Carillon Reams Unconstrained Bond Fund
Carillon Series Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Carillon Reams Unconstrained Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q2
The Carillon Reams Unconstrained Bond Fund (Unconstrained Bond Fund or the fund) seeks to maximize total return consistent with the preservation of capital.
The fund pursues relative value opportunities across all fixed income sectors by screening securities against interest rate scenarios, fundamental credit analysis, and option-adjusted spreads, then assembling a portfolio from the most undervalued opportunities. The portfolio managers actively trade to replace securities approaching fair value with those identified as significantly undervalued, which may result in frequent portfolio turnover. Because security selection depends on the managers' analysis and valuations, fund returns will diverge from any benchmark. The fund may hold non-investment grade securities without limitation and may use derivatives, short sales, and leverage to manage duration or gain market exposure.
| Share class | Gross | Net |
|---|---|---|
| SUBDX | 1.04% | 0.90% |
| SUBEX | 1.74% | 1.65% |
| SUBFX | 0.76% | 0.60% |
| SUBTX | 0.66% | 0.51% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 428.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 57.36% |
| Bonds | 37.60% |
| Derivatives | 0.60% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: TREASURY BILL, Fannie Mae ×3, Freddie Mac ×3, JP Morgan Mortgage Trust
Largest exited: LETRA TESOURO NACIONAL, Verus Securitization Trust, Freddie Mac ×2, DBC 2025-DBC Mortgage Trust, Sequoia Mortgage Trust, Chase Mortgage Finance Corpora, Home Partners of America Trust
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.61% | +19.17% | +17.78% | 2.82% | -3.96% | |
| +4.90% | +16.58% | +13.47% | 2.73% | -4.36% | |
| +6.01% | +20.35% | +19.62% | 2.77% | -3.80% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| +6.05% | +20.64% | +20.16% | 2.77% | -3.75% | |
| — | — | — | — | — |
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 50.2% |
| Fixed rate | 49.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 7.3% |
| 1-3y | 2.5% |
| 3-5y | 11.8% |
| 5-10y | 23.3% |
| 10y+ | 55.1% |
| Unknown | 0.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.94 yr |
| High yield | +0.12 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 1.34 yr | 24% |
| 1 yr | 0.64 yr | 11% |
| 5 yr | 2.10 yr | 37% |
| 10 yr | 1.31 yr | 23% |
| 30 yr | 0.32 yr | 6% |
| 3 mo | 1.32 yr | 26% |
| 1 yr | 0.52 yr | 10% |
| 5 yr | 1.37 yr | 27% |
| 10 yr | 1.26 yr | 25% |
| 30 yr | 0.58 yr | 11% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +1.34 | +1.32 | +0.00 | $307.9k | $11 |
| 1 yr | +0.64 | +0.50 | +0.02 | $117.4k | $4.0k |
| 5 yr | +2.10 | +1.27 | +0.09 | $296.5k | $21.4k |
| 10 yr | +1.31 | +1.25 | +0.01 | $291.4k | $2.7k |
| 30 yr | +0.32 | +0.58 | +0.00 | $134.9k | $70 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.71 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | US TREASURY N/B3.75% · due 2032-10-31 | 8.49% | $197.37M | — |
| — | US TREASURY N/B4.25% · due 2035-08-15 | 5.48% | $127.38M | — |
| — | TREASURY BILL0.00% · due 2026-11-05 | 3.44% | $80.01M | — |
| — | NOTA DO TESOURO NACIONAL10.00% · due 2031-01-01 | 3.10% | $72.07M | — |
| — | LETRA TESOURO NACIONAL0.00% · due 2026-07-01 | 1.66% | $38.63M | — |
| — | US TREASURY N/B3.50% · due 2031-02-28 | 1.43% | $33.24M | — |
| — | Fannie Mae4.63% floating · due 2055-02-25 | 1.26% | $29.28M | — |
| — | COLT Funding LLC4.83% floating · due 2071-03-25 | 1.09% | $25.43M | — |
| — | Freddie Mac4.63% floating · due 2055-07-25 | 1.07% | $24.82M | — |
| — | PRP Advisors, LLC5.13% floating · due 2071-02-25 | 1.05% | $24.53M | — |
Top 10 positions are 28.07% of net assets, top 25 39.97%, across 99 issuers.
See more of this fund's book
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