It's both! Carlton was building the frames for Raleigh by this time, and if the bike had been sold in the United Kingdom or mostly anywhere else except the United States it would have looked exactly the same and had a Carlton badge as well. US model Carltons were receiving Raleigh badges by around 1965-66, and some Carlton badges and downtube transfers continued to slip by on occasion, though the name was largely relegated to the small transfers on the seat tubes or fork blades by about 1971-72.

-Gregory