Fund Evaluator:

Carillon Reams Unconstrained Bond R-6 Overview

Carillon Reams Unconstrained Bond R-6 (SUBTX) is an actively managed Taxable Bond Nontraditional Bond fund. Carillon Family of Funds launched the fund in 2017.

The investment seeks to maximize total return consistent with the preservation of capital. 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), collateralized loan obligations (“CLOs”) and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

About Carillon Reams Unconstrained Bond R-6 (SUBTX)

There are 6 members of the management team with an average tenure of 9.77 years: Clark Holland (2014), Jason Hoyer (2018), Neil Aggarwal (2023), Tilak Silva (2021), Todd Thompson (2011), Mark Egan (2011). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Carillon Reams Unconstrained Bond R-6 has 324 securities in its portfolio. The top 10 holdings constitute 92.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Carillon Reams Unconstrained Bond R-6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Carillon Reams Unconstrained Bond R-6 has 8.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 130.8% (122.0% domestic bond, 8.8% foreign bond and 0.0% convertible bond). Carillon Reams Unconstrained Bond R-6 has -30.8% of the portfolio in cash.

Assets Under Management

The fund has $329 million in total assets, which is below the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

SUBTX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Carillon Reams Unconstrained Bond R-6 expense ratio is average compared to funds in the Nontraditional Bond category. Carillon Reams Unconstrained Bond R-6 has an expense ratio of 0.51%, which is 64% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Carillon Reams Unconstrained Bond R-6 has a portfolio turnover rate of 428%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.

Recently, in the month of July 2026, Carillon Reams Unconstrained Bond R-6 returned -0.8%, which earned it a grade of F, as the Nontraditional Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Carillon Reams Unconstrained Bond R-6 has a trailing yield of 3.96%, which is below the 4.94% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Carillon Reams Unconstrained Bond R-6 Grades

Year to date, the fund has returned 0.6%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.9% over the past year (grade of C), 6.5% over the past three years (grade of B) and 3.7% per year over the past five years (grade of A) and 3.9% per year over the past 10 years (grade of B).

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