure or price controls. Biotechnology stocks, especially those issued by smaller, less-seasoned companies, can be more volatile than the overall market.

Information technology sector | The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment, instruments and components, and semiconductors and semiconductor equipment. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. These companies may be smaller or newer and may have limited product lines, markets, financial resources or personnel. The market prices of information technology-related securities tend to exhibit a greater degree of interest rate risk and market risk and may experience sharper price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies.

Securities lending | A fund may lend its portfolio securities to brokers, dealers and financial institutions to seek income. Borrowers of a fund’s securities typically provide collateral in the form of cash that is reinvested in securities. A fund will be responsible for the risks associated with the investment of cash collateral. A fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. There is a risk that a borrower may default on its obligations to return loaned securities; however, a fund’s securities lending agent may indemnify the fund against that risk. There is a risk that the assets of a fund’s securities lending agent may be insufficient to satisfy any contractual indemnification requirements to the fund. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a fund’s ability to vote proxies or to settle transactions and there is the risk of possible loss of rights in the collateral should the borrower fail financially. In any case in which the loaned securities are not returned to a fund before an ex‑dividend date, the payment in lieu of the dividend that the fund receives from the securities’ borrower would not be treated as a dividend for federal income tax purposes and thus would not qualify for treatment as “qualified dividend income.”


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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.

U.S. Government securities and Government sponsored enterprises | A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed by the applicable entity only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Investments in securities issued by Government sponsored enterprises are debt obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (1) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (2) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal Home Loan Bank and the Federal Farm Credit Banks; (3) supported by the discretionary authority of the U.S. Government to purchase the agency obligations, such as those of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; or (4) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so. In such circumstances, if the issuer defaulted, a fund may not be able to recover its investment from the U.S. Government. Like all bonds, U.S. Government securities and Government-sponsored enterprise bonds are also subject to interest rate risk, credit risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. Government securities due to potentially higher costs for the U.S. Government to obtain new financing.

U.S. Treasury obligations | Securities issued or guaranteed by the U.S. Treasury are backed by the “full faith and credit” of the United States; however, the U.S. Government guarantees the securities only as to the timely payment of interest and principal when held to maturity, and the market prices of such securities may fluctuate. The value of U.S. Treasury obligations may vary due to changes in interest rates. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of a fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. Government and may cause the value of U.S. Treasury obligations to decline. Because U.S. Treasury securities trade actively outside the United States, their prices may also rise and fall as changes in global economic conditions affect the demand for these securities. The total public debt of the U.S. as a percent of GDP has grown rapidly since the beginning of the recent financial and market volatility as a result of the coronavirus pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they have the potential to create systemic risks if sound debt management practices are not implemented.

Valuation | Securities held by a fund may be priced by an independent pricing service and also may be priced using dealer quotes or fair valuation methodologies in accordance with valuation procedures adopted by the fund’s Board. The prices provided by the independent pricing service or dealers or the fair valuations may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. This risk may be pronounced for investments that may be illiquid or may become illiquid and for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

Value stocks | Investments in value stocks are subject to the risk that their true worth may not be fully realized by the market or that their prices may decline. This may result in the value stocks’ prices remaining undervalued for extended periods of time. A fund’s performance also may be affected adversely if value stocks remain unpopular with or lose favor among investors. If a value investment style shifts out of favor based on market conditions and investor sentiment, a fund could underperform funds that use a non-value approach to investing or have a broader investment style.


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Investment Adviser

Carillon Series Trust (the “Trust” or the “Carillon Family of Funds”) is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end diversified management investment company. The Trust offers shares in separate series (each a “fund” and collectively the “funds”), each of which is advised by Carillon Tower Advisers, Inc. (“Carillon” or “Manager”). On September 30, 2022, Carillon began also doing business as Raymond James Investment Management. This did not involve any change in Carillon’s structure, ownership, or control.

Carillon, located at 880 Carillon Parkway, St. Petersburg, Florida 33716, serves as investment adviser and administrator for the funds. Carillon manages, supervises and conducts the business and administrative affairs of the funds. Carillon is a wholly owned subsidiary of Raymond James Financial, Inc. (“RJF”) which, together with its subsidiaries, provides a wide range of financial services to retail and institutional clients. As of December 31, 2022, Carillon and its investment management affiliates collectively had approximately $75.36 billion in assets under management.

The basis for the Board’s approval of each Investment Advisory contract with Carillon is contained in the annual report for the 12 month period ended October 31, 2022. The table below contains the effective investment advisory fee rate for the last fiscal year for each fund as a percentage of each fund’s average daily net assets, which takes into account breakpoints, as applicable. For funds that have breakpoints in their fee rate, the advisory fee rate may decline as assets increase.


	Fee Rates Charged
Fund	Contractual Rate	Waivers	Aggregate Rate
Carillon ClariVest Capital Appreciation Fund	0.60%	-0.16%	0.44%
Carillon ClariVest International Stock Fund	0.70%	-0.60%	0.10%
Carillon Eagle Growth & Income Fund	0.44%	0.00%	0.44%
Carillon Eagle Mid Cap Growth Fund	0.51%	0.00%	0.51%
Carillon Eagle Small Cap Growth Fund	0.55%	0.00%	0.55%
Carillon Scout Mid Cap Fund	0.72%	0.00%	0.72%
Carillon Scout Small Cap Fund	0.60%	0.00%	0.60%
Carillon Reams Core Bond Fund	0.40%	-0.30%	0.10%
Carillon Reams Core Plus Bond Fund	0.40%	-0.24%	0.16%
Carillon Reams Unconstrained Bond Fund	0.60%	-0.35%	0.25%

Each fund has entered into an Administration Agreement with Carillon under which each fund pays Carillon for various administrative services at a rate of 0.10% of the average daily net assets for all share classes.

Carillon is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. On behalf of each fund, an exemption from registration or regulation as a commodity pool operator under the Commodity Exchange Act has been claimed with the Commodity Futures Trading Commission (“CFTC”) and Carillon is exempt from registration as a commodity trading adviser under CFTC Regulation 4.14(a)(8) with respect to the fund.


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As a fund’s asset levels change, its fees and expenses may differ from those reflected in the fund’s fee tables. For example, as asset levels decline, expense ratios may increase. Carillon has contractually agreed to waive its investment advisory fee and/or reimburse certain expenses of a fund to the extent that annual operating expenses of each class exceed a percentage of that class’ average daily net assets through February 29, 2024 as follows:


Contractual Expense Limitations

	Class A	Class C	Class I	Class Y	Class R‑3	Class R‑5	Class R‑6

Carillon ClariVest Capital Appreciation Fund	1.00%	1.75%	0.70%	1.00%	1.25%	0.70%	0.60%

Carillon ClariVest International Stock Fund	1.25%	2.00%	0.95%	1.25%	1.50%	0.95%	0.85%

Carillon Eagle Growth & Income Fund	1.25%	2.00%	0.95%	1.25%	1.50%	0.95%	0.85%

Carillon Eagle Mid Cap Growth Fund	1.25%	2.00%	0.95%	1.25%	1.50%	0.95%	0.85%

Carillon Eagle Small Cap Growth Fund	1.25%	2.00%	0.95%	1.25%	1.50%	0.95%	0.85%

Carillon Scout Mid Cap Fund	1.45%	2.20%	1.15%	1.45%	1.70%	1.15%	1.05%

Carillon Scout Small Cap Fund	1.25%	2.00%	0.95%	1.25%	1.50%	0.95%	0.85%

Carillon Reams Core Bond Fund	0.80%	1.55%	0.40%	0.80%	1.05%	0.50%	0.40%

Carillon Reams Core Plus Bond Fund	0.80%	1.55%	0.40%	0.80%	1.05%	0.50%	0.40%

Carillon Reams Unconstrained Bond Fund	0.80%	1.55%	0.50%	0.80%	1.05%	0.50%	0.40%

For each fund, the expense limitation excludes interest, taxes, brokerage commissions, costs relating to investments in other investment companies (acquired fund fees and expenses), dividends, and extraordinary expenses. For Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund, and Carillon Reams Unconstrained Bond Fund, the expense limitation also excludes short sale dividend and interest expenses.

The contractual fee waivers can be changed only with the approval of a majority of the Board. Any reimbursement of fund expenses or reduction in Carillon’s investment advisory fees is subject to recoupment by the fund within the following two fiscal years, if overall expenses fall below the lesser of its then-current expense cap or the expense cap in effect at the time of the fund recoupment. For the funds with respect to which ClariVest Asset Management LLC (“ClariVest”) and Scout Investments, Inc. (“Scout”) serve as subadviser, the amount of the subadvisory fee paid by Carillon to ClariVest or Scout Investments, as applicable, is reduced by the amount of the fees waived and/or expenses reimbursed by Carillon and Carillon provides to these subadvisers any recoupment that Carillon receives from the funds.

Subadvisers

Carillon has selected the following subadvisers to provide investment advice and portfolio management services to the funds’ portfolios:

•

Eagle Asset Management, Inc. (“Eagle”), 880 Carillon Parkway, St. Petersburg, FL 33716, serves as the subadviser to the Carillon Eagle Growth & Income Fund, Carillon Eagle Mid Cap Growth Fund and Carillon Eagle Small Cap Growth Fund.

•

ClariVest, 3611 Valley Centre Drive, Suite 100, San Diego, CA 92130, serves as the subadviser to the Carillon ClariVest Capital Appreciation Fund and the Carillon ClariVest International Stock Fund.


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•

Scout, Inc., 1201 Walnut Street, 21^st Floor, Kansas City, MO 64106, serves as the subadviser to the 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. Scout’s Reams Asset Management division, 111 Monument Circle, Indianapolis, IN 46204, provides subadvisory services to the Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund, and Carillon Reams Unconstrained Bond Fund.

The basis for the Board’s approval of each Subadvisory Agreement is contained in the annual report for the 12 month period ended October 31, 2022. The funds currently operate in a multi-manager structure pursuant to an exemptive order issued by the Securities and Exchange Commission (“SEC”). The order permits Carillon, subject to certain conditions, to enter into new or modified subadvisory agreements with existing or new subadvisers without the approval of fund shareholders, but subject to approval by the Board. Carillon has the ultimate responsibility for overseeing the funds’ subadvisers and recommending their hiring, termination and replacement, subject to oversight by the Board. The order also grants Carillon and the funds relief with respect to the disclosure of the advisory fees paid to individual subadvisers in various documents filed with the SEC and provided to shareholders. Pursuant to this relief, the funds may disclose the aggregate the aggregate fees payable to Carillon and wholly-owned subadvisers and the aggregate fees payable to unaffiliated subadvisers and subadvisers affiliated with Carillon or RJF, other than wholly-owned subadvisers.

If a fund relies on the order to hire a new subadviser, the fund will provide shareholders with certain information regarding the subadviser within 90 days of hiring the new subadviser, as required by the order.

In the future, Carillon may propose the addition of one or more additional subadvisers, subject to approval by the Board and, if required by the 1940 Act, or any applicable exemptive relief, fund shareholders. The Prospectus will be supplemented if additional investment subadvisers are retained or the contract with any existing subadviser is terminated.

Portfolio Managers

The following portfolio managers are responsible for the day‑to‑day management of the investment portfolio:

•

Carillon ClariVest Capital Appreciation Fund – David J. Pavan, CFA^®, C. Frank Feng, Ph.D., Ed Wagner, CFA^® and Todd N. Wolter, CFA^®, are Portfolio Co-Managers of the fund and are jointly and primarily responsible for the day‑to‑day management of the fund. Mr. Pavan, Dr. Feng and Mr. Wagner have been Portfolio Co-Managers of the fund since 2013. Mr. Pavan and Dr. Feng have served as portfolio managers at ClariVest since co‑founding it in 2006. Mr. Wagner joined ClariVest in 2007 as a portfolio manager. Prior to forming ClariVest in 2006, Mr. Pavan and Dr. Feng were portfolio managers at Nicholas-Applegate Capital Management. Prior to joining ClariVest in 2007, Mr. Wagner was a business analyst at Advent Software. Mr. Wolter, Chief Investment Officer – U.S. and Alternative Strategies for ClariVest, provides strategic direction and oversight for the investment process used for the fund and has been a Portfolio Manager of the fund since February 2019. Mr. Wolter has served as Portfolio Manager at ClariVest since co‑founding the firm in 2006.

•

Carillon ClariVest International Stock Fund – David R. Vaughn, CFA^®, Alex Turner, CFA^®, and Gashi Zengeni, CFA^®, are Portfolio Managers of the fund and are jointly and primarily responsible for the day-to-day management of the fund – Mr. Vaughn since its inception in 2013, Mr. Turner since 2015, and Ms. Zengeni since April 2021. Mr. Vaughn has served as Portfolio Manager at ClariVest since co-founding it in 2006. Mr. Turner served as Assistant Portfolio Manager of the fund from its inception until 2015. Prior to joining ClariVest in 2008, Mr. Turner served as a Quantitative Analytic Specialist at FactSet Research Systems, Inc. Ms. Zengeni, CFA^®, served as Assistant Portfolio Manager of the fund from April 2020 - March 2021, and previously as an Investment Analyst at ClariVest since 2015.

•

Carillon Eagle Growth & Income Fund – David Blount, CFA^®, Harald Hvideberg, CFA^®, and Brad Erwin, CFA^®, are Portfolio Managers of 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. Mr. Blount joined Eagle in 1993, was a Senior Research Analyst at Eagle from 1999 through 2008 and has been a Portfolio Manager at Eagle since 2008. Prior to joining Eagle in 2014, Mr. Hvideberg served as Managing Director, Chief Investment Officer, and Portfolio Manager at Wood Asset Management from 2004 to 2014 and as Portfolio Manager at William R. Hough & Co. from 1999 to 2004. Mr. Erwin was previously with Eagle Asset Management from 2000 to 2007 and rejoined the firm in 2015. Mr. Erwin has been a Senior Research Analyst at Eagle since 2015.

•

Carillon Eagle Mid Cap Growth Fund – Eric Mintz, CFA^®, Dr. Christopher Sassouni, D.M.D. and David Cavanaugh are Portfolio Managers of the fund and are jointly and primarily responsible for the day-to-day management of the fund – Mr. Mintz since 2011, Dr. Sassouni since 2020 and Mr. Cavanaugh since June 2022. Previously, Mr. Mintz served as Assistant Portfolio Manager since 2008 and Senior Research Analyst since 2005, Dr. Sassouni served as Assistant Portfolio Manager of the fund and Vice President of Eagle since 2006 and Senior Research Analyst since 2003 and Mr. Cavanaugh served as Senior Research Analyst of the fund since 2017.

•

Carillon Eagle Small Cap Growth Fund – Eric Mintz, CFA^®, Dr. Christopher Sassouni, D.M.D., and David Cavanaugh are Portfolio Managers of the fund and are jointly and primarily responsible for the day-to-day management of the fund. Mr. Mintz has been Portfolio Manager of the fund since 2011. Previously, Mr. Mintz served as Assistant Portfolio Manager since 2008 and Senior Research Analyst at Eagle since 2005. Dr. Sassouni has been Portfolio Manager of the fund since 2020. Previously, Dr. Sassouni served as Assistant Portfolio Manager since 2015, Vice President of Eagle since 2006 and Senior Research Analyst since 2003. Mr. Cavanaugh has been Portfolio Manager of the fund since June 2022. Previously, Mr. Cavanaugh served as Senior Research Analyst of the fund since 2017.


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•

Carillon Scout Mid Cap Fund – G. Patrick Dunkerley, CFA^®, is the Lead Portfolio Manager of the fund and Derek M. Smashey, CFA^®, John A. Indellicate II, CFA^® and Jason J. Votruba, CFA^®, are Portfolio Co‑Managers of the fund. 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. Mr. Dunkerley joined Scout in 2006, following previous employment at Victory Capital Management from 2001-2006, where he served as an assistant portfolio manager, and subsequently as chief investment officer of mid cap core equity and as the lead portfolio manager of a mid cap mutual fund and mid cap separate accounts. Mr. Dunkerley earned his Bachelor of Science in Business Administration from the University of Missouri and his MBA from Golden Gate University. Mr. Dunkerley is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute. Mr. Smashey joined Scout in 2006, following previous employment at Nations Media Partners, Inc. from 2003-2006, where he served as an associate director, and Sprint Corporation from 2000-2003 where he served as Internal Consultant. Mr. Smashey earned his Bachelor of Science in Finance from Northwest Missouri State University and his MBA from the University of Kansas. Mr. Smashey is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute. Mr. Indellicate joined Scout in 2004 and has since served as a quantitative analyst and a securities analyst. He earned his Bachelor of Arts in Economics from Harvard University. Mr. Indellicate is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute. Previously, Mr. Votruba served as a portfolio manager of the Carillon Scout Small Cap Fund since he joined Scout in 2002. Prior to joining Scout, Mr. Votruba provided investment advice at George K. Baum & Company from 2000-2002 and Commerce Bank from 1998-2000. Mr. Votruba earned his Bachelor of Science in Business Administration from Kansas State University. He is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute.

•

Carillon Scout Small Cap Fund – James R. McBride, CFA^®, is the Lead Portfolio Manager of the fund and Timothy L. Miller, CFA^® is Portfolio Co‑Manager of the fund. 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. Mr. McBride joined Scout in 2009. Prior to joining Scout, Mr. McBride co‑founded and served as Vice President/portfolio manager of TrendStar Advisors, LLC from 2003-2009. Mr. McBride was also previously employed by Kornitzer Capital Management, Inc. as a Vice President and research analyst from 2000 until he left to co‑found TrendStar Advisors, LLC in 2003. Prior to joining Kornitzer Capital, Mr. McBride served in a number of increasingly responsible positions with Hewlett-Packard and subsidiary companies of Hewlett-Packard from 1989-2000. Mr. McBride earned a Bachelor of Science, with honors, in Mechanical Engineering from Wichita State University and an MBA in Finance from Indiana University. Mr. McBride is also a graduate of the General Electric Manufacturing Management Program for Manufacturing Engineers. He is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute. Previously, Mr. Miller served as a senior investment analyst for Scout’s domestic equity strategies since he joined Scout in 2012. Prior to joining Scout, Mr. Miller served as a senior investment analyst for American Century Investments from 2007-2012. Mr. Miller’s investment experience also includes employment at Insight Capital Research & Management, C.E. Unterberg Towbin, and Banc of America Securities. Mr. Miller earned his MBA in Finance from Indiana University and his Bachelor of Arts in Economics from UCLA. He is a CFA^® charterholder and a member of the CFA^® Society Kansas City as well as the CFA^® Institute.

