Carillon Reams Unconstrained Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Carillon Reams Unconstrained Bond Fund held 295 positions with $2.33B in net assets. Its ten largest holdings made up 28.1% of the fund. The SUBDX share class costs 0.9% a year. Over the 12 months to May 2026, SUBDX returned 5.8%, with dividends reinvested. In 2026 Q2 it added 80 new positions and exited 86.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 3.75% · due 2032-10-31 | 8.49% | $197.37M | — |
US TREASURY N/B 4.25% · due 2035-08-15 | 5.48% | $127.38M | — |
TREASURY BILL 0.00% · due 2026-11-05 | 3.44% | $80.01M | — |
NOTA DO TESOURO NACIONAL 10.00% · due 2031-01-01 | 3.10% | $72.07M | — |
LETRA TESOURO NACIONAL 0.00% · due 2026-07-01 | 1.66% | $38.63M | — |
US TREASURY N/B 3.50% · due 2031-02-28 | 1.43% | $33.24M | — |
Fannie Mae 4.63% floating · due 2055-02-25 | 1.26% | $29.28M | — |
COLT Funding LLC 4.83% floating · due 2071-03-25 | 1.09% | $25.43M | — |
Freddie Mac 4.63% floating · due 2055-07-25 | 1.07% | $24.82M | — |
PRP Advisors, LLC 5.13% floating · due 2071-02-25 | 1.05% | $24.53M | — |
The 200 largest of 295 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 57.36% |
| Bonds | 37.60% |
| Derivatives | 0.60% |
Derivatives are shown at market value, not notional exposure.
How it has done
SUBDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.76%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.90% | +5.80% | +19.56% | +17.52% | -3.39% | |
| 1.65% | +5.01% | +16.98% | +13.19% | -3.72% | |
| 0.60% | +6.12% | +20.75% | +19.28% | -3.25% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| 0.51% | +6.23% | +21.13% | +19.99% | -3.21% | |
| — | — | — | — | — |
Fees & fund details
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
- Expense ratio, by class
- 0.51% – 1.65%· SUBDX 0.90%
- Portfolio turnover
- 428.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
80 new· the largest 4
86 exited· the largest 7
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.
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