# EDGAR Filing Document

**Accession Number:** 0000897111
**File Stem:** 0001193125-23-049963
**Filing Date:** 2023-2
**Character Count:** 38915
**Document Hash:** 26063f9062a9919c095e45e657ef39e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-049963.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001193125-23-049963

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CARILLON SERIES TRUST
- **CENTRAL INDEX KEY:** 0000897111
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-57986
- **FILM NUMBER:** 23670388

**BUSINESS ADDRESS:**
- **STREET 1:** 880 CARILLON PARKWAY
- **CITY:** ST PETERSBURG
- **STATE:** FL
- **ZIP:** 33716
- **BUSINESS PHONE:** 727-567-8143

**MAIL ADDRESS:**
- **STREET 1:** 880 CARILLON PARKWAY
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EAGLE SERIES TRUST
- **DATE OF NAME CHANGE:** 20081110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HERITAGE SERIES TRUST
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Carillon Scout Small Cap Fund (Series ID: S000058964)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193392 | Class A      | CSSAX           |
| C000193393 | Class C      | CSSJX           |
| C000193394 | Class I      | UMBHX           |
| C000193395 | Class R-3    | CSSQX           |
| C000193396 | Class R-5    | CSSSX           |
| C000193397 | Class R-6    | CSSVX           |
| C000193398 | Class Y      | CSSWX           |

**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** CSSAX | **Class C** CSSJX | **Class I** UMBHX | **Class Y** CSSWX | **Class R-3** CSSQX | **Class R-5** CSSSX | **Class R-6** CSSVX |

---

**Before you invest, you may want to review the fund's Prospectus, which contains more information about the fund and its risks. You can find the fund's Prospectus, Statement of Additional Information ("SAI"), shareholder reports and other information about the fund online at https://www.carillontower.com/our-funds/fund-literature. You can also get this information at no cost by calling 800.421.4184 or by sending an email to CarillonFundServices@carillontower.com. The fund's [Prospectus and SAI](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/897111/000119312523048620/d428510d485bpos.htm), both dated March 1, 2023 as each may be supplemented from time to time, are incorporated by reference into this Summary Prospectus.** 

**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): | **Shareholder fees** (fees paid directly from your investment): | **Shareholder fees** (fees paid directly from your investment): | **Shareholder fees** (fees paid directly from your investment): | **Shareholder fees** (fees paid directly from your investment): | **Shareholder fees** (fees paid directly from your investment): | **Shareholder fees** (fees paid directly from your investment): | **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% |  |  |  |  |  |  |
| Maximum Deferred Sales Charge (as a % of original purchase price or redemption proceeds, whichever is lower) | None (a) | 1.00% (a) |  |  |  |  |  |
| Redemption Fee |  |  |  |  |  |  |  |
| **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **Annual fund operating expenses** (expenses that you pay each year as a percentage of the value of your investment): | **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% |

---

*(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) 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.* 

rjinvestmentmanagement.com \| 1

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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**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 | $1093 | $1839 |
| Class C | $295 | $603 | $1037 | $2243 |
| Class I | $96 | $300 | $520 | $1155 |
| Class Y | $115 | $359 | $622 | $1375 |
| Class R-3 | $153 | $474 | $818 | $1791 |
| Class R-5 | $97 | $303 | $525 | $1166 |
| Class R-6 | $86 | $268 | $466 | $1037 |

---

**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 17% of the average value of its portfolio.

**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<sup>®</sup> 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 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 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 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.

**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

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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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.

• 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;

• 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;

• 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.

**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.

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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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;

• 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;

• 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;

*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;

*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;

*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;

*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;

• 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;

• 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 and GDRs;

• 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;

• 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;

• 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;

• 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.

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

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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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;

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;

• 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.

**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.

![LOGO](g429835g79u49.jpg)

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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| | | |
|:---|:---|:---|
| **During 10 year period** (Class I shares): | **During 10 year period** (Class I shares): | **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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns** (for the periods ended December 31, 2022): | **Average annual total returns** (for the periods ended December 31, 2022): | **Average annual total returns** (for the periods ended December 31, 2022): | **Average annual total returns** (for the periods ended December 31, 2022): | **Average annual total returns** (for the periods ended December 31, 2022): | |
| Fund return (after deduction of sales charges and expenses) | Fund return (after deduction of sales charges and expenses) | Fund return (after deduction of sales charges and expenses) | Fund return (after deduction of sales charges and expenses) | Fund return (after deduction of sales charges and expenses) | Fund return (after deduction of sales charges and expenses) |
| Share Class | Inception Date | 1-yr | 5-yr | 10-yr | Lifetime<br> (if less than<br> 10 yrs) |
| Class I – Before Taxes | 7/2/01 | (23.31)% | 5.43% | 10.88% |  |
| &nbsp;&nbsp; After Taxes on Distributions |  | (23.90)% | 3.44% | 9.09% |  |
| &nbsp;&nbsp; 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% |

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|:---|:---|:---|:---|:---|
| **Index** (reflects no deduction for fees, expenses or taxes) | **Index** (reflects no deduction for fees, expenses or taxes) | **Index** (reflects no deduction for fees, expenses or taxes) | **Index** (reflects no deduction for fees, expenses or taxes) |  |
|  | 1-yr | 5-yr | 10-yr | Lifetime<br> (From Inception Date of<br>Class A, Class C,<br>Class Y, Class R-3,<br>Class R-5 and<br>Class R-6 Shares) |
| Russell 2000 Growth Index | (26.36)% | 3.51% | 9.20% | 3.96% |

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

**Portfolio Managers** \| James R. McBride, CFA<sup>®</sup>, has served as the Lead Portfolio Manager of the fund and Timothy L. Miller, CFA<sup>®</sup> 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.

6 \| rjinvestmentmanagement.com

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**Carillon Scout Small Cap Fund** 

SUMMARY PROSPECTUS \| 3.1. 2023

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**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 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.

rjinvestmentmanagement.com \| 7

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