•

Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund, and Carillon Reams Unconstrained Bond Fund – Mark M. Egan, CFA^®, has served as the Lead Portfolio Manager of each fund and Todd C. Thompson, CFA^® and Clark W. Holland, CFA^®, have served as Portfolio Co‑Managers of each fund since each fund’s inception in 2017. Jason J. Hoyer, CFA^®, has served as Portfolio Co‑Manager of each fund since April 2018. Tilak “Dimitri” Silva, CFA^®, has served as Portfolio Co-Manager of each fund since March 2021. Neil Aggarwal has served as Portfolio Co-Manager of each fund since March 2023. Messrs. Egan, Thompson, Holland, Hoyer, Silva and Aggarwal are jointly and primarily responsible for the day‑to‑day management of each fund. Mr. Egan served as the Lead Portfolio Manager of the Carillon Reams Core Bond Fund’s predecessor and Mr. Thompson served as Portfolio Co‑Manager of the Carillon Reams Core Bond Fund’s predecessor from its inception in 2001 to 2017. Mr. Holland served as Portfolio Co‑Manager of the Carillon Reams Core Bond Fund’s predecessor from 2014 to 2017. Mr. Egan served as Lead Portfolio Manager of the Carillon Reams Core Plus Bond Fund’s predecessor from its inception in 1996 to 2017. Messrs. Thompson and Holland served as Portfolio Co‑Managers of the Carillon Reams Core Plus Bond Fund’s predecessor from 2000, 2001, 2009 and 2014, respectively, to 2017. Mr. Egan served as Lead Portfolio Manager of the Carillon Reams Unconstrained Bond Fund’s predecessor and Mr. Thompson served as Portfolio Co‑Manager of the Carillon Reams Unconstrained Bond Fund’s predecessor from its inception in 2011 to 2017. Mr. Holland served as Portfolio Co‑Manager of the Carillon Reams Unconstrained Bond Fund’s predecessor from 2014 to 2017.

Mr. Egan joined Scout in 2010. He oversees the entire fixed income division of Scout, Reams Asset Management, and retains oversight over all investment decisions. Mr. Egan was a portfolio manager of Reams Asset Management Company, LLC from 1994 until 2010 and was a portfolio manager of Reams Asset Management Company, Inc. from 1990 until 1994. Mr. Egan was a portfolio manager of National Investment Services until 1990. He is a CFA^® charterholder and a member of the CFA^® Institute.

Mr. Thompson joined Scout in 2010. He was a portfolio manager at Reams from 2001 until 2010. Mr. Thompson was a portfolio manager at Conseco Capital Management from 1999 until June 2001 and was a portfolio manager at the Ohio Public Employees Retirement System from 1994 until 1999. He is a CFA^® charterholder and a member of the CFA^® Institute.


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Mr. Holland joined Scout in 2010 and became a portfolio manager in 2014. He was a portfolio analyst at Scout from 2010 until 2014 and at Reams from 2002 until 2010. Prior to joining the firm, Mr. Holland was a portfolio manager and investment product specialist at Wells Fargo Investment Management Group. He is a CFA^® charterholder and a member of the CFA^® Institute.

Mr. Hoyer joined Scout in 2015 as a fixed income credit analyst and became a portfolio manager in April 2018. Prior to joining Reams, the fixed income division of Scout, in 2015, Mr. Hoyer was a senior credit analyst at 40 | 86 Advisors and a director in the research department at Fiduciary Management Associates. He is a CFA^® charterholder and a member of the CFA^® Institute.

Mr. Silva joined Scout in March 2021 as a portfolio manager. Prior to joining the firm, Mr. Silva was a portfolio manager at AllianceBerstein, L.P., since 2013 and lead portfolio manager since 2018. He is a CFA^® charterholder and a member of the CFA^® Institute.

Mr. Aggarwal joined Scout in November 2022 as Head of Securitized Products and became a portfolio manager in 2023. Prior to joining the firm, Mr. Aggarwal was a portfolio manager at Verition Fund Management from 2021 to 2022 and was the Deputy Chief Investment Officer and Head of Trading at Semper Capital Management from 2017 to 2020.

Additional information about portfolio manager compensation, other accounts managed by the portfolio managers, and portfolio manager ownership of fund shares is found in the Statement of Additional Information (“SAI”).


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Distributor

Carillon Fund Distributors, Inc.^® (“Distributor”), a subsidiary of Eagle Asset Management, Inc., serves as the distributor of the funds. The Distributor may compensate other broker-dealers to promote sales of fund shares. The Distributor’s role is that of an underwriter and it serves only as an agent for accepting shareholder instructions and does not maintain brokerage accounts for any shareholders.

Rule 12b‑1 Distribution Plan

Each fund has adopted a distribution plan for each share class under Rule 12b‑1. The distribution plans allow a fund to pay distribution and service fees for the sale of shares and for services provided to shareholders. Because these fees are paid out of a fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Under the funds’ distribution plans, each fund is authorized to pay a maximum distribution and service fee of up to 0.35% of average daily assets on Class A shares, except for the Capital Appreciation Fund and the Growth & Income Fund which are authorized to pay a maximum distribution and service fee of up to 0.50% of average daily assets on Class A shares. Each fund’s Board of Trustees has approved a current fee of 0.25% on Class A shares. Also, under the fund’s distribution plans, each fund is authorized to pay a maximum distribution and service fee of up to 1.00% of average daily net assets on Class C shares, 0.25% of average daily net assets on Class Y shares and 0.50% of average daily net assets on Class R‑3 shares. Each fund’s Board has approved current fees of 1.00% on Class C shares, 0.25% on Class Y shares and 0.50% on Class R‑3 shares, respectively.

The funds currently do not incur any direct distribution expenses related to Class I, Class R‑5 or Class R‑6 shares. However, Carillon or any third party may make payments for the sale and distribution of Class I, Class R‑5 or Class R‑6 shares from its own resources.

Payments to Financial Intermediaries

Carillon, the Distributor or one or more of their corporate affiliates (“Affiliate” or “Affiliates”) make cash payments or waive or reimburse costs to financial intermediaries in connection with the promotion and sale of shares of the funds. Carillon or the Distributor also make cash payments or waive or reimburse costs to one or more of its Affiliates. Cash payments, waivers or reimbursements include cash revenue sharing payments and other payments for certain administrative services, transaction processing services and certain other marketing support services. Carillon or its Affiliates make these payments from their own resources, not out of fund assets (i.e., without additional cost to the funds or their shareholders), and the Distributor generally makes such payments from the retention of underwriting concessions or 12b‑1 fees. The Board, Carillon or its Affiliates may terminate or suspend payments or waivers or reimbursements of costs at any time. In this context, the term “financial intermediaries” includes any broker, dealer, bank (including bank trust departments), trust company, registered investment adviser, financial planner, retirement plan administrator and any other financial intermediary having a selling, administration, trust processing or similar agreement with Carillon, the Distributor and/or an Affiliate.

Carillon or its Affiliates make revenue sharing payments as incentives to certain financial intermediaries to promote and sell shares of the funds. Revenue sharing arrangements are not financed by the funds, and thus, do not result in increased fund expenses. Carillon and its Affiliates make these payments out of their own resources, including from the profits derived from management or other fees received from the funds. The benefits that Carillon and its Affiliates receive when these payments are made include, among other things, placing the funds on the financial adviser’s fund sales system, possibly placing the funds on the financial intermediary’s preferred or recommended fund list, and access (in some cases on a preferential basis over other competitors) to individual members of the financial intermediary’s sales force or to the financial intermediary’s management. Revenue sharing payments are sometimes referred to as “shelf space” payments because the payments compensate the financial intermediary for including the funds in its fund sales system (on its “sales shelf”). Carillon and its Affiliates compensate financial intermediaries differently depending on the level and/or type of considerations provided by the financial intermediary. The revenue sharing payments Carillon or its Affiliates make may be calculated on the average daily net assets of the applicable funds attributable to that particular financial intermediary (“Asset-Based Payments”). Asset-Based Payments primarily create incentives to retain previously sold shares of the funds in investor accounts. The revenue sharing payments Carillon or its Affiliates make may be also calculated on sales of new shares in the funds attributable to a particular financial intermediary (“Sales-Based Payments”). Sales-Based Payments may create incentives for the financial intermediary to, among other things, sell more shares of a particular fund or to switch investments between funds frequently.

Carillon or its Affiliates also make other payments to certain financial intermediaries for processing certain transactions or account maintenance activities (such as processing purchases, redemptions or exchanges, cash sweep payments, or producing customer account statements) or for providing certain other marketing support services (such as financial assistance for conferences, seminars or sales or training programs at which Carillon’s or its Affiliates’ personnel may make presentations on the funds to the financial intermediary’s sales force and clients). Financial intermediaries may earn profits on these payments for these services, since the amount of the payment may exceed the cost of providing the service. Certain of these payments are subject to limitations under applicable law. An Affiliate also makes payments to financial intermediaries for these services, to the extent that these services replace services that would


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otherwise be provided by the funds’ transfer agent or otherwise would be a direct obligation of the funds. The funds, subject to limits authorized by the Board, reimburse the Affiliate for these payments as transfer agent out‑of‑pocket expenses.

Payments from Carillon or its Affiliates to financial intermediaries may also include the payment or reimbursement of all or a portion of “ticket charges.” Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm in connection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges creates an incentive for salespersons of an intermediary to sell shares of the funds over shares of funds for which there is lesser or no payment or reimbursement of any applicable ticket charge. Payments made with respect to certain classes of shares may create an incentive for an intermediary to promote or favor certain share classes of the funds.

Carillon and its Affiliates are motivated to make the payments described above since they promote the sale of fund shares and the retention of those investments by clients of financial intermediaries. To the extent financial intermediaries sell more shares of the funds or retain shares of the funds in their clients’ accounts, Carillon and its Affiliates benefit from the incremental management and other fees paid to Carillon and its Affiliates by the funds with respect to those assets. The funds may reimburse Carillon for making payments to financial intermediaries for certain sub-transfer agency and shareholder services, subject to limits established by the Board of Trustees.

In certain cases, these payments could be significant to the financial intermediary. Your financial intermediary may charge you additional fees and/or commissions other than those disclosed in this Prospectus. You can ask your financial intermediary about any payments it receives from Carillon or its Affiliates or the funds, as well as about fees and/or commissions it charges.

The funds do not pay any distribution, shareholder servicing, sub-transfer agency or administrative fees to financial intermediaries on Class R-6 shares.


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Your Investment

Choosing a Share Class

Each fund offers Class A, Class C, Class I, Class Y, Class R‑3, Class R‑5 and Class R‑6 shares. Each class of shares represents an investment in the same portfolio of securities, but each class has a different combination of purchase restrictions, sales charges and ongoing fees allowing you to choose the class that best meets your needs. Some factors you might consider when choosing a share class include:

•

the length of time you expect to own the shares;

•

how much you intend to invest;

•

total expenses associated with owning shares of each class;

•

whether you qualify for any reduction or waiver of sales charges;

•

whether you plan to take any distributions in the near future; and

•

the availability of the share classes.

You should read this section carefully to determine which class of shares is best for you and discuss your selection with your financial adviser. The following sections explain the sales charges or other fees you may pay when investing in each class.

Class A Shares

You may purchase Class A shares at the “offering price,” which is a price equal to their NAV, plus a sales charge imposed at the time of purchase. Class A shares currently are subject to ongoing distribution and service (Rule 12b‑1) fees equal to 0.25% of their average daily net assets. If you choose to invest in Class A shares, you will pay a sales charge at the time of each purchase. The table below shows the charges both as a percentage of offering price and as a percentage of the amount you invest. Because of rounding of the calculation in determining the sales charges, you may pay more or less than what is shown in the tables below. If you invest more, the sales charge will be lower.


	Sales Charge for Equity Funds:

Your Investment in Equity Funds	Sales Charge as a percentage of Offering Price (a)	Sales Charge as a percentage of Your Investment (a)	Dealer Concession as % of offering price (b)
Less than $25,000	4.75%	4.99%	4.25%
$25,000‑$49,999.99	4.25%	4.44%	3.75%
$50,000‑$99,999.99	3.75%	3.90%	3.25%
$100,000‑$249,999.99	3.25%	3.36%	2.75%

$250,000‑$499,999.99	2.50%	2.56%	2.00%
$500,000‑$999,999.99	1.50%	1.52%	1.25%

$1,000,000 and over	0.00%	0.00%	See “Sales Charge Waiver” section


	Sales Charge for Fixed Income Funds:

Your Investment in fixed income funds	Sales Charge as a percentage of Offering Price (a)	Sales Charge as a percentage of Your Investment (a)	Dealer Concession as % of offering price (b)
Less than $25,000	3.75%	3.99%	3.25%
$25,000‑$49,999.99	3.25%	3.44%	2.75%
$50,000‑$99,999.99	2.75%	2.90%	2.25%
$100,000‑$249,999.99	2.25%	2.36%	1.75%

$250,000‑$499,999.99	1.50%	1.56%	1.00%
$500,000‑$999,999.99	0.50%	0.52%	0.25%

$1,000,000 and over	0.00%	0.00%	See “Sales Charge Waiver” section


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(a) As a result of rounding, the actual sales charge for a transaction may be higher or lower than the sales charges listed.

(b) During certain periods, the Distributor may pay 100% of the sales charge to participating dealers. Otherwise, it will pay the dealer concession shown above.

Class C Shares

You may purchase Class C shares at NAV with no initial sales charge. As a result, the entire amount of your purchase is invested immediately. However, if you sell the shares less than one year after purchase, you will pay a 1% CDSC at the time of sale. Class C shares are subject to ongoing Rule 12b-1 fees of up to 1% of their average daily net assets. Class C shares will automatically convert to Class A Shares for all purchases that have surpassed their 8-year anniversary date. Your financial intermediary may have a conversion policy that will automatically convert your shares sooner than 8 years. With respect to Class C shares, you should consult with your financial adviser as to the suitability of such an investment for you.

Sales Charge Reductions

To receive a reduction or waiver in your Class A initial sales charge, you must advise your financial adviser or the funds of your eligibility at the time of purchase. If you or your financial adviser does not let the funds know that you are eligible for a reduction, you may not receive a sales charge discount to which you are otherwise entitled. In order to determine your eligibility to receive a sales charge discount, it may be necessary for you or your financial adviser to provide the funds with information and records (including account statements) of all relevant accounts invested in the funds. To have your Class A or Class C contingent deferred sales charge waived, you or your financial adviser must let the funds know at the time you redeem shares that you qualify for such a waiver.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front‑end sales load waivers or contingent deferred (back‑end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

The funds offer programs designed to reduce your Class A sales charges as described in the preceding schedule. For purposes of calculating your sales charge, you can combine purchases of Class A and Class C shares for all mutual funds managed by the Manager in the account owner relationships listed below.

•

Accounts owned by you, your spouse or minor children, including trust or other fiduciary accounts in which you, your spouse or minor children are the beneficiary. This includes sole proprietor business accounts;

•

Accounts opened under a single trust agreement – including those with multiple beneficiaries;

•

Purchases made by a qualified retirement or employee benefit plan of a single employer; and

•

Purchases made by a company, provided the company is not in existence solely for purchasing investment company shares.

Rights of accumulation | You may combine your new purchase of Class A shares with the Class A and Class C shares currently owned for the purpose of qualifying for the lower sales charge rates that apply to larger purchases. The applicable sales charge for the new purchase is based on the total of your current purchase and the value based on the NAV at the close of business on the previous day of all other shares you own. For example, if you previously purchased $20,000 of a mutual fund managed by the Manager and made a subsequent investment of $10,000 in Class A shares, a sales charge discount would be applied to the $10,000 investment.

Letter of intent | You may combine Class A and Class C share purchases of any fund managed by the Manager over a 13‑month period and receive the same sales charge as if all shares had been purchased at once by signing a Letter of Intent (“LOI”). You must inform your financial adviser or the funds that you have an LOI each time you make an investment. Shares purchased within 90 days of the date you sign the LOI may be used as credit toward completion, but the reduced sales charge will only apply to new purchases made on or after that date. If you fail to make an investment sufficient to meet the intended investment within the 13‑month period, the difference in Class A sales charges will be charged to your account. Purchases resulting from the reinvestment of dividends and other distributions do not apply toward fulfillment of the LOI. For Capital Appreciation, International Stock, Growth & Income, Mid Cap Growth, Small Cap Growth, Mid Cap and Small Cap shares equal to 4.75% of the amount of the LOI will be held in escrow during the 13‑month period. Shares equal to 3.75% of the amount of the LOI will be held in escrow during the 13-month period for Core Bond, Core Plus Bond and Unconstrained. If, at the end of that time the total amount of purchases made is less than the amount intended, you will be required to pay the difference between the reduced sales charge and the sales charge applicable to the individual purchases had the LOI not been in effect. This amount will be obtained from redemption of the escrow shares. Any remaining escrow shares will be released to you.


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SIMPLE IRA | By investing in a SIMPLE IRA plan you and all plan participants will receive a reduced Class A sales charge on all plan contributions that exceed quantity discount amounts. SIMPLE IRA plan accounts are not eligible to be counted under a rights of accumulation or LOI sales charge reduction or waiver with accounts other than accounts in the SIMPLE IRA plan unless approved by the Manager.

Sales charge waiver | Class A shares may be purchased at NAV without any sales charge by:

•

The Manager, its affiliates, directors, officers and employees; Trustees and directors of any affiliate of the Manager; any mutual fund managed by the Manager and current and retired officers and Trustees of a fund; the subadviser of any mutual fund managed by the Manager and its current directors, officers and employees; employees and registered financial advisers of broker-dealers that have selling arrangements with the funds’ Distributor; directors, officers and employees of banks and trust companies that are party to agency agreements with the Distributor; all such persons’ immediate relatives (spouse, parents, siblings, children – including in‑law relationships) and beneficial accounts;

•

Investors who participate in certain wrap fee investment programs or certain retirement programs sponsored by broker-dealers or other service organizations which have entered into service agreements with the Manager or the Distributor. Such programs generally have other fees and expenses, so you should read any materials provided by that organization; and

•

Investors who participate in self-directed investment accounts offered by financial intermediaries who have entered into a selling agreement with the funds’ Distributor. Financial intermediaries offering self-directed accounts may or may not charge a transaction fee to their customers, so you should read any materials provided by those financial intermediaries.

Ameriprise Financial, Inc. (“Ameriprise”)

Effective January 15, 2021, shareholders purchasing fund shares through an Ameriprise Financial brokerage account are eligible for the following front‑end sales charge waivers, which may differ from those disclosed elsewhere in these funds’ prospectus or SAI. The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund shares through Ameriprise Financial:

Front‑End Sales Charge Waivers on Class A Shares available at Ameriprise

•

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR‑SEPs;

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family);

•

Shares exchanged from Class C shares of the same fund in the month of or following the 7‑year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply;

•

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members;

•

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step‑son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant; and

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (i.e. Rights of Reinstatement).

Robert W. Baird & Co. (“Baird”)

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front‑end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

Front‑End Sales Charge Waivers on Investors A‑shares available at Baird

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund;

•

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird;

•

Shares purchased using the proceeds of redemptions from within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front‑end or deferred sales charge (known as rights of reinstatement);


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•

A shareholder in the funds’ Investor C Shares will have their shares converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird; and

•

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR‑SEPs.

CDSC Waivers on Investor A and C shares Available at Baird

•

Shares sold due to death or disability of the shareholder;

•

Shares sold as part of a systematic withdrawal plan as described in the funds’ Prospectus;

•

Shares bought due to returns of excess contributions from an IRA Account;

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the funds’ prospectus;

•

Shares sold to pay Baird fees but only if the transaction is initiated by Baird; and

•

Shares acquired through a right of reinstatement.

Front‑End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation

•

Breakpoints as described in this prospectus;

•

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets; and

•

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of fund family assets through Baird, over a 13‑month period of time.

Janney Montgomery Scott LLC (“Janney”)

Effective May 1, 2020, if you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front‑end sales charge waivers and contingent deferred sales charge (“CDSC”), or back‑end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.

Front‑end sales charge* waivers on Class A shares available at Janney

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family);

•

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney;

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (i.e., right of reinstatement);

•

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans; and

•

Shares acquired through a right of reinstatement; and Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and C shares available at Janney

•

Shares sold upon the death or disability of the shareholder;

•

Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus;

•

Shares purchased in connection with a return of excess contributions from an IRA account;

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations;

•

Shares sold to pay Janney fees but only if the transaction is initiated by Janney;

•

Shares acquired through a right of reinstatement; and

•

Shares exchanged into the same share class of a different fund.


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Front‑end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

•

Breakpoints as described in the fund’s Prospectus;

•

Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets; and

•

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13‑month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

*Also referred to as an “initial sales charge.”

Merrill Lynch

Shareholders purchasing fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front‑end sales charge waivers and contingent deferred, or back‑end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this funds’ prospectus or SAI.

Front‑end Sales Load Waivers on Class A Shares available at Merrill Lynch

•

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan;

•

Shares purchased by a 529 Plan (does not include 529 Plan units or 529‑specific share classes or equivalents);

•

Shares purchased through a Merrill Lynch affiliated investment advisory program;

•

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non‑advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers;

•

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform;

•

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family);

•

Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers;

•

Employees and registered representatives of Merrill Lynch or its affiliates and their family members;

•

Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in this prospectus; and

•

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

•

Death or disability of the shareholder;

•

Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus;

•

Return of excess contributions from an IRA Account;

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code;

•

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch;

•

Shares acquired through a right of reinstatement;


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•

Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only); and

•

Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non‑advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers.

Front‑end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

•

Breakpoints as described in this prospectus;

•

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets; and

•

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13‑month period of time (if applicable).

Morgan Stanley Wealth Management

Shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front‑end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this fund’s Prospectus or SAI:

Front‑end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

•

Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules;

•

Shares purchased through reinvestment of dividends and other distributions when purchasing shares of the same fund;

•

Shares purchased through a Morgan Stanley self-directed brokerage account;

•

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program; and

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front‑end or deferred sales charge.

Oppenheimer & Co. Inc. (“OPCO”)

Effective June 15, 2020, shareholders purchasing fund shares through an OPCO platform or account are eligible only for the following load waivers (front‑end sales charge waivers and contingent deferred, or back‑end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.

Front‑end Sales Load Waivers on Class A Shares available at OPCO

•

Shares purchased by or through a 529 Plan;

•

Shares purchased through a OPCO affiliated investment advisory program;

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family);

•

A shareholder in the fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO;


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•

Employees and registered representatives of OPCO or its affiliates and their family members; and

•

Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in this prospectus.

CDSC Waivers on A, B and C Shares available at OPCO

•

Death or disability of the shareholder;

•

Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus;

•

Return of excess contributions from an IRA Account;

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus;

•

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO; and

•

Shares acquired through a right of reinstatement.

Front‑end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

•

Breakpoints as described in this prospectus; and

•

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates (“Raymond James”)

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, are eligible only for the following load waivers (front‑end sales charge waivers and contingent deferred, or back‑end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the funds’ prospectus or SAI.

Front‑end sales load waivers on Class A shares available at Raymond James

•

Shares purchased in an investment advisory program;

•

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions;

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James;

•

CDSC Waivers on Classes A, B and C shares available at Raymond James

•

Death or disability of the shareholder;

•

Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus;

•

Return of excess contributions from an IRA Account;

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James; and

•

Shares acquired through a right of reinstatement.

Front‑end load discounts available at Raymond James: breakpoints, and/or rights of accumulation

•

Breakpoints as described in this prospectus;

•

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets; and


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•

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13‑month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

Stifel, Nicolaus & Company, Incorporated (“Stifel”)

Effective July 1, 2020, shareholders purchasing fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

Front‑end Sales Load Waiver on Class A Shares

•

Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same fund pursuant to Stifel’s policies and procedures; and

•

All other sales charge waivers and reductions described elsewhere in the fund’s Prospectus or SAI still apply.

Class A shares are offered at NAV without any sales charge to these persons and organizations due to anticipated economies in sales effort and expense.

Investments of $1,000,000 or more in Class A shares | Carillon, the Distributor or one or more of their Affiliates may pay a one‑time up‑front sales concession from its own resources to broker-dealers and financial intermediaries for purchases of Class A shares of $1,000,000 or more according to the following schedule: 0.80% of purchases between $1 million and $2.5 million, 0.60% of purchases between $2.5 million and $5 million, 0.35% of purchases between $5 million and $8 million, 0.25% of purchases between $8 million and $15 million and 0.15% of purchases over $15 million.

Any purchase for which the one‑time sales concession was paid will be subject to a CDSC payable by you based on the lower of the cost of the shares being redeemed or their NAV at the time of redemption. If shares are held for up to 6 months there will be a CDSC of 1.00%, and if the shares are held for 6 to 18 months there will be a CDSC of 0.75%. Please note that some qualified retirement plans restrict the payment of a CDSC, therefore no sales concessions shall be paid with respect to such plans. Qualified retirement plans should consider purchasing Class I or Class R shares which do not have a CDSC. The Manager reserves the right to alter or change the finder’s fee policy at any time at its own discretion.

More information concerning sales charges and related reductions and waivers can be found in the SAI and, free of charge, on our website, rjinvestmentmanagement.com.

Application of CDSC

The CDSC for Class A shares and Class C Shares is calculated based upon the original purchase cost or the current market value of the shares being sold, whichever is less. Because of rounding of the calculation in determining the CDSC, you may pay more or less than the indicated rate. Your CDSC holding period is based upon the anniversary of your purchase.

To keep your CDSC as low as possible, each time you place a request to sell shares we will first sell any shares in your account that carry no CDSC. If there are not enough of these to meet your request, we will sell those shares that have been held the longest. There is no CDSC on shares acquired through reinvestment of dividends or other distributions. However, any period of time you held shares of a money market fund managed or offered by the Manager will not be counted for purposes of calculating the CDSC.

To receive a reduction or waiver in your Class A and Class C CDSC, you must advise your financial adviser or the transfer agent of your eligibility at the time of purchase.

The CDSC for Class A shares and Class C shares is generally waived if the shares are sold:

•

To make certain distributions from retirement plans;

•

Because of shareholder death or disability (including shareholders who own shares in joint tenancy with a spouse);

•

To make payments through certain sales from a Systematic Withdrawal Plan of up to 12% annually of the account balance at the beginning of the plan; or

•

Due to involuntary redemptions by a fund as a result of your account not meeting the minimum balance requirements, the termination and liquidation of a fund, or other actions.


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Reinstatement Privilege

If you sell Class A or Class C shares of a mutual fund managed by the Manager, you may reinvest some or all of the sales proceeds up to 90 calendar days later in the same class of any mutual fund managed by the Manager within any account eligible to be linked for rights of accumulation without incurring additional sales charges. If you paid a CDSC, the reinvested shares will have no holding period requirement. You must notify the Manager and your financial adviser at the time of investment if you decide to exercise this privilege.

Investing in Class A shares and Class C shares

The minimum investment in A shares and C shares is:


Type of account	Initial investment	Subsequent investment
Regular account	$1,000	No minimum
Periodic investment program	$50	$50 per month
Retirement account	$500	No minimum

A fund may waive these minimum requirements at its discretion. Contact the funds or your financial adviser for further information.

Class I Shares

Class I shares are available to individual investors and qualified institutions with a minimum investment of $10,000. A fund may waive this minimum amount at its discretion. Qualified institutions include corporations, banks, insurance companies, endowments, foundations and trusts.

Class I shares are also available to investors purchasing through a financial intermediary within a “wrap,” asset allocation or other fee based advisory program (“Fee Based Program”), provided that the Fee Based Program sponsor has selected this class of shares as an acceptable investment for this Fee Based Program and entered into a distribution arrangement with the Distributor for the Fee Based Program. For wrap accounts, minimum investments for initial and subsequent purchases are set by the Fee Based Program sponsor. You must contact your intermediary to purchase Class I shares in this manner.

Class I shares have no initial sales charge, deferred sales charge or 12b‑1 fees. Class I shares may be available on brokerage platforms of firms that have agreements with the funds’ principal underwriter to offer such shares solely when acting as an agent for the investor. An investor transacting in the Class I shares through such a firm may be required to pay a commission and/or other forms of compensation to the financial intermediary in an amount determined and separately disclosed to the investor by the financial intermediary. Because the funds are not parties to any such commission arrangement between you and your financial intermediary, any purchases and redemptions of Class I shares will be made at the applicable net asset value (before imposition of the sales commission). Any such commissions charged by a financial intermediary are not reflected in the fees and expenses listed in the “Fees and Expenses of the Fund” section of the Fund Summary for each applicable fund nor are they reflected in the performance information shown in the prospectus for the funds because they are not charged by the funds. Each fund also offers other share classes with different fees and expenses.

Class Y Shares

Class Y shares are available to individual investors. In Class Y shares, the minimum purchase amount is $1,000 for regular accounts, $100 for retirement accounts and $100 through a periodic investment program, with a minimum subsequent investment plan of $50 per month.

Class Y shares have no initial sales charge or deferred sales charge. Class Y shares are subject to ongoing Rule 12b‑1 fees of up to 0.25% of their average daily net assets.

Class R‑3, R‑5 and R‑6 Shares

Class R‑3, R‑5 and R‑6 shares generally are available only to eligible employer retirement and benefit plans, including 401(k) plans, 403(b) plans, 457 plans, profit-sharing and money purchase plans, defined benefit plans, nonqualified deferred compensation plans, certain voluntary employee benefit association and post-retirement benefit plans (“Retirement and Benefit Plans”) and Health Savings Accounts. Class R‑3, R‑5 and R‑6 shares are not available to retail non‑retirement accounts, traditional and Roth IRAs, SIMPLE IRAs, SEPs, SARSEPs, Coverdell education savings accounts or individual 401(k) or 403(b) plans.


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Purchases may be made through plans in which the employer, plan sponsor or other administrator (“Plan Administrator”) has entered into an agreement with the Distributor. Class R‑3, R‑5 and R‑6 shares also are generally only available to plans in which the Plan Administrator or other intermediary opens an omnibus account on the books of the fund. Plan participants should contact the Plan Administrator to consider purchasing these shares. Initial and subsequent purchase minimums for individual plan participants are determined by your Plan Administrator. The Plan Administrator will transmit purchase and redemption requests to the funds and may charge its plan participants a fee for this service.

Class R‑3, R‑5 and R‑6 shares have no initial sales charge or deferred sales charge. Class R‑3 shares are subject to ongoing Rule 12b‑1 fees of up to 0.50% of their average daily net assets. Class R‑5 and R‑6 have no 12b‑1 fees. Class R‑5 and R‑6 shares generally are available only to Retirement and Benefit Plans that have $1,000,000 or more in plan assets invested in either Class R‑5 or R‑6 shares of the fund family. A fund at its discretion may waive this minimum amount.

How To Invest

Once you have chosen a share class, the next step is to determine the amount you wish to invest. There are several ways to invest, although the availability of these services may be limited by your financial adviser or institution.

For shares managed by a Plan Administrator or Recordkeeper, please contact the Plan Administrator or Recordkeeper to place a purchase request.

Through your financial adviser | You may invest in a fund by contacting your financial adviser. Your financial adviser can help you open a new account, review your financial needs and formulate long-term investment goals and objectives. Your financial adviser or broker will transmit your request to the fund and may charge you a fee for this service. Your broker may also designate other intermediaries to receive orders on the fund’s behalf. Availability of these options may be limited by your financial adviser or institution.

By mail | You may invest in a fund by completing and signing an account application from your financial adviser, through our website, rjinvestmentmanagement.com, or by telephone (800.421.4184). Indicate the fund, the class of shares and the amount you wish to invest. If you do not specify a share class, we will automatically choose Class A shares, which include a front‑end sales charge. Checks must be in U.S. dollars drawn on an account at a U.S. bank and made payable to the specific fund and class being purchased. The funds will not accept payment in cash or money orders. The funds also do not accept third party checks, Treasury checks, credit card checks, traveler’s checks or starter checks for the purchase of shares. The funds are unable to accept post-dated checks or any conditional order or payment. Mail the application and your payment to:


Regular mail Carillon Family of Funds c/o U.S. Bank Global Fund Services P.O. Box 701 Milwaukee, WI 53201-0701		Overnight delivery Carillon Family of Funds c/o U.S. Bank Global Fund Services 615 East Michigan Street, Third Floor Milwaukee, WI 53202-5207

Note: The funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services, LLC’s post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the funds. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent’s offices.

The transfer agent will charge a $25 fee against a shareholder’s account, in addition to any loss sustained by the funds, for any payment that is returned. It is the policy of the funds not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders. The funds reserve the right to reject any application.

By telephone | You can make additional purchases by telephone by calling (800.421.4184). You must have banking information established on your account prior to making a purchase. Your bank account must be in the same name as your Carillon account. This method cannot be used to open a new account. Your first telephone purchase can occur no earlier than 7 business days after the account was opened. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the New York Stock Exchange (“NYSE”) (generally, 4:00 p.m., Eastern Time).

Through our website | You can make additional purchases through our website, rjinvestmentmanagement.com. You must have banking information established on your account prior to making a purchase. Your bank account must be in the same name as your Carillon account. This method cannot be used to open a new account. Once an online transaction has been placed, it cannot be canceled or modified. Online trades must be received by or prior to the close of regular trading on the NYSE, which is typically 4:00 p.m. ET.


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By periodic investment program | We offer several plans to allow you to make regular, automatic investments into a fund. You determine the amount and frequency of your investments. You can terminate your plan at any time. Any request to change or terminate your periodic investment program should be submitted to the transfer agent at least 5 days prior to the effective date. Availability of these plans may be limited by your financial adviser or institution and by the share class.

•

From Your Bank Account — You may instruct us to transfer funds from a specific bank checking or savings account to your account. This service is only available in instances in which the transfer can be effected by automated clearinghouse transfer (“ACH”). Complete the appropriate sections of the account application or the Account Options form to activate this service. If your bank rejects your payment, the funds’ transfer agent will charge a $25 fee to your account. The funds reserve the right to cancel an automatic investment program if payment from your bank is rejected for two consecutive periods or if you make regular withdrawals from your account without maintaining the minimum balance.

•

Automatic Exchange — You may make automatic regular exchanges between two or more mutual funds managed or offered by the Manager. These exchanges are subject to the exchange requirements discussed below.

The intent of these plans is to encourage you to increase your account balance to a fund’s minimum investment. If you discontinue any of these plans, or make regular withdrawals from your account without maintaining the minimum balance, we may require you to buy more shares to keep your account open or we may close your accounts.

By direct deposit | For Class A shares, Class C shares, Class I shares and Class Y shares, you may instruct your employer, insurance company, the federal government or other organization to direct all or part of the payments you receive to your account. All payments from the federal government, including payroll, pension, Social Security, and income tax refunds are eligible for this service. The following information must be provided to the payor in the enrollment process:

U.S. Bank NA

Milwaukee, WI

ABA# 075000022

Depositor #88‑ _ _ _ _ ‑0‑ _ _ _ _ _ _ _ _ _ _

Fund Number Account Number

The account must be designated as a checking account. Please note that these instructions are different than the Federal Reserve wire instructions.

By wire | If you are making your first investment, before you wire funds, the transfer agent must have a completed account application. You may mail or overnight deliver your account application to the transfer agent. Upon receipt of your completed account application, the transfer agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include the name and class of the fund you are purchasing, the account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to:

U.S. Bank N.A.

777 East Wisconsin Avenue

Milwaukee, WI 53202

ABA #075000022


Credit: U.S. Bancorp Fund Services, LLC Account #112‑952‑137		Further Credit: (name and share class of fund to be purchased) (shareholder registration) (shareholder account number)

Before sending your wire, please contact the transfer agent at 800.421.4184 to advise of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire. Wired funds must be received prior to 4:00 p.m. ET to be eligible for same day pricing. The funds and the transfer agent are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

How To Sell Your Investment

For shares managed by a Plan Administrator or Recordkeeper, please contact the Plan Administrator or Recordkeeper to place a redemption request.


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Class A shares, Class C shares, Class I shares and Class Y shares | You can sell (redeem) Class A, Class C shares, Class I shares and Class Y shares of your fund for cash at any time, subject to certain restrictions. When you sell shares, payment of the proceeds (less any applicable CDSC) generally will be made the next business day after your request is received in good order and, in any event, no later than seven days after your request is received in good order regardless of payment type. If you sell shares that were recently purchased by check or ACH deposits, payment will be delayed until we verify that those funds have cleared, which may take up to 12 calendar days. Shareholders can avoid this delay by utilizing the wire purchase option. The funds reserve the right to suspend redemptions or postpone the date of payment for more than seven days (i) when the NYSE is closed (other than for customary weekend and holiday closings); (ii) when trading on the NYSE is restricted; (iii) when the SEC determines that an emergency exists so that disposal of a fund’s investments or determination of its NAV is not reasonably practicable; or (iv) by order of the SEC for protection of a fund’s shareholders. Shares are not subject to a redemption fee.

Shareholders who hold shares through an IRA or other retirement plan must indicate on their written redemption request whether to withhold federal income tax. Redemption requests failing to indicate an election not to have that tax withheld will generally be subject to 10% withholding thereof. Shares held in an IRA or other retirement plan accounts may be redeemed by telephone at 800.421.4184. Investors will be asked whether or not to withhold taxes from any distribution.

You may contact your financial adviser or the funds’ transfer agent with instructions to sell your investment in the following ways. Availability of these options may be limited by your financial adviser or institution.

Through your financial adviser | You may sell your shares through your financial adviser who can prepare the necessary documentation. Your financial adviser will transmit your request to sell shares of your fund and may charge you a fee for this service. Availability of these options may be limited by your financial adviser or institution.

By telephone | You may sell shares by telephone by calling 800.421.4184 prior to the close of regular trading on the NYSE, which is typically 4:00 p.m. ET. If you do not wish to have telephone redemption privileges, you must complete the appropriate section of the account application.

When redeeming shares by telephone, payment of less than $100,000 can be made in one of the following ways:

•

Directly to a bank account for which you have previously provided information to us in writing on your account application or subsequent form. Redemption proceeds can be wired or funds may be sent via electronic funds transfer through the Automated Clearing House (ACH) network. Wires are subject to a $15 fee. There is no charge to have proceeds sent via the ACH system and funds are generally available in your bank account two to three business days after we receive your request; or

•

By check to your address of record, provided there has not been an address change in the last 30 calendar days.

Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. If you are unable to reach the fund by telephone, you may sell shares of the fund by sending a written redemption request to the transfer agent (see the “In writing” section below).

In writing | You may sell shares of a fund by sending a written redemption request to the transfer agent at the address below. Your request should be in good order and should specify the fund name and class, your account number, the name(s) in which the account is registered and the dollar value or number of shares you wish to sell. Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. Contact the transfer agent at 800.421.4184 with questions on required documentation.


Regular Mail		Overnight delivery
Carillon Family of Funds		Carillon Family of Funds
c/o U.S. Bank Global Fund Services		c/o U.S. Bank Global Fund Services
P.O. Box 701		615 East Michigan Street, Third Floor
Milwaukee, WI 53201-0701		Milwaukee, WI 53202-5207

Note: The funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bancorp Fund Services LLC’s post office box, of purchase orders or redemption requests does not constitute receipt by the transfer agent of the funds. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent’s offices.

The transfer agent may require a signature guarantee for certain redemption requests. A signature guarantee assures that your signature is genuine and protects you from unauthorized account redemptions.


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A signature guarantee, from either a Medallion program member or a non‑Medallion program member, of each owner is required in the following situations:

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When ownership is being changed on your account;

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When redemption proceeds are payable to or sent to any person, address or bank account not on record;

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When a redemption request is received by the transfer agent and the account address has changed within the last 30 calendar days; and/or

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For redemptions in excess of $100,000, with the exception of directly traded business or omnibus accounts, to existing instructions on file.

In addition to the situations described above, the funds and/or transfer agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the NYSE Medallion Signature Program and the Securities Transfer Agents Medallion Program (“STAMP”). A notary public is not an acceptable signature guarantor.

Non‑financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee or signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source.

The funds reserve the right to waive any signature requirement at their discretion.

Through our website | For certain accounts, you may sell shares through our website, rjinvestmentmanagement.com, prior to the close of regular trading on the NYSE, which is typically 4:00 p.m. ET.

When redeeming shares through our website, payment of less than $100,000 can be made in one of the following ways:

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Directly to a bank account for which you have previously provided information to us in writing on your account application or subsequent form. Funds are generally available in your bank account two to three business days after we receive your request; or

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By check to your address of record, provided there has not been an address change in the last 30 calendar days.

Once an online transaction has been placed, it cannot be canceled or modified.

Systematic withdrawal plan | You may establish a plan for periodic withdrawals from your account. Withdrawals can be made on the 1st, 5th, 10th, or 20th day of the month at monthly, quarterly, semi-annual or annual intervals. If such a day falls on a weekend or holiday, the withdrawal will take place on the next business day. To establish a plan, complete the appropriate section of the account application or the Carillon Systematic Withdrawal Plan Request form (available from your financial adviser, the funds or through our website, rjinvestmentmanagement.com) and send that form to the transfer agent. The funds reserve the right to cancel systematic withdrawals if insufficient shares are available for two or more consecutive months.

If you elect this method of redemption, a check will be sent to your address of record, or payment will be made via electronic funds transfer through the ACH network directly to your bank account. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your fund account. The systematic withdrawal plan may be terminated at any time by the fund. You may also elect to terminate your participation in the systematic withdrawal plan at any time by contacting the transfer agent at least five days prior to the next withdrawal.

A withdrawal under the systematic withdrawal plan involves a redemption of shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds any increase in the value of your account (due to asset appreciation or dividends credited to your account, for example) the account ultimately may be depleted. If insufficient shares are available to provide the full and final systematic withdrawal payment amount requested, the account will be redeemed in its entirety.

How To Exchange Your Shares

For shares managed by a Plan Administrator or Recordkeeper, please contact the Plan Administrator or Recordkeeper to place an exchange request.

You can exchange shares of one Carillon fund for shares of the same class of any other Carillon fund, subject to the investment requirements of that fund. Obtain a prospectus of that fund from your financial adviser, the funds or through our website, rjinvestmentmanagement.com. You may exchange your shares by calling your financial adviser or the funds if you exchange to like-titled Carillon accounts. Written instructions with a signature guarantee are required if the accounts are not identically registered. An exchange of shares is treated for federal income tax purposes as a redemption (sale) of the shares of the fund from which you are exchanging, on which you might realize a capital gain or loss (unless you hold your shares through a tax‑deferred arrangement), and a purchase of shares of the fund into which you are exchanging.


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Shares in a Carillon fund on which a sales charge was previously paid will be exchanged for shares of the same share class of another Carillon fund with no additional sales charge for the duration that the shares remain in the Carillon Family of Funds. Exchanges may be subject to a CDSC as described above in “How to Sell Your Investment.” For purposes of determining the CDSC, Class A and Class C shares will continue to age from their original investment date and will retain the same CDSC rate as they had before the exchange. However, any period of time you held shares of a money market fund managed or offered by the Manager will not be counted for purposes of calculating the CDSC.

You may be able to convert your shares of a fund to a different share class of the same fund that has a lower expense ratio provided certain conditions are met; unlike an exchange of one fund’s shares for shares of another fund, a conversion of shares of a fund to a different class of shares of the same fund generally is not a taxable event. This conversion feature is intended for shares held through a financial intermediary offering a fee‑based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. In such instance, your shares may be converted under certain circumstances. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Retirement class shares of a fund may be converted to Class A, Class I, or Class Y shares of the same fund if you cease to satisfy the share eligibility requirements of the retirement class and meet the conditions of the receiving fund. Please contact the funds or your financial adviser for additional information.

Please consult a tax professional before requesting an exchange. Not all share classes are available through all intermediaries. Each Carillon fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

Valuing Your Shares

The price at which an order to purchase or sell a fund’s shares is effected is based on the NAV per share of each class of a fund next calculated after the order is placed, plus any applicable sales charge. 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). The 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. The funds do not price their shares on days that the NYSE is closed.

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 funds’ determination of the NAV. A market quotation may be considered unreliable or unavailable for various reasons, such as (1) the quotation may be stale, (2) the quotation may be unreliable because the security is not actively traded, (3) trading on the security halted before the close of the trading market, (4) the security is newly issued, (5) issuer specific or vendor-specific events occurred after the security halted trading, or (6) 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 (1) a merger or insolvency, (2) events which affect a geographical area or an industry segment, such as political events or natural disasters, or (3) 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 Board. All other securities and assets for which market quotations are unavailable or unreliable are valued at their fair value in good faith using Pricing and Valuation Procedures (“Procedures”) approved by the Board. For example, small-cap securities that are thinly traded or illiquid may be fair valued. 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.

Rule 2a-5 under the Investment Company Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith for purposes of the Investment Company Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the Investment Company Act, the threshold for determining whether a fund must fair value a security.

The Valuation Rule permits a fund’s board to designate the fund’s primary investment adviser as “valuation designee” to perform the fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the registered investment company’s board receives the information it needs to oversee the investment adviser’s fair value determinations.

The Board has designated Carillon as valuation designee under the Valuation Rule to perform fair value functions in accordance with the requirements of the Valuation Rule. Carillon performs these duties through a Valuation Committee, comprised of employees of Carillon and/or its wholly-owned affiliates. Carillon’s Valuation Committee monitors for circumstances that may necessitate the use of fair value. In the event that (1) market quotations are not readily available, (2) readily available market quotations are not reflective of market value (prices deemed unreliable), or (3) a significant event has been recognized in relation


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to a security or class of securities, the Valuation Committee will determine such securities’ fair value in accordance with the Carillon’s Pricing and Valuation Procedures. Significant events include, but are not limited to, single-issuer events such as corporate announcements or earnings, multiple-issuer events such as natural disasters and significant market fluctuations.

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 the 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:

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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 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 also utilizes a screening process from a pricing vendor to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Securities and other assets quoted in foreign currencies are valued in U.S. dollars based on exchange rates provided by an independent pricing service. The pricing vendor, pricing methodology or degree of certainty may change from time to time. Fund securities primarily traded on foreign markets may trade on days that are not business days of the funds. Because the NAV of a fund’s shares is determined only on business days of the fund, the value of the portfolio securities of a fund that invests in foreign securities may change on days when shareholders would not be able to purchase or redeem shares of the fund.

•

Fixed Income Securities — Government bonds, corporate bonds, asset-backed bonds, municipal bonds, short-term securities (investments that have a maturity date of 60 days or less) and convertible securities, including high yield or junk bonds, normally are valued on the basis of evaluated prices provided by independent pricing services. Evaluated prices provided by the independent pricing services may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors and appropriate methodologies that have been considered by the Board, such as institution‑size trading in similar groups of securities, developments related to special securities, dividend rate, maturity and other market data. If the evaluated prices provided by the independent pricing service and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

•

Futures and Options — Futures and options are valued on the basis of market quotations, if available and reliable. If prices provided by independent pricing services and independent quoted prices are unavailable or unreliable, the Valuation Committee will fair value the security using the Procedures.

•

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.

•

Forward Contracts —Forward contracts are valued daily at current forward rates provided by an independent pricing services. 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.

•

Investment Companies and 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.


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Account and Transaction Policies

Doing Business with the Funds

Timing of orders | All orders to purchase or sell shares are executed at the next NAV, plus any applicable sales charge, calculated after the order has been received in “good order” by an authorized agent of the funds. Orders are accepted until the close of regular trading on the NYSE every business day, normally 4:00 p.m. ET, and are executed the same day at that day’s price. To ensure this occurs, the Distributor and/or dealers are responsible for transmitting all orders to the funds in compliance with their contractual deadline.

Good order requirements | For the funds to process a request, it must be in “good order.” Good order means that Carillon has been provided sufficient information necessary to process the request as outlined in this Prospectus, including:

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The shareholder’s name;

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The name of the fund;

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The account number;

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The share or dollar amount to be transacted; and

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The signatures of all registered shareholders with signature guarantees, if applicable.

Further, there must not be any restrictions applied to the account. Certain requests are subject to the transfer agent’s verification procedures before they are considered in good order. A request is not considered to be in “good order” by the funds until it meets these requirements.

Account registration options | Carillon offers several options for registering your account. To establish a Transfer on Death (“TOD”) arrangement, an additional TOD agreement is required. Additionally, Carillon offers a range of IRA plans including traditional, Roth, SEP and SIMPLE IRA plans. IRA plans require a separate adoption agreement as well as separate forms to sell your shares. The TOD and IRA agreements are available from your financial adviser, the funds or through our website, rjinvestmentmanagement.com.

Customer identification and verification procedures | The funds are required under the USA PATRIOT Act to obtain certain information about you in order to open an account. You must provide the funds with the name, physical address (mailing addresses containing only a P.O. Box are not accepted), Social Security or other taxpayer identification number and date of birth of all owners of the account. If you do not provide us with this information, your account will not be opened and your investment will be returned. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. For these entities, the person opening the account on the entity’s behalf must provide this information. The funds will use this information to verify your identity using various methods. In the event that your identity cannot be sufficiently verified, the funds may employ additional verification methods or refuse to open your account. Under certain circumstances, it may be appropriate for the funds to close or suspend further activity in an account.

Shares of the funds have not been registered for sale outside of the United States and U.S. territories. The funds generally do not permit the establishment of new accounts for foreign individuals or entities. The Carillon funds generally do not sell shares directly to individual investors residing outside the United States, even if they are United States citizens or lawful permanent residents, except to investors at United States embassies with DPO addresses and investors with United States military APO or FPO addresses. Non‑individual entities registered outside the United States, except Plan Administrators that have entered into an agreement with the Distributor, are not permitted to invest directly with the funds.

Restrictions on orders | The funds and the Distributor reserve the right to reject any purchase or exchange order for any reason and to suspend the offering of fund shares for a period of time. There are certain times when you may not be able to sell shares of a fund or when we may delay paying you the redemption proceeds. This may happen during unusual market conditions or emergencies as a result of which a fund cannot determine the value of its assets or sell its holdings.

Website | Subject to availability by your financial institution, you may access your account information, including balances, statements, tax forms and transaction history, through our website, rjinvestmentmanagement.com. You may also update your account and process purchases, redemptions, and exchanges through our website. Additional information, including current fund performance and various account forms and agreements, is also available on our website.

Telephone | For your protection, telephone requests may be recorded in order to verify their accuracy and monitor call quality. In addition, we will take measures to verify the identity of the caller, such as asking for name, account number, Social Security or other taxpayer identification number and other relevant information. If appropriate measures are taken, we are not responsible for any losses that may occur to any account due to an unauthorized telephone request. If an account has more than one owner or authorized person, the funds will accept telephone instructions from any one owner or authorized person.


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Payment of redemption proceeds | The funds generally intend to meet redemption requests, under both normal and stressed market conditions, by paying out available cash, by selling portfolio holdings (including cash equivalent portfolio holdings), or by borrowing through the funds’ line of credit and other available methods. The funds also reserve the right to satisfy redemption requests in whole or in part by making payment in securities or other property (this is known as a redemption‑in‑kind) in stressed market conditions and other appropriate circumstances. To the extent the funds redeem their shares in marketable securities the shareholder assumes any risk of the market price of such securities fluctuating. In addition, the shareholder will bear any brokerage and related costs incurred in disposing of or selling the securities it receives from the funds and the risk that there may not be a liquid market for those securities.

Accounts with below-minimum balances | If your account balance falls below $1,000 as a result of selling shares (and not because of performance or sales charges), each fund reserves the right to request that you buy more shares or close your account. If your account balance is still below the minimum 30 calendar days after notification, each fund reserves the right to close your account and send the proceeds to your address of record.

Abandoned accounts | Your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the “inactivity period” specified in your state’s abandoned property laws. If the funds are unable to locate a shareholder, it will determine whether the shareholder’s account can legally be considered abandoned. The funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state’s unclaimed property administrator in accordance with statutory requirements. The shareholder’s last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution checks sent to you during the time the check remained uncashed. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the funds to complete a Texas Designation of Representative form.

Market timing | Market timing typically refers to the practice of frequent trading in the shares of mutual funds in order to exploit inefficiencies in fund pricing. Such transactions include trades that occur when a fund’s NAV does not fully reflect the value of the fund’s holdings — for example, when a fund owns holdings, such as foreign or thinly traded securities, that are valued in a manner that may not reflect the most updated information possible. The NAV for the International Stock Fund may reflect price differentials because it invests significantly in foreign securities. Each fund generally prices its foreign securities using fair valuation procedures approved by the Board as part each fund’s calculation of its NAV. These prices may be affected by events that occur after the close of a foreign market but before each fund prices its shares. Excessive trading or market timing can be disruptive to a fund’s efficient management and have a dilutive effect on the value of the investments of long-term fund shareholders, increase the transaction and other costs of a fund and increase the fund’s recognized net capital gains (and, therefore, unless the fund has a net capital loss for, or capital loss carryover to, the taxable year in which the gains are realized, taxable distributions to its shareholders), all of which could reduce the return to fund shareholders.

The Board has adopted policies reasonably designed to deter short-term trading of fund shares. The funds will not enter into agreements to accommodate frequent purchases or exchanges. Further, the funds have adopted the following guidelines:

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The funds review transaction activity, using established criteria, to identify transactions that may signal excessive trading.

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The funds may reject any purchase or exchange orders, in whole or in part, that in its opinion, appear excessive in frequency and/or amount or otherwise potentially disruptive to a fund. The funds may consider the trading history of accounts under common ownership or control in this determination.

•

All shareholders are subject to these restrictions regardless of whether you purchased your shares directly from the funds or through a financial intermediary. The funds reserve the right to reject combined or omnibus orders in whole or in part.

•

The funds seek the cooperation of broker-dealers and other financial intermediaries by various methods such as entering into agreements whereby the funds will request information regarding the identity of specific investors, transaction information and restricting the ability of particular investors to purchase fund shares.

While the funds apply these policies, there is no guarantee that all market timing will be detected.

Disclosure of portfolio holdings | Periodically, customers of the funds express interest in having current portfolio holdings disclosed to them more often than required by law or regulation. To satisfy this request, the funds have adopted a policy on disclosing portfolio holdings to properly manage this process to ensure confidentiality and proper use of this information. A description of the funds’ policy is included in the SAI. Portfolio information can be found on our website, rjinvestmentmanagement.com.

Account statements | If you purchase shares directly from a fund, you will receive monthly or quarterly statements detailing fund balances and all transactions completed during the prior period and a confirmation of each transaction. Automatic reinvestments of distributions and systematic investments/withdrawals may be confirmed only by monthly or quarterly statements. You should verify the accuracy of all transactions in your account as soon as you


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receive your confirmations and statements and immediately notify the funds or your financial adviser of any discrepancies. To enroll in eDelivery of account statements, visit our website, rjinvestmentmanagement.com.

Householding | In an effort to decrease costs, the funds intend to reduce the number of duplicate prospectuses, supplements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 800.421.4184 to request individual copies of these documents. Once the funds receive notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

Dividends, Other Distributions and Taxes

General | Each fund distributes all or substantially all of its net investment income and net capital and foreign currency gains, if any, to its shareholders every year. Each fund distributes dividends from its net investment income (“dividends”) to its shareholders annually, except Growth & Income Fund, which distributes dividends to its shareholders quarterly and Core Bond Fund, Core Plus Bond Fund and Unconstrained Bond Fund, which distribute dividends to their shareholders monthly. Net investment income generally consists of dividends and interest income received on investments, less expenses.

The dividends you receive from a fund generally will be taxed as ordinary income. A portion of those dividends may be eligible for the maximum federal income tax rates applicable to “qualified dividend income” distributed to individual and certain other non‑corporate shareholders (each, a “non‑corporate shareholder”) who satisfy certain holding period and other restrictions with respect to their fund shares. Those maximum rates are 15% for a single shareholder with taxable income not exceeding $492,300, ($553,850 for married shareholders filing jointly) and 20% for non‑corporate shareholders with taxable income exceeding those respective amounts, which apply for 2023 and will be adjusted for inflation annually.

Each fund also distributes net capital gains (and, in the case of certain funds, net gains from foreign currency transactions), if any, to its shareholders, normally once a year. A fund generates capital gains when it sells assets in its portfolio for profit. Capital gain distributions are taxed differently depending on how long the fund held the asset(s) that generated the gain (not on how long you hold your shares in the fund). Distributions to you of net capital gains recognized on the sale of assets held for one year or less are taxed as ordinary income; distributions to you of net capital gains recognized on the sale of assets held longer than one year are taxed at the maximum federal income tax rates mentioned above.

Generally, fund distributions are taxable to you in the year you receive them. However, any distributions that are declared in October, November or December but paid in January generally are taxable as if received on December 31. Tax laws and rates often change over time. Please consult a tax professional for more information.

A fund’s distributions of dividends and net realized gains are automatically reinvested in additional shares of the distributing class of the fund at NAV (without sales charge) unless you opt to take your distributions in cash, in the form of a check, or direct them for purchase of shares in the same class of another fund. You are taxed in the same manner whether you receive your dividends and other distributions in cash or reinvest them in additional fund shares. If you elect to receive dividends and/or other distributions in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, each fund reserves the right to reinvest the amount of the distribution check in your account, at the fund’s then-current NAV per share, and to reinvest all subsequent distributions. If you wish to change your distribution option, write or call the funds at 800.421.4184. Changes should be submitted five days prior to the record date of the next distribution.


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In general, redeeming or exchanging shares and receiving distributions (whether reinvested or taken in cash) are all taxable events. Fund transactions typically are treated for federal income tax purposes as follows:


Type of transactions		Federal income tax status
Income dividends		Ordinary income; all or part may be eligible for 15%/20% maximum rates for non‑corporate shareholders
Net short-term capital gain* and foreign currency gain distributions		Ordinary income
Net capital gain** distributions		Long-term capital gains; eligible for 15%/20% maximum rates for non‑corporate shareholders
Redemptions or exchanges of fund shares owned for more than one year		Long-term capital gains or losses (rates noted above)
Redemptions or exchanges of fund shares owned for one year or less		Gains are taxed at the same rate as ordinary income; losses are subject to special rules

*The excess of net short-term capital gain over net long-term capital loss.

**The excess of net long-term capital gain over net short-term capital loss.

An individual must pay a 3.8% tax on the lesser of (1) the individual’s “net investment income,” which generally includes dividends and other distributions a fund pays and net gains realized on a redemption or exchange of a fund’s shares, or (2) the excess of the individual’s “modified adjusted gross income” over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers). This tax is in addition to any other taxes due on that income. A similar tax applies to estates and trusts. Shareholders should consult their own tax advisors regarding the effect, if any, this provision may have on their investment in a fund (or funds).

Withholding taxes | If you are a non‑corporate shareholder and a fund does not have your correct Social Security or other taxpayer identification number, federal law requires us to withhold and pay to the Internal Revenue Service (“IRS”) 24% of the distributions and redemption proceeds (regardless of the extent to which you realize a gain or loss) otherwise payable to you. If you are subject to backup withholding for any other reason, we also must withhold and pay to the IRS 24% of the distributions otherwise payable to you. Any tax withheld may be applied against the federal income tax liability on your tax return. State law may also require us to withhold and pay to your state of residence a portion of your distributions and redemption proceeds.

Tax reporting | If your account receives distributions or has withholding or other activity required to be reported to the IRS, we will send you the appropriate tax form that reflects the amount and tax status of that activity. Such tax forms will be mailed early in each year for the prior calendar year in accordance with IRS guidelines. To enroll in eDelivery of tax forms, visit our website, rjinvestmentmanagement.com. Certain investors, depending on their financial intermediary, may be ineligible to receive tax forms via eDelivery.

Each fund is required to report annually to both shareholders and the IRS basis information of fund shares acquired after December 31, 2011 (“Covered Shares”). Each fund will compute the basis of your redeemed or exchanged Covered Shares using the average basis method, which is each fund’s “default method,” unless you contact the fund to select a different IRS‑accepted method (such as a specific identification method) at the time of each redemption or exchange, which you may not change after the settlement date thereof. If your account is held by your financial adviser or other broker-dealer, that firm may select a different default method; in such a case, please contact that firm to obtain information with respect to the available methods and elections for your account with it. You should carefully review the basis information provided by each fund or your financial adviser or other broker-dealer and make any basis, holding period or other adjustments that are required when reporting these amounts on your income tax returns.

Because everyone’s tax situation is unique, always consult your tax professional about federal, state and local tax consequences.

Additional Information

The Board oversees generally the operations of the funds. The Trust enters into contractual arrangements with various parties, including among others, the funds’ manager, subadvisers, custodian, transfer agent, and accountants, who provide services to the funds. Shareholders are not parties to any such contractual arrangements or intended beneficiaries of those contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.


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Account and Transaction Policies

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This Prospectus provides information concerning the funds that you should consider in determining whether to purchase fund shares. Neither this Prospectus nor the Statement of Additional Information is intended, or should be read, to be or give rise to an agreement or contract between the Trust or the funds and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived. Nothing in this Prospectus, the Statement of Additional Information or the funds’ reports to shareholders is intended to provide investment advice and should not be construed as investment advice.


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Carillon Mutual Funds

PROSPECTUS | 3.1. 2 0 2 3

Description of Indices

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

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

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

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

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

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

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

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


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Carillon Mutual Funds

PROSPECTUS | 3.1. 2 0 2 3

Fund Symbols, CUSIPs and Codes


Fund	Class	Symbol	CUSIP	Fund Code

Carillon ClariVest Capital Appreciation Fund	A	HRCPX	14214L106	3850
	C	HRCCX	14214L205	3851
	I	HRCIX	14214L304	3852
	Y	HRCYX	14214L700	4175
	R‑3	HRCLX	14214L403	3853
	R‑5	HRCMX	14214L502	3854
	R-6	HRCUX	14214L601	3855
Carillon ClariVest International Stock Fund	A	EISAX	14214L825	3946
	C	EISDX	14214L817	3947
	I	EISIX	14214L791	3948
	Y	EISYX	14214L759	4177
	R‑3	EISRX	14214L783	3949
	R‑5	EISSX	14214L775	3950
	R-6	EISVX	14214L767	3951
Carillon Eagle Growth & Income Fund	A	HRCVX	14214L809	3868
	C	HIGCX	14214L882	3869
	I	HIGJX	14214L874	3870
	Y	HIGYX	14214L833	4176
	R‑3	HIGRX	14214L866	3871
	R‑5	HIGSX	14214L858	3872
	R‑6	HIGUX	14214L841	3873
Carillon Eagle Mid Cap Growth Fund	A	HAGAX	14214L668	3904
	C	HAGCX	14214L650	3905
	I	HAGIX	14214L643	3906
	Y	HRAYX	14214L593	4179
	R‑3	HAREX	14214L635	3907
	R‑5	HARSX	14214L627	3908
	R‑6	HRAUX	14214L619	3909
Carillon Eagle Small Cap Growth Fund	A	HRSCX	14214L510	3931
	C	HSCCX	14214L494	3932
	I	HSIIX	14214L486	3933
	Y	HSRYX	14214L445	4181
	R‑3	HSRRX	14214L478	3934
	R‑5	HSRSX	14214L460	3935
	R‑6	HSRUX	14214L452	3936


Fund	Class	Symbol	CUSIP	Fund Code
Carillon Scout Mid Cap Fund	A	CSMEX	14214M807	4142
	C	CSMFX	14214M880	4143
	I	UMBMX	14214M872	4064
	Y	CSMZX	14214M831	4147
	R‑3	CSMRX	14214M864	4144
	R‑5	CSMSX	14214M856	4145
	R‑6	CSMUX	14214M849	4146
Carillon Scout Small Cap Fund	A	CSSAX	14214M823	4148
	C	CSSJX	14214M815	4149
	I	UMBHX	14214M799	4065
	Y	CSSWX	14214M757	4153
	R‑3	CSSQX	14214M781	4150
	R‑5	CSSSX	14214M773	4151
	R‑6	CSSVX	14214M765	4152
Carillon Reams Core Bond Fund	A	CRCBX	14214L270	4160
	C	CRCDX	14214L262	4161
	I	SCCIX	14214L254	4067
	Y	SCCYX	14214L213	4068
	R‑3	CRCQX	14214L247	4162
	R‑5	CRCSX	14214L239	4163
	R‑6	CRCUX	14214L221	4164
Carillon Reams Core Plus Bond Fund	A	SCPDX	14214M666	4165
	C	SCPEX	14214M658	4166
	I	SCPZX	14214M641	4069
	Y	SCPYX	14214M591	4070
	R‑3	SCPUX	14214M633	4167
	R‑5	SCPVX	14214M625	4168
	R‑6	SCPWX	14214M617	4169
Carillon Reams Unconstrained Bond Fund	A	SUBDX	14214M740	4170
	C	SUBEX	14214M732	4171
	I	SUBFX	14214M724	4071
	Y	SUBYX	14214M674	4072
	R‑3	SUBRX	14214M716	4172
	R‑5	SUBSX	14214M690	4173
	R‑6	SUBTX	14214M682	4174


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Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3

The financial highlights table is intended to help you understand the performance of each class of fund shares for the periods indicated. Certain information reflects financial results for a single Class A, Class C, Class I, Class Y, Class R-3, Class R-5, or Class R-6 share. Based upon the commencement of operations for some of the fund and/or share classes, there may be less than five years’ worth of financial information available. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and other distributions). This table is a part of the fund’s financial statements, which are included in the annual report and semi-annual report for Carillon Series Trust, and are incorporated by reference into the Statement of Additional Information (available on our website and upon request). The financial statements in the annual report were audited by PricewaterhouseCoopers LLP, (“PwC”), an independent registered public accounting firm, whose report is included in the funds’ annual report.

With respect to each of the 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 (“Carillon Scout Funds”), the financial highlights of the fund through November 20, 2017 represent the financial history of a corresponding series of the Scout Funds, which was acquired by the respective fund in a reorganization on November 20, 2017. In particular, the financial highlights of the Class I and Class Y shares of the Carillon Reams Core Bond Fund, Carillon Reams Core Plus Bond Fund and Carillon Reams Unconstrained Bond Fund represent the financial history of the Institutional Class and Class Y, respectively, of the corresponding series of the Scout Funds, and the financial highlights of the Class I shares of the Carillon Scout Mid Cap Fund and Carillon Scout Small Cap Fund represent the financial history of the sole share class of the corresponding series of the Scout Funds.



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Carillon ClariVest Capital Appreciation Fund
Class A*
11/01/21		10/31/22		$64.23		$(0.07	)		$(13.68	)		$(13.75	)		$—			$(4.32	)		$(4.32	)		$46.16		1.00		1.13		(0.13	)		31		(22.87	)		$156
11/01/20		10/31/21		51.65		(0.08	)		20.42			20.34			(0.05	)		(7.71	)		(7.76	)		64.23		1.00		1.11		(0.14	)		20		43.42			222
11/01/19		10/31/20		43.14		0.04			9.19			9.23			(0.13	)		(0.59	)		(0.72	)		51.65		1.00		1.15		0.08			31		21.63			170
11/01/18		10/31/19		42.91		0.14			3.75			3.89			(0.06	)		(3.60	)		(3.66	)		43.14		1.00		1.14		0.34			49		11.23			170
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
Class C*
11/01/21		10/31/22		40.66		(0.29	)		(8.28	)		(8.57	)		—			(4.32	)		(4.32	)		27.77		1.75		1.86		(0.88	)		31		(23.45	)		9
11/01/20		10/31/21		35.39		(0.32	)		13.30			12.98			—			(7.71	)		(7.71	)		40.66		1.75		1.86		(0.89	)		20		42.34			14
11/01/19		10/31/20		29.87		(0.21	)		6.32			6.11			—			(0.59	)		(0.59	)		35.39		1.75		1.89		(0.66	)		31		20.71			13
11/01/18		10/31/19		31.12		(0.11	)		2.46			2.35			—			(3.60	)		(3.60	)		29.87		1.75		1.90		(0.39	)		49		10.38			15
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
Class I*
11/01/21		10/31/22		68.46		0.10			(14.67	)		(14.57	)		(0.02	)		(4.32	)		(4.34	)		49.55		0.70		0.88		0.18			31		(22.65	)		213
11/01/20		10/31/21		54.56		0.09			21.70			21.79			(0.18	)		(7.71	)		(7.89	)		68.46		0.70		0.87		0.15			20		43.87			400
11/01/19		10/31/20		45.52		0.19			9.70			9.89			(0.26	)		(0.59	)		(0.85	)		54.56		0.70		0.89		0.39			31		22.00			276
11/01/18		10/31/19		45.09		0.26			3.97			4.23			(0.20	)		(3.60	)		(3.80	)		45.52		0.70		0.90		0.61			49		11.54			314
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
Class R-3*
11/01/21		10/31/22		60.77		(0.20	)		(12.87	)		(13.07	)		—			(4.32	)		(4.32	)		43.38		1.25		1.44		(0.39	)		31		(23.07	)		0
11/01/20		10/31/21		49.29		(0.21	)		19.40			19.19			—			(7.71	)		(7.71	)		60.77		1.25		1.42		(0.40	)		20		43.09			1
11/01/19		10/31/20		41.18		(0.06	)		8.76			8.70			—			(0.59	)		(0.59	)		49.29		1.25		1.56		(0.14	)		31		21.32			0
11/01/18		10/31/19		41.17		0.05			3.56			3.61			—			(3.60	)		(3.60	)		41.18		1.25		1.58		0.12			49		10.96			1
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
Class R-5*
11/01/21		10/31/22		68.21		0.10			(14.60	)		(14.50	)		(0.02	)		(4.32	)		(4.34	)		49.37		0.70		0.89		0.17			31		(22.63	)		1
11/01/20		10/31/21		54.38		0.10			21.62			21.72			(0.18	)		(7.71	)		(7.89	)		68.21		0.70		0.87		0.16			20		43.88			6
11/01/19		10/31/20		45.37		0.19			9.67			9.86			(0.26	)		(0.59	)		(0.85	)		54.38		0.70		0.90		0.38			31		22.00			5
11/01/18		10/31/19		44.97		0.27			3.94			4.21			(0.21	)		(3.60	)		(3.81	)		45.37		0.70		0.90		0.64			49		11.53			7
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
Class R-6*
11/01/21		10/31/22		67.92		0.18			(14.40	)		(14.22	)		(0.07	)		(4.32	)		(4.39	)		49.31		0.60		0.79		0.31			31		(22.31	)		0
11/01/20		10/31/21		54.19		0.15			21.52			21.67			(0.23	)		(7.71	)		(7.94	)		67.92		0.60		0.79		0.24			20		43.99			2
11/01/19		10/31/20		45.16		0.44			9.48			9.92			(0.30	)		(0.59	)		(0.89	)		54.19		0.60		0.79		0.95			31		22.26			1
11/01/18		10/31/19		44.77		0.31			3.93			4.24			(0.25	)		(3.60	)		(3.85	)		45.16		0.60		0.80		0.73			49		11.67			45
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
Class Y*
11/01/21		10/31/22		68.16		(0.07	)		(14.59	)		(14.66	)		—			(4.32	)		(4.32	)		49.18		1.00		1.05		(0.13	)		31		(22.89	)		0
11/01/20		10/31/21		54.39		(0.09	)		21.64			21.55			(0.07	)		(7.71	)		(7.78	)		68.16		1.00		1.04		(0.15	)		20		43.45			0
11/01/19		10/31/20		45.42		0.03			9.68			9.71			(0.15	)		(0.59	)		(0.74	)		54.39		1.00		1.62		0.06			31		21.60			0
11/01/18		10/31/19		44.90		0.14			3.99			4.13			(0.01	)		(3.60	)		(3.61	)		45.42		1.00		1.73		0.33			49		11.23			0
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


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Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations								Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)		Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)		Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)		Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)		Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon ClariVest International Stock Fund
Class A*
11/01/21		10/31/22		$ 21.00		$ 0.45		$ (4.52	)		$ (4.07	)		$ (0.31	)		$ —			$ (0.31	)		$ 16.62		1.32		3.24		2.42		66		(19.67	)		$ 4
11/01/20		10/31/21		15.27		0.33		5.54			5.87			(0.14	)		—			(0.14	)		21.00		1.45		5.16		1.66		80		38.61			4
11/01/19		10/31/20		17.47		0.17		(1.99	)		(1.82	)		(0.38	)		—			(0.38	)		15.27		1.45		4.90		1.08		54		(10.73	)		2
11/01/18		10/31/19		16.92		0.28		0.49			0.77			(0.22	)		—			(0.22	)		17.47		1.45		4.12		1.67		43		4.74			4
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
Class C*
11/01/21		10/31/22		20.56		0.33		(4.46	)		(4.13	)		(0.19	)		—			(0.19	)		16.24		2.08		4.11		1.76		66		(20.28	)		1
11/01/20		10/31/21		14.95		0.17		5.45			5.62			(0.01	)		—			(0.01	)		20.56		2.20		5.90		0.90		80		37.63			2
11/01/19		10/31/20		17.14		0.07		(1.99	)		(1.92	)		(0.27	)		—			(0.27	)		14.95		2.20		5.74		0.43		54		(11.44	)		1
11/01/18		10/31/19		16.53		0.15		0.51			0.66			(0.05	)		—			(0.05	)		17.14		2.20		4.91		0.90		43		4.01			2
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
Class I*
11/01/21		10/31/22		20.99		0.32		(4.32	)		(4.00	)		(0.38	)		—			(0.38	)		16.61		0.96		1.38		1.87		66		(19.44	)		309
11/01/20		10/31/21		15.26		0.38		5.55			5.93			(0.20	)		—			(0.20	)		20.99		1.15		4.90		1.95		80		39.05			6
11/01/19		10/31/20		17.46		0.23		(2.01	)		(1.78	)		(0.42	)		—			(0.42	)		15.26		1.15		4.63		1.44		54		(10.51	)		3
11/01/18		10/31/19		16.92		0.31		0.51			0.82			(0.28	)		—			(0.28	)		17.46		1.15		3.82		1.88		43		5.07			5
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
Class R-3*
11/01/21		10/31/22		20.69		0.42		(4.51	)		(4.09	)		(0.10	)		—			(0.10	)		16.50		1.56		3.61		2.25		66		(19.88	)		0
11/01/20		10/31/21		15.07		0.15		5.58			5.73			(0.11	)		—			(0.11	)		20.69		1.70		5.47		0.85		80		38.17			0
11/01/19		10/31/20		17.27		0.15		(2.00	)		(1.85	)		(0.35	)		—			(0.35	)		15.07		1.70		5.26		0.96		54		(11.01	)		1
11/01/18		10/31/19		16.74		0.24		0.49			0.73			(0.20	)		—			(0.20	)		17.27		1.70		4.49		1.44		43		4.54			1
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
Class R-5*
11/01/21		10/31/22		21.00		0.37		(4.37	)		(4.00	)		(0.37	)		—			(0.37	)		16.63		0.97		2.51		2.07		66		(19.41	)		0
11/01/20		10/31/21		15.28		0.39		5.53			5.92			(0.20	)		—			(0.20	)		21.00		1.15		4.83		1.97		80		38.95			0
11/01/19		10/31/20		17.48		0.24		(2.02	)		(1.78	)		(0.42	)		—			(0.42	)		15.28		1.15		6.63		1.49		54		(10.48	)		0
11/01/18		10/31/19		16.94		0.33		0.49			0.82			(0.28	)		—			(0.28	)		17.48		1.15		6.06		1.99		43		5.06			0
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
Class R-6*
11/01/21		10/31/22		21.06		0.75		(4.74	)		(3.99	)		(0.39	)		—			(0.39	)		16.68		0.86		2.65		4.13		66		(19.32	)		12
11/01/20		10/31/21		15.31		0.39		5.57			5.96			(0.21	)		—			(0.21	)		21.06		1.05		4.82		2.03		80		39.19			0
11/01/19		10/31/20		17.51		0.25		(2.01	)		(1.76	)		(0.44	)		—			(0.44	)		15.31		1.05		4.66		1.59		54		(10.39	)		0
11/01/18		10/31/19		16.97		0.34		0.49			0.83			(0.29	)		—			(0.29	)		17.51		1.05		3.90		2.02		43		5.16			0
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
Class Y*
11/01/21		10/31/22		20.89		0.41		(4.46	)		(4.05	)		(0.31	)		—			(0.31	)		16.53		1.31		2.83		2.25		66		(19.69	)		0
11/01/20		10/31/21		15.21		0.33		5.51			5.84			(0.16	)		—			(0.16	)		20.89		1.45		5.09		1.68		80		38.55			0
11/01/19		10/31/20		17.34		0.19		(2.01	)		(1.82	)		(0.31	)		—			(0.31	)		15.21		1.45		5.72		1.19		54		(10.73	)		0
11/01/18		10/31/19		16.86		0.35		0.40			0.75			(0.27	)		—			(0.27	)		17.34		1.45		4.35		2.10		43		4.70			0
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*
11/01/21		10/31/22		26.51		0.34		(2.51	)		(2.17	)		(0.35	)		(2.04	)		(2.39	)		21.95		0.96		0.96		1.44		21		(8.95	)		210
11/01/20		10/31/21		20.22		0.34		7.02			7.36			(0.34	)		(0.73	)		(1.07	)		26.51		0.96		0.96		1.42		32		37.44			234
11/01/19		10/31/20		21.70		0.37		(0.82	)		(0.45	)		(0.37	)		(0.66	)		(1.03	)		20.22		0.97		0.97		1.81		41		(2.09	)		165
11/01/18		10/31/19		21.44		0.41		1.74			2.15			(0.39	)		(1.50	)		(1.89	)		21.70		0.97		0.97		1.98		25		11.47			171
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
Class C*
11/01/21		10/31/22		25.17		0.16		(2.37	)		(2.21	)		(0.19	)		(2.04	)		(2.23	)		20.73		1.68		1.68		0.72		21		(9.63	)		53
11/01/20		10/31/21		19.24		0.16		6.67			6.83			(0.17	)		(0.73	)		(0.90	)		25.17		1.69		1.69		0.72		32		36.47			79
11/01/19		10/31/20		20.68		0.21		(0.77	)		(0.56	)		(0.22	)		(0.66	)		(0.88	)		19.24		1.73		1.73		1.08		41		(2.82	)		79
11/01/18		10/31/19		20.52		0.24		1.66			1.90			(0.24	)		(1.50	)		(1.74	)		20.68		1.72		1.72		1.23		25		10.66			133
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


		rjinvestmentmanagement.com \| 117

Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Eagle Growth & Income Fund (cont'd)
Class I*
11/01/21		10/31/22		$ 26.43		$ 0.40			$ (2.49	)		$ (2.09	)		$ (0.42	)		$ (2.04	)		$ (2.46	)		$ 21.88		0.69		0.69		1.71			21		(8.68	)		$ 556
11/01/20		10/31/21		20.16		0.41			7.00			7.41			(0.41	)		(0.73	)		(1.14	)		26.43		0.68		0.68		1.70			32		37.83			661
11/01/19		10/31/20		21.64		0.42			(0.81	)		(0.39	)		(0.43	)		(0.66	)		(1.09	)		20.16		0.70		0.70		2.07			41		(1.82	)		487
11/01/18		10/31/19		21.39		0.46			1.74			2.20			(0.45	)		(1.50	)		(1.95	)		21.64		0.70		0.70		2.21			25		11.76			492
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
Class R-3*
11/01/21		10/31/22		26.39		0.27			(2.49	)		(2.22	)		(0.29	)		(2.04	)		(2.33	)		21.84		1.25		1.25		1.13			21		(9.22	)		2
11/01/20		10/31/21		20.13		0.27			6.99			7.26			(0.27	)		(0.73	)		(1.00	)		26.39		1.25		1.25		1.12			32		37.07			2
11/01/19		10/31/20		21.61		0.31			(0.82	)		(0.51	)		(0.31	)		(0.66	)		(0.97	)		20.13		1.27		1.27		1.53			41		(2.41	)		1
11/01/18		10/31/19		21.35		0.34			1.74			2.08			(0.32	)		(1.50	)		(1.82	)		21.61		1.30		1.30		1.66			25		11.12			2
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
Class R-5*
11/01/21		10/31/22		26.46		0.40			(2.51	)		(2.11	)		(0.41	)		(2.04	)		(2.45	)		21.90		0.71		0.71		1.68			21		(8.74	)		4
11/01/20		10/31/21		20.18		0.40			7.01			7.41			(0.40	)		(0.73	)		(1.13	)		26.46		0.71		0.71		1.69			32		37.79			8
11/01/19		10/31/20		21.66		0.41			(0.80	)		(0.39	)		(0.43	)		(0.66	)		(1.09	)		20.18		0.72		0.72		2.05			41		(1.82	)		7
11/01/18		10/31/19		21.41		0.47			1.73			2.20			(0.45	)		(1.50	)		(1.95	)		21.66		0.72		0.72		2.23			25		11.73			4
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
Class R-6*
11/01/21		10/31/22		26.39		0.42			(2.49	)		(2.07	)		(0.44	)		(2.04	)		(2.48	)		21.84		0.61		0.61		1.79			21		(8.61	)		9
11/01/20		10/31/21		20.13		0.42			7.00			7.42			(0.43	)		(0.73	)		(1.16	)		26.39		0.61		0.61		1.73			32		37.94			8
11/01/19		10/31/20		21.59		0.54			(0.98	)		(0.44	)		(0.36	)		(0.66	)		(1.02	)		20.13		0.62		0.62		2.58			41		(2.03	)		2
11/01/18		10/31/19		21.34		0.48			1.73			2.21			(0.46	)		(1.50	)		(1.96	)		21.59		0.63		0.63		2.31			25		11.87			49
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
Class Y*
11/01/21		10/31/22		26.37		0.38			(2.54	)		(2.16	)		(0.34	)		(2.04	)		(2.38	)		21.83		0.99		0.99		1.60			21		(8.99	)		0
11/01/20		10/31/21		20.13		0.33			6.99			7.32			(0.35	)		(0.73	)		(1.08	)		26.37		0.98		0.98		1.35			32		37.41			0
11/01/19		10/31/20		21.60		0.34			(0.80	)		(0.46	)		(0.35	)		(0.66	)		(1.01	)		20.13		1.08		1.08		1.68			41		(2.18	)		0
11/01/18		10/31/19		21.35		0.38			1.74			2.12			(0.37	)		(1.50	)		(1.87	)		21.60		1.10		1.07		1.82			25		11.35			0
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*
11/01/21		10/31/22		104.16		(0.47	)		(25.60	)		(26.07	)		—			(9.75	)		(9.75	)		68.34		1.04		1.04		(0.61	)		34		(26.95	)		595
11/01/20		10/31/21		77.60		(0.63	)		29.23			28.60			—			(2.04	)		(2.04	)		104.16		1.03		1.03		(0.67	)		23		37.25			942
11/01/19		10/31/20		63.14		(0.37	)		16.27			15.90			—			(1.44	)		(1.44	)		77.60		1.04		1.04		(0.54	)		27		25.62			786
11/01/18		10/31/19		56.19		(0.26	)		8.71			8.45			—			(1.50	)		(1.50	)		63.14		1.05		1.05		(0.44	)		32		15.81			719
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
Class C*
11/01/21		10/31/22		79.34		(0.74	)		(19.00	)		(19.74	)		—			(9.75	)		(9.75	)		49.85		1.72		1.72		(1.29	)		34		(27.46	)		84
11/01/20		10/31/21		59.92		(0.97	)		22.43			21.46			—			(2.04	)		(2.04	)		79.34		1.71		1.71		(1.35	)		23		36.30			141
11/01/19		10/31/20		49.40		(0.65	)		12.61			11.96			—			(1.44	)		(1.44	)		59.92		1.74		1.74		(1.24	)		27		24.75			134
11/01/18		10/31/19		44.61		(0.52	)		6.81			6.29			—			(1.50	)		(1.50	)		49.40		1.74		1.74		(1.12	)		32		15.05			136
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
Class I*
11/01/21		10/31/22		111.62		(0.24	)		(27.61	)		(27.85	)		—			(9.75	)		(9.75	)		74.02		0.72		0.72		(0.29	)		34		(26.72	)		1,368
11/01/20		10/31/21		82.78		(0.37	)		31.25			30.88			—			(2.04	)		(2.04	)		111.62		0.72		0.72		(0.37	)		23		37.68			1,993
11/01/19		10/31/20		67.06		(0.17	)		17.33			17.16			—			(1.44	)		(1.44	)		82.78		0.72		0.72		(0.23	)		27		26.01			1,547
11/01/18		10/31/19		59.38		(0.08	)		9.26			9.18			—			(1.50	)		(1.50	)		67.06		0.74		0.74		(0.12	)		32		16.20			1,319
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
Class R-3*
11/01/21		10/31/22		99.82		(0.64	)		(24.44	)		(25.08	)		—			(9.75	)		(9.75	)		64.99		1.29		1.29		(0.86	)		34		(27.14	)		34
11/01/20		10/31/21		74.62		(0.83	)		28.07			27.24			—			(2.04	)		(2.04	)		99.82		1.28		1.28		(0.92	)		23		36.91			53
11/01/19		10/31/20		60.92		(0.53	)		15.67			15.14			—			(1.44	)		(1.44	)		74.62		1.31		1.31		(0.81	)		27		25.30			44
11/01/18		10/31/19		54.42		(0.42	)		8.42			8.00			—			(1.50	)		(1.50	)		60.92		1.34		1.34		(0.73	)		32		15.49			45
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


118 \| rjinvestmentmanagement.com

Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations									Dividends & distributions										Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income		From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income		From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Eagle Mid Cap Growth Fund (cont'd)
Class R-5*
11/01/21		10/31/22		$ 111.26		$ (0.26	)		$ (27.51	)		$ (27.77	)		$ —		$ (9.75	)		$ (9.75	)		$ 73.74		0.74		0.74		(0.31	)		34		(26.74	)		$ 729
11/01/20		10/31/21		82.53		(0.38	)		31.15			30.77			—		(2.04	)		(2.04	)		111.26		0.73		0.73		(0.38	)		23		37.66			1,066
11/01/19		10/31/20		66.87		(0.17	)		17.27			17.10			—		(1.44	)		(1.44	)		82.53		0.73		0.73		(0.24	)		27		25.99			809
11/01/18		10/31/19		59.22		(0.09	)		9.24			9.15			—		(1.50	)		(1.50	)		66.87		0.75		0.75		(0.14	)		32		16.19			758
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
Class R-6*
11/01/21		10/31/22		112.71		(0.18	)		(27.90	)		(28.08	)		—		(9.75	)		(9.75	)		74.88		0.64		0.64		(0.21	)		34		(26.66	)		3,263
11/01/20		10/31/21		83.51		(0.28	)		31.52			31.24			—		(2.04	)		(2.04	)		112.71		0.63		0.63		(0.28	)		23		37.79			4,561
11/01/19		10/31/20		67.58		(0.11	)		17.48			17.37			—		(1.44	)		(1.44	)		83.51		0.64		0.64		(0.15	)		27		26.12			3,295
11/01/18		10/31/19		59.78		(0.03	)		9.33			9.30			—		(1.50	)		(1.50	)		67.58		0.65		0.65		(0.04	)		32		16.30			2,695
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
Class Y*
11/01/21		10/31/22		110.11		(0.50	)		(27.18	)		(27.68	)		—		(9.75	)		(9.75	)		72.68		1.04		1.04		(0.60	)		34		(26.95	)		3
11/01/20		10/31/21		81.94		(0.67	)		30.88			30.21			—		(2.04	)		(2.04	)		110.11		1.03		1.03		(0.68	)		23		37.24			5
11/01/19		10/31/20		66.60		(0.39	)		17.17			16.78			—		(1.44	)		(1.44	)		81.94		1.05		1.05		(0.55	)		27		25.61			4
11/01/18		10/31/19		59.14		(0.29	)		9.25			8.96			—		(1.50	)		(1.50	)		66.60		1.01		1.01		(0.44	)		32		15.89			4
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*
11/01/21		10/31/22		61.37		(0.22	)		(13.76	)		(13.98	)		—		(16.32	)		(16.32	)		31.07		1.10		1.10		(0.62	)		40		(28.12	)		202
11/01/20		10/31/21		54.04		(0.43	)		18.33			17.90			—		(10.57	)		(10.57	)		61.37		1.06		1.06		(0.73	)		28		34.65			384
11/01/19		10/31/20		48.23		(0.37	)		9.45			9.08			—		(3.27	)		(3.27	)		54.04		1.08		1.08		(0.77	)		21		19.50			336
11/01/18		10/31/19		59.15		(0.32	)		0.39			0.07			—		(10.99	)		(10.99	)		48.23		1.08		1.08		(0.65	)		26		3.64			394
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
Class C*
11/01/21		10/31/22		34.57		(0.19	)		(6.35	)		(6.54	)		—		(16.32	)		(16.32	)		11.71		1.80		1.80		(1.32	)		40		(28.64	)		16
11/01/20		10/31/21		34.32		(0.48	)		11.30			10.82			—		(10.57	)		(10.57	)		34.57		1.76		1.76		(1.41	)		28		33.73			34
11/01/19		10/31/20		31.93		(0.45	)		6.11			5.66			—		(3.27	)		(3.27	)		34.32		1.77		1.77		(1.45	)		21		18.67			48
11/01/18		10/31/19		43.65		(0.44	)		(0.29	)		(0.73	)		—		(10.99	)		(10.99	)		31.93		1.76		1.76		(1.32	)		26		2.92			68
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
Class I*
11/01/21		10/31/22		67.29		(0.13	)		(15.40	)		(15.53	)		—		(16.32	)		(16.32	)		35.44		0.80		0.80		(0.32	)		40		(27.90	)		377
11/01/20		10/31/21		58.29		(0.28	)		19.85			19.57			—		(10.57	)		(10.57	)		67.29		0.77		0.77		(0.44	)		28		35.04			777
11/01/19		10/31/20		51.64		(0.24	)		10.16			9.92			—		(3.27	)		(3.27	)		58.29		0.78		0.78		(0.46	)		21		19.86			803
11/01/18		10/31/19		62.28		(0.17	)		0.52			0.35			—		(10.99	)		(10.99	)		51.64		0.76		0.76		(0.33	)		26		3.96			1,040
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
Class R-3*
11/01/21		10/31/22		57.51		(0.29	)		(12.68	)		(12.97	)		—		(16.32	)		(16.32	)		28.22		1.36		1.36		(0.88	)		40		(28.30	)		35
11/01/20		10/31/21		51.28		(0.54	)		17.34			16.80			—		(10.57	)		(10.57	)		57.51		1.30		1.30		(0.97	)		28		34.32			60
11/01/19		10/31/20		46.02		(0.46	)		8.99			8.53			—		(3.27	)		(3.27	)		51.28		1.31		1.31		(1.00	)		21		19.22			58
11/01/18		10/31/19		57.14		(0.43	)		0.30			(0.13	)		—		(10.99	)		(10.99	)		46.02		1.34		1.34		(0.90	)		26		3.37			66
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
Class R-5*
11/01/21		10/31/22		67.76		(0.14	)		(15.53	)		(15.67	)		—		(16.32	)		(16.32	)		35.77		0.81		0.81		(0.32	)		40		(27.91	)		27
11/01/20		10/31/21		58.64		(0.26	)		19.95			19.69			—		(10.57	)		(10.57	)		67.76		0.77		0.77		(0.39	)		28		35.03			106
11/01/19		10/31/20		51.92		(0.23	)		10.22			9.99			—		(3.27	)		(3.27	)		58.64		0.76		0.76		(0.43	)		21		19.88			205
11/01/18		10/31/19		62.56		(0.18	)		0.53			0.35			—		(10.99	)		(10.99	)		51.92		0.77		0.77		(0.34	)		26		3.94			362
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
Class R-6*
11/01/21		10/31/22		68.96		(0.10	)		(15.86	)		(15.96	)		—		(16.32	)		(16.32	)		36.68		0.71		0.71		(0.22	)		40		(27.83	)		336
11/01/20		10/31/21		59.47		(0.22	)		20.28			20.06			—		(10.57	)		(10.57	)		68.96		0.66		0.66		(0.33	)		28		35.18			985
11/01/19		10/31/20		52.56		(0.18	)		10.36			10.18			—		(3.27	)		(3.27	)		59.47		0.66		0.66		(0.34	)		21		20.01			1,427
11/01/18		10/31/19		63.11		(0.12	)		0.56			0.44			—		(10.99	)		(10.99	)		52.56		0.65		0.65		(0.23	)		26		4.07			2,186
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


		rjinvestmentmanagement.com \| 119

Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Eagle Small Cap Growth Fund (cont'd)
Class Y*
11/01/21		10/31/22		$ 65.82		$ (0.20	)		$ (14.99	)		$ (15.19	)		$ —			$ (16.32	)		$ (16.32	)		$ 34.31		0.99		0.97		(0.52	)		40		(28.03	)		$ 0
11/01/20		10/31/21		57.44		(0.59	)		19.54			18.95			—			(10.57	)		(10.57	)		65.82		1.25		0.91		(0.92	)		28		34.40			0
11/01/19		10/31/20		51.16		(0.51	)		10.06			9.55			—			(3.27	)		(3.27	)		57.44		1.25		1.52		(0.97	)		21		19.29			0
11/01/18		10/31/19		62.03		(0.33	)		0.45			0.12			—			(10.99	)		(10.99	)		51.16		1.17		1.37		(0.61	)		26		3.53			0
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 Mid Cap Fund
Class A*
11/01/21		10/31/22		27.73		0.14			(4.97	)		(4.83	)		(0.01	)		(2.80	)		(2.81	)		20.09		1.23		1.23		0.62	^		159		(18.72	)		26
11/01/20		10/31/21		19.92		(0.06	)		8.39			8.33			—			(0.52	)		(0.52	)		27.73		1.19		1.19		(0.22	)		109		42.31			33
11/01/19		10/31/20		18.38		0.02			1.63			1.65			(0.10	)		(0.01	)		(0.11	)		19.92		1.22		1.22		0.12			109		9.01			19
11/01/18		10/31/19		18.37		0.09			1.20			1.29			(0.09	)		(1.19	)		(1.28	)		18.38		1.20		1.20		0.50			170		8.31			21
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*
11/01/21		10/31/22		27.14		(0.03	)		(4.84	)		(4.87	)		—			(2.80	)		(2.80	)		19.47		1.97		1.97		(0.14	) ^		159		(19.32	)		24
11/01/20		10/31/21		19.65		(0.25	)		8.26			8.01			—			(0.52	)		(0.52	)		27.14		1.96		1.96		(0.99	)		109		41.25			31
11/01/19		10/31/20		18.17		(0.12	)		1.61			1.49			—			(0.01	)		(0.01	)		19.65		2.00		2.00		(0.65	)		109		8.23			19
11/01/18		10/31/19		18.26		(0.05	)		1.18			1.13			(0.03	)		(1.19	)		(1.22	)		18.17		1.99		1.99		(0.28	)		170		7.34			20
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*
11/01/21		10/31/22		27.90		0.20			(5.01	)		(4.81	)		(0.02	)		(2.80	)		(2.82	)		20.27		0.96		0.96		0.87	^		159		(18.52	)		3,446
11/01/20		10/31/21		20.03		—	(d)		8.44			8.44			(0.05	)		(0.52	)		(0.57	)		27.90		0.95		0.95		0.02			109		42.67			4,560
11/01/19		10/31/20		18.46		0.07			1.64			1.71			(0.13	)		(0.01	)		(0.14	)		20.03		0.97		0.97		0.37			109		9.31			2,581
11/01/18		10/31/19		18.41		0.13			1.20			1.33			(0.09	)		(1.19	)		(1.28	)		18.46		0.98		0.98		0.75			170		8.48			2,685
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
Class R-3*
11/01/21		10/31/22		27.48		0.06			(4.90	)		(4.84	)		—			(2.80	)		(2.80	)		19.84		1.50		1.50		0.29	^		159		(18.94	)		3
11/01/20		10/31/21		19.81		(0.13	)		8.32			8.19			—			(0.52	)		(0.52	)		27.48		1.50		1.50		(0.53	)		109		41.84			5
11/01/19		10/31/20		18.29		(0.04	)		1.63			1.59			(0.06	)		(0.01	)		(0.07	)		19.81		1.54		1.54		(0.22	)		109		8.71			3
11/01/18		10/31/19		18.32		0.03			1.19			1.22			(0.06	)		(1.19	)		(1.25	)		18.29		1.56		1.56		0.16			170		7.87			3
11/20/17		10/31/18		20.18		0.01			(0.32	)		(0.31	)		(0.01	)		(1.54	)		(1.55	)		18.32		1.44		1.44		0.04			106		(1.83	)		2
Class R-5*
11/01/21		10/31/22		27.74		0.20			(4.98	)		(4.78	)		(0.02	)		(2.80	)		(2.82	)		20.14		0.96		0.96		0.91	^		159		(18.52	)		4
11/01/20		10/31/21		19.91		0.01			8.39			8.40			(0.05	)		(0.52	)		(0.57	)		27.74		0.93		0.93		0.04			109		42.73			4
11/01/19		10/31/20		18.37		0.06			1.63			1.69			(0.14	)		(0.01	)		(0.15	)		19.91		0.97		0.97		0.33			109		9.30			2
11/01/18		10/31/19		18.35		0.13			1.19			1.32			(0.11	)		(1.19	)		(1.30	)		18.37		1.00		1.00		0.72			170		8.47			2
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*
11/01/21		10/31/22		27.88		0.23			(5.02	)		(4.79	)		(0.02	)		(2.80	)		(2.82	)		20.27		0.86		0.86		1.03	^		159		(18.44	)		325
11/01/20		10/31/21		20.01		0.03			8.43			8.46			(0.07	)		(0.52	)		(0.59	)		27.88		0.86		0.86		0.11			109		42.85			278
11/01/19		10/31/20		18.45		0.07			1.65			1.72			(0.15	)		(0.01	)		(0.16	)		20.01		0.88		0.88		0.36			109		9.38			171
11/01/18		10/31/19		18.41		0.15			1.19			1.34			(0.11	)		(1.19	)		(1.30	)		18.45		0.88		0.88		0.82			170		8.60			108
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*
11/01/21		10/31/22		27.70		0.16			(4.99	)		(4.83	)		(0.01	)		(2.80	)		(2.81	)		20.06		1.22		1.22		0.70	^		159		(18.74	)		3
11/01/20		10/31/21		19.90		(0.06	)		8.38			8.32			—			(0.52	)		(0.52	)		27.70		1.26		1.26		(0.24	)		109		42.31			4
11/01/19		10/31/20		18.36		0.03			1.60			1.63			(0.08	)		(0.01	)		(0.09	)		19.90		1.28		1.28		0.17			109		8.94			9
11/01/18		10/31/19		18.37		0.08			1.20			1.28			(0.10	)		(1.19	)		(1.29	)		18.36		1.26		1.26		0.45			170		8.20			24
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*
11/01/21		10/31/22		39.48		(0.16	)		(7.72	)		(7.88	)		—			(5.85	)		(5.85	)		25.75		1.18		1.18		(0.55	)		17		(22.53	)		14
11/01/20		10/31/21		29.50		(0.30	)		13.12			12.82			—			(2.84	)		(2.84	)		39.48		1.15		1.15		(0.80	)		28		44.67			18
11/01/19		10/31/20		28.20		(0.16	)		2.56			2.40			—			(1.10	)		(1.10	)		29.50		1.19		1.19		(0.58	)		22		8.69			12
11/01/18		10/31/19		27.10		(0.07	)		1.23			1.16			—			(0.06	)		(0.06	)		28.20		1.16		1.16		(0.27	)		21		4.30			13
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


120 \| rjinvestmentmanagement.com

Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Scout Small Cap Fund (cont'd)
Class C*
11/01/21		10/31/22		$ 38.19		$ (0.35	)		$ (7.43	)		$ (7.78	)		$ —			$ (5.85	)		$ (5.85	)		$ 24.56		1.92		1.92		(1.28	)		17		(23.11	)		$ 2
11/01/20		10/31/21		28.82		(0.56	)		12.77			12.21			—			(2.84	)		(2.84	)		38.19		1.91		1.91		(1.52	)		28		43.53			3
11/01/19		10/31/20		27.78		(0.35	)		2.49			2.14			—			(1.10	)		(1.10	)		28.82		1.95		1.95		(1.32	)		22		7.85			5
11/01/18		10/31/19		26.89		(0.25	)		1.20			0.95			—			(0.06	)		(0.06	)		27.78		1.92		1.92		(0.92	)		21		3.55			8
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*
11/01/21		10/31/22		39.88		(0.09	)		(7.81	)		(7.90	)		(0.01	)		(5.85	)		(5.86	)		26.12		0.94		0.94		(0.31	)		17		(22.33	)		252
11/01/20		10/31/21		29.72		(0.21	)		13.22			13.01			(0.01	)		(2.84	)		(2.85	)		39.88		0.90		0.90		(0.55	)		28		45.02			362
11/01/19		10/31/20		28.34		(0.09	)		2.57			2.48			—			(1.10	)		(1.10	)		29.72		0.95		0.95		(0.34	)		22		8.93			268
11/01/18		10/31/19		27.17		(0.02	)		1.25			1.23			—			(0.06	)		(0.06	)		28.34		0.95		0.94		(0.06	)		21		4.55			297
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
Class R-3*
11/01/21		10/31/22		38.92		(0.24	)		(7.59	)		(7.83	)		—			(5.85	)		(5.85	)		25.24		1.50		1.47		(0.84	)		17		(22.76	)		0
11/01/20		10/31/21		29.22		(0.43	)		12.97			12.54			—			(2.84	)		(2.84	)		38.92		1.50		1.44		(1.14	)		28		44.10			0
11/01/19		10/31/20		28.03		(0.23	)		2.52			2.29			—			(1.10	)		(1.10	)		29.22		1.50		1.66		(0.86	)		22		8.34			0
11/01/18		10/31/19		27.02		(0.16	)		1.23			1.07			—			(0.06	)		(0.06	)		28.03		1.50		1.55		(0.56	)		21		3.98			0
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*
11/01/21		10/31/22		39.74		(0.09	)		(7.78	)		(7.87	)		(0.01	)		(5.85	)		(5.86	)		26.01		0.95		0.84		(0.32	)		17		(22.34	)		0
11/01/20		10/31/21		29.72		(0.18	)		13.04			12.86			—			(2.84	)		(2.84	)		39.74		0.95		0.86		(0.50	)		28		44.46			0
11/01/19		10/31/20		28.34		(0.10	)		2.58			2.48			—			(1.10	)		(1.10	)		29.72		0.95		1.05		(0.36	)		22		8.93			0
11/01/18		10/31/19		27.17		(0.02	)		1.25			1.23			—			(0.06	)		(0.06	)		28.34		0.95		0.99		(0.07	)		21		4.55			0
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*
11/01/21		10/31/22		40.06		(0.06	)		(7.85	)		(7.91	)		(0.02	)		(5.85	)		(5.87	)		26.28		0.84		0.84		(0.21	)		17		(22.26	)		8
11/01/20		10/31/21		29.82		(0.17	)		13.27			13.10			(0.02	)		(2.84	)		(2.86	)		40.06		0.81		0.81		(0.45	)		28		45.16			12
11/01/19		10/31/20		28.41		(0.08	)		2.59			2.51			—			(1.10	)		(1.10	)		29.82		0.85		0.85		(0.30	)		22		9.02			9
11/01/18		10/31/19		27.20		—	(d)		1.27			1.27			—			(0.06	)		(0.06	)		28.41		0.84		0.84		0.01			21		4.69			6
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*
11/01/21		10/31/22		39.38		(0.14	)		(7.70	)		(7.84	)		—			(5.85	)		(5.85	)		25.69		1.13		1.13		(0.49	)		17		(22.48	)		0
11/01/20		10/31/21		29.45		(0.28	)		13.05			12.77			—	(d)		(2.84	)		(2.84	)		39.38		1.11		1.11		(0.74	)		28		44.57			0
11/01/19		10/31/20		28.17		(0.19	)		2.57			2.38			—			(1.10	)		(1.10	)		29.45		1.25		1.25		(0.69	)		22		8.62			0
11/01/18		10/31/19		27.09		(0.10	)		1.24			1.14			—			(0.06	)		(0.06	)		28.17		1.25		1.23		(0.36	)		21		4.23			0
11/20/17		10/31/18		29.63		(0.24	)		2.65			2.41			—			(4.95	)		(4.95	)		27.09		1.25		1.59		(0.87	)		22		7.96			0

Carillon Reams Core Bond Fund
Class A*
11/01/21		10/31/22		12.66		0.17			(2.24	)		(2.07	)		(0.18	)		—			(0.18	)		10.41		0.80		0.95		1.45			429		(16.49	)		4
11/01/20		10/31/21		13.14		0.06			(0.22	)		(0.16	)		(0.07	)		(0.25	)		(0.32	)		12.66		0.80		0.93		0.47			227		(1.27	)		4
11/01/19		10/31/20		12.02		0.12			1.40			1.52			(0.16	)		(0.24	)		(0.40	)		13.14		0.80		1.03		0.93			549		12.94			4
11/01/18		10/31/19		11.03		0.22			0.99			1.21			(0.22	)		—			(0.22	)		12.02		0.80		1.20		1.85			409		11.12			1
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*
11/01/21		10/31/22		12.60		0.07			(2.22	)		(2.15	)		(0.09	)		—			(0.09	)		10.36		1.55		1.70		0.57			429		(17.11	)		5
11/01/20		10/31/21		13.11		(0.04	)		(0.21	)		(0.25	)		(0.01	)		(0.25	)		(0.26	)		12.60		1.55		1.67		(0.27	)		227		(2.01	)		13
11/01/19		10/31/20		12.01		(0.02	)		1.44			1.42			(0.08	)		(0.24	)		(0.32	)		13.11		1.55		1.72		(0.14	)		549		12.09			11
11/01/18		10/31/19		11.02		0.13			0.99			1.12			(0.13	)		—			(0.13	)		12.01		1.55		2.00		1.09			409		10.25			1
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*
11/01/21		10/31/22		12.67		0.21			(2.22	)		(2.01	)		(0.23	)		—			(0.23	)		10.43		0.40		0.72		1.82			429		(16.06	)		308
11/01/20		10/31/21		13.16		0.11			(0.23	)		(0.12	)		(0.12	)		(0.25	)		(0.37	)		12.67		0.40		0.70		0.88			227		(0.95	)		447
11/01/19		10/31/20		12.04		0.15			1.41			1.56			(0.20	)		(0.24	)		(0.44	)		13.16		0.40		0.76		1.19			549		13.35			552
11/01/18		10/31/19		11.04		0.26			1.01			1.27			(0.27	)		—			(0.27	)		12.04		0.40		0.98		2.28			409		11.64			105
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


		rjinvestmentmanagement.com \| 121

Financial Highlights

PROSPECTUS | 3.1. 2 0 2 3



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Reams Core Bond Fund (cont'd)
Class R-3*
11/01/21		10/31/22		$ 12.67		$ 0.15			$ (2.25	)		$ (2.10	)		$ (0.15	)		$ —			$ (0.15	)		$ 10.42		1.05		1.25		1.31			429		(16.67	)		$ 0
11/01/20		10/31/21		13.15		0.03			(0.22	)		(0.19	)		(0.04	)		(0.25	)		(0.29	)		12.67		1.05		1.20		0.22			227		(1.49	)		0
11/01/19		10/31/20		12.03		0.08			1.40			1.48			(0.12	)		(0.24	)		(0.36	)		13.15		1.05		1.59		0.59			549		12.63			0
11/01/18		10/31/19		11.04		0.19			0.99			1.18			(0.19	)		—			(0.19	)		12.03		1.05		1.97		1.61			409		10.82			0
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*
11/01/21		10/31/22		12.68		0.21			(2.24	)		(2.03	)		(0.22	)		—			(0.22	)		10.43		0.50		0.59		1.76			429		(16.22	)		0
11/01/20		10/31/21		13.16		0.10			(0.22	)		(0.12	)		(0.11	)		(0.25	)		(0.36	)		12.68		0.50		0.59		0.77			227		(0.98	)		0
11/01/19		10/31/20		12.04		0.17			1.38			1.55			(0.19	)		(0.24	)		(0.43	)		13.16		0.50		1.25		1.36			549		13.23			0
11/01/18		10/31/19		11.05		0.25			1.00			1.25			(0.26	)		—			(0.26	)		12.04		0.50		1.46		2.17			409		11.42			0
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*
11/01/21		10/31/22		12.68		0.25			(2.26	)		(2.01	)		(0.23	)		—			(0.23	)		10.44		0.40		0.62		2.16			429		(16.03	)		4
11/01/20		10/31/21		13.16		0.11			(0.22	)		(0.11	)		(0.12	)		(0.25	)		(0.37	)		12.68		0.40		0.59		0.87			227		(0.88	)		1
11/01/19		10/31/20		12.04		0.12			1.44			1.56			(0.20	)		(0.24	)		(0.44	)		13.16		0.40		0.72		0.92			549		13.35			1
11/01/18		10/31/19		11.05		0.26			1.00			1.26			(0.27	)		—			(0.27	)		12.04		0.40		1.46		2.26			409		11.53			0
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*
11/01/21		10/31/22		12.66		0.17			(2.23	)		(2.06	)		(0.18	)		—			(0.18	)		10.42		0.80		1.02		1.49			429		(16.41	)		43
11/01/20		10/31/21		13.15		0.06			(0.23	)		(0.17	)		(0.07	)		(0.25	)		(0.32	)		12.66		0.80		1.01		0.48			227		(1.35	)		42
11/01/19		10/31/20		12.03		0.07			1.45			1.52			(0.16	)		(0.24	)		(0.40	)		13.15		0.80		0.98		0.55			549		12.96			57
11/01/18		10/31/19		11.04		0.22			0.99			1.21			(0.22	)		—			(0.22	)		12.03		0.80		1.26		1.89			409		11.09			1
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

Carillon Reams Core Plus Bond Fund
Class A*
11/01/21		10/31/22		34.45		0.53			(5.67	)		(5.14	)		(0.50	)		—			(0.50	)		28.81		0.80		0.90		1.63			413		(15.06	)		3
11/01/20		10/31/21		36.57		0.23			(0.60	)		(0.37	)		(0.38	)		(1.37	)		(1.75	)		34.45		0.80		0.90		0.65			220		(1.12	)		7
11/01/19		10/31/20		33.43		0.40			3.99			4.39			(0.64	)		(0.61	)		(1.25	)		36.57		0.80		0.90		1.09			559		13.56			6
11/01/18		10/31/19		30.44		0.58			3.01			3.59			(0.60	)		—			(0.60	)		33.43		0.80		0.98		1.79			413		11.89			0
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*
11/01/21		10/31/22		34.35		0.31			(5.66	)		(5.35	)		(0.41	)		—			(0.41	)		28.59		1.55		1.67		0.96			413		(15.69	)		4
11/01/20		10/31/21		36.55		(0.04	)		(0.60	)		(0.64	)		(0.19	)		(1.37	)		(1.56	)		34.35		1.55		1.67		(0.11	)		220		(1.87	)		6
11/01/19		10/31/20		33.38		0.11			4.06			4.17			(0.39	)		(0.61	)		(1.00	)		36.55		1.55		1.66		0.30			559		12.84			5
11/01/18		10/31/19		30.41		0.34			3.00			3.34			(0.37	)		—			(0.37	)		33.38		1.55		1.78		1.05			413		11.06			0
11/20/17		10/31/18		31.76		0.32			(1.36	)		(1.04	)		(0.31	)		—			(0.31	)		30.41		1.55		1.85		1.09			292		(3.31	)		0
Class I*
11/01/21		10/31/22		34.54		0.70			(5.74	)		(5.04	)		(0.59	)		—			(0.59	)		28.91		0.40		0.65		2.17			413		(14.74	)		980
11/01/20		10/31/21		36.64		0.37			(0.59	)		(0.22	)		(0.51	)		(1.37	)		(1.88	)		34.54		0.40		0.65		1.04			220		(0.71	)		1,142
11/01/19		10/31/20		33.45		0.60			3.96			4.56			(0.76	)		(0.61	)		(1.37	)		36.64		0.40		0.65		1.72			559		14.11			1,132
11/01/18		10/31/19		30.46		0.72			2.99			3.71			(0.72	)		—			(0.72	)		33.45		0.40		0.66		2.23			413		12.32			635
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
Class R-3*
11/01/21		10/31/22		34.47		0.51			(5.73	)		(5.22	)		(0.47	)		—			(0.47	)		28.78		1.05		1.18		1.59			413		(15.28	)		0
11/01/20		10/31/21		36.62		0.14			(0.60	)		(0.46	)		(0.32	)		(1.37	)		(1.69	)		34.47		1.05		1.16		0.38			220		(1.37	)		0
11/01/19		10/31/20		33.43		0.37			3.97			4.34			(0.54	)		(0.61	)		(1.15	)		36.62		1.05		1.55		1.06			559		13.40			0
11/01/18		10/31/19		30.44		0.50			3.00			3.50			(0.51	)		—			(0.51	)		33.43		1.05		1.68		1.57			413		11.60			0
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*
11/01/21		10/31/22		34.54		0.70			(5.77	)		(5.07	)		(0.56	)		—			(0.56	)		28.91		0.50		0.53		2.19			413		(14.83	)		0
11/01/20		10/31/21		36.65		0.33			(0.60	)		(0.27	)		(0.47	)		(1.37	)		(1.84	)		34.54		0.50		0.56		0.94			220		(0.84	)		0
11/01/19		10/31/20		33.45		0.59			3.95			4.54			(0.73	)		(0.61	)		(1.34	)		36.65		0.50		1.08		1.68			559		14.03			0
11/01/18		10/31/19		30.46		0.68			3.00			3.68			(0.69	)		—			(0.69	)		33.45		0.50		1.18		2.12			413		12.20			0
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


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Financial Highlights

PROSPECTUS | 3.1.2 0 2 3



Fiscal period					From investment operations									Dividends & distributions											Ratios to average net asset (%)
Fiscal period			Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)
Beginning	Ending		Beginning net asset value		Income (loss)			Realized & unrealized gain (loss)			Total			From investment income			From realized gains			Total			Ending net asset value		With expenses waived/ recovered (a)		Without expenses waived/ recovered (a)		Net income (loss) (a)			Portfolio turnover rate (%) (b)		Total return (%) (b)(c)			Ending net assets (millions)

Carillon Reams Core Plus Bond Fund (cont'd)
Class R-6*
11/01/21		10/31/22		$ 34.54		$ 0.77			$ (5.80	)		$ (5.03	)		$ (0.59	)		$ —			$ (0.59	)		$ 28.92		0.40		0.56		2.42			413		(14.71	)		$ 5
11/01/20		10/31/21		36.65		0.37			(0.60	)		(0.23	)		(0.51	)		(1.37	)		(1.88	)		34.54		0.40		0.56		1.06			220		(0.74	)		4
11/01/19		10/31/20		33.45		0.59			3.98			4.57			(0.76	)		(0.61	)		(1.37	)		36.65		0.40		0.93		1.63			559		14.14			0
11/01/18		10/31/19		30.46		0.71			3.00			3.71			(0.72	)		—			(0.72	)		33.45		0.40		1.18		2.22			413		12.32			0
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*
11/01/21		10/31/22		34.48		0.55			(5.69	)		(5.14	)		(0.50	)		—			(0.50	)		28.84		0.80		0.96		1.71			413		(15.05	)		25
11/01/20		10/31/21		36.60		0.23			(0.60	)		(0.37	)		(0.38	)		(1.37	)		(1.75	)		34.48		0.80		0.95		0.64			220		(1.12	)		77
11/01/19		10/31/20		33.43		0.43			3.98			4.41			(0.63	)		(0.61	)		(1.24	)		36.60		0.80		0.93		1.18			559		13.64			99
11/01/18		10/31/19		30.44		0.59			2.99			3.58			(0.59	)		—			(0.59	)		33.43		0.80		0.97		1.84			413		11.87			14
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

Carillon Reams Unconstrained Bond Fund
Class A*
11/01/21		10/31/22		12.79		0.20			(1.20	)		(1.00	)		(0.13	)		(0.13	)		(0.26	)		11.53		0.80		1.08		1.67			273		(7.90	)		5
11/01/20		10/31/21		12.81		0.06			0.17			0.23			(0.25	)		—			(0.25	)		12.79		0.80		1.08		0.46			80		1.78			5
11/01/19		10/31/20		12.13		0.19			0.76			0.95			(0.27	)		—			(0.27	)		12.81		0.80		1.09		1.56			435		7.97			1
11/01/18		10/31/19		11.45		0.21			0.69			0.90			(0.22	)		—			(0.22	)		12.13		0.80		1.14		1.74			289		7.92			0
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*
11/01/21		10/31/22		12.72		0.11			(1.18	)		(1.07	)		(0.08	)		(0.13	)		(0.21	)		11.44		1.55		1.86		0.90			273		(8.53	)		2
11/01/20		10/31/21		12.79		(0.02	)		0.15			0.13			(0.20	)		—			(0.20	)		12.72		1.55		1.86		(0.13	)		80		1.02			2
11/01/19		10/31/20		12.10		0.10			0.77			0.87			(0.18	)		—			(0.18	)		12.79		1.55		1.88		0.77			435		7.25			2
11/01/18		10/31/19		11.42		0.11			0.71			0.82			(0.14	)		—			(0.14	)		12.10		1.55		1.96		0.92			289		7.19			0
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*
11/01/21		10/31/22		12.80		0.24			(1.19	)		(0.95	)		(0.16	)		(0.13	)		(0.29	)		11.56		0.50		0.85		1.97			273		(7.55	)		935
11/01/20		10/31/21		12.81		0.12			0.15			0.27			(0.28	)		—			(0.28	)		12.80		0.50		0.85		0.92			80		2.08			1,110
11/01/19		10/31/20		12.12		0.23			0.76			0.99			(0.30	)		—			(0.30	)		12.81		0.50		0.85		1.86			435		8.36			878
11/01/18		10/31/19		11.43		0.24			0.70			0.94			(0.25	)		—			(0.25	)		12.12		0.50		0.85		2.07			289		8.31			907
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
Class R-3*
11/01/21		10/31/22		12.77		0.18			(1.20	)		(1.02	)		(0.11	)		(0.13	)		(0.24	)		11.51		1.05		1.22		1.44			273		(8.07	)		0
11/01/20		10/31/21		12.81		0.05			0.14			0.19			(0.23	)		—			(0.23	)		12.77		1.05		1.25		0.39			80		1.45			0
11/01/19		10/31/20		12.11		0.16			0.78			0.94			(0.24	)		—			(0.24	)		12.81		1.05		1.81		1.32			435		7.85			0
11/01/18		10/31/19		11.43		0.18			0.69			0.87			(0.19	)		—			(0.19	)		12.11		1.05		1.80		1.51			289		7.63			0
11/20/17		10/31/18		11.83		0.15			(0.39	)		(0.24	)		(0.16	)		—			(0.16	)		11.43		1.05		2.25		1.40			139		(2.09	)		0
Class R-5*
11/01/21		10/31/22		12.80		0.29			(1.24	)		(0.95	)		(0.16	)		(0.13	)		(0.29	)		11.56		0.50		0.83		2.44			273		(7.56	)		1
11/01/20		10/31/21		12.81		0.11			0.16			0.27			(0.28	)		—			(0.28	)		12.80		0.50		0.84		0.86			80		2.09			0
11/01/19		10/31/20		12.12		0.23			0.76			0.99			(0.30	)		—			(0.30	)		12.81		0.50		1.30		1.87			435		8.36			0
11/01/18		10/31/19		11.43		0.24			0.70			0.94			(0.25	)		—			(0.25	)		12.12		0.50		1.37		2.06			289		8.31			0
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*
11/01/21		10/31/22		12.80		0.26			(1.20	)		(0.94	)		(0.17	)		(0.13	)		(0.30	)		11.56		0.40		0.76		2.15			273		(7.46	)		91
11/01/20		10/31/21		12.81		0.13			0.15			0.28			(0.29	)		—			(0.29	)		12.80		0.40		0.76		1.01			80		2.17			68
11/01/19		10/31/20		12.12		0.24			0.77			1.01			(0.32	)		—			(0.32	)		12.81		0.40		0.76		1.97			435		8.47			43
11/01/18		10/31/19		11.43		0.26			0.69			0.95			(0.26	)		—			(0.26	)		12.12		0.40		0.76		2.17			289		8.42			34
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*
11/01/21		10/31/22		12.86		0.20			(1.20	)		(1.00	)		(0.13	)		(0.13	)		(0.26	)		11.60		0.80		1.15		1.63			273		(7.88	)		32
11/01/20		10/31/21		12.88		0.08			0.15			0.23			(0.25	)		—			(0.25	)		12.86		0.80		1.14		0.62			80		1.76			31
11/01/19		10/31/20		12.18		0.19			0.78			0.97			(0.27	)		—			(0.27	)		12.88		0.80		1.15		1.55			435		8.07			25
11/01/18		10/31/19		11.49		0.21			0.69			0.90			(0.21	)		—			(0.21	)		12.18		0.80		1.15		1.77			289		7.93			23
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

* Per share amounts have been calculated using the daily average share method.

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(d) Per share amount is less than $0.005.

^ Includes a special cash dividend from Albertson’s Companies, Inc. which represents 0.36%, 0.35%, 0.35%, 0.31%, 0.37%, 0.39%, and 0.36% of the net income (loss) to average net assets ratio in Class A, Class C, Class I, Class R-3, Class R-5, Class R-6, and Class Y, respectively (Note 12 to the annual report).


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For More Information

More information on these funds is available free upon request, including the following:

Financial reports | Additional information about each fund’s investments is or will be available in each fund’s annual and semiannual reports to shareholders. In those reports, you will find a discussion of the market conditions and investment strategies that affected each fund’s performance during the fiscal period.

Statement of additional information (“SAI”) | Additional information about each fund and its policies may be found in the SAI. A current SAI is on file with the Securities and Exchange Commission (“Commission”) and is incorporated herein by reference (meaning it is legally considered part of this Prospectus).

To obtain the SAI, Prospectus, annual report, semiannual report, privacy notice, performance information, an account application, a schedule of portfolio holdings found on Form N‑PORT, other information or to make an inquiry, without charge, contact the Carillon Family of Funds:


By mail:		P.O. Box 23572
		St. Petersburg, FL 33742

By telephone:		1.800.421.4184

By internet:		rjinvestmentmanagement.com

These documents and other information about the funds can be viewed on‑screen or downloaded from the EDGAR Database on the Commission’s Internet website at www.sec.gov; or after paying a duplicating fee, by electronic request at the following email address: [email protected].

The Carillon Family of Funds is pleased to offer the convenience of viewing shareholder communications, including fund prospectuses, annual reports, and proxy statements, online at rjinvestmentmanagement.com .

The Investment Company and Securities Act registration numbers are:


Investment Company Act			811‑07470

Securities Act			033-57986

No dealer, salesperson or other person has been authorized to give any information or to make any representation other than that contained in this Prospectus in connection with the offer contained in this Prospectus, and, if given or made, such other information or representations must not be relied upon unless having been authorized by the funds or their distributor. This Prospectus does not constitute an offering in any state in which such offering may not lawfully be made.


124 \| rjinvestmentmanagement.